New York-listed Greek boxship owner Costamare has joined the growing number of shipowners taking advantage of the strong dry bulk market with the acquisition of 16 bulkers.

The vessels range between 33,000 DWT and 85,000 DWT and have an average age of 10 years. Costamare says the vessels are currently operating in the spot market, with two of the ships already delivered and the rest to be delivered by January 2022.

The company did not reveal the identity of the ships or sellers, however, it reported Costamare’s entry into the dry sector last month with the acquisition of two Kamsarmaxes from Safe Bulkers and an additional Kamsarmax from Japan’s Shunzan Kaiun.

“The ships will be managed through our existing platform headed and enriched by the dry bulk Onassis team, who will be joining Costamare in July.”

The acquisitions will be funded by a mix of cash on hand and commercial bank debt.