Costamare Inc 6-K, filed Jul 27, 2026
Costamare Inc. (CMRE)
About this 6-K
Costamare Inc filed this 6-K on July 27, 2026.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR
15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of July 2026
Commission File Number: 001-34934
COSTAMARE INC.
(Translation of registrant’s name into English)
7 rue du Gabian, MC 98000 Monaco
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
INCORPORATION BY REFERENCE
Exhibit 99.2 to this Report on Form 6-K shall be incorporated by reference into our registration statements on Form F-3, as filed with the U.S. Securities and Exchange Commission on July 6, 2016 (File No. 333-212415) and March 29, 2024 (File No. 333-278366), to the extent not superseded by information subsequently filed or furnished (to the extent we expressly state that we incorporate such furnished information by reference) by us under the Securities Act of 1933 or the Securities Exchange Act of 1934, in each case as amended.
EXHIBIT INDEX
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: July 27, 2026
| COSTAMARE INC. | ||||
| By: | /s/ Gregory G. Zikos | |||
| Name: | Gregory G. Zikos | |||
| Title: | Chief Financial Officer | |||
Exhibit 99.1
COSTAMARE INC. REPORTS RESULTS FOR THE SECOND QUARTER AND SIX-MONTH PERIOD ENDED JUNE 30, 2026
Monaco – July 27, 2026 – Costamare Inc. (“Costamare” or the “Company”) (NYSE: CMRE) today reported unaudited financial results for the second quarter and six-month period ended June 30, 2026.
| I. | PROFITABILITY AND LIQUIDITY | |
| · | Q2 2026 Adjusted Net Income from Continuing operations1 available to common stockholders2 of $75.1 million ($0.62 per share). | |
| · | Q2 2026 Net Income from Continuing operations1 available to common stockholders of $77.4 million ($0.64 per share). |
| · | Q2 2026 liquidity of $423.0 million3. |
| II. | NEW BILATERAL FINANCING AGREEMENTS OF $1.3 BILLION WITH A NUMBER OF LEADING US, EUROPEAN AND ASIAN BANKS4 |
| · | Concluded new financing agreements for $920 million and refinanced existing obligations. | |
| · | Bilateral commitments, subject to final documentation, for additional refinancings of a total of up to $331 million which we expect to finalize during Q3 2026. |
| - | All new financing agreements relate to vessels in our existing fleet. |
| - | The new arrangements will provide interest cost savings. |
| - | Upon completion of the financings, the Company’s unencumbered fleet will comprise 21 vessels. |
| · | In addition, bilateral commitment, subject to final documentation, for a $52 million debt facility in connection with the previously announced acquisition5 of the two 2001-built containerships, each with a capacity of approximately 5,600 TEU. |
1 Discontinued operations - Costamare Bulkers Holdings Limited Spin-Off: On May 6, 2025, Costamare completed the spin-off of its dry bulk business (consisting of its dry bulk owned fleet and its dry bulk operating platform, Costamare Bulkers Inc. (“CBI”)) into a standalone public company, Costamare Bulkers Holdings Limited (NYSE: CMDB). Accordingly, the results of the dry bulk business are presented as discontinued operations in the Company’s consolidated financial statements for all relevant periods presented. Discontinued operations for the three-month and six-month periods ended June 30, 2025, include the results of the dry bulk business. There are no results of discontinued operations for the three-month and six-month periods ended June 30, 2026. Accordingly, results of discontinued operations are not comparable between periods.
2 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.
3 Liquidity includes cash and cash equivalents (including restricted cash) and short-term investments in U.S. Treasury Bills amounting to $19.6 million.
4 Certain of the financings are still in documentation stage.
5 Please refer to the Q1 2026 Earnings Release.
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| III. | 16 VESSEL NEWBUILDING PROGRAM – FUNDING UPDATE |
| · | The scheduled initial installments under the shipbuilding contracts for the 16 newbuild containerships announced in Q1 20265 have been paid and the respective debt portion has been drawn under the existing finance lease arrangements. | |
| · | The Company’s required equity contribution has been paid in full. | |
| · | All remaining shipyard installments are expected to be funded through the pre- and post-delivery financings arranged with two leading Chinese financial institutions. |
| IV. | SALE AND PURCHASE ACTIVITY – SECONDHAND VESSELS |
Vessel Sales
| · | Agreement for the sale of two 2002-built container vessels, Porto Kagio and Porto Germeno. |
| - | Sales are expected to conclude by the end of Q1 2027. |
| - | Estimated sale proceeds after respective debt prepayment of $54.5 million. |
| V. | FLEET EMPLOYMENT6 |
| · | 97% and 94% of the containership fleet7 fixed for 2026 and 2027, respectively. |
| · | Contracted revenues for the containership fleet of approximately $6.1 billion8 with a TEU-weighted duration of 5.9 years9. |
| VI. | LEASE FINANCING PLATFORM |
| · | Controlling interest in Neptune Maritime Leasing Limited (“NML”). |
| · | Growing leasing platform with 50 shipping assets10 funded or on a commitment status basis, representing total investments and commitments of more than $700 million, supported by what we believe is a healthy pipeline. |
| VII. | DIVIDEND ANNOUNCEMENTS |
| · | On July 1, 2026, the Company declared a dividend of $0.125 per share on the common stock, which is payable on August 6, 2026, to holders of record of common stock as of July 21, 2026. |
| · | On July 1, 2026, 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, 2026, to holders of record as of July 14, 2026. |
6 Please refer to the Containership Fleet List table in Exhibit 99.2 for additional information on vessel employment details for our containership fleet.
7 Calculated on a TEU basis. Includes two secondhand containerships agreed to be acquired (please refer to Q1 2026 Earnings Release).
8 For 16 of our vessels under construction the related post-delivery time charter rates are denominated in a currency other than US dollars. US dollar amounts presented herein have been translated at the closing exchange rate on July 24, 2026, and are shown for presentation purposes only.
9 As of July 24, 2026. Includes the contracted revenues of 22 vessels under construction and the two secondhand containerships agreed to be acquired (please refer to Q1 2026 Earnings Release).
10 Includes assets funded as of July 24, 2026 and contractual commitments as of July 24, 2026.
2
Mr. Gregory Zikos, Chief Financial Officer of Costamare Inc., commented:
“During the second quarter of the year, the Company generated Net Income of about $77 million. Total liquidity amounted to $423 million.
We have concluded numerous bilateral debt refinancing agreements for a total of $920 million and we expect to finalize during Q3 the documentation for additional refinancings of a total of $331 million. Credit approvals for the latter financial arrangements have been obtained.
All new agreements relate to vessels in our existing fleet and provide interest cost savings. As a result of the recent financing activity, we will have no debt maturities till 2030.
Regarding the market, charter rates are on a firming trend in an active market with a number of fixtures concluded across most vessel sizes.
97% and 94% of our containership fleet is fixed for 2026 and 2027, respectively, while contracted revenues have reached approximately $6.1 billion with a TEU-weighted duration of 5.9 years.
Finally, with respect to Neptune Maritime Leasing, where we hold a controlling interest, 50 shipping assets have been funded or are on a commitment status basis and total investments and commitments are exceeding $700 million.”
