Company: CMRE-PC
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001140361-25-005199
Chunk: 95

Company: Costamare Inc.
Filing Date: 2025-02-20
Form: 20-F
Item: Item 4
Chunk 95
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 approximately 7,997,000 dwt, all of which have already been delivered and subsequently are or will be employed under voyage charters or sub time charters. Additionally, the dry bulk operating platform has contracted to charter-in two vessels, which are currently under construction, once they are delivered to their third-party owners.
 
Forward Freight Agreements and Other Derivative Products
 
Our dry bulk operating platform uses forward freight agreements to establish market positions or to hedge its exposure on chartered-in vessels. It also endeavors to use bunker swaps to hedge its exposure to bunker prices.
Our Counterparties
 
Our dry bulk operating platform endeavors to charter-in dry bulk vessels from reputable shipowners around the world, that own vessels which meet its trading and specifications criteria.
 
With its chartered-in fleet, our dry bulk operating platform endeavors to provide freight services to a wide base of customers by transporting dry bulk commodities worldwide. Its customers include agricultural, mining, manufacturing and commodity trading companies as well as diversified shipping companies.
 
Through its global presence our dry bulk operating platform endeavors to develop long-lasting relationships both with shipowners and customers, in order to help maintain continuous access to suitable vessels and cargoes.
 
Agency Companies
 
Costamare Bulkers receives chartering, cargo sourcing and/or research services by approximately 50 professionals working out of privately owned agency companies set up in Copenhagen, Hamburg, Singapore and Japan, which are referred to elsewhere in this annual report as Local Agency A, Local Agency B, Local Agency C and Local Agency D, respectively. Three of the agency companies are controlled by Konstantinos Konstantakopoulos, our Chairman and Chief Executive Officer, and one of the agency companies is controlled by Gregory Zikos, our Chief Financial Officer.
 

CBI may also charter out its vessels to Local Agency C, as shippers in Asia and the Australia-Pacific region prefer to deal with a chartering company based in Singapore. Local Agency C does not receive any commissions whatsoever for such arrangements as it is acting in the circumstances as a “paying/receiving agent” for CBI. All the economic results of the relevant charter-out arrangements by Local Agency C are passed onto CBI on a back-to-back basis, including any address commissions received by Local Agency C.
 
We believe that having several agency companies service the CBI fleet vessels provides Costamare Inc. with a deep pool of operational expertise and capabilities in multiple locations with market-specific experience and relationships, and geographic flexibility for our large and diverse fleet so as to provide a high level of service while