Costamare Delays Delivery of Four Boxships

Athens-based containership owner Costamare Inc. has agreed to postpone the deliveries of the remaining four newbuilding 11,010 TEU containerships, ordered through the company’s joint venture with York Capital.

The four vessels, three of which were scheduled to join the company’s fleet in October 2016, are now expected to be delivered from South Korean shipbuilder Hanjin Heavy Industries in the first quarter of 2017.

During the third quarter of 2016, Costamare took delivery of three vessels, namely the 14,424 TEU containerships Talos, Taurus and Theseus, on September 5, October 4, and October 24, respectively. The three boxships, which were acquired through the joint venture with York Capital, commenced their 10-year time charters with Evergreen.

Additionally, in late September Costamare accepted delivery of the first of five newbuilding 11,010 TEU containerships, the Cape Akritas.

“We have now accepted delivery of all five 14,000 TEU vessels, which have commenced their 10-year charters. We have also accepted delivery of one 11,000 TEU vessel, bought together with our joint venture partners, and we have deferred the delivery of the remaining four vessels for the first quarter of 2017,” Gregory Zikos, Chief Financial Officer of Costamare Inc., said.

The company has continued its chartering spree during the third quarter of the year as it chartered a total of eight ships, including the 8,531 TEU boxship Navarino, the 3,842 TEU Itea, the 3,351 TEU Marina, the 2,474 TEU Areopolis, the 1,645 TEU Padma, the 1,504 TEU Prosper, the 1,162 TEU Petalidi and the 1,078 TEU Stadt Luebeck.

Zikos added that the company “delivered solid results” during the three-month as Costamare’s net income for the quarter reached USD 20.6 million, down from USD 34.8 million recorded in the same quarter a year earlier.

The company’s net income for the nine-month period stood at USD 92.7 million, compared to a net income of USD 105.4 million seen in the first nine months of 2015.

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