{"id":499815,"date":"2021-06-01T06:54:23","date_gmt":"2021-06-01T10:54:23","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/costamare-inc-reports-results-for-the-first-quarter-ended-march-31-2021\/"},"modified":"2021-06-01T06:54:23","modified_gmt":"2021-06-01T10:54:23","slug":"costamare-inc-reports-results-for-the-first-quarter-ended-march-31-2021","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/costamare-inc-reports-results-for-the-first-quarter-ended-march-31-2021\/","title":{"rendered":"Costamare Inc. Reports Results For The First Quarter Ended March 31, 2021"},"content":{"rendered":"
\n

MONACO, June 01, 2021 (GLOBE NEWSWIRE) — Costamare Inc. (\u201cCostamare\u201d or the \u201cCompany\u201d) (NYSE: CMRE) today reported unaudited financial results for the first quarter ended March 31, 2021 (\u201cQ1 2021\u201d).<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n I.\u00a0<\/strong>\n <\/td>\n\n COMMON DIVIDEND INCREASE<\/strong>
\n \n <\/td>\n<\/tr>\n
\u2022<\/td>\nManagement of the Company announced that it will recommend to the Board of Directors that the Board approve a fifteen percent (15%) dividend increase, beginning with the second quarter 2021 dividend, raising the quarterly dividend from $0.10 to $0.115 per common share(<\/sup>1)<\/sup>.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n II.<\/strong>\n <\/td>\n\n PROFITABILITY<\/strong>
\n \n <\/td>\n<\/tr>\n
\u2022<\/td>\nQ1 2021 Net Income available to common stockholders\u00a0of $60.5 million.<\/td>\n<\/tr>\n
\u2022<\/td>\nQ1 2021 Earnings per Share\u00a0of $0.49.\u00a0<\/td>\n<\/tr>\n
\u2022<\/td>\nQ1 2021 Adjusted Net Income available to common stockholders(<\/sup>2<\/sup>)<\/sup> of $38.0 million.\u00a0<\/td>\n<\/tr>\n
\u2022<\/td>\nQ1 2021 Adjusted Earnings per Share(<\/sup>2<\/sup>)<\/sup> of $0.31.\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n III.<\/strong>\n <\/td>\n\n ISSUANCE OF \u20ac100m 5-YR UNSECURED BOND AT 2.7%<\/strong>\u00a0<\/td>\n<\/tr>\n
\u2022<\/td>\nIn May 2021, the Company, through its wholly owned subsidiary, Costamare Participations Plc, issued \u20ac100 million of unsecured bond (the \u201cBond\u201d) on the Athens Exchange. The Bond will mature in May 2026 and have a coupon of 2.7%, payable semiannually.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n IV.<\/strong>\n <\/td>\n\n SALE AND PURCHASE ACTIVITY<\/strong>\n <\/td>\n<\/tr>\n
\u2022<\/td>\nSince the beginning of the year, total vessel acquisitions and deliveries of twelve vessels amounted to approximately $617 million. More specifically:<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u2212<\/td>\nc\/v Cape Akritas <\/em>(acquisition of 51% equity share previously owned by York Capital), 2016-built, 11,010 TEU containership chartered to MSC<\/em> until June 2031.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u2212<\/td>\nc\/v Cape Kortia<\/em> (acquisition of 75% equity share previously owned by York Capital), 2017-built, 11,010 TEU containership chartered to MSC<\/em> until July 2031.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u2212<\/td>\nc\/v Cape Sounio<\/em> (acquisition of 75% equity share previously owned by York Capital), 2017-built, 11,010 TEU containership chartered to MSC<\/em> until April 2031.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u2212<\/td>\nc\/v Cape Tainaro<\/em> (acquisition of 51% equity share previously owned by York Capital), 2017-built, 11,010 TEU containership chartered to MSC<\/em> until April 2031.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u2212<\/td>\nc\/v Cape Artemisio <\/em>(acquisition of 51% equity share previously owned by York Capital), 2017-built, 11,010 TEU containership chartered to Hapag Lloyd<\/em> until March 2025.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u2212<\/td>\nc\/v Aries<\/em>, 2004-built, 6,492 TEU containership chartered to ONE<\/em> until December 2022.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u2212<\/td>\nc\/v Argus<\/em>, 2004-built, 6,492 TEU containership chartered to ONE<\/em> until January 2023.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u2212<\/td>\nc\/v Glen Canyon<\/em>, 2006-built, 5,642 TEU containership chartered to ONE<\/em> until January 2022.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u2212<\/td>\nc\/v Androusa<\/em>, 2010-built, 4,256 TEU containership chartered to Maersk<\/em> until May 2023.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u2212<\/td>\nc\/v Norfolk<\/em>, 2009-built, 4,259 TEU containership chartered to Maersk<\/em> until May 2023.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u2212<\/td>\nDelivery of the 12,690 TEU containership YM Target<\/em> chartered to Yang Ming<\/em> until November 2030.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u2212<\/td>\nDelivery of the 12,690 TEU containership YM Tiptop<\/em> chartered to Yang Ming<\/em> until March 2031.<\/td>\n<\/tr>\n
\u2022<\/td>\nAgreement for the purchase of five containerships worth approximately $148 million, all of which are expected to be delivered in 2021. More specifically:<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u2212<\/td>\nOne 2008-built, 4,578 TEU containership, to be chartered to Maersk<\/em> upon its delivery for a period of 24.5 to 27.5 months.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u2212<\/td>\nOne 2009-built, 4,578 TEU containership, to be chartered to ZIM<\/em> upon its delivery for a period of 32 to 36 months.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u2212<\/td>\nOne 2001-built, 6,712 TEU containership, to be chartered to Maersk<\/em> upon its delivery for a period of 60 to 64 months.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u2212<\/td>\nOne 2002-built, 5,908 TEU containership, to be chartered to Maersk<\/em> upon its delivery for a period of 60 to 64 months.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u2212<\/td>\nOne 2002-built, 5,570 TEU containership, to be chartered to Maersk <\/em>upon its delivery for a period of 60 to 64 months.<\/td>\n<\/tr>\n
\u2022<\/td>\nAgreement for the sale of three containerships, expected to be concluded within 2021. More specifically:<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u2212<\/td>\nc\/v Venetiko<\/em>, 2003-built, 5,928 TEU containership.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u2212<\/td>\nc\/v Ensenada<\/em> (co-owned with York Capital), 2001-built, 5,576 TEU containership.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u2212<\/td>\nc\/v Prosper<\/em>, 1996-built, 1,504 TEU containership.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n V.<\/strong>\n <\/td>\n\n NEW DEBT FINANCING AND CAPITAL STRUCTURE<\/strong>\n <\/td>\n<\/tr>\n
\u2022<\/td>\nNew financing agreements since last quarter for an aggregate amount of $427.5 million. More specifically:<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u2212<\/td>\n$150 million \/ Containerships Cape Kortia<\/em> and Cape Sounio<\/em>.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u2212<\/td>\n$147 million \/ Containerships Cape Tainaro<\/em> and Cape Artemisio.<\/em><\/td>\n<\/tr>\n
\u00a0<\/td>\n\u2212<\/td>\n$75 million \/ Containership Cape Akritas<\/em>.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u2212<\/td>\n$23 million \/ Containerships Aries<\/em> and Argus<\/em>.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u2212<\/td>\n$14 million \/ Containership Glen Canyon<\/em>.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u2212<\/td>\n$18.5 million \/ Containerships Maersk Kleven<\/em> and Maersk Kotka<\/em>.<\/td>\n<\/tr>\n
\u2022<\/td>\nNew financing commitments for an aggregate amount of $237.1 million. More specifically:<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u2212<\/td>\n$158.1 million financing commitment with a European financial institution.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u2212<\/td>\n$79.0 million loan financing commitment with a European financial institution.<\/td>\n<\/tr>\n
\u2022<\/td>\nLiquidity of $239.8 million as of the end of Q1 2021 (including our share of cash amounting to $4.0 million held in companies co-owned with York Capital).<\/td>\n<\/tr>\n
\u2022<\/td>\nNo meaningful debt maturities until 2025.\u00a0\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
(1)<\/td>\nThe declaration and amount of a dividend is subject to the discretion of the Board and accordingly will depend on, among other things, the Company\u2019s earnings, financial condition and cash requirements and availability, the Company\u2019s ability to obtain debt and equity financing on acceptable terms as contemplated by the Company\u2019s growth strategy, the restrictive covenants in the Company\u2019s existing and future debt instruments and global economic conditions.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
(2)<\/td>\nAdjusted Net Income available to common stockholders and respective per share figures are non-GAAP measures and should not be used in isolation or as substitutes for Costamare\u2019s financial results presented in accordance with U.S. generally accepted accounting principles (\u201cGAAP\u201d). For the definition and reconciliation of these measures to the most directly comparable financial measure calculated and presented in accordance with GAAP, please refer to Exhibit I.<\/td>\n<\/tr>\n<\/table>\n

\n NEW BUSINESS DEVELOPMENTS<\/strong>
\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n A.<\/strong>\n <\/td>\n\n New charter agreements<\/strong>
\n \n <\/td>\n<\/tr>\n
\u2022<\/td>\nThe Company has chartered in total 12 vessels since our previous quarterly earnings release. More specifically, the Company agreed to:<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n I.<\/strong>\n <\/td>\n\n Vessels above 5,500 TEU capacity (Post \u2013 Panamax)<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u2212<\/td>\nCharter the 2000-built, 6,648 TEU containership Kobe<\/em> with ZIM<\/em> for a period that shall commence between September 2021 and November 2021 and expiring at charterers\u2019 option, during the period from July 1, 2025 to August 31, 2025, at a daily rate of $45,000.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u2212<\/td>\nCharter the 2004-built, 6,492 TEU containership Aries<\/em> with ONE<\/em> for a period of 22 to 25 months at charterers\u2019 option, starting from February 5, 2021, at an undisclosed daily rate.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u2212<\/td>\nCharter the 2004-built, 6,492 TEU containership Argus<\/em> with ONE<\/em> for a period of 22 to 25 months at charterers\u2019 option, starting from March 3, 2021, at an undisclosed daily rate.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u2212<\/td>\nCharter the 2006-built, 5,642 TEU containership Glen Canyon<\/em> with ONE<\/em> for a period of 11 to 13 months at charterers\u2019 option, starting from March 2, 2021, at an undisclosed rate.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n II.<\/strong>\n <\/td>\n\n Vessels below 5,500 TEU capacity<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u2212<\/td>\nCharter the 2009-built, 4,258 TEU containership Virgo<\/em> with Maersk<\/em> for a period of 33 to 36 months at charterers\u2019 option, starting from May 9, 2021, at a daily rate of $30,200.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u2212<\/td>\nExtend the charter of the 2010-built, 4,258 TEU containership Volans<\/em> with ZIM<\/em> for a period of 34 to 38 months at charterers\u2019 option, starting from June 29, 2021, at a daily rate of $24,250.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u2212<\/td>\nCharter the 2009-built, 4,259 TEU containership Norfolk<\/em> with Maersk<\/em> for a period of 24 to 27 months at charterers\u2019 option, starting from May 13, 2021, at daily rate of $30,000.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u2212<\/td>\nCharter the 2010-built, 4,256 TEU containership Androusa<\/em> with Maersk<\/em> for a period of 24.5 to 27.5 months at charterers\u2019 option, starting from April 16, 2021, at a daily rate of $22,750.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u2212<\/td>\nCharter the 2000-built, 4,890 TEU containership Oakland<\/em> (ex. Oakland <\/em>Express<\/em>) with Maersk <\/em>for a period of 24 to 27 months at charterers\u2019 option, starting from March 16, 2021, at a daily rate of $24,500.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u2212<\/td>\nExtend the charter of the 1997-built, 2,458 TEU containership Messini<\/em> for a period of 9 to 11 months at charterers\u2019 option, starting from April 11, 2021, at a daily rate of $18,000.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u2212<\/td>\nExtend the charter of the 2005-built, 2,556 TEU containership Etoile<\/em>, for a period starting from May 1, 2021 and expiring at charterers\u2019 option during the period from February 20, 2023 to June 30, 2023, at an undisclosed daily rate.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u2212<\/td>\nExtend the charter of the 2008-built, 1,300 TEU containership Michigan<\/em> with MSC<\/em>, for a period of 23 to 25 months at charterers\u2019 option, starting from October 15, 2021, at a daily rate of $18,700.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n B.\u00a0\u00a0\u00a0<\/strong>
\n New Financing Agreements<\/strong>\n <\/p>\n

