Zikos to lead Costamare bulker spin-off
Costamare’s longstanding chief financial officer Gregory Zikos has been chosen to helm the company’s planned dry bulk spin-off Costamare Bulkers
New York-based owner eyes splitting of containership and dry bulk businesses ‘as soon as practicable’ to unlock value for investors
COSTAMARE has named its chief financial officer, Gregory Zikos, to lead Costamare Bulkers, the new company formed to hold the New York Stock Exchange-listed company’s fleet of dry bulk carriers and its CBI operating platform for chartered-in bulkers.
Zikos, who has been chief financial officer for the containership owner since 2007, prior to it going public, will be chief executive as well as a member of the new company’s board.
This will be in addition to his continuing role as chief financial officer, Costamare said.
Costamare has said it hopes to complete the spin-off of its dry bulk business “as soon as practicable this calendar year”.
The standalone company will seek its own listing on the NYSE but the spin-off remains contingent on regulatory approvals and final approval from the Costamare board, the company said.
Alongside Zikos, Jens Jacobsen has been named chief commercial officer and will also be on the board of Costamare Bulkers.
The former Oldendorff executive director has been heading the CBI platform as managing partner from the company’s Copenhagen office.
Dimitris Pagratis, since 2017 finance director for shipmanagement affiliate Costamare Shipping, has been appointed chief financial officer of the new entity.
The management line-up will be presenting at a virtual analyst and investor day on April 9, Costamare announced on Monday.
Costamare said its board “believes the proposed separation will unlock the inherent value within the two companies, which have unique growth prospects and investment opportunities”.
The spin-off is expected to be accomplished through Costamare distributing all its shares in the new dry bulk company on a pro rata basis to existing Costamare shareholders.
The Greece-based company currently owns a fleet of 38 bulkers, ranging from handysize up to capesizes, and the operating platform currently charters in about 50, mainly larger, vessels.
The containership fleet that will continue to be owned by Costamare after the split into two companies currently comprises 68 boxships with a total capacity of about 513,000 teu.
