Costamare Plans IPO

24 October 2010 (Last Updated October 24th, 2010 18:30)

Costamare plans to raise $213m by issuing 3.3 million new shares. The Marshall Islands-based shipper will spend $195.9m from the proceeds on general corporate purposes and vessel acquisitions. In 2008 Costamare reduced its fleet to 41 ships from 53, due to a decline in global

Costamare plans to raise $213m by issuing 3.3 million new shares.

The Marshall Islands-based shipper will spend $195.9m from the proceeds on general corporate purposes and vessel acquisitions.

In 2008 Costamare reduced its fleet to 41 ships from 53, due to a decline in global trade.

The company posted a net income of $45.6m in the first six months of 2010, down from $70.3m in the corresponding period a year ago.