CMRE - Costamare acquires 60% York Capital interest in five 11000 TEU containerships with long-term charters

Costamare (CMRE) has acquired York Capital’s 60% equity interest, on average, in five 11,000 TEU containerships, four of which were built in 2017 and one of which was built in 2016. The vessels currently operate under long-term charters, with four of them expiring in 2031 and the fifth one in 2025. The acquisition has been funded with cash at hand and commercial bank debt provided by leading European and U.S. financial institutions with tenors of up to 10 years. The vessels acquired provides the company with incremental contracted revenues of ~$335M and have a TEU-weighted average time charter duration of 8.9 years.

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Costamare acquires 60% York Capital interest in five 11,000 TEU containerships with long-term charters