Exhibit 99.2

 

 

 

Financial Report

 

Results of Continuing Operations

 

Three-month period ended June 30, 2025 compared to the three-month period ended June 30, 2024

 

Following the spin-off of the dry bulk business (consisting of Costamare’s dry bulk owned fleet and Costamare Bulkers Inc. (“CBI”)) on May 6, 2025, the results of the dry bulk business are reported as discontinued operations for all periods presented. The discussion below focuses on the results from continuing operations.

 

During the three-month periods ended June 30, 2025 and 2024, we had an average of 68.0 and 68.0 container vessels, respectively, in our owned fleet.

 

As of June 30, 2025, we have invested in Neptune Maritime Leasing Limited (“NML”) the amount of $182.2 million.

 

In the three-month periods ended June 30, 2025 and 2024, our fleet ownership days totaled 6,188 and 6,188 days, respectively. Ownership days are one of the primary drivers of voyage revenue and vessels’ operating expenses and represent the aggregate number of days in a period during which each vessel in our fleet is owned.

 

Consolidated Financial Results from Continuing operations and Vessels’ Operational Data(1), (2)

 

(Expressed in millions of U.S. dollars,  Three-month period ended June 30,     Percentage
except percentages)  2024  2025  Change  Change
    
             
Voyage revenue  $211.8   $210.9   $(0.9)   (0.4%)
Income from investments in leaseback vessels   6.2    7.0    0.8    12.9%
Voyage expenses   (6.6)   (13.9)   7.3    n.m. 
Voyage expenses – related parties   (3.0)   (2.9)   (0.1)   (3.3%)
Vessels’ operating expenses   (40.6)   (40.7)   0.1    0.2%
General and administrative expenses   (4.1)   (3.0)   (1.1)   (26.8%)
Management fees – related parties   (7.1)   (7.1)   -    n.m. 
General and administrative expenses - non-cash component   (2.5)   (1.4)   (1.1)   (44.0%)
Amortization of dry-docking and special survey costs   (4.1)   (4.8)   0.7    17.1%
Depreciation   (31.5)   (31.9)   0.4    1.3%
Foreign exchange gains / (losses)   (0.4)   2.4    2.8    n.m. 
Interest income   8.7    5.5    (3.2)   (36.8%)
Interest and finance costs   (28.3)   (22.3)   (6.0)   (21.2%)
Income / (loss) from equity method investments   -    -    -    

n.m.

 
Other   0.8    (0.1)   (0.9)   n.m. 
Gain / (Loss) on derivative instruments, net   (0.8)   8.4    9.2    n.m. 
Net Income from Continuing operations  $98.5   $106.1           

 

 

(Expressed in millions of U.S. dollars,  Three-month period ended June 30,     Percentage
except percentages)  2024  2025  Change  Change
             
Voyage revenue  $211.8   $210.9   $(0.9)   (0.4%)
Accrued charter revenue   (1.1)   0.3    1.4    n.m. 
Amortization of time-charter assumed   (0.2)   -    0.2    n.m. 
Voyage revenue adjusted on a cash basis (1)  $210.5   $211.2   $0.7    0.3%

 

 1 

 

 

Vessels’ operational data (2)  Three-month period ended June 30,     Percentage
   2024  2025  Change  Change
             
Average number of vessels   68.0    68.0    -   n.m.
Ownership days   6,188    6,188    -   n.m.
Number of vessels under dry-docking and special survey   4    3    (1)   

 

 

(1) Voyage revenue adjusted on a cash basis is not a recognized measurement under U.S. generally accepted accounting principles (“GAAP”). Refer to “Consolidated Financial Results from Continuing operations and Vessels’ Operational Data” above for the reconciliation of Voyage revenue adjusted on a cash basis.

(2) Vessels that are part of continuing operations.

 

Voyage Revenue

 

Voyage revenue decreased by 0.4%, or $0.9 million, to $210.9 million during the three-month period ended June 30, 2025, from $211.8 million during the three-month period ended June 30, 2024. The decrease period over period is mainly attributable to the lower accounting revenue recorded for two of our vessels that are classified as sale type leases; partly offset by (i) the net increased charter rates in certain of our vessels, (ii) the contractual reimbursements from certain of our charterers for EU Emissions Allowances (“EUAs”) and Fuel EU Maritime penalties and (iii) the decreased idle and off-hire days of our fleet.

 

Voyage revenue adjusted on a cash basis (which eliminates non-cash “Accrued charter revenue”) increased by 0.3%, or $0.7 million, to $211.2 million during the three-month period ended June 30, 2025, from $210.5 million during the three-month period ended June 30, 2024. Accrued charter revenue for the three-month periods ended June 30, 2025 and 2024 was a positive amount of $0.3 million and a negative amount of $1.1 million, respectively.

 

Income from investments in leaseback vessels

 

Income from investments in leaseback vessels was $7.0 million and $6.2 million for the three-month periods ended June 30, 2025 and 2024, respectively. Income from investments in leaseback vessels increased, period over period, due to the increased volume of NML’s operations during the three-month period ended June 30, 2025 compared to the three-month period ended June 30, 2024. NML acquires, owns and bareboat charters out vessels through its wholly-owned subsidiaries.

 

Voyage Expenses

 

Voyage expenses were $13.9 million and $6.6 million for the three-month periods ended June 30, 2025 and 2024, respectively. Voyage expenses increased, period over period, mainly due to the recognition of liabilities for EUAs, Fuel EU Maritime penalties and relevant expenses. However, a significant portion of these liabilities are contractually reimbursed by the charterers, as discussed in “Voyage Revenue”, mitigating the net expenses impact. Voyage expenses mainly include (i) off-hire expenses of our vessels, primarily related to fuel consumption, (ii) third-party commissions and (iii) EUAs and Fuel EU Maritime expenses.

 

Voyage Expenses – related parties

 

Voyage expenses – related parties were $2.9 million and $3.0 million for the three-month periods ended June 30, 2025 and 2024, respectively. Voyage expenses – 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 related service provider and (ii) charter brokerage fees 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 June 30, 2025 and 2024, respectively.

 

Vessels’ Operating Expenses

 

Vessels’ operating expenses, which also include the realized gain/(loss) under derivative contracts entered into in relation to foreign currency exposure, were $40.7 million and $40.6 million during the three-month periods ended June 30, 2025 and 2024, respectively. Daily vessels’ operating expenses were $6,581 and $6,554 for the three-month periods ended June 30, 2025 and 2024, respectively. Daily operating expenses are calculated as vessels’ operating expenses for the period over the ownership days of the period.

 

 2 

 

General and Administrative Expenses

 

General and administrative expenses were $3.0 million and $4.1 million during the three-month periods ended June 30, 2025 and 2024, respectively, and include amounts of $0.67 million and $0.67 million, respectively, that were paid to a related service provider.

