ABOUT THIS REPORT		ii
FORWARD-LOOKING STATEMENTS		iii
PART I		1
	ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS	1
	ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE	1
	ITEM 3. KEY INFORMATION	1
	ITEM 4. INFORMATION ON THE COMPANY	48
	ITEM 4.A. UNRESOLVED STAFF COMMENTS	77
	ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS	77
	ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES	128
	ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS	132
	ITEM 8. FINANCIAL INFORMATION	142
	ITEM 9. THE OFFER AND LISTING	145
	ITEM 10. ADDITIONAL INFORMATION	145
	ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	165
	ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES	167
PART II		167
	ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES	167
	ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS	167
	ITEM 15. CONTROLS AND PROCEDURES	168
	ITEM 16.A. AUDIT COMMITTEE FINANCIAL EXPERT	169
	ITEM 16.B. CODE OF ETHICS	169
	ITEM 16.C. PRINCIPAL ACCOUNTANT FEES AND SERVICES	169
	ITEM 16.D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES	170
	ITEM 16.E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS	170
	ITEM 16.F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT	172
	ITEM 16.G. CORPORATE GOVERNANCE	172
	ITEM 16.H. MINE SAFETY DISCLOSURE	172
PART III		173
	ITEM 17. FINANCIAL STATEMENTS	173
	ITEM 18. FINANCIAL STATEMENTS	173
	ITEM 19. EXHIBITS	173
SIGNATURE		176

•

“Costamare”, the “Company”, “we”, “our”, “us” or similar terms when used in a historical context refer to Costamare Inc., or any one or more of its subsidiaries or their predecessors, or to such entities collectively, except that when such terms are used in this annual report in reference to the common stock, the 7.625% Series B Cumulative Redeemable Perpetual Preferred Stock (the “Series B Preferred Stock”), the 8.50% Series C Cumulative Redeemable Perpetual Preferred Stock (the “Series C Preferred Stock”), the 8.75% Series D Cumulative Redeemable Perpetual Preferred Stock (the “Series D Preferred Stock”) or the 8.875% Series E Cumulative Redeemable Perpetual Preferred Stock (the “Series E Preferred Stock” and, together with the Series B Preferred Stock, the Series C Preferred Stock and the Series D Preferred Stock, the “Preferred Stock”), they refer specifically to Costamare Inc.;

•

currency amounts in this annual report are in U.S. dollars; and

•

all data regarding our fleet and the terms of our charters is as of March 21, 2023.

•

general market conditions and shipping industry trends, including charter rates, vessel values and the future supply of, and demand for, ocean-going containership and dry bulk shipping services;

•

our continued ability to enter into time charters with existing and new customers, and to re-charter on favorable terms our vessels upon the expiry of existing charters;

•

our future financial condition and liquidity, including our ability to make required payments under our credit facilities, and comply with our loan covenants;

•

our ability to finance our capital expenditures, acquisitions and other corporate activities;

•

risks related to our dry bulk operating platform, including uncertainty related to the introduction of a new line of business for the Company, the fact that the chartering-in and chartering-out of dry bulk vessels is inherently more volatile than traditional vessel ownership and risks associated with derivative instruments such as forward freight agreements and bunker hedging;

•

risks related to our leasing business, including uncertainty related to the introduction of a new line of business for the Company, as well as exposure to new financial, counterparty and legal risks;

•

our cooperation with our joint venture partners and any expected benefits and risks, including risks associated with the Company’s expansion into new lines of business in connection with any joint venture entities, arising from such joint venture arrangements;

•

the effects of a possible worldwide economic slowdown;

•

disruption of world trade due to rising protectionism or the breakdown of multilateral trade agreements;

•

environmental and regulatory conditions, including changes in laws and regulations or actions taken by regulatory authorities;

•

business disruptions and economic uncertainty resulting from the continued outbreak of the COVID-19 virus (and variants that may emerge), including possible delays due to quarantine of vessels and crew caused by COVID-19 infection;

•

business disruptions due to natural disasters or other disasters outside our control;

•

fluctuations in interest rates and currencies, including the value of the U.S. dollar relative to other currencies, and the impact of the discontinuation of remaining London Interbank Offered Rate tenors for US Dollars, or “LIBOR,” after June 30, 2023 on any of our debt referencing LIBOR in the interest rate;

•

technological advancements in the design, construction and operations of containerships and dry bulk vessels and opportunities for the profitable operations of our vessels;

•

the financial health of our customers, our lenders and other counterparties, and their ability to perform their obligations;

•

potential disruption of shipping routes due to accidents, political events, sanctions, piracy or acts by terrorists and armed conflicts;

•

future, pending or recent acquisitions of vessels or other assets, the recent commencement of operations of our dry bulk platform, our business strategy, areas of possible expansion and expected capital spending or operating expenses, including the recent investment in a leasing business;

•

expectations relating to dividend payments and our ability to make such payments;

•

the availability of existing secondhand vessels or newbuild vessels to purchase, the time that it may take to construct and take delivery of new vessels or the useful lives of our vessels;

•

the availability of key employees and crew, the length and number of off-hire days, dry-docking requirements, fuel and insurance costs;

•

our anticipated general and administrative expenses, including our fees and expenses payable under our management and services agreements, as may be amended from time to time;

•

our ability to leverage to our advantage our managers’ relationships and reputation within the international shipping industry;

•

our ability to maintain long-term relationships with major liner companies;

•

expected cost of, and our ability to comply with, governmental regulations and maritime self-regulatory organization standards, as well as requirements imposed by classification societies and standards demanded by our charterers;

•

any malfunction or disruption of information technology systems and networks that our operations rely on or any impact of a possible cybersecurity breach;

•

risks inherent in vessel operation, including perils of the sea, terrorism, piracy and discharge of pollutants;

•

potential liability from current or future litigation;

•

our business strategy and other plans and objectives for future operations; and

•

other factors discussed in “Item 3. Key Information—D. Risk Factors” of this annual report.

ITEM 1.

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 2.

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 3.

KEY INFORMATION

•

Our profitability will be dependent on the level of charter rates in the international shipping industry, which depends on macroeconomic factors outside our control;

•

The market value of our vessels can fluctuate substantially over time, and if these values are low at a time when we are attempting to dispose of a vessel, we could incur a loss;

•

The international dry bulk industry is highly competitive, and we may be unable to compete successfully for charters with established companies or new entrants that may have greater resources and access to capital;

•

The operation of dry bulk vessels has certain unique operational risks which could affect our earnings and cash flow;

•

Our operating results are subject to seasonal fluctuations;

•

We may be adversely impacted by disruptions in the global financial markets due to terrorist attacks, regional armed conflict, or geopolitical risk; and

•

Decreases in the level of China’s export of goods and import of raw materials could have a material adverse impact on our charterers’ business, which could adversely impact our operations.

