Costamare Inc. (CMRE): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Navegando por el complejo mundo de la logística marítima, Costamare Inc. (CMRE) surge como una potencia en la alquiler de buques de contenedores, que ofrece soluciones innovadoras que transforman la dinámica de envío global. Con un modelo de negocio estratégico que combina sin problemas tecnología de vanguardia, amplios recursos de flota y enfoques centrados en el cliente, esta empresa marítima ofrece servicios de transporte incomparables en las rutas comerciales internacionales. Coloque en el intrincado lienzo de modelo de negocio que revela cómo Costamare revoluciona la logística marítima, creando valor para las compañías navieras globales y las corporaciones multinacionales a través de sus estrategias de gestión de flotas flexibles, eficientes y tecnológicamente avanzadas.

Costamare Inc. (CMRE) - Modelo de negocio: asociaciones clave

Líneas navieras globales y compañías de arrendamiento de contenedores

A partir de 2024, Costamare Inc. mantiene asociaciones estratégicas con las principales líneas de envío globales:

Pareja	Volumen de arrendamiento de contenedores	Duración del contrato
Compañía de envío mediterráneo (MSC)	22,500 TEU	5-7 años
Grupo CGM CMA	18,750 TEU	4-6 años
Línea de Maersk	15,000 TEU	3-5 años

Principales autoridades portuarias y proveedores de infraestructura marítima

Costamare colabora con entidades de infraestructura portuaria clave:

• Autoridad del Puerto de Singapur
• Autoridad portuaria de Rotterdam
• Grupo de puertos internacionales de Shanghai
• Dubai Ports World

Instituciones financieras internacionales y socios bancarios

Asociaciones financieras a partir de 2024:

Institución financiera	Línea de crédito	Tasa de interés
Banco Deutsche	$ 350 millones	LIBOR + 2.5%
Suisse de crédito	$ 275 millones	LIBOR + 2.75%
Abn amro	$ 225 millones	LIBOR + 2.25%

Fabricantes de barcos y proveedores de equipos marinos

Asociaciones de fabricación primaria:

• Industrias pesadas de Hyundai
• Samsung Heavy Industries
• Construcción naval de Daewoo & Ingeniería marina
• Mitsubishi Industrias pesadas

Seguros y empresas de gestión de riesgos

Asociaciones de gestión de riesgos en 2024:

Proveedor de seguros	Valor de cobertura	Tipo de riesgo
Allianz Global Corporate & Especialidad	$ 1.2 mil millones	Cáscara & Maquinaria
Lloyd's de Londres	$ 950 millones	Carga marina
Seguro marino aig	$ 750 millones	Responsabilidad de terceros

Costamare Inc. (CMRE) - Modelo de negocio: actividades clave

Buque de contenedores Alquilar y gestión de flotas

A partir de 2024, Costamare Inc. administra una flota de 63 contenedores con una capacidad total de 528,304 TEU. La composición de la flota incluye:

Tipo de vaso	Número de barcos	Capacidad total (TEU)
Contenedores	63	528,304

Logística marítima y servicios de transporte

Las operaciones de logística marítima de Costamare incluyen:

• Rutas de envío de contenedores globales
• Operaciones de embarcaciones alquiladas
• Arrendamiento de embarcaciones a largo plazo y a corto plazo

Adquisición de flota e inversiones estratégicas de embarcaciones

Detalles de inversión para 2024:

Métrico de inversión	Valor
Valor total de la flota	$ 2.8 mil millones
Edad promedio de embarcaciones	10.2 años

Mantenimiento de embarcaciones y operaciones técnicas

Capacidades de gestión técnica:

• Gestión técnica interna para el 100% de la flota
• Programas de mantenimiento integrales
• Cumplimiento de las regulaciones marítimas internacionales

Análisis de mercado y optimización de rutas

Métricas de rendimiento del mercado:

Indicador de rendimiento	Valor 2024
Tasa de chárter promedio	$ 15,200 por día
Tasa de utilización de la flota	98.5%

Costamare Inc. (CMRE) - Modelo de negocio: recursos clave

Flota grande y moderna de buques de contenedores

A partir del cuarto trimestre de 2023, Costamare Inc. opera una flota de 62 contenedores, con una capacidad total de 528,242 TEU.

