Costamare Inc. (CMRE): Canvas du modèle d'entreprise [Jan-2025 Mis à jour]

Navigue dans le monde complexe de la logistique maritime, Costamare Inc. (CMRE) émerge comme une puissance de la charte à conteneurs, offrant des solutions innovantes qui transforment la dynamique de l'expédition mondiale. Avec un modèle commercial stratégique qui mélange de manière transparente les technologies de pointe, les ressources de flotte étendues et les approches centrées sur le client, cette entreprise maritime offre des services de transport inégalés sur les routes commerciales internationales. Plongez dans la toile du modèle commercial complexe qui révèle comment Costamare révolutionne la logistique maritime, créant de la valeur pour les sociétés maritimes mondiales et les sociétés multinationales grâce à ses stratégies de gestion des flots flexibles, efficaces et technologiquement avancées.

Costamare Inc. (CMRE) - Modèle d'entreprise: partenariats clés

Les compagnies d'expédition mondiales et les sociétés de location de conteneurs

En 2024, Costamare Inc. maintient des partenariats stratégiques avec les principales compagnies maritimes mondiales:

Partenaire	Volume de location de conteneurs	Durée du contrat
Méditerranée Shipping Company (MSC)	22 500 teu	5-7 ans
Groupe CMA CGM	18 750 teu	4-6 ans
Ligne Maersk	15 000 EV	3-5 ans

Les principales autorités portuaires et fournisseurs d'infrastructures maritimes

Costamare collabore avec les principales entités d'infrastructure portuaire:

• Autorité du port de Singapour
• Autorité portuaire de Rotterdam
• Groupe portuaire international de Shanghai
• Monde des ports de Dubaï

Institutions financières internationales et partenaires bancaires

Partenariats financiers à partir de 2024:

Institution financière	Ligne de crédit	Taux d'intérêt
Deutsche Bank	350 millions de dollars	Libor + 2,5%
Credit Suisse	275 millions de dollars	Libor + 2,75%
ABN AMRO	225 millions de dollars	Libor + 2,25%

Fabricants de navires et fournisseurs d'équipements marins

Partenariats de fabrication principaux:

• Hyundai Heavy Industries
• Samsung Heavy Industries
• Daewoo Shipbuilding & Génie maritime
• Mitsubishi Heavy Industries

Sociétés d'assurance et de gestion des risques

Partenariats de gestion des risques en 2024:

Assureur	Valeur de couverture	Type de risque
Allianz Global Corporate & Spécialité	1,2 milliard de dollars	Coque & Machinerie
Lloyd's of London	950 millions de dollars	Fret marin
Assurance maritime AIG	750 millions de dollars	Responsabilité de tiers

Costamare Inc. (CMRE) - Modèle d'entreprise: activités clés

Charte de conteneurs et gestion de la flotte

En 2024, Costamare Inc. gère une flotte de 63 conteneurs avec une capacité totale de 528 304 EVP. La composition de la flotte comprend:

Type de navire	Nombre de navires	Capacité totale (TEU)
Conteneurs	63	528,304

Services de logistique et de transport maritimes

Les opérations logistiques maritimes de Costamare comprennent:

• Itinéraires mondiaux d'expédition en conteneurs
• Opérations de navires affrétés
• Location de navires à long terme et à court terme

Acquisition de flotte et investissements stratégiques des navires

Détails de l'investissement pour 2024:

Métrique d'investissement	Valeur
Valeur totale de la flotte	2,8 milliards de dollars
Âge du navire moyen	10,2 ans

Maintenance des navires et opérations techniques

Capacités de gestion technique:

• Gestion technique interne pour 100% de la flotte
• Programmes de maintenance complets
• Conformité aux réglementations maritimes internationales

Analyse du marché et optimisation des itinéraires

Métriques de performance du marché:

Indicateur de performance	Valeur 2024
Taux de charte moyen	15 200 $ par jour
Taux d'utilisation de la flotte	98.5%

Costamare Inc. (CMRE) - Modèle d'entreprise: Ressources clés

Grande flotte de navires à conteneurs modernes

Au quatrième trimestre 2023, Costamare Inc. exploite une flotte de 62 conteneurs, avec une capacité totale de 528 242 EVP.

