6-K 1 form6-k.htm REPORT OF FOREIGN PRIVATE ISSUER


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR
15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2021

Commission File Number: 001-34934

COSTAMARE INC.
(Translation of registrant’s name into English)

7 rue du Gabian, MC 98000 Monaco
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F   ☒        Form 40-F   ☐ 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):





Monaco, May 12, 2021 – Costamare Inc. (“Costamare” or the “Company”) (NYSE: CMRE) today reported new business developments that have taken place in 2021 and not been previously announced. The below reflects the most up-to-date business developments and fleet information as of the date of this report on Form 6-K or as of any earlier date stated in this Form 6-K.

I.
VESSEL ACQUISITIONS


A.
CONCLUDED ACQUISITIONS


1.
c/v Aries, a 2004-built, 6,492 TEU containership, delivered in February 2021 and chartered to ONE for a period of 22 to 25 months.


2.
c/v Argus, a 2004-built, 6,492 TEU containership, delivered in March 2021 and chartered to ONE for a period of 22 to 25 months.


3.
c/v Glen Canyon, a 2006-built, 5,642 TEU containership, delivered in March 2021 and chartered to ONE for a period of 11 to 13 months.


4.
c/v Androusa, a 2010-built, 4,256 TEU containership, delivered in April 2021 and chartered to Maersk for a period of 24.5 to 27.5 months.


B.
PENDING ACQUISITIONS


1.
One 2008-built, 4,578 TEU containership, expected to be delivered within 2021. Upon delivery, the vessel will commence its charter with Maersk for a period of 24.5 to 27.5 months at a daily rate of $22,750.


2.
One 2009-built, 4,578 TEU containership, expected to be delivered within 2021. Upon delivery, the vessel will commence its charter with ZIM for a period of 32 to 36 months at a daily rate of $25,500. The agreement to acquire this vessel has been previously announced by the Company, however, at that time there was no agreement on the vessel’s employment.


3.
One 2009-built, 4,259 TEU containership, expected to be delivered within 2021. Upon delivery, the vessel will commence its charter with Maersk for a period of 24 to 27 months at a daily rate of $30,000.


4.
One 2002-built, 5,908 TEU containership, expected to be delivered within 2021. Upon delivery, the vessel will commence its charter with Maersk for a period of 60 to 64 months at a daily rate of $28,822.


5.
One 2001-built, 6,712 TEU containership, expected to be delivered within 2021. Upon delivery, the vessel will commence its charter with Maersk for a period of 60 to 64 months at a daily rate of $30,075.


6.
One 2002-built, 5,570 TEU containership, expected to be delivered within 2021. Upon delivery, the vessel will commence its charter with Maersk for a period of 60 to 64 months at a daily rate of $28,822.

Total investment amount for the acquisition of the above ten vessels will be $225.0 million.

II.
VESSEL SALES


1.
Agreement to sell the 2003-built, 5,928 TEU containership, Venetiko. The sale of the vessel is expected to be completed in 2021.


2.
Agreement to sell the 1996-built, 1,504 TEU containership, Prosper. The sale of the vessel is expected to be completed in 2021.


3.
Agreement to sell the 2001-built, 5,576 TEU containership, Ensenada (co-owned with York Capital). The sale of the vessel is expected to be completed in 2021.

2


III.
NEW FINANCING AGREEMENTS


1.
$150 million loan facility agreement with a leading European financial institution, in order to refinance the existing indebtedness of the 2017-built, 11,010 TEU containerships Cape Kortia and Cape Sounio (both acquired in 2021, as previously announced) and for general corporate purposes.


2.
$147 million loan facility agreement with a leading US financial institution, in order to refinance the existing indebtedness of the 2017-built, 11,010 TEU containerships Cape Tainaro and Cape Artemisio (both acquired in 2021, as previously announced) and for general corporate purposes.


3.
$75 million loan facility agreement with a leading European financial institution, in order to refinance the existing indebtedness of the 2016-built, 11,010 TEU containership Cape Akritas (both acquired in 2021, as previously announced) and for general corporate purposes.


4.
$23 million loan facility agreement with a European financial institution, in order to finance the acquisition of the 2004-built, 6,492 TEU containerships Aries and Argus.


5.
$14 million loan facility agreement with a European financial institution, in order to finance the acquisition of the 2006-built, 5,642 TEU containership Glen Canyon.


