Costamare Inc 6-K, filed May 12, 2021
Costamare Inc. (CMRE)
6-K
2021-05-12
For: 2021-05-11
View Original
Added on
July 04, 2026
About this 6-K
Costamare Inc filed this 6-K on May 12, 2021.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR
15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2021
Commission File Number: 001-34934
COSTAMARE INC.
(Translation of registrant’s name into English)
(Translation of registrant’s name into English)
7 rue du Gabian, MC 98000 Monaco
(Address of principal executive office)
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Monaco, May 12, 2021 – Costamare Inc. (“Costamare” or the “Company”) (NYSE: CMRE) today reported new business developments that have taken place in 2021 and not been previously
announced. The below reflects the most up-to-date business developments and fleet information as of the date of this report on Form 6-K or as of any earlier date stated in this Form 6-K.
| I. |
VESSEL ACQUISITIONS
|
| A. |
CONCLUDED ACQUISITIONS
|
| 1. |
c/v Aries, a 2004-built, 6,492 TEU containership, delivered in February 2021 and chartered to ONE for a period of 22 to 25 months.
|
| 2. |
c/v Argus, a 2004-built, 6,492 TEU containership, delivered in March 2021 and chartered to ONE for a period of 22 to 25 months.
|
| 3. |
c/v Glen Canyon, a 2006-built, 5,642 TEU containership, delivered in March 2021 and chartered to ONE for a period of 11 to 13 months.
|
| 4. |
c/v Androusa, a 2010-built, 4,256 TEU containership, delivered in April 2021 and chartered to Maersk for a period of 24.5 to 27.5 months.
|
| B. |
PENDING ACQUISITIONS
|
| 1. |
One 2008-built, 4,578 TEU containership, expected to be delivered within 2021. Upon delivery, the vessel will commence its charter with Maersk for a period of 24.5 to 27.5 months at a daily rate
of $22,750.
|
| 2. |
One 2009-built, 4,578 TEU containership, expected to be delivered within 2021. Upon delivery, the vessel will commence its charter with ZIM for a period of 32 to 36 months at a daily rate of
$25,500. The agreement to acquire this vessel has been previously announced by the Company, however, at that time there was no agreement on the vessel’s employment.
|
| 3. |
One 2009-built, 4,259 TEU containership, expected to be delivered within 2021. Upon delivery, the vessel will commence its charter with Maersk for a period of 24 to 27 months at a daily rate of
$30,000.
|
| 4. |
One 2002-built, 5,908 TEU containership, expected to be delivered within 2021. Upon delivery, the vessel will commence its charter with Maersk for a period of 60 to 64 months at a daily rate of
$28,822.
|
| 5. |
One 2001-built, 6,712 TEU containership, expected to be delivered within 2021. Upon delivery, the vessel will commence its charter with Maersk for a period of 60 to 64 months at a daily rate of
$30,075.
|
| 6. |
One 2002-built, 5,570 TEU containership, expected to be delivered within 2021. Upon delivery, the vessel will commence its charter with Maersk for a period of 60 to 64 months at a daily rate of
$28,822.
|
Total investment amount for the acquisition of the above ten vessels will be $225.0 million.
| II. |
VESSEL SALES
|
| 1. |
Agreement to sell the 2003-built, 5,928 TEU containership, Venetiko. The sale of the vessel is expected to be completed in 2021.
|
| 2. |
Agreement to sell the 1996-built, 1,504 TEU containership, Prosper. The sale of the vessel is expected to be completed in 2021.
|
| 3. |
Agreement to sell the 2001-built, 5,576 TEU containership, Ensenada (co-owned with York Capital). The sale of the vessel is expected to be completed in 2021.
|
2
| III. |
NEW FINANCING AGREEMENTS
|
| 1. |
$150 million loan facility agreement with a leading European financial institution, in order to refinance the existing indebtedness of the 2017-built, 11,010 TEU containerships Cape Kortia and Cape Sounio (both acquired in 2021, as previously announced) and for general corporate purposes.
|
| 2. |
$147 million loan facility agreement with a leading US financial institution, in order to refinance the existing indebtedness of the 2017-built, 11,010 TEU containerships Cape Tainaro and Cape Artemisio (both acquired in 2021, as previously announced) and for general corporate purposes.
