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Costamare Inc. Reports Results for the Second Quarter and Six-Month Period Ended June 30, 2025

1. CMRE reported Q2 2025 net income of $99.6 million. 2. Successful spin-off of dry bulk business completed on May 6, 2025. 3. Fleet fully employed; 100% of vessels contracted for 2025. 4. Newbuild containerships expected to boost revenues significantly from 2027. 5. Healthy liquidity position at $524.5 million post-spin-off.

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FAQ

Why Bullish?

The solid revenue figures and successful spin-off indicate improving profitability. Historical trends show that companies with successful spin-offs often see increased stock valuations, as they can streamline operations and focus on core competencies.

How important is it?

The spin-off and new contracts are significant developments that enhance CMRE's operational outlook and financial stability. Highly relevant to investors looking for long-term growth opportunities.

Why Long Term?

The new contracts and growth in revenues solidly position CMRE for future profits, particularly with new deliveries expected in 2027. Longer-term operational improvements could significantly enhance cash flows.

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MONACO, July 31, 2025 (GLOBE NEWSWIRE) -- Costamare Inc. (“Costamare” or the “Company”) (NYSE: CMRE) today reported unaudited financial results for the second quarter and six-month period ended June 30, 2025. Discontinued operations as a result of Costamare Bulkers Holdings Limited Spin-Off The financial results for the three- and six-month periods ended June 30, 2025, reflect the spin-off of Costamare’s dry bulk business (consisting of Costamare’s dry bulk owned fleet and its dry bulk operating platform, Costamare Bulkers Inc. (“CBI”)) into a standalone public company, which was completed on May 6, 2025. Accordingly, the results of the dry bulk business are presented as discontinued operations for all periods shown. For the three- and six-month periods ended June 30, 2025, the results of discontinued operations include the dry bulk business up to May 6, 2025, the effective date of the spin-off. In comparison, the corresponding periods of 2024 include the results of discontinued operations of the dry bulk business for the entire three- and six-month periods, respectively. These differences in reporting periods should be taken into account when evaluating the results of discontinued operations between periods. PROFITABILITY AND LIQUIDITY Q2 2025 Net Income from Continuing operations available to common stockholders of $99.6 million ($0.83 per share).Q2 2025 Adjusted Net Income from Continuing operations available to common stockholders1 of $92.5 million ($0.77 per share).Q2 2025 liquidity of $524.5 million2. CONCLUSION OF SHIPBUILDING CONTRACTS AND CHARTERING FOR FOUR 3,100 TEU CONTAINERSHIPS Conclusion of four newbuilding contracts with a Chinese shipyard.Delivery of the vessels is expected between Q2 2027 and Q4 2027.Upon delivery, each vessel will commence an 8-year charter with a leading liner company.Investment is expected to be financed with cash on hand and debt. OWNED FLEET CHARTER UPDATE3 - FULLY EMPLOYED CONTAINERSHIP FLEET FOR 2025 100% and 75% of the containership fleet4 fixed for 2025 and 2026, respectively.Increase in contracted revenues in excess of $310 million, stemming from: Forward fixing of two containerships for a period ranging from 36 to 37 months, and,The 8-year charters for the four newbuild containerships. Contracted revenues for the containership fleet of approximately $2.5 billion with a TEU-weighted duration of 3.2 years5. NEW DEBT FINANCING Bilateral commitments, subject to final documentation, from two European financial institutions for the refinancing of four of our 14,424 TEU vessels and two of our 12,690 TEU vessels. More specifically: Total amount of these bilateral facilities of up to approximately $365.0 million.Tenor of 5 years. Costamare has no significant debt maturities until 2027. LEASE FINANCING PLATFORM Controlling interest in Neptune Maritime Leasing Limited (“NML”).Company’s current investment in NML of $182.2 million, representing 91.1% of our total committed investment.Growing leasing platform with 47 shipping assets6 already funded or on a commitment status basis, representing total investments and commitments of more than $650.0 million, supported by what we believe is a healthy pipeline. DIVIDEND ANNOUNCEMENTS On July 1, 2025, the Company declared a dividend of $0.115 per share on the common stock, which will be paid on August 6, 2025, to holders of record of common stock as of July 21, 2025.On July 1, 2025, 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 and $0.546875 per share on the Series D Preferred Stock, which were all paid on July 15, 2025 to holders of record as of July 14, 2025. _____________________ 1 Adjusted Net Income from Continuing operations 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’s financial results presented in accordance with U.S. generally accepted accounting principles (“GAAP”). 