{"id":518731,"date":"2021-07-28T06:50:52","date_gmt":"2021-07-28T10:50:52","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/costamare-inc-reports-results-for-the-second-quarter-and-the-six-month-period-ended-june-30-2021\/"},"modified":"2021-07-28T06:50:52","modified_gmt":"2021-07-28T10:50:52","slug":"costamare-inc-reports-results-for-the-second-quarter-and-the-six-month-period-ended-june-30-2021","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/costamare-inc-reports-results-for-the-second-quarter-and-the-six-month-period-ended-june-30-2021\/","title":{"rendered":"Costamare Inc. Reports Results for the Second Quarter and the Six-Month Period Ended June 30, 2021"},"content":{"rendered":"
\n

MONACO, July 28, 2021 (GLOBE NEWSWIRE) — Costamare Inc. (\u201cCostamare\u201d or the \u201cCompany\u201d) (NYSE: CMRE) today reported unaudited financial results for the second quarter (\u201cQ2 2021\u201d) and six-months ended June 30, 2021.<\/p>\n\n\n\n\n\n\n
\n I.<\/strong>\n <\/td>\n\n PROFITABILITY<\/strong>\n <\/td>\n<\/tr>\n
\u2022<\/td>\nQ2 2021 Net Income available to common stockholders of $82.8 million.<\/td>\n<\/tr>\n
\u2022<\/td>\nQ2 2021 Earnings per Share of $0.67.<\/td>\n<\/tr>\n
\u2022<\/td>\nQ2 2021 Adjusted Net Income available to common stockholders(<\/sup>1<\/sup>)<\/sup> of $58.3 million.<\/td>\n<\/tr>\n
\u2022<\/td>\nQ2 2021 Adjusted Earnings per Share(<\/sup>1<\/sup>)<\/sup> of $0.47.<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n
\n II.<\/strong>\n <\/td>\n\n SALE AND PURCHASE ACTIVITY<\/strong>\n <\/td>\n<\/tr>\n
\u2022<\/td>\nAgreed to acquire an additional 21 dry bulk vessels.<\/td>\n<\/tr>\n
\u2022<\/td>\nTotal fleet of 37 committed dry bulk vessels, 14 of which have been delivered.<\/td>\n<\/tr>\n
\u2022<\/td>\nDelivered the 1996-built, 1,504 TEU containership Prosper<\/em> to her new owners. The sale resulted in a capital gain of $1.7 million.<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n
\n III.<\/strong>\n <\/td>\n\n NEW CHARTER ARRANGEMENTS<\/strong>\n <\/td>\n<\/tr>\n
\u2022<\/td>\n10 new or extended container vessel charters since last quarter including the forward fixture of the two 2006-built, 9,469 TEU vessels Cosco Guangzhou<\/em> and Cosco Ningbo<\/em> for 3 years at a daily rate of $72,700, with estimated delivery to the new charterer in between the second and third quarters of 2022. The current daily rate for these vessels is $30,900.<\/td>\n<\/tr>\n
\u2022<\/td>\n7 new dry bulk vessel charters.<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n
\n IV.<\/strong>\n <\/td>\n\n NEW DEBT FINANCING AND CAPITAL STRUCTURE<\/strong>\n <\/td>\n<\/tr>\n
\u2022<\/td>\nNew agreements for the financing of containerships since last quarter for an aggregate amount of $261.6 million.<\/td>\n<\/tr>\n
\u2022<\/td>\nNew agreements for the financing of dry bulk vessels since last quarter for an aggregate amount of $389 million including two hunting license bank facilities totaling $245 million.<\/td>\n<\/tr>\n
\u2022<\/td>\nNew commitment in the form of a hunting license facility for the financing of the acquisition of dry bulk vessels for an aggregate amount of $150 million with a European financial institution, which is subject to documentation.<\/td>\n<\/tr>\n
\u2022<\/td>\nLiquidity of $353.8 million as of the end of Q2 2021 (including our share of cash amounting to $4.9 million held in companies co-owned with York Capital), which coupled with the $210.8 million of undrawn funds from the two recently signed hunting license bank facilities amounts to $564.6 million.<\/td>\n<\/tr>\n<\/table>\n

(1) Adjusted 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.<\/p>\n

\n NEW BUSINESS DEVELOPMENTS<\/strong>\n <\/p>\n\n\n
\n A.<\/strong>\n <\/td>\n\n New charter agreements<\/strong>\n <\/td>\n<\/tr>\n<\/table>\n
    \n
  • The Company has chartered in total 10 containerships since our previous quarterly earnings release. More specifically, the Company agreed to:\n
      \n
    • Charter the 2006-built, 9,469 TEU containerships Cosco Guangzhou<\/em> and Cosco Ningbo<\/em> for a period of 36 to 39 months at charterers\u2019 option, commencing between the second and third quarters of 2022, each at a daily rate of $72,700. Current daily rate is $30,900.<\/li>\n
    • Charter the 2003-built, 6,724 TEU containership MSC Methoni<\/em> with Maersk <\/em>for a period of 56 to 60 months at charterers\u2019 option, commencing between September 2021 and December 2021, at a daily rate of $46,500. Current daily rate is $29,000.<\/li>\n
    • Charter the 2011-built, 4,178 TEU containership Neokastro<\/em> with CMA CGM<\/em> for a period of 60 to 63 months, commencing in the first quarter of 2022, at a daily rate of $39,000. Current daily rate is $24,000.<\/li>\n
    • Charter the 2001-built, 6,712 TEU containership Porto Cheli<\/em> with Maersk <\/em>for a period of 60 to 64 months at charterers\u2019 option, starting from June 9, 2021, at a daily rate of $30,075.<\/li>\n
    • Charter the 2002-built, 5,908 TEU containership Porto Kagio<\/em> with Maersk <\/em>for a period of 60 to 64 months at charterers\u2019 option, starting from June 9, 2021, at a daily rate of $28,822.<\/li>\n
    • Charter the 2002-built, 5,570 TEU containership Porto Germeno<\/em> with Maersk <\/em>for a period of 60 to 64 months at charterers\u2019 option, starting from June 29, 2021, at a daily rate of $28,822.<\/li>\n
    • Extend the charter of the 2002-built, 4,132 TEU containership Ulsan<\/em> with Maersk<\/em> for a period starting from October 1, 2021 and expiring at charterers\u2019 option during the period from January 20, 2026 to May 20, 2026, at a daily rate of $34,730. Current daily rate is $12,000.<\/li>\n
    • Charter the 2001-built, 1,550 TEU containership Arkadia<\/em> with China Navigation <\/em>for a period of 22 to 24 months at charterers\u2019 option, starting from July 5, 2021, at a daily rate of $21,500. Previous daily rate was $8,650.<\/li>\n
    • Extend the charter of the 2001-built, 1,078 TEU containership Luebeck<\/em> with MSC<\/em> for a period starting from March 19, 2022 for a period of 24 to 26 months at charterers\u2019 option, at a daily rate of $15,000. Current daily rate is $7,750.\n<\/li>\n<\/ul>\n<\/li>\n
    • The Company has chartered in total 7 dry bulk vessels. More specifically, the Company has:\n
        \n
      • Chartered the 2012-built, 81,500 dwt dry bulk vessel Builder<\/em> for a period expiring between October 7, 2021 and January 5, 2022 at charterers\u2019 option, at a daily rate of $25,000.<\/li>\n
      • Chartered the 2011-built, 56,700 dwt dry bulk vessel Pegasus<\/em> for a period expiring between September 25, 2021 and December 9, 2021 at charterers\u2019 option, at a daily rate of $26,150.<\/li>\n
      • Chartered the 2012-built, 58,000 dwt dry bulk vessel Eracle<\/em> for a period expiring between October 11, 2021 and December 25, 2021 at charterers\u2019 option, at a daily rate of $30,000.<\/li>\n
      • Chartered the 2010-built, 79,700 dwt dry bulk vessel Sauvan<\/em> for a period expiring between October 17, 2021 and December 31, 2021 at charterers\u2019 option, at a daily rate of $30,250.<\/li>\n
      • Chartered the 2011-built, 34,600 dwt dry bulk vessel Bernis<\/em> for a period expiring between November 17, 2021 and January 31, 2022 at charterers\u2019 option, at a daily rate of $25,250.<\/li>\n
      • Chartered the 2006-built, 55,700 dwt dry bulk vessel Peace<\/em> for a period expiring between September 12, 2021 and September 17, 2021 at charterers\u2019 option, at a daily rate of $28,000.<\/li>\n
      • Chartered the 2006-built, 55,700 dwt dry bulk vessel Pride<\/em> for a period expiring around the end of August 2021, at a daily rate of $31,000.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n
        \n B.<\/strong>\n <\/td>\n\n Dry Bulk Vessels Acquisitions<\/strong>\n <\/td>\n<\/tr>\n<\/table>\n
          \n
        • Since our previous quarterly earnings release, we have taken delivery of the following 14 dry bulk vessels:\n
            \n
          • m\/v Builder<\/em>, 2012-built, 81,500 dwt.<\/li>\n
          • m\/v Sauvan<\/em>, 2010-built, 79,700 dwt.<\/li>\n
          • m\/v Seabird<\/em>, 2016-built, 63,600 dwt.<\/li>\n
          • m\/v Dawn<\/em>, 2018-built, 63,500 dwt.<\/li>\n
          • m\/v Eracle<\/em>, 2012-built, 58,000 dwt.<\/li>\n
          • m\/v Pegasus<\/em>, 2011-built, 56,700 dwt.<\/li>\n
          • m\/v Peace<\/em>, 2006-built, 55,700 dwt.<\/li>\n
          • m\/v Pride<\/em>, 2006-built, 55,700 dwt.<\/li>\n
          • m\/v Interlink Verity<\/em>, 2012-built, 37,200 dwt.<\/li>\n
          • m\/v Acuity<\/em>, 2011-built, 37,100 dwt.<\/li>\n
          • m\/v Bernis<\/em>, 2011-built, 34,600 dwt.<\/li>\n
          • m\/v Manzanillo<\/em>, 2010-built, 34,400 dwt.<\/li>\n
          • m\/v Alliance<\/em>, 2012-built, 33,800 dwt.<\/li>\n
          • m\/v Adventure<\/em>, 2011-built, 33,800 dwt.<\/li>\n<\/ul>\n<\/li>\n
          • Furthermore, we have agreed to acquire the following 23 dry bulk vessels until the end of 2021:\n
              \n
            • m\/v Spring Aeolian<\/em> (tbr. Aeolian<\/em>), 2012-built, 83,500 dwt.<\/li>\n
            • m\/v Jaigarh <\/em>(tbr. Greneta<\/em>), 2010-built, 82,200 dwt.<\/li>\n
            • m\/v Pedhoulas Farmer <\/em>(tbr. Farmer<\/em>), 2012-built, 81,500 dwt.<\/li>\n
            • m\/v Imperial Rose<\/em> (tbr. Rose<\/em>), <\/em>2008-built, 76,600 dwt.<\/li>\n
            • m\/v Darya Lakshmi <\/em>(tbr. Bermondi<\/em>), 2009-built, 55,500 dwt.<\/li>\n
            • m\/v Bulk Titan <\/em>(tbr. Titan<\/em>), 2009-built, 58,100 dwt.<\/li>\n
            • m\/v Star Athena<\/em> (tbr. Athena<\/em>), 2012-built, 58,000 dwt.<\/li>\n
            • m\/v Bulk Curacao <\/em>(tbr. Curacao<\/em>), <\/em>2011-built, 57,900 dwt.<\/li>\n
            • m\/v Bulk Uruguay (<\/em>tbr. Uruguay<\/em>), 2011-built, 57,900 dwt.<\/li>\n
            • m\/v Viet Thuan 56-01 <\/em>(tbr. Thunder<\/em>), 2009-built, 57,300 dwt.<\/li>\n
            • m\/v Serene Susannah <\/em>(tbr. Serena<\/em>), 2010-built, 57,300 dwt.<\/li>\n
            • m\/v Atlantic Merida (<\/em>tbr. Merida)<\/em>, 2012-built, 56,700 dwt.<\/li>\n
            • m\/v Lara<\/em> (tbr. Clara<\/em>), 2008-built, 56,600 dwt.<\/li>\n
            • m\/v Interlink Comity<\/em> (tbr. Comity<\/em>), 2010-built, 37,300 dwt.<\/li>\n
            • m\/v Interlink Parity <\/em>(tbr. Parity<\/em>), 2012-built, 37,200 dwt.<\/li>\n
            • m\/v Interlink Equity<\/em> (tbr. Equity<\/em>), 2013-built, 37,100 dwt.<\/li>\n
            • m\/v N Discovery <\/em>(tbr. Discovery<\/em>), 2012-built, 37,000 dwt.<\/li>\n
            • m\/v Jia Tai (<\/em>tbr. Taibo)<\/em>, 2011-built, 35,100 dwt.<\/li>\n
            • m\/v MS Charm <\/em>(tbr. Charm<\/em>),<\/em> 2010-built, 32,500 dwt.<\/li>\n
            • m\/v Atlantic Progress (<\/em>tbr. Progress)<\/em>, 2011-built, 32,400 dwt.<\/li>\n
            • m\/v Ming Yuan <\/em>(tbr. Miner<\/em>), 2010-built, 32,300 dwt.<\/li>\n
            • m\/v Konstantinos M <\/em>(tbr. Konstantinos<\/em>), 2012-built, 32,200 dwt.<\/li>\n
            • m\/v Great Resource <\/em>(tbr. Resource<\/em>), 2010-built, 31,800 dwt.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n
              \n C.<\/strong>\n <\/td>\n\n New Financing Agreements<\/strong>\n <\/td>\n<\/tr>\n<\/table>\n
                \n
              • In June 2021, we signed a loan facility agreement with a European financial institution for an amount of $158.1 million, in order to refinance the existing indebtedness of 8 containerships and finance the acquisition of containerships Porto Kagio<\/em>, Porto Cheli <\/em>and Porto Germeno.<\/em> The new facility will be repayable over 5 years.<\/li>\n
              • In June 2021, we signed a loan facility agreement with a leading European financial institution for an amount of $79 million, in order to finance the acquisition of containerships Androusa<\/em>, Norfolk, CO Kobe <\/em>(tbr. Dyros<\/em>) and Cosco Fukuyama <\/em>(tbr. Gialova<\/em>). The new facility will be repayable over 4 years.<\/li>\n
              • In July 2021, we signed a revolving loan facility agreement with a leading US financial institution for an amount of $24.5 million. The new facility will be repayable over 1 year.<\/li>\n
              • In July 2021, we signed a loan facility agreement with a leading European financial institution for an amount of $81.5 million, in order to finance the acquisition of 8 dry bulk vessels. <\/em>The facility will be repayable over 5 years.<\/li>\n
              • In July 2021, we signed a loan facility agreement with a leading European financial institution for an amount of $62.5 million, in order to finance the acquisition of 8 dry bulk vessels. <\/em>The facility will be repayable over 5 years.<\/li>\n
              • In July 2021, we signed a hunting license loan facility agreement with a European financial institution for an amount of up to $120 million for the purposes of financing the acquisition cost of dry bulk vessels. The facility will be repayable over a period of 5 to 6 years.<\/li>\n
              • In July 2021, we signed a hunting license loan facility agreement with a European financial institution for an amount of up to $125 million for the purposes of financing the acquisition cost of dry bulk vessels. The facility will be repayable over a period of 5 years.<\/li>\n<\/ul>\n\n\n
                \n D.<\/strong>\n <\/td>\n\n Dividend announcements<\/strong>\n <\/td>\n<\/tr>\n<\/table>\n
                  \n
                • On July 1, 2021, we declared a dividend for the quarter ended June 30, 2021, of $0.115 per share on our common stock, which will be paid on August 5, 2021, to stockholders of record of common stock as of July 20, 2021.<\/li>\n
                • On July 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 July 15, 2021 to holders of record as of July 14, 2021.<\/li>\n<\/ul>\n

