Company: CMRE-PC
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001140361-25-005199
Chunk: 119

Company: Costamare Inc.
Filing Date: 2025-02-20
Form: 20-F
Item: Item 4
Chunk 119
---
 with flag state security certification requirements.
-------------------------------------------------------------------
 
The U.S. Coast Guard regulations, intended to align with international maritime security standards, exempt non-U.S. vessels from MTSA vessel security measures; provided such vessels have on board a valid “International Ship Security Certificate” that attests to the vessel’s compliance with SOLAS security requirements and the ISPS Code. We have implemented the various security measures required by the IMO, SOLAS and the ISPS Code and have approved ISPS certificates and plans certified by the applicable flag state on board all our vessels.
 

C.   Organizational Structure
-----------------------------
 
Costamare Inc. is a holding company incorporated in the Republic of the Marshall Islands which, as of February 12, 2025, has 146 wholly-owned subsidiaries incorporated in the Republic of Liberia and 15 wholly-owned subsidiaries incorporated in the Republic of the Marshall Islands. As of that date, 94 of our Liberian subsidiaries own dry bulk or container vessels in the water, eight are engaged in arbitration related to the terminations of shipbuilding contracts due to default by the shipyard and the remaining subsidiaries are inactive. Of our Marshall Islands subsidiaries, 12 own container vessels in the water and the remaining subsidiaries are inactive. In addition, as of February 12, 2025, Costamare had one majority-owned subsidiary incorporated in the Republic of the Marshall Islands which holds our participation in the dry bulk operating platform and controlled one company incorporated under the laws of Jersey, which has 35 subsidiaries incorporated in the Republic of the Marshall Islands and two incorporated in the Republic of Liberia. A list of our subsidiaries as of February 12, 2025 is set forth in Exhibit 8.1 to this annual report.
 

D.   Property, Plant and Equipment
----------------------------------
 
We have no freehold or material leasehold interest in any real property. We occupy office space at 7 rue du Gabian, MC 98000 Monaco. Other than our vessels, we do not have any material property. Our vessels are subject to priority mortgages, which secure our obligations under our various credit facilities. For further details regarding our credit facilities, refer to “Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—Credit Facilities, Finance Leases and Other Financing Arrangements”.