Greek shipowner Costamare has taken its 2016 debt financing activity to $760m with a raft of developments announced today alongside a lowering of its dividend.

New York-listed Costamare has netted funding for two newbuildings, sliced its 2017 and 2018 debt repayments and reduced its shareholder payout in efforts designed to strengthen its balance sheet.

The changes came to light today as its major shareholder, the Constantakopoulos family, accepted stock rather than cash as a dividend for the second successive quarter.

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