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

                  \u201cThe container market rebound that began in the second half of last year has continued into the first half of this year, drawing strength from favorable supply and demand dynamics. Strong consumer demand, low inventory levels, and supply chain constraints have all contributed to record charter rates and longer charter durations.<\/p>\n

                  All our containerships chartered during the quarter have been fixed at increasingly high levels of hire.<\/p>\n

                  On the dry bulk side, we are pleased to report the acquisition of 21 additional vessels, since we first announced our entry into this sector. Our dry bulk fleet comprises of 37 vessels in total between 32,000 DWT and 85,000 DWT, with an average age of 10 years. Up to now, 14 ships have been delivered, with the rest of the fleet expected to be delivered by year-end.<\/p>\n

                  The dry bulk acquisitions result from our decision to invest in this liquid sector where supply is limited by a low orderbook and demand is being driven by increased infrastructure spending and commodity consumption.<\/p>\n

                  Supported by contracted revenues of US$ 3.3 billion and an average time charter duration of more than four years for our containership fleet, we have 15 containerships coming off charter over the next 18 months and 37 dry bulk vessels operating in the spot market, favorably positioning our company, should the currently strong market conditions continue.\u201d<\/p>\n

                  \n \n <\/p>\n

                  \n Financial Summary<\/strong>\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\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  \u00a0<\/td>\n\u00a0<\/td>\n\n Six-month period ended
                  June 30,<\/strong>\n <\/td>\n                  		\u00a0<\/td>\n\n Three-month period ended
                  June 30,<\/strong>\n <\/td>\n                  		\u00a0<\/td>\n<\/tr>\n
                  (Expressed in thousands of U.S. dollars, except share and per share data):<\/td>\n\u00a0<\/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\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
                  \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\u00a0<\/td>\n$<\/td>\n233,273<\/td>\n\u00a0<\/td>\n$<\/td>\n293,495<\/td>\n\u00a0<\/td>\n$<\/td>\n111,869<\/td>\n\u00a0<\/td>\n$<\/td>\n166,770<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Accrued charter revenue (1)<\/td>\n\u00a0<\/td>\n$<\/td>\n7,721<\/td>\n\u00a0<\/td>\n$<\/td>\n2,146<\/td>\n\u00a0<\/td>\n$<\/td>\n7,025<\/td>\n\u00a0<\/td>\n$<\/td>\n1,114<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Amortization of Time-charter assumed<\/td>\n\u00a0<\/td>\n$<\/td>\n95<\/td>\n\u00a0<\/td>\n$<\/td>\n(345<\/td>\n)<\/td>\n$<\/td>\n47<\/td>\n\u00a0<\/td>\n$<\/td>\n(345<\/td>\n)<\/td>\n<\/tr>\n
                  Voyage revenue adjusted on a cash basis (2)<\/td>\n\u00a0<\/td>\n$<\/td>\n241,089<\/td>\n\u00a0<\/td>\n$<\/td>\n295,296<\/td>\n\u00a0<\/td>\n$<\/td>\n118,941<\/td>\n\u00a0<\/td>\n$<\/td>\n167,539<\/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\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\u00a0<\/td>\n$<\/td>\n64,265<\/td>\n\u00a0<\/td>\n$<\/td>\n96,262<\/td>\n\u00a0<\/td>\n$<\/td>\n31,705<\/td>\n\u00a0<\/td>\n$<\/td>\n58,275<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Weighted Average number of shares<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n119,927,560<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n122,615,427<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n120,319,180<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n122,844,260<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Adjusted Earnings per share (3)<\/td>\n\u00a0<\/td>\n$<\/td>\n0.54<\/td>\n\u00a0<\/td>\n$<\/td>\n0.79<\/td>\n\u00a0<\/td>\n$<\/td>\n0.26<\/td>\n\u00a0<\/td>\n$<\/td>\n0.47<\/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\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Net Income \/ (Loss)<\/td>\n\u00a0<\/td>\n$<\/td>\n(43,447<\/td>\n)<\/td>\n$<\/td>\n158,757<\/td>\n\u00a0<\/td>\n$<\/td>\n(76,223<\/td>\n)<\/td>\n$<\/td>\n90,616<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Net Income \/ (Loss) available to common stockholders<\/td>\n\u00a0<\/td>\n$<\/td>\n(58,289<\/td>\n)<\/td>\n$<\/td>\n143,309<\/td>\n\u00a0<\/td>\n$<\/td>\n(83,913<\/td>\n)<\/td>\n$<\/td>\n82,762<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Weighted Average number of shares<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n119,927,560<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n122,615,427<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n120,319,180<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n122,844,260<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Earnings \/ (Losses) per share<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.49<\/td>\n)<\/td>\n$<\/td>\n1.17<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.70<\/td>\n)<\/td>\n$<\/td>\n0.67<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\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 and the six-month periods ended June 30, 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
                  \u00a0<\/td>\n\u00a0<\/td>\n\n Six-month period ended <\/strong>
                  \n
                  \n June 30,<\/strong>\n <\/td>\n                  		\u00a0<\/td>\n\n Three-month period ended <\/strong>
                  \n
                  \n June 30,<\/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\n \u00a0<\/strong>\n <\/td>\n\n 2021<\/strong>\n <\/td>\n\u00a0<\/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\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  \n Net Income \/ (Loss)<\/strong>\n <\/td>\n$<\/td>\n(43,447<\/td>\n)<\/td>\n$<\/td>\n158,757<\/td>\n\u00a0<\/td>\n$<\/td>\n(76,223<\/td>\n)<\/td>\n$<\/td>\n90,616<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Earnings allocated to Preferred Stock<\/td>\n\u00a0<\/td>\n(15,461<\/td>\n)<\/td>\n\u00a0<\/td>\n(15,448<\/td>\n)<\/td>\n\u00a0<\/td>\n(7,768<\/td>\n)<\/td>\n\u00a0<\/td>\n(7,854<\/td>\n)<\/td>\n<\/tr>\n
                  Gain on retirement of Preferred Stock<\/td>\n\u00a0<\/td>\n619<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n78<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  \n Net Income \/ (Loss) available to common stockholders<\/strong>\n <\/td>\n\u00a0<\/td>\n(58,289<\/td>\n)<\/td>\n\u00a0<\/td>\n143,309<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(83,913<\/td>\n)<\/td>\n\u00a0<\/td>\n82,762<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Accrued charter revenue<\/td>\n\u00a0<\/td>\n7,721<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,146<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,025<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,114<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  General and administrative expenses – non-cash component<\/td>\n\u00a0<\/td>\n1,508<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,207<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n832<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,768<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Amortization of Time charter assumed<\/td>\n\u00a0<\/td>\n95<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(345<\/td>\n)<\/td>\n\u00a0<\/td>\n47<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(345<\/td>\n)<\/td>\n<\/tr>\n
                  Realized gain on Euro\/USD forward contracts (1)<\/td>\n\u00a0<\/td>\n(78<\/td>\n)<\/td>\n\u00a0<\/td>\n(174<\/td>\n)<\/td>\n\u00a0<\/td>\n(54<\/td>\n)<\/td>\n\u00a0<\/td>\n(96<\/td>\n)<\/td>\n<\/tr>\n
                  Vessels\u2019 impairment loss<\/td>\n\u00a0<\/td>\n31,577<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n28,506<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Gain on sale \/ disposals of vessels, net<\/td>\n\u00a0<\/td>\n(10<\/td>\n)<\/td>\n\u00a0<\/td>\n(1,406<\/td>\n)<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,666<\/td>\n)<\/td>\n<\/tr>\n
                  Non-recurring, non-cash write-off of loan deferred financing costs<\/td>\n\u00a0<\/td>\n478<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n363<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n478<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Loss on vessels held for sale<\/td>\n\u00a0<\/td>\n79,197<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n78,965<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  (Gain) \/ loss on derivative instruments, excluding interest accrued and realized on non-hedging derivative instruments (1)<\/td>\n\u00a0<\/td>\n2,066<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,012<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(181<\/td>\n)<\/td>\n\u00a0<\/td>\n(105<\/td>\n)<\/td>\n<\/tr>\n
                  Fair value measurement \/ Change in fair value of equity securities<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(51,094<\/td>\n)<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(25,157<\/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(756<\/td>\n)<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  \n Adjusted Net Income available to common stockholders<\/strong>\n <\/td>\n$<\/td>\n64,265<\/td>\n\u00a0<\/td>\n$<\/td>\n96,262<\/td>\n\u00a0<\/td>\n$<\/td>\n31,705<\/td>\n\u00a0<\/td>\n$<\/td>\n58,275<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  \n Adjusted Earnings per Share<\/strong>\n <\/td>\n$<\/td>\n0.54<\/td>\n\u00a0<\/td>\n$<\/td>\n0.79<\/td>\n\u00a0<\/td>\n$<\/td>\n0.26<\/td>\n\u00a0<\/td>\n$<\/td>\n0.47<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Weighted average number of shares<\/td>\n\u00a0<\/td>\n119,927,560<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n122,615,427<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n120,319,180<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n122,844,260<\/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 on sale \/ disposal of vessels, net, loss on vessels held for sale, fair value measurement of equity securities \/ change in fair value 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 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 June 30, 2021 compared to the three-month period ended June 30, 2020 <\/em>
                  \n <\/strong>\n <\/p>\n

                  During the three-month periods ended June 30, 2021 and 2020, we had an average of 71.5 and 60.0 vessels, respectively, in our fleet.<\/p>\n

                  In the three-month period ended June 30, 2021, we accepted delivery of the newbuild container vessel YM Tiptop<\/em> with a TEU capacity of 12,690, the secondhand container vessels Androusa<\/em>, Norfolk<\/em>, Porto Cheli<\/em>, Porto Kagio<\/em> and Porto Germeno<\/em> with an aggregate TEU capacity of 26,705 and we sold the container vessel Prosper<\/em> with a TEU capacity of 1,504.<\/p>\n

                  Furthermore, in the three-month period ended June 30, 2021, we acquired all of the equity interest of sixteen companies (which owned or had committed to acquire dry bulk vessels) owned by our Chairman and Chief Executive Officer, Konstantinos Konstantakopoulos. We agreed to acquire these companies from Mr. Konstantakopoulos at cost with no mark-up or premium payable to Mr. Konstantakopoulos or his affiliated entities. Mr. Konstantakopoulos will not receive a profit as a result of the acquisition. Three of the dry bulk vessels that were part of the acquisition, the Builder<\/em>, Pegasus<\/em> and Adventure<\/em> (with an aggregate DWT of 171,997), were delivered to us during the three-month period ended June 30, 2021.<\/p>\n

                  In the three-month periods ended June 30, 2021 and 2020, our fleet ownership days totaled 6,509 and 5,460 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.<\/p>\n