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 Including short term investments in U.S. Treasury Bills amounting to $18.9 million.3 Please refer to the Containership Fleet List table for additional information on vessel employment details for our containership fleet.4 Calculated on a TEU basis.5 As of July 30, 2025. Includes the contracted revenue of the four vessels under construction.6 Includes assets funded as of June 30, 2025 and contractual commitments as of July 30, 2025, but excludes one shipping asset repaid after the end of Q2 2025. Mr. Gregory Zikos, Chief Financial Officer of Costamare Inc., commented: “During the second quarter of the year, the Company generated Net Income from Continuing operations of about $99 million. In May, we successfully completed the spin-off of Costamare Bulkers Holdings Limited, which encompassed Costamare’s owned dry bulk fleet as well as the CBI operating platform at that time. Costamare Inc. remains the sole shareholder of the 68 containerships as well as the controlling shareholder of Neptune Maritime Leasing. In July, we ordered four newbuild containerships from a Chinese shipyard, each one of approximately 3,100 TEU capacity. The vessels are expected to be delivered between the second and fourth quarters of 2027. Upon delivery they will commence an 8-year time charter with a first class liner company. At the same time, we chartered two 6,500 TEU containership vessels for a three-year period and on a forward basis commencing from Q1 and Q2 2026. The above transactions resulted in an increase in contracted revenues of above $310 million. Our fleet employment stands at 100% and 75% for 2025 and 2026, respectively. Total contracted revenues amount to $2.5 billion with a remaining time charter duration of 3.2 years. Regarding the market, with less than 1% of the fleet commercially idle, the containership fleet can be considered fully employed. Current low fixing activity is the result of low availability of prompt tonnage rather than lack of demand. Charter rates remain healthy across the board and the short supply keeps rates at robust levels. Finally, with regards to Neptune Maritime Leasing, the growing leasing platform, 47 shipping assets have been funded or are on a commitment status basis and total investments and commitments are exceeding $650 million.” 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 below. (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. Exhibit I 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. 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 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,except percentages) Three-month period ended June 30,  Change PercentageChange 2024   2025    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,except percentages) Three-month period endedJune 30,    PercentageChange   2024   2025   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%        Vessels’ operational data(2) Three-month period ended June 30,    PercentageChange 2024   2025   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. 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 operationsThree-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) 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. Consolidated Financial Results from Continuing operations and Vessels’ Operational Data(1),(2) (Expressed in millions of U.S. dollars,except percentages) Six-month period ended June 30,  Change PercentageChange 2024   2025    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,except percentages) Six-month period endedJune 30,    PercentChange  2024  2025  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 endedJune 30,    PercentageChange 2024  2025   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. 