Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2016shares | |
Document and Entity Information [Abstract] | |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2016 |
Amendment Flag | false |
Entity Registrant Name | Costamare Inc. |
Entity Central Index Key | 1,503,584 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Accelerated Filer |
Entity Well Known Seasoned Issuer | No |
Entity Common Stock Shares Outstanding | 90,424,881 |
Preferred Stock, Shares Outstanding | 10,000,000 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 164,898 | $ 100,105 |
Restricted cash | 6,882 | 14,007 |
Accounts receivable | 971 | 1,111 |
Inventories (Note 5) | 11,415 | 10,578 |
Due from related parties (Notes 3 and 9) | 3,447 | 6,012 |
Fair value of derivatives (Notes 18 and 19) | 0 | 352 |
Insurance claims receivable | 2,886 | 3,906 |
Prepaid lease rentals (Note 11) | 8,752 | 4,982 |
Accrued charter revenue (Note 12) | 408 | 457 |
Prepayments and other | 3,914 | 3,546 |
Vessel held for sale (Note 6) | 6,256 | 0 |
Total current assets | 209,829 | 145,056 |
FIXED ASSETS, NET: | ||
Capital leased assets (Note 11) | 384,872 | 242,966 |
Vessels, net (Note 6) | 1,688,285 | 2,004,650 |
Total fixed assets, net | 2,073,157 | 2,247,616 |
NON-CURRENT ASSETS: | ||
Equity method investments (Note 9) | 153,126 | 117,931 |
Prepaid lease rentals, non-current (Note 11) | 51,670 | 35,829 |
Accounts receivable, non-current (Note 3) | 1,575 | 1,425 |
Deferred charges, net (Note 7) | 20,367 | 22,809 |
Restricted cash | 38,783 | 48,708 |
Fair value of derivatives, non-current (Notes 18 and 19) | 762 | 0 |
Accrued charter revenue, non-current (Note 12) | 185 | 569 |
Other non-current assets (Note 4) | 8,970 | 12,612 |
Total assets | 2,558,424 | 2,632,555 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt, netof deferred financing costs (Note 10) | 198,277 | 183,828 |
Accounts payable | 3,848 | 4,047 |
Due to related parties (Note 3) | 191 | 371 |
Capital lease obligations, net (Note 11) | 29,059 | 14,307 |
Accrued liabilities | 11,109 | 15,225 |
Unearned revenue (Note 12) | 19,668 | 18,356 |
Fair value of derivatives (Notes 18 and 19) | 16,161 | 32,462 |
Other current liabilities | 1,673 | 1,712 |
Total current liabilities | 279,986 | 270,308 |
NON-CURRENT LIABILITIES: | ||
Long-term debt, net of current portion and deferred financing costs (Note 10) | 856,330 | 1,134,764 |
Capital lease obligations, net of current portion (Note 11) | 331,196 | 217,810 |
Fair value of derivatives, net of current portion (Notes 18 and 19) | 0 | 19,655 |
Unearned revenue, net of current portion (Note 12) | 16,488 | 26,508 |
Total non-current liabilities | 1,204,014 | 1,398,737 |
COMMITMENTS AND CONTINGENCIES (Note 13) | 0 | 0 |
STOCKHOLDERS' EQUITY: | ||
Preferred stock (Note 14) | 0 | 0 |
Common stock (Note 14) | 9 | 8 |
Additional paid-in capital (Note 14) | 1,057,423 | 963,904 |
Retained earnings | 31,416 | 44,247 |
Accumulated other comprehensive loss (Notes 18 and 20) | (14,424) | (44,649) |
Total stockholders' equity | 1,074,424 | 963,510 |
Total liabilities and stockholders' equity | $ 2,558,424 | $ 2,632,555 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
REVENUES: | |||
Voyage revenue | $ 468,189 | $ 490,378 | $ 483,995 |
EXPENSES: | |||
Voyage expenses | (1,887) | (2,831) | (3,608) |
Voyage expenses-related parties (Note 3) | (3,512) | (3,673) | (3,629) |
Vessels' operating expenses | (105,783) | (117,193) | (120,815) |
General and administrative expenses | (7,269) | (6,275) | (6,708) |
General and administrative expenses - related parties (Note 3) | (7,451) | (11,123) | (1,000) |
Management fees-related parties (Note 3) | (18,629) | (18,877) | (18,469) |
Amortization of dry-docking and special survey costs (Note 7) | (7,920) | (7,425) | (7,814) |
Depreciation (Notes 6, 11 and 20) | (100,943) | (101,645) | (105,787) |
Amortization of prepaid lease rentals (Note 11) | (6,779) | (4,982) | (4,024) |
Gain / (Loss on sale / disposal of vessels, net (Note 6) | (4,440) | 1,688 | 2,543 |
Loss on vessel held for sale (Note 6) | (37,161) | 0 | 0 |
Foreign exchange gains / (losses, net) | (360) | (129) | 7 |
Operating income | 166,055 | 217,913 | 214,691 |
OTHER INCOME / (EXPENSES): | |||
Interest income | 1,630 | 1,373 | 815 |
Interest and finance costs (Notes 2 and 16) | (72,808) | (79,631) | (86,306) |
Swaps breakage cost (Note 18) | (9,701) | 0 | (10,192) |
Equity loss on investments (Note 9) | (78) | (529) | (3,428) |
Other, net | 595 | 427 | 3,294 |
Gain / (Loss) on derivative instruments, net (Notes 2 and 18) | (3,991) | 4,211 | (3,787) |
Total other expenses | (84,353) | (74,149) | (99,604) |
Net Income | 81,702 | 143,764 | 115,087 |
Earnings allocated to Preferred Stock (Note 15) | (21,063) | (17,903) | (11,909) |
Net income available to Common Stockholders | $ 60,639 | $ 125,861 | $ 103,178 |
Earnings per common share, basic and diluted (Note 15) | $ 0.79 | $ 1.68 | $ 1.38 |
Weighted average number of shares, basic and diluted | 77,243,252 | 75,027,474 | 74,800,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income for the year | |||
Net income for the year | $ 81,702 | $ 143,764 | $ 115,087 |
Other comprehensive income/ (loss) | |||
Unrealized gain on cash flow hedges, net (Notes 18 and 20) | 29,065 | 11,382 | 22,802 |
Net settlements on interest rate swaps qualifying for cash flow hedge | 0 | 0 | (489) |
Amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to Depreciation | 84 | 103 | 103 |
Amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to Prepaid lease rentals | 1,076 | 0 | 6,604 |
Other comprehensive income for the year | 30,225 | 11,485 | 29,020 |
Total comprehensive income for the year | $ 111,927 | $ 155,249 | $ 144,107 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Series D Preferred Stock [Member] | Series C Preferred Stock [Member] | Series B Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Comprehensive Income (Loss) [Member] | Retained Earnings (Accumulated Deficit) [Member] | Total |
Balance as of, Value at Dec. 31, 2013 | $ 0 | $ 0 | $ 0 | $ 8 | $ 762,142 | $ (85,154) | $ (20,047) | $ 656,949 |
Balance as of, Shares at Dec. 31, 2013 | 0 | 0 | 2,000,000 | 74,800,000 | ||||
Net income | 115,087 | 115,087 | ||||||
Preferred stock Series C issuance, value | $ 0 | 96,850 | 96,850 | |||||
Preferred stock Series C issuance, shares | 4,000,000 | |||||||
Preferred stock Series C expenses | (327) | (327) | ||||||
Dividends - Common stock | (83,028) | (83,028) | ||||||
Dividends - Preferred stock | (11,909) | (11,909) | ||||||
Other Comprehensive Income | 29,020 | 29,020 | ||||||
Balance as of, shares at Dec. 31, 2014 | 0 | 4,000,000 | 2,000,000 | 74,800,000 | ||||
Balance as of, value at Dec. 31, 2014 | $ 0 | $ 0 | $ 0 | $ 8 | 858,665 | (56,134) | 103 | 802,642 |
Net income | 143,764 | 143,764 | ||||||
Preferred stock Series D issuance, value | $ 0 | 96,850 | 96,850 | |||||
Preferred stock Series D issuance, shares | 4,000,000 | |||||||
Preferred stock Series D expenses | (234) | (234) | ||||||
Issuance of common stock, value | 8,623 | 8,623 | ||||||
Issuance of common stock, shares | 598,400 | |||||||
Dividends - Common stock | (86,280) | (86,280) | ||||||
Dividends - Preferred stock | (13,340) | (13,340) | ||||||
Other Comprehensive Income | 11,485 | 11,485 | ||||||
Balance as of, shares at Dec. 31, 2015 | 4,000,000 | 4,000,000 | 2,000,000 | 75,398,400 | ||||
Balance as of, value at Dec. 31, 2015 | $ 0 | $ 0 | $ 0 | $ 8 | 963,904 | (44,649) | 44,247 | 963,510 |
Net income | 81,702 | 81,702 | ||||||
Issuance of common stock, value | $ 1 | 93,847 | 93,848 | |||||
Issuance of common stock, shares | 15,026,481 | |||||||
Issuance of common stock expenses | (328) | (328) | ||||||
Dividends - Common stock | (73,470) | (73,470) | ||||||
Dividends - Preferred stock | (21,063) | (21,063) | ||||||
Other Comprehensive Income | 30,225 | 30,225 | ||||||
Balance as of, shares at Dec. 31, 2016 | 4,000,000 | 4,000,000 | 2,000,000 | 90,424,881 | ||||
Balance as of, value at Dec. 31, 2016 | $ 0 | $ 0 | $ 0 | $ 9 | $ 1,057,423 | $ (14,424) | $ 31,416 | $ 1,074,424 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 81,702 | $ 143,764 | $ 115,087 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 100,943 | 101,645 | 105,787 |
Allowance for doubtful amounts | 0 | 0 | 2,888 |
Other non-current assets | 4,000 | 0 | 0 |
Amortization of debt discount | (659) | (798) | 0 |
Amortization of prepaid lease rentals | 6,779 | 4,982 | 4,024 |
Amortization and write-off of financing costs | 2,613 | 1,896 | 4,107 |
Amortization of deferred dry-docking and special survey costs | 7,920 | 7,425 | 7,814 |
Equity based payments | 4,951 | 8,623 | 0 |
Net settlements on interest rate swaps qualifying for cash flow hedge | 0 | 0 | (489) |
Gain on derivative instruments, net | (4,509) | (16,856) | (5,469) |
Loss / (gain) on sale / disposal of vessels, net | 4,440 | (1,688) | (2,543) |
Loss on vessel held for sale | 37,161 | 0 | 0 |
Equity loss on investments | 78 | 529 | 3,428 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (10) | 1,254 | 13,705 |
Due from related parties | 2,565 | (1,565) | (1,768) |
Inventories | (837) | 987 | (560) |
Insurance claims receivable | 1,020 | (2,147) | (330) |
Prepayments and other | (368) | 1,447 | (2,543) |
Accounts payable | (199) | (2,249) | 482 |
Due to related parties | (180) | 371 | 0 |
Accrued liabilities | (6,669) | 4,087 | 2,731 |
Unearned revenue | (545) | 373 | 900 |
Other current liabilities | (39) | (574) | (854) |
Dry-dockings | (5,868) | (9,461) | (10,150) |
Accrued charter revenue | (7,730) | 2,618 | 7,023 |
Net Cash provided by Operating Activities | 226,559 | 244,663 | 243,270 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Equity method investments | (35,273) | (44,881) | (85,103) |
Dividend from equity method investees | 0 | 0 | 31,828 |
Debt securities capital redemption | 46 | 0 | 0 |
Advances for vessel acquisitions | 0 | 0 | (59,058) |
Vessels acquisitions / Additions to vessel cost | (2,792) | (2,758) | (28,984) |
Proceeds from the sale of vessels, net | 3,629 | 4,655 | 22,054 |
Net cash used in Investing Activities | (34,390) | (42,984) | (119,263) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Offering proceeds, net of related expenses | 69,037 | 96,616 | 96,523 |
Capital lease proceeds | 151,848 | 0 | 256,716 |
Capital lease repayment | (21,637) | (13,509) | (9,583) |
Proceeds from long-term debt | 71,000 | 0 | 9,000 |
Repayment of long-term debt | (335,764) | (196,850) | (356,635) |
Payment of financing costs | (3,907) | 0 | (2,055) |
Dividends paid | (75,003) | (102,287) | (93,074) |
(Increase) / Decrease in restricted cash | 17,050 | 1,367 | (5,189) |
Net Cash used in Financing Activities | (127,376) | (214,663) | (104,297) |
Net increase / (decrease) in cash and cash equivalents | 64,793 | (12,984) | 19,710 |
Cash and cash equivalents at beginning of the year | 100,105 | 113,089 | 93,379 |
Cash and cash equivalents at end of the year | 164,898 | 100,105 | 113,089 |
SUPPLEMENTAL CASH INFORMATION: | |||
Cash paid during the year for interest | $ 51,186 | $ 45,213 | $ 46,043 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and General Information | The accompanying consolidated financial statements include the accounts of Costamare Inc. (Costamare) and its wholly-owned subsidiaries (collectively, the Company). Costamare was formed on April 21, 2008, under the laws of the Republic of the Marshall Islands. Costamare was incorporated as part of a reorganization to acquire the ownership interest in 53 ship-owning companies owned by the Konstantakopoulos family (VasileiosKonstantakopoulos and his three sons Messrs. Konstantinos Konstantakopoulos, AchillefsKonstantakopoulos and Christos Konstantakopoulos, together the KonstantakopoulosFamily). The reorganization was completed in November 2008. On November 4, 2010, Costamare completed its initial public offering (Initial Public Offering) in the United States under the United States Securities Act of 1933, as amended (the Securities Act). On March 27, 2012, October 19, 2012 and December 5, 2016, the Company completed three follow-on public offerings in the United States under the Securities Act and issued 7,500,000 shares, 7,000,000 shares and 12,000,000 shares, respectively, par value $0.0001, at a public offering price of $14.10 per share, $14.00 per share and $6.00 per share, respectively, increasing the issued share capital to 86,800,000 shares.During 2015, the Company issued 448,800 sharesto Costamare Shipping Company S.A. and 149,600 to Costamare Shipping Services Ltd. (Note 3),in accordance with the Group Management Agreement until November 2, 2015, and the Services Agreement from November 2, 2015, respectively. During 2016, the Company issued 598,400shares,in aggregate, to Costamare Shipping Services Ltd. (Note 3) pursuant to the Services Agreement. On July 6, 2016, the Company implemented a dividend reinvestment plan (the Plan) (Note 14). Under the plan, the Company issued to its common stockholders 2,428,081 shares,in aggregate, increasing the issued share capital to 90,424,881 shares. At December 31, 2016, members of the KonstantakopoulosFamily owned, directly or indirectly, approximately 59.3%of the outstanding common shares, in the aggregate. Furthermore, (i) on August 7, 2013, the Company completed a public offering of 2,000,000 shares of its 7.625% Series B Cumulative Redeemable Perpetual Preferred Stock (the Series B Preferred Stock), par value $0.0001, at a public offering price of $25.00 per share,(ii) on January 21, 2014, the Company completed a public offering of 4,000,000 shares of its 8.50% Series C Cumulative Redeemable Perpetual Preferred Stock (the Series C Preferred Stock), par value $0.0001, at a public offering price of $25.00 per share and (iii) on May 13, 2015, the Company completed a public offering of 4,000,000 shares of its 8.75% Series D Cumulative Redeemable Perpetual Preferred Stock (the Series D Preferred Stock), par value $0.0001, at a public offering price of $25.00 per share. As of December 31, 2015and 2016, the Company owned and/or operated a fleet of 54 and 53container vessels, respectively,with a total carrying capacity of approximately 317,774 and 314,423twenty-foot equivalent units (TEU), respectively,through wholly-owned subsidiaries incorporated in the Republic of Liberia. The Company provides worldwide marine transportation services by chartering its container vessels to some of the worlds leading liner operators under long-, medium- and short-term time charters. At December 31, 2016, Costamare had 92 wholly-owned subsidiaries, all incorporated in the Republic of Liberia, except five incorporated in the Republic of the Marshall Islands. |
Significant Accounting Policies
Significant Accounting Policies and Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2016 | |
Significant Accounting Policies And Recent Accounting Pronouncements | |
Significant Accounting Policies and Recent Accounting Pronouncements | (a) Principles of Consolidation: Costamare as the holding company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. Under Accounting Standards Codification (ASC) 810 Consolidation (formerly Accounting Research Bulletin (ARB) No. 51), a voting interest entity is an entity in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make financial and operating decisions. Costamare consolidates voting interest entities in which it owns all, or at least a majority (generally, greater than 50%), of the voting interest. Variable interest entities (VIE) are entities as defined under ASC 810-10, that in general either do not have equity investors with voting rights or that have equity investors that do not provide sufficient financial resources for the entity to support its activities. A controlling financial interest in a VIE is present when a company absorbs a majority of an entitys expected losses, receives a majority of an entitys expected residual returns, or both. The company with a controlling financial interest, known as the primary beneficiary, is required to consolidate the VIE. The Company evaluates all arrangements that may include a variable interest in an entity to determine if it may be the primary beneficiary, and would be required to include assets, liabilities and operations of a VIE in its consolidated financial statements. As of December 31, 2015 and 2016 no such interest existed. (b) Use of Estimates: (c) Comprehensive Income / (Loss): (d) Foreign Currency Translation: (e) Cash and Cash Equivalents: (f) Restricted Cash: (g) Accounts Receivable, net: (h) Inventories: (i) Insurance Claims Receivable: (j) Vessels, The cost of each of the Companys vessels is depreciated from the date of acquisition on a straight-line basis over the vessels remaining estimated economic useful life, after considering the estimated residual value which is equal to the product of vessels lightweight tonnage and estimated scrap rate, which up until December 31, 2014, was estimated to be approximately $0.250 per lightweight ton. In order to align the scrap rate estimates with the current historical average scrap rate, effective from January 1, 2015, the Company adjusted the estimated scrap rate used to calculate the vessels' salvage value from $0.250 to $0.300 per lightweight ton. The impact of the increase in the estimated scrap rate is a decrease in depreciation expense prospectively. The effect of this change in accounting estimate, which did not require retrospective adoption as per ASC 250 "Accounting Changes and Error Corrections", was to decrease depreciation expense by $5,388 and increase net income by $5,388 or $0.07 per common share, basic and diluted , for the year ended December 31, 2015. Management estimates the useful life of the Companys vessels to be 30 years from the date of initial delivery from the shipyard. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted. (k) Accrued Charter Revenue/Unearned Revenue: (l) Impairment of Long-lived Assets: As of December 31, 2015 and 2016, the Company concluded that, as conditions in the worldwide shipping industry remain depressed, indicators existed which triggered the existence of potential impairment of its long-lived assets. As a result, the Company performed an impairment assessment of the Companys long-lived assets by comparing the undiscounted projected net operating cash flows for each vessel to its respective carrying value. The Companys strategy is mainly to charter its vessels under long-term, fixed or variable rate time charters, providing the Company with contracted future cash flows. In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels future performance, with the significant assumptions being related to time charter rates, vessels operating expenses, vessels capital expenditures, vessels residual value, fleet utilization and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations. The Company determines undiscounted projected net operating cash flows for each vessel and compares it to the vessels carrying value. To the extent impairment indicators are present, the undiscounted projected net operating cash flows are determined as the sum of (i) the charter revenues from existing time charters for the fixed fleet days and (ii) an estimated daily time charter rate for the unfixed days (based on the most recent ten year historical average rates, or,for vessels witha remaining useful life of fiveyears or less, an estimated charter rate that such vessels can earn inthe current market) over the remaining estimated life of the vessel, over (i) expected outflows for vessels operating expenses assuming an expected increase in expenses of 2.76%, based on the Companys historical data, (ii) planned dry-docking and special survey expenditures, (iii) management fees expenditures and fleet utilization of 99.2% (excluding the scheduled off-hire days for planned dry-dockings and special surveys which are determined separately ranging from 16 to 30 days depending on the size and age of each vessel), which is based on historical experience. The Company considers the most recent ten year historical average ratesto be a reasonable estimation of expected future charter rates over the remaining useful life of the Company's vessels since such historical average represents a full shipping cycle that captures the highs and lows of the market. The Company utilizes the standard deviation in order to eliminate the outliers in the period before computing the historic ten year average rates. The salvage value used in the impairment test is estimated at approximately $0.300 per light weight ton in accordance with the vessels depreciation policy. The Companys assessment concluded that no impairment loss should be recorded as of December 31, 2014, 2015 and 2016, for the assets held and used,as the undiscounted projected net operating cash flows per vessel exceeded the carrying value of each vessel. (m) Long-lived Assets Classified as Held for Sale: (n) Accounting for Special Survey and Dry-docking Costs: (o) Financing Costs: ( p) Concentration of Credit Risk: (q) Voyage Revenues: Revenues from time charter agreements providing for varying annual rates are accounted for as operating leases and thus recognized on a straight-line basis as the average revenue over the rental periods of such agreements, as service is performed. A voyage is deemed to commence upon the completion of discharge of the vessels previous cargo and the sea passage for the next fixed cargo and is deemed to end upon the completion of discharge of the current cargo, provided an agreed non-cancelable charter agreement between the Company and the charterer is in existence, the charter rate is fixed or determinable and collectability is reasonably assured. Unearned revenue includes cash received prior to the balance sheet date for which all criteria to recognize as revenue have not been met, including any unearned revenue resulting from charter agreements providing for varying annual rates, which are accounted for on a straight-line basis. Unearned revenue also includes the unamortized balance of the liability associated with the acquisition of second-hand vessels with time charters attached which were acquired at values below fair market value at the date the acquisition agreement is consummated. Revenues for 2014, 2015 and 2016, derived from significant charterers individually accounting for 10% or more of revenues (in percentages of total revenues) were as follows: 2014 2015 2016 A 29% 31% 30% B 26% 26% 28% C 14% 13% 14% D 18% 18% 19% Total 87% 88% 91% (r) Voyage Expenses: (s) Repairs and Maintenance: (t) Derivative Financial Instruments: The Company formally documents all relationships between hedging instruments and hedged items, as well as the risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as cash flow hedges to specific forecasted transactions or variability of cash flow. The Company also formally assesses, both at the hedges inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flow of hedged items. The Company considers a hedge to be highly effective if the change in fair value of the derivative hedging instrument is within 80% to 125% of the opposite change in the fair value of the hedged item attributable to the hedged risk. When it is determined that a derivative is not highly effective as a hedge or that it has ceased to be a highly effective hedge, the Company discontinues hedge accounting prospectively, in accordance with ASC 815 Derivatives and Hedging. On January 1, 2016 the Company changed the presentation of interest accrued and realized on non-hedging derivative instruments and reclassified such from the Interest and Finance costs line item to Gain / (Loss) on derivative instruments, net on the consolidated statements of income. Comparative figures have been