                  \n Consolidated Financial Results and vessels\u2019 operational data (1)<\/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
                  (Expressed in millions of U.S. dollars,<\/td>\n\u00a0<\/td>\n\n Three-month period ended June 30,<\/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\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n\u00a0<\/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<\/tr>\n
                  Voyage revenue<\/td>\n$<\/td>\n111.9<\/td>\n\u00a0<\/td>\n$<\/td>\n166.8<\/td>\n\u00a0<\/td>\n$<\/td>\n54.9<\/td>\n\u00a0<\/td>\n49.1<\/td>\n%<\/td>\n<\/tr>\n
                  Voyage expenses<\/td>\n\u00a0<\/td>\n(1.6<\/td>\n)<\/td>\n\u00a0<\/td>\n(2.0<\/td>\n)<\/td>\n\u00a0<\/td>\n0.4<\/td>\n\u00a0<\/td>\n25.0<\/td>\n%<\/td>\n<\/tr>\n
                  Voyage expenses \u2013 related parties<\/td>\n\u00a0<\/td>\n(1.5<\/td>\n)<\/td>\n\u00a0<\/td>\n(2.4<\/td>\n)<\/td>\n\u00a0<\/td>\n0.9<\/td>\n\u00a0<\/td>\n60.0<\/td>\n%<\/td>\n<\/tr>\n
                  Vessels\u2019 operating expenses<\/td>\n\u00a0<\/td>\n(26.9<\/td>\n)<\/td>\n\u00a0<\/td>\n(37.8<\/td>\n)<\/td>\n\u00a0<\/td>\n10.9<\/td>\n\u00a0<\/td>\n40.5<\/td>\n%<\/td>\n<\/tr>\n
                  General and administrative expenses<\/td>\n\u00a0<\/td>\n(2.4<\/td>\n)<\/td>\n\u00a0<\/td>\n(1.7<\/td>\n)<\/td>\n\u00a0<\/td>\n(0.7<\/td>\n)<\/td>\n(29.2<\/td>\n%)<\/td>\n<\/tr>\n
                  Management fees \u2013 related parties<\/td>\n\u00a0<\/td>\n(5.2<\/td>\n)<\/td>\n\u00a0<\/td>\n(6.3<\/td>\n)<\/td>\n\u00a0<\/td>\n1.1<\/td>\n\u00a0<\/td>\n21.2<\/td>\n%<\/td>\n<\/tr>\n
                  General and administrative expenses – non-cash component<\/td>\n\u00a0<\/td>\n(0.8<\/td>\n)<\/td>\n\u00a0<\/td>\n(1.8<\/td>\n)<\/td>\n\u00a0<\/td>\n1.0<\/td>\n\u00a0<\/td>\n125.0<\/td>\n%<\/td>\n<\/tr>\n
                  Amortization of dry-docking and special survey costs<\/td>\n\u00a0<\/td>\n(2.3<\/td>\n)<\/td>\n\u00a0<\/td>\n(2.5<\/td>\n)<\/td>\n\u00a0<\/td>\n0.2<\/td>\n\u00a0<\/td>\n8.7<\/td>\n%<\/td>\n<\/tr>\n
                  Depreciation<\/td>\n\u00a0<\/td>\n(27.6<\/td>\n)<\/td>\n\u00a0<\/td>\n(31.6<\/td>\n)<\/td>\n\u00a0<\/td>\n4.0<\/td>\n\u00a0<\/td>\n14.5<\/td>\n%<\/td>\n<\/tr>\n
                  Loss on vessels held for sale<\/td>\n\u00a0<\/td>\n(79.0<\/td>\n)<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(79.0<\/td>\n)<\/td>\nn.m.<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Vessel\u2019s impairment loss<\/td>\n\u00a0<\/td>\n(28.5<\/td>\n)<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(28.5<\/td>\n)<\/td>\nn.m.<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Gain on sale \/ disposal of vessels<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.7<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.7<\/td>\n\u00a0<\/td>\nn.m.<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Foreign exchange losses<\/td>\n\u00a0<\/td>\n(0.1<\/td>\n)<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.1<\/td>\n)<\/td>\nn.m.<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Interest income<\/td>\n\u00a0<\/td>\n0.5<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.6<\/td>\n\u00a0<\/td>\n120.0<\/td>\n%<\/td>\n<\/tr>\n
                  Interest and finance costs<\/td>\n\u00a0<\/td>\n(16.9<\/td>\n)<\/td>\n\u00a0<\/td>\n(20.4<\/td>\n)<\/td>\n\u00a0<\/td>\n3.5<\/td>\n\u00a0<\/td>\n20.7<\/td>\n%<\/td>\n<\/tr>\n
                  Change in fair value measurement of equity securities<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n25.1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n25.1<\/td>\n\u00a0<\/td>\nn.m.<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Income from equity method investments<\/td>\n\u00a0<\/td>\n4.1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3.1<\/td>\n)<\/td>\n(75.6<\/td>\n%)<\/td>\n<\/tr>\n
                  Other<\/td>\n\u00a0<\/td>\n(0.1<\/td>\n)<\/td>\n\u00a0<\/td>\n1.3<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.4<\/td>\n\u00a0<\/td>\nn.m.<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Gain on derivative instruments<\/td>\n\u00a0<\/td>\n0.2<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.1<\/td>\n)<\/td>\n(50.0<\/td>\n%)<\/td>\n<\/tr>\n
                  \n Net Income \/ (Loss)<\/strong>\n <\/td>\n$<\/td>\n(76.2<\/td>\n)<\/td>\n$<\/td>\n90.6<\/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\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 <\/p>\n\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 June 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/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\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<\/tr>\n
                  Voyage revenue<\/td>\n$<\/td>\n111.9<\/td>\n$<\/td>\n166.8<\/td>\n\u00a0<\/td>\n$<\/td>\n54.9<\/td>\n\u00a0<\/td>\n49.1<\/td>\n%<\/td>\n<\/tr>\n
                  Accrued charter revenue<\/td>\n\u00a0<\/td>\n7.0<\/td>\n\u00a0<\/td>\n1.1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(5.9<\/td>\n)<\/td>\n(84.3<\/td>\n%)<\/td>\n<\/tr>\n
                  Amortization of time charter assumed<\/td>\n\u00a0<\/td>\n0.1<\/td>\n\u00a0<\/td>\n(0.3<\/td>\n)<\/td>\n\u00a0<\/td>\n(0.4<\/td>\n)<\/td>\nn.m.<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Voyage revenue adjusted on a cash basis (2)<\/td>\n$<\/td>\n119.0<\/td>\n$<\/td>\n167.6<\/td>\n\u00a0<\/td>\n$<\/td>\n48.6<\/td>\n\u00a0<\/td>\n40.8<\/td>\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<\/tr>\n<\/table>\n

                  \n
                  \n
                  \n <\/strong>\n <\/p>\n\n\n\n\n\n\n\n
                  \n Vessels\u2019 operational data<\/strong>\n <\/td>\n\n Three-month period ended June 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Percentage<\/strong>\n <\/td>\n<\/tr>\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<\/tr>\n
                  Average number of vessels<\/td>\n60.0<\/td>\n\u00a0<\/td>\n71.5<\/td>\n\u00a0<\/td>\n11.5<\/td>\n\u00a0<\/td>\n19.2<\/td>\n%<\/td>\n<\/tr>\n
                  Ownership days<\/td>\n5,460<\/td>\n\u00a0<\/td>\n6,509<\/td>\n\u00a0<\/td>\n1,049<\/td>\n\u00a0<\/td>\n19.2<\/td>\n%<\/td>\n<\/tr>\n
                  Number of vessels under dry-docking<\/td>\n1<\/td>\n\u00a0<\/td>\n6<\/td>\n\u00a0<\/td>\n5<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

                  \u00a0<\/p>\n

                  \n
                  \n
                  \n <\/strong>\n <\/p>\n

                  \n Segmental Financial Summary (1)<\/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
                  \u00a0<\/td>\n<\/tr>\n
                  \n Three-month period ended June 30, 2021<\/strong>\n <\/td>\n<\/tr>\n
                  \u00a0<\/td>\n\n Container vessels<\/strong>\n <\/td>\n\n Dry bulk vessels<\/strong>\n <\/td>\n\n Other<\/strong>\n <\/td>\n\n Total<\/strong>\n <\/td>\n<\/tr>\n
                  \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Voyage revenue<\/td>\n$<\/td>\n165.9<\/td>\n\u00a0<\/td>\n$<\/td>\n0.9<\/td>\n\u00a0<\/td>\n$<\/td>\n–<\/td>\n$<\/td>\n166.8<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Voyage expenses<\/td>\n\u00a0<\/td>\n(1.9<\/td>\n)<\/td>\n\u00a0<\/td>\n(0.1<\/td>\n)<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n(2.0<\/td>\n)<\/td>\n<\/tr>\n
                  Voyage expenses \u2013 related parties<\/td>\n\u00a0<\/td>\n(2.4<\/td>\n)<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n(2.4<\/td>\n)<\/td>\n<\/tr>\n
                  Vessels\u2019 operating expenses<\/td>\n\u00a0<\/td>\n(37.6<\/td>\n)<\/td>\n\u00a0<\/td>\n(0.2<\/td>\n)<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n(37.8<\/td>\n)<\/td>\n<\/tr>\n
                  General and administrative expenses<\/td>\n\u00a0<\/td>\n(1.7<\/td>\n)<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n(1.7<\/td>\n)<\/td>\n<\/tr>\n
                  Management fees \u2013 related parties<\/td>\n\u00a0<\/td>\n(6.3<\/td>\n)<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n(6.3<\/td>\n)<\/td>\n<\/tr>\n
                  General and administrative expenses – non-cash component<\/td>\n\u00a0<\/td>\n\n

                  (1.8<\/td>\n

                  		\n

                  )<\/td>\n

                  		\u00a0<\/td>\n\n

                  –<\/td>\n

                  		\u00a0<\/td>\n\u00a0<\/td>\n\n

                  –<\/td>\n

                  		\u00a0<\/td>\n\n

                  (1.8<\/td>\n

                  		\n

                  )<\/td>\n<\/tr>\n

                  Amortization of dry-docking and special survey costs<\/td>\n\u00a0<\/td>\n\n

                  (2.5<\/td>\n

                  		\n

                  )<\/td>\n

                  		\u00a0<\/td>\n\n

                  –<\/td>\n

                  		\u00a0<\/td>\n\u00a0<\/td>\n\n

                  –<\/td>\n

                  		\u00a0<\/td>\n\n

                  (2.5<\/td>\n

                  		\n

                  )<\/td>\n<\/tr>\n

                  Depreciation<\/td>\n\u00a0<\/td>\n(31.5<\/td>\n)<\/td>\n\u00a0<\/td>\n(0.1<\/td>\n)<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n(31.6<\/td>\n)<\/td>\n<\/tr>\n
                  Gain on sale \/ disposal of vessels<\/td>\n\u00a0<\/td>\n1.7<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n1.7<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Interest income<\/td>\n\u00a0<\/td>\n1.1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n1.1<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Interest and finance costs<\/td>\n\u00a0<\/td>\n(20.4<\/td>\n)<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n(20.4<\/td>\n)<\/td>\n<\/tr>\n
                  Change in fair value measurement of equity securities<\/td>\n\u00a0<\/td>\n\n

                  –<\/td>\n

                  		\u00a0<\/td>\n\u00a0<\/td>\n\n

                  –<\/td>\n

                  		\u00a0<\/td>\n\u00a0<\/td>\n\n

                  25.1<\/td>\n

                  		\u00a0<\/td>\n\n

                  25.1<\/td>\n

                  		\u00a0<\/td>\n<\/tr>\n
                  Income from equity method investments<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.0<\/td>\n\u00a0<\/td>\n1.0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Other<\/td>\n\u00a0<\/td>\n1.3<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n1.3<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Gain on derivative instruments<\/td>\n\u00a0<\/td>\n0.1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n0.1<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  \n Net Income <\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 64.0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 0.5<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 26.1<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 90.6<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
                  \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

                  (1) The results of dry bulk vessels are included from June 14, 2021. Prior to that, our results were attributable to container vessels only.
                  (2) 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 <\/p>\n

                  Voyage revenue increased by 49.1%, or $54.9 million, to $166.8 million during the three-month period ended June 30, 2021, from $111.9 million during the three-month period ended June 30, 2020. The increase is mainly attributable to (i) revenue earned by five container vessels acquired during the third and fourth quarter of 2020 and fifteen container vessels and three dry bulk vessels acquired during the first half of 2021 and (ii) to increased charter rates in certain of our container vessels; partly off-set by revenue not earned by four container vessels sold during the second half of 2020 and two container vessels sold during the first half of 2021.<\/p>\n

                  Voyage revenue adjusted on a cash basis (which eliminates non-cash \u201cAccrued charter revenue\u201d) increased by 40.8%, or $48.6 million, to $167.6 million during the three-month period ended June 30, 2021, from $119.0 million during the three-month period ended June 30, 2020. Accrued charter revenue for the three-month periods ended June 30, 2021 and 2020 was a positive amount of $1.1 million and $7.0 million, respectively.<\/p>\n

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

                  Voyage expenses were $2.0 million and $1.6 million for the three-month periods ended June 30, 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 $2.4 million and $1.5 million for the three-month periods ended June 30, 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 (in respect of our container vessels) 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 June 30, 2021 and 2020, respectively.\u00a0\u00a0<\/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 $37.8 million and $26.9 million during the three-month periods ended June 30, 2021 and 2020, respectively. Daily vessels\u2019 operating expenses were $5,811 and $4,925 for the three-month periods ended June 30, 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 $1.7 million and $2.4 million during the three-month periods ended June 30, 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 party managers were $6.3 million and $5.2 million during the three-month periods ended June 30, 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 June 30, 2021 amounted to $1.8 million, representing the value of the shares issued to a related party manager on June 30, 2021. General and administrative expenses – non-cash component for the three-month period ended June 30, 2020 amounted to $0.8 million, representing the value of the shares issued to a related party manager on June 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 $2.5 million and $2.3 million during the three-month periods ended June 30, 2021 and 2020, respectively. During the three-month period ended June 30, 2021, five vessels underwent and completed their special survey and one vessel was in the process of completing its special survey. During the three-month period ended June 30, 2020, one vessel underwent and completed its special survey.<\/p>\n

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

                  Depreciation expense for the three-month periods ended June 30, 2021 and 2020 was $31.6 million and $27.6 million, respectively.<\/p>\n

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

                  During the three-month period ended June 30, 2021, we recorded a gain of $1.7 million from the sale of the container vessel Prosper<\/em>, which was classified as vessel held for sale as at March 31, 2021.<\/p>\n

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

                  During the three-month period ended June 30, 2021, the container vessels Zim New York, <\/em>and Zim Shanghai<\/em> were classified as vessels held for sale and the container vessel Venetiko<\/em> continues to be classified as vessel held for sale (initially classified as vessel held for sale as of March 31, 2021). No loss on vessels held for sale was recorded during the second quarter of 2021, since each vessel\u2019s estimated market value exceeded each vessel\u2019s carrying value. During the three-month period ended June 30, 2020, we recorded a loss of $78.7 million on the container vessels Kokura<\/em>, Kawasaki<\/em> and Singapore Express<\/em> that were classified as vessels held for sale as at June 30, 2020, and an additional loss of $0.3\u00a0million on the container vessel Zagora<\/em> that was classified as vessel held for sale as at December 31, 2019, representing the expected loss from their sale during the next twelve-month period.<\/p>\n

                  \n Vessels\u2019 impairment loss<\/em>\n <\/p>\n

                  During the three-month period ended June 30, 2021, no impairment loss was recorded. During the three-month period ended June 30, 2020, we recorded an impairment loss in relation to two of our container vessels in the amount of $28.5 million, in the aggregate.<\/p>\n

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

                  Interest income amounted to $1.1 million and $0.5 million for the three-month periods ended June 30, 2021 and 2020, respectively.<\/p>\n

