Company: CMRE-PC
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001140361-25-005199
Chunk: 146

Company: Costamare Inc.
Filing Date: 2025-02-20
Form: 20-F
Item: Item 5
Chunk 146
---
 connection with ensuring that our vessels comply with international and regulatory standards, repayments of bank loans and payments of dividends. We will require capital to fund ongoing operations, the construction of our new vessels, the acquisition cost of any secondhand vessels we agree to acquire in the future and debt service. Working capital, which is current assets minus current liabilities, including the current portion of long-term debt, was positive $294.7 million at December 31, 2024 and positive $454.9 million at December 31, 2023.
 
We anticipate that internally generated cash flow will be sufficient to fund the operations of our fleet, including our working capital requirements. See “Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—Credit Facilities, Finance Leases and Other Financing Arrangements”.
 
Cash Flows
 

                                                                    Year ended December 31,            
-------------------------------------------------------------------------------------------------------
                                                        2023                     2024                  
                                                            (Expressed in millions of                  
                                                            U.S. dollars)                              
Condensed cash flows                                                                                   
Net Cash Provided by Operating Activities                   $331.4                      $537.7         
Net Cash Provided by / (Used in) Investing Activities       $79.1                       $(79.5        )
Net Cash Used in Financing Activities                       $(396.8       )             $(505.5       )
 
Years ended December 31, 2023 and 2024
 
Net Cash Provided by Operating Activities
 
Net cash flows provided by operating activities for the year ended December 31, 2024, increased by $206.3 million to $537.7 million, from $331.4 million for the year ended December 31, 2023. The increase is mainly attributable to the increased cash from operations during the year ended December 31, 2024 compared to the year ended December 31, 2023, to the favorable change in working capital position, excluding the current portion of long-term debt and the accrued charter revenue (representing the difference between cash received in that period and revenue recognized on a straight-line basis), to the decrease in interest payments (including interest derivatives net receipts) during the year ended December 31, 2024 compared to the year ended December 31, 2023 and to the decreased dry-docking and special survey costs during the year ended December 31, 2024 compared to the year ended December 31, 2023.
Net Cash Provided by / (Used in) Investing Activities
 
Net cash used