6.
$18.5 million loan facility agreement with a European financial institution, in order to refinance the existing indebtedness of the 1996-built, 8,044 TEU sister containerships, Maersk Kleven and Maersk Kotka and for general corporate purposes.

IV.
NEW FINANCING COMMITMENTS

The Company has signed commitment letters for the following financings:


o
$159.1 million commitment with a European financial institution, in order to finance the acquisition of three secondhand vessels expected to be delivered in 2021 and to refinance an existing facility with the same financial institution of an outstanding amount of $51.1 million.


o
$79.0 million commitment with a European financial institution, in order to finance the acquisition of Androusa, and the acquisition of three secondhand vessels expected to be delivered in 2021.

V.
FLEET LIST

The tables below provide additional information, as of April 30, 2021, about our fleet of containerships, including our newbuilds on order, the vessels acquired pursuant to the Framework Deed with York Capital Management by vessel-owning joint venture entities in which we hold a minority equity interest and those vessels subject to sale and leaseback agreements. As of April 30, 2021, contracted revenues of our fleet based on our fleet’s employment amount to $2.9 billion (such amount includes our ownership percentage of contracted revenues for the five vessels owned pursuant to the Framework Agreement with York Capital Management). The fleet’s TEU-weighted average remaining time charter duration, assuming the earliest redelivery dates was 4.2 years.  Each vessel is a cellular containership, meaning it is a dedicated container vessel.


A.
OPERATING FLEET VESSELS

 
Vessel Name
Charterer
Year
Built
Capacity
(TEU)
Current Daily
Charter Rate(1)
(U.S. dollars)
Expiration of
Charter(2)
1
TRITON(ii)
Evergreen
2016
14,424
(*)
March 2026
2
TITAN(ii)
Evergreen
2016
14,424
(*)
April 2026
3
TALOS(ii)
Evergreen
2016
14,424
(*)
July 2026
4
TAURUS(ii)
Evergreen
2016
14,424
(*)
August 2026

3



 
Vessel Name
Charterer
Year
Built
Capacity
(TEU)
Current Daily
Charter Rate(1)
(U.S. dollars)
Expiration of
Charter(2)
5
THESEUS(ii)
Evergreen
2016
14,424
(*)
August 2026
6
YM TRIUMPH(ii)
Yang Ming
2020
12,690
(*)
May 2030
7
YM TRUTH(ii)
Yang Ming
2020
12,690
(*)
May 2030
8
YM TOTALITY(ii)
Yang Ming
2020
12,690
(*)
July 2030
9
YM TARGET(ii)
Yang Ming
2021
12,690
(*)
November 2030
10
CAPE AKRITAS
ZIM/MSC
2016
11,010
34,750/33,000
 June 2031(3)
11
CAPE TAINARO
ZIM/MSC
2017
11,010
38,000/33,000
April 2031(3)
12
CAPE KORTIA
ZIM/MSC
2017
11,010
34,750/33,000
July 2031(3)
13
CAPE SOUNIO
ZIM/MSC
2017
11,010
38,000 /33,000
March 2031(3)
14
CAPE ARTEMISIO
Hapag Lloyd
2017
11,010
36,650
March 2025
15
COSCO GUANGZHOU
COSCO
2006
9,469
 30,900
April 2022
16
COSCO NINGBO
COSCO
2006
9,469
30,900
April 2022
17
YANTIAN
COSCO
2006
9,469
39,600
February 2024
18
COSCO HELLAS
COSCO
2006
9,469
39,600
February 2024
19
BEIJING
COSCO
2006
9,469
39,600
March 2024
20
MSC AZOV
MSC
2014
9,403
46,300
December 2026(4)
21
MSC AMALFI
MSC
2014
9,403
46,300
March 2027(5)
22
MSC AJACCIO
MSC
2014
9,403
46,300
February 2027(6)
23
MSC ATHENS(ii)
MSC
2013
8,827
45,300
January 2026(7)
24
MSC ATHOS(ii)
MSC
2013
8,827
45,300
February 2026(8)
25
VALOR
Hapag Lloyd
2013
8,827
32,400
April 2025
26
VALUE
Hapag Lloyd
2013
8,827
 32,400
April 2025
27
VALIANT
Hapag Lloyd
2013
8,827
 32,400
June 2025
28
VALENCE
Hapag Lloyd
2013
8,827
32,400
July 2025
29
VANTAGE
Hapag Lloyd
2013
8,827
 32,400
September 2025
30
NAVARINO
MSC
2010
8,531
31,000
January 2025
31
MAERSK KLEVEN
Maersk
1996
8,044
25,000
June 2023(9)
32
MAERSK KOTKA
Maersk
1996
8,044
25,000
June 2023(10)
33
MAERSK KOWLOON
Maersk
2005
7,471
16,000
June 2022
34
KURE
COSCO
1996
7,403
31,000
March 2023
35
MSC METHONI
MSC
2003
6,724
29,000
September 2021
36
YORK
Maersk
2000
6,648
21,250
August 2022
37
KOBE
RCL Feeder
2000
6,648
14,500
August 2021
38
SEALAND WASHINGTON
Maersk
2000
6,648
25,000
March 2022(11)
39
SEALAND MICHIGAN
Maersk
2000
6,648
25,000
March 2022(11)
40
SEALAND ILLINOIS
Maersk
2000
6,648
25,000
March 2022(11)
41
MAERSK KOLKATA
Maersk
2003
6,644
25,000
March 2022(11)
42
MAERSK KINGSTON
Maersk
2003
6,644
25,000
March 2022(11)
43
MAERSK KALAMATA
Maersk
2003
6,644
25,000
March 2022(11)
44
ARIES
ONE
2004
6,492
(*)
December 2022
45
ARGUS
ONE
2004
6,492
(*)
January 2023
46
GLEN CANYON
ONE
2006
5,642
(*)
January 2022
47
ZIM NEW YORK
ZIM
2002
4,992
14,438
October 2021(12)
48
ZIM SHANGHAI
ZIM
2002
4,992
14,438
October 2021(12)
49
LEONIDIO(ii)
Maersk
2014
4,957
14,200
December 2024
50
KYPARISSIA(ii)
Maersk
2014
4,957
14,200
November 2024
51
MEGALOPOLIS
Maersk
2013
4,957
13,500
July 2025