    \n
  • In March 2021, we signed a loan facility agreement with a leading European financial institution for an amount of $150 million, in order to refinance the existing indebtedness of the 2017-built, 11,010 TEU containerships Cape Kortia <\/em>and Cape Sounio<\/em> and for general corporate purposes. The new facility will be repayable over 10 years.<\/li>\n
  • In March 2021, we signed a loan facility agreement with a leading U.S. financial institution for an amount of $147 million, in order to refinance the existing indebtedness of the 2017-built, 11,010 TEU containerships Cape Tainaro<\/em> and Cape Artemisio<\/em> and for general corporate purposes. The new facility will be repayable over 7.5 years for the Cape Tainaro <\/em>tranche and over 5 years for the Cape Artemisio<\/em> tranche.<\/li>\n
  • In March 2021, we signed a loan facility agreement with a leading European financial institution for an amount of $75 million, in order to refinance the existing indebtedness of the 2016-built, 11,010 TEU containership Cape Akritas<\/em> and for general corporate purposes. The new facility will be repayable over 8 years.<\/li>\n
  • In March 2021, we signed loan facility agreement with a European financial institution for an amount of $23 million, in order to finance the acquisition of the 2004-built, 6,492 TEU containerships Aries <\/em>and Argus. <\/em>The facility will be repayable over 5 years.<\/li>\n
  • In March 2021, we signed a loan facility agreement with a European financial institution for an amount $14 million, in order to finance the acquisition of the 2006-built, 5,642 TEU containership Glen Canyon. <\/em>The facility will be repayable over 5 years.<\/li>\n
  • In March 2021, we signed a loan facility agreement with a European financial institution for an amount $18.5 million, in order to refinance the existing indebtedness of the 1996-built, 8,044 TEU containerships\u00a0Maersk Kleven <\/em>and Maersk Kotka<\/em> and for general corporate purposes. The original facility was scheduled to mature in 2021 whilst the new facility will be repayable over 2.5 years.<\/li>\n<\/ul>\n

    \n C.\u00a0\u00a0\u00a0<\/strong>
    \n Dividend announcements<\/strong>\n <\/p>\n

      \n
    • On April 1, 2021, we declared a dividend for the quarter ended March 31, 2021, of $0.10 per share on our common stock, which was paid on May 6, 2021, to stockholders of record of common stock as of April 20, 2021.<\/li>\n
    • On April 1, 2021, we declared a dividend of $0.476563 per share on our Series B Preferred Stock, a dividend of $0.531250 per share on our Series C Preferred Stock, a dividend of $0.546875 per share on our Series D Preferred Stock and a dividend of $0.554688 per share on our Series E Preferred Stock, which were all paid on April 15, 2021 to holders of record as of April 14, 2021.<\/li>\n<\/ul>\n

      \n Mr. Gregory Zikos, Chief Financial Officer of Costamare Inc., commented:<\/strong>\n <\/p>\n

      \u201cWe are pleased to announce the results of another profitable quarter.<\/p>\n

      The market rebound that began in the second half of last year has continued, drawing strength from favorable supply and demand dynamics. Strong demand for goods, restocking of inventories and a balanced container vessel market have all helped the charter market reach levels that we have not seen for a decade.<\/p>\n

      Since the beginning of the year, we have agreed to acquire in total 15 secondhand vessels and we have taken delivery of our last two newbuildings, which have commenced their 10-year charters. Employment already secured for the new acquisitions, together with the newbuildings delivered, is expected to provide incremental contracted revenues of more than $830 million.<\/p>\n

      Since our previous quarterly earnings release, we chartered out a total of 17 secondhand ships at increasingly high levels of hire. We have a total of 23 ships coming off charter over the next 18 months, which is a favourable position, should the current market conditions continue.<\/p>\n

      Finally, on the financing side, we recently concluded the issuance and listing of the first shipping unsecured bond on the Athens Exchange for 100 million Euro. Based on an exceptionally high demand the bond was priced at the low end of the yield range with a 2.7% coupon for a five-year period.<\/p>\n

      Based on these business developments and on our increasing long-term cash flows and liquidity, management is pleased to recommend to the Board of Directors to increase our second quarter 2021 dividend by 15%.<\/p>\n

      Our balance sheet, together with cash flows from operations and liquidity position provides us with the ability to increase the dividend without any impact on our growth plans.\u201d<\/p>\n<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0Three-month period ended March 31,<\/strong>
      <\/strong><\/td>\n<\/tr>\n
      (Expressed in thousands of U.S. dollars, except share and per share data):<\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Voyage revenue<\/td>\n$<\/td>\n121,404<\/td>\n\u00a0<\/td>\n$<\/td>\n126,725<\/td>\n<\/tr>\n
      Accrued charter revenue (1)<\/td>\n$<\/td>\n696<\/td>\n\u00a0<\/td>\n$<\/td>\n1,032<\/td>\n<\/tr>\n
      Amortization of time-charter assumed<\/td>\n$<\/td>\n48<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n<\/tr>\n
      Voyage revenue adjusted on a cash basis (2)<\/td>\n$<\/td>\n122,148<\/td>\n\u00a0<\/td>\n$<\/td>\n127,757<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Adjusted Net Income available to common stockholders (3)<\/td>\n$<\/td>\n32,560<\/td>\n\u00a0<\/td>\n$<\/td>\n37,986<\/td>\n<\/tr>\n
      Weighted Average number of shares \u00a0<\/td>\n\u00a0<\/td>\n119,535,940<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n122,384,052<\/td>\n<\/tr>\n
      Adjusted Earnings per share (3)<\/td>\n$<\/td>\n0.27<\/td>\n\u00a0<\/td>\n$<\/td>\n0.31<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Net Income<\/td>\n$<\/td>\n32,776<\/td>\n\u00a0<\/td>\n$<\/td>\n68,141<\/td>\n<\/tr>\n
      Net Income available to common stockholders<\/td>\n$<\/td>\n25,624<\/td>\n\u00a0<\/td>\n$<\/td>\n60,546<\/td>\n<\/tr>\n
      Weighted Average number of shares<\/td>\n\u00a0<\/td>\n119,535,940<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n122,384,052<\/td>\n<\/tr>\n
      Earnings per share<\/td>\n$<\/td>\n0.21<\/td>\n\u00a0<\/td>\n$<\/td>\n0.49<\/td>\n<\/tr>\n<\/table>\n

      \u00a0<\/p>\n

      (1) Accrued charter revenue represents the difference between cash received during the period and revenue recognized on a straight-line basis. In the early years of a charter with escalating charter rates, voyage revenue will exceed cash received during the period and during the last years of such charter cash received will exceed revenue recognized on a straight-line basis.
      (2) Voyage revenue adjusted on a cash basis represents Voyage revenue after adjusting for non-cash \u201cAccrued charter revenue\u201d recorded under charters with escalating charter rates. However, Voyage revenue adjusted on a cash basis is not a recognized measurement under U.S. generally accepted accounting principles (\u201cGAAP\u201d). We believe that the presentation of Voyage revenue adjusted on a cash basis is useful to investors because it presents the charter revenue for the relevant period based on the then current daily charter rates. The increases or decreases in daily charter rates under our charter party agreements are described in the notes to the \u201cFleet List\u201d below.
      (3) Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are non-GAAP measures. Refer to the reconciliation of Net Income to Adjusted Net Income.<\/p>\n

      \n Non-GAAP Measures<\/strong>\n <\/p>\n

      The Company reports its financial results in accordance with U.S. GAAP. However, management believes that certain non-GAAP financial measures used in managing the business may provide users of these financial measures additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company\u2019s performance. The tables below set out supplemental financial data and corresponding reconciliations to GAAP financial measures for the three-month periods ended March 31, 2021 and 2020. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, voyage revenue or net income as determined in accordance with GAAP. Non-GAAP financial measures include (i) Voyage revenue adjusted on a cash basis (reconciled above), (ii) Adjusted Net Income available to common stockholders and (iii) Adjusted Earnings per Share.<\/p>\n

      \n
      \n Exhibit I <\/u>
      \n <\/strong>
      \n
      \n Reconciliation of Net Income to Adjusted Net Income available to common stockholders and Adjusted Earnings per Share<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
      \u00a0<\/td>\n\u00a0<\/td>\n\n Three-month period ended March 31,<\/strong>\n <\/td>\n<\/tr>\n
      (Expressed in thousands of U.S. dollars, except share and per share data)<\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Net Income <\/strong>\n <\/td>\n$<\/td>\n32,776<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n68,141<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Earnings allocated to Preferred Stock<\/td>\n\u00a0<\/td>\n(7,693<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(7,595<\/td>\n)<\/td>\n<\/tr>\n
      Gain on retirement of Preferred Stock<\/td>\n\u00a0<\/td>\n541<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Net Income available to common stockholders<\/strong>\n <\/td>\n\u00a0<\/td>\n25,624<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n60,546<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Accrued charter revenue<\/td>\n\u00a0<\/td>\n696<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,032<\/td>\n\u00a0<\/td>\n<\/tr>\n
      General and administrative expenses \u2013 non-cash component<\/td>\n\u00a0<\/td>\n676<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,439<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Non-recurring, non-cash write-off of loan deferred financing costs<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n363<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Amortization of Time charter assumed<\/td>\n\u00a0<\/td>\n48<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Realized Gain on Euro\/USD forward contracts (1)<\/td>\n\u00a0<\/td>\n(24<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(78<\/td>\n)<\/td>\n<\/tr>\n
      (Gain) \/ Loss on sale \/ disposal of vessels<\/td>\n\u00a0<\/td>\n(10<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n260<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Loss on vessel held for sale<\/td>\n\u00a0<\/td>\n232<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Vessels\u2019 impairment loss<\/td>\n\u00a0<\/td>\n3,071<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Loss on derivative instruments, excluding interest accrued and realized on non-hedging derivative instruments (1)<\/td>\n\u00a0<\/td>\n2,247<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,117<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Fair value measurement of equity securities<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(25,937<\/td>\n)<\/td>\n<\/tr>\n
      Other non-recurring, non-cash item<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(756<\/td>\n)<\/td>\n<\/tr>\n
      \n Adjusted Net Income available to common stockholders<\/strong>\n <\/td>\n$<\/td>\n32,560<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n37,986<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Adjusted Earnings per Share<\/strong>\n <\/td>\n$<\/td>\n0.27<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.31<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Weighted average number of shares<\/td>\n\u00a0<\/td>\n119,535,940<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n122,384,052<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

      Adjusted Net Income available to common stockholders and Adjusted Earnings per Share represent Net Income after earnings allocated to preferred stock and gain on retirement of preferred stock, but before non-cash \u201cAccrued charter revenue\u201d recorded under charters with escalating charter rates, realized gain on Euro\/USD forward contracts, vessels\u2019 impairment loss, (gain) loss on sale \/ disposal of vessels, loss on vessels held for sale, fair value measurement of equity securities, non-recurring, non-cash write-off of loan deferred financing costs, general and administrative expenses – non-cash component, non-cash changes in fair value of derivatives, amortization of Time charter assumed and other non-recurring, non-cash items. \u201cAccrued charter revenue\u201d is attributed to the timing difference between the revenue recognition and the cash collection. However, Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are not recognized measurements under U.S. GAAP. We believe that the presentation of Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We also believe that Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are useful in evaluating our ability to service additional debt and make capital expenditures. In addition, we believe that Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are useful in evaluating our operating performance and liquidity position compared to that of other companies in our industry because the calculation of Adjusted Net Income available to common stockholders and Adjusted Earnings per Share generally eliminates the effects of the accounting effects of capital expenditures and acquisitions, certain hedging instruments and other accounting treatments, items which may vary for different companies for reasons unrelated to overall operating performance and liquidity. In evaluating Adjusted Net Income available to common stockholders and Adjusted Earnings per Share, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted Net Income available to common stockholders and Adjusted Earnings per Share should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.<\/p>\n

      (1) Items to consider for comparability include gains and charges. Gains positively impacting Net Income available to common stockholders are reflected as deductions to Adjusted Net Income available to common stockholders. Charges negatively impacting Net Income available to common stockholders are reflected as increases to Adjusted Net Income available to common stockholders.<\/p>\n

      \n Results of Operations<\/strong>\n <\/p>\n

      \n
      \n Three-month period ended March 31, 2021 compared to the three-month period ended March 31, 2020<\/em>
      \n <\/strong>\n <\/p>\n

