Costamare Inc 6-K, filed Aug 21, 2025

Costamare Inc. (CMRE)

6-K 2025-08-21 For: 2025-06-30

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Added on April 09, 2026

About this 6-K

Costamare Inc filed this 6-K on August 21, 2025.

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99.1	Unaudited interim condensed consolidated financial statements of Costamare Inc. for the six-month period ended June 30, 2025, and the accompanying notes.
101.INS	Inline XBRL Instance Document
101.SCH	Inline XBRL Taxonomy Extension Schema
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase
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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

	December 31, 2024			June 30, 2025
ASSETS
CURRENT ASSETS:
Cash and cash equivalents (Note 1)	$	656,880		$	442,703
Restricted cash (Note 1)		17,203			20,523
Accounts receivable, net (Note 4)		5,863			5,177
Inventories (Note 7)		13,156			14,132
Due from related parties (Note 4)		-			6,885
Fair value of derivatives (Notes 19 and 20)		10,410			9,742
Insurance claims receivable		8,039			7,553
Time charter assumed (Note 12)		195			164
Accrued charter revenue (Note 12)		11,929			9,262
Short-term investments (Note 6)		18,499			18,891
Investment in leaseback vessels (Note 11(b))		30,561			49,076
Net investment in sales type lease vessels, current (Note 11(c))		12,748			-
Prepayments and other assets		16,823			34,817
Total current assets of continuing operations		802,306			618,925
Current assets of discontinued operations (Note 3)		237,910			-
Total current assets		1,040,216			618,925
FIXED ASSETS, NET:
Vessels, net (Note 8)		2,715,168			2,696,520
Fixed assets of discontinued operations (Note 3)		671,844			-
Total fixed assets, net		3,387,012			2,696,520
OTHER NON-CURRENT ASSETS:
Investment in leaseback vessels, non-current (Note 11(b))		222,088			305,230
Accounts receivable, non-current (Note 4)		1,950			1,950
Deferred charges, net (Note 9)		52,688			48,857
Finance leases, right-of-use assets (Note 11(a))		37,818			-
Due from related parties, non-current (Note 4)		1,125			1,125
Net investment in sales type lease vessels, non-current (Note 11(c))		6,734			8,098
Restricted cash, non-current (Note 1)		45,922			42,356
Time charter assumed, non-current (Note 12)		74			7
Accrued charter revenue, non-current (Note 12)		2,688			4,482
Fair value of derivatives, non-current (Notes 19 and 20)		21,235			11,551
Total non-current assets of continuing operations		392,322			423,656
Non-current assets of discontinued operations (Note 3)		329,137			-
Total non-current assets		721,459			423,656
Total assets	$	5,148,687		$	3,739,101
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt, net of deferred financing costs (Note 10)	$	287,360		$	282,229
Accounts payable		7,948			10,609
Due to related parties (Note 4)		1,514			5,354
Finance lease liability (Note 11(a))		23,877			-
Accrued liabilities		20,672			17,408
Unearned revenue (Note 12)		24,902			25,554
Fair value of derivatives (Notes 19 and 20)		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 (Note 3)		334,967			-
Total current liabilities		745,560			369,179
NON-CURRENT LIABILITIES:
Long-term debt, net of current portion and deferred financing costs (Note 10)		1,410,480			1,306,520
Fair value of derivatives, non-current portion (Notes 19 and 20)		-			157
Unearned revenue, net of current portion (Note 12)		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 (Note 3)		398,322			-
Total non-current liabilities		1,834,521			1,350,802
COMMITMENTS AND CONTINGENCIES (Note 13)		-			-
Temporary equity – Redeemable non-controlling interest in subsidiary – (Note 14)		(2,453	)		-
STOCKHOLDERS’ EQUITY:
Preferred stock (Note 15)		-			-
Common stock (Note 15)		13			13
Treasury stock (Note 15)		(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 (Notes 19 and 20)		17,345			7,475
Total Costamare Inc. stockholders’ equity		2,513,514			1,948,048
Non-controlling interest (Note 1)		57,545			71,072
Total stockholders’ equity		2,571,059			2,019,120
Total liabilities and stockholders’ equity	$	5,148,687		$	3,739,101

