Costamare Inc 6-K, filed Aug 8, 2024

Costamare Inc. (CMRE)

6-K 2024-08-08 For: 2024-06-30

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Added on April 09, 2026

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Costamare Inc filed this 6-K on August 8, 2024.

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99.1	Unaudited interim condensed consolidated financial statements of Costamare Inc. for the six-month period ended June 30, 2024, 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, 2023			June 30, 2024
ASSETS	*(Audited)*			*(Unaudited)*
CURRENT ASSETS:
Cash and cash equivalents (Note 1)	$	745,544		$	894,915
Restricted cash (Note 1)		10,645			7,528
Margin deposits (Note 22(d))		13,748			10,840
Accounts receivable, net (Note 3)		50,684			65,682
Inventories (Note 6)		61,266			54,219
Due from related parties (Note 3)		4,119			18,918
Fair value of derivatives (Notes 22 and 23)		33,310			51,785
Insurance claims receivable		18,458			18,949
Time charter assumed (Note 14)		405			198
Accrued charter revenue (Note 14)		9,752			9,255
Short-term investments (Note 5)		17,492			18,037
Investment in leaseback vessels (Note 12(b))		27,362			31,526
Net investment in sales type lease vessels, current (Note 12(c))		22,620			27,217
Prepayments and other assets		61,949			59,425
Vessels held for sale (Note 7)		40,307			12,250
Total current assets		1,117,661			1,280,744
FIXED ASSETS, NET:
Vessels and advances, net (Note 7)		3,446,797			3,378,200
Total fixed assets, net		3,446,797			3,378,200
OTHER NON-CURRENT ASSETS:
Equity method investments (Note 10)		552			104
Investment in leaseback vessels, non-current (Note 12(b))		191,674			225,428
Accounts receivable, net, non-current (Note 3)		5,586			5,486
Deferred charges, net (Note 8)		72,801			72,109
Finance leases, right-of-use assets (Note 12(a))		39,211			38,518
Net investment in sales type lease vessels, non-current (Note 12(c))		19,482			6,141
Restricted cash, non-current (Note 1)		69,015			71,038
Time charter assumed, non-current (Note 14)		269			171
Accrued charter revenue, non-current (Note 14)		10,937			6,580
Fair value of derivatives, non-current (Notes 22 and 23)		28,639			34,199
Operating leases, right-of-use assets (Note 13)		284,398			236,911
Total assets	$	5,287,022		$	5,355,629
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt, net of deferred financing costs (Note 11)	$	347,027		$	338,729
Accounts payable		46,769			61,278
Due to related parties (Note 3)		3,172			1,779
Finance lease liability (Note 12 (a))		2,684			25,244
Operating lease liabilities, current portion (Note 13)		160,993			151,782
Accrued liabilities		39,521			35,128
Unearned revenue (Note 14)		52,177			52,399
Fair value of derivatives (Notes 22 and 23)		3,050			5,088
Series E Preferred Stock (Notes 17 and 18)		-			116,523
Other current liabilities		7,377			9,207
Total current liabilities		662,770			797,157
NON-CURRENT LIABILITIES:
Long-term debt, net of current portion and deferred financing costs (Note 11)		1,999,193			1,925,154
Finance lease liability, net of current portion (Note 12 (a))		23,877			-
Operating lease liabilities, non-current portion (Note 13)		114,063			79,559
Fair value of derivatives, non-current portion (Notes 22 and 23)		11,194			9,977
Unearned revenue, net of current portion (Note 14)		27,352			21,140
Other non-current liabilities		9,184			19,252
Total non-current liabilities		2,184,863			2,055,082
COMMITMENTS AND CONTINGENCIES (Note 15)		-			-
Temporary equity – Redeemable non-controlling interest in subsidiary – (Note 16)		629			352
STOCKHOLDERS’ EQUITY:
Preferred stock (Note 17)		-			-
Common stock (Note 17)		13			13
Treasury stock (Note 17)		(120,095	)		(120,095	)
Additional paid-in capital		1,435,294			1,336,899
Retained earnings		1,045,932			1,201,857
Accumulated other comprehensive income (Notes 22 and 24)		21,387			27,011
Total Costamare Inc. stockholders’ equity		2,382,531			2,445,685
Non-controlling interest (Note 1)		56,229			57,353
Total stockholders’ equity		2,438,760			2,503,038
Total liabilities and stockholders’ equity	$	5,287,022		$	5,355,629

