Costamare readies bulker spin-off listing in New York
Costamare Launches Dry Bulk Business on NYSE
Greek shipping giant Costamare is set to debut its dry bulk business, Costamare Bulkers, on the New York Stock Exchange on May 7. Shareholders will receive one share of Costamare Bulkers for every five shares of Costamare they hold as of April 29. This strategic move aims to create distinct investment opportunities for shareholders and enhance operational focus.
Leadership and Fleet Expansion
Costamare Bulkers will be led by Gregory Zikos, the company’s chief financial officer. Under his leadership, the new entity will manage a fleet of nearly 40 vessels, complemented by a trading platform known as CBI, which includes around 50 chartered-in bulkers. Zikos will be supported by Jens Jacobsen, who will serve as chief commercial officer, and Dimitris Pagratis, who will take on the role of chief financial officer.
The decision to separate the bulkers from the containerships was announced in February, with the goal of providing investors with two focused investment avenues. This restructuring is expected to simplify operations and enhance financial flexibility, allowing each company to pursue its unique operational priorities. The Costamare brand will continue to operate as a standalone provider of boxship tonnage, boasting a fleet of nearly 70 vessels.
Costamare’s entry into the dry bulk sector began in 2021 with the acquisition of 16 vessels, marking a significant expansion of its business portfolio. The upcoming launch of Costamare Bulkers represents a pivotal moment for the company as it seeks to capitalize on the growing demand for bulk shipping services.
