{"id":758694,"date":"2023-05-15T07:12:06","date_gmt":"2023-05-15T11:12:06","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/costamare-inc-reports-results-for-the-first-quarter-ended-march-31-2023\/"},"modified":"2023-05-15T07:12:06","modified_gmt":"2023-05-15T11:12:06","slug":"costamare-inc-reports-results-for-the-first-quarter-ended-march-31-2023","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/costamare-inc-reports-results-for-the-first-quarter-ended-march-31-2023\/","title":{"rendered":"Costamare Inc. Reports Results for the First Quarter Ended March 31, 2023"},"content":{"rendered":"
\n

MONACO, May 15, 2023 (GLOBE NEWSWIRE) — Costamare Inc. (\u201cCostamare\u201d or the \u201cCompany\u201d) (NYSE: CMRE) today reported unaudited financial results for the first quarter ended March 31, 2023 (\u201cQ1 2023\u201d).<\/p>\n

    \n
  1. \n PROFITABILITY AND LIQUIDITY<\/strong><\/p>\n
      \n
    • Q1 2023 Net Income available to common stockholders of $141.6 million ($1.16 per share).<\/li>\n
    • Q1 2023 Adjusted Net Income available to common stockholders1<\/sup> of $46.5 million ($0.38 per share).<\/li>\n
    • Q1 2023 liquidity of $1,076.0 million2<\/sup>.\n<\/li>\n<\/ul>\n<\/li>\n
    • \n DRY BULK OPERATING PLATFORM<\/strong><\/p>\n
        \n
      • First full operational quarter of Costamare Bulkers Inc. (\u201cCBI\u201d).<\/li>\n
      • CBI has currently fixed a fleet of 51 dry bulk vessels on period charters, consisting of:\n
          \n
        • 31 Newcastlemax\/Capesize vessels<\/li>\n
        • 19 Kamsarmax\/Panamax vessels<\/li>\n
        • 1 Ultramax vessel<\/li>\n<\/ul>\n<\/li>\n
        • 39 of the chartered-in vessels have been delivered to CBI.<\/li>\n
        • Majority of the fixed fleet on index linked charter-in agreements.\n<\/li>\n<\/ul>\n<\/li>\n
        • \n LEASE FINANCING PLATFORM<\/strong><\/p>\n
            \n
          • Lead participation in Neptune Maritime Leasing Limited (\u201cNeptune Leasing\u201d).<\/li>\n
          • Equity investment of up to $200 million.\n<\/li>\n<\/ul>\n<\/li>\n
          • \n NEW DEBT FINANCING<\/strong><\/p>\n
              \n
            • Refinancing of existing indebtedness of 7 containerships with two European financial institutions. More specifically:\n
                \n
              • Two bilateral loan facilities for a total amount of approximately up to $95 million.<\/li>\n
              • One of the two loan facilities is on a commitment status basis and subject to final documentation.<\/li>\n
              • Loan proceeds towards prepayment of existing indebtedness.<\/li>\n
              • Facilities\u2019 tenors between five and six years.<\/li>\n
              • Improvement of funding cost and extension of maturity for all seven refinanced vessels.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n
              • \n OWNED FLEET CHARTER UPDATE – FULLY EMPLOYED CONTAINERSHIP FLEET<\/strong>
                \n
                \n 3<\/strong>
                \n <\/sup>
                \n FOR THE YEAR AHEAD<\/strong><\/p>\n
                  \n
                • 98% and 86% of the containership fleet4<\/sup> fixed for 2023 and 2024, respectively.<\/li>\n
                • Contracted revenues for the containership fleet of approximately $3.1 billion with a TEU-weighted duration of 4.1 years5<\/sup>.<\/li>\n
                • Entered into more than 60 chartering agreements for the owned dry bulk fleet since Q4 2022 earnings release.\n<\/li>\n<\/ul>\n<\/li>\n
                • \n SALE AND PURCHASE ACTIVITY<\/strong><\/p>\n
                    \n
                  • Estimated combined net capital gain of $84.7 million in Q1 2023, from the sale or agreement to sell certain of our vessels.<\/li>\n
                  • Vessels which have been sold or are expected to be sold include:\n
                      \n
                    • Owned Containerships<\/strong>\n
                        \n
                      • 2003-built, 6,644 TEU capacity, Maersk Kalamata<\/em> (sold in January 2023).<\/li>\n
                      • 2000-built, 6,648 TEU capacity, Sealand Washington <\/em>(sold in February 2023).<\/li>\n<\/ul>\n<\/li>\n
                      • Owned Dry Bulk Vessels<\/strong>\n
                          \n
                        • 2010-built, 32,300 DWT capacity, Miner <\/em>(sold in March 2023).<\/li>\n
                        • 2011-built, 35,112 DWT capacity, Taibo<\/em> (sold in April 2023).<\/li>\n
                        • 2010-built, 37,302 DWT capacity, Comity <\/em>(expected to be sold in Q2 2023).<\/li>\n<\/ul>\n<\/li>\n
                        • Joint Venture Containerships<\/strong>\n
                            \n
                          • Agreed to concurrently:\n
                              \n
                            • Sell our 49% equity interest in the company owning the 2018-built, 3,800 TEU capacity containership, Polar Argentina<\/em> to York Capital which holds the remaining 51% and<\/li>\n
                            • Acquire the 51% equity interest of York Capital in the company owning the 2018-built, 3,800 TEU capacity containership, Polar Brasil<\/em>.<\/li>\n<\/ul>\n<\/li>\n
                            • Both transfers are expected to be concluded in Q2 2023, whereupon we will own 100% of the equity interest in the ship-owning company of the containership Polar Brasil<\/em> (compared to the 49% previously owned in each of the abovementioned vessels).\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n
                            • \n DIVIDEND ANNOUNCEMENTS<\/strong><\/p>\n
                                \n
                              • On April 3, 2023, the Company declared a dividend of $0.115 per share on the common stock, which was paid on May 5, 2023, to holders of record of common stock as of April 19, 2023.<\/li>\n
                              • On April 3, 2023, the Company declared a dividend of $0.476563 per share on the Series B Preferred Stock, $0.531250 per share on the Series C Preferred Stock, $0.546875 per share on the Series D Preferred Stock and $0.554688 per share on the Series E Preferred Stock, which were all paid on April 17, 2023 to holders of record as of April 14, 2023.<\/li>\n
                              • Available funds remaining under the share repurchase program of approximately $90 million for common shares and $150 million for preferred shares.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n

                                ________________________
                                1<\/sup> 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.
                                2<\/sup> Including our share of cash amounting to $4.0 million held by vessel owning-companies set-up pursuant to the Framework Deed dated May 15, 2013, as amended and restated from time to time (the \u201cFramework Deed\u201d), between the Company and York Capital Management Global Advisors LLC and an affiliated fund (collectively, \u201cYork\u201d), short term investments in U.S. Treasury Bills amounting to $76.7 million, margin deposits relating to our FFAs of $12.6 million and $37.1 million of available undrawn funds from one hunting license facility as of March 31, 2023.
                                3<\/sup> Please refer to the Containership Fleet List table for additional information on vessel employment details for our containership fleet.
                                4<\/sup> Calculated on a TEU basis, including vessels owned by vessel owning-companies set-up pursuant to the Framework Deed.
                                5<\/sup> As of May 15, 2023. Total contracted revenues and TEU-weighted remaining time charter duration include our ownership percentage for four vessels owned pursuant to the Framework Deed.<\/p>\n

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

                                \u201cDuring the first quarter of the year, the Company generated Net Income of $142 million. As of quarter end, liquidity was above $1 billion.<\/p>\n

                                In the containership market, charter rates are on a rising trend with high demand across the board, while fixture periods are increasing in duration. The orderbook, however, remains the principal threat to the market.<\/p>\n

                                We have covered nearly 100% of our containership open days for 2023 and we have proactively arranged long term employment on a forward basis for a number of containerships coming off charter between 2023 and 2025 having secured for our fleet contracted revenues of $3.1 billion with a TEU weighted duration of 4 years.<\/p>\n

                                On the dry bulk side, our owned dry bulk vessels continue to trade on the spot market while the trading platform has been growing with a fleet of 51 ships already fixed under period charters. Having agreed to invest up to $200 million, our goal is to grow the dry bulk operating platform business on a prudent basis and realize healthy returns for our shareholders.<\/p>\n

                                Finally, during the quarter we became the leading investor in Neptune Maritime Leasing Limited, a growth-oriented maritime leasing platform, having agreed to invest up to $200 million.<\/p>\n