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

                  Interest and finance costs were $20.4 million and $16.9 million during the three-month periods ended June 30, 2021 and 2020, respectively. The increase is mainly attributable to the increased average loan balances during the three-month period ended June 30, 2021 compared to the three-month period ended June 30, 2020; partly off-set by decreased financing cost during the three-month period ended June 30, 2021 compared to the three-month period ended June 30, 2020.<\/p>\n

                  \n Change in Fair Value of Equity securities <\/em>\n <\/p>\n

                  Change in fair value of equity securities of $25.1 million for the three-month period ended June 30, 2021, represents the difference between the aggregate fair value of 1,221,800 ordinary shares of ZIM that we own as at June 30, 2021 compared to the fair value of such shares as of March 31, 2021. 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 June 30, 2021, we recorded an income from equity method investments of $1.0 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 June 30, 2021, six companies are jointly owned with York (of which, five companies currently own container vessels). During the three-month period ended June 30, 2020, we recorded an income from equity method investments of $4.1 million relating to investments under the Framework Deed.<\/p>\n

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

                  The fair value of our ten interest rate derivative instruments and our two cross currency rate swaps which were outstanding as of June 30, 2021 equates to the amount that would be paid by us or to us should those instruments be terminated. As of June 30, 2021, the fair value of these ten interest rate derivative instruments and two cross currency rate swaps, in aggregate, amounted to a liability of $11.7 million. The change in the fair value of the interest rate derivative instruments and cross currency rate swaps 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 June 30, 2021, a loss of $3.9 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 June 30, 2021.<\/p>\n

                  \n Cash Flows<\/strong>\n <\/p>\n

                  \n
                  \n Three-month periods ended June 30, 2021 and 2020<\/em>
                  \n <\/strong>\n <\/p>\n\n\n\n\n\n\n
                  \n Condensed cash flows<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Three-month period ended June 30,<\/strong>\n <\/td>\n<\/tr>\n
                  (Expressed in millions of U.S. dollars)<\/td>\n\u00a0<\/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\u00a0<\/td>\n$<\/td>\n71.5<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n104.0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Net Cash Used in Investing Activities<\/td>\n\u00a0<\/td>\n$<\/td>\n(3.1<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(195.1<\/td>\n)<\/td>\n<\/tr>\n
                  Net Cash Provided by \/ (Used in) Financing Activities<\/td>\n\u00a0<\/td>\n$<\/td>\n(104.7<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n204.2<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

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

                  Net cash flows provided by operating activities for the three-month period ended June 30, 2021, increased by $32.5 million to $104.0 million, from $71.5 million for the three-month period ended June 30, 2020. The increase is mainly attributable to increased cash from operations of $48.6 million, to the favorable 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 $10.3 million; partly off by increased payments for interest (including swap payments) of $2.4 million during the three-month period ended June 30, 2021 compared to the three-month period ended June 30, 2020 and by increased special survey costs of $5.0 million during the three-month period ended June 30, 2021 compared to the three-month period ended June 30, 2020.<\/p>\n

                  \n
                  \n Net Cash Used in Investing Activities<\/em>
                  \n <\/strong>\n <\/p>\n

                  Net cash used in investing activities was $195.1 million in the three-month period ended June 30, 2021, which mainly consisted of (i) net payments for the acquisition of the 51% equity interest in one company, previously jointly owned with York pursuant to the Framework Deed, (ii) payments for the delivery of one newbuild container vessel, four secondhand container vessels and one dry bulk vessel, (iii) advance payments for the acquisition of twelve secondhand dry bulk vessels and (iv) 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 used in investing activities was $3.1 million in the three-month period ended June 30, 2020, which mainly consisted of payments for upgrades for certain of our container vessels; partly off-set by return of capital we received from nine entities jointly owned with York pursuant to the Framework Deed and advance payments we received from the sale of two container vessels that were classified as vessels held for sale as at June 30, 2020.<\/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 $204.2 million in the three-month period ended June 30, 2021, which mainly consisted of (a) $227.8 million net proceeds relating to our debt financing agreements (including proceeds we received from the issuance of \u20ac100.0 million unsecured bond on the Athens Exchange), (b) $9.4 million we paid for dividends to holders of our common stock for the first quarter of 2021 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 January 15, 2021 to April 14, 2021.<\/p>\n

                  Net cash used in financing activities was $104.7 million in the three-month period ended June 30, 2020, which mainly consisted of (a) $85.9 million net payments relating to our debt financing agreements, (b) $9.1 million we paid for dividends to holders of our common stock for the first quarter of 2020 and (c) $0.9 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 January 15, 2020 to April 14, 2020.<\/p>\n

                  \n
                  \n Six-month period ended June 30, 2021 compared to the six-month period ended June 30, 2020 <\/em>
                  \n <\/strong>\n <\/p>\n

                  During the six-month periods ended June 30, 2021 and 2020, we had an average of 67.1 and 60.1 vessels, respectively, in our fleet.<\/p>\n

                  In the six-month period ended June 30, 2021, (i) we accepted delivery of the newbuild container vessels YM Target<\/em> and YM Tiptop<\/em> with an aggregate TEU capacity of 25,380, the secondhand container vessels Aries<\/em>, Argus<\/em>, Glen Canyon<\/em>, Androusa<\/em>, Norfolk<\/em>, Porto Cheli<\/em>, Porto Kagio<\/em> and Porto Germeno<\/em> with an aggregate TEU capacity of 45,331 and we sold the container vessels Halifax Express<\/em> and Prosper<\/em> with an aggregate TEU capacity of 6,394 and (ii) we acquired (a) 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 (b) 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.<\/p>\n

                  Furthermore, in the six-month period ended June 30, 2021, we acquired all of the equity interest of sixteen companies (which owned or had committed to acquire dry bulk vessels) owned by our Chairman and Chief Executive Officer, Konstantinos Konstantakopoulos. We agreed to acquire these companies from Mr. Konstantakopoulos at cost with no mark-up or premium payable to Mr. Konstantakopoulos or his affiliated entities. Mr. Konstantakopoulos will not receive a profit as a result of the acquisition. Three of the dry bulk vessels that were part of the acquisition, the Builder<\/em>, Pegasus<\/em> and Adventure<\/em> (with an aggregate DWT of 171,997), were delivered to us during the six-month period ended June 30, 2021.<\/p>\n

                  In the six-month period ended June 30, 2020, we accepted delivery of the secondhand container vessel JPO<\/em>Virgo<\/em> with a TEU capacity of 4,258 and we sold the container vessel Neapolis<\/em> with a TEU capacity of 1,645.<\/p>\n

                  In the six-month periods ended June 30, 2021 and 2020, our fleet ownership days totaled 12,149 and 10,935 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.<\/p>\n

                  \n Consolidated Financial Results and vessels\u2019 operational data (1)<\/strong>\n <\/p>\n

                  \n <\/p>\n

                  <\/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
                  \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  (Expressed in millions of U.S. dollars,<\/td>\n\u00a0<\/td>\n\n Six-month period ended June 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/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\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Change\u00a0<\/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$<\/td>\n233.3<\/td>\n\u00a0<\/td>\n$<\/td>\n293.5<\/td>\n\u00a0<\/td>\n$<\/td>\n60.2<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n25.8<\/td>\n%<\/td>\n<\/tr>\n
                  Voyage expenses<\/td>\n\u00a0<\/td>\n(4.1<\/td>\n)<\/td>\n\u00a0<\/td>\n(3.1<\/td>\n)<\/td>\n\u00a0<\/td>\n(1.0<\/td>\n)<\/td>\n\u00a0<\/td>\n(24.4<\/td>\n%)<\/td>\n<\/tr>\n
                  Voyage expenses \u2013 related parties<\/td>\n\u00a0<\/td>\n(3.1<\/td>\n)<\/td>\n\u00a0<\/td>\n(4.3<\/td>\n)<\/td>\n\u00a0<\/td>\n1.2<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n38.7<\/td>\n%<\/td>\n<\/tr>\n
                  Vessels\u2019 operating expenses<\/td>\n\u00a0<\/td>\n(54.8<\/td>\n)<\/td>\n\u00a0<\/td>\n(69.6<\/td>\n)<\/td>\n\u00a0<\/td>\n14.8<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n27.0<\/td>\n%<\/td>\n<\/tr>\n
                  General and administrative expenses<\/td>\n\u00a0<\/td>\n(3.8<\/td>\n)<\/td>\n\u00a0<\/td>\n(3.7<\/td>\n)<\/td>\n\u00a0<\/td>\n(0.1<\/td>\n)<\/td>\n\u00a0<\/td>\n(2.6<\/td>\n%)<\/td>\n<\/tr>\n
                  Management fees \u2013 related parties<\/td>\n\u00a0<\/td>\n(10.5<\/td>\n)<\/td>\n\u00a0<\/td>\n(11.8<\/td>\n)<\/td>\n\u00a0<\/td>\n1.3<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12.4<\/td>\n%<\/td>\n<\/tr>\n
                  General and administrative expenses – non-cash component<\/td>\n\u00a0<\/td>\n(1.5<\/td>\n)<\/td>\n\u00a0<\/td>\n(3.2<\/td>\n)<\/td>\n\u00a0<\/td>\n1.7<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n113.3<\/td>\n%<\/td>\n<\/tr>\n
                  Amortization of dry-docking and special survey costs<\/td>\n\u00a0<\/td>\n(4.5<\/td>\n)<\/td>\n\u00a0<\/td>\n(4.8<\/td>\n)<\/td>\n\u00a0<\/td>\n0.3<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6.7<\/td>\n%<\/td>\n<\/tr>\n
                  Depreciation<\/td>\n\u00a0<\/td>\n(55.7<\/td>\n)<\/td>\n\u00a0<\/td>\n(58.7<\/td>\n)<\/td>\n\u00a0<\/td>\n3.0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5.4<\/td>\n%<\/td>\n<\/tr>\n
                  Gain on sale \/ disposal of vessels, net<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nn.m.<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Loss on vessels held for sale<\/td>\n\u00a0<\/td>\n(79.2<\/td>\n)<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(79.2<\/td>\n)<\/td>\n\u00a0<\/td>\nn.m.<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Vessels\u2019 impairment loss<\/td>\n\u00a0<\/td>\n(31.6<\/td>\n)<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(31.6<\/td>\n)<\/td>\n\u00a0<\/td>\nn.m.<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Foreign exchange gains \/ (losses)<\/td>\n\u00a0<\/td>\n(0.2<\/td>\n)<\/td>\n\u00a0<\/td>\n0.1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.3<\/td>\n)<\/td>\n\u00a0<\/td>\nn.m.<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Interest income<\/td>\n\u00a0<\/td>\n1.2<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.5<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.3<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n25.0<\/td>\n%<\/td>\n<\/tr>\n
                  Interest and finance costs<\/td>\n\u00a0<\/td>\n(35.4<\/td>\n)<\/td>\n\u00a0<\/td>\n(36.5<\/td>\n)<\/td>\n\u00a0<\/td>\n1.1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3.1<\/td>\n%<\/td>\n<\/tr>\n
                  Fair value measurement of equity securities<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n51.1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n51.1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nn.m.<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Income from equity method investments<\/td>\n\u00a0<\/td>\n8.2<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5.0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3.2<\/td>\n)<\/td>\n\u00a0<\/td>\n(39.0<\/td>\n%)<\/td>\n<\/tr>\n
                  Other<\/td>\n\u00a0<\/td>\n0.4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2.9<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2.5<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nn.m.<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Loss on derivative instruments<\/td>\n\u00a0<\/td>\n(2.1<\/td>\n)<\/td>\n\u00a0<\/td>\n(1.0<\/td>\n)<\/td>\n\u00a0<\/td>\n(1.1<\/td>\n)<\/td>\n\u00a0<\/td>\n(52.4<\/td>\n%)<\/td>\n<\/tr>\n
                  \n Net Income \/ (Loss)<\/strong>\n <\/td>\n$<\/td>\n(43.4<\/td>\n)<\/td>\n$<\/td>\n158.8<\/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 <\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n
                  (Expressed in millions of U.S. dollars,<\/td>\n\u00a0<\/td>\n\n Six-month period ended June 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Percentage<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
                  except percentages)\u00a0<\/td>\n\u00a0<\/td>\n\n 2020\u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 2021\u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Change<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Change<\/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\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Voyage revenue<\/td>\n$<\/td>\n233.3<\/td>\n\u00a0<\/td>\n$<\/td>\n293.5<\/td>\n\u00a0<\/td>\n$<\/td>\n60.2<\/td>\n\u00a0<\/td>\n25.8<\/td>\n%<\/td>\n<\/tr>\n
                  Accrued charter revenue<\/td>\n\u00a0<\/td>\n7.7<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2.1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(5.6<\/td>\n)<\/td>\n(72.7<\/td>\n%)<\/td>\n<\/tr>\n
                  Amortization of time charter assumed<\/td>\n\u00a0<\/td>\n0.1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.3<\/td>\n)<\/td>\n\u00a0<\/td>\n(0.4<\/td>\n)<\/td>\nn.m.<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Voyage revenue adjusted on a cash basis (2)<\/td>\n$<\/td>\n241.1<\/td>\n\u00a0<\/td>\n$<\/td>\n295.3<\/td>\n\u00a0<\/td>\n$<\/td>\n54.2<\/td>\n\u00a0<\/td>\n22.5<\/td>\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<\/table>\n

                  \n
                  \n
                  \n <\/strong>\n <\/p>\n\n\n\n\n\n\n\n
                  \n Vessels\u2019 operational data<\/strong>\n <\/td>\n\n Six-month period ended June 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Percentage<\/strong>\n <\/td>\n<\/tr>\n
                  \n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n\n Change<\/strong>\n <\/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<\/tr>\n
                  Average number of vessels<\/td>\n60.1<\/td>\n\u00a0<\/td>\n67.1<\/td>\n7.0<\/td>\n11.6<\/td>\n%<\/td>\n<\/tr>\n
                  Ownership days<\/td>\n10,935<\/td>\n\u00a0<\/td>\n12,149<\/td>\n1,214<\/td>\n11.1<\/td>\n%<\/td>\n<\/tr>\n
                  Number of vessels under dry-docking<\/td>\n7<\/td>\n\u00a0<\/td>\n9<\/td>\n2<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

