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Costamare delays taking delivery of four 11,000-teu newbuilds at HHIC

Costamare delays taking delivery of four 11,000-teu newbuilds at HHIC
Costamare Inc has reached an agreement with South Korea’s Hanjin Heavy Industries & Construction (HHIC) to defer the deliveries of four 11,010 teu containerships to the first quarter of 2017.

The newbuildings are to be delivered from HHIC’s Subic Bay shipyard in the Philippines. The four ships were originally scheduled to be delivered over the course of this year.

On 30 September this year, Costamare took delivery of its first 11,010 teu containership, Cape Akritas, from HHIC.

“We have accepted delivery of one 11,010 teu vessel, brought together with our joint venture partners, and we have deferred the delivery of the remaining four vessels for the first quarter of 2017,” said Gregory Zikos, ceo of Costamare.

Zikos added the company has also accepted delivery of five 14,424 teu containerships, which have commenced their 10-year charters with Evergreen. Costamare has another two 3,800 teu boxships due for delivery in the first and second quarters of 2018 from China’s Jiangsu New Yangzi shipyard.

In financial results, Costamare reported a third quarter net income of $20.67m, down from $34.82m registered in the same period of 2015.

Revenue also dipped to $118.26m from $124.03m due mainly to lower contributions from its fleet on the back of decreased charter rates and less revenue days.