                                Considering current asset values, we believe the Neptune Leasing investment is a favorable employment of the Company\u2019s increased liquidity. The new venture is synergetic to the existing ship owning platform and is expected to further enhance the strong relationships built over the last decades with shipowners and commercial lenders in the ship financing sector.\u201d<\/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\n
                                \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n
                                \u00a0<\/td>\n\u00a0<\/td>\n\n Three-month period ended
                                March 31,<\/strong>
                                \n
                                \n
                                \n <\/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 2022<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2023<\/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<\/tr>\n
                                Voyage revenue\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\u00a0<\/td>\n$268,010<\/td>\n\u00a0<\/td>\n$248,769<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Accrued charter revenue (1)<\/sup><\/td>\n$3,357<\/td>\n\u00a0<\/td>\n$(2,265<\/td>\n)<\/td>\n<\/tr>\n
                                Amortization of time-charter assumed<\/td>\n$49<\/td>\n\u00a0<\/td>\n$49<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Voyage revenue adjusted on a cash basis (2)<\/sup><\/td>\n$271,416<\/td>\n\u00a0<\/td>\n$246,553<\/td>\n\u00a0<\/td>\n<\/tr>\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)<\/sup><\/td>\n$104,494<\/td>\n\u00a0<\/td>\n$46,533<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Weighted Average number of shares \u00a0<\/td>\n\u00a0<\/td>\n124,150,337<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n122,531,273<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Adjusted Earnings per share (3)<\/sup><\/td>\n$0.84<\/td>\n\u00a0<\/td>\n$0.38<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Net Income<\/td>\n$123,037<\/td>\n\u00a0<\/td>\n$148,864<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Net Income available to common stockholders<\/td>\n$115,442<\/td>\n\u00a0<\/td>\n$141,560<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Weighted Average number of shares<\/td>\n\u00a0<\/td>\n124,150,337<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n122,531,273<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Earnings per share<\/td>\n$0.93<\/td>\n\u00a0<\/td>\n$1.16<\/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) 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. The reverse is true for charters with descending rates.
                                (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. GAAP. 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 of our fleet are described in the notes to the \u201cFleet List\u201d tables 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 and Adjusted Earnings per Share.<\/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-months ended March 31, 2023 and 2022. 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
                                \u00a0<\/td>\n\u00a0<\/td>\n\n Three-month period ended
                                March 31,<\/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\n 2022<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 2023<\/strong>\n <\/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<\/tr>\n
                                \n Net Income<\/strong>\n <\/td>\n$<\/td>\n123,037<\/td>\n\u00a0<\/td>\n$<\/td>\n148,864<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Earnings allocated to Preferred Stock<\/td>\n\u00a0<\/td>\n(7,595<\/td>\n)<\/td>\n\u00a0<\/td>\n(7,595<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Non-Controlling Interest<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n291<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                \n Net Income available to common stockholders<\/strong>\n <\/td>\n\u00a0<\/td>\n115,442<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n141,560<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Accrued charter revenue<\/td>\n\u00a0<\/td>\n3,357<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,265<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                General and administrative expenses – non-cash component<\/td>\n\u00a0<\/td>\n2,552<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,408<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Amortization of Time charter assumed<\/td>\n\u00a0<\/td>\n49<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n49<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Realized loss on Euro\/USD forward contracts<\/td>\n\u00a0<\/td>\n331<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n48<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Gain on sale of vessels, net<\/td>\n\u00a0<\/td>\n(17,798<\/td>\n)<\/td>\n\u00a0<\/td>\n(89,068<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Loss on vessel held for sale<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,350<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Loss on vessel held for sale by a jointly owned company with York included in equity loss on investments<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,029<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Non-recurring, non-cash write-off of loan deferred financing costs<\/td>\n\u00a0<\/td>\n634<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n974<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Gain on derivative instruments, excluding interest accrued (1)<\/td>\n\u00a0<\/td>\n(73<\/td>\n)<\/td>\n\u00a0<\/td>\n(10,552<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                \n Adjusted Net Income available to common stockholders<\/strong>\n <\/td>\n$<\/td>\n104,494<\/td>\n\u00a0<\/td>\n$<\/td>\n46,533<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                \n Adjusted Earnings per Share<\/strong>\n <\/td>\n$<\/td>\n0.84<\/td>\n\u00a0<\/td>\n$<\/td>\n0.38<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Weighted average number of shares<\/td>\n\u00a0<\/td>\n124,150,337<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n122,531,273<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

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

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

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

                                \n
                                \n Three-month period ended March 31, 2023 compared to the three-month period ended March 31, 2022 <\/em>
                                \n <\/strong>\n <\/p>\n

                                During the three-month periods ended March 31, 2023 and 2022, we had an average of 112.7 and 117.4 vessels, respectively, in our owned fleet. In addition, during the three-month period ended March 31, 2023, through our dry-bulk operating platform Costamare Bulkers Inc. (\u201cCBI\u201d) we chartered-in an average of 10.9 third party dry-bulk vessels. As of May 15, 2023, CBI charters-in 39 dry-bulk vessels on period charters.<\/p>\n

                                During the three-month period ended March 31, 2023, we sold the container vessels Maersk Kalamata<\/em> and Sealand Washington<\/em> with an aggregate TEU capacity of 13,292 and the dry-bulk vessel Miner <\/em>with a DWT of 32,300. In the three-month period ended March 31, 2022, we accepted delivery of the secondhand container vessel Dyros<\/em> with a TEU capacity of 4,578 and of the secondhand dry bulk vessels Oracle<\/em>, Libra<\/em> and Norma<\/em> with an aggregate DWT of 172,717. Furthermore, in the three-month period ended March 31, 2022, we sold the container vessel Messini<\/em>, with a TEU capacity of 2,458.<\/p>\n

                                In March 2023, we entered into an agreement with Neptune Maritime Leasing Limited (\u201cNML\u201d) pursuant to which we agreed to invest in NML\u2019s ship sale and leaseback business\u00a0up to $200 million in exchange for up to 40% of its ordinary shares and up to 79.05% of its preferred shares. In addition,\u00a0we received a special ordinary share in NML which carries 75% of the voting rights of the ordinary shares\u00a0providing control over NML. NML was established in 2021 to acquire, own and bareboat charter out vessels through its wholly-owned subsidiaries. Up to March 31, 2023,\u00a0we have\u00a0invested\u00a0in NML the amount of\u00a0$11.1 million.\u00a0As of March 31, 2023, NML is included in our consolidated financial statements.<\/p>\n

                                In the three-month periods ended March 31, 2023 and 2022, our fleet ownership days totaled 10,143 and 10,564 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. Furthermore, during the three-month period ended March 31, 2023, the days of the third-party vessels chartered-in through CBI were 977.<\/p>\n

                                \n Consolidated Financial Results and Vessels\u2019 Operational Data<\/strong>
                                \n
                                \n (<\/strong>
                                \n <\/sup>
                                \n
                                \n 1)<\/strong>
                                \n <\/sup>\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(Expressed in millions of U.S. dollars,
                                except percentages)<\/td>\n                                		\u00a0<\/td>\n\n Three-month period ended
                                March 31,<\/strong>\n <\/td>\n                                		\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                \u00a0<\/td>\n\n 2022<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Change<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Percentage<\/strong>
                                \n
                                \n Change<\/strong>\n <\/td>\n<\/tr>\n
                                \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Voyage revenue<\/td>\n$<\/td>\n268.0<\/td>\n$<\/td>\n248.8<\/td>\n$<\/td>\n(19.2)<\/td>\n\u00a0<\/td>\n(7.2%)<\/td>\n<\/tr>\n
                                Voyage expenses<\/td>\n\u00a0<\/td>\n(8.6)<\/td>\n\u00a0<\/td>\n(31.6)<\/td>\n\u00a0<\/td>\n23.0<\/td>\n\u00a0<\/td>\nn.m.<\/td>\n<\/tr>\n
                                Charter-in hire expenses<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n(12.4)<\/td>\n\u00a0<\/td>\n12.4<\/td>\n\u00a0<\/td>\nn.m.<\/td>\n<\/tr>\n
                                Voyage expenses \u2013 related parties<\/td>\n\u00a0<\/td>\n(3.7)<\/td>\n\u00a0<\/td>\n(3.2)<\/td>\n\u00a0<\/td>\n(0.5)<\/td>\n\u00a0<\/td>\n(13.5%)<\/td>\n<\/tr>\n
                                Vessels\u2019 operating expenses<\/td>\n\u00a0<\/td>\n(65.7)<\/td>\n\u00a0<\/td>\n(67.7)<\/td>\n\u00a0<\/td>\n2.0<\/td>\n\u00a0<\/td>\n3.0%<\/td>\n<\/tr>\n
                                General and administrative expenses<\/td>\n\u00a0<\/td>\n(3.3)<\/td>\n\u00a0<\/td>\n(4.4)<\/td>\n\u00a0<\/td>\n1.1<\/td>\n\u00a0<\/td>\n33.3%<\/td>\n<\/tr>\n
                                Management and agency fees \u2013 related parties<\/td>\n\u00a0<\/td>\n(10.9)<\/td>\n\u00a0<\/td>\n(15.2)<\/td>\n\u00a0<\/td>\n4.3<\/td>\n\u00a0<\/td>\n39.4%<\/td>\n<\/tr>\n
                                General and administrative expenses – non-cash component<\/td>\n\u00a0<\/td>\n(2.6)<\/td>\n\u00a0<\/td>\n(1.4)<\/td>\n\u00a0<\/td>\n(1.2)<\/td>\n\u00a0<\/td>\n(46.2%)<\/td>\n<\/tr>\n
                                Amortization of dry-docking and special survey costs<\/td>\n\u00a0<\/td>\n(2.7)<\/td>\n\u00a0<\/td>\n(4.7)<\/td>\n\u00a0<\/td>\n2.0<\/td>\n\u00a0<\/td>\n74.1%<\/td>\n<\/tr>\n
                                Depreciation<\/td>\n\u00a0<\/td>\n(41.2)<\/td>\n\u00a0<\/td>\n(41.1)<\/td>\n\u00a0<\/td>\n(0.1)<\/td>\n\u00a0<\/td>\n(0.2%)<\/td>\n<\/tr>\n
                                Gain on sale of vessels, net<\/td>\n\u00a0<\/td>\n17.8<\/td>\n\u00a0<\/td>\n89.1<\/td>\n\u00a0<\/td>\n71.3<\/td>\n\u00a0<\/td>\nn.m.<\/td>\n<\/tr>\n
                                Loss on vessel held for sale<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n(2.4)<\/td>\n\u00a0<\/td>\n2.4<\/td>\n\u00a0<\/td>\nn.m.<\/td>\n<\/tr>\n
                                Foreign exchange gains<\/td>\n\u00a0<\/td>\n0.1<\/td>\n\u00a0<\/td>\n1.3<\/td>\n\u00a0<\/td>\n1.2<\/td>\n\u00a0<\/td>\nn.m.<\/td>\n<\/tr>\n
                                Interest income<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n6.7<\/td>\n\u00a0<\/td>\n6.7<\/td>\n\u00a0<\/td>\nn.m.<\/td>\n<\/tr>\n
                                Interest and finance costs<\/td>\n\u00a0<\/td>\n(25.1)<\/td>\n\u00a0<\/td>\n(36.9)<\/td>\n\u00a0<\/td>\n11.8<\/td>\n\u00a0<\/td>\n47.0%<\/td>\n<\/tr>\n
                                Income \/ (Loss) from equity method investments<\/td>\n\u00a0<\/td>\n0.3<\/td>\n\u00a0<\/td>\n(1.4)<\/td>\n\u00a0<\/td>\n(1.7)<\/td>\n\u00a0<\/td>\nn.m.<\/td>\n<\/tr>\n
                                Other<\/td>\n\u00a0<\/td>\n0.5<\/td>\n\u00a0<\/td>\n2.6<\/td>\n\u00a0<\/td>\n2.1<\/td>\n\u00a0<\/td>\nn.m.<\/td>\n<\/tr>\n
                                Gain on derivative instruments<\/td>\n\u00a0<\/td>\n0.1<\/td>\n\u00a0<\/td>\n22.8<\/td>\n\u00a0<\/td>\n22.7<\/td>\n\u00a0<\/td>\nn.m.<\/td>\n<\/tr>\n
                                \n Net Income<\/strong>\n <\/td>\n$<\/td>\n123.0<\/td>\n$<\/td>\n148.9<\/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\n\n\n\n\n
                                (Expressed in millions of U.S. dollars,
                                except percentages)<\/td>\n                                		\u00a0<\/td>\n\n Three-month period ended
                                March 31,<\/strong>\n <\/td>\n                                		\u00a0<\/td>\n\u00a0<\/td>\n\n Percentage<\/strong>
                                \n
                                \n Change<\/strong>\n <\/td>\n<\/tr>\n
                                \u00a0<\/td>\n\n 202<\/strong>
                                \n 2<\/strong>\n <\/td>\n                                		\u00a0<\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0Change<\/strong><\/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
                                Voyage revenue<\/td>\n$<\/td>\n268.0<\/td>\n$<\/td>\n248.8<\/td>\n$<\/td>\n(19.2)<\/td>\n\u00a0(7.2%)<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Accrued charter revenue<\/td>\n\u00a0<\/td>\n3.4<\/td>\n\u00a0<\/td>\n(2.3)<\/td>\n\u00a0<\/td>\n(5.7)<\/td>\n\u00a0n.m<\/td>\n.<\/td>\n<\/tr>\n
                                Amortization of time charter assumed<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0n.m<\/td>\n.<\/td>\n<\/tr>\n
                                Voyage revenue adjusted on a cash basis (1)<\/sup><\/td>\n$<\/td>\n271.4<\/td>\n$<\/td>\n246.5<\/td>\n$<\/td>\n(24.9)<\/td>\n\u00a0(9.2%)<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                \n Vessels\u2019<\/strong>
                                \n operational data<\/strong>\n <\/td>\n                                		\u00a0<\/td>\n\n Three-month period ended
                                March 31,<\/strong>\n <\/td>\n                                		\u00a0<\/td>\n\u00a0Change<\/strong><\/td>\n\n Percentage<\/strong>
                                \n
                                \n Change<\/strong>\n <\/td>\n                                		\u00a0<\/td>\n<\/tr>\n
                                \u00a0<\/td>\n\u00a0<\/td>\n\u00a02022<\/strong><\/strong><\/td>\n\u00a0<\/td>\n\u00a02023<\/strong><\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Average number of vessels<\/td>\n\u00a0<\/td>\n117.4<\/td>\n\u00a0<\/td>\n112.7<\/td>\n\u00a0<\/td>\n(4.7)<\/td>\n(4.0%)<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Ownership days<\/td>\n\u00a0<\/td>\n10,564<\/td>\n\u00a0<\/td>\n10,143<\/td>\n\u00a0<\/td>\n(421)<\/td>\n(4.0%)<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Number of vessels under dry-docking and special survey<\/td>\n\u00a0<\/td>\n2<\/td>\n\u00a0<\/td>\n9<\/td>\n\u00a0<\/td>\n7<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