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Financial Summary – Continuing Operations
| Six-month period ended June 30, | Three-month period ended June 30, | |||||||||||||||
| (Expressed in thousands of U.S. dollars, except share and per share data) | 2025 | 2026 | 2025 | 2026 | ||||||||||||
| Voyage revenue | $ | 428,078 | $ | 402,311 | $ | 210,898 | $ | 200,753 | ||||||||
| Accrued charter revenue (1) | $ | (1,763 | ) | $ | (338 | ) | $ | 339 | $ | (1,242 | ) | |||||
| Amortization of time-charter assumed | $ | 33 | $ | 67 | $ | 49 | $ | 24 | ||||||||
| Amortization of deferred revenue | $ | - | $ | (6,545 | ) | $ | - | $ | (3,291 | ) | ||||||
| Voyage revenue adjusted on a cash basis (2) | $ | 426,348 | $ | 395,495 | $ | 211,286 | $ | 196,244 | ||||||||
| Income from investments in leaseback vessels | $ | 12,682 | $ | 17,932 | $ | 6,997 | $ | 8,432 | ||||||||
| Adjusted Net Income available to common stockholders from Continuing operations (3) | $ | 192,814 | $ | 151,146 | $ | 92,510 | $ | 75,122 | ||||||||
| Weighted Average number of shares | 120,039,623 | 120,666,982 | 120,118,047 | 120,742,914 | ||||||||||||
| Adjusted Earnings per share from Continuing operations (3) | $ | 1.61 | $ | 1.25 | $ | 0.77 | $ | 0.62 | ||||||||
| Net Income from Continuing operations | $ | 218,046 | $ | 165,801 | $ | 106,122 | $ | 83,902 | ||||||||
| Net Income from Continuing operations available to common stockholders | $ | 205,754 | $ | 152,647 | $ | 99,634 | $ | 77,361 | ||||||||
| Weighted Average number of shares | 120,039,623 | 120,666,982 | 120,118,047 | 120,742,914 | ||||||||||||
| Earnings per share from Continuing operations | $ | 1.71 | $ | 1.27 | $ | 0.83 | $ | 0.64 | ||||||||
(1) Accrued charter revenue represents the difference between cash received during the period and voyage 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 voyage 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 (i) non-cash “Accrued charter revenue” recorded under charters with escalating or descending charter rates, (ii) amortization of time charter assumed and (iii) amortization of deferred revenue. 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.
(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 relevant periods. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, voyage revenue, net income or other measures as determined in accordance with GAAP. Non-GAAP financial measures include (i) Voyage revenue adjusted on a cash basis (reconciled above), (ii) Adjusted Net Income from Continuing operations available to common stockholders and (iii) Adjusted Earnings per Share from Continuing operations.
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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) | 2025 | 2026 | 2025 | 2026 | ||||||||||||
| Net Income from Continuing operations | $ | 218,046 | $ | 165,801 | $ | 106,122 | $ | 83,902 | ||||||||
| Earnings allocated to Preferred Stock | (10,402 | ) | (10,402 | ) | (5,288 | ) | (5,288 | ) | ||||||||
| Non-Controlling Interest | (1,890 | ) | (2,752 | ) | (1,200 | ) | (1,253 | ) | ||||||||
| Net Income from Continuing operations available to common stockholders | 205,754 | 152,647 | 99,634 | 77,361 | ||||||||||||
| Accrued charter revenue | (1,763 | ) | (338 | ) | 339 | (1,242 | ) | |||||||||
| General and administrative expenses - non-cash component | 2,835 | 4,626 | 1,363 | 2,098 | ||||||||||||
| Amortization of time-charter assumed | 33 | 67 | 49 | 24 | ||||||||||||
| Amortization of deferred revenue | - | (6,545 | ) | - | (3,291 | ) | ||||||||||
| Realized (gain) / loss on Euro/USD forward contracts | (278 | ) | 32 | (496 | ) | 18 | ||||||||||
| (Gain) / Loss on derivative instruments, excluding realized (gain) / loss on derivative instruments (1) | (13,767 | ) | 657 | (8,379 | ) | 154 | ||||||||||
| Adjusted Net Income from Continuing operations available to common stockholders | $ | 192,814 | $ | 151,146 | $ | 92,510 | $ | 75,122 | ||||||||
| Adjusted Earnings per Share from Continuing operations | $ | 1.61 | $ | 1.25 | $ | 0.77 | $ | 0.62 | ||||||||
| Weighted average number of shares | 120,039,623 | 120,666,982 | 120,118,047 | 120,742,914 | ||||||||||||
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 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, amortization of deferred revenue, realized (gain)/loss on Euro/USD forward contracts, general and administrative expenses - non-cash component and (gain)/loss on derivative instruments, excluding realized (gain)/loss on derivative instruments. “Accrued charter revenue” is attributed to the timing difference between the revenue recognition and the cash collection. However, Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations are not recognized measurements under U.S. GAAP. We believe that the presentation of Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations are useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We also believe that Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations are useful in evaluating our ability to service additional debt and make capital expenditures. In addition, we believe that Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations are useful in evaluating our operating performance and liquidity position compared to that of other companies in our industry because the calculation of Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations generally eliminates the accounting effects of certain hedging instruments and other accounting treatments, items which may vary for different companies for reasons unrelated to overall operating performance and liquidity. In evaluating Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.
| (1) | Items to consider for comparability include gains and charges. Gains positively impacting Net Income from continuing operations available to common stockholders are reflected as deductions to Adjusted Net Income from continuing operations available to common stockholders. Charges negatively impacting Net Income from continuing operations available to common stockholders are reflected as increases to Adjusted Net Income from continuing operations available to common stockholders. |
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Exhibit 99.2
Financial Report
Results of Continuing Operations 1
Three-month period ended June 30, 2026 compared to the three-month period ended June 30, 2025
During the three-month periods ended June 30, 2026 and 2025, we had an average of 69.0 and 68.0 container vessels, respectively, in our owned fleet.
As of June 30, 2026, we have invested in Neptune Maritime Leasing Limited (“NML”) the amount of $182.2 million.
In the three-month periods ended June 30, 2026 and 2025, our fleet ownership days totaled 6,279 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(I),(II)
| Three-month period ended June 30, | Percentage | |||||||||||||||
| (Expressed in millions of U.S. dollars, except percentages) | 2025 | 2026 | Change | Change | ||||||||||||
| Voyage revenue | $ | 210.9 | $ | 200.8 | $ | (10.1 | ) | (4.8 | %) | |||||||
| Income from investments in leaseback vessels | 7.0 | 8.4 | 1.4 | 20.0 | % | |||||||||||
| Voyage expenses | (13.9 | ) | (15.4 | ) | 1.5 | 10.8 | % | |||||||||
| Voyage expenses – related parties | (2.9 | ) | (2.5 | ) | (0.4 | ) | (13.8 | %) | ||||||||
| Vessels’ operating expenses | (40.7 | ) | (41.9 | ) | 1.2 | 2.9 | % | |||||||||
| General and administrative expenses | (3.0 | ) | (3.2 | ) | 0.2 | 6.7 | % | |||||||||
| Management fees – related parties | (7.1 | ) | (7.5 | ) | 0.4 | 5.6 | % | |||||||||
| General and administrative expenses - non-cash component | (1.4 | ) | (2.1 | ) | 0.7 | 50.0 | % | |||||||||
| Amortization of dry-docking and special survey costs | (4.8 | ) | (5.6 | ) | 0.8 | 16.7 | % | |||||||||
| Depreciation | (31.9 | ) | (32.6 | ) | 0.7 | 2.2 | % | |||||||||
| Foreign exchange gains / (losses) | 2.4 | (0.7 | ) | (3.1 | ) | n.m. | ||||||||||
| Interest income | 5.5 | 2.8 | (2.7 | ) | (49.1 | %) | ||||||||||
| Interest and finance costs | (22.3 | ) | (17.5 | ) | (4.8 | ) | (21.5 | %) | ||||||||
| Other | (0.1 | ) | 0.1 | 0.2 | n.m. | |||||||||||
| Gain on derivative instruments, net | 8.4 | 0.8 | (7.6 | ) | (90.5 | %) | ||||||||||
| Net Income from Continuing operations | $ | 106.1 | $ | 83.9 | ||||||||||||
| Three-month period ended June 30, | Percentage | |||||||||||||||
| (Expressed in millions of U.S. dollars, except percentages) | 2025 | 2026 | Change | Change | ||||||||||||
| Voyage revenue | $ | 210.9 | $ | 200.8 | (10.1 | ) | (4.8 | %) | ||||||||
| Accrued charter revenue | 0.3 | (1.2 | ) | (1.5 | ) | n.m. | ||||||||||
| Amortization of time-charter assumed | - | - | - | n.m. | ||||||||||||
| Amortization of deferred revenue | - | (3.3 | ) | (3.3 | ) | n.m. | ||||||||||
| Voyage revenue adjusted on a cash basis (I) | $ | 211.2 | $ | 196.3 | (14.9 | ) | (7.1 | %) | ||||||||
1 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 the relevant periods presented. The discussion below focuses on the results from continuing operations.