      During the three-month periods ended March 31, 2021 and 2020, we had an average of 62.7 and 60.2 vessels, respectively, in our fleet. In the three-month period ended March 31, 2021, we accepted delivery of the newbuild vessel YM Target<\/em> with a TEU capacity of 12,690, the secondhand vessels Aries<\/em>, Argus<\/em> and Glen Canyon<\/em>, which have an aggregate TEU capacity of 18,626 and we sold the vessel Halifax Express<\/em> with a TEU capacity of 4,890. Furthermore, in the three-month period ended March 31, 2021, we acquired (i) the 75% equity interest of York Capital Management in each of the 11,010 TEU container vessels Cape Kortia<\/em> and Cape Sounio<\/em> and (ii) the 51% equity interest of York Capital Management in each of the 11,010 TEU container vessels Cape Tainaro<\/em>, Cape Artemisio <\/em>and Cape Akritas<\/em> and as a result we obtained 100% of the equity interest in each of these five vessels. In the three-month period ended March 31, 2020, we accepted delivery of the secondhand containership Virgo<\/em> with a TEU capacity of 4,258 and we sold the containership vessel Neapolis<\/em> with a TEU capacity of 1,645. In the three-month periods ended March 31, 2021 and 2020, our fleet ownership days totaled 5,640 and 5,475 days, respectively. Ownership days are one of the primary drivers of voyage revenue and vessels\u2019 operating expenses and represent the aggregate number of days in a period during which each vessel in our fleet is owned.\u00a0<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      (Expressed in millions of U.S. dollars,<\/td>\n\u00a0<\/td>\n\n Three-month period ended March 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Change<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Percentage<\/strong>\n <\/td>\n<\/tr>\n
      except percentages)<\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Change<\/strong>\n <\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Voyage revenue<\/td>\n$<\/td>\n121.4<\/td>\n\u00a0<\/td>\n$<\/td>\n126.7<\/td>\n\u00a0<\/td>\n$<\/td>\n5.3<\/td>\n\u00a0<\/td>\n4.40<\/td>\n%<\/td>\n<\/tr>\n
      Voyage expenses<\/td>\n\u00a0<\/td>\n(2.5<\/td>\n)<\/td>\n\u00a0<\/td>\n(1.0<\/td>\n)<\/td>\n\u00a0<\/td>\n(1.5<\/td>\n)<\/td>\n(60.0<\/td>\n%)<\/td>\n<\/tr>\n
      Voyage expenses \u2013 related parties<\/td>\n\u00a0<\/td>\n(1.6<\/td>\n)<\/td>\n\u00a0<\/td>\n(1.9<\/td>\n)<\/td>\n\u00a0<\/td>\n0.3<\/td>\n\u00a0<\/td>\n18.8<\/td>\n%<\/td>\n<\/tr>\n
      Vessels\u2019 operating expenses<\/td>\n\u00a0<\/td>\n(27.9<\/td>\n)<\/td>\n\u00a0<\/td>\n(31.8<\/td>\n)<\/td>\n\u00a0<\/td>\n3.9<\/td>\n\u00a0<\/td>\n14.0<\/td>\n%<\/td>\n<\/tr>\n
      General and administrative expenses<\/td>\n\u00a0<\/td>\n(1.4<\/td>\n)<\/td>\n\u00a0<\/td>\n(2.0<\/td>\n)<\/td>\n\u00a0<\/td>\n0.6<\/td>\n\u00a0<\/td>\n42.9<\/td>\n%<\/td>\n<\/tr>\n
      Management fees \u2013 related parties<\/td>\n\u00a0<\/td>\n(5.3<\/td>\n)<\/td>\n\u00a0<\/td>\n(5.5<\/td>\n)<\/td>\n\u00a0<\/td>\n0.2<\/td>\n\u00a0<\/td>\n3.8<\/td>\n%<\/td>\n<\/tr>\n
      General and administrative expenses – non-cash component<\/td>\n\u00a0<\/td>\n(0.7<\/td>\n)<\/td>\n\u00a0<\/td>\n(1.4<\/td>\n)<\/td>\n\u00a0<\/td>\n0.7<\/td>\n\u00a0<\/td>\n100.0<\/td>\n%<\/td>\n<\/tr>\n
      Amortization of dry-docking and special survey costs<\/td>\n\u00a0<\/td>\n(2.2<\/td>\n)<\/td>\n\u00a0<\/td>\n(2.3<\/td>\n)<\/td>\n\u00a0<\/td>\n0.1<\/td>\n\u00a0<\/td>\n4.5<\/td>\n%<\/td>\n<\/tr>\n
      Depreciation<\/td>\n\u00a0<\/td>\n(28.1<\/td>\n)<\/td>\n\u00a0<\/td>\n(27.1<\/td>\n)<\/td>\n\u00a0<\/td>\n(1.0<\/td>\n)<\/td>\n(3.6<\/td>\n%)<\/td>\n<\/tr>\n
      Loss on sale \/ disposal of vessels<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.3<\/td>\n)<\/td>\n\u00a0<\/td>\n0.3<\/td>\n\u00a0<\/td>\nn.m.<\/td>\n<\/tr>\n
      Loss on vessel held for sale<\/td>\n\u00a0<\/td>\n(0.2<\/td>\n)<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.2<\/td>\n)<\/td>\n(100.0<\/td>\n%)<\/td>\n<\/tr>\n
      Vessels\u2019 impairment loss<\/td>\n\u00a0<\/td>\n(3.1<\/td>\n)<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3.1<\/td>\n)<\/td>\n(100.0<\/td>\n%)<\/td>\n<\/tr>\n
      Foreign exchange gains \/ (losses)<\/td>\n\u00a0<\/td>\n(0.1<\/td>\n)<\/td>\n\u00a0<\/td>\n0.1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.2<\/td>\n\u00a0<\/td>\nn.m.<\/td>\n<\/tr>\n
      Interest income<\/td>\n\u00a0<\/td>\n0.6<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.2<\/td>\n)<\/td>\n(33.3<\/td>\n%)<\/td>\n<\/tr>\n
      Interest and finance costs<\/td>\n\u00a0<\/td>\n(18.5<\/td>\n)<\/td>\n\u00a0<\/td>\n(16.1<\/td>\n)<\/td>\n\u00a0<\/td>\n(2.4<\/td>\n)<\/td>\n(13.0<\/td>\n%)<\/td>\n<\/tr>\n
      Fair value measurement of equity securities<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n25.9<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n25.9<\/td>\n\u00a0<\/td>\nn.m.<\/td>\n<\/tr>\n
      Income from equity method investments<\/td>\n\u00a0<\/td>\n4.2<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4.0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.2<\/td>\n)<\/td>\n(4.8<\/td>\n%)<\/td>\n<\/tr>\n
      Other<\/td>\n\u00a0<\/td>\n0.4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.5<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.1<\/td>\n\u00a0<\/td>\nn.m.<\/td>\n<\/tr>\n
      Loss on derivative instruments<\/td>\n\u00a0<\/td>\n(2.2<\/td>\n)<\/td>\n\u00a0<\/td>\n(1.1<\/td>\n)<\/td>\n\u00a0<\/td>\n(1.1<\/td>\n)<\/td>\n(50.0<\/td>\n%)<\/td>\n<\/tr>\n
      \n Net Income<\/strong>\n <\/td>\n$<\/td>\n32.8<\/td>\n\u00a0<\/td>\n$<\/td>\n68.1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

      \u00a0<\/p>\n\n\n\n\n\n\n\n\n
      (Expressed in millions of U.S. dollars,<\/td>\n\u00a0<\/td>\n\n Three-month period ended March 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Change<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Percentage<\/strong>\n <\/td>\n<\/tr>\n
      except percentages)<\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Change<\/strong>\n <\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Voyage revenue<\/td>\n$<\/td>\n121.4<\/td>\n\u00a0<\/td>\n$<\/td>\n126.7<\/td>\n\u00a0<\/td>\n$<\/td>\n5.3<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4.4<\/td>\n%<\/td>\n<\/tr>\n
      Accrued charter revenue<\/td>\n\u00a0<\/td>\n0.7<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.3<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n42.9<\/td>\n%<\/td>\n<\/tr>\n
      Amortization of time charter assumed<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Voyage revenue adjusted on a cash basis<\/td>\n$<\/td>\n122.1<\/td>\n\u00a0<\/td>\n$<\/td>\n127.7<\/td>\n\u00a0<\/td>\n$<\/td>\n5.6<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4.6<\/td>\n%<\/td>\n<\/tr>\n<\/table>\n

      \n \n <\/p>\n\n\n\n\n\n\n\n
      \n Vessels\u2019 operational data<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Three-month period ended March 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Percentage<\/strong>\n <\/td>\n<\/tr>\n
      \u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Change<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Change<\/strong>\n <\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Average number of vessels<\/td>\n\u00a0<\/td>\n60.2<\/td>\n\u00a0<\/td>\n62.7<\/td>\n\u00a0<\/td>\n2.5<\/td>\n\u00a0<\/td>\n4.2<\/td>\n%<\/td>\n<\/tr>\n
      Ownership days<\/td>\n\u00a0<\/td>\n5,475<\/td>\n\u00a0<\/td>\n5,640<\/td>\n\u00a0<\/td>\n165<\/td>\n\u00a0<\/td>\n3.0<\/td>\n%<\/td>\n<\/tr>\n
      Number of vessels under dry-docking<\/td>\n\u00a0<\/td>\n6<\/td>\n\u00a0<\/td>\n3<\/td>\n\u00a0<\/td>\n(3<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

      \u00a0<\/p>\n

      (1) Voyage revenue adjusted on a cash basis is not a recognized measurement under U.S. generally accepted accounting principles (\u201cGAAP\u201d). Refer to \u201cFinancial Summary\u201d above for the reconciliation of Voyage revenue adjusted on a cash basis.<\/p>\n

      \n Voyage Revenue<\/em>
      \n \n <\/p>\n

      Voyage revenue increased by 4.4%, or $5.3 million, to $126.7 million during the three-month period ended March 31, 2021, from $121.4 million during the three-month period ended March 31, 2020. The increase is mainly attributable to revenue earned (i) by five vessels acquired during the third and fourth quarter of 2020 and nine vessels acquired during the first quarter of 2021 and (ii) to decreased idle days of our fleet during the first quarter of 2021 compared to the first quarter of 2020; partly off-set (i) by decreased charter rates for five of our vessels (fixed in 2020 under long term time charters), (ii) by decreased charter rates in certain of our vessels whose newly agreed time charters at higher rates will commence in the second quarter of 2021, (iii) by revenue not earned by five vessels sold during the year ended December 31, 2020 and one vessel sold during the first quarter of 2021 and (iv) by revenue not earned due to decreased calendar days by one day during the first quarter of 2021 (90 calendar days) compared to the first quarter of 2020 (91 calendar days).<\/p>\n

      Voyage revenue adjusted on a cash basis (which eliminates non-cash \u201cAccrued charter revenue\u201d), increased by 4.6%, or $5.6 million, to $127.7 million during the three-month period ended March 31, 2021, from $122.1 million during the three-month period ended March 31, 2020. Accrued charter revenue for the three-month periods ended March 31, 2021 and 2020 was a positive amount of $1.0 million and $0.7 million, respectively.<\/p>\n

      \n Voyage Expenses<\/em>\n <\/p>\n

      Voyage expenses were $1.0 million and $2.5 million for the three-month periods ended March 31, 2021 and 2020, respectively. Voyage expenses mainly include (i) off-hire expenses of our vessels, primarily related to fuel consumption and (ii) third party commissions.<\/p>\n

      \n Voyage Expenses \u2013 related parties<\/em>\n <\/p>\n

      Voyage expenses \u2013 related parties were $1.9 million and $1.6 million for the three-month periods ended March 31, 2021 and 2020, respectively. Voyage expenses \u2013 related parties represent (i) fees of 1.25% in the aggregate on voyage revenues charged by a related manager and a service provider and (ii) charter brokerage fees payable to two related charter brokerage companies for an amount of approximately $0.3 million and $0.1 million, in the aggregate, for the three-month periods ended March 31, 2021 and 2020, respectively.<\/p>\n

      \n Vessels\u2019 Operating Expenses<\/em>\n <\/p>\n

      Vessels\u2019 operating expenses, which also include the realized gain under derivative contracts entered into in relation to foreign currency exposure, were $31.8 million and $27.9 million during the three-month periods ended March 31, 2021 and 2020, respectively. Daily vessels\u2019 operating expenses were $5,634 and $5,090 for the three-month periods ended March 31, 2021 and 2020, respectively. Daily operating expenses are calculated as vessels\u2019 operating expenses for the period over the ownership days of the period.<\/p>\n

