Greek containership owner Costamare has confirmed a major newbuilding programme in Chinese yards, tying up 16 vessels on long-term charters with COSCO Shipping in a deal that locks in $2.8bn of contracted revenue. The Konstantinos Konstantakopoulos-led owner has arranged pre- and post-delivery funding for all 16 vessels through two Chinese lenders, with tenors matching the charter periods extending up to 15 years for the larger ships.
At the core of the deal are 12 new 9,200 TEU mainline containerships, due for delivery between the third quarter of 2028 and the second quarter of 2030. Each vessel will enter into a 15-year time charter upon delivery with COSCO, giving the owner long visibility on earnings. The package also includes four 3,100 TEU feeder vessels scheduled for delivery between late 2027 and late 2028, fixed on eight-year charters with the same counterparty; these orders first surfaced in March 2026.
The 16 ships will add around $2.8bn in contracted revenues across their service life and push the group's weighted average charter coverage further out by close to two years. Market talk around the 9,200 TEU series had been circulating since early this year, with brokers linking the owner to a dozen ships at Chinese yards; the confirmation cements one of the larger mid-size boxship orders tied to firm charter cover seen in recent months.
Alongside the newbuild push, Costamare is also adding secondhand capacity; the company has agreed to acquire two 5,600 TEU vessels built in 2001, with delivery expected in the fourth quarter of 2026, and both ships will enter 42-month charters with a leading liner operator upon delivery. Once the latest acquisitions and deliveries are factored in, the fleet will stand at 71 ships, rising to 93 on a fully delivered basis, with total contracted revenues reaching about $6.2bn and an average remaining charter duration of just over six years.
Key Takeaways:
1. Costamare and COSCO Shipping struck a 16-vessel newbuild + long-term charter package: 12 9,200 TEU mainline ships under 15-year charters and four 3,100 TEU feeders under 8-year charters.
2. The deal adds $2.8bn in contracted revenue and lifts the group's total contracted revenue to about $6.2bn.
3. The 12 9,200 TEU ships are slated for delivery between Q3 2028 and Q2 2030, while the four 3,100 TEU feeders will arrive between late 2027 and late 2028.
4. Pre- and post-delivery financing has been arranged through two Chinese lenders, with tenors matching the charter periods up to 15 years for the larger units.
5. On the secondhand side Costamare also bought two 5,600 TEU vessels built in 2001; once all deliveries are completed the fleet will reach 93 ships with an average remaining charter duration of just over six years.