1
| Vessels’ operational data (II) | Three-month period ended June 30, | Percentage | ||||||||||||||
| 2025 | 2026 | Change | Change | |||||||||||||
| Average number of vessels | 68.0 | 69.0 | 1.0 | 1.5 | % | |||||||||||
| Ownership days | 6,188 | 6,279 | 91 | 1.5 | % | |||||||||||
| Number of vessels under dry-docking and special survey | 3 | 8 | 5 | |||||||||||||
(I) 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.
(II) Vessels that are part of continuing operations.
Voyage Revenue
Voyage revenue decreased by 4.8%, or $10.1 million, to $200.8 million during the three-month period ended June 30, 2026, from $210.9 million during the three-month period ended June 30, 2025. The decrease period over period is mainly attributable to (i) the net decreased charter rates in certain of our vessels and (ii) the increased idle and off-hire days of our fleet (mainly due to scheduled dry-dockings) during the three-month period ended June 30, 2026 compared to the three-month period ended June 30, 2025; partly offset by (i) the contractual reimbursements from certain of our charterers for EU Emissions Allowances (“EUAs”) and Fuel EU Maritime penalties and (ii) the revenue earned by one container vessel acquired during the third quarter of 2025.
Voyage revenue adjusted on a cash basis (which eliminates non-cash “Accrued charter revenue”, amortization of time-charter assumed and amortization of deferred revenue) decreased by 7.1%, or $14.9 million, to $196.3 million during the three-month period ended June 30, 2026, from $211.2 million during the three-month period ended June 30, 2025.
Income from investments in leaseback vessels
Income from investments in leaseback vessels was $8.4 million and $7.0 million for the three-month periods ended June 30, 2026 and 2025, 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, 2026 compared to the three-month period ended June 30, 2025. NML acquires, owns and bareboat charters out vessels through its wholly-owned subsidiaries.
Voyage Expenses
Voyage expenses were $15.4 million and $13.9 million for the three-month periods ended June 30, 2026 and 2025, respectively. Voyage expenses increased period over period, mainly due to the recognition of increased net costs associated with EUAs, Fuel EU Maritime penalties and an increase in relevant expenses. However, a significant portion of these costs 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 $2.5 million and $2.9 million for the three-month periods ended June 30, 2026 and 2025, 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 one and two related charter brokerage companies for an amount of approximately $0.2 million and $0.3 million, in the aggregate, for the three-month periods ended June 30, 2026 and 2025, respectively.
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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 $41.9 million and $40.7 million during the three-month periods ended June 30, 2026 and 2025, respectively. Daily vessels’ operating expenses were $6,678 and $6,581 for the three-month periods ended June 30, 2026 and 2025, 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 $3.2 million and $3.0 million during the three-month periods ended June 30, 2026 and 2025, 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 $7.5 million and $7.1 million during the three-month periods ended June 30, 2026 and 2025, respectively. The amounts charged by our related party managers include amounts paid to third party managers of $1.5 million and $1.4 million for the three-month periods ended June 30, 2026 and 2025, respectively.
General and Administrative Expenses - non-cash component
General and administrative expenses - non-cash component for the three-month period ended June 30, 2026 amounted to $2.1 million, representing the value of the shares issued to a related service provider on June 30, 2026. 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.
Amortization of Dry-Docking and Special Survey Costs
Amortization of deferred dry-docking and special survey costs was $5.6 million and $4.8 million during the three-month periods ended June 30, 2026 and 2025, respectively. During the three-month period ended June 30, 2026, six vessels underwent and completed their special surveys, and two vessels were in the process of completing their special surveys. 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.
Depreciation
Depreciation expense for the three-month periods ended June 30, 2026 and 2025 was $32.6 million and $31.9 million, respectively.
Vessels held for sale
During the three-month period ended June 30, 2026, the container vessels Porto Kagio and Porto Germeno were classified as vessels held for sale but no loss on vessels held for sale was recorded since each vessel’s estimated fair value less costs to sell exceeded each vessel’s carrying value.
Interest Income
Interest income amounted to $2.8 million and $5.5 million for the three-month periods ended June 30, 2026 and 2025, respectively.
Interest and Finance Costs
Interest and finance costs were $17.5 million and $22.3 million during the three-month periods ended June 30, 2026 and 2025, respectively. The decrease is mainly attributable to the decreased interest expense due to a lower average loan balance and to the capitalized interest in relation with our newbuilding program during the three-month period ended June 30, 2026, compared to the three-month period ended June 30, 2025.
3
Gain on Derivative Instruments, net
As of June 30, 2026, 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, 2026, the fair value of these instruments, in aggregate, amounted to a net asset of $15.4 million. During the three-month period ended June 30, 2026, the change in the fair value (fair value as of June 30, 2026 compared to the fair value as of March 31, 2026) of the derivative instruments that qualify for hedge accounting resulted in a net gain of $0.2 million, which has been included in OCI. Furthermore, during the three-month period ended June 30, 2026 the change in the fair value (fair value as of June 30, 2026 compared to the fair value as of March 31, 2026) 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 $0.8 million, which has been included in Gain on Derivative Instruments, net.
Cash Flows from Continuing Operations2
Three-month periods ended June 30, 2026 and 2025
| Condensed cash flows from continuing operations | Three-month period ended June 30, | |||||||
| (Expressed in millions of U.S. dollars) | 2025 | 2026 | ||||||
| Net Cash Provided by Operating Activities | $ | 136.0 | $ | 101.8 | ||||
| Net Cash Used in Investing Activities | $ | (110.3 | ) | $ | (312.8 | ) | ||
| Net Cash Used in Financing Activities | $ | (373.6 | ) | $ | (10.6 | ) | ||
Net Cash Provided by Operating Activities
Net cash flows provided by operating activities for the three-month period ended June 30, 2026 decreased by $34.2 million to $101.8 million, from $136.0 million for the three-month period ended June 30, 2025. The decrease is mainly attributable to decreased net cash from operations and the increased special survey costs during the three-month period ended June 30, 2026 compared to the three-month period ended June 30, 2025; partly offset by the favorable change in working capital position, excluding the current portion of long-term debt and the accrued charter revenue (as described above) and by the decrease in interest payments (including interest derivatives net receipts) during the three-month period ended June 30, 2026 compared to the three-month period ended June 30, 2025.
Net Cash Used in Investing Activities
Net cash used in investing activities was $312.8 million in the three-month period ended June 30, 2026, which mainly consisted of (i) advance payments for the construction of 17 newbuild container vessels, (ii) advance payments for the acquisition of two secondhand container vessels and (iii) payments for upgrades for certain of our container vessels; partly offset by net receipts for net investments into which NML entered.
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.
