Company: CMRE-PC
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001140361-25-005199
Chunk: 93

Company: Costamare Inc.
Filing Date: 2025-02-20
Form: 20-F
Item: Item 4
Chunk 93
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 in privately negotiated sales. In connection with these acquisitions, we then typically charter back the vessels to these customers. We believe we have been able to pursue these privately negotiated acquisitions because of our long-standing customer relations, which we do not believe new entrants have.
 
Dry bulk vessels: Unlike the containership sector, ownership of dry bulk vessels is highly fragmented with approximately 14,100 vessels in the global fleet. The largest dry bulk vessel owner group is China COSCO Shipping, with a fleet of 318 vessels with an aggregate carrying capacity of approximately 35.9 million dwt, while the rest of the top 5 in terms of total dwt capacity is comprised of Japan’s NYK (197 vessels with an aggregate carrying capacity of approximately 22.2 million dwt), Norway’s Fredriksen Group (107 vessels with an aggregate carrying capacity of approximately 15.1 million dwt), Greece’s Star Bulk Carriers (151 vessels with an aggregate carrying capacity of approximately 14.6 million dwt) and Berge Bulk (69 vessels with an aggregate carrying capacity of approximately 13.1 million dwt).
 
Crewing and Shore Employees
 
We have three shore-based officers, our chairman and chief executive officer, our chief financial officer and our general counsel and secretary. We do not pay any compensation to our officers for their services as officers. Our officers are employed by and receive compensation for their services from Costamare Shipping and/or Costamare Services. Our chief financial officer and a non-independent board member are also employed by and receive compensation from Costamare Bulkers. As of December 31, 2024, Costamare Shipping, Costamare Services, Costamare Bulkers, the Agency Companies and the Neptune Manager employed in aggregate approximately 290 shore-based employees and approximately 2,430 seafarers were serving on our vessels. Our managers are responsible for recruiting, either directly or through manning agents, the officers and crew for our containerships and dry bulk vessels that they manage. We believe the streamlining of crewing arrangements through our managers ensures that all of our vessels will be crewed with experienced crews that have the qualifications and licenses required by international regulations and shipping conventions. We have not experienced any material work stoppages due to labor disagreements during the past three years.
Seasonality
 
We operate our vessels in markets that have historically exhibited seasonal variations in demand and, as a result, in charter hire rates. This seasonality may result in quarter to quarter volatility in our operating results