recast to reflect this change in presentation. The Company also enters into forward exchange rate contracts to manage its exposure to currency exchange risk on certain foreign currency liabilities. The Company has not designated these forward exchange rate contracts for hedge accounting. (u) Earnings per Share: (v) Fair Value Measurements: ASC 825 Financial Instruments permits companies to report certain financial assets and financial liabilities at fair value. ASC 825 was effective for the Company as of January 1, 2008, at which time the Company could elect to apply the standard prospectively and measure certain financial instruments at fair value. The Company has evaluated the guidance contained in ASC 825, and has elected not to report any existing financial assets or liabilities at fair value that are not already so reported; therefore, the adoption of the statement had no impact on its financial position and results of operations. The Company retains the ability to elect the fair value option for certain future assets and liabilities acquired under this standard. (w) Segment Reporting: (x) Equity Method Investments: (y) Capital Leases: Capital leases are capitalized at the commencement of the lease at the lower between the fair value of the leased asset and the present value of the minimum lease payments. Lease payments are apportioned between finance charges and reduction of the lease liability. Finance charges are recognized in finance costs in the consolidated statement of income. The lease payments are allocated between liability and finance costs to achieve a constant rate on the capital balance outstanding. If the lease agreement transfers the ownership of the leased asset to the lessee, then the asset is depreciated over its useful economic life (estimated at 30 years), otherwise it is depreciated over the lease term. For sale and lease back transactions, when the fair value of the asset sold is more than its carrying amount, any indicated loss on the sale is in substance a prepayment of rent and thus, in accordance with ASC 840-40-35-4, the Company defers this prepaid rental and amortizes it over the lease term. In case the fair value of the asset sold is less than its carrying amount, any indicated loss on the sale is recognized in the consolidated statement of income as incurred. Operating lease payments are recognized as an operating expense in the consolidated statement of income on a straight-line basis over the lease term. (z) Investments in Equity and Debt Securities: a. Trading securities: If the Company acquires a security with the intent of selling it in the near term, the security is classified as trading, b. Available-for-sale securities: Investments in debt securities and equity securities that have readily determinable fair values not classified as trading securities or as held-to-maturity securities are classified as available-for-sale securities and c. Held-to-maturity securities: Investments in debt securities are classified as held-to-maturity only if the Company has the positive intent and ability to hold these securities to maturity. In order to determine the applicable category, the Company considers the following: (i) if the Company intends to sell the security, (ii) whether it is more likely than not that the Company will be required to sell the security before the recovery of its (entire) cost, and (iii) whether the security has a readily determinable fair value or not. Debt and equity securities which are decided on inception to be accounted for as trading securities or available-for-sale securities are initially recognized at cost and subsequently are measured at fair value. Declines in the fair value of trading securities are recognized in earnings, while declines in the fair value of available-for-sale securities are recorded in Other Comprehensive Income and affect earnings when the securities are disposed. Held-to-maturity debt securities are initially recognized at cost and subsequently are measured at amortized cost, less impairment. The amortized cost is adjusted for amortization of premiums and accretion of discounts to maturity. Management evaluates debt securities held-to-maturity for other than temporary impairment at each reporting date. In evaluating whether a decline in value is other than temporary, the Company considers several factors including, but not limited, to the following: (i) the extent of the duration of the decline; (ii) the reasons for the decline in value, and (iii) the financial condition of and near-term prospects of the issuer. An investment in debt or equity securities is considered impaired if the fair value of the investment is less than its carrying value, in which case, the Company recognizes in earnings an impairment loss equal to the difference between their carrying value and their fair value. Equity securities with no readily determinable fair value, which relate to an entity in which the Company does not have the ability to exercise significant influence, are accounted for pursuant to the provisions of ASC 325-20 Investments - OtherCost Method Investments. The Company initially recognizes such equity securities at cost. Subsequently, any dividends distributed by the investee to the Company are recognized as income when received, but only to the extent they represent net accumulated earnings of the investee since the Companys initial recognition of the investment. Net accumulated earnings are recognized as income by the Company only if they are distributed to the investor as dividends. Any dividends received in excess of net accumulated earnings are recognized as a reduction in the carrying amount of the investment. Management evaluates the equity securities for other-than-temporary-impairment at each reporting date. An investment in cost method equity securities is considered impaired if the fair value of the investment is less than its carrying value, in which case the Company recognizes in earnings an impairment loss equal to the difference between their carrying value and their fair value. Consideration is given to significant deterioration in the earnings performance, or business prospects of the investee, significant adverse change in the regulatory, economic, or technological environment of the investee, significant adverse change in the general market condition in which the investee operates, as well as factors that raise significant concerns about the investees ability to continue as a going concern. (aa) Stock Based Compensation: Recent Accounting Pronouncements Not Yet Adopted In July 2015, the FASB issued ASU No. 2015-11 - Inventory In January 2016, the FASB issued ASU No. 2016-01 - Financial Instruments Overall (Subtopic 825-1 0) In February 2016, the FASB issued ASU No. 2016-02 - Leases (ASC 842) In March 2016, the FASB issued ASU No. 2016-07 Investments - Equity Method and Joint Ventures (Topic 323) I n May and April 2016, the FASB issued two Updates with respect to Topic 606: ASU No. 2016-10 - Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. The effective date and transition requirements for the amendments in these Updates are the same as the effective date and transition requirements in Topic 606 (and any other Topic amended by Update 2014-09). Accounting Standards Update 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, has deferred the effective date of Update 2014-09 for public business entities to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted. The new revenue standard may be applied using either of the following transition methods: (1) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (2) a modified retrospective approach with the cumulative effect of initially adopting the standard recognized at the date of adoption (which includes additional footnote disclosures). We will adopt the standard in the first quarter of 2018 and preliminarily expect to use the modified retrospective method. However, the Company is in the process of reviewing its historical contracts to quantify the impact that the adoption of the standard will have on specific performance obligations. In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments Credit Losses(Topic 326) Measurement of Credit Losses on Financial Instruments In August 2016, the FASB issued ASU No. 2016-15- Statement of Cash Flows (Topic 230) In November 2016, the FASB issued ASU No. 2016-18 Statement of Cash Flows (Topic 230) |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | (a) (Costamare Shipping) Costamare Services): Costamare Shipping, itself or through Shanghai Costamare Ship Management Co., Ltd. (Shanghai Costamare), or through or together with third party sub-managers, provides technical, crewing, commercial, provisioning, bunkering, sale and purchase, chartering, accounting, insurance and administrative services in respect of our containerships in exchange for a daily fee for each containership. On March 3, 2015, the Company entered into an amended and restated management agreement with Costamare Shipping (the Group Management Agreement) which, among other things, extended the term of the agreement such that it automatically renewedfor 10 consecutive one-year periods until December 31, 2025 (rather than five consecutive periods until December 31, 2020), removed the annual 4% increase of the fee payable in respect of each containership managed by Costamare Shipping, and in respect of the flat fee for the supervision of each newbuildordered by the Company beginning in the first quarter of 2015, providedfor an annual fee to Costamare Shipping of $2,500 and 598,400 shares (equal to 0.8% of the issued and outstanding Company common stock as of January 1, 2015)payable quarterly in arrears.No separate payment is made for the services of the Companys executive officers (prior to 2015, the Company paid Costamare Shipping $1,000 annually for such services). The Group Management Agreement has been terminated on November 2, 2015. On November 2, 2015, the Company entered into a Framework Agreement with Costamare Shipping (the Framework Agreement) and its vessel-owning subsidiaries entered intoa Services Agreement with Costamare Services (the Services Agreement), a company controlled by the Companys Chairman and Chief Executive Officer and members of hisfamily. On November 27, 2015, the Company amended and restatedthe Registration Rights Agreement entered into in connection with the Companys Initial Public Offering, to extend registration rights to Costamare Shipping and Costamare Services each of which have received or may receive shares of our common stock as fee compensation under the Group Management Agreement (until November 2, 2015) or the Services Agreement. Pursuant tothe Group Management Agreement (which was effective until November 2, 2015), the Framework Agreement and the ServicesAgreement (each of which became effective on November 2, 2015), Costamare Shipping and Costamare Services received(i) for each containership which is notsubject to a bareboat charter a daily fee of $0.956 since January 1, 2015, and for each containership subject to a bareboat charter a daily fee of $0.478 since January 1, 2015, in each case prorated for the calendar days the Company owned each containership and for the three-month period following the date of the sale of a vessel, (ii) a flat fee of $787.4 for the supervision of the construction of any newbuild vessel contracted by the Company, (iii) a fee of 0.75% on all gross freight, demurrage, charter hire, ballast bonus or other income earned with respect to each containership in the Companys fleet and, (iv) an annual fee of $2,500 and 598,400 shares as noted above.Fees under (i) and (ii) may be annually adjusted upwards to reflect any strengthening of the Euro against the U.S. dollar and/or material unforeseen cost increases. After the initial term of the Framework Agreement and the Services Agreement, which expired on December 31, 2015, the Company is able to terminate both agreements, subject to a termination fee, by providing written notice to Costamare Shipping or Costamare Services, as applicable, at least 12 months before the end of the subsequent one-year term. The termination fee is equal to (a) the number of full years remaining prior to December 31, 2025, times (b) the aggregate fees due and payable to Costamare Shipping or Costamare Services, as applicable, during the 12-month period ending on the date of termination (without taking into account any reduction in fees under the Framework Agreement to reflect that certain obligations have been delegated to a sub-manager or a sub-provider, as applicable); provided that the termination fee will always be at least two times the aggregate fees over the 12-month period described above. On January 7, 2013, Costamare Shipping entered into a co-operation agreement (the Co-operation Agreement) with third-party ship managers V.Ships Greece Ltd. (V.Ships Greece), pursuant to which the two companies established a ship management cell (the Cell) under V.Ships Greece. Since April 2013, the Cell provides technical, crewing, provisioning, bunkering, sale and purchase and accounting services, as well as certain commercial and insurance services to certain of the Companys container vessels, pursuant to separate management agreements entered into between V.Ships Greece and the ship-owning company of the respective container vessel, for a daily management fee. The Cell also offers ship management services to third-party owners. Costamare Shipping passes to the Company the net profit, if any, it receives pursuant to the Co-operation Agreement as a refund or reduction of the management fees payable by the Company to Costamare Shipping (i) prior to November 2, 2015, under the Group Management Agreement,and (ii)since November 2, 2015,under the Framework Agreement. The net profits earned during the years ended December 31, 2014, 2015 and 2016, amounted to $392, $718 and $561, respectively and are included as a reduction in management fees-related parties in the accompanying consolidated statements of income. As at December 31, 2016, the Cell provided technical, crewing, provisioning, bunkering, sale and purchase and accounting services, as well as certain commercial management services to 21of Costamares vessels. Management fees charged by Costamare Shipping in the years endedDecember 31,2014, 2015and 2016, amounted to $18,642, $19,411and $19,190 respectively and are included in Management fees-related parties in the accompanying consolidated statements of income. In addition, Costamare Shipping and Costamare Services as from November 2, 2015,charged (i) $3,512 for the year ended December 31, 2016 ($3,673for the year ended December 31, 2015 and $3,629 for the year ended December 31, 2014), representing a fee of 0.75% on all gross revenues, as provided in the Group Management Agreement and from November 2, 2015, the Framework Agreement and the Services Agreement, as applicable, which is separately reflected as Voyage expenses-related parties in the accompanying consolidated statement of income for the year ended December 31, 2016, (ii) $2,500, which is included in General and administrative expenses related parties in the accompanying consolidated statement of income for the year ended December 31, 2016 ($2,500for the year ended December 31, 2015 and $1,000for the year ended December 31, 2014) and (iii)$4,951 representing the fair value of 598,400 shares, which is included in General and administrative expenses-related parties in the accompanying consolidated statement of income for the year endedDecember 31, 2016 ($8,623for the year ended December 31, 2015). Furthermore, in accordance with the management agreement with V.Ships Greece, V.Ships Greece has been provided with the amount of $1,425 and $1,575 ($75 per vessel) as working capital security, which is included in Accounts receivable, non-current, in the accompanying 2015 and 2016consolidated balance sheets, respectively. During the years ended December 31, 2014, 2015 and 2016, Costamare Shipping charged in aggregate to the companies established pursuant to the Framework Deed(Notes 8and 9) the amount of $1,572, $1,856and $2,996, respectively for services provided in accordance with the respective management agreements. The balance due from Costamare Shippingat December 31, 2015 and 2016, amounted to $3,728 and $2,841, respectively, and is included in Due from related parties in the accompanying consolidated balance sheets. The balance due to Costamare Services at December 31, 2015 and 2016, amounted to $371and $191, respectively, and is reflected as Due to related parties in the accompanying consolidated balance sheets. (b) CielShipmanagement S.A. (CIEL): Rena (c) Shanghai Costamare Ship Management Co., Ltd.: |
Other non-current assets
Other non-current assets | 12 Months Ended |
Dec. 31, 2016 | |
Other Assets, Noncurrent [Abstract] | |
Other non-current assets | As of July 16, 2014, Zim Integrated Services (Zim) and its creditors, including vessel and container lenders, ship-owners, shipyards, unsecured lenders and bond holders, entered into definitive documentation to restructure its debt. Based on this agreement, the Company received equity securities representing 1.2% of Zims equity and $8,229 aggregate principal amount of unsecured interest bearing Zim notes maturing in 2023 consisting of $1,452 of 3.0% Series 1 Notes due 2023 amortizing subject to available cash flows in accordance with a corporate mechanism and $6,777 of 5.0% Series 2 Notes due 2023 non-amortizing (of the 5% interest, 3% is payable quarterly in cash and 2% interest is accrued quarterly with deferred cash payment on maturity) in exchange for amounts owed by Zim to the Company under their charter agreements. The Company calculated the fair value of the instruments received by Zim based on the agreement discussed above, available information on Zim and other similar contracts with similar terms, maturities and interest rates, and recorded at fair value of $676 in relation to the Series 1 Notes, $3,567 in relation to the Series 2 Notes and $7,802 in relation to its equity participation in Zim. The difference between the aggregate fair value of the debt and equity securities received from Zim and the then net carrying value of the amounts due from Zim of $2,888 was written-off in 2014. The Company accounts on a quarterly basis, for the fair value unwinding of the Series 1 and Series 2 Notes, until the book value of the instruments equals their face value on maturity. During the year ended December 31, 2016, the Company recorded $659in relation to their fair value unwinding ($798for the year ended December 31, 2015), which is included in Interest income in the consolidated statement of income for the year ended December 31, 2016. The Company has classified such debt and equity securities under other non-current assets, since it has no intention to sell the securities in the near term. The Series 1 and Series 2 Zim Notes are carried at amortized cost in the accompanying consolidated balance sheet as at December 31, 2016, which approximates their fair value as of such date. These financial instruments are not measured at fair value on a recurring basis. During the year ended December 31, 2016, the Company received $46 capital redemptionof the Series 1 Notes, reducing the principal to $1,406. As of December 31, 2016, the Company has assessed for other than temporary impairment of its investment in Series 1 and Series 2 Notes and has concluded that no impairment should be recorded. The Zimequity securities are carried at cost less impairment, which at inception approximates the fair value of the instruments considering that it related to a nonmonetary exchange (as described above). As of December 31, 2016, in accordance with the accounting guidance relating to loss in value of an investment that is other than a temporary decline, the Company recognized an impairment loss of $4,000 on its investment in equity securities in Zim, which is included in General and administrative expenses in the 2016 consolidated statement of income. The value of the investment in equity securities in Zim is based on managements best estimate of the realizable value of the investment and involved the use of internal inputs and assumptions (Level 3 inputs of the fair value hierarchy) which included managements consideration of the current freight market and its medium term prospects and the effects of the operational and commercial restructuring that ZIM has proceeded within 2016 (Level 3inputs of the fair value hierarchy). No dividends have been received from Zim since July 16, 2014. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories of $10,578 and $11,415 in the accompanying balance sheets at December 31, 2015 and 2016, respectively relate to bunkers, lubricants and spare parts. |
Vessels, Net
Vessels, Net | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Vessels, Net | The amounts in the accompanying consolidated balance sheets are as follows: Vessel Cost Accumulated Depreciation Net Book Value Balance, January 1, 2014 2,960,999 (773,611) 2,187,388 Depreciation - (99,515) (99,515) Vessel acquisitions and other vessels costs 28,984 - 28,984 Disposals (36,543) 18,506 (18,037) Balance, December 31, 2014 2,953,440 (854,620) 2,098,820 Depreciation - (93,961) (93,961) Other vessels costs 2,758 - 2,758 Disposals (6,156) 3,189 (2,967) Balance, December 31, 2015 2,950,042 (945,392) 2,004,650 Depreciation - (90,917) (90,917) Other vessels costs 2,792 - 2,792 Disposals (12,228) 4,249 (7,979) Transfer to vessel held for sale (55,043) 11,944 (43,099) Sale and leaseback (Note 11) (196,676) 19,514 (177,162) Balance, December 31, 2016 2,688,887 (1,000,602) 1,688,285 During the year ended December 31, 2014, the Company took delivery of the newbuild vessels MSC Azov MSC Ajaccio MSC Amalfi During the year ended December 31, 2014, the Company acquired three secondhand vessels the Neapolis Areopolis Lakonia During the year ended December 31, 2014, the Company sold for scrap the container vessels Konstantina MSC Kyoto Akritas During the year ended December 31, 2015, the Company sold for scrap the container vessel MSC Challenger On July 6, 2016 and July 15, 2016, the Company entered into an agreement with a financial institution to refinance the then outstanding balance of the loan relating to MSC Athos MSC Athens During the year ended December 31, 2016, the Company sold for demolition the container vessel Karmen MSC Romanos MSC Romanos Forty-eightof the Companys vessels, including the vesselheld for sale, with a total carrying value of $1,731,384as of December 31, 2016, have been provided as collateral to secure the long-term debt discussed in Note 10. This excludes the five vessels under the sale and leaseback transaction described in Note 11. |
Deferred Charges
Deferred Charges | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Charges Disclosure [Abstract]: | |
Deferred Charges | Deferred charges, net include the unamortized dry-docking and special survey costs. The amounts in the accompanying consolidated balance sheets are as follows: Dry-docking and Special Survey Costs Balance, January 1, 2014 19,910 Additions 10,150 Amortization (7,814) Write-off (1,473) Balance, December 31, 2014 20,773 Additions 9,461 Amortization (7,425) Balance, December 31, 2015 22,809 Additions 5,868 Amortization (7,920) Write-off (72) Transfer to vessel held for sale (318) Balance, December 31, 2016 20,367 During the years ended December 31, 2014, 2015and 2016, eleven, ten and six vessels, respectively, underwent and completed their special surveys. The amortization of the dry-docking and special survey costs is separately reflected in the accompanying consolidated statements of income. |
Costamare Ventures Inc.