•

Delay in, or cancelation of, the delivery of any secondhand vessels we may agree to acquire, or any future newbuild vessel orders, could adversely affect our earnings;

•

Our revenues are heavily dependent on our charterers and other counterparties fulfilling their obligations under agreements with us;

•

We may have difficulty properly managing our growth through acquisitions of new or secondhand vessels and we may not realize expected benefits from these acquisitions;

•

Our managers may be unable to attract and retain qualified, skilled crews on our behalf necessary to operate our business or may pay rising crew and other vessel operating costs;

•

Fuel price fluctuations may have an adverse effect on our cash flows, liquidity and our ability to pay dividends to our stockholders;

•

We must make substantial capital expenditures to maintain the operating capacity of our fleet, and these amounts may increase as our fleet ages;

•

We are subject to regulation and liability under environmental and operational safety laws that could require significant expenditures;

•

The recently established dry bulk operating platform exposes us to new operational, counterparty and legal risks which could affect our earnings and cash flow;

•

Declines in the value of our derivative instruments, such as forward freight agreements, could have an adverse effect on our future performance, results of operations, cash flows and financial position;

•

The derivative contracts we have entered into to hedge our exposure to fluctuations in interest rates, foreign currencies, bunker prices and freight rates can result in reductions in our stockholders’ equity as well as reductions in our income;

•

Our recent investment in the leasing business exposes us to new financial, counterparty and legal risks which could adversely affect our business, financial position, results of operations and cash flow;

•

Our business depends upon certain members of our senior management who may not necessarily continue to work for us;

•

Our chairman and chief executive officer has affiliations with our managers and others that could create conflicts of interest between us and our managers or other entities in which he has an interest;

•

Our managers are privately held companies and there is little or no publicly available information about them; and

•

Being active in multiple lines of business, including managing multiple fleets, requires management to allocate significant attention and resources, and failure to successfully or efficiently manage each line of business may harm our business and operating results.

•

The price of our securities may be volatile and future sales of our equity securities could cause the market price of our securities to decline;

•

Investors may view our having multiple lines of business, including ownership of multiple fleets, negatively, which may decrease the trading price of our securities;

•

Holders of Preferred Stock have extremely limited voting rights; and

•

Members of the Konstantakopoulos family are our principal existing stockholders and will effectively be able to control the outcome of matters on which our stockholders are entitled to vote; their interests may be different from yours.

•

supply of and demand for energy resources, commodities, semi-finished and finished consumer and industrial products;

•

changes in the exploration or production of energy resources, commodities, semi-finished and finished consumer and industrial products;

•

the location of regional and global exploration, production and manufacturing facilities;

•

the location of consuming regions for energy resources, commodities, semi-finished and finished consumer and industrial products;

•

the globalization of production and manufacturing;

•

global and regional economic and political conditions, including armed conflicts, terrorist activities, sanctions, embargoes, strikes, tariffs and “trade wars”;

•

economic slowdowns caused by public health events such as the continued COVID-19 outbreak;

•

natural disasters and other disruptions in international trade;

•

disruptions and developments in international trade;

•

changes in seaborne and other transportation patterns, including the distance cargo products are transported by sea, competition with other modes of cargo transportation and trade patterns;

•

environmental and other regulatory developments;

•

currency exchange rates; and

•

weather.

•

the availability of financing;

•

the price of steel and other raw materials;

•

the number of newbuilding orders and deliveries, including slippage in deliveries;

•

the cost of newbuildings and the time it takes to construct a newbuild;

•

the number of shipyards and ability of shipyards to deliver vessels;

•

port and canal congestion;

•

scrap prices and the time it takes to scrap a vessel;

•

speed of vessel operation;

•

costs of bunkers and other operating costs;

•

vessel casualties;

•

the efficiency and age profile of the existing containership and dry bulk fleet in the market;

•

the number of vessels that are out of service, namely those that are laid-up, dry-docked, awaiting repairs or otherwise not available for hire;

•

the economics of slow steaming;

•

government and industry regulation of maritime transportation practices, particularly environmental protection laws and regulations; and

•

sanctions (in particular, sanctions on Iran, Russia and Venezuela, amongst others).

•

marine disaster;

•

piracy;

•

environmental accidents;

•

grounding, fire, explosions and collisions;

•

cargo and property loss or damage;

•

business interruptions caused by mechanical failure, human error, war, terrorism, disease and quarantine, political action in various countries or adverse weather conditions; and

•

work stoppages or other labor problems with crew members serving on our vessels, some of whom are unionized and covered by collective bargaining agreements.

•

prevailing economic conditions in the markets in which our vessels operate;

•

reduced demand for containerships or dry bulk vessels, including as a result of a substantial or extended decline in world trade;

•

increases in the supply of vessel capacity;

•

changes in prevailing charter hire rates;

•

the physical condition, size, age and technical specification of the ships;

•

the costs of building new vessels;

•

changes in technology which can render older vessels obsolete;

•

the relative environmental efficiency of the vessel, as compared to others in the markets in which our vessels operate;

•

whether the vessel is equipped with an exhaust gas scrubber or not; and

•

the cost of retrofitting or modifying existing ships to respond to technological advances in vessel design or equipment, changes in applicable environmental or other regulations or standards, customer requirements or otherwise.

•

quality or engineering problems;

•

breach of contract by, or disputes with, our counterparties;

•

changes in governmental regulations or maritime self-regulatory organization standards;

•

work stoppages or other labor disturbances at the shipyard;

•

bankruptcy of or other financial crisis involving the shipyard or other seller;

•

a backlog of orders at the shipyard;

•

sanctions imposed on the seller, the shipyard, or the vessel;

•

political, social or economic disturbances;

•

weather interference or a catastrophic event, such as a major earthquake or fire, or other accident;

•

disruptions due to the outbreak of COVID-19;

•

requests for changes to the original vessel specifications;

•

shortages of or delays in the receipt of necessary construction materials, such as steel;

•

an inability to obtain requisite permits or approvals;

•

financial instability of the lenders under our committed credit facilities, resulting in potential delay or inability to draw down on such facilities; and

•

financial instability of the charterers under our agreed time charters for the newbuild vessels, resulting in potential delay or inability to charter the newbuild vessels.

•

the operations of the shipyards that build any newbuild vessels we may order;

•

the availability of employment for our vessels;

•

locating and identifying suitable secondhand vessels;

•

obtaining newbuild or secondhand contracts at acceptable prices;

•

obtaining required financing on acceptable terms;

•

consummating vessel acquisitions;

•

enlarging our customer base;

•

hiring additional shore-based employees and seafarers;

•

continuing to meet technical and safety performance standards; and

•

managing joint ventures or significant acquisitions and integrating the new ships into our fleet.

•

fail to realize anticipated benefits, such as new customer relationships, cost-savings or cash flow enhancements;

•

be unable (through our managers) to hire, train or retain qualified shore-based and seafaring personnel to manage and operate our growing business and fleet;

•

decrease our liquidity by using a significant portion of available cash or borrowing capacity to finance acquisitions;

•

significantly increase our interest expense or financial leverage if we incur additional debt to finance acquisitions;

•

incur or assume unanticipated liabilities, losses or costs associated with any vessels or businesses acquired; or

•

incur other significant charges, such as impairment of goodwill or other intangible assets, asset devaluation or restructuring charges.

•

global and regional economic and political conditions;

•

supply and demand for energy resources, commodities, semi-finished and finished consumer and industrial products;

•

developments in international trade;

•

changes in seaborne and other transportation patterns, including changes in the distances that cargoes are transported;

•

environmental concerns and regulations;

•

weather;

•

the number of newbuilding deliveries;

•

the improved fuel efficiency of newer vessels; and

•

the recycling rate of older vessels.