Tipo de vaso	Número de barcos	Capacidad total (TEU)
Contenedores	62	528,242

Capital financiero y calificaciones crediticias

Métricas financieras al 31 de diciembre de 2023:

• Activos totales: $ 2.54 mil millones
• Equidad total: $ 1.16 mil millones
• Ingresos netos: $ 309.6 millones

Equipo experimentado de gestión marítima

Composición de liderazgo:

• Total de ejecutivos con más de 20 años de experiencia marítima: 4
• Promedio de tenencia ejecutiva: 15.3 años

Conexiones de la industria marítima global

Regiones geográficas	Número de asociaciones activas
Europa	12
Asia	8
América del norte	6

Tecnología marítima avanzada

Inversiones tecnológicas en 2023:

• Presupuesto de tecnología anual: $ 18.5 millones
• Sistemas de seguimiento de buques en tiempo real: desplegado en el 100% de la flota
• Software de optimización de ruta automatizado: implementado en todos los buques

Costamare Inc. (CMRE) - Modelo de negocio: propuestas de valor

Transporte de contenedores internacional confiable y eficiente

A partir de 2024, Costamare Inc. opera una flota de 61 contenedores con una capacidad total de 438,589 TEU. La composición de la flota de la compañía incluye:

Tipo de vaso	Número de embarcaciones	Capacidad total (TEU)
Panamax	20	156,892
Post panamax	23	181,697
Buques de contenedores ultra grandes	18	100,000

Opciones de chárter de embarcaciones flexibles para necesidades de envío global

Costamare proporciona servicios de chárter las siguientes características clave:

• Duración promedio de la carta: 3-5 años
• Tasa de cobertura de la carta: 95.2% en 2023
• Tasas diarias de chárter que van desde $ 12,000 a $ 35,000 dependiendo del tamaño de la embarcación

Soluciones de logística marítima rentables

Métricas de desempeño financiero para la rentabilidad:

• Ingresos para 2023: $ 762.4 millones
• Gastos operativos: $ 456.3 millones
• Ingresos netos: $ 206.1 millones

Flota de embarcaciones moderna de alta calidad y bien mantenida

Estadísticas de edad y mantenimiento de la flota:

Característica de la flota	Métrico
Edad de flota promedio	8.6 años
Buques construidos después de 2010	42 recipientes
Inversión de mantenimiento anual	$ 45.6 millones

Ofertas de servicio adaptables en múltiples segmentos de envío

Diversificación de contratos chárter:

• Envío de contenedores: 65% de los ingresos
• Cartas de tiempo a largo plazo: 28% de los ingresos
• Cartas del mercado spot: 7% de los ingresos

Costamare Inc. (CMRE) - Modelo de negocio: relaciones con los clientes

Asociaciones a largo plazo basadas en contratos

A partir de 2024, Costamare Inc. tiene 75 contenedores en su flota, con una duración promedio de la carta de 3.1 años. La cartera de chárter de la compañía fue de aproximadamente $ 1.9 mil millones a partir del cuarto trimestre de 2023, lo que demuestra fuertes relaciones contractuales a largo plazo con los clientes de envío global.

Tipo de contrato	Número de embarcaciones	Duración promedio de la carta
Cartas a largo plazo	45	4-5 años
Cartas a corto plazo	30	1-2 años

Servicio al cliente personalizado y gestión de cuentas

Costamare mantiene equipos de administración de cuentas dedicados para los 15 mejores clientes de envío, lo que representa el 62% de sus ingresos totales en 2023.

• Gerentes de relaciones con el cliente dedicados
• Soporte técnico 24/7
• Mecanismos de informes personalizados

Plataformas de comunicación digital y seguimiento

La inversión en plataformas digitales alcanzó los $ 3.2 millones en 2023, lo que permite el seguimiento de buques en tiempo real y el monitoreo de rendimiento para los clientes.

Función de plataforma digital	Capacidad
Seguimiento en tiempo real	100% de cobertura de flota
Análisis de rendimiento	Informes trimestrales detallados

Precios transparentes e informes de rendimiento

Las tasas de chárter diarias promedio en 2023 fueron de $ 18,500 por embarcación, con mecanismos de precios transparentes revelados en informes financieros trimestrales.

Soluciones de envío personalizadas

Costamare sirve a 45 clientes globales en 12 segmentos de envío diferentes, con configuraciones de embarcaciones adaptadas a requisitos de carga específicos.

