Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2023 shares | |
Entity Listings [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2023 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-34934 |
Entity Registrant Name | COSTAMARE INC. |
Entity Central Index Key | 0001503584 |
Entity Incorporation, State or Country Code | 1T |
Entity Address, Address Line One | 7 Rue du Gabian |
Entity Address, City or Town | MC |
Entity Address, Country | MC |
Entity Address, Postal Zip Code | 98000 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Accounting Standard | U.S. GAAP |
Document Financial Statement Error Correction [Flag] | false |
Entity Shell Company | false |
Auditor Firm ID | 1457 |
Auditor Name | Ernst & Young (Hellas) Certified Auditors Accountants S.A. |
Auditor Location | Athens, Greece |
Business Contact [Member] | |
Entity Listings [Line Items] | |
Entity Address, Address Line One | 7 rue du Gabian |
Entity Address, City or Town | MC |
Entity Address, Country | MC |
Entity Address, Postal Zip Code | 98000 |
City Area Code | 377 |
Local Phone Number | 93 25 09 40 |
Contact Personnel Name | Anastassios Gabrielides |
Common Stock [Member] | |
Entity Listings [Line Items] | |
Title of 12(b) Security | Common Stock, $0.0001 par value per share |
Trading Symbol | CMRE |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 118,374,623 |
Preferred Stock [Member] | |
Entity Listings [Line Items] | |
Title of 12(b) Security | Preferred stock purchase rights |
No Trading Symbol Flag | true |
Security Exchange Name | NYSE |
Series B Preferred Stock [Member] | |
Entity Listings [Line Items] | |
Title of 12(b) Security | Series B Preferred Shares, $0.0001 par value per share |
Trading Symbol | CMRE.PRB |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 1,970,649 |
Series C Preferred Stock [Member] | |
Entity Listings [Line Items] | |
Title of 12(b) Security | Series C Preferred Shares, $0.0001 par value per share |
Trading Symbol | CMRE.PRC |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 3,973,135 |
Series D Preferred Stock [Member] | |
Entity Listings [Line Items] | |
Title of 12(b) Security | Series D Preferred Shares, $0.0001 par value per share |
Trading Symbol | CMRE.PRD |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 3,986,542 |
Series E Preferred Stock [Member] | |
Entity Listings [Line Items] | |
Title of 12(b) Security | Series E Preferred Stock, $0.0001 par value per share |
Trading Symbol | CMRE.PRE |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 4,574,100 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
CURRENT ASSETS: | ||
Cash and cash equivalents (Note 2(e)) | $ 745,544 | $ 718,049 |
Restricted cash (Note 2(e)) | 10,645 | 9,768 |
Margin deposits (Note 22(d)) | 13,748 | 0 |
Inventories (Note 6) | 61,266 | 28,039 |
Fair value of derivatives (Notes 22 and 23) | 33,310 | 25,660 |
Insurance claims receivable | 18,458 | 5,410 |
Time charter assumed (Note 14) | 405 | 199 |
Accrued charter revenue (Note 14) | 9,752 | 10,885 |
Short-term investments (Note 5) | 17,492 | 120,014 |
Investment in leaseback vessels (Note 12(b)) | 27,362 | 0 |
Net investment in sales type lease vessels, current (Note 12(c)) | 22,620 | 0 |
Prepayments and other assets | 61,949 | 10,622 |
Vessels held for sale (Note 7) | 40,307 | 55,195 |
Total current assets | 1,117,661 | 1,014,622 |
FIXED ASSETS, NET: | ||
Vessels and advances, net (Note 7) | 3,446,797 | 3,666,861 |
Total fixed assets, net | 3,446,797 | 3,666,861 |
OTHER NON-CURRENT ASSETS: | ||
Equity method investments (Note 10) | 552 | 20,971 |
Investment in leaseback vessels, non-current (Note 12(b)) | 191,674 | 0 |
Accounts receivable, net, non-current (Note 3) | 5,586 | 5,261 |
Deferred charges, net (Note 8) | 72,801 | 55,035 |
Finance leases, right-of-use assets (Note 12(a)) | 39,211 | 0 |
Net investment in sales type lease vessels, non-current (Note 12(c)) | 19,482 | 0 |
Restricted cash, non-current (Note 2(e)) | 69,015 | 83,741 |
Time charter assumed, non-current (Note 14) | 269 | 468 |
Accrued charter revenue, non-current (Note 14) | 10,937 | 11,627 |
Fair value of derivatives, non-current (Notes 22 and 23) | 28,639 | 37,643 |
Operating leases, right-of-use assets (Note 13) | 284,398 | 0 |
Total assets | 5,287,022 | 4,896,229 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt, net of deferred financing costs (Note 11) | 347,027 | 320,114 |
Finance lease liability (Note 12 (a)) | 2,684 | 0 |
Operating lease liabilities, current portion (Note 13) | 160,993 | 0 |
Accrued liabilities | 39,521 | 51,551 |
Unearned revenue (Note 14) | 52,177 | 25,227 |
Fair value of derivatives (Notes 22 and 23) | 3,050 | 2,255 |
Other current liabilities | 7,377 | 3,456 |
Total current liabilities | 662,770 | 423,090 |
NON-CURRENT LIABILITIES: | ||
Long-term debt, net of current portion and deferred financing costs (Note 11) | 1,999,193 | 2,264,507 |
Finance lease liability, net of current portion (Note 12 (a)) | 23,877 | 0 |
Operating lease liabilities, non-current portion (Note 13) | 114,063 | 0 |
Fair value of derivatives, non-current portion (Notes 22 and 23) | 11,194 | 13,655 |
Unearned revenue, net of current portion (Note 14) | 27,352 | 34,540 |
Other non-current liabilities | 9,184 | 0 |
Total non-current liabilities | 2,184,863 | 2,312,702 |
COMMITMENTS AND CONTINGENCIES (Note 15) | ||
Temporary equity - Redeemable non-controlling interest in subsidiary - (Note 16) | 629 | 3,487 |
STOCKHOLDERS' EQUITY: | ||
Preferred stock (Note 17) | 0 | 0 |
Common stock (Note 17) | 13 | 12 |
Treasury stock (Note 17) | (120,095) | (60,095) |
Additional paid-in capital (Note 17) | 1,435,294 | 1,423,954 |
Retained earnings | 1,045,932 | 746,658 |
Accumulated other comprehensive income (Notes 22 and 24) | 21,387 | 46,421 |
Total Costamare Inc. stockholders' equity | 2,382,531 | 2,156,950 |
Non-controlling interest (Note 1) | 56,229 | 0 |
Total stockholders' equity | 2,438,760 | 2,156,950 |
Total liabilities and stockholders' equity | 5,287,022 | 4,896,229 |
Nonrelated Party [Member] | ||
CURRENT ASSETS: | ||
Accounts receivable, net (Note 3) | 50,684 | 26,943 |
CURRENT LIABILITIES: | ||
Accounts payable | 46,769 | 18,155 |
Related Party [Member] | ||
CURRENT ASSETS: | ||
Accounts receivable, net (Note 3) | 4,119 | 3,838 |
CURRENT LIABILITIES: | ||
Accounts payable | $ 3,172 | $ 2,332 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
REVENUES: | |||
Voyage revenue (Note 19) | $ 1,502,491 | $ 1,113,859 | $ 793,639 |
Income from investments in leaseback vessels | 8,915 | 0 | 0 |
Revenues | 1,511,406 | 1,113,859 | 793,639 |
EXPENSES: | |||
Voyage expenses | (275,856) | (49,069) | (13,311) |
Charter-in hire expenses (Note 2(q)) | (340,926) | 0 | 0 |
Voyage expenses-related parties (Note 3) | (13,993) | (15,418) | (11,089) |
Vessels' operating expenses | (258,088) | (269,231) | (179,981) |
General and administrative expenses | (15,674) | (9,737) | (6,872) |
General and administrative expenses - related parties (Note 3) | (8,542) | (9,792) | (9,947) |
Management and agency fees-related parties (Note 3) | (56,254) | (46,735) | (29,621) |
Amortization of dry-docking and special survey costs (Note 8) | (19,782) | (13,486) | (10,433) |
Depreciation (Notes 7, 12 and 24) | (166,340) | (165,998) | (136,958) |
Gain on sale of vessels, net (Notes 7 and 12 (c)) | 112,220 | 126,336 | 45,894 |
Loss on vessels held for sale (Note 7) | (2,305) | 0 | 0 |
Vessels' impairment loss (Notes 7 and 8) | (434) | (1,691) | 0 |
Foreign exchange gains | 2,576 | 3,208 | 29 |
Operating income | 468,008 | 662,246 | 441,350 |
OTHER INCOME / (EXPENSES): | |||
Interest income | 32,447 | 5,956 | 1,587 |
Interest and finance costs (Note 20) | (144,429) | (122,233) | (86,047) |
Income from equity method investments (Note 10) | 764 | 2,296 | 12,859 |
Gain on sale of equity securities (Note 5) | 0 | 0 | 60,161 |
Dividend income (Note 5) | 0 | 0 | 1,833 |
Other, net | 6,941 | 3,729 | 4,624 |
Gain / (loss) on derivative instruments, net (Note 22) | 17,288 | 2,698 | (1,246) |
Total other expenses, net | (86,989) | (107,554) | (6,229) |
Net income | 381,019 | 554,692 | 435,121 |
Net loss attributable to the non-controlling interest (Note 16) | 4,730 | 263 | 0 |
Net income attributable to Costamare Inc. | 385,749 | 554,955 | 435,121 |
Earnings allocated to Preferred Stock (Note 18) | (31,068) | (31,068) | (31,068) |
Net income available to Common Stockholders | $ 354,681 | $ 523,887 | $ 404,053 |
Earnings per common share, basic and diluted (Note 18) (in dollars per share) | $ 2.95 | $ 4.26 | $ 3.28 |
Weighted average number of shares, basic and diluted (Note 18) (in shares) | 120,299,172 | 122,964,358 | 123,070,730 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated Statements of Comprehensive Income [Abstract] | |||
Net income for the year | $ 381,019 | $ 554,692 | $ 435,121 |
Other comprehensive income: | |||
Unrealized gain / (loss) on cash flow hedges, net (Notes 22 and 24) | (29,876) | 46,435 | 6,799 |
Reclassification of amount excluded from the interest rate caps assessment of effectiveness based on an amortization approach to Interest and finance costs (Notes 20, 22 and 24) | 4,354 | 1,286 | 0 |
Effective portion of changes in fair value of cash flow hedges (Notes 22 and 24) | 425 | 868 | (1,136) |
Amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to Depreciation (Note 24) | 63 | 63 | 63 |
Other comprehensive income / (loss) for the year | (25,034) | 48,652 | 5,726 |
Total comprehensive income for the year | 355,985 | 603,344 | 440,847 |
Comprehensive loss attributable to the non-controlling interest (Note 16) | 4,730 | 263 | 0 |
Total comprehensive income for the year attributable to Costamare Inc. | $ 360,715 | $ 603,607 | $ 440,847 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Preferred Stock [Member] Series E Preferred Stock [Member] | Preferred Stock [Member] Series D Preferred Stock [Member] | Preferred Stock [Member] Series C Preferred Stock [Member] | Preferred Stock [Member] Series B Preferred Stock [Member] | Common Stock [Member] | Treasury Stock, Common [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total | |
Balance (in shares) at Dec. 31, 2020 | 4,574,100 | 3,986,542 | 3,973,135 | 1,970,649 | 122,160,638 | 0 | |||||||
Balance at Dec. 31, 2020 | $ 0 | $ 0 | $ 0 | $ 0 | $ 12 | $ 0 | $ 1,366,486 | $ (7,957) | $ (9,721) | $ 1,348,820 | $ 0 | $ 1,348,820 | |
- Net income | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 0 | 0 | 435,121 | 435,121 | 0 | 435,121 | |
- Issuance of common stock (Notes 3 and 17) (in shares) | 0 | 0 | 0 | 0 | 1,824,466 | 0 | |||||||
- Issuance of common stock (Notes 3 and 17) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 20,064 | 0 | 0 | 20,064 | 0 | 20,064 | |
- Dividends - Common stock (Note 17) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (52,850) | (52,850) | 0 | (52,850) | |
- Dividends - Preferred stock (Note 17) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (31,068) | (31,068) | 0 | (31,068) | |
-Gain from common control transaction (Note 3) | 0 | 0 | 0 | 0 | 0 | 0 | 86 | 0 | 0 | 86 | 0 | 86 | |
- Other comprehensive income (loss) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 0 | 5,726 | 0 | 5,726 | 0 | $ 5,726 | |
- Repurchase of common stock (Note 17) (in shares) | 0 | ||||||||||||
Balance (in shares) at Dec. 31, 2021 | 4,574,100 | 3,986,542 | 3,973,135 | 1,970,649 | 123,985,104 | 0 | |||||||
Balance at Dec. 31, 2021 | $ 0 | $ 0 | $ 0 | $ 0 | $ 12 | $ 0 | 1,386,636 | (2,231) | 341,482 | 1,725,899 | 0 | $ 1,725,899 | |
- Net income | 554,692 | ||||||||||||
- Issuance of common stock (Notes 3 and 17) (in shares) | 0 | 0 | 0 | 0 | 3,053,309 | 0 | |||||||
- Issuance of common stock (Notes 3 and 17) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 37,318 | 0 | 0 | 37,318 | 0 | 37,318 | |
- Dividends - Common stock (Note 17) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (118,711) | (118,711) | 0 | (118,711) | |
- Dividends - Preferred stock (Note 17) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (31,068) | (31,068) | 0 | (31,068) | |
- Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 48,652 | 0 | 48,652 | 0 | 48,652 | |
- Net income(1) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 0 | 0 | 554,955 | 554,955 | 0 | $ 554,955 | |
- Repurchase of common stock (Note 17) (in shares) | 0 | 0 | 0 | 0 | 0 | (4,736,702) | (4,736,702) | ||||||
- Repurchase of common stock (Note 17) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (60,095) | 0 | 0 | 0 | (60,095) | 0 | $ (60,095) | |
Balance (in shares) at Dec. 31, 2022 | 4,574,100 | 3,986,542 | 3,973,135 | 1,970,649 | 127,038,413 | (4,736,702) | |||||||
Balance at Dec. 31, 2022 | $ 0 | $ 0 | $ 0 | $ 0 | $ 12 | $ (60,095) | 1,423,954 | 46,421 | 746,658 | 2,156,950 | 0 | 2,156,950 | |
- Net income | 381,019 | ||||||||||||
- Issuance of common stock (Notes 3 and 17) (in shares) | 0 | 0 | 0 | 0 | 2,340,720 | 0 | |||||||
- Issuance of common stock (Notes 3 and 17) | $ 0 | $ 0 | $ 0 | $ 0 | $ 1 | $ 0 | 22,171 | 0 | 0 | 22,172 | 0 | 22,172 | |
- Dividends - Common stock (Note 17) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (55,407) | (55,407) | 0 | (55,407) | |
- Dividends - Preferred stock (Note 17) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (31,068) | (31,068) | 0 | (31,068) | |
- Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (25,034) | 0 | (25,034) | 0 | (25,034) | |
- Net income(1) | [1] | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 0 | 0 | 385,749 | 385,749 | 1,878 | $ 387,627 |
- Repurchase of common stock (Note 17) (in shares) | 0 | 0 | 0 | 0 | 0 | (6,267,808) | (6,267,808) | ||||||
- Repurchase of common stock (Note 17) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (60,000) | 0 | 0 | 0 | (60,000) | 0 | $ (60,000) | |
-Acquisition of non-controlling interest (Note 1) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 34,132 | 34,132 | |
- Issuance of subsidiary shares to non-controlling interest (Note 1) | 0 | 0 | 0 | 0 | 0 | 0 | (10,831) | 0 | 0 | (10,831) | 22,091 | 11,260 | |
- Dividends to non-controlling shareholders of subsidiary | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 0 | 0 | 0 | 0 | (1,872) | (1,872) | |
Balance (in shares) at Dec. 31, 2023 | 4,574,100 | 3,986,542 | 3,973,135 | 1,970,649 | 129,379,133 | (11,004,510) | |||||||
Balance at Dec. 31, 2023 | $ 0 | $ 0 | $ 0 | $ 0 | $ 13 | $ (120,095) | $ 1,435,294 | $ 21,387 | $ 1,045,932 | $ 2,382,531 | $ 56,229 | $ 2,438,760 | |
[1]Net income excludes net loss attributable to non-controlling interest of $263 and $6,608 during the years ended December 31, 2022 and 2023. Temporary equity - non-controlling interest in subsidiary is reflected outside of the permanent stockholders’ equity on the 2022 and 2023 consolidated balance sheets. See Note 16 of the Notes to the Consolidated Financial Statements. |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
Net income, redeemable non-controlling interest | $ 6,608 | $ 263 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows From Operating Activities: | |||
Net income: | $ 381,019 | $ 554,692 | $ 435,121 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 166,340 | 165,998 | 136,958 |
Credit loss provision | 0 | 0 | (324) |
Amortization of debt discount | 0 | 0 | (1,280) |
Amortization and write-off of financing costs | 8,918 | 10,255 | 6,704 |
Amortization of deferred dry-docking and special survey costs | 19,782 | 13,486 | 10,433 |
Amortization of assumed time charter | (197) | 198 | (424) |
Amortization of hedge effectiveness excluded component from cash flow hedges | 4,354 | 1,286 | 0 |
Equity based payments | 5,850 | 7,089 | 7,414 |
Increase in short-term investments | (3,618) | (1,296) | 0 |
Gain on sale of equity securities | 0 | 0 | (60,161) |
(Gain) / loss on derivative instruments, net | (4,801) | (2,698) | 1,246 |
Gain on sale of vessels, net | (112,220) | (126,336) | (45,894) |
Loss on vessels held for sale | 2,305 | 0 | 0 |
Vessels' impairment loss | 434 | 1,691 | 0 |
Income from equity method investments | (764) | (2,296) | (12,859) |
Changes in operating assets and liabilities: | |||
Accounts receivable | (36,619) | (6,150) | (12,828) |
Due from related parties | (281) | (3,838) | 3,549 |
Inventories | (32,975) | (6,674) | (9,917) |
Insurance claims receivable | (20,582) | (4,209) | (4,102) |
Prepayments and other | (59,088) | (361) | 3,133 |
Accounts payable | 27,896 | (710) | 9,639 |
Due to related parties | (928) | 638 | 1,261 |
Accrued liabilities | (12,542) | 21,903 | 11,892 |
Unearned revenue | 17,191 | (2,267) | 11,347 |
Other liabilities | 11,140 | 1,039 | (599) |
Dividend from equity method investees | 4,002 | 1,114 | 6,370 |
Dry-dockings | (43,233) | (38,330) | (18,882) |
Accrued charter revenue | 9,985 | (2,631) | (11,303) |
Net Cash provided by Operating Activities | 331,368 | 581,593 | 466,494 |
Cash Flows From Investing Activities: | |||
Equity method investments | (1,274) | 0 | 0 |
Return of capital from equity method investments | 2,927 | 14 | 8,820 |
Payments to acquire short-term investments | (199,555) | (178,718) | 0 |
Settlements of short-term investments | 305,695 | 60,000 | 0 |
Debt securities capital redemption | 0 | 0 | 8,183 |
Proceeds from the settlement of insurance claims | 7,763 | 2,769 | 1,035 |
Acquisition of a subsidiary, net of cash acquired | 2,796 | 0 | 0 |
Issuance of investments in leaseback vessels | (198,832) | 0 | 0 |
Capital collections from vessels' leaseback arrangements | 18,832 | 0 | 0 |
Proceeds from sale of equity securities | 0 | 0 | 63,963 |
Vessel acquisition and advances/Additions to vessel cost | (83,494) | (61,895) | (992,093) |
Proceeds from the sale of vessels, net | 224,235 | 220,318 | 122,636 |
Net Cash provided by / (used in) in Investing Activities | 79,093 | 42,488 | (787,456) |
Cash Flows From Financing Activities: | |||
Proceeds from long-term debt and finance leases | 576,206 | 1,014,284 | 1,225,397 |
Repayment of long-term debt and finance leases | (832,168) | (984,313) | (655,400) |
Payment of financing costs | (25,149) | (20,129) | (16,140) |
Repurchase of common stock | (60,000) | (60,095) | 0 |
Dividends paid | (71,867) | (119,548) | (71,263) |
Proceeds from stock issuance | 16,163 | 3,750 | 0 |
Net Cash provided by / (used in) Financing Activities | (396,815) | (166,051) | 482,594 |
Net increase in cash, cash equivalents and restricted cash | 13,646 | 458,030 | 161,632 |
Cash, cash equivalents and restricted cash at beginning of the year | 811,558 | 353,528 | 191,896 |
Cash, cash equivalents and restricted cash at end of the year | 825,204 | 811,558 | 353,528 |
Supplemental Cash Information: | |||
Cash paid during the year for interest, net of capitalized interest | 152,628 | 100,699 | 71,813 |
Non-Cash Investing and Financing Activities: | |||
Dividend reinvested in common stock of the Company | 16,321 | 30,231 | 12,655 |