      \n General and Administrative Expenses<\/em>\n <\/p>\n

      General and administrative expenses were $2.0 million and $1.4 million during the three-month periods ended March 31, 2021 and 2020, respectively, and both include $0.63 million paid to a related manager.<\/p>\n

      \n Management Fees \u2013 related parties<\/em>\n <\/p>\n

      Management fees paid to our related managers were $5.5 million and $5.3 million during the three-month periods ended March 31, 2021 and 2020, respectively.<\/p>\n

      \n General and Administrative Expenses – non-cash component<\/em>\n <\/p>\n

      General and administrative expenses – non-cash component for the three-month period ended March 31, 2021 amounted to $1.4 million, representing the value of the shares issued to a related manager on March 31, 2021. General and administrative expenses \u2013 non-cash component for the three-month period ended March 31, 2020 amounted to $0.7 million, representing the value of the shares issued to a related manager on March 30, 2020.<\/p>\n

      \n Amortization of Dry-Docking and Special Survey<\/em>\n <\/p>\n

      Amortization of deferred dry-docking and special survey costs was $2.3 million and $2.2 million during the three-month periods ended March 31, 2021 and 2020, respectively. During the three-month period ended March 31, 2021, one vessel underwent and completed her special survey and two vessels were in the process of completing their special survey. During the three-month period ended March 31, 2020, five vessels underwent and completed their special survey and one was in the process of completing her special survey.<\/p>\n

      \n Depreciation<\/em>\n <\/p>\n

      Depreciation expense for the three-month periods ended March 31, 2021 and 2020 was $27.1 million and $28.1 million, respectively.<\/p>\n

      \n Gain \/(Loss) on Sale \/ Disposal of Vessels<\/em>\n <\/p>\n

      During the three-month period ended March 31, 2021, we recorded a loss of $0.3 million from the sale of the vessel Halifax Express<\/em>, which was classified as asset held for sale as at December 31, 2020. During the three-month period ended March 31, 2020, we recorded a gain of $0.01 million from the sale of the container vessel Neapolis <\/em>which was classified as asset held for sale as at December 31, 2019.<\/p>\n

      \n Loss on Vessels Held for Sale<\/em>\n <\/p>\n

      During the three-month period ended March 31, 2021, the vessels Venetiko<\/em> and Prosper<\/em> were classified as vessels held for sale. No loss on vessels held sale was recorded during the first quarter of 2021 since each vessel\u2019s estimated market value exceeded each vessel\u2019s carrying value. During the three-month period ended March 31, 2020, we recorded an additional loss of $0.2\u00a0million on the vessel Zagora<\/em> that was classified as vessel held for sale as at December 31, 2019, representing the expected loss from her sale during the next twelve-month period.<\/p>\n

      \n Interest Income<\/em>\n <\/p>\n

      Interest income amounted to $0.4 million and $0.6 million for the three-month periods ended March 31, 2021 and 2020, respectively.<\/p>\n

      \n Interest and Finance Costs<\/em>\n <\/p>\n

      Interest and finance costs were $16.1 million and $18.5 million during the three-month periods ended March 31, 2021 and 2020, respectively. The decrease is mainly attributable to the decreased financing cost during the three-month period ended March 31, 2021 compared to the three-month period ended March 31, 2020.<\/p>\n

      \n Fair value measurement of equity securities<\/em>\n <\/p>\n

      Fair value measurement of equity securities of $25.9 million for the three-month period ended March 31, 2021, represents the difference between the aggregate fair value of 1,221,800 ordinary shares of ZIM that we own as at March 31, 2021 of $29.7 million compared to the book value of these shares of $3.8 million as of December 31, 2020. ZIM completed its initial public offering and listing on the New York Stock Exchange of its ordinary shares on January 27, 2021.<\/p>\n

      \n Income from Equity Method Investments<\/em>\n <\/p>\n

      During the three-month period ended March 31, 2021, we recorded an income from equity method investments of $4.0 million representing our share of the income in jointly owned companies pursuant to the Framework Deed dated May 15, 2013, as amended and restated (the \u201cFramework Deed\u201d), with York. Since late March 2021, we have held 100% of the equity interest in five previously jointly owned companies with York, and since then these five companies are consolidated in our consolidated financial statements. As of March 31, 2021, 8 companies are jointly-owned with York (of which, 5 companies currently own vessels). During the three-month period ended March 31, 2020, we recorded an income from equity method investments of $4.2 million also relating to investments under the Framework Deed.<\/p>\n

      \n Loss on Derivative Instruments<\/em>\n <\/p>\n

      The fair value of our nine interest rate derivative instruments which were outstanding as of March 31, 2021 equates to the amount that would be paid by us or to us should those instruments be terminated. As of March 31, 2021, the fair value of these nine interest rate derivative instruments in aggregate amounted to a liability of $4.3 million. The change in the fair value of the interest rate derivative instruments that qualified for hedge accounting is recorded in \u201cOther Comprehensive Income\u201d (\u201cOCI\u201d) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item while the change in the fair value of the interest rate derivatives representing hedge components excluded from the assessment of effectiveness are recognized currently in earnings and are presented in Gain\/(Loss) on Derivative Instruments. The change in the fair value of the interest rate derivative instruments that did not qualify for hedge accounting is recorded in Gain\/(Loss) on Derivative Instruments. For the three-month period ended March 31, 2021, a gain of $2.9 million has been included in OCI and a loss of $0.1 million has been included in Loss on derivative instruments in the consolidated statement of income, resulting from the fair market value change of the interest rate derivative instruments during the three-month period ended March 31, 2021.<\/p>\n

      \n Cash Flows<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n
      \n
      \n Three-month periods ended March 31, 2021 and 2020<\/strong>
      \n <\/em>\n <\/td>\n<\/tr>\n
      \u00a0<\/td>\n<\/tr>\n
      \n Condensed cash flows<\/strong>\n <\/td>\n\n Three-month period ended March 31,<\/strong>\n <\/td>\n<\/tr>\n
      (Expressed in millions of U.S. dollars)<\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      Net Cash Provided by Operating Activities<\/td>\n$<\/td>\n67.6<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n71.2<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Net Cash Provided by \/ (Used in) Investing Activities<\/td>\n$<\/td>\n4.7<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(86.4<\/td>\n)<\/td>\n<\/tr>\n
      Net Cash Provided by \/ (Used in) Financing Activities<\/td>\n$<\/td>\n(30.8<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n59.1<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

      \n
      \n Net Cash Provided by Operating Activities<\/em>
      \n <\/strong>
      \n \n <\/p>\n

      Net cash flows provided by operating activities for the three-month period ended March 31, 2021, increased by $3.6 million to $71.2 million, from $67.6 million for the three-month period ended March 31, 2020. The increase is mainly attributable to increased cash from operations of $5.6 million, to decreased special survey costs of $2.5 million during the three-month period ended March 31, 2021 compared to the three-month period ended March 31, 2020 and to decreased payments for interest (including swap payments) of $1.0 million during the three-month period ended March 31, 2021 compared to the three-month period ended March 31, 2020; partly off-set by the unfavorable change in working capital position, excluding the current portion of long-term debt and the accrued charter revenue (representing the difference between cash received in that period and revenue recognized on a straight-line basis) of $1.7 million.<\/p>\n

      \n
      \n Net Cash Provided By \/ (Used in) Investing Activities<\/em>
      \n <\/strong>\n <\/p>\n

      Net cash used in investing activities was $86.4 million in the three-month period ended March 31, 2021, which mainly consisted of net payments for the acquisition of the 75% equity interest in two companies and the 51% equity interest in two companies, previously jointly owned with York pursuant to the Framework Deed, payments for the delivery of one newbuild vessel and three secondhand vessels, advance payments for the acquisition of three secondhand vessels and payments for upgrades for certain of our vessels; partly off-set by proceeds we received from the sale of one vessel.<\/p>\n

      Net cash provided by investing activities was $4.7 million in the three-month period ended March 31, 2020, which mainly consisted of return of capital we received from three entities jointly owned with York pursuant to the Framework Deed and the proceeds we received from the sale of one vessel; partly off-set by advance payments for upgrades for certain of our vessels and payment for the acquisition of one secondhand vessel.<\/p>\n

      \n
      \n Net Cash Provided By \/ (Used in) Financing Activities<\/em>
      \n <\/strong>\n <\/p>\n

      Net cash provided by financing activities was $59.1 million in the three-month period ended March 31, 2021, which mainly consisted of (a) $81.6 million net proceeds relating to our debt financing agreements, (b) $9.4 million we paid for dividends to holders of our common stock for the fourth quarter of 2020 and (c) $0.9 million we paid for dividends to holders of our 7.625% Series B Cumulative Redeemable Perpetual Preferred Stock (\u201cSeries B Preferred Stock\u201d), $2.1 million we paid for dividends to holders of our 8.500% Series C Cumulative Redeemable Perpetual Preferred Stock (\u201cSeries C Preferred Stock\u201d), $2.2 million we paid for dividends to holders of our 8.75% Series D Cumulative Redeemable Perpetual Preferred Stock (\u201cSeries D Preferred Stock\u201d) and $2.5 million we paid for dividends to holders of our 8.875% Series E Cumulative Redeemable Perpetual Preferred Stock (\u201cSeries E Preferred Stock\u201d) for the period from October 15, 2020 to January 14, 2021.<\/p>\n

      Net cash used in financing activities was $30.8 million in the three-month period ended March 31, 2020, which mainly consisted of (a) $14.6 million net payments relating to our debt financing agreements, (b) $6.8 million we paid for dividends to holders of our common stock for the fourth quarter of 2019 and (c) $1.0 million we paid for dividends to holders of our Series B Preferred Stock, $2.1 million we paid for dividends to holders of our Series C Preferred Stock, $2.2 million we paid for dividends to holders of our Series D Preferred Stock and $2.5 million we paid for dividends to holders of our Series E Preferred Stock for the period from October 15, 2019 to January 14, 2020.<\/p>\n

      \n Liquidity and Unencumbered Vessels<\/strong>\n <\/p>\n

      \n
      \n Cash and cash equivalents<\/em>
      \n <\/strong>\n <\/p>\n

      As of March 31, 2021, we had a total cash liquidity of $235.8 million, consisting of cash, cash equivalents and restricted cash.<\/p>\n

      \n
      \n Debt-free vessels<\/em>
      \n <\/strong>\n <\/p>\n

      As of June 1, 2021, the following vessels were free of debt.<\/p>\n

      \n
      \n Unencumbered Vessels<\/u>
      \n <\/strong>
      \n
      \n (Refer to fleet list for full details)<\/em>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n
      \n Vessel Name<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Year<\/strong>\n <\/td>\n\u00a0<\/td>\n\n TEU<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Built<\/strong>\n <\/td>\n\n Capacity<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      ANDROUSA<\/td>\n\u00a0<\/td>\n2010<\/td>\n\u00a0<\/td>\n4,256<\/td>\n\u00a0<\/td>\n<\/tr>\n
      NORFOLK<\/td>\n\u00a0<\/td>\n2009<\/td>\n\u00a0<\/td>\n4,259<\/td>\n\u00a0<\/td>\n<\/tr>\n
      ETOILE<\/td>\n\u00a0<\/td>\n2005<\/td>\n\u00a0<\/td>\n2,556<\/td>\n\u00a0<\/td>\n<\/tr>\n
      MICHIGAN<\/td>\n\u00a0<\/td>\n2008<\/td>\n\u00a0<\/td>\n1,300<\/td>\n\u00a0<\/td>\n<\/tr>\n
      ENSENADA (*)<\/td>\n\u00a0<\/td>\n2001<\/td>\n\u00a0<\/td>\n5,576<\/td>\n\u00a0<\/td>\n<\/tr>\n
      MONEMVASIA (*)<\/td>\n\u00a0<\/td>\n1998<\/td>\n\u00a0<\/td>\n2,472<\/td>\n\u00a0<\/td>\n<\/tr>\n
      ARKADIA (*)<\/td>\n\u00a0<\/td>\n2001<\/td>\n\u00a0<\/td>\n1,550<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

