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Maritime Logistics Professional

April 30, 2015

Costamare, York Capital to Extend Shipping Pact

Image: Costamare Inc

Image: Costamare Inc

 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.
Costamare has teamed up with York Capital for an 11,000 teu newbuild which has been ordered at Hanjin Heavy Industries & Construction yard in Subic Bay in the Philippines. 
The vessel is expected to be delivered in December 2016.  Pursuant to a Framework Agreement with York Capital, Costamare holds a 49% equity interest in the relevant vessel-owning entity.
“Regarding the market, there is a positive momentum; charter rates have been rising, the number of idle fleet is below 2% and activity remains high. We have no ships laid up, while the ships coming out of charter this year provide an upside based on today’s market conditions,” Zikos said.
CostamareGregory ZikosUnited States