COSTAMARE INC. REPORTS RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2025

Costamare Inc. (“Costamare” or the “Company”) (NYSE: CMRE) today reported
unaudited financial results for the first quarter ended March 31, 2025 (“Q1 2025”).
I. PROFITABILITY AND LIQUIDITY
• Q1 2025 Net Income available to common stockholders of $95.0 million ($0.79 per share).
• Q1 2025 Adjusted Net Income available to common stockholders1 of $73.3 million ($0.61
per share).
• Q1 2025 liquidity of $1,022.6 million2
.
II. COMPLETION OF SPIN-OFF OF COSTAMARE’S DRY BULK BUSINESS
As announced on May 7, 2025, the spin-off of Costamare’s dry bulk business into a standalone public company (the “Spin-Off”) was completed on May 6, 2025, by way of a pro rata distribution of Costamare Bulkers Holdings Limited (“CMDB” or “Costamare Bulkers”) shares to Costamare shareholders. In the distribution, each Costamare shareholder received
one common share of CMDB for every five Costamare common shares they held as of the close of business on April 29, 2025, the record date of the distribution. For additional information relating to the Spin-off, please see CMDB’s Registration Statement on Form 20-
F (File No. 001-42581) filed with the U.S. Securities and Exchange Commission, which is
available at www.sec.gov.
III. OWNED FLEET CHARTER UPDATE3
– FULLY EMPLOYED CONTAINERSHIP
FLEET FOR 2025
• 100% and 73% of the containership fleet4
fixed for 2025 and 2026, respectively.
• Contracted revenues for the containership fleet of approximately $2.3 billion with a TEUweighted duration of 3.3 years5
.
• As of May 5, 2025, entered into more than 25 chartering agreements for the owned dry bulk
fleet since Q4 2024 earnings release. The owned dry bulk fleet was included in the Spin-Off.
IV. SALE AND PURCHASE ACTIVITY
1 Adjusted Net Income available to common stockholders and respective per share figures are non-GAAP measures and should not
be used in isolation or as substitutes for Costamare’s financial results presented in accordance with U.S. generally accepted accounting
principles (“GAAP”). For the definition and reconciliation of these measures to the most directly comparable financial measure
calculated and presented in accordance with GAAP, please refer to Exhibit I.
2
Including margin deposits relating mainly to our forward freight agreements (“FFAs”) and bunker swaps of $35.9 million, short
term investments in U.S. Treasury Bills amounting to $18.7 million and $100.0 million from one hunting license facility subject to
final documentation as of March 31, 2025 (the Company signed the hunting license facility in April 2025, following which this facility
was transferred to CMDB in connection with the Spin-Off).
3
Please refer to the Containership Fleet List table for additional information on vessel employment details for our containership
fleet.
4 Calculated on a TEU basis.
5 As of May 7, 2025.
2
Vessel Disposals
• Conclusion of the sale of the 2008-built, 76,619 DWT capacity dry bulk vessel, Rose, in
April 2025, generating net sale proceeds after debt prepayment of $4.1 million.
• Agreement for the sale of the 2010-built, 31,775 DWT capacity dry bulk vessel, Resource
(expected conclusion of the sale within Q2 2025). Estimated net sale proceeds after debt
prepayment of $3.3 million.
V. NEW DEBT FINANCING – PREPAYMENT OF DRY BULK VESSELS LOANS
• Refinanced the existing indebtedness of Polar Brasil (originally maturing in 2025) through a
$23.5 million loan facility agreement with a European financial institution. The new facility
has a maturity of 5 years and there is no increase in leverage.
• Costamare has no significant debt maturities until 2027.
Transactions that occurred after the end of Q1 2025 and that are relevant to CMDB, the spun-off
entity:
• In April 2025, Costamare prepaid $150.2 million of its dry bulk vessels bank debt.
• Conclusion of a $100 million hunting license agreement with a European financial institution
for the financing of dry bulk vessels. In connection with the Spin-off, Costamare has been
released as guarantor under this agreement.
VI. DRY BULK OPERATING PLATFORM
As of May 5, 2025:
• Costamare Bulkers Inc. (“CBI”) had fixed a fleet of 486 dry bulk vessels on period charters,
consisting of:
­ 36 Newcastlemax/ Capesize vessels.
­ 12 Kamsarmax vessels.
• Majority of the fixed fleet was on index linked charter-in agreements, consisting of:
­ 31 charters for Newcastlemax/ Capesize vessels that are index linked.
­ 7 charters for Kamsarmax vessels that are index linked.
• Average remaining tenor for the Newcastlemax/ Capesize and Kamsarmax chartered-in fleet
of 12 and 9 months, respectively.
The CBI trading platform was included in the Spin-Off.
VII. LEASE FINANCING PLATFORM
• Controlling interest in Neptune Maritime Leasing Limited (“NML”).
• Company’s current investment in NML of $123.3 million.
• Growing leasing platform, currently funding or committed to funding 41 shipping assets as of
the date of this press release, representing a total investment of approximately $530.6 million,
on the back of what we believe is a healthy pipeline.
VIII. DIVIDEND ANNOUNCEMENTS
• On April 2, 2025, the Company declared a dividend of $0.115 per share on the common
stock, which was paid on May 6, 2025, to holders of record of common stock as of April 17,  2025.
• On April 2, 2025, the Company declared a dividend of $0.476563 per share on the Series B  Preferred Stock, $0.531250 per share on the Series C Preferred Stock and $0.546875 per
share on the Series D Preferred Stock, which were all paid on April 15, 2025 to holders of   record as of April 14, 2025.
6   Four Capesize vessels have been chartered in from our owned fleet.
3  Mr. Gregory Zikos, Chief Financial Officer of Costamare Inc., commented:
“During the first quarter of the year, the Company generated Net Income of about $95 million.
As announced on May 7, we successfully completed the spin-off of Costamare Bulkers, which encompasses
the 37 owned dry bulk vessels as well as the CBI operating platform. Costamare Inc. remains the sole
shareholder of the 68 containerships as well as the controlling shareholder of Neptune Maritime Leasing.
The business separation unlocks hidden value and better positions the two separate listed companies to
pursue distinct operating and strategic initiatives in the containership and the dry bulk sectors.
Regarding the containership market, while geopolitical challenges and economic uncertainties impact
global trade, demand for containership vessels has up to now maintained momentum. The commercially
idle fleet remains below 1%, indicating a fully employed market.
Regarding the proposed USTR fees, fleet redeployments and network reorganizations may initially result
in inefficiencies boosting tonnage demand.
Our containership fleet employment stands at 100% and 73% for 2025 and 2026, respectively. Total contracted revenues amount to $2.3 billion with a remaining time charter duration of 3.3 years.
On the dry bulk sector, both Capesize and Panamax markets experienced a challenging start of the year.
The cape market rebounded strongly in March, supported by improved Australia and Brazil iron ore shipments and tighter vessel availability. The panamax activity picked up, as expected, post-Chinese New
Year supported by recovering grain flows.
Finally, with regards to Neptune Maritime Leasing, the growing leasing platform, total investments and
commitments are exceeding $530 million with a healthy pipeline.”