Right-of-use assets obtained in exchange for operating lease obligations | $ 440,202 | $ 0 | $ 0 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and General Information | 12 Months Ended |
Dec. 31, 2023 | |
Basis of Presentation and General Information [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Basis of Presentation and General Information: The accompanying consolidated financial statements include the accounts of Costamare Inc. (“Costamare”) and its wholly-owned and majority-owned subsidiaries (collectively, the “Company”). Costamare is organized under the laws of the Republic of the Marshall Islands. 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”). During the year ended December 31, 2023, the Company issued 598,400 shares to Costamare Shipping Services Ltd. (“Costamare Services”) (Note 3). On July 6, 2016, the Company implemented a dividend reinvestment plan (the “Plan”) (Note 17). As of December 31, 2023, under the Plan, the Company has issued to its common stockholders 20,810,518 shares, in aggregate. As of December 31, 2023, the aggregate outstanding share capital was 118,374,623 As of December 31, 2023 , the Company owned and/or operated a fleet of 68 container vessels with a total carrying capacity of approximately 512,989 twenty-foot equivalent units (“TEU”) and 42 dry bulk vessels with a total carrying capacity of approximately 2,604,720 of dead-weight tonnage (“DWT”), through wholly owned subsidiaries. As of December 31, 2022 , the Company owned and/or operated a fleet of 69 container vessels with a total carrying capacity of approximately twenty-foot equivalent units (“TEU”) and 45 dry bulk vessels with a total carrying capacity of approximately 2,436,134 of dead-weight tonnage (“DWT”), through wholly owned subsidiaries. The Company provides worldwide marine transportation services by chartering its container vessels to some of the world’s leading liner operators and since June 14, 2021, by chartering its dry bulk vessels to a diverse group of charterers (Note 3(d)). During the fourth quarter of 2022, the Company established a dry bulk operating platform under Costamare Bulkers Inc. (“CBI”), a majority-owned subsidiary of Costamare organized in the Republic of the Marshall Islands and agreed to invest an amount of up to $200,000 (Note 16). CBI is chartering-in and chartering-out dry bulk vessels, entering into contracts of affreightment, forward freight agreements (“FFAs”) and may also utilize hedging In March 2023, the Company entered into an agreement with Neptune Maritime Leasing Limited (“NML”) pursuant to which it agreed to invest in NML’s ship sale and leaseback business up to $200,000 in exchange for up to 40% of its ordinary shares and up to 79.05% of its preferred shares. In addition, the Company received a special ordinary share in NML which carries 75% of the voting rights of the ordinary shares providing control over NML. NML was established in 2021 to acquire, own and bareboat charter out vessels through its wholly-owned subsidiaries. On March 30, 2023, the Company invested in NML the amount of $11,099 At December 31, 2023, Costamare had 146 wholly-owned subsidiaries incorporated in the Republic of Liberia, 13 incorporated in the Republic of the Marshall Islands and one incorporated in the Republic of Cyprus. In addition, as of December 31, 2023, Costamare had one majority-owned subsidiary incorporated in the Republic of the Marshall Islands and controlled one company incorporated under the laws of Jersey, which had 25 subsidiaries incorporated in the Republic of the Marshall Islands and one incorporated in the Republic of Liberia. As the international container shipping industry recovered from the COVID-19 pandemic, time charter rates improved significantly from their sizable pandemic-related declines until the first half of 2022, due to the increased demand for containerized goods coupled with inefficiencies in the global supply chain caused by the pandemic. However, since June 2022, time charter rates for containerships (across all sizes) have demonstrated significant declines of 84% on average, mainly driven by reduced growth in the transportation of containerized goods, inflation, and the normalization of supply chains. The economic environment of the dry bulk segment improved significantly in 2021 and the first half of 2022 due to the increase in the demand for commodities. However, during 2022, mainly due to the Russia-Ukraine conflict, the strict COVID-19 lockdown policies in China and the emergence of inflationary pressures, demand for seaborne dry bulk trade softened and BDI dropped in the end of 2022 by 49% compared to the previous year. The Company will continue to monitor the global economic conditions, the Russia-Ukraine conflict, the Israeli-Hamas conflict and the Red Sea vessels rerouting, along with their potential direct or indirect negative effects on the containership and dry bulk markets and will provide further updates if market circumstances warrant it. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies and Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2023 | |
Significant Accounting Policies and Recent Accounting Pronouncements [Abstract] | |
Significant Accounting Policies [Text Block] | 2. Significant Accounting Policies and Recent Accounting Pronouncements: (a) Principles of Consolidation: The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The consolidated financial statements include the accounts of Costamare and its wholly owned and majority-owned subsidiaries. All intercompany balances and transactions have been eliminated upon 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”, 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 entity’s expected losses, receives a majority of an entity’s 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, 2022 and 2023 no such interest existed. (b) Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. (c) Comprehensive Income / (Loss): In the statement of comprehensive income, the Company presents the change in equity (net assets) during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by shareholders and distributions to shareholders. The Company follows the provisions of ASC 220 “Comprehensive Income”, and presents items of net income, items of other comprehensive income (“OCI”) and total comprehensive income in two separate but consecutive statements. Reclassification adjustments between OCI and net income are required to be presented separately on the statement of comprehensive income. (d) Foreign Currency Translation: The functional currency of the Company is the U.S. dollar because the Company’s vessels operate in international shipping markets and, therefore, primarily transact business in U.S. dollars. The Company’s books of accounts are maintained in U.S. dollars. Transactions involving other currencies during the year are converted into U.S. dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are translated into U.S. dollars at the year-end exchange rates. Resulting gains or losses are reflected separately in the accompanying consolidated statements of operations. (e) Cash, Cash Equivalents and Restricted Cash: The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents. Cash also includes other kinds of accounts that have the general characteristics of demand deposits in that the customer may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Restricted cash consists of minimum cash deposits to be maintained at all times under certain of the Company’s loan agreements. Restricted cash also includes bank deposits and deposits in so-called “retention accounts” that are required under the Company’s borrowing arrangements which are used to fund the loan installments coming due. The funds can only be used for the purposes of loan repayment. A reconciliation of the cash, cash equivalents and restricted cash is presented in the table below: For the years ended December 31, 2021 2022 2023 Reconciliation of cash, cash equivalents and restricted cash Cash and cash equivalents $ 276,002 $ 718,049 $ 745,544 Restricted cash – current portion 8,856 9,768 10,645 Restricted cash – non-current portion 68,670 83,741 69,015 Total cash, cash equivalents and restricted cash $ 353,528 $ 811,558 $ 825,204 (f) Accounts Receivable, net: The amount shown as receivables, at each balance sheet date, mainly includes receivables from charterers for hire, freight and demurrage, net of any provision for doubtful accounts and accrued interest on these receivables, if any. Operating lease receivables under ASC 842 are not in scope of ASC 326. ASC 842 requires lessors to evaluate the collectability of all lease payments. If collection of all operating lease payments, plus any amount necessary to satisfy a residual value guarantee, is not probable (either at lease commencement or after the commencement date), lease income is constrained to the lesser of cash collected or lease income reflected on a straight-line or another systematic basis, plus variable rent when it becomes accruable. The provision established for doubtful accounts as of December 31, 2022 and 2023, was nil (g) Inventories: Inventories consist of bunkers, lubricants and spare parts which are stated at the lower of cost and net realizable value on a consistent basis. Cost is determined by the first in, first out method. (h) Insurance Claims Receivable: The Company records insurance claim recoveries for insured losses incurred on damage to fixed assets and for insured crew medical expenses. Insurance claim recoveries are recorded, net of any deductible amounts, at the time the Company’s fixed assets suffer insured damages or when crew medical expenses are incurred, recovery is probable under the related insurance policies and the claim is not subject to litigation. The Company assessed the provisions of “ASC 326 Financial Instruments — Credit Losses” by assessing the counterparties’ credit worthiness and concluded that there is no material impact in the Company’s financial statements. (i) Vessels, Net: Vessels are stated at cost, which consists of the contract price and any material expenses incurred upon acquisition (initial repairs, improvements and delivery expenses, interest and on-site supervision costs incurred during the construction periods). Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise, these amounts are charged to expense as incurred. The cost of each of the Company’s vessels is depreciated from the date of acquisition on a straight-line basis over the vessel’s 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. Management estimates the useful life of the Company’s container and dry bulk vessels to be 30 and 25 years, respectively, from the date of initial delivery from the shipyard and the estimated scrap rate used to calculate the vessels’ salvage value is $0.300 per lightweight ton for both container and dry bulk vessels. Secondhand container and dry bulk vessels are depreciated from the date of their acquisition through their remaining estimated useful life. If the estimated economic lives assigned to the Company’s vessels prove to be too long because of unforeseen events such as an extended period of weak markets, the broad imposition of age restrictions by the Company’s customers, new regulations, or other events, the remaining estimated useful life of any affected vessel is adjusted accordingly. (j) Time Charters Assumed with the Acquisition of Second-hand Vessels : The Company records identified assets or liabilities associated with the acquisition of a vessel at fair value, determined by reference to market data. The Company values any asset or liability arising from the market value of any time charters assumed when a vessel is acquired from entities that are not under common control. This policy does not apply when a vessel is acquired from entities that are under common control. The amount to be recorded as an asset or liability of the time charter assumed at the date of vessel delivery is based on the difference between the current fair market value of the time charter and the net present value of future contractual cash flows under the time charter. When the present value of the contractual cash flows of the time charter assumed is greater than its current fair value, the difference is recorded as accrued charter revenue. When the opposite situation occurs, any difference, capped to the vessel’s fair value on a charter free basis, is recorded as unearned revenue. Such assets and liabilities, respectively, are amortized as a reduction of, or an increase in, revenue over the period of the time charter assumed. (k) Impairment of Long-lived Assets: The Company reviews its vessels for impairment whenever events or changes in circumstances indicate that the carrying amount of a vessel might not be recoverable. The Company considers information, such as vessel sales and purchases, business plans and overall market conditions in order to determine if an impairment might exist. As part of the identification of impairment indicators and Step 1 of impairment analysis the Company computes estimates of the future undiscounted net operating cash flows for each vessel based on assumptions regarding time charter rates, vessels’ operating expenses, vessels’ capital expenditures, vessels’ residual value, fleet utilization and the estimated remaining useful life of each vessel. Container vessels: The future undiscounted net operating cash flows are determined as the sum of (x) (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 after eliminating outliers and without adjustment for any growth rate) over the remaining estimated life of the vessel, assuming an estimated fleet utilization rate, less (y) (i) expected outflows for vessels’ operating expenses assuming an expected increase in expenses of 2.5% over a five-year period, based on management’s estimates taking into consideration the Company’s historical data, (ii) planned dry-docking and special survey expenditures and (iii) management fees expenditures. Charter rates for container shipping vessels are cyclical and subject to significant volatility based on factors beyond the Company’s control. Therefore, the Company considers the most recent ten-year historical average, after eliminating outliers, to be a reasonable estimation of expected future charter rates over the remaining useful life of the Company’s vessels. The Company defines outliers as index values provided by an independent, third-party maritime research services provider. Given the spread of rates between peaks and troughs over the decade, the Company believes the most recent ten-year historical average rates, after eliminating outliers, provide a fair estimate in determining a rate for long-term forecasts. The salvage value used in the impairment test is estimated at $0.300 per light weight ton in accordance with the container vessels’ depreciation policy. Dry bulk vessels: The future undiscounted net operating cash flows are determined as the sum of (x) (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 (using the most recent ten- year average of historical one-year time charter rates available for each type of dry bulk vessel over the remaining estimated life of each vessel, net of commissions), assuming an estimated fleet utilization rate, less (y) (i) expected outflows for vessels’ operating expenses assuming an expected increase in expenses of 2.5% over a five-year period, based on management’s estimates, (ii) planned dry-docking and special survey expenditures and (iii) management fees expenditures. Charter rates for dry bulk vessels are cyclical and subject to significant volatility based on factors beyond the Company’s control. Therefore, the Company considers the most recent ten-year average of historical one-year time charter rates available for each type of dry bulk vessel, to be a reasonable estimation of expected future charter rates over the remaining useful life of its dry bulk vessels. The Company believes the most recent ten-year average of historical one-year time charter rates available for each type of dry bulk vessel provide a fair estimate in determining a rate for long-term forecasts. The salvage value used in the impairment test is estimated at $0.300 per light weight ton in accordance with the dry bulk vessels’ depreciation policy. The assumptions used to develop estimates of future undiscounted net operating cash flows are based on historical trends as well as future expectations. If those future undiscounted net operating cash flows are greater than a vessel’s carrying value, there are no impairment indications for such vessel. If those future undiscounted net operating cash flows are less than a vessel’s carrying value, including unamortized dry-docking costs (Note 2(m)), the Company proceeds to Step 2 of the impairment analysis for such vessel. In Step 2 of the impairment analysis, the Company determines the fair value of the vessels that failed Step 1 of the impairment analysis, based on management estimates and assumptions, making use of available market data and taking into consideration third party valuations. Therefore, the Company has categorized the fair value of the vessels as Level 2 in the fair value hierarchy. The difference between the carrying value of the vessels that failed Step 1 of the impairment analysis and their fair value as calculated in Step 2 of the impairment analysis is recognized in the Company’s accounts as impairment loss. The review of the carrying amounts in connection with the estimated recoverable amount of the Company’s vessels as of December 31, 2023 resulted in an impairment loss of $434. As of December 31, 2021 and 2022, the Company concluded that nil (l) Long-lived Assets Classified as Held for Sale: The Company classifies long lived assets and disposal groups as being held for sale in accordance with ASC 360, Property, Plant and Equipment, when: (i) management, having the authority to approve the action, commits to a plan to sell the asset; (ii) the asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets; (iii) an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated; (iv) the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year; (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Long lived assets classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. According to ASC 360-10-35, the fair value less cost to sell of the long-lived asset (disposal group) should be assessed each reporting period it remains classified as held for sale. Subsequent changes in the long-lived asset's fair value less cost to sell (increase or decrease) would be reported as an adjustment to its carrying amount, except that the adjusted carrying amount should not exceed the carrying amount of the long-lived asset at the time it was initially classified as held for sale. These long-lived assets are not depreciated once they meet the criteria to be classified as held for sale and are classified in current assets on the consolidated