Container and bulker player Costamare announced late on Tuesday the establishment of a new venture to operate dry bulk vessels.

The US-listed company said in a statement that it is willing to invest up to $200m in the outfit, which “will charter-in/out dry bulk vessels, enter into contracts of affreightment and utilise hedging solutions, including forward freight agreements and bunker hedging”.

TradeWinds understands that the figure mainly relates to amounts set aside to cover market volatility for the venture’s trading activities, or eventual purchase options for the ships it will charter in on a long-term basis.