Costamare Inc. Announces Spin-Off of Its Dry Bulk Business

Core Viewpoint - Costamare Inc. plans to spin off its dry bulk business into a separate entity, Costamare Bulkers Holdings Limited, to unlock value and provide distinct growth opportunities for both companies [1][7]. Group 1: Spin-off Details - The spin-off will create two publicly traded companies, with Costamare Bulkers Holdings Limited expected to be listed on the New York Stock Exchange [2]. - The separation is targeted for completion within the current calendar year, pending regulatory approvals and board approval [2][3]. - The spin-off is anticipated to be executed through a pro rata distribution of shares to existing Costamare Inc. shareholders [3]. Group 2: Strategic Benefits - The spin-off aims to enhance financial flexibility for both companies, allowing them to focus on their respective markets: container shipping for Costamare Inc. and dry bulk shipping for Costamare Bulkers Holdings Limited [7]. - Each company will have tailored capital allocation strategies and balance sheets, driving operational efficiency and value creation [7]. - The separation will provide distinct investment opportunities for different investor bases, allowing for more focused management and growth strategies [7]. Group 3: Company Overview - Costamare Inc. is a leading owner and provider of containerships and dry bulk vessels, with a fleet of 68 containerships and 38 dry bulk vessels [5]. - The company has a total capacity of approximately 513,000 TEU for containerships and 3,016,000 DWT for dry bulk vessels [5]. - Costamare Inc. has a 51-year history in the international shipping industry and engages in various shipping-related activities, including leasing and chartering [5].