•

pay dividends if an event of default has occurred and is continuing or would occur as a result of the payment of such dividends;

•

purchase or otherwise acquire for value any shares of our subsidiaries’ capital;

•

make or repay loans or advances, other than repayment of the credit facilities;

•

make investments in or provide guarantees to other persons;

•

sell or transfer significant assets, including any vessel or vessels mortgaged under the credit facilities, to any person, including Costamare Inc. and our subsidiaries;

•

create liens on assets; or

•

allow the Konstantakopoulos family’s direct or indirect holding in Costamare Inc. to fall below 30% of the total issued and outstanding share capital.

•

the ratio of our total liabilities (after deducting all cash and cash equivalents) to market value adjusted total assets (after deducting all cash and cash equivalents) may not exceed 0.75:1;

•

the ratio of EBITDA over net interest expense must be equal to or higher than 2.5:1, however such covenant should not be considered breached unless the Company’s liquidity is less than 5% of the total debt or market value adjusted net worth is less than $600 million;

•

the aggregate amount of all cash and cash equivalents may not be less than the greater of (i) $30 million or (ii) 3% of the total debt; and

•

the market value adjusted net worth must at all times exceed $500 million.

•

our ability to obtain additional financing, if necessary, for working capital, capital expenditures, acquisitions or other purposes may be impaired or such financing may not be available on favorable terms;

•

we may need to use a substantial portion of our cash from operations to make principal and interest payments on our debt, thereby reducing the funds that would otherwise be available for operations, future business opportunities and dividends to our stockholders;

•

our debt level could make us more vulnerable than our competitors with less debt to competitive pressures or a downturn in our business or the economy generally; and

•

our debt level may limit our flexibility in responding to changing business and economic conditions.

•

renew existing charters upon their expiration;

•

obtain new charters;

•

successfully enter into sale and purchase transactions and interact with shipyards;

•

obtain financing and other contractual arrangements with third parties on commercially acceptable terms (therefore potentially increasing operating expenditure for the fleet);

•

maintain satisfactory relationships with our charterers and suppliers;

•

operate our fleet efficiently; or

•

successfully execute our business strategies.

•

actual or anticipated fluctuations in quarterly and annual results;

•

fluctuations in the seaborne transportation industry, including fluctuations in the containership and dry bulk markets;

•

our payment of dividends;

•

mergers and strategic alliances in the shipping industry;

•

changes in governmental regulations or maritime self-regulatory organization standards;

•

shortfalls in our operating results from levels forecasted by securities analysts;

•

announcements concerning us or our competitors;

•

general economic conditions;

•

terrorist acts;

•

future sales of our stock or other securities;

•

investors’ perceptions of us and the international shipping industry;

•

the general state of the securities markets; and

•

other developments affecting us, our industry or our competitors.

•

our existing stockholders’ proportionate ownership interest in us will decrease;

•

the dividend amount payable per share on our securities may be lower;

•

the relative voting strength of each previously outstanding share may be diminished; and

•

the market price of our securities may decline.

•

the charter hire payments we obtain from our charters as well as our ability to charter or re-charter our vessels and the charter rates obtained;

•

the due performance by our charterers of their obligations;

•

our fleet expansion strategy and associated uses of our cash and our financing requirements;

•

delays in the delivery of newbuild vessels and the beginning of payments under charters relating to those vessels;

•

the level of our operating costs, such as the costs of crews, vessel maintenance, lubricants and insurance;

•

the number of unscheduled off-hire days for our fleet and the timing of, and number of days required for, scheduled dry-docking of our vessels;

•

disruptions related to the ongoing COVID-19 or future pandemics;

•

prevailing global and regional economic and political conditions;

•

changes in interest rates;

•

currency exchange rate fluctuations;

•

dry bulk freight rates and bunker prices;

•

the effect of governmental regulations and maritime self-regulatory organization standards on the conduct of our business;

•

the requirements imposed by classification societies;

•

the level of capital expenditures we make, including for maintaining or replacing vessels and complying with regulations;

•

the level of capital requirements of our dry bulk operating platform and our leasing business;

•

our debt service requirements, including fluctuations in interest rates, and restrictions on distributions contained in our debt instruments;

•

fluctuations in our working capital needs;

•

our ability to make, and the level of, working capital borrowings;

•

changes in the basis of taxation of our activities in various jurisdictions;

•

modification or revocation of our dividend policy by our board of directors;

•

the ability of our subsidiaries to pay dividends and make distributions to us;

•

the dividend policy adopted by Costamare Ventures and the Joint Venture entities (each as defined in “Item 4. Information on the Company—Business Overview—Our Fleet—Framework Deed”); and

•

the amount of any cash reserves established by our board of directors.

•

authorize our board of directors to issue “blank check” preferred stock without stockholder approval;

•

provide for a classified board of directors with staggered, three-year terms;

•

prohibit cumulative voting in the election of directors;

•

authorize the removal of directors only for cause and only upon the affirmative vote of the holders of a majority of the outstanding stock entitled to vote for those directors;

•

prohibit stockholder action by written consent unless the written consent is signed by all stockholders entitled to vote on the action; and

•

establish advance notice requirements for nominations for election to our board of directors or for proposing matters that can be acted on by stockholders at stockholder meetings.

ITEM 4.

INFORMATION ON THE COMPANY

	Vessel Name	Charterer	Year Built	Capacity (TEU)	Current Daily Charter Rate(1) (U.S. dollars)	Expiration of Charter(2)
1	TRITON	Evergreen	2016	14,424	(*)	March 2026
2	TITAN(ii)	Evergreen	2016	14,424	(*)	April 2026
3	TALOS(ii)	Evergreen	2016	14,424	(*)	July 2026
4	TAURUS(ii)	Evergreen	2016	14,424	(*)	August 2026
5	THESEUS(ii)	Evergreen	2016	14,424	(*)	August 2026
6	YM TRIUMPH(ii)	Yang Ming	2020	12,690	(*)	May 2030
7	YM TRUTH(ii)	Yang Ming	2020	12,690	(*)	May 2030
8	YM TOTALITY(ii)	Yang Ming	2020	12,690	(*)	July 2030
9	YM TARGET(ii)	Yang Ming	2021	12,690	(*)	November 2030
10	YM TIPTOP(ii)	Yang Ming	2021	12,690	(*)	March 2031
11	CAPE AKRITAS	MSC	2016	11,010	33,000	August 2031
12	CAPE TAINARO	MSC	2017	11,010	33,000	April 2031
13	CAPE KORTIA	MSC	2017	11,010	33,000	August 2031
14	CAPE SOUNIO	MSC	2017	11,010	33,000	April 2031
15	CAPE ARTEMISIO	Hapag Lloyd / (*)	2017	11,010	36,650 / (*)	March 2030(3)
16	ZIM SHANGHAI (ex. COSCO GUANGZHOU)	ZIM	2006	9,469	72,700	July 2025
17	ZIM YANTIAN (ex. COSCO NINGBO)	ZIM	2006	9,469	72,700	June 2025
18	YANTIAN	COSCO	2006	9,469	39,600	February 2024
19	COSCO HELLAS	COSCO	2006	9,469	39,600	February 2024
20	BEIJING	COSCO	2006	9,469	39,600	March 2024
21	MSC AZOV	MSC	2014	9,403	46,300	December 2026(4)
22	MSC AMALFI	MSC	2014	9,403	46,300	March 2027(5)
23	MSC AJACCIO	MSC	2014	9,403	46,300	February 2027(6)
24	MSC ATHENS	MSC	2013	8,827	35,300	January 2026
25	MSC ATHOS	MSC	2013	8,827	35,300	February 2026
26	VALOR	Hapag Lloyd / (*)	2013	8,827	32,400 / (*)	April 2030(7)
27	VALUE	Hapag Lloyd / (*)	2013	8,827	32,400 / (*)	April 2030(8)