	For the six-month periods ended June 30,
	2023			2024
REVENUES:
Voyage revenue (Note 19)	$	614,712		$	947,655
Voyage revenue – related parties (Notes 3 and 19)		-			31,776
Total voyage revenue		614,712			979,431
Income from investments in leaseback vessels		1,477			11,419
Total revenues		616,189			990,850
EXPENSES:
Voyage expenses		(101,011	)		(184,443	)
Charter-in hire expenses		(86,961	)		(308,557	)
Voyage expenses-related parties (Note 3)		(6,636	)		(8,276	)
Vessels’ operating expenses		(130,607	)		(120,268	)
General and administrative expenses		(7,132	)		(9,724	)
General and administrative expenses – related parties (Note 3)		(4,197	)		(5,368	)
Management and agency fees-related parties (Note 3)		(30,061	)		(29,343	)
Amortization of dry-docking and special survey costs (Note 8)		(9,457	)		(11,264	)
Depreciation (Notes 7, 12 and 24)		(82,411	)		(81,044	)
Gain on sale of vessels, net (Note 7)		118,046			3,422
Loss on vessel held for sale (Note 7)		-			(2,308	)
Foreign exchange gains/(losses)		1,829			(2,654	)
Operating income		277,591			231,023
OTHER INCOME / (EXPENSES):
Interest income		16,371			17,567
Interest and finance costs (Note 20)		(73,337	)		(66,986	)
Income / (loss) from equity method investments (Note 10)		(1,137	)		42
Other, net		3,756			2,117
Gain /(loss) on derivative instruments, net (Note 22)		(6,986	)		21,784
Total other expenses, net		(61,333	)		(25,476	)
Net income	$	216,258		$	205,547
Net loss/(income) attributable to the non-controlling interest (Notes 16 and 18)		3,997			(1,351	)
Net income attributable to Costamare Inc.	$	220,255		$	204,196
Earnings allocated to Preferred Stock (Note 18)		(15,448	)		(13,278	)
Deemed dividend in redemption of Series E Preferred Stock (Note 17)		-			(5,446	)
Net income available to Common Stockholders	$	204,807		$	185,472
Earnings per common share, basic and diluted (Note 18)	$	1.67		$	1.56
Weighted average number of shares, basic and diluted (Note 18)		122,560,175			118,902,719

	For the six-month periods ended June 30,
	2023				2024
Net income for the period	$	216,258		$	205,547
Other comprehensive income:
Unrealized gain / (loss) on cash flow hedges, net (Notes 22 and 24)		(9,234	)		2,268
Reclassification of amount excluded from the interest rate caps assessment of effectiveness based on an amortization approach to Interest and finance costs (Notes 20, 22 and 24)		1,272			3,060
Effective portion of changes in fair value of cash flow hedges (Notes 22 and 24)		365			265
Amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to Depreciation (Note 24)		31			31
Other comprehensive income / (loss) for the period	$	(7,566	)	$	5,624
Total comprehensive income for the period		208,692			211,171
Comprehensive (income) / loss attributable to the non-controlling interest (Notes 16 and 18)		3,997			(1,351	)
Total comprehensive income for the period attributable to Costamare Inc.	$	212,689		$	209,820

	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 / (Loss)			Retained Earnings			Costamare Inc.			Non-controlling interest			Total
BALANCE, January 1, 2023		4,574,100	$	-		3,986,542	$	-		3,973,135	$	-		1,970,649	$	-		122,301,711	$	12		(4,736,702	)	$	(60,095	)	$	1,423,954		$	46,421		$	746,658		$	2,156,950		$	-		$	2,156,950
-Acquisition of non-controlling interest (Note 1)		-		-		-		-		-		-		-		-		-		-		-			-			-			-			-			-			34,132			34,132
- Net income		-		-		-		-		-		-		-		-		-		-		-			-			-			-			220,255			220,255			317			220,572
- Issuance of subsidiary shares to non-controlling interest (Note 1)		-		-		-		-		-		-		-		-		-		-		-			-			(2,974	)		-			-			(2,974	)		5,745			2,771
- Issuance of common stock (Notes 3 and 17)		-		-		-		-		-		-		-		-		1,181,407		-		-			-			10,782			-			-			10,782			-			10,782
- Repurchase of common stock (Note 17)		-		-		-		-		-		-		-		-		-		-		(3,470,587	)		(31,161	)		-			-			-			(31,161	)		-			(31,161	)
- Dividends to non-controlling shareholders of subsidiary		-		-		-		-		-		-		-		-		-		-		-			-			-			-			-			-			(571	)		(571	)
- Dividends – Common stock (Note 17)		-		-		-		-		-		-		-		-		-		-		-			-			-			-			(28,191	)		(28,191	)		-			(28,191	)
- Dividends – Preferred stock (Note 17)		-		-		-		-		-		-		-		-		-		-		-			-			-			-			(15,534	)		(15,534	)		-			(15,534	)
- Other comprehensive loss (Note 22 and 24)		-		-		-		-		-		-		-		-		-		-		-			-			-			(7,566	)		-			(7,566	)		-			(7,566	)
BALANCE, June 30, 2023		4,574,100	$	-		3,986,542	$	-		3,973,135	$	-		1,970,649	$	-		125,979,952	$	12		(8,207,289	)	$	(91,256	)	$	1,431,762		$	38,855		$	923,188		$	2,302,561		$	39,623		$	2,342,184


