Containership owner Costamare has bought two containerships and sold two older vessels for scrap as it continues to modernize its charter fleet.
The Greece-based company paid approximately $24.9 million for two 1998-built vessels, each with a capacity of 3,842 20-foot equivalent units, and recouped about $12.3 million from the sale of two 1984-built 2,922 TEUs vessels.
The newly acquired vessels, due to be delivered in May, will replace the older ships in charter agreements with an ocean carrier, believed to be Evergreen, which have been extended for 18 months from November 2012 at an average daily rate of $11,150.
“With an incremental cost of only approximately $6.3 million per vessel, we are extending the useful life of older assets by substituting them for vessels that are 14 years younger, larger and with better specifications,” said Gregory Zikos, Chief Financial Officer of the NYSE-listed company.
“The transaction enhances our earnings potential and re-chartering upside.”
Costamare expects to book a gain of about $4.4 million from the disposal of the two ships being scrapped.
Costamare has a fleet of 56 containerships with an aggregate capacity of 326,000 TEUs, including 10 vessels on order.
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