Company: CMRE-PC
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001140361-25-005199
Chunk: 74

Company: Costamare Inc.
Filing Date: 2025-02-20
Form: 20-F
Item: Item 4
Chunk 74
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 held companies, thereby increasing our ability to expand our operations while diversifying our risk. After acquiring a number of both newbuild and secondhand container vessels, the commitment period ended on May 15, 2020. The Framework Deed was terminated on December 31, 2024 upon the winding up of the last remaining Joint Venture entity.
 
In June 2021, we decided to expand into the dry bulk shipping sector and invest in dry bulk vessels.
 
In November 2022, we established a dry bulk operating platform under Costamare Bulkers. The venture has offices in Athens and Monaco as well as agreements with agencies in Copenhagen, Hamburg, Singapore and Japan for the provision of chartering, cargo sourcing and/or research services on a cost-plus basis. The operating platform, which commenced operations in the fourth quarter of 2022, charters-in/out dry bulk vessels, enters into contracts of affreightment, forward freight agreements and may also utilize hedging solutions. We own 97.5% of the shares of the dry bulk operating platform. We have invested $203.4 million in Costamare Bulkers and have extended unsecured loans to Costamare Bulkers in the amount of $85 million. As of February 12, 2025, Costamare Bulkers has chartered-in for a period, 50 dry bulk vessels. Additionally, the dry bulk operating platform has contracted to charter-in two vessels, which are currently under construction, once they are delivered to their third-party owners.
 
In March 2023, we entered into an amended and restated subscription and shareholders’ agreement with the existing Neptune shareholders at the time (the “Neptune Shareholders’ Agreement”) pursuant to which we agreed to invest in the Neptune leasing business and acquired the controlling interest of Neptune. Neptune was originally established in 2021 to acquire, own and bareboat charter out vessels through wholly-owned subsidiaries. Neptune’s strategy is to build a portfolio of long-term contracts through sale and leaseback transactions in the maritime sector. Pursuant to the Neptune Shareholders’ Agreement, we received a special share in Neptune which carries 75% of the voting rights and have agreed to invest up to $200 million in exchange for up to 40% of the ordinary shares and up to 79.05% of the preferred shares. As of February 12, 2025, we have invested in Neptune the amount of $123.3 million and own 36.6% of Neptune’s ordinary shares and