Costamare Inc 6-K, filed Aug 11, 2022

Costamare Inc. (CMRE)

6-K 2022-08-11 For: 2022-06-30

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Added on April 09, 2026

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Costamare Inc filed this 6-K on August 11, 2022.

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99.1	Unaudited interim condensed consolidated financial statements of Costamare Inc. for the six-month period ended June 30, 2022, and the accompanying notes.
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema
101.CAL	XBRL Taxonomy Extension Calculation Linkbase
101.DEF	XBRL Taxonomy Extension Definition Linkbase
101.LAB	XBRL Taxonomy Extension Label Linkbase
101.PRE	XBRL Taxonomy Extension Presentation Linkbase
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


	COSTAMARE INC.

	By:	/s/ Gregory G. Zikos
	Name:	Gregory G. Zikos
	Title:	Chief Financial Officer

ASSETS	December 31, 2021			June 30, 2022
CURRENT ASSETS:	(Audited)			(Unaudited)
Cash and cash equivalents (Note 1)	$	276,002		$	601,163
Restricted cash (Note 1)		8,856			11,420
Accounts receivable, net (Note 3)		20,978			26,669
Inventories (Note 6)		21,365			23,669
Due from related parties (Note 3)		-			1,341
Fair value of derivatives (Notes 19 and 20)		-			9,207
Insurance claims receivable		3,970			5,436
Time charter assumed (Note 13)		198			199
Accrued charter revenue (Note 13)		7,361			7,524
Short-term investments (Note 5)		-			9,963
Prepayments and other assets		8,595			10,161
Vessels held for sale (Note 7)		78,799			129,301
Total current assets		426,124			836,053
FIXED ASSETS, NET:
Right-of-use assets (Note 12)		191,303			-
Vessels and advances, net (Note 7)		3,650,192			3,743,956
Total fixed assets, net		3,841,495			3,743,956
OTHER NON-CURRENT ASSETS:
Equity method investments (Notes 2 and 10)		19,872			19,520
Accounts receivable, net, non-current (Note 3)		5,076			5,251
Deferred charges, net (Note 8)		31,859			45,938
Restricted cash, non-current (Note 1)		68,670			75,386
Time charter assumed, non-current (Note 13)		667			568
Accrued charter revenue, non-current (Note 13)		8,183			7,144
Fair value of derivatives, non-current (Notes 19 and 20)		3,429			25,794
Other non-current assets (Note 5)		1,666			-
Total assets	$	4,407,041		$	4,759,610
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt, net of deferred financing costs (Note 11)	$	272,365		$	373,750
Accounts payable		18,865			18,795
Due to related parties (Note 3)		1,694			937
Finance lease liabilities, net (Note 12)		16,676			-
Accrued liabilities		27,304			49,758
Unearned revenue (Note 13)		23,830			26,040
Fair value of derivatives (Notes 19 and 20)		6,876			3,557
Other current liabilities		2,417			2,668
Total current liabilities		370,027			475,505
NON-CURRENT LIABILITIES:
Long-term debt, net of current portion and deferred financing costs (Note 11)		2,169,718			2,366,391
Finance lease liabilities, net of current portion (Note 12)		99,689			-
Fair value of derivatives, non-current portion (Notes 19 and 20)		7,841			15,153
Unearned revenue, net of current portion (Note 13)		33,867			34,578
Total non-current liabilities		2,311,115			2,416,122
COMMITMENTS AND CONTINGENCIES (Note 14)		-			-
STOCKHOLDERS’ EQUITY:
Preferred stock (Note 15)		-			-
Common stock (Note 15)		12			12
Treasury stock (Note 15)		-			(52,356	)
Additional paid-in capital (Note 15)		1,386,636			1,413,542
Retained earnings		341,482			480,202
Accumulated other comprehensive income / (loss) (Notes 19 and 21)		(2,231	)		26,583
Total stockholders’ equity		1,725,899			1,867,983
Total liabilities and stockholders’ equity	$	4,407,041		$	4,759,610