Costamare Ventures Inc. | 12 Months Ended |
Dec. 31, 2016 | |
Costamare Ventures Inc. [Abstract]: | |
Costamare Ventures Inc. | On May 15, 2013, the Company, along with its wholly-owned subsidiary, Costamare Ventures Inc. (Costamare Ventures), entered into a Framework Deed (the Framework Deed) with York Capital Management Global Advisors LLC and its affiliate Sparrow Holdings, L.P. (collectively, York) to invest jointly in the acquisition and construction of container vessels. Under the Framework Deedthe decisions regarding vessel acquisitions will be made jointly by Costamare Ventures and York and the Company reserves the right to acquire any vessels that York decides not to pursue. Under the terms of the Framework Deed, York agreed to invest up to $250 million in mutually agreed vessel acquisitions and Costamare Ventures agreed to invest a minimum of $75 million with an option to invest up to $240 million in these transactions. Depending on the amount Costamare Ventures elected to invest, it was expected that it would hold between 25% and 49% of the equity in the entities that would be formed under the Framework Deed and York would hold the balance. The Framework Deedwas to terminate on its sixth anniversary or upon the occurrence of certain extraordinary events as described therein. The Framework Deedwas amended and restated by an Amendment and Restatement Deeddated May 18, 2015 (the Restated Framework Deed). Pursuant to the Restated Framework Deed, there is no minimum and maximum amount to be invested by Costamare Ventures or York, both Costamare Ventures and York can invest between 25% and 75% inthe equity oftheentities formed under the Restated Framework Deed, the commitment period has been extended up to May 18, 2020 and the termination of the Restated Framework Deedwill occur on May 18, 2024,or upon the occurrence of certain extraordinary events as described therein. On termination and on the occurrence of certain extraordinary events, Costamare Ventures may elect to divide the vessels owned by all such vessel-owning entities between itself and York to reflect their cumulative participation in all such entities. Costamare Shipping provides shipmanagement and administrative services to the vessels acquired under the Framework Deed, with the right to subcontract to V.Ships Greece and/or Shanghai Costamare.As at December 31, 2016, the Company holds a range of 25% to 49% of the capital stock of eighteen jointly-owned companies formed pursuant to the Restated Framework Deedwith York (Note 9).The Company accounts for the entities formed under the Restated Framework Deedas equity investments. |
Equity Method Investments
Equity Method Investments | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments | |
Equity Method Investments | The companies accounted for as equity method investments, all of which are incorporated in the Marshall Islands, are as follows: Participation % Date Established Entity Vessel/Hull December 31, 2016 /Acquired Steadman Maritime Co. Ensenada Express 49% July 1, 2013 Marchant Maritime Co. Padma 49% July 8, 2013 Horton Maritime Co. Petalidi 49% June 26, 2013 Smales Maritime Co. Elafonisos 49% June 6, 2013 Geyer Maritime Co. Arkadia 49% May 18, 2015 Goodway Maritime Co. Monemvasia 49% September 22, 2015 Kemp Maritime Co. Cape Akritas 49% June 6, 2013 Hyde Maritime Co. Hull NCP0114 49% June 6, 2013 Skerrett Maritime Co. Hull NCP0152 49% December 23, 2013 Ainsley Maritime Co. Hull NCP0115 25% June 25, 2013 Ambrose Maritime Co. Hull NCP0116 25% June 25, 2013 Benedict Maritime Co. Triton 40% October 16, 2013 Bertrand Maritime Co. Titan 40% October 16, 2013 Beardmore Maritime Co. Talos 40% December 23, 2013 Schofield Maritime Co. Taurus 40% December 23, 2013 Fairbank Maritime Co. Theseus 40% December 23, 2013 Platt Maritime Co. Hull YZJ1206 49% May 18, 2015 Sykes Maritime Co. Hull YZJ1207 49% May 18, 2015 Connell Maritime Co. (*) n/a n/a December 18, 2013 (*) Dissolved on December 16, 2016 During the year ended December 31, 2013, in accordance with the Framework Deed, York contributed $16,044, in the aggregate, in order to acquire a 51% equity interest in the ship-owning companies Steadman Maritime Co., Marchant Maritime Co. and Horton Maritime Co., and for initial working capital of such ship-owning companies. There was no difference between: (a) the aggregate of the fair value of the consideration received and the fair value of the retained investment, as compared with (b) the carrying amount of the former subsidiaries assets and liabilities, in each case at the date the subsidiaries were deconsolidated. During the year ended December 31, 2016, Costamare Ventures contributed $613 to the equity of Steadman Maritime Co. During the year ended December 31, 2016 the Company received $613 in the form of a special dividend from Horton Maritime Co. and Marchant Maritime Co. During 2013, Costamare Ventures participated with a 49% interest in the equity of Kemp Maritime Co. and Hyde Maritime Co. which entered into ship-building contracts for the construction of two 11,000 TEU container vessels. During the years ended December 31, 2015 and 2016, Costamare Ventures contributed in aggregate $921 and $3,187, respectively. In June 2016, both companies, as joint and several borrowers, signed a loan agreement with a bank for an amount up to $88,000, in aggregate, to partly finance the construction cost of the two newbuild vessels. The Company, Costamare Ventures and York through its affiliate Bluebird Holdings L.P., participate as corporate guarantors (Note 13 (c)). During the year ended December 31, 2015, Costamare Ventures participated with a 25% interest in the equity of Ainsley Maritime Co. and Ambrose Maritime Co., which entered into ship-building contracts for the construction of two 11,000 TEU container vessels, by contributing $13,200, in the aggregate. During the year ended December 31, 2016, Costamare Ventures contributed $4,662, in the aggregate, to the equity of Ainsley Maritime Co. and Ambrose Maritime Co. In August 2016, these two companies, as joint and several borrowers, signed a loan agreement with a bank for an amount up to $86,600, in aggregate, to partly finance the construction cost of the two newbuild vessels. The Company, Costamare Ventures and York, through its affiliate Bluebird Holdings L.P., participate as corporate guarantors (Note 13 (c)). During the year ended December 31, 2014, Costamare Ventures participated with a 40% interest in the equity of Benedict Maritime Co., Bertrand Maritime Co., Beardmore Maritime Co., Schofield Maritime Co. and Fairbank Maritime Co., which entered into ship-building contracts for the construction of five 14,000 TEU container vessels, by contributing $30,305, in the aggregate. In December 2014, these five companies novated their ship-building contracts to a financial institution and agreed to lease back the vessels upon their delivery from the shipyard for a period of 12 years. Upon novation of the contracts, the Company received $23,400 in the form of a dividend. During the year ended December 31, 2015 and 2016, Costamare Ventures contributed in aggregate $1,090 and $25,323, respectively, to such companies. During the year ended December 31, 2014, Costamare Ventures participated with a 40% interest in the equity of Connell Maritime Co. by contributing $6,669. In December 2016, the shareholders of Connell Maritime Co. signed the dissolution of the entity. During the year ended December 31, 2014, Costamare Ventures participated with a 49% interest in the equity of Smales Maritime Co. by contributing $4,654 for the acquisition of the secondhand vessel Elafonisos During the year ended December 31, 2015, Costamare Ventures participated with a 49% interest in the equity of Geyer Maritime Co. by contributing $3,212 for the acquisition of the secondhand vessel Arkadia Monemvasia . During 2015, Costamare Ventures participated with a 49% interest in the equity of Platt Maritime Co. and Sykes Maritime Co., which entered into ship-building contracts for the construction of two 3,800 TEU container vessels, by contributing $4,410, in the aggregate. In December 2015, these two companies agreed to novate their ship-building contracts to a financial institution and agreed to lease back the vessels upon their delivery from the shipyard for a period of seven years. Upon novation of the contracts in February 2016, the Company received $2,744 in the form of a special dividend. During the year ended December 31, 2016, the Company contributed in the aggregate, the amount of $427. For the years ended December 31, 2014, 2015 and 2016, the Company recorded net losses of $3,428, $529 and $78, respectively on equity method investments, which are separately reflected as Equity loss on investments in the accompanying consolidated statements of income. Costamare Ventures has provided Marchant Maritime Co., Horton Maritime Co. and Steadman Maritime Co. with certain cash advances. As of December 31, 2015 and 2016, the aggregate balance due from these companies amounted to $1,678 and nil, respectively and are included in Due from related parties in the accompanying consolidated balance sheets. The summarized combined financial information of the companies accounted for as equity method investment is as follows: December 31, 2015 December 31, 2016 Non-current assets 290,805 952,458 Current assets 11,969 35,993 302,774 988,451 Current liabilities 5,335 39,428 Years ended December 31, 2015 2016 Voyage revenue 14,218 45,887 Net income / (loss) (1,669) 736 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2016 | |
Long-term Debt, Unclassified [Abstract] | |
Long-Term Debt | The amounts shown in the accompanying consolidated balance sheets consist of the following: Borrower(s) December 31, 2015 December 31, 2016 A. Credit Facility 495,993 406,103 B. Term Loans: 1. Costis Maritime Corporation and Christos Maritime Corporation 82,500 - 2. Mas Shipping Co. 30,625 22,375 3. Montes Shipping Co. and Kelsen Shipping Co. 66,000 54,000 4. Capetanissa Maritime Corporation 45,000 - 5. Rena Maritime Corporation 42,500 - 6. Costamare Inc. 60,463 50,313 7. Costamare Inc. 111,417 - 8. Undine Shipping Co., Quentin Shipping Co. and Sander Shipping Co. 193,545 178,264 9. Raymond Shipping Co. and Terance Shipping Co. 126,878 115,964 10. Costamare Inc. 68,170 53,475 11. Uriza Shipping S.A. - 36,833 12. Costis Maritime Corporation, Christos Maritime Corporation and Capetanissa Maritime Corporation - 109,000 13 Rena Maritime Corporation, Finch Shipping Co. and Joyner Carriers S.A. - 32,000 827,098 652,224 Total 1,323,091 1,058,327 Less: Deferred financing costs (4,499) (3,720) Total long term debt, net 1,318,592 1,054,607 Less: Long-term debt current portion (185,259) (199,637) Add: Deferred financing costs, current portion 1,431 1,360 Total long term debt, non-current, net 1,134,764 856,330 A. Credit Facility: On September 28, 2016, the Company entered into a ninth supplemental agreement, which extended the Facility maturity date to June 30, 2021, waived the security requirement covenant of the principal agreement and mortgaged four additional vessels in favor of the lending banks.Under the supplemental agreement, the outstanding balance of the Facility as of December 31, 2016, is repayable in 17equal, consecutive quarterly installments, of $22,473 each plus a finalinstallment of $24,062. The Facility, as of December 31, 2016, was secured with, among others, first priority mortgages over 22 of the Companys vessels, first priority assignment of vessels insurances and earnings, charter party assignments, first priority pledges over the operating accounts of the vessels and corporate guarantees of 22 ship-owning companies. The Facility and certain of the term loans described under Note 10.B below include among others, financial covenants requiring: (i) the ratio of Total Liabilities (after deducting cash and cash equivalents) to Market Value Adjusted Total Assets (after deducting cash and cash equivalents) not to exceed 0.75 to 1.00, (ii) minimum liquidity of the greater of $30,000 or 3% of the total debt of the Company, (iii) the ratio of EBITDA to net interest expense not to be less than 2.50 to 1.00, (iv) Market Value Adjusted Net Worth, defined as the amount by which the Market Value Adjusted Total Assets exceeds the Total Liabilities, to exceed $500,000. The Companys other term loans described under Note 10.B below also contain financial covenants requiring the ratio of net funded debt to total net assets ratio not to exceed 80% on a charter inclusive valuation basis as well as financial covenants that are either equal to or less stringent than the aforementionedfinancial covenants. B. Term loans: 1. In May 2008, Costis Maritime Corporation and Christos Maritime Corporation entered into a loan agreement with a bank for an amount of up to $150,000 in the aggregate ($75,000 each) on a joint and several basis in order to partly finance the acquisition cost of the vessels Sealand New York Sealand Washington 2. In January 2008, Mas Shipping Co. entered into a loan agreement with a bank for an amount of up to $75,000 in order to partly finance the acquisition cost of the vessel Maersk Kokura 3. In December 2007, Montes Shipping Co. and Kelsen Shipping Co. entered into a loan agreement with a bank for an amount of up to $150,000 in the aggregate ($75,000 each) on a joint and several basis in order to partly finance the acquisition cost of the vessels Maersk Kawasaki Maersk Kure 4. In June 2006, Capetanissa Maritime Corporation entered into a loan agreement with a bank for an amount of up to $90,000, in order to partly finance the acquisition cost of the vessel Cosco Beijing 5. In February 2006, Rena Maritime Corporation entered into a loan agreement with a bank for an amount of up to $90,000 in order to partly finance the acquisition cost of the vessel Cosco Guangzhou 6. In November 2010, Costamare entered into a term loan agreement with a consortium of banks for an amount of up to $120,000, which was available for drawing for a period up to 18 months. As of December 31, 2016, the Company had drawn the amount of $38,500 (Tranche A), the amount of $42,000 (Tranche B), the amount of $21,000 (Tranche C), the amount of $7,470 (Tranche D) and the amount of $7,470 (Tranche E) under this term loan agreement in order to finance part of the acquisition cost of the vessels MSC Romanos MSC Methoni MSC Ulsan MSC Koroni MSC Itea MSC Romanos 7.In April 2011, Costamare, as borrower, concluded a credit facility with a bank, for an amount up to $140,000 to finance part of the constructioncost of the MSC Athens MSC Athos 8. In August 2011, Undine Shipping Co., Quentin Shipping Co. and Sander Shipping Co., wholly-owned subsidiaries of Costamare, concluded a credit facility with a consortium of banks, as joint-and-several borrowers, for an amount of up to $229,200 to finance part of the constructioncost of their respective vessels. The facility has been drawn down in three tranches. As at December 31, 2016, the aggregate outstanding balance of tranches (a) and (b) of$117,145 relating to the Valor Valiant Vantage 9.In October 2011, Raymond Shipping Co. and Terance Shipping Co., wholly-owned subsidiaries of the Company concluded a credit facility with a bank, as joint and several borrowers, for an amount of up to $152,800 to finance part of the acquisition cost of their respective vessels. As at December 31, 2016, the outstanding balance of the tranche (a) of $57,300 relating to the Value Valence 10. In October 2011, the Company concluded a loan facility with a bank for an amount of up to $120,000, in order to partly finance eleven vessels in its fleet. In March 2012, the Company drew the amount of $113,700. On June 29, 2012, the Company entered into a supplemental agreement for a further amount of $11,300 to finance the acquisition of the StadtLuebeck, Neapolis Konstantina Akritas MSC Challenger Karmen 11.On May 6, 2016, Uriza Shipping S.A., entered into a loan agreement with a bank for an amount of up to $39,000 for general corporate purposes. On May 11, 2016 the Company drew the amount of $39,000. As of December 31, 2016, the outstanding balance of $36,833is repayable in 18equal quarterly installments of $1,083.3, from February 2017 to May 2021 and a balloon payment of $17,333.3 payable together with the last installment. 12. On August 10, 2016, Costis Maritime Corporation, Christos Maritime Corporation and Capetanissa Maritime Corporation entered into a loan agreement with a bank in order to extend the repayment and amend the repayment profile of the then outstanding loans in the amounts of $116,500 in aggregate (Notes 10.B.1 and 10.B.4). As of December 31, 2016, the outstanding balance of $109,000is repayable in 19 variablequarterly installments, from February 2017 to August 2021 and a balloon payment of $43,500 payable together with the last installment. 13. On December 22, 2016, Rena Maritime Corporation, Finch Shipping Co. and Joyner Carriers S.A. entered into a loan agreement with a bank in order to fully repay the balance of $37,500 (Note 10.B.5) and finance the working capital needs of the Finch Shipping Co. and Joyner Carriers S.A. As of December 31, 2016, the outstanding balance of $32,000is repayable in 20variable quarterly installments, from March 2017 to December2021 and a balloon payment of $11,680 payable together with the last installment. The Company considered the provisions of ASC 470-50 Debt: Modifications and Extinguishments The term loans discussed above bear interest at LIBOR plus a spread and are secured by, inter alia, (a) first priority mortgages over the financed vessels, (b) first priority assignments of all insurances and earnings of the mortgaged vessels and (c) corporate guarantees of Costamare or its subsidiaries, as the case may be. The loan agreements contain usual ship finance covenants, including restrictions as to changes in management and ownership of the vessels, as to additional indebtedness and as to further mortgaging of vessels, as well as minimum requirements regarding hull Value Maintenance Clauses (VMC) in the range of 80% to 130% and restrictions ondividend payments if an event of defaulthas occurred and is continuing or would occur as a result of the payment of such dividend. The annual repayments under the Credit Facility and the Term loans after December 31, 2016, are in the aggregate as follows: Year ending December 31, Amount 2017 199,637 2018 211,784 2019 160,819 2020 352,291 2021 133,796 1,058,327 The interest rate of Costamares long-term debt as at December 31, 2014,2015 and 2016, was in the range of 1.03%-6.75%,1.11%-6.75%and 1.98%-6.04%, respectively. The weighted average interest rate as at December 31,2014,2015 and 2016, was 4.2%, 4.2% and 4.7%, respectively. Total interest expense incurred on long-term debt (including the effect of the interest rate swaps discussed in Notes16 and Note 18) for the years ended December 31, 2014,2015 and 2016, amounted to $77,655, $72,384and $59,702, respectively and is included in Interest and finance costs and Gain/ (loss) on derivative instruments in the accompanying consolidated statements of income. C. Financing Costs The amounts of financing costs included in the loan balances are as follows: Financing costs Balance, January 1, 2014 9,954 Additions 2,055 Amortization (2,084) Write-off (2,023) Balance, December 31, 2014 7,902 Amortization (1,896) Balance, December 31, 2015 6,006 Additions 3,907 Amortization (2,027) Write-off (586) Balance, December 31, 2016 7,300 Less: Current portion of financing costs (2,062) Financing costs, non-current portion 5,238 Financing costs represent legal fees and fees paid to the lenders for the conclusion of the Companys financing. The amortization of loan financing costs is included in interest and finance costs in the accompanying consolidated statements of income (Note 16). |
Capital Leased Assets and Capit
Capital Leased Assets and Capital Lease Obligations | 12 Months Ended |
Dec. 31, 2016 | |
Capital Leased Assets and Capital Lease Obligations [Abstract]: | |
Capital Leased Assets and Capital Lease Obligations | Between January and April 2014, the Company took delivery ofthe newbuild vessels MSC Azov MSC Ajaccio MSC Amalfi On July 6, 2016 and July 15, 2016the Company agreed with a financial institution to refinance the then outstanding balance of the loans relating to the MSC Athos MSC Athens The sale and leaseback transactions were classified as capital leases. As the fair value of each vessel sold was in excess of its carrying amount, the difference between the sale proceeds and the carrying amount was classifiedas prepaid lease rentals. In this respect, in 2014 an aggregate amount of $49,817 (including the net settlements on interest rate swaps qualifying for hedge accounting of $6,604) was transferred to prepaid lease rentals. In 2016, with respect to the MSC Athens MSC Athos The total value of the MSC Azov MSC Ajaccio MSC Amalfi MSC Athos MSC Athens The balance of prepaid lease rentals, as of December 31, 2015 and 2016, is as follows: December 31, 2015 December 31, 2016 Prepaid lease rentals 45,793 40,811 Additions - 26,390 Less: Amortization of prepaid lease rentals (4,982) (6,779) Prepaid lease rentals 40,811 60,422 Less: current portion (4,982) (8,752) Non-current portion 35,829 51,670 The capital lease obligations amounting to $363,835 as at December 31, 2016 are scheduled to expire through 2024 and includea bargain purchase option to repurchase the vessels at any time during the charter period. Total interest expenses incurred on capital leases for the years ended December 31, 2014, 2015 and 2016 amounted to $14,793, $17,131 and $18,915, respectively, and are included in Interest and finance costs in the accompanying consolidated statements of income. Finance lease obligations of MSC Athos MSC Athens The annual lease payments under the capital leases after December 31, 2016, are in the aggregate as follows: Year ending December 31, Amount 2017 44,906 2018 44,906 2019 44,906 2020 44,991 2021 44,906 2022 and thereafter 219,777 Total 444,392 Less: Amount of interest( MSC Azov MSC Ajaccio MSC Amalfi (80,557) Total lease payments 363,835 Less: Financing costs, net (3,580) Total lease payments, net 360,255 The total capital lease obligations, net of related financing costs, are presented in the accompanyingDecember 31, 2016, consolidated balance sheet as follows: Capital lease obligation current 29,761 Less: current portion of financing costs (702) Capital lease obligation non current 334,074 Less: non-current portion of financing costs (2,878) 360,255 |
Accrued Charter Revenue, Curren
Accrued Charter Revenue, Current and Non-Current and Unearned Revenue, Current and Non-Current | 12 Months Ended |
Dec. 31, 2016 | |
Accrued Charter Revenue and Unearned Revenue Disclosure [Abstract] | |