balance sheet. As of December 31, 2023 and 2022, four dry bulk vessels and two container vessels were classified as Held for sale, respectively. (m) Accounting for Special Survey and Dry-docking Costs: The Company follows the deferral method of accounting for special survey and dry-docking costs whereby actual costs incurred are deferred and are amortized on a straight-line basis over the period through the date the next survey is scheduled to become due. Costs deferred are limited to actual costs incurred at the yard and parts used in the dry-docking or special survey. If a survey is performed prior to the scheduled date, the remaining unamortized balances are immediately written off. Unamortized balances of vessels that are sold are written-off and included in the calculation of the resulting gain or loss in the period of the vessel’s sale. Furthermore, unamortized dry-docking and special survey balances of vessels that are classified as Assets held for sale and are not recoverable as of the date of such classification are immediately written-off to the consolidated statement of operations. (n) Financing Costs: Costs associated with new loans or refinancing of existing loans, including fees paid to lenders or required to be paid to third parties on the lender’s behalf for obtaining new loans or refinancing existing loans, are recorded as deferred charges. Deferred financing costs are presented as a deduction from the corresponding liability. Such fees are deferred and amortized to interest and finance costs during the life of the related debt using the effective interest method. Unamortized fees relating to loans repaid or refinanced, meeting the criteria of debt extinguishment, are expensed in the period the repayment or refinancing is made. (o) Concentration of Credit Risk: Financial instruments which potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents, accounts receivable, net (included in current and non-current assets), equity method investments, and derivative contracts (interest rate swaps, interest rate caps, cross-currency rate swaps, foreign currency contracts, FFAs and bunkers swap agreements) (p) Accounting for Voyage Revenues and Expenses: Voyage revenues are primarily generated from time charter or voyage charter agreements. Time charter agreements contain a lease as they meet the criteria of a lease under ASC 842. All agreements contain a minimum non-cancellable period and an extension period at the option of the charterer. Each lease term is assessed at the inception of that lease. Under a time-charter agreement, the charterer pays a daily hire for the use of the vessel and reimburses the owner for hold cleanings, extra insurance premiums for navigating in restricted areas and damages caused by such charterer. Additionally, the owner pays commissions on the daily hire, to both the charterer and the brokers, which are direct costs and are recorded in voyage expenses. Under a time-charter agreement, the owner provides services related to the operation and the maintenance of the vessel, including crew, spares and repairs, which are recognized in operating expenses. Time charter revenues are recognized over the term of the charter as service is provided, when they become fixed and determinable. Revenues from time charter agreements providing for varying annual rates are accounted for as operating leases and thus recognized on a straight-line basis over the non-cancellable rental periods of such agreements, as service is performed. Revenue generated from variable lease payments is recognized in the period when changes in the facts and circumstances on which the variable lease payments are based occur. 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. The charterer may charter the vessel with or without the owner’s crew and other operating services (time charter and bareboat charter, respectively). Thus, the agreed daily rates (hire rates) in the case of time charter agreements also include compensation for part of the agreed crew and other operating and maintenance services provided by the owner (non-lease components). The Company, as lessor, has elected not to allocate the consideration in the agreement to the separate lease and non-lease components, as their timing and pattern of transfer to the charterer, as the lessee, are the same and the lease component, if accounted for separately, would be classified as an operating lease. Additionally, the lease component is considered the predominant component as the Company has assessed that more value is ascribed to the lease of the vessel rather than to the services provided under the time charter contracts. Under a voyage charter, a vessel is provided for the transportation of specific goods between specific ports in return for payment of an agreed upon freight per ton of cargo. The Company has determined that its voyage charter agreements do not contain a lease because the charterer under such contracts does not have the right to control the use of the vessel since the Company, as the ship-owner, retains control over the operations of the vessel, provided also that the terms of the voyage charter are pre-determined, and any change requires the Company’s consent and are therefore considered service contracts that fall under the provisions of ASC 606 “Revenue from contracts with customers”. The Company accounts for a voyage charter when all the following criteria are met: (i) the parties to the contract have approved the contract in the form of a written charter agreement or fixture recap and are committed to perform their respective obligations, (ii) the Company can identify each party’s rights regarding the services to be transferred, (iii) the Company can identify the payment terms for the services to be transferred, (iv) the charter agreement has commercial substance (that is, the risk, timing, or amount of the future cash flows is expected to change as a result of the contract) and (v) it is probable that the Company will collect substantially all of the consideration to which it will be entitled in exchange for the services that will be transferred to the charterer. The majority of revenue from voyage charter agreements is collected in advance. The Company has determined that there is one single performance obligation for each of its voyage contracts, which is to provide the charterer with an integrated transportation service within a specified time period. The Company is also engaged in contracts of affreightment which are contracts for multiple voyage charter employments. In addition, the Company has concluded that revenues from voyage charters in the spot market or under contracts of affreightment are recognized ratably over time because the charterer simultaneously receives and consumes the benefits of the Company’s performance as the Company performs. Therefore, since the Company’s performance obligation under each voyage contract is met evenly as the voyage progresses, revenue is recognized on a straight line basis over the voyage days from the loading of cargo to its discharge. Demurrage income, which is considered a form of variable consideration, is included in voyage revenues, and represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter agreements. Under voyage charter agreements, all voyage costs are borne and paid by the Company. Voyage expenses consist primarily of brokerage commissions, bunker consumption, port and canal expenses and agency fees related to the voyage. All voyage costs are expensed as incurred with the exception of the contract fulfilment costs that incur from the latter of the end of the previous vessel employment and the contract date and until the commencement of loading the cargo on the relevant vessel, which are capitalized to the extent the Company, in its reasonable judgement, determines that they (i) are directly related to a contract, (ii) are recoverable and (iii) enhance the Company’s resources by putting the Company’s vessel in a location to satisfy its performance obligation under a contract pursuant to the provisions of ASC 340-40 “Other assets and deferred costs”. These capitalized contract fulfilment costs are recorded under “Other current assets” and are amortized on a straight-line basis as the related performance obligations are satisfied. As of December 31, 2022 and 2023, capitalized contract fulfilment costs, which are recorded under “Prepayments and other assets” amounted to nil Revenues for 2021, 2022 and 2023 derived from significant charterers individually accounting for 10% or more of revenues (in percentages of total revenues) were as follows: 2021 2022 2023 A 16 % 13 % 10 % B 20 % 18 % 9 % C 12 % 7 % 5 % D 12 % 8 % 6 % E 5 % 8 % 12 % Total 65 % 54 % 42 % (q) Operating leases - Leases for Lessees: Vessel leases, where the Company is regarded as the lessee, are classified as operating leases, based on an assessment of the terms of the lease. According to the provisions of ASC 842-20-30-1, at the commencement date, a lessee shall measure both of the following: a) The lease liability at the present value of the lease payments not yet paid, discounted using the discount rate for the lease at lease commencement and b) The right-of-use asset, which shall consist of all of the following: i) The amount of the initial measurement of the lease liability, ii) Any lease payments made to the lessor at or before the commencement date, minus any lease incentives received and iii) Any initial direct costs incurred by the lessee. After lease commencement, the Company measures the lease liability for operating leases at the present value of the remaining lease payments using the discount rate determined at lease commencement. The right-of-use asset is subsequently measured at the amount of the remeasured lease liability, adjusted for the remaining balance of any lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term and any unamortized initial direct costs. Any changes made to leased assets to customize it for a particular use or need of the lessee are capitalized as leasehold improvements. In cases of operating lease agreements that meet the definition of ASC 842 for a short-term lease (the lease has a lease term of 12 months or less) and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise, the Company can make the short-term lease election at the commencement date. A lessee that makes the short-term lease election does not recognize a lease liability or right-of-use asset on its balance sheet. Instead, the lessee recognizes lease payments on a straight-line basis over the lease term. For charter-in arrangements classified as operating leases, lease expense is recognized on a straight-line basis over the rental periods of such charter agreements and is included under the caption “Charter-in hire expenses” in the Consolidated Statement of Operations (see Note 13). Revenues generated from charter-in vessels are included in Voyage revenues in the consolidated statements of operations. During the year ended December 31, 2023 the Company chartered-in 93 third-party vessels. Revenues generated from those charter-in vessels during the year ended December 31, 2023 amounted to $490,679 and are included in Voyage revenues Lease assets used by the Company are reviewed periodically for potential impairment whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Measurement of the impairment loss is based on the fair value of the asset. The Company determines the fair value of its lease assets based on management estimates and assumptions by making use of available market data. As of December 31, 2023, the management of the Company has concluded that events and circumstances did not trigger the existence of potential impairment. (r) Investment in leaseback vessels: Investment in leaseback vessels refer to vessels purchased and leased back to the same party as part of a sale and leaseback transaction. These transactions are evaluated under sale and leaseback accounting guidance contained in ASC 842 to determine whether it is appropriate to account for the transaction as a purchase of an asset. If the transfer of the asset to the buyer-lessor does not qualify as a purchase, then the transaction constitutes a failed sale and leaseback and the purchase price paid is accounted for as a loan receivable under ASC 310. Investments in leaseback vessels are carried at the amount receivable, net of an allowance for credit losses. Collaterals are required to be maintained at a specified minimum level at all times on the basis of the agreements in force. The Company monitors collateral levels and requires counter parties to provide additional collateral, to meet minimum collateral requirements if the fair value of the collateral changes. The Company applies the practical expedient based on collateral maintenance provisions in estimating an allowance for credit losses for Investment in leaseback vessels. An allowance for credit losses on partially secured Investments in leaseback vessels is estimated based on the aging of those receivables. As of December 31, 2023, the fair value of the collaterals held exceeds the amortized cost of the loans receivable and as a result no allowance for credit losses has been recognized. (s) Derivative Financial Instruments: The Company enters into interest rate swap contracts, cross-currency swap agreements and interest rate cap agreements with counterparties The interest rate caps are accounted for as cash flow hedges when they are expected to be highly effective in hedging variable rate interest payments under certain term loans. Changes in the fair value of the interest rate caps are reported within accumulated other comprehensive income. The initial value of the component excluded from the assessment of effectiveness is recognized in earnings using a systematic and rational method over the life of the hedging instrument. Any amounts excluded from the assessment of hedge effectiveness are presented in the same income statement line being Interest and finance costs where the earnings effect of the hedged item is presented. 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 hedge’s 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 disc |
Note 3 - Transactions With Rela
Note 3 - Transactions With Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
Transactions with Related Parties [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 3. Transactions with Related Parties: (a) Costamare Shipping Company S.A. (“Costamare Shipping”) and Costamare Shipping Services Ltd. (“Costamare Services”): Costamare Shipping is a ship management company wholly owned by Mr. Konstantinos Konstantakopoulos, the Company’s Chairman and Chief Executive Officer. Costamare Shipping provides the Company with commercial, technical and other management services pursuant to a Framework Agreement dated November 2, 2015, as amended and restated on January 17, 2020 to allow Costamare Shipping to retain certain relevant payouts from insurance providers and as further amended and restated on June 28, 2021 to allow Costamare Shipping to provide services in relation to other types of vessels (including dry bulk vessels), in addition to container vessels (the “Framework Agreement”), and separate ship management agreements with the relevant vessel owning subsidiaries. Costamare Services, a company controlled by the Company’s Chairman and Chief Executive Officer and members of his family, provides, pursuant to a Services Agreement dated November 2, 2015 as amended and restated on June 28, 2021 (the “Services Agreement”), the Company’s vessel-owning subsidiaries with chartering, sale and purchase, insurance and certain representation and administrative services On November 27, 2015, the Company amended and restated the Registration Rights Agreement entered into in connection with the Company’s Initial Public Offering, to extend registration rights to Costamare Shipping and Costamare Services each of which have received or may receive shares of its common stock as fee compensation. Pursuant to the Framework Agreement and the Services Agreement, Costamare Shipping and Costamare Services received (i) for each vessel a daily fee of $1.020 and $0.510 for any vessel subject to a bareboat charter, effective from January 1, 2022 (prior to that date the daily fee was $0.956 and $0.478 for any vessel subject to a bareboat charter), prorated for the calendar days the Company owned each vessel and for the three-month period following the date of the sale of a vessel, (ii) a flat fee of $840, effective from January 1, 2022 (prior to that date the flat fee was $787 for the construction of any newbuild vessel), for the supervision of the construction of any newbuild vessel contracted by the Company, (iii) a fee of 1.25% on all gross freight, demurrage, charter hire, ballast bonus or other income earned with respect to each vessel in the Company’s fleet and (iv) a quarterly fee of $667 (as of January 1, 2022; prior to that date the quarterly fee was $625) plus the value of 149,600 shares which Costamare Services may elect to receive in kind. Fees under (i), and (ii) and the quarterly fee under (iv) are annually adjusted upwards to reflect any strengthening of the Euro against the U.S. dollar and/or material unforeseen cost increases. The Company is able to terminate the Framework Agreement and/or the Services Agreement, 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. Management fees charged by Costamare Shipping in the years ended December 31, 2021, 2022 and 2023, amounted to $29,621, $43,915 and $42,532, respectively, and are included in Management and agency fees-related parties in the accompanying consolidated statements of operations. The amounts received by Costamare Shipping include amounts paid to third party managers of $11,057, $14,605 and $14,489 for the years ended December 31, 2021, 2022 and 2023, respectively. In addition, Costamare Shipping and Costamare Services charged (i) $12,602 for the year ended December 31, 2023 ($13,930 and $9,756 for the years ended December 31, 2022 and 2021, respectively), representing a fee of 1.25% on all gross revenues, as provided in the Framework Agreement and the Services Agreement, as applicable, which is included in Voyage expenses-related parties in the accompanying consolidated statements of operations, (ii) $2,667, which is included in General and administrative expenses – related parties in the accompanying consolidated statements of operations for the year ended December 31, 2023 ($2,667 and $2,500 for the years ended December 31, 2022 and 2021, respectively) and (iii) $5,850, representing the fair value of 598,400 shares, which is included in General and administrative expenses – related parties in the accompanying consolidated statements of operations for the year ended December 31, 2023 ($7,089 and $7,414 for the years ended December 31, 2022 and 2021, respectively). Furthermore, in