	For the six-month period ended June 30,
	2021			2022
REVENUES:
Voyage revenue	$	293,495		$	558,937
EXPENSES:
Voyage expenses		(3,071	)		(19,833	)
Voyage expenses-related parties (Note 3)		(4,301	)		(7,740	)
Vessels’ operating expenses		(69,600	)		(133,351	)
General and administrative expenses		(2,459	)		(5,386	)
General and administrative expenses – related parties (Note 3)		(4,457	)		(5,699	)
Management fees-related parties (Note 3)		(11,786	)		(21,892	)
Amortization of dry-docking and special survey costs (Note 8)		(4,847	)		(5,646	)
Depreciation (Notes 7, 12 and 21)		(58,726	)		(82,476	)
Gain on sale of vessels, net (Note 7)		1,406			21,250
Foreign exchange gains		146			387
Operating income		135,800			298,551
OTHER INCOME / (EXPENSES):
Interest income		1,489			138
Interest and finance costs (Note 17)		(36,548	)		(55,211	)
Income from equity method investments (Note 10)		4,951			776
Fair value measurement of equity securities (Note 5)		51,094			-
Other, net		2,983			1,680
Loss on derivative instruments, net (Note 19)		(1,012	)		(910	)
Total other income / (expenses), net		22,957			(53,527	)
Net Income	$	158,757		$	245,024
Earnings allocated to Preferred Stock (Note 16)		(15,448	)		(15,448	)
Net income available to Common Stockholders		143,309			229,576
Earnings per common share, basic and diluted (Note 16)	$	1.17		$	1.85
Weighted average number of shares, basic and diluted (Note 16)		122,615,427			124,228,628

	For the six-month period ended June 30,
	2021			2022
Net income for the period	$	158,757		$	245,024
Other comprehensive income:
Unrealized gain on cash flow hedges, net (Notes 5, 19 and 21)		17			26,811
Effective portion of changes in fair value of cash flow hedges (Notes 19 and 21)		(996	)		1,972
Amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to Depreciation (Note 21)		31			31
Other comprehensive income/ (loss) for the period	$	(948	)	$	28,814
Total comprehensive income for the period	$	157,809		$	273,838

	Preferred Stock (Series E)				Preferred Stock (Series D)				Preferred Stock (Series C)				Preferred Stock (Series B)				Common Stock				Treasury Stock
	# of shares		Par value		# of shares		Par value		# of shares		Par value		# of shares		Par value		# of shares		Par value		# of shares			Value			Additional Paid-in Capital		Accumulated Other Comprehensive Income / (Loss)			Retained Earnings/ (Accumulated Deficit)			Total
BALANCE, January 1, 2021		4,574,100	$	-		3,986,542	$	-		3,973,135	$	-		1,970,649	$	-		122,160,638	$	12		-		$	-		$	1,366,486	$	(7,957	)	$	(9,721	)	$	1,348,820
- Net income		-		-		-		-		-		-		-		-		-		-		-			-			-		-			158,757			158,757
- Issuance of common stock (Notes 3 and 15)		-		-		-		-		-		-		-		-		937,523		-		-			-			8,987		-			-			8,987
- Dividends – Common stock (Note 15)		-		-		-		-		-		-		-		-		-		-		-			-			-		-			(24,483	)		(24,483	)
- Dividends – Preferred stock (Note 15)		-		-		-		-		-		-		-		-		-		-		-			-			-		-			(15,534	)		(15,534	)
- Gain from common control transaction (Note 3)		-		-		-		-		-		-		-		-		-		-		-			-			86		-			-			86
- Other comprehensive loss		-		-		-		-		-		-		-		-		-		-		-			-			-		(948	)		-			(948	)
BALANCE, June 30, 2021		4,574,100	$	-		3,986,542	$	-		3,973,135	$	-		1,970,649	$	-		123,098,161	$	12		-		$	-		$	1,370,800	$	(8,905	)	$	109,019		$	1,475,685

BALANCE, January 1, 2022		4,574,100	$	-		3,986,542	$	-		3,973,135	$	-		1,970,649	$	-		123,985,104	$	12		-		$	-		$	1,386,636	$	(2,231	)	$	341,482		$	1,725,899
- Net income		-		-		-		-		-		-		-		-		-		-		-			-			-		-			245,024			245,024
- Issuance of common stock (Notes 3 and 15)		-		-		-		-		-		-		-		-		1,994,848		-		-			-			26,906		-			-			26,906
- Repurchase of common stock (Note 15)		-		-		-		-		-		-		-		-		-		-		(4,089,409	)		(52,356	)		-		-			-			(52,356	)
- Dividends – Common stock (Note 15)		-		-		-		-		-		-		-		-		-		-		-			-			-		-			(90,770	)		(90,770	)
- Dividends – Preferred stock (Note 15)		-		-		-		-		-		-		-		-		-		-		-			-			-		-			(15,534	)		(15,534	)
- Other comprehensive income		-		-		-		-		-		-		-		-		-		-		-			-			-		28,814			-			28,814
BALANCE, June 30, 2022		4,574,100	$	-		3,986,542	$	-		3,973,135	$	-		1,970,649	$	-		125,979,952	$	12		(4,089,409	)	$	(52,356	)	$	1,413,542	$	26,583		$	480,202		$	1,867,983