Accrued Charter Revenue, Current and Non-Current and Unearned Revenue, Current and Non-Current [Text Block] | (a) Accrued Charter Revenue, Current and Non-Current: As at December 31, 2015, the net accrued charter revenue, totaling to ($35,369), comprises $457 separately reflected in Current assets, $569 separately reflected in Non-current assets, and ($36,395) (discussed in (b) below) included in Unearned revenue in current and non-current liabilities in the accompanying 2015 consolidated balance sheet.As at December 31, 2016, the net accrued charter revenue, totaling to ($27,639), comprises $408 separately reflected in Current assets, $185 separately reflected in Non-current assets, and ($28,232) (discussed in (b) below) included in Unearned revenue in current and non-current liabilities in the accompanying 2016 consolidated balance sheet.The maturities of the net accrued charter revenue as of December 31 of each year presented below are as follows: Year ending December 31, Amount 2017 (11,336) 2018 (8,900) 2019 (6,602) 2020 (801) (27,639) (b) Unearned Revenue, Current and Non-Current: December 31, 2015 December 31, 2016 Hires collected in advance 8,469 7,924 Charter revenue resulting from varying charter rates 36,395 28,232 Total 44,864 36,156 Less current portion (18,356) (19,668) Non-current portion 26,508 16,488 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (a) Time charters: Year ending December 31, Amount 2017 387,826 2018 198,759 2019 122,306 2020 93,841 2021 85,256 2022 and thereafter 131,755 1,019,743 (b)Capital Commitments: (c) Debt Guarantees with respect to entities formed under the Framework Deed: (d) Other: The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of any other claims or contingent liabilities which should be disclosed or for which a provision should be established in the accompanying consolidated financial statements. The Company is covered for liabilities associated with the vessels operations up to the customary limits provided by the Protection and Indemnity (P&I) Clubs, members of the International Group of P&I Clubs. |
Common Stock, Preferred stock a
Common Stock, Preferred stock and Additional Paid-In Capital | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Common Stock, Preferred stock and additional paid-in Capital | (a) Common Stock: On July 20, 2010, pursuant to a rights offering authorized by the Board of Directors on July 14, 2010, the Company issued 24,000,000 shares of common stock in exchange of $2,400, increasing the issued share capital of the Company to 25,000,000 shares of common stock. On October 19, 2010, within the context of the Initial Public Offering completed in November 2010, the Company effected a dividend of 0.88 shares for each share of common stock outstanding on the record date of August 27, 2010 (the Stock Split). As a result of this dividend, the Company issued 22,000,000 additional shares in respect of its 25,000,000 shares of the then outstanding common stock. On November 4, 2010, the Company completed its Initial Public Offering in the United States under the Securities Act. In this respect 13,300,000 common shares at par value $0.0001 were issued at a public offering price of $12.00 per share, increasing the issued share capital to 60,300,000 shares. The net proceeds of the Initial Public Offering were $145,543. On March 27, 2012, the Company completed a follow-on public equity offering in the United States under the Securities Act. In this respect 7,500,000 shares at par value $0.0001 were issued at a public offering price of $14.10 per share, increasing the issued share capital to 67,800,000 shares. The net proceeds of the follow-on offering were $100,584. On October 19, 2012, the Company completed a follow-on public equity offering in the United States under the Securities Act. In this respect 7,000,000 shares at par value $0.0001 were issued at a public offering price of $14.00 per share, increasing the issued share capital to 74,800,000 shares. The net proceeds of the follow-on offering were $93,547. On December 5, 2016, the Company completed a follow-on public equity offering in the United States under the Securities Act. In this respect,12,000,000 shares at par value $0.0001 were issued at a public offering price of $6.00 per share, increasing the issued share capital to 86,800,000 shares. The net proceeds of the follow-on offering were $69,037. During the nine month period ended September 30,2015, the Company issued 448,800 shares, in aggregate, at par value of $0.0001 to Costamare Shipping pursuant to the Group Management Agreement (Note 3). On December 31, 2015, the Company issued 149,600 shares, at par value of $0.0001 to Costamare Services pursuant to the Services Agreement (Note 3). On March 30, 2016, June30, 2016, September 30, 2016 and December 30, 2016, the Company issued 598,400 shares, in aggregate, at par valueof $0.0001 to Costamare Services pursuant to the Services Agreement (Note 3). The fair value of such shares was calculated based on the closing trading price at the date of issuance.There were no share based payment awards outstanding during the year ended December 31, 2016. On July 6, 2016, the Company implemented thePlan. The Plan offers holders of Company common stock the opportunity to purchase additional shares by having their cash dividend automatically reinvested in Company common stock. Participation in the Plan is optional, and shareholders who decide not to participate in the Plan will continue toreceive cash dividends, as declared and paid in the usual manner. During the year ended December 31, 2016, the Company issued 2,428,081 shares in aggregate at par value of $0.0001 to its common stockholders, at an average price of $8.043837 per share. (b) Preferred Stock: On January 21, 2014, the Company issued 4,000,000,Series C Preferred Stock in the United States under the Securities Act, which paya dividend of 8.50% per annum in arrears on a quarterly basis (equal to $2.125 per annum per share) at $25 per share. At any time after January 21, 2019, the Series C Preferred Stock may be redeemed, at the Companys election, at a price of $25 of liquidation preference per share. The net proceeds from the offering were $96,523. On May 13, 2015, the Company issued 4,000,000, Series D Preferred Stock in the United States under the Securities Act, which paya dividend of 8.75% per annum in arrears on a quarterly basis (equal to $2.1875 per annum per share) at $25 per share. At any time after May 13, 2020, the Series D Preferred Stock may be redeemed, at the Companys election, at a price of $25 of liquidation preference per share. The net proceeds from the offering were $96,616. (c) Additional Paid-in Capital: (d) Dividends declared and / or paid During the year ended December 31, 2015 the Company declared and paid to its holders of Series B Preferred Stock (i) $953 or $0.476563 per share for the period from October 15, 2014 to January 14, 2015,(ii) $953 or $0.476563 per share for the period from January 15, 2015 to April 14, 2015,(iii) $953 or $0.476563 per share for the period from April 15, 2015 to July 14, 2015 and (iv) $953 or $0.476563 per share for the period from July 15, 2015 to October 14, 2015. During the year ended December 31, 2016 the Company declared and paid to its holders of Series B Preferred Stock (i) $953 or $0.476563 per share for the period from October 15, 2015 to January 14, 2016, (ii) $953 or $0.476563 per share for the period from January 15, 2016 to April 14, 2016, (iii) $953 or $0.476563 per share for the period from April 15, 2016 to July 14, 2016 and (iv) $953 or $0.476563 per share for the period from July 15, 2016 to October 14, 2016. During the year ended December 31, 2015, the Company declared and paid to its holders of Series C Preferred Stock (i) $2,125 or $0.531250 per share for the period from October 15, 2014 to January 14, 2015, (ii)$2,125 or $0.531250 per share for the period from January 15, 2015 to April 14, 2015,(iii) $2,125 or $0.531250 per share for the period from April 15, 2015 to July 14, 2015 and (iv) $2,125 or $0.531250 per share for the period from July 15, 2015 to October 14, 2015.During the year ended December 31, 2016, the Company declared and paid to its holders of Series C Preferred Stock (i) $2,125 or $0.531250 per share for the period from October 15, 2015 to January 14, 2016,(ii) $2,125 or $0.531250 per share for the period from January 15, 2016 to April 14, 2016, (iii) $2,125 or $0.531250 per share for the period from April 15, 2016 to July 14, 2016 and (iv)$2,125 or $0.531250 per share for the period from July 15, 2016 to October 14, 2016. During the year ended December 31, 2015, the Company declared and paid to its holders of Series D Preferred Stock $1,506 or $0.376736 per share for the period from May 13, 2015 to July 14, 2015 and $2,188 or $0.546875 per share for the period from July 15, 2015 to October 14, 2015. During the year ended December 31, 2016, the Company declared and paid to its holders of Series D Preferred Stock (i) $2,188 or $0.546875 per share for the period from October 15, 2015 to January 14, 2016, (ii)$2,188 or $0.546875 per share for the period from January 15, 2016 to April 14, 2016, (iii) $2,188 or $0.546875 per share for the period from April 15, 2016 to July 14, 2016 and (iv)$2,188 or $0.546875 per share for the period from July 15, 2016 to October 14, 2016. |
Earnings per share (EPS)
Earnings per share (EPS) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share, Basic [Abstract] | |
Earnings per share (EPS) | All common shares issued are Costamare common stock and have equal rights to vote and participate in dividends. In August 2013, the Company issued Series B Preferred Stock, which receives an annual dividend of 7.625%, payable quarterly in arrears on the 15th day of January, April, July and October of each year. In January 2014, the Company issued Series C Preferred Stock, which receives an annual dividend of 8.50%, payable quarterly in arrears on the 15th day of January, April, July and October of each year.Additionally, in May 2015, the Company issued Series D Preferred Stock, which receives an annual dividend of 8.75%, payable quarterly in arrears on the 15th day of January, April, July and October of each year. Profit or loss attributable to common equity holders is adjusted by the contractual amount of dividends on Series B Preferred Stock,Series C Preferred Stock and Series D Preferred Stockthat should be paid for the period. Dividends paid or accrued on Series B Preferred Stock,Series C Preferred Stock and Series D Preferred Stockduring the years endedDecember 31, 2014,2015 and 2016, amounted to $11,909, $17,903and $21,063, respectively. December 31, 2014 2015 2016 Basic EPS Basic EPS Basic EPS Net income $ 115,087 $ 143,764 $ 81,702 Less: paid and accrued earnings allocated to Preferred Stock (11,909) (17,903) (21,063) Net income available to common stockholders 103,178 125,861 60,639 Weighted average number of common shares, basic and diluted 74,800,000 75,027,474 77,243,252 Earnings per common share, basic and diluted $ 1.38 $ 1.68 $ 0.79 |
Interest and Finance Costs
Interest and Finance Costs | 12 Months Ended |
Dec. 31, 2016 | |
Interest and Finance Costs [Abstract]: | |
Interest and Finance Costs | The interest and finance costsin the accompanying consolidated statements of income are as follows: Years ended December 31, 2014 2015 2016 Interest expense 46,345 45,070 49,880 Interest capitalized (1,795) - - Swap effect 36,847 31,800 20,237 Amortization and write-off of financing costs 4,107 1,896 2,613 Commitment fees 506 600 75 Bank charges and other financing costs 296 265 3 86,306 79,631 72,808 |
Taxes
Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Taxes | Under the laws of the countries of incorporation for the vessel owning companies and/or of the countries of registration of the vessels, the companies are not subject to tax on international shipping income; however, they are subject to registration and tonnage taxes, which are included in Vessel operating expenses in the accompanying consolidated statements of income. The vessel owning companies with vessels that have called on the United States during the relevant year of operation are obliged to file tax returns with the Internal Revenue Service. The applicable tax is 50% of 4% of U.S. related gross transportation income unless an exemption applies. Management believes that, based on current legislation the relevant vessel owning companies are entitled to an exemption under Section 883 of the Internal Revenue Code of 1986, as amended. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | (a) Interest rate swaps that meet the criteria for hedge accounting: These interest rate swaps are designed to hedge the variability of interest cash flows arising from floating rate debt, attributable to movements in three-month or six-month USD LIBOR. According to the Companys Risk Management Accounting Policy, after putting in place the formal documentation required by ASC 815 in order to designate these swaps as hedging instruments as from their inception, these interest rate swaps qualified for hedge accounting. Accordingly, only hedge ineffectiveness amounts arising from the differences in the change in fair value of the hedging instrument and the hedged item are recognized in the Companys earnings. Assessment and measurement of the effectiveness of these interest rate swaps are performed at each reporting period. For qualifying cash flow hedges, the fair value gain or loss associated with the effective portion of the cash flow hedge is recognized initially in Other comprehensive income and recognized to the consolidated statement of income in the periods when the hedged item affects profit or loss. Any ineffective portion of the gain or loss on the hedging instrument is recognized in the consolidated statement of income immediately. At December 31, 2015 and 2016, the Company had interest rate swap agreements with an outstanding notional amount of $904,627and $783,403, respectively. The fair value of these interest rate swaps outstanding at December 31, 2015 and 2016 amounted to a liability of $39,654and a liability of $10,459, respectively and these are included in the accompanying consolidated balance sheets. The maturity of these interest rate swaps range between June 2018 and May 2023. During the years ended December 31, 2014, 2015 and 2016, the realized ineffectiveness on the interest rate swaps discussed under (a) above was a gain of $645, a loss of $60 and $nil, respectively, and are included in Gain / (Loss) on derivative instruments, net in the accompanying consolidated statements of income. During the year ended December 31, 2016, the Company terminated one interest rate derivative instrument and paid the counterparties breakage costs of $9,404, which is included in Swaps breakage cost in the accompanying 2016 consolidated statement of income.During the year ended December 31, 2014, the Company terminated three interest rate derivative instruments and paid the counterparty breakage costs of $10,192, which are separately reflected in Swaps breakage cost in the accompanying 2014 consolidated statement of income The estimated net amount that is expected to be reclassified within the next 12 months from Accumulated Other Comprehensive Loss to earnings in respect of the settlements on interest rate swaps amounts to $12,064. (b) Interest rate swaps that do not meet the criteria for hedge accounting: (c) Foreign currency agreements: As of December 31, 2015, the Company was engaged in 16Euro/U.S. dollar forward agreements totaling $20,000 at an average forward rate of Euro/U.S. dollar 1.0725 expiring in monthly intervals up to August 2016. As of December 31, 2014, the Company was engaged in nine Euro/U.S. dollar forward agreements totaling $22,500 at an average forward rate of Euro/U.S. dollar 1.273 expiring in monthly intervals up to September 2015. Thetotal change of forward contracts fair value for the year ended December 31, 2016, was a loss of $437 (gain of $1,361 for the year endedDecember 31, 2015 and loss of $1,009 for the year ended December 31, 2014) and is included in Gain / (Loss) on derivative instruments, net in the accompanying consolidated statements of income. The Effect of Derivative Instruments for the years ended December 31, 2014, 2015 and 2016 Derivatives in ASC 815 Cash Flow Hedging Relationships Amount of Gain / (Loss) Recognized in Accumulated OCI on Derivative (Effective Portion) Location of Gain / (Loss)Recognized in Income on Derivative (Ineffective Portion) Amount of Gain / (Loss) Recognized in Income on Derivative (Ineffective Portion) 2014 2015 2016 2014 2015 2016 Interest rate swaps (14,045) (20,418) 8,828 Gain / (Loss) on derivative instruments, net 645 (60) - Reclassification to Interest and finance costs 36,847 31,800 20,237 - - - Total 22,802 11,382 29,065 645 (60) - Derivatives Not Designated as Hedging Instruments and ineffectiveness of Hedging Instruments under ASC 815 Location of Gain / (Loss) Recognized in Income on Derivative Amount of Gain / (Loss) Recognized in Income on Derivative 2014 2015 2016 Non hedging interest rate swaps Gain / (Loss) on derivative instruments, net (3,423) 2,910 (3,554) Ineffective portion of hedging interest rate swaps Gain / (Loss) on derivative instruments, net 645 (60) - Forward contracts Gain / (Loss) on derivative instruments, net (1,009) 1,361 (437) Total (3,787) 4,211 (3,991) The realized loss on non-hedging interest rate swaps included in Gain / (Loss) on derivative instruments, net amounted to $9,256,$12,645 and $8,500for the years ended December 31, 2014, 2015 and 2016, respectively. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | (a) Interest rate risk: (b) Concentration of credit risk: (c) Fair value: The fair value of the interest rate swap agreements discussed in Note 18(a) and (b) equates to the amount that would be paid by the Company to cancel the agreements. As at December 31, 2015 and 2016, the fair value of these interest rate swaps in aggregate amounted to a liability of $52,117 and $15,314, respectively. The fair market value of the forward contracts discussed in Note 18(c) determined through Level 2 of the fair value hierarchy as at December 31, 2015 and 2016, amounted to anasset of $352 and a liability of $85, respectively. The following tables summarize the hierarchy for determining and disclosing the fair value of assets and liabilities by valuation technique on a recurring basis as of the valuation date. December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Recurring measurements: Forward contracts-assetposition 352 - 352 - Interest rate swaps-liability position (52,117) - (52,117) - Total (51,765) - (51,765) - December 31, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Recurring measurements: Forward contracts-liability position (85) - (85) - Interest rate swaps-liability position (15,314) - (15,314) - Total (15,399) - (15,399) - |
Comprehensive Income
Comprehensive Income | 12 Months Ended |
Dec. 31, 2016 | |
Comprehensive Income (Loss) Disclosure [Abstract] | |
Comprehensive income | During the year ended December 31, 2014, Other comprehensive income increased with net gains of $29,020 relating to (i) the change of the fair value of derivatives that qualify for hedge accounting (loss of $14,045), net of the settlements to net income of derivatives that qualify for hedge accounting (gain of $36,847), (ii) the Net settlements on interest rate swaps qualifying for cash flow hedge associated with vessels under construction ($489), (iii) the amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to depreciation ($103) and (iv) the amounts reclassified from net settlements on interest rate swaps qualifying for hedge accounting to Prepaid lease rentals ($6,604). During the year ended December 31, 2015, Other comprehensive income increased with net gains of $11,485 relating to (i) the change of the fair value of derivatives that qualify for hedge accounting (loss of $20,418), net of the settlements to net income of derivatives that qualify for hedge accounting (gain of $31,800) and (ii) the amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to depreciation ($103). During the year ended December 31, 2016, Other comprehensive income increased with net gains of $30,225 relating to (i) the change of the fair value of derivatives that qualify for hedge accounting (gain of $8,828), net of the settlements to net income of derivatives that qualify for hedge accounting (gain of $20,237), (ii) the amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to depreciation ($84) and (iv) the amounts reclassified from net settlements on interest rate swaps qualifying for hedge accounting to Prepaid lease rentals ($1,076). As at December 31, 2014, 2015 and 2016, Comprehensive income amounted to $144,107, $155,249 and $111,927, respectively. The estimated net amount that is expected to be reclassified within the next 12 months from Accumulated Other Comprehensive Loss to earnings in respect of the net settlements on interest rate swaps amounts to $12,064. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | (a) Declaration and Payment of Dividends (common stock): (b) Declaration and Payment of Dividends (preferred stock Series B, Series C and Series D): (c) Vessel sale: MSC Romanos Marina (d) Issuance of Common Stock: |
Significant Accounting Polici28
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Principles of consolidation | (a) Principles of Consolidation: Costamare as the holding company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. Under Accounting Standards Codification (ASC) 810 Consolidation (formerly Accounting Research Bulletin (ARB) No. 51), a voting interest entity is an entity in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make financial and operating decisions. Costamare consolidates voting interest entities in which it owns all, or at least a majority (generally, greater than 50%), of the voting interest. Variable interest entities (VIE) are entities as defined under ASC 810-10, that in general either do not have equity investors with voting rights or that have equity investors that do not provide sufficient financial resources for the entity to support its activities. A controlling financial interest in a VIE is present when a company absorbs a majority of an entitys expected losses, receives a majority of an entitys expected residual returns, or both. The company with a controlling financial interest, known as the primary beneficiary, is required to consolidate the VIE. The Company evaluates all arrangements that may include a variable interest in an entity to determine if it may be the primary beneficiary, and would be required to include assets, liabilities and operations of a VIE in its consolidated financial statements. As of December 31, 2015 and 2016 no such interest existed. |
Use of estimates | b) Use of Estimates: |
Comprehensive income (loss) | (c) Comprehensive Income / (Loss): |
Foreign currency translation | (d) Foreign Currency Translation: |
Cash and cash equivalents | (e) Cash and Cash Equivalents: |
Restricted cash | (f) Restricted Cash: |
Accounts receivable, net | (g) Accounts Receivable, net: |
Inventories | (h) Inventories: |
Insurance claim receivables | (i) Insurance Claims Receivable: |
