Company: CMRE-PC
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001140361-25-005199
Chunk: 19

Company: Costamare Inc.
Filing Date: 2025-02-20
Form: 20-F
Item: Item 3
Chunk 19
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 they are available. Our future growth will primarily depend on:
 

•   the operations of the shipyards that build any newbuild vessels we may order;
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•   the availability of employment for our vessels;
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•   locating and identifying suitable secondhand vessels;
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•   obtaining newbuild or secondhand contracts at acceptable prices;
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•   obtaining required financing on acceptable terms;
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•   consummating vessel acquisitions;
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•   enlarging our customer base;
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•   hiring additional shore-based employees and seafarers;
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•   continuing to meet technical and safety performance standards; and
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•   managing joint ventures or significant acquisitions and integrating the new ships into our fleet.
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Ship values are correlated with charter rates. During periods in which charter rates are high, ship values are generally high as well, and it may be difficult to consummate ship acquisitions or enter into shipbuilding contracts at favorable prices. During periods in which charter rates are low and employment is scarce, ship values are low; however, any vessel acquired without an attached time charter will still incur expenses to operate, insure, maintain and finance, thereby significantly increasing the cash outlay. In addition, any vessel acquisition may not be profitable and may not generate cash flows sufficient to justify the investment. We may not be successful in executing any future growth plans and we cannot give any assurance that we will not incur significant expenses and losses in connection with such growth efforts. Other risks associated with vessel acquisitions that may harm our business, financial condition and operating results include the risks that we may:
 

•   fail to realize anticipated benefits, such as new customer relationships, cost-savings or cash flow enhancements;
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•   be unable (through our managers) to hire, train or retain qualified shore-based and seafaring personnel to manage and operate our growing business and fleet;
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•   decrease our liquidity by using a significant portion of available cash or borrowing capacity to finance acquisitions;
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•   significantly increase our interest expense or financial leverage if we incur additional debt to finance acquisitions;
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•   incur or assume unanticipated liabilities, losses or costs associated with any vessels or businesses acquired; or
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•   incur other significant charges, such as impairment of goodwill or other intangible assets, asset devaluation or restructuring charges.
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