Costamare Inc., listed on the US stock exchange (NYSE), announced its intention to “break” the dry bulk transportation sector into a separate company, Costamare Bulkers Holdings.
Following the business strategy of creating spin-off companies, which continues to gain ground among Greek shipowners, the shipping company pointed out that the plan will lead to two separate listed companies: Costamare Inc., under whose umbrella the container ships and Neptune Maritime Leasing (financial leasing platform) will be placed, and Costamare Bulkers Holdings, which will control the dry bulk transportation ships and the bulk carriers management platform (charter in).
Value
The company believes that the proposed development will further enhance the value of both businesses.
In addition, the planned separation is expected to deliver significant benefits to all stakeholders, including:
- Improved financial flexibility to pursue different operational priorities and strategic initiatives, focused on the container and dry bulk markets respectively.
- Ability for the management teams of both companies to focus on tailored opportunities for long-term growth and profitability.
- Two distinct, independent investment opportunities for different investor groups.
- A simplified structure with separate, focused balance sheets and capital allocation strategies tailored to each business, driving operational efficiency and value creation.
Costamare Inc. aims to complete the spin off as soon as possible during the current year, subject to various conditions, such as regulatory approval and final approval by the Costamare Inc board of directors, while the shares of Costamare Bulkers Holdings Limited are expected to be listed on the New York Stock Exchange.