                  \u00a0<\/p>\n

                  \n Segmental Financial Summary (1)<\/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
                  \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  \n Six-month period ended June 30, 2021<\/strong>\n <\/td>\n<\/tr>\n
                  \u00a0<\/td>\n\n Container vessels<\/strong>\n <\/td>\n\n Dry bulk
                  vessels<\/strong>\n <\/td>\n                  		\n Other<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Total<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Voyage revenue<\/td>\n$<\/td>\n292.6<\/td>\n\u00a0<\/td>\n$<\/td>\n0.9<\/td>\n\u00a0<\/td>\n$<\/td>\n–<\/td>\n$<\/td>\n293.5<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Voyage expenses<\/td>\n\u00a0<\/td>\n(3.0<\/td>\n)<\/td>\n\u00a0<\/td>\n(0.1<\/td>\n)<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n(3.1<\/td>\n)<\/td>\n<\/tr>\n
                  Voyage expenses \u2013 related parties<\/td>\n\u00a0<\/td>\n(4.3<\/td>\n)<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n(4.3<\/td>\n)<\/td>\n<\/tr>\n
                  Vessels\u2019 operating expenses<\/td>\n\u00a0<\/td>\n(69.4<\/td>\n)<\/td>\n\u00a0<\/td>\n(0.2<\/td>\n)<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n(69.6<\/td>\n)<\/td>\n<\/tr>\n
                  General and administrative expenses<\/td>\n\u00a0<\/td>\n(3.7<\/td>\n)<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n(3.7<\/td>\n)<\/td>\n<\/tr>\n
                  Management fees \u2013 related parties<\/td>\n\u00a0<\/td>\n(11.8<\/td>\n)<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n(11.8<\/td>\n)<\/td>\n<\/tr>\n
                  General and administrative expenses – non-cash component<\/td>\n\u00a0<\/td>\n(3.2<\/td>\n)<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n(3.2<\/td>\n)<\/td>\n<\/tr>\n
                  Amortization of dry-docking and special survey costs<\/td>\n\u00a0<\/td>\n(4.8<\/td>\n)<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n(4.8<\/td>\n)<\/td>\n<\/tr>\n
                  Depreciation<\/td>\n\u00a0<\/td>\n(58.6<\/td>\n)<\/td>\n\u00a0<\/td>\n(0.1<\/td>\n)<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n(58.7<\/td>\n)<\/td>\n<\/tr>\n
                  Gain on sale \/ disposal of vessels<\/td>\n\u00a0<\/td>\n1.4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n1.4<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Foreign exchange gains<\/td>\n\u00a0<\/td>\n0.1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n0.1<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Interest income<\/td>\n\u00a0<\/td>\n1.5<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n1.5<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Interest and finance costs<\/td>\n\u00a0<\/td>\n(36.5<\/td>\n)<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n(36.5<\/td>\n)<\/td>\n<\/tr>\n
                  Fair value measurement of equity securities<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n51.1<\/td>\n\u00a0<\/td>\n51.1<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Income from equity method investments<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5.0<\/td>\n\u00a0<\/td>\n5.0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Other<\/td>\n\u00a0<\/td>\n2.9<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n2.9<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Loss on derivative instruments<\/td>\n\u00a0<\/td>\n(1.0<\/td>\n)<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n(1.0<\/td>\n)<\/td>\n<\/tr>\n
                  \n Net Income<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 102.2<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 0.5<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 56.1<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 158.8<\/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<\/table>\n

                  (1) The results of dry bulk vessels are included from June 14, 2021. Prior to that, our results were attributable to container vessels only.
                  (2) 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 <\/p>\n

                  Voyage revenue increased by 25.8%, or $60.2 million, to $293.5 million during the six-month period ended June 30, 2021, from $233.3 million during the six-month period ended June 30, 2020. The increase is mainly attributable to (i) revenue earned by five container vessels acquired during the second half of 2020, fifteen container vessels and three dry bulk vessels acquired during the first half of 2021, (ii) to decreased idle days of our fleet during the first half of 2021 compared to the first half of 2020, (iii) to increased charter rates in certain of our container vessels during the first half of 2021 compared to the first half of 2020; partly off-set by revenue not earned by five container vessels sold during the year ended December 31, 2020 and two container vessels sold during the first half of 2021.<\/p>\n

                  Voyage revenue adjusted on a cash basis (which eliminates non-cash \u201cAccrued charter revenue\u201d), increased by 22.5%, or $54.2 million, to $295.3 million during the six-month period ended June 30, 2021, from $241.1 million during the six-month period ended June 30, 2020. Accrued charter revenue for the six-month periods ended June 30, 2021 and 2020 was a positive amount of $2.1 million and $7.7 million, respectively.<\/p>\n

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

                  Voyage expenses were $3.1 million and $4.1 million for the six-month periods ended June 30, 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 $4.3 million and $3.1 million for the six-month periods ended June 30, 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 (in respect of our container vessels) payable to two related charter brokerage companies for an amount of approximately $0.6 million and $0.2 million, in the aggregate, for the six-month periods ended June 30, 2021 and 2020, respectively.\u00a0\u00a0<\/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 $69.6 million and $54.8 million during the six-month periods ended June 30, 2021 and 2020, respectively. Daily vessels\u2019 operating expenses were $5,729 and $5,008 for the six-month periods ended June 30, 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 $3.7 million and $3.8 million during the six-month periods ended June 30, 2021 and 2020, respectively, and both include $1.3 million paid to a related manager.<\/p>\n

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

                  Management fees paid to our related party managers were $11.8 million and $10.5 million during the six-month periods ended June 30, 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 six-month period ended June 30, 2021 amounted to $3.2 million, representing the value of the shares issued to a related party manager on March 31, 2021 and on June 30, 2021. General and administrative expenses – non-cash component for the six-month period ended June 30, 2020 amounted to $1.5 million, representing the value of the shares issued to a related party manager on March 30, 2020 and June 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 $4.8 million and $4.5 million during the six-month periods ended June 30, 2021 and 2020, respectively. During the six-month period ended June 30, 2021, eight vessels underwent and completed their special survey and one vessel was in the process of completing its special survey. During the six-month period ended June 30, 2020, seven vessels underwent and completed their special survey.<\/p>\n

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

                  Depreciation expense for the six-month periods ended June 30, 2021 and 2020 was $58.7 million and $55.7 million, respectively.<\/p>\n

                  \n Gain on Sale \/ Disposal of Vessels, net<\/em>\n <\/p>\n

                  During the six-month period ended June 30, 2021, we recorded a net gain of $1.4 million from the sale of the container vessels Prosper<\/em> and Halifax Express <\/em>(asset held for sale as at December 31, 2020). During the six-month period ended June 30, 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 six-month period ended June 30, 2021, the container vessels Venetiko, Zim New York and Zim Shanghai<\/em> were classified as vessels held for sale. No loss on vessels held for sale was recorded during the\u00a0six-month period ended June 30, 2021 since each vessel\u2019s estimated market value exceeded each vessel\u2019s carrying value. During the six-month period ended June 30, 2020, we recorded a loss of $78.7 million on the container vessels Kokura<\/em>, Kawasaki<\/em> and Singapore Express<\/em> that were classified as vessels held for sale as at June 30, 2020 and an additional loss of $0.5\u00a0million on the container vessel Zagora<\/em> that was classified as vessel held for sale as at December 31, 2019, representing the expected loss from their sale during the next twelve-month period.<\/p>\n

                  \n Vessels\u2019 impairment loss<\/em>\n <\/p>\n

                  During the six-month period ended June 30, 2021 no impairment loss was recorded. During the six-month period ended June 30, 2020, we recorded an impairment loss in relation to five of our container vessels in the amount of $31.6 million, in the aggregate.<\/p>\n

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

                  Interest income amounted to $1.5 million and $1.2 million for the six-month periods ended June 30, 2021 and 2020, respectively.<\/p>\n

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

                  Interest and finance costs were $36.5 million and $35.4 million during the six-month periods ended June 30, 2021 and 2020, respectively. The increase is mainly attributable to the increased average loan balances during the six-month period ended June 30, 2021 compared to the six-month period ended June 30, 2020; partly off-set by the decreased financing cost during the six-month period ended June 30, 2021 compared to the six-month period ended June 30, 2020.<\/p>\n

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

                  Fair value measurement of equity securities of $51.1 million for the six-month period ended June 30, 2021, represents the difference between the aggregate fair value of 1,221,800 ordinary shares of ZIM that we own as at June 30, 2021 of $54.9 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 six-month period ended June 30, 2021, we recorded an income from equity method investments of $5.0 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 June 30, 2021, six companies are jointly owned with York (of which, five companies currently own container vessels). During the six-month period ended June 30, 2020, we recorded an income from equity method investments of $8.2 million relating to investments under the Framework Deed.<\/p>\n

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

                  The fair value of our ten interest rate derivative instruments and our two cross currency rate swaps which were outstanding as of June 30, 2021 equates to the amount that would be paid by us or to us should those instruments be terminated. As of June 30, 2021, the fair value of these twelve interest rate derivative instruments, in aggregate, amounted to a liability of $11.7 million. The change in the fair value of the interest rate derivative instruments and cross currency rate swaps 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 six-month period ended June 30, 2021, a loss of $1.0 million has been included in OCI and a loss of $0.2 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 six-month period ended June 30, 2021.<\/p>\n

                  \n Cash Flows<\/strong>\n <\/p>\n

                  \n
                  \n Six-month periods ended June 30, 2021 and 2020<\/em>
                  \n <\/strong>\n <\/p>\n\n\n\n\n\n\n
                  \n Condensed cash flows<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Six-month period ended June 30,<\/strong>\n <\/td>\n<\/tr>\n
                  (Expressed in millions of U.S. dollars)<\/td>\n\u00a0<\/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\u00a0<\/td>\n$<\/td>\n139.2<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n175.2<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Net Cash Provided by \/ (Used in) Investing Activities<\/td>\n\u00a0<\/td>\n$<\/td>\n1.6<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(281.5<\/td>\n)<\/td>\n<\/tr>\n
                  Net Cash Provided by \/ (Used in) Financing Activities<\/td>\n\u00a0<\/td>\n$<\/td>\n(135.5<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n263.3<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

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

                  Net cash flows provided by operating activities for the six-month period ended June 30, 2021, increased by $36.0 million to $175.2 million, from $139.2 million for the six-month period ended June 30, 2020. The increase is mainly attributable to increased cash from operations of $54.2 million, to the favorable 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 $8.6 million; partly off-set by increased payments for interest (including swap payments) of $1.4 million during the six-month period ended June 30, 2021 compared to the six-month period ended June 30, 2020 and by increased special survey costs of $2.4 million during the six-month period ended June 30, 2021 compared to the six-month period ended June 30, 2020.<\/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 $281.5 million in the six-month period ended June 30, 2021, which mainly consisted of (i) net payments for the acquisition of the 75% equity interest in two companies and of the 51% equity interest in three companies, previously jointly owned with York pursuant to the Framework Deed, (ii) payments for the delivery of two newbuild container vessels, eight secondhand container vessels and one dry bulk vessel, (iii) advance payments for the acquisition of two secondhand container vessels and twelve secondhand dry bulk vessels and (iv) payments for upgrades for certain of our vessels; partly off-set by proceeds we received from the sale of two container vessels.<\/p>\n

                  Net cash provided by investing activities was $1.6 million in the six-month period ended June 30, 2020, which mainly consisted of return of capital we received from nine entities jointly owned with York pursuant to the Framework Deed, the proceeds we received from the sale of one container vessel and advance payments we received from the sale of two container vessels that were classified as vessels held for sale as at June 30, 2020; partly off-set by payments for upgrades for certain of our container vessels and payment for the acquisition of one container 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 $263.3 million in the six-month period ended June 30, 2021, which mainly consisted of (a) $309.4 million net proceeds relating to our debt financing agreements (including proceeds we received from the issuance of \u20ac100.0 million unsecured bond on the Athens Exchange), (b) $18.6 million we paid for dividends to holders of our common stock for the fourth quarter of 2020 and the first quarter of 2021 and (c) $1.9 million we paid for dividends to holders of our Series B Preferred Stock, $4.2 million we paid for dividends to holders of our Series C Preferred Stock, $4.4 million we paid for dividends to holders of our Series D Preferred Stock and $5.1 million we paid for dividends to holders of our Series E Preferred Stock for the period from October 15, 2020 to January 14, 2021 and January 15, 2021 to April 14, 2021.<\/p>\n

                  Net cash used in financing activities was $135.5 million in the six-month period ended June 30, 2020, which mainly consisted of (a) $100.5 million net payments relating to our debt financing agreements, (b) $15.8 million we paid for dividends to holders of our common stock for the fourth quarter of 2019 and the first quarter of 2020 and (c) $1.9 million we paid for dividends to holders of our Series B Preferred Stock, $4.2 million we paid for dividends to holders of our Series C Preferred Stock, $4.4 million we paid for dividends to holders of our Series D Preferred Stock and $5.1 million we paid for dividends to holders of our Series E Preferred Stock for the period from October 15, 2019 to January 14, 2020 and January 15, 2020 to April 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 June 30, 2021, we had a total cash liquidity of $348.9 million, consisting of cash, cash equivalents and restricted cash.<\/p>\n

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

                  As of July 28, 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
                  \n Vessel Name<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Year<\/strong>
                  \n
                  \n Built<\/strong>\n <\/td>\n                  		\u00a0<\/td>\n\n TEU \/ DWT<\/strong>
                  \n
                  \n Capacity<\/strong>\n <\/td>\n<\/tr>\n
                  \n Containerships<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  ETOILE<\/td>\n\u00a0<\/td>\n2005<\/td>\n\u00a0<\/td>\n2,556<\/td>\n<\/tr>\n
                  MICHIGAN<\/td>\n\u00a0<\/td>\n2008<\/td>\n\u00a0<\/td>\n1,300<\/td>\n<\/tr>\n
                  ENSENADA (*)<\/td>\n\u00a0<\/td>\n2001<\/td>\n\u00a0<\/td>\n5,576<\/td>\n<\/tr>\n
                  MONEMVASIA (*)<\/td>\n\u00a0<\/td>\n1998<\/td>\n\u00a0<\/td>\n2,472<\/td>\n<\/tr>\n
                  ARKADIA (*)<\/td>\n\u00a0<\/td>\n2001<\/td>\n\u00a0<\/td>\n1,550<\/td>\n<\/tr>\n
                  \n Dry Bulk Vessels<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  SEABIRD<\/td>\n\u00a0<\/td>\n2016<\/td>\n\u00a0<\/td>\n63,553<\/td>\n<\/tr>\n
                  \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

