Greece's Costamare to spin off dry bulk business

The board of directors of Greek shipping company Costamare has approved the previously announced spin-off of its dry bulk business into a standalone company, Costamare Bulkers Holdings.

Costamare expects to complete the transaction, by way of a pro rata distribution to Costamare shareholders, on May 6, 2025.

To accomplish the spin-off, Costamare will distribute all of the Costamare Bulkers shares held by Costamare to holders of Costamare common shares on a pro rata basis.

In the distribution, each Costamare shareholder will receive one common share of Costamare Bulkers share for every five Costamare common shares they hold as of the close of business on April 29, 2025, the record date for the distribution.

Costamare will remain a global container shipping provider, retaining the owned container vessels and Neptune Maritime Leasing businesses.

Costamare Bulkers Holdings 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 board believes the proposed separation will unlock the inherent value within the two companies, which have unique growth prospects and investment opportunities.