 

Management Fees – related parties

 

Management fees charged by our related party managers were $7.1 million and $7.1 million during the three-month periods ended June 30, 2025 and 2024, respectively. The amounts charged by our related party managers include amounts paid to third party managers of $1.4 million and $1.4 million for the three-month periods ended June 30, 2025 and 2024, respectively.

 

General and Administrative Expenses - non-cash component

 

General and administrative expenses - non-cash component for the three-month period ended June 30, 2025 amounted to $1.4 million, representing the value of the shares issued to a related service provider on June 30, 2025. General and administrative expenses - non-cash component for the three-month period ended June 30, 2024 amounted to $2.5 million, representing the value of the shares issued to a related service provider on June 28, 2024.

 

Amortization of Dry-Docking and Special Survey Costs

 

Amortization of deferred dry-docking and special survey costs was $4.8 million and $4.1 million during the three-month periods ended June 30, 2025 and 2024, respectively. During the three-month period ended June 30, 2025, two vessels underwent and completed their dry-docking and special survey and one vessel was in the process of completing her dry-docking and special survey. During the three-month period ended June 30, 2024, three vessels underwent and completed their dry-docking and special survey and one vessel was in the process of completing her dry-docking and special survey.

 

Depreciation

 

Depreciation expense for the three-month periods ended June 30, 2025 and 2024 was $31.9 million and $31.5 million, respectively.

 

Interest Income

 

Interest income amounted to $5.5 million and $8.7 million for the three-month periods ended June 30, 2025 and 2024, respectively.

 

Interest and Finance Costs

 

Interest and finance costs were $22.3 million and $28.3 million during the three-month periods ended June 30, 2025 and 2024, respectively. The decrease is mainly attributable to the decreased interest expense due to a lower average loan balance along with reduced SOFR rates during the three-month period ended June 30, 2025, compared to the three-month period ended June 30, 2024.

 

Gain / (Loss) on Derivative Instruments, net

 

As of June 30, 2025, we hold derivative financial instruments that qualify for hedge accounting and derivative financial instruments that do not qualify for hedge accounting. The change in the fair value of each derivative instrument that qualifies for hedge accounting is recorded in “Other Comprehensive Income” (“OCI”). The change in the fair value of each derivative instrument that does not qualify for hedge accounting is recorded in the consolidated statements of income.

 

As of June 30, 2025, the fair value of these instruments, in aggregate, amounted to a net asset of $13.5 million. During the three-month period ended June 30, 2025, the change in the fair value (fair value as of June 30, 2025 compared to the fair value as of March 31, 2025) of the derivative instruments that qualify for hedge accounting resulted in a net loss of $4.6 million, which has been included in OCI. Furthermore, during the three-month period ended June 30, 2025 the change in the fair value (fair value as of June 30, 2025 compared to the fair value as of March 31, 2025) of the derivative instruments that do not qualify for hedge accounting, including the realized components of such derivative instruments during the quarter, resulted in a net gain of $8.4 million, which has been included in Gain / (Loss) on Derivative Instruments, net.

 

Cash Flows from Continuing Operations

 

Three-month periods ended June 30, 2025 and 2024

 

Following the spin-off of the dry bulk business on May 6, 2025, the results of the dry bulk business are reported as discontinued operations for all periods presented. The discussion below focuses on the cash flows from continuing operations.

 

 

Condensed cash flows from continuing operations  Three-month period ended June 30,
(Expressed in millions of U.S. dollars)  2024  2025
Net Cash Provided by Operating Activities  $143.4   $136.0 
Net Cash Used in Investing Activities  $(26.2)  $(110.3)
Net Cash Used in Financing Activities  $(138.8)  $(373.6)

 

 3 

 

Net Cash Provided by Operating Activities

 

Net cash flows provided by operating activities for the three-month period ended June 30, 2025, decreased by $7.4 million to $136.0 million, from $143.4 million for the three-month period ended June 30, 2024. The decrease is mainly attributable to 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), and the decreased net cash from operations during the three-month period ended June 30, 2025 compared to the three-month period ended June 30, 2024; partly offset by the decrease in interest payments (including interest derivatives net receipts) during the three-month period ended June 30, 2025 compared to the three-month period ended June 30, 2024 and the decreased dry-docking and special survey costs during the three-month period ended June 30, 2025 compared to the three-month period ended June 30, 2024.

 

Net Cash Used in Investing Activities

 

Net cash used in investing activities was $110.3 million in the three-month period ended June 30, 2025, which mainly consisted of payments for upgrades for certain of our container vessels and payments for net investments into which NML entered.

 

Net cash used in investing activities was $26.2 million in the three-month period ended June 30, 2024, which mainly consisted of payments for upgrades for certain of our container vessels and payments for net investments into which NML entered.

 

Net Cash Used in Financing Activities

 

Net cash used in financing activities was $373.6 million in the three-month period ended June 30, 2025, which mainly consisted of (a) $260.0 million of payments relating to our debt financing agreements and finance lease liability agreement, (b) $100.0 million transferred to the spun-off entities, (c) $13.7 million we paid for dividends to holders of our common stock for the first quarter of 2025 and (d) $0.9 million we paid for dividends to holders of our 7.625% Series B Cumulative Redeemable Perpetual Preferred Stock (“Series B Preferred Stock”), $2.1 million we paid for dividends to holders of our 8.500% Series C Cumulative Redeemable Perpetual Preferred Stock (“Series C Preferred Stock”) and $2.2 million we paid for dividends to holders of our 8.75% Series D Cumulative Redeemable Perpetual Preferred Stock (“Series D Preferred Stock”) for the period from January 15, 2025 to April 14, 2025.

 

Net cash used in financing activities was $138.8 million in the three-month period ended June 30, 2024, which mainly consisted of (a) $120.7 million net payments relating to our debt financing agreements and finance lease liability agreement (including proceeds of $18.5 million we received from one debt financing agreement), (b) $9.3 million we paid for dividends to holders of our common stock for the first quarter of 2024 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 8.875% Series E Cumulative Redeemable Perpetual Preferred Stock (“Series E Preferred Stock”) for the period from January 15, 2024 to April 14, 2024.

 

Results of Continuing Operations

 

Six-month period ended June 30, 2025 compared to the six-month period ended June 30, 2024

 

Following the spin-off of the dry bulk business (consisting of Costamare’s dry bulk owned fleet and CBI) on May 6, 2025, the results of the dry bulk business are reported as discontinued operations for all periods presented. The discussion below focuses on the results from continuing operations.

 

During the six-month periods ended June 30, 2025 and 2024, we had an average of 68.0 and 68.0 container vessels, respectively, in our owned fleet.