2 Following the spin-off of the dry bulk business on May 6, 2025, the cash flows of the dry bulk business are reported as discontinued operations for the relevant periods presented. The discussion below focuses on the cash flows from continuing operations.
4
Net Cash Used in Financing Activities
Net cash used in financing activities was $10.6 million in the three-month period ended June 30, 2026, which mainly consisted of (i) $9.9 million of net receipts relating to our debt financing agreements (including proceeds of $182.1 million we received from four debt financing agreements), (ii) $13.8 million we paid for dividends to holders of our common stock for the first quarter of 2026 and (iii) $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, 2026 to April 14, 2026.
Net cash used in financing activities was $373.6 million in the three-month period ended June 30, 2025, which mainly consisted of (i) $260.0 million of payments relating to our debt financing agreements and finance lease liability agreement, (ii) $100.0 million transferred to the spun-off entities, (iii) $13.7 million we paid for dividends to holders of our common stock for the first quarter of 2025 and (iv) $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 and $2.2 million we paid for dividends to holders of our Series D Preferred Stock for the period from January 15, 2025 to April 14, 2025.
5
Results of Continuing Operations 3
Six-month period ended June 30, 2026 compared to the six-month period ended June 30, 2025
During the six-month periods ended June 30, 2026 and 2025, we had an average of 69.0 and 68.0 container vessels, respectively, in our owned fleet.
As of June 30, 2026, we have invested in NML the amount of $182.2 million.
In the six-month periods ended June 30, 2026 and 2025, our fleet ownership days totaled 12,489 and 12,308 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(I),(II)
| Six-month period ended June 30, | Percentage | |||||||||||||||
| (Expressed in millions of U.S. dollars, except percentages) | 2025 | 2026 | Change | Change | ||||||||||||
| Voyage revenue | $ | 428.1 | $ | 402.3 | $ | (25.8 | ) | (6.0 | %) | |||||||
| Income from investments in leaseback vessels | 12.7 | 17.9 | 5.2 | 40.9 | % | |||||||||||
| Voyage expenses | (23.4 | ) | (30.9 | ) | 7.5 | 32.1 | % | |||||||||
| Voyage expenses – related parties | (5.8 | ) | (5.0 | ) | (0.8 | ) | (13.8 | %) | ||||||||
| Vessels’ operating expenses | (79.2 | ) | (84.1 | ) | 4.9 | 6.2 | % | |||||||||
| General and administrative expenses | (7.2 | ) | (8.3 | ) | 1.1 | 15.3 | % | |||||||||
| Management fees – related parties | (14.2 | ) | (14.8 | ) | 0.6 | 4.2 | % | |||||||||
| General and administrative expenses - non-cash component | (2.8 | ) | (4.6 | ) | 1.8 | 64.3 | % | |||||||||
| Amortization of dry-docking and special survey costs | (9.5 | ) | (11.1 | ) | 1.6 | 16.8 | % | |||||||||
| Depreciation | (63.5 | ) | (65.4 | ) | 1.9 | 3.0 | % | |||||||||
| Foreign exchange gains / (losses) | 2.5 | (1.0 | ) | (3.5 | ) | n.m. | ||||||||||
| Interest income | 11.8 | 6.7 | (5.1 | ) | (43.2 | %) | ||||||||||
| Interest and finance costs | (45.2 | ) | (36.5 | ) | (8.7 | ) | (19.2 | %) | ||||||||
| Other | - | 0.3 | 0.3 | n.m. | ||||||||||||
| Gain on derivative instruments, net | 13.7 | 0.3 | (13.4 | ) | (97.8 | %) | ||||||||||
| Net Income from Continuing operations | $ | 218.0 | $ | 165.8 | ||||||||||||
| Six-month period ended June 30, | Percentage | |||||||||||||||
| (Expressed in millions of U.S. dollars, except percentages) | 2025 | 2026 | Change | Change | ||||||||||||
| Voyage revenue | $ | 428.1 | $ | 402.3 | $ | (25.8 | ) | (6.0 | %) | |||||||
| Accrued charter revenue | (1.8 | ) | (0.3 | ) | 1.5 | 83.3 | % | |||||||||
| Amortization of time-charter assumed | - | - | - | n.m. | ||||||||||||
| Amortization of deferred revenue | - | (6.5 | ) | (6.5 | ) | n.m. | ||||||||||
| Voyage revenue adjusted on a cash basis (I) | $ | 426.3 | $ | 395.5 | $ | (30.8 | ) | (7.2 | %) | |||||||
3 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 the relevant periods presented. The discussion below focuses on the results from continuing operations.
6
| Vessels’ operational data (II) | Six-month period ended June 30, | Percentage | ||||||||||||||
| 2025 | 2026 | Change | Change | |||||||||||||
| Average number of vessels | 68.0 | 69.0 | 1.0 | 1.5 | % | |||||||||||
| Ownership days | 12,308 | 12,489 | 181 | 1.5 | % | |||||||||||
| Number of vessels under dry-docking and special survey | 5 | 15 | 10 | |||||||||||||
(I) Voyage revenue adjusted on a cash basis is not a recognized measurement under 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.
(II) Vessels that are part of continuing operations.
Voyage Revenue
Voyage revenue decreased by 6.0%, or $25.8 million, to $402.3 million during the six-month period ended June 30, 2026, from $428.1 million during the six-month period ended June 30, 2025. The decrease period over period is mainly attributable to (i) the net decreased charter rates in certain of our vessels, (ii) the increased idle and off-hire days of our fleet (mainly due to scheduled dry-dockings) during the six-month period ended June 30, 2026 compared to the six-month period ended June 30, 2025 and (iii) the lower accounting revenue recorded for two of our vessels classified as sale type leases; partly offset by (i) the contractual reimbursements from certain of our charterers for EUAs and Fuel EU Maritime penalties and (ii) the revenue earned by one container vessel acquired during the third quarter of 2025.
Voyage revenue adjusted on a cash basis (which eliminates non-cash “Accrued charter revenue”, amortization of time-charter assumed and amortization of deferred revenue) decreased by 7.2%, or $30.8 million, to $395.5 million during the six-month period ended June 30, 2026, from $426.3 million during the six-month period ended June 30, 2025.
Income from investments in leaseback vessels
Income from investments in leaseback vessels was $17.9 million and $12.7 million for the six-month periods ended June 30, 2026 and 2025, 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, 2026 compared to the six-month period ended June 30, 2025. NML acquires, owns and bareboat charters out vessels through its wholly-owned subsidiaries.
Voyage Expenses
Voyage expenses were $30.9 million and $23.4 million for the six-month periods ended June 30, 2026 and 2025, respectively. Voyage expenses increased period over period, mainly due to the recognition of costs associated with EUAs, Fuel EU Maritime penalties and an increase in relevant expenses. However, a significant portion of these costs 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 $5.0 million and $5.8 million for the six-month periods ended June 30, 2026 and 2025, 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 one and two related charter brokerage companies for an amount of approximately $0.4 million and $0.7 million, in the aggregate, for the six-month periods ended June 30, 2026 and 2025, respectively.
7
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 $84.1 million and $79.2 million during the six-month periods ended June 30, 2026 and 2025, respectively. Daily vessels’ operating expenses were $6,733 and $6,432 for the six-month periods ended June 30, 2026 and 2025, 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 $8.3 million and $7.2 million during the six-month periods ended June 30, 2026 and 2025, 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 $14.8 million and $14.2 million during the six-month periods ended June 30, 2026 and 2025, respectively. The amounts charged by our related party managers include amounts paid to third party managers of $2.9 million and $2.8 million for the six-month periods ended June 30, 2026 and 2025, respectively.