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

                                \n Segmental 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\n\n
                                \n Three-month period ended March 31, 2022<\/strong>\n <\/td>\n<\/tr>\n
                                \u00a0
                                (Expressed in millions of U.S. dollars)<\/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>\n189.5<\/td>\n78.5<\/td>\n–<\/td>\n268.0<\/td>\n<\/tr>\n
                                Voyage expenses<\/td>\n(2.1)<\/td>\n(6.5)<\/td>\n–<\/td>\n(8.6)<\/td>\n<\/tr>\n
                                Voyage expenses \u2013 related parties<\/td>\n(2.7)<\/td>\n(1.0)<\/td>\n–<\/td>\n(3.7)<\/td>\n<\/tr>\n
                                Vessels\u2019 operating expenses<\/td>\n(41.7)<\/td>\n(24.0)<\/td>\n–<\/td>\n(65.7)<\/td>\n<\/tr>\n
                                General and administrative expenses<\/td>\n(2.2)<\/td>\n(1.1)<\/td>\n–<\/td>\n(3.3)<\/td>\n<\/tr>\n
                                Management fees \u2013 related parties<\/td>\n(6.8)<\/td>\n(4.1)<\/td>\n–<\/td>\n(10.9)<\/td>\n<\/tr>\n
                                General and administrative expenses – non-cash component<\/td>\n(1.6)<\/td>\n(1.0)<\/td>\n–<\/td>\n(2.6)<\/td>\n<\/tr>\n
                                Amortization of dry-docking and special survey costs<\/td>\n(2.6)<\/td>\n(0.1)<\/td>\n–<\/td>\n(2.7)<\/td>\n<\/tr>\n
                                Depreciation<\/td>\n(31.5)<\/td>\n(9.7)<\/td>\n–<\/td>\n(41.2)<\/td>\n<\/tr>\n
                                Gain on sale of vessels, net<\/td>\n17.8<\/td>\n–<\/td>\n–<\/td>\n17.8<\/td>\n<\/tr>\n
                                Foreign exchange gains \/ (losses)<\/td>\n0.2<\/td>\n(0.1)<\/td>\n–<\/td>\n0.1<\/td>\n<\/tr>\n
                                Interest and finance costs<\/td>\n(21.7)<\/td>\n(3.4)<\/td>\n–<\/td>\n(25.1)<\/td>\n<\/tr>\n
                                Income from equity method investments<\/td>\n–<\/td>\n–<\/td>\n0.3<\/td>\n0.3<\/td>\n<\/tr>\n
                                Gain on derivative instruments<\/td>\n–<\/td>\n0.1<\/td>\n–<\/td>\n0.1<\/td>\n<\/tr>\n
                                Other<\/td>\n0.4<\/td>\n0.1<\/td>\n–<\/td>\n0.5<\/td>\n<\/tr>\n
                                \n Net Income <\/strong>\n <\/td>\n\n 95.0<\/strong>\n <\/td>\n\n 27.7<\/strong>\n <\/td>\n\n 0.3<\/strong>\n <\/td>\n\n 123.0<\/strong>\n <\/td>\n<\/tr>\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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
                                \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n
                                \n Three-month period ended March 31, 2023<\/strong>\n <\/td>\n<\/tr>\n
                                (Expressed in millions of U.S. dollars)<\/td>\n\n Container
                                vessels<\/strong>\n <\/td>\n                                		\n Dry bulk
                                vessels<\/strong>\n <\/td>\n                                		\n CBI<\/strong>\n <\/td>\n\n Other<\/strong>\n <\/td>\n\n Eliminations<\/strong>\n <\/td>\n\n Total<\/strong>\n <\/td>\n<\/tr>\n
                                Voyage revenue<\/td>\n195.7<\/td>\n\u00a0<\/td>\n34.1<\/td>\n\u00a0<\/td>\n19.0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n248.8<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Intersegment voyage revenue<\/td>\n–<\/td>\n\u00a0<\/td>\n1.7<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n(1.7<\/td>\n)<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Voyage expenses<\/td>\n(3.3<\/td>\n)<\/td>\n(14.5<\/td>\n)<\/td>\n(13.8<\/td>\n)<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n(31.6<\/td>\n)<\/td>\n<\/tr>\n
                                Charter-in hire expenses<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n(12.4<\/td>\n)<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n(12.4<\/td>\n)<\/td>\n<\/tr>\n
                                Intersegment Charter-in hire expenses<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n(1.7<\/td>\n)<\/td>\n–<\/td>\n\u00a0<\/td>\n1.7<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Voyage expenses \u2013 related parties<\/td>\n(2.8<\/td>\n)<\/td>\n(0.4<\/td>\n)<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n(3.2<\/td>\n)<\/td>\n<\/tr>\n
                                Vessels\u2019 operating expenses<\/td>\n(42.9<\/td>\n)<\/td>\n(24.8<\/td>\n)<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n(67.7<\/td>\n)<\/td>\n<\/tr>\n
                                General and administrative expenses<\/td>\n(1.5<\/td>\n)<\/td>\n(0.9<\/td>\n)<\/td>\n(2.0<\/td>\n)<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n(4.4<\/td>\n)<\/td>\n<\/tr>\n
                                Management and agency fees \u2013 related parties<\/td>\n(6.4<\/td>\n)<\/td>\n(4.2<\/td>\n)<\/td>\n(4.6<\/td>\n)<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n(15.2<\/td>\n)<\/td>\n<\/tr>\n
                                General and administrative expenses – non-cash component<\/td>\n(0.8<\/td>\n)<\/td>\n(0.6<\/td>\n)<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n(1.4<\/td>\n)<\/td>\n<\/tr>\n
                                Amortization of dry-docking and special survey costs<\/td>\n(3.8<\/td>\n)<\/td>\n(0.9<\/td>\n)<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n(4.7<\/td>\n)<\/td>\n<\/tr>\n
                                Depreciation<\/td>\n(31.2<\/td>\n)<\/td>\n(9.9<\/td>\n)<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n(41.1<\/td>\n)<\/td>\n<\/tr>\n
                                Gain \/ (Loss) on sale of vessels<\/td>\n92.8<\/td>\n\u00a0<\/td>\n(3.7<\/td>\n)<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n89.1<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Loss on vessel held for sale<\/td>\n–<\/td>\n\u00a0<\/td>\n(2.4<\/td>\n)<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n(2.4<\/td>\n)<\/td>\n<\/tr>\n
                                Foreign exchange gains<\/td>\n0.7<\/td>\n\u00a0<\/td>\n0.6<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n1.3<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Interest income<\/td>\n3.7<\/td>\n\u00a0<\/td>\n2.4<\/td>\n\u00a0<\/td>\n0.6<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n6.7<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Interest and finance costs<\/td>\n(30.2<\/td>\n)<\/td>\n(6.3<\/td>\n)<\/td>\n(0.4<\/td>\n)<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n(36.9<\/td>\n)<\/td>\n<\/tr>\n
                                Loss from equity method investments<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n(1.4<\/td>\n)<\/td>\n–<\/td>\n\u00a0<\/td>\n(1.4<\/td>\n)<\/td>\n<\/tr>\n
                                Other<\/td>\n0.5<\/td>\n\u00a0<\/td>\n2.2<\/td>\n\u00a0<\/td>\n(0.1<\/td>\n)<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n2.6<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Gain on derivative instruments<\/td>\n9.6<\/td>\n\u00a0<\/td>\n1.7<\/td>\n\u00a0<\/td>\n11.5<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n22.8<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                \n Net Income \/ (Loss)<\/strong>\n <\/td>\n\n 180.1<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (25.9<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n (3.9<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n (1.4<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n –<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 148.9<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

                                \n (1)<\/sup> Voyage revenue adjusted on a cash basis is not a recognized measurement under U.S. generally accepted accounting principles (\u201cGAAP\u201d). Refer to \u201cConsolidated Financial Results and Vessels\u2019 Operational Data\u201d above for the reconciliation of Voyage revenue adjusted on a cash basis.<\/p>\n

