Company: CMRE-PC
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001140361-25-005199
Chunk: 220

Company: Costamare Inc.
Filing Date: 2025-02-20
Form: 20-F
Item: Item 11
Chunk 220
---
 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 free third-party valuations as at December 31, 2024. For all other vessels, the Company uses: (A) third-party charter free valuations of each vessel at the earliest expiry date of the charter
of each vessel (e. g., in determining the residual value of a 5-year old vessel with a time charter having its earliest expiry date five years after the date of the annual financial statements, the third-party valuation provides us with
the charter free value of a 10-year old vessel with the same technical characteristics and specifications, which is representative of the residual value of the vessel at the earliest expiry date of its respective time charter) discounted
to December 31, 2024 plus (B) the discounted future cash flow from the charter of each vessel until the earliest expiry date of that charter.

The carrying value of each of the Company’s vessels does not necessarily represent its fair value or the amount that could be obtained if the vessel were sold. The Company’s estimates of
fair values (under our internal analysis) assume that the vessels are all in good and seaworthy condition without need for repair and, if inspected, would be certified as being in class without recommendations of any kind. In addition,
because vessel values are highly volatile, these estimates may not be indicative of either the current or future prices that the Company could achieve if it were to sell any of the vessels. The Company would not record impairment for any
of the vessels for