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.