Vessels, net | (j) Vessels, Net: The cost of each of the Companys vessels is depreciated from the date of acquisition on a straight-line basis over the vessels remaining estimated economic useful life, after considering the estimated residual value which is equal to the product of vessels lightweight tonnage and estimated scrap rate, which up until December 31, 2014, was estimated to be approximately $0.250 per lightweight ton. In order to align the scrap rate estimates with the current historical average scrap rate, effective from January 1, 2015, the Company adjusted the estimated scrap rate used to calculate the vessels' salvage value from $0.250 to $0.300 per lightweight ton. The impact of the increase in the estimated scrap rate is a decrease in depreciation expense prospectively. The effect of this change in accounting estimate, which did not require retrospective adoption as per ASC 250 "Accounting Changes and Error Corrections", was to decrease depreciation expense by $5,388 and increase net income by $5,388 or $0.07 per common share, basic and diluted , for the year ended December 31, 2015. Management estimates the useful life of the Companys vessels to be 30 years from the date of initial delivery from the shipyard. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted. |
Accrued charter revenue/ unearned revenue | (k) Accrued Charter Revenue/Unearned Revenue: |
Impairment of long lived assets | (l) Impairment of Long-lived Assets: As of December 31, 2015 and 2016, the Company concluded that, as conditions in the worldwide shipping industry remain depressed, indicators existed which triggered the existence of potential impairment of its long-lived assets. As a result, the Company performed an impairment assessment of the Companys long-lived assets by comparing the undiscounted projected net operating cash flows for each vessel to its respective carrying value. The Companys strategy is mainly to charter its vessels under long-term, fixed or variable rate time charters, providing the Company with contracted future cash flows. In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels future performance, with the significant assumptions being related to time charter rates, vessels operating expenses, vessels capital expenditures, vessels residual value, fleet utilization and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations. The Company determines undiscounted projected net operating cash flows for each vessel and compares it to the vessels carrying value. To the extent impairment indicators are present, the undiscounted projected net operating cash flows are determined as the sum of (i) the charter revenues from existing time charters for the fixed fleet days and (ii) an estimated daily time charter rate for the unfixed days (based on the most recent ten year historical average rates, or,for vessels witha remaining useful life of fiveyears or less, an estimated charter rate that such vessels can earn inthe current market) over the remaining estimated life of the vessel, over (i) expected outflows for vessels operating expenses assuming an expected increase in expenses of 2.76%, based on the Companys historical data, (ii) planned dry-docking and special survey expenditures, (iii) management fees expenditures and fleet utilization of 99.2% (excluding the scheduled off-hire days for planned dry-dockings and special surveys which are determined separately ranging from 16 to 30 days depending on the size and age of each vessel), which is based on historical experience. The Company considers the most recent ten year historical average ratesto be a reasonable estimation of expected future charter rates over the remaining useful life of the Company's vessels since such historical average represents a full shipping cycle that captures the highs and lows of the market. The Company utilizes the standard deviation in order to eliminate the outliers in the period before computing the historic ten year average rates. The salvage value used in the impairment test is estimated at approximately $0.300 per light weight ton in accordance with the vessels depreciation policy. The Companys assessment concluded that no impairment loss should be recorded as of December 31, 2014, 2015 and 2016, for the assets held and used,as the undiscounted projected net operating cash flows per vessel exceeded the carrying value of each vessel. |
Long-lived Assets Classified as Held for Sale | (m) Long-lived Assets Classified as Held for Sale: |
Accounting for special survey and drydocking costs | (n) Accounting for Special Survey and Dry-docking Costs: |
Financing costs | (o) Financing Costs: |
Concentration of credit risk | (p) Concentration of Credit Risk: |
Voyage revenues | (q) Voyage Revenues: Revenues from time charter agreements providing for varying annual rates are accounted for as operating leases and thus recognized on a straight-line basis as the average revenue over the rental periods of such agreements, as service is performed. A voyage is deemed to commence upon the completion of discharge of the vessels previous cargo and the sea passage for the next fixed cargo and is deemed to end upon the completion of discharge of the current cargo, provided an agreed non-cancelable charter agreement between the Company and the charterer is in existence, the charter rate is fixed or determinable and collectability is reasonably assured. Unearned revenue includes cash received prior to the balance sheet date for which all criteria to recognize as revenue have not been met, including any unearned revenue resulting from charter agreements providing for varying annual rates, which are accounted for on a straight-line basis. Unearned revenue also includes the unamortized balance of the liability associated with the acquisition of second-hand vessels with time charters attached which were acquired at values below fair market value at the date the acquisition agreement is consummated. Revenues for 2014, 2015 and 2016, derived from significant charterers individually accounting for 10% or more of revenues (in percentages of total revenues) were as follows: 2014 2015 2016 A 29% 31% 30% B 26% 26% 28% C 14% 13% 14% D 18% 18% 19% Total 87% 88% 91% |
Voyage expenses | (r) Voyage Expenses: |
Repairs and maintenance | (s) Repairs and Maintenance: |
Derivative financial instruments | (t) Derivative Financial Instruments: The Company formally documents all relationships between hedging instruments and hedged items, as well as the risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as cash flow hedges to specific forecasted transactions or variability of cash flow. The Company also formally assesses, both at the hedges inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flow of hedged items. The Company considers a hedge to be highly effective if the change in fair value of the derivative hedging instrument is within 80% to 125% of the opposite change in the fair value of the hedged item attributable to the hedged risk. When it is determined that a derivative is not highly effective as a hedge or that it has ceased to be a highly effective hedge, the Company discontinues hedge accounting prospectively, in accordance with ASC 815 Derivatives and Hedging. On January 1, 2016 the Company changed the presentation of interest accrued and realized on non-hedging derivative instruments and reclassified such from the Interest and Finance costs line item to Gain / (Loss) on derivative instruments, net on the consolidated statements of income. Comparative figures have been recast to reflect this change in presentation. The Company also enters into forward exchange rate contracts to manage its exposure to currency exchange risk on certain foreign currency liabilities. The Company has not designated these forward exchange rate contracts for hedge accounting. |
Earnings per share | (u) Earnings per Share: |
Fair value measurements | (v) Fair Value Measurements: ASC 825 Financial Instruments permits companies to report certain financial assets and financial liabilities at fair value. ASC 825 was effective for the Company as of January 1, 2008, at which time the Company could elect to apply the standard prospectively and measure certain financial instruments at fair value. The Company has evaluated the guidance contained in ASC 825, and has elected not to report any existing financial assets or liabilities at fair value that are not already so reported; therefore, the adoption of the statement had no impact on its financial position and results of operations. The Company retains the ability to elect the fair value option for certain future assets and liabilities acquired under this standard. |
Segment reporting | (w) Segment Reporting: |
Equity Method Investments | (x) Equity Method Investments: |
Capital leases | (y) Capital Leases: Capital leases are capitalized at the commencement of the lease at the lower between the fair value of the leased asset and the present value of the minimum lease payments. Lease payments are apportioned between finance charges and reduction of the lease liability. Finance charges are recognized in finance costs in the consolidated statement of income. The lease payments are allocated between liability and finance costs to achieve a constant rate on the capital balance outstanding. If the lease agreement transfers the ownership of the leased asset to the lessee, then the asset is depreciated over its useful economic life (estimated at 30 years), otherwise it is depreciated over the lease term. For sale and lease back transactions, when the fair value of the asset sold is more than its carrying amount, any indicated loss on the sale is in substance a prepayment of rent and thus, in accordance with ASC 840-40-35-4, the Company defers this prepaid rental and amortizes it over the lease term. In case the fair value of the asset sold is less than its carrying amount, any indicated loss on the sale is recognized in the consolidated statement of income as incurred. Operating lease payments are recognized as an operating expense in the consolidated statement of income on a straight-line basis over the lease term. |
Investments in Equity and Debt Securities | (z) Investments in Equity and Debt Securities: a. Trading securities: If the Company acquires a security with the intent of selling it in the near term, the security is classified as trading, b. Available-for-sale securities: Investments in debt securities and equity securities that have readily determinable fair values not classified as trading securities or as held-to-maturity securities are classified as available-for-sale securities and c. Held-to-maturity securities: Investments in debt securities are classified as held-to-maturity only if the Company has the positive intent and ability to hold these securities to maturity. In order to determine the applicable category, the Company considers the following: (i) if the Company intends to sell the security, (ii) whether it is more likely than not that the Company will be required to sell the security before the recovery of its (entire) cost, and (iii) whether the security has a readily determinable fair value or not. Debt and equity securities which are decided on inception to be accounted for as trading securities or available-for-sale securities are initially recognized at cost and subsequently are measured at fair value. Declines in the fair value of trading securities are recognized in earnings, while declines in the fair value of available-for-sale securities are recorded in Other Comprehensive Income and affect earnings when the securities are disposed. Held-to-maturity debt securities are initially recognized at cost and subsequently are measured at amortized cost, less impairment. The amortized cost is adjusted for amortization of premiums and accretion of discounts to maturity. Management evaluates debt securities held-to-maturity for other than temporary impairment at each reporting date. In evaluating whether a decline in value is other than temporary, the Company considers several factors including, but not limited, to the following: (i) the extent of the duration of the decline; (ii) the reasons for the decline in value, and (iii) the financial condition of and near-term prospects of the issuer. An investment in debt or equity securities is considered impaired if the fair value of the investment is less than its carrying value, in which case, the Company recognizes in earnings an impairment loss equal to the difference between their carrying value and their fair value. Equity securities with no readily determinable fair value, which relate to an entity in which the Company does not have the ability to exercise significant influence, are accounted for pursuant to the provisions of ASC 325-20 Investments - OtherCost Method Investments. The Company initially recognizes such equity securities at cost. Subsequently, any dividends distributed by the investee to the Company are recognized as income when received, but only to the extent they represent net accumulated earnings of the investee since the Companys initial recognition of the investment. Net accumulated earnings are recognized as income by the Company only if they are distributed to the investor as dividends. Any dividends received in excess of net accumulated earnings are recognized as a reduction in the carrying amount of the investment. Management evaluates the equity securities for other-than-temporary-impairment at each reporting date. An investment in cost method equity securities is considered impaired if the fair value of the investment is less than its carrying value, in which case the Company recognizes in earnings an impairment loss equal to the difference between their carrying value and their fair value. Consideration is given to significant deterioration in the earnings performance, or business prospects of the investee, significant adverse change in the regulatory, economic, or technological environment of the investee, significant adverse change in the general market condition in which the investee operates, as well as factors that raise significant concerns about the investees ability to continue as a going concern. |
Stock Based Compensation | (aa) Stock Based Compensation: |
New accounting pronouncements | RecentAccounting Pronouncements Not Yet Adopted In July 2015, the FASB issued ASU No. 2015-11 - Inventory In January 2016, the FASB issued ASU No. 2016-01 - Financial Instruments Overall (Subtopic 825-10) In February 2016, the FASB issued ASU No. 2016-02 - Leases (ASC 842) In March 2016, the FASB issued ASU No. 2016-07 Investments - Equity Method and Joint Ventures (Topic 323) In May and April 2016, the FASB issued two Updates with respect to Topic 606: ASU No. 2016-10 - Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. The effective date and transition requirements for the amendments in these Updates are the same as the effective date and transition requirements in Topic 606 (and any other Topic amended by Update 2014-09). Accounting Standards Update 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, has deferred the effective date of Update 2014-09 for public business entities to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted. The new revenue standard may be applied using either of the following transition methods: (1) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (2) a modified retrospective approach with the cumulative effect of initially adopting the standard recognized at the date of adoption (which includes additional footnote disclosures). We will adopt the standard in the first quarter of 2018 and preliminarily expect to use the modified retrospective method. However, the Company is in the process of reviewing its historical contracts to quantify the impact that the adoption of the standard will have on specific performance obligations. In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments Credit Losses(Topic 326) Measurement of Credit Losses on Financial Instruments In August 2016, the FASB issued ASU No. 2016-15- Statement of Cash Flows (Topic 230) In November 2016, the FASB issued ASU No. 2016-18 Statement of Cash Flows (Topic 230) Restricted Cash |
Significant Accounting Polici29
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Revenue by Major Customers by Reporting Segments | 2014 2015 2016 A 29% 31% 30% B 26% 26% 28% C 14% 13% 14% D 18% 18% 19% Total 87% 88% 91% |
Vessels, Net (Tables)
Vessels, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Vessels, Net | Vessel Cost Accumulated Depreciation Net Book Value Balance, January 1, 2014 2,960,999 (773,611) 2,187,388 Depreciation - (99,515) (99,515) Vessel acquisitions and other vessels costs 28,984 - 28,984 Disposals (36,543) 18,506 (18,037) Balance, December 31, 2014 2,953,440 (854,620) 2,098,820 Depreciation - (93,961) (93,961) Other vessels costs 2,758 - 2,758 Disposals (6,156) 3,189 (2,967) Balance, December 31, 2015 2,950,042 (945,392) 2,004,650 Depreciation - (90,917) (90,917) Other vessels costs 2,792 - 2,792 Disposals (12,228) 4,249 (7,979) Transfer to vessel held for sale (55,043) 11,944 (43,099) Sale and leaseback (Note 11) (196,676) 19,514 (177,162) Balance, December 31, 2016 2,688,887 (1,000,602) 1,688,285 |
Deferred Charges (Tables)
Deferred Charges (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Charges Disclosure [Abstract]: | |
Schedule of deferred charges | Dry-docking and Special Survey Costs Balance, January 1, 2014 19,910 Additions 10,150 Amortization (7,814) Write-off (1,473) Balance, December 31, 2014 20,773 Additions 9,461 Amortization (7,425) Balance, December 31, 2015 22,809 Additions 5,868 Amortization (7,920) Write-off (72) Transfer to vessel held for sale (318) Balance, December 31, 2016 20,367 |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments in affiliate [Abstract]: | |
Equity Method Investments - Investee | Participation % Date Established Entity Vessel/Hull December 31, 2016 /Acquired Steadman Maritime Co. Ensenada Express 49% July 1, 2013 Marchant Maritime Co. Padma 49% July 8, 2013 Horton Maritime Co. Petalidi 49% June 26, 2013 Smales Maritime Co. Elafonisos 49% June 6, 2013 Geyer Maritime Co. Arkadia 49% May 18, 2015 Goodway Maritime Co. Monemvasia 49% September 22, 2015 Kemp Maritime Co. Cape Akritas 49% June 6, 2013 Hyde Maritime Co. Hull NCP0114 49% June 6, 2013 Skerrett Maritime Co. Hull NCP0152 49% December 23, 2013 Ainsley Maritime Co. Hull NCP0115 25% June 25, 2013 Ambrose Maritime Co. Hull NCP0116 25% June 25, 2013 Benedict Maritime Co. Triton 40% October 16, 2013 Bertrand Maritime Co. Titan 40% October 16, 2013 Beardmore Maritime Co. Talos 40% December 23, 2013 Schofield Maritime Co. Taurus 40% December 23, 2013 Fairbank Maritime Co. Theseus 40% December 23, 2013 Platt Maritime Co. Hull YZJ1206 49% May 18, 2015 Sykes Maritime Co. Hull YZJ1207 49% May 18, 2015 Connell Maritime Co. (*) n/a n/a December 18, 2013 |
Equity Method Investments - Summarized financial information | December 31, 2015 December 31, 2016 Non-current assets 290,805 952,458 Current assets 11,969 35,993 302,774 988,451 Current liabilities 5,335 39,428 Years ended December 31, 2015 2016 Voyage revenue 14,218 45,887 Net income / (loss) (1,669) 736 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Long-term Debt, Unclassified [Abstract] | |
Schedule of Debt | Borrower(s) December 31, 2015 December 31, 2016 A. Credit Facility 495,993 406,103 B. Term Loans: 1. Costis Maritime Corporation and Christos Maritime Corporation 82,500 - 2. Mas Shipping Co. 30,625 22,375 3. Montes Shipping Co. and Kelsen Shipping Co. 66,000 54,000 4. Capetanissa Maritime Corporation 45,000 - 5. Rena Maritime Corporation 42,500 - 6. Costamare Inc. 60,463 50,313 7. Costamare Inc. 111,417 - 8. Undine Shipping Co., Quentin Shipping Co. and Sander Shipping Co. 193,545 178,264 9. Raymond Shipping Co. and Terance Shipping Co. 126,878 115,964 10. Costamare Inc. 68,170 53,475 11. Uriza Shipping S.A. - 36,833 12. Costis Maritime Corporation, Christos Maritime Corporation and Capetanissa Maritime Corporation - 109,000 13 Rena Maritime Corporation, Finch Shipping Co. and Joyner Carriers S.A. - 32,000 827,098 652,224 Total 1,323,091 1,058,327 Less: Deferred financing costs (4,499) (3,720) Total long term debt, net 1,318,592 1,054,607 Less: Long-term debt current portion (185,259) (199,637) Add: Deferred financing costs, current portion 1,431 1,360 Total long term debt, non-current, net 1,134,764 856,330 |
Schedule of Maturities of Long-Term Debt | Year ending December 31, Amount 2017 199,637 2018 211,784 2019 160,819 2020 352,291 2021 133,796 1,058,327 |
Schedule of financing costs | Financing costs Balance, January 1, 2014 9,954 Additions 2,055 Amortization (2,084) Write-off (2,023) Balance, December 31, 2014 7,902 Amortization (1,896) Balance, December 31, 2015 6,006 Additions 3,907 Amortization (2,027) Write-off (586) Balance, December 31, 2016 7,300 Less: Current portion of financing costs (2,062) Financing costs, non-current portion 5,238 |
Capital Leased Assets and Cap34
Capital Leased Assets and Capital Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Capital Leased Assets and Capital Lease Obligations [Abstract]: | |
Prepaid lease rentals | December 31, 2015 December 31, 2016 Prepaid lease rentals 45,793 40,811 Additions - 26,390 Less: Amortization of prepaid lease rentals (4,982) (6,779) Prepaid lease rentals 40,811 60,422 Less: current portion (4,982) (8,752) Non-current portion 35,829 51,670 |
Capital lease obligations | Year ending December 31, Amount 2017 44,906 2018 44,906 2019 44,906 2020 44,991 2021 44,906 2022 and thereafter 219,777 Total 444,392 Less: Amount of interest( MSC Azov MSC Ajaccio MSC Amalfi (80,557) Total lease payments 363,835 Less: Financing costs, net (3,580) Total lease payments, net 360,255 |
Capital lease obligations current and non-current | Capital lease obligation current 29,761 Less: current portion of financing costs (702) Capital lease obligation non current 334,074 Less: non-current portion of financing costs (2,878) 360,255 |
Accrued Charter Revenue, Curr35
Accrued Charter Revenue, Current and Non-Current and Unearned Revenue, Current and Non-Current (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accrued Charter Revenue and Unearned Revenue Disclosure [Abstract] | |
Schedule of the maturities of the net accrued charter revenue | Year ending December 31, Amount 2017 (11,336) 2018 (8,900) 2019 (6,602) 2020 (801) (27,639) |
Schedule of Unearned Revenue, Current and Non-Current | December 31, 2015 December 31, 2016 Hires collected in advance 8,469 7,924 Charter revenue resulting from varying charter rates 36,395 28,232 Total 44,864 36,156 Less current portion (18,356) (19,668) Non-current portion 26,508 16,488 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Non Cancelable Long-Term Time Charter Contracts | Year ending December 31, Amount 2017 387,826 2018 198,759 2019 122,306 2020 93,841 2021 85,256 2022 and thereafter 131,755 1,019,743 |
Earnings per share (EPS) (Table
Earnings per share (EPS) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share, Basic [Abstract] | |
Schedule Of Earnings per share, Basic | December 31, 2014 2015 2016 Basic EPS Basic EPS Basic EPS Net income $ 115,087 $ 143,764 $ 81,702 Less: paid and accrued earnings allocated to Preferred Stock (11,909) (17,903) (21,063) Net income available to common stockholders 103,178 125,861 60,639 Weighted average number of common shares, basic and diluted 74,800,000 75,027,474 77,243,252 Earnings per common share, basic and diluted $ 1.38 $ 1.68 $ 0.79 |
Interest and Finance Costs (Tab
Interest and Finance Costs (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Interest and Finance Costs [Abstract]: | |
