Costamare Inc. Announces Fleet Renewal and New Chartering Arrangements
Costamare Inc. in Greece to sell two vessels and purchase two newer Costamare Inc. (the "Company") (CMRE - News) announced today that it has agreed to sell two 1984-built vessels for demolition. At the same time, the Company has agreed to purchase two 1998-built vessels, which will replace the vessels sold in their respective charters.In particular, the Company has agreed the following:(a) To purchase the 1998-built, 3,842 TEU container vessel Bunga Raya Dua (to be renamed Koroni) (b) To purchase the 1998-built, 3,842 TEU container vessel Bunga Raya Satu (to be renamed Kyparissia) (c) To sell the 1984-built, 2,922 TEU container vessel Gifted (d) To sell the 1984-built, 2,922 TEU container vessel Genius IThe total acquisition cost for the two vessels is approximately US $24.9 million and will be partly funded with debt drawn from a currently committed and undrawn credit facility. The total sale price for the Gifted and Genius I is approximately US $12.3 million.The newly acquired vessels are expected to be delivered within May 2012 and will replace the Gifted and Genius I in their respective charter party agreements. At the same time, the Company has agreed to extend these two charters for period of approximately 18 ...
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