28	VALIANT	Hapag Lloyd / (*)	2013	8,827	32,400 / (*)	June 2030(9)
29	VALENCE	Hapag Lloyd / (*)	2013	8,827	32,400 / (*)	July 2030(10)
30	VANTAGE	Hapag Lloyd / (*)	2013	8,827	32,400 / (*)	September 2030(11)
31	NAVARINO	MSC/ (*)	2010	8,531	31,000 / (*)	March 2029(12)
32	MAERSK KLEVEN	Maersk/MSC	1996	8,044	25,000/41,500	June 2026(13)
33	MAERSK KOTKA	Maersk/MSC	1996	8,044	25,000/41,500	June 2026(13)
34	MAERSK KOWLOON	Maersk	2005	7,471	18,500	August 2025
35	KURE	COSCO/MSC	1996	7,403	31,000/41,500	May 2026(14)
36	METHONI	Maersk	2003	6,724	46,500	August 2026
37	PORTO CHELI	Maersk	2001	6,712	30,075	June 2026
38	ZIM TAMPA	ZIM	2000	6,648	45,000	July 2025
39	ZIM VIETNAM (ex. MAERSK KOLKATA)	ZIM	2003	6,644	53,000	October 2025
40	ZIM AMERICA (ex. MAERSK KINGSTON)	ZIM	2003	6,644	53,000	October 2025
41	ARIES	(*)	2004	6,492	58,500	March 2026
42	ARGUS	(*)/ /(*)	2004	6,492	(*)/58,500	April 2026(15)
43	PORTO KAGIO	Maersk	2002	5,908	28,822	June 2026
44	GLEN CANYON	ZIM	2006	5,642	62,500	June 2025
45	PORTO GERMENO	Maersk	2002	5,570	28,822	June 2026
46	LEONIDIO	Maersk	2014	4,957	14,200	December 2024(16)
47	KYPARISSIA	Maersk	2014	4,957	14,200	November 2024(16)
48	MEGALOPOLIS	Maersk	2013	4,957	13,500	July 2025(17)
49	MARATHOPOLIS	Maersk	2013	4,957	13,500	July 2025(17)
50	OAKLAND	CMA CGM	2000	4,890	21,000	May 2023
51	GIALOVA	ZIM	2009	4,578	25,500	April 2024
52	DYROS	Maersk	2008	4,578	22,750	January 2024
53	NORFOLK	Maersk	2009	4,259	30,000	May 2023
54	VULPECULA	OOCL/ZIM	2010	4,258	22,700/43,250 (on average)	April 2028(18)
55	VOLANS	ZIM	2010	4,258	24,250	April 2024
56	VIRGO	Maersk	2009	4,258	30,200	February 2024
57	VELA	OOCL/ZIM	2009	4,258	22,700/43,250 (on average)	April 2028(19)
58	ANDROUSA	Maersk	2010	4,256	22,750	May 2023
59	NEOKASTRO	CMA CGM	2011	4,178	39,000	February 2027
60	ULSAN	Maersk	2002	4,132	34,730	January 2026
61	POLAR ARGENTINA(i)(ii)	Maersk	2018	3,800	19,700	October 2024(20)
62	POLAR BRASIL(i)(ii)	Maersk	2018	3,800	19,700	January 2025(20)
63	LAKONIA	COSCO	2004	2,586	26,500	March 2025
64	SCORPIUS	Hapag Lloyd	2007	2,572	17,750	June 2023
65	ETOILE	(*)/(*)	2005	2,556	(*)/(*)	April 2026(21)
66	AREOPOLIS	COSCO	2000	2,474	26,500	April 2025
67	MONEMVASIA(i)	CMA CGM	1998	2,472	17,300	May 2023
68	ARKADIA(i)	Swire Shipping	2001	1,550	14,250	February 2024(22)
69	MICHIGAN	MSC / (*)	2008	1,300	18,700 / (*)	October 2025(23)
70	TRADER	(*)/(*)	2008	1,300	(*)/(*)	October 2026(24)
71	LUEBECK	MSC / (*)	2001	1,078	15,000 / (*)	April 2026(25)

(1)	Daily charter rates are gross, unless stated otherwise. Amounts set out for current daily charter rate are the amounts contained in the charter contracts.

(2)	Charter terms and expiration dates are based on the earliest date charters (unless otherwise noted) could expire.

(3)	Cape Artemisio is currently chartered to Hapag Lloyd at a daily rate of $36,650 until March 12, 2025 at the earliest. Upon redelivery of the vessel from Hapag Lloyd the vessel will commence a new charter with a leading liner company for a period of 60 to 64 months at an undisclosed rate.

(4)	This charter rate will be earned by MSC Azov until December 2, 2023. From the aforementioned date until the expiry of the charter, the daily rate will be $35,300.

(5)	This charter rate will be earned by MSC Amalfi until March 16, 2024. From the aforementioned date until the expiry of the charter, the daily rate will be $35,300.

(6)	This charter rate will be earned by MSC Ajaccio until February 1, 2024. From the aforementioned date until the expiry of the charter, the daily rate will be $35,300.

(7)	Valor is currently chartered to Hapag Lloyd at a daily rate of $32,400 until April 3, 2025 at the earliest. Upon redelivery of the vessel from Hapag Lloyd the vessel will commence a new charter with a leading liner company for a period of 60 to 64 months at an undisclosed rate.

(8)	Value is currently chartered to Hapag Lloyd at a daily rate of $32,400 until April 25, 2025 at the earliest. Upon redelivery of the vessel from Hapag Lloyd the vessel will commence a new charter with a leading liner company for a period of 60 to 64 months at an undisclosed rate.

(9)	Valiant is currently chartered to Hapag Lloyd at a daily rate of $32,400 until June 5, 2025 at the earliest. Upon redelivery of the vessel from Hapag Lloyd the vessel will commence a new charter with a leading liner company for a period of 60 to 64 months at an undisclosed rate.

(10)	Valence is currently chartered to Hapag Lloyd at a daily rate of $32,400 until July 3, 2025 at the earliest. Upon redelivery of the vessel from Hapag Lloyd the vessel will commence a new charter with a leading liner company for a period of 60 to 64 months at an undisclosed rate.

(11)	Vantage is currently chartered to Hapag Lloyd at a daily rate of $32,400 until September 8, 2025 at the earliest. Upon redelivery of the vessel from Hapag Lloyd the vessel will commence a new charter with a leading liner company for a period of 60 to 64 months at an undisclosed rate.

(12)	Navarino is currently chartered to MSC at a daily rate of $31,000 until March 1, 2025 at the earliest. Upon redelivery of the vessel from MSC the vessel will commence a new charter with a leading liner company for a period of 48 to 52 months at an undisclosed rate.

