Costamare will take full possession of five container ships that it manages in partnership with York Capital fund, according to reports this week.
The Greek-controlled and NYSE-listed shipping company, founded and led by the Constantakopoulos family, purchased York Capital’s 60-percent share in the five vessels.
The five container ships have a transport capacity of 14,000 Teu each, and are built in 2016. All five have long-term contracts extending to 2026 with Evergreen.
According to reports, the company is not obliged to reveal the sale price, although it was announced that 25 percent of the transaction will be covered immediately with cash, and the remaining 75 percent will be paid off over 18 months after the conclusion of the deal. An option to cover a portion of the transaction with common Costmare shares was also cited.
Costmare will continue to jointly manage another 12 container ships in partnership with York Capital, with Costmare CFO Grigoris Zikos referring to an excellent relationship between the two corporate partners.
Costamare controls a fleet of 79 containerships, with a total transport capacity of 549,000 Teu, and with five new ships under construction. Twelve of the latter are managed and owned by the consortium set up jointly owed with York Capital Management fund.