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

                                Voyage revenue decreased by 7.2%, or $19.2 million, to $248.8 million during the three-month period ended March 31, 2023, from $268.0 million during the three-month period ended March 31, 2022. The decrease is mainly attributable to (i) decreased charter rates in certain of our dry-bulk vessels, (ii) revenue not earned by four container vessels and one dry bulk vessel sold during the year ended December 31, 2022, and two container vessels and one dry bulk vessel sold during the first quarter of 2023 and (iii) increased off-hire days in the first quarter of 2023 compared to the first quarter of 2022; partly off-set by increased charter rates in certain of our container vessels and revenue earned by CBI.<\/p>\n

                                Voyage revenue adjusted on a cash basis (which eliminates non-cash \u201cAccrued charter revenue\u201d) decreased by 9.2%, or $24.9 million, to $246.5 million during the three-month period ended March 31, 2023, from $271.4 million during the three-month period ended March 31, 2022. Accrued charter revenue for the three-months period ended March 31, 2023 and 2022 was a negative amount of $2.3 million and a positive amount of $3.4 million, respectively.<\/p>\n

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

                                Voyage expenses were $31.6 million and $8.6 million for the three-month periods ended March 31, 2023 and 2022, respectively. Voyage expenses increased, period over period, partially due to the increased repositioning expenses of certain of our owned dry-bulk vessels and to the operations of CBI which was fully operational during the first quarter of 2023. Voyage expenses mainly include (i) fuel consumption mainly related to dry bulk vessels, (ii) third party commissions, (iii) port expenses and (iv) canal tolls.<\/p>\n

                                \n Charter-in Hire Expenses<\/em>\n <\/p>\n

                                Charter-in hire expenses were $12.4 million and nil for the three-month periods ended March 31, 2023 and 2022, respectively. Charter-in hire expenses are expenses relating to chartering-in of third-party dry bulk vessels under time charter agreements through CBI.<\/p>\n

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

                                Voyage expenses \u2013 related parties were $3.2 million and $3.7 million for the three-month periods ended March 31, 2023 and 2022, respectively. Voyage expenses \u2013 related parties represent (i) fees of 1.25%, in the aggregate, on voyage revenues earned by our owned fleet 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 $0.4 million, in the aggregate, for the three-month periods ended March 31, 2023 and 2022, respectively.<\/p>\n

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

                                Vessels\u2019 operating expenses, which also include the realized gain\/(loss) under derivative contracts entered into in relation to foreign currency exposure, were $67.7 million and $65.7 million during the three-month periods ended March 31, 2023 and 2022, respectively. Daily vessels\u2019 operating expenses were $6,672 and $6,223 for the three-month periods ended March 31, 2023 and 2022, 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 $4.4 million and $3.3 million during the three-month periods ended March 31, 2023 and 2022, respectively, and include amounts of $0.67 million and $0.63 million, respectively, that were paid to a related manager.<\/p>\n

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

                                Management fees charged by our related party managers were $10.6 million and $10.9 million during the three-month periods ended March 31, 2023 and 2022, respectively. Furthermore, during the three-month period ended March 31, 2023, agency fees of $4.6 million, in aggregate, were charged by three related agents in connection with the operations of CBI.<\/p>\n

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

                                General and administrative expenses – non-cash component for the three-month period ended March 31, 2023 amounted to $1.4 million, representing the value of the shares issued to a related party manager on March 30, 2023. General and administrative expenses – non-cash component for the three-month period ended March 31, 2022 amounted to $2.6 million, representing the value of the shares issued to a related party manager on March 30, 2022.<\/p>\n

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

                                Amortization of deferred dry-docking and special survey costs was $4.7 million and $2.7 million during the three-month periods ended March 31, 2023 and 2022, respectively. During the three-month period ended March 31, 2023, six vessels underwent and completed their dry-docking and special survey and three vessels were in the process of completing their dry-docking and special survey. During the three-month period ended March 31, 2022, one vessel underwent and completed her dry-docking and special survey and one vessel was in the process of completing her dry-docking and special survey.<\/p>\n

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

                                Depreciation expense for the three-month periods ended March 31, 2023 and 2022 was $41.1 million and $41.2 million, respectively.<\/p>\n

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

                                During the three-month period ended March 31, 2023, we recorded a net gain of $89.1 million from the sale of the container vessels Maersk Kalamata<\/em> and Sealand Washington<\/em>, which were classified as vessels held for sale as of December 31, 2022 (initially classified as vessels held for sale as of March 31, 2022) and the sale of the dry-bulk vessel Miner<\/em>. During the three-month period ended March 31, 2022, we recorded a gain of $17.8 million from the sale of the container vessel Messini, <\/em>which was classified as an asset held for sale as of December 31, 2021.<\/p>\n

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

                                During the three-month period ended March 31, 2023, the dry-bulk vessel Taibo<\/em> was classified as a vessel held for sale and we recorded a loss on vessel held for sale of $2.4\u00a0million, which resulted from its estimated fair value measurement less costs to sell. During the three-month period ended March 31, 2022, the container vessels Sealand Washington,<\/em>Maersk Kalamata <\/em>and the dry bulk vessel Thunder<\/em> were classified as vessels held for sale. Furthermore, as of March 31, 2022, the container vessels Sealand Illinois<\/em>, Sealand Michigan <\/em>and York<\/em> continued to be classified as vessels held for sale (initially classified as vessels held for sale as of December 31, 2021). No loss on vessels held for sale was recorded during the first quarter of 2022 since each vessel\u2019s estimated fair value exceeded each vessel\u2019s carrying value.<\/p>\n

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

                                Interest income amounted to $6.7 million and nil for the three-month periods ended March 31, 2023 and 2022, respectively.<\/p>\n

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

                                Interest and finance costs were $36.9 million and $25.1 million during the three-month periods ended March 31, 2023 and 2022, respectively. The increase is mainly attributable to the increased interest expense due to increased financing costs during the three-month period ended March 31, 2023 compared to the three-month period ended March 31, 2022.<\/p>\n

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

                                Loss from equity method investments for the three-month period ended March 31, 2023 was $1.4 million (Income of $0.3 million for the three-month period ended March 31, 2022) representing our share of the loss in jointly owned companies set up pursuant to the Framework Deed. As of March 31, 2023 and 2022 five and six companies, respectively, were jointly owned pursuant to the Framework Deed out of which four and four companies, respectively, owned container vessels.<\/p>\n

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

                                As of March 31, 2023, we hold 24 interest rate derivatives and two cross currency rate swaps, all of which qualify for hedge accounting. As a result, the change in the fair value of each instrument is recorded in \u201cOther Comprehensive Income\u201d (\u201cOCI\u201d). As of March 31, 2023, the fair value of these instruments, in aggregate, amounted to a net asset of $25.9 million. During the three-month period ended March 31, 2023, a loss of $20.7 million has been included in OCI and a gain of $10.1 million has been included in Gain on Derivative Instruments.<\/p>\n

                                Furthermore, as of March 31, 2023, we hold a series of Forward Freight Agreements (\u201cFFAs\u201d) and Bunker Swap agreements, none of which qualify for hedge accounting. As a result, the change in the fair value of such instruments is recorded in the consolidated statements of income. As of March 31, 2023, the fair value of these instruments, in aggregate, amounted to a net asset of $11.3 million. During the three-month period ended March 31, 2023, a net gain of $11.5 million was included in Gain on Derivative Instruments.<\/p>\n

                                \n Cash Flows<\/strong>
                                \n
                                \n
                                \n Three-month periods ended March 31, 2023 and 2022<\/em>
                                \n <\/strong>\n <\/p>\n\n\n\n\n\n\n\n
                                \n Condensed cash flows<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Three-month period ended
                                March 31,<\/strong>\n <\/td>\n<\/tr>\n
                                (Expressed in millions of U.S. dollars)<\/td>\n\u00a0<\/td>\n\n 2022<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Net Cash Provided by Operating Activities<\/td>\n\u00a0<\/td>\n154.3<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n37.3<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Net Cash Provided by \/ (Used in) Investing Activities<\/td>\n\u00a0<\/td>\n(46.8<\/td>\n)<\/td>\n\u00a0<\/td>\n191.3<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Net Cash Provided by \/ (Used in) Financing Activities<\/td>\n\u00a0<\/td>\n26.9<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(94.6<\/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<\/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 March 31, 2023, decreased by $117.0 million to $37.3 million, from $154.3 million for the three-month period ended March 31, 2022. The decrease is mainly attributable to the decreased cash from operations of $24.9 million, by the increased payments for interest (including swap net receipts) of $13.0 million during the three-month period ended March 31, 2023 compared to the three-month period ended March 31, 2022, by the increased dry-docking and special survey costs of $10.6 million during the three-month period ended March 31, 2023 compared to the three-month period ended March 31, 2022 and by the unfavorable change in working capital position, excluding the current portion of long-term debt and the accrued charter revenue (representing the difference between cash received in that period and revenue recognized on a straight-line basis) of $46.7 million.<\/p>\n

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

                                Net cash provided by investing activities was $191.3 million in the three-month period ended March 31, 2023, which mainly consisted of proceeds we received from (i) the sale of the container vessels Sealand Washington<\/em> and Maersk Kalamata<\/em> and the dry bulk vessel Miner<\/em>, (ii) the maturity of part of our short-term investments in US Treasury Bills; partly off-set by payments for the purchase of short-term investments in US Treasury Bills and payments for upgrades for certain of our container and dry bulk vessels.<\/p>\n

                                Net cash used in investing activities was $46.8 million in the three-month period ended March 31, 2022, which mainly consisted of (i) payments for the acquisition of two secondhand dry bulk vessels, (ii) settlement payment for the delivery of one secondhand dry bulk vessel, (iii) payment for the purchase of short-term investments and (iv) payments for upgrades for certain of our container and dry bulk vessels; partly off-set by proceeds we received from the sale of the container vessel Messini<\/em>.<\/p>\n

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

                                Net cash used in financing activities was $94.6 million in the three-month period ended March 31, 2023, which mainly consisted of (a) $74.2 million net payments relating to our debt financing agreements (including proceeds of $322.8 million we received from one debt financing agreement), (b) $10.3 million we paid for dividends to holders of our common stock for the fourth quarter of 2022 and (c) $0.9 million we paid for dividends to holders of our 7.625% Series B Cumulative Redeemable Perpetual Preferred Stock (\u201cSeries B Preferred Stock\u201d), $2.1 million we paid for dividends to holders of our 8.500% Series C Cumulative Redeemable Perpetual Preferred Stock (\u201cSeries C Preferred Stock\u201d), $2.2 million we paid for dividends to holders of our 8.75% Series D Cumulative Redeemable Perpetual Preferred Stock (\u201cSeries D Preferred Stock\u201d) and $2.5 million we paid for dividends to holders of our 8.875% Series E Cumulative Redeemable Perpetual Preferred Stock (\u201cSeries E Preferred Stock\u201d) for the period from October 15, 2022 to January 14, 2023.<\/p>\n

