Greek containership owner Costamare has confirmed a major newbuilding programme in China, tying up 16 vessels on long-term charters with COSCO Shipping in a deal that locks in $2.8bn of contracted revenue.

At the core of the move are 12 new 9,200 teu ships, due for delivery between the third quarter of 2028 and the second quarter of 2030. Each vessel will enter into a 15-year time charter upon delivery with COSCO, giving the Konstantinos Konstantakopoulos-led owner long visibility on earnings.

The deal also includes four 3,100 teu vessels, scheduled for delivery between late 2027 and late 2028. These ships, with the order reported by Splash in March, will be fixed on eight-year charters with the same counterparty, extending Costamare’s presence in the feeder segment.

Financing has already been lined up. The company said pre- and post-delivery funding has been arranged for all 16 vessels, with tenors matching the charter periods — up to 15 years for the larger ships — through two Chinese lenders.

The 16 ships will add around $2.8bn in contracted revenues and push the group’s weighted average charter coverage further out, extending fleet employment duration by close to two years.

Market talk around the 9,200 teu series had been circulating since early this year, with brokers linking the owner to a dozen ships at Chinese yards. The confirmation now cements one of the larger mid-size boxship orders tied to firm charter cover in recent months.

The 3,100 teu vessels form part of an earlier programme already in motion, with Costamare steadily building a pipeline of smaller tonnage aimed at regional and niche trades.

Alongside the newbuild push, the company is also adding secondhand capacity. It has agreed to acquire two 5,600 teu vessels built in 2001, with delivery expected in the fourth quarter of 2026. Both ships will enter 42-month charters with a leading liner operator upon delivery.

Once the latest acquisitions and deliveries are factored in, Costamare’s fleet will stand at 71 ships, rising to 93 on a fully delivered basis.

The expanded orderbook and charter coverage push total contracted revenues to about $6.2bn, with an average remaining charter duration of just over six years.