Following its strategic decision to enter the dry bulk sector at an opportune time in the cycle, Costamare Inc. has proceeded to establish a new dry bulk operating platform with a team of experienced professionals, who will join Costamare in investing in the new venture via offices in Athens and Monaco, drybulkmagazine.com reports.
The new venture will charter-in/out dry bulk vessels, enter into contracts of affreightment and utilise hedging solutions, including forward freight agreements and bunker hedging and will have a global footprint through offices in Athens and Monaco and through agencies in Copenhagen, Hamburg, and Singapore.
Operations are expected to commence in 4Q22. The new venture, to which the company has committed up to $200 million, is expected to employ minimal, if any, financial leverage, the trade magazine reports.
“The new venture is established on the same ethical values and business principles followed by Costamare over the past decades, and such values and principles are also shared by our partners,” the company said.
Considering the elevated levels of asset values in the containership sector and Costamare’s counter-cyclical investment approach, the company believes that the new venture provides an attractive risk-reward profile for the deployment of the company’s capital.
FILE PHOTO: A Costamare vessel carrying containers