      (*) Vessels acquired pursuant to the Framework Deed with York.<\/p>\n

      \n Conference Call details:<\/strong>\n <\/p>\n

      On Tuesday, June 1, 2021 at 8:30 a.m. EST, Costamare\u2019s management team will hold a conference call to discuss the financial results. Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1-844-887-9405 (from the US), 0808-238-9064 (from the UK) or +1-412-317-9258 (from outside the US and the UK). Please quote \u201cCostamare\u201d. A replay of the conference call will be available until June 8, 2021. The United States replay number is +1-877-344-7529; the standard international replay number is +1-412-317-0088; and the access code required for the replay is: 10157083.<\/p>\n

      \n Live webcast:<\/strong>\n <\/p>\n

      There will also be a simultaneous live webcast over the Internet, through the Costamare Inc. website (www.costamare.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.<\/p>\n

      \n About Costamare Inc.<\/strong>\n <\/p>\n

      Costamare Inc. is one of the world\u2019s leading owners and providers of containerships for charter. The Company has 47 years of history in the international shipping industry and a fleet of 82 containerships, with a total capacity of approximately 582,837 TEU, including five secondhand vessels that we have agreed to acquire and three vessels that we have agreed to sell. Five of our containerships have been acquired pursuant to the Framework Deed with York by vessel-owning joint venture entities in which we hold a minority equity interest. The Company\u2019s common stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series E Preferred Stock trade on the New York Stock Exchange under the symbols \u201cCMRE\u201d, \u201cCMRE PR B\u201d, \u201cCMRE PR C\u201d, \u201cCMRE PR D\u201d and \u201cCMRE PR E\u201d, respectively.<\/p>\n

      \n Forward-Looking Statements<\/strong>\n <\/p>\n

      This earnings release contains \u201cforward-looking statements\u201d. In some cases, you can identify these statements by forward-looking words such as \u201cbelieve\u201d, \u201cintend\u201d, \u201canticipate\u201d, \u201cestimate\u201d, \u201cproject\u201d, \u201cforecast\u201d, \u201cplan\u201d, \u201cpotential\u201d, \u201cmay\u201d, \u201cshould\u201d, \u201ccould\u201d, \u201cexpect\u201d and similar expressions. These statements are not historical facts but instead represent only Costamare\u2019s belief regarding future results, many of which, by their nature, are inherently uncertain and outside of Costamare\u2019s control. It is possible that actual results may differ, possibly materially, from those anticipated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect future results, see the discussion in the Company\u2019s Annual Report on Form 20-F (File No. 001-34934) under the caption \u201cRisk Factors\u201d.<\/p>\n

      \n Company Contacts:<\/strong><\/p>\n

      Gregory Zikos – Chief Financial Officer
      Konstantinos Tsakalidis – Business Development<\/p>\n

      Costamare Inc., Monaco
      Tel: (+377) 93 25 09 40
      Email: ir@costamare.com<\/p>\n