(13)

The current daily rate of each of Maersk Kleven and Maersk Kotka is a base rate of $17,000, adjusted pursuant to the terms of a 50:50 profit/loss sharing mechanism based on market conditions with a minimum charter rate of $12,000 and a maximum charter rate of $25,000. Upon redelivery of each vessel from Maersk between June 2023 and October 2023, each vessel will commence a new charter with MSC for a period of 36 to 38 months at a fixed daily rate of $41,500.

(14)	Upon redelivery of Kure from COSCO between May 2023 and July 2023, the vessel will commence a new charter with MSC for a period of 36 to 38 months at a daily rate of $41,500. Until then the daily charter rate will be $31,000.

(15)	Vessel’s daily charter rate will be $58,500 from April 2023. Until then the vessel is chartered at an undisclosed rate.

(16)	Charterer has the option to extend the current time charter for an additional period of 12 to 24 months at a daily rate of $17,000.

(17)	Charterer has the option to extend the current time charter for an additional period of approximately 24 months at a daily rate of $14,500.

(18)

Vulpecula is currently chartered to OOCL at a daily rate of $22,700. Upon redelivery of the vessel from OOCL in April 2023 (earliest estimated redelivery date per charterparty terms) the vessel will commence a new charter with ZIM for a period of 60 to 64 months at a daily rate of $43,250, on average. The daily rate is $99,000 for the first 12 month period beginning February 2023, $91,250 for the second 12 month period, $10,000 for the third 12 month period and $8,000 for the remaining duration of the charter.

(19)

Vela is currently chartered to OOCL at a daily rate of $22,700. Upon redelivery of the vessel from OOCL in April 2023 (charterers have tendered redelivery notice) the vessel will commence a new charter with ZIM for a period of 60 to 64 months at a daily rate of $43,250, on average. The daily rate will be $99,000 for the first 12 month period beginning January 2023, $91,250 for the second 12 month period, $10,000 for the third 12 month period and $8,000 for the remaining duration of the charter.

(20)	Charterer has the option to extend the current time charter for three additional one-year periods at a daily rate of $21,000.

(21)	Etoile is currently chartered at an undisclosed rate until April 2023 at the earliest. Upon redelivery of the vessel from its current charterer the vessel will commence a new charter with a leading liner company for a period of 36 to 39 months at an undisclosed rate.

(22)	This charter rate will be earned by Arkadia from May 5, 2023. Until then the daily rate will be $21,500.

(23)	Michigan is currently chartered to MSC at a daily rate of $18,700 until October 2023 at the earliest. Upon redelivery of the vessel from MSC the vessel will commence a new charter with a leading liner company for a period of 24 to 26 months at an undisclosed rate.

(24)	Trader is currently chartered at an undisclosed rate until October 1, 2024 at the earliest. Upon redelivery of the vessel from its current charterer the vessel will commence a new charter with a leading liner company for a period of 24 to 26 months at an undisclosed rate.

(25)	Luebeck is currently chartered to MSC at a daily rate of $15,000 until April 2024 at the earliest. Upon redelivery of the vessel from MSC the vessel will commence a new charter with a leading liner company for a period of 24 to 26 months at an undisclosed rate.

(i)	Denotes vessels acquired pursuant to the Framework Deed. The Company holds an equity interest of 49% in each of the vessel-owning companies.

(ii)	Denotes vessels subject to a sale and leaseback transaction.

	Vessel Name	Year Built	Capacity (DWT)
1	AEOLIAN	2012	83,478
2	GRENETA	2010	82,166
3	HYDRUS	2011	81,601
4	PHOENIX	2012	81,569
5	BUILDER	2012	81,541
6	FARMER	2012	81,541
7	SAUVAN	2010	79,700
8	ROSE	2008	76,619
9	MERCHIA	2015	63,800
10	SEABIRD	2016	63,553
11	DAWN	2018	63,530
12	ORION	2015	63,473
13	DAMON	2012	63,227
14	TITAN I	2009	58,090
15	ERACLE	2012	58,018
16	PYTHIAS	2010	58,018
17	NORMA	2010	58,018
18	ORACLE	2009	57,970
19	CURACAO	2011	57,937
20	URUGUAY	2011	57,937
21	ATHENA	2012	57,809
22	SERENA	2010	57,266
23	LIBRA	2010	56,729
24	PEGASUS	2011	56,726
25	MERIDA	2012	56,670
26	CLARA	2008	56,557
27	PEACE	2006	55,709
28	PRIDE	2006	55,705
29	BERMONDI	2009	55,469
30	COMITY	2010	37,302
31	VERITY	2012	37,163
32	PARITY	2012	37,152
33	ACUITY	2011	37,149
34	EQUITY	2013	37,071
35	DISCOVERY	2012	37,019
36	TAIBO (i)	2011	35,112
37	BERNIS	2011	34,627
38	MANZANILLO	2010	34,426
39	ADVENTURE	2011	33,755
40	ALLIANCE	2012	33,751
41	CETUS	2010	32,527
42	PROGRESS	2011	32,400
43	MINER (i)	2010	32,300
44	KONSTANTINOS	2012	32,178
45	RESOURCE	2010	31,776

(i)

Denotes vessel that we have agreed to sell.

•

Costamare Shipping provided commercial and insurance services to all of our containerships and dry bulk vessels, including vessels acquired pursuant to the Framework Deed, as well as technical, crewing, provisioning, bunkering, sale and purchase and accounting services to 25 of our containerships;

•

V.Ships Greece provided technical, crewing, provisioning, bunkering, sale and purchase and accounting services to 23 of our containerships, including two Joint Venture vessels, and 27 of our dry bulk vessels;

•

V.Ships Shanghai provided technical, crewing, provisioning, bunkering, sale and purchase and accounting services to 12 of our containerships including two Joint Venture vessels, and two of our dry bulk vessels;

•

Vinnen provided technical, crewing, provisioning, bunkering, sale and purchase and accounting services to five of our containerships;

•

HanseContor provided technical, crewing, provisioning, bunkering, sale and purchase and accounting services to six of our containerships;

•

BSM provided technical, crewing, provisioning, bunkering, sale and purchase and accounting services to 10 of our dry bulk vessels; and

•

FML provided technical, crewing, provisioning, bunkering, sale and purchase and accounting services to six of our dry bulk vessels.

	2023		2024		2025		2026		2027
Number of Containerships	17		11		14		18		9
Number of Dry Bulk Vessels	7		5		13		13		15

---

(1)

Excludes one dry bulk vessel that we have agreed to sell and two containerships (Maersk Kalamata and Sealand Washington, that were sold in January and February 2023, respectively) that have been classified as assets held for sale.

•

natural resource damages and the costs of assessment thereof;

•

real and personal property damage;

•

net loss of taxes, royalties, rents, fees and other lost revenues;

•

lost profits or impairment of earning capacity due to property or natural resource damages; and

•

net cost of public services necessitated by a spill response, such as protection from fire, safety or health hazards, and loss of subsistence use of natural resources.

•

on-board installation of automatic information systems to enhance vessel-to-vessel and vessel-to-shore communications;

•

on-board installation of ship security alert systems;

•

the development of ship security plans; and

•

compliance with flag state security certification requirements.

ITEM 4.A.

UNRESOLVED STAFF COMMENTS

ITEM 5.

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

(1)	Includes seven dry bulk vessels with no employment as at December 31, 2022.

