Here are 1-3 brief analogies for Costamare (CMRE):

• Costamare is like Prologis for the high seas, owning and leasing out critical logistics assets (ships) for global trade.
• It's similar to American Tower for the ocean, providing essential mobile infrastructure (ships) that other companies then utilize for their services.
• Think of it as Hertz for giant cargo ships, owning and chartering out a massive fleet of specialized vessels to businesses worldwide.

• Containership Chartering: Providing containerships for lease to liner companies for the global transportation of containerized cargo.
• Dry Bulk Vessel Chartering: Providing dry bulk vessels for lease to operators for the global transportation of unpackaged bulk commodities.

Costamare (CMRE) sells primarily to other companies, specifically major liner companies that charter its containerships for their global shipping operations. These customers utilize Costamare's vessels to transport goods globally.

Based on their financial filings, Costamare's major customers include:

• Mediterranean Shipping Company (MSC): A privately held global shipping and logistics company, and one of the world's largest container shipping lines.
• Maersk (symbol: AMKBY on OTC Markets, or MAERSK B on Nasdaq Copenhagen): A Danish integrated shipping and logistics company, and a global leader in container shipping.
• ZIM Integrated Shipping Services Ltd. (symbol: ZIM on NYSE): An Israeli international shipping company.

• Samsung Heavy Industries Co., Ltd. (010140.KS)
• HD Hyundai Heavy Industries Co., Ltd. (329180.KS)
• Jiangsu New Hantong Shipyard Co., Ltd.
• Qingdao Beihai Shipbuilding Heavy Industry Co., Ltd.
• Daehan Shipbuilding Co., Ltd.
• CSSC Guangzhou Huangpu Shipbuilding Company Limited
• Columbia Shipmanagement Ltd.
• V.Ships (UK) Ltd.

Konstantinos Konstantakopoulos, Chief Executive Officer and Chairman

Mr. Konstantakopoulos is the Chief Executive Officer and Chairman of Costamare, having taken over as CEO of Costamare Shipping in 1998 and becoming Chairman and CEO of Costamare in 2010. He wholly owns Costamare Shipping, the company's head manager, and, along with family members, controls Costamare Services, a service provider to their vessel-owning subsidiaries. Mr. Konstantakopoulos also founded Shanghai Costamare in 2005, C-Man Maritime, a vessel manning agency, in 2006, and Ciel Shipmanagement SA in 2001. He indirectly holds a 25% ownership in C-Man Maritime and a 50% ownership in Blue Net, which offers chartering brokerage services. He has been a board member of the Union of Greek Shipowners since 2006.

Gregory Zikos, Chief Financial Officer and Director

Mr. Zikos serves as Costamare's Chief Financial Officer and is a member of its board of directors, having joined the company in 2007. Before his tenure at Costamare, he was the Chief Financial Officer for DryShips, Inc., a publicly traded shipping company, from 2006 to 2007. From 2004 to 2006, he managed project and structured finance debt transactions at J&P Avax S.A., a real estate investment and construction firm. Earlier in his career, between 2000 and 2004, Mr. Zikos worked at Citigroup (London) in global corporate and investment banking, where he was involved in numerous European leveraged and acquisition debt financing transactions. He also practiced law from 1994 to 1998, advising financial institutions and shipping companies on debt and acquisition transactions. In March 2025, Mr. Zikos was named CEO and a board member of Costamare Bulkers, the company's dry bulk spin-off, while retaining his CFO role at Costamare Inc.

Anastassios Gabrielides, General Counsel and Secretary

Mr. Gabrielides holds the position of General Counsel and Secretary at Costamare and has also served as a director and secretary of Costamare Services since May 2013. His prior experience includes serving at the Hellenic Capital Markets Commission, the Greek securities regulator, first as Vice Chairman from 2004 to 2009, and then as Chairman from 2009 to 2011. From 1999 to 2004, Mr. Gabrielides practiced law in Athens, specializing in securities, banking and finance, and corporate law. He also held various positions and was a member of the Executive Committee at the Alexander S. Onassis Foundation from 1991 to 1999.

Konstantinos Zacharatos, Director

Mr. Zacharatos previously served as Costamare's General Counsel and Secretary until April 2013. He has been the Vice Chairman of Shanghai Costamare since its establishment in 2005. Before joining Costamare Shipping and Costaterra S.A., he was employed by the law firm Pagoropoulos & Associates, and also served as a legal adviser for Costaterra S.A., a Greek property company.

