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Costamare buys five containerships worth $190m

Costamare buys five containerships worth $190m
Greek shipowner Costamare is buying five containerships worth a total of $190m through its new joint venture with investor York Capital Management.

The vessel acquisition includes two boxships with capacity of 9,000 teu to be built in Asia costing $81m apiece due for delivery in 2015. The other three ships are smaller and secondhand, according to Gregory Zikos, cfo of Costamare.

“We have close to half-a-billion dollars of equity to invest within two years, which is substantial capital for container shipping. That doesn't mean that we will rush into transactions,” Zikos was reported saying.

Costamare's joint venture York Capital is part of a wider trend of shipowners joining with private equity companies to invest in vessels.

“What's unique about our venture is that we invest up to 49% of equity and that's what we did at the latest transactions,” Zikos said. “From what I have seen in the industry, shipowners usually invest 5-10% of the equity, while private equity firms provide the rest.”

TAGS: Containers