EXHIBIT 8.1

SUBSIDIARIES OF COSTAMARE INC.

The following companies are subsidiaries of Costamare Inc. as of March 1, 2011.

|                                 |  |                              |  |                                
|-------------------------------- |  | ---------------------------- |  | -------------------------------
|Name of Subsidiary               |  | Jurisdiction ofIncorporation |  | Proportion ofOwnership Interest
|MERIN SHIPPING CO.               |  | Liberia                      |  | 100%                           
|LYTTON SHIPPING CO.              |  | Liberia                      |  | 100%                           
|NIGEL SHIPPING CO.               |  | Liberia                      |  | 100%                           
|VENOR SHIPPING CO.               |  | Liberia                      |  | 100%                           
|LEGE SHIPPING CO.                |  | Liberia                      |  | 100%                           
|SIMS SHIPPING CO.                |  | Liberia                      |  | 100%                           
|DENOR SHIPPING CO.               |  | Liberia                      |  | 100%                           
|BURTON SHIPPING CO.              |  | Liberia                      |  | 100%                           
|FLOW SHIPPING CO.                |  | Liberia                      |  | 100%                           
|MERTEN SHIPPING CO.              |  | Liberia                      |  | 100%                           
|RAY SHIPPING CO.                 |  | Liberia                      |  | 100%                           
|MIKO SHIPPING CO.                |  | Liberia                      |  | 100%                           
|CORNAS SHIPPING CO.              |  | Liberia                      |  | 100%                           
|MERA SHIPPING CO.                |  | Liberia                      |  | 100%                           
|DOURO SHIPPING CO.               |  | Liberia                      |  | 100%                           
|GRAPPA SHIPPING CO.              |  | Liberia                      |  | 100%                           
|LANG SHIPPING CO.                |  | Liberia                      |  | 100%                           
|DINO SHIPPING CO.                |  | Liberia                      |  | 100%                           
|COSTIS MARITIME CORPORATION      |  | Liberia                      |  | 100%                           
|CHRISTOS MARITIME CORPORATION    |  | Liberia                      |  | 100%                           
|ACHILLEAS MARITIME CORPORATION   |  | Liberia                      |  | 100%                           
|FASTSAILING MARITIME CO.         |  | Liberia                      |  | 100%                           
|KALAMATA SHIPPING CORPORATION    |  | Liberia                      |  | 100%                           
|NAVARINO MARITIME CORPORATION    |  | Liberia                      |  | 100%                           
|MARINA MARITIME CORPORATION      |  | Liberia                      |  | 100%                           
|COSTACHILLE MARITIME CORPORATION |  | Liberia                      |  | 100%                           
|ANGISTRI CORPORATION             |  | Liberia                      |  | 100%                           
|TAKOULIS MARITIME CORPORATION    |  | Liberia                      |  | 100%                           
|FANAKOS MARITIME CORPORATION     |  | Liberia                      |  | 100%                           
|MARVISTA MARITIME INC.           |  | Liberia                      |  | 100%                           
|SEA ELF MARITIME INC.            |  | Liberia                      |  | 100%                           
|HONAKER SHIPPING COMPANY         |  | Liberia                      |  | 100%                           
|CAPETANISSA MARITIME CORPORATION |  | Liberia                      |  | 100%                           
|WEST END SHIPPING CO. LTD.       |  | Liberia                      |  | 100%                           
|RENA MARITIME CORPORATION        |  | Liberia                      |  | 100%                           
|ALEXIA TRANSPORT CORP.           |  | Liberia                      |  | 100%                           
|CARAVOKYRA MARITIME CORPORATION  |  | Liberia                      |  | 100%                           
|MARATHOS SHIPPING INC.           |  | Liberia                      |  | 100%                           
|BULLOW INVESTMENTS INC.          |  | Liberia                      |  | 100%                           
|MONTES SHIPPING CO.              |  | Liberia                      |  | 100%                           
|KELSEN SHIPPING CO.              |  | Liberia                      |  | 100%                           
|MAS SHIPPING CO.                 |  | Liberia                      |  | 100%                           
|GUILDMORE NAVIGATION S.A.        |  | Liberia                      |  | 100%                           
|                                 |  |                              |  |                                



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Name of Subsidiary
    
    Jurisdiction ofIncorporation
    
    Proportion ofOwnership InterestVOLK SHIPPING CO.
    
    Liberia
    
    100%URIZA SHIPPING CO.
    
    Liberia
    
    100%DAVIES SHIPPING CO.
    
    Liberia
    
    100%ERIN SHIPPING CO.
    
    Liberia
    
    100%BROOKES SHIPPING CO.
    
    Liberia
    
    100%IDEA SHIPPING CO.
    
    Liberia
    
    100%DOME SHIPPING CO.
    
    Liberia
    
    100%RONDA SHIPPING CO.
    
    Liberia
    
    100%ROYCE SHIPPING CO.
    
    Liberia
    
    100%MABEL SHIPPING CO.
    
    Liberia
    
    100%WARRICK SHIPPING CO.
    
    Liberia
    
    100%CONVEY SHIPPING CO.
    
    Liberia
    
    100%SIMONE SHIPPING CO.
    
    Liberia
    
    100%CAGNEY SHIPPING CO.
    
    Liberia
    
    100%MADELIA SHIPPING CO.
    
    Liberia
    
    100%ADELE SHIPPING CO.
    
    Liberia
    
    100%BASTIAN SHIPPING CO.
    
    Liberia
    
    100%CADENCE SHIPPING CO.
    
    Liberia
    
    100%EDITH SHIPPING CO.
    
    Liberia
    
    100%DAINA SHIPPING CO.
    
    Liberia
    
    100%GAVIN SHIPPING CO.
    
    Liberia
    
    100%FAY SHIPPING CO.
    
    Liberia
    
    100%HALEY SHIPPING CO.
    
    Liberia
    
    100%IDRIS SHIPPING CO.
    
    Liberia
    
    100%JODIE SHIPPING CO.
    
    Liberia
    
    100%KAYLEY SHIPPING CO.
    
    Liberia
    
    100%MANSEL SHIPPING CO.
    
    Liberia
    
    100%NICKY SHIPPING CO.
    
    Liberia
    
    100%ODETTE SHIPPING CO.
    
    Liberia
    
    100%PERCY SHIPPING CO.
    
    Liberia
    
    100%LEROY SHIPPING CO.
    
    Liberia
    
    100%