NYSE-listed shipping company Costamare Inc. (NYSE: CMRE) says it has agreed to acquire an additional 21 dry bulk vessels after announcing its entry into the sector earlier this year.
Including sixteen dry bulk vessels announced in June, the additional vessels will increase its dry bulk fleet to 37 bulk carriers with a total capacity of approximately 1,910,000 DWT. Fourteen have already been delivered.
Costamare’s fleet also consists of 81 containerships with a total capacity of approximately 581,000 TEU.
The company today reported its second quarter and first half results, reporting $82.8 million in net income in Q2. In addition to the vessel acquisitions, the company also announced new charter agreements and new debt financing.
In releasing the results Chief Financial Officer of Costamare, Gregory Zikos, commented:
“The container market rebound that began in the second half of last year has continued into the first half of this year, drawing strength from favorable supply and demand dynamics. Strong consumer demand, low inventory levels, and supply chain constraints have all contributed to record charter rates and longer charter durations.
“All our containerships chartered during the quarter have been fixed at increasingly high levels of hire.
“On the dry bulk side, we are pleased to report the acquisition of 21 additional vessels, since we first announced our entry into this sector. Our dry bulk fleet comprises of 37 vessels in total between 32,000 DWT and 85,000 DWT, with an average age of 10 years. Up to now, 14 ships have been delivered, with the rest of the fleet expected to be delivered by year-end.
“The dry bulk acquisitions result from our decision to invest in this liquid sector where supply is limited by a low orderbook and demand is being driven by increased infrastructure spending and commodity consumption.
“Supported by contracted revenues of US$ 3.3 billion and an average time charter duration of more than four years for our containership fleet, we have 15 containerships coming off charter over the next 18 months and 37 dry bulk vessels operating in the spot market, favorably positioning our company, should the currently strong market conditions continue.”