accordance with the management agreements with third-party managers, third-party managers have been provided with the amount of $75 or $50 per vessel as working capital security. As at December 31, 2022, the working capital security was $5,625 in aggregate, of which $5,250 is included in Accounts receivable, net, non-current and $375 in Accounts receivable, net in the accompanying 2022 consolidated balance sheet. As at December 31, 2023, the working capital security was $5,250 in aggregate, of which $4,775 is included in Accounts receivable, net, non-current and $475 in Accounts receivable, net in the accompanying 2023 consolidated balance sheet. During the years ended December 31, 2021, 2022 and 2023, Costamare Shipping charged in aggregate to the companies established pursuant to the Framework Deed (Notes 9 and 10) the amounts of $2,752, $1,776 and $2,048, respectively, for services provided in accordance with the respective management agreements. The amounts received by Costamare Shipping, relating to the companies established pursuant to the Framework Deed, include amounts paid to third party managers of $1,022, $876 and $508 for the years ended December 31, 2021, 2022 and 2023, respectively. The balance due to Costamare Shipping at December 31, 2023 amounted to $3,172 and is included in Due to related parties in the accompanying consolidated balance sheet. The balance due from Costamare Shipping at December 31, 2022 amounted to $3,581 and is included in Due from related parties in the accompanying consolidated balance sheet. The balance due from Costamare Services at December 31, 2023, amounted to $2,131 and is included in Due from related parties in the accompanying consolidated balance sheets. The balance due to Costamare Services at December 31, 2022, amounted to $1,380 and is included in Due to related parties in the accompanying consolidated balance sheets. (b) Shanghai Costamare Ship Management Co., Ltd. (“ Shanghai Costamare”): Shanghai Costamare, a company incorporated in the People’s Republic of China, controlled by the Company’s Chairman and Chief Executive Officer, provided certain vessel-owning subsidiaries with management services. Shanghai Costamare was not part of the consolidated group of the Company. On October 16, 2020, it was agreed that Shanghai Costamare would terminate operations and the actual transfer of the management of the vessels was completed on January 8, 2021. There was no balance due from/to Shanghai Costamare at both December 31, 2022 and 2023. (c) Blue Net Chartering GmbH & Co. KG (“BNC”) and Blue Net Asia Pte., Ltd. (“BNA”): On January 1, 2018, Costamare Shipping appointed, on behalf of the vessels it manages, BNC, a company 50% (indirectly) owned by the Company’s Chairman and Chief Executive Officer, to provide charter brokerage services to all container vessels under its management (including container vessels owned by the Company). BNC provides exclusive charter brokerage services to containership owners. Under the charter brokerage services agreement as amended, each container vessel-owning subsidiary paid a fee of €9,413 for the years ended December 31, 2022 and 2023, in respect of each vessel, prorated for the calendar days of ownership (including as disponent owner under a bareboat charter agreement), provided that in respect of container vessels which remain chartered under the same charter party agreement in effect on January 1, 2018, the fee was €1,281 for the years ended December 31, 2022 and 2023 in respect of each vessel, prorated for the calendar days of ownership (including as disponent owner under a bareboat charter agreement). On March 29, 2021, four of the Company’s container vessels agreed to pay a daily brokerage commission of $0.165 per day to BNC in connection with charters arranged by it. During the years ended December 31, 2021, 2022 and 2023, BNC charged the ship-owning companies $595, $749 and $700, respectively, which are included in Voyage expenses—related parties in the accompanying consolidated statements of operations. In addition, on March 31, 2020, Costamare Shipping agreed, on behalf of five of the container vessels it manages, to pay to BNA, a company 50% (indirectly) owned by the Company’s Chairman and Chief Executive Officer, a commission of 1.25% of the gross daily hire earned from the charters arranged by BNA for these five Company container vessels. During the years ended December 31, 2021, 2022 and 2023, BNA charged the ship-owning companies $738, $739 and $691 which are included in Voyage expenses – related parties in the accompanying consolidated statements of operations. (d) Longshaw Maritime Investments S.A. (“Longshaw”): On June 14, 2021, the Company entered into a Share Purchase Agreement (“SPA’’) with Longshaw, a related party entity controlled by the Company’s Chairman and Chief Executive Officer, Mr. Konstantinos Konstantakopoulos, for the acquisition of all of its equity interest in 16 companies, which had acquired or had agreed to acquire dry bulk vessels. The aggregate purchase price, which was paid by the Company on September 9, 2021, for the acquisition of these 16 companies was $54,491, in exchange for the net assets of the acquired companies, that amounted to $54,578. During the year ended December 31, 202 all of the dry bulk vessels that were part of the acquisition, Builder , Pegasus , Adventure , Eracle , Peace , Sauvan , Pride , Alliance , Manzanillo , Acuity , Seabird , Aeolian , Comity , Athena , Farmer and Greneta (with an aggregate DWT of 932,329) were delivered to the Company (e) LC LAW Stylianou & Associates LLC ( “ LCLAW ): (f) Local Agencies: Costamare Bulkers Services GmbH (“Local Agency A”) a company incorporated under the laws of the Republic of Germany, Costamare Bulkers Services ApS (“Local Agency B”) a company incorporated under the laws of the Kingdom of Denmark, the laws of the Republic of Singapore (g) Neptune Global Finance Ltd. (“NGF”): Since March 2023, the Company’s Chairman and Chief Executive Officer, Mr. Konstantinos Konstantakopoulos owns 51% of NGF, a company incorporated under the laws of Jersey which provides among others administrative and strategic services to NML. NGF receives a fee of 1.5% on the contributed capital invested in NML and a fee of 0.8% on the committed capital to be invested in NML. The remaining 49% of NGF is owned by the Managing Director and member of the Board of Directors of NML. From the date Mr. Konstantinos Konstantakopoulos acquired 51% of NGF to December 31, 2023, NGF charged an amount of $2,033 as management fees, which are included in Management and agency fees-related parties in the accompanying consolidated statements of operations. The balance due from NGF at December 31, 2023 amounted to $341 and is included in Due from related parties in the accompanying consolidated balance sheets. (h) Codrus capital AG (“Codrus”): In March 2023, the Company entered into an agreement with Codrus, a company incorporated under the laws of Canton Zug, Switzerland, for the provision of financial and strategic advice to the Company, for an annual fee of $250. Codrus is controlled by the Managing Director and member of the Board of Directors of NML. As of December 31, 2023 there was no balance due from/to Codrus. (i) Other related parties' transactions: On November 3, 2010, the Company and the Company’s Chairman and Chief Executive Officer, Mr. Konstantinos Konstantakopoulos, entered into a Restrictive Covenant Agreement (the “Original RCA”), pursuant to which the activities of Mr. Konstantakopoulos with respect to the container vessel sector, because of his capacity as a director or officer of the Company, were restricted. In July 2021, the Original RCA was amended and restated, and Mr. Konstantakopoulos agreed to similarly restrict his activities in the dry bulk sector. |
Note 4 - Segmental Financial In
Note 4 - Segmental Financial Information | 12 Months Ended |
Dec. 31, 2023 | |
Segmental Financial Information [Abstract] | |
Segment Reporting Disclosure [Text Block] | 4. Segmental Financial Information The Company has four reportable segments from which it derives its revenues: (1) container vessels segment, (2) dry bulk vessels segment, (3) dry bulk operating platform segment (“CBI segment”) and (4) investment in leaseback vessels through NML (Notes 1 and 12) (“NML segment”). Under the operating platform segment, CBI charters-in/out dry bulk vessels and enters into contracts of affreightment, FFAs and may also utilize hedging solutions. Under the NML segment, NML The tables below present information about the Company’s reportable segments as of December 31, 2022 and December 31, 2023, and for the years ended December 31, 2021, 2022 and 2023. The Company measures segment performance based on net income. Items included in the segment’s net income are allocated to the extent that the items are directly or indirectly attributable to the segments. With regards to the items that are allocated by indirect calculation, their allocations keys are defined on the basis of each segment’s drawing on key resources. The Other segment includes items that due to their nature are not allocated to any of the Company’s reportable segments. As of December 31, 2022 and December 31, 2023 and for the years ended December 31, 2021, 2022 and 2023, Other segment includes equity method investments’ balances, due from related parties balances, cash balances and short-term investments. Summarized financial information concerning each of the Company’s reportable segments is as follows: For the year ended December 31, 2023 Container vessels segment Dry bulk vessels segment CBI NML Other Eliminations Total Voyage revenue $ 839,374 $ 155,892 $ 507,225 $ - $ - $ - $ 1,502,491 Intersegment voyage revenue - 11,902 - - - (11,902 ) - Income from investment in leaseback vessels - - - 8,915 - - 8,915 Depreciation (126,719 ) (39,621 ) - - - - (166,340 ) Amortization of dry-docking and special survey costs (15,344 ) (4,438 ) - - - - (19,782 ) Interest income 18,247 11,635 2,316 249 - - 32,447 Interest and finance costs (117,036 ) (23,941 ) (1,243 ) (2,208 ) (1 ) - (144,429 ) Income from equity method investments - - - - 764 - 764 Net Income/ (Loss) for the Year $ 507,041 $ (43,070 ) $ (88,106 ) $ 4,513 $ 641 $ - $ 381,019 For the year ended December 31, 2022 Container vessels segment Dry bulk vessels segment CBI Other Eliminations Total Voyage revenue $ 797,392 $ 316,100 $ 367 $ - $ - $ 1,113,859 Intersegment voyage revenue - 800 - - (800 ) - Depreciation (126,340 ) (39,658 ) - - - (165,998 ) Amortization of dry-docking and special survey costs (11,831 ) (1,655 ) - - - (13,486 ) Interest income 3,666 2,290 - - - 5,956 Interest and finance costs (101,888 ) (20,333 ) (12 ) - - (122,233 ) Income from equity method investments - - - 2,296 - 2,296 Net Income/ (Loss) for the Year $ 458,494 $ 97,405 $ (3,503 ) $ 2,296 $ - $ 554,692 For the year ended December 31, 2021 Container vessels segment Dry bulk vessels segment Other Total Voyage revenue $ 678,292 $ 115,347 $ - $ 793,639 Depreciation (125,811 ) (11,147 ) - (136,958 ) Amortization of dry-docking and special survey costs (10,346 ) (87 ) - (10,433 ) Interest income 1,587 - - 1,587 Interest and finance costs (81,887 ) (4,160 ) - (86,047 ) Income from equity method investments - - 12,859 12,859 Net Income for the Year $ 303,490 $ 56,814 $ 74,817 $ 435,121 As of December 31, 2023 Container vessels segment Dry bulk vessels segment CBI NML Other Eliminations Total Total Assets $ 3,153,806 $ 734,817 $ 455,568 $ 238,667 $ 707,284 $ (3,120 ) $ 5,287,022 As of December 31, 2022 Container vessels segment Dry bulk vessels segment CBI Other Eliminations Total Total Assets $ 3,272,559 $ 771,027 $ 101,807 $ 751,838 $ (1,002 ) $ 4,896,229 |
Note 5 - Current Assets Short-t
Note 5 - Current Assets Short-term investments Non-current Assets Debt Securities, Held to Maturity, and Other Non-Current Assets | 12 Months Ended |
Dec. 31, 2023 | |
Current Assets: Short-term investments / Non-current Assets: Debt Securities, Held to Maturity, and Other Non-Current Assets [Abstract] | |
Other Assets Disclosure [Text Block] | 5. Current Assets: Short-term investments / Non-current Assets: Debt Securities, Held to Maturity, and Other Non-Current Assets: In 2014, Zim Integrated Services (“Zim”) agreed with its creditors, including vessel and container lenders, ship-owners, shipyards, unsecured lenders and bond holders, to restructure its debt. Based on this agreement, the Company received Zim shares representing approximately 1.2% of the outstanding Zim shares immediately after the restructuring The Company accounted on a quarterly basis, for the unwinding of the interest on the Series 1 and Series 2 Notes. During the year ended December 31, 2021, the Company recorded $458 in relation to their unwinding, which is included in “Interest income” in the 2021 consolidated statement of operations. The Company had classified such debt securities under Debt securities, held to maturity, since it had no intention to sell the securities in the near term. During the year ended December 31, 2016, the Company received $46 capital redemption of the Series 1 Notes, reducing the principal to $1,406. Additionally, on March 22, 2021, the Company received $394 capital redemption of the Series 1 Notes, reducing the principal to $1,012, as of that date. Furthermore, in June 2021, the Company received $7,789 capital redemption of the Series 1 and 2 Notes, in aggregate, and the outstanding balance at the date of the capital redemption of $6,774, net of accumulated provision for Credit losses of $569 calculated as of December 31, 2020, following the provisions of “ASC 326 Financial Instruments — Credit Losses”, was fully settled. As a result of the full redemption of the Series 1 and Series 2 Notes, the Company recorded a gain of $1,015, which is included in Other, net, in the accompanying 2021 consolidated statement of operations. The Series 1 and Series 2 Zim Notes were carried at amortized cost. These financial instruments were not measured at fair value on a recurring basis. The Company assessed the provisions of “ASC 326 Financial Instruments — Credit Losses” in relation to its Series 1 and Series 2 Notes securities and a Credit loss provision of $245 was calculated as of March 31, 2021 and as result a gain of $324 is included in Other, net in the 2021 consolidated statement of operations. The remaining securities were fully redeemed in June 2021. On January 28, 2021, Zim completed its initial public offering in the United States under the United States Securities Act of 1933, as amended. Since then, the Company classified the equity securities of Zim that it owned at Fair Value through Net Income as the Company did not have the ability to exercise significant influence on matters at Zim, and there is readily available fair value for these securities. The Company recorded the subsequent changes in fair value in the consolidated statements of operations based on the closing price of Zim ordinary shares on the New York Stock Exchange (“NYSE”) on each reporting date (Level 1 inputs of the fair value hierarchy). In September 2021, the Company received a special dividend amounting to $1,833, which is separately reflected in Dividend income in the accompanying 2021 consolidated statement of operations. consolidated As of December 31, 2023, the Company holds one zero-coupon U.S. treasury bill (the “Bill”) with an aggregate face value of $17,605 at a cost of $17,373. |
Note 6 - Inventories
Note 6 - Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventories [Abstract] | |
Inventory Disclosure [Text Block] | 6. Inventories: Inventories in the accompanying consolidated balance sheets relate to bunkers, lubricants and spare parts on board the vessels. |
Note 7 - Vessels and Advances,
Note 7 - Vessels and Advances, Net | 12 Months Ended |
Dec. 31, 2023 | |
Vessels and advances, net [Abstract] | |
Vessels and advances, net [Text block] | 7. Vessels and advances, net: The amounts in the accompanying consolidated balance sheets are as follows: Vessel Cost Accumulated Depreciation Net Book Value Balance, January 1, 2022 $ 4,687,896 $ (1,037,704 ) $ 3,650,192 Depreciation - (162,651 ) (162,651 ) Vessel acquisitions, advances and other vessels’ costs 249,023 - 249,023 Vessel sales, transfers and other movements (140,817 ) 71,114 (69,703 ) Balance, December 31, 2022 $ 4,796,102 $ (1,129,241 ) $ 3,666,861 Depreciation - (165,460 ) (165,460 ) Vessel acquisitions, advances and other vessels’ costs 88,506 - 88,506 Vessel sales, transfers and other movements (196,884 ) 53,774 (143,110 ) Balance, December 31, 2023 $ 4,687,724 $ (1,240,927 ) $ 3,446,797 During the year ended December 31, 2023, the Company acquired the three secondhand dry bulk vessel Enna Aquaenna Dorado Aquarange Arya Ultra Regina Iron Miracle During the year ended December 31, 2023, the Company purchased the 51% equity interest held by funds managed and/or advised by York Capital Management Global Advisors LLC and its affiliate Sparrow Holdings, L.P. (collectively, “York”) (Notes 9 and 10) in the company owning the 2001-built, 1,550 TEU capacity containership Arkadia , at a consideration price of $4,692. As a result, the Company acquired the controlling interest and became the sole shareholder of the vessel owning company (Note 10). The favorable lease terms associated with the vessel were recorded as an intangible asset (“Time charter assumed”) at the time of the acquisition in the amount of $320 (Note 14). Management accounted for this acquisition as an asset acquisition under ASC 805 “Business Combinations”. During the year ended December 31, 2022, the Company acquired the secondhand container vessel Dyros with a TEU capacity of 4,578 and three secondhand dry bulk vessels, the Oracle , Libra and Norma with an aggregate DWT of 172,717. Furthermore, during the year ended December 31, 2022, the Company prepaid the outstanding balances of Jodie Shipping Co., Kayley Shipping Co., Plange Shipping Co. and Simone Shipping Co. finance lease liabilities (Note 12) and re-acquired the 2013-built, 8,827 TEU container vessels, MSC Athens and MSC Athos and the 2014-built, 4,957 TEU container vessels, Leonidio and Kyparissia . In addition, during the year ended December 31, 2022, the Company prepaid the outstanding balance of Benedict Maritime Co. finance arrangement (Note 11.B.2) and re-acquired the 2016-built, 14,424 TEU container vessel Triton . During the year ended December 31, 2021, the Company (i) acquired the secondhand container vessels Aries Argus Glen Canyon Androusa Norfolk Porto Cheli Porto Kagio Porto Germeno Gialova YM Target YM Tiptop Builder Pegasus Adventure Eracle Peace Sauvan Pride Alliance Manzanillo Acuity Seabird Aeolian Comity Athena, Farmer Greneta, Bernis Verity Dawn Discovery Clara Serena Merida Progress Miner Parity Uruguay Resource Konstantinos Taibo, Thunder