	For the six-month periods ended June 30,
	2024			2025
REVENUES:
Voyage revenue	$	427,323		$	428,078
Income from investments in leaseback vessels		11,419			12,682
Total revenues	$	438,742		$	440,760
EXPENSES:
Voyage expenses		(12,172	)		(23,383	)
Voyage expenses-related parties (Note 4)		(6,073	)		(5,819	)
Vessels’ operating expenses		(78,896	)		(79,171	)
General and administrative expenses		(5,555	)		(5,781	)
General and administrative expenses – related parties (Note 4)		(5,618	)		(4,294	)
Management fees-related parties (Note 4)		(14,241	)		(14,178	)
Amortization of dry-docking and special survey costs (Note 9)		(8,280	)		(9,530	)
Depreciation (Notes 8, 11 and 21)		(63,064	)		(63,492	)
Foreign exchange gains/(losses)		(2,700	)		2,571
Operating income		242,143			237,683
OTHER INCOME / (EXPENSES):
Interest income		16,546			11,779
Interest and finance costs (Note 17)		(55,097	)		(45,210	)
Income from equity method investments		42			-
Other, net		1,249			27
Gain / (loss) on derivative instruments, net (Note 19)		(3,212	)		13,767
Total other expenses, net		(40,472	)		(19,637	)
Net income from continuing operations	$	201,671		$	218,046
Net Income / (Loss) from discontinued operations (Note 3)		3,876			(27,547	)
Net income	$	205,547		$	190,499
Net income attributable to the non-controlling interest (Notes 14 and 16)		(1,351	)		(1,677	)
Net income attributable to Costamare Inc.	$	204,196		$	188,822
Earnings allocated to Preferred Stock (Note 16)		(13,278	)		(10,402	)
Deemed dividend to Series E Preferred Stock		(5,446	)		-
Net income available to Common Stockholders	$	185,472		$	178,420
Earnings per common share, basic and diluted - Total (Note 16)	$	1.56		$	1.49
Earnings per common share, basic and diluted – Continuing operations (Note 16)		1.53			1.71
Earnings / (losses) per common share, basic and diluted – Discontinued operations (Note 16)		0.03			(0.23	)
Weighted average number of shares, basic and diluted (Note 16)		118,902,719			120,039,623

	For the six-month periods ended June 30,
	2024			2025
Net income from continuing operations		201,671			218,046
Net Income / (Loss) from discontinued operations (Note 3)		3,876			(27,547	)
Net income for the period	$	205,547		$	190,499
Other comprehensive income / (loss):
Unrealized gain / (loss) on cash flow hedges, net (Notes 19 and 21)		2,268			(12,032	)
Reclassification of amount excluded from the interest rate caps assessment of effectiveness based on an amortization approach to Interest and finance costs (Notes 17, 19 and 21)		3,060			2,029
Effective portion of changes in fair value of cash flow hedges (Notes 19 and 21)		265			-
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	$	5,624		$	(9,972	)
Other comprehensive loss attributable to the non-controlling interest (Notes 19 and 21)		-			102
Other comprehensive income / (loss) attributable to Costamare Inc.	$	5,624		$	(9,870	)

Total comprehensive income for the period	$	211,171		$	180,527

Comprehensive income attributable to the non-controlling interest (Notes 14 and 16)		(1,351	)		(1,575	)
Total comprehensive income for the period attributable to Costamare Inc.	$	209,820		$	178,952

	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			Amount			Additional Paid-in Capital			Accumulated Other Comprehensive Income			Retained Earnings			Costamare Inc.			Non-controlling interest			Total
BALANCE, January 1, 2024		4,574,100	$	-		3,986,542	$	-		3,973,135	$	-		1,970,649	$	-		129,379,133	$	13		(11,004,510	)	$	(120,095	)	$	1,435,294		$	21,387		$	1,045,932		$	2,382,531		$	56,229		$	2,438,760
- Net income ⁽¹⁾		-		-		-		-		-		-		-		-		-		-		-			-			-			-			204,196			204,196			1,628			205,824
- Issuance of subsidiary shares to non-controlling interest (Note 1)		-		-		-		-		-		-		-		-		-		-		-			-			(599	)		-			-			(599	)		975			376
- Issuance of common stock (Notes 4 and 16)		-		-		-		-		-		-		-		-		1,088,601		-		-			-			12,802			-			-			12,802			-			12,802
-Redemption of Preferred Stock (Series E)		-		-		-		-		-		-		-		-		-		-		-			-			(110,598	)		-			(5,446	)		(116,044	)		-			(116,044	)
- Dividends to non-controlling shareholders of subsidiary		-		-		-		-		-		-		-		-		-		-		-			-			-			-			-			-			(1,479	)		(1,479	)
- Dividends – Common stock (Note 15)		-		-		-		-		-		-		-		-		-		-		-			-			-			-			(27,291	)		(27,291	)		-			(27,291	)
- Dividends – Preferred stock (Note 15)		-		-		-		-		-		-		-		-		-		-		-			-			-			-			(15,534	)		(15,534	)		-			(15,534	)
- Other comprehensive income (Note 19 and 21)		-		-		-		-		-		-		-		-		-		-		-			-			-			5,624			-			5,624			-			5,624
BALANCE, June 30, 2024		4,574,100	$	-		3,986,542	$	-		3,973,135	$	-		1,970,649	$	-		130,467,734	$	13		(11,004,510	)	$	(120,095	)	$	1,336,899		$	27,011		$	1,201,857		$	2,445,685		$	57,353		$	2,503,038


