Costamare Inc. Announces Spin-Off of Its Dry Bulk Business
Costamare Inc. (NYSE:CMRE) has announced plans to spin off its dry bulk business into a separate publicly traded company, Costamare Bulkers Holdings . The separation will create two distinct entities: Costamare Inc. will continue as a global container shipping provider, while the new company will focus on dry bulk vessel ownership and operations.
The strategic separation aims to unlock value by creating two pure-play investment opportunities with distinct operating priorities and growth strategies. Key benefits include improved financial flexibility, enhanced management focus, and separate balance sheets tailored to each business segment.
The spin-off is expected to be completed within 2025 through a pro rata distribution of Costamare Bulkers Holdings shares to existing Costamare Inc. shareholders. The new company plans to list on the New York Stock Exchange. Morgan Stanley & Co. is serving as financial advisor, with Cravath, Swaine & Moore LLP as legal counsel.
Costamare Inc. (NYSE:CMRE) ha annunciato piani per scindere la sua attività di trasporto secco in una società pubblica separata, Costamare Bulkers Holdings. La separazione darà vita a due entità distinte: Costamare Inc. continuerà come fornitore globale di servizi di trasporto container, mentre la nuova società si concentrerà sulla proprietà e operazioni di navi a carico secco.
La separazione strategica mira a sbloccare valore creando due opportunità di investimento pure con priorità operative e strategie di crescita distinte. I principali vantaggi includono una maggiore flessibilità finanziaria, un focus gestionale migliorato e bilanci separati adattati a ciascun segmento aziendale.
Ci si aspetta che la scissione venga completata entro il 2025 attraverso una distribuzione pro rata delle azioni di Costamare Bulkers Holdings agli attuali azionisti di Costamare Inc. La nuova società prevede di quotarsi sul New York Stock Exchange. Morgan Stanley & Co. funge da consulente finanziario, con Cravath, Swaine & Moore LLP come consulente legale.
Costamare Inc. (NYSE:CMRE) ha anunciado planes para escindir su negocio de carga seca en una empresa pública separada, Costamare Bulkers Holdings. La separación creará dos entidades distintas: Costamare Inc. continuará como proveedor global de transporte de contenedores, mientras que la nueva empresa se centrará en la propiedad y operaciones de buques de carga seca.
La separación estratégica tiene como objetivo desbloquear valor creando dos oportunidades de inversión puras con prioridades operativas y estrategias de crecimiento distintas. Los beneficios clave incluyen una mayor flexibilidad financiera, un enfoque de gestión mejorado y balances separados adaptados a cada segmento empresarial.
Se espera que la escisión se complete en 2025 a través de una distribución pro rata de acciones de Costamare Bulkers Holdings a los actuales accionistas de Costamare Inc. La nueva empresa planea cotizar en el New York Stock Exchange. Morgan Stanley & Co. actúa como asesor financiero, con Cravath, Swaine & Moore LLP como asesor legal.
Costamare Inc. (NYSE:CMRE)는 건화물 사업을 별도의 상장 기업인 Costamare Bulkers Holdings로 분리할 계획을 발표했습니다. 이 분리는 두 개의 독립된 엔티티를 생성하며, Costamare Inc.는 글로벌 컨테이너 해운 제공업체로 계속 운영되고, 새로운 회사는 건화물 선박 소유 및 운영에 집중할 것입니다.
전략적 분리는 두 개의 순수 투자 기회를 창출하여 운영 우선 순위와 성장 전략을 명확히 하여 가치를 창출하는 것을 목표로 합니다. 주요 이점으로는 향상된 재무 유연성, 관리 집중도 향상, 그리고 각 사업 부문에 맞춘 별도의 재무제표가 포함됩니다.
스핀오프는 2025년 내에 Costamare Bulkers Holdings의 주식을 기존 Costamare Inc. 주주에게 비례 배분하여 완료될 것으로 예상됩니다. 새로운 회사는 뉴욕 증권 거래소에 상장할 계획입니다. Morgan Stanley & Co.가 재무 자문을 맡고 있으며, Cravath, Swaine & Moore LLP가 법률 자문을 맡고 있습니다.