 

As of June 30, 2025, we have invested in NML the amount of $182.2 million. 

 

In the six-month periods ended June 30, 2025 and 2024, our fleet ownership days totaled 12,308 and 12,376 days, respectively. Ownership days are one of the primary drivers of voyage revenue and vessels’ operating expenses and represent the aggregate number of days in a period during which each vessel in our fleet is owned.

 

 4 

 

Consolidated Financial Results from Continuing operations and Vessels’ Operational Data(1),(2)

 

(Expressed in millions of U.S. dollars,  Six-month period ended June 30,     Percentage
except percentages)  2024  2025  Change  Change
    
             
Voyage revenue  $427.3   $428.1   $0.8    0.2%
Income from investments in leaseback vessels   11.4    12.7    1.3    11.4%
Voyage expenses   (12.2)   (23.4)   11.2    91.8%
Voyage expenses – related parties   (6.1)   (5.8)   (0.3)   (4.9%)
Vessels’ operating expenses   (78.9)   (79.2)   0.3    0.4%
General and administrative expenses   (7.0)   (7.2)   0.2    2.9%
Management fees – related parties   (14.2)   (14.2)   -    n.m. 
General and administrative expenses - non-cash component   (4.2)   (2.8)   (1.4)   (33.3%)
Amortization of dry-docking and special survey costs   (8.3)   (9.5)   1.2    14.5%
Depreciation   (63.0)   (63.5)   0.5    0.8%
Foreign exchange gains / (losses)   (2.7)   2.5    5.2    n.m. 
Interest income   16.6    11.8    (4.8)   (28.9%)
Interest and finance costs   (55.1)   (45.2)   (9.9)   (18.0%)
Income / (loss) from equity method investments   -    -    -    

n.m.

 
Other   1.3    -    (1.3)   n.m. 
Gain / (Loss) on derivative instruments, net   (3.2)   13.7    16.9    n.m. 
Net Income from Continuing operations  $201.7   $218.0           

 

(Expressed in millions of U.S. dollars,   Six-month period ended June 30,     Percentage
except percentages)  2024  2025  Change  Change
             
Voyage revenue  $427.3   $428.1   $0.8    0.2%
Accrued charter revenue   0.3    (1.8)   (2.1)   n.m. 
Amortization of time-charter assumed   (0.1)   -    0.1    n.m. 
Voyage revenue adjusted on a cash basis (1)  $427.5   $426.3   $(1.2)   (0.3%)

 

          
Vessels’ operational data(2)  Six-month period ended June 30,     Percentage
   2024  2025  Change  Change
             
Average number of vessels   68.0    68.0    -    n.m. 
Ownership days   12,376    12,308    (68)   (0.5%)
Number of vessels under dry-docking and special survey   4    5    1      

 

(1) Voyage revenue adjusted on a cash basis is not a recognized measurement under U.S. generally accepted accounting principles (“GAAP”). Refer to “Consolidated Financial Results from Continuing operations and Vessels’ Operational Data” above for the reconciliation of Voyage revenue adjusted on a cash basis.

 

(2) Vessels that are part of continuing operations.

 

Voyage Revenue

 

Voyage revenue increased by 0.2%, or $0.8 million, to $428.1 million during the six-month period ended June 30, 2025, from $427.3 million during the six-month period ended June 30, 2024. The increase period over period is mainly attributable to (i) the net increased charter rates in certain of our vessels, (ii) the contractual reimbursements from certain of our charterers for EUAs and Fuel EU Maritime penalties and (iii) the decreased idle days of our fleet; partly offset by lower accounting revenue recorded for two of our vessels classified as sale type leases and revenue not earned due to the absence of the leap year day in the current period.

 

Voyage revenue adjusted on a cash basis (which eliminates non-cash “Accrued charter revenue”) decreased by 0.3%, or $1.2 million, to $426.3 million during the six-month period ended June 30, 2025, from $427.5 million during the six-month period ended June 30, 2024. Accrued charter revenue for the six-month periods ended June 30, 2025 and 2024 was a negative amount of $1.8 million and a positive amount of $0.3 million, respectively.

 

Income from investments in leaseback vessels

 

Income from investments in leaseback vessels was $12.7 million and $11.4 million for the six-month periods ended June 30, 2025 and 2024, respectively. Income from investments in leaseback vessels increased, period over period, due to the increased volume of NML’s operations during the six-month period ended June 30, 2025 compared to the six-month period ended June 30, 2024. NML acquires, owns and bareboat charters out vessels through its wholly-owned subsidiaries.

 

 5 

 

Voyage Expenses

 

Voyage expenses were $23.4 million and $12.2 million for the six-month periods ended June 30, 2025 and 2024, respectively. Voyage expenses increased, period over period, mainly due to the recognition of liabilities for EUAs, Fuel EU Maritime penalties and relevant expenses. However, a significant portion of these liabilities are contractually reimbursed by the charterers, as discussed in “Voyage Revenue”, mitigating the net expenses impact. Voyage expenses mainly include (i) off-hire expenses of our vessels, primarily related to fuel consumption, (ii) third-party commissions and (iii) EUAs and Fuel EU Maritime expenses.

 

Voyage Expenses – related parties

 

Voyage expenses – related parties were $5.8 million and $6.1 million for the six-month periods ended June 30, 2025 and 2024, respectively. Voyage expenses – 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 related service provider and (ii) charter brokerage fees payable to two related charter brokerage companies for an amount of approximately $0.7 million and $0.7 million, in the aggregate, for the six-month periods ended June 30, 2025 and 2024, respectively.

 

Vessels’ Operating Expenses

 

Vessels’ operating expenses, which also include the realized gain/(loss) under derivative contracts entered into in relation to foreign currency exposure, were $79.2 million and $78.9 million during the six-month periods ended June 30, 2025 and 2024, respectively. Daily vessels’ operating expenses were $6,432 and $6,375 for the six-month periods ended June 30, 2025 and 2024, respectively. Daily operating expenses are calculated as vessels’ operating expenses for the period over the ownership days of the period.

 

General and Administrative Expenses

 

General and administrative expenses were $7.2 million and $7.0 million during the six-month periods ended June 30, 2025 and 2024, respectively, and include amounts of $1.33 million and $1.33 million, respectively, that were paid to a related service provider.

 

Management Fees – related parties

 

Management fees charged by our related party managers were $14.2 million and $14.2 million during the six-month periods ended June 30, 2025 and 2024, respectively. The amounts charged by our related party managers include amounts paid to third party managers of $3.4 million and $2.8 million for the six-month periods ended June 30, 2025 and 2024, respectively.

