Company: CMRE-PC
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001140361-25-005199
Chunk: 139

Company: Costamare Inc.
Filing Date: 2025-02-20
Form: 20-F
Item: Item 5
Chunk 139
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 third-party managers of $10.5 million and $14.5 million for the years ended December 31, 2024 and 2023, respectively. Furthermore, during the years ended December 31, 2024 and 2023, agency fees of $15.7 million and $11.7 million, in aggregate, were charged by four related agents in connection with the operations of CBI.
 

General and Administrative Expenses – non-cash component
 
General and administrative expenses - non-cash component for the year ended December 31, 2024 amounted to $8.4 million, representing the value of the shares issued to a related service provider on March 29, 2024, June 28, 2024, September 30, 2024 and December 30, 2024. General and administrative expenses – non-cash component for the year ended December 31, 2023 amounted to $5.8 million, representing the value of the shares issued to a related service provider on March 30, 2023, June 30, 2023, September 29, 2023 and December 29, 2023.
 
Amortization of Dry-Docking and Special Survey Costs
 
Amortization of deferred dry-docking and special survey costs was $23.6 million and $19.8 million during the years ended December 31, 2024 and 2023, respectively. During the year ended December 31, 2024, 11 vessels underwent and completed its dry-docking and special survey and one vessel was in the process of completing her dry-docking and special survey. During the year ended December 31, 2023, 23 vessels underwent and completed their dry-docking and special survey and two vessels were in the process of completing their dry-docking and special survey.
 
Depreciation
 
Depreciation expense for the years ended December 31, 2024 and 2023 was $164.2 million and $166.3 million, respectively.
 
Gain on Sale of Vessels, net
 
During the year ended December 31, 2024, we recorded a net gain of $3.8 million from (i) the sale of the dry bulk vessels Manzanillo, Progress and Konstantinos, each of which was classified as a vessel held for sale as of December 31, 2023, (ii) the sale of the dry bulk vessels Merida, Alliance and Pegasus