Company: CMRE-PC
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001140361-25-005199
Chunk: 153

Company: Costamare Inc.
Filing Date: 2025-02-20
Form: 20-F
Item: Item 5
Chunk 153
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31, 2024, we were engaged in 12 Euro/U.S. dollar contracts totaling $39.6 million at an average forward rate of Euro/U.S. dollar 1.0837, expiring in monthly intervals up to December 2025.
 
As of December 31, 2023, we were engaged in 24 Euro/U.S. dollar contracts totaling $78.6 million at an average forward rate of Euro/U.S. dollar 1.0730, expiring in monthly intervals up to December 2025.
 
As of December 31, 2022, we were engaged in 36 Euro/U.S. dollar contracts totaling $108.6 million at an average forward rate of Euro/U.S. dollar 1.0690, expiring in monthly intervals up to December 2025. Furthermore, as of December 31, 2022, we were engaged in eight Singapore dollar/U.S. dollar forward agreements totaling $7.3 million at an average forward rate of Singapore dollar/U.S. dollar 1.3411, with settlements up to December 2023.
 
We recognize these financial instruments on our balance sheet at their fair value. These foreign currency forward contracts do not qualify as hedging instruments, and thus we recognize changes in their fair value in our earnings.
 
 
C.   Research and Development, Patents and Licenses, etc.
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 We incur from time to time expenditures relating to inspections for acquiring new vessels. Such expenditures are insignificant and are expensed as they are incurred.
 
 
D.   Trend Information
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Total seaborne container trade demand increased by 5.4% in 2024, compared to a minor increase of 0.7% in 2023. The primary reasons for such an increase, among others, were strong U.S. consumption and an increase of 17.7% in TEU-miles demand mainly due to container vessels rerouting around southern Africa to avoid the Suez Canal. As of January 2025, Clarksons Research estimates seaborne container trade demand in 2025 to increase by 2.8% compared to 2024.
 
Total containership supply grew at around 9.4% in 2024 and demolition activity remained at low levels.
 
According to Clarksons Research, idle containership fleet represented 2.1% of the total fleet at the end of 2024. Containership ordering in 2024 increased to 4.4 million