(2)

Total days are calculated on the assumption that the vessels will continue trading until the age of 30 years old for containerships and 25 years for dry bulk vessels, unless the containership will exceed 30 years of age or the dry bulk vessel will exceed 25 years of age at the expiry of its current time charter, in which case we assume that the vessel continues trading until that expiry date. Sealand Washington and Maersk Kalamata are classified as held for sale and therefore the available days are calculated up to February 14, 2023.

(3)	Contracted Days coverage for containerships adjusted by TEU capacity.

(4)	Contracted Days coverage for dry bulk vessels adjusted by dwt capacity.

•

Number of Vessels in Our Fleet. The number of vessels in our fleet is a key factor in determining the level of our revenues. Aggregate expenses also increase as the size of our fleet increases. Vessel acquisitions and dispositions give rise to gains and losses and other one-time items. Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the ownership days each vessel was part of our fleet during the period divided by the number of calendar days in that period. As of March 21, 2023, our containership fleet amounted to a total of 71 vessels (including four vessels acquired by Joint Venture entities in which we hold a minority equity interest) and our dry bulk fleet amount to a total of 45 vessels (including two secondhand vessels that we have agreed to sell).

•

Charter Rates. The charter rates we obtain for our vessels also drive our revenues. Charter rates are based primarily on demand and supply of vessel capacity at the time we enter into the charters for our vessels. Demand and supply can fluctuate significantly over time as a result of changing economic conditions affecting trade flow between ports and the industries which use our shipping services. Vessels operated under long-term charters are less susceptible to cyclical containership charter rates than vessels operated on shorter-term charters, such as spot charters. We are exposed to varying charter rate environments when our chartering arrangements expire and we seek to deploy our vessels under new charters. As illustrated in the table above under “—Overview”, we aim to reduce our exposure to any one particular rate environment and point in the shipping cycle on the containership sector by staggering the maturities of our vessels’ charters, while in the dry bulk sector we operate our vessels primarily on short term time charters, index-linked time charters, or voyage charters. See “—Voyage Revenue”.

•

Utilization of Our Fleet. We calculate utilization of our fleet by dividing the number of days during which our vessels are employed less the aggregate number of days that our vessels are off-hire due to any reason other than due to scheduled repairs or repairs under guarantee, vessel upgrades or special surveys by the number of days during which our vessels are employed. We use fleet utilization to measure our vessels’ condition and efficiency in servicing our clients whilst employed. Historically, our fleet has had a limited number of unscheduled off-hire days during the period of employment. In 2020, 2021 and 2022 our fleet utilization for each year was 99.6%, 99.3% and 98.4%, respectively. More specifically, in 2022 our containerships fleet utilization rate was 99.3% and our dry bulk fleet utilization rate was 96.8%. If the utilization pattern of our fleet changes, our financial results would be affected.

•

Expenses and Other Costs. Our ability to control our fixed and variable expenses is critical to our ability to maintain acceptable profit margins. These expenses include commission expenses, crew wages and related costs, the cost of insurance and vessel registry, expenses for repairs and maintenance, the cost of spares and consumable stores, lubricating oil costs, tonnage taxes, regulatory fees, vessel scrubbers and Ballast Water Treatment System (“BWTS”) maintenance expenses and other miscellaneous expenses. In addition, factors beyond our control, such as developments relating to market premiums for insurance and the value of the U.S. dollar compared to currencies in which certain of our expenses, primarily crew wages, are paid, can cause our vessel operating expenses to increase. We proactively manage our foreign currency exposure by entering into Euro/dollar forward contracts in an effort to minimize volatility in Euro denominated expenses.

		Year Ended December 31,
		2018				2019				2020				2021				2022
		(Expressed in thousands of U.S. dollars, except for share and per share data)
STATEMENT OF INCOME
Revenues:
Voyage revenue		$	380,397			$	478,109			$	460,319			$	793,639			$	1,113,859
Expenses:
Voyage expenses			5,847				5,291				7,372				13,311				49,069
Voyage expenses-related parties			3,201				5,282				6,516				11,089				15,418
Vessels’ operating expenses			110,571				116,101				117,054				179,981				269,231
General and administrative expenses			5,408				5,551				7,360				9,405				12,440
General and administrative expenses-non-cash component			3,755				3,879				3,655				7,414				7,089
Management and agency fees-related parties			19,533				21,319				21,616				29,621				46,735
Amortization of dry-docking and special survey costs			7,290				8,948				9,056				10,433				13,486
Depreciation			96,261				113,462				108,700				136,958				165,998
Amortization of prepaid lease rentals			8,150				—				—				—				—
(Gain) / loss on sale of vessels, net			3,071				19,589				79,120				(45,894	)			(126,336	)
Loss on vessel held for sale			101				2,495				7,665				—				—
Vessels’ impairment loss			—				3,042				31,577				—				1,691
Foreign exchange (gains) / losses, net			51				27				300				(29	)			(3,208	)
Operating income		$	117,158			$	173,123			$	60,328			$	441,350			$	662,246
Other Income / (expenses):
Interest income		$	3,454			$	3,349			$	1,827			$	1,587			$	5,956
Interest and finance costs			(63,992	)			(89,007	)			(68,702	)			(86,047	)			(122,233	)
Swaps breakage cost			(1,234	)			(16	)			(6	)			—				—
Equity gain on investments			12,051				11,369				16,195				12,859				2,296
Gain on sale of equity securities			—				—				—				60,161				—
Dividend income from investment in equity securities			—				—				—				1,833				—
Other, net			350				784				1,181				4,624				3,729
Gain / (loss) on derivative instruments, net			(548	)			(603	)			(1,946	)			(1,246	)			2,698
Total other expenses		$	(49,919	)		$	(74,124	)		$	(51,451	)		$	(6,229	)		$	(107,554	)
Net Income		$	67,239			$	98,999			$	8,877			$	435,121			$	554,692
Earnings allocated to Preferred Stock		$	(30,503	)		$	(31,269	)		$	(31,082	)		$	(31,068	)			(31,068	)
Gain on retirement of Preferred Stock			—				—				619				—				—
Net loss attributable to the non-controlling interest		$	—				—				—				—				263
Net income / (loss) available to Common Stockholders		$	36,736			$	67,730			$	(21,586	)		$	404,053			$	523,887
Earnings / (loss) per common share, basic and diluted		$	0.33			$	0.59			$	(0.18	)		$	3.28			$	4.26
Weighted average number of shares, basic and diluted			110,395,134				115,747,452				120,696,130				123,070,730				122,964,358
OTHER FINANCIAL DATA
Net cash provided by operating activities		$	140,784			$	250,391			$	274,284			$	466,494			$	581,593
Net cash provided by / (used in) investing activities			(112,645	)			(8,858	)			(36,397	)			(787,456	)			42,488
Net cash provided by / (used in) financing activities			(80,533	)			(212,153	)			(241,862	)			482,594				(166,051	)
Net increase / (decrease) in cash, cash equivalents and restricted cash			(52,394	)			29,380				(3,975	)			161,632				458,030
Dividends and distributions paid			(49,143	)			(58,655	)			(65,470	)			(71,263	)			(119,548	)
BALANCE SHEET DATA (at year end)
Total current assets		$	170,768			$	197,244			$	192,050			$	426,124			$	1,014,622
Total assets			3,050,811				3,011,958				3,010,516				4,407,041				4,896,229
Total current liabilities			224,669				266,534				206,974				370,027				423,090
Total long-term debt, including current portion			1,316,554				1,426,162				1,465,619				2,467,321				2,607,534
Temporary equity – Redeemable non-controlling interest in subsidiary			—				—				—				—				3,487
Common stock			11				12				12				12				12
Total stockholders’ equity/net assets			1,357,124				1,410,728				1,348,820				1,725,899				2,156,950

		Average for the Year Ended December 31,
		2018				2019				2020				2021				2022
FLEET DATA
Number of vessels			55.8				60.3				60.0				83.6				116.7
TEU capacity (of our containerships)			333,989				403,930				417,980				521,389				542,264
DWT capacity (of our dry bulk vessels)*			—				—				—				1,252,917				2,442,106

---

*	Average DWT capacity for the year ended December 31, 2021 was calculated based on 201 days (the period from June 14, 2021 to December 31, 2021), given that we did not own any dry bulk vessels prior to June 14, 2021.