4



 
Vessel Name
Charterer
Year
Built
Capacity
(TEU)
Current Daily
Charter Rate(1)
(U.S. dollars)
Expiration of
Charter(2)
52
MARATHOPOLIS
Maersk
2013
4.957
13,500
July 2025
53
OAKLAND (ex. OAKLAND EXPRESS)
Maersk
2000
4,890
24,500
March 2023
54
VULPECULA
OOCL
2010
4,258
22,700
February 2023
55
VOLANS
ZIM
2010
4,258
7,000
June 2021
56
VIRGO
Maersk
2009
4,258
30,200
February 2024
57
VELA
OOCL
2009
4,258
22,700
January 2023
58
ANDROUSA
Maersk
2010
4,256
22,750
May 2023
59
NEOKASTRO
(*)
2011
4,178
(*)
December 2021
60
ULSAN
Maersk
2002
4,132
12,000
June 2021
61
POLAR ARGENTINA(i)(ii)
Maersk
2018
3,800
19,700
October 2024
62
POLAR BRASIL(i)(ii)
Maersk
2018
3,800
19,700
January 2025
63
LAKONIA
COSCO
2004
2,586
17,300
February 2022
64
SCORPIUS
Pool
2007
2,572
Pool Participation
65
ETOILE
(*)
2005
2,556
(*)
February 2023
66
AREOPOLIS
COSCO
2000
2,474
17,300
March 2022
67
MONEMVASIA(i)
Maersk
1998
2,472
9,250
November 2021
68
MESSINI
(*)
1997
2,458
18,000
January 2022
69
ARKADIA(i)
Evergreen
2001
1,550
8,650
June 2021
70
MICHIGAN
MSC
2008
1,300
5,800
September 2021
71
TRADER
(*)
2008
1,300
(*)
November 2021
72
LUEBECK
MSC
2001
1,078
7,750
February 2022


B.
FLEET VESSELS AGREED TO BE SOLD WITHIN 2021

 
Vessel Name
Charterer
Year
Built
Capacity
(TEU)
Current Daily
Charter Rate(1)
(U.S. dollars)
Expiration of
Charter(2)
1
VENETIKO
(*)
2003
5,928
(*)
July 2021
2
ENSENADA(ii)
(*)
2001
5,576
21,500
June 2021
3
PROSPER
Sealand Maersk Asia
1996
1,504
8,500
May 2021


C.
FLEET VESSELS AGREED TO BE ACQUIRED WITHIN 2021

 
Vessel Capacity (TEU)
 
