Costamare Explained

Costamare
Type:Public
Traded As:
Russell 2000 Component
Founder:Vassilis C. Constantakopoulos
Location Country:Athens, Monaco
Area Served:Worldwide
Key People:Konstantinos V. Konstantakopoulos (Charman & CEO)
Industry:Shipping
Revenue:US$793.63 million (2021)[1]
Operating Income:US$441.35 million (2021)
Net Income:US$435.12 million (2021)
Assets:US$4.407 billion (2021)
Equity:US$1.725 billion (2021)
Owner:Konstantinos V. Konstantakopoulos (25.9%)
Achilleas V. Konstantakopoulos (18.0%)
Christos V. Konstantakopoulos (16.9%)[2]
Num Employees:2,750 (2021)[3]

Costamare Inc. (NYSE:CMRE) is a Greek and Marshall Islands corporation and one of the world's leading owners and providers of containerships for charter. Its headquarters are in Athens, Greece. Costamare Inc. has 37 years of history in the international shipping industry and a fleet of 56 containerships, with a total capacity of approximately 326,000 twenty-foot equivalent units (TEU) including 10 newbuild containerships on order.[4] [5] [6]

Mission statement

The company's strategy is to time-charter its containerships to a geographically diverse, financially strong and loyal group of leading liner companies. The containerships operate primarily under multi-year time charters and therefore are not subject to the effect of seasonal variations in demand.

History

The founders of Costamare Inc. have a long history of operating and investing in the shipping industry. The name “Costamare” was first used in the shipping industry in 1975 when Captain Vasileios Constantakopoulos, the father of the company's chairman and chief executive officer, Konstantinos Constantakopoulos, founded Costamare Shipping Company S.A. (“Costamare Management”) to serve as the manager of the then existing fleet of ships directly or indirectly owned by the Constantakopoulos family[7] [8]

Historical highlights

Fleet

In 2000 it controlled 21 ships, in 2008, 53, and 43 in 2010. As of Oct 2018 it had 74 ships with 16 vessels in new or extended time charters.[11] In 2010 it completed a US$159.6 million IPO to fund an expansion of its fleetCOSCO Guangzhou is a container ship, and one of the largest currently in service. Owned by Costamare and chartered to COSCO[12] [13]

Vessel ClassCapacity (TEU)Fleet
ULCS10000+0
VLCS8500-1000015
Post Panamax5100- 850013
Panamax3500- 510014
Sub Panamax2000- 350011
Feederup to 20003
Total56

Accidents and incidents

MV Rena

In October 2011 the MV Rena, carrying 1,368 containers, as well as 1,700 tonnes of heavy fuel oil and 200 tonnes of marine diesel, ran aground on the Astrolabe Reef near Tauranga, New Zealand. The resulting oil spill was labelled New Zealand's "worst ever environmental disaster".[14] According to Costamare "the Captain was an experienced Master and had an exemplary record. The ship was fully certified and had been inspected by the Flag State and New Zealand Port State Control (in August and September 2011 respectively). They found no problems.

On 25 May 2012, the captain and navigation officer of the Rena at the time of the incident, appeared in Tauranga District Court for sentencing. Each was sentenced to 7 months imprisonment after being found guilty under the Maritime Transport Act for operating a vessel in a manner likely to cause danger, under the Resource Management Act (RMA) for discharging a contaminant and three charges under the Crimes Act for willfully attempting to alter the course of justice by altering ship's documents after the grounding.[15] [16]

Owners Daina Shipping, a subsidiary of Costamare, was reported to have spent 235 million NZD on the salvage and cleanup operations.[17] [18]

External links

Notes and References

  1. Web site: Annual report 2021. Costamare.
  2. Web site: COSTAMARE INC. : Shareholders Board Members Managers and Company Profile | MHY1771G1026 | MarketScreener .
  3. Web site: Costamare's Competitors, Revenue, Number of Employees, Funding, Acquisitions & News - Owler Company Profile. 6 April 2023.
  4. Web site: Capital Link Shipping . 2012-05-23 . https://web.archive.org/web/20120514050539/http://shipping.capitallink.com/company/profile.html?ticker=CMRE . 2012-05-14 . dead .
  5. Web site: Yahoo Finance. 6 April 2023.
  6. http://costamare.irwebpage.com/index_new.html Costamare Inc Official Web Site
  7. Web site: Konstantinos Konstantakopoulos, Costamare Inc: Profile and Biography. Bloomberg.com. 6 April 2023.
  8. Web site: S2O: Stock Analysis and MOS Price Computation. S2O.
  9. Web site: Costamare Official Web Site . 2011-10-12 . https://web.archive.org/web/20110927213612/http://www.costamare.com/aboutus/background . 2011-09-27 . dead .
  10. Web site: Costamare Inc, Form 424B1, Filing Date Nov 4, 2010 . secdatabase.com . May 15, 2018.
  11. Web site: Fleet Employment | Costamare IR . 2019-01-18 . https://web.archive.org/web/20190129030411/http://ir.costamare.com/fleet . 2019-01-29 . dead .
  12. Web site: Fox Business . . 2012-05-23 . https://web.archive.org/web/20120505082206/http://www.foxbusiness.com/news/2012/05/03/costamare-to-continue-fleet-growth-with-newbuildsacquisitions-executive/ . 2012-05-05 . dead .
  13. Web site: Marinetraffic . 2012-05-23 . https://web.archive.org/web/20111218080044/http://marinetraffic.com/ais/shipdetails.aspx?mmsi=240475000 . 2011-12-18 . dead .
  14. Web site: Rena 'worst maritime environmental disaster' . Stuff . 2011-10-11 . 2011-10-12.
  15. Web site: Rena captain and officer sent to jail. Stuff.co.nz. 25 May 2012 .
  16. Web site: Rena captain jailed for 7 months. The New Zealand Herald. 14 May 2015.
  17. Web site: Rena clean up costs company $235m. NZ Herald.
  18. Web site: Stress Free Car Shipping Services. A-1 Auto Transport, Inc..

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