Equity Cetus Curacao Rose Bermondi Titan I Orion Merchia Damon Pythias Hydrus Phoenix During the year ended December 31, 2021, the Company purchased the equity interest (in the range from 51% to 75%) held by funds managed and/or advised by York (Notes 9 and 10) in the companies owning the containerships Cape Akritas Cape Tainaro Cape Artemisio Cape Kortia Cape Sounio During the year ended December 31, 2021, the Company agreed to acquire (i) the 2008-built, 4,578 TEU secondhand container vessel Dyros Oracle Libra During the year ended December 31, 2021, the Company ordered from a shipyard a number of newbuild container vessels (some 12,690 TEU and some 15,000 TEU). During the year ended December 31, 2022, the Company served notices of termination for the abovementioned shipbuilding contracts due to the shipyard’s repudiation thereof/default thereunder and has served notice of arbitration to the relevant shipyard under the said shipbuilding contracts. On December 14 and 20, 2023, the Company decided to make arrangements to sell the dry bulk vessels Konstantinos Progress The difference between the estimated fair value less cost to sell of the vessels and the vessels’ carrying value, amounting to $2,305, was recorded in the year ended December 31, 2023, and is separately reflected as Loss on vessels held for sale in the accompanying consolidated statement of operations. On December 2 and 18, 2023, the Company decided to make arrangements to sell the dry bulk vessels Adventure Manzanillo . Adventure Manzanillo Manzanillo Adventure On February 14, 2022, the Company decided to make arrangements to sell the container vessels Sealand Washington Maersk Kalamata Thunder Sealand Washington Maersk Kalamata On December 9, 2021, the Company decided to make arrangements to sell the container vessels Sealand Illinois Sealand Michigan York Messini During the year ended December 31 , 2023, the Company sold the container vessels Sealand Washington and Maersk Kalamata , which were held for sale at December 31, 2022, the container vessel Oakland and the dry bulk vessels Miner , Taibo, Comity, Peace , Pride and Cetus and recognized an aggregate net gain of $112,220, which is included in Gain on sale of vessels, net in the accompanying consolidated statement of operations for the year ended December 31, 2023. During the year ended December 31, 2022, the Company sold the dry bulk vessel Thunder Messini , Sealand Michigan Sealand Illinois York , During the year ended December 31, 2021, the Company sold the container vessels (i) Halifax Express Prosper Venetiko Zim Shanghai Zim New York During the year ended December 31, 2023, the Company recorded an impairment loss in relation to two of its dry bulk vessels in the amount of $434. The fair values of these vessels were determined through Level 2 inputs of the fair value hierarchy (Note 23). During the year ended December 31, 2022, the Company recorded an impairment loss in relation to four of its dry bulk vessels in the amount of $1,691. The fair values of these vessels were determined through Level 2 inputs of the fair value hierarchy (Note 23). As of December 31, 2023, 95 of the Company’s vessels, with a total carrying value of $2,647,015, have been provided as collateral to secure the long-term debt discussed in Note 11. This excludes the vessels YM Triumph YM Truth YM Totality YM Target YM Tiptop |
Note 8 - Deferred Charges, Net
Note 8 - Deferred Charges, Net | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Charges, net [Abstract] | |
Deferred Charges [Text Block] | 8. Deferred Charges, net: Deferred charges, net include the unamortized dry-docking and special survey costs. The amounts in the accompanying consolidated balance sheets are as follows: Balance, January 1, 2022 $ 31,859 Additions 38,330 Amortization (13,486 ) Write-off and other movements (Note 7) (1,668 ) Balance, December 31, 2022 $ 55,035 Additions 43,233 Amortization (19,782 ) Write-off and other movements (Note 7) (5,685 ) Balance, December 31, 2023 $ 72,801 During the year ended December 31, 2023, 23 vessels underwent and completed their dry-docking and special survey and two vessels were in the process of completing their dry-docking and special survey. During the years ended December 31, 2021 and 2022, 14 and 18 vessels underwent and completed their dry-docking and special survey and one and five vessels were in the process of completing their dry-docking and special survey. The amortization of the dry-docking and special survey costs is separately reflected in the accompanying consolidated statements of operations. |
Note 9 - Costamare Ventures Inc
Note 9 - Costamare Ventures Inc. | 12 Months Ended |
Dec. 31, 2023 | |
Costamare Ventures Inc [Abstract] | |
Costamare Ventures Inc. [Text Block] | 9. Costamare Ventures Inc.: On May 18, 2015, the Company, along with its wholly owned subsidiary, Costamare Ventures Inc. (“Costamare Ventures”), amended and restated the Framework Deed, which was further amended on June 12, 2018 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 ship management and administrative services to the vessels acquired under the Framework Deed, with the right to subcontract to V.Ships Greece. As at December 31, 2023, the Company holds 49% of the capital stock of two jointly-owned companies formed pursuant to the Framework Deed with York (Note 10). The Company accounts for the entities formed under the Framework Deed as equity investments. |
Note 10 - Equity Method Investm
Note 10 - Equity Method Investments | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 10. Equity Method Investments: The companies accounted for as equity method investments, all of which are incorporated in the Marshall Islands, are as follows: Entity Vessel Participation % December 31, 2023 Date Established Steadman Maritime Co. - 49 % July 1, 2013 Goodway Maritime Co. - 49 % September 22, 2015 During the year ended December 31, 2023, the Company received, in the form of a special dividend, $1,274 from Geyer Maritime Co. and contributed $980 to the equity of Platt Maritime Co. and $294 to the equity of Sykes Maritime Co. Furthermore, during the year ended December 31, 2023, Goodway Maritime Co. sold its vessel Monemvasia On December 5, 2023, the Company agreed to acquire from York the 51% equity interest in the company operating of 2001-built Arkadia Arkadia On May 12, 2023, the Company agreed to sell its 49% equity interest in the company operating the 2018-built, 3,800 TEU capacity containership, Polar Argentina Polar Brasil Polar Brasil During the year ended December 31, 2022, the Company received, in the form of a special dividend, $1,128 from Steadman Maritime Co. During the year ended December 31, 2021, Steadman Maritime Co. sold its vessel Ensenada and provided a special dividend to the Company amounting to $15,190. On March 22, 2021, March 24, 2021 and March 29, 2021, the Company entered into three share purchase agreements to acquire the ownership interest (in the range of 51% to 75%) held by funds managed and/or advised by York in five jointly-owned companies, namely Ainsley Maritime Co. and Ambrose Maritime Co., Hyde Maritime Co. and Skerrett Maritime Co. and Kemp Maritime Co., which had been formed pursuant to the Framework Deed. At the date of the acquisition, the aggregate net value of assets and liabilities transferred to the Company amounted to $141,040. Management accounted for this acquisition as an asset acquisition under ASC 805 “Business Combinations” whereas the cost consideration over proportionate cost of the net asset values acquired was proportionally allocated on a relative fair value basis to the net identifiable assets acquired (that is to the vessels and related time charters (Note 15)). For the years ended December 31, 2021, 2022 and 2023, the Company recorded net income of $12,859, $2,296 and $764, respectively, from equity method investments, which is separately reflected as Income from equity method investments in the accompanying consolidated statements of operations. The summarized combined financial information of the companies accounted for as equity method investment is as follows: December 31, 2022 December 31, 2023 Current assets $ 11,697 $ 1,386 Non-current assets 91,471 - Total assets $ 103,168 $ 1,386 Current liabilities $ 7,472 $ 123 Non-current liabilities 52,760 - Total liabilities $ 60,232 $ 123 For the years ended December 31, 2021 2022 2023 Voyage revenue $ 43,088 $ 23,789 $ 13,832 Net income $ 27,617 $ 4,686 $ 1,559 |
Note 11 - Long-term Debt
Note 11 - Long-term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Long-Term Debt [Abstract] | |
Long-Term Debt [Text Block] | 11. Long-Term Debt: The amounts shown in the accompanying consolidated balance sheets consist of the following: Borrower(s) December 31, 2022 December 31, 2023 A. Term Loans: 1 Nerida Shipping Co. $ - $ - 2 Singleton Shipping Co. and Tatum Shipping Co. 34,400 - 3 Costamare. Inc. - - 4 Bastian Shipping Co. and Cadence Shipping Co. 82,800 - 5 Adele Shipping Co. 48,500 - 6 Costamare Inc. 112,430 - 7 Quentin Shipping Co. and Sander Shipping Co. - - 8 Costamare Inc. - - 9 Capetanissa Maritime Corporation et al. 15,671 - 10 Caravokyra Maritime Corporation et al. 6,928 - 11 Kelsen Shipping Co. - - 12 Uriza Shipping S.A. - - 13 Berg Shipping Co. 10,540 - 14 Reddick Shipping Co. and Verandi Shipping Co. - - 15 Evantone Shipping Co. and Fortrose Shipping Co. 17,750 - 16 Ainsley Maritime Co. and Ambrose Maritime Co. 131,250 120,536 17 Hyde Maritime Co. and Skerrett Maritime Co. 127,212 115,904 18 Kemp Maritime Co. 64,300 58,525 19 Vernes Shipping Co. - - 20 Achilleas Maritime Corporation et al. 66,974 48,569 21 Novara et al. 65,043 - 22 Costamare Inc. 49,095 29,735 23 Costamare Inc. - - 24 Costamare Inc. 24,387 - 25 Amoroto et al. 67,882 50,661 26 Costamare Inc. - - 27 Dattier Marine Corp et al. - - 28 Bernis Marine Corp. et al. 47,884 41,695 29 Costamare Inc. 52,361 - 30 Costamare Inc. 62,500 38,500 31 Adstone Marine Corp. et al. - - 32 Amoroto et al. 33,700 24,240 33 Benedict et al. 458,952 376,857 34 Reddick Shipping Co. and Verandi Shipping Co. 43,500 33,000 35 Quentin Shipping Co. and Sander Shipping Co. 85,000 74,625 36 Greneta Marine Corp. et al. 30,000 26,045 37 Bastian Shipping Co. et al. - 260,630 38 Adstone Marine Corp. et al. 82,885 101,065 39 NML Loan 1 - 5,995 40 Kalamata Shipping Corporation et al. - 64,000 41 Capetanissa Maritime Corporation et al. - 22,417 42 Archet Marine Corp. et al. - 63,312 43 NML Loan 2 - 34,920 44 NML Loan 3 - 18,460 45 Barlestone Marine Corp. et al. - 12,000 Total Term Loans $ 1,821,944 $ 1,621,691 B. Other financing arrangements 678,930 632,892 C. Unsecured Bond Loan 106,660 110,500 Total long-term debt $ 2,607,534 $ 2,365,083 Less: Deferred financing costs (22,913 ) (18,863 ) Total long-term debt, net $ 2,584,621 $ 2,346,220 Less: Long-term debt current portion (325,611 ) (352,140 ) Add: Deferred financing costs, current portion 5,497 5,113 Total long-term debt, non-current, net $ 2,264,507 $ 1,999,193 A. Term Loans: 1. On August 1, 2017, Maersk Kowloon 2. On July 17, 2018, Tatum Shipping Co. and Singleton Shipping Co. entered into a loan agreement with a bank for an amount of up to $48,000, for the purpose of financing general corporate purposes relating to the vessels Megalopolis Marathopolis 3. On November 27, 2018, the Company entered into a loan agreement with a bank for an amount of $55,000 in order to refinance previously held loans. The facility has been drawn down in two tranches. Tranche A of $28,000 was drawn down on November 30, 2018 and Tranche B (the revolving part of the loan) of $27,000 was drawn down on December 11, 2018. During the year ended December 31, 2019 and following the sale of the vessels MSC Pylos Sierra II Reunion Namibia II Scorpius 4. On June 18, 2019, Bastian Shipping Co. and Cadence Shipping Co., entered into a loan agreement with a bank for an amount of up to $136,000, for the purpose of financing the acquisition costs of MSC Ajaccio MSC Amalfi 5. On June 24, 2019, Adele Shipping Co. entered into a loan agreement with a bank for an amount of up to $68,000, for the purpose of financing the acquisition cost of MSC Azov 6. On June 28, 2019, the Company entered into a loan agreement with a bank for an amount of up to $150,000, in order to partially refinance two term loans. Vessels Value Valence Vantage 7. On July 18, 2019, the Company entered into a loan agreement with a bank for an amount of up to $94,000, in order to partially refinance one term loan. Vessels Valor Valiant 8. On February 13, 2020, Vulpecula Volans Virgo Vela 9. On April 24, 2020, Capetanissa Maritime Corporation, Christos Maritime Corporation, Costis Maritime Corporation, Joyner Carriers S.A. and Rena Maritime Corporation, entered into a loan agreement with a bank for an amount of up to $70,000, in order to refinance two term loans. Messini York Sealand Washington 10. On May 29, 2020, Caravokyra Maritime Corporation, Costachille Maritime Corporation, Kalamata Shipping Corporation, Marina Maritime Corporation, Navarino Maritime Corporation and Merten Shipping Co., entered into a loan agreement with a bank for an amount of up to $70,000, in order to partly refinance one term loan. Maersk Kalamata 11. On December 15, 2020, Kelsen Shipping Co. entered into a loan agreement with a bank for an amount of $8,100, in order to partially refinance one term loan. The facility was drawn down on December 17, 2020. On December 19, 2022, the then outstanding balance of $2,025 was fully repaid. 12. On November 10, 2020, Uriza Shipping S.A. entered into a loan agreement with a bank for an amount of $20,000, in order to refinance one term loan. The facility was drawn down on November 12, 2020. On June 29, 2022, following the execution of the agreement of the loan discussed in Note 11.A.33, the Company fully prepaid the then outstanding balance of $16,100 of the loan. 13. On January 27, 2021, Berg Shipping Co. entered into a loan agreement with a bank for an amount of $12,500, in order to finance the acquisition cost of the vessel Neokastro 14. On March 16, 2021, Reddick Shipping Co. and Verandi Shipping Co. entered into a loan agreement with a bank for an amount of $18,500, in order to refinance one term loan and for general corporate purposes. The facility was drawn down in two tranches on March 23, 2021. On September 30, 2022, following the execution of the loan agreement discussed in Note 11.A.34, the then outstanding balance of $11,300 was fully repaid. 15. On March 18, 2021, Evantone Shipping Co. and Fortrose Shipping Co. entered into a loan agreement with a bank for an amount of $23,000 for the purpose of financing general corporate purposes. The facility was drawn down on March 23, 2021. On January 4, 2023, following the execution of the loan agreement discussed in Note 11.A.37, the then outstanding balance of $17,750 was fully repaid. 16. On March 19, 2021, Ainsley Maritime Co. and Ambrose Maritime Co. entered into a loan agreement with a bank for an amount of $150,000, in order to refinance two term loans and for general corporate purposes. The facility was drawn down in two tranches on March 24, 2021. As of December 31, 2023, the outstanding balance of each tranche of $60,267.9 is repayable in 29 equal quarterly installments of $1,339.3, from March 2024 to March 2031 and a balloon payment of $21,428.6 each payable together with the last installment. 17. On March 24, 2021, Hyde Maritime Co. and Skerrett Maritime Co. entered into a loan agreement with a bank for an amount of $147,000, in order to refinance two term loans and for general corporate purposes. The facility was drawn down in two tranches on March 26, 2021. On December 20, 2022, the loan agreement was amended, resulting in the extension of the repayment period until March 2029. As of December 31, 2023, the outstanding balance of Tranche A of $57,951.9 is repayable in 21 equal quarterly installments of $1,413.5, from March 2024 to March 2029 and a balloon payment of $28,269.2 payable together with the last installment. As of December 31, 2023, the outstanding balance of Tranche B of $57,951.9 is repayable in 21 equal quarterly installments of $1,413.5, from March 2024 to March 2029 and a balloon payment of $28,269.2 payable together with the last installment. 18. On March 29, 2021, Kemp Maritime Co. entered into a loan agreement with a bank for an amount of $75,000, in order to refinance one term loan and for general corporate purposes. The facility was drawn down on March 30, 2021. As of December 31, 2023, the outstanding balance of the loan of $58,525 is repayable in 21 equal quarterly installments of $1,425, from March 2024 to March 2029 and a balloon payment of $28,600 payable together with the last installment. 19. On March 29, 2021, Vernes Shipping Co. entered into a loan agreement with a bank for an amount of $14,000, in order to finance the acquisition cost of the vessel Glen Canyon 20. On June 1, 2021, Achilleas Maritime Corporation, Angistri Corporation, Fanakos Maritime Corporation, Fastsailing Maritime Co., Lindner Shipping Co., Miko Shipping Co., Saval Shipping Co., Spedding Shipping Co., Tanera Shipping Co., Timpson Shipping Co. and Wester Shipping Co., entered into a loan agreement with a bank for an amount of up to $158,105, in order to partly refinance one term loan Porto Cheli Porto Kagio Porto Germeno . The facility Venetiko On October 12, 2021 and October 25, 2021, the Company prepaid $6,531 and $6,136, respectively due to the sale of ZIM Shanghai and ZIM New York , on the then outstanding balance. On October 7, 2022, the Company prepaid $6,492, due to the sale of Sealand Illinois , on the then outstanding balance. Oakland 21. On June 7, 2021, Novara Shipping Co., Finney Shipping Co., Alford Shipping Co. and Nisbet Shipping Co. entered into a loan agreement with a bank for an amount of up to $79,000, in order to Androusa Norfolk Gialova Dyros . The first two tranches of the facility of $22,500 each, were drawn on June 10, 2021, the third tranche of $22,500 was drawn on August 25, 2021, while the fourth tranche of $11,500 was drawn on January 18, 2022. 