Costamare spinning off bulkers business

New York-listed Greek shipowner Costamare has moved to spin off its dry bulk operation into a separate publicly traded company.

The new company Costamare Bulkers Holdings is expected to launch this year and to be listed on the New York Stock Exchange.

The outfit will own nearly 40 vessels in addition to the dry bulk trading platform CBI consisting of around 50 chartered-in newcastlemaxes, capes and kamsarmaxes.

Costamare brand will remain as a standalone boxship tonnage provider, with a fleet that currently counts 68 vessels.

The company said that splitting up the businesses would deliver two separate, pure-play investment opportunities for different investors, a simplified structure, improved financial flexibility to pursue distinct operating priorities and enable the management of both companies to enhance focus on individualised opportunities.

Konstantinos Konstantakopoulos-led Costamare entered the dry sector with the acquisition of 16 vessels between 33,000 dwt and 85,000 dwt in 2021.