Costamare orders first new boxships for seven years

COSTAMARE confirmed it has contracted four containerships from a Chinese shipbuilder as recent charter deals locked in at least another $310m in revenues for the New York Stock Exchange-listed owner.

The 3,100 teu vessels were scheduled for delivery in 2027 and would enter eight-year charters with a “first-class” liner company, said Costamare.

The company gave no further details of the vessels, nor identified the specific yard.

The Greece-based owner said it expects to pay for the vessels with cash on hand and debt financing.

The move is Costamare’s first confirmed newbuilding order since five 12,960 teu vessels were contracted from Jiangsu Yangzijiang Shipbuilding in 2018.

In a separate recent chartering agreement that contributed to the rise in contracted revenues, the company disclosed it has forward-chartered two older containerships of 6,500 teu for three years beginning in the first half of next year.

Costamare’s total revenue backlog has reached $2.5bn and the fleet of 68 ships has a remaining charter duration of an average 3.2 years, with this year fully covered and 75% employment coverage for 2026.

“With less than 1% of the fleet commercially idle, the containership fleet can be considered fully employed,” said chief financial officer Gregory Zikos.

“Charter rates remain healthy across the board and the short supply keeps rates at robust levels.”

Zikos said that current low fixing activity in the sector stemmed from “low availability of prompt tonnage rather than lack of demand”.

The comments came as the owner reported its first quarterly results that reflected the spin-off of its dry bulk business in May this year, a move that left a pure containership fleet.