22. On July 8, 2021, the Company entered into a loan agreement with a bank for an amount of up to $62,500, in order to finance the acquisition cost of the vessels Pegasus Eracle Peace Sauvan Pride Acuity Comity Athena Comity Peace Pride 23. On July 9, 2021, the Company entered into a loan agreement with a bank for an amount of up to $81,500, in order to finance the acquisition cost of the vessels Builder Adventure Manzanillo Alliance Seabird Aeolian Farmer Greneta Aeolian, Farmer Greneta Greneta 24. On July 16, 2021, the Company entered into a hunting license facility agreement with a bank for an amount of up to $120,000, in order to finance the acquisition cost of the vessels Bernis Verity Dawn Discovery Clara Serena Parity Taibo Thunder Curacao Equity Rose Clara Rose Thunder Equity Bernis Verity Dawn Discovery Parity . Taibo 25. On July 27, 2021, Amoroto Marine Corp., Bermeo Marine Corp., Bermondi Marine Corp., Briande Marine Corp., Camarat Marine Corp., Camino Marine Corp., Canadel Marine Corp., Cogolin Marine Corp., Fruiz Marine Corp., Gajano Marine Corp., Gatika Marine Corp., Guernica Marine Corp., Laredo Marine Corp., Onton Marine Corp. and Solidate Marine Corp. amongst others, entered into a hunting license facility agreement with a bank for an amount of up to $125,000, in order to finance the acquisition cost of the vessels Progress Merida Miner Uruguay Resource Konstantinos Cetus Titan I Bermondi Orion Merchia Damon Cetus Miner Cetus Konstantinos Progress 26. On September 10, 2021, the Company entered into a hunting license facility agreement with a bank for an amount of up to $150,000 in order to finance part of the acquisition cost of dry bulk vessels. On April 19, 2022, the Company terminated the hunting license facility agreement. 27. On December 10, 2021, Dattier Marine Corp., Dramont Marine Corp., Gassin Marine Corp. and Merle Marine Corp. entered into a loan agreement with a bank for an amount of up to $43,500, in order to refinance the term loan Equity Thunder Rose Clara Thunder Clara Rose 28. On December 24, 2021, Bernis Marine Corp., Andati Marine Corp., Barral Marine Corp., Cavalaire Marine Corp. and Astier Marine Corp. entered into a loan agreement with a bank for an amount of up to $55,000, in order to refinance the term loan of the vessels Bernis Verity Dawn Discovery Parity 29. On December 28, 2021, the Company entered into a hunting license facility agreement with a bank for an amount of up to $100,000 in order to finance the acquisition cost of the secondhand dry bulk vessels Pythias Hydrus Phoenix Oracle Libra 30. On January 26, 2022, the Company entered into a loan agreement with a bank for an amount of up to $85,000 in order to refinance the term loan discussed in Note 11.A.8, Tranche C of the term loan discussed in Note 11.A.20 and for general corporate purposes 31. On April 5, 2022, Adstone Marine Corp., Barlestone Marine Corp., Bilstone Marine Corp., Cromford Marine Corp., Featherstone Marine Corp., Hanslope Marine Corp., Kinsley Marine Corp., Nailstone Marine Corp., Oldstone Marine Corp., Ravenstone Marine Corp., Rocester Marine Corp., Shaekerstone Marine Corp., Silkstone Marine Corp., Snarestone Marine Corp. and Sweptstone Marine Corp. signed a hunting license loan agreement with a bank for an amount of up to $120,000, in order to partly finance the acquisition of the secondhand dry bulk vessel Norma 11, 2022, Adstone Marine Corp. drew down the amount of $10,800. . 32. On April 21, 2022, Amoroto Marine Corp., Bermondi Marine Corp., Camarat Marine Corp. and Cogolin Marine Corp. entered into a loan agreement with a bank for an amount of up to $40,500 in order to refinance the term loan of the vessels Merida Bermondi Titan I Uruguay 33. On May 12, 2022, Benedict Maritime Co., Caravokyra Maritime Corporation, Costachille Maritime Corporation, Navarino Maritime Corporation, Duval Shipping Co., Jodie Shipping Co., Kayley Shipping Co., Madelia Shipping Co., Marina Maritime Corporation, Percy Shipping Co., Plange Shipping Co., Rena Maritime Corporation, Rockwell Shipping Co., Simone Shipping Co., Vernes Shipping Co., Virna Shipping Co. and Uriza Shipping S.A. signed a syndicated loan agreement for an amount of up to $500,000 in order to partly refinance the term loans discussed in Notes 11.A.3, 11.A.9, 11.A.10, to refinance the term loans discussed in Notes 11.A.12 and 11.A.19, to finance the acquisition cost of one vessel under a financing agreement discussed in Note 11.B.2, to finance the acquisition cost of the four vessels under the finance leases discussed in Note 12 and for general corporate purposes. During June 2022, Benedict Maritime Co., Caravokyra Maritime Corporation, Costachille Maritime Corporation, Navarino Maritime Corporation, Duval Shipping Co., Jodie Shipping Co., Kayley Shipping Co., Madelia Shipping Co., Marina Maritime Corporation, Percy Shipping Co., Plange Shipping Co., Rena Maritime Corporation, Rockwell Shipping Co., Simone Shipping Co., Vernes Shipping Co., Virna Shipping Co. and Uriza Shipping S.A. drew down the aggregate amount of $500,000. As of December 31, 2023, the aggregate outstanding balance of $376,857 is repayable in 14 variable quarterly installments, from March 2024 to June 2027 with an aggregate balloon payment of $89,523.8 that is payable together with the respective last installments. 34. On September 29, 2022, Reddick Shipping Co. and Verandi Shipping Co. signed a loan agreement with a bank for an amount of $46,000 in order to refinance the term loan discussed in Note 11.A.14. On September 30, 2022, Reddick Shipping Co. and Verandi Shipping Co. drew down the amount of $46,000. As of December 31, 2023, the outstanding balance of $33,000 is repayable in 11 equal quarterly installments of $3,000, from March 2024 to September 2026. 35. On November 11, 2022, Quentin Shipping Co. and Sander Shipping Co. signed a loan agreement with a bank for an amount of $85,000 in order to refinance the term loan discussed in Note 11.A.7. On November 14, 2022, Quentin Shipping Co. and Sander Shipping Co. drew down in two tranches the aggregate amount of $85,000. As of December 31, 2023, the outstanding balance of each tranche of $37,312.5 is repayable in 28 equal quarterly installments of $1,296.9, from February 2024 to November 2030 and a balloon payment of $1,000 payable together with the last installment. 36. On November 17, 2022, Greneta Marine Corp., Merle Marine Corp. and Gassin Marine Corp. amongst others, signed a loan agreement with a bank for an amount of $30,000 in order to partly refinance the term loans discussed in Notes 11.A.23 and 11.A.27. On November 22, 2022, Greneta Marine Corp., Merle Marine Corp. and Gassin Marine Corp. drew down the amount of $30,000. As of December 31, 2023, the aggregate outstanding balance of $26,045 is repayable in 20 variable quarterly installments, from February 2024 to November 2028 with an aggregate balloon payment of $6,273.8 that is payable together with the respective last installment. 37. On December 14, 2022, Bastian Shipping Co., Cadence Shipping Co., Adele Shipping Co., Raymond Shipping Co., Terance Shipping Co., Undine Shipping Co., Tatum Shipping Co., Singleton Shipping Co., Evantone Shipping Co. and Fortrose Shipping Co. signed a loan agreement with a bank for an amount of $322,830 in order to refinance the term loans discussed in Notes 11.A.2, 11.A.4, 11.A.5, 11.A.6 and 11.A.15 and for general corporate purposes. During January 2023, the aggregate amount of 322,830 was drawn. As of December 31, 2023, the aggregate outstanding balance of $260,630 is repayable in variable quarterly installments, from March 2024 to December 2029 with an aggregate balloon payment of $16,800 that is payable together with the respective last installment. 38. On December 15, 2022, Adstone Marine Corp., Auber Marine Corp., Barlestone Marine Corp., Bilstone Marine Corp., Blondel Marine Corp., Cromford Marine Corp., Dramont Marine Corp., Featherstone Marine Corp., Lenval Marine Corp., Maraldi Marine Corp., Rivoli Marine Corp., Terron Marine Corp. and Valrose Marine Corp. signed a secured floating interest rate loan agreement with a bank for an amount of $120,000 in order to partly refinance the term loans discussed in Notes 11.A.23 11.A.27 and 11.A.31. On December 20, 2022, the amount of $82,885 was drawn down. On September 7, 2023, pursuant to a supplemental agreement signed during the third quarter of 2023, Oldstone Marine Corp. and Kinsley Marine Corp. drew down in two tranches the aggregate amount of $27,450. As of December 31, 2023, the aggregate outstanding balance of $101,065 is repayable in variable quarterly installments, from January 2024 to September 2029 with an aggregate balloon payment of $39,948.2 that is payable together with the respective last installments. As of December 31, 2023, the vessels Adventure Manzanillo 39. At the time that the Company obtained control in NML (Note 1) that took place during the year ended December 31, 2023, an NML subsidiary had entered into a loan agreement to finance one sale and leaseback arrangement. As of December 31, 2023, the outstanding balance of $5,995 is repayable in nine variable quarterly installments, from February 2024 to February 2026 with an aggregate balloon payment of $900 that is payable together with the respective last installment. 40. On April 19, 2023, Alford Shipping Co., Finney Shipping Co., Kalamata Shipping Corporation, Nisbet Shipping Co. and Novara Shipping Co. signed a loan agreement with a bank for an amount of $72,000 in order to refinance the term loans discussed in Notes 11.A.10 and 11.A.21. On April 24, 2023, Alford Shipping Co., Finney Shipping Co., Kalamata Shipping Corporation, Nisbet Shipping Co. and Novara Shipping Co. drew down the amount of $69,000. As of December 31, 2023, the outstanding balance of $64,000 is repayable in 22 equal quarterly installments of $2,500, from January 2024 to April 2029 and a balloon payment of $9,000 payable together with the last installment. 41. On May 26, 2023, Capetanissa Maritime Corporation and Berg Shipping Co. signed a loan agreement with a bank for an amount of $25,548 in order to refinance the term loans discussed in Notes 11.A.9 and 11.A.13. On May 30, 2023, Capetanissa Maritime Corporation and Berg Shipping Co. drew down the amount of $24,167 in two tranches. As of December 31, 2023, the outstanding balance of Tranche A of $13,160.6 is repayable in 18 equal quarterly installments of $513.2, from February 2024 to May 2028 and a balloon payment of $3,923 payable together with the last installment. As of December 31, 2023, the outstanding balance of Tranche B of $9,256.4 is repayable in 18 equal quarterly installments of $361.8, from February 2024 to May 2028 and a balloon payment of $2,744 payable together with the last installment. 42. On June 19, 2023, Archet Marine Corp., Bagary Marine Corp., Bellet Marine Corp., Courtin Marine Corp., Cron Marine Corp., Kinsley Marine Corp., Laudio Marine Corp., Nailstone Marine Corp., Oldstone Marine Corp., Pomar Marine Corp., Ravenstone Marine Corp., Rocester Marine Corp., Silkstone Marine Corp., Snarestone Marine Corp. and Sweptstone Marine Corp. signed a loan agreement with a bank for an amount of up to $150,000 in order to refinance the term loans discussed in Notes 11.A.24 and 11.A.29, as well as the acquisition of further vessels. On June 20, 2023, the amount of $65,779 was drawn down. As of December 31, 2023, the aggregate outstanding balance of $63,312 is repayable in 22 variable quarterly installments, from March 2024 to June 2029 with an aggregate balloon payment of $36,172 that is payable together with the respective last installments. The undrawn balance of the loan as of December 31, 2023 is $84,221, available for drawdown until December 31, 2025. 43. During the year ended December 31, 2023, four NML subsidiaries entered into a loan agreement to finance four sale and leaseback arrangements that they have entered into. As of December 31, 2023, the outstanding balance of $34,920 is repayable in 19 variable quarterly installments, from January 2024 to July 2028 with an aggregate balloon payment of $14,400 that is payable together with the respective last installment. 44. During the year ended December 31, 2023, two NML subsidiaries entered into a loan agreement to finance two sale and leaseback arrangements that they have entered into. As of December 31, 2023, the aggregate outstanding balance of $18,460 is repayable in 18 equal quarterly installments of $520, from January 2024 to April 2028 with an aggregate balloon payment of $9,100 that is payable together with the respective last installment. 45. On December 1, 2023, Barlestone Marine Corp., Bilstone Marine Corp., Cromford Marine Corp., Featherstone Marine Corp., Hanslope Marine Corp. and Shaekerstone Marine Corp. entered into a loan agreement with a bank for an amount of up to $60,000 in order to finance the acquisition cost of the vessel Arya The term loans discussed above bear interest at Term Secured Overnight Financing Rate (“SOFR”) (applicable to all loans discussed above except the loans discussed in Notes 11.A.28, 11.A.33, 11.A.37 and 11.A.41 and the loan discussed in Note 11.A.17 which bears a fixed rate) or Daily Non-Cumulative Compounded SOFR (applicable to the loans discussed in Notes 11.A.28, 11.A.33, 11.A.37 and 11.A.41), 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 in the range of 100% to 125% in all loans excluding one for which it is 140%, 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 and may also require the Company to maintain minimum liquidity, minimum net worth, interest coverage and leverage ratios, as defined. B. Other Financing Arrangements 1. In August 2018, the Company, through five wholly-owned subsidiaries, entered into five pre and post-delivery financing agreements with a financial institution for the five newbuild containerships. The Company is required to repurchase each underlying vessel at the end of the lease and as such it has assessed that under ASC 606, the advances paid for the vessels under construction are not derecognized and the amounts received are accounted for as financing arrangements. The financing arrangements bear fixed interest and the interest expense incurred for the year ended December 31 the aggregate outstanding amount of their financing arrangements is repayable in various installments ended 2. On November 12, 2018, the Company entered into a Share Purchase Agreement with York (the “York SPA”). After that date, the financing arrangements that the five ship-owning companies had previously entered into for their vessels, are included in the consolidation. On November 12, 2018, the Company also undertook the obligation to pay the remaining part of the consideration under the provisions of the Share Purchase Agreement within the next 18 months from the date of the transaction. According to the financing arrangements, the Company is required to repurchase each underlying vessel at the end of the lease and as such it has assessed that under ASC 606 and ASC 840 the assumed financial liability is accounted for as a financing arrangement. The amount payable to York has been accounted for under ASC 480-Distinguishing liabilities from equity and has been measured under ASC 835-30- Imputation of interest in accordance with the interest method. On May 12, 2020, the outstanding amount of the Company’s obligation to York was fully repaid. On June 17, 2022, Triton As at December 31, 2023, the aggregate outstanding amount of the four financing arrangements is repayable in various installments As of December 31, 2023, the aggregate outstanding balance of the financing arrangements under (1) and (2) above was $632,892. C. Unsecured Bond Loan (“Bond Loan”) In May 2021, the Company, through its wholly owned subsidiary, Costamare Participations Plc (the “Issuer”), issued €100 million of unsecured bonds to investors (the “Bond Loan”) and listed the bonds on the Athens Exchange. The Bond Loan will mature in May 2026 and carries a coupon of 2.70%, payable semiannually. The Bond Loan can be called in part (pro-rata) or in full by the Issuer on any coupon payment date, after the second anniversary and until 6 months prior to maturity. If the Bond Loan is redeemed (in part or in full) on i) the As of December 31, 2023, the outstanding balance of the bond amounted to $110,500. For the year ended December 31, 2023, the interest expense incurred amounted to $2,962 ($2,866 for the year ended December 31, 2022 and $1,896 for the year ended December 31, 2021) and is included in Interest and finance costs in the accompanying consolidated statements of operations. The annual repayments under the Term Loans, Other Financing Arrangements and Bond loan after December 31, 2023, giving effect to the prepayment of the term loans discussed in Notes 11.A.25 and 11.A.38, are in the aggregate as follows: Year ending December 31, Amount 2024 $ 352,140 2025 320,084 2026 448,505 2027 348,046 2028 350,563 2029 and thereafter 545,745 Total $ 2,365,083 The interest rate of Costamare’s Term Loans and Other Financing Arrangements (inclusive of fixed rate Term Loans and the related cost of derivatives) as at December 31, 2021, 2022 and 2023 Total interest expense incurred on long-term debt including the effect of the hedging interest rate swaps (discussed in Notes 20 and 22) and capitalized interest for the years ended December 31, 2021, 2022 and 2023, amounted to $74,017, $104,613 and $129,247, respectively. Of the above amounts, $73,552, $104,613 and $129,247, are included in Interest and finance costs in the accompanying consolidated statements of operations for the years ended December 31, 2021, 2022 and 2023, respectively, whereas in 2021, an amount of $465 was capitalized. D. Financing Costs The amounts of financing costs included in the loan balances and finance lease liabilities (Note 12) are as follows : Balance, January 1, 2022 $ 25,716 Additions 7,347 Amortization and write-off (10,255 ) Transfers and other movements 105 Balance, December 31, 2022 $ 22,913 Additions 4,075 Amortization and write-off (8,125 ) Balance, December 31, 2023 $ 18,863 Less: Current portion of financing costs (5,113 ) Financing costs, non-current portion $ 13,750 Financing costs represent legal fees and fees paid to the lenders for the conclusion of the Company’s financing. The amortization and write-off of loan financing costs is included in Interest and finance costs in the accompanying consolidated statements of operations (Note 20). |
Note 12 - Right-of-Use Assets,
Note 12 - Right-of-Use Assets, Finance Lease Liabilities, Investments in Leaseback Vessels and Net Investment in Sales-type Leases | 12 Months Ended |
Dec. 31, 2023 | |
Right-of-Use Assets, Finance Lease Liabilities, Investment in leaseback vessels and Net investment in Sales-type leases [Abstract] | |