General and Administrative Expenses - non-cash component
General and administrative expenses - non-cash component for the six-month period ended June 30, 2026 amounted to $4.6 million, representing the value of the shares issued to a related service provider on March 30, 2026 and on June 30, 2026. 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.
Amortization of Dry-Docking and Special Survey Costs
Amortization of deferred dry-docking and special survey costs was $11.1 million and $9.5 million during the six-month periods ended June 30, 2026 and 2025, respectively. During the six-month period ended June 30, 2026, 13 vessels underwent and completed their special surveys, and two vessels were in the process of completing their special surveys. 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.
Depreciation
Depreciation expense for the six-month periods ended June 30, 2026 and 2025 was $65.4 million and $63.5 million, respectively.
Vessels held for sale
During the six-month period ended June 30, 2026, the container vessels Porto Kagio and Porto Germeno were classified as vessels held for sale, but no loss on vessels held for sale was recorded since each vessel’s estimated fair value less costs to sell exceeded each vessel’s carrying value.
Interest Income
Interest income amounted to $6.7 million and $11.8 million for the six-month periods ended June 30, 2026 and 2025, respectively.
Interest and Finance Costs
Interest and finance costs were $36.5 million and $45.2 million during the six-month periods ended June 30, 2026 and 2025, respectively. The decrease is mainly attributable to the decreased interest expense due to a lower average loan balance and to the capitalized interest in relation with our newbuilding program during the six-month period ended June 30, 2026, compared to the six-month period ended June 30, 2025.
8
Gain on Derivative Instruments, net
As of June 30, 2026, 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, 2026, the fair value of these instruments, in aggregate, amounted to a net asset of $15.4 million. During the six-month period ended June 30, 2026, the change in the fair value (fair value as of June 30, 2026 compared to the fair value as of December 31, 2025) of the derivative instruments that qualify for hedge accounting resulted in a gain of $1.5 million, which has been included in OCI. Furthermore, during the six-month period ended June 30, 2026, the change in the fair value (fair value as of June 30, 2026 compared to the fair value as of December 31, 2025) of the derivative instruments that do not qualify for hedge accounting, including the realized components of such derivative instruments during the period, resulted in a net gain of $0.3 million, which has been included in Gain on Derivative Instruments, net.
Cash Flows from Continuing Operations 4
Six-month periods ended June 30, 2026 and 2025
| Condensed cash flows from continuing operations | Six-month period ended June 30, | |||||||
| (Expressed in millions of U.S. dollars) | 2025 | 2026 | ||||||
| Net Cash Provided by Operating Activities | $ | 283.2 | $ | 214.2 | ||||
| Net Cash Used in Investing Activities | $ | (107.8 | ) | $ | (327.4 | ) | ||
| Net Cash Used in Financing Activities | $ | (389.8 | ) | $ | (53.7 | ) | ||
Net Cash Provided by Operating Activities
Net cash flows provided by operating activities for the six-month period ended June 30, 2026 decreased by $69.0 million to $214.2 million, from $283.2 million for the six-month period ended June 30, 2025. The decrease is mainly attributable to decreased net cash from operations and the increased special survey costs during the six-month period ended June 30, 2026 compared to the six-month period ended June 30, 2025; partly offset by the favorable change in working capital position, excluding the current portion of long-term debt and the accrued charter revenue (as described above) and by the decrease in interest payments (including interest derivatives net receipts) during the six-month period ended June 30, 2026 compared to the six-month period ended June 30, 2025.
Net Cash Used in Investing Activities
Net cash used in investing activities was $327.4 million in the six-month period ended June 30, 2026, which mainly consisted of (i) advance payments for the construction of 18 newbuild container vessels, (ii) advance payments for the acquisition of two secondhand container vessels and (iii) payments for upgrades for certain of our container vessels; partly offset by net receipts for net investments into which NML entered.
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.
4 Following the spin-off of the dry bulk business on May 6, 2025, the cash flows of the dry bulk business are reported as discontinued operations for the relevant periods presented. The discussion below focuses on the cash flows from continuing operations.
9
Net Cash Used in Financing Activities
Net cash used in financing activities was $53.7 million in the six-month period ended June 30, 2026, which mainly consisted of (i) $11.0 million net payments relating to our debt financing agreements (including proceeds of $295.6 million we received from seven debt financing agreements), (ii) $27.6 million we paid for dividends to holders of our common stock for the fourth quarter of 2025 and the first quarter of 2026 and (iii) $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, 2025 to January 14, 2026 and January 15, 2026 to April 14, 2026.
Net cash used in financing activities was $389.8 million in the six-month period ended June 30, 2025, which mainly consisted of (i) $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), (ii) $100.0 million transferred to the spun-off entities, (iii) $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 (iv) $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.
Liquidity and Unencumbered Vessels
Cash and cash equivalents
As of June 30, 2026, we had Cash and cash equivalents (including restricted cash) of $403.4 million and $19.6 million invested in short-dated U.S. Treasury Bills (short-term investments).
Debt-free vessels
As of July 24, 2026, the following vessels were free of debt.
Unencumbered Vessels
(Refer to Fleet list for full details)
| Vessel Name | Year Built |
TEU Capacity |
||
| KURE | 1996 | 7,403 | ||
| KOWLOON | 2005 | 7,471 | ||
| MAERSK PUELO | 2006 | 6,541 | ||
| VULPECULA | 2010 | 4,258 | ||
| VOLANS | 2010 | 4,258 | ||
| VIRGO | 2009 | 4,258 | ||
| ETOILE | 2005 | 2,556 | ||
| ARKADIA | 2001 | 1,550 | ||
| MICHIGAN | 2008 | 1,300 |
10
About Costamare Inc.
Costamare Inc. is one of the world’s leading owners and providers of containerships for charter. The Company has 52 years of history in the international shipping industry and a fleet of 69 containerships in the water (including two vessels we have agreed to sell), with a total capacity of approximately 520,000 TEU. The Company also has 22 newbuild containerships under construction and has agreed to acquire two secondhand containerships. These 24 vessels have a total capacity of approximately 152,600 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
11
Containership Fleet List
The tables below provide additional information, as of July 24, 2026, about our fleet of containerships, including the vessels under construction, and those vessels subject to sale and leaseback agreements. Each vessel is a cellular containership, meaning it is a dedicated container vessel.