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 3 and 17)		-		-		-		-		-		-		-		-		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 17)		-		-		-		-		-		-		-		-		-		-		-			-			-			-			(27,291	)		(27,291	)		-			(27,291	)
- Dividends – Preferred stock (Note 17)		-		-		-		-		-		-		-		-		-		-		-			-			-			-			(15,534	)		(15,534	)		-			(15,534	)
- Other comprehensive income (Note 22 and 24)		-		-		-		-		-		-		-		-		-		-		-			-			-			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

	2023		2024
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	$	682,732	$	894,915
Restricted cash – current portion		10,189		7,528
Restricted cash – non-current portion		83,312		71,038
Total cash, cash equivalents and restricted cash	$	776,233	$	973,481

For the six-month period ended June 30, 2024
	Container vessels segment		Dry bulk vessels segment		CBI			NML		Other		Eliminations			Total
Voyage revenue	$	427,323	$	86,297	$	434,035		$	-	$	-	$	-		$	947,655
Intersegment voyage revenue		-		11,139		-			-		-		(11,139	)		-
Voyage revenue -related parties		-		-		31,776			-		-		-			31,776
Income from investment in leaseback vessels		-		-		-			11,419		-		-			11,419
Net Income/ (Loss) for the period	$	195,840	$	7,193	$	(3,694	)	$	5,947	$	261	$	-		$	205,547

As of June 30, 2024
	Container vessels segment		Dry bulk vessels segment		CBI		NML		Other		Eliminations			Total
Total Assets	$	3,103,963	$	703,675	$	453,963	$	350,537	$	783,142	$	(39,651	)	$	5,355,629

*As of December 31, 2023*
	Container vessels segment		Dry bulk vessels segment		*CBI*		*NML*		*Other*		*Eliminations*			*Total*
Total Assets	$	3,153,806	$	734,817	$	455,568	$	238,667	$	707,284	$	(3,120	)	$	5,287,022

	Vessel Cost			Accumulated Depreciation			Net Book Value
Balance, January 1, 2024	$	4,687,724		$	(1,240,927	)	$	3,446,797
Depreciation		-			(80,320	)		(80,320	)
Vessel acquisitions, advances and other vessels’ costs		64,194			-			64,194
Vessel sales, transfers and other movements		(60,766	)		8,295			(52,471	)
Balance, June 30, 2024	$	4,691,152		$	(1,312,952	)	$	3,378,200

Balance, January 1, 2024	$	72,801
Additions		11,352
Amortization		(11,264	)
Write-off and other movements (Note 7)		(780	)
Balance, June 30, 2024	$	72,109

	December 31, 2023		June 30, 2024
Current assets	$	1,386	$	423
Non-current assets		-		-
Total assets	$	1,386	$	423

Current liabilities	$	123	$	75
Non-current liabilities		-		-
Total liabilities	$	123	$	75

	Six-month period ended June 30,
	2023			2024
Voyage revenue	$	10,738		$	-
Net income/(loss)	$	(2,321	)	$	85

