The founders of Costamare have both established separate shipmanagement companies and a dedicated manning agency as well as entered into a co-operation agreement with third party ship managers. This setup offers the benefit of dedicated and loyal professionals who only manage Costamare fleet vessels, while at the same time allows access to the expertise and wide reach of third party ship managers. In that way Costamare has developed a deep pool of operational management in multiple locations with market-specific experience and relationships allowing geographic flexibility in managing and crewing a large and diverse fleet. This enables us to provide a high level of service while remaining cost-effective.
The following shipmanagement companies provide management services to the Costamare fleet.
Costamare Shipping Company S.A.
Founded by Captain Vasileios Konstantakopoulos in 1975, Costamare Shipping is the exclusive ship manager of the Costamare fleet (including the vessels purchased under the Joint Venture Agreement with York) and has become one of the most respected containership managers in the world.
Today Costamare Shipping continues to perform to the highest standards. With a loyal pool of highly experienced and professional masters and officers, and a management team drawn largely from senior officers of the Costamare fleet, Costamare Shipping personnel and mariners are dedicated to safety and customer service.
The philosophy of Costamare Shipping is to continuously strive to improve every aspect of operation of the containerships it has under management. Its systems have been certified by a major classification society for ISO 9001 quality management and for ISO 14001 environmental management.
V. Ships Greece Ltd.
In January 2013, Costamare Shipping entered into a co-operation agreement (the "Co-operation Agreement") with third party ship managers V. Ships Greece Ltd., a member of the V.Group, one of the world’s largest providers of ship management and marine services. Pursuant to the Co-operation Agreement the two companies established a ship management cell (the "Cell") within V. Ships Greece Ltd. The Cell is expected to initially provide technical management services to about 22 Costamare container vessels for which Costamare Shipping will remain the head manager and will also provide management services to vessels of third party owners.
Under the Co-operation Agreement, Costamare Shipping will receive part of the profits generated by the Cell. Costamare and Costamare Shipping have separately agreed that Costamare Shipping will pass to Costamare the net profit it receives pursuant to the Co-operation Agreement as a refund or reduction of the management fees payable by Costamare to Costamare Shipping Company S.A.
The Co-operation Agreement provides Costamare both with the resources needed to achieve its growth plans and the flexibility to adjust the size of its fleet depending on market conditions in a highly cyclical industry.
At the same time, with the particular setup, the potential for conflicts of interest have been addressed, by aligning the interests of the listed entity and the manager in the structure. The management company will be passing along to the listed entity its entire share of the profits resulting from the Co-operation Agreement. As a result of this arrangement, it is expected that over time, the management fees currently paid by Costamare can be reduced.
Shanghai Costamare Ship Management Co., Ltd.
Costamare is one of the few shipowners to have an exclusive shipmanagement partner in the People’s Republic China. Shanghai Costamare Ship Management Co., Ltd. (“Shanghai Costamare”) was founded by Konstantinos Konstantakopoulos and an experienced team of Chinese managers in 2005.
Located in the business and trading centre of Shanghai, Shanghai Costamare has been providing trustworthy management services to several of the Costamare fleet. Shanghai Costamare benefits from its location in one of Asia's key ports and financial centres to offer a very competitive shipmanagement service.
Shanghai Costamare has invested heavily in management and operation systems as well as training, with a programme of sponsoring its own engineer and deck officer cadets at Shanghai Maritime University.