|
| 3. |
$75 million loan facility agreement with a leading European financial institution, in order to refinance the existing indebtedness of the 2016-built, 11,010 TEU containership Cape Akritas (both
acquired in 2021, as previously announced) and for general corporate purposes.
|
| 4. |
$23 million loan facility agreement with a European financial institution, in order to finance the acquisition of the 2004-built, 6,492 TEU containerships Aries and Argus.
|
| 5. |
$14 million loan facility agreement with a European financial institution, in order to finance the acquisition of the 2006-built, 5,642 TEU containership Glen Canyon.
|
| 6. |
$18.5 million loan facility agreement with a European financial institution, in order to refinance the existing indebtedness of the 1996-built, 8,044 TEU sister containerships, Maersk Kleven and Maersk Kotka and for general corporate purposes.
|
| IV. |
NEW FINANCING COMMITMENTS
|
The Company has signed commitment letters for the following financings:
| o |
$159.1 million commitment with a European financial institution, in order to finance the acquisition of three secondhand vessels expected to be delivered in 2021 and to refinance an existing facility with the same financial institution of
an outstanding amount of $51.1 million.
|
| o |
$79.0 million commitment with a European financial institution, in order to finance the acquisition of Androusa, and the acquisition of three secondhand vessels expected to be delivered in 2021.
|
| V. |
FLEET LIST
|
The tables below provide additional information, as of April 30, 2021, about our fleet of containerships, including our newbuilds on order, the vessels acquired pursuant to the Framework Deed with
York Capital Management by vessel-owning joint venture entities in which we hold a minority equity interest and those vessels subject to sale and leaseback agreements. As of April 30, 2021, contracted revenues of our fleet based on our fleet’s
employment amount to $2.9 billion (such amount includes our ownership percentage of contracted revenues for the five vessels owned pursuant to the Framework Agreement with York Capital Management). The fleet’s TEU-weighted average remaining time
charter duration, assuming the earliest redelivery dates was 4.2 years. Each vessel is a cellular containership, meaning it is a dedicated container vessel.
| A. |
OPERATING FLEET VESSELS
|
|
Vessel Name
|
Charterer
|
Year
Built
|
Capacity
(TEU)
|
Current Daily
Charter Rate(1)
(U.S. dollars)
|
Expiration of
Charter(2)
|
|
|
1
|
TRITON(ii)
|
Evergreen
|
2016
|
14,424
|
(*)
|
March 2026
|
|
2
|
TITAN(ii)
|
Evergreen
|
2016
|
14,424
|
(*)
|
April 2026
|
|
3
|
TALOS(ii)
|
Evergreen
|
2016
|
14,424
|
(*)
|
July 2026
|
|
4
|
TAURUS(ii)
|
Evergreen
|
2016
|
14,424
|
(*)
|
August 2026
|
3
|
Vessel Name
|
Charterer
|
Year
Built
|
Capacity
(TEU)
|
Current Daily
Charter Rate(1)
(U.S. dollars)
|
Expiration of
Charter(2)
|
|
|
5
|
THESEUS(ii)
|
Evergreen
|
2016
|
14,424
|
(*)
|
August 2026
|
|
6
|
YM TRIUMPH(ii)
|
Yang Ming
|
2020
|
12,690
|
(*)
|
May 2030
