Costamare Inc. has announced its decision to spin off its dry bulk business into a separate entity named Costamare Bulkers Holdings Limited. This strategic move aims to establish two distinct, publicly traded companies, each focusing on its core business operations.
Following the spin-off, Costamare Inc. will continue as a global container shipping provider, retaining ownership of its container vessels and Neptune Maritime Leasing Limited. Meanwhile, Costamare Bulkers Holdings Limited will operate as an independent international owner and operator of dry bulk vessels, managing the owned dry bulk fleet and the CBI operating platform.
The company's board of directors believes that this separation will unlock inherent value by allowing each entity to concentrate on its unique growth prospects and investment opportunities. Several anticipated benefits include:
- Enhanced Financial Flexibility: Each company will be able to pursue distinct operating priorities and strategic initiatives tailored to their respective markets.
- Focused Management: Dedicated management teams will concentrate on individualized opportunities for long-term growth and profitability.
- Targeted Investment Opportunities: Investors will have access to two separate, pure-play investment options catering to different investor bases.
- Simplified Structures: Each company will have focused balance sheets and capital allocation strategies, driving operational efficiency and value creation.
Shares of Costamare Bulkers Holdings Limited are expected to be listed on the New York Stock Exchange. The spin-off is targeted for completion within this calendar year, pending regulatory approvals and final board consent. The distribution of shares is anticipated to occur through a pro rata allocation to existing Costamare Inc. shareholders, with the specific distribution ratio to be determined at the time of formal declaration.
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