Company: CMRE-PC
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001140361-25-005199
Chunk: 137

Company: Costamare Inc.
Filing Date: 2025-02-20
Form: 20-F
Item: Item 5
Chunk 137
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ire and idle days in the year ended December 31, 2024 compared to the year ended December 31, 2023; partly offset by revenue not earned by one container vessel and six dry bulk vessels sold during the year ended 2023 and ten dry bulk vessels sold during the year ended December 31, 2024.
 
Total voyage revenue adjusted on a cash basis (which eliminates non-cash “Accrued charter revenue”) increased by 36.3%, or $547.0 million, to $2,052.6 million during the year ended December 31, 2024, from $1,505.6 million during the year ended December 31, 2023. Accrued charter revenue for the years ended December 31, 2024 and 2023 was a negative amount of $6.8 million and a positive amount of $3.3 million, respectively.
 

Income from investments in leaseback vessels
 
Income from investments in leaseback vessels was $23.9 million and $8.9 million for the years ended December 31, 2024 and 2023, respectively. Increased income from investments in leaseback vessels, year over year, is attributable to (i) the income earned from NML’s operations for the entire year ended December 31, 2024 (in 2023, we earned income from NML’s operations starting from the second quarter of 2023) and (ii) the increased volume of NML’s operations during the year ended December 31, 2024 compared to the year ended December 31, 2023. NML acquires, owns and bareboat charters out vessels through its wholly-owned subsidiaries.
 
Voyage Expenses
 
Voyage expenses were $371.1 million and $275.9 million for the years ended December 31, 2024 and 2023, respectively. Voyage expenses increased, year over year, mainly due to CBI’s increased volume of operations during the year ended December 31, 2024 compared to the year ended December 31, 2023. Voyage expenses mainly include (i) fuel consumption mainly related to dry bulk vessels, (ii) third-party commissions, (iii) port expenses and (iv) canal tolls.
Charter-in Hire Expenses
 
Charter-in hire expenses were $706.6 million and $340.9 million for the years ended December 31, 2024 and 2023, respectively. Charter