|
|
Vessel Name | Charterer | Year Built | Capacity (TEU) | Average Daily Charter Rate(1) (U.S. dollars) | TEU-weighted duration(2) (in years) |
Expiration of Charter(3) |
| 1 | TRITON | Evergreen/(*) | 2016 | 14,424 | 40,810 | 6.5 | March 2036 |
| 2 | TITAN | Evergreen/(*) | 2016 | 14,424 | April 2036 | ||
| 3 | TALOS | Evergreen/(*) | 2016 | 14,424 | July 2036 | ||
| 4 | TAURUS | Evergreen/(*) | 2016 | 14,424 | August 2036 | ||
| 5 | THESEUS | Evergreen/(*) | 2016 | 14,424 | August 2036 | ||
| 6 | YM TRIUMPH | Yang Ming | 2020 | 12,690 | May 2030 | ||
| 7 | YM TRUTH | Yang Ming | 2020 | 12,690 | May 2030 | ||
| 8 | YM TOTALITY(i) | Yang Ming | 2020 | 12,690 | July 2030 | ||
| 9 | YM TARGET(i) | Yang Ming | 2021 | 12,690 | November 2030 | ||
| 10 | YM TIPTOP(i) | Yang Ming | 2021 | 12,690 | March 2031 | ||
| 11 | CAPE AKRITAS | MSC | 2016 | 11,010 | August 2031 | ||
| 12 | CAPE TAINARO | MSC | 2017 | 11,010 | April 2031 | ||
| 13 | CAPE KORTIA | MSC | 2017 | 11,010 | August 2031 | ||
| 14 | CAPE SOUNIO | MSC | 2017 | 11,010 | April 2031 | ||
| 15 | CAPE ARTEMISIO | MSC | 2017 | 11,010 | September 2030 | ||
| 16 | SHANGHAI | COSCO | 2006 | 9,469 | 34,883 | 2.8 | August 2028 |
| 17 | YANTIAN I | COSCO | 2006 | 9,469 | July 2028 | ||
| 18 | YANTIAN | COSCO | 2006 | 9,469 | May 2028 | ||
| 19 | COSCO HELLAS | COSCO/(*) | 2006 | 9,469 | August 2028 | ||
| 20 | BEIJING | COSCO | 2006 | 9,469 | July 2028 | ||
| 21 | MSC AZOV | MSC/(*) | 2014 | 9,403 | December 2029 | ||
| 22 | MSC AMALFI | MSC/(*) | 2014 | 9,403 | January 2030 | ||
| 23 | MSC AJACCIO | MSC/(*) | 2014 | 9,403 | December 2029 | ||
| 24 | MSC ATHENS | MSC | 2013 | 8,827 | January 2029 | ||
| 25 | MSC ATHOS | MSC | 2013 | 8,827 | February 2029 | ||
| 26 | VALOR | MSC | 2013 | 8,827 | May 2030 | ||
| 27 | VALUE | MSC | 2013 | 8,827 | June 2030 | ||
| 28 | VALIANT | MSC | 2013 | 8,827 | August 2030 | ||
| 29 | VALENCE | MSC | 2013 | 8,827 | August 2030 | ||
| 30 | VANTAGE | MSC | 2013 | 8,827 | November 2030 | ||
| 31 | NAVARINO | MSC | 2010 | 8,531 | March 2029 | ||
| 32 | KLEVEN | MSC/(*) | 1996 | 8,044 | April 2028 | ||
| 33 | KOTKA | MSC/(*) | 1996 | 8,044 | September 2028 | ||
| 34 | KOWLOON | MSC | 2005 | 7,471 | January 2029 | ||
| 35 | KURE | MSC/(*) | 1996 | 7,403 | August 2028 | ||
| 36 | METHONI | Maersk/(*) | 2003 | 6,724 | 31,039 | 2.4 | July 2029 |
| 37 | PORTO CHELI | Maersk/(*) | 2001 | 6,712 | July 2029 | ||
| 38 | TAMPA I | COSCO | 2000 | 6,648 | September 2028 | ||
| 39 | ZIM VIETNAM | ZIM | 2003 | 6,644 | December 2028 | ||
| 40 | ZIM AMERICA | ZIM | 2003 | 6,644 | December 2028 | ||
| 41 | MAERSK PUELO | Maersk | 2006 | 6,541 | October 2026(4) | ||
| 42 | ARIES | ONE | 2004 | 6,492 | March 2029 | ||
| 43 | ARGUS | ONE | 2004 | 6,492 | May 2029 | ||
| 44 | PORTO KAGIO(ii) | Maersk | 2002 | 5,908 | September 2026 | ||
| 45 | GLEN CANYON | OOCL | 2006 | 5,642 | September 2028 | ||
| 46 | NEW ACQUISITION No1(iii) | (*) | 2001 | 5,610 | May 2030(5) | ||
| 47 | NEW ACQUISITION No2(iii) | (*) | 2001 | 5,610 | May 2030(5) | ||
| 48 | PORTO GERMENO(ii) | Maersk | 2002 | 5,570 | September 2026 | ||
| 49 | LEONIDIO | Maersk/(*) | 2014 | 4,957 | August 2029 | ||
| 50 | KYPARISSIA | Maersk/(*) | 2014 | 4,957 | August 2029 | ||
| 51 | MEGALOPOLIS | Maersk/(*) | 2013 | 4,957 | May 2030 | ||
| 52 | MARATHOPOLIS | Maersk/(*) | 2013 | 4,957 | May 2030 |
12
|
|
Vessel Name | Charterer | Year Built | Capacity (TEU) | Average Daily Charter Rate(1) (U.S. dollars) | TEU-weighted duration(2) (in years) |
Expiration of Charter(3) |
| 53 | GIALOVA | ONE | 2009 | 4,578 | 26,879 | 2.4 | April 2029 |
| 54 | DYROS | Maersk/(*) | 2008 | 4,578 | April 2030 | ||
| 55 | NORFOLK | OOCL | 2009 | 4,259 | March 2028 | ||
| 56 | VULPECULA | ZIM | 2010 | 4,258 | May 2028 | ||
| 57 | VOLANS | COSCO | 2010 | 4,258 | July 2027 | ||
| 58 | VIRGO | Maersk/(*) | 2009 | 4,258 | April 2030 | ||
| 59 | VELA | ZIM | 2009 | 4,258 | April 2028 | ||
| 60 | ANDROUSA | OOCL | 2010 | 4,256 | April 2029 | ||
| 61 | NEOKASTRO | CMA CGM | 2011 | 4,178 | 21,214 | 1.9 | April 2030 |
| 62 | ULSAN | Maersk/(*) | 2002 | 4,132 | July 2029 | ||
| 63 | POLAR BRASIL | Maersk | 2018 | 3,800 | March 2027(6) | ||
| 64 | LAKONIA | COSCO | 2004 | 2,586 | February 2027 | ||
| 65 | SCORPIUS | Maersk | 2007 | 2,572 | March 2028 | ||
| 66 | ETOILE | MSC/(*) | 2005 | 2,556 | July 2028 | ||
| 67 | AREOPOLIS | COSCO | 2000 | 2,474 | March 2027 | ||
| 68 | ARKADIA | Evergreen/(*) | 2001 | 1,550 | November 2028 | ||
| 69 | MICHIGAN | MSC | 2008 | 1,300 | October 2027 | ||
| 70 | TRADER | MSC/(*) | 2008 | 1,300 | October 2028 | ||
| 71 | LUEBECK | MSC | 2001 | 1,078 | April 2028 |
13
Containerships under construction
|
|
Vessel | Charterer | Capacity (TEU) | Estimated Delivery(7) | Employment |
| 1 | Newbuilding 1 | COSCO | 9,200 | Q3 2028 | Long Term Employment upon delivery from shipyard |
| 2 | Newbuilding 2 | COSCO | 9,200 | Q3 2028 | Long Term Employment upon delivery from shipyard |
| 3 | Newbuilding 3 | COSCO | 9,200 | Q4 2028 | Long Term Employment upon delivery from shipyard |
| 4 | Newbuilding 4 | COSCO | 9,200 | Q4 2028 | Long Term Employment upon delivery from shipyard |
| 5 | Newbuilding 5 | COSCO | 9,200 | Q1 2029 | Long Term Employment upon delivery from shipyard |
| 6 | Newbuilding 6 | COSCO | 9,200 | Q2 2029 | Long Term Employment upon delivery from shipyard |
| 7 | Newbuilding 7 | COSCO | 9,200 | Q2 2029 | Long Term Employment upon delivery from shipyard |
