Costamare Announces Plan to Spin Off Dry Bulk Business
Costamare, a prominent owner and provider of containerships and dry bulk vessels for charter, has recently unveiled its intentions to spin off its dry bulk business into a separate entity.
The proposed spin-off will result in the creation of two distinct, publicly traded companies:
- Costamare: This entity will continue to operate as a global container shipping provider, retaining ownership of container vessels and Neptune Maritime Leasing businesses.
- Costamare Bulkers: This new company will focus on owning and operating dry bulk vessels, housing both the owned dry bulk vessels and the CBI operating platform.
The decision to separate the two businesses is driven by the Costamare board’s belief that this move will unlock the “inherent value” within each company. The split is anticipated to allow management teams to concentrate on specific growth opportunities and profitability strategies, offering investors two distinct investment avenues.
Costamare aims to finalize the spin-off within the current calendar year, pending regulatory approvals and the board of directors’ final endorsement.
Notably, Costamare currently operates a fleet of 68 owned containerships with a total capacity of around 513,000 TEU, alongside 38 owned dry bulk vessels totaling approximately 3,016,000 DWT (including one vessel earmarked for sale).