Interest And Finance Costs | Years ended December 31, 2014 2015 2016 Interest expense 46,345 45,070 49,880 Interest capitalized (1,795) - - Swap effect 36,847 31,800 20,237 Amortization and write-off of financing costs 4,107 1,896 2,613 Commitment fees 506 600 75 Bank charges and other financing costs 296 265 3 86,306 79,631 72,808 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivatives in ASC 815 Cash Flow Hedging Relationships | The Effect of Derivative Instruments for the years ended December 31, 2014, 2015 and 2016 Derivatives in ASC 815 Cash Flow Hedging Relationships Amount of Gain / (Loss) Recognized in Accumulated OCI on Derivative (Effective Portion) Location of Gain / (Loss)Recognized in Income on Derivative (Ineffective Portion) Amount of Gain / (Loss) Recognized in Income on Derivative (Ineffective Portion) 2014 2015 2016 2014 2015 2016 Interest rate swaps (14,045) (20,418) 8,828 Gain / (Loss) on derivative instruments, net 645 (60) - Reclassification to Interest and finance costs 36,847 31,800 20,237 - - - Total 22,802 11,382 29,065 645 (60) - |
Schedule of Derivatives Not Designated as Hedging Instruments under ASC 815 | Derivatives Not Designated as Hedging Instruments and ineffectiveness of Hedging Instruments under ASC 815 Location of Gain / (Loss) Recognized in Income on Derivative Amount of Gain / (Loss) Recognized in Income on Derivative 2014 2015 2016 Non hedging interest rate swaps Gain / (Loss) on derivative instruments, net (3,423) 2,910 (3,554) Ineffective portion of hedging interest rate swaps Gain / (Loss) on derivative instruments, net 645 (60) - Forward contracts Gain / (Loss) on derivative instruments, net (1,009) 1,361 (437) Total (3,787) 4,211 (3,991) |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Liabilities Measured on Recurring Basis | December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Recurring measurements: Forward contracts-assetposition 352 - 352 - Interest rate swaps-liability position (52,117) - (52,117) - Total (51,765) - (51,765) - |
Fair value liabilities of the current reporting period measured on recurring basis | December 31, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Recurring measurements: Forward contracts-liability position (85) - (85) - Interest rate swaps-liability position (15,314) - (15,314) - Total (15,399) - (15,399) - |
Basis of Presentation and Gen41
Basis of Presentation and General Information-Additional Information (Details Narrative) | Dec. 05, 2016$ / sharesshares | Jan. 21, 2014$ / sharesshares | Mar. 27, 2012$ / sharesshares | May 13, 2015$ / sharesshares | Aug. 07, 2013$ / sharesshares | Oct. 19, 2012$ / sharesshares | Dec. 31, 2016Teutonicshares | Dec. 31, 2015Teutonicshares |
Costamare Inc [Member] | ||||||||
Entity Incorporation State Country Name | Republic of Marshall Islands | |||||||
Entity Incorporation Date Of Incorporation | Apr. 21, 2008 | |||||||
Number of shipowning companies acquired during the entity's reorganization | 53 | |||||||
Date of reorganization completion | November 2,008 | |||||||
Date of IPO completion | 4-Nov-10 | |||||||
Stock Issued During Period Shares New Issues | shares | 598,400 | 598,400 | ||||||
Balance of shares as at period end | shares | 90,424,881 | 75,398,400 | ||||||
Percentage of outstanding common shares owned by the Family | 59.30% | |||||||
Fleet information [Member] | ||||||||
Number of vessels at period end | 53 | 54 | ||||||
Carrying capacity of vessels at period end (TEU) | Teutonic | 314,423 | 317,774 | ||||||
Number Subsidiaries [Member] | ||||||||
Total wholly owned subsidiaries as at period end | 92 | |||||||
Follow on offering [Member] | ||||||||
Stock Issued During Period Shares New Issues | shares | 7,500,000 | |||||||
Common Stock Par Or Stated Value Per Share | $ 0.0001 | |||||||
Sale of Stock, Price Per Share | $ 14.1 | |||||||
Second follow-on offering [Member] | ||||||||
Stock Issued During Period Shares New Issues | shares | 7,000,000 | |||||||
Common Stock Par Or Stated Value Per Share | $ 0.0001 | |||||||
Sale of Stock, Price Per Share | $ 14 | |||||||
Public offering of Series B Cumulative Redeemable Perpetual Preferred Stock [Member] | ||||||||
Preferred stock dividend rate | 7.625% | |||||||
Stock Issued During Period Shares New Issues | shares | 2,000,000 | |||||||
Common Stock Par Or Stated Value Per Share | $ 0.0001 | |||||||
Sale of Stock, Price Per Share | $ 25 | |||||||
Public Offering of Series C Cumulative Redeemable Perpetual Preferred Stock [Member] | ||||||||
Preferred stock dividend rate | 8.50% | |||||||
Stock Issued During Period Shares New Issues | shares | 4,000,000 | |||||||
Common Stock Par Or Stated Value Per Share | $ 0.0001 | |||||||
Sale of Stock, Price Per Share | $ 25 | |||||||
Public Offering of Series D Cumulative Redeemable Perpetual Preferred Stock [Member] | ||||||||
Preferred stock dividend rate | 8.75% | |||||||
Stock Issued During Period Shares New Issues | shares | 4,000,000 | |||||||
Common Stock Par Or Stated Value Per Share | $ .0001 | |||||||
Sale of Stock, Price Per Share | $ 25 | |||||||
Dec 5, 2016 Third follow-on offering Stock [Member] | ||||||||
Stock Issued During Period Shares New Issues | shares | 12,000,000 | |||||||
Common Stock Par Or Stated Value Per Share | $ .0001 | |||||||
Sale of Stock, Price Per Share | $ 6 | |||||||
Jul. 6, 2016 Dividend Reinvestment Plan [Member] | ||||||||
Stock Issued During Period Shares New Issues | shares | 2,428,081 |
Significant Accounting Polici42
Significant Accounting Policies (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Concentration Risk [Line Items] | |||
Concentration risk percentage | 91.00% | 88.00% | 87.00% |
Major customer A [member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 30.00% | 31.00% | 29.00% |
Major customer B [member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 28.00% | 26.00% | 26.00% |
Major customer C [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 14.00% | 13.00% | 14.00% |
Major customer D [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 19.00% | 18.00% | 18.00% |
Significant Accounting Polici43
Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | |||
Allowance for doubtful accounts | $ 0 | $ 0 | |
Significant Accounting Policies_Vessels, Net | |||
Change in Accounting Estimate, Financial Effect | In order to align the scrap rate estimates with the current historical average scrap rate, effective from January 1, 2015, the Company adjusted the estimated scrap rate used to calculate the vessels' salvage value from $0.250 to $0.300 per lightweight ton. The impact of the increase in the estimated scrap rate is a decrease in depreciation expense prospectively. The effect of this change in accounting estimate, which did not require retrospective adoption as per ASC 250 "Accounting Changes and Error Corrections", was to decrease depreciation expense by $5,388 and increase net income by $5,388 or $0.07 per common share, basic and diluted , for the year ended December 31, 2015 | - | |
Estimated scrap rate | $0.300 per light weight ton | $0.300 per light weight ton | approximately $0.250 per light weight ton |
Significant Accounting Policies_Impairment of Long-Lived Assets [Abstract] | |||
Estimated useful life | 30 years | ||
Operating expenses increase rate | 2.76% | ||
Drydock and Special survey off-hire days range | 16 to 30 days | ||
Fleet Utilization | 99.20% | ||
Impairment of Long-Lived Assets Held-for-use | $ 0 | $ 0 | $ 0 |
Transactions with Related Par44
Transactions with Related Parties (Details Narrative) | 12 Months Ended | ||
Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($) | |
Related Party Transaction [Line Items] | |||
Issuance of common stock, value | $ 93,848,000 | $ 8,623,000 | |
Management fees charged during the period | 18,629,000 | 18,877,000 | $ 18,469,000 |
Commission charged on charter hire agreements during period | 3,512,000 | 3,673,000 | 3,629,000 |
Due From Related Parties, Current | 3,447,000 | 6,012,000 | |
Due to Related Parties, Current | $ 191,000 | $ 371,000 | |
Costamare Shipping Company SA and Costamare Shipping Services Ltd. [member] | |||
Related Party Transaction [Line Items] | |||
Issuance of common stock, shares | shares | 598,400 | 598,400 | |
Portion of annual fee for Company's officers charged during the period | $ 2,500,000 | $ 2,500,000 | 1,000,000 |
Annual fee to Costamare Shipping and Costamare Services | $2,500 (in thousands of USD) and 598,400 shares | ||
Months required for cancellation written notice for management agreement | 12 | ||
Management fees calculated on the sale of a vessel | 3 months | ||
Construction supervisory fee | $ 787,400 | ||
Commission charged on charter hire agreements | 0.75% | ||
Management agreement date with V-Ships Greece Ltd. | Jan. 7, 2013 | ||
Termination fee, description | The termination fee is equal to (a) the number of full years remaining prior to December 31, 2025, times (b) the aggregate fees due and payable to Costamare Shipping or Costamare Services, as applicable, during the 12-month period ending on the date of termination (without taking into account any reduction in fees under the Framework Agreement to reflect that certain obligations have been delegated to a sub-manager or a sub-provider, as applicable); provided that the termination fee will always be at least two times the aggregate fees over the 12-month period described above. | ||
Date the Cell commenced | April 2,013 | ||
Net profit earned pursuant to the Co-operation agreement | $ 561,000 | 718,000 | 392,000 |
Working capital security | 1,575,000 | 1,425,000 | |
Working capital security, per vessel | $ 75,000 | 75,000 | |
Number of vessels under the Cell | 21 | ||
Total charges by the manager to Company's affiliates | $ 2,996,000 | 1,856,000 | 1,572,000 |
Management fees charged during the period | 19,190,000 | 19,411,000 | 18,642,000 |
Commission charged on charter hire agreements during period | 3,512,000 | 3,673,000 | 3,629,000 |
Due From Related Parties, Current | 2,841,000 | 3,728,000 | |
Due to Related Parties, Current | $ 191,000 | $ 371,000 | |
Date of amendement and restatement of group management agreement | Mar. 3, 2015 | ||
Date of new management agreements | Nov. 2, 2015 | ||
Management Fee Per Day Per Vessel | 956 | ||
Management Fee Per Day Per Vessel Under Bareboat Charter | 478 | ||
Fair Value Of Shares Issued To Manager | $ 4,951,000 | $ 8,623,000 | |
Ciel shipmanagement SA [Member] | |||
Related Party Transaction [Line Items] | |||
Management fees charged during the period | 0 | 184,000 | $ 219,000 |
Due From Related Parties, Current | 606,000 | 606,000 | |
Shanghai Costamare Ship Management Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Due From Related Parties, Current | 0 | 0 | |
Due to Related Parties, Current | $ 0 | $ 0 | |
Number of vessels managed | 15 | 13 |
Transactions with Related Par45
Transactions with Related Parties-Shanghai Costamare (Details Narrative) | Dec. 31, 2016 |
SCSC GM [Member] | |
Related Party Transaction [Line Items] | |
Percentage of ownership | 30.00% |
SCSC Chairman and CEO [Member] | |
Related Party Transaction [Line Items] | |
Percentage of ownership | 70.00% |
Other noncurrent assets-Additio
Other noncurrent assets-Additional Information (Details Narrative) - USD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | ||
Jul. 16, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other noncurrent assets [Line Items] | ||||
Other non-current assets | $ 4,000 | $ 0 | $ 0 | |
Series one notes received by Zim [Member] | ||||
Other noncurrent assets [Line Items] | ||||
Debt securities capital redemption | 46 | |||
Held-to-maturity Securities | $ 1,452 | 1,406 | ||
Debt Securities, Fair Value | $ 676 | |||
Held-to-maturity Securities, Restrictions, Additional Information | The 3% Series 1 notes due 2023 amortizing subject to available cash flow in accordance with a corporate mechanism. | |||
Series two notes received by Zim [Member] | ||||
Other noncurrent assets [Line Items] | ||||
Held-to-maturity Securities | $ 6,777 | |||
Debt Securities, Fair Value | $ 3,567 | |||
Held-to-maturity Securities, Restrictions, Additional Information | The 5% Series 2 notes due 2023 non-amortizing (of the 5% interest, 3% is payable quarterlyin cash and 2% is accrued quarterly with deferred cash payment on maturity). | |||
Zims equity and debt securities [Member] | ||||
Other noncurrent assets [Line Items] | ||||
Write-off deriving from fair value measurement | $ 2,888 | |||
Fair value unwinding | 659 | $ 798 | ||
Equity Securities [Member] | ||||
Other noncurrent assets [Line Items] | ||||
Other non-current assets | $ 4,000 | |||
Held-to-maturity Securities | $ 8,229 | |||
Equity Securities, Fair Value | $ 7,802 |
Inventories (Details Narrative)
Inventories (Details Narrative) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Inventories Details Narrative | ||
Inventories | $ 11,415 | $ 10,578 |
Vessels, Net (Details)
Vessels, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Balance at the beginning of the period | $ 2,004,650 | ||
Depreciation | 100,943 | $ 101,645 | $ 105,787 |
Balance at the end of the period | 1,688,285 | 2,004,650 | |
Vessel Cost [Member] | |||
Balance at the beginning of the period | 2,950,042 | 2,953,440 | 2,960,999 |
Depreciation | 0 | 0 | 0 |
Vessel acquisitions and other vessels costs | 2,792 | 2,758 | 28,984 |
Disposals | (12,228) | (6,156) | (36,543) |
Transfer to vessels held for sale | (55,043) | ||
Sale and leaseback (Note 11) | (196,676) | ||
Balance at the end of the period | 2,688,887 | 2,950,042 | 2,953,440 |
Accumulated Depreciation Vessel [Member] | |||
Balance at the beginning of the period | (945,392) | (854,620) | (773,611) |
Depreciation | (90,917) | (93,961) | (99,515) |
Vessel acquisitions and other vessels costs | 0 | 0 | 0 |
Disposals | 4,249 | 3,189 | 18,506 |
Transfer to vessels held for sale | 11,944 | ||
Sale and leaseback (Note 11) | 19,514 | ||
Balance at the end of the period | (1,000,602) | (945,392) | (854,620) |
Net Book Value Vessel [Member] | |||
Balance at the beginning of the period | 2,004,650 | 2,098,820 | 2,187,388 |
Depreciation | (90,917) | (93,961) | (99,515) |
Vessel acquisitions and other vessels costs | 2,792 | 2,758 | 28,984 |
Disposals | (7,979) | (2,967) | (18,037) |
Transfer to vessels held for sale | (43,099) | ||
Sale and leaseback (Note 11) | (177,162) | ||
Balance at the end of the period | $ 1,688,285 | $ 2,004,650 | $ 2,098,820 |
Vessels, Net (Details Narrative
Vessels, Net (Details Narrative) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Gain / Loss on sale of vessel | $ 4,440 | $ (1,688) | $ (2,543) |
Vessel held for sale | 6,256 | 0 | |
Loss on vessel held for sale | (37,161) | 0 | 0 |
MSC Challenger disposal [Member] | |||
Vessels' disposal price | 5,022 | ||
Gain / Loss on sale of vessel | $ 1,688 | ||
Neapolis, Areopolis and Lakonia acquisition [Member] | |||
Vessels' cost | 27,740 | ||
Konstantina, MSC Kyoto and Akritas disposal [Member] | |||
Vessels' disposal price | 24,329 | ||
Gain / Loss on sale of vessel | $ 2,543 | ||
Vessels, Net, Additional Information [Member] | |||
Carrying value of vessels provided as collaterals to secure loans | $ 1,731,384 | ||
Number of vessels provided as collaterals to secure loans | 48 | ||
Karmen Demolition [Member] | |||
Vessels' disposal price | $ 3,953 | ||
Gain / Loss on sale of vessel | (4,440) | ||
Dec. 28, 2016 MSC Romanos disposal [Member] | |||
Vessel held for sale | 6,256 | ||
Loss on vessel held for sale | $ 37,161 |
Deferred Charges (Details)
Deferred Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Balance at beginning of the year | $ 20,367 | $ 22,809 | |
Drydocking Special Survey Costs [Member] | |||
Balance at beginning of the year | 22,809 | 20,773 | $ 19,910 |
Additions | 5,868 | 9,461 | 10,150 |
Amortization | (7,920) | (7,425) | (7,814) |
Transfer to assets held for sale | (318) | ||
Write-off | (72) | (1,473) | |
Balance at the end of the year | $ 20,367 | $ 22,809 | $ 20,773 |
Deferred Charges (Details Narra
Deferred Charges (Details Narrative) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Deferred Charges Disclosure [Abstract]: | |||
Number of vessels underwent DD during the period | 6 | 10 | 11 |
Number of vessels completed DD during the period | 6 | 10 | 11 |
Costamare Ventures Inc. (Detail
Costamare Ventures Inc. (Details Narrative) | 12 Months Ended |
Dec. 31, 2016 | |
Costamare Ventures Disclosure [Abstarct]: | |
Date of entry into Agreement | May 15, 2013 |
Subsidiary involved into agreement | Costamare Ventures Inc. |
Counterparty involved into the agreement | Sparrow Holdings LP (York) |
Range of participation of Costamare Ventures | 25% to 49% |
Term of the agreement in years | 6 |
Maximum investment amount by York (in millions of USD) | up to $250 million |
Minimum investment amount by Costamare Ventures (in millions of USD) | $75 million |
Option for maximum investment amount by Costamare Ventures (in millions of USD) | up to $240 million |
Costamare Ventures Disclosure_Framework Deed amendment and restatement [Abstract] | |
Date of amendment and restatement | May 18, 2015 |
Range of participation after restatement | 25% and 75% |
Termination date of Restated Framework Deed | May 18, 2024 |
Number of jointly owned companies | 18 |
Equity method investments (Deta
Equity method investments (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Steadman Maritime Co. [Member] | |
Affiliate jointly - owned companies [Line Items] | |
Vessel name or hull name | Ensenada Express |
Participation percentage of Costamare Ventures | 49.00% |
Year of establishment or acquisition | Jul. 1, 2013 |
Marchant Maritime Co. [Member] | |
Affiliate jointly - owned companies [Line Items] | |
Vessel name or hull name | Padma |
Participation percentage of Costamare Ventures | 49.00% |
Year of establishment or acquisition | Jul. 8, 2013 |
Horton Maritime Co. [Member] | |
Affiliate jointly - owned companies [Line Items] | |
Vessel name or hull name | Petalidi |
Participation percentage of Costamare Ventures | 49.00% |
Year of establishment or acquisition | Jun. 26, 2013 |
Smales Maritime Co. [Member] | |
Affiliate jointly - owned companies [Line Items] | |
Vessel name or hull name | Elafonisos |
Participation percentage of Costamare Ventures | 49.00% |
Year of establishment or acquisition | Jun. 6, 2013 |
Geyer Maritime Co. [Member] | |
Affiliate jointly - owned companies [Line Items] | |
Vessel name or hull name | Arkadia |
Participation percentage of Costamare Ventures | 49.00% |
Year of establishment or acquisition | May 18, 2015 |
Goodway Maritime Co. [Member] | |
Affiliate jointly - owned companies [Line Items] | |
Vessel name or hull name | Monemvasia |
Participation percentage of Costamare Ventures | 49.00% |
Year of establishment or acquisition | Sep. 22, 2015 |
Kemp Maritime Co. [Member] | |
Affiliate jointly - owned companies [Line Items] | |
Vessel name or hull name | Cape Akritas |
Participation percentage of Costamare Ventures | 49.00% |
Year of establishment or acquisition | Jun. 6, 2013 |
Hyde Maritime Co. [Member] | |
Affiliate jointly - owned companies [Line Items] | |
Vessel name or hull name | Hull NCP0114 |
Participation percentage of Costamare Ventures | 49.00% |
Year of establishment or acquisition | Jun. 6, 2013 |
Skerrett Maritime Co. [Member] | |
Affiliate jointly - owned companies [Line Items] | |
Vessel name or hull name | Hull NCP0152 |
Participation percentage of Costamare Ventures | 49.00% |
Year of establishment or acquisition | Dec. 23, 2013 |
Ainsley Maritime Co. [Member] | |
Affiliate jointly - owned companies [Line Items] | |
Vessel name or hull name | Hull NCP0115 |
Participation percentage of Costamare Ventures | 25.00% |
Year of establishment or acquisition | Jun. 25, 2013 |
Ambrose Maritime Co. [Member] | |
Affiliate jointly - owned companies [Line Items] | |
Vessel name or hull name | Hull NCP0116 |
Participation percentage of Costamare Ventures | 25.00% |
Year of establishment or acquisition | Jun. 25, 2013 |
Benedict Maritime Co. [Member] | |
Affiliate jointly - owned companies [Line Items] | |
Vessel name or hull name | Triton |
Participation percentage of Costamare Ventures | 40.00% |
Year of establishment or acquisition | Oct. 16, 2013 |
Bertrand Maritime Co. [Member] | |
Affiliate jointly - owned companies [Line Items] | |
Vessel name or hull name | Titan |
Participation percentage of Costamare Ventures | 40.00% |
Year of establishment or acquisition | Oct. 16, 2013 |
Beardmore Maritime Co. [Member] | |
Affiliate jointly - owned companies [Line Items] | |
Vessel name or hull name | Talos |
Participation percentage of Costamare Ventures | 40.00% |
Year of establishment or acquisition | Dec. 23, 2013 |
Schofield Maritime Co. [Member] | |
Affiliate jointly - owned companies [Line Items] | |
Vessel name or hull name | Taurus |
Participation percentage of Costamare Ventures | 40.00% |
Year of establishment or acquisition | Dec. 23, 2013 |
Fairbank Maritime Co. [Member] | |
Affiliate jointly - owned companies [Line Items] | |
Vessel name or hull name | Theseus |
Participation percentage of Costamare Ventures | 40.00% |
Year of establishment or acquisition | Dec. 23, 2013 |
Platt Maritime Co. [Member] | |
Affiliate jointly - owned companies [Line Items] | |
Vessel name or hull name | Hull YZJ1206 |
Participation percentage of Costamare Ventures | 49.00% |
Year of establishment or acquisition | May 18, 2015 |
Sykes Maritime Co. [Member] | |
Affiliate jointly - owned companies [Line Items] | |
Vessel name or hull name | Hull YZJ1207 |
Participation percentage of Costamare Ventures | 49.00% |
Year of establishment or acquisition | May 18, 2015 |
Connell Maritime Co. [Member] | |
Affiliate jointly - owned companies [Line Items] | |
Vessel name or hull name | - |
Year of establishment or acquisition | Dec. 18, 2013 |
Year of dissolution | Dec. 16, 2016 |
Equity method investments (De54
Equity method investments (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Affiliate jointly - owned companies - summarized financial information [Line Items] | |||
Voyage revenue | $ 468,189 | $ 490,378 | $ 483,995 |
Affiliates balance sheet date [Member] | |||
Affiliate jointly - owned companies - summarized financial information [Line Items] | |||
Non-current assets | 952,458 | 290,805 | |
Current assets | 35,993 | 11,969 | |
Total assets of affiliates | 988,451 | 302,774 | |
Current liabilities | 39,428 | 5,335 | |
Affiliates income statement period [Member] | |||
Affiliate jointly - owned companies - summarized financial information [Line Items] | |||
Voyage revenue | 45,887 | 14,218 | |
Net income/ (loss) | $ 736 | $ (1,669) |
Equity method investments (De55
Equity method investments (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Affiliate jointly - owned companies [Line Items] | ||||
Equity gain / (loss) on investments | $ 78 | $ 529 | $ 3,428 | |
Due from related parties | $ 3,447 | $ 6,012 | ||
Sale Leaseback Transaction Other Information | Between January and April 2014, the Company took delivery of the newbuild vessels MSC Azov, MSC Ajaccio and MSC Amalfi. Upon the delivery of each vessel, the Company agreed with a financial institution to refinance the then outstanding balance of the loans relating to these vessels by entering into a ten-year sale and leaseback transaction for each vessel. The shipbuilding contracts were novated to the financial institution for an amount of $85,572 each. On July 6, 2016 and July 15, 2016 the Company agreed with a financial institution to refinance the then outstanding balance of the loans relating to the MSC Athos and the MSC Athens, by entering into a seven-year sale and leaseback transaction for each vessel. | |||