		Year ended December 31,												Percentage Change
(Expressed in millions of U.S. dollars, except percentages)		2021				2022				Change
Voyage revenue		$	793.6			$	1,113.9			$	320.3				40.4	%
Voyage expenses			(13.3	)			(49.1	)			35.8			n.m.
Voyage expenses – related parties			(11.1	)			(15.4	)			4.3				38.7	%
Vessels’ operating expenses			(180.0	)			(269.2	)			89.2				49.6	%
General and administrative expenses			(9.4	)			(12.4	)			3.0				31.9	%
Management and agency fees – related parties			(29.6	)			(46.7	)			17.1				57.8	%
General and administrative expenses – non-cash component			(7.4	)			(7.1	)			(0.3	)			(4.1	%)
Amortization of dry-docking and special survey costs			(10.4	)			(13.5	)			3.1				29.8	%
Depreciation			(137.0	)			(166.0	)			29.0				21.2	%
Gain on sale of vessels, net			45.9				126.3				80.4				175.2	%
Vessels’ impairment loss			-				(1.7	)			1.7			n.m.
Foreign exchange gains			0.1				3.2				3.1			n.m.
Interest income			1.6				5.9				4.3			n.m.
Interest and finance costs			(86.1	)			(122.2	)			36.1				41.9	%
Gain on sale of equity securities			60.2				-				(60.2	)		n.m.
Income from equity method investments			12.8				2.3				(10.5	)			(82.0	%)
Dividend income from investment in equity securities			1.8				-				(1.8	)		n.m.
Other			4.6				3.7				(0.9	)			(19.6	%)
Gain / (loss) on derivative instruments			(1.2	)			2.7				3.9			n.m.
Net Income		$	435.1			$	554.7

		Year ended December 31,
Vessels’ operational data		2021				2022				Change				Percentage Change
Average number of vessels			83.6				116.7				33.1				39.6	%
Ownership days			30,525				42,595				12,070				39.5	%
Number of vessels under dry-docking and special survey			15				23				8

Year ended December 31, 2021
(Expressed in millions of U.S. dollars)		Container vessels				Dry bulk vessels (1)				Other				Total
Voyage revenue		$	678.3			$	115.3			$	-			$	793.6
Voyage expenses			(7.1	)			(6.2	)			-				(13.3	)
Voyage expenses – related parties			(9.6	)			(1.5	)			-				(11.1	)
Vessels’ operating expenses			(151.5	)			(28.5	)			-				(180.0	)
General and administrative expenses			(8.2	)			(1.2	)			-				(9.4	)
Management fees – related parties			(24.9	)			(4.7	)			-				(29.6	)
General and administrative expenses – non-cash component			(6.3	)			(1.1	)			-				(7.4	)
Amortization of dry-docking and special survey costs			(10.3	)			(0.1	)			-				(10.4	)
Depreciation			(125.8	)			(11.2	)			-				(137.0	)
Gain on sale of vessels, net			45.9				-				-				45.9
Foreign exchange gains			0.1				-				-				0.1
Interest income			1.6				-				-				1.6
Interest and finance costs			(81.9	)			(4.2	)			-				(86.1	)
Gain on sale of equity securities			-				-				60.2				60.2
Income from equity method investments			-				-				12.8				12.8
Dividend income from investment in equity securities			-				-				1.8				1.8
Other			4.3				0.3				-				4.6
Loss on derivative instruments			(1.1	)			(0.1	)			-				(1.2	)
Net Income		$	303.5			$	56.8			$	74.8			$	435.1

Year ended December 31, 2022
		Container vessels				Dry bulk vessels				CBI				Other				Eliminations				Total
(Expressed in millions of U.S. dollars)
Voyage revenue		$	797.4			$	316.1			$	0.4			$	-			$	-			$	1,113.9
Intersegment voyage revenue			-				0.8				-				-				(0.8	)			-
Voyage expenses			(11.4	)			(37.6	)			(0.1	)			-				-				(49.1	)
Intersegment voyage expenses			-				-				(0.8	)			-				0.8				-
Voyage expenses – related parties			(11.4	)			(4.0	)			-				-				-				(15.4	)
Vessels’ operating expenses			(169.4	)			(99.8	)			-				-				-				(269.2	)
General and administrative expenses			(7.7	)			(4.4	)			(0.3	)			-				-				(12.4	)
Management and agency fees– related parties			(27.0	)			(16.9	)			(2.8	)			-				-				(46.7	)
General and administrative expenses - non-cash component			(4.4	)			(2.7	)			-				-				-				(7.1	)
Amortization of dry-docking and special survey costs			(11.8	)			(1.7	)			-				-				-				(13.5	)
Depreciation			(126.3	)			(39.7	)			-				-				-				(166.0	)
Gain on sale of vessels, net			122.8				3.5				-				-				-				126.3
Vessels’ impairment loss			-				(1.7	)			-				-				-				(1.7	)
Foreign exchange gains			2.2				1.0				-				-				-				3.2
Interest income			3.6				2.3				-				-				-				5.9
Interest and finance costs			(101.9	)			(20.3	)			-				-				-				(122.2	)
Income from equity method investments			-				-				-				2.3				-				2.3
Other			2.3				1.4				-				-				-				3.7
Gain on derivative instruments			1.5				1.1				0.1				-				-				2.7
Net Income / (loss)		$	458.5			$	97.4			$	(3.5	)		$	2.3			$	-			$	554.7

		Year ended December 31,
(Expressed in millions of U.S. dollars, except percentages)		2021				2022				Change				Percentage Change
Voyage revenue		$	793.6			$	1,113.9			$	320.3				40.4	%
Accrued charter revenue(2)			(11.3	)			(2.6	)			8.7				77.0	%
Amortization of Time charter assumed			(0.4	)			0.2				0.6			n.m.
Voyage revenue adjusted on a cash basis (3)		$	781.9			$	1,111.5			$	329.6				42.2	%

