Monaco-based and New York-listed Costamare has returned to its dry bulk roots with the acquisition in June of 16 bunkers, taking its fleet close to 30 vessels.
Although the company’s roots were in dry bulk, the company made a strategic switch to containers and grew to become the world’s third-largest box tonnage provider.
Gregory Zikos, Chief Financial Officer of the company, said in mid-June: “We are pleased to announce the acquisition of dry bulk vessels. We have decided to invest in a liquid sector with strong fundamentals that provide enhanced return opportunities for our shareholders.
“The ships will be managed through our existing platform headed and enriched by the dry bulk Onassis team, who will be joining Costamare in July.
“The acquisitions will initially be funded with cash on hand, and the Company is in the process of arranging commercial bank debt. Considering the nature of the dry bulk business, we plan to have low leverage of up to 60 percent of the value of the assets.
We look forward to providing a detailed update on our business strategy during our second quarter results.”