Company: CMRE-PC
Filing Date: 2025-07-10
Form Type: CORRESP
Source: 0000950157-25-000560
Chunk: 4

Company: Costamare Inc.
Filing Date: 2025-07-10
Form: CORRESP
Chunk 4
---
2023, we earned income from NML’s operations starting from the second quarter of 2023) and (ii) the increased volume of NML’s operations during the year ended December 31, 2024 compared to the year ended December 31, 2023. NML acquires, owns and bareboat charters out vessels through its wholly-owned subsidiaries. Interest and Finance Costs Interest and finance costs for NML were $10.1 million and $2.2 million during the years ended December 31, 2024 and 2023, respectively. The increase is mainly attributable to the higher average loan balance for the NML segment in the year ended December 31, 2024 compared to the year ended December 31, 2023.” Neither the Company’s results of operations nor the results of operations of any of its segments are directly correlated to any of the East-West, North-South or Intra-regional trade routes. While the impact of being able to operate in a number of different routes is not reliably quantifiable, in future filings, the Company will revise its disclosure to explain how being able to operate in different routes impacts its relationships with charterers and its ability to efficiently serve them, and related trends and uncertainties. As an example, the Company proposes to replace in future filings the second paragraph on page 55 of the Form 20-F with the disclosure below. “We believe that the containership sector of the international shipping industry is characterized by the significant time required to develop the operating expertise and professional reputation necessary to obtain and retain customers. Our large and diversified fleet, comprised of containerships of varying TEU capacities, enables us to act as a one-stop solution for our charterers. This flexibility allows us to meet over time the changing operational needs of our clients across a broad spectrum of trade routes—ranging from East-West to North-South and Intraregional—which depend on, among other things, the availability of vessels for chartering at any given time, geopolitical developments such as changes to trade policies, the closure of the Suez Canal or sanctions, port congestion, infrastructure constraints such as limits on Panama Canal crossings, and regulatory changes such as changes to regulations regarding emissions or fuel types. Our versatile fleet allows us to offer commercial solutions that align with the shifting logistical and commercial requirements of different routes, enabling us to support our clients in optimizing their network and responding effectively to shifting market conditions; however, given the interplay of the aforementioned variables, the impact of rate environments on our results