Containership owner Costamare Inc. has together with its partner York Capital ordered two 3,800teu newbuild containerships from Chinese shipbuilder Jiangsu New Yangzi Shipbuilding Co., Ltd.

The two newbuildings are slated for delivery in the first and second quarter of 2018 respectively and upon deliver will commence a seven-year time charter to members of Hamburg Süd Group, according to Costamare.

The vessels will be jointly owned by Costamare and York Capital holding respectively 49% and 51%.

Costamare said that the acquisition is expected to be financed with cash from operations and debt pursuant to a committed Term Sheet with an unnamed Asian financial institution.

"The completion of our latest transaction marks a major milestone in our highly valued relationship with Hamburg Süd. In a challenging market environment we will continue to source and execute transactions, which will benefit our shareholders," said Gregory Zikos, Chief Financial Officer of the company.