Costamare Secures Loan, Reports Strong Quarter

Greece-based containership owner Costamare has entered into a loan agreement to finance the acquisition of 7,471 TEU containership, Maersk Kowloon.

The 2005-built vessel was acquired in the previous quarter and commenced its 5-year charter to Maersk Line.

The loan facility, agreed in August 2017 with an undisclosed European financial institution, will be repayable over 5 years, Costamare said.

The company unveiled the financing deal as part of its financial report for the third quarter and nine months ended September 30, 2017.

Although its net income decreased for the nine-month period to USD 70.2 million from USD 92.7 million seen in the first three quarters of 2016, Costamare’s net income for the third quarter rose.

The company ended the quarter with a net income of USD 24.1 million, compared to a net income of USD 20.6 million reported in the third quarter of 2016.

In August and September 2017 the company sold the 1988-built container vessels Mandraki and Mykonos for demolition and recorded an accounting gain of USD 1.5 million.

 

 

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