 

General and Administrative Expenses - non-cash component

 

General and administrative expenses - non-cash component for the six-month period ended June 30, 2025 amounted to $2.8 million, representing the value of the shares issued to a related service provider on March 31, 2025 and on June 30, 2025. General and administrative expenses - non-cash component for the six-month period ended June 30, 2024 amounted to $4.2 million, representing the value of the shares issued to a related service provider on March 29, 2024 and on June 28, 2024.

 

Amortization of Dry-Docking and Special Survey Costs

 

Amortization of deferred dry-docking and special survey costs was $9.5 million and $8.3 million during the six-month periods ended June 30, 2025 and 2024, respectively. During the six-month period ended June 30, 2025, four vessels underwent and completed their dry-docking and special survey and one vessel was in the process of completing her dry-docking and special survey. During the six-month period ended June 30, 2024, three vessels underwent and completed their dry-docking and special survey and one vessel was in the process of completing her dry-docking and special survey.

 

Depreciation

 

Depreciation expense for the six-month periods ended June 30, 2025 and 2024 was $63.5 million and $63.0 million, respectively.

 

Interest Income

 

Interest income amounted to $11.8 million and $16.6 million for the six-month periods ended June 30, 2025 and 2024, respectively.

 

Interest and Finance Costs

 

Interest and finance costs were $45.2 million and $55.1 million during the six-month periods ended June 30, 2025 and 2024, respectively. The decrease is mainly attributable to the decreased interest expense due to a lower average loan balance, along with reduced SOFR rates, during the six-month period ended June 30, 2025, compared to the six-month period ended June 30, 2024.

 

 6 

 

Gain / (Loss) on Derivative Instruments, net

 

As of June 30, 2025, we hold derivative financial instruments that qualify for hedge accounting and derivative financial instruments that do not qualify for hedge accounting. The change in the fair value of each derivative instrument that qualifies for hedge accounting is recorded in OCI. The change in the fair value of each derivative instrument that does not qualify for hedge accounting is recorded in the consolidated statements of income.

 

As of June 30, 2025, the fair value of these instruments, in aggregate, amounted to a net asset of $13.5 million. During the six-month period ended June 30, 2025, the change in the fair value (fair value as of June 30, 2025 compared to the fair value as of December 31, 2024) of the derivative instruments that qualify for hedge accounting resulted in a net loss of $12.1 million, which has been included in OCI. Furthermore, during the six-month period ended June 30, 2025 the change in the fair value (fair value as of June 30, 2025 compared to the fair value as of December 31, 2024) of the derivative instruments that do not qualify for hedge accounting, including the realized components of such derivative instruments during the quarter, resulted in a net gain of $13.7 million, which has been included in Gain / (Loss) on Derivative Instruments, net.

 

Cash Flows from Continuing Operations

 

Six-month periods ended June 30, 2025 and 2024

 

Following the spin-off of the dry bulk business on May 6, 2025, the results of the dry bulk business (consisting of Costamare’s dry bulk owned fleet and CBI) are reported as discontinued operations for all periods presented. The discussion below focuses on the cash flows from continuing operations.

 

Condensed cash flows from continuing operations  Six-month period ended June 30,
(Expressed in millions of U.S. dollars)  2024  2025
Net Cash Provided by Operating Activities  $289.3   $283.2 
Net Cash Used in Investing Activities  $(39.9)  $(107.8)
Net Cash Used in Financing Activities  $(106.8)  $(389.8)

 

 

Net Cash Provided by Operating Activities

 

Net cash flows provided by operating activities for the six-month period ended June 30, 2025, decreased by $6.1 million to $283.2 million, from $289.3 million for the six-month period ended June 30, 2024. The decrease is mainly attributable to 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) and the decreased net cash from operations during the six-month period ended June 30, 2025 compared to the six-month period ended June 30, 2024; partly offset by the decrease in interest payments (including interest derivatives net receipts) during the six-month period ended June 30, 2025 compared to the six-month period ended June 30, 2024 and the decreased dry-docking and special survey costs during the six-month period ended June 30, 2025 compared to the six-month period ended June 30, 2024.

 

Net Cash Used in Investing Activities

 

Net cash used in investing activities was $107.8 million in the six-month period ended June 30, 2025, which mainly consisted of payments for upgrades for certain of our container vessels and payments for net investments into which NML entered.

 

Net cash used in investing activities was $39.9 million in the six-month period ended June 30, 2024, which mainly consisted of payments for upgrades for certain of our container vessels and payments for net investments into which NML entered.

 

 7 

 

Net Cash Used in Financing Activities

 

Net cash used in financing activities was $389.8 million in the six-month period ended June 30, 2025, which mainly consisted of (a) $255.7 million net payments relating to our debt financing agreements and finance lease liability agreement (including proceeds of $55.1 million we received from three debt financing agreements), (b) $100.0 million transferred to the spun-off entities, (c) $27.4 million we paid for dividends to holders of our common stock for the fourth quarter of 2024 and the first quarter of 2025 and (d) $1.9 million we paid for dividends to holders of our Series B Preferred Stock, $4.2 million we paid for dividends to holders of our Series C Preferred Stock and $4.4 million we paid for dividends to holders of our Series D Preferred Stock for the periods from October 15, 2024 to January 14, 2025 and January 15, 2025 to April 14, 2025.

 

Net cash used in financing activities was $106.8 million in the six-month period ended June 30, 2024, which mainly consisted of (a) $70.6 million net payments relating to our debt financing agreements and finance lease liability agreement (including proceeds of $113.6 million we received from eight debt financing agreements), (b) $18.6 million we paid for dividends to holders of our common stock for the fourth quarter of 2023 and the first quarter of 2024 and (c) $1.9 million we paid for dividends to holders of our Series B Preferred Stock, $4.2 million we paid for dividends to holders of our Series C Preferred Stock, $4.4 million we paid for dividends to holders of our Series D Preferred Stock and $5.1 million we paid for dividends to holders of our Series E Preferred Stock for the periods from October 15, 2023 to January 14, 2024 and January 15, 2024 to April 14, 2024.

 

Liquidity and Unencumbered Vessels

 

Cash and cash equivalents

 

As of June 30, 2025, we had Cash and cash equivalents (including restricted cash) of $505.6 million and $18.9 million invested in short-dated US Treasury Bills (short-term investments).

 

Debt-free vessels

 

As of July 30, 2025, the following vessels were free of debt.

 

Unencumbered Vessels

(Refer to Fleet list for full details)

 

Vessel Name  Year
Built
  TEU
Capacity
KURE  1996  7,403
MAERSK KOWLOON  2005  7,471
ETOILE  2005  2,556
MICHIGAN  2008  1,300
ARKADIA  2001  1,550

 

Conference Call details:

 

On Thursday, July 31, 2025 at 8:30 a.m. ET, Costamare’s 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 “Costamare”. A replay of the conference call will be available until August 7, 2025. 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: 9398439.