Costamare Inc. (NYSE:CMRE) a annoncé des projets de scission de son activité de vrac sec en une société distincte cotée en bourse, Costamare Bulkers Holdings. La séparation créera deux entités distinctes : Costamare Inc. continuera en tant que fournisseur mondial de transport de conteneurs, tandis que la nouvelle société se concentrera sur la propriété et les opérations de navires à vrac sec.
La séparation stratégique vise à débloquer de la valeur en créant deux opportunités d'investissement pures avec des priorités opérationnelles et des stratégies de croissance distinctes. Les principaux avantages incluent une flexibilité financière améliorée, un meilleur focus de gestion et des bilans séparés adaptés à chaque segment d'activité.
La scission devrait être finalisée d'ici 2025 par une distribution au prorata des actions de Costamare Bulkers Holdings aux actionnaires existants de Costamare Inc. La nouvelle société prévoit de s'introduire en bourse sur le New York Stock Exchange. Morgan Stanley & Co. agit en tant que conseiller financier, avec Cravath, Swaine & Moore LLP en tant que conseiller juridique.
Costamare Inc. (NYSE:CMRE) hat Pläne angekündigt, ihr Geschäft mit Trockenbulk in ein separates börsennotiertes Unternehmen, Costamare Bulkers Holdings, auszugliedern. Die Trennung wird zwei eigenständige Einheiten schaffen: Costamare Inc. wird weiterhin als globaler Containerreederei tätig sein, während das neue Unternehmen sich auf den Besitz und Betrieb von Trockenbulk-Schiffen konzentrieren wird.
Die strategische Trennung zielt darauf ab, Werte freizusetzen, indem zwei reine Investitionsmöglichkeiten mit unterschiedlichen betrieblichen Prioritäten und Wachstumsstrategien geschaffen werden. Zu den wichtigsten Vorteilen gehören eine verbesserte finanzielle Flexibilität, ein verstärkter Managementfokus und separate Bilanzen, die auf jedes Geschäftssegment zugeschnitten sind.
Die Ausgliederung wird voraussichtlich bis 2025 abgeschlossen sein, durch eine pro-rata-Verteilung der Aktien von Costamare Bulkers Holdings an die bestehenden Aktionäre von Costamare Inc. Das neue Unternehmen plant, an der New York Stock Exchange notiert zu werden. Morgan Stanley & Co. fungiert als Finanzberater, während Cravath, Swaine & Moore LLP als Rechtsberater tätig ist.
- Creation of two focused pure-play companies enhancing operational efficiency
- Improved financial flexibility for targeted growth strategies
- Separate balance sheets allowing tailored capital allocation
- Enhanced management focus on specific market opportunities
- Execution risks associated with the separation process
- Additional operational costs from running two separate public companies
- Uncertainty regarding final terms and timing of the spin-off
Insights
Costamare's decision to spin off its dry bulk business represents a significant strategic pivot that could unlock substantial shareholder value by creating two pure-play shipping entities. This separation addresses the fundamental mismatch between container and dry bulk shipping segments, which operate on different market cycles, require distinct operational expertise, and attract different investor profiles.
The container shipping market has experienced extreme volatility since the pandemic, with rates normalizing after unprecedented highs. Meanwhile, the dry bulk sector follows different supply-demand dynamics tied more closely to commodity flows and global infrastructure development. By separating these businesses, each entity can implement tailored capital allocation strategies that better align with their respective market opportunities and risk profiles.
This corporate action follows a pattern seen across the shipping industry, where companies like Navios and others have pursued similar separations to enhance operational focus and investor clarity. For CMRE specifically, with a market cap of approximately
The spin-off structure via pro-rata distribution is tax-efficient for most shareholders and allows them to maintain exposure to both segments while giving them the flexibility to adjust their holdings based on their outlook for each sector. This transaction will likely create two entities with cleaner balance sheets and more transparent growth strategies, potentially attracting specialized institutional investors who previously avoided CMRE due to its hybrid business model.
While the separation promises improved strategic focus, it also introduces challenges including increased overhead costs from maintaining two public companies and the loss of cross-segment diversification benefits that previously helped smooth earnings volatility.
