Greek Costamare to spin-off dry bulk business

Costamare, a New York-listed owner of boxships and bulkers, intents to spin-off the company’s dry bulk business into a standalone company, Costamare Bulkers Holdings Limited.

The planned spin-off will result in two separate, publicly traded companies. Specifically, Costamare will remain a global container shipping provider, retaining the owned container vessels and Neptune Maritime Leasing Limited businesses.

On the other hand, Costamare Bulkers Holdings Limited will be an international owner and operator of dry bulk vessels and will hold the owned dry bulk vessels and the CBI operating platform.

The company said the proposed separation is expected to provide to stakeholders two separate, pure-play investment opportunities for different investor bases, a simplified structure, improved financial flexibility to pursue distinct operating priorities and strategic initiatives