Segmento de envío	Número de embarcaciones especializadas
Envío de contenedores	62
Carga especializada	13

Costamare Inc. (CMRE) - Modelo de negocio: canales

Conferencias directas del equipo de ventas y la industria marítima

Costamare Inc. mantiene un equipo de ventas dedicado de 42 profesionales marítimos a partir de 2024. La compañía participa en 8-10 principales conferencias de envío internacional anualmente, incluido:

Nombre de conferencia	Ubicación	Frecuencia de participación
Foro de envío de enlaces de capital	Nueva York	Anual
Semana del dinero marino	Atenas/Londres	Semestral
Conferencia de envío de Hamburgo	Hamburgo	Anual

Plataformas de reserva en línea y charter

Costamare utiliza 3 plataformas digitales primarias Para la alquiler de embarcaciones:

• Buque
• Marinetraffic pro
• Plataforma digital de Clarksons Pllou

Eventos de redes marítimas de la industria

La empresa se involucra en 15-20 eventos de redes dirigidos A nivel mundial, con un enfoque en los centros marítimos clave:

Región	Número de eventos	Propósito principal
Grecia	6	Gestión de la relación con el cliente
Singapur	4	Expansión del mercado regional
Estados Unidos	5	Relaciones con inversores

Sistemas de comunicación digital y seguimiento

Implementos de Costamare Tecnologías avanzadas de seguimiento digital:

• Sistema de seguimiento de buques en tiempo real
• Plataformas de informes automatizadas
• Redes de comunicación satelital

Brokers e intermediarios de envío internacional

La compañía colabora con 12 principales empresas internacionales de corretaje de envío, que representa una red que cubre el 85% de las rutas comerciales marítimas globales. Las asociaciones clave incluyen:

Empresa de corretaje	Cobertura geográfica	Años de asociación
Clarksons Platou	Global	15
Simpson Spence Young	Europa/Asia	12
Envío de afinidad	América	8

Costamare Inc. (CMRE) - Modelo de negocio: segmentos de clientes

Empresas de envío y logística globales

Costamare Inc. atiende las principales entidades de envío globales con una flota de 54 contenedores a partir de 2023. Los clientes clave incluyen:

Cliente	Volumen de contrato	Valor de arrendamiento anual
Compañía de envío mediterráneo (MSC)	18 embarcaciones	$ 312 millones
Línea de Maersk	12 embarcaciones	$ 204 millones
Grupo CGM CMA	8 recipientes	$ 136 millones

Corporaciones multinacionales con necesidades de comercio internacional

Costamare se dirige a corporaciones multinacionales que requieren soluciones especializadas de envío de contenedores:

• Capacidad total del contenedor de 86,792 TEU
• Edad promedio de buques de 12,4 años
• Tipos de contenedores: cubo estándar, refrigerado, alto

Empresas de transporte y reenvío de carga

Desglose del segmento de clientes para clientes de reenvío de carga:

Región	Número de clientes	Ingresos anuales
Europa	42 clientes	$ 187 millones
Asia Pacífico	36 clientes	$ 163 millones
América	28 clientes	$ 129 millones

Empresas orientadas a fabricación y exportación

Segmentos de clientes de fabricación clave servidos:

• Automotriz: 15% del volumen del contenedor
• Electrónica: 22% del volumen del contenedor
• Bienes de consumo: 18% del volumen de contenedores
• Equipo industrial: 12% del volumen de contenedores

Sectores de comercio y comercio de mercados emergentes

Análisis del segmento de clientes del mercado emergente:

Región	Volumen de contenedor	Cuota de mercado
Sudeste de Asia	22,000 TEU	26%
Oriente Medio	18,500 TEU	22%
América Latina	15,300 TEU	18%

Costamare Inc. (CMRE) - Modelo de negocio: estructura de costos

Gastos de adquisición de buques y mantenimiento de la flota

A partir de 2024, Costamare Inc. opera una flota de aproximadamente 62 contenedores. El valor total de la flota se estima en $ 2.1 mil millones. Los gastos anuales de mantenimiento de la flota son de aproximadamente $ 45 millones.

Característica de la flota	Cantidad/valor
Contenedores totales	62
Valoración de la flota	$ 2.1 mil millones
Gastos de mantenimiento anual	$ 45 millones

Costos marítimos operativos y de combustible

Los costos operativos marítimos anuales para Costamare Inc. son de aproximadamente $ 180 millones. Los gastos de combustible representan una parte significativa de estos costos.

• Consumo de combustible de búnker: 55,000 toneladas métricas anualmente
• Costo promedio de combustible por tonelada métrica: $ 450
• Gasto total de combustible anual: $ 24.75 millones

Salarios y entrenamiento de la tripulación

Los gastos relacionados con la tripulación totalizan aproximadamente $ 35 millones anuales.

Categoría de gastos de la tripulación	Costo anual
Salarios de la tripulación	$ 28 millones
Capacitación y certificación	$ 7 millones

Gestión de seguros y riesgos

Los gastos anuales de gestión de riesgos y gestión de riesgos para Costamare Inc. son de aproximadamente $ 22 millones.

