UAE, Greece, USA: Worst Vessel Dumpers
The United Arab Emirates (UAE), Greece and the United States of America (USA) top the list of country dumpers of ocean-going commercial vessels in 2018, according to new data released today by the NGO Shipbreaking Platform.UAE owners were responsible for the highest absolute number of ships sold to South Asian shipbreaking yards in 2018: there were 61 ships in total.Greek owners, beached 57 vessels out of a total of 66 sold for demolition. American owners closely followed with…
Costamare Acquires York Capital Interest in 5 Containerships
The owner and provider of containerships for charter Costamare announced the acquisition of the 60% equity interest of York Capital in five 2016 - built 14,000 TEU containerships.The acquisition brings the Company’s ownership interest in these five vessels to 100%. The five vessels were initially contracted as new buildings under the joint venture with York Capital in 2014. The vessels currently operate under long term charters to Evergreen expiring in 2026.The terms of the acquisition include the option to defer 75% of the purchase price for up to 18 months after closing…
The 2020 Global Sulphur Cap: ABS Aid for Greek Shippers
Leading Greek shipping industry stakeholders joined ABS, a global provider of classification and technical advisory services to the marine and offshore industries, for a workshop on drafting 2020 sulfur limit Ship Implementation Plans (SIP).Intended to help shipping companies and crew ready their vessels for compliance with the required sulfur content limit of 0.50% by 1 January 2020, the ABS workshop identified risks associated with design and operations of vessels in relation to the IMO regulation, including a HAZID study.
The Swedish Club Appoints Five New Board Members
The Swedish Club announced at its AGM last week that it has appointed five new Board members.The following new Board members were elected, bringing with them a wealth of experience from many sectors of the shipping industry:• Dr. Zou Yingying, Deputy General Legal Counsel and General Manager of the Legal Department of China Merchants Energy Shipping Ltd.• Gu Zhongdong, Deputy Managing Director of Cosco Shipping Lines Ltd.• Capt. Thanasis C. Beis, Managing Director of Costamare Shipping Co. S.A.• Mikael Livijn.
Germany and Greece: Worst Vessel Dumpers
As in 2016, Germany and Greece top the list of country dumpers in 2017, according to new data released today by the NGO Shipbreaking Platform. German owners, including banks and ship funds, beached 50 vessels out of a total of 53 sold for demolition. Greek owners were responsible for the highest absolute number of ships sold to South Asian shipbreaking yards in 2017: 51 ships in total. Since the Platform’s first compilation of data in 2009, Greek shipping companies have unceasingly topped the list of owners that opt for dirty and dangerous shipbreaking.
Döhle, Costamare JV ‘Blue Net Chartering’ Operational
Germany's Peter Döhle and Greece's Costamare are merging operations of their container ships in a new joint venture (JV) named dubbed Blue Net Chartering headquartered in Hamburg. Blue Net Chartering will serve the container fleets operated by both as well as third-party vessels. It will provide brokerage services for 220 box ships with an aggregate capacity of 1.1M TEU. The official launch took place on 1 February. According to Costamare, the Blue Net Chartering aims to provide “best-in-class employment opportunities for containership owners.
New 11,000 TEU Ship Enters Service for Zim
The newly built 11,000 TEU vessel Cape Sounio owned by Costamare has been deployed on Zim’s Asia South America East Coast (ASE), the Israeli container shipping company said. The vessel embarked on its maiden voyage on from Pusan, South Korea, on May 4, on its regular route calling ports in Brazil, Uruguay and Argentina, connecting to major Asian ports. Built at Hanjin Heavy Industries and Construction Philippines (HHIC Phil) and delivered in April, 2017, Cape Sounio is the largest vessel to serve in this line and the largest currently employed by ZIM.
Full Ahead: New Generation of Carrier Alliances
Full ahead: new generation of carrier alliances and slot/vessel sharing arrangements; SM’s (Bullet) Line; FWE for Hanjin. On April 1, 2017, the new generation of carrier alliances became reality. In the run up to April 1 there was a flurry of activity with ocean carriers entering into arrangements with other carriers in competing alliances and with other carriers not signatory to any of the alliances. The 2M Alliance is an existing alliance made up of Maersk Line and Mediterranean Shipping Company (MSC).
For Liner Operators, the Worst May Be Over
At the behest of their backers, tonnage providers are being forced to exchange hope for action, while for operators the worst may just be over, says Maritime Strategies International (MSI). The latest phase of mass consolidation continues to see the container shipping industry sailing in uncharted waters and has emphasized the extent to which liner companies are having to restructure their business models in order to survive. In its latest quarterly Container Market Report, MSI concludes that the actions taken by liner companies…
V-Ships, Empros Team Up on Bulk Carrier Management
V.Ships, part of the V.Group, has entered into a partnership with Empros Lines to create a dedicated bulk carrier management cell in Greece. The cell will be staffed by the Empros’ technical team and hosted in the Piraeus office of V.Ships Greece. The partnership builds on the successful container cell established in 2013 with Costamare and further demonstrates V.Group’s commitment to the Greek shipping industry. A steering committee formed of senior executives from both V.Ships and Empros Lines will oversee the cell’s operations.
