New Chapter for Costamare: Dry Bulk Spin-Off To Create Two Focused Public Companies

Costamare Inc. CMRE has announced plans to spin off its dry bulk business into a newly formed standalone company, Costamare Bulkers Holdings Limited. This move will create two independent, publicly traded entities, each specializing in distinct shipping sectors.

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 international owner and operator of dry bulk vessels, overseeing the owned dry bulk fleet and the CBI operating platform.

The separation will enhance operational and financial flexibility, enabling each entity to pursue distinct strategic initiatives, optimize capital allocation, and drive long-term profitability.

Additionally, the spin-off will provide investors with two specialized, publicly traded companies, offering clear, pure-play investment opportunities tailored to their market interests.

Costamare plans to list Costamare Bulkers Holdings Limited on the New York Stock Exchange and aims to complete the spin-off this year, subject to regulatory and board approvals.

While the separation is not guaranteed, it is expected to occur through a pro rata distribution of Costamare Bulkers Holdings Limited shares to Costamare Inc. shareholders, with the distribution ratio determined upon final declaration.

Price Action: CMRE shares are trading lower by 1.16% at $10.18 at the last check Thursday.

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