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Costamare postpones delivery of four containerships

In addition, the containership leasing company reported a profit of $20.7 million for the third quarter of 2016, down from $34.8 million a year earlier.

   The containership leasing company Costamare said it had reached an agreement with Hanjin Heavy Industries to postpone delivery of four of five 11,010-TEU containerships being built pursuant to a joint venture with New York-based York Capital Management.
   The vessels are now scheduled to be delivered in the first quarter of 2017. Delivery of the first of the five ships, the Cape Akritas, was accepted on Sept. 30.
   In September and October, Costamare accepted delivery of three 14,424-TEU containerships – the Talos, the Taurus and the Theseus. They are the final three in a series of five containerships acquired pursuant to the joint venture with York. The ships commenced 10-year time charters with Evergreen. Costamare holds a 40 percent interest in the entities that own each vessel.
   Through its subsidiaries, Costamare Inc. owns a fleet of 71 vessels aggregating approximately 462,000 TEUs. Sixteen of its containerships, including ten newbuilds, have been acquired pursuant to an agreement with York by vessel-owning entities in which Costamare has an equity interest.
   Costamare reported a profit of $20.7 million for the third quarter ending Sept. 30 compared to a profit of $34.8 million for the third quarter of 2015. Voyage revenues for the third quarter of this year reached $118.3 million, down from $124 million for the third quarter of 2015.
   “Our goal is to strengthen the company and enhance long term shareholder value,” Costamare Chief Financial Officer Gregory Zikos said. Members of the founding family, including chairman and chief executive officer Konstantinos Konstantakopoulos, are “committed shareholders,” he added, currently controlling an interest of above 65 percent of the company.

Chris Dupin

Chris Dupin has written about trade and transportation and other business subjects for a variety of publications before joining American Shipper and Freightwaves.