Costamare Locks in $940M with 12 Forward Charters

In a move that underscores the strength of the container shipping market, Greek tonnage provider Costamare has locked in nearly $1 billion in fresh contracted revenues after fixing 12 vessels on a forward basis for periods stretching up to eight years. According to Costamare's quarterly earnings report, the new long-term charter deals will generate about $940 million in future contracted revenue for the company. The Konstantinos Konstantakopoulos-led group said the charters cover a mix of container ship sizes, including 4,400 TEU, 5,500 TEU and 8,500 TEU vessels. 'The new charters demonstrate our ability to secure long-term employment for our fleet at attractive rates, which will provide us with stable and predictable cash flows,' Konstantakopoulos commented. 'We continue to see strong demand for container shipping services, and we remain focused on capitalizing on the favorable market conditions to further strengthen our position.' The news comes as the container shipping sector continues to enjoy a sustained period of high freight rates and strong demand, driven by the global economic recovery and supply chain disruptions. Analysts say the long-term charters will provide Costamare with a high degree of revenue visibility and stability going forward.