MONACO, Feb. 27, 2025 (GLOBE NEWSWIRE) -- Costamare Inc. (NYSE:CMRE) today announced its intent 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:
- Costamare Inc. will remain a global container shipping provider, retaining the owned container vessels and Neptune Maritime Leasing Limited businesses
- 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 Costamare Inc. board believes the proposed separation will unlock the inherent value within the two companies, which have unique growth prospects and investment opportunities. The separation is expected to provide compelling benefits for all stakeholders, including:
- Improved financial flexibility to pursue distinct operating priorities and strategic initiatives focused on the container and dry bulk shipping markets, respectively
- Enabling management teams of both companies to enhance focus on individualized opportunities for long-term growth and profitability
- Two separate, pure-play investment opportunities for different investor bases
- A simplified structure with separate, focused balance sheets and capital allocation strategies tailored to each business driving operating efficiency and value creation
Shares of Costamare Bulkers Holdings Limited are expected to be listed on the New York Stock Exchange. Costamare Inc. is targeting to complete the spin-off as soon as practicable this calendar year, subject to various conditions, including regulatory approvals and obtaining the final approval of the Costamare Inc. board of directors. However, there can be no assurance that a separation transaction will occur, or if one does occur, of its terms or timing.
While no definitive decision has been made, the spin-off is expected to be completed via a pro rata distribution by Costamare Inc. of all of the shares it owns of Costamare Bulkers Holdings Limited to Costamare Inc. shareholders based on a distribution ratio that is set at the time the distribution is formally declared.
Advisors
Morgan Stanley & Co. LLC is serving as financial advisor to Costamare Inc. and Cravath, Swaine & Moore LLP is serving as legal counsel.
About Costamare Inc.
Costamare Inc. is one of the world’s leading owners and providers of containerships and dry bulk vessels for charter. The Company has 51 years of history in the international shipping industry and a fleet of 68 owned containerships, with a total capacity of approximately 513,000 TEU and 38 owned dry bulk vessels with a total capacity of approximately 3,016,000 DWT (including one vessel we have agreed to sell). The Company also has a dry bulk operating platform (CBI) which charters in/out dry bulk vessels, enters into contracts of affreightment, forward freight agreements and may also utilize hedging solutions. The Company participates in a leasing business. The Company’s common stock, Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock trade on the New York Stock Exchange under the symbols “CMRE”, “CMRE PR B”, “CMRE PR C” and “CMRE PR D”, respectively.
Forward-Looking Statements
This press release contains “forward-looking statements”. In some cases, you can identify these statements by forward-looking words such as “believe”, “intend”, “anticipate”, “estimate”, “project”, “forecast”, “plan”, “potential”, “may”, “should”, “could” and “expect” and similar expressions, or by express or implied discussions regarding the potential completion of the announced spin-off of Costamare Bulkers Holdings Limited, regarding whether the announced spin-off is in the best interests of shareholders, regarding the future commercial performance of Costamare Inc. or Costamare Bulkers Holdings Limited, or regarding any potential strategic benefits, synergies or opportunities as a result of these actions. You should not place undue reliance on these statements. These statements are not historical facts but instead represent only the Company’s beliefs regarding future results, many of which, by their nature, are inherently uncertain and outside of the Company’s control. It is possible that actual results may differ, possibly materially, from those anticipated in these forward-looking statements. There can be no guarantee that the proposed transaction will be completed in the expected form or within the expected time frame or at all. Nor can there be any guarantee that Costamare Inc. or a separate dry bulk business will be able to realize any of the potential strategic benefits, synergies or opportunities as a result of these actions, that shareholders will achieve any particular level of shareholder returns or that the spin-off of Costamare Bulkers Holdings Limited will be in the best interests of shareholders. For a discussion of some of the risks and important factors that could affect future results, see the discussion in the Company’s Annual Report on Form 20-F (File No. 001-34934).
Company Contacts:
Gregory Zikos - Chief Financial Officer
Konstantinos Tsakalidis - Business Development
Costamare Inc., Monaco
Tel: (+377) 93 25 09 40
Email: ir@costamare.com
FAQ
When will Costamare (CMRE) complete the spin-off of its dry bulk business?
How will CMRE distribute shares of the new Costamare Bulkers Holdings company?
What assets will remain with Costamare Inc. (CMRE) after the spin-off?
Where will the new Costamare Bulkers Holdings shares be listed?