Counterparty participation in share capital of shipowning companies [Member] | ||||
Affiliate jointly - owned companies [Line Items] | ||||
Percentage of participation | 51.00% | |||
Aggregate contributing amount | $ 16,044 | |||
Costamare Ventures participation in share capital of Horton Steadman and Marchant [Member] | ||||
Affiliate jointly - owned companies [Line Items] | ||||
Aggregate contributing amount | $ 613 | |||
Dividend received from affiliates | $ 613 | |||
Costamare Ventures participation in share capital of Kemp and Hyde [Member] | ||||
Affiliate jointly - owned companies [Line Items] | ||||
Percentage of participation | 49.00% | 49.00% | ||
Aggregate contributing amount | $ 3,187 | $ 921 | ||
Costamare Ventures participation in share capital of Kemp and Hyde [Member] | ||||
Affiliate jointly - owned companies [Line Items] | ||||
Maximum borrowing capacity | $ 88,000 | |||
Costamare Ventures participation in share capital of five affiliates for construction of five hulls [Member] | ||||
Affiliate jointly - owned companies [Line Items] | ||||
Percentage of participation | 40.00% | 40.00% | ||
Aggregate contributing amount | $ 25,323 | $ 1,090 | 30,305 | |
Dividend received from affiliates | $ 23,400 | |||
Sale Leaseback Transaction Other Information | In December 2014, Benedict Maritime Co., Bertrand Maritime Co., Beardmore Maritime Co., Schofield Maritime Co. and Fairbank Maritime Co. novated their ship-building contracts to a financial institution and agreed to lease back the vessels upon their delivery from the shipyard for a period of 12 years. | |||
Costamare Ventures participation in share capital of Connell [Member] | ||||
Affiliate jointly - owned companies [Line Items] | ||||
Percentage of participation | 40.00% | 40.00% | ||
Aggregate contributing amount | $ 6,669 | |||
Year of dissolution | Dec. 16, 2016 | |||
Costamare Ventures participation in share capital of Smales Maritime Co for acquisition of secondhand vessel Elafonisos [Member] | ||||
Affiliate jointly - owned companies [Line Items] | ||||
Percentage of participation | 49.00% | 49.00% | ||
Aggregate contributing amount | $ 463 | $ (251) | 4,654 | |
Costamare Ventures participation in share capital of Geyer Maritime Co for acquisition of secondhand vessel Arkadia [Member] | ||||
Affiliate jointly - owned companies [Line Items] | ||||
Percentage of participation | 49.00% | 49.00% | ||
Aggregate contributing amount | $ 3,212 | |||
Costamare Ventures Participation In Share Capita lOf Skerrett Maritime Co For Ship Building Contract [Member] | ||||
Affiliate jointly - owned companies [Line Items] | ||||
Percentage of participation | 49.00% | 49.00% | ||
Aggregate contributing amount | $ 218 | $ 21,662 | ||
Costamare Ventures participation in share capital of Goodway Maritime Co for acquisition of secondhand vessel Monemvasia [Member] | ||||
Affiliate jointly - owned companies [Line Items] | ||||
Percentage of participation | 49.00% | 49.00% | ||
Aggregate contributing amount | $ 2,925 | $ 637 | ||
Costamare Ventures Participation In Share Capital Of Platt and Sykes Maritime Co For Ship Building Contract [Member] | ||||
Affiliate jointly - owned companies [Line Items] | ||||
Percentage of participation | 49.00% | 49.00% | ||
Aggregate contributing amount | $ 427 | $ 4,410 | ||
Dividend received from affiliates | 2,744 | |||
Sale Leaseback Transaction Other Information | In December 2015, Platt Maritime Co. and Sykes Maritime Co. companies agreed to novate their ship-building contracts to a financial institution and agreed to lease back the vessels upon their delivery from the shipyard for a period of seven years. | |||
Costamare Ventures Inc. [Member] | ||||
Affiliate jointly - owned companies [Line Items] | ||||
Equity gain / (loss) on investments | (78) | $ (529) | $ (3,428) | |
Due from related parties | $ 0 | $ 1,678 | ||
Costamare Ventures participation in share capital of Ainsley and Ambrose [Member] | ||||
Affiliate jointly - owned companies [Line Items] | ||||
Percentage of participation | 25.00% | 25.00% | ||
Aggregate contributing amount | $ 4,662 | $ 13,200 | ||
Maximum borrowing capacity | $ 86,600 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Long-term Debt, Unclassified [Abstract] | ||
Credit Facility | $ 406,103 | $ 495,993 |
Term Loans: | ||
Costis Maritime Corporation and Christos Maritime Corporation | 0 | 82,500 |
Mas Shipping Co | 22,375 | 30,625 |
Montes Shipping Co and Kelsen Shipping Co | 54,000 | 66,000 |
Capetanissa Maritime Corporation | 0 | 45,000 |
Rena Maritime Corporation | 0 | 42,500 |
Costamare Inc. | 50,313 | 60,463 |
Costamare Inc. | 0 | 111,417 |
Undine Shipping Co., Quentin Shipping Co. and Sander Shipping Co. | 178,264 | 193,545 |
Raymond Shipping Co. and Terance Shipping Co. | 115,964 | 126,878 |
Costamare Inc. | 53,475 | 68,170 |
Uriza Shipping S.A. | 36,833 | 0 |
Costis Maritime Corporation, Christos Maritime Corporation and Capetanissa Maritime Corporation | 109,000 | 0 |
Rena Maritime Corporation, Finch Shipping Co. and Joyner Carriers S.A. | 32,000 | 0 |
Total Term Loans | 652,224 | 827,098 |
Total | 1,058,327 | 1,323,091 |
Less: Deferred financing costs | (3,720) | (4,499) |
Total long term debt, net | 1,054,607 | 1,318,592 |
Less: Long-term debt current portion | (199,637) | (185,259) |
Add: Deferred financing costs, current portion | 1,360 | 1,431 |
Total long term debt, non-current, net | $ 856,330 | $ 1,134,764 |
Long-term debt (Details 1)
Long-term debt (Details 1) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,017 | $ 199,637 | |
2,018 | 211,784 | |
2,019 | 160,819 | |
2,020 | 352,291 | |
2,021 | 133,796 | |
Total | $ 1,058,327 | $ 1,323,091 |
Long-term debt (Details 2)
Long-term debt (Details 2) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Ending Balance | $ 7,300 | ||
Less: Current portion of financing costs | (2,062) | ||
Financing costs, non-current portion | 5,238 | ||
Financing Cost [Member] | |||
Beginning Balance | 6,006 | $ 7,902 | $ 9,954 |
Additions | 3,907 | 2,055 | |
Amortization | (2,027) | (1,896) | (2,084) |
Write-off | (586) | (2,023) | |
Ending Balance | $ 7,300 | $ 6,006 | $ 7,902 |
Long-term debt-Credit facility
Long-term debt-Credit facility (Details Narrative) $ in Thousands | 7 Months Ended | 12 Months Ended |
Jul. 22, 2008USD ($) | Dec. 31, 2016USD ($) | |
Credit facility [Member] | ||
Debt Instrument [Line Items] | ||
Maximum Borrowing Capacity | $ 1,000,000 | |
Portion of the Facility used to repay existing indebtness | $ 631,340 | |
Line of Credit Facility Frequency of Payments | quarterly | |
Line of Credit number of outstanding periodic payments of principal | 17 | |
Line of Credit Periodic Payment of Principal | $ 22,473 | |
Balloon payment | $ 24,062 | |
Credit facility certain term loans [Member] | ||
Debt Instrument [Line Items] | ||
Minimum liquidity ratio | 3.00% | |
Maximum ratio of Total Liabilities to Market Value Adjusted Total Assets | 0.75:1.0 | |
Number of vessels replaced existing vessels with first priority mortgage(s) | 22 | |
Minimum liquidity amount | $ 30,000 | |
Minimum Ratio of EBITDA to net interest expense | 2.5:1 | |
Minimum Market Value Adjusted Net Worth | $ 500,000 | |
Date of Ninth supplemental agreement | Sep. 28, 2016 | |
Credit Facility Maturity Date | Jun. 30, 2021 |
Long-term debt-Term loans (Deta
Long-term debt-Term loans (Details Narrative) - USD ($) | 6 Months Ended | 9 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||
Jun. 29, 2012 | Oct. 06, 2011 | Nov. 19, 2010 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 22, 2016 | Aug. 10, 2016 | May 11, 2016 | Jan. 27, 2016 | May 29, 2015 | May 21, 2014 | Apr. 11, 2014 | Dec. 31, 2013 | |
Long term debt term loans [Line Items] | ||||||||||||||
Draw down amount up to the end of the period | $ 113,700,000 | |||||||||||||
Loan for acquisition vessels Sealand New York Sealand Washington [Member] | ||||||||||||||
Long term debt term loans [Line Items] | ||||||||||||||
Loan modification date | Aug. 10, 2016 | |||||||||||||
Maximum Borrowing Capacity | $ 150,000,000 | |||||||||||||
Line of Credit Facility Initiation Date | May 2,008 | |||||||||||||
Maximum borrowing capacity per vessel | $ 75,000,000 | |||||||||||||
Debt Instrument Carrying Amount | $ 78,000,000 | |||||||||||||
Loan for acquisition vessel Maersk Kokura [Member] | ||||||||||||||
Long term debt term loans [Line Items] | ||||||||||||||
Maximum Borrowing Capacity | $ 75,000,000 | |||||||||||||
Line of Credit Facility Initiation Date | January 2,008 | |||||||||||||
Debt Instrument Carrying Amount | $ 22,375,000 | |||||||||||||
Number of outstanding installments | 3 | |||||||||||||
Line of Credit Facility Frequency of Payments | semi annual | |||||||||||||
Line of Credit Periodic Payment of Principal | $ 4,125,000 | |||||||||||||
Line of Credit Final Payment of Principal | $ 10,000,000 | |||||||||||||
Line of Credit Payment of Principal remaining period | February 2017 to February 2018 | |||||||||||||
Loan for acquisition vessels Maersk Kawasaki Maersk Kure [Member] | ||||||||||||||
Long term debt term loans [Line Items] | ||||||||||||||
Maximum Borrowing Capacity | $ 150,000,000 | |||||||||||||
Line of Credit Facility Initiation Date | December 2,007 | |||||||||||||
Maximum borrowing capacity per vessel | $ 75,000,000 | |||||||||||||
Debt Instrument Carrying Amount | $ 54,000,000 | $ 66,000,000 | ||||||||||||
Number of outstanding installments | 8 | |||||||||||||
Line of Credit Facility Frequency of Payments | semi annual | |||||||||||||
Line of Credit Final Payment of Principal | $ 12,000,000 | |||||||||||||
Line of Credit Payment of Principal remaining period | June 2017 until December 2020 | |||||||||||||
Loan for acquisition vessel Cosco Beijing [Member] | ||||||||||||||
Long term debt term loans [Line Items] | ||||||||||||||
Loan modification date | Aug. 10, 2016 | |||||||||||||
Maximum Borrowing Capacity | $ 90,000,000 | |||||||||||||
Line of Credit Facility Initiation Date | June 2,006 | |||||||||||||
Debt Instrument Carrying Amount | $ 38,500,000 | |||||||||||||
Loan for acquisition vessel Cosco Guangzhou [Member] | ||||||||||||||
Long term debt term loans [Line Items] | ||||||||||||||
Loan modification date | Dec. 22, 2016 | |||||||||||||
Line of Credit Facility Initiation Date | February 2,006 | |||||||||||||
Debt Instrument Carrying Amount | $ 37,500,000 | $ 37,500,000 | ||||||||||||
Loan available for draw down [Member] | ||||||||||||||
Long term debt term loans [Line Items] | ||||||||||||||
Maximum Borrowing Capacity | $ 120,000,000 | |||||||||||||
Line of Credit Facility Initiation Date | November 2,010 | |||||||||||||
Available period for draw down | 18 months | |||||||||||||
Loan for acquisition vessels Msc Romanos (tranche a) [Member] | ||||||||||||||
Long term debt term loans [Line Items] | ||||||||||||||
Maximum Borrowing Capacity | $ 38,500,000 | |||||||||||||
Debt Instrument Carrying Amount | 18,288,000 | |||||||||||||
Loan for acquisition vessels Msc Methoni (tranche b) [Member] | ||||||||||||||
Long term debt term loans [Line Items] | ||||||||||||||
Maximum Borrowing Capacity | 42,000,000 | |||||||||||||
Debt Instrument Carrying Amount | $ 21,000,000 | |||||||||||||
Number of outstanding installments | 12 | |||||||||||||
Line of Credit Facility Frequency of Payments | quarterly | |||||||||||||
Line of Credit Periodic Payment of Principal | $ 1,050,000 | |||||||||||||
Balloon payment | $ 8,400,000 | |||||||||||||
Line of Credit Payment of Principal remaining period | January 2017 to October 2019 | |||||||||||||
Loan for acquisition vessels MSC Ulsan (tranche c) [Member] | ||||||||||||||
Long term debt term loans [Line Items] | ||||||||||||||
Maximum Borrowing Capacity | $ 21,000,000 | |||||||||||||
Debt Instrument Carrying Amount | $ 11,025,000 | |||||||||||||
Number of outstanding installments | 13 | |||||||||||||
Line of Credit Facility Frequency of Payments | quarterly | |||||||||||||
Line of Credit Periodic Payment of Principal | $ 525,000 | |||||||||||||
Balloon payment | $ 4,200,000 | |||||||||||||
Line of Credit Payment of Principal remaining period | February 2017 to February 2020 | |||||||||||||
Loan for acquisition vessel Koroni (tranche d) [Member] | ||||||||||||||
Long term debt term loans [Line Items] | ||||||||||||||
Maximum Borrowing Capacity | $ 7,470,000 | |||||||||||||
Debt Instrument Carrying Amount | 0 | |||||||||||||
Loan repayment due to sale of vessels | $ 4,200,000 | |||||||||||||
Loan for acquisition vessel Kyparissia (tranche e) [Member] | ||||||||||||||
Long term debt term loans [Line Items] | ||||||||||||||
Maximum Borrowing Capacity | 7,470,000 | |||||||||||||
Debt Instrument Carrying Amount | 0 | |||||||||||||
Loan repayment due to sale of vessels | $ 2,334,000 | |||||||||||||
Loan for acquisition construction (three tranches - one for each hull) [Member] | ||||||||||||||
Long term debt term loans [Line Items] | ||||||||||||||
Maximum Borrowing Capacity | $ 229,200,000 | |||||||||||||
Line of Credit Facility Initiation Date | April 2,011 | |||||||||||||
Loan for acquisition construction MSC Athens and MSC Athos [Member] | ||||||||||||||
Long term debt term loans [Line Items] | ||||||||||||||
Maximum Borrowing Capacity | $ 140,000,000 | |||||||||||||
Line of Credit Facility Initiation Date | April 2,011 | |||||||||||||
Draw down amount up to the end of the period | $ 133,700,000 | |||||||||||||
Loan for acquisition and construction of Three hulls - Valor-Valiant [Member] | ||||||||||||||
Long term debt term loans [Line Items] | ||||||||||||||
Debt Instrument Carrying Amount | $ 117,145,000 | |||||||||||||
Number of outstanding installments | 14 | |||||||||||||
Line of Credit Facility Frequency of Payments | quarterly | |||||||||||||
Line of Credit Periodic Payment of Principal | $ 1,273,400 | |||||||||||||
Balloon payment | $ 40,744,800 | |||||||||||||
Line of Credit Payment of Principal remaining period | January 2017 to June 2020 | |||||||||||||
Loan for acquisition and construction of Three hulls - Vantage C [Member] | ||||||||||||||
Long term debt term loans [Line Items] | ||||||||||||||
Debt Instrument Carrying Amount | $ 61,119,000 | |||||||||||||
Number of outstanding installments | 16 | |||||||||||||
Line of Credit Facility Frequency of Payments | quarterly | |||||||||||||
Line of Credit Periodic Payment of Principal | $ 1,273,400 | |||||||||||||
Balloon payment | $ 40,744,800 | |||||||||||||
Line of Credit Payment of Principal remaining period | February 2017 to November 2020 | |||||||||||||
Loan for acquisition construction (two tranches one for each hull) [Member] | ||||||||||||||
Long term debt term loans [Line Items] | ||||||||||||||
Maximum Borrowing Capacity | $ 152,800,000 | |||||||||||||
Line of Credit Facility Initiation Date | August 2,011 | |||||||||||||
Loan for acquisition and construction of Two S hulls - Value [Member] | ||||||||||||||
Long term debt term loans [Line Items] | ||||||||||||||
Debt Instrument Carrying Amount | $ 57,300,000 | |||||||||||||
Number of outstanding installments | 14 | |||||||||||||
Line of Credit Facility Frequency of Payments | quarterly | |||||||||||||
Line of Credit Periodic Payment of Principal | $ 1,364,300 | |||||||||||||
Balloon payment | $ 38,199,600 | |||||||||||||
Line of Credit Payment of Principal remaining period | March 2017 to June 2020 | |||||||||||||
Loan for acquisition and construction of Two S hulls - Valence [Member] | ||||||||||||||
Long term debt term loans [Line Items] | ||||||||||||||
Debt Instrument Carrying Amount | $ 58,664,000 | |||||||||||||
Number of outstanding installments | 15 | |||||||||||||
Line of Credit Facility Frequency of Payments | quarterly | |||||||||||||
Line of Credit Periodic Payment of Principal | $ 1,364,300 | |||||||||||||
Balloon payment | $ 38,199,600 | |||||||||||||
Line of Credit Payment of Principal remaining period | February 2017 to August 2020 | |||||||||||||
Loan to partly finance agreegate market value eleven vessels [Member] | ||||||||||||||
Long term debt term loans [Line Items] | ||||||||||||||
Draw down amount up to the end of the period | $ 113,700,000 | |||||||||||||
Draw down date | March 2,012 | |||||||||||||
Supplemental agreement for Loan to partly finance agreegate market value eleven vessels partly finance acquisition Stadt Luebeck [Member] | ||||||||||||||
Long term debt term loans [Line Items] | ||||||||||||||
Draw down amount up to the end of the period | $ 11,300,000 | |||||||||||||
Draw down date | August 2,012 | |||||||||||||
Supplemental agreement for loan to partly finance acquisition of eleven vessels and partly finance acquisition of vessel Neapolis [Member] | ||||||||||||||
Long term debt term loans [Line Items] | ||||||||||||||
Draw down amount up to the end of the period | $ 9,000,000 | |||||||||||||
Long-term debt [Member] | ||||||||||||||
Long term debt term loans [Line Items] | ||||||||||||||
Term loans additional information | The term loans discussed above bear interest at LIBOR plus a spread and are secured by, inter alia, (a) first priority mortgages over the financed vessels, (b) first priority assignments of all insurances and earnings of the mortgaged vessels and (c) corporate guarantees of Costamare or its subsidiaries, as the case may be. The loan agreements contain usual ship finance covenants, including restrictions as to changes in management and ownership of the vessels, as to additional indebtedness and as to further mortgaging of vessels, as well as minimum requirements regarding hull Value Maintenance Clauses (“VMC”) in the range of 80% to 130% and restrictions on dividend payments if an event of default has occurred and is continuing or would occur as a result of the payment of such dividend. | |||||||||||||
Loan interest rates range | 1.98%-6.04% | 1.11%-6.75% | 1.03%-6.75% | |||||||||||
Weighted average interest rates | 4.70% | 4.20% | 4.20% | |||||||||||
Interest expense (including swap interest interest capitalized) [Member] | ||||||||||||||
Long term debt term loans [Line Items] | ||||||||||||||
Interest expense excluding amortization | $ 59,702,000 | $ 72,384,000 | $ 77,655,000 | |||||||||||
Uriza Shipping SA Loan [Member] | ||||||||||||||
Long term debt term loans [Line Items] | ||||||||||||||
Maximum Borrowing Capacity | $ 39,000,000 | |||||||||||||
Line of Credit Facility Initiation Date | May 6, 2016 | |||||||||||||
Debt Instrument Carrying Amount | $ 36,833,000 | |||||||||||||
Number of outstanding installments | 18 | |||||||||||||
Line of Credit Facility Frequency of Payments | quarterly | |||||||||||||
Line of Credit Periodic Payment of Principal | $ 1,083,300 | |||||||||||||
Balloon payment | $ 17,333,300 | |||||||||||||
Line of Credit Payment of Principal remaining period | February 2017 to May 2021 | |||||||||||||
Costis Christos Capentanissa [Member] | ||||||||||||||
Long term debt term loans [Line Items] | ||||||||||||||
Maximum Borrowing Capacity | $ 116,500,000 | |||||||||||||
Debt Instrument Carrying Amount | $ 109,000,000 | |||||||||||||
Number of outstanding installments | 19 | |||||||||||||
Line of Credit Facility Frequency of Payments | variable quarterly | |||||||||||||
Balloon payment | $ 43,500,000 | |||||||||||||
Line of Credit Payment of Principal remaining period | February 2017 to August 2021 | |||||||||||||
Rena Finch Joyner Corporations Working Capital [Member] | ||||||||||||||
Long term debt term loans [Line Items] | ||||||||||||||
Maximum Borrowing Capacity | $ 37,500,000 | |||||||||||||
Line of Credit Facility Initiation Date | August 10, 2016 | |||||||||||||
Debt Instrument Carrying Amount | $ 32,000,000 | |||||||||||||
Number of outstanding installments | 20 | |||||||||||||
Line of Credit Facility Frequency of Payments | variable quarterly | |||||||||||||
Balloon payment | $ 11,680,000 | |||||||||||||
Line of Credit Payment of Principal remaining period | March 2017 to December 2021 | |||||||||||||
Loan to partly finance aggregate market value eleven vessels sale of Konstantina [Member] | ||||||||||||||
Long term debt term loans [Line Items] | ||||||||||||||
Date of loan repayment | May 2,014 | |||||||||||||
Loan repayment due to sale of vessels | $ 6,495,000 | |||||||||||||
Loan to partly finance aggregate market value eleven vessels sale of Akritas [Member] | ||||||||||||||
Long term debt term loans [Line Items] | ||||||||||||||
Date of loan repayment | September 2,014 | |||||||||||||
Loan repayment due to sale of vessels | $ 6,000,000 | |||||||||||||
Loan to partly finance aggregate market value eleven vessels sale of MSC Challenger [Member] | ||||||||||||||
Long term debt term loans [Line Items] | ||||||||||||||
Date of loan repayment | November 2,015 | |||||||||||||
Loan repayment due to sale of vessels | $ 3,900,000 | |||||||||||||
Loan to partly finance aggregate market value eleven vessels sale of Karmen [Member] | ||||||||||||||
Long term debt term loans [Line Items] | ||||||||||||||
Date of loan repayment | July 2,016 | |||||||||||||
Debt Instrument Carrying Amount | $ 0 | |||||||||||||
Loan repayment due to sale of vessels | 3,835,000 | |||||||||||||
Loan to partly finance aggregate market value eleven vessels [Member] | ||||||||||||||
Long term debt term loans [Line Items] | ||||||||||||||
Maximum Borrowing Capacity | $ 120,000,000 | |||||||||||||
Line of Credit Facility Initiation Date | October 2,011 | |||||||||||||
Debt Instrument Carrying Amount | $ 53,475,000 | |||||||||||||
Number of outstanding installments | 8 | |||||||||||||
Line of Credit Facility Frequency of Payments | quarterly | |||||||||||||
Line of Credit Periodic Payment of Principal | $ 2,715,000 | |||||||||||||
Balloon payment | $ 31,755,000 | |||||||||||||
Line of Credit Payment of Principal remaining period | March 2017 to December 2018 | |||||||||||||
Loan for acquisition construction MSC Athos [Member] | ||||||||||||||
Long term debt term loans [Line Items] | ||||||||||||||
Date of loan repayment | July 6, 2016 | |||||||||||||
Loan for acquisition construction MSC Athens [Member] | ||||||||||||||
Long term debt term loans [Line Items] | ||||||||||||||
Date of loan repayment | July 15, 2016 |
Capital Leased Assets and Cap61
Capital Leased Assets and Capital Lease Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Prepaid lease rentals [Abstract]: | |||
Prepaid lease rentals | $ 40,811 | $ 45,793 | |
Additions | 26,390 | 0 | $ 49,817 |
Less: Amortization of prepaid lease rentals | (6,779) | (4,982) | $ (4,024) |
Prepaid lease rentals | 60,422 | 40,811 | |
Less: Current portion of financing costs | (8,752) | (4,982) | |
Non-current portion | $ 51,670 | $ 35,829 |
Capital Leased Assets and Cap62
Capital Leased Assets and Capital Lease Obligations (Details 1) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Capital lease obligations by maturity [Abstract]: | ||
2,017 | $ 44,906 | |
2,018 | 44,906 | |
2,019 | 44,906 | |
2,020 | 44,991 | |
2,021 | 44,906 | |
2022 and thereafter | 219,777 | |
Total | 444,392 | |
Less: Amount of interest(MSC Azov, MSC Ajaccio and MSC Amalfi) | (80,557) | |
