Costamare Partners Gives Up on IPO Plans

Athens-based containership owner Costamare Partners LP, a wholly-owned subsidiary of Costamare Inc, cancelled its plans for an initial public offering (IPO) on Monday citing poor market conditions.

Costamare Partners LP, a growth master limited partnership (MLP) carved out of Costamare to own four modern containerships, has dismissed its attempt of raising up to USD 100 million in an IPO as the company withdrew its plans on November 6, according to Nasdaq.

The funds were designated for paying off the four containerships, contributed to the company by Costamare Inc, as well as acquiring an additional 11 identified vessels and certain other rights to acquire additional containerships with long-term charters from Costamare and US-based York Capital Management.

Costamare Partners company was founded in 2014 and booked USD 59 million in sales for the 12 months ended June 30, 2015. The company is formed to own, operate and acquire containerships under long-term, fixed-rate charters, charters of five full years or more.

As of June 30, 2015, Costamare Partners’ initial fleet of four containerships had an average capacity of approximately 9,000 TEU and an average remaining charter term (weighted by TEU capacity) of approximately 5.7 years.

Image: MSC


Share this article

Follow World Maritime News

In Depth>


<< Apr 2019 >>
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 1 2 3 4 5

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

CWC World Gas & Power Series – Brazil & the Americas Summit

CWC World Gas & Power Series: Brazil & the Americas Summit is the perfect meeting place to make contacts…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

Nor-Shipping 2019

Nor-Shipping’s conference and event programme is tailored to deliver the knowledge, value and networking to help you build your business.

read more >