• Seguro de casco y maquinaria: $ 15 millones
• Protección y seguro de indemnización: $ 7 millones

Tecnología e inversiones en infraestructura digital

La inversión en tecnología para 2024 se estima en $ 5 millones, centrándose en soluciones digitales marítimas y eficiencia operativa.

Área de inversión tecnológica	Presupuesto asignado
Sistemas de navegación digital	$ 2 millones
Software de gestión operativa	$ 1.5 millones
Mejoras de ciberseguridad	$ 1.5 millones

Costamare Inc. (CMRE) - Modelo de negocio: flujos de ingresos

Contratos de la carta de embarcación a largo plazo

A partir del cuarto trimestre de 2023, Costamare Inc. reportó $ 282.4 millones en ingresos totales de la carta. La compañía mantiene una flota de 62 contenedores con una edad promedio de 12.1 años.

Tipo de contrato chárter	Número de embarcaciones	Duración promedio del contrato
Contratos a largo plazo	45 recipientes	5.2 años
Contratos a corto plazo	17 embarcaciones	1.8 años

Ingresos de la Carta de Tiempo y Carter Barrazo

En 2023, Costamare generó $ 198.6 millones a partir de los ingresos de Time Charter y Bareboat Charter.

• Tasa de chárter de tiempo diario promedio: $ 14,200 por embarcación
• Ingresos de chárter sin barra: $ 37.5 millones
• Retraso de la carta contratada: $ 1.2 mil millones

Tarifas de la carta del mercado spot

Los ingresos del mercado spot para 2023 totalizaron $ 43.2 millones, lo que representa el 15.3% de los ingresos totales de la carta.

Tamaño del recipiente	Tasa de mercado spot (por día)	Buques en el mercado spot
2.500-4,250 TEU	$12,500	8 recipientes
4,250-7,500 TEU	$18,300	6 embarcaciones

Venta de embarcaciones y transacciones de arrendamiento

En 2023, Costamare completó las transacciones de venta de embarcaciones que generan $ 124.7 millones en ingresos.

• Número de embarcaciones vendidas: 5
• Precio promedio de venta por barco: $ 24.94 millones
• Ingresos de arrendamiento: $ 16.3 millones

Logística marítima y tarifas de servicio

Los ingresos adicionales relacionados con el servicio ascendieron a $ 22.1 millones en 2023.

Tipo de servicio	Ganancia	Porcentaje de ingresos totales
Gestión técnica	$ 12.6 millones	4.5%
Gestión de la tripulación	$ 6.2 millones	2.2%
Servicios de consultoría	$ 3.3 millones	1.2%

Costamare Inc. (CMRE) - Canvas Business Model: Value Propositions

You're looking at the core reasons why charterers choose Costamare Inc. (CMRE) for their container shipping needs as of late 2025. It's all about locking in capacity and financial certainty in a volatile market.

Stable, long-term charter income visibility for customers

Costamare Inc. focuses on deploying its fleet under multi-year time charters with top-tier liner companies. This structure gives customers predictable access to tonnage, insulating them from immediate spot market spikes. The strength of this visibility is quantified by the total contracted revenues and the remaining duration.

• Total contracted revenues for the containership fleet: approximately $2.6 billion as of Q3 2025.
• The TEU-weighted duration for these contracts stands at 3.2 years as of the third quarter of 2025.
• Forward fixing of 8 vessels since the previous quarter added over $310 million to contracted revenues.
• Newbuild vessels are secured with long-term commitments, such as an upcoming 8-year charter for each of the two new 3,100 TEU sister ships expected in Q1 2028.

Modern, diverse fleet capacity across all major TEU segments

The fleet is structured to serve a wide range of trade lanes by offering capacity across the spectrum, from smaller feeder vessels up to the larger segments. This diversity helps Costamare Inc. meet varied customer requirements.

Fleet Segment	Capacity Range (TEU)	Number of Vessels in Water (as of Nov 3, 2025)
VLCS	9,000+	Data not specified for segment count
Post Panamax	5,100-9,000	Data not specified for segment count
Panamax	3,500-5,100	Data not specified for segment count
Sub Panamax	2,000-3,500	Data not specified for segment count
Feeder	up to 2,000	Data not specified for segment count

The overall fleet profile shows a commitment to modern assets.

• Total fleet in the water: 69 containerships as of November 3, 2025.
• Total capacity of the in-water fleet: approximately 520,000 TEU.
• Average fleet age is 9.2 years.
• Number of vessels with eco-design capabilities: 42 ships.
• Additional capacity under construction: six newbuild containerships totaling 18,600 TEU capacity.

