Yet another private-equity giant has teamed up with a US-listed shipowner, marrying industry acumen with firepower for counter-cyclical growth. The latest entrant is a joint venture between Costamare and billionaire Jamie Dinan's York Capital. It plans to invest $500M of equity in container ship buys over the next two years. Costamare's stake will be 25-49%, based on its equity contribution. Morgan Stanley analyst Fotis Giannakoulis noted that the Costamare-York JV could acquire $2Bn in container ships with 75% leverage. It gets first refusal on box ship deals during the two-year investment window, while a Costamare affiliate will provide technical management. NYSE-listed Costamare has the right to split the fleet upon termination of the six-year JV.
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