Costamare Inc. Announces New Acquisition and New Chartering Arrangements
August 27 2012 - 9:00AM
Marketwired
Costamare Inc. (the "Company") (NYSE: CMRE) announced today that it
has agreed to purchase the 1997-built container vessel Messini (ex.
Pembroke) and to charter the vessel for a period of approximately
18 months. The Company has also agreed to charter the existing
vessel Konstantina.
In particular, the Company has agreed the following:
(a) To purchase the 1997-built, 2,458 TEU container vessel
Messini (ex. Pembroke) for $6.8million. The vessel was delivered on
August 2, 2012. The acquisition has been entirely financed with
equity. The Company also agreed to charter the vessel with
Evergreen for a period of approximately 18 months at a daily rate
of $8,100. The vessel is expected to be delivered to her charterers
by September 23, 2012.
(b) To charter the 1992-built, 3,351 TEU container vessel
Konstantina with Evergreen for a period of approximately one year
at a daily rate of $ 7,550. The vessel is expected to be delivered
to her charterers in October 2012.
Management Commentary
Gregory Zikos, Chief Financial Officer of the Company,
commented:
"We continue to execute on our strategy by taking advantage of
attractive asset values. The purchase price for the Messini, which
is close to her estimated scrap value, together with the time
charter arranged, allow us to generate healthy returns and
eliminate residual value risk.
"At the same time we fixed two vessels at favorable rates
considering previous fixtures and the current market environment.
We have reduced our re-chartering risk for the coming years. The
charters for the vessels coming out of employment during the
remainder of 2012 and 2013 account for 1.6% and 4.2% of our 2012
and 2013 contracted revenues respectively."
About Costamare Inc.
Costamare Inc. is one of the world's leading owners and
providers of containerships for charter. The Company has 37 years
of history in the international shipping industry and a fleet of 58
containerships, with a total capacity of approximately 330,000 TEU,
including 10 newbuilds on order. Costamare Inc.'s common shares
trade on the New York Stock Exchange under the symbol "CMRE."
Forward-Looking Statements This press
release contains "forward-looking statements." In some cases, you
can identify these statements by forward-looking words such as
"believe," "intend," "anticipate," "estimate," "project,"
"forecast," "plan," "potential," "may," "should," "could" and
"expect" and similar expressions. These statements are not
historical facts but instead represent only Costamare's belief
regarding future results, many of which, by their nature, are
inherently uncertain and outside of Costamare's control. It is
possible that actual results may differ, possibly materially, from
those anticipated in these forward-looking statements. For a
discussion of some of the risks and important factors that could
affect future results, see the discussion in Costamare Inc.'s
Annual Report on Form 20-F (File No. 001-34934) under the caption
"Risk Factors."
Contacts: Company Contact: Gregory Zikos Chief Financial
Officer Konstantinos Tsakalidis Business Development / Investor
Relations Costamare Inc., Athens, Greece Tel: (+30) 210-949-0000
Email: ir@costamare.com Investor Relations Advisor/ Media
Contact: Nicolas Bornozis President Capital Link, Inc. 230 Park
Avenue, Suite 1536 New York, N.Y. 10169 Tel.: (+1) 212-661-7566
E-mail: costamare@capitallink.com
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