Costamare Inc. Files 20-F Report for Fiscal Year Ended December 31, 2023

TL;DR

<b>Costamare Inc. has submitted its 20-F annual report detailing its 2023 fiscal year operations in international freight transportation.</b>

AI Summary

Costamare Inc. (CMRE-PC) filed a Foreign Annual Report (20-F) with the SEC on March 29, 2024. Costamare Inc. filed its annual 20-F report on March 29, 2024, for the fiscal year ending December 31, 2023. The filing covers the company's operations in deep-sea foreign transportation of freight. The company's principal executive offices are located at 7 RUE DU GABIAN, MONACO. The filing includes financial data for the fiscal years ending December 31, 2023, 2022, and 2021. The report was filed under the 1934 Act with SEC file number 001-34934.

Why It Matters

For investors and stakeholders tracking Costamare Inc., this filing contains several important signals. This 20-F filing provides a comprehensive overview of Costamare Inc.'s financial performance and operational activities for the fiscal year 2023, which is crucial for investors to assess the company's health and future prospects in the shipping industry. The detailed financial statements and disclosures within the 20-F report allow stakeholders to understand the company's asset base, liabilities, and revenue streams, enabling informed investment decisions.

Risk Assessment

Risk Level: low — Costamare Inc. shows low risk based on this filing. The filing is a standard annual report (20-F) and does not contain immediate, significant new risks or material adverse information beyond typical disclosures for a company in the shipping industry.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 20-F to understand Costamare Inc.'s performance and outlook for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (The end date of the reporting period.)
• 2024-03-29 — Filing Date (The date the 20-F report was submitted to the SEC.)
• 001-34934 — SEC File Number (The company's SEC registration number.)

Key Players & Entities

• Costamare Inc. (company) — Filer of the 20-F report.
• 20-F (regulator) — Form type filed by the company.
• March 29, 2024 (date) — Filing date of the 20-F report.
• December 31, 2023 (date) — Fiscal year end date.
• Monaco (location) — Location of the company's principal executive offices.
• 001-34934 (other) — SEC file number.

FAQ

Risk Factors

• General Disclosure Requirements [low — regulatory]: The 20-F filing is a standard annual report for foreign private issuers and contains general disclosures about the company's business, financial condition, and management.

Key Dates

• 2024-03-29: Filing of 20-F Report — Indicates the completion and submission of the annual report for the fiscal year 2023.
• 2023-12-31: Fiscal Year End — Marks the end of the period covered by the financial statements in the 20-F report.

Key Financial Figures

• $0.0001 — ange on Which Registered Common Stock, $0.0001 par value per share CMRE New York S

Filing Documents

• ef20024929_20f.htm (20-F) — 6142KB
• ef20024929_ex2-1.htm (EX-2.1) — 16KB
• ef20024929_ex4-14.htm (EX-4.14) — 321KB
• ef20024929_ex4-17.htm (EX-4.17) — 211KB
• ef20024929_ex4-18.htm (EX-4.18) — 160KB
• ef20024929_ex8-1.htm (EX-8.1) — 140KB
• ef20024929_ex12-1.htm (EX-12.1) — 15KB
• ef20024929_ex12-2.htm (EX-12.2) — 15KB
• ef20024929_ex13-1.htm (EX-13.1) — 8KB
• ef20024929_ex13-2.htm (EX-13.2) — 8KB
• ef20024929_ex15-1.htm (EX-15.1) — 2KB
• ef20024929_ex97-1.htm (EX-97.1) — 31KB
• image00001.jpg (GRAPHIC) — 5KB
• image00002.jpg (GRAPHIC) — 7KB
• image00003.jpg (GRAPHIC) — 5KB
• image00004.jpg (GRAPHIC) — 7KB
• 0001140361-24-016465.txt (&nbsp;) — 23186KB
• cmre-20231231.xsd (EX-101.SCH) — 165KB
• cmre-20231231_cal.xml (EX-101.CAL) — 116KB
• cmre-20231231_def.xml (EX-101.DEF) — 752KB
• cmre-20231231_lab.xml (EX-101.LAB) — 1508KB
• cmre-20231231_pre.xml (EX-101.PRE) — 925KB
• ef20024929_20f_htm.xml (XML) — 3456KB

FORWARD-LOOKING STATEMENTS

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 43 ITEM 4.A. UNRESOLVED STAFF COMMENTS 69 ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 69 ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 105 ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 110 ITEM 8. FINANCIAL INFORMATION 119 ITEM 9. THE OFFER AND LISTING 122 ITEM 10. ADDITIONAL INFORMATION 122 ITEM 11.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 139 ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 142 PART II 143 ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 143 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 143 ITEM 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 143 ITEM 16.A. AUDIT COMMITTEE FINANCIAL EXPERT 144 ITEM 16.B. CODE OF ETHICS 144 ITEM 16.C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 144 ITEM 16.D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 145 ITEM 16.E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 145 ITEM 16.F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 146 ITEM 16.G. CORPORATE GOVERNANCE 146 ITEM 16.H. MINE SAFETY DISCLOSURE 147 ITEM 16.I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 147 ITEM 16.K. CYBERSECURITY 147 PART III 149 ITEM 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 149 ITEM 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 149 ITEM 19. EXHIBITS 149 SIGNATURE 152 i Table of Contents ABOUT THIS REPORT In this annual report, unless otherwise indicated: "Costamare", the "Company", "we", "our", "us" or similar terms are used for convenience to 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"), 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") or the context otherwise indicates, 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 19, 2024. We use the term "twenty foot equivalent unit" ("TEU"), the international standard measure of containers, in describing the capacity of our containerships. We use the term deadweight ton ("dwt") in describing the size of dry bulk vessels. Dwt, expressed in metric tons, each of which is equivalent to 1,000 kilograms, refers to the maximum weight of cargo and supplies that a vessel can carry. ii Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS All statements in this annual report (and in the documents incorporated by reference herein) that are not statements of historical fact are "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. The disclosure and analysis set forth in this annual report includes assumptions, expectations, projections, intentions and beliefs about future events in a number of places, particularly in relation to our operations, cash flows, financial position, plans, strategies, business prospects, changes and trends in our business and the markets in which we operate. These statements are intended as "forward-looking statements". In some cases, predictive, future-tense or forward-looking words such as "believe", "intend", "anticipate", "estimate", "project", "forecast", "plan", "potential", "may", "should", "could" and "expect" and similar expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. In addition, we and our representatives may from time to time make other oral or written statements which are forward-looking statements, including in our periodic reports that we file with the United States Securities and Exchange Commission ("SEC"), other information sent to our security holders, and other written materials. We caution that these and other forward-looking statements included in this annual report (and in the documents incorporated by reference herein) represent our estimates and assumptions as of the date of this annual report (and in the documents incorporated by reference herein) or the date on which such oral or written statements are made, as applicable, about factors that are beyond our ability to control or predict, and are not intended to give any assurance as to future results. Factors that might cause future results to differ include, but are not limited to, the following: general market conditions an

View Full Filing

View this 20-F filing on SEC EDGAR