BALANCE, January 1, 2025		-	$	-		3,986,542	$	-		3,973,135	$	-		1,970,649	$	-		130,958,943	$	13		(11,004,510	)	$	(120,095	)	$	1,336,646		$	17,345		$	1,279,605		$	2,513,514		$	57,545		$	2,571,059
- Net income ⁽¹⁾		-		-		-		-		-		-		-		-		-		-		-			-			-			-			188,822			188,822			1,890			190,712
- Issuance of subsidiary shares to non-controlling interest (Note 1 and 11(b))		-		-		-		-		-		-		-		-		-		-		-			-			(7,438	)		-			-			(7,438	)		13,548			6,110
- Change in non-controling interest of the subsidiary (Note 14)		-		-		-		-		-		-		-		-		-		-		-			-			(2,666	)		-			-			(2,666	)		-			(2,666	)
- Distribution to shareholders (Note 1)		-		-		-		-		-		-		-		-		-		-		-			-			-			-			(699,239	)		(699,239	)		-			(699,239	)
- Issuance of common stock (Notes 4 and 16)		-		-		-		-		-		-		-		-		314,891		-		-			-			2,993			-			-			2,993			-			2,993
- Dividends to non-controlling shareholders of subsidiary		-		-		-		-		-		-		-		-		-		-		-			-			-			-			-			-			(1,809	)		(1,809	)
- Dividends – Common stock (Note 15)		-		-		-		-		-		-		-		-		-		-		-			-			-			-			(27,608	)		(27,608	)		-			(27,608	)
- Dividends – Preferred stock (Note 15)		-		-		-		-		-		-		-		-		-		-		-			-			-			-			(10,460	)		(10,460	)		-			(10,460	)
- Other comprehensive loss (Note 19 and 21)		-		-		-		-		-		-		-		-		-		-		-			-			-			(9,870	)		-			(9,870	)		(102	)		(9,972	)
BALANCE, June 30, 2025		-	$	-		3,986,542	$	-		3,973,135	$	-		1,970,649	$	-		131,273,834	$	13		(11,004,510	)	$	(120,095	)	$	1,329,535		$	7,475		$	731,120		$	1,948,048		$	71,072		$	2,019,120

	May 6, 2025
Cash and cash equivalents and restricted cash	$	131,791
Margin deposits		28,247
Accounts receivable, net		37,443
Inventories		38,377
Due from related parties		12,157
Fair value of derivatives		256
Insurance claims receivable		3,291
Prepayments and other assets		37,022
Vessels held for sale		7,801
Vessels and advances, net		634,727
Deferred charges, net		21,583
Operating leases, right-of-use assets		246,689
Total assets		1,199,384
Long-term debt, net of deferred financing costs		(171,910	)
Accounts payable		(27,330	)
Due to related parties		(16,407	)
Operating lease liabilities		(242,150	)
Accrued liabilities		(13,505	)
Unearned revenue		(14,102	)
Fair value of derivatives		(6,078	)
Other current liabilities		(8,663	)
Total liabilities		(500,145	)
Net assets of Costamare Bulkers	$	699,239

	2024		2025
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	$	656,880	$	442,703
Restricted cash – current portion		17,203		20,523
Restricted cash – non-current portion		45,922		42,356
Total cash, cash equivalents and restricted cash	$	720,005	$	505,582