 

Live webcast:

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.

 

About Costamare Inc.

Costamare Inc. is one of the world’s leading owners and providers of containerships for charter. The Company has 51 years of history in the international shipping industry and a fleet of 68 containerships in the water, with a total capacity of approximately 513,000 TEU. The Company also has four newbuild containerships under construction with a total capacity of 12,400 TEU. The Company participates in a lease financing business. The Company’s common stock, Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock trade on the New York Stock Exchange under the symbols “CMRE”, “CMRE PR B”, “CMRE PR C” and “CMRE PR D”, respectively.

 

 

 8 

 

Forward-Looking Statements

 

This earnings release contains “forward-looking statements”. In some cases, you can identify these statements by forward-looking words such as “believe”, “intend”, “anticipate”, “estimate”, “project”, “forecast”, “plan”, “potential”, “may”, “should”, “could”, “expect” and similar expressions. These statements are not historical facts but instead represent only Costamare’s belief regarding future results, many of which, by their nature, are inherently uncertain and outside of Costamare’s 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’s Annual Report on Form 20-F (File No. 001-34934) under the caption “Risk Factors”.

 

Company Contacts:

Gregory Zikos – Chief Financial Officer
Konstantinos Tsakalidis – Business Development

Costamare Inc., Monaco
Tel: (+377) 93 25 09 40

Email: ir@costamare.com

 

Containership Fleet List

The table below provides additional information, as of July 30, 2025, about our fleet of containerships, including the vessels under construction, and those vessels subject to sale and leaseback agreements. Each vessel is a cellular containership, meaning it is a dedicated container vessel.

 

 

 

Vessel Name Charterer Year Built Capacity (TEU) Current Daily Charter Rate(1) (U.S. dollars) Expiration of Charter(2)
1 TRITON Evergreen 2016 14,424 (*) March 2026
2 TITAN(i) Evergreen 2016 14,424 (*) April 2026
3 TALOS(i) Evergreen 2016 14,424 (*) July 2026
4 TAURUS(i) Evergreen 2016 14,424 (*) August 2026
5 THESEUS(i) Evergreen 2016 14,424 (*) August 2026
6 YM TRIUMPH(i) Yang Ming 2020 12,690 (*) May 2030
7 YM TRUTH(i) Yang Ming 2020 12,690 (*) May 2030
8 YM TOTALITY(i) Yang Ming 2020 12,690 (*) July 2030
9 YM TARGET(i) Yang Ming 2021 12,690 (*) November 2030
10 YM TIPTOP(i) Yang Ming 2021 12,690 (*) March 2031
11 CAPE AKRITAS MSC 2016 11,010 33,000  August 2031
12 CAPE TAINARO MSC 2017 11,010 33,000 April 2031
13 CAPE KORTIA MSC 2017 11,010 33,000 August 2031
14 CAPE SOUNIO MSC 2017 11,010 33,000 April 2031
15 CAPE ARTEMISIO Hapag Lloyd/(*) 2017 11,010 36,650/(*) August 2030(3)
16 SHANGHAI (ex. ZIM SHANGHAI) ZIM/(*) 2006 9,469  72,700/(*) August 2028(4)
17 YANTIAN I ZIM/(*) 2006 9,469  72,700/(*) July 2028(5)
18 YANTIAN COSCO/(*) 2006 9,469 (*)/(*) May 2028(6)
19 COSCO HELLAS COSCO/(*) 2006 9,469 (*)/(*) August 2028(7)
20 BEIJING COSCO/(*) 2006 9,469 (*)/(*) July 2028(8)
21 MSC AZOV MSC/(*) 2014 9,403 35,300/(*) December 2029(9)
22 MSC AMALFI MSC 2014 9,403 35,300 March 2027
23 MSC AJACCIO MSC 2014 9,403 35,300 February 2027
24 MSC ATHENS MSC/(*) 2013 8,827 35,300/(*) January 2029(10)
25 MSC ATHOS MSC/(*) 2013 8,827 35,300/(*) February 2029(11)
26 VALOR (*) 2013 8,827 (*) May 2030

 

 9 

 

 

 

 

Vessel Name Charterer Year Built Capacity (TEU) Current Daily Charter Rate(1) (U.S. dollars) Expiration of Charter(2)
27 VALUE (*) 2013 8,827  (*) June 2030
28 VALIANT Hapag Lloyd/(*) 2013 8,827  32,400/(*) August 2030(12)
29 VALENCE Hapag Lloyd/(*) 2013 8,827 32,400/(*) August 2030(13)
30 VANTAGE Hapag Lloyd/(*) 2013 8,827 32,400/(*) September 2030(14)
31 NAVARINO  MSC 2010 8,531 (*) March 2029
32 KLEVEN MSC/(*) 1996 8,044 41,500/(*) April 2028(15)
33 KOTKA MSC/(*) 1996 8,044 41,500/(*) September 2028(16)
34 MAERSK KOWLOON Maersk/MSC 2005 7,471 18,500/(*) October 2028(17)
35 KURE MSC/(*) 1996 7,403 41,500/(*) August 2028(18)
36 METHONI Maersk 2003 6,724 47,453 August 2026
37 PORTO CHELI Maersk 2001 6,712 30,075 June 2026
38  TAMPA I ZIM/(*) 2000 6,648 45,000/(*) September 2025 / July 2028(19)
39 ZIM VIETNAM ZIM 2003 6,644 38,500 December 2028(20)
40 ZIM AMERICA ZIM 2003 6,644 38,500 December 2028 (21)
41 ARIES (*)/(*) 2004 6,492 58,500/(*) March 2029 (22)
42 ARGUS (*)/(*) 2004 6,492 58,500/(*) May 2029 (23)
43 PORTO KAGIO Maersk 2002 5,908 28,822 July 2026
44 GLEN CANYON ZIM/(*) 2006 5,642 62,500/(*) September 2025/ July 2028(24)
45 PORTO GERMENO Maersk 2002 5,570 28,822 August 2026
46 LEONIDIO Maersk 2014 4,957 18,018 October 2026
47 KYPARISSIA Maersk 2014 4,957 18,118 October 2026
48 MEGALOPOLIS Maersk 2013 4,957 14,500 July 2027
49 MARATHOPOLIS Maersk 2013 4,957 14,500 July 2027
50 GIALOVA (*) 2009 4,578 (*) March 2026
51 DYROS Maersk 2008 4,578 35,500 April 2027
52 NORFOLK  (*) 2009 4,259 (*) March 2028
53 VULPECULA ZIM 2010 4,258 10,000/8,000 May 2026 / May 2028(25)
54 VOLANS  (*) 2010 4,258  (*) July 2027
55 VIRGO Maersk 2009 4,258 35,500 April 2027
56 VELA ZIM 2009 4,258 10,000/8,000 April 2026 / April 2028(26)
57 ANDROUSA (*) 2010 4,256 (*) March 2026
58 NEOKASTRO CMA CGM 2011 4,178 39,000 February 2027
59 ULSAN Maersk 2002 4,132 34,730 January 2026
60 POLAR BRASIL    Maersk 2018 3,800 21,000 March 2026(27)
61 LAKONIA COSCO 2004 2,586 23,500 February 2027
62 SCORPIUS Hapag Lloyd 2007 2,572 16,500 February 2026
63 ETOILE (*)/(*) 2005 2,556  (*)/(*) July 2028(28)
64 AREOPOLIS COSCO 2000 2,474 23,500 March 2027
65 ARKADIA (*) 2001 1,550 (*) October 2026
66 MICHIGAN (*)/(*) 2008 1,300 (*)/(*) October 2027(29)
67 TRADER (*)/(*) 2008 1,300  (*)/(*) October 2028(30)
68 LUEBECK (*)/(*) 2001 1,078  (*)/(*) April 2028 (31)