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

                  \n Risk Factor Update<\/strong>\n <\/p>\n

                  \n
                  \n The operation of dry bulk vessels entails certain unique operational risks.<\/em>
                  \n <\/strong>\n <\/p>\n

                  The operation of certain ship types, such as dry bulk vessels, has certain unique risks. With a dry bulk vessel, the cargo itself and its interaction with the ship can be a risk factor. By their nature, dry bulk cargoes are often heavy, dense, easily shifted, and react badly to water exposure. In addition, dry bulk vessels are often subjected to battering treatment during unloading operations with grabs, jackhammers (to pry encrusted cargoes out of the hold), and small bulldozers. This treatment may cause damage to the vessel. Vessels damaged due to treatment during unloading procedures may be more susceptible to breach at sea. Furthermore, any defects or flaws in the design of a dry bulk vessel may contribute to vessel damage. Hull breaches in dry bulk vessels may lead to the flooding of the vessels holds. If a dry bulk vessel suffers flooding in its holds, the bulk cargo may become so dense and waterlogged that its pressure may buckle the vessel’s bulkheads, leading to the loss of the vessel. If we are unable to adequately maintain our vessels, we may be unable to prevent these events.<\/p>\n

                  Any of these circumstances or events could negatively impact our business, financial condition, results of operations and our ability to pay dividends, if any, in the future. In addition, the loss of any of our dry bulk vessels could harm our reputation as a safe and reliable vessel owner and operator.<\/p>\n

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

                  On Wednesday, 28, 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 August 4, 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: 10159093.<\/p>\n

                  \n Live webcast:<\/strong>
                  \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 81 containerships, with a total capacity of approximately 581,000 TEU (including two secondhand vessels that we have agreed to acquire and two vessels that we have agreed to sell) and 37 dry bulk vessels with a total capacity of approximately 1,910,000 DWT (including 23 secondhand vessels that we have agreed to acquire). 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 tables below provide additional information, as of July 28, 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\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 (<\/strong>
                  \n <\/sup>
                  \n
                  \n 1)<\/strong>
                  \n <\/sup>
                  \n (U.S.\u00a0dollars)<\/strong>\n <\/td>\n                  		\n Expiration of Charter<\/strong>
                  \n
                  \n (<\/strong>
                  \n <\/sup>
                  \n
                  \n 2)<\/strong>
                  \n <\/sup>\n <\/td>\n<\/tr>\n
                  \n 1<\/strong>\n <\/td>\nTRITON(<\/sup>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(<\/sup>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(<\/sup>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(<\/sup>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(<\/sup>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(<\/sup>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(<\/sup>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(<\/sup>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(<\/sup>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(<\/sup>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>\nJuly 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\/(<\/sup>*)<\/sup><\/td>\n2006<\/td>\n9,469<\/td>\n30,900\/72,700<\/td>\nApril 2025(4)<\/sup><\/td>\n<\/tr>\n
                  \n 17<\/strong>\n <\/td>\nCOSCO NINGBO<\/td>\nCOSCO\/(<\/sup>*)<\/sup><\/td>\n2006<\/td>\n9,469<\/td>\n30,900\/72,700<\/td>\nApril 2025(4)<\/sup><\/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(<\/sup>5<\/sup>)<\/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(<\/sup>6<\/sup>)<\/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(<\/sup>7<\/sup>)<\/sup><\/td>\n<\/tr>\n
                  \n 24<\/strong>\n <\/td>\nMSC ATHENS(<\/sup>ii)<\/sup><\/td>\nMSC<\/td>\n2013<\/td>\n8,827<\/td>\n45,300<\/td>\nJanuary 2026(<\/sup>8<\/sup>)<\/sup><\/td>\n<\/tr>\n
                  \n 25<\/strong>\n <\/td>\nMSC ATHOS(<\/sup>ii)<\/sup><\/td>\nMSC<\/td>\n2013<\/td>\n8,827<\/td>\n45,300<\/td>\nFebruary 2026(<\/sup>9<\/sup>)<\/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(<\/sup>10<\/sup>)<\/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(<\/sup>11<\/sup>)<\/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\/Maersk<\/td>\n2003<\/td>\n6,724<\/td>\n29,000\/46,500<\/td>\nMay 2026(<\/sup>12<\/sup>)<\/sup><\/td>\n<\/tr>\n
                  \n 37<\/strong>\n <\/td>\nPORTO CHELI<\/td>\nMaersk<\/td>\n2001<\/td>\n6,712<\/td>\n30,075<\/td>\nJune 2026<\/td>\n<\/tr>\n
                  \n 38<\/strong>\n <\/td>\nYORK<\/td>\nMaersk<\/td>\n2000<\/td>\n6,648<\/td>\n21,250<\/td>\nAugust 2022<\/td>\n<\/tr>\n
                  \n 39<\/strong>\n <\/td>\nKOBE<\/td>\nRCL Feeder\/ZIM<\/td>\n2000<\/td>\n6,648<\/td>\n14,500\/45,000<\/td>\nJuly 2025(<\/sup>13<\/sup>)<\/sup><\/td>\n<\/tr>\n
                  \n 40<\/strong>\n <\/td>\nSEALAND WASHINGTON<\/td>\nMaersk<\/td>\n2000<\/td>\n6,648<\/td>\n25,000<\/td>\nMarch 2022(<\/sup>14<\/sup>)<\/sup><\/td>\n<\/tr>\n
                  \n 41<\/strong>\n <\/td>\nSEALAND MICHIGAN<\/td>\nMaersk<\/td>\n2000<\/td>\n6,648<\/td>\n25,000<\/td>\nMarch 2022(<\/sup>14<\/sup>)<\/sup><\/td>\n<\/tr>\n
                  \n 42<\/strong>\n <\/td>\nSEALAND ILLINOIS<\/td>\nMaersk<\/td>\n2000<\/td>\n6,648<\/td>\n25,000<\/td>\nMarch 2022(<\/sup>14<\/sup>)<\/sup><\/td>\n<\/tr>\n
                  \n 43<\/strong>\n <\/td>\nMAERSK KOLKATA<\/td>\nMaersk<\/td>\n2003<\/td>\n6,644<\/td>\n25,000<\/td>\nMarch 2022(<\/sup>14<\/sup>)<\/sup><\/td>\n<\/tr>\n
                  \n 44<\/strong>\n <\/td>\nMAERSK KINGSTON<\/td>\nMaersk<\/td>\n2003<\/td>\n6,644<\/td>\n25,000<\/td>\nMarch 2022(<\/sup>14<\/sup>)<\/sup><\/td>\n<\/tr>\n
                  \n 45<\/strong>\n <\/td>\nMAERSK KALAMATA<\/td>\nMaersk<\/td>\n2003<\/td>\n6,644<\/td>\n25,000<\/td>\nMarch 2022(<\/sup>14<\/sup>)<\/sup><\/td>\n<\/tr>\n
                  \n 46<\/strong>\n <\/td>\nARIES<\/td>\nONE<\/td>\n2004<\/td>\n6,492<\/td>\n\n (*)<\/sup>\n <\/td>\nDecember 2022<\/td>\n<\/tr>\n
                  \n 47<\/strong>\n <\/td>\nARGUS<\/td>\nONE<\/td>\n2004<\/td>\n6,492<\/td>\n\n (*)<\/sup>\n <\/td>\nJanuary 2023<\/td>\n<\/tr>\n
                  \n 48<\/strong>\n <\/td>\nVENETIKO(<\/sup>iii)<\/sup><\/td>\n\n (*)<\/sup>\n <\/td>\n2003<\/td>\n5,928<\/td>\n\n (*)<\/sup>\n <\/td>\nAugust 2021<\/td>\n<\/tr>\n
                  \n 49<\/strong>\n <\/td>\nPORTO KAGIO<\/td>\nMaersk<\/td>\n2002<\/td>\n5,908<\/td>\n28,822<\/td>\nJune 2026<\/td>\n<\/tr>\n
                  \n 50<\/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 51<\/strong>\n <\/td>\nPORTO GERMENO<\/td>\nMaersk<\/td>\n2002<\/td>\n5,570<\/td>\n28,822<\/td>\nJune 2026<\/td>\n<\/tr>\n
                  \n 52<\/strong>\n <\/td>\nENSENADA(<\/sup>i<\/sup>)<\/sup>, (iii) <\/sup><\/td>\n\n (*)<\/sup>\n <\/td>\n2001<\/td>\n5,576<\/td>\n21,500<\/td>\nAugust 2021<\/td>\n<\/tr>\n
                  \n 53<\/strong>\n <\/td>\nZIM NEW YORK<\/td>\nZIM<\/td>\n2002<\/td>\n4,992<\/td>\n14,438<\/td>\nSeptember 2021 (<\/sup>15<\/sup>)<\/sup><\/td>\n<\/tr>\n
                  \n 54<\/strong>\n <\/td>\nZIM SHANGHAI<\/td>\nZIM<\/td>\n2002<\/td>\n4,992<\/td>\n14,438<\/td>\nSeptember 2021(<\/sup>15<\/sup>)<\/sup><\/td>\n<\/tr>\n
                  \n 55<\/strong>\n <\/td>\nLEONIDIO(<\/sup>ii)<\/sup><\/td>\nMaersk<\/td>\n2014<\/td>\n4,957<\/td>\n14,200<\/td>\nDecember 2024<\/td>\n<\/tr>\n
                  \n 56<\/strong>\n <\/td>\nKYPARISSIA(<\/sup>ii)<\/sup><\/td>\nMaersk<\/td>\n2014<\/td>\n4,957<\/td>\n14,200<\/td>\nNovember 2024<\/td>\n<\/tr>\n
                  \n 57<\/strong>\n <\/td>\nMEGALOPOLIS<\/td>\nMaersk<\/td>\n2013<\/td>\n4,957<\/td>\n13,500<\/td>\nJuly 2025<\/td>\n<\/tr>\n
                  \n 58<\/strong>\n <\/td>\nMARATHOPOLIS<\/td>\nMaersk<\/td>\n2013<\/td>\n4.957<\/td>\n13,500<\/td>\nJuly 2025<\/td>\n<\/tr>\n
                  \n 59<\/strong>\n <\/td>\nOAKLAND<\/td>\nMaersk<\/td>\n2000<\/td>\n4,890<\/td>\n24,500<\/td>\nMarch 2023<\/td>\n<\/tr>\n
                  \n 60<\/strong>\n <\/td>\nNORFOLK<\/td>\nMaersk<\/td>\n2009<\/td>\n4,259<\/td>\n30,000<\/td>\nMay 2023<\/td>\n<\/tr>\n
                  \n 61<\/strong>\n <\/td>\nVULPECULA<\/td>\nOOCL<\/td>\n2010<\/td>\n4,258<\/td>\n22,700<\/td>\nFebruary 2023<\/td>\n<\/tr>\n
                  \n 62<\/strong>\n <\/td>\nVOLANS<\/td>\nZIM<\/td>\n2010<\/td>\n4,258<\/td>\n24,250<\/td>\nApril 2024<\/td>\n<\/tr>\n
                  \n 63<\/strong>\n <\/td>\nVIRGO<\/td>\nMaersk<\/td>\n2009<\/td>\n4,258<\/td>\n30,200<\/td>\nFebruary 2024<\/td>\n<\/tr>\n
                  \n 64<\/strong>\n <\/td>\nVELA<\/td>\nOOCL<\/td>\n2009<\/td>\n4,258<\/td>\n22,700<\/td>\nJanuary 2023<\/td>\n<\/tr>\n
                  \n 65<\/strong>\n <\/td>\nANDROUSA<\/td>\nMaersk<\/td>\n2010<\/td>\n4,256<\/td>\n22,750<\/td>\nMay 2023<\/td>\n<\/tr>\n
                  \n 66<\/strong>\n <\/td>\nNEOKASTRO<\/td>\n(*)\/CMA CGM<\/td>\n2011<\/td>\n4,178<\/td>\n(*)\/ 39,000<\/td>\nJanuary 2027(16)<\/sup><\/td>\n<\/tr>\n
                  \n 67<\/strong>\n <\/td>\nULSAN<\/td>\nMaersk<\/td>\n2002<\/td>\n4,132<\/td>\n34,730<\/td>\nJanuary 2026(<\/sup>1<\/sup>7<\/sup>)<\/sup><\/td>\n<\/tr>\n
                  \n 68<\/strong>\n <\/td>\nPOLAR ARGENTINA(<\/sup>i<\/sup>)<\/sup>(ii)<\/sup><\/td>\nMaersk<\/td>\n2018<\/td>\n3,800<\/td>\n19,700<\/td>\nOctober 2024<\/td>\n<\/tr>\n
                  \n 69<\/strong>\n <\/td>\nPOLAR BRASIL(<\/sup>i<\/sup>)<\/sup>(ii)<\/sup><\/td>\nMaersk<\/td>\n2018<\/td>\n3,800<\/td>\n19,700<\/td>\nJanuary 2025<\/td>\n<\/tr>\n
                  \n 70<\/strong>\n <\/td>\nLAKONIA<\/td>\nCOSCO<\/td>\n2004<\/td>\n2,586<\/td>\n17,300<\/td>\nFebruary 2022<\/td>\n<\/tr>\n
                  \n 71<\/strong>\n <\/td>\nSCORPIUS<\/td>\nPool \/ Hapag Lloyd<\/td>\n2007<\/td>\n2,572<\/td>\nPool participation\/
                  17,750<\/td>\n                  		January 2023(<\/sup>1<\/sup>8<\/sup>)<\/sup><\/td>\n<\/tr>\n
                  \n 72<\/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 73<\/strong>\n <\/td>\nAREOPOLIS<\/td>\nCOSCO<\/td>\n2000<\/td>\n2,474<\/td>\n17,300<\/td>\nMarch 2022<\/td>\n<\/tr>\n
                  \n 74<\/strong>\n <\/td>\nMONEMVASIA(<\/sup>i<\/sup>)<\/sup><\/td>\nMaersk<\/td>\n1998<\/td>\n2,472<\/td>\n9,250<\/td>\nNovember 2021<\/td>\n<\/tr>\n
                  \n 75<\/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 76<\/strong>\n <\/td>\nARKADIA(<\/sup>i<\/sup>)<\/sup><\/td>\nChina Navigation<\/td>\n2001<\/td>\n1,550<\/td>\n21,500<\/td>\nMay 2023<\/td>\n<\/tr>\n
                  \n 77<\/strong>\n <\/td>\nMICHIGAN<\/td>\nMSC<\/td>\n2008<\/td>\n1,300<\/td>\n18,700<\/td>\nSeptember 2023(<\/sup>1<\/sup>9<\/sup>)<\/sup><\/td>\n<\/tr>\n
                  \n 78<\/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 79<\/strong>\n <\/td>\nLUEBECK<\/td>\nMSC<\/td>\n2001<\/td>\n1,078<\/td>\n15,000<\/td>\nMarch 2024(<\/sup>20<\/sup>)<\/sup><\/td>\n<\/tr>\n<\/table>\n

