Company: CMRE-PC
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001140361-25-005199
Chunk: 132

Company: Costamare Inc.
Filing Date: 2025-02-20
Form: 20-F
Item: Item 5
Chunk 132
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 documents, legal and accounting costs, investor relation costs, incremental director and officer liability insurance costs, director and executive compensation and costs related to compliance with the Exchange Act, the Sarbanes-Oxley Act and the Dodd-Frank Act of 2010, and costs related to other corporate functions such as tax and internal audit.
Management and Agency Fees
 
Effective from January 1, 2022, the daily fee increased from $956 per day per vessel to $1,020 per vessel. The total management fees paid by us to our managers during the years ended December 31, 2022, 2023 and 2024 amounted to $43.9 million, $44.6 million and $43.6 million, respectively. The amounts charged by our related party managers include amounts paid to third-party managers of $10.5 million, $14.5 million and $10.5 million for the years ended December 31, 2022, 2023 and 2024, respectively. During the years ended December 31, 2023 and 2024, we paid agency fees of $11.7 million, in aggregate, and $15.7 million, in aggregate, respectively, charged by the Agency Companies in connection with the operations of Costamare Bulkers. During the fourth quarter of 2022 we paid agency fees of $2.8 million, in aggregate, charged by Local Agency A, Local Agency B and Local Agency C in connection with the operations of Costamare Bulkers. See “Item 7. Major Shareholders and Related Party Transactions—B. Related Party Transactions—Management and Services Agreements” for more information regarding management fees.
Amortization of Dry-docking and Special Survey Costs
 
All vessels are dry-docked at least once every five years for inspection of their underwater parts and for repairs related to such inspections. For dry bulk vessels that have passed their third special survey, a dry-dock is required every two and a half years thereafter. We follow the deferral method of accounting for special survey and dry-docking costs whereby actual costs incurred (mainly shipyard costs, paints and class renewal expenses) are deferred and amortized on a straight-line basis over the period through the date the next survey is scheduled to become due. If a survey is performed prior to the scheduled date, the remaining unamortized balances are immediately written off. Unamortized balances of vessels that are sold are written off and included in the calculation of the resulting gain