Costamare Partners has filed an amended F-1 form with the U.S. Securities and Exchange Commission (SEC) for its initial public offering (IPO). No definitive terms were set for price or number of shares, but the offering is valued up to $100 million. This number is usually a placeholder. The company will list on the New York Stock Exchange under the symbol CMRP.

The underwriters for the offering are Morgan Stanley, Barclays, Citigroup, Wells Fargo Credit Suisse and JPMorgan.

This company is a growth-oriented limited partnership formed to own, operate and acquire containerships under long-term, fixed-rate charters, of five full years or more. At the end of June 2015, the initial fleet of four containerships had an average capacity of approximately 9,000 twenty-foot equivalent units (TEU) and an average remaining charter term of about 5.7 years, with charter terms expiring between April 2018 and February 2023.

These four vessels will be contributed by Costamare, one of the largest publicly listed containership owners by TEU capacity, which will control Costamare Partners through its ownership of the general partner. Costamare is expected to utilize this company as its primary growth vehicle to pursue the acquisition of containerships that are expected to generate long-term, predictable cash flows.

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Costamare Partners described how it intends to generate revenues:

We are an owner of containerships and we generate our revenues by chartering them to leading liner companies pursuant to long-term, fixed-rate charters. Under the terms of these charters, we provide crewing and technical management, while the charterer is generally responsible for securing cargos, fuel costs and voyage expenses. Our charters provide for a fixed hire rate over the life of the charter, regardless of the utilization of the vessel. We intend to focus primarily on large modern vessels because we believe that the economies of scale and fuel savings of newly designed vessels are most appealing to our customers, the major liner companies.

Costamare initially owned and operated drybulk carrier vessels, but in 1984 became the first Greek-owned company to enter the containership market. Since 1992, it has focused exclusively on containerships. In November 2010, Costamare completed an initial public offering of its common stock in the United States, and its common stock began trading on the New York Stock Exchange under the ticker symbol CMRE.

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