Company: CMRE-PC
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001140361-25-005199
Chunk: 141

Company: Costamare Inc.
Filing Date: 2025-02-20
Form: 20-F
Item: Item 5
Chunk 141
---
 amounted to $33.2 million and $32.4 million for the years ended December 31, 2024 and 2023, respectively.
 
Interest and Finance Costs
 
Interest and finance costs were $133.1 million and $144.4 million during the years ended December 31, 2024 and 2023, respectively. The decrease is mainly attributable to the decreased interest expense due to a lower average loan balance during the year ended December 31, 2024 compared to the year ended December 31, 2023.
Income /(Loss) from Equity Method Investments
 
Income/(loss) from equity method investments for the year ended December 31, 2024, was nil (income of $0.8 million for the year ended December 31, 2023) representing our share in jointly owned companies set up pursuant to the Framework Deed. During the year ended December 31, 2023, we (i) sold our 49% equity interest in the company owning the 2018-built, 3,800 TEU capacity containership, Polar Argentina to York Capital, (ii) acquired the 51% equity interest of York Capital in the 2018-built, 3,800 TEU capacity containership Polar Brasil and as result we acquired the 100% equity interest in the vessel and (iii) acquired the 51% equity interest of York Capital in the 2001-built, 1,550 TEU capacity containership Arkadia and as a result we obtained 100% of the equity interest in the vessel. As of December 31, 2023, two companies were jointly owned pursuant to the Framework Deed neither of which owned container vessels. As of December 31, 2024, there were no jointly owned companies pursuant to the Framework Deed.
 
Gain / (loss) on Derivative Instruments, net
 
As of December 31, 2024, we hold derivative financial instruments that qualify for hedge accounting and derivative financial instruments that do not qualify for hedge accounting. The change in the fair value of each derivative instrument that qualifies for hedge accounting is recorded in “Other Comprehensive Income” (“OCI”). The change in the fair value of each derivative instrument that does not qualify for hedge accounting is recorded in the consolidated statements of income.
 
As of December 31, 2024, the fair value of these instruments, in aggregate, amounted to a net liability of $7.4 million. During the year ended December 31,