Exhibit 10.11


Addendum No. 2

to a Time Charter Party dated 16th January 2004

for m.v. “Cosco Beijing”


 


This Addendum
is made on 25th of June, 2008 between:


 


		(1)	Capetanissa Maritime Corporation of
                                         80, Broad Street, Monrovia, Liberia (hereinafter: the “OWNERS”);



 


		(2)	Costamare Shipping Company S.A., of
                                         Panama (hereinafter: the “OWNERS GUARANTOR”);



 


		(3)	Costamare Inc., of Trust Company Complex,
                                         Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (hereinafter: the “NEW
                                         OWNERS GUARANTOR”); and



 


		(4)	Cosco Container Lines Co., Ltd. of No.
                                         378 Dong Da Ming Road, (hereinafter: the “CHARTERERS”).



 


WHEREAS


 


		(A)	The OWNERS have chartered the container
                                         vessel “COSCO BEIJING” (hereinafter: the “VESSEL”) to
                                         the CHARTERERS pursuant to the time charterparty dated 16th January 2004 (as amended
                                         and supplemented from time to time hereinafter: the “CHARTER”);



 


		(B)	the OWNERS’ performance under the CHARTER has been guaranteed by the OWNERS GUARANTOR pursuant
to the relevant terms of the CHARTER (hereinafter: the “OWNERS CHARTER GUARANTEE”);



 


		(C)	It is desired that as from 15/10/2008, the OWNERS GUARANTOR shall be released and discharged from
its obligations under the OWNERS CHARTER GUARANTEE and that NEW OWNERS GUARANTOR is substituted in the position of guarantor of
the OWNERS’ performance under the CHARTER in respect of the period as from the commencement of the CHARTER i.e. as from delivery;



 


		(D)	The Owners wish that as from 15/10/2008, hire payment details stipulated in Clause 5 of the CHARTER
are amended so that hire is to be paid to the OWNERS bank account; and



 


		(E)	this deed sets out the terms pursuant to which the parties hereto have agreed to the various amendments
to the CHARTER required because of the events described above.



 


NOW It is hereby
mutually agreed that as from 15/10/2008:



    	 



    		- 2 -	 



    




		1.	The CHARTERERS release and discharge the OWNERS GUARANTOR from all liabilities, obligations, claims and demands whatsoever
concerning the OWNERS CHARTER GUARANTEE and in respect of anything done or omitted to be done under or in connection therewith;



 


		2.	NEW OWNERS GUARANTOR is substituted in the position of guarantor of the OWNERS’ performance under the CHARTER in respect of
the period as from the commencement of the CHARTER i.e. as from delivery; and



 


		3.	The hire payment details stipulated in Clause 5 of the CHARTER are amended, so that hire is to be paid to the OWNERS bank account
as follows:



 





	Bank Name:	Calyon
	 	 
	Bank Address :	9, quai du President Paul Doumer, Paris, France
	 	 
	Account Name:	CAPETANISSA MARITIME CORPORATION
	 	 
	IBAN:	FR7631489000100024114723847







 


		4.	Subject to the foregoing, the terms of the CHARTER will remain unamended and in full force and effect.



 






	/s/ Vasileios C. Konstantakopoulos	 
	By: Vasileios C. Konstantakopoulos	 
	on behalf of: Capetanissa Maritime Corporation


 

	/s/ Vasileios C. Konstantakopoulos	 
	By: Vasileios C. Konstantakopoulos	 
	on behalf of: Costamare Shipping Company S.A.








    	 



    		- 3 -	 



    







	/s/ Konstantinos V. Konstantakopoulos	 
	By: Konstantinos V. Konstantakopoulos
	on behalf of: Costamare Inc.


 

	/s/	 
	By:	 
	on behalf of: Cosco Container Lines Co., Ltd.