- Costamare Inc. announced the acquisition of York Capital’s 60% equity interest, on average, in five 11,000 TEU containerships.
- Four of them were built in 2017 and one of which was built in 2016.
- The acquisition brings the Company’s ownership interest in these
five vessels to 100%.
Costamare Inc. (the “Company”) (NYSE: CMRE) announced the acquisition of York Capital’s 60% equity interest, on average, in five 11,000 TEU containerships, four of which were built in 2017 and one of which was built in 2016, and the acquisition brings the Company’s ownership interest in these five vessels to 100%, says a press release published by Costamare Inc.
Charter Contracts
The five vessels were initially contracted as new buildings in 2013 and 2015 under the
joint venture with York Capital. The vessels currently operate under long-term
charters, with four of them expiring in 2031 and the fifth one in 2025.
Vessel Acquisition
The acquisition has been funded with cash at hand and commercial bank debt
provided by leading European and U.S. financial institutions with tenors of up to 10
years.
CFO’s Note
Gregory Zikos, Chief Financial Officer of the Company, said: “We are pleased with
the conclusion of the transaction with York Capital, which underscores our excellent
relationship. The deal provides a successful exit path in this investment for our
partner. At the same time, the joint venture continues to own another five vessels and
our relationship is ongoing. The vessels acquired provide us with incremental contracted revenues of approximately US $335 million and have a TEU-weighted average time charter
duration of 8.9 years.”
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Source : Costamare Inc