Impact of Financial Crisis on Greek Shipping
Though international analysts like Morgan Stanley said that the Greek crisis will not have a direct impact on shipping companies, Greek shipping companies listed on U.S. stock exchanges sank on Monday. Greeks have said No to austerity terms imposed by international creditors, which could have led to the releasing a package of fresh financial aid which could help in the long battle to keep Greece afloat. The vast majority of ship-owners and other members of the maritime community…
Costamare, York Capital to Extend Shipping Pact
Greek ship-owner Costamare and US-based hedge fund York Capital Management are considering extending the life of their investment joint venture that has already spent more than $1 billion on new and secondhand container ships. “Our joint venture with York has been progressing quite well and since inception we have done deals of $1.1bn. All investments have been performing well and we are currently in discussions with our partner regarding the extension of the investment period,” Gregory Zikos, the CFO of Costamare commented in a statement.
Container Shippers Join Forces for Safety
The Container Ship Safety Forum (CSSF) has been launched as a global business-to-business network that aims to improve safety performance and management practices in the container shipping industry. Founding members CMA CGM Group, Costamare Shipping Company S.A., E.R. Schiffahrt GmbH & Cie. KG, Hamburg Südamerikanische Dampfschiffahrts-Gesellschaft KG, Maersk Line, Rickmers Shipmanagement and Zodiac Maritime Agencies Ltd., have joined forces to improve safety performance through collaboration.
Vessel Ordering Mania – Why?
The flood of interest in ordering new container vessels is motivated by other factors than supply and demand. The recent surge in new vessel orders at a time of industry-wide overcapacity suggests that market fundamentals are no longer the main driver (see figure). Even when the most recently ordered ships are delivered in 2016, Europe and the US are still likely to be climbing out of recession, which means that capacity in the east-west trades will continue to outstrip demand. One of the factors behind the surge in orders is plummeting shipyard prices.
Costamare Invests in Fleet Expansion
Costamare Inc. (NYSE: CMRE) announced that it has contracted with Sungdong Shipbuilding & Marine Engineering Co., Ltd. for the construction and purchase of two newbuild containerships, each of about 9,000 TEU capacity. The two newbuildings are expected to be delivered by the end of 2012. The Company has entered into time charter agreements with MSC for the employment of each vessel immediately upon delivery, for duration of ten years. Both the contract price and the daily charter rate are similar to those recently agreed regarding the three 9…
Costamare Purchases, Disposes of Vessels
Costamare Inc. (NYSE: CMRE)has reached agreements for the purchase and time charter of two secondhand vessels; time charter extensions for six existing vessels; and the disposal of two older vessels which the company agreed to sell for demolition. In addition, it finalized the financing arrangements for its Newbuilding Program. 1) the 6,724 TEU, 2003-built containership MSC Viviana (to be renamed MSC Messinia) for a purchase price of $60 million. 2) subject to final documentation, the 4,132 TEU, 2002-built MSC Ulsan for a purchase price of $30 million.
Greek Shipowners Costamare Public Stock Offering
Owners of container ships for chartering, Costamare Inc., plans to offer 7,000,000 shares of its common stock. Members of the Konstantakopoulos family, who in the aggregate own a majority of the common stock of the Company, have indicated their intention to purchase up to 700,000 shares in the offering. In connection with the offering, the Company intends to grant the underwriters a 30-day option to purchase up to 1,050,000 additional shares of its common stock. The Company plans to use the net proceeds of the offering for capital expenditures…
Costamere Report Favorable Financial Results
Costamare Inc report unaudited financial results for the third quarter and nine months ended September 30, 2012. Greek-based Costamere is a leading owner and provider of containerships for charter. The Company has a fleet of 57 containerships, with a total capacity of approximately 329,000 TEU, including 10 newbuild containerships on order. • Voyage revenues of $94.9 million and $291.0 million for the three and the nine- months ended September 30, 2012, respectively. • Voyage…
Greece's Costamare Deliver Positive 2012 Financial Results
In a challenging market, Costamere has minimized its re-chartering risk, identifies possibilites to expand in container ship market. Costamare Inc. is a leading international owner of containerships. Through its subsidiaries Costamare Inc. owns a fleet of 58 vessels aggregating approximately 330,000 TEU. Voyage revenues of $95.2 million and $386.2 million for the three months and year ended December 31, 2012, respectively. Voyage revenues adjusted on a cash basis of $97.6 million and $392.4 million for the three months and year ended December 31, 2012, respectively.