Costamare continues to take advantage of buying opportunities in the red-hot market for containerships.
The Greek company's annual report, filed with the Securities and Exchange Commission, revealed it has acquired two more panamaxes.
According to the document, US-listed Costamare agreed on 12 February to buy a 4,578-teu vessel built in 2009. Delivery is expected in the second or third quarter.
It revealed no price and no further details that would help identify the ship. Recent broker reports mention no deal that would match the vessel's features.
Costamare also revealed in the filing that it acquired the ship without an existing charter, possibly buoyed by optimism that current high containership freight rates will not go away any time soon.
The booming sector continues to rally as global trade growth allows for strong demand during a time of low supply.
Speaking at this week's Capital Link International Shipping Forum, executives from US-listed companies other than Costamare were not shy to use the word “supercycle” to describe the state of their market.
Contrary to Costamare's first purchase in February, the second one is backed by secured employment, which is more in line with its generally conservative approach towards acquisitions.
Identity revealed
According to the securities filing, AP Moller-Maersk will employ the 2010-built, 4,256-teu ship for more than two years at $22,750 per day. Costamare agreed to buy that vessel on 17 February and it is due for delivery in the second quarter.
These are not the only vessels Costamare has bought in recent months: it announced on 1 February the acquisition of two 6,500-teu ships that were built in 2004.
The annual report reveals the identity of one of these vessels. The 6,492-teu NYK Atlas (built 2004), which has been renamed Aries, was previously with NYK Line. Upon delivery, the Aries and its still unknown twin were to begin a charter with a major liner company for between 22 and 25 months.
Costamare is also awaiting delivery of a 2006-built, 5,642-teu container vessel, whose purchase was announced last October. A charter of about a year is in place for the ship.
In a conference call with analysts on 1 February, management said they had no particular preference for buying older or newer ships, as long as they have a clear picture of how long they can fix them for and at what rate.
Other containership players are on the prowl for midsize, middle-aged units.
"Especially in a hot market like this, very young ships are becoming overly expensive and requiring a larger-than-our-appetite residual value risk to be assumed at the end of the charters,” George Youroukos, executive chairman of Global Ship Lease, said at the Capital Link forum.
