Company: CMRE-PC
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001140361-25-005199
Chunk: 128

Company: Costamare Inc.
Filing Date: 2025-02-20
Form: 20-F
Item: Item 5
Chunk 128
---
 vessels operated on shorter-term charters, such as spot charters. We are exposed to varying charter rate environments when our
     chartering arrangements expire and we seek to deploy our vessels under new charters. As illustrated in the table above under “—Overview”, we aim to reduce our exposure to any one particular rate environment and point in the  
    shipping cycle on the containership sector by staggering the maturities of our vessels’ charters, while in the dry bulk sector we operate our vessels primarily on short term time charters, index-linked time charters, or voyage
                                                                                                     charters. See “—Voyage Revenue”.                                                                                                 
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

•                                             Utilization of Our Fleet. We calculate utilization of our fleet by dividing the number of days during which our vessels are employed less the                                           
      aggregate number of days that our vessels are off-hire due to any reason other than due to scheduled repairs or repairs under guarantee, vessel upgrades or special surveys by the number of days during which our vessels are  
     employed. We use fleet utilization to measure our vessels’ condition and efficiency in servicing our clients whilst employed. Historically, our fleet has had a limited number of unscheduled off-hire days during the period of 
    employment. In 2022, 2023 and 2024 our fleet utilization for each year was 98.4%, 98.9% and 99.5%, respectively. More specifically, in 2024 our containerships fleet utilization rate was 99.8% and our dry bulk fleet utilization
                                                                rate was 98.9%. If the utilization pattern of our fleet changes, our financial results would be affected.                                                             
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

•                            Expenses and Other Costs. Our ability to control our fixed and variable expenses is critical to our ability to maintain acceptable profit margins. These expenses include commission                         
       expenses, crew wages and related costs, the cost of insurance and vessel registry, expenses for repairs and maintenance, the cost of spares and consumable stores, lubricating oil costs, tonnage taxes, regulatory fees, vessel   
    scrubbers and Ballast Water Treatment System (“BWTS”) maintenance expenses and other miscellaneous expenses. Furthermore, such expenses include the cost of chartering-in vessels by CBI along with the associated voyage expenses for
    such vessels which are subsequently employed under voyage charters. In addition, factors beyond our control, such as developments relating to market premiums for insurance and the value of the U.S. dollar compared