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

                  \n
                  \n Containerships agreed to be acquired within 2021<\/u>
                  \n <\/strong>\n <\/p>\n\n\n\n\n
                  \u00a0<\/td>\n\n Vessel Name<\/strong>\n <\/td>\n\n Vessel Capacity (TEU)<\/strong>\n <\/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>\nCOSCO FUKUYAMA (tbr. GIALOVA)<\/td>\n4,578<\/td>\n2009<\/td>\nZIM<\/td>\n25,500<\/td>\n32 \u2013 36 months from vessel\u2019s delivery to the charterer<\/td>\n<\/tr>\n
                  \n 2<\/strong>\n <\/td>\nCO KOBE (tbr. DYROS)<\/td>\n4,578<\/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\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>\nUpon redelivery of each vessel from COSCO<\/em> between April 2022 and June 2022, each vessel will commence a charter for a period of 36 to 39 months at a daily rate of $72,700. Until then the daily charter rate of Cosco Guangzhou<\/em> and Cosco Ningbo<\/em> will be $30,900.<\/td>\n<\/tr>\n
                  (5)<\/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
                  (6)<\/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
                  (7)<\/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
                  (8)<\/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
                  (9)<\/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
                  (10)<\/td>\nThe 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
                  (11)<\/td>\nThe 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
                  (12)<\/td>\nUpon redelivery of MSC Methoni <\/em>from MSC <\/em>(expected between September 2021 and November 2021), the vessel will commence a charter with Maersk<\/em> at a daily rate of $46,500. Until then the daily charter rate will be $29,000.<\/td>\n<\/tr>\n
                  (13)<\/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
                  (14)<\/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
                  (15)<\/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. In June 2021, ZIM<\/em> fully repaid the interest bearing notes and thus the employment of the two vessels will be terminated under the terms of the 2014 restructuring agreement.<\/td>\n<\/tr>\n
                  (16)<\/td>\nUpon redelivery of Neokastro<\/em> from her current charterer (expected between December 2021 and February 2022), the vessel will commence a charter with CMA CGM<\/em> at a daily rate of $39,000. Until then the daily charter rate will be $24,000.<\/td>\n<\/tr>\n
                  (17)<\/td>\nThis charter rate will be earned by Ulsan<\/em> from October 1, 2021. Until then the daily charter rate will be $12,000.<\/td>\n<\/tr>\n
                  (18)<\/td>\nVessel will be participating in a Pool until August 31, 2021. From September 1, 2021, its charter rate will be $17,750 per day, as per its current employment with Hapag Lloyd<\/em>.<\/td>\n<\/tr>\n
                  (19)<\/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
                  (20)<\/td>\nThis charter rate will be earned by Luebeck <\/em>from March 19, 2022. Until then the daily charter rate will be $7,750.<\/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<\/table>\n

                  The tables below provide additional information, as of July 28, 2021, about our fleet of dry bulk vessels, including the vessels that we have agreed to acquire.<\/p>\n

                  \n \n <\/p>\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 Year Built<\/strong>\n <\/td>\n\n Capacity (DWT)<\/strong>\n <\/td>\n\n Current Daily Charter Rate<\/strong>
                  \n
                  \n (<\/strong>
                  \n <\/sup>
                  \n
                  \n 1)<\/strong>
                  \n <\/sup>
                  \n (U.S.\u00a0dollars)<\/strong>\n <\/td>\n                  		\n Expiration of Charter<\/strong>
                  \n
                  \n (<\/strong>
                  \n <\/sup>
                  \n
                  \n 2)<\/strong>
                  \n <\/sup>\n <\/td>\n<\/tr>\n
                  \n 1<\/strong>\n <\/td>\nBUILDER<\/td>\n2012<\/td>\n81,541<\/td>\n25,000<\/td>\nOctober 2021<\/td>\n<\/tr>\n
                  \n 2<\/strong>\n <\/td>\nSAUVAN<\/td>\n2010<\/td>\n79,699<\/td>\n30,250<\/td>\nOctober 2021<\/td>\n<\/tr>\n
                  \n 3<\/strong>\n <\/td>\nDAWN<\/td>\n2018<\/td>\n63,530<\/td>\n10,500<\/td>\nDecember 2021(<\/strong><\/sup>4) (5)<\/sup><\/td>\n<\/tr>\n
                  \n 4<\/strong>\n <\/td>\nSEABIRD<\/td>\n2016<\/td>\n63,553<\/td>\nPreparations for Drydock<\/td>\n<\/tr>\n
                  \n 5<\/strong>\n <\/td>\nERACLE<\/td>\n2012<\/td>\n58,018<\/td>\n30,000<\/td>\nOctober 2021<\/td>\n<\/tr>\n
                  \n 6<\/strong>\n <\/td>\nPEGASUS<\/td>\n2011<\/td>\n56,726<\/td>\n26,150<\/td>\nSeptember 2021<\/td>\n<\/tr>\n
                  \n 7<\/strong>\n <\/td>\nPEACE<\/td>\n2006<\/td>\n55,709<\/td>\n28,000<\/td>\nSeptember 2021<\/td>\n<\/tr>\n
                  \n 8<\/strong>\n <\/td>\nPRIDE<\/td>\n2006<\/td>\n55,705<\/td>\n31,000<\/td>\nAugust 2021<\/td>\n<\/tr>\n
                  \n 9<\/strong>\n <\/td>\nINTERLINK VERITY<\/td>\n2012<\/td>\n37,163<\/td>\n100% participation to the BHSI38 performance<\/td>\nMarch 2022(3)<\/sup>(4)<\/sup><\/td>\n<\/tr>\n
                  \n 10<\/strong>\n <\/td>\nACUITY<\/td>\n2011<\/td>\n37,149<\/td>\n98.75% participation to the BHSI38 performance<\/td>\nSeptember 2021(3) (4) (5)<\/sup><\/td>\n<\/tr>\n
                  \n 11<\/strong>\n <\/td>\nBERNIS<\/td>\n2011<\/td>\n34,627<\/td>\n25,250<\/td>\nNovember 2021<\/td>\n<\/tr>\n
                  \n 12<\/strong>\n <\/td>\nMANZANILLO<\/td>\n2010<\/td>\n34,426<\/td>\n8,350<\/td>\nOctober 2021(4) (5)<\/sup><\/td>\n<\/tr>\n
                  \n 13<\/strong>\n <\/td>\nADVENTURE<\/td>\n2011<\/td>\n33,755<\/td>\n7,500<\/td>\nDecember 2021(4)<\/sup> (5)<\/sup><\/td>\n<\/tr>\n
                  \n 14<\/strong>\n <\/td>\nALLIANCE<\/td>\n2012<\/td>\n33,755<\/td>\n8,150<\/td>\nDecember 2021(4) (5)<\/sup><\/td>\n<\/tr>\n<\/table>\n

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

                  \n
                  \n Dry Bulk vessels agreed to be acquired within 2021<\/u>
                  \n <\/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
                  \u00a0<\/td>\n\n Vessel Name<\/strong>\n <\/td>\n\n Year Built<\/strong>\n <\/td>\n\n Capacity (DWT)<\/strong>\n <\/td>\n\n Current Daily Charter Rate<\/strong>
                  \n
                  \n (<\/strong>
                  \n <\/sup>
                  \n
                  \n 1)<\/strong>
                  \n <\/sup>
                  \n (U.S.\u00a0dollars)<\/strong>\n <\/td>\n                  		\n Expiration of Charter<\/strong>
                  \n
                  \n (<\/strong>
                  \n <\/sup>
                  \n
                  \n 2)<\/strong>
                  \n <\/sup>\n <\/td>\n<\/tr>\n
                  \n 1<\/strong>\n <\/td>\nSPRING AEOLIAN (tbr. AEOLIAN)<\/td>\n2012<\/td>\n83,478<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
                  \n 2<\/strong>\n <\/td>\nJAIGARH (tbr. GRENETA)<\/td>\n2010<\/td>\n82,166<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
                  \n 3<\/strong>\n <\/td>\nPEDHOULAS FARMER (tbr. FARMER)<\/td>\n2012<\/td>\n81,541<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
                  \n 4<\/strong>\n <\/td>\nIMPERIAL ROSE (tbr. ROSE)<\/td>\n2008<\/td>\n76,619<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
                  \n 5<\/strong>\n <\/td>\nBULK TITAN (tbr. TITAN)<\/td>\n2009<\/td>\n58,090<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
                  \n 6<\/strong>\n <\/td>\nSTAR ATHENA (tbr. ATHENA)<\/td>\n2012<\/td>\n58,018<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
                  \n 7<\/strong>\n <\/td>\nBULK URUGUAY (tbr. URUGUAY)<\/td>\n2011<\/td>\n57,937<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
                  \n 8<\/strong>\n <\/td>\nBULK CURACAO (tbr. CURACAO)<\/td>\n2011<\/td>\n57,937<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
                  \n 9<\/strong>\n <\/td>\nVIET THUAN 56-01 (tbr. THUNDER)<\/td>\n2009<\/td>\n57,334<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
                  \n 10<\/strong>\n <\/td>\nSERENE SUSANNAH (tbr. SERENA)<\/td>\n2010<\/td>\n57,266<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
                  \n 11<\/strong>\n <\/td>\nATLANTIC MERIDA (tbr. MERIDA)<\/td>\n2012<\/td>\n56,670<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  \n 12<\/strong>\n <\/td>\nLARA (tbr. CLARA)<\/td>\n2008<\/td>\n56,557<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
                  \n 13<\/strong>\n <\/td>\nDARYA LAKSHMI (tbr. BERMONDI)<\/td>\n2009<\/td>\n55,469<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
                  \n 14<\/strong>\n <\/td>\nINTERLINK COMITY (tbr. COMITY)<\/td>\n2010<\/td>\n37,302<\/td>\n100% participation to the BHSI38 performance<\/td>\nJuly 2022 (3) (4) <\/sup><\/td>\n<\/tr>\n
                  \n 15<\/strong>\n <\/td>\nINTERLINK PARITY (tbr. PARITY)<\/td>\n2012<\/td>\n37,152<\/td>\n102% participation to the BSHI38 performance<\/td>\nDecember 2022(3)<\/sup><\/td>\n<\/tr>\n
                  \n 16<\/strong>\n <\/td>\nINTERLINK EQUITY (tbr. EQUITY)<\/td>\n2013<\/td>\n37,071<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
                  \n 17<\/strong>\n <\/td>\nN DISCOVERY (tbr. DISCOVERY)<\/td>\n2012<\/td>\n37,019<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
                  \n 18<\/strong>\n <\/td>\nJIA TAI (tbr. TAIBO)<\/td>\n2011<\/td>\n35,112<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
                  \n 19<\/strong>\n <\/td>\nMS CHARM (tbr. CHARM)<\/td>\n2010<\/td>\n32,527<\/td>\n91% participation to the BSHI38 performance<\/td>\nFebruary 2022(3) (4)<\/sup><\/td>\n<\/tr>\n
                  \n 20<\/strong>\n <\/td>\nATLANTIC PROGRESS (tbr. PROGRESS)<\/td>\n2011<\/td>\n32,400<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
                  \n 21<\/strong>\n <\/td>\nMING YUAN (tbr. MINER)<\/td>\n2010<\/td>\n32,300<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
                  \n 22<\/strong>\n <\/td>\nKONSTANTINOS M (tbr. KONSTANTINOS)<\/td>\n2012<\/td>\n32,178<\/td>\n19,500<\/td>\nSeptember 2021(4)<\/sup><\/td>\n<\/tr>\n
                  \n 23<\/strong>\n <\/td>\nGREAT RESOURCE (tbr. RESOURCE)<\/td>\n2010<\/td>\n31,776<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/table>\n

                  \n \n <\/p>\n\n\n\n\n\n\n
                  (1)<\/td>\nDaily charter rates are gross, unless stated otherwise.<\/td>\n<\/tr>\n
                  (2)<\/td>\nCharter terms and expiration dates are based on the earliest date charters (unless otherwise noted) could expire.<\/td>\n<\/tr>\n
                  (3)<\/td>\nGross daily charter rate linked to the Baltic Exchange Handysize Index.( \u201cBHSI38\u2019\u2019).<\/td>\n<\/tr>\n
                  (4)<\/td>\nVessels acquired\/agreed to be acquired, with a time charter agreed by the previous owners.<\/td>\n<\/tr>\n
                  (5)<\/td>\nLatest redelivery date<\/td>\n<\/tr>\n<\/table>\n

