V.Group will provide a range of management and other marine services from Shanghai and Greece for the 41 vessels, and as part of the move Shanghai Costamare Ship Management will be integrated into V.Group’s office in Shanghai.
V.Group will also enhance its manning services in the Philippines through C-Man Maritime and provide Filipino crew for the Costamare managed fleet.
Graham Westgarth, chief executive officer of V.Group, said: “This is a significant transaction which builds on our existing relationship with Costamare.
We feel privileged that Costamare has trusted us with the management of its fleet and look forward to continuing to support them as they grow their business.”
Konstantinos Konstantakopoulos, chairman and CEO of Costamare, commented:
“With this agreement, we will further utilize the flexibility offered by 3rd party ship management, enabling Costamare Inc. to take advantage of market fluctuations without being constrained by capacity restrictions on the management side.
It is important for us to be able to achieve this through a trustworthy partner such as V.Group, which can provide the high level of service required by our Charterers.
At the same time, we consider that the arrangement will offer significant opportunities for professional advancement to our people joining the V.Group organisation.”