		Borrower(s)	December 31, 2023			June 30, 2024
A.		*Term Loans:*
	1	Singleton Shipping Co. and Tatum Shipping Co.	$	-		$	-
	2	Bastian Shipping Co. and Cadence Shipping Co.		-			-
	3	Adele Shipping Co.		-			-
	4	Costamare Inc.		-			-
	5	Capetanissa Maritime Corporation et al.		-			-
	6	Caravokyra Maritime Corporation et al.		-			-
	7	Berg Shipping Co.		-			-
	8	Evantone Shipping Co. and Fortrose Shipping Co.		-			-
	9	Ainsley Maritime Co. and Ambrose Maritime Co.		120,536			115,179
	10	Hyde Maritime Co. and Skerrett Maritime Co.		115,904			110,250
	11	Kemp Maritime Co.		58,525			55,675
	12	Achilleas Maritime Corporation et al.		48,569			41,030
	13	Novara et al.		-			-
	14	Costamare Inc.		29,735			21,617
	15	Costamare Inc.		-			-
	16	Amoroto et al.		50,661			37,378
	17	Bernis Marine Corp. et al.		41,695			38,601
	18	Costamare Inc.		-			-
	19	Costamare Inc.		38,500			31,250
	20	Amoroto et al.		24,240			-
	21	Benedict et al.		376,857			335,810
	22	Reddick Shipping Co. and Verandi Shipping Co.		33,000			27,000
	23	Quentin Shipping Co. and Sander Shipping Co.		74,625			69,437
	24	Greneta Marine Corp. et al.		26,045			24,068
	25	Bastian Shipping Co. et al.		260,630			228,810
	26	Adstone Marine Corp. et al.		101,065			81,426
	27	NML Loan 1		5,995			4,640
	28	Kalamata Shipping Corporation et al.		64,000			59,000
	29	Capetanissa Maritime Corporation et al.		22,417			20,667
	30	Costamare Inc.		63,312			60,844
	31	NML Loan 2		34,920			32,760
	32	NML Loan 3		18,460			17,420
	33	Barlestone Marine Corp. et al.		12,000			27,323
	34	NML Loan 4		-			12,550
	35	NML Loan 5		-			5,437
	36	NML Loan 6		-			5,924
	37	NML Loan 7		-			10,106
	38	NML Loan 8		-			11,898
	39	NML Loan 9		-			11,812
	40	NML Loan 10		-			33,009
	41	Bermondi Marine Corp. et al.		-			15,780
	42	NML Loan 11		-			17,835
		*Total Term Loans*	$	1,621,691		$	1,564,536
B.		*Other financing arrangements*		632,892			609,168
C.		*Unsecured Bond Loan*		110,500			107,050
		*Total long-term debt*	$	2,365,083		$	2,280,754
		*Less: Deferred financing costs*		(18,863	)		(16,871	)
		*Total long-term debt, net*	$	2,346,220		$	2,263,883
		*Less: Long-term debt current portion*		(352,140	)		(343,386	)
		*Add: Deferred financing costs, current portion*		5,113			4,657
		*Total long-term debt, non-current, net*	$	1,999,193		$	1,925,154

12-month period ending June 30,	Amount
2025	$	343,386
2026		443,859
2027		410,153
2028		265,242
2029		450,167
2030 and thereafter		367,947
Total	$	2,280,754

	December 31, 2023			June 30, 2024
Hires collected in advance	$	34,258		$	33,986
Charter revenue resulting from varying charter rates		44,331			38,907
Unamortized balance of charters assumed		940			646
Total	$	79,529		$	73,539
Less current portion		(52,177	)		(52,399	)
Non-current portion	$	27,352		$	21,140

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, 2024 (in USD)

21/5/2021	21/11/2025	€	50,000	$	61,175		2.70	%		4.10	%	$	(7,394	)
25/5/2021	21/11/2025	€	50,000	$	61,200		2.70	%		4.05	%	$	(7,424	)
*Total fair value*												$	(14,818	)

	Derivatives			Derivatives
	Assets-Current			Assets-Non-Current
FFAs^*	$	34,962		$	6,775
Bunker swaps^*		1,692			322
Interest rate swaps		7,814			15,447
Interest rate caps		14,091			11,636
EUA Futures		95			225
Forward currency contracts		172			145
Total gross derivative contracts	$	58,826		$	34,550

Amounts offset
Counterparty netting^*		(7,041	)		(351	)
Total derivative assets, June 30, 2024	$	51,785		$	34,199

	*Derivatives*			*Derivatives*
	*Liabilities-Current*			*Liabilities-Non-Current*
FFAs^*	$	(6,804	)	$	(351	)
Bunker swaps^*		(435	)		-
Cross-currency rate swaps		(4,841	)		(9,977	)
Forward currency contracts		(49	)		-
Total gross derivative contracts	$	(12,129	)	$	(10,328	)

Amounts offset
Counterparty netting^*		7,041			351
Total derivative liabilities, June 30, 2024	$	(5,088	)	$	(9,977	)

Balance, January 1, 2024	$	18,863
Additions		1,211
Amortization and write-off		(3,203	)
Balance, June 30, 2024	$	16,871
Less: Current portion of financing costs		(4,657	)
Financing costs, non-current portion	$	12,214