Financial strength and reliability as a counterparty

Charterers value a financially sound partner that can weather industry cycles and meet its obligations. Costamare Inc.'s post-spin-off focus on containerships and its leasing platform supports this reliability.

• Liquidity position as of Q3 2025: $569.6 million.
• Debt / Equity Ratio (Current): 0.75.
• Debt / EBITDA Ratio (Current): 2.58.
• The company has no significant debt maturities scheduled until 2027.
• Costamare Inc. retains a controlling 91.1% interest in Neptune Maritime Leasing, which has total investments exceeding $650 million.

Predictable operating costs via time-charter structure

Because Costamare Inc. primarily uses the time-charter structure, the operating costs, such as crewing, maintenance, and insurance, are largely covered by the charter hire, offering a degree of predictability for the company's own expense base, which translates to more stable contract pricing for customers. This structure is what underpins the high revenue fixation.

High fleet utilization, at 100% fixed for 2025

The market demand for Costamare Inc.'s assets is demonstrated by its near-total employment. This high utilization is a direct value proposition, signaling that capacity is scarce and reliably contracted.

• Containership fleet employment fixed for 2025: 100% as of Q3 2025.
• Containership fleet employment fixed for 2026: 80% as of Q3 2025.
• The commercially idle containership fleet remains below 1%.

The company doesn't need to chase immediate deals; it can wait for the right opportunities.

Costamare Inc. (CMRE) - Canvas Business Model: Customer Relationships

You're looking at how Costamare Inc. keeps its top-tier customers locked in, which is the core of their containership business model now, especially after spinning off the dry bulk operations in May 2025.

Dedicated account management for key liner company executives

Costamare Inc. focuses its relationship efforts on what they term a 'first class liner company' for its long-term charter commitments. This suggests a high-touch approach tailored to the strategic needs of major global shipping lines. The company's strategy emphasizes securing contracts with customers who provide stability, as evidenced by the high charter coverage.

Long-term, contractual relationships via multi-year time charters

The relationship structure is heavily reliant on fixed-rate, long-term contracts, which provide Costamare Inc. with highly visible contracted revenues. As of the third quarter of 2025, the containership fleet employment stood at 100% fixed for 2025 and 80% fixed for 2026. This high coverage underpins the stability of the customer relationship strategy. The total contracted revenues for the containership fleet reached approximately $2.6 billion as of September 30, 2025. The remaining time charter duration, weighted by TEU capacity, was 3.2 years across the contracted fleet.

The company actively manages its forward book to extend this duration. For instance, since the previous quarter, Costamare Inc. fixed 8 vessels on forward starts for periods ranging from 12 to 38 months, resulting in increased contracted revenues of above $310 million.

Here's a snapshot of the forward charter coverage as of late 2025:

Metric	2025 Coverage	2026 Coverage	Total Contracted Revenues (Approx.)	Remaining Duration (TEU-Weighted)
Containership Fleet Status	100% Fixed	80% Fixed	$2.6 billion	3.2 years

Direct negotiation for newbuild vessel specifications and charter terms

A key element of securing long-term relationships involves integrating new capacity directly into customer networks. Costamare Inc. has six newbuild containerships under construction, with a total capacity of 18,600 TEU. Four of these are 3,100 TEU vessels expected between Q2 2027 and Q4 2027, and two more are expected in Q1 2028. Each of these newbuilds is negotiated to commence an 8-year charter upon delivery with a leading liner company, locking in revenue streams years in advance.

The charter terms for these new vessels alone contributed to an increase in contracted revenues exceeding $310 million.

High-touch service for technical and operational support

Maintaining a fully employed fleet, with the commercially idle fleet remaining below 1%, suggests that the technical and operational support provided to charterers meets high standards. The company's operational focus is singular on the containership segment following the May 2025 spin-off, allowing for concentrated expertise in managing these specific assets for their chartering partners. Furthermore, Costamare Inc. maintains a significant presence in the lease financing business through its controlling interest in Neptune Maritime Leasing Limited (NML), where its current investment was $182.2 million, representing 91.1% of the total committed investment as of June 30, 2025, which can support broader customer financing needs.

Focus on retaining a geographically diverse, financially strong customer base

The reliance on 'first class liner company' charters implies a focus on customers with strong balance sheets capable of sustaining multi-year agreements. The company's liquidity position, which stood at $569.6 million as of September 30, 2025, supports its ability to manage capital expenditures, such as the financing for the newbuilds, without placing undue strain on customer relationships through unexpected demands or operational disruptions. The nature of the containership business itself requires a geographically diverse customer base to service global trade routes.