	2021		2022
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	$	279,055	$	601,163
Restricted cash – current portion		6,980		11,420
Restricted cash – non-current portion		62,896		75,386
Total cash, cash equivalents and restricted cash	$	348,931	$	687,969

For the six-month period ended June 30, 2022
	Container vessels segment			Dry bulk vessels segment			Other		Total
Voyage revenue	$	380,260		$	178,677		$	-	$	558,937
Vessels’ operating expenses		(84,164	)		(49,187	)		-		(133,351	)
Depreciation		(62,869	)		(19,607	)		-		(82,476	)
Amortization of dry-docking and special survey costs		(5,326	)		(320	)		-		(5,646	)
Gain on sale of vessels, net		17,798			3,452			-		21,250
Interest income		88			50			-		138
Interest and finance costs		(47,261	)		(7,950	)		-		(55,211	)
Income from equity method investments		-			-			776		776
Net Income for the Period	$	168,559		$	75,689		$	776	$	245,024

	Vessel Cost			Accumulated Depreciation			Net Book Value
Balance, January 1, 2022	$	4,687,896		$	(1,037,704	)	$	3,650,192
Depreciation		-			(79,161	)		(79,161	)
Vessel acquisitions, advances and other vessels’ costs		241,362			-			241,362
Vessel sales, transfers and other movements		(139,551	)		71,114			(68,437	)
Balance, June 30, 2022	$	4,789,707		$	(1,045,751	)	$	3,743,956

Balance, January 1, 2022	$	31,859
Additions		21,393
Amortization		(5,646	)
Write-off and other movements (Note 7)		(1,668	)
Balance, June 30, 2022	$	45,938

Entity	Vessel	Participation % June 30, 2022	Date Established /Acquired
Steadman Maritime Co.	-	49%	July 1, 2013
Marchant Maritime Co.^(*)	-	-	-
Horton Maritime Co.^(*)	-	-	-
Smales Maritime Co.	-	49%	June 6, 2013
Geyer Maritime Co.	Arkadia	49%	May 18, 2015
Goodway Maritime Co.	Monemvasia	49%	September 22, 2015
Platt Maritime Co.	Polar Argentina	49%	May 18, 2015
Sykes Maritime Co.	Polar Brasil	49%	May 18, 2015

	December 31, 2021		June 30, 2022
Current assets	$	12,468	$	10,148
Non-current assets		92,770		93,424
Total assets	$	105,238	$	103,572

Current liabilities	$	6,576	$	8,316
Non-current liabilities		58,110		55,421
Total liabilities	$	64,686	$	63,737

	Six-month period ended June 30,
	2021		2022
Voyage revenue	$	29,457	$	10,741
Net income	$	11,480	$	1,585

Borrower(s)			December 31, 2021			June 30, 2022
A.	Term Loans:
	1.	Nerida Shipping Co.		9,975			9,075
	2.	Singleton Shipping Co. and Tatum Shipping Co.		37,600			36,000
	3.	Reddick Shipping Co. and Verandi Shipping Co.		-			-
	4.	Costamare. Inc.		30,188			6,946
	5.	Bastian Shipping Co. and Cadence Shipping Co.		98,000			90,400
	6.	Adele Shipping Co.		54,500			51,500
	7.	Costamare Inc.		123,990			118,210
	8.	Quentin Shipping Co. and Sander Shipping Co.		72,898			68,875
	9.	Costamare Inc.		24,554			-
	10.	Capetanissa Maritime Corporation et al.		56,500			35,101
	11.	Caravokyra Maritime Corporation et al.		54,400			14,915
	12.	Achilleas Maritime Corporation et al.		-			-
	13.	Kelsen Shipping Co.		4,050			2,025
	14.	Uriza Shipping S.A.		17,400			-
	15.	Berg Shipping Co.		11,660			11,100
	16.	Reddick Shipping Co. and Verandi Shipping Co.		14,900			12,500
	17.	Evantone Shipping Co. and Fortrose Shipping Co.		20,750			19,250
	18.	Ainsley Maritime Co. and Ambrose Maritime Co.		141,964			136,607
	19.	Hyde Maritime Co. and Skerrett Maritime Co.		138,519			132,865
	20.	Kemp Maritime Co.		70,350			67,300
	21.	Vernes Shipping Co.		12,650			-
	22.	Achilleas Maritime Corporation et al.		125,360			81,847
	23.	Novara et al.		63,833			70,418
	24.	Costamare Inc.		59,952			54,523
	25.	Costamare Inc.		80,228			76,463
	26.	Costamare Inc.		-			-
	27.	Costamare Inc.		79,348			25,925
	28.	Amoroto et al.		103,423			73,928
	29.	Costamare Inc.		-			-
	30.	Dattier Marine Corp et al.		43,480			30,115
	31.	Bernis Marine Corp. et al.		-			50,978
	32.	Costamare Inc.		-			55,254
	33.	Costamare Inc.		-			77,500
	34.	Adstone Marine Corp. et al.		-			10,800
	35.	Amoroto et al.		-			40,500
	36.	Benedict et al.		-			500,000
		*Total Term Loans*	$	1,550,472		$	1,960,920
B.	*Other financing arrangements*			803,589			701,389
C.	*Unsecured Bond Loan*			113,260			103,870
		*Total long-term debt*	$	2,467,321		$	2,766,179
		*Less: Deferred financing costs*		(25,238	)		(26,038	)
		*Total long-term debt, net*		2,442,083			2,740,141
		*Less: Long-term debt current portion*		(278,326	)		(380,653	)
		*Add: Deferred financing costs, current portion*		5,961			6,903
		*Total long-term debt, non-current, net*	$	2,169,718		$	2,366,391

