V.Group and Costamare Shipping Company S.A. expand existing strategic partnership

Global ship management and marine support services provider V.Group and Costamare Shipping Company S.A. (“Costamare”) have announced they have strengthened and expanded their existing strategic partnership.

The expanded strategic partnership will see V.Group providing a range of management and other marine services from Shanghai and Greece to 41 container vessels associated with Costamare Inc. and its CEO Konstantinos V. Konstantakopoulos.

The partnership will enable V.Group to further strengthen its existing business in Greece and also expand the successful partnership with Costamare into the ever-growing Chinese market.

As part of this move, Shanghai Costamare Ship Management Co., Ltd. will be integrated into V.Group’s office in Shanghai providing additional industry-leading expertise in the container market.

As part of the partnership, V.Group will enhance its manning services in the Philippines through C-Man Maritime and will provide Filipino crew for the Costamare managed fleet. V.Group will thus become the exclusive provider of Filipino seafarers to Costamare managed vessels as well as continuing to serve the needs of its existing Greek clients.

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 V. Konstantakopoulos, President of Costamare, said: “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 organization.”