Greek owner orders five newbuild boxships

12 May 2011

Costamare has announced the conclusion of shipbuilding contracts and charter agreements for five newbuild containerships of about 8,800 TEU capacity, to be built at Sungdong Shipyard in Korea.

The Post-Panamax sized vessels are expected to be delivered between the first and the third quarters of 2013. The value of the contract was not disclosed, but the unit cost was said by the company to be similar to three 9,000TEU vessels ordered in China, at a cost of around $95 million each. On delivery, the five newbuilds will be chartered to Evergreen Group companies.

Costamare says that it has additionally secured finance from a  major European financial institution for two newbuilding container ship contracts with Sungdong Shipbuilding & Marine Engineering which were entered into in January 2011. The two newbuild containerships are expected to be delivered by the end of 2012, and will be chartered to Mediterranean Shipping Company for a 10-year period.

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