      \n
      \n Fleet List<\/u>
      \n <\/strong>\n <\/p>\n

      The table below provides additional information, as of June 1, 2021, about our fleet of containerships, including the vessels that we have agreed to acquire, the vessels we have agreed to sell, the vessels acquired pursuant to the Framework Deed and those vessels subject to sale and leaseback agreements. Each vessel is a cellular containership, meaning it is a dedicated container vessel.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
      \u00a0<\/td>\n\n Vessel Name<\/strong>\n <\/td>\n\n Charterer<\/strong>\n <\/td>\n\n Year Built<\/strong>\n <\/td>\n\n Capacity (TEU)<\/strong>\n <\/td>\n\n Current Daily Charter Rate<\/strong>
      \n
      \n (1)<\/strong>
      \n <\/sup>
      \n (U.S.\u00a0dollars)<\/strong>\n <\/td>\n      		\n Expiration of Charter<\/strong>
      \n
      \n (2)<\/strong>
      \n <\/sup>\n <\/td>\n<\/tr>\n
      \n 1<\/strong>\n <\/td>\nTRITON(ii)<\/sup><\/td>\nEvergreen<\/td>\n2016<\/td>\n14,424<\/td>\n\n (*)<\/sup>\n <\/td>\nMarch 2026<\/td>\n<\/tr>\n
      \n 2<\/strong>\n <\/td>\nTITAN(ii)<\/sup><\/td>\nEvergreen<\/td>\n2016<\/td>\n14,424<\/td>\n\n (*)<\/sup>\n <\/td>\nApril 2026<\/td>\n<\/tr>\n
      \n 3<\/strong>\n <\/td>\nTALOS(ii)<\/sup><\/td>\nEvergreen<\/td>\n2016<\/td>\n14,424<\/td>\n\n (*)<\/sup>\n <\/td>\nJuly 2026<\/td>\n<\/tr>\n
      \n 4<\/strong>\n <\/td>\nTAURUS(ii)<\/sup><\/td>\nEvergreen<\/td>\n2016<\/td>\n14,424<\/td>\n\n (*)<\/sup>\n <\/td>\nAugust 2026<\/td>\n<\/tr>\n
      \n 5<\/strong>\n <\/td>\nTHESEUS(ii)<\/sup><\/td>\nEvergreen<\/td>\n2016<\/td>\n14,424<\/td>\n\n (*)<\/sup>\n <\/td>\nAugust 2026<\/td>\n<\/tr>\n
      \n 6<\/strong>\n <\/td>\nYM TRIUMPH(ii)<\/sup><\/td>\nYang Ming<\/td>\n2020<\/td>\n12,690<\/td>\n\n (*)<\/sup>\n <\/td>\nMay 2030<\/td>\n<\/tr>\n
      \n 7<\/strong>\n <\/td>\nYM TRUTH(ii)<\/sup><\/td>\nYang Ming<\/td>\n2020<\/td>\n12,690<\/td>\n\n (*)<\/sup>\n <\/td>\nMay 2030<\/td>\n<\/tr>\n
      \n 8<\/strong>\n <\/td>\nYM TOTALITY(ii)<\/sup><\/td>\nYang Ming<\/td>\n2020<\/td>\n12,690<\/td>\n\n (*)<\/sup>\n <\/td>\nJuly 2030<\/td>\n<\/tr>\n
      \n 9<\/strong>\n <\/td>\nYM TARGET(ii)<\/sup><\/td>\nYang Ming<\/td>\n2021<\/td>\n12,690<\/td>\n\n (*)<\/sup>\n <\/td>\nNovember 2030<\/td>\n<\/tr>\n
      \n 10<\/strong>\n <\/td>\nYM TIPTOP(ii)<\/sup><\/td>\nYang Ming<\/td>\n2021<\/td>\n12,690<\/td>\n\n (*)<\/sup>\n <\/td>\nMarch 2031<\/td>\n<\/tr>\n
      \n 11<\/strong>\n <\/td>\nCAPE AKRITAS<\/td>\nZIM\/MSC<\/td>\n2016<\/td>\n11,010<\/td>\n34,750\/33,000<\/td>\nJune 2031(3)<\/sup><\/td>\n<\/tr>\n
      \n 12<\/strong>\n <\/td>\nCAPE TAINARO<\/td>\nMSC<\/td>\n2017<\/td>\n11,010<\/td>\n33,000<\/td>\nApril 2031<\/td>\n<\/tr>\n
      \n 13<\/strong>\n <\/td>\nCAPE KORTIA<\/td>\nZIM\/MSC<\/td>\n2017<\/td>\n11,010<\/td>\n34,750\/33,000<\/td>\nJuly 2031(3)<\/sup><\/td>\n<\/tr>\n
      \n 14<\/strong>\n <\/td>\nCAPE SOUNIO<\/td>\nMSC<\/td>\n2017<\/td>\n11,010<\/td>\n33,000<\/td>\nApril 2031<\/td>\n<\/tr>\n
      \n 15<\/strong>\n <\/td>\nCAPE ARTEMISIO<\/td>\nHapag Lloyd<\/td>\n2017<\/td>\n11,010<\/td>\n36,650<\/td>\nMarch 2025<\/td>\n<\/tr>\n
      \n 16<\/strong>\n <\/td>\nCOSCO GUANGZHOU<\/td>\nCOSCO<\/td>\n2006<\/td>\n9,469<\/td>\n30,900<\/td>\nApril 2022<\/td>\n<\/tr>\n
      \n 17<\/strong>\n <\/td>\nCOSCO NINGBO<\/td>\nCOSCO<\/td>\n2006<\/td>\n9,469<\/td>\n30,900<\/td>\nApril 2022<\/td>\n<\/tr>\n
      \n 18<\/strong>\n <\/td>\nYANTIAN<\/td>\nCOSCO<\/td>\n2006<\/td>\n9,469<\/td>\n39,600<\/td>\nFebruary 2024<\/td>\n<\/tr>\n
      \n 19<\/strong>\n <\/td>\nCOSCO HELLAS<\/td>\nCOSCO<\/td>\n2006<\/td>\n9,469<\/td>\n39,600<\/td>\nFebruary 2024<\/td>\n<\/tr>\n
      \n 20<\/strong>\n <\/td>\nBEIJING<\/td>\nCOSCO<\/td>\n2006<\/td>\n9,469<\/td>\n39,600<\/td>\nMarch 2024<\/td>\n<\/tr>\n
      \n 21<\/strong>\n <\/td>\nMSC AZOV<\/td>\nMSC<\/td>\n2014<\/td>\n9,403<\/td>\n46,300<\/td>\nDecember 2026(4)<\/sup><\/td>\n<\/tr>\n
      \n 22<\/strong>\n <\/td>\nMSC AMALFI<\/td>\nMSC<\/td>\n2014<\/td>\n9,403<\/td>\n46,300<\/td>\nMarch 2027(5)<\/sup><\/td>\n<\/tr>\n
      \n 23<\/strong>\n <\/td>\nMSC AJACCIO<\/td>\nMSC<\/td>\n2014<\/td>\n9,403<\/td>\n46,300<\/td>\nFebruary 2027(6)<\/sup><\/td>\n<\/tr>\n
      \n 24<\/strong>\n <\/td>\nMSC ATHENS(ii)<\/sup><\/td>\nMSC<\/td>\n2013<\/td>\n8,827<\/td>\n45,300<\/td>\nJanuary 2026(7)<\/sup><\/td>\n<\/tr>\n
      \n 25<\/strong>\n <\/td>\nMSC ATHOS(ii)<\/sup><\/td>\nMSC<\/td>\n2013<\/td>\n8,827<\/td>\n45,300<\/td>\nFebruary 2026(8)<\/sup><\/td>\n<\/tr>\n
      \n 26<\/strong>\n <\/td>\nVALOR<\/td>\nHapag Lloyd<\/td>\n2013<\/td>\n8,827<\/td>\n32,400<\/td>\nApril 2025<\/td>\n<\/tr>\n
      \n 27<\/strong>\n <\/td>\nVALUE<\/td>\nHapag Lloyd<\/td>\n2013<\/td>\n8,827<\/td>\n32,400<\/td>\nApril 2025<\/td>\n<\/tr>\n
      \n 28<\/strong>\n <\/td>\nVALIANT<\/td>\nHapag Lloyd<\/td>\n2013<\/td>\n8,827<\/td>\n32,400<\/td>\nJune 2025<\/td>\n<\/tr>\n
      \n 29<\/strong>\n <\/td>\nVALENCE<\/td>\nHapag Lloyd<\/td>\n2013<\/td>\n8,827<\/td>\n32,400<\/td>\nJuly 2025<\/td>\n<\/tr>\n
      \n 30<\/strong>\n <\/td>\nVANTAGE<\/td>\nHapag Lloyd<\/td>\n2013<\/td>\n8,827<\/td>\n32,400<\/td>\nSeptember 2025<\/td>\n<\/tr>\n
      \n 31<\/strong>\n <\/td>\nNAVARINO<\/td>\nMSC<\/td>\n2010<\/td>\n8,531<\/td>\n31,000<\/td>\nJanuary 2025<\/td>\n<\/tr>\n
      \n 32<\/strong>\n <\/td>\nMAERSK KLEVEN<\/td>\nMaersk<\/td>\n1996<\/td>\n8,044<\/td>\n25,000<\/td>\nJune 2023(9)<\/sup><\/td>\n<\/tr>\n
      \n 33<\/strong>\n <\/td>\nMAERSK KOTKA<\/td>\nMaersk<\/td>\n1996<\/td>\n8,044<\/td>\n25,000<\/td>\nJune 2023(10)<\/sup><\/td>\n<\/tr>\n
      \n 34<\/strong>\n <\/td>\nMAERSK KOWLOON<\/td>\nMaersk<\/td>\n2005<\/td>\n7,471<\/td>\n16,000<\/td>\nJune 2022<\/td>\n<\/tr>\n
      \n 35<\/strong>\n <\/td>\nKURE<\/td>\nCOSCO<\/td>\n1996<\/td>\n7,403<\/td>\n31,000<\/td>\nMarch 2023<\/td>\n<\/tr>\n
      \n 36<\/strong>\n <\/td>\nMSC METHONI<\/td>\nMSC<\/td>\n2003<\/td>\n6,724<\/td>\n29,000<\/td>\nSeptember 2021<\/td>\n<\/tr>\n
      \n 37<\/strong>\n <\/td>\nYORK<\/td>\nMaersk<\/td>\n2000<\/td>\n6,648<\/td>\n21,250<\/td>\nAugust 2022<\/td>\n<\/tr>\n
      \n 38<\/strong>\n <\/td>\nKOBE<\/td>\nRCL Feeder\/ZIM<\/td>\n2000<\/td>\n6,648<\/td>\n14,500\/45,000<\/td>\nJuly 2025(11)<\/sup><\/td>\n<\/tr>\n
      \n 39<\/strong>\n <\/td>\nSEALAND WASHINGTON<\/td>\nMaersk<\/td>\n2000<\/td>\n6,648<\/td>\n25,000<\/td>\nMarch 2022(12)<\/sup><\/td>\n<\/tr>\n
      \n 40<\/strong>\n <\/td>\nSEALAND MICHIGAN<\/td>\nMaersk<\/td>\n2000<\/td>\n6,648<\/td>\n25,000<\/td>\nMarch 2022(12)<\/sup><\/td>\n<\/tr>\n
      \n 41<\/strong>\n <\/td>\nSEALAND ILLINOIS<\/td>\nMaersk<\/td>\n2000<\/td>\n6,648<\/td>\n25,000<\/td>\nMarch 2022(12)<\/sup><\/td>\n<\/tr>\n
      \n 42<\/strong>\n <\/td>\nMAERSK KOLKATA<\/td>\nMaersk<\/td>\n2003<\/td>\n6,644<\/td>\n25,000<\/td>\nMarch 2022(12)<\/sup><\/td>\n<\/tr>\n
      \n 43<\/strong>\n <\/td>\nMAERSK KINGSTON<\/td>\nMaersk<\/td>\n2003<\/td>\n6,644<\/td>\n25,000<\/td>\nMarch 2022(12)<\/sup><\/td>\n<\/tr>\n
      \n 44<\/strong>\n <\/td>\nMAERSK KALAMATA<\/td>\nMaersk<\/td>\n2003<\/td>\n6,644<\/td>\n25,000<\/td>\nMarch 2022(12)<\/sup><\/td>\n<\/tr>\n
      \n 45<\/strong>\n <\/td>\nARIES<\/td>\nONE<\/td>\n2004<\/td>\n6,492<\/td>\n\n (*)<\/sup>\n <\/td>\nDecember 2022<\/td>\n<\/tr>\n
      \n 46<\/strong>\n <\/td>\nARGUS<\/td>\nONE<\/td>\n2004<\/td>\n6,492<\/td>\n\n (*)<\/sup>\n <\/td>\nJanuary 2023<\/td>\n<\/tr>\n
      \n 47<\/strong>\n <\/td>\nVENETIKO(iii)<\/sup><\/td>\n\n (*)<\/sup>\n <\/td>\n2003<\/td>\n5,928<\/td>\n\n (*)<\/sup>\n <\/td>\nJuly 2021<\/td>\n<\/tr>\n
      \n 48<\/strong>\n <\/td>\nGLEN CANYON<\/td>\nONE<\/td>\n2006<\/td>\n5,642<\/td>\n\n (*)<\/sup>\n <\/td>\nJanuary 2022<\/td>\n<\/tr>\n
      \n 49<\/strong>\n <\/td>\nENSENADA(i), (iii) <\/sup><\/td>\n\n (*)<\/sup>\n <\/td>\n2001<\/td>\n5,576<\/td>\n21,500<\/td>\nJune 2021<\/td>\n<\/tr>\n
      \n 50<\/strong>\n <\/td>\nZIM NEW YORK<\/td>\nZIM<\/td>\n2002<\/td>\n4,992<\/td>\n14,438<\/td>\nOctober 2021(13)<\/sup><\/td>\n<\/tr>\n
      \n 51<\/strong>\n <\/td>\nZIM SHANGHAI<\/td>\nZIM<\/td>\n2002<\/td>\n4,992<\/td>\n14,438<\/td>\nOctober 2021(13)<\/sup><\/td>\n<\/tr>\n
      \n 52<\/strong>\n <\/td>\nLEONIDIO(ii)<\/sup><\/td>\nMaersk<\/td>\n2014<\/td>\n4,957<\/td>\n14,200<\/td>\nDecember 2024<\/td>\n<\/tr>\n
      \n 53<\/strong>\n <\/td>\nKYPARISSIA(ii)<\/sup><\/td>\nMaersk<\/td>\n2014<\/td>\n4,957<\/td>\n14,200<\/td>\nNovember 2024<\/td>\n<\/tr>\n
      \n 54<\/strong>\n <\/td>\nMEGALOPOLIS<\/td>\nMaersk<\/td>\n2013<\/td>\n4,957<\/td>\n13,500<\/td>\nJuly 2025<\/td>\n<\/tr>\n
      \n 55<\/strong>\n <\/td>\nMARATHOPOLIS<\/td>\nMaersk<\/td>\n2013<\/td>\n4.957<\/td>\n13,500<\/td>\nJuly 2025<\/td>\n<\/tr>\n
      \n 56<\/strong>\n <\/td>\nOAKLAND (ex. OAKLAND EXPRESS)<\/td>\nMaersk<\/td>\n2000<\/td>\n4,890<\/td>\n24,500<\/td>\nMarch 2023<\/td>\n<\/tr>\n
      \n 57<\/strong>\n <\/td>\nNORFOLK<\/td>\nMaersk<\/td>\n2009<\/td>\n4,259<\/td>\n30,000<\/td>\nMay 2023<\/td>\n<\/tr>\n
      \n 58<\/strong>\n <\/td>\nVULPECULA<\/td>\nOOCL<\/td>\n2010<\/td>\n4,258<\/td>\n22,700<\/td>\nFebruary 2023<\/td>\n<\/tr>\n
      \n 59<\/strong>\n <\/td>\nVOLANS<\/td>\nZIM<\/td>\n2010<\/td>\n4,258<\/td>\n24,250<\/td>\nApril 2024(14)<\/sup><\/td>\n<\/tr>\n
      \n 60<\/strong>\n <\/td>\nVIRGO<\/td>\nMaersk<\/td>\n2009<\/td>\n4,258<\/td>\n30,200<\/td>\nFebruary 2024<\/td>\n<\/tr>\n
      \n 61<\/strong>\n <\/td>\nVELA<\/td>\nOOCL<\/td>\n2009<\/td>\n4,258<\/td>\n22,700<\/td>\nJanuary 2023<\/td>\n<\/tr>\n
      \n 62<\/strong>\n <\/td>\nANDROUSA<\/td>\nMaersk<\/td>\n2010<\/td>\n4,256<\/td>\n22,750<\/td>\nMay 2023<\/td>\n<\/tr>\n
      \n 63<\/strong>\n <\/td>\nNEOKASTRO<\/td>\n(*)<\/td>\n2011<\/td>\n4,178<\/td>\n(*)<\/td>\nDecember 2021<\/td>\n<\/tr>\n
      \n 64<\/strong>\n <\/td>\nULSAN<\/td>\nMaersk<\/td>\n2002<\/td>\n4,132<\/td>\n12,000<\/td>\nJune 2021<\/td>\n<\/tr>\n
      \n 65<\/strong>\n <\/td>\nPOLAR ARGENTINA(i)(ii)<\/sup><\/td>\nMaersk<\/td>\n2018<\/td>\n3,800<\/td>\n19,700<\/td>\nOctober 2024<\/td>\n<\/tr>\n
      \n 66<\/strong>\n <\/td>\nPOLAR BRASIL(i)(ii)<\/sup><\/td>\nMaersk<\/td>\n2018<\/td>\n3,800<\/td>\n19,700<\/td>\nJanuary 2025<\/td>\n<\/tr>\n
      \n 67<\/strong>\n <\/td>\nLAKONIA<\/td>\nCOSCO<\/td>\n2004<\/td>\n2,586<\/td>\n17,300<\/td>\nFebruary 2022<\/td>\n<\/tr>\n
      \n 68<\/strong>\n <\/td>\nSCORPIUS<\/td>\nPool<\/td>\n2007<\/td>\n2,572<\/td>\nPool Participation<\/td>\n<\/tr>\n
      \n 69<\/strong>\n <\/td>\nETOILE<\/td>\n\n (*)<\/sup>\n <\/td>\n2005<\/td>\n2,556<\/td>\n\n (*)<\/sup>\n <\/td>\nFebruary 2023<\/td>\n<\/tr>\n
      \n 70<\/strong>\n <\/td>\nAREOPOLIS<\/td>\nCOSCO<\/td>\n2000<\/td>\n2,474<\/td>\n17,300<\/td>\nMarch 2022<\/td>\n<\/tr>\n
      \n 71<\/strong>\n <\/td>\nMONEMVASIA(i)<\/sup><\/td>\nMaersk<\/td>\n1998<\/td>\n2,472<\/td>\n9,250<\/td>\nNovember 2021<\/td>\n<\/tr>\n
      \n 72<\/strong>\n <\/td>\nMESSINI<\/td>\n\n (*)<\/sup>\n <\/td>\n1997<\/td>\n2,458<\/td>\n18,000<\/td>\nJanuary 2022<\/td>\n<\/tr>\n
      \n 73<\/strong>\n <\/td>\nARKADIA(i)<\/sup><\/td>\nEvergreen<\/td>\n2001<\/td>\n1,550<\/td>\n8,650<\/td>\nJune 2021<\/td>\n<\/tr>\n
      \n 74<\/strong>\n <\/td>\nPROSPER(iii)<\/sup><\/td>\nSealand Maersk Asia<\/td>\n1996<\/td>\n1,504<\/td>\n8,500<\/td>\nJune 2021<\/td>\n<\/tr>\n
      \n 75<\/strong>\n <\/td>\nMICHIGAN<\/td>\nMSC<\/td>\n2008<\/td>\n1,300<\/td>\n18,700<\/td>\nSeptember 2023(15)<\/sup><\/td>\n<\/tr>\n
      \n 76<\/strong>\n <\/td>\nTRADER<\/td>\n\n (*)<\/sup>\n <\/td>\n2008<\/td>\n1,300<\/td>\n\n (*)<\/sup>\n <\/td>\nNovember 2021<\/td>\n<\/tr>\n
      \n 77<\/strong>\n <\/td>\nLUEBECK<\/td>\nMSC<\/td>\n2001<\/td>\n1,078<\/td>\n7,750<\/td>\nFebruary 2022<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

      \n Vessels agreed to be acquired within 2021<\/strong>\n <\/p>\n\n\n\n\n\n\n\n
      \u00a0<\/td>\n\n Vessel Capacity (TEU)<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Year Built<\/strong>\n <\/td>\n\n Charterer<\/strong>\n <\/td>\n\n Agreed Daily Charter Rate (U.S. dollars)<\/strong>\n <\/td>\n\n Charter Tenor<\/strong>\n <\/td>\n<\/tr>\n
      \n 1<\/strong>\n <\/td>\n6,712<\/td>\n\u00a0<\/td>\n2001<\/td>\nMaersk<\/td>\n30,075<\/td>\n60 \u2013 64 months from vessel\u2019s delivery to the charterer<\/td>\n<\/tr>\n
      \n 2<\/strong>\n <\/td>\n5,908<\/td>\n\u00a0<\/td>\n2002<\/td>\nMaersk<\/td>\n28,822<\/td>\n60 \u2013 64 months from vessel\u2019s delivery to the charterer<\/td>\n<\/tr>\n
      \n 3<\/strong>\n <\/td>\n5,570<\/td>\n\u00a0<\/td>\n2002<\/td>\nMaersk<\/td>\n28,822<\/td>\n60 \u2013 64 months from vessel\u2019s delivery to the charterer<\/td>\n<\/tr>\n
      \n 4<\/strong>\n <\/td>\n4,578<\/td>\n\u00a0<\/td>\n2009<\/td>\nZIM<\/td>\n25,500<\/td>\n32 \u2013 36 months from vessel\u2019s delivery to the charterer<\/td>\n<\/tr>\n
      \n 5<\/strong>\n <\/td>\n4,578<\/td>\n\u00a0<\/td>\n2008<\/td>\nMaersk<\/td>\n22,750<\/td>\n24.5 \u2013 27.5 months from vessel\u2019s delivery to the charterer<\/td>\n<\/tr>\n<\/table>\n