|
|
7
|
YM TRUTH(ii)
|
Yang Ming
|
2020
|
12,690
|
(*)
|
May 2030
|
|
8
|
YM TOTALITY(ii)
|
Yang Ming
|
2020
|
12,690
|
(*)
|
July 2030
|
|
9
|
YM TARGET(ii)
|
Yang Ming
|
2021
|
12,690
|
(*)
|
November 2030
|
|
10
|
CAPE AKRITAS
|
ZIM/MSC
|
2016
|
11,010
|
34,750/33,000
|
June 2031(3)
|
|
11
|
CAPE TAINARO
|
ZIM/MSC
|
2017
|
11,010
|
38,000/33,000
|
April 2031(3)
|
|
12
|
CAPE KORTIA
|
ZIM/MSC
|
2017
|
11,010
|
34,750/33,000
|
July 2031(3)
|
|
13
|
CAPE SOUNIO
|
ZIM/MSC
|
2017
|
11,010
|
38,000 /33,000
|
March 2031(3)
|
|
14
|
CAPE ARTEMISIO
|
Hapag Lloyd
|
2017
|
11,010
|
36,650
|
March 2025
|
|
15
|
COSCO GUANGZHOU
|
COSCO
|
2006
|
9,469
|
30,900
|
April 2022
|
|
16
|
COSCO NINGBO
|
COSCO
|
2006
|
9,469
|
30,900
|
April 2022
|
|
17
|
YANTIAN
|
COSCO
|
2006
|
9,469
|
39,600
|
February 2024
|
|
18
|
COSCO HELLAS
|
COSCO
|
2006
|
9,469
|
39,600
|
February 2024
|
|
19
|
BEIJING
|
COSCO
|
2006
|
9,469
|
39,600
|
March 2024
|
|
20
|
MSC AZOV
|
MSC
|
2014
|
9,403
|
46,300
|
December 2026(4)
|
|
21
|
MSC AMALFI
|
MSC
|
2014
|
9,403
|
46,300
|
March 2027(5)
|
|
22
|
MSC AJACCIO
|
MSC
|
2014
|
9,403
|
46,300
|
February 2027(6)
|
|
23
|
MSC ATHENS(ii)
|
MSC
|
2013
|
8,827
|
45,300
|
January 2026(7)
|
|
24
|
MSC ATHOS(ii)
|
MSC
|
2013
|
8,827
|
45,300
|
February 2026(8)
|
|
25
|
VALOR
|
Hapag Lloyd
|
2013
|
8,827
|
32,400
|
April 2025
|
|
26
|
VALUE
|
Hapag Lloyd
|
2013
|
8,827
|
32,400
|
April 2025
|
|
27
|
VALIANT
|
Hapag Lloyd
|
2013
|
8,827
|
32,400
|
June 2025
|
|
28
|
VALENCE
|
Hapag Lloyd
|
2013
|
8,827
|
32,400
|
July 2025
|
|
29
|
VANTAGE
|
Hapag Lloyd
|
2013
|
8,827
|
32,400
|
September 2025
|
|
30
|
NAVARINO
|
MSC
|
2010
|
8,531
|
31,000
|
January 2025
|
|
31
|
MAERSK KLEVEN
|
Maersk
|
1996
|
8,044
|
25,000
|
June 2023(9)
|
|
32
|
MAERSK KOTKA
|
Maersk
|
1996
|
8,044
|
25,000
|
June 2023(10)
|
|
33
|
MAERSK KOWLOON
|
Maersk
|
2005
|
7,471
|
16,000
|
June 2022
|
|
34
|
KURE
|
COSCO
|
1996
|
7,403
|
31,000
|
March 2023
|
|
35
|
MSC METHONI
|
MSC
|
2003
|
6,724
|
29,000
|
September 2021
|
|
36
|
YORK
|
Maersk
|
2000
|
6,648
|
21,250
|
August 2022
|
|
37
|
KOBE
|
RCL Feeder
|
2000
|
6,648
|
14,500
|
August 2021
|
|
38
|
SEALAND WASHINGTON
|
Maersk
|
2000
|
6,648
|
25,000
|
March 2022(11)
|
|
39
|
SEALAND MICHIGAN
|
Maersk
|
2000
|
6,648
|
25,000
|
March 2022(11)
|
|
40
|
SEALAND ILLINOIS
|
Maersk
|
2000
|
6,648
|
25,000
|
March 2022(11)
|
|
41
|
MAERSK KOLKATA
|
Maersk
|
2003
|
6,644
|
25,000
|
March 2022(11)
|
|
42
|
MAERSK KINGSTON
|
Maersk
|
2003
|
6,644
|
25,000
|
March 2022(11)
|
|
43
|
MAERSK KALAMATA
|
Maersk
|
2003
|
6,644
|
25,000
|
March 2022(11)
|
|
44
|
ARIES
|
ONE
|
2004
|
6,492
|
(*)
|
December 2022
|
|
45
|
ARGUS
|
ONE
|
2004
|
6,492
|
(*)
|
January 2023
|
|
46
|
GLEN CANYON
|
ONE
|
2006
|
5,642
|
(*)
|
January 2022
|
|
47
|
ZIM NEW YORK
|
ZIM
|
2002
|
4,992
|
14,438
|
October 2021(12)
|
|
48
|
ZIM SHANGHAI
|
ZIM
|
2002
|
4,992
|
14,438
|
October 2021(12)
|
|
49
|
LEONIDIO(ii)
|
Maersk
|
2014
|
4,957
|
14,200
|
December 2024
|
|
50
|
KYPARISSIA(ii)
|
Maersk
|
2014
|
4,957
|
14,200
