Company: CMRE-PC
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001140361-25-005199
Chunk: 138

Company: Costamare Inc.
Filing Date: 2025-02-20
Form: 20-F
Item: Item 5
Chunk 138
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-in hire expenses are expenses relating to chartering-in of third-party dry bulk vessels under charter agreements through CBI. Charter-in expenses increased, year over year, mainly due to CBI’s increased volume of operations during the year ended December 31, 2024 compared to the year ended December 31, 2023.
 
Voyage Expenses – related parties
 
Voyage expenses – related parties were $21.6 million and $14.0 million for the years ended December 31, 2024 and 2023, 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, (ii) charter brokerage fees (in respect of our container vessels) payable to two related charter brokerage companies for an amount of approximately $1.5 million and $1.4 million, in the aggregate, for the years ended December 31, 2024 and 2023, respectively, and (iii) address commissions on certain charter-out agreements payable to a related agent since the second quarter of 2024. This commission is subsequently paid in full on a back-to-back basis by the related agent to its respective third-party clients with no benefit for the related agent.
 
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 $240.2 million and $258.1 million during the years ended December 31, 2024 and 2023, respectively. Daily vessels’ operating expenses were $6,213 and $6,349 for the years ended December 31, 2024 and 2023, 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 $25.0 million and $18.4 million during the years ended December 31, 2024 and 2023, respectively, and include amounts of $2.7 million and $2.7 million, respectively, that were paid to a related service provider.
 
Management and Agency Fees – related parties
 
Management fees charged by our related party managers were $43.6 million and $44.6 million during the years ended December 31, 2024 and 2023, respectively. The amounts charged by our related party managers include amounts paid to