| 8 | Newbuilding 8 | COSCO | 9,200 | Q3 2029 | Long Term Employment upon delivery from shipyard |
| 9 | Newbuilding 9 | COSCO | 9,200 | Q4 2029 | Long Term Employment upon delivery from shipyard |
| 10 | Newbuilding 10 | COSCO | 9,200 | Q4 2029 | Long Term Employment upon delivery from shipyard |
| 11 | Newbuilding 11 | COSCO | 9,200 | Q1 2030 | Long Term Employment upon delivery from shipyard |
| 12 | Newbuilding 12 | COSCO | 9,200 | Q2 2030 | Long Term Employment upon delivery from shipyard |
| 13 | Newbuilding 13 | (*) | 3,100 | Q2 2027 | Long Term Employment upon delivery from shipyard |
| 14 | Newbuilding 14 | (*) | 3,100 | Q2 2027 | Long Term Employment upon delivery from shipyard |
| 15 | Newbuilding 15 | COSCO | 3,100 | Q3 2027 | Long Term Employment upon delivery from shipyard |
| 16 | Newbuilding 16 | (*) | 3,100 | Q3 2027 | Long Term Employment upon delivery from shipyard |
| 17 | Newbuilding 17 | (*) | 3,100 | Q3 2027 | Long Term Employment upon delivery from shipyard |
| 18 | Newbuilding 18 | (*) | 3,100 | Q3 2027 | Long Term Employment upon delivery from shipyard |
| 19 | Newbuilding 19 | (*) | 3,100 | Q4 2027 | Long Term Employment upon delivery from shipyard |
| 20 | Newbuilding 20 | COSCO | 3,100 | Q2 2028 | Long Term Employment upon delivery from shipyard |
| 21 | Newbuilding 21 | COSCO | 3,100 | Q3 2028 | Long Term Employment upon delivery from shipyard |
| 22 | Newbuilding 22 | COSCO | 3,100 | Q3 2028 | Long Term Employment upon delivery from shipyard |
| (1) | Average Daily charter rate is calculated by dividing the total contracted revenues with the remaining employment days per capacity-group of vessels. |
| (2) | TEU-weighted duration reflects the average remaining duration per capacity-group of vessels weighted on a TEU basis. |
| (3) | Expiration dates are based on the earliest date charters (unless otherwise noted) could expire. |
| (4) | Maersk Puelo is currently chartered to Maersk until October 2026 (earliest redelivery) - September 2031 (latest redelivery). |
| (5) | Assuming delivery of each of the vessels in November 2026. |
| (6) | Charterer has the option to extend the current time charter for an additional one-year period. |
| (7) | Based on the shipbuilding contract, subject to change. |
| (i) | Denotes vessels subject to a sale and leaseback transaction. |
| (ii) | Denotes vessel we have agreed to sell. |
| (iii) | Denotes vessel we have agreed to acquire. | |
| (*) | Denotes charterer’s identity, which is treated as confidential. |
14
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) | 2025 | 2026 | 2025 | 2026 | ||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||
| REVENUES: | ||||||||||||||||
| Voyage revenue | $ | 428,078 | $ | 402,311 | $ | 210,898 | $ | 200,753 | ||||||||
| Income from investments in leaseback vessels | 12,682 | 17,932 | 6,997 | 8,432 | ||||||||||||
| Total revenues | $ | 440,760 | $ | 420,243 | $ | 217,895 | $ | 209,185 | ||||||||
| EXPENSES: | ||||||||||||||||
| Voyage expenses | (23,383 | ) | (30,859 | ) | (13,870 | ) | (15,436 | ) | ||||||||
| Voyage expenses – related parties | (5,819 | ) | (5,032 | ) | (2,891 | ) | (2,496 | ) | ||||||||
| Vessels’ operating expenses | (79,171 | ) | (84,089 | ) | (40,721 | ) | (41,931 | ) | ||||||||
| General and administrative expenses | (7,240 | ) | (8,301 | ) | (3,036 | ) | (3,161 | ) | ||||||||
| Management fees – related parties | (14,178 | ) | (14,784 | ) | (7,135 | ) | (7,450 | ) | ||||||||
| General and administrative expenses – non-cash component | (2,835 | ) | (4,626 | ) | (1,363 | ) | (2,098 | ) | ||||||||
| Amortization of dry-docking and special survey costs | (9,530 | ) | (11,108 | ) | (4,845 | ) | (5,592 | ) | ||||||||
| Depreciation | (63,492 | ) | (65,414 | ) | (31,888 | ) | (32,617 | ) | ||||||||
| Foreign exchange gains / (losses) | 2,571 | (976 | ) | 2,461 | (655 | ) | ||||||||||
| Operating income | $ | 237,683 | $ | 195,054 | $ | 114,607 | $ | 97,749 | ||||||||
| OTHER INCOME / (EXPENSES): | ||||||||||||||||
| Interest income | $ | 11,779 | $ | 6,652 | $ | 5,478 | $ | 2,821 | ||||||||
| Interest and finance costs | (45,210 | ) | (36,509 | ) | (22,256 | ) | (17,557 | ) | ||||||||
| Other | 27 | 278 | (86 | ) | 60 | |||||||||||
| Gain on derivative instruments, net | 13,767 | 326 | 8,379 | 829 | ||||||||||||
| Total other expenses, net | $ | (19,637 | ) | $ | (29,253 | ) | $ | (8,485 | ) | $ | (13,847 | ) | ||||
| Net Income from continuing operations | $ | 218,046 | $ | 165,801 | $ | 106,122 | $ | 83,902 | ||||||||
| Net Loss from discontinued operations | (27,547 | ) | - | (16,466 | ) | - | ||||||||||
| Net Income | $ | 190,499 | $ | 165,801 | $ | 89,656 | $ | 83,902 | ||||||||
| Earnings allocated to Preferred Stock | (10,402 | ) | (10,402 | ) | (5,288 | ) | (5,288 | ) | ||||||||
| Net Income attributable to the non-controlling interest | (1,677 | ) | (2,752 | ) | (962 | ) | (1,253 | ) | ||||||||
| Net Income available to common stockholders | $ | 178,420 | $ | 152,647 | $ | 83,406 | $ | 77,361 | ||||||||
| Earnings per common share, basic and diluted - Total | $ | 1.49 | $ | 1.27 | $ | 0.69 | $ | 0.64 | ||||||||
| Earnings per common share, basic and diluted – Continuing operations | $ | 1.71 | $ | 1.27 | $ | 0.83 | $ | 0.64 | ||||||||
| Losses per common share, basic and diluted – Discontinued operations | $ | (0.23 | ) | $ | - | $ | (0.14 | ) | $ | - | ||||||
| Weighted average number of shares, basic and diluted | 120,039,623 | 120,666,982 | 120,118,047 | 120,742,914 | ||||||||||||
15
COSTAMARE INC.
