Geopolitical tensions and conflict-driven rerouting are pushing the demand for vessels, as hundreds remain stranded in the Persian Gulf amid the Iran war.

Costamare, a leading owner and provider of containerships for charter, has entered into 16 shipbuilding contracts backed with long-term charters. These vessels contribute approximately $2.8 billion in contracted revenues.

The newbuilds are expected to be delivered between Q3 2028 and Q2 2030, and four vessels with a capacity of 3,100 TEU are expected to be delivered between Q4 2027 and Q4 2028. These vessels will extend Costamare’s TEU-weighted fleet employment duration by 1.8 years.

Gregory Zikos, Chief Financial Officer of Costamare Inc., said the company generated a net income of about $75 million during the first quarter ended March 31, 2026, and total liquidity amounted to about $645 million.

“Executing on our strategy of renewing the fleet and securing long-term cash flows from high-quality counterparties, we have ordered a total of 16 newbuildings from two first-class Chinese shipyards. Twelve of the ships are 9,200 TEUs, and four are 3,100 TEUs.

“The vessels are expected to be delivered between the fourth quarter of 2027 and the second quarter of 2030. Upon delivery, all ships will commence long-term charters with Cosco Shipping, with durations of 15 years for the twelve 9,200 TEU ships and 8 years for the four 3,100 TEU vessels.”

Moreover, Costamare is expanding its relationship with COSCO for its latest 16 newbuilding transactions. Incremental contracted revenues from the new charters amount to about $2.8 billion.

Acquisition of Vessels

Zikos said the acquisitions will be funded with equity and debt. Pre- and post- delivery financing for a tenor of up to 15 years has been arranged for all 16 ships with two leading Chinese financial institutions.

“We have agreed to acquire two second-hand 5,600 TEU vessels built in 2001. The acquisitions are expected to be completed in Q4 2026, upon which each vessel shall commence a 42-month time charter with a leading liner operator.

“As a consequence, total contracted revenues have reached $6.2 billion with a remaining time charter duration of 6.1 years. In light of the above, management is pleased to recommend to the Board of Directors to increase the quarterly dividend per share from 11.5 cents to 12.5 cents to reward our shareholders as a result of increased cash flows, profitability, and visibility.”

He added that this dividend will not affect the capacity to continue growing on a healthy basis despite a volatile market environment.