Year ending December 31,	Amount
2022	$	217,904
2023		323,929
2024		292,964
2025		470,744
2026		557,921
2027 and thereafter		902,717
Total	$	2,766,179

	2021	2022
A	18%	13%
B	21%	19%
C	14%	8%
D	15%	8%
E	13%	7%
Total	81%	55%

	December 31, 2021			June 30, 2022
Hires collected in advance	$	19,173		$	17,898
Charter revenue resulting from varying charter rates		38,524			42,720
Total	$	57,697		$	60,618
Less current portion		(23,830	)		(26,040	)
Non-current portion	$	33,867		$	34,578

Effective date	Termination date	Notional amount (Non-amortizing) on effective date in Euro		Notional amount (Non-amortizing) on effective date in USD		Fixed rate (Costamare receives in Euro)			Fixed rate (Costamare pays in USD)			Fair value June 30, 2022 (in USD)

21/5/2021	21/11/2025		50,000		61,175		2.70	%		4.10	%		(8,834	)
25/5/2021	21/11/2025		50,000		61,200		2.70	%		4.05	%		(8,750	)

*Total fair value*													(17,584	)

The Effect of Derivative Instruments for the six-month periods ended
June 30, 2021 and 2022
Derivatives in ASC 815 Cash Flow Hedging Relationships
	Amount of Gain/(Loss) Recognized in Accumulated OCI on Derivative
	2021			2022
Interest rate swaps, cross-currency swaps and interest rate caps	$	(2,377	)	$	24,069
Reclassification to Interest and finance costs		2,394			2,742
Total	$	17		$	26,811

Balance, January 1, 2022	$	25,716
Additions		5,825
Amortization and write-off		(5,616	)
Transfers and other movements		113
Balance, June 30, 2022	$	26,038
Less: Current portion of financing costs		(6,903	)
Financing costs, non-current portion	$	19,135

	December 31, 2021			June 30, 2022
Finance lease liabilities – current	$	16,858		$	-
Less: current portion of financing costs		(182	)		-
Finance lease liabilities – non-current		99,985			-
Less: non-current portion of financing costs		(296	)		-
Total	$	116,365		$	-

Derivatives Not Designated as Hedging Instruments under ASC 815
	Location of Loss Recognized in Loss on Derivative	Amount of Loss Recognized in Loss on Derivative
		2021			2022
Non-hedging interest rate swaps	Loss on derivative instruments, net	$	(189	)	$	(190	)
Forward contracts	Loss on derivative instruments, net		(823	)		(720	)
*Total*		$	(1,012	)	$	(910	)

	December 31, 2021			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Unobservable Inputs (Level 3)
Recurring measurements:
Forward contracts-liability position	$	(406	)	$	-	$	(406	)	$	-
Interest rate swaps-liability position		(4,145	)		-		(4,145	)		-
Interest rate swaps-asset position		3,429			-		3,429			-
Cross-currency rate swaps-liability position		(10,166	)		-		(10,166	)		-
Total	$	(11,288	)	$	-	$	(11,288	)	$	-

	June 30, 2022			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Unobservable Inputs (Level 3)
Recurring measurements:
Forward contracts-liability position	$	(1,126	)	$	-	$	(1,126	)	$	-
Interest rate swaps-asset position		25,603			-		25,603			-
Interest rate caps-asset position		9,398			-		9,398			-
Cross-currency rate swaps-liability position		(17,584	)		-		(17,584	)		-
Total	$	16,291		$	-	$	16,291		$	-