Costamare readies bulker spin-off listing in New York

Greek shipowner Costamare has set May 7 as the day for the launch of its dry bulk business spin-off on the New York Stock Exchange.

Each Costamare shareholder will receive one common share of Costamare Bulkers for every five Costamare common shares they hold as of the close of business on April 29.

Costamare Bulkers will be headed up by Costamare’s chief of finance, Gregory Zikos. Supporting Zikos at the outfit, which will own nearly 40 vessels in addition to the trading platform CBI consisting of around 50 chartered-in bulkers in the larger segments, will be Jens Jacobsen as chief commercial officer and Dimitris Pagratis as chief financial officer.

Konstantinos Konstantakopoulos-led Costamare entered the dry sector by acquiring 16 vessels in 2021.

The move to split up bulkers and containerships was revealed in February this year, aiming to deliver two separate, pure-play investment opportunities for different investors, a simplified structure, improved financial flexibility to pursue distinct operating priorities and enable the management of both companies to enhance focus on individualised opportunities.

The Costamare brand will remain as a standalone boxship tonnage provider, with a fleet that currently counts nearly 70 vessels.