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V.Group and Costamare expand ship management partnership

Photo: V.Group gwestgarthvgroup.jpg
In a move to further strengthen its position in the Chinese market Greek containership owner Costamare Shipping has expanded its partnership with V.Group.

The new agreement sees V.Group providing a range of management and other marine services from Shanghai and Athens to 41 container vessels associated with NYSE-listed Costamare Inc. and its ceo Konstantinos V. Konstantakopoulos.

As part of this move, Shanghai Costamare Ship Management will be integrated into V.Group’s office in Shanghai providing additional expertise in the container market.

V.Group will enhance its manning services in the Philippines through C-Man Maritime and will provide Filipino crew for the Costamare managed fleet. V.Group will become the exclusive provider of Filipino seafarers to Costamare managed vessels as well as continuing to serve the needs of its existing Greek clients.

Graham Westgarth, ceo of V.Group, said: “This is a significant transaction which builds on our existing relationship with Costamare. We feel privileged Costamare has trusted us with the management of its fleet and look forward to continuing to support them as they grow their business.”

Konstantinos V. Konstantakopoulos, president of Costamare, said: “With this agreement, we will further utilise the flexibility offered by third party ship management, enabling Costamare Inc. to take advantage of market fluctuations without being constrained by capacity restrictions on the management side.

“It is important for us to be able to achieve this through a trustworthy partner such as V.Group, which can provide the high level of service required by our charterers. At the same time, we consider the arrangement will offer significant opportunities for professional advancement to our people joining the V.Group organisation.”


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