      \n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
      (1)<\/td>\nDaily charter rates are gross, unless stated otherwise. Amounts set out for current daily charter rate are the amounts contained in the charter contracts.<\/td>\n<\/tr>\n
      (2)<\/td>\nCharter terms and expiration dates are based on the earliest date charters could expire.<\/td>\n<\/tr>\n
      (3)<\/td>\nUpon redelivery of each vessel from ZIM<\/em> between August 2021 and October 2021, each vessel will commence a charter for a period of approximately 10 years, with MSC<\/em> at a daily rate of $33,000. Until then the daily charter rate of Cape Akritas<\/em> and Cape Kortia<\/em> will be $34,750.<\/td>\n<\/tr>\n
      (4)<\/td>\nThis charter rate will be earned by MSC Azov<\/em> until December 2, 2023. From the aforementioned date until the expiry of the charter, the daily rate will be $35,300.<\/td>\n<\/tr>\n
      (5)<\/td>\nThis charter rate will be earned by MSC Amalfi<\/em> until March 16, 2024. From the aforementioned date until the expiry of the charter, the daily rate will be $35,300.<\/td>\n<\/tr>\n
      (6)<\/td>\nThis charter rate will be earned by MSC Ajaccio<\/em> until February 1, 2024. From the aforementioned date until the expiry of the charter, the daily rate will be $35,300.<\/td>\n<\/tr>\n
      (7)<\/td>\nThis charter rate will be earned by MSC Athens <\/em>until January 29, 2023. From the aforementioned date until the expiry of the charter, the daily rate will be $35,300.<\/td>\n<\/tr>\n
      (8)<\/td>\nThis charter rate will be earned by MSC Athos <\/em>until February 24, 2023. From the aforementioned date until the expiry of the charter, the daily rate will be $35,300.<\/td>\n<\/tr>\n
      (9)<\/td>\nFrom April 9, 2021, the daily rate of Maersk Kleven<\/em> is a base rate of $17,000, adjusted pursuant to the terms of a 50:50 profit\/loss sharing mechanism based on market conditions with a minimum charter rate of $12,000 and a maximum charter rate of $25,000.<\/td>\n<\/tr>\n
      (10)<\/td>\nFrom April 25, 2021, the daily rate of Maersk Kotka<\/em> is a base rate of $17,000, adjusted pursuant to the terms of a 50:50 profit\/loss sharing mechanism based on market conditions with a minimum charter rate of $12,000 and a maximum charter rate of $25,000.<\/td>\n<\/tr>\n
      (11)<\/td>\nUpon redelivery of Kobe<\/em> from RCL Feeder <\/em>(expected between August 2021 and November 2021), the vessel will commence a charter with ZIM<\/em> at a daily rate of $45,000. Until then the daily charter rate will be $14,500.<\/td>\n<\/tr>\n
      (12)<\/td>\nThe daily rate for Sealand Washington, Sealand Michigan, Sealand Illinois,<\/em>Maersk Kolkata,<\/em>Maersk Kingston<\/em> and Maersk Kalamata<\/em> is a base rate of $16,000, adjusted pursuant to the terms of a 50:50 profit\/loss sharing mechanism based on market conditions with a minimum charter rate of $12,000 and a maximum charter rate of $25,000.<\/td>\n<\/tr>\n
      (13)<\/td>\nThe amounts in the table reflect the current charter terms, giving effect to our agreement with ZIM<\/em> under its 2014 restructuring plan. Based on this agreement, we have been granted charter extensions and have been issued equity securities representing 1.2% of ZIM\u2019s<\/em> equity at that time and approximately $8.2 million in interest bearing notes maturing in 2023. In May 2020, the Company exercised its option to extend the charters of ZIM New York<\/em> and ZIM Shanghai<\/em> for a one year period at market rate plus $1,100 per day per vessel while the notes remain outstanding. The rate for this sixth optional year has been determined at $14,438 per day.<\/td>\n<\/tr>\n
      (14)<\/td>\nThis charter rate will be earned by Volans<\/em> from June 29, 2021. Until then the daily charter rate will be $7,000.<\/td>\n<\/tr>\n
      (15)<\/td>\nThis charter rate will be earned by Michigan<\/em> from October 15, 2021. Until then the daily charter rate will be $5,800.<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      (i)<\/td>\nDenotes vessels acquired pursuant to the Framework Deed. The Company holds an equity interest of 49% in each of the vessel-owning entities.<\/td>\n<\/tr>\n
      (ii)<\/td>\nDenotes vessels subject to a sale and leaseback transaction.<\/td>\n<\/tr>\n
      (iii)<\/td>\nDenotes vessels that we have agreed to sell.<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      (*)<\/td>\nDenotes charterer\u2019s identity and\/or current daily charter rates and\/or charter expiration dates, which are treated as confidential.<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

      \n Consolidated Statements of Income<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\n Three-month period ended March 31,<\/strong>\n <\/td>\n<\/tr>\n
      (Expressed in thousands of U.S. dollars, except share and per share amounts)<\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n REVENUES:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Voyage revenue<\/td>\n$<\/td>\n121,404<\/td>\n\u00a0<\/td>\n$<\/td>\n126,725<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n EXPENSES:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Voyage expenses<\/td>\n\u00a0<\/td>\n(2,518<\/td>\n)<\/td>\n\u00a0<\/td>\n(1,041<\/td>\n)\u00a0<\/td>\n<\/tr>\n
      Voyage expenses \u2013 related parties<\/td>\n\u00a0<\/td>\n(1,587<\/td>\n)<\/td>\n\u00a0<\/td>\n(1,906<\/td>\n)<\/td>\n<\/tr>\n
      Vessels\u2019 operating expenses<\/td>\n\u00a0<\/td>\n(27,870<\/td>\n)<\/td>\n\u00a0<\/td>\n(31,779<\/td>\n)<\/td>\n<\/tr>\n
      General and administrative expenses<\/td>\n\u00a0<\/td>\n(1,402<\/td>\n)<\/td>\n\u00a0<\/td>\n(1,968<\/td>\n)<\/td>\n<\/tr>\n
      Management fees – related parties<\/td>\n\u00a0<\/td>\n(5,322<\/td>\n)<\/td>\n\u00a0<\/td>\n(5,476<\/td>\n)<\/td>\n<\/tr>\n
      Non-cash general and administrative expenses and non-cash other items<\/td>\n\u00a0<\/td>\n(676<\/td>\n)<\/td>\n\u00a0<\/td>\n(1,439<\/td>\n)<\/td>\n<\/tr>\n
      Amortization of dry-docking and special survey costs<\/td>\n\u00a0<\/td>\n(2,207<\/td>\n)<\/td>\n\u00a0<\/td>\n(2,327<\/td>\n)<\/td>\n<\/tr>\n
      Depreciation<\/td>\n\u00a0<\/td>\n(28,136<\/td>\n)<\/td>\n\u00a0<\/td>\n(27,096<\/td>\n)<\/td>\n<\/tr>\n
      Gain \/ (Loss) on sale \/ disposal of vessels<\/td>\n\u00a0<\/td>\n10<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(260<\/td>\n)<\/td>\n<\/tr>\n
      Loss on vessel held for sale<\/td>\n\u00a0<\/td>\n(232<\/td>\n)<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Vessels\u2019 impairment loss<\/td>\n\u00a0<\/td>\n(3,071<\/td>\n)<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Foreign exchange gains \/ (losses)<\/td>\n\u00a0<\/td>\n(142<\/td>\n)<\/td>\n\u00a0<\/td>\n149<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Operating income<\/strong>\n <\/td>\n$<\/td>\n48,251<\/td>\n\u00a0<\/td>\n$<\/td>\n53,582<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n OTHER INCOME \/ (EXPENSES):<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Interest income<\/td>\n$<\/td>\n647<\/td>\n\u00a0<\/td>\n$<\/td>\n367<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Interest and finance costs<\/td>\n\u00a0<\/td>\n(18,467<\/td>\n)<\/td>\n\u00a0<\/td>\n(16,107<\/td>\n)<\/td>\n<\/tr>\n
      Income from equity method investments<\/td>\n\u00a0<\/td>\n4,164<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,991<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Fair value measurement of equity securities<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n25,937<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Other<\/td>\n\u00a0<\/td>\n428<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,488<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Loss on derivative instruments<\/td>\n\u00a0<\/td>\n(2,247<\/td>\n)<\/td>\n\u00a0<\/td>\n(1,117<\/td>\n)<\/td>\n<\/tr>\n
      \n Total other income \/ (expenses)<\/strong>\n <\/td>\n$<\/td>\n(15,475<\/td>\n)<\/td>\n$<\/td>\n14,559<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Net Income<\/strong>\n <\/td>\n$<\/td>\n32,776<\/td>\n\u00a0<\/td>\n$<\/td>\n68,141<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Earnings allocated to Preferred Stock<\/td>\n\u00a0<\/td>\n(7,693<\/td>\n)<\/td>\n\u00a0<\/td>\n(7,595<\/td>\n)<\/td>\n<\/tr>\n
      Gain on retirement of Preferred Stock<\/td>\n\u00a0<\/td>\n541<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Net Income available to common stockholders<\/strong>\n <\/td>\n$<\/td>\n25,624<\/td>\n\u00a0<\/td>\n$<\/td>\n60,546<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Earnings per common share, basic and diluted<\/td>\n$<\/td>\n0.21<\/td>\n\u00a0<\/td>\n$<\/td>\n0.49<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Weighted average number of shares, basic and diluted<\/td>\n\u00a0<\/td>\n119,535,940<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n122,384,052<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

