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

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.

1. 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.

2. 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.

3. 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.

4. 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.

5. 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.
     
     

6. 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.

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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.”

(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

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)}

⁽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.

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)

⁽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.

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)

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 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.

Containerships under construction