|
November 2024
|
|
51
|
MEGALOPOLIS
|
Maersk
|
2013
|
4,957
|
13,500
|
July 2025
|
4
|
Vessel Name
|
Charterer
|
Year
Built
|
Capacity
(TEU)
|
Current Daily
Charter Rate(1)
(U.S. dollars)
|
Expiration of
Charter(2)
|
|
|
52
|
MARATHOPOLIS
|
Maersk
|
2013
|
4.957
|
13,500
|
July 2025
|
|
53
|
OAKLAND (ex. OAKLAND EXPRESS)
|
Maersk
|
2000
|
4,890
|
24,500
|
March 2023
|
|
54
|
VULPECULA
|
OOCL
|
2010
|
4,258
|
22,700
|
February 2023
|
|
55
|
VOLANS
|
ZIM
|
2010
|
4,258
|
7,000
|
June 2021
|
|
56
|
VIRGO
|
Maersk
|
2009
|
4,258
|
30,200
|
February 2024
|
|
57
|
VELA
|
OOCL
|
2009
|
4,258
|
22,700
|
January 2023
|
|
58
|
ANDROUSA
|
Maersk
|
2010
|
4,256
|
22,750
|
May 2023
|
|
59
|
NEOKASTRO
|
(*)
|
2011
|
4,178
|
(*)
|
December 2021
|
|
60
|
ULSAN
|
Maersk
|
2002
|
4,132
|
12,000
|
June 2021
|
|
61
|
POLAR ARGENTINA(i)(ii)
|
Maersk
|
2018
|
3,800
|
19,700
|
October 2024
|
|
62
|
POLAR BRASIL(i)(ii)
|
Maersk
|
2018
|
3,800
|
19,700
|
January 2025
|
|
63
|
LAKONIA
|
COSCO
|
2004
|
2,586
|
17,300
|
February 2022
|
|
64
|
SCORPIUS
|
Pool
|
2007
|
2,572
|
Pool Participation
|
|
|
65
|
ETOILE
|
(*)
|
2005
|
2,556
|
(*)
|
February 2023
|
|
66
|
AREOPOLIS
|
COSCO
|
2000
|
2,474
|
17,300
|
March 2022
|
|
67
|
MONEMVASIA(i)
|
Maersk
|
1998
|
2,472
|
9,250
|
November 2021
|
|
68
|
MESSINI
|
(*)
|
1997
|
2,458
|
18,000
|
January 2022
|
|
69
|
ARKADIA(i)
|
Evergreen
|
2001
|
1,550
|
8,650
|
June 2021
|
|
70
|
MICHIGAN
|
MSC
|
2008
|
1,300
|
5,800
|
September 2021
|
|
71
|
TRADER
|
(*)
|
2008
|
1,300
|
(*)
|
November 2021
|
|
72
|
LUEBECK
|
MSC
|
2001
|
1,078
|
7,750
|
February 2022
|
| B. |
FLEET VESSELS AGREED TO BE SOLD WITHIN 2021
|
|
Vessel Name
|
Charterer
|
Year
Built
|
Capacity
(TEU)
|
Current Daily
Charter Rate(1)
(U.S. dollars)
|
Expiration of
Charter(2)
|
|
|
1
|
VENETIKO
|
(*)
|
2003
|
5,928
|
(*)
|
July 2021
|
|
2
|
ENSENADA(ii)
|
(*)
|
2001
|
5,576
|
21,500
|
June 2021
|
|
3
|
PROSPER
|
Sealand Maersk Asia
|
1996
|
1,504
|
8,500
|
May 2021
|
| C. |
FLEET VESSELS AGREED TO BE ACQUIRED WITHIN 2021
|
|
Vessel Capacity (TEU)
|
Year Built
|
Agreed Daily Charter Rate (U.S. dollars)
|
Charter Tenor
|
||
|
1
|
4,578
|
2008
|
22,750
|
24.5 – 27.5 months from vessel’s delivery to the charterer
|
|
|
2
|
4,578
|
2009
|
25,500
|
32 – 36 months from vessel’s delivery to the charterer
|
|
|
3
|
4,259
|
2009
|
30,000
|
24 – 27 months from vessel’s delivery to the charterer
|
|
|
4
|
5,908
|
2002
|
28,822
|
60 – 64 months from vessel’s delivery to the charterer
|
|
|
5
|
6,712
|
2001
|
30,075
|
60 – 64 months from vessel’s delivery to the charterer
|
|
|
6
|
5,570
|
2002
|
28,822
|
60 – 64 months from vessel’s delivery to the charterer
|
5
| D. |
FLEET VESSEL UNDER CONSTRUCTION
|
|
Vessel Name
|
Shipyard
|
Capacity
(TEU)
|
Charterer
|
Expected Delivery(13)
|
|
|
1
|
YZJ2015-2061(ii)
|
Jiangsu Yangzijiang
Shipbuilding Group
|
12,690
|
Yang Ming
|
Q2 2021
|
| (1) |
Daily charter rates are gross, unless stated otherwise. Amounts set out for current daily charter rate are the amounts contained in the charter contracts.