	Six-month period ended June 30, 2024			From the period from January 1, 2025 to May 6, 2025
REVENUES:
Voyage revenue	$	520,332		$	239,719
Voyage revenue – related parties		31,776			87,683
Total voyage revenue		552,108			327,402
EXPENSES:
Voyage expenses		(172,271	)		(107,383	)
Charter-in hire expenses		(308,557	)		(166,506	)
Voyage expenses-related parties		(2,203	)		(3,765	)
Vessels’ operating expenses		(41,372	)		(27,165	)
General and administrative expenses		(3,919	)		(8,950	)
Management and agency fees-related parties		(15,102	)		(10,760	)
Amortization of dry-docking and special survey costs		(2,984	)		(2,337	)
Depreciation		(17,980	)		(14,044	)
Gain / (loss) on sale of vessels, net		3,422			(4,669	)
Loss on vessel held for sale		(2,308	)		(1,579	)
Vessel impairment loss		-			(179	)
Foreign exchange gains		46			219
Operating loss		(11,120	)		(19,716	)
OTHER INCOME / (EXPENSES):
Interest income		1,021			239
Interest and finance costs		(11,889	)		(7,313	)
Other, net		868			(47	)
Gain /(loss) on derivative instruments, net		24,996			(710	)
Total other income / (expenses), net		14,996			(7,831	)
Net income / (loss) from discontinued operations	$	3,876		$	(27,547	)

For the six-month period ended June 30, 2025
	Container vessels segment			NML			Total
Voyage revenue	$	428,078		$	-		$	428,078
Income from investment in leaseback vessels		-			12,682			12,682
Total revenues	$	428,078		$	12,682		$	440,760

Less ⁽¹⁾:
Voyage expenses		(23,383	)		-
Voyage expenses-related parties		(5,819	)		-
Vessels’ operating expenses		(79,171	)		-
Interest and finance costs		(39,727	)		(5,483	)
Other segment items ⁽²⁾		(73,022	)		-
Segment profit/ (loss)	$	206,956		$	7,199		$	214,155

Reconciliation of segment profit or loss:
General and administrative expenses								(5,781	)
General and administrative expenses – related parties								(4,294	)
Management fees-related parties								(14,178	)
Foreign exchange gains								2,571
Interest income								11,779
Other, net								27
Gain on derivative instruments, net								13,767
Net income from continuing operations								218,046
Net loss from discontinued operations								(27,547	)
Net income							$	190,499

	Vessel Cost		Accumulated Depreciation			Net Book Value
Balance, January 1, 2025	$	4,006,587	$	(1,291,419	)	$	2,715,168
Depreciation		-		(63,060	)		(63,060	)
Vessel acquisitions and other vessels’ costs		44,412		-			44,412
Balance, June 30 2025	$	4,050,999	$	(1,354,479	)	$	2,696,520

Balance, January 1, 2025	$	52,688
Additions		5,699
Amortization		(9,530	)
Balance, June 30 2025	$	48,857

		Borrower(s)	December 31, 2024			June 30, 2025
A.		*Term Loans:*
	1	Ainsley Maritime Co. and Ambrose Maritime Co.	$	109,821		$	104,464
	2	Hyde Maritime Co. and Skerrett Maritime Co.		104,596			98,942
	3	Kemp Maritime Co.		52,825			49,975
	4	Achilleas Maritime Corporation et al.		33,492			25,953
	5	Costamare Inc.		27,750			24,250
	6	Benedict et al.		294,762			253,714
	7	Reddick Shipping Co. and Verandi Shipping Co.		21,000			15,000
	8	Quentin Shipping Co. and Sander Shipping Co.		64,250			59,063
	9	Bastian Shipping Co. et al.		199,390			170,820
	10	NML Loan 1		-			-
	11	Kalamata Shipping Corporation et al.		54,000			49,000
	12	Capetanissa Maritime Corporation et al.		18,917			17,167
	13	NML Loan 2		23,250			21,750
	14	NML Loan 3		8,190			7,670
	15	NML Loan 4		11,628			10,638
	16	NML Loan 5		4,942			4,447
	17	NML Loan 6		5,510			5,042
	18	NML Loan 7		9,581			9,056
	19	NML Loan 8		11,196			10,494
	20	NML Loan 9		10,900			9,941
	21	NML Loan 10		21,392			10,282
	22	NML Loan 11		16,485			7,935
	23	NML Loan 12		5,910			5,470
	24	NML Loan 13		5,302			4,820
	25	NML Loan 14		4,385			3,965
	26	NML Loan 15		5,130			4,874
	27	NML Loan 16		-			11,619
	28	NML Loan 17		-			19,236
	29	Sykes Maritime Co.		-			23,108
	30	Beardmore Maritime Co.		-			-
	31	Fairbank Maritime Co.		-			-
		*Total Term Loans*	$	1,124,604		$	1,038,695
B.		*Other financing arrangements*		584,632			559,962
C.		*Unsecured Bond Loan*		-			-
		*Total long-term debt*	$	1,709,236		$	1,598,657
		*Less: Deferred financing costs*		(11,396	)		(9,908	)
		*Total long-term debt, net*	$	1,697,840		$	1,588,749
		*Less: Long-term debt current portion*		(290,882	)		(285,390	)
		*Add: Deferred financing costs, current portion*		3,522			3,161
		*Total long-term debt, non-current, net*	$	1,410,480		$	1,306,520

