Costamare Inc. Reports Results for the Second Quarter and Six-Month Period Ended June 30, 2026
MONACO, July 27, 2026 (GLOBE NEWSWIRE) -- 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.
II. NEW BILATERAL FINANCING AGREEMENTS OF $1.3 BILLION WITH A NUMBER OF LEADING US, EUROPEAN AND ASIAN BANKS 4
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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.
III. 16 VESSEL NEWBUILDING PROGRAM – FUNDING UPDATE
IV. SALE AND PURCHASE ACTIVITY – SECONDHAND VESSELS
Vessel Sales
V. FLEET EMPLOYMENT 6
VI. LEASE FINANCING PLATFORM
VII. DIVIDEND ANNOUNCEMENTS
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6 Please refer to the Containership Fleet List table 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.
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.”
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.
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
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.
Results of Continuing Operations 11
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)
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11 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.
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.
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.
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.
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.
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12 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.
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.
Results of Continuing Operations 13
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.
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13 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.
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.
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.
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.
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.
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14 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.
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.
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
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.