	December 31, 2023		June 30, 2024
Finance lease liabilities – current	$	2,684	$	25,244
Finance lease liabilities – non-current		23,877		-
Total	$	26,561	$	25,244

	December 31, 2023			June 30, 2024
Lease receivable	$	41,901		$	32,990
Unguaranteed residual value		201			368
Net investment in sales-type lease vessels	$	42,102		$	33,358

Net investment in sales-type lease vessels, current		(22,620	)		(27,217	)
Net investment in sales-type lease vessels, non-current	$	19,482		$	6,141

Temporary equity – Redeemable non-controlling interest in subsidiary	Amount
Balance, December 31, 2023	$	629
Net loss attributable to redeemable non-controlling interest		(277	)
Balance, June 30, 2024	$	352

The Effect of Derivative Instruments for the six-month periods ended
June 30, 2023 and 2024
Derivatives in ASC 815 Cash Flow Hedging Relationships
	Amount of Gain / (Loss) Recognized in Accumulated OCI on Derivative
	2023			2024
Interest rate swaps and cross-currency swaps	$	(5,967	)	$	15,792
Interest rate caps (included component)		20,316			5,054
Interest rate caps (excluded component)⁽¹⁾		(15,063	)		(5,371	)
Reclassification to Interest and finance costs		(8,155	)		(12,942	)
Reclassification of amount excluded from the interest rate caps assessment of hedge effectiveness based on an amortization approach to Interest and finance costs		1,272			3,060
Amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to Depreciation		31			31
Total	$	(7,566	)	$	5,624

Derivatives Not Designated as Hedging Instruments under ASC 815
	Location of Gain / (Loss) Recognized in Gain / (Loss) on derivative instruments, net	Amount of Gain / (Loss) Recognized in Gain / (Loss) on derivative instruments, net
		2023			2024
Interest rate swaps / caps	Gain / (loss) on derivative instruments, net	$	11,877		$	696
Forward Freight Agreements	Gain / (loss) on derivative instruments, net		(19,724	)		18,934
Bunker swap agreements	Gain / (loss) on derivative instruments, net		(48	)		5,162
EUA Futures	Gain / (loss) on derivative instruments, net		-			253
Forward currency contracts	Gain / (loss) on derivative instruments, net		909			(3,261	)
*Total*		$	(6,986	)	$	21,784

	December 31, 2023			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	$	3,529		$	-	$	3,529		$	-
Forward Freight Agreements-asset position		11,210			-		11,210			-
Bunker swap agreements-liability position		(2,509	)		-		(2,509	)		-
Interest rate swaps-asset position		20,691			-		20,691			-
Interest rate caps-asset position		26,417			-		26,417			-
Cross-currency rate swaps-liability position		(11,633	)		-		(11,633	)		-
Total	$	47,705		$	-	$	47,705		$	-

	June 30, 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-asset position	$	317		$	-	$	317		$	-
Forward currency contracts-liability position		(49	)		-		(49	)		-
Forward Freight Agreements-asset position		34,582			-		34,582			-
EUA futures-asset position		320			-		320			-
Bunker swap agreements-asset position		1,778			-		1,778			-
Bunker swap agreements-liability position		(199	)		-		(199	)		-
Interest rate swaps-asset position		23,261			-		23,261			-
Interest rate caps-asset position		25,727			-		25,727			-
Cross-currency rate swaps-liability position		(14,818	)		-		(14,818	)		-
Total	$	70,919		$	-	$	70,919		$	-

	*(f)*	*Investment in leaseback vessels:* In July 2024, NML acquired one offshore support vessel for $16,000 and leased the vessel back to the seller under bareboat charter for a period of 5.0 years. The seller-lessee has the obligation to purchase the vessel at the end of the lease term and the right to purchase it prior to the end of this period at a pre-agreed price. The monthly payments under the bareboat charter agreement bear fixed interest. Additionally, in July 2024 the two vessels discussed in Note 12 (b) ii.1 and 12 (b) ii.5 sold to third party buyers and the then outstanding loan receivable balances of $19,663, in the aggregate, under the bareboat agreements were fully received and the respective outstanding loan balances of $16,720, in the aggregate, discussed in Notes 11.A.31 and 11.A.32, were fully repaid.

	(g)	Drawdown of loan facility: Following the delivery of the dry bulk vessel Frontier (Note 25 (c)), the Company, on July 18, 2024, drew down the amount of $21,600 related to the term loan discussed in Note 11.A.33).