|
| (2) |
Charter terms and expiration dates are based on the earliest date charters could expire.
|
| (3) |
Upon redelivery of each vessel from ZIM between May 2021 and October 2021, each vessel will commence a charter for a period of approximately 10 years, with MSC
at a daily rate of $33,000. Until then the daily charter rate of Cape Akritas and Cape Kortia will be $34,750 and the daily charter rate of Cape Sounio and Cape Tainaro will be $38,000.
|
| (4) |
This charter rate will be earned by MSC Azov until December 2, 2023. From the aforementioned date until the expiry of the charter, the daily rate will be $35,300.
|
| (5) |
This charter rate will be earned by MSC Amalfi until March 16, 2024. From the aforementioned date until the expiry of the charter, the daily rate will be $35,300.
|
| (6) |
This charter rate will be earned by MSC Ajaccio until February 1, 2024. From the aforementioned date until the expiry of the charter, the daily rate will be $35,300.
|
| (7) |
This charter rate will be earned by MSC Athens until January 29, 2023. From the aforementioned date until the expiry of the charter, the daily rate will be $35,300.
|
| (8) |
This charter rate will be earned by MSC Athos until February 24, 2023. From the aforementioned date until the expiry of the charter, the daily rate will be $35,300.
|
| (9) |
From April 9, 2021, the daily rate of Maersk Kleven is a base rate of $17,000, adjusted pursuant to the terms of a 50:50 profit/loss sharing mechanism based on market conditions with a minimum
charter rate of $12,000 and a maximum charter rate of $25,000.
|
| (10) |
From April 25, 2021, the daily rate of Maersk Kotka is a base rate of $17,000, adjusted pursuant to the terms of a 50:50 profit/loss sharing mechanism based on market conditions with a minimum
charter rate of $12,000 and a maximum charter rate of $25,000.
|
| (11) |
The daily rate for Sealand Washington, Sealand Michigan, Sealand Illinois, Maersk Kolkata, Maersk Kingston and Maersk Kalamata is a base rate of $16,000, adjusted pursuant to the terms of a 50:50 profit/loss sharing mechanism based on market conditions with a minimum charter rate of $12,000 and a maximum charter
rate of $25,000.
|
| (12) |
The amounts in the table reflect the current charter terms, giving effect to our agreement with ZIM under its 2014 restructuring plan. Based on this agreement, we have been granted charter
extensions and have been issued equity securities representing 1.2% of ZIM’s equity at that time and approximately $8.2 million in interest bearing notes maturing in 2023. In May 2020, the Company
exercised its option to extend the charters of ZIM New York and ZIM Shanghai for a one year period at market rate plus $1,100 per day per vessel while the
notes remain outstanding. The rate for this sixth optional year has been determined at $14,438 per day.
|
| (13) |
Based on latest shipyard construction schedule, subject to change.
|
| (i) |
Denotes vessels acquired pursuant to the Framework Deed. The Company holds an equity interest of 49% in each of the vessel-owning entities.
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| (ii) |
Denotes vessels subject to a sale and leaseback transaction.
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| (*) |
Denotes charterer’s identity and/or current daily charter rates and/or charter expiration dates, which are treated as confidential.
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6
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: May 12, 2021
| COSTAMARE INC. |
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By:
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/s/ Gregory G. Zikos |
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| Name: | Gregory G. Zikos |
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| Title: | Chief Financial Officer |
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