                                Net cash provided by financing activities was $26.9 million in the three-month period ended March 31, 2022, which mainly consisted of (a) $47.9 million net proceeds relating to our debt financing agreements (including proceeds of $219.1 million we received from our debt financing agreements), (b) $10.7 million we paid for dividends to holders of our common stock for the fourth quarter of 2021 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 October 15, 2021 to January 14, 2022.<\/p>\n

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

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

                                As of March 31, 2023, we had Cash and cash equivalents (including restricted cash) of $945.6 million, $76.7 million invested in short-dated US Treasury Bills (Short-term investments) and $12.6 million margin deposits in relation to our FFAs. Furthermore, as of March 31, 2023, our liquidity stood at $1,076.0 million including (a) our share of cash amounting to $4.0 million held in joint venture companies set up pursuant to the Framework Deed and (b) $37.1 million of available undrawn funds from one hunting license facility.<\/p>\n

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

                                As of May 15, 2023, 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 Vessel Name<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Year<\/strong>
                                \n
                                \n Built<\/strong>\n <\/td>\n                                		\u00a0<\/td>\n\n TEU <\/strong>
                                \n
                                \n Capacity<\/strong>\n <\/td>\n                                		\u00a0<\/td>\n<\/tr>\n
                                \n Containerships<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                KURE<\/td>\n\u00a0<\/td>\n1996<\/td>\n\u00a0<\/td>\n7,403<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                MAERSK KOWLOON<\/td>\n\u00a0<\/td>\n2005<\/td>\n\u00a0<\/td>\n7,471<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                ETOILE<\/td>\n\u00a0<\/td>\n2005<\/td>\n\u00a0<\/td>\n2,556<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                MICHIGAN<\/td>\n\u00a0<\/td>\n2008<\/td>\n\u00a0<\/td>\n1,300<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                MONEMVASIA (*)<\/td>\n\u00a0<\/td>\n1998<\/td>\n\u00a0<\/td>\n2,472<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                ARKADIA (*)<\/td>\n\u00a0<\/td>\n2001<\/td>\n\u00a0<\/td>\n1,550<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

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

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

                                On Monday, May 15, 2023 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 May 22, 2023. 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: 6519880.<\/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 and dry bulk vessels for charter. The Company has 49 years of history in the international shipping industry and a fleet of 71 containerships, with a total capacity of approximately 524,000 TEU and 43 dry bulk vessels with a total capacity of approximately 2,369,000 DWT (including one vessel that we have agreed to sell). The Company also has a dry bulk operating platform which charters in\/out dry bulk vessels, enters into contracts of affreightment, forward freight agreements and may also utilize hedging solutions. The Company participates in a leasing business that provides financing to third party owners. Four of our containerships have been acquired pursuant to the Framework Deed with York by vessel-owning joint venture companies 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 \u2013 Chief Financial Officer
                                Konstantinos Tsakalidis \u2013 Business Development<\/p>\n