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		Year ended December 31,												Percentage
		2020				2021				Change				Change
Voyage revenue		$	460.3			$	793.6			$	333.3				72.4	%
Voyage expenses			(7.4	)			(13.3	)			5.9				79.7	%
Voyage expenses – related parties			(6.5	)			(11.1	)			4.6				70.8	%
Vessels’ operating expenses			(117.1	)			(180.0	)			62.9				53.7	%
General and administrative expenses			(7.4	)			(9.4	)			2.0				27.0	%
Management fees – related parties			(21.6	)			(29.6	)			8.0				37.0	%
General and administrative expenses - non-cash component			(3.7	)			(7.4	)			3.7				100.0	%
Amortization of dry-docking and special survey costs			(9.0	)			(10.4	)			1.4				15.6	%
Depreciation			(108.7	)			(137.0	)			28.3				26.0	%
Gain / (loss) on sale / disposal of vessels, net			(79.1	)			45.9				125.0			n.m.
Loss on vessels held for sale			(7.7	)			—				(7.7	)		n.m.
Vessels’ impairment loss			(31.6	)			—				(31.6	)		n.m.
Foreign exchange gains / (losses)			(0.3	)			0.1				0.4			n.m.
Interest income			1.9				1.6				(0.3	)			(15.8	%)
Interest and finance costs			(68.7	)			(86.1	)			17.4				25.3	%
Swaps’ breakage cost			—				—				—			n.m.
Gain on sale of equity securities			—				60.2				60.2			n.m.
Income from equity method investments			16.2				12.8				(3.4	)			(21.0	%)
Dividend income from investment in equity securities			—				1.8				1.8			n.m.
Other			1.2				4.6				3.4			n.m.
Loss on derivative instruments			(1.9	)			(1.2	)			(0.7	)			(36.8	%)
Net Income		$	8.9			$	435.1

		Year ended December 31,												Percentage
		2020				2021				Change				Change
Average number of vessels			60.0				83.6				23.6				39.3	%
Ownership days			21,965				30,525				8,560				39.0	%
Number of vessels under dry-docking			11				15				4

Year ended December 31, 2021
(Expressed in millions of U.S. dollars)		Container vessels				Dry bulk vessels (1)				Other				Total
Voyage revenue		$	678.3			$	115.3			$	-			$	793.6
Voyage expenses			(7.1	)			(6.2	)			-				(13.3	)
Voyage expenses – related parties			(9.6	)			(1.5	)			-				(11.1	)
Vessels’ operating expenses			(151.5	)			(28.5	)			-				(180.0	)
General and administrative expenses			(8.2	)			(1.2	)			-				(9.4	)
Management fees – related parties			(24.9	)			(4.7	)			-				(29.6	)
General and administrative expenses – non-cash component			(6.3	)			(1.1	)			-				(7.4	)
Amortization of dry-docking and special survey costs			(10.3	)			(0.1	)			-				(10.4	)
Depreciation			(125.8	)			(11.2	)			-				(137.0	)
Gain on sale of vessels, net			45.9				-				-				45.9
Foreign exchange gains			0.1				-				-				0.1
Interest income			1.6				-				-				1.6
Interest and finance costs			(81.9	)			(4.2	)			-				(86.1	)
Gain on sale of equity securities			-				-				60.2				60.2
Income from equity method investments			-				-				12.8				12.8
Dividend income from investment in equity securities			-				-				1.8				1.8
Other			4.3				0.3				-				4.6
Loss on derivative instruments			(1.1	)			(0.1	)			-				(1.2	)
Net Income		$	303.5			$	56.8			$	74.8			$	435.1

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(1)	Accrued charter revenue represents the difference between cash received during the period and revenue recognized on a straight-line basis. In the early years of a charter with escalating charter rates, voyage revenue will exceed cash received during the period.

(2)

Voyage revenue adjusted on a cash basis represents Voyage revenue after adjusting for non-cash “Accrued charter revenue” recorded under charters with escalating charter rates. Voyage revenue adjusted on a cash basis is not a recognized measurement under U.S. GAAP. We believe that the presentation of Voyage revenue adjusted on a cash basis is useful to investors because it presents the charter revenue for the relevant period based on the then-current daily charter rates. The increases or decreases in daily charter rates under our charter party agreements are described in the notes to the table in “Item 4. Information On The Company—Business Overview—Our Fleet, Acquisitions and Vessels Under Construction”.

		Year ended December 31,
		2020				2021				2022
		(Expressed in millions of U.S. dollars)
Condensed cash flows
Net Cash Provided by Operating Activities		$	274.3			$	466.5			$	581.6
Net Cash Provided by / (Used in) Investing Activities			(36.4	)			(787.5	)			42.5
Net Cash Provided by / (Used in) Financing Activities			(241.9	)			482.6				(166.1	)

Credit Facilities and Other Financing Arrangements		Outstanding Principal Amount		Interest Rate(1)		Maturity		Repayment profile
		(Expressed in thousands of U.S. dollars)
Bank Debt
Tatum et al		34,400		LIBOR + Margin(2)		2025		Straight-line amortization with balloon
Adele Shipping		48,500		LIBOR + Margin(2)		2026		Straight-line amortization with balloon
Cadence et al		82,800		LIBOR + Margin(2)		2027		Variable amortization with balloon
Sander et al		85,000		SOFR + Margin(2)		2030		Straight-line amortization with balloon
Raymond et al		112,430		LIBOR + Margin(2)		2025		Straight-line amortization with balloon
Caravokyra et al		6,928		LIBOR + Margin(2)		2025		Straight-line amortization with balloon
Capetanissa et al		15,671		LIBOR + Margin(2)		2025		Straight-line amortization with balloon
Berg		10,540		LIBOR/SOFR + Margin(2)		2026		Straight-line amortization with balloon
Verandi et al		43,500		SOFR + Margin(2)		2026		Variable amortization
Evantone et al		17,750		LIBOR + Margin(2)		2026		Straight-line amortization with balloon
Ainsley et al		131,250		LIBOR + Margin(2)		2031		Straight-line amortization with balloon
Hyde et al		127,212		Fixed Rate / SOFR + Margin(2)		2029		Straight-line amortization with balloon
Kemp		64,300		LIBOR + Margin(2)		2029		Variable amortization with balloon
Achilleas et al 2		66,974		LIBOR + Margin(2)		2026		Straight-line amortization with balloon
Novara et al		65,043		LIBOR + Margin(2)		2025-2026		Variable amortization with balloon
Dry Bulk (Facility 1)		24,387		LIBOR + Margin(2)		2026		Variable installments with balloon
Dry Bulk (Facility 3)		49,095		LIBOR + Margin(2)		2026		Variable amortization with balloon
Dry Bulk (Facility 4)		67,882		LIBOR + Margin(2)		2026-2027		Variable amortization with balloon
Dry Bulk (Facility 6)		47,884		LIBOR + Margin(2)		2027		Straight-line amortization with balloon
Dry Bulk (Facility 7)		52,361		LIBOR + Margin(2)		2027-2028		Variable amortization with balloon
Bails et al 2		62,500		LIBOR + Margin(2)		2026		Variable amortization with balloon
Dry Bulk (Facility 8)		82,885		SOFR + Margin(2)		2028		Variable amortization with balloon
Dry Bulk (Facility 9)		33,700		SOFR + Margin(2)		2026		Variable amortization with balloon
Dry Bulk (Facility 10)		30,000		SOFR + Margin(2)		2028		Variable amortization with balloon
Benedict et al		458,952		SOFR + Margin(2)		2027		Variable amortization with balloon
Other Financing Arrangements
Sale and Leaseback (Facility 3)		378,848		Fixed Rate		2030- 2031		Bareboat structure-fixed daily charter with balloon
Bertrand et al Financing arrangements		300,082		Fixed Rate		2028		Variable amortization with balloon
Unsecured Bond Loan
Bond Loan		106,660		Fixed Rate		2026		Bullet