      \n COSTAMARE INC.<\/strong>
      \n
      \n Consolidated Balance Sheets<\/strong>
      \n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
      \u00a0<\/td>\n\u00a0<\/td>\n\n As of December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n As of March 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      (Expressed in thousands of U.S. dollars)<\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n
      \n ASSETS<\/strong>
      \n <\/u>\n <\/td>\n      		\u00a0<\/td>\n(Audited)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(Unaudited)<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n CURRENT ASSETS:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Cash and cash equivalents<\/td>\n$<\/td>\n143,922<\/td>\n\u00a0<\/td>\n$<\/td>\n174,488<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Restricted cash<\/td>\n\u00a0<\/td>\n4,998<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,848<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Accounts receivable<\/td>\n\u00a0<\/td>\n8,249<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,223<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Inventories<\/td>\n\u00a0<\/td>\n10,455<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,218<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Due from related parties<\/td>\n\u00a0<\/td>\n1,623<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Fair value of derivatives<\/td>\n\u00a0<\/td>\n460<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,202<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Insurance claims receivable<\/td>\n\u00a0<\/td>\n883<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n718<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Asset held for sale<\/td>\n\u00a0<\/td>\n12,416<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n19,394<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Time charter assumed<\/td>\n\u00a0<\/td>\n191<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n199<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Investment in equity securities<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n29,738<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Prepayments and other<\/td>\n\u00a0<\/td>\n8,853<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,713<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Total current assets<\/strong>\n <\/td>\n$<\/td>\n192,050<\/td>\n\u00a0<\/td>\n$<\/td>\n265,741<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n FIXED ASSETS, NET:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Right-of-use assets<\/td>\n$<\/td>\n199,098<\/td>\n\u00a0<\/td>\n$<\/td>\n197,176<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Vessels and advances, net<\/td>\n\u00a0<\/td>\n2,450,510<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,938,631<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Total fixed assets, net<\/strong>\n <\/td>\n$<\/td>\n2,649,608<\/td>\n\u00a0<\/td>\n$<\/td>\n3,135,807<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n NON-CURRENT ASSETS:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Equity method investments<\/td>\n$<\/td>\n78,227<\/td>\n\u00a0<\/td>\n$<\/td>\n26,194<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Deferred charges, net<\/td>\n\u00a0<\/td>\n27,682<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n29,448<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Accounts receivable, non-current<\/td>\n\u00a0<\/td>\n3,896<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,075<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Restricted cash<\/td>\n\u00a0<\/td>\n42,976<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n55,465<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Fair value of derivatives, non-current<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n304<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Time charter assumed, non-current<\/td>\n\u00a0<\/td>\n839<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n816<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Debt securities, held to maturity (Net of allowance for credit losses of $569 and $245 as of December 31, 2020 and March 31, 2021, respectively)<\/td>\n\u00a0<\/td>\n6,813<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,922<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Other non-current assets<\/td>\n\u00a0<\/td>\n8,425<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,958<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Total assets<\/strong>\n <\/td>\n$<\/td>\n3,010,516<\/td>\n\u00a0<\/td>\n$<\/td>\n3,527,730<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n
      \n LIABILITIES AND STOCKHOLDERS\u2019 EQUITY<\/strong>
      \n <\/u>\n <\/td>\n      		\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n CURRENT LIABILITIES:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Current portion of long-term debt<\/td>\n$<\/td>\n147,137<\/td>\n\u00a0<\/td>\n$<\/td>\n174,251<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Accounts payable<\/td>\n\u00a0<\/td>\n7,582<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,461<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Due to related parties<\/td>\n\u00a0<\/td>\n432<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n696<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Finance lease liabilities<\/td>\n\u00a0<\/td>\n16,495<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16,539<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Accrued liabilities<\/td>\n\u00a0<\/td>\n17,621<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n18,998<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Unearned revenue<\/td>\n\u00a0<\/td>\n11,893<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,883<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Fair value of derivatives<\/td>\n\u00a0<\/td>\n3,440<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,304<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Other current liabilities<\/td>\n\u00a0<\/td>\n2,374<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n17,263<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Total current liabilities<\/strong>\n <\/td>\n$<\/td>\n206,974<\/td>\n\u00a0<\/td>\n$<\/td>\n252,395<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n NON-CURRENT LIABILITIES <\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Long-term debt, net of current portion<\/td>\n$<\/td>\n1,305,076<\/td>\n\u00a0<\/td>\n$<\/td>\n1,721,178<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Finance lease liabilities, net of current portion<\/td>\n\u00a0<\/td>\n116,366<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n112,225<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Fair value of derivatives, net of current portion<\/td>\n\u00a0<\/td>\n3,653<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,074<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Unearned revenue, net of current portion<\/td>\n\u00a0<\/td>\n29,627<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n30,659<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Total non-current liabilities<\/strong>\n <\/td>\n$<\/td>\n1,454,722<\/td>\n\u00a0<\/td>\n$<\/td>\n1,871,136<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n COMMITMENTS AND CONTINGENCIES<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n STOCKHOLDERS\u2019 EQUITY:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Preferred stock<\/td>\n$<\/td>\n–<\/td>\n\u00a0<\/td>\n$<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Common stock<\/td>\n\u00a0<\/td>\n12<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Additional paid-in capital<\/td>\n\u00a0<\/td>\n1,366,486<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,370,800<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Retained earnings \/ (Accumulated deficit)<\/td>\n\u00a0<\/td>\n(9,721<\/td>\n)<\/td>\n\u00a0<\/td>\n38,437<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Accumulated other comprehensive loss<\/td>\n\u00a0<\/td>\n(7,957<\/td>\n)<\/td>\n\u00a0<\/td>\n(5,050<\/td>\n)<\/td>\n<\/tr>\n
      \n Total stockholders\u2019 equity<\/strong>\n <\/td>\n$<\/td>\n1,348,820<\/td>\n\u00a0<\/td>\n$<\/td>\n1,404,199<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Total liabilities and stockholders\u2019 equity<\/strong>\n <\/td>\n$<\/td>\n3,010,516<\/td>\n\u00a0<\/td>\n$<\/td>\n3,527,730<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n


      \n
      \n \n <\/div>\n

      <\/div>\n","protected":false},"excerpt":{"rendered":"

      MONACO, June 01, 2021 (GLOBE NEWSWIRE) — Costamare Inc. (\u201cCostamare\u201d or the \u201cCompany\u201d) (NYSE: CMRE) today reported unaudited financial results for the first quarter ended March 31, 2021 (\u201cQ1 2021\u201d). I.\u00a0 COMMON DIVIDEND INCREASE \u2022 Management of the Company announced that it will recommend to the Board of Directors that the Board approve a fifteen percent (15%) dividend increase, beginning with the second quarter 2021 dividend, raising the quarterly dividend from $0.10 to $0.115 per common share(1). \u00a0 \u00a0 \u00a0 II. PROFITABILITY \u2022 Q1 2021 Net Income available to common stockholders\u00a0of $60.5 million. \u2022 Q1 2021 Earnings per Share\u00a0of $0.49.\u00a0 \u2022 Q1 2021 Adjusted Net Income available to common stockholders(2) of $38.0 million.\u00a0 \u2022 Q1 2021 Adjusted Earnings per Share(2) … <\/p>\n

      Continue reading “Costamare Inc. Reports Results For The First Quarter Ended March 31, 2021”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-499815","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nCostamare Inc. Reports Results For The First Quarter Ended March 31, 2021 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/costamare-inc-reports-results-for-the-first-quarter-ended-march-31-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Costamare Inc. Reports Results For The First Quarter Ended March 31, 2021 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"MONACO, June 01, 2021 (GLOBE NEWSWIRE) — Costamare Inc. (\u201cCostamare\u201d or the \u201cCompany\u201d) (NYSE: CMRE) today reported unaudited financial results for the first quarter ended March 31, 2021 (\u201cQ1 2021\u201d). I.\u00a0 COMMON DIVIDEND INCREASE \u2022 Management of the Company announced that it will recommend to the Board of Directors that the Board approve a fifteen percent (15%) dividend increase, beginning with the second quarter 2021 dividend, raising the quarterly dividend from $0.10 to $0.115 per common share(1). \u00a0 \u00a0 \u00a0 II. PROFITABILITY \u2022 Q1 2021 Net Income available to common stockholders\u00a0of $60.5 million. \u2022 Q1 2021 Earnings per Share\u00a0of $0.49.\u00a0 \u2022 Q1 2021 Adjusted Net Income available to common stockholders(2) of $38.0 million.\u00a0 \u2022 Q1 2021 Adjusted Earnings per Share(2) … Continue reading "Costamare Inc. Reports Results For The First Quarter Ended March 31, 2021"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/costamare-inc-reports-results-for-the-first-quarter-ended-march-31-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-01T10:54:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODI0NjQ1MSM0MjIwMDEyIzIwOTA0MDY=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"35 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/costamare-inc-reports-results-for-the-first-quarter-ended-march-31-2021\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/costamare-inc-reports-results-for-the-first-quarter-ended-march-31-2021\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Costamare Inc. Reports Results For The First Quarter Ended March 31, 2021\",\"datePublished\":\"2021-06-01T10:54:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/costamare-inc-reports-results-for-the-first-quarter-ended-march-31-2021\\\/\"},\"wordCount\":6936,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/costamare-inc-reports-results-for-the-first-quarter-ended-march-31-2021\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODI0NjQ1MSM0MjIwMDEyIzIwOTA0MDY=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/costamare-inc-reports-results-for-the-first-quarter-ended-march-31-2021\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/costamare-inc-reports-results-for-the-first-quarter-ended-march-31-2021\\\/\",\"name\":\"Costamare Inc. Reports Results For The First Quarter Ended March 31, 2021 - Market Newsdesk\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/costamare-inc-reports-results-for-the-first-quarter-ended-march-31-2021\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/costamare-inc-reports-results-for-the-first-quarter-ended-march-31-2021\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODI0NjQ1MSM0MjIwMDEyIzIwOTA0MDY=\",\"datePublished\":\"2021-06-01T10:54:23+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/costamare-inc-reports-results-for-the-first-quarter-ended-march-31-2021\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/costamare-inc-reports-results-for-the-first-quarter-ended-march-31-2021\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/costamare-inc-reports-results-for-the-first-quarter-ended-march-31-2021\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODI0NjQ1MSM0MjIwMDEyIzIwOTA0MDY=\",\"contentUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODI0NjQ1MSM0MjIwMDEyIzIwOTA0MDY=\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/costamare-inc-reports-results-for-the-first-quarter-ended-march-31-2021\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Costamare Inc. Reports Results For The First Quarter Ended March 31, 2021\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#website\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/\",\"name\":\"Market Newsdesk\",\"description\":\"Latest Business News in Real Time\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\",\"name\":\"Newsdesk\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g\",\"caption\":\"Newsdesk\"},\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/author\\\/newsdesk\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Costamare Inc. Reports Results For The First Quarter Ended March 31, 2021 - Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/costamare-inc-reports-results-for-the-first-quarter-ended-march-31-2021\/","og_locale":"en_US","og_type":"article","og_title":"Costamare Inc. Reports Results For The First Quarter Ended March 31, 2021 - Market Newsdesk","og_description":"MONACO, June 01, 2021 (GLOBE NEWSWIRE) — Costamare Inc. (\u201cCostamare\u201d or the \u201cCompany\u201d) (NYSE: CMRE) today reported unaudited financial results for the first quarter ended March 31, 2021 (\u201cQ1 2021\u201d). I.\u00a0 COMMON DIVIDEND INCREASE \u2022 Management of the Company announced that it will recommend to the Board of Directors that the Board approve a fifteen percent (15%) dividend increase, beginning with the second quarter 2021 dividend, raising the quarterly dividend from $0.10 to $0.115 per common share(1). \u00a0 \u00a0 \u00a0 II. PROFITABILITY \u2022 Q1 2021 Net Income available to common stockholders\u00a0of $60.5 million. \u2022 Q1 2021 Earnings per Share\u00a0of $0.49.\u00a0 \u2022 Q1 2021 Adjusted Net Income available to common stockholders(2) of $38.0 million.\u00a0 \u2022 Q1 2021 Adjusted Earnings per Share(2) … Continue reading \"Costamare Inc. Reports Results For The First Quarter Ended March 31, 2021\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/costamare-inc-reports-results-for-the-first-quarter-ended-march-31-2021\/","og_site_name":"Market Newsdesk","article_published_time":"2021-06-01T10:54:23+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODI0NjQ1MSM0MjIwMDEyIzIwOTA0MDY=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"35 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/costamare-inc-reports-results-for-the-first-quarter-ended-march-31-2021\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/costamare-inc-reports-results-for-the-first-quarter-ended-march-31-2021\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Costamare Inc. Reports Results For The First Quarter Ended March 31, 2021","datePublished":"2021-06-01T10:54:23+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/costamare-inc-reports-results-for-the-first-quarter-ended-march-31-2021\/"},"wordCount":6936,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/costamare-inc-reports-results-for-the-first-quarter-ended-march-31-2021\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODI0NjQ1MSM0MjIwMDEyIzIwOTA0MDY=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/costamare-inc-reports-results-for-the-first-quarter-ended-march-31-2021\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/costamare-inc-reports-results-for-the-first-quarter-ended-march-31-2021\/","name":"Costamare Inc. Reports Results For The First Quarter Ended March 31, 2021 - Market Newsdesk","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/costamare-inc-reports-results-for-the-first-quarter-ended-march-31-2021\/#primaryimage"},"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/costamare-inc-reports-results-for-the-first-quarter-ended-march-31-2021\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODI0NjQ1MSM0MjIwMDEyIzIwOTA0MDY=","datePublished":"2021-06-01T10:54:23+00:00","author":{"@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"breadcrumb":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/costamare-inc-reports-results-for-the-first-quarter-ended-march-31-2021\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.marketnewsdesk.com\/index.php\/costamare-inc-reports-results-for-the-first-quarter-ended-march-31-2021\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/costamare-inc-reports-results-for-the-first-quarter-ended-march-31-2021\/#primaryimage","url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODI0NjQ1MSM0MjIwMDEyIzIwOTA0MDY=","contentUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODI0NjQ1MSM0MjIwMDEyIzIwOTA0MDY="},{"@type":"BreadcrumbList","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/costamare-inc-reports-results-for-the-first-quarter-ended-march-31-2021\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.marketnewsdesk.com\/"},{"@type":"ListItem","position":2,"name":"Costamare Inc. Reports Results For The First Quarter Ended March 31, 2021"}]},{"@type":"WebSite","@id":"https:\/\/www.marketnewsdesk.com\/#website","url":"https:\/\/www.marketnewsdesk.com\/","name":"Market Newsdesk","description":"Latest Business News in Real Time","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.marketnewsdesk.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979","name":"Newsdesk","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g","caption":"Newsdesk"},"url":"https:\/\/www.marketnewsdesk.com\/index.php\/author\/newsdesk\/"}]}},"_links":{"self":[{"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/posts\/499815","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/comments?post=499815"}],"version-history":[{"count":0,"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/posts\/499815\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/media?parent=499815"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/categories?post=499815"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/tags?post=499815"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}