Here are 1-2 brief analogies for Costamare (CMRE):

• Costamare is like Prologis for ocean cargo, owning and leasing out a massive fleet of ships (like floating warehouses) to companies that need to transport goods globally.
• It's similar to Ryder Systems for the high seas, providing a fleet of vessels for charter to other shipping and logistics businesses.

• Containership Chartering: Leasing containerships to liner companies for the transport of containerized cargo worldwide.
• Dry Bulk Vessel Chartering: Leasing dry bulk vessels for the transport of unpackaged bulk commodities such as grain, coal, and iron ore.

Costamare Inc. (CMRE) primarily sells its services to other companies, specifically global liner companies for its containerships and various charterers and commodity traders for its dry bulk vessels. Its major customers include:

• MSC Mediterranean Shipping Company S.A. (Private company)
• A.P. Møller - Mærsk A/S (Maersk) - Public company, Symbol: MAERSK-B.CO
• CMA CGM S.A. (Private company)
• COSCO Shipping Holdings Co., Ltd. (COSCO Shipping Lines) - Public company, Symbol: 1919.HK
• Hapag-Lloyd AG - Public company, Symbol: HLAG.DE
• Evergreen Marine Corp. (Taiwan) Ltd. - Public company, Symbol: 2603.TW
• Oldendorff Carriers (Private company)
• Cargill (Private company)

• HD Hyundai Heavy Industries (KRX: 009540)
• Yangzijiang Shipbuilding Holdings Ltd. (SGX: BS6)

Konstantinos V. Konstantakopoulos Chief Executive Officer, Chairman and Director

Konstantinos V. Konstantakopoulos is the son of the founder of Costamare Group, Captain Vasileios Konstantakopoulos. He became the CEO of Costamare Shipping in 1998 and assumed the roles of Chairman and CEO of Costamare Inc. in 2010. Mr. Konstantakopoulos wholly owns and controls Costamare Shipping, the company's head manager, and also controls Costamare Services with members of his family. He founded Shanghai Costamare in 2005, C-Man Maritime (a vessel manning agency) in 2006, and indirectly owns 50% of Blue Net, which provides chartering brokerage services. He has been on the board of directors of the Union of Greek Shipowners since 2006.

Gregory G. Zikos Chief Financial Officer and Director

Gregory G. Zikos joined Costamare Inc. in 2007. Prior to this, he served as Chief Financial Officer at DryShips, Inc., a public shipping company, from 2006 to 2007. From 2004 to 2006, Mr. Zikos worked at J&P Avax S.A., a real estate investment and construction company, where he was responsible for project and structured finance debt transactions. Between 2000 and 2004, he was employed at Citigroup (London) in their global corporate and investment banking group, 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 in debt and acquisition transactions. Mr. Zikos also serves as the Chief Executive Officer of Costamare Bulkers Holdings Ltd.

Anastassios Gabrielides General Counsel and Secretary

Anastassios Gabrielides has served as a director and secretary of Costamare Services since May 2013. He also holds the position of general counsel and secretary of Costamare Bulkers Holdings Ltd.

Konstantinos Zacharatos Director

Konstantinos Zacharatos served as Costamare Inc.'s General Counsel and Secretary until April 2013. He has been the Vice Chairman of Shanghai Costamare since its incorporation in 2005. Mr. Zacharatos joined Costamare Shipping in 2000 and has been responsible for the legal affairs of various Costamare entities. He previously served as a legal adviser for Costaterra S.A., a Greek property company.

Here are the key risks to Costamare (CMRE):

1. Cyclicality of the Shipping Market and Charter Rate Volatility: Costamare's financial performance is heavily dependent on the global shipping market, which is inherently cyclical. Fluctuations in supply and demand for containerships and dry bulk vessels, driven by global economic conditions, trade volumes, and geopolitical events, directly impact charter rates and vessel values. A downturn in charter rates or vessel values can significantly reduce the company's revenues and profitability.

2. High Debt Levels and Exposure to Interest Rate Fluctuations: The company carries substantial outstanding indebtedness, which stood at approximately $2.4 billion as of December 31, 2023 (and around $1.5 billion as of December 31, 2025). A significant portion of its credit facilities are subject to floating interest rates, primarily based on SOFR. Therefore, considerable increases in interest rates could adversely affect Costamare's financial position, increase its cost of borrowing, and limit its ability to service its debt or pursue new business opportunities.

3. Aging Fleet and Substantial Capital Expenditure Requirements: Costamare's fleet includes a number of older vessels, and the company faces the need for significant capital expenditures to maintain and renew its operating capacity. For instance, in December 2025, it was noted that Costamare has 26 vessels that are around 20 years old or older. The cost of renewing these vessels, estimated to potentially exceed $2 billion for some segments of the fleet, could reduce the amount of cash available for distribution to stockholders and impact overall financial flexibility, especially in an environment with lower charter rates.