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. 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 operationsSix-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. 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 YearBuilt TEUCapacityKURE 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. 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 DevelopmentCostamare Inc., MonacoTel: (+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 NameChartererYearBuiltCapacity(TEU)Current DailyCharter Rate(1)(U.S. dollars)Expiration ofCharter(2)1TRITONEvergreen201614,424(*)March 20262TITAN(i)Evergreen201614,424(*)April 20263TALOS(i)Evergreen201614,424(*)July 20264TAURUS(i)Evergreen201614,424(*)August 20265THESEUS(i)Evergreen201614,424(*)August 20266YM TRIUMPH(i)Yang Ming202012,690(*)May 20307YM TRUTH(i)Yang Ming202012,690(*)May 20308YM TOTALITY(i)Yang Ming202012,690(*)July 20309YM TARGET(i)Yang Ming202112,690(*)November 203010YM TIPTOP(i)Yang Ming202112,690(*)March 203111CAPE AKRITASMSC201611,01033,000August 203112CAPE TAINAROMSC201711,01033,000April 203113CAPE KORTIAMSC201711,01033,000August 203114CAPE SOUNIOMSC201711,01033,000April 203115CAPE ARTEMISIOHapag Lloyd/(*)201711,01036,650/(*)August 2030(3)16SHANGHAI (ex. ZIM SHANGHAI)ZIM/(*)20069,46972,700/(*)August 2028(4)17YANTIAN IZIM/(*)20069,46972,700/(*)July 2028(5)18YANTIANCOSCO/(*)20069,469(*)/(*)May 2028(6)19COSCO HELLASCOSCO/(*)20069,469(*)/(*)August 2028(7)20BEIJINGCOSCO/(*)20069,469(*)/(*)July 2028(8)21MSC AZOVMSC/(*)20149,40335,300/(*)December 2029(9)22MSC AMALFIMSC20149,40335,300March 202723MSC AJACCIOMSC20149,40335,300February 202724MSC ATHENSMSC/(*)20138,82735,300/(*)January 2029(10)25MSC ATHOSMSC/(*)20138,82735,300/(*)February 2029(11)26VALOR(*)20138,827(*)May 203027VALUE(*)20138,827(*)June 203028VALIANTHapag Lloyd/(*)20138,82732,400/(*)August 2030(12)29VALENCEHapag Lloyd/(*)20138,82732,400/(*)August 2030(13)30VANTAGEHapag Lloyd/(*)20138,82732,400/(*)September 2030(14)31NAVARINOMSC20108,531(*)March 202932KLEVENMSC/(*)19968,04441,500/(*)April 2028(15)33KOTKAMSC/(*)19968,04441,500/(*)September 2028(16)34MAERSK KOWLOONMaersk/MSC20057,47118,500/(*)October 2028(17)35KUREMSC/(*)19967,40341,500/(*)August 2028(18)36METHONIMaersk20036,72447,453August 202637PORTO CHELIMaersk20016,71230,075June 202638TAMPA IZIM/(*)20006,64845,000/(*)September 2025 / July 2028(19)39ZIM VIETNAMZIM20036,64438,500December 2028(20)40ZIM AMERICAZIM20036,64438,500December 2028(21)41ARIES(*)/(*)20046,49258,500/(*)March 2029(22)42ARGUS(*)/(*)20046,49258,500/(*)May 2029(23)43PORTO KAGIOMaersk20025,90828,822July 202644GLEN CANYONZIM/(*)20065,64262,500/(*)September 2025/ July 2028(24)45PORTO GERMENOMaersk20025,57028,822August 202646LEONIDIOMaersk20144,95718,018October 202647KYPARISSIAMaersk20144,95718,118October 202648MEGALOPOLISMaersk20134,95714,500July 202749MARATHOPOLISMaersk20134,95714,500July 202750GIALOVA(*)20094,578(*)March 202651DYROSMaersk20084,57835,500April 202752NORFOLK(*)20094,259(*)March 202853VULPECULAZIM20104,25810,000/8,000May 2026 / May 2028(25)54VOLANS(*)20104,258(*)July 202755VIRGOMaersk20094,25835,500April 202756VELAZIM20094,25810,000/8,000April 2026 / April 2028(26)57ANDROUSA(*)20104,256(*)March 202658NEOKASTROCMA CGM20114,17839,000February 202759ULSANMaersk20024,13234,730January 202660POLAR BRASILMaersk20183,80021,000March 2026(27)61LAKONIACOSCO20042,58623,500February 202762SCORPIUSHapag Lloyd20072,57216,500February 202663ETOILE(*)/(*)20052,556(*)/(*)July 2028(28)64AREOPOLISCOSCO20002,47423,500March 202765ARKADIA(*)20011,550(*)October 202666MICHIGAN(*)/(*)20081,300(*)/(*)October 2027(29)67TRADER(*)/(*)20081,300(*)/(*)October 2028(30)68LUEBECK(*)/(*)20011,078(*)/(*)April 2028(31) Containerships under construction  VesselVessel Capacity (TEU)Estimated Delivery(32)Employment1Newbuilding 13,100Q2 2027Long Term Employment upon delivery from shipyard2Newbuilding 23,100Q3 2027Long Term Employment upon delivery from shipyard3Newbuilding 33,100Q4 2027Long Term Employment upon delivery from shipyard4Newbuilding 43,100Q4 2027Long Term Employment upon delivery from shipyard  (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. (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. 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  COSTAMARE INC.Consolidated Balance Sheets (Expressed in thousands of U.S. dollars) As of December 31,2024  As of June 30,2025ASSETS (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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