• Fleet size: 69 containerships in the water as of November 3, 2025.
• Newbuilds under construction: 6 vessels.
• Total committed investment in NML: Exceeding $650 million (Q3 2025 update).
• No significant debt maturities until 2027.

Finance: review the Q4 2025 chartering pipeline against the 2027 newbuild delivery schedule by end of year.

Costamare Inc. (CMRE) - Canvas Business Model: Channels

You're looking at how Costamare Inc. gets its value proposition-long-term, fixed-rate chartering of high-quality containerships-into the hands of its customers. The channels here are less about retail sales and more about high-level, direct commercial relationships, supported by financial and operational infrastructure.

The core of Costamare Inc.'s channel strategy centers on securing long-term employment for its assets directly with the world's largest shipping operators. As of November 2025, the company operates a fleet of 69 containerships in the water, representing a total capacity of approximately 520,000 TEU. This scale is a channel in itself, providing significant purchasing power and operational leverage.

The forward-looking employment figures demonstrate the success of these channels:

• 100% of the containership fleet is fixed for the entirety of 2025.
• 80% of the containership fleet is already contracted for 2026.
• Total contracted revenues from the containership fleet stand at approximately $2.6 billion.
• The weighted remaining charter duration across the fleet is about 3.2 years.

Direct negotiation with major global container liner companies is the primary channel for securing this revenue visibility. This is evidenced by the company's ability to lock in long-term commitments for its growth pipeline. For instance, the six newbuild containerships on order, with delivery starting in Q1 2028, already have secure 8-year charters in place with leading liner companies. This direct, high-trust channel bypasses shorter-term market volatility.

Ship brokers and chartering desks are used for market intelligence and deal flow, especially for securing both the owned fleet and chartered-in tonnage for the former dry bulk platform, which was spun off in May 2025. While the focus is now purely on containers, the operational expertise remains. For example, in Q2 2025, Costamare Inc. chartered two 6,500 TEU containership vessels on a forward basis for a three-year period, commencing in Q1 and Q2 of 2026, respectively. This forward-chartering activity is a key use of the broker channel.

The engagement with shipyards for new construction contracts is a critical upstream channel that feeds the chartering pipeline. As of Q3 2025, Costamare Inc. has six newbuild containerships on order, each with a capacity of approximately 3,100 TEU. These transactions are direct engagements that secure future capacity for long-term charter agreements.

The financial channels are crucial for maintaining the balance sheet capacity to support fleet expansion and shareholder returns. The company reported a Q3 2025 liquidity position of $569.6 million. This financial strength supports transactions and communications with debt and equity holders.

Investor relations for communication with equity and debt holders is managed through dedicated contacts, such as Gregory Zikos (Chief Financial Officer) and Konstantinos Tsakalidis (Business Development, Investor Relations). The company maintains a regular cadence of communication, releasing quarterly results, such as the Q3 2025 results on November 4, 2025, and holding conference calls, like the one for Q2 2025 on July 31, 2025.

The structure of the company's financing and leasing activities also represents a distinct channel for value generation, particularly through its strategic investment in Neptune Maritime Leasing. Here's a look at the scale of that financial channel as of late 2025:

Financial Metric	Value as of Q3 2025 (Sept 30, 2025)	Reference Period/Date
Liquidity	$569.6 million	Q3 2025
Investment in Neptune Maritime Leasing (NML)	$182.2 million	Q3 2025
NML Total Investments and Commitments	More than $650.0 million	As of July 30, 2025
Debt Maturities Remaining	None significant until 2027	Q3 2025

While the specific use of external financial advisors like Morgan Stanley for strategic transactions isn't publicly detailed in the latest reports, the company's actions-such as refinancing various vessels and the completion of the dry bulk spin-off in May 2025-imply engagement with sophisticated financial intermediaries to manage its capital structure and execute major corporate actions. The company declared a common stock dividend of $0.115 per share on October 2, 2025.

Costamare Inc. (CMRE) - Canvas Business Model: Customer Segments

You're looking at the core groups Costamare Inc. serves with its containership fleet and leasing platform as of late 2025. It's a focused list, which helps keep operations sharp, especially after the dry bulk spin-off.

Global Tier-1 Container Liner Companies

This is the bread and butter for Costamare Inc.'s core business-chartering out its owned containership fleet to the world's largest shipping lines. These customers provide the long-term revenue visibility that management likes to emphasize.