Lessee and Lessor, Finance Leases [Text Block] | 12. Right-of-Use Assets, Finance Lease Liabilities, Investment in leaseback vessels and Net investment in Sales-type leases: (a) Right-of-Use Assets and Finance Lease Liabilities: 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 container vessels MSC Athos MSC Athens MSC Athens MSC Athos MSC Athens MSC Athos On June 19, 2017, the Company entered into two seven-year sale and leaseback transactions with a financial institution for the container vessels Leonidio Kyparissia Leonidio Kyparissia On May 12, 2023, the Company (Note 10) entered into a Share Purchase Agreement with York and assumed the related finance lease liability with reference to the sale and leaseback agreement dated December 15, 2015. On the acquisition date, the Company accounted for the arrangement as finance lease and recognized the finance lease liability amounting to $28,064, making use of an incremental borrowing rate of 6.04%. The depreciation with respect to the right-of-use assets under finance lease, charged during the years ended December 31, 2021, 2022 and 2023 , amounted to $7,489, $3,284 and $817, respectively, and is included in Depreciation in the accompanying consolidated statements of operations. As of December 31, 2023 and 2022, the carrying value of the right-of-use assets under finance lease amounted to $39,211 and nil Total interest expenses incurred on finance leases, for the years ended December 31, 2021, 2022 and 2023 $4,661, The annual lease payments under the finance lease after December 31, 2023 are in the aggregate as follows: 12-month period ending December 31, Amount 2024 $ 4,189 2025 24,280 Total $ 28,469 Less: Discount (1,908 ) Total finance lease liability $ 26,561 The total finance lease liabilities, are presented in the accompanying December 31, 2022 and 2023 consolidated balance sheet as follows: December 31, 2022 December 31, 2023 Finance lease liabilities – current $ - $ 2,684 Finance lease liabilities – non-current - 23,877 Total $ - $ 26,561 (b) Investments in leaseback vessels: At the time that the Company obtained control in NML (Note 1), NML subsidiaries had the following vessels under sale and leaseback arrangements: 1. One container vessel that was originally acquired in May 2021 by a wholly owned subsidiary of NML and leased back under bareboat charter to the seller for a period of 4.75 accompanying consolidated balance sheets 2. One dry bulk vessel that was originally acquired in May 2022 by a wholly owned subsidiary of NML and leased back under bareboat charter to the seller for a period of 5.5 3. One dry bulk vessel that was originally acquired in December 2022 by a wholly owned subsidiary of NML and leased back under bareboat charter to the seller for a period of 5.0 accompanying consolidated balance sheets 4. One dry bulk vessel that was originally acquired in December 2022 by a wholly owned subsidiary of NML and leased back under bareboat charter to the seller for a period of 5.0 accompanying consolidated balance sheets Subsequent to the NML acquisition (Note 1), NML acquired the following vessels under sale and lease back arrangements: 1. In March 2023, NML acquired one dry bulk vessel for $12,250, and leased the vessel back to the seller under bareboat charter for a period of 5.0 2. In April 2023, NML acquired one dry bulk vessel for $12,250, and leased the vessel back to the seller under bareboat charter for a period of 5.0 accompanying consolidated balance sheets 3. In May 2023, NML acquired one dry bulk vessel for $10,350, and leased the vessel back to the seller under bareboat charter for a period of 5.0 accompanying consolidated balance sheets 4. In June 2023, NML acquired one dry bulk vessel for $9,350, and leased the vessel back to the seller under bareboat charter for a period of 5.0 accompanying consolidated balance sheets 5. In July 2023, NML acquired one tanker vessel for $10,000, and leased the vessel back to the seller under bareboat charter for a period of 5.0 accompanying consolidated balance sheets 6. In July 2023, NML acquired one tanker vessel for $10,000, and leased the vessel back to the seller under bareboat charter for a period of 5.0 accompanying consolidated balance sheets 7. In July 2023, NML acquired one tanker vessel for $10,000, and leased the vessel back to the seller under bareboat charter for a period of 5.0 accompanying consolidated balance sheets 8. In July 2023, NML acquired one tanker vessel for $10,000, and leased the vessel back to the seller under bareboat charter for a period of 5.0 accompanying consolidated balance sheets 9. In August 2023, NML acquired an offshore supply vessel for $13,000, and leased the vessel back to the seller under bareboat charter for a period of 5.0 accompanying consolidated balance sheets 10. In August 2023, NML acquired an offshore support vessel for $13,000, and leased the vessel back to the seller under bareboat charter for a period of 5.0 accompanying consolidated balance sheets 11. In September 2023, NML acquired one dry bulk vessel for $8,500 and leased the vessel back to the seller under bareboat charter for a period of 5.0 accompanying consolidated balance sheets 12. In September 2023, NML acquired a multipurpose offshore vessel for $14,400, and leased the vessel back to the seller under bareboat charter for a period of 5.0 accompanying consolidated balance sheets 13. In October 2023, NML acquired one dry bulk vessel for $8,500, and leased the vessel back to the seller under bareboat charter for a period of 5.0 accompanying consolidated balance sheets 14. In November 2023, NML acquired one dry bulk vessel for $8,000, and leased the vessel back to the seller under bareboat charter for a period of 5.0 accompanying consolidated balance sheets 15. In December 2023, NML acquired one dry bulk vessel for $12,000, and leased the vessel back to the seller under bareboat charter for a period of 5.0 accompanying consolidated balance sheets 16. In December 2023, NML acquired one dry bulk vessel for $11,700, and leased the vessel back to the seller under bareboat charter for a period of 5.0 accompanying consolidated balance sheets 17. In December 2023, NML acquired one dry bulk vessel for $7,350, and leased the vessel back to the seller under bareboat charter for a period of 5.0 accompanying consolidated balance sheets 18. In December 2023, NML acquired one dry bulk vessel for $6,485, and leased the vessel back to the seller under bareboat charter for a period of 5.0 accompanying consolidated balance sheets 19. In December 2023, NML acquired one dry bulk vessel for $14,000, and leased the vessel back to the seller under bareboat charter for a period of 5.0 accompanying consolidated balance sheets (c) Net investment in Sales-type leases: In April and May 2023, the container vessels Vela Vulpecula, The balance of the Net investment in sales-type lease reflected in the accompanying balance sheet is analyzed as follows : December 31, 2023 Lease receivable $ 41,901 Unguaranteed residual value 201 Net investment in sales-type lease vessels $ 42,102 Net investment in sales-type lease vessels, current (22,620 ) Net investment in sales-type lease vessels, non-current $ 19,482 During the year ended December 31, 2023, the interest income relating to the net investment in sale-type leases amounted to $41,299 and is included in Voyage revenue in the accompanying consolidated statements of operations. The following table presents a maturity analysis of the lease payments on sales-type leases over the next five years and thereafter, as well as a reconciliation of the undiscounted cash flows to the net investment in the lease receivables recognized in the consolidated balance sheet at December 31, 2023. 12-month period ending December 31, Amount 2024 $ 65,811 2025 24,541 2026 6,038 2027 4,193 2028 3,154 Total undiscounted cash flows $ 103,737 Present value of lease payments* $ 41,901 *The difference between the present value of the lease payments and the net investment in the lease balance in the balance sheet is due to the vessels unguaranteed residual value, which is included in the net investment in the lease balance but is not included in the future lease payments. |
Note 13 - Operating Lease Right
Note 13 - Operating Lease Right-of-use Assets and Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Operating lease Right-of-Use Assets and Liabilities [Abstract] | |
Lessee, Operating Leases [Text Block] | 13. Operating lease Right-of-Use Assets and Liabilities: During the year ended December 31, 2023, CBI chartered-in 72 third-party vessels on short/medium/long term period charters. The carrying value of the operating lease liabilities and corresponding right-of-use assets recognized in connection with the time charter-in vessel arrangements as of December 31, 2023 amounted to $275,056. To determine the operating lease liability at each lease commencement, the Company used incremental borrowing rates since the rates implicit in each lease were not readily determinable. For the operating charter-in arrangements that have commenced during the year ended December 31, 2023, the Company used incremental borrowing rates ranging between 5.20 7.07 2.06 : 12-month period ending December 31, Amount 2024 $ 170,079 2025 79,530 2026 50,608 Total $ 300,217 Discount based on incremental borrowing rate (25,161 ) Operating lease liabilities, including current portion $ 275,056 |
Note 14 - Accrued Charter Reven
Note 14 - Accrued Charter Revenue, Current and Non-current, Unearned Revenue, Current and Non-current and Time Charter Assumed, Current and Non-current | 12 Months Ended |
Dec. 31, 2023 | |
Accrued Charter Revenue, Current and Non-Current, Unearned Revenue, Current and Non-Current and Time Charter Assumed, Current and Non-Current [Abstract] | |
Accrued Charter Revenue, Current and Non-Current and Unearned Revenue, Current and Non-Current [Text Block] | 14. Accrued Charter Revenue, Current and Non-Current, Unearned Revenue, Current and Non-Current and Time Charter Assumed, Current and Non-Current: (a) Accrued Charter Revenue, Current and Non-Current: The amounts presented as current and non-current accrued charter revenue in the accompanying consolidated balance sheets as of December 31, 2022 and 2023, reflect revenue earned, but not collected, resulting from charter agreements providing for varying annual charter rates over their terms, which were accounted for on a straight-line basis at their average rates. As at December 31, 2022, the net accrued charter revenue, totaling ($20,349), comprises of $10,885 separately reflected in Current assets, $11,627 separately reflected in Non-current assets, and ($42,861) (discussed in (b) below) included in Unearned revenue in current and non-current liabilities in the accompanying consolidated 2022 balance sheet. As at December 31, 2023, the net accrued charter revenue, totaling ($23,642), comprises of $9,752 separately reflected in Current assets, $10,937 separately reflected in Non-current assets, and ($44,331) (discussed in (b) below) included in Unearned revenue in current and non-current liabilities in the accompanying consolidated 2023 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 2024 $ (7,292 ) 2025 (8,081 ) 2026 (8,082 ) 2027 (187 ) Total $ (23,642 ) ( b) Unearned Revenue, Current and Non-Current: The amounts presented as current and non-current unearned revenue in the accompanying consolidated balance sheets as of December 31, 2022 and 2023, reflect: (a) cash received prior to the balance sheet date for which all criteria to recognize as revenue have not been met, (b) any unearned revenue resulting from charter agreements providing for varying annual charter rates over their term, which were accounted for on a straight-line basis at their average rate and (c) the unamortized balance of the Time charter assumed liability associated with the acquisition of Polar Brasil . nil December 31, 2022 December 31, 2023 Hires collected in advance $ 16,906 $ 34,258 Charter revenue resulting from varying charter rates 42,861 44,331 Unamortized balance of charters assumed - 940 Total $ 59,767 $ 79,529 Less current portion (25,227 ) (52,177 ) Non-current portion $ 34,540 $ 27,352 (c) Time Charter Assumed, Current and Non-Current: On November 12, 2018, the Company purchased the 60% equity interest it did not previously own in the companies owning the containerships Triton , Titan , Talos , Taurus and Theseus 7.4 On March 29, 2021, the Company purchased the 51% equity interest in the company owning the containership Cape Artemisio (Note 10). Any favorable lease term associated with this vessel was recorded as an intangible asset (“Time charter assumed”) at the time of the acquisition and will be amortized over a period of 4.3 in the company owning the containership Arkadia (Notes 7 and 10). Any favorable lease term associated with this vessel was recorded as an intangible asset (“Time charter assumed”) at the time of the acquisition and will be amortized over a period of 0.2 years ended December 31 |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 15. Commitments and Contingencies a) Time charters: As of December 31, 2023, future minimum contractual time charter revenues assuming 365 revenue days per annum per vessel and the earliest redelivery dates possible, based on vessels’ committed, non-cancellable, time charter contracts, are as follows: Year ending December 31, Amount 2024 $ 1,037,731 2025 671,396 2026 388,273 2027 214,211 2028 198,783 2029 and thereafter 315,556 Total $ 2,825,950 The above calculation includes the time charter arrangements of the Company’s vessels in operation as at December 31, 2023, but excludes the time charter arrangements of: 12 dry bulk vessels in operation for which their time charter rate is index-linked, three vessels in pool agreements, one dry bulk vessel for which the Company had not secured employment as of December 31, 2023 and 43 voyages for which their rate is index-linked. These arrangements as at December 31, 2023, have remaining terms of up to 92 months. (b) Charter-in commitments: The Company had no charter-in commitments as of December 31, 2023. (c) Capital Commitments: of up to $103.1 million, in relation to the acquisition of five vessels through NML from third party shipowners (sellers) under sale and bareboat agreements, subject to final documentation, under which the vessels will be chartered back to the sellers under bareboat charter agreements. (d) Debt guarantees with respect to entities formed under the Framework Deed: As of December 31, 2023 and following the transaction with York discussed in Notes 7 and 12, Costamare does not guarantee any loan with respect to entities formed under the Framework Deed. (e) Other: Various claims, suits, and complaints, including those involving government regulations, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents or suppliers relating to the Company’s vessels. Currently, management is not aware of any such claims not covered by insurance or of any contingent liabilities, which should be disclosed, or for which a provision has not been established in the accompanying consolidated financial statements. 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 such claims or contingent liabilities not covered by insurance which should be disclosed, or for which a provision has not been 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. A subsidiary of the Company and Costamare Shipping are defendants and third-party defendants to lawsuits pending in the United States Court for the Central District of California relating to liabilities associated with damage to a pipeline and an oil spill that occurred in October 2021 off the coast of Long Beach, California. The oil spill was caused by the rupture of a pipeline owned by Amplify Energy Corp. and certain affiliates (“Amplify”). The claimants in the lawsuit allege that a vessel owned by one of the Company’s subsidiaries, the containership Beijing, dragged its anchor across the pipeline many months prior to the rupture, during a severe heavy wind event when numerous other vessels were unable to hold their ground and dragged their anchors, and contributed to the spill. The complaint alleges that a vessel owned by another containership company also dragged its anchor across the pipeline on the same day. In February 2023, the Company’s subsidiary, together with the other containership company, reached an agreement to resolve a putative class action claim for economic losses and property damage allegedly incurred by individuals and businesses affected by the oil spill. Further, the Company’s subsidiary, together with the other containership company, reached agreements in February and April 2023 with various other parties that were actively asserting claims related to the oil spill, including having reached agreements to resolve claims asserted by Amplify and subrogation claims that were asserted by or could be asserted by a number of Amplify’s insurers relating to property damage, loss of production, and liabilities triggered by the discharge of oil from Amplify’s pipeline. In connection with these settlements, neither the Company’s subsidiary nor Costamare Shipping have admitted liability. The payments that were required under these settlement agreements will be fully covered by insurance. One claimant—the Pacific Airshow LLC—is continuing to pursue claims against the Company’s subsidiary, as well as the other containership company, for alleged losses relating to the cancellation of one day of the 2021 Pacific Airshow. The United States Court for the Central District of California ruled that the Pacific Airshow LLC’s claim against the Company’s subsidiary was barred by the terms of the settlement the Company’s subsidiary reached in connection with the putative class action claim. The Pacific Airshow LLC has appealed that ruling to the Ninth Circuit, and that appeal is pending. The Company believes that adequate insurance is in place to cover any liability from this claim and from any other claim, if any should arise, relating to the oil spill that are pursued against the Company’s subsidiary. On December 22, 2023, the California Department of Fish and Wildlife’s Office of Spill Prevention and Response issued a notice of violation to the Company’s subsidiary and Costamare Shipping alleging that they violated California Government Code sections 8670.20 and 8670.25.5(a)(1), which relate to notification of vessel disability or reporting of discharge or threatened discharge of oil and seeking civil administrative penalties. The Company is disputing the alleged violations. |
Note 16 - Redeemable Non-contro
Note 16 - Redeemable Non-controlling Interest | 12 Months Ended |
Dec. 31, 2023 | |
Redeemable Non-controlling Interest [Abstract] | |