Type de navire	Nombre de navires	Capacité totale (TEU)
Conteneurs	62	528,242

Capitaux financiers et cotes de crédit

Mesures financières au 31 décembre 2023:

• Actif total: 2,54 milliards de dollars
• Équité totale: 1,16 milliard de dollars
• Revenu net: 309,6 millions de dollars

Équipe de gestion maritime expérimentée

Composition du leadership:

• Total des cadres avec plus de 20 ans d'expérience maritime: 4
• Pureur exécutif moyen: 15,3 ans

Connexions mondiales de l'industrie maritime

Régions géographiques	Nombre de partenariats actifs
Europe	12
Asie	8
Amérique du Nord	6

Technologie maritime avancée

Investissements technologiques en 2023:

• Budget technologique annuel: 18,5 millions de dollars
• Systèmes de suivi des navires en temps réel: déployé sur 100% de la flotte
• Logiciel automatisé d'optimisation de l'itinéraire: implémenté sur tous les navires

Costamare Inc. (CMRE) - Modèle d'entreprise: propositions de valeur

Transport de conteneurs internationaux fiable et efficace

En 2024, Costamare Inc. exploite une flotte de 61 conteneurs avec une capacité totale de 438 589 EVP. La composition de la flotte de l'entreprise comprend:

Type de navire	Nombre de navires	Capacité totale (TEU)
Panamax	20	156,892
Post-panamax	23	181,697
Navires à conteneurs ultra grands	18	100,000

Options de charter des navires flexibles pour les besoins d'expédition mondiaux

Costamare fournit des services à charte les caractéristiques clés suivantes:

• Durée de charte moyenne: 3-5 ans
• Taux de couverture de la charte: 95,2% en 2023
• Les taux de charte quotidiens allant de 12 000 $ à 35 000 $ selon la taille des navires

Solutions logistiques maritimes rentables

Métriques de performance financière pour la rentabilité:

• Revenus pour 2023: 762,4 millions de dollars
• Dépenses d'exploitation: 456,3 millions de dollars
• Revenu net: 206,1 millions de dollars

Flotte de navires moderne de haute qualité et bien entretenue

Statistiques de l'âge et de la maintenance de la flotte:

Caractéristique de la flotte	Métrique
Âge moyen de la flotte	8,6 ans
Navires construits après 2010	42 navires
Investissement de maintenance annuelle	45,6 millions de dollars

Offres de services adaptables sur plusieurs segments d'expédition

Diversification des contrats de charte:

• Expédition en conteneurs: 65% des revenus
• Chartes à long terme: 28% des revenus
• Chartes du marché au comptant: 7% des revenus

Costamare Inc. (CMRE) - Modèle d'entreprise: relations avec les clients

Partenariats à long terme basés sur les contrats

Depuis 2024, Costamare Inc. a 75 conteneurs dans sa flotte, avec une durée de charte moyenne de 3,1 ans. L'arriéré charter de la société était d'environ 1,9 milliard de dollars au quatrième trimestre 2023, démontrant de solides relations contractuelles à long terme avec des clients de l'expédition mondiale.

Type de contrat	Nombre de navires	Durée de charte moyenne
Chartes à long terme	45	4-5 ans
Chartes à court terme	30	1-2 ans

Service client personnalisé et gestion des comptes

CostAmare maintient les équipes de gestion des comptes dédiés aux 15 meilleurs clients d'expédition, représentant 62% de ses revenus totaux en 2023.

• Gestionnaires de relations clients dédiés
• Assistance technique 24/7
• Mécanismes de rapports personnalisés

Plates-formes de communication et de suivi numériques

L'investissement dans les plateformes numériques a atteint 3,2 millions de dollars en 2023, permettant le suivi des navires en temps réel et la surveillance des performances des clients.

Fonctionnalité de plate-forme numérique	Capacité
Suivi en temps réel	Couverture 100% de la flotte
Analyse des performances	Rapports trimestriels détaillés

Prix ​​transparents et rapport de performance

Les taux de charte quotidienne moyens en 2023 étaient de 18 500 $ par navire, avec des mécanismes de tarification transparents divulgués dans des rapports financiers trimestriels.

Solutions d'expédition personnalisées

Costamare dessert 45 clients mondiaux dans 12 segments d'expédition différents, avec des configurations de navires adaptées à des exigences de chargement spécifiques.

Segment d'expédition	Nombre de navires spécialisés
Expédition de conteneurs	62
Cargaison spécialisée	13

Costamare Inc. (CMRE) - Modèle d'entreprise: canaux

Conférences de l'équipe de vente directe et de l'industrie maritime

Costamare Inc. maintient une équipe de vente dédiée de 42 professionnels maritimes à partir de 2024. La société participe à 8-10 conférences de livraison internationales majeures chaque année, y compris:

Nom de conférence	Emplacement	Fréquence de participation
Forum d'expédition de liaison capitale	New York	Annuel
Marine Money Week	Athènes / Londres	Semestriel
Conférence d'expédition de Hambourg	Hambourg	Annuel

Plateformes de réservation en ligne et charter

Costamare utilise 3 plates-formes numériques primaires pour les navires affrétés:

• Navire
• Marinetraffic Pro
• Plate-forme numérique Clarkson Platou

Événements de réseautage de l'industrie maritime

L'entreprise s'engage 15-20 événements de réseautage ciblés À l'échelle mondiale, en mettant l'accent sur les principaux hubs maritimes:

Région	Nombre d'événements	Objectif principal
Grèce	6	Gestion des relations avec les clients
Singapour	4	Expansion du marché régional
États-Unis	5	Relations avec les investisseurs

Systèmes de communication et de suivi numériques

CostAmare Implements technologies de suivi numérique avancées:

• Système de suivi des navires en temps réel
• Plates-formes de rapports automatisées
• Réseaux de communication par satellite

Brokers et intermédiaires internationaux

L'entreprise collabore avec 12 grandes sociétés de courtage internationales, représentant un réseau couvrant 85% des routes mondiales du commerce maritime. Les partenariats clés comprennent:

Cabinet de courtage	Couverture géographique	Années de partenariat
Clarksons Platou	Mondial	15
Simpson Spence Young	Europe / Asie	12
Expédition d'affinité	Amériques	8

Costamare Inc. (CMRE) - Modèle d'entreprise: segments de clientèle

Sociétés mondiales d'expédition et de logistique

Costamare Inc. dessert les principales entités maritimes mondiales avec une flotte de 54 conteneurs à partir de 2023. Les clients clés incluent:

Client	Volume de contrat	Valeur de location annuelle
Méditerranée Shipping Company (MSC)	18 navires	312 millions de dollars
Ligne Maersk	12 navires	204 millions de dollars
Groupe CMA CGM	8 navires	136 millions de dollars

Les sociétés multinationales ayant des besoins commerciaux internationaux

CostAmare cible les sociétés multinationales nécessitant des solutions spécialisées d'expédition en conteneurs:

• Capacité totale de conteneurs de 86 792 EVP
• Âge moyen des navires de 12,4 ans
• Types de conteneurs: Cube standard, réfrigéré, élevé

Sociétés de transfert de fret et de transport

Répartition du segment de la clientèle pour les clients de transfert de fret:

Région	Nombre de clients	Revenus annuels
Europe	42 clients	187 millions de dollars
Asie-Pacifique	36 clients	163 millions de dollars
Amériques	28 clients	129 millions de dollars

Entreprises de fabrication et d'exportation

Segments de clients de fabrication clés servis:

• Automobile: 15% du volume des conteneurs
• Électronique: 22% du volume des conteneurs
• Biens de consommation: 18% du volume des conteneurs
• Équipement industriel: 12% du volume des conteneurs

Secteurs émergents du commerce de marché et du commerce

Analyse du segment de la clientèle du marché émergent:

Région	Volume de conteneur	Part de marché
Asie du Sud-Est	22 000 EVF	26%
Moyen-Orient	18 500 teu	22%
l'Amérique latine	15 300 EVP	18%

Costamare Inc. (CMRE) - Modèle d'entreprise: Structure des coûts

Dépenses d'acquisition des navires et de l'entretien de la flotte

En 2024, Costamare Inc. exploite une flotte d'environ 62 conteneurs. La valeur totale de la flotte est estimée à 2,1 milliards de dollars. Les frais de maintenance annuelle de la flotte sont d'environ 45 millions de dollars.

Caractéristique de la flotte	Quantité / valeur
Conteneur total	62
Évaluation de la flotte	2,1 milliards de dollars
Frais de maintenance annuels	45 millions de dollars

Coût maritime de carburant et opérationnel

Les coûts opérationnels maritimes annuels pour Costamare Inc. représentent environ 180 millions de dollars. Les dépenses de carburant représentent une partie importante de ces coûts.

• Consommation de carburant du bunker: 55 000 tonnes métriques par an
• Coût moyen du carburant par tonne métrique: 450 $
• Dépenses annuelles totales en carburant: 24,75 millions de dollars

Salaires et formation d'équipage

Les dépenses liées à l'équipage totalisent environ 35 millions de dollars par an.

Catégorie de dépenses d'équipage	Coût annuel
Salaires de l'équipage	28 millions de dollars
Formation et certification	7 millions de dollars

Assurance et gestion des risques

Les dépenses annuelles d'assurance et de gestion des risques pour Costamare Inc. sont d'environ 22 millions de dollars.

• Assurance de la coque et des machines: 15 millions de dollars
• Assurance de protection et d'indemnisation: 7 millions de dollars

Investissements technologiques et infrastructures numériques

L'investissement technologique pour 2024 est estimé à 5 millions de dollars, en se concentrant sur les solutions numériques maritimes et l'efficacité opérationnelle.

Zone d'investissement technologique	Budget alloué
Systèmes de navigation numérique	2 millions de dollars
Logiciel de gestion opérationnelle	1,5 million de dollars
Améliorations de la cybersécurité	1,5 million de dollars

Costamare Inc. (CMRE) - Modèle d'entreprise: Strots de revenus

Contrats de charte à long terme des navires

Au quatrième trimestre 2023, Costamare Inc. a déclaré 282,4 millions de dollars de revenus de charte totaux. La société maintient une flotte de 62 conteneurs avec un âge moyen de 12,1 ans.

Type de contrat charter	Nombre de navires	Durée du contrat moyen
Contrats à long terme	45 navires	5,2 ans
Contrats à court terme	17 navires	1,8 ans

Revenus à charte à charte et à nœuds nus

En 2023, Costamare a généré 198,6 millions de dollars à partir des revenus de la charte à charte et à la barre nus.

• Taux de charte de temps quotidien moyen: 14 200 $ par navire
• Revenus charter à charte à navires: 37,5 millions de dollars
• Backlog à charte sous contrat: 1,2 milliard de dollars

Tarifs de charte sur le marché au point

Les revenus du marché au comptant pour 2023 ont totalisé 43,2 millions de dollars, ce qui représente 15,3% du total des revenus de la charte.

Taille de navire	Taux du marché au comptant (par jour)	Navires sur le marché au trottoir
2 500-4,250 teu	$12,500	8 navires
4 250-7 500 EVP	$18,300	6 navires

Vente des navires et transactions de location

En 2023, Costamare a terminé les transactions de vente de navires générant 124,7 millions de dollars en produit.

• Nombre de navires vendus: 5
• Prix ​​de vente moyen par navire: 24,94 millions de dollars
• Revenus de location: 16,3 millions de dollars

Frais de logistique et de service maritimes

Les revenus supplémentaires liés aux services se sont élevés à 22,1 millions de dollars en 2023.

Type de service	Revenu	Pourcentage du total des revenus
Gestion technique	12,6 millions de dollars	4.5%
Gestion de l'équipage	6,2 millions de dollars	2.2%
Services de conseil	3,3 millions de dollars	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.