• The containership fleet employment stood at 100% fixed for 2025 as of the third quarter of 2025.
• Employment for 2026 was fixed at 80% as of the third quarter of 2025.
• Total contracted revenues for the containership fleet reached approximately $2.6 billion as of Q3 2025.
• The TEU-weighted duration for these contracted revenues was 3.2 years as of Q3 2025.
• The recently acquired 6,541 TEU vessel, the Maersk Puelo, commenced a time charter with Maersk.
• Four newbuild 3,100 TEU containerships, expected to deliver between Q2 2027 and Q4 2027, will each commence an 8-year time charter with a 'first class liner company' upon delivery.

Large, Financially Strong Shipping Operators Seeking Long-Term Capacity

This segment overlaps with the liner companies but also includes securing forward charters for vessels coming off hire, ensuring continuous high utilization. The focus here is locking in high-quality counterparties for extended periods.

Costamare Inc. has been actively fixing capacity well into the future to maintain its strong employment figures.

Metric	Data Point (As of Q3 2025)	Context
Fleet Fixed for 2025	100%	Full employment for the current year.
Fleet Fixed for 2026	80%	Strong forward coverage.
New Forward Fixtures	Seven containerships	Fixed for periods ranging from 12 to 38 months.
New Charter Commitments	Two 6,500 TEU vessels	Chartered for a three-year period on a forward basis commencing Q1 and Q2 2026.

Third-Party Shipowners Utilizing the Neptune Maritime Leasing Platform

Costamare Inc. holds a controlling interest in Neptune Maritime Leasing Limited (NML), which serves as a financing partner for other shipowners. This is a distinct, growing revenue stream.

• Costamare Inc.'s current investment in NML stood at $182.2 million as of September 30, 2025.
• This $182.2 million represents 91.1% of Costamare Inc.'s total committed investment in NML.
• The platform has 50 shipping assets funded or on commitment status basis as of Q3 2025.
• Total investments and commitments for NML exceed $650.0 million as of Q3 2025.
• The investment in NML grew from $123.3 million as of March 31, 2025.

Institutional and Retail Investors Holding CMRE Common and Preferred Stock

These are the capital providers who own the equity and preferred equity of Costamare Inc. Their interest is tied to the company's profitability, dividends, and market valuation.

Here are some key figures relevant to the stock holders as of mid-to-late 2025.

Security/Metric	Value (As of July 30, 2025)	Detail
CMRE Common Stock Price	$9.55	Recent trading price.
CMRE Market Capitalization	$1.15 billion	Total equity value.
CMRE Common Stock Quarterly Dividend	$0.115 per share	Declared on July 1, 2025.
CMRE Preferred Stock (PRB) Price	$25.60	Recent trading price for Series B preferred.
CMRE Preferred Stock (PRD) Price	$26.57	Recent trading price for Series D preferred.
Analyst Consensus	2 'Hold' opinions	Price targets between $10.30 and $12.00.

The Barchart technical indicator opinion for Costamare Inc. stock was a 100% "Buy" as of December 3, 2025. The company reported a Q3 2025 net income of $92.6 million.

Costamare Inc. (CMRE) - Canvas Business Model: Cost Structure

The Cost Structure for Costamare Inc., focusing on its continuing containership operations as of late 2025, is dominated by operational costs, financing obligations, and fleet renewal investments.

Vessel Operating Expenses (Crewing, Maintenance, Insurance)

Vessel operating expenses are a direct function of fleet size and utilization, measured by ownership days. For the three-month period ended March 31, 2025 (Q1 2025), Costamare reported vessel operating expenses of ($59.7 million), compared to ($58.0 million) in the first quarter of 2024. The daily operating expense rate for the three months ended December 31, 2024, was $6,193.

Key components contributing to these costs include:

• Crewing costs.
• Routine and scheduled maintenance.
• Insurance premiums for the owned fleet.

Debt Servicing Costs, Including Interest on Bank Loans

Financing costs remain a significant element, though Costamare has actively managed its debt profile in 2025. Interest and finance costs for the full year 2024 were $133.1 million.

Recent debt management activities include:

• Prepayment of $150.2 million of dry bulk vessels bank debt in April 2025.
• Refinancing of six containerships totaling $361.6 million with a five-year repayment tenor, concluded in Q3 2025.
• Costamare has no significant debt maturities scheduled until 2027.

Capital Expenditures for Newbuilds and Fleet Maintenance

Capital deployment is directed towards fleet renewal and expansion in the leasing platform. Costamare has six 3,100 TEU newbuilding contracts with a Chinese shipyard, with expected deliveries starting in Q1 2028.

Investments in the leasing platform, Neptune Maritime Leasing Limited (NML), are substantial:

Metric	Amount (as of Q3 2025)
Investment in NML	$182.2 million
Total NML Funded/Committed Assets	Over $650 million

Fleet maintenance includes costs like dry-docking and special surveys, reflected in the amortization of these costs. For Q1 2025, the amortization of dry-docking and special survey costs was ($5.6 million).

Voyage Expenses, Including EUAs and Fuel EU Maritime Expenses

Voyage expenses cover costs incurred during the charter period, such as fuel and port fees. For the three months ended March 31, 2025, total voyage expenses were ($95.4 million), an increase from ($88.3 million) in the same period of 2024. Charter-in hire expenses for Q1 2025 were ($144.3 million).

A breakdown of voyage-related costs from the end of 2024 shows:

Expense Category (Q4 2024)	Amount (in millions)
Voyage expenses	$93.3 million
Voyage expenses - related parties	$21.6 million

The specific financial impact of EU Emissions Allowances (EUAs) and Fuel EU Maritime expenses is embedded within these broader voyage expense categories.

General and Administrative Costs for Athens-based Management

General and administrative (G&A) costs reflect the overhead for Costamare Inc.'s management, primarily based in Athens. For the first quarter of 2025, G&A expenses were $5.2 million, down from $7.3 million in Q1 2024.

G&A expenses for the three months ended December 31, 2024, were $6.3 million, which included $0.67 million paid to a related service provider.

The G&A structure includes:

• Management and agency fees - related parties: ($14.6 million) for Q1 2025.
• Non-cash component of G&A expenses: ($1.7 million) for Q1 2025.

Costamare Inc. (CMRE) - Canvas Business Model: Revenue Streams

The revenue streams for Costamare Inc. are primarily anchored in its core business of chartering out its containership fleet, supplemented by its growing financial services arm through Neptune Maritime Leasing.

Charter revenue from the containership fleet forms the bedrock of Costamare Inc.'s income. As of the third quarter of 2025, total contracted revenues for the containership fleet stood at approximately $2.6 billion. The remaining time charter duration across the fleet, on a TEU-weighted basis, was 3.2 years. This reflects a strategy of securing medium-to-long-term contracts, such as the forward fixing of two containerships for a period ranging from 36 to 37 months, and the 8-year charters secured for four newbuild 3,100 TEU vessels expected in 2027 and 2028. The fleet employment stood at 100% for 2025 and 80% for 2026 as of the Q3 2025 update.

Costamare Inc. also generates income from its controlling interest in Neptune Maritime Leasing (NML), its lease financing platform. This stream is categorized as income from investments in leaseback vessels. For the three-month period ended September 30, 2025, this income reached $9.3 million, an increase from $6.2 million in the comparable period of 2024, driven by the increased volume of NML's operations. The total investment and commitments within the NML platform exceeded $650 million as of Q2 2025, with the company's direct investment recorded at $182.2 million as of September 30, 2025.

The operational profitability of the core business is reflected in the Net income from continuing operations. For the second quarter ended June 30, 2025, Costamare Inc. reported a Net Income from Continuing operations available to common stockholders of $99.6 million, or $0.83 per share. The earnings allocated to Preferred Stock for that same quarter were $181,672 thousand.

The company also manages preferred stock dividends paid from earnings, demonstrating a commitment to preferred shareholders. For the dividend period covering April 15, 2025, to July 14, 2025, dividends paid on July 15, 2025, were:

• Series B Preferred Stock: $0.476563 per share
• Series C Preferred Stock: $0.531250 per share
• Series D Preferred Stock: $0.546875 per share

These per-share amounts were also declared for the subsequent period ending October 14, 2025, payable on October 15, 2025.

Regarding potential gains from opportunistic vessel sales, the provided financial updates for 2025 detail vessel acquisitions, such as the secondhand 6,541 TEU containership Maersk Puelo accepted in Q3 2025, but do not specify any realized financial gain from opportunistic vessel sales during the period.

Here is a summary of key financial metrics related to these revenue streams as of the latest reported periods:

Metric	Value (Q2 2025)	Value (Q3 2025)
Net Income from Continuing Operations (Common Stockholders)	$99.6 million	$92.6 million
Total Contracted Revenues	$2.5 billion	$2.6 billion
Average Remaining Time Charter Duration	3.2 years	3.2 years
Income from Investments in Leaseback Vessels (Quarterly)	$7.0 million	$9.3 million
Total NML Commitments/Investments	Exceeding $650 million	N/A

The company's liquidity position, which supports the ability to execute on these revenue-generating strategies, stood at $524.5 million at the end of Q2 2025 and increased to $569.6 million by the end of Q3 2025.