Noncontrolling Interest Disclosure [Text Block] | 16. Redeemable Non-controlling Interest In 2022, the Company, participated with three other investors (the “Other Investors”) in the share capital increase of CBI whereby (i) the Company became the holder of 100,000,000 common shares of CBI (representing 92.5% of the issued share capital of CBI) in exchange of $100,000 and (ii) the three Other Investors acquired, in aggregate, 8,108,108 common shares of CBI (representing 7.5% of the issued share capital of CBI) in exchange of $3,750. During the year ended December 31, 2023, CBI increased its share capital by issuing another 100,000,000 common shares to the Company in exchange for $100,000 and 8,108,108 common shares to the Other Investors in exchange for $3,750. On November 14, 2022, the Company and the Other Investors entered into a shareholders’ agreement to regulate the operation of CBI. Pursuant to the shareholders agreement, an Other Investor can sell its shares in CBI at any time after the earlier of (i) the date that the service contract (Note 3(f)) (the “Service Contract”) of the beneficial owner of that Other Investor is terminated without cause by the relevant employer and (ii) November 22, 2025. In the event that the relevant Other Investor seeks to sell its shares, according to the terms of the shareholders agreement, it can do so by: (a) first offering all (and not part) of its shares to the remaining Other Investors; (b) if none of the remaining Other Investors accept to purchase all the offered shares, secondly by offering its shares to the Company; (c) if the Company does not accept to purchase all the offered shares, thirdly by offering the shares to any third party; and (d) if no third party accepts to buy all the offered shares, fourthly by serving notice (the “Put Notice”) on the Company to purchase the offered shares at a cash price equaling 70% or, in the case the Service Contract was terminated without cause, 100% of their fair market value at the time of such Put Notice. In that case, the Company shall in effect redeem to the relevant Other Investor the whole or part of the value of its shares. Based upon the Company’s evaluation of the redemption provisions concerning redeemable noncontrolling interests it was initially determined that the shareholders agreement contains provisions that require the Company to repurchase the non-controlling equity interest upon an occurrence of a specific triggering event that is not solely within control of the Company, and as such the Company classified the redeemable non-controlling interest outside of permanent equity. Based upon the Company’s evaluation of the redemption provisions concerning redeemable noncontrolling interests as of December 31, 2023, the Company determined in accordance with authoritative accounting guidance that it was not probable that an event otherwise requiring redemption of any redeemable noncontrolling interest would occur (i.e., the date for such event was not set or such event is not certain to occur). Therefore, none of the redeemable noncontrolling interests were identified as mandatorily redeemable interests at such times, and the Company did not record any values in respect of any mandatorily redeemable interests. Therefore, the redeemable non-controlling interest was adjusted for the portion of comprehensive income / (loss) of the period and the effect of the capital increases performed by the holders of non-controlling interest into the period. The changes to redeemable non-controlling interest in subsidiary during the years ended December 31, 2022 and 2023, were as follows: Temporary equity – Redeemable non-controlling interest in subsidiary Amount Balance, January 1, 2022 $ - Initial redeemable non-controlling interest in subsidiary 3,750 Net loss attributable to redeemable non-controlling interest (263 ) Balance, December 31, 2022 $ 3,487 Capital increase in non-controlling interest 3,750 Net loss attributable to redeemable non-controlling interest (6,608 ) Balance, December 31, 2023 $ 629 |
Note 17 - Common Stock and Addi
Note 17 - Common Stock and Additional Paid-in Capital | 12 Months Ended |
Dec. 31, 2023 | |
Common Stock and Additional Paid-In Capital [Abstract] | |
Equity [Text Block] | 17. Common Stock and Additional Paid-In Capital: (a) Common Stock: During each of the years ended December 31, 2022 and 2023, the Company issued 598,400 shares at par value of $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, 2023. On July 6, 2016, the Company implemented the Plan. The Plan offers holders of Company common stock the opportunity to purchase additional shares by having their cash dividends automatically reinvested in the Company’s common stock. Participation in the Plan is optional, and shareholders who decide not to participate in the Plan will continue to receive cash dividends, as declared and paid in the usual manner. During the year ended December 31, 2022, the Company issued 2,454,909 shares, at par value of $0.0001 to its common stockholders, at an average price of $12.3142 per share. During the year ended December 31, 2023, the Company issued 1,742,320 shares at par value of $0.0001 to its common stockholders, at an average price of $9.3669 per share. On November 30, 2021, the Company approved a share repurchase program of up to a maximum $150,000 of its common shares and up to $150,000 of its preferred shares. The timing of repurchases and the exact number of shares to be purchased will be determined by the Company’s management, in its discretion. As of December 31, 2021, no common shares had been repurchased under the share repurchase program. During the year ended December 31, 2022, the Company repurchased, under the share repurchase program, 4,736,702 common shares at an aggregate cost of $60,095. During the year ended December 31, 2023, the Company repurchased, under the share repurchase program, 6,267,808 common shares at an aggregate cost of $60,000. As of December 31, 2023, the aggregate issued share capital was 129,379,133 common shares was 118,374,623 common shares. (b) Additional Paid-in Capital: The amounts shown in the accompanying consolidated balance sheets, as additional paid-in capital include: (i) payments made by the stockholders at various dates to finance vessel acquisitions in excess of the amounts of bank loans obtained, (ii) the difference between the par value of the shares issued in the Initial Public Offering in November 2010 and the offerings in March 2012, October 2012, August 2013, January 2014, May 2015, December 2016, May 2017 and January 2018 and the net proceeds received from the issuance of such shares, (iii) the difference between the par value and the fair value of the shares issued to Costamare Shipping and Costamare Services (Note 3), (iv) the difference between the par value of the shares issued under the Plan and (v) in cases where capital increase take place in a subsidiary through shares issuance, the difference between the cash contributed from the non-controlling interests and the share of subsidiary’s equity acquired from the non-controlling interests. (c) Dividends declared and / or paid : During the year ended December 31, 2021, the Company declared and paid to its common stockholders $0.10 per common share and, after accounting for shareholders participating in the Plan, the Company paid (i) $9,342 in cash and issued 362,866 shares pursuant to the Plan for the fourth quarter of 2020 and (ii) $9,360 in cash and issued 275,457 shares pursuant to the Plan for the first quarter of 2021 and for the second and third quarters of 2021, the Company declared and paid $0.115 per common share to its common stockholders and, after accounting for shareholders participating in the Plan, the Company paid (iii) $10,755 in cash and issued 322,274 shares pursuant to the Plan for the second quarter of 2021 and (iv) $10,738 in cash and issued 265,469 shares pursuant to the Plan for the third quarter of 2021 . the second and third quarters of 2022, the Company declared and paid $0.115 per common share to its common stockholders and, after accounting for shareholders participating in the Plan, the Company paid (iii) $10,250 in cash and issued 330,961 shares pursuant to the Plan for the second quarter of 2022 and (iv) $10,006 in cash and issued 428,300 shares pursuant to the Plan for the third quarter of 2022 and (iv) $9,313 in cash and issued 479,714 shares pursuant to the Plan for the third quarter of 2023 During the year ended December 31 year ended December 31 $939, or $0.476563 per share, for the period from April 15, 2022 to July 14, 2022 and $939, or $0.476563 per share, for the period from July 15, 2022 to October 14, 2022 year ended December 31 $939, or $0.476563 per share, for the period from April 15, 2023 to July 14, 2023 and $939, or $0.476563 per share, for the period from July 15, 2023 to October 14, 2023 During the year ended December 31 year ended December 31 $2,111, or $0.531250 per share, for the period from April 15, 2022 to July 14, 2022 and $2,111, or $0.531250 per share, for the period from July 15, 2022 to October 14, 2022 year ended December 31 $2,111, or $0.531250 per share, for the period from April 15, 2023 to July 14, 2023 and $2,111, or $0.531250 per share, for the period from July 15, 2023 to October 14, 2023 During the year ended December 31 , year ended December 31 (iii) $2,180, or $0.546875 per share, for the period from April 15, 2022 to July 14, 2022 and (iv) $2,180, or $0.546875 per share, for the period from July 15, 2022 to October 14, 2022 year ended December 31 (iii) $2,180, or $0.546875 per share, for the period from April 15, 2023 to July 14, 2023 and (iv) $2,180, or $0.546875 per share, for the period from July 15, 2023 to October 14, 2023 During the year ended December 31, 2021, the Company declared and paid to its holders of Series E Preferred Stock (i) $2,537, or $0.554688 per share for the period from October 15, 2020 to January 14, 2021, (ii) $2,537, or $0.554688 per share for the period from January 15, 2021 to April 14, 2021 , , , |
Note 18 - Earnings Per Share
Note 18 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per share [Abstract] | |
Earnings Per Share [Text Block] | 18. Earnings per share All common shares issued are Costamare common stock and have equal rights to vote and participate in dividends. 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, Series D Preferred Stock and Series E Preferred Stock that should be paid for the period. Dividends paid or accrued on Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series E Preferred Stock during each of the years ended December 31, 2021, 2022 and 2023, amounted to $31,068. For the year ended December 31, 2021 2022 2023 Basic EPS Basic EPS Basic EPS Net income $ 435,121 $ 554,692 $ 381,019 Less: Net loss attributable to non-controlling interest in subsidiaries - 263 4,730 Net income attributable to Costamare Inc. 435,121 554,955 385,749 Less: paid and accrued earnings allocated to Preferred Stock (31,068 ) (31,068 ) (31,068 ) Net income available to common stockholders $ 404,053 $ 523,887 $ 354,681 Weighted average number of common shares, basic and diluted 123,070,730 122,964,358 120,299,172 Earnings per common share, basic and diluted $ 3.28 $ 4.26 $ 2.95 |
Note 19 - Voyage Revenues
Note 19 - Voyage Revenues | 12 Months Ended |
Dec. 31, 2023 | |
Voyage Revenues [Abstract] | |
Revenue from Contract with Customer [Text Block] | 19. Voyage Revenues: The following table shows the voyage revenues earned from time charters and voyage charters during the years ended December 31, 2021, 2022 and 2023: For the year ended December 31, 2021 Container vessels segment Dry bulk vessels segment CBI Total Time charters $ 678,292 $ 115,347 $ - $ 793,639 Total $ 678,292 $ 115,347 $ - $ 793,639 For the year ended December 31, 2022 Container vessels segment Dry bulk vessels segment CBI Total Time charters $ 797,392 $ 313,276 $ - $ 1,110,668 Voyage charters and Contracts of Affreightment - 2,824 367 3,191 Total $ 797,392 $ 316,100 $ 367 $ 1,113,859 For the year ended December 31, 2023 Container vessels segment Dry bulk vessels segment CBI Total Time charters $ 839,374 $ 151,137 $ 77,683 $ 1,068,194 Voyage charters and Contracts of Affreightment - 4,755 429,542 434,297 Total $ 839,374 $ 155,892 $ 507,225 $ 1,502,491 |
Note 20 - Interest and Finance
Note 20 - Interest and Finance Costs | 12 Months Ended |
Dec. 31, 2023 | |
Interest and Finance Costs [Abstract] | |
Interest Finance Costs [Text Block] | 20. Interest and Finance Costs: The Interest and finance costs in the accompanying consolidated statements of operations are as follows: For the year ended December 31, 2021 2022 2023 Interest expense $ 72,261 $ 107,205 $ 152,123 Interest capitalized (465 ) - - Derivatives’ effect 6,417 (483 ) (22,876 ) Amortization and write-off of financing costs 6,520 10,255 8,125 Amortization of excluded component related to cash flow hedges - 1,286 4,354 Bank charges and other financing costs 1,314 3,970 2,703 Total $ 86,047 $ 122,233 $ 144,429 |
Note 21 - Taxes
Note 21 - Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Taxes [Abstract] | |
Income Tax Disclosure [Text Block] | 21. 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 operations. The Company believes that its subsidiaries that are engaged in the dry bulk operating platform business and in the sale and leaseback business are not subject to tax on their income in their respective countries of incorporation. 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. |
Note 22 - Derivatives
Note 22 - Derivatives | 12 Months Ended |
Dec. 31, 2023 | |
Derivatives [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 22. Derivatives: (a) Interest rate and Cross-currency swaps and interest rate caps that meet the criteria for hedge accounting: The Company manages its exposure to floating interest rates and foreign currencies by entering into interest rate swaps, interest rate caps and cross-currency rate swap agreements with varying start and maturity dates. The 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 or SOFR . According to the Company’s Risk Management Accounting Policy, after putting in place the formal documentation at the inception of the hedging relationship, as required by ASC 815, these interest rate derivatives qualified for hedge accounting. During the year ended December 31, 2022, the Company entered into a series of eight interest rate cap agreements with a facility counterparty relating to the loan discussed in Note 11.A.22, with a total notional amount of $54,784 to limit the maximum interest rate on the variable-rate debt of the mentioned loan and limit exposure to interest rate variability when three-month LIBOR exceeds 1.50%. Furthermore, during the same period, the Company entered into a series of 12 interest rate cap agreements with other counterparties relating to the loans discussed in Notes 11.A.5, 11.A.20, 11.A.24, 11.A.25, 11.A.28, 11.A.29 and 11.A.33, with a total notional amount of $562,285 to limit the maximum interest rate on the variable-rate debt of the mentioned loans and limit exposure to interest rate variability when three-month LIBOR or SOFR exceeds 3.00%. The interest rate caps were accounted for as cash flow hedges because they are expected to be highly effective in hedging exposure to variable rate interest payments under the loans discussed in Notes 11.A.5, 11.A.20, 11.A.22, 11.A.24, 11.A.25, 11.A.28, 11.A.29 and 11.A.33 . During the year ended December 31, 2023, the Company entered into four interest rate cap agreements with a facility counterparty relating to the loans discussed in Notes 11.A.20, 11.A.33 and 11.A.42, with an aggregate notional amount of $333,727 to limit the maximum interest rate on the variable-rate debt of the mentioned loans and limit exposure to interest rate variability when three-month SOFR or Daily Compounded SOFR exceeds 2.53%-3.50%. In addition, during the same period, the Company entered into two interest rate cap agreements with a facility counterparty relating to the loans discussed in Note 11.A.37 and Note 11.A.25, with an aggregate notional amount of $310,646 to limit the maximum interest rate on the variable-rate debt of the mentioned loans and limit exposure to interest rate variability when three-month SOFR or Daily Compounded SOFR exceeds 2.74%-3.00%. The interest rate caps were accounted for as cash flow hedges because they are expected to be highly effective in hedging exposure to variable rate interest payments under the respective loans . Furthermore, during the year ended December 31, 2023, the Company entered into an interest rate swap agreement with notional amount of $45,231, which met hedge accounting criteria according to ASC 815 related to the loan discussed in Note 11.A.17. During the year ended December 31, 2023, the Company terminated the interest rate caps related to the loans discussed in Notes 11.A.5, 11.A.20, 11.A.22, 11.A.24, 11.A.25 and 11.A.29 and received the aggregate amount of $9,566, which is included in Gain / (Loss) on derivative instruments, net in the accompanying 2023 consolidated consolidated The fair value of the interest rate cap derivative instruments outstanding as of December 31, 2023 amounted to an asset of $26,417 ($24,939 as of December 31, 2022), and is included in the Fair value of derivatives current and non-current in the accompanying December 31, 2023 consolidated balance sheet. During the year ended December 31, 2022, the Company entered into two interest rate swap agreements with an aggregate notional amount of $85,000, which both met hedge accounting criteria according to ASC 815. Furthermore, during the year ended December 31, 2021, the Company entered into two cross-currency swap agreements, which converted the Company’s variability of the interest and principal payments in Euro into USD functional currency cash flows with respect to the Unsecured Bond (Note 11(c)), in order to hedge its exposure to fluctuations deriving from Euro. The two cross-currency swaps are designated as cash flow hedging Instruments for accounting purposes. As of December 31, 2023, the notional amount of the two cross-currency swaps was $122,375 in the aggregate. The principal terms of the two cross-currency swap agreements are as follows: Effective date Termination date Notional amount (Non-amortizing) on effective date in Euro Notional amount (Non-amortizing) on effective date in USD Fixed rate (Costamare receives in Euro) Fixed rate (Costamare pays in USD) Fair value December 31, 2023 (in USD) 21/5/2021 21/11/2025 € 50,000 $ 61,175 2.70 % 4.10 % $ (5,877 ) 25/5/2021 21/11/2025 € 50,000 $ 61,200 2.70 % 4.05 % $ (5,756 ) Total fair value $ (11,633 ) At December 31, 2022 and 2023, the Company had interest rate swap agreements, cross-currency rate swap agreements and interest rate cap agreements with an outstanding notional amount of $1,094,930 and $1,260,171 respectively. The fair value of these derivatives outstanding as at December 31, 2022 and 2023 amounted to a net asset of $44,918 and a net asset of $35,475, respectively, and these are included in the accompanying consolidated balance sheets. The maturity of these derivatives range between July 2024 and March 2031. The estimated net amount that is expected to be reclassified within the next 12 months from Accumulated Other Comprehensive Income / (Loss) to earnings in respect of the settlements on interest rate swap, cross-currency rate swap and interest rate cap amounts to $20,405. (b) Interest rate swaps/ interest rate caps/ cross currency swaps that do not meet the criteria for hedge accounting: As of December 31, 2023, the Company did not hold any interest rate swaps or interest rate caps or cross currency swaps that do not qualify for hedge accounting. (c) Foreign currency agreements: As of December 31, