Company: CMRE-PC
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001140361-25-005199
Chunk: 136

Company: Costamare Inc.
Filing Date: 2025-02-20
Form: 20-F
Item: Item 5
Chunk 136
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 in accordance with GAAP.
 

                                                                         Year                                                          
                                                                  ended December 31,                                                   
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(Expressed in millions of U.S. dollars,             2023                    2024                         Change       Percentage       
except percentages)                                                                                                   Change           
Total voyage revenue                                       $1,502.5                  $2,060.0            $557.5       37.1            %
Accrued charter revenue (1)                                     3.3                      (6.8   )         (10.1   )   n.m.             
Amortization of time-charter assumed                           (0.2     )                (0.6   )          (0.4   )   n.m.             
Total voyage revenue adjusted on a cash basis (2)          $1,505.6                  $2,052.6            $547.0       36.3            %

(1)   Total voyage revenue adjusted on a cash basis represents Total voyage revenue after adjusting for non-cash “Accrued charter revenue” recorded under charters with escalating charter rates.
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(2)   Total voyage revenue adjusted on a cash basis is not a recognized measurement under U.S. GAAP. We believe that the presentation of Total voyage revenue adjusted on a cash basis is useful to investors because it presents the
      charter revenue for the relevant period based on the then-current daily charter rates. The increases or decreases in daily charter rates under our charter party agreements are described in the notes to the table in “Item 4.
                                                                   Information On the Company—Business Overview—Our Fleet, Acquisitions and Vessels Under Construction”.                                                             
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Total Voyage Revenue
 
Total voyage revenue increased by 37.1%, or $557.5 million, to $2,060.0 million during the year ended December 31, 2024, from $1,502.5 million during the year ended December 31, 2023. 
The increase is mainly attributable to (i) increased revenue earned by CBI due to the increased volume of its operations year over year, (ii) increased charter rates in certain of our owned container and dry bulk vessels, (iii) revenue earned by two container vessels acquired during the second and fourth quarter of 2023, respectively, three dry bulk vessels acquired during the third quarter of 2023 and six dry bulk vessels acquired during the year ended December 31, 2024, and (iv) decreased fleet off-h