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

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

                                The table below provides additional information, as of May 15, 2023, about our fleet of containerships, 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
                                \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
                                \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<\/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>\nMSC<\/td>\n2016<\/td>\n11,010<\/td>\n33,000<\/td>\nAugust 2031<\/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>\nMSC<\/td>\n2017<\/td>\n11,010<\/td>\n33,000<\/td>\nAugust 2031<\/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\/(<\/sup>*<\/sup>)<\/sup><\/td>\n2017<\/td>\n11,010<\/td>\n36,650\/(<\/sup>*) <\/sup><\/td>\nMarch 2030(3)<\/sup><\/td>\n<\/tr>\n
                                \n 16<\/strong>\n <\/td>\nZIM SHANGHAI (ex. COSCO GUANGZHOU)<\/td>\nZIM<\/td>\n2006<\/td>\n9,469<\/td>\n72,700<\/td>\nJuly 2025<\/td>\n<\/tr>\n
                                \n 17<\/strong>\n <\/td>\nZIM YANTIAN (ex. COSCO NINGBO)<\/td>\nZIM<\/td>\n2006<\/td>\n9,469<\/td>\n72,700<\/td>\nJune 2025<\/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>4<\/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>5<\/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>6<\/sup>)<\/sup><\/td>\n<\/tr>\n
                                \n 24<\/strong>\n <\/td>\nMSC ATHENS<\/td>\nMSC<\/td>\n2013<\/td>\n8,827<\/td>\n35,300<\/td>\nJanuary 2026<\/td>\n<\/tr>\n
                                \n 25<\/strong>\n <\/td>\nMSC ATHOS<\/td>\nMSC<\/td>\n2013<\/td>\n8,827<\/td>\n35,300<\/td>\nFebruary 2026<\/td>\n<\/tr>\n
                                \n 26<\/strong>\n <\/td>\nVALOR<\/td>\nHapag Lloyd\/(<\/sup>*<\/sup>)<\/sup><\/td>\n2013<\/td>\n8,827<\/td>\n32,400\/(<\/sup>*)<\/sup><\/td>\nApril 2030(<\/sup>7<\/sup>)<\/sup><\/td>\n<\/tr>\n
                                \n 27<\/strong>\n <\/td>\nVALUE<\/td>\nHapag Lloyd\/(<\/sup>*<\/sup>)<\/sup><\/td>\n2013<\/td>\n8,827<\/td>\n32,400\/(<\/sup>*)<\/sup><\/td>\nApril 2030(<\/sup>8<\/sup>)<\/sup><\/td>\n<\/tr>\n
                                \n 28<\/strong>\n <\/td>\nVALIANT<\/td>\nHapag Lloyd\/(<\/sup>*<\/sup>)<\/sup><\/td>\n2013<\/td>\n8,827<\/td>\n32,400\/(<\/sup>*)<\/sup><\/td>\nJune 2030(<\/sup>9<\/sup>)<\/sup><\/td>\n<\/tr>\n
                                \n 29<\/strong>\n <\/td>\nVALENCE<\/td>\nHapag Lloyd\/(<\/sup>*<\/sup>)<\/sup><\/td>\n2013<\/td>\n8,827<\/td>\n32,400\/(<\/sup>*)<\/sup><\/td>\nJuly 2030(1<\/sup>0<\/sup>)<\/sup><\/td>\n<\/tr>\n
                                \n 30<\/strong>\n <\/td>\nVANTAGE<\/td>\nHapag Lloyd\/(<\/sup>*<\/sup>)<\/sup><\/td>\n2013<\/td>\n8,827<\/td>\n32,400\/(<\/sup>*)<\/sup><\/td>\nSeptember 2030(1<\/sup>1<\/sup>)<\/sup><\/td>\n<\/tr>\n
                                \n 31<\/strong>\n <\/td>\nNAVARINO<\/td>\nMSC\/(<\/sup>*<\/sup>)<\/sup><\/td>\n2010<\/td>\n8,531<\/td>\n31,000\/(<\/sup>*)<\/sup><\/td>\nMarch 2029(1<\/sup>2<\/sup>)<\/sup><\/td>\n<\/tr>\n
                                \n 32<\/strong>\n <\/td>\nMAERSK KLEVEN<\/td>\nMaersk\/MSC<\/td>\n1996<\/td>\n8,044<\/td>\n23,500\/41,500<\/td>\nJuly 2026(<\/sup>13<\/sup>)<\/sup><\/td>\n<\/tr>\n
                                \n 33<\/strong>\n <\/td>\nMAERSK KOTKA<\/td>\nMaersk\/MSC<\/td>\n1996<\/td>\n8,044<\/td>\n25,000\/41,500<\/td>\nJuly 2026(<\/sup>13<\/sup>)<\/sup><\/td>\n<\/tr>\n
                                \n 34<\/strong>\n <\/td>\nMAERSK KOWLOON<\/td>\nMaersk<\/td>\n2005<\/td>\n7,471<\/td>\n18,500<\/td>\nAugust 2025<\/td>\n<\/tr>\n
                                \n 35<\/strong>\n <\/td>\nKURE<\/td>\nCOSCO\/MSC<\/td>\n1996<\/td>\n7,403<\/td>\n31,000\/41,500<\/td>\nJune 2026(<\/sup>14<\/sup>)<\/sup><\/td>\n<\/tr>\n
                                \n 36<\/strong>\n <\/td>\nMETHONI<\/td>\nMaersk<\/td>\n2003<\/td>\n6,724<\/td>\n46,500<\/td>\nAugust 2026<\/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>\nZIM TAMPA<\/td>\nZIM<\/td>\n2000<\/td>\n6,648<\/td>\n45,000<\/td>\nJuly 2025<\/td>\n<\/tr>\n
                                \n 39<\/strong>\n <\/td>\nZIM VIETNAM (ex. MAERSK KOLKATA)<\/td>\nZIM<\/td>\n2003<\/td>\n6,644<\/td>\n53,000<\/td>\nOctober 2025<\/td>\n<\/tr>\n
                                \n 40<\/strong>\n <\/td>\nZIM AMERICA (ex. MAERSK KINGSTON)<\/td>\nZIM<\/td>\n2003<\/td>\n6,644<\/td>\n53,000<\/td>\nOctober 2025<\/td>\n<\/tr>\n
                                \n 41<\/strong>\n <\/td>\nARIES<\/td>\n\n (*)<\/sup>\n <\/td>\n2004<\/td>\n6,492<\/td>\n58,500<\/td>\nMarch 2026<\/td>\n<\/tr>\n
                                \n 42<\/strong>\n <\/td>\nARGUS<\/td>\n\n (*)<\/sup>\n <\/td>\n2004<\/td>\n6,492<\/td>\n58,500<\/td>\nApril 2026<\/td>\n<\/tr>\n
                                \n 43<\/strong>\n <\/td>\nPORTO KAGIO<\/td>\nMaersk<\/td>\n2002<\/td>\n5,908<\/td>\n28,822<\/td>\nJune 2026<\/td>\n<\/tr>\n
                                \n 44<\/strong>\n <\/td>\nGLEN CANYON<\/td>\nZIM<\/td>\n2006<\/td>\n5,642<\/td>\n62,500<\/td>\nJune 2025<\/td>\n<\/tr>\n
                                \n 45<\/strong>\n <\/td>\nPORTO GERMENO<\/td>\nMaersk<\/td>\n2002<\/td>\n5,570<\/td>\n28,822<\/td>\nJune 2026<\/td>\n<\/tr>\n
                                \n 46<\/strong>\n <\/td>\nLEONIDIO<\/td>\nMaersk<\/td>\n2014<\/td>\n4,957<\/td>\n14,200<\/td>\nDecember 2024(<\/sup>15<\/sup>)<\/sup><\/td>\n<\/tr>\n
                                \n 47<\/strong>\n <\/td>\nKYPARISSIA<\/td>\nMaersk<\/td>\n2014<\/td>\n4,957<\/td>\n14,200<\/td>\nNovember 2024(<\/sup>15<\/sup>)<\/sup><\/td>\n<\/tr>\n
                                \n 48<\/strong>\n <\/td>\nMEGALOPOLIS<\/td>\nMaersk<\/td>\n2013<\/td>\n4,957<\/td>\n13,500<\/td>\nJuly 2025(<\/sup>16<\/sup>)<\/sup><\/td>\n<\/tr>\n
                                \n 49<\/strong>\n <\/td>\nMARATHOPOLIS<\/td>\nMaersk<\/td>\n2013<\/td>\n4,957<\/td>\n13,500<\/td>\nJuly 2025(<\/sup>16<\/sup>)<\/sup><\/td>\n<\/tr>\n
                                \n 50<\/strong>\n <\/td>\nOAKLAND<\/td>\nCMA CGM<\/td>\n2000<\/td>\n4,890<\/td>\n21,000<\/td>\nJune 2023<\/td>\n<\/tr>\n
                                \n 51<\/strong>\n <\/td>\nGIALOVA<\/td>\nZIM<\/td>\n2009<\/td>\n4,578<\/td>\n25,500<\/td>\nApril 2024<\/td>\n<\/tr>\n
                                \n 52<\/strong>\n <\/td>\nDYROS<\/td>\nMaersk<\/td>\n2008<\/td>\n4,578<\/td>\n22,750<\/td>\nJanuary 2024<\/td>\n<\/tr>\n
                                \n 53<\/strong>\n <\/td>\nNORFOLK<\/td>\nMaersk\/(<\/sup>*)<\/sup><\/td>\n2009<\/td>\n4,259<\/td>\n30,000\/(<\/sup>*)<\/sup><\/td>\nMarch 2025(17)<\/sup><\/td>\n<\/tr>\n
                                \n 54<\/strong>\n <\/td>\nVULPECULA<\/td>\nZIM<\/td>\n2010<\/td>\n4,258<\/td>\n43,250
                                (on average)<\/td>\n                                		May 2028(<\/sup>18<\/sup>)<\/sup><\/td>\n<\/tr>\n
                                \n 55<\/strong>\n <\/td>\nVOLANS<\/td>\nZIM<\/td>\n2010<\/td>\n4,258<\/td>\n24,250<\/td>\nApril 2024<\/td>\n<\/tr>\n
                                \n 56<\/strong>\n <\/td>\nVIRGO<\/td>\nMaersk<\/td>\n2009<\/td>\n4,258<\/td>\n30,200<\/td>\nFebruary 2024<\/td>\n<\/tr>\n
                                \n 57<\/strong>\n <\/td>\nVELA<\/td>\nZIM<\/td>\n2009<\/td>\n4,258<\/td>\n43,250
                                (on average)<\/td>\n                                		April 2028(19)<\/sup><\/td>\n<\/tr>\n
                                \n 58<\/strong>\n <\/td>\nANDROUSA<\/td>\n\n (*)<\/sup>\n <\/td>\n2010<\/td>\n4,256<\/td>\n\n (*)<\/sup>\n <\/td>\nMay 2024<\/td>\n<\/tr>\n
                                \n 59<\/strong>\n <\/td>\nNEOKASTRO<\/td>\nCMA CGM<\/td>\n2011<\/td>\n4,178<\/td>\n39,000<\/td>\nFebruary 2027<\/td>\n<\/tr>\n
                                \n 60<\/strong>\n <\/td>\nULSAN<\/td>\nMaersk<\/td>\n2002<\/td>\n4,132<\/td>\n34,730<\/td>\nJanuary 2026<\/td>\n<\/tr>\n
                                \n 61<\/strong>\n <\/td>\nPOLAR ARGENTINA(<\/sup>i<\/sup>)<\/sup>(ii)<\/sup>(iii<\/sup>)<\/sup><\/td>\nMaersk<\/td>\n2018<\/td>\n3,800<\/td>\n19,700<\/td>\nOctober 2024(20)<\/sup><\/td>\n<\/tr>\n
                                \n 62<\/strong>\n <\/td>\nPOLAR BRASIL(<\/sup>i<\/sup>)<\/sup>(ii)<\/sup> (iii)<\/sup><\/td>\nMaersk<\/td>\n2018<\/td>\n3,800<\/td>\n19,700<\/td>\nJanuary 2025(20)<\/sup><\/td>\n<\/tr>\n
                                \n 63<\/strong>\n <\/td>\nLAKONIA<\/td>\nCOSCO<\/td>\n2004<\/td>\n2,586<\/td>\n26,500<\/td>\nMarch 2025<\/td>\n<\/tr>\n
                                \n 64<\/strong>\n <\/td>\nSCORPIUS<\/td>\nHapag Lloyd<\/td>\n2007<\/td>\n2,572<\/td>\n17,750<\/td>\nJune 2023<\/td>\n<\/tr>\n
                                \n 65<\/strong>\n <\/td>\nETOILE<\/td>\n\n (*)<\/sup>\/(*<\/sup>)<\/sup><\/td>\n2005<\/td>\n2,556<\/td>\n\n (*)<\/sup>\/(*)<\/sup><\/td>\nMarch 2026(2<\/sup>1<\/sup>)<\/sup><\/td>\n<\/tr>\n
                                \n 66<\/strong>\n <\/td>\nAREOPOLIS<\/td>\nCOSCO<\/td>\n2000<\/td>\n2,474<\/td>\n26,500<\/td>\nApril 2025<\/td>\n<\/tr>\n
                                \n 67<\/strong>\n <\/td>\nMONEMVASIA(<\/sup>i<\/sup>)<\/sup><\/td>\nCMA CGM<\/td>\n1998<\/td>\n2,472<\/td>\n17,300<\/td>\nJune 2023<\/td>\n<\/tr>\n
                                \n 68<\/strong>\n <\/td>\nARKADIA(<\/sup>i<\/sup>)<\/sup><\/td>\nSwire Shipping<\/td>\n2001<\/td>\n1,550<\/td>\n14,250<\/td>\nFebruary 2024<\/td>\n<\/tr>\n
                                \n 69<\/strong>\n <\/td>\nMICHIGAN<\/td>\nMSC\/(<\/sup>*<\/sup>)<\/sup><\/td>\n2008<\/td>\n1,300<\/td>\n18,700\/(<\/sup>*)<\/sup><\/td>\nOctober 2025(2<\/sup>2<\/sup>)<\/sup><\/td>\n<\/tr>\n
                                \n 70<\/strong>\n <\/td>\nTRADER<\/td>\n\n (*<\/sup>
                                \n )<\/sup>\/(*<\/sup>)<\/sup><\/td>\n                                		2008<\/td>\n1,300<\/td>\n\n (*)<\/sup>\/(*)<\/sup><\/td>\nOctober 2026(2<\/sup>3<\/sup>)<\/sup><\/td>\n<\/tr>\n
                                \n 71<\/strong>\n <\/td>\nLUEBECK<\/td>\nMSC\/(<\/sup>*<\/sup>)<\/sup><\/td>\n2001<\/td>\n1,078<\/td>\n15,000\/(<\/sup>*)<\/sup><\/td>\nApril 2026(2<\/sup>4<\/sup>)<\/sup><\/td>\n<\/tr>\n<\/table>\n

                                (1) Daily charter rates are gross, unless stated otherwise. Amounts set out for current daily charter rate are the amounts contained in the charter contracts.
                                (2) Charter terms and expiration dates are based on the earliest date charters (unless otherwise noted) could expire.
                                (3)\u00a0Cape Artemisio<\/em> is currently chartered to Hapag Lloyd<\/em> at a daily rate of $36,650 until March 12, 2025, at the earliest. Upon redelivery of the vessel from Hapag Lloyd<\/em> the vessel will commence a new charter with a leading liner company for a period of 60 to 64 months at an undisclosed rate.
                                (4) This 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.
                                (5) This 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.
                                (6) This 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.
                                (7)\u00a0Valor<\/em> is currently chartered to Hapag Lloyd<\/em> at a daily rate of $32,400 until April 3, 2025, at the earliest. Upon redelivery of the vessel from Hapag Lloyd<\/em> the vessel will commence a new charter with a leading liner company for a period of 60 to 64 months at an undisclosed rate.
                                (8)\u00a0Value<\/em> is currently chartered to Hapag Lloyd<\/em> at a daily rate of $32,400 until April 25, 2025, at the earliest. Upon redelivery of the vessel from Hapag Lloyd<\/em> the vessel will commence a new charter with a leading liner company for a period of 60 to 64 months at an undisclosed rate.
                                (9)\u00a0Valiant<\/em> is currently chartered to Hapag Lloyd<\/em> at a daily rate of $32,400 until June 5, 2025, at the earliest. Upon redelivery of the vessel from Hapag Lloyd<\/em> the vessel will commence a new charter with a leading liner company for a period of 60 to 64 months at an undisclosed rate.
                                (10)\u00a0Valence <\/em>is currently chartered to Hapag Lloyd<\/em> at a daily rate of $32,400 until July 3, 2025, at the earliest. Upon redelivery of the vessel from Hapag Lloyd<\/em> the vessel will commence a new charter with a leading liner company for a period of 60 to 64 months at an undisclosed rate.
                                (11)\u00a0Vantage <\/em>is currently chartered to Hapag Lloyd<\/em> at a daily rate of $32,400 until September 8, 2025, at the earliest. Upon redelivery of the vessel from Hapag Lloyd<\/em> the vessel will commence a new charter with a leading liner company for a period of 60 to 64 months at an undisclosed rate.
                                (12)\u00a0Navarino <\/em>is currently chartered to MSC<\/em> at a daily rate of $31,000 until March 1, 2025, at the earliest. Upon redelivery of the vessel from MSC<\/em> the vessel will commence a new charter with a leading liner company for a period of 48 to 52 months at an undisclosed rate.
                                (13) The current daily rate of each of Maersk Kleven<\/em> and 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. Upon redelivery of each vessel from Maersk<\/em> between July 2023 and October 2023, each vessel will commence a new charter with MSC<\/em> for a period of 36 to 38 months at a fixed daily rate of $41,500.
                                (14) Upon redelivery of Kure<\/em> from COSCO<\/em> between June 2023 and July 2023, the vessel will commence a new charter with MSC<\/em> for a period of 36 to 38 months at a daily rate of $41,500. Until then the daily charter rate will be $31,000.
                                (15) Charterer has the option to extend the current time charter for an additional period of 12 to 24 months at a daily rate of $17,000.
                                (16) Charterer has the option to extend the current time charter for an additional period of approximately 24 months at a daily rate of $14,500.
                                (17)\u00a0Norfolk<\/em> is currently chartered to Maersk<\/em> at a daily rate of $30,000 until May 2023. Upon redelivery of the vessel from Maersk<\/em> the vessel will commence a new charter with a leading liner company for a period of 22 to 24 months at an undisclosed rate.
                                (18)\u00a0Vulpecula<\/em> is currently chartered to ZIM <\/em>under a charterparty agreement which commenced in May 2023. The tenor of the charter is for a period of 60 to 64 months at a daily rate of $43,250, on average. For this charter, the daily rate will be $99,000 for the first 12 month period, $91,250 for the second 12 month period, $10,000 for the third 12 month period and $8,000 for the remaining duration of the charter.
                                (19)\u00a0Vela<\/em> is currently chartered to ZIM <\/em>under a charterparty agreement which commenced in April 2023. The tenor of the charter is for a period of 60 to 64 months at a daily rate of $43,250, on average. For this charter, the daily rate will be $99,000 for the first 12 month period, $91,250 for the second 12 month period, $10,000 for the third 12 month period and $8,000 for the remaining duration of the charter.
                                (20) Charterer has the option to extend the current time charter for three additional one-year periods at a daily rate of $21,000.
                                (21)\u00a0Etoile<\/em> is currently chartered at an undisclosed rate until June 2023, at the earliest. Upon redelivery of the vessel from its current charterer the vessel will commence a new charter with a leading liner company for a period of 36 to 39 months at an undisclosed rate.
                                (22)\u00a0Michigan <\/em>is currently chartered to MSC<\/em> at a daily rate of $18,700 until October 2023, at the earliest. Upon redelivery of the vessel from MSC<\/em> the vessel will commence a new charter with a leading liner company for a period of 24 to 26 months at an undisclosed rate.
                                (23)\u00a0Trader<\/em> is currently chartered at an undisclosed rate until October 1, 2024, at the earliest. Upon redelivery of the vessel from its current charterer the vessel will commence a new charter with a leading liner company for a period of 24 to 26 months at an undisclosed rate.
                                (24)\u00a0Luebeck <\/em>is currently chartered to MSC<\/em> at a daily rate of $15,000 until April 2024, at the earliest. Upon redelivery of the vessel from MSC<\/em> the vessel will commence a new charter with a leading liner company for a period of 24 to 26 months at an undisclosed rate.<\/p>\n