                  \n
                  \n
                  \n <\/strong>\n <\/p>\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\n Six-months ended June 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Three-months ended June 30,<\/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\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\n Unaudited<\/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
                  \n REVENUES:<\/strong>\n <\/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$<\/td>\n233,273<\/td>\n\u00a0<\/td>\n$<\/td>\n293,495<\/td>\n\u00a0<\/td>\n$<\/td>\n111,869<\/td>\n\u00a0<\/td>\n$<\/td>\n166,770<\/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\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\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Voyage expenses<\/td>\n\u00a0<\/td>\n(4,071<\/td>\n)<\/td>\n\u00a0<\/td>\n(3,071<\/td>\n)<\/td>\n\u00a0<\/td>\n(1,553<\/td>\n)<\/td>\n\u00a0<\/td>\n(2,030<\/td>\n)<\/td>\n<\/tr>\n
                  Voyage expenses \u2013 related parties<\/td>\n\u00a0<\/td>\n(3,062<\/td>\n)<\/td>\n\u00a0<\/td>\n(4,301<\/td>\n)<\/td>\n\u00a0<\/td>\n(1,475<\/td>\n)<\/td>\n\u00a0<\/td>\n(2,395<\/td>\n)<\/td>\n<\/tr>\n
                  Vessels’ operating expenses<\/td>\n\u00a0<\/td>\n(54,758<\/td>\n)<\/td>\n\u00a0<\/td>\n(69,600<\/td>\n)<\/td>\n\u00a0<\/td>\n(26,888<\/td>\n)<\/td>\n\u00a0<\/td>\n(37,821<\/td>\n)<\/td>\n<\/tr>\n
                  General and administrative expenses<\/td>\n\u00a0<\/td>\n(3,758<\/td>\n)<\/td>\n\u00a0<\/td>\n(3,709<\/td>\n)<\/td>\n\u00a0<\/td>\n(2,356<\/td>\n)<\/td>\n\u00a0<\/td>\n(1,741<\/td>\n)<\/td>\n<\/tr>\n
                  Management fees – related parties<\/td>\n\u00a0<\/td>\n(10,521<\/td>\n)<\/td>\n\u00a0<\/td>\n(11,786<\/td>\n)<\/td>\n\u00a0<\/td>\n(5,199<\/td>\n)<\/td>\n\u00a0<\/td>\n(6,310<\/td>\n)<\/td>\n<\/tr>\n
                  General and administrative expenses – non-cash component<\/td>\n\u00a0<\/td>\n(1,508<\/td>\n)<\/td>\n\u00a0<\/td>\n(3,207<\/td>\n)<\/td>\n\u00a0<\/td>\n(832<\/td>\n)<\/td>\n\u00a0<\/td>\n(1,768<\/td>\n)<\/td>\n<\/tr>\n
                  Amortization of dry-docking and special survey costs<\/td>\n\u00a0<\/td>\n(4,537<\/td>\n)<\/td>\n\u00a0<\/td>\n(4,847<\/td>\n)<\/td>\n\u00a0<\/td>\n(2,330<\/td>\n)<\/td>\n\u00a0<\/td>\n(2,520<\/td>\n)<\/td>\n<\/tr>\n
                  Depreciation<\/td>\n\u00a0<\/td>\n(55,737<\/td>\n)<\/td>\n\u00a0<\/td>\n(58,726<\/td>\n)<\/td>\n\u00a0<\/td>\n(27,601<\/td>\n)<\/td>\n\u00a0<\/td>\n(31,630<\/td>\n)<\/td>\n<\/tr>\n
                  Gain on sale \/ disposal of vessels, net<\/td>\n\u00a0<\/td>\n10<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,406<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,666<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Loss on vessels held for sale<\/td>\n\u00a0<\/td>\n(79,197<\/td>\n)<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(78,965<\/td>\n)<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Vessels\u2019 impairment loss<\/td>\n\u00a0<\/td>\n(31,577<\/td>\n)<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(28,506<\/td>\n)<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Foreign exchange gains \/ (losses)<\/td>\n\u00a0<\/td>\n(207<\/td>\n)<\/td>\n\u00a0<\/td>\n146<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(65<\/td>\n)<\/td>\n\u00a0<\/td>\n(3<\/td>\n)<\/td>\n<\/tr>\n
                  \n Operating income \/ (loss)<\/strong>\n <\/td>\n$<\/td>\n(15,650<\/td>\n)<\/td>\n$<\/td>\n135,800<\/td>\n\u00a0<\/td>\n$<\/td>\n(63,901<\/td>\n)<\/td>\n$<\/td>\n82,218<\/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\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\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Interest income<\/td>\n$<\/td>\n1,087<\/td>\n\u00a0<\/td>\n$<\/td>\n1,489<\/td>\n\u00a0<\/td>\n$<\/td>\n440<\/td>\n\u00a0<\/td>\n$<\/td>\n1,122<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Interest and finance costs<\/td>\n\u00a0<\/td>\n(35,367<\/td>\n)<\/td>\n\u00a0<\/td>\n(36,548<\/td>\n)<\/td>\n\u00a0<\/td>\n(16,900<\/td>\n)<\/td>\n\u00a0<\/td>\n(20,441<\/td>\n)<\/td>\n<\/tr>\n
                  Income from equity method investments<\/td>\n\u00a0<\/td>\n8,241<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,951<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,077<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n960<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Fair value measurement \/ Change in fair value of equity securities<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n51,094<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n25,157<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Other<\/td>\n\u00a0<\/td>\n308<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,983<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(120<\/td>\n)<\/td>\n\u00a0<\/td>\n1,495<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Gain \/ (Loss) on derivative instruments<\/td>\n\u00a0<\/td>\n(2,066<\/td>\n)<\/td>\n\u00a0<\/td>\n(1,012<\/td>\n)<\/td>\n\u00a0<\/td>\n181<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n105<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  \n Total other expenses<\/strong>\n <\/td>\n$<\/td>\n(27,797<\/td>\n)<\/td>\n$<\/td>\n22,957<\/td>\n\u00a0<\/td>\n$<\/td>\n(12,322<\/td>\n)<\/td>\n$<\/td>\n8,398<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  \n Net Income \/ (Loss)<\/strong>\n <\/td>\n$<\/td>\n(43,447<\/td>\n)<\/td>\n$<\/td>\n158,757<\/td>\n\u00a0<\/td>\n$<\/td>\n(76,223<\/td>\n)<\/td>\n$<\/td>\n90,616<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Earnings allocated to Preferred Stock<\/td>\n\u00a0<\/td>\n(15,461<\/td>\n)<\/td>\n\u00a0<\/td>\n(15,448<\/td>\n)<\/td>\n\u00a0<\/td>\n(7,768<\/td>\n)<\/td>\n\u00a0<\/td>\n(7,854<\/td>\n)<\/td>\n<\/tr>\n
                  Gain on retirement of Preferred Stock<\/td>\n\u00a0<\/td>\n619<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n78<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  \n Net Income \/ (Loss) available to common stockholders<\/strong>\n <\/td>\n$<\/td>\n(58,289<\/td>\n)<\/td>\n$<\/td>\n143,309<\/td>\n\u00a0<\/td>\n$<\/td>\n(83,913<\/td>\n)<\/td>\n$<\/td>\n82,762<\/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\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\u00a0<\/td>\n<\/tr>\n
                  Earnings \/ (Losses) per common share, basic and diluted<\/td>\n$<\/td>\n(0.49<\/td>\n)<\/td>\n$<\/td>\n1.17<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.70<\/td>\n)<\/td>\n$<\/td>\n0.67<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Weighted average number of shares, basic and diluted<\/td>\n\u00a0<\/td>\n119,927,560<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n122,615,427<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n120,319,180<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n122,844,260<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

                  \n
                  \n
                  \n <\/strong>\n <\/p>\n

                  \n COSTAMARE INC.<\/strong>
                  \n
                  \n Consolidated Balance Sheets<\/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\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\n As of June 30,<\/strong>\n <\/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<\/u>
                  \n <\/strong>\n <\/td>\n                  		\u00a0<\/td>\n(Audited)<\/td>\n\u00a0<\/td>\n(Unaudited)<\/td>\n<\/tr>\n
                  \n CURRENT ASSETS:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Cash and cash equivalents\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n$<\/td>\n143,922<\/td>\n\u00a0<\/td>\n$<\/td>\n279,055<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Restricted cash<\/td>\n\u00a0<\/td>\n4,998<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,980<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Accounts receivable<\/td>\n\u00a0<\/td>\n8,249<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,063<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Inventories<\/td>\n\u00a0<\/td>\n10,455<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,909<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Due from related parties<\/td>\n\u00a0<\/td>\n1,623<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n535<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Fair value of derivatives<\/td>\n\u00a0<\/td>\n460<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Insurance claims receivable<\/td>\n\u00a0<\/td>\n883<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n804<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Asset held for sale<\/td>\n\u00a0<\/td>\n12,416<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n61,389<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Time charter assumed<\/td>\n\u00a0<\/td>\n191<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n198<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Investment in equity securities<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n54,895<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Prepayments and other<\/td>\n\u00a0<\/td>\n8,853<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,610<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  \n Total current assets<\/strong>\n <\/td>\n$<\/td>\n192,050<\/td>\n\u00a0<\/td>\n$<\/td>\n431,438<\/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<\/tr>\n
                  Right-of-use assets<\/td>\n$<\/td>\n199,098<\/td>\n\u00a0<\/td>\n$<\/td>\n195,233<\/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>\n3,169,135<\/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>\n3,364,368<\/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<\/tr>\n
                  Equity method investments<\/td>\n$<\/td>\n78,227<\/td>\n\u00a0<\/td>\n$<\/td>\n27,154<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Deferred charges, net<\/td>\n\u00a0<\/td>\n27,682<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n34,761<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Accounts receivable, non-current<\/td>\n\u00a0<\/td>\n3,896<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,326<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Restricted cash<\/td>\n\u00a0<\/td>\n42,976<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n62,896<\/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>\n70<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Time charter assumed, non-current<\/td>\n\u00a0<\/td>\n839<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n767<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Debt securities, held to maturity (Net of allowance for credit losses of $569 as of December 31, 2020)<\/td>\n\u00a0<\/td>\n6,813<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Other non-current assets<\/td>\n\u00a0<\/td>\n8,425<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,418<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  \n Total assets<\/strong>\n <\/td>\n$<\/td>\n3,010,516<\/td>\n\u00a0<\/td>\n$<\/td>\n3,928,198<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  \n
                  \n LIABILITIES AND STOCKHOLDERS\u2019 EQUITY<\/u>
                  \n <\/strong>\n <\/td>\n                  		\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  \n CURRENT LIABILITIES:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Current portion of long-term debt<\/td>\n$<\/td>\n147,137<\/td>\n\u00a0<\/td>\n$<\/td>\n210,610<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Accounts payable<\/td>\n\u00a0<\/td>\n7,582<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,360<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Due to related parties<\/td>\n\u00a0<\/td>\n432<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,768<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Finance lease liabilities<\/td>\n\u00a0<\/td>\n16,495<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16,584<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Accrued liabilities<\/td>\n\u00a0<\/td>\n17,621<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20,142<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Unearned revenue<\/td>\n\u00a0<\/td>\n11,893<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,824<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Fair value of derivatives<\/td>\n\u00a0<\/td>\n3,440<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,686<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Other current liabilities<\/td>\n\u00a0<\/td>\n2,374<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n56,818<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  \n Total current liabilities<\/strong>\n <\/td>\n$<\/td>\n206,974<\/td>\n\u00a0<\/td>\n$<\/td>\n340,792<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  \n NON-CURRENT LIABILITIES <\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Long-term debt, net of current portion<\/td>\n$<\/td>\n1,305,076<\/td>\n\u00a0<\/td>\n$<\/td>\n1,968,401<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Finance lease liabilities, net of current portion<\/td>\n\u00a0<\/td>\n116,366<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n108,063<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Fair value of derivatives, net of current portion<\/td>\n\u00a0<\/td>\n3,653<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,483<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Unearned revenue, net of current portion<\/td>\n\u00a0<\/td>\n29,627<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n31,774<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  \n Total non-current liabilities<\/strong>\n <\/td>\n$<\/td>\n1,454,722<\/td>\n\u00a0<\/td>\n$<\/td>\n2,111,721<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  \n COMMITMENTS AND CONTINGENCIES<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  \n STOCKHOLDERS\u2019 EQUITY:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Preferred stock<\/td>\n$<\/td>\n–<\/td>\n\u00a0<\/td>\n$<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Common stock<\/td>\n\u00a0<\/td>\n12<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Additional paid-in capital<\/td>\n\u00a0<\/td>\n1,366,486<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,375,559<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Retained earnings \/ (Accumulated deficit)<\/td>\n\u00a0<\/td>\n(9,721<\/td>\n)<\/td>\n\u00a0<\/td>\n109,019<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  Accumulated other comprehensive loss<\/td>\n\u00a0<\/td>\n(7,957<\/td>\n)<\/td>\n\u00a0<\/td>\n(8,905<\/td>\n)<\/td>\n<\/tr>\n
                  \n Total stockholders\u2019 equity<\/strong>\n <\/td>\n$<\/td>\n1,348,820<\/td>\n\u00a0<\/td>\n$<\/td>\n1,475,685<\/td>\n\u00a0<\/td>\n<\/tr>\n
                  \n Total liabilities and stockholders\u2019 equity<\/strong>\n <\/td>\n$<\/td>\n3,010,516<\/td>\n\u00a0<\/td>\n$<\/td>\n3,928,198<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

                  \u00a0<\/p>\n


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

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

                  MONACO, July 28, 2021 (GLOBE NEWSWIRE) — Costamare Inc. (\u201cCostamare\u201d or the \u201cCompany\u201d) (NYSE: CMRE) today reported unaudited financial results for the second quarter (\u201cQ2 2021\u201d) and six-months ended June 30, 2021. I. PROFITABILITY \u2022 Q2 2021 Net Income available to common stockholders of $82.8 million. \u2022 Q2 2021 Earnings per Share of $0.67. \u2022 Q2 2021 Adjusted Net Income available to common stockholders(1) of $58.3 million. \u2022 Q2 2021 Adjusted Earnings per Share(1) of $0.47. II. SALE AND PURCHASE ACTIVITY \u2022 Agreed to acquire an additional 21 dry bulk vessels. \u2022 Total fleet of 37 committed dry bulk vessels, 14 of which have been delivered. \u2022 Delivered the 1996-built, 1,504 TEU containership Prosper to her new owners. The sale … <\/p>\n

                  Continue reading “Costamare Inc. Reports Results for the Second Quarter and the Six-Month Period Ended June 30, 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-518731","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nCostamare Inc. Reports Results for the Second Quarter and the Six-Month Period Ended June 30, 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-second-quarter-and-the-six-month-period-ended-june-30-2021\/\" \/>\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 Second Quarter and the Six-Month Period Ended June 30, 2021 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"MONACO, July 28, 2021 (GLOBE NEWSWIRE) — Costamare Inc. (\u201cCostamare\u201d or the \u201cCompany\u201d) (NYSE: CMRE) today reported unaudited financial results for the second quarter (\u201cQ2 2021\u201d) and six-months ended June 30, 2021. I. 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