Company: CMRE-PC
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001140361-25-005199
Chunk: 157

Company: Costamare Inc.
Filing Date: 2025-02-20
Form: 20-F
Item: Item 5
Chunk 157
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3-year historical average rate              -                                -                      -                                -        
1-year historical average rate              -                                -                      -                                -        

(*)   Number of container vessels the carrying value of which would not have been recovered.
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(**)   Aggregate carrying value that would not have been recovered.
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                                                  December 31, 2023                                      December 31, 2024                  
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                                 No. of Dry bulk               Amount                  No. of Container                Amount               
                                 Vessels (*)                   ($ US Million) (**)     Vessels (*)                     ($ US Million) (**)  
5-year historical average rate             -                               -                      -                                -        
3-year historical average rate             -                               -                      -                                -        
1-year historical average rate   2                             0.8                                -                                -        

(*)   Number of dry bulk vessels the carrying value of which would not have been recovered.
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(**)   Aggregate carrying value that would not have been recovered.
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In addition to the two step impairment analysis, the Company also conducts a separate internal analysis. This analysis uses a discounted cash flow model utilizing inputs and assumptions based on market observations as of December 31, 2024 and suggests that 7 of our 106 vessels in the water may have current market values below their carrying values (21 of our 106 vessels in the water as at December 31, 2023).
 

Although we believe that the assumptions used to evaluate potential impairment are reasonable and appropriate, such assumptions are highly subjective. There can be no assurance as to how long charter rates and vessel values will remain at their current levels or whether they will improve or deteriorate by any significant degree. It is possible that charter rates may remain at depressed levels for some time which could adversely affect our revenue, profitability and future assessments of vessel impairment.
 
While the Company intends to continue to hold and operate its vessels, the following table presents information with respect to the carrying amount of the Company’s vessels and indicates whether their estimated market values based on our internal discounted cash flow analysis are below their carrying values as of December 31, 2024 and 2023. For the calculation of the estimated market values, the Company used third-party valuations and the following methodology. For vessels with charters expiring before December 31, 2025 (i.e. within 12 months after the date of the annual financial statements for the year ended December 31, 2024), the Company uses charter