Total lease payments | 363,835 | $ 233,624 |
Less: Financing costs, net | (3,580) | |
Total lease payments, net | $ 360,255 |
Capital Leased Assets and Cap63
Capital Leased Assets and Capital Lease Obligations - (Details 2) $ in Thousands | Dec. 31, 2016USD ($) |
Capital Lease Obligations [Abstract] | |
Capital lease obligations, current | $ 29,761 |
Less: current portion of financing costs | (702) |
Capital lease obligations, noncurrent | 334,074 |
Less: non-current portion of financing costs | (2,878) |
Total | $ 360,255 |
Capital Leased Assets and Cap64
Capital Leased Assets and Capital Lease Obligations (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Capital Leased Assets And Capital Lease Obligations Details Narrative | |||
Capital lease obligations, Gross | $ 363,835 | $ 233,624 | |
Capital lease obligation maturity | 2,024 | ||
Interest expense incurred on capital leases | $ 18,915 | 17,131 | $ 14,793 |
Capital leased assets [Abstract]: | |||
Sale Leaseback Transaction, Other Information | Between January and April 2014, the Company took delivery of the newbuild vessels MSC Azov, MSC Ajaccio and MSC Amalfi. Upon the delivery of each vessel, the Company agreed with a financial institution to refinance the then outstanding balance of the loans relating to these vessels by entering into a ten-year sale and leaseback transaction for each vessel. The shipbuilding contracts were novated to the financial institution for an amount of $85,572 each. On July 6, 2016 and July 15, 2016 the Company agreed with a financial institution to refinance the then outstanding balance of the loans relating to the MSC Athos and the MSC Athens, by entering into a seven-year sale and leaseback transaction for each vessel. | ||
Vessel's sale and leaseback price | 85,572 | ||
Prepaid lease rentals | $ 26,390 | 0 | 49,817 |
Net settlements of interest rate swaps qualifying for cash flow hedge | 1,076 | 0 | 6,604 |
Additions to Capital leased assets | 151,848 | 256,716 | |
Capital leased assets, depreciation | 9,942 | 7,581 | $ 6,169 |
Capital leased assets accumulated depreciation | 23,692 | 13,750 | |
Capital leased assets | $ 384,872 | $ 242,966 |
Accrued Charter Revenue, Curr65
Accrued Charter Revenue, Current and Non-Current and Unearned Revenue, Current and Non-Current (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Net accrued charter revenue by maturities [Abstract] | ||
2,017 | $ (11,336) | |
2,018 | (8,900) | |
2,019 | (6,602) | |
2,020 | (801) | |
Total | $ (27,639) | $ (35,369) |
Accrued Charter Revenue, Curr66
Accrued Charter Revenue, Current and Non-Current and Unearned Revenue, Current and Non-Current (Details 1) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Unearned Revenue, Current and Non-Current [Abstract] | ||
Hires collected in advance | $ 7,924 | $ 8,469 |
Charter revenue resulting from varying charter rates | 28,232 | 36,395 |
Total deferred revenue | 36,156 | 44,864 |
Less current portion | (19,668) | (18,356) |
Non-current portion | $ 16,488 | $ 26,508 |
Accrued Charter Revenue, Curr67
Accrued Charter Revenue, Current and Non-Current and Unearned Revenue, Current and Non-Current (Details Narrative) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accrued Charter Revenue Current and Non-Current [Abstract] | ||
Accrued charter revenue, net | $ (27,639) | $ (35,369) |
Accrued charter revenue | 408 | 457 |
Accrued charter revenue, non-current | 185 | 569 |
Charter revenue resulting from varying charter rates | $ (28,232) | $ (36,395) |
Commitments and Contingencies68
Commitments and Contingencies (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Unbilled Receivables, Not Billable, Fiscal Year Maturity [Abstract] | |
2,017 | $ 387,826 |
2,018 | 198,759 |
2,019 | 122,306 |
2,020 | 93,841 |
2,021 | 85,256 |
2022 and thereafter | 131,755 |
Total | $ 1,019,743 |
Commitments and Contingencies69
Commitments and Contingencies (Details Narrative) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Contractual obligation on JV newbuilds | $ 24,124 |
Number of JV newbuilds owned 49% | 3 |
Future minimum contractual charter revenues assumptions [Member] | |
Revenue days per annum | 365 |
Redelivery dates | earliest redelivery dates possible |
Long-term time charters (including charter agreements vessels under construction) [Member] | |
Time charter arrangements remaining terms period | 87 months |
Common stock Preferred stock an
Common stock Preferred stock and additional paid in capital-Additional Information (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | 7 Months Ended | 9 Months Ended | 10 Months Ended | 11 Months Ended | 12 Months Ended | ||||||
Jan. 21, 2014 | Mar. 27, 2012 | May 13, 2015 | Jul. 11, 2010 | Aug. 07, 2013 | Jul. 20, 2010 | Sep. 30, 2015 | Oct. 19, 2012 | Nov. 04, 2010 | Oct. 19, 2010 | Dec. 05, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jul. 12, 2010 | |
Common Stock, Preferred Stock Issuance, value | $ 93,848 | $ 8,623 | |||||||||||||
Initial Public offering proceeds, net | 69,037 | 96,616 | $ 96,523 | ||||||||||||
Dividends paid | $ (75,003) | $ (102,287) | $ (93,074) | ||||||||||||
Issuance of four million Series C Cumulative Redeemable Perpetual Preferred Stock [Member] | |||||||||||||||
Dividend per share | $ 2.125 | ||||||||||||||
Preferred Stock Shares Issued | 4,000,000 | ||||||||||||||
Preferred stock dividend rate | 8.50% | ||||||||||||||
Preferred Stock, Redemption Terms | At any time after January 21, 2019, the Series C Preferred Stock may be redeemed, at Company's election at a price of $25 of liquidation preference per share. | ||||||||||||||
Public offering per share price | $ 25 | ||||||||||||||
Follow-on offering proceeds, net | $ 96,523 | ||||||||||||||
Preferred stock shares par value | $ 0.0001 | ||||||||||||||
Follow-on offering completion [Member] | |||||||||||||||
Common stock shares issued | 7,500,000 | ||||||||||||||
Total Common stock shares issued as at period end. | 67,800,000 | ||||||||||||||
Common stock shares par value | $ 0.0001 | ||||||||||||||
Public offering per share price | $ 14.1 | ||||||||||||||
Follow-on offering proceeds, net | $ 100,584 | ||||||||||||||
Companys authorized capital stock [Member] | |||||||||||||||
Common stock authorization date | Jul. 14, 2010 | ||||||||||||||
Common stock shares authorized | 2,000,000 | ||||||||||||||
Stock split date | Aug. 27, 2010 | ||||||||||||||
Common stock shares issued | 1,000,000 | 24,000,000 | 22,000,000 | ||||||||||||
Common Stock, Preferred Stock Issuance, value | $ 2,400 | ||||||||||||||
Total Common stock shares issued as at period end. | 25,000,000 | ||||||||||||||
Common stock shares par value | $ 0.0001 | ||||||||||||||
Stock-split Dividend per share | 0.88 shares for each share of common stock outstanding on the record date of August 27, 2010. | ||||||||||||||
Authorized capital stock (amended articles incorporation) [Member] | |||||||||||||||
Common stock shares authorized | 1,000,000,000 | ||||||||||||||
Common stock shares par value | $ 0.0001 | ||||||||||||||
Preferred Stock, Shares Authorized | 100,000,000 | ||||||||||||||
Preferred stock shares designated as Series A Participating Preferred Stock | 10,000,000 | ||||||||||||||
Preferred stock shares par value | $ 0.0001 | ||||||||||||||
Second follow-on offering completion [Member] | |||||||||||||||
Common stock shares issued | 7,000,000 | ||||||||||||||
Total Common stock shares issued as at period end. | 74,800,000 | ||||||||||||||
Common stock shares par value | $ 0.0001 | ||||||||||||||
Public offering per share price | $ 14 | ||||||||||||||
Follow-on offering proceeds, net | $ 93,547 | ||||||||||||||
Companys Ipo completion [Member] | |||||||||||||||
Common stock shares issued | 13,300,000 | ||||||||||||||
Total Common stock shares issued as at period end. | 60,300,000 | ||||||||||||||
Common stock shares par value | $ 0.0001 | ||||||||||||||
Public offering per share price | $ 12 | ||||||||||||||
Initial Public offering proceeds, net | $ 145,543 | ||||||||||||||
Issuance of two million Series B Cumulative Redeemable Perpetual Preferred Stock [Member] | |||||||||||||||
Dividend per share | $ 1.90625 | ||||||||||||||
Preferred Stock Shares Issued | 2,000,000 | ||||||||||||||
Preferred stock dividend rate | 7.625% | ||||||||||||||
Preferred Stock, Redemption Terms | At any time after August 6, 2018, the Series B Preferred Stock may be redeemed, at Company's election at a price of $25 of liquidation preference per share. | ||||||||||||||
Public offering per share price | $ 25 | ||||||||||||||
Follow-on offering proceeds, net | $ 48,042 | ||||||||||||||
Preferred stock shares par value | $ 0.0001 | ||||||||||||||
May 13, 2105 Issuance of four million D Cumulative Redeemable Perpetual Preferred Stock [Member] | |||||||||||||||
Dividend per share | $ 2.1875 | ||||||||||||||
Preferred Stock Shares Issued | 4,000,000 | ||||||||||||||
Preferred stock dividend rate | 8.75% | ||||||||||||||
Preferred Stock, Redemption Terms | At any time after May 13, 2020, the Series D Preferred Stock may be redeemed, at Company's election at a price of $25 of liquidation preference per share. | ||||||||||||||
Public offering per share price | $ 25 | ||||||||||||||
Follow-on offering proceeds, net | $ 96,616 | ||||||||||||||
Preferred stock shares par value | $ .0001 | ||||||||||||||
Dec 5, 2016 Third follow-on offering Stock [Member] | |||||||||||||||
Common stock shares issued | 12,000,000 | ||||||||||||||
Common stock shares par value | $ 0.0001 | ||||||||||||||
Public offering per share price | $ 6 | ||||||||||||||
Follow-on offering proceeds, net | $ 69,037 | ||||||||||||||
Group Management Agreement [Member] | |||||||||||||||
Common stock shares issued | 448,800 | ||||||||||||||
Common stock shares par value | $ 0.0001 | ||||||||||||||
Service Agreement [Member] | |||||||||||||||
Common stock shares issued | 598,400 | 149,600 | |||||||||||||
Common stock shares par value | $ 0.0001 | $ 0.0001 | |||||||||||||
Fourth Quarter Py Dividends paid [Member] | |||||||||||||||
Dividends paid | $ 21,866 | $ 20,944 | |||||||||||||
Dividends paid, per common share | $ .29 | $ .28 | |||||||||||||
First Quarter Py Dividends paid [Member] | |||||||||||||||
Dividends paid | $ 21,736 | ||||||||||||||
Dividends paid, per common share | $ .29 | ||||||||||||||
Second Quarter Py Dividends paid [Member] | |||||||||||||||
Dividends paid | $ 21,779 | ||||||||||||||
Dividends paid, per common share | $ .29 | ||||||||||||||
Third Quarter Py Dividends paid [Member] | |||||||||||||||
Dividends paid | $ 21,822 | ||||||||||||||
Dividends paid, per common share | $ .29 | ||||||||||||||
First Quarter Cy Dividends paid [Member] | |||||||||||||||
Dividends paid | $ 21,908 | ||||||||||||||
Dividends paid, per common share | $ .29 | ||||||||||||||
Second Quarter Cy Dividends paid [Member] | |||||||||||||||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 1,610,248 | ||||||||||||||
Dividends paid | $ 7,570 | ||||||||||||||
Dividends paid, per common share | $ .29 | ||||||||||||||
Third Quarter Cy Dividends paid [Member] | |||||||||||||||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 817,833 | ||||||||||||||
Dividends paid | $ 2,595 | ||||||||||||||
Dividends paid, per common share | $ .10 | ||||||||||||||
October fifteen to January fourteen Series B Preferred Dividends paid [Member] | |||||||||||||||
Dividends paid | $ 953 | $ 953 | |||||||||||||
Dividends paid, per common share | $ 0.476563 | $ .476563 | |||||||||||||
January fifteen to April fourteen Series B Preferred Dividends paid [Member] | |||||||||||||||
Dividends paid | $ 953 | $ 953 | |||||||||||||
Dividends paid, per common share | $ 0.476563 | $ 0.476563 | |||||||||||||
April fifteen to July fourteen Series B Preferred Dividends paid [Member] | |||||||||||||||
Dividends paid | $ 953 | $ 953 | |||||||||||||
Dividends paid, per common share | $ 0.476563 | $ 0.476563 | |||||||||||||
July fifteen to October fourteen Series B Preferred Dividends paid [Member] | |||||||||||||||
Dividends paid | $ 953 | $ 953 | |||||||||||||
Dividends paid, per common share | $ 0.476563 | $ 0.476563 | |||||||||||||
October fifteen to January fourteen Series C Preferred Dividends paid [Member] | |||||||||||||||
Dividends paid | $ 2,125 | $ 2,125 | |||||||||||||
Dividends paid, per common share | $ 0.531250 | $ 0.531250 | |||||||||||||
January fifteen to April fourteen Series C Preferred Dividends paid [Member] | |||||||||||||||
Dividends paid | $ 2,125 | $ 2,125 | |||||||||||||
Dividends paid, per common share | $ 0.531250 | $ 0.531250 | |||||||||||||
April fifteen to July fourteen Series C Preferred Dividends paid [Member] | |||||||||||||||
Dividends paid | $ 2,125 | $ 2,125 | |||||||||||||
Dividends paid, per common share | $ 0.531250 | $ 0.531250 | |||||||||||||
July fifteen to October fourteen Series C Preferred Dividends paid [Member] | |||||||||||||||
Dividends paid | $ 2,125 | $ 2,125 | |||||||||||||
Dividends paid, per common share | $ 0.531250 | $ 0.531250 | |||||||||||||
May thirteen to July fourteen Series D Preferred Dividends paid [Member] | |||||||||||||||
Dividends paid | $ 1,506 | ||||||||||||||
Dividends paid, per common share | $ .376736 | ||||||||||||||
July fifteen to October fourteen Series D Preferred Dividends paid [Member] | |||||||||||||||
Dividends paid | $ 2,188 | $ 2,188 | |||||||||||||
Dividends paid, per common share | $ 0.546875 | $ 0.546875 | |||||||||||||
October fifteen to January fourteen Series D Preferred Dividends paid [Member] | |||||||||||||||
Dividends paid | $ 2,188 | ||||||||||||||
Dividends paid, per common share | $ 0.546875 | ||||||||||||||
January fifteen to April fourteen Series D Preferred Dividends paid [Member] | |||||||||||||||
Dividends paid | $ 2,188 | ||||||||||||||
Dividends paid, per common share | $ 0.546875 | ||||||||||||||
April fifteen to July fourteen Series D Preferred Dividends paid [Member] | |||||||||||||||
Dividends paid | $ 2,188 | ||||||||||||||
Dividends paid, per common share | $ 0.546875 | ||||||||||||||
July 6, 2016 Costamare Inc. Dividend Reinvestment Plan [Member] | |||||||||||||||
Common stock shares par value | $ 0.0001 | ||||||||||||||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 2,428,081 | ||||||||||||||
Shares Issued Price Per Share | $ 8.043837 |
Earnings per share (EPS) (Detai
Earnings per share (EPS) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings per share, Basic EPS [Abstract]: | |||
Net income | $ 81,702 | $ 143,764 | $ 115,087 |
Less paid and accrued earnings allocated to Preferred Stock | (21,063) | (17,903) | (11,909) |
Net income available to common stockholders | $ 60,639 | $ 125,861 | $ 103,178 |
Weighted average number of common shares, basic and diluted | 77,243,252 | 75,027,474 | 74,800,000 |
Earnings per common share, basic and diluted | $ 0.79 | $ 1.68 | $ 1.38 |
Earnings per share (EPS) (Det72
Earnings per share (EPS) (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share, Basic [Abstract] | |||
Dividends paid or accrued during the year | $ 21,063 | $ 17,903 | $ 11,909 |
Interest and Finance Costs (Det
Interest and Finance Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest and Debt Expense [Abstract] | |||
Interest expense | $ 49,880 | $ 45,070 | $ 46,345 |
Interest capitalized | 0 | 0 | (1,795) |
Swap effect | 20,237 | 31,800 | 36,847 |
Amortization and write off of financing costs | 2,613 | 1,896 | 4,107 |
Commitment fees | 75 | 600 | 506 |
Bank charges and other financing costs | 3 | 265 | 296 |
Total | $ 72,808 | $ 79,631 | $ 86,306 |
Taxes (Details Narrative)
Taxes (Details Narrative) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Applicable Tax | 50.00% |
US related gross transportation income that tax applies | 4.00% |
Derivatives (Details)
Derivatives (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | |||
Interest rate swaps | $ 8,828 | $ (20,418) | $ (14,045) |
Reclassification to Interest and Finance Costs | 20,237 | 31,800 | 36,847 |
Total | 29,065 | 11,382 | 22,802 |
Amount of Gain (Loss) Recognized in Accumulated OCI on Derivative (Effective Portion) [Member] | |||
Derivative [Line Items] | |||
Interest rate swaps | 8,828 | (20,418) | (14,045) |
Reclassification to Interest and Finance Costs | 20,237 | 31,800 | 36,847 |
Total | $ 29,065 | 11,382 | 22,802 |
Location Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) [Member] | |||
Derivative [Line Items] | |||
Description of Location of Gain (Loss) on Interest Rate Derivative on Income Statement | Gain / (Loss) on derivative instruments, net | ||
Amount Gain (Loss) recognized in income derivative Ineffective Portion [Member] | |||
Derivative [Line Items] | |||
Interest rate swaps | $ 0 | (60) | 645 |
Reclassification to Interest and Finance Costs | 0 | 0 | 0 |
Total | $ 0 | $ (60) | $ 645 |
Location Gain (Loss) recognized on derivative [Member] | |||
Derivative [Line Items] | |||
Description of Location of Gain (Loss) on Interest Rate Derivative on Income Statement | Gain / (Loss) on derivative instruments, net |
Derivatives (Details 1)
Derivatives (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | |||
Forward contracts | $ (437) | $ 1,361 | $ (1,009) |
Total | $ (3,991) | 4,211 | (3,787) |
Location Gain (Loss) recognized on derivative [Member] | |||
Derivative [Line Items] | |||
Description of Location of Gain (Loss) on Interest Rate Derivative on Income Statement | Gain / (Loss) on derivative instruments, net | ||
Description of Location of Gain (Loss) on Cash Flow Hedge Ineffectiveness in Financial Statements | Gain / (Loss) on derivative instruments, net | ||
Description of Location of Gain (Loss) on Foreign Currency Derivative in Financial Statements | Gain / (Loss) on derivative instruments, net | ||
Amount Gain (Loss) recognized in income on derivative [Member] | |||
Derivative [Line Items] | |||
Non hedging interest rate swaps | $ (3,554) | 2,910 | (3,423) |
Ineffective portion of hedging interest rate swaps | 0 | (60) | 645 |
Forward contracts | (437) | 1,361 | (1,009) |
Total | $ (3,991) | $ 4,211 | $ (3,787) |
Derivatives (Details Narrative)
Derivatives (Details Narrative) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
A. Interest rate swaps that meet the criteria for hedge accounting: | |||
Estimated reclassification from accumulated OCI to earnings | $ 12,064 | ||
Notional amount outstanding | 783,403 | $ 904,627 | |
Interest Rate Fair Value Hedge Derivative at Fair Value Net | (10,459) | (39,654) | |
Realized ineffectiveness of interest rate swaps | 0 | (60) | $ 645 |
Hedging instruments Termination fee | 9,404 | 10,192 | |
B. Interest rate swaps that do not meet the criteria for hedge accounting [Abstract] | |||
Non-Hedging instruments Termination fee | 297 | ||
Notional amount outstanding | 199,846 | 207,439 | |
Interest Rate Derivative Instruments Not Designated As Hedging Instruments Liability At Fair Value | (4,855) | (12,463) | |
Realized Loss On Nonhedging Interest Rate Swaps | $ 8,500 | $ 12,645 | $ 9,256 |
C. Foreign currency agreements: | |||
Number of foreign currency agreements (Euro/US dollar contracts) | 3 | 16 | 9 |
Foreign currency agreements value | $ 9,000 | $ 20,000 | $ 22,500 |
Average forward rate | 1.0653 | 1.0725 | 1.273 |
Gain (Loss) on derivative instruments from forward contracts | $ (437) | $ 1,361 | $ (1,009) |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Recurring measurements: | ||
Forward contracts - asset position | $ 0 | $ 352 |
Forward contracts - liability position | (85) | 0 |
Interest rate swaps-liability position | (15,314) | (52,117) |
Total | (15,399) | (51,765) |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Recurring measurements: | ||
Forward contracts - asset position | 0 | 0 |
Forward contracts - liability position | 0 | 0 |
Interest rate swaps-liability position | 0 | 0 |
Total | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Recurring measurements: | ||
Forward contracts - asset position | 0 | 352 |
Forward contracts - liability position | (85) | 0 |
Interest rate swaps-liability position | (15,314) | (52,117) |
Total | (15,399) | (51,765) |
Unobservable Inputs (Level 3) [Member] | ||
Recurring measurements: | ||
Forward contracts - asset position | 0 | 0 |
Forward contracts - liability position | 0 | 0 |
Interest rate swaps-liability position | 0 | 0 |
Total | $ 0 | $ 0 |
Financial Instruments (Details
Financial Instruments (Details Narrative) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value Disclosures [Abstract] | ||
Interest rate swaps-liability position, at fair value | $ 15,314 | $ 52,117 |
Forward contracts - liability position | 85 | 0 |
Forward contracts - asset position | $ 0 | $ 352 |
Comprehensive Income (Details N
Comprehensive Income (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Comprehensive Income (Loss) Disclosure [Abstract] | |||
Other comprehensive income / (loss) for the year | $ 30,225 | $ 11,485 | $ 29,020 |
Comprehensive income (loss) | 111,927 | 155,249 | 144,107 |
Interest rate swaps | 8,828 | (20,418) | (14,045) |
Reclassification to Net Income | 20,237 | 31,800 | 36,847 |
Net settlements on interest rate swaps qualifying for cash flow hedge | 0 | 0 | (489) |
Amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to Depreciation | (84) | (103) | (103) |
Amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to Prepaid lease rentals | (1,076) | $ 0 | $ (6,604) |
Estimated reclassification from accumulated OCI to earnings | $ 12,064 |
Subsequent Events-Additional In
Subsequent Events-Additional Information (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 12 Months Ended | |
Feb. 06, 2017 | Jan. 17, 2017 | Feb. 17, 2017 | Dec. 31, 2016 | |
February 6, 2017 Costamare Inc. Dividend Reinvestment Plan [Member] | ||||
Subsequent Event [Line Items] | ||||
Common Stock Par Or Stated Value Per Share | $ .0001 | |||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 1,014,550 | |||
Shares Issued Price Per Share | $ 5.3459 | |||
January 17, 2017 MSC Romanos Disposal [Member] | ||||
Subsequent Event [Line Items] | ||||
Vessel's disposal price | $ 6,585 | |||
Vessel's disposal date | Jan. 26, 2017 | |||
February 17, 2017 Marina Disposal [Member] | ||||
Subsequent Event [Line Items] | ||||
Vessel's disposal price | $ 4,670 | |||
Vessel's disposal date | Mar. 3, 2017 | |||
Expected gain / loss on sale of vessel | loss of approximately $2.9 million | |||
January 3, 2016, Dividend declared for fourth quarter 2015 [Member] | ||||
Subsequent Event [Line Items] | ||||
Dividends payable, per share | $ 0.1 | |||
Date of payment of dividends | Feb. 6, 2017 | |||
Dividends date of record | Jan. 23, 2017 | |||
January 3, 2016, Preferred stock series B dividends declared [Member] | ||||
Subsequent Event [Line Items] | ||||
Dividends payable, per share | $ 0.476563 | |||
Date of payment of dividends | Jan. 17, 2017 | |||
Dividends date of record | Jan. 13, 2017 | |||
January 3, 2016, Preferred stock series C dividends declared [Member] | ||||
Subsequent Event [Line Items] | ||||
Dividends payable, per share | $ 0.53125 | |||
Date of payment of dividends | Jan. 17, 2017 | |||
Dividends date of record | Jan. 13, 2017 | |||
January 3, 2016, Preferred stock series D dividends declared [Member] | ||||
Subsequent Event [Line Items] | ||||
Dividends payable, per share | $ 0.546875 | |||
Date of payment of dividends | Jan. 17, 2017 | |||
Dividends date of record | Jan. 13, 2017 |