Costamare Inc. (CMRE) is poised for future revenue growth over the next two to three years, driven by its strategic expansion of the containership fleet, securing long-term charter agreements, and the continued development of its leasing platform. The company also focuses on fleet renewal and optimization within its dry bulk segment.

Here are the key expected drivers of future revenue growth for Costamare:

1. Expansion of Containership Fleet through Newbuilds and Acquisitions: Costamare is actively increasing its containership fleet through newbuilding programs. The company has ordered additional 3,100 TEU newbuilds, bringing the total of this type on order to ten, with deliveries scheduled from late 2027 through late 2028. These new vessels already have medium-term charter contracts in place, commencing immediately after delivery. Furthermore, there are indications of potential orders for up to twelve 9,200 TEU mid-sized containerships at Chinese yards, expected to be backed by long-term charter agreements. As of February 2026, Costamare's operational fleet includes ten containerships currently under construction.
2. Securing Long-Term Charter Agreements: A core component of Costamare's strategy is to secure long-term cash flows from high-quality counterparties. The company has forward-chartered 12 vessels, ranging from 4,000 to 14,000 TEUs, with these charters commencing over the next three years and having a TEU-weighted average duration of six years. This initiative is expected to generate approximately $940 million in incremental contracted revenues. These forward fixtures have significantly boosted fleet employment, with 96% and 92% of the containership fleet fixed for 2026 and 2027, respectively, on a TEU basis. The total contracted revenues for the containership fleet have reached $3.4 billion, with a remaining time charter duration of 4.5 years.
3. Growth of Neptune Maritime Leasing Platform: Costamare holds a controlling interest in Neptune Maritime Leasing Limited (NML), its leasing arm. NML has demonstrated substantial growth, having funded or committed to fund 54 shipping assets, representing total investments and commitments exceeding $665 million. Costamare has increased its investment commitment in NML to approximately $247.8 million, with a significant portion already invested. This platform is reported to have a "healthy pipeline," indicating further expansion and revenue generation potential.
4. Strategic Fleet Renewal and Optimization in the Dry Bulk Segment: Costamare Bulkers, the company's dry bulk division, is undergoing a strategic transformation aimed at fleet renewal and operational realignment, with a focus on Kamsarmax vessels. This includes the acquisition of newer, more fuel-efficient vessels, such as the 2018-built Ultramax vessel 'Koushun' (to be renamed Astros), with delivery anticipated in the first half of 2026. Additionally, two newbuild Kamsarmax vessels will be chartered-in under period charters with purchase options, with deliveries expected between Q2 2026 and Q1 2028. This strategic pivot seeks to capitalize on strong charter rates and market opportunities within the dry bulk sector.

Share Repurchases

• Costamare completed the repurchase of 11,004,510 shares for $120.09 million under an equity buyback plan announced on December 1, 2021.
• As of early March 2026, this buyback program has been completed.
• Management had not indicated plans to continue share buybacks as of December 2025.

Share Issuance

• As of December 31, 2025, 131,588,439 common shares of Costamare were issued.
• By December 31, 2025, the company issued an aggregate of 21,823,024 shares to common stockholders through its dividend reinvestment plan.
• Costamare issued 598,400 shares to Costamare Shipping Services Ltd. in connection with its investment in the Neptune Maritime Leasing business.

Outbound Investments

• Costamare holds a controlling interest in Neptune Maritime Leasing Limited (NML), a platform dedicated to financing shipping assets.
• As of December 31, 2025, Costamare's investment commitment in NML increased to $247.8 million, with $182.2 million invested to date.
• NML has funded or committed to fund 54 shipping assets, with total investments and commitments exceeding $665 million.
• Costamare invested in the dry bulk segment starting in 2021 by acquiring secondhand Capesize vessels and establishing a dry bulk trading firm; this dry bulk business was subsequently spun off in May 2025.

Capital Expenditures

• As of March 2026, Costamare has 10 newbuild containerships under construction.
• In July 2025, the company ordered four new 3,100 TEU containerships, expected for delivery between Q2 and Q4 of 2027, which are already chartered for eight years post-delivery, contributing to over $310 million in increased contracted revenues.
• The company anticipates a significant capital requirement, estimated to be over $2 billion, for renewing 20 containerships with capacities above 5,000 TEU that are older than 20 years.
• Costamare has secured pre- and post-delivery financing for its newbuild vessels and refinanced existing container ships to achieve lower funding costs.