The key risks to Costamare's business, in order of significance, are:

1. Cyclicality and Volatility of the Shipping Industry: Costamare's profitability is highly dependent on charter and freight rates, which are subject to significant macroeconomic factors and are inherently cyclical and volatile. This unpredictability in demand and rates, particularly for segments employed on short-term charters or in the spot market (such as its dry bulk fleet), can lead to quarter-to-quarter volatility in operating results and impact the company's ability to pay dividends. Global economic downturns, prolonged tariff disputes, and geopolitical instability can further disrupt trade flows and depress demand for shipping services.
2. Exposure to Interest Rate Fluctuations and High Debt Levels: A substantial portion of Costamare's credit facilities bear interest costs at floating rates, primarily based on SOFR. Significant increases in interest rates can adversely affect the company's financial position, results of operations, and capacity to service its debt. Furthermore, high levels of debt may limit Costamare's ability to secure additional financing, pursue new business opportunities, or maintain dividend payments, potentially increasing borrowing costs or necessitating the issuance of dilutive equity securities.
3. Regulatory Changes and Environmental Compliance Costs: The global shipping industry is facing an evolving regulatory landscape, particularly concerning environmental protection and decarbonization. New carbon regulations, IMO emissions rules, and regional mandates (such as the EU's requirements for emissions allowances starting in 2025) will likely increase operational costs. Compliance may necessitate significant investments in more fuel-efficient vessels, retrofits, or the adoption of alternative fuels, which could impact the company's financial performance and fleet management strategies.

• Containership Leasing: The global container leasing market size was valued at USD 7.11 billion in 2024 and is projected to grow to USD 10.42 billion by 2033, exhibiting a Compound Annual Growth Rate (CAGR) of 4.3% from 2025 to 2033. Costamare is a leading international owner and provider of containerships for charter.
• Dry Bulk Shipping: The global dry bulk shipping market size was valued at USD 4.06 billion in 2024 and is expected to reach USD 5.78 billion by 2032, with a CAGR of 4.5% during the forecast period. Another estimate places the global market for Dry Bulk Shipping at US$157.8 billion in 2023, projected to reach US$186.9 billion by 2030, growing at a CAGR of 2.5%. Costamare has expanded into the dry bulk shipping sector, transporting commodities such as coal, grain, and iron ore.
• Ship Leasing Market (broader category including containerships and dry bulk carriers): The global ship leasing market size was estimated at USD 14.49 billion in 2024 and is predicted to increase from USD 16.74 billion in 2025 to approximately USD 61.37 billion by 2034, expanding at a CAGR of 15.53% from 2025 to 2034. This market encompasses the leasing of various vessel types, including container ships and bulk carriers.

Here are 3-5 expected drivers of future revenue growth for Costamare (CMRE) over the next 2-3 years:

1. Expansion of the Containership Fleet through Newbuilding Orders and Acquisitions: Costamare is actively expanding its containership fleet through strategic newbuilding orders and the acquisition of second-hand vessels. The company has ordered a total of six new 3,100 TEU containerships, with deliveries expected between Q2 and Q4 2027 for four vessels, and in Q1 2028 for the additional two. Upon delivery, these new vessels are slated to commence 8-year time charters with leading liner companies, ensuring long-term revenue streams. Additionally, Costamare has acquired second-hand vessels, such as the 6,541 TEU container vessel Maersk Puelo, through deals like sale and leasebacks, and remains open to similar opportunities. This continuous fleet growth directly increases the company's earning capacity.
2. Securing Long-Term Charter Agreements: Costamare's strategy of securing long-term charter agreements provides significant revenue visibility and stability. The company has substantially increased its contracted revenues through new chartering agreements and forward fixing of vessels, adding over $310 million in revenue. Its containership fleet is 100% fixed for 2025 and 80% for 2026, with total contracted revenues amounting to approximately $2.6 billion and a weighted remaining duration of 3.2 years. This strong contract backlog ensures predictable and sustained revenue generation in the coming years.
3. Growth of Neptune Maritime Leasing: As the controlling shareholder of Neptune Maritime Leasing, Costamare is leveraging this platform as a significant growth driver. Neptune Maritime Leasing has funded or committed to funding 50 shipping assets, with total investments and commitments exceeding $650 million. The continued expansion of this leasing platform into various shipping asset classes represents a growing revenue stream for the company.
4. Favorable Container Shipping Market Conditions: The current strong charter market, characterized by healthy and stable rates, low idle fleet levels (less than 1%), and steady demand, is a key driver for Costamare's revenue growth. This robust market environment allows Costamare to secure favorable terms for new and renewed charters, optimizing revenue from its existing and expanding fleet. Positive trade discussions and delays in port fee implementation are also expected to contribute positively to global trade flows, further bolstering demand for container shipping services.