 

Containerships under construction

 

 

 

Vessel Vessel Capacity (TEU) Estimated Delivery(32) Employment
1 Newbuilding 1 3,100 Q2 2027 Long Term Employment upon delivery from shipyard
2 Newbuilding 2 3,100 Q3 2027 Long Term Employment upon delivery from shipyard
3 Newbuilding 3 3,100 Q4 2027 Long Term Employment upon delivery from shipyard
4 Newbuilding 4 3,100 Q4 2027 Long Term Employment upon delivery from shipyard

 

 10 

 

 

(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)Cape Artemisio is currently chartered to Hapag Lloyd at a daily rate of $36,650 until August 2025 (earliest redelivery) - September 2025 (latest redelivery). Upon redelivery of the vessel from Hapag Lloyd, 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)Shanghai (ex. Zim Shanghai) is currently chartered to ZIM at a daily rate of $72,700 and it is expected to be redelivered on about October 2, 2025. Upon redelivery of the vessel from ZIM, the vessel will commence a new charter with a leading liner company for a period of 34 to 36 months at an undisclosed rate.
(5)Yantian I is currently chartered to ZIM at a daily rate of $72,700 until September 3, 2025, at the earliest. Upon redelivery of the vessel from ZIM, the vessel will commence a new charter with a leading liner company for a period of 34 to 36 months at an undisclosed rate.
(6)Yantian is currently chartered to COSCO at an undisclosed rate until May 1, 2026, at the earliest. Following the aforementioned date, the vessel will be employed with a leading liner company for a period of 24 to 26 months at an undisclosed rate.
(7)Cosco Hellas is currently chartered to COSCO at an undisclosed rate until August 1, 2026, at the earliest. Following the aforementioned date, the vessel will be employed with a leading liner company for a period of 24 to 26 months at an undisclosed rate.
(8)Beijing is currently chartered to COSCO at an undisclosed rate until July 1, 2026, at the earliest. Following the aforementioned date, the vessel will be employed with a leading liner company for a period of 24 to 26 months at an undisclosed rate.
(9)MSC Azov is currently chartered to MSC at a daily rate of $35,300 until December 2026 (earliest redelivery) - January 2027 (latest redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a new charter with a leading liner company until December 2029 (earliest redelivery) - February 2030 (latest redelivery) at an undisclosed rate.
(10)MSC Athens is currently chartered to MSC at a daily rate of $35,300 until January 2026 (earliest redelivery) - March 2026 (latest redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a new charter with a leading liner company until January 2029 (earliest redelivery) - March 2029 (latest redelivery) at an undisclosed rate.
(11)MSC Athos is currently chartered to MSC at a daily rate of $35,300 until February 2026 (earliest redelivery) - April 2026 (latest redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a new charter with a leading liner company until February 2029 (earliest redelivery) - April 2029 (latest redelivery) at an undisclosed rate.
(12)Valiant is currently chartered to Hapag Lloyd at a daily rate of $32,400 until August 3, 2025, at the earliest. Upon redelivery of the vessel from Hapag Lloyd, the vessel will commence a new charter with a leading liner company for a period of 60 to 64 months at an undisclosed rate.
(13)Valence is currently chartered to Hapag Lloyd at a daily rate of $32,400 until August 30, 2025, at the earliest. Upon redelivery of the vessel from Hapag Lloyd, the vessel will commence a new charter with a leading liner company for a period of 60 to 64 months at an undisclosed rate.
(14)Vantage is currently chartered to Hapag Lloyd at a daily rate of $32,400 until September 8, 2025, at the earliest. Upon redelivery of the vessel from Hapag Lloyd, the vessel will commence a new charter with a leading liner company for a period of 60 to 64 months at an undisclosed rate.
(15)Kleven is currently chartered to MSC at a daily rate of $41,500 until November 2026 (earliest redelivery) - January 2027 (latest redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a new charter with a leading liner company until April 2028 (earliest redelivery) - June 2028 (latest redelivery) at an undisclosed rate.
(16)Kotka is currently chartered to MSC at a daily rate of $41,500 until December 2026 (earliest redelivery) - February 2027 (latest redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a new charter with a leading liner company until September 2028 (earliest redelivery) - November 2028 (latest redelivery) at an undisclosed rate.
(17)Maersk Kowloon is currently chartered to Maersk at a daily rate of $18,500 until October 2025 (earliest redelivery) - January 2026 (latest redelivery). Upon redelivery of the vessel from Maersk, the vessel will commence a new charter with MSC for a period of 36 to 38 months at an undisclosed rate.
(18)Kure is currently chartered to MSC at a daily rate of $41,500 until July 2026 (earliest redelivery) - September 2026 (latest redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a new charter with a leading liner company until August 2028 (earliest redelivery) - October 2028 (latest redelivery) at an undisclosed rate.
(19)Tampa I is currently chartered to ZIM at a daily rate of $45,000 until September 2025, at the earliest. Upon redelivery of the vessel from ZIM, the vessel will commence a new charter with a leading liner company for a period of 34 to 36 months at an undisclosed rate.
(20)ZIM Vietnam is currently chartered at a daily rate of $53,000 until October 17, 2025. From such date and until the expiration of the charter the new daily rate will be $38,500.

