Monaco, November 2, 2022 – Costamare Inc. (“Costamare” or the “Company”) (NYSE: CMRE) todayreported unaudited financial results for the third quarter (“Q3 2022”) and nine-months ended September30, 2022.
I. RECORD PROFITABILITY IN A THIRD QUARTER SINCE NYSE LISTING
• Q3 2022 Net Income available to common stockholders of $107.6 million ($0.89 per share) vs$107.4 million ($0.87 per share) in Q3 2021.
• Q3 2022 Adjusted Net Income available to common stockholders1 of $107.4 million ($0.88 pershare) vs $81.5 million ($0.66 per share) in Q3 2021.
• Q3 2022 liquidity of $897.3 million2 vs $557.8 million in Q3 2021.
II. ELEVEN NEW CHARTER ARRANGEMENTS WITH FORWARD START – FULLY
EMPLOYED CONTAINERSHIP FLEET3 FOR THE YEAR AHEAD
• Chartered 11 containerships on a forward basis with a leading liner company. More specifically:
Six containerships with existing charters maturing in 2025, the Cape Artemisio, Valor,Value, Valiant, Valence and Vantage (between 8,800 and 11,000 TEU capacity), havebeen forward chartered for a period of 60 to 64 months until 2030.
One containership with an existing charter maturing in 2025, the Navarino (8,500 TEUcapacity), has been forward chartered for a period of 48 to 52 months until 2029.
Two containerships with existing charters maturing in 2024, the Luebeck and Trader(between 1,000 and 1,300 TEU capacity), have been forward chartered for a period of24 to 26 months until 2026.
Two containerships with existing charters maturing in 2023, the Michigan and Etoile(between 1,300 and 2,600 TEU capacity), have been forward chartered for a period of24 to 26 months and 36 to 39 months, respectively, until 2025 and 2026, respectively.
Incremental contracted revenues of approximately $420 million.
Incremental TEU-weighted duration of forward charters of 4.6 years.
• More than 96% and 84% of the containership fleet4fixed for 2023 and 2024, respectively.
• Entered into a total of 34 chartering agreements for the dry bulk fleet since Q2 2022 earningsrelease.
III. SALE AND PURCHASE ACTIVITY
• Conclusion, in October 2022, of the sale of the following 2000-built, 6,648 TEU capacitycontainerships:
Sealand Michigan, with an estimated capital gain of $34.7 million in Q4 2022.
Sealand Illinois, with an estimated capital gain of $34.0 million in Q4 2022.
York, with an estimated capital gain of $37.0 million in Q4 2022.
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