Year Built
Agreed Daily Charter Rate (U.S. dollars)
Charter Tenor
1
4,578
 
2008
22,750
24.5 – 27.5 months from vessel’s delivery to the charterer
2
4,578
 
2009
25,500
32 – 36 months from vessel’s delivery to the charterer
3
4,259
 
2009
30,000
24 – 27 months from vessel’s delivery to the charterer
4
5,908
 
2002
28,822
60 – 64 months from vessel’s delivery to the charterer
5
6,712
 
2001
30,075
60 – 64 months from vessel’s delivery to the charterer
6
5,570
 
2002
28,822
60 – 64 months from vessel’s delivery to the charterer


5



D.
FLEET VESSEL UNDER CONSTRUCTION

 
Vessel Name
Shipyard
Capacity
(TEU)
Charterer
Expected Delivery(13)
1
YZJ2015-2061(ii) 
Jiangsu Yangzijiang
Shipbuilding Group
12,690
Yang Ming
Q2 2021

(1)
Daily charter rates are gross, unless stated otherwise. Amounts set out for current daily charter rate are the amounts contained in the charter contracts.
(2)
Charter terms and expiration dates are based on the earliest date charters could expire.
(3)
Upon redelivery of each vessel from ZIM between May 2021 and October 2021, each vessel will commence a charter for a period of approximately 10 years, with MSC at a daily rate of $33,000. Until then the daily charter rate of Cape Akritas and Cape Kortia will be $34,750 and the daily charter rate of Cape Sounio and Cape Tainaro will be $38,000.
(4)
This charter rate will be earned by MSC Azov until December 2, 2023. From the aforementioned date until the expiry of the charter, the daily rate will be $35,300.
(5)
This charter rate will be earned by MSC Amalfi until March 16, 2024. From the aforementioned date until the expiry of the charter, the daily rate will be $35,300.
(6)
This charter rate will be earned by MSC Ajaccio until February 1, 2024. From the aforementioned date until the expiry of the charter, the daily rate will be $35,300.
(7)
This charter rate will be earned by MSC Athens until January 29, 2023. From the aforementioned date until the expiry of the charter, the daily rate will be $35,300.
(8)
This charter rate will be earned by MSC Athos until February 24, 2023. From the aforementioned date until the expiry of the charter, the daily rate will be $35,300.
(9)
From April 9, 2021, the daily rate of Maersk Kleven is a base rate of $17,000, adjusted pursuant to the terms of a 50:50 profit/loss sharing mechanism based on market conditions with a minimum charter rate of $12,000 and a maximum charter rate of $25,000.
(10)
From April 25, 2021, the daily rate of Maersk Kotka is a base rate of $17,000, adjusted pursuant to the terms of a 50:50 profit/loss sharing mechanism based on market conditions with a minimum charter rate of $12,000 and a maximum charter rate of $25,000.
(11)
The daily rate for Sealand Washington, Sealand Michigan, Sealand Illinois, Maersk Kolkata, Maersk Kingston and Maersk Kalamata is a base rate of $16,000, adjusted pursuant to the terms of a 50:50 profit/loss sharing mechanism based on market conditions with a minimum charter rate of $12,000 and a maximum charter rate of $25,000.
(12)
The amounts in the table reflect the current charter terms, giving effect to our agreement with ZIM under its 2014 restructuring plan. Based on this agreement, we have been granted charter extensions and have been issued equity securities representing 1.2% of ZIM’s equity at that time and approximately $8.2 million in interest bearing notes maturing in 2023. In May 2020, the Company exercised its option to extend the charters of ZIM New York and ZIM Shanghai for a one year period at market rate plus $1,100 per day per vessel while the notes remain outstanding. The rate for this sixth optional year has been determined at $14,438 per day.
(13)
Based on latest shipyard construction schedule, subject to change.

(i)
Denotes vessels acquired pursuant to the Framework Deed. The Company holds an equity interest of 49% in each of the vessel-owning entities.
(ii)
Denotes vessels subject to a sale and leaseback transaction.

(*)
Denotes charterer’s identity and/or current daily charter rates and/or charter expiration dates, which are treated as confidential.


6


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 12, 2021

  COSTAMARE INC.
 
       

By:
/s/ Gregory G. Zikos
 
    Name: Gregory G. Zikos
 
    Title: Chief Financial Officer