By Naida Hakirevic Prevljak

Copyright offshore-energy

Monaco-based dry bulk vessel owner and operator Costamare Bulkers Holdings Limited has signed a strategic cooperation agreement with Swiss freight trader Cargill International covering dry bulk vessels and decarbonization projects.

Under the agreement, Costamare Bulkers will transfer to Cargill the majority of its trading book, comprising chartered-in vessels, cargo transportation commitments, and derivative positions.

In addition, it will charter to Cargill four Supramax vessels for a period of four to six months.

Furthermore, Costamare Bulkers will enter into a bunkering services agreement with Seascale Energy — a joint venture between Cargill and Hafnia — covering its owned and operating fleet.

Costamare and Cargill will also enter into an agreement in respect of decarbonization and vessel efficiency strategies and implementing decarbonization projects.

Finally, the duo will 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.

“We are pleased to announce the agreement with Cargill … and we look forward to pursuing further cooperation and co-investment opportunities. The agreement allows us 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,” Gregory Zikos, Chief Executive Officer of Costamare Bulkers Holdings Limited, commented.

“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,” Jan Dieleman, President, Cargill Ocean Transportation, said.

Costamare Bulkers’ owned dry bulk fleet consists of 37 vessels with a total carrying capacity of approximately 3,103,000 dwt.

Earlier this year, Costamare decided to spin off its dry bulk business, resulting in two separate, publicly traded companies.

Costamare remained a global container shipping provider, retaining the owned container vessels and Neptune Maritime Leasing businesses, while Costamare Bulkers became an international owner and operator of dry bulk vessels and controller of the owned dry bulk vessels and the CBI operating platform.

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