Company: CMRE-PC
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001140361-25-005199
Chunk: 127

Company: Costamare Inc.
Filing Date: 2025-02-20
Form: 20-F
Item: Item 5
Chunk 127
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,835 and $721,931, respectively, in total to Blue Net and $691,575 and $740,939, respectively, in total to Blue Net Asia for charter brokerage services.
 
Costamare Bulkers appointed Local Agency A, Local Agency B and Local Agency C on November 14, 2022, and Local Agency D on November 20, 2023, as service providers on an exclusive basis to provide chartering and other services on a cost basis (including all expenses related to the provision of the services) plus a mark-up (currently set at 11%), with the Agency Agreements to continue until terminated by either party. On December 16, 2024, the Agency Agreements were most recently amended and restated such that each Local Agency can now provide its services to any dry bulk subsidiary of the Company, in addition to CBI. During the years ended December 31, 2023 and December 31, 2024 the Agency Companies charged Costamare Bulkers for services provided, in the aggregate, $11.7 million and $15.7 million, respectively.
 
 
A.   Operating Results
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Factors Affecting Our Results of Operations
 
Our financial results are largely driven by the following factors:
 

•                           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 February 12, 2025, our containership fleet amounted to a total of 68 vessels and our dry bulk
                                                                                                        fleet amount to a total of 38.                                                                                                   
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•                        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