 

 11 

 

 

(21)ZIM America is currently chartered at a daily rate of $53,000 until October 3, 2025. From such date and until the expiration of the charter the new daily rate will be $38,500.
(22)Aries is currently chartered at a daily rate of $58,500 until March 2026 (earliest redelivery) - July 2026 (latest redelivery). 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 40 months at an undisclosed rate.
(23)Argus is currently chartered at a daily rate of $58,500 until April 2026 (earliest redelivery) - August 2026 (latest redelivery). 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 37 to 40 months at an undisclosed rate.
(24)Glen Canyon is currently chartered to ZIM at a daily rate of $62,500 until September 2025, at the earliest. Upon redelivery of the vessel from ZIM, the vessel will commence a new charter with a leading liner company for a period of 34 to 36 months at an undisclosed rate.
(25)Vulpecula is currently chartered to ZIM at a daily rate of $10,000 until May 8, 2026. From such date and for the remaining duration of the charter the new daily rate will be $8,000.
(26)Vela is currently chartered to ZIM at a daily rate of $10,000 until April 6, 2026. From such date and for the remaining duration of the charter the new daily rate will be $8,000.
(27)Charterer has the option to extend the current time charter for two additional one-year periods at the same daily rate of $21,000.
(28)Etoile is currently chartered until August 2026 (earliest redelivery) - September 2026 (latest redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a new charter with a leading liner company until July 2028 (earliest redelivery) - August 2028 (latest redelivery) at an undisclosed rate.
(29)Michigan is currently chartered until October 2025 (earliest redelivery) - December 2025 (latest redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a new charter with a leading liner company until October 2027 (earliest redelivery) - December 2027 (latest redelivery) at an undisclosed rate.
(30)Trader is currently chartered until October 2026 (earliest redelivery) - December 2026 (latest redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a new charter with a leading liner company until October 2028 (earliest redelivery) - December 2028 (latest redelivery) at an undisclosed rate.
(31)Luebeck is currently chartered until April 2026 (earliest redelivery) - June 2026 (latest redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a new charter with a leading liner company until April 2028 (earliest redelivery) - June 2028 (latest redelivery) at an undisclosed rate.
(32)Based on the shipbuilding contract, subject to change.

 

 

(i)Denotes vessels subject to a sale and leaseback transaction.

 

 

(*) Denotes charterer’s identity and/or daily charter rates and/or charter expiration dates, which are treated as confidential.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 12 

 

 

COSTAMARE INC.

Consolidated Statements of Income

 

   Six-months ended June 30,  Three-months ended June 30,
(Expressed in thousands of U.S. dollars, except share and per share amounts)  2024  2025  2024  2025
   (Unaudited)  (Unaudited)
REVENUES:            
Voyage revenue  $427,323   $428,078   $211,767   $210,898 
Income from investments in leaseback vessels   11,419    12,682    6,161    6,997 
Total revenues  $438,742   $440,760   $217,928   $217,895 
                     
EXPENSES:                    
Voyage expenses   (12,172)   (23,383)   (6,642)   (13,870)
Voyage expenses – related parties   (6,073)   (5,819)   (3,011)   (2,891)
Vessels’ operating expenses   (78,896)   (79,171)   (40,555)   (40,721)
General and administrative expenses   (7,017)   (7,240)   (4,080)   (3,036)
Management fees – related parties   (14,241)   (14,178)   (7,123)   (7,135)
General and administrative expenses – non-cash component   (4,156)   (2,835)   (2,458)   (1,363)
Amortization of dry-docking and special survey costs   (8,280)   (9,530)   (4,098)   (4,845)
Depreciation   (63,064)   (63,492)   (31,532)   (31,888)
Foreign exchange gains / (losses)   (2,700)   2,571    (392)   2,461 
Operating income  $242,143   $237,683   $118,037   $114,607 
                     
OTHER INCOME / (EXPENSES):                    
Interest income  $16,546   $11,779   $8,666   $5,478 
Interest and finance costs   (55,097)   (45,210)   (28,246)   (22,256)
Income / (Loss) from equity method investments   42    -    2    - 
Other   1,249    27    796    (86)
Gain / (loss) on derivative instruments, net   (3,212)   13,767    (764)   8,379 
Total other expenses, net  $(40,472)  $(19,637)  $(19,546)  $(8,485)
Net Income from continuing operations  $201,671   $218,046   $98,491   $106,122 
Net Income / (Loss) from discontinued operations   3,876    (27,547)   4,384    (16,466)
Net Income  $205,547   $190,499   $102,875   $89,656 
                     
Earnings allocated to Preferred Stock   (13,278)   (10,402)   (5,597)   (5,288)
Deemed dividend to Series E Preferred Stock   (5,446)   -    (5,446)   - 
Net Gain / (Loss) attributable to the non-controlling interest   (1,351)   (1,677)   (540)   (962)
Net Income available to common stockholders  $185,472   $178,420   $91,292   $83,406 
Earnings per common share, basic and diluted - Total  $1.56   $1.49   $0.77   $0.69 
Earnings per common share, basic and diluted – Continuing operations  $1.53   $1.71   $0.73   $0.83 
Earnings / (losses) per common share, basic and diluted – Discontinued operations  $0.03   $(0.23)  $0.04   $(0.14)
                     
Weighted average number of shares, basic and diluted   118,902,719    120,039,623    119,176,547    120,118,047 

 

 13 

 

COSTAMARE INC.

Consolidated Balance Sheets

 

(Expressed in thousands of U.S. dollars) 

As of December 31,

2024

 

