Company: CMRE-PC
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001140361-25-005199
Chunk: 217

Company: Costamare Inc.
Filing Date: 2025-02-20
Form: 20-F
Item: Item 11
Chunk 217
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 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 TEU resulting in
the orderbook of containership vessels being around 27% of the total fleet at the end of 2024; 74% of the orderbook consisted of vessels larger than 12,000 TEU. If the containership demand does not improve in the following years, there
may be negative pressure on charter rates across the industry.

92

Table of Contents

Total seaborne dry bulk trade demand increased by 3.3% in 2024 due to the increased seaborne demand for iron ore, coal, grains and other minerals. More specifically, seaborne demand for
coal increased by 3.6% in 2024 and for iron ore by 3.4%.

The total supply of dry bulk vessels grew 3.0% during 2024, bringing the total fleet size to 1,034.2 million dwt. Ordering of new dry bulk vessels remained relatively slow for the entire
year, and at the end of 2024, the total dry bulk vessel orderbook was 109.3 million dwt or 10.6% of the total fleet, with expected deliveries between 2025 and 2029.

  Critical Accounting Estimates  

The discussion and analysis of our financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with U. S.
GAAP. The preparation of those financial statements requires us to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses and related disclosure at the date of our financial
statements. Actual results may differ from these estimates under different assumptions and conditions. Critical accounting policies are those that reflect significant judgments of uncertainties and potentially result in materially
different results under different assumptions and conditions. We describe below what we believe are our most critical accounting policies, because they generally involve a comparatively higher degree of judgment in their application. For
a description of all our significant accounting policies, see Note 2 to our consolidated financial statements included elsewhere in this annual report.

Vessel Impairment

The Company reviews its vessels for impairment whenever events or changes in circumstances indicate that the carrying amount of a vessel might not be recoverable. The Company considers
information, such as vessel sales and purchases, business plans