                                (i) Denotes vessels acquired pursuant to the Framework Deed. The Company holds an equity interest of 49% in each of the vessel-owning companies.
                                (ii) Denotes vessels subject to a sale and leaseback transaction.
                                (iii) We have agreed to concurrently, sell our 49% equity interest in the ship-owning company of Polar Argentina<\/em> to York Capital and acquire the 51% equity interest in the ship-owning company of Polar Brasil<\/em> (currently we own 49%) from York Capital. Upon the conclusion of these transactions in Q2 2023 we will own 100% of the equity interest in the ship-owning company of Polar Brasil.<\/em><\/p>\n

                                (*) Denotes charterer\u2019s identity and\/or current daily charter rates and\/or charter expiration dates, which are treated as confidential.<\/p>\n

                                \n
                                \n
                                \n
                                Dry Bulk Vessel Fleet List<\/u>
                                \n <\/strong>\n <\/p>\n

                                The table below provides information, as of May 15, 2023, about our fleet of dry bulk vessels.<\/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
                                \u00a0<\/td>\n\n Vessel Name<\/strong>\n <\/td>\n\n Year Built<\/strong>\n <\/td>\n\n Capacity (DWT)<\/strong>\n <\/td>\n<\/tr>\n
                                \n 1<\/strong>\n <\/td>\nAEOLIAN<\/td>\n2012<\/td>\n83,478<\/td>\n<\/tr>\n
                                \n 2<\/strong>\n <\/td>\nGRENETA<\/td>\n2010<\/td>\n82,166<\/td>\n<\/tr>\n
                                \n 3<\/strong>\n <\/td>\nHYDRUS<\/td>\n2011<\/td>\n81,601<\/td>\n<\/tr>\n
                                \n 4<\/strong>\n <\/td>\nPHOENIX<\/td>\n2012<\/td>\n81,569<\/td>\n<\/tr>\n
                                \n 5<\/strong>\n <\/td>\nBUILDER<\/td>\n2012<\/td>\n81,541<\/td>\n<\/tr>\n
                                \n 6<\/strong>\n <\/td>\nFARMER<\/td>\n2012<\/td>\n81,541<\/td>\n<\/tr>\n
                                \n 7<\/strong>\n <\/td>\nSAUVAN<\/td>\n2010<\/td>\n79,700<\/td>\n<\/tr>\n
                                \n 8<\/strong>\n <\/td>\nROSE<\/td>\n2008<\/td>\n76,619<\/td>\n<\/tr>\n
                                \n 9<\/strong>\n <\/td>\nMERCHIA<\/td>\n2015<\/td>\n63,800<\/td>\n<\/tr>\n
                                \n 10<\/strong>\n <\/td>\nSEABIRD<\/td>\n2016<\/td>\n63,553<\/td>\n<\/tr>\n
                                \n 11<\/strong>\n <\/td>\nDAWN<\/td>\n2018<\/td>\n63,530<\/td>\n<\/tr>\n
                                \n 12<\/strong>\n <\/td>\nORION<\/td>\n2015<\/td>\n63,473<\/td>\n<\/tr>\n
                                \n 13<\/strong>\n <\/td>\nDAMON<\/td>\n2012<\/td>\n63,227<\/td>\n<\/tr>\n
                                \n 14<\/strong>\n <\/td>\nTITAN I<\/td>\n2009<\/td>\n58,090<\/td>\n<\/tr>\n
                                \n 15<\/strong>\n <\/td>\nERACLE<\/td>\n2012<\/td>\n58,018<\/td>\n<\/tr>\n
                                \n 16<\/strong>\n <\/td>\nPYTHIAS<\/td>\n2010<\/td>\n58,018<\/td>\n<\/tr>\n
                                \n 17<\/strong>\n <\/td>\nNORMA<\/td>\n2010<\/td>\n58,018<\/td>\n<\/tr>\n
                                \n 18<\/strong>\n <\/td>\nORACLE<\/td>\n2009<\/td>\n57,970<\/td>\n<\/tr>\n
                                \n 19<\/strong>\n <\/td>\nCURACAO<\/td>\n2011<\/td>\n57,937<\/td>\n<\/tr>\n
                                \n 20<\/strong>\n <\/td>\nURUGUAY<\/td>\n2011<\/td>\n57,937<\/td>\n<\/tr>\n
                                \n 21<\/strong>\n <\/td>\nATHENA<\/td>\n2012<\/td>\n57,809<\/td>\n<\/tr>\n
                                \n 22<\/strong>\n <\/td>\nSERENA<\/td>\n2010<\/td>\n57,266<\/td>\n<\/tr>\n
                                \n 23<\/strong>\n <\/td>\nLIBRA<\/td>\n2010<\/td>\n56,729<\/td>\n<\/tr>\n
                                \n 24<\/strong>\n <\/td>\nPEGASUS<\/td>\n2011<\/td>\n56,726<\/td>\n<\/tr>\n
                                \n 25<\/strong>\n <\/td>\nMERIDA<\/td>\n2012<\/td>\n56,670<\/td>\n<\/tr>\n
                                \n 26<\/strong>\n <\/td>\nCLARA<\/td>\n2008<\/td>\n56,557<\/td>\n<\/tr>\n
                                \n 27<\/strong>\n <\/td>\nPEACE<\/td>\n2006<\/td>\n55,709<\/td>\n<\/tr>\n
                                \n 28<\/strong>\n <\/td>\nPRIDE<\/td>\n2006<\/td>\n55,705<\/td>\n<\/tr>\n
                                \n 29<\/strong>\n <\/td>\nBERMONDI<\/td>\n2009<\/td>\n55,469<\/td>\n<\/tr>\n
                                \n 30<\/strong>\n <\/td>\nCOMITY(<\/sup>i<\/sup>)<\/sup><\/td>\n2010<\/td>\n37,302<\/td>\n<\/tr>\n
                                \n 31<\/strong>\n <\/td>\nVERITY<\/td>\n2012<\/td>\n37,163<\/td>\n<\/tr>\n
                                \n 32<\/strong>\n <\/td>\nPARITY<\/td>\n2012<\/td>\n37,152<\/td>\n<\/tr>\n
                                \n 33<\/strong>\n <\/td>\nACUITY<\/td>\n2011<\/td>\n37,149<\/td>\n<\/tr>\n
                                \n 34<\/strong>\n <\/td>\nEQUITY<\/td>\n2013<\/td>\n37,071<\/td>\n<\/tr>\n
                                \n 35<\/strong>\n <\/td>\nDISCOVERY<\/td>\n2012<\/td>\n37,019<\/td>\n<\/tr>\n
                                \n 36<\/strong>\n <\/td>\nBERNIS<\/td>\n2011<\/td>\n34,627<\/td>\n<\/tr>\n
                                \n 37<\/strong>\n <\/td>\nMANZANILLO<\/td>\n2010<\/td>\n34,426<\/td>\n<\/tr>\n
                                \n 38<\/strong>\n <\/td>\nADVENTURE<\/td>\n2011<\/td>\n33,755<\/td>\n<\/tr>\n
                                \n 39<\/strong>\n <\/td>\nALLIANCE<\/td>\n2012<\/td>\n33,751<\/td>\n<\/tr>\n
                                \n 40<\/strong>\n <\/td>\nCETUS<\/td>\n2010<\/td>\n32,527<\/td>\n<\/tr>\n
                                \n 41<\/strong>\n <\/td>\nPROGRESS<\/td>\n2011<\/td>\n32,400<\/td>\n<\/tr>\n
                                \n 42<\/strong>\n <\/td>\nKONSTANTINOS<\/td>\n2012<\/td>\n32,178<\/td>\n<\/tr>\n
                                \n 43<\/strong>\n <\/td>\nRESOURCE<\/td>\n2010<\/td>\n31,776<\/td>\n<\/tr>\n<\/table>\n

                                (i) Denotes vessel that we have agreed to sell.<\/p>\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
                                \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Three-months ended March 31,<\/strong>\n <\/td>\n<\/tr>\n
                                (Expressed in thousands of U.S. dollars, except share and per share amounts)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2022<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
                                \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (Unaudited)<\/strong>\n <\/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<\/tr>\n
                                Voyage revenue<\/td>\n\u00a0<\/td>\n$<\/td>\n268,010<\/td>\n\u00a0<\/td>\n$<\/td>\n248,769<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                \n EXPENSES:<\/strong>\n <\/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\u00a0<\/td>\n(8,571<\/td>\n)<\/td>\n\u00a0<\/td>\n(31,631<\/td>\n)<\/td>\n<\/tr>\n
                                Charter-in hire expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(12,405<\/td>\n)<\/td>\n<\/tr>\n
                                Voyage expenses \u2013 related parties<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,745<\/td>\n)<\/td>\n\u00a0<\/td>\n(3,211<\/td>\n)<\/td>\n<\/tr>\n
                                Vessels\u2019 operating expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(65,747<\/td>\n)<\/td>\n\u00a0<\/td>\n(67,674<\/td>\n)<\/td>\n<\/tr>\n
                                General and administrative expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,262<\/td>\n)<\/td>\n\u00a0<\/td>\n(4,366<\/td>\n)<\/td>\n<\/tr>\n
                                Management and agency fees \u2013 related parties<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(10,867<\/td>\n)<\/td>\n\u00a0<\/td>\n(15,190<\/td>\n)<\/td>\n<\/tr>\n
                                General and administrative expenses \u2013 non-cash component<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,552<\/td>\n)<\/td>\n\u00a0<\/td>\n(1,408<\/td>\n)<\/td>\n<\/tr>\n
                                Amortization of dry-docking and special survey costs<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,707<\/td>\n)<\/td>\n\u00a0<\/td>\n(4,701<\/td>\n)<\/td>\n<\/tr>\n
                                Depreciation<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(41,150<\/td>\n)<\/td>\n\u00a0<\/td>\n(41,144<\/td>\n)<\/td>\n<\/tr>\n
                                Gain on sale of vessels, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n17,798<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n89,068<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Loss on vessel held for sale<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,350<\/td>\n)<\/td>\n<\/tr>\n
                                Foreign exchange gains<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n110<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,269<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                \n Operating income<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n147,317<\/td>\n\u00a0<\/td>\n$<\/td>\n155,026<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                \n OTHER EXPENSES:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Interest income<\/td>\n\u00a0<\/td>\n$<\/td>\n14<\/td>\n\u00a0<\/td>\n$<\/td>\n6,722<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Interest and finance costs<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(25,130<\/td>\n)<\/td>\n\u00a0<\/td>\n(36,880<\/td>\n)<\/td>\n<\/tr>\n
                                Income \/ (loss) from equity method investments<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n288<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,361<\/td>\n)<\/td>\n<\/tr>\n
                                Other<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n475<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,566<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Gain on derivative instruments<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n73<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n22,791<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                \n Total other expenses<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n(24,280<\/td>\n)<\/td>\n$<\/td>\n(6,162<\/td>\n)<\/td>\n<\/tr>\n
                                \n Net Income<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n123,037<\/td>\n\u00a0<\/td>\n$<\/td>\n148,864<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Earnings allocated to Preferred Stock<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(7,595<\/td>\n)<\/td>\n\u00a0<\/td>\n(7,595<\/td>\n)<\/td>\n<\/tr>\n
                                Net loss attributable to the non-controlling interest<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n291<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                \n Net Income available to common stockholders<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n115,442<\/td>\n\u00a0<\/td>\n$<\/td>\n141,560<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Earnings per common share, basic and diluted<\/td>\n\u00a0<\/td>\n$<\/td>\n0.93<\/td>\n\u00a0<\/td>\n$<\/td>\n1.16<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Weighted average number of shares, basic and diluted<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n124,150,337<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n122,531,273<\/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\n\n\n\n\n\n\n
                                (Expressed in thousands of U.S. dollars)<\/td>\n\u00a0<\/td>\n\n As of December 31, 2022<\/strong>\n <\/td>\n\u00a0<\/td>\n\n As of March 31, 2023<\/strong>\n <\/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$<\/td>\n718,049<\/td>\n\u00a0<\/td>\n$<\/td>\n853,847<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Restricted cash<\/td>\n\u00a0<\/td>\n9,768<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,319<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Margin deposits<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12,579<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Short-term investments<\/td>\n\u00a0<\/td>\n120,014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n76,707<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Investment in leaseback vessels<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,473<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Accounts receivable<\/td>\n\u00a0<\/td>\n26,943<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n25,272<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Inventories<\/td>\n\u00a0<\/td>\n28,039<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n41,039<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Due from related parties<\/td>\n\u00a0<\/td>\n3,838<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,255<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Fair value of derivatives<\/td>\n\u00a0<\/td>\n25,660<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n27,357<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Insurance claims receivable<\/td>\n\u00a0<\/td>\n5,410<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,193<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Asset held for sale<\/td>\n\u00a0<\/td>\n55,195<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,888<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Time charter assumed<\/td>\n\u00a0<\/td>\n199<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n199<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Accrued charter revenue<\/td>\n\u00a0<\/td>\n10,885<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,973<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Prepayments and other<\/td>\n\u00a0<\/td>\n10,622<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n35,643<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                \n Total current assets<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 1,014,622<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 1,126,744<\/strong>\n <\/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
                                Vessels, net<\/td>\n\u00a0<\/td>\n3,666,861<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,608,045<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                \n Total fixed assets, net<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 3,666,861<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 3,608,045<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
                                \n NON-CURRENT ASSETS:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Equity method investments<\/td>\n$<\/td>\n20,971<\/td>\n\u00a0<\/td>\n$<\/td>\n19,610<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Investment in leaseback vessels, non-current<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n43,220<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Deferred charges, net<\/td>\n\u00a0<\/td>\n55,035<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n61,340<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Operating leases, right-of-use assets<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n90,987<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Accounts receivable, non-current<\/td>\n\u00a0<\/td>\n5,261<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,161<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Restricted cash<\/td>\n\u00a0<\/td>\n83,741<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n81,418<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Fair value of derivatives, non-current<\/td>\n\u00a0<\/td>\n37,643<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n29,095<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Accrued charter revenue, non-current<\/td>\n\u00a0<\/td>\n11,627<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,592<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Time charter assumed, non-current<\/td>\n\u00a0<\/td>\n468<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n419<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                \n Total assets<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 4,896,229<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 5,080,631<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
                                \n
                                \n LIABILITIES AND STOCKHOLDERS\u2019 EQUITY<\/u>
                                \n <\/strong>\n <\/td>\n                                		\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                \n CURRENT LIABILITIES:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Current portion of long-term debt<\/td>\n$<\/td>\n320,114<\/td>\n\u00a0<\/td>\n$<\/td>\n338,335<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Operating lease liabilities, current portion<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n66,148<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Accounts payable<\/td>\n\u00a0<\/td>\n18,155<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n24,939<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Due to related parties<\/td>\n\u00a0<\/td>\n2,332<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,493<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Accrued liabilities<\/td>\n\u00a0<\/td>\n51,551<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n49,197<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Unearned revenue<\/td>\n\u00a0<\/td>\n25,227<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n33,152<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Fair value of derivatives<\/td>\n\u00a0<\/td>\n2,255<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,849<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Other current liabilities<\/td>\n\u00a0<\/td>\n3,456<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,774<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                \n Total current liabilities<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 423,090<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 519,887<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
                                \n NON-CURRENT LIABILITIES <\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Long-term debt, net of current portion<\/td>\n$<\/td>\n2,264,507<\/td>\n\u00a0<\/td>\n$<\/td>\n2,182,397<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Operating lease liabilities, non-current portion<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n24,839<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Fair value of derivatives, net of current portion<\/td>\n\u00a0<\/td>\n13,655<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12,719<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Unearned revenue, net of current portion<\/td>\n\u00a0<\/td>\n34,540<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n33,536<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Other non-current liabilities<\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,106<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                \n Total non-current liabilities<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 2,312,702<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 2,254,597<\/strong>\n <\/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 Temporary equity \u2013 Redeemable non-controlling interest in subsidiary<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 3,487<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 3,196<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
                                \n STOCKHOLDERS\u2019 EQUITY:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Preferred stock<\/td>\n$<\/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
                                Treasury stock<\/td>\n\u00a0<\/td>\n(60,095<\/td>\n)<\/td>\n\u00a0<\/td>\n(60,095<\/td>\n)<\/td>\n<\/tr>\n
                                Additional paid-in capital<\/td>\n\u00a0<\/td>\n1,423,954<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,429,206<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Retained earnings<\/td>\n\u00a0<\/td>\n746,658<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n873,981<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Accumulated other comprehensive income<\/td>\n\u00a0<\/td>\n46,421<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n25,715<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                \n Total Costamare Inc. stockholders\u2019 equity<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 2,156,950<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 2,268,819<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
                                Non-controlling interest<\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n34,132<\/td>\n\u00a0<\/td>\n<\/tr>\n
                                \n Total stockholders\u2019 equity<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2,156,950<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2,302,951<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
                                \n Total liabilities and stockholders\u2019 equity<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 4,896,229<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 5,080,631<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n


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

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

                                MONACO, May 15, 2023 (GLOBE NEWSWIRE) — Costamare Inc. (\u201cCostamare\u201d or the \u201cCompany\u201d) (NYSE: CMRE) today reported unaudited financial results for the first quarter ended March 31, 2023 (\u201cQ1 2023\u201d). PROFITABILITY AND LIQUIDITY Q1 2023 Net Income available to common stockholders of $141.6 million ($1.16 per share). Q1 2023 Adjusted Net Income available to common stockholders1 of $46.5 million ($0.38 per share). Q1 2023 liquidity of $1,076.0 million2. DRY BULK OPERATING PLATFORM First full operational quarter of Costamare Bulkers Inc. (\u201cCBI\u201d). CBI has currently fixed a fleet of 51 dry bulk vessels on period charters, consisting of: 31 Newcastlemax\/Capesize vessels 19 Kamsarmax\/Panamax vessels 1 Ultramax vessel 39 of the chartered-in vessels have been delivered to CBI. Majority of the fixed … <\/p>\n

                                Continue reading “Costamare Inc. Reports Results for the First Quarter Ended March 31, 2023”<\/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-758694","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nCostamare Inc. Reports Results for the First Quarter Ended March 31, 2023 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/costamare-inc-reports-results-for-the-first-quarter-ended-march-31-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Costamare Inc. 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