12-month period ending June 30	Amount
2026	$	285,390
2027		325,392
2028		154,823
2029		282,170
2030		109,486
2031 and thereafter		441,396
Total	$	1,598,657

Balance, January 1, 2025	$	11,396
Additions		455
Amortization and write-off		(1,943	)
Balance, June 30, 2025	$	9,908
Less: Current portion of financing costs		(3,161	)
Financing costs, non-current portion	$	6,747

	2024	2025
A	22%	15%
B	13%	16%
C	21%	24%
D	10%	9%
E	10%	10%
Total	76%	74%

	December 31, 2024		June 30, 2025
Lease receivable	$	18,976	$	4,913
Unguaranteed residual value		506		1,228
Net investment in sales-type lease vessels	$	19,482	$	6,141

	December 31, 2024			June 30 2025
Hires collected in advance	$	8,470		$	7,263
Charter revenue resulting from varying charter rates		30,988			30,309
Unamortized balance of charters assumed		64			-
Total	$	39,522		$	37,572
Less current portion		(24,902	)		(25,554	)
Non-current portion	$	14,620		$	12,018

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, 2025 (in USD)

21/5/2021	21/11/2025	€	50,000	$	61,175		2.70	%		4.10	%	$	(2,228	)
25/5/2021	21/11/2025	€	50,000	$	61,200		2.70	%		4.05	%	$	(2,457	)
*Total fair value*												$	(4,685	)

12-month period ending June 30,	Amount
2026	$	6,745
2027		5,606
2028		4,567
Total undiscounted cash flows	$	16,918
Present value of lease payments*	$	4,913

Temporary equity – Redeemable non-controlling interest in subsidiary	Amount
Balance, December 31, 2024	$	(2,453	)
Net loss attributable to redeemable non-controlling interest		(213	)
Transferred to Additional Paid-in Capital		2,666
Balance, June 30, 2025	$	-

The Effect of Derivative Instruments for the six-month periods ended
June 30, 2024 and 2025
Derivatives in ASC 815 Cash Flow Hedging Relationships
	Amount of Gain / (Loss) Recognized in Accumulated OCI on Derivative
	2024			2025
Interest rate swaps and cross-currency swaps	$	15,792		$	(1,482	)
Interest rate caps (included component)		5,054			(933	)
Interest rate caps (excluded component)⁽¹⁾		(5,371	)		(4,422	)
Reclassification to Interest and finance costs		(12,942	)		(5,093	)
Reclassification of amount excluded from the interest rate caps assessment of hedge effectiveness based on an amortization approach to Interest and finance costs		3,060			2,029
Amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to Depreciation		31			31
Total	$	5,624		$	(9,870	)

Derivatives Not Designated as Hedging Instruments under ASC 815
	Location of Gain / (Loss) Recognized in Gain on derivative instruments, net	Amount of Gain / (Loss) Recognized in Gain on derivative instruments, net
		2024			2025
Cross-currency swaps	Gain / (loss) on derivative instruments, net	$	-		$	13,702
FX option zero cost collar	Gain / (loss) on derivative instruments, net		-			(2,995	)
Forward currency contracts	Gain / (loss) on derivative instruments, net		(3,212	)		3,060
*Total*		$	(3,212	)	$	13,767

	December 31, 2024			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Unobservable Inputs (Level 3)
Recurring measurements:
Forward currency contracts-liability position	$	(1,369	)	$	-	$	(1,369	)	$	-
Interest rate swaps-asset position		20,530			-		20,530			-
Interest rate caps-asset position		11,115			-		11,115			-
Cross-currency rate swaps-liability position		(18,387	)		-		(18,387	)		-
Total	$	11,889		$	-	$	11,889		$	-

	June 30, 2025			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Unobservable Inputs (Level 3)
Recurring measurements:
Forward currency contracts-asset position	$	1,691		$	-	$	1,691		$	-
FX option-liability position		(2,994	)		-		(2,994	)		-
Interest rate swaps-asset position		13,842			-		13,842			-
Interest rate swaps-liability position		(157	)		-		(157	)		-
Interest rate caps-asset position		5,760			-		5,760			-
Cross-currency rate swaps-liability position		(4,685	)		-		(4,685	)		-
Total	$	13,457		$	-	$	13,457		$	-