UK shipmanager V.Group has struck a new deal with Costamare to manage 41 vessels and take over the Greek boxship owner's management company in China.
The agreement is described as a strengthening and expansion of their existing strategic partnership.
V.Group will offer fleet management services from Greece and also Shanghai, in what the manager called "the ever-growing Chinese market".
As part of the move, Shanghai Costamare Ship Management will be integrated into V.Group's office in Shanghai.
This will provide "additional industry-leading expertise in the container market", V.Group said.
The deal continues a trend in recent months of major owners focusing on core operations by shifting in-house management of ships to specialised third-party managers.
'Significant transaction'
V.Group chief executive Graham Westgarth said: "This is a significant transaction which builds on our existing relationship with Costamare.
"We feel privileged that Costamare has trusted us with the management of its fleet and look forward to continuing to support them as they grow their business."
The Athens-based owner has 71 operational ships, ranging from 1,000 teu to 14,400 teu.
Two 12,690-teu newbuildings are due from Yangzi Xinfu Shipbuilding in China next year.
The shipmanager will use C-Man Maritime in the Philippines to provide Filipino crew for the Costamare-managed fleet.
"V.Group will thus become the exclusive provider of Filipino seafarers to Costamare-managed vessels as well as continuing to serve the needs of its existing Greek clients," the company said.
No capacity restrictions
Costamare president Konstantinos Konstantakopoulos said the deal will see his company make more use of the flexibility of third-party shipmanagement.
This enables Costamare "to take advantage of market fluctuations without being constrained by capacity restrictions on the management side".
He added: "It is important for us to be able to achieve this through a trustworthy partner such as V.Group, which can provide the high level of service required by our charterers."
The Costamare boss also said the deal will offer "significant opportunities" for professional advancement for its staff joining the V.Group organisation.
US-listed Costamare concluded charter deals for 24 vessels in the second quarter.
Net profit, adjusted for one-off items, increased in the period to $31.7m, up from a profit of $26.2m in the same period last year.
V.Group has 60 offices worldwide. It has been contacted for further information.