Consolidated Balance Sheets
| (Expressed in thousands of U.S. dollars) | As of December 31, 2025 | As of June 30, 2026 | ||||||
| ASSETS | (Audited) | (Unaudited) | ||||||
| CURRENT ASSETS: | ||||||||
| Cash and Cash equivalents | $ | 519,847 | $ | 353,777 | ||||
| Restricted cash | 8,123 | 7,025 | ||||||
| Short-term investments | 19,276 | 19,604 | ||||||
| Investment in leaseback vessels, current | 55,075 | 58,100 | ||||||
| Due from related parties, current | - | 75 | ||||||
| Accounts receivable | 11,580 | 16,107 | ||||||
| Inventories | 14,121 | 15,868 | ||||||
| Fair value of derivatives | 5,349 | 6,170 | ||||||
| Insurance claims receivable | 7,005 | 11,369 | ||||||
| Time-charter assumed | 74 | 7 | ||||||
| Vessels held for sale | - | 45,494 | ||||||
| Accrued charter revenue | 5,576 | 5,975 | ||||||
| Prepayments and other | 44,642 | 58,533 | ||||||
| Total current assets | $ | 690,668 | $ | 598,104 | ||||
| FIXED ASSETS, NET: | ||||||||
| Vessels and advances, net | 2,738,982 | 2,973,376 | ||||||
| Total fixed assets, net | $ | 2,738,982 | $ | 2,973,376 | ||||
| NON-CURRENT ASSETS: | ||||||||
| Investment in leaseback vessels, non-current | $ | 309,515 | $ | 293,222 | ||||
| Deferred charges, net | 53,792 | 68,030 | ||||||
| Net investment in sales type lease (Vessels), non-current | 11,282 | 17,045 | ||||||
| Accounts receivable, non-current | 2,025 | 1,875 | ||||||
| Due from related parties, non-current | 1,125 | 1,050 | ||||||
| Restricted cash | 42,307 | 42,584 | ||||||
| Fair value of derivatives, non-current | 9,294 | 9,425 | ||||||
| Accrued charter revenue, non-current | 3,672 | 3,999 | ||||||
| Total assets | $ | 3,862,662 | $ | 4,008,710 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Current portion of long-term debt | $ | 268,131 | $ | 231,671 | ||||
| Accounts payable | 11,267 | 26,350 | ||||||
| Due to related parties | 7,224 | 9,928 | ||||||
| Accrued liabilities | 22,620 | 19,155 | ||||||
| Unearned revenue | 42,627 | 50,980 | ||||||
| Fair value of derivatives | 24 | 185 | ||||||
| Other current liabilities | 46,675 | 33,397 | ||||||
| Total current liabilities | $ | 398,568 | $ | 371,666 | ||||
| NON-CURRENT LIABILITIES | ||||||||
| Long-term debt, net of current portion | $ | 1,246,707 | $ | 1,272,751 | ||||
| Fair value of derivatives, net of current portion | 45 | - | ||||||
| Unearned revenue, net of current portion | 43,161 | 36,911 | ||||||
| Other non-current liabilities | 15,225 | 35,691 | ||||||
| Total non-current liabilities | $ | 1,305,138 | $ | 1,345,353 | ||||
| COMMITMENTS AND CONTINGENCIES | - | - | ||||||
| STOCKHOLDERS’ EQUITY: | ||||||||
| Preferred stock | $ | - | $ | - | ||||
| Common stock | 13 | 13 | ||||||
| Treasury stock | (120,095 | ) | (120,095 | ) | ||||
| Additional paid-in capital | 1,333,223 | 1,338,001 | ||||||
| Retained earnings | 868,733 | 993,569 | ||||||
| Accumulated other comprehensive income | 4,320 | 7,926 | ||||||
| Total Costamare Inc. stockholders’ equity | $ | 2,086,194 | $ | 2,219,414 | ||||
| Non-controlling interest | 72,762 | 72,277 | ||||||
| Total stockholders’ equity | 2,158,956 | 2,291,691 | ||||||
| Total liabilities and stockholders’ equity | $ | 3,862,662 | $ | 4,008,710 | ||||
16
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) | 2025 | 2026 | 2025 | 2026 | ||||||||||||
| Voyage revenue | $ | 428,078 | $ | 402,311 | $ | 210,898 | $ | 200,753 | ||||||||
| Accrued charter revenue (1) | $ | (1,763 | ) | $ | (338 | ) | $ | 339 | $ | (1,242 | ) | |||||
| Amortization of time-charter assumed | $ | 33 | $ | 67 | $ | 49 | $ | 24 | ||||||||
| Amortization of deferred revenue | $ | - | $ | (6,545 | ) | $ | - | $ | (3,291 | ) | ||||||
| Voyage revenue adjusted on a cash basis (2) | $ | 426,348 | $ | 395,495 | $ | 211,286 | $ | 196,244 | ||||||||
| Income from investments in leaseback vessels | $ | 12,682 | $ | 17,932 | $ | 6,997 | $ | 8,432 | ||||||||
| Adjusted Net Income available to common stockholders from Continuing operations (3) | $ | 192,814 | $ | 151,146 | $ | 92,510 | $ | 75,122 | ||||||||
| Weighted Average number of shares | 120,039,623 | 120,666,982 | 120,118,047 | 120,742,914 | ||||||||||||
| Adjusted Earnings per share from Continuing operations (3) | $ | 1.61 | $ | 1.25 | $ | 0.77 | $ | 0.62 | ||||||||
| Net Income from Continuing operations | $ | 218,046 | $ | 165,801 | $ | 106,122 | $ | 83,902 | ||||||||
| Net Income from Continuing operations available to common stockholders | $ | 205,754 | $ | 152,647 | $ | 99,634 | $ | 77,361 | ||||||||
| Weighted Average number of shares | 120,039,623 | 120,666,982 | 120,118,047 | 120,742,914 | ||||||||||||
| Earnings per share from Continuing operations | $ | 1.71 | $ | 1.27 | $ | 0.83 | $ | 0.64 | ||||||||
(1) Accrued charter revenue represents the difference between cash received during the period and voyage 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 voyage 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 (i) non-cash “Accrued charter revenue” recorded under charters with escalating or descending charter rates, (ii) amortization of time charter assumed and (iii) amortization of deferred revenue. 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.
(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 relevant periods. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, voyage revenue, net income or other measures as determined in accordance with GAAP. Non-GAAP financial measures include (i) Voyage revenue adjusted on a cash basis (reconciled above), (ii) Adjusted Net Income from Continuing operations available to common stockholders and (iii) Adjusted Earnings per Share from Continuing operations.
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Reconciliation of Net Income from Continuing Operations to Adjusted Net Income from Continuing Operations available to common stockholders and Adjusted Earnings per Share from Continuing Operations
| Six-month period ended June 30, | Three-month period ended June 30, | |||||||||||||||
| (Expressed in thousands of U.S. dollars, except share and per share data) | 2025 | 2026 | 2025 | 2026 | ||||||||||||
| Net Income from Continuing operations | $ | 218,046 | $ | 165,801 | $ | 106,122 | $ | 83,902 | ||||||||
| Earnings allocated to Preferred Stock | (10,402 | ) | (10,402 | ) | (5,288 | ) | (5,288 | ) | ||||||||
| Non-Controlling Interest | (1,890 | ) | (2,752 | ) | (1,200 | ) | (1,253 | ) | ||||||||
| Net Income from Continuing operations available to common stockholders | 205,754 | 152,647 | 99,634 | 77,361 | ||||||||||||
| Accrued charter revenue | (1,763 | ) | (338 | ) | 339 | (1,242 | ) | |||||||||
| General and administrative expenses - non-cash component | 2,835 | 4,626 | 1,363 | 2,098 | ||||||||||||
| Amortization of time-charter assumed | 33 | 67 | 49 | 24 | ||||||||||||
| Amortization of deferred revenue | - | (6,545 | ) | - | (3,291 | ) | ||||||||||
| Realized (gain) / loss on Euro/USD forward contracts | (278 | ) | 32 | (496 | ) | 18 | ||||||||||
| (Gain) / Loss on derivative instruments, excluding realized (gain) / loss on derivative instruments (1) | (13,767 | ) | 657 | (8,379 | ) | 154 | ||||||||||
| Adjusted Net Income from Continuing operations available to common stockholders | $ | 192,814 | $ | 151,146 | $ | 92,510 | $ | 75,122 | ||||||||
| Adjusted Earnings per Share from Continuing operations | $ | 1.61 | $ | 1.25 | $ | 0.77 | $ | 0.62 | ||||||||
| Weighted average number of shares | 120,039,623 | 120,666,982 | 120,118,047 | 120,742,914 | ||||||||||||
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 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, amortization of deferred revenue, realized (gain)/loss on Euro/USD forward contracts, general and administrative expenses - non-cash component and (gain)/loss on derivative instruments, excluding realized (gain)/loss on derivative instruments. “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. |
18