Costamare has splashed out $90m on two vessels attached to long-term charters
Costamare has splashed out $90m on two vessels attached to long-term charters with Mediterranean Shipping Company.
It has also wrapped up charter extensions on six vessels with the liner giant and carded a profit from the scrapping of two older ships.
In a statement to investors Costamare says it will pay $60m for the 6,700-teu MSC Viviana (built 2003).
The ship, to be renamed the MSC Messinia, will be chartered back to MSC for 10 years at $29,000 daily.
A further $30m has been invested on the 4,100-teu MSC Ulsan (built 2002), which is attached to a 63 month charter at $16,500 daily.
Greg Zikos, CFO of the New York-listed owner, explains the company has now bought 13 second hand ships since its IPO at the end of last year.
It has also placed orders for 10 newbuildings, swelling its IPO fleet from 41 ships to 61 today.
On a busy day for deals between MSC and Costamare, the Constantinos Constantakopoulos-led company has also secured extended charters for six ships with the Swiss owner.
It tells investors the contracts will contribute revenue of $207m.
Heading out of Costamare for the breakers’ beaches are the 1,468-teu MSC Tuscany and the 1,181-teu MSC Fado (both built 1978).
Costamare will book a profit of $5m on the sale, which is worth $8m in total.
The string of deals emerged as Costamare secured loans worth around $380m for its remaining newbuildings.
Source: Tradewinds