As of June 30,

2025

ASSETS  (Unaudited)  (Unaudited)
CURRENT ASSETS:          
Cash and cash equivalents  $656,880   $442,703 
Restricted cash   17,203    20,523 
Short-term investments   18,499    18,891 
Investment in leaseback vessels, current   30,561    49,076 
Net investment in sales type lease (Vessels), current   12,748    - 
Accounts receivable   5,863    5,177 
Inventories   13,156    14,132 
Due from related parties   -    6,885 
Fair value of derivatives   10,410    9,742 
Insurance claims receivable   8,039    7,553 
Time-charter assumed   195    164 
Accrued charter revenue   11,929    9,262 
Prepayments and other   16,823    34,817 
Total current assets of continuing operations   802,306    618,925 
Current assets of discontinued operations   237,910    - 
Total current assets  $1,040,216   $618,925 
FIXED ASSETS, NET:          
Vessels, net   2,715,168    2,696,520 
Fixed assets of discontinued operations   671,844    - 
Total fixed assets, net  $3,387,012   $2,696,520 
NON-CURRENT ASSETS:          
Investment in leaseback vessels, non-current  $222,088   $305,230 
Deferred charges, net   52,688    48,857 
Finance leases, right-of-use assets (Vessels)   37,818    - 
Net investment in sales type lease (Vessels), non-current   6,734    8,098 
Accounts receivable, non-current   1,950    1,950 
Due from related parties, non-current   1,125    1,125 
Restricted cash   45,922    42,356 
Fair value of derivatives, non-current   21,235    11,551 
Accrued charter revenue, non-current   2,688    4,482 
Time-charter assumed, non-current   74    7 
Total non-current assets of continuing operations   392,322    423,656 
Non-current assets of discontinued operations   329,137    - 
Total assets  $5,148,687   $3,739,101 
LIABILITIES AND STOCKHOLDERS’ EQUITY          
CURRENT LIABILITIES:          
Current portion of long-term debt  $287,360   $282,229 
Finance lease liability   23,877    - 
Accounts payable   7,948    10,609 
Due to related parties   1,514    5,354 
Accrued liabilities   20,672    17,408 
Unearned revenue   24,902    25,554 
Fair value of derivatives   19,756    7,679 
Other current liabilities   24,564    20,346 
Total current liabilities of continuing operations   410,593    369,179 
Current liabilities of discontinued operations   334,967    - 
Total current liabilities  $745,560   $369,179 
NON-CURRENT LIABILITIES          
Long-term debt, net of current portion  $1,410,480   $1,306,520 
Fair value of derivatives, net of current portion   -    157 
Unearned revenue, net of current portion   14,620    12,018 
Other non-current liabilities   11,099    32,107 
Total non-current liabilities of continuing operations   1,436,199    1,350,802 
Non-current liabilities of discontinued operations   398,322    - 
Total non-current liabilities  $1,834,521   $1,350,802 
COMMITMENTS AND CONTINGENCIES   -    - 
Temporary equity – Redeemable non-controlling interest in subsidiary  $(2,453)  $- 
STOCKHOLDERS’ EQUITY:          
Preferred stock  $-   $- 
Common stock   13    13 
Treasury stock   (120,095)   (120,095)
Additional paid-in capital   1,336,646    1,329,535 
Retained earnings   1,279,605    731,120 
Accumulated other comprehensive income   17,345    7,475 
Total Costamare Inc. stockholders’ equity  $2,513,514   $1,948,048 
Non-controlling interest   57,545    71,072 
Total stockholders’ equity   2,571,059    2,019,120 
Total liabilities and stockholders’ equity  $5,148,687   $3,739,101 

 

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Financial Summary – Continuing Operations

 

   Six-month period ended June 30,  Three-month period ended June 30,
(Expressed in thousands of U.S. dollars, except share and per share data)  2024  2025  2024  2025
          
Voyage revenue  $427,323   $428,078   $211,767   $210,898 
Accrued charter revenue (1)  $317   $(1,763)  $(1,139)  $339 
Amortization of time-charter assumed  $(131)  $33   $(169)  $49 
Voyage revenue adjusted on a cash basis (2)  $427,509   $426,348   $210,459   $211,286 
Income from investments in leaseback vessels  $11,419   $12,682   $6,161   $6,997 
                     
Adjusted Net Income available to common stockholders from Continuing operations (3)  $191,683   $192,814   $90,064   $92,510 
Weighted Average number of shares    118,902,719    120,039,623    119,176,547    120,118,047 
Adjusted Earnings per share from Continuing operations (3)  $1.61   $1.61   $0.76   $0.77 
                     
Net Income from Continuing operations  $201,671   $218,046   $98,491   $106,122 
Net Income from Continuing operations available to common stockholders  $181,672   $205,754   $87,127   $99,634 
Weighted Average number of shares   118,902,719    120,039,623    119,176,547    120,118,047 
Earnings per share from Continuing operations  $1.53   $1.71   $0.73   $0.83 

 

(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 “Accrued charter revenue” recorded under charters with escalating or descending 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 “Fleet List” table above.

(3) Adjusted Net Income from Continuing operations available to common stockholders and Adjusted Earnings per Share from Continuing operations are non-GAAP measures. Refer to the reconciliation of Net Income from Continuing operations to Adjusted Net Income from Continuing operations and Adjusted Earnings per Share from Continuing operations.

 

Non-GAAP Measures

 

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’s performance. The tables below set out supplemental financial data and corresponding reconciliations to GAAP financial measures for the three-month and the six-month periods ended June 30, 2025 and 2024. 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 from Continuing operations available to common stockholders and (iii) Adjusted Earnings per Share from Continuing operations.

 

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Reconciliation of Net Income from Continuing Operations to Adjusted Net Income from Continuing Operations available to common stockholders and Adjusted Earnings per Share from Continuing Operations

 

   Six-month period ended June 30,  Three-month period ended June 30,
(Expressed in thousands of U.S. dollars, except share and per share data)  2024  2025  2024  2025
       
Net Income from Continuing operations  $201,671   $218,046   $98,491   $106,122 
Earnings allocated to Preferred Stock   (13,028)   (10,402)   (5,358)   (5,288)
Deemed dividend of Series E Preferred Stock   (5,343)   -    (5,214)   - 
Non-Controlling Interest   (1,628)   (1,890)   (792)   (1,200)
Net Income from Continuing operations available to common stockholders   181,672    205,754    87,127    99,634 
Accrued charter revenue   317    (1,763)   (1,139)   339 
General and administrative expenses - non-cash component   4,156    2,835    2,458    1,363 
Amortization of time-charter assumed   (131)   33    (169)   49 
Realized gain on Euro/USD forward contracts   (488)   (278)   (49)   (496)
(Gain) / Loss on derivative instruments, excluding realized (gain) / loss on derivative instruments (1)   3,212    (13,767)   764    (8,379)
Other non-cash items   2,945    -    1,072    - 
Adjusted Net Income from Continuing operations available to common stockholders  $191,683   $192,814   $90,064   $92,510 
Adjusted Earnings per Share from Continuing operations  $1.61   $1.61   $0.76   $0.77 
Weighted average number of shares   118,902,719    120,039,623    119,176,547    120,118,047 

 

Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations represent Net Income from continuing operations after earnings from continuing operations allocated to preferred stock, deemed dividend allocated to continuing operations of Series E Preferred Stock and Non-Controlling Interest, but before non-cash “Accrued charter revenue” recorded under charters with escalating or descending charter rates, amortization of time-charter assumed, realized gain on Euro/USD forward contracts, general and administrative expenses - non-cash component, (gain)/loss on derivative instruments, excluding realized (gain)/loss on derivative instruments and other non-cash items. “Accrued charter revenue” is attributed to the timing difference between the revenue recognition and the cash collection. However, Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations are not recognized measurements under U.S. GAAP. We believe that the presentation of Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations 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 from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations are useful in evaluating our ability to service additional debt and make capital expenditures. In addition, we believe that Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations 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 from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations generally eliminates the accounting effects of 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 from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations, 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 from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

 

(1)Items to consider for comparability include gains and charges. Gains positively impacting Net Income from continuing operations available to common stockholders are reflected as deductions to Adjusted Net Income from continuing operations available to common stockholders. Charges negatively impacting Net Income from continuing operations available to common stockholders are reflected as increases to Adjusted Net Income from continuing operations available to common stockholders.

 

 

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