Company: CMRE-PC
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001140361-25-005199
Chunk: 158

Company: Costamare Inc.
Filing Date: 2025-02-20
Form: 20-F
Item: Item 5
Chunk 158
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 free third-party valuations as at December 31, 2024. For all other vessels, the Company uses: (A) third-party charter free valuations of each vessel at the earliest expiry date of the charter of each vessel (e.g., in determining the residual value of a 5-year old vessel with a time charter having its earliest expiry date five years after the date of the annual financial statements, the third-party valuation provides us with the charter free value of a 10-year old vessel with the same technical characteristics and specifications, which is representative of the residual value of the vessel at the earliest expiry date of its respective time charter) discounted to December 31, 2024 plus (B) the discounted future cash flow from the charter of each vessel until the earliest expiry date of that charter.
 
The carrying value of each of the Company’s vessels does not necessarily represent its fair value or the amount that could be obtained if the vessel were sold. The Company’s estimates of fair values (under our internal analysis) assume that the vessels are all in good and seaworthy condition without need for repair and, if inspected, would be certified as being in class without recommendations of any kind. In addition, because vessel values are highly volatile, these estimates may not be indicative of either the current or future prices that the Company could achieve if it were to sell any of the vessels. The Company would not record impairment for any of the vessels for which the estimated fair value is below its carrying value unless and until the Company either determines to sell the vessel for a loss or determines that the vessel’s carrying amount is not recoverable under Step 2 of the impairment analysis. For the vessels with estimated fair values lower than their carrying values, we believe that such differences will be recoverable throughout the useful lives of such vessels.
 
Containership Fleet
 

                   Vessel                 Capacity        Built   Acquisition Date        Carrying Value        Carrying Value
                                           (TEU)                                           December 31,          December 31, 
                                                                                            2023 ($ US            2024 ($ US  
                                                                                           Million)(1)           Million)(1)  
------------------------------------------------------------------------------------------------------------------------------
 1   Triton                                 14,424         2016   November 2018                    100.7                  96.6
 2   Titan                                  14,424         2016   November 2018                    101.3                  97.2
 3   Talos                                  14,424         2016   November 201