Costamare Bulkers Holdings Limited today announced a strategic cooperation agreement with Cargill International, a leading global bulk shipping service provider.
Under the Agreement, the Company has agreed to: • Transfer to Cargill the majority of its trading book comprising of chartered-in vessels, cargo transportation commitments as well as derivative positions;
- Charter to Cargill four Supramax vessels for a period of four to six months; • Enter into a bunkering services agreement with Seascale Energy (a joint venture between Cargill and Hafnia), covering the owned and operating fleet;
- Enter into an agreement in respect of decarbonisation and vessel efficiency strategies and implementing decarbonisation projects;
- Explore opportunities to jointly invest in dry bulk assets and other dry-bulk business ventures, as well as other potential business opportunities in the dry bulk sector.
Gregory Zikos, CEO of Costamare Bulkers, stated that the agreement allows the company to “reduce our exposure in the volatile trading business and generate more stable and predictable earnings, while at the same time maintaining our operating platform under CBI as an integral part of our business model.”
Jan Dieleman, President of Cargill Ocean Transportation, noted: “This partnership allows Cargill to better serve its customers as it continues to help us grow our current fleet. We look forward to building a strategic partnership with Costamare and continue to grow together.”
Costamare Bulkers owns a fleet of 37 dry bulk vessels with approximately 3,103,000 dwt capacity, including six vessels that the company has agreed to sell. The agreement also opens opportunities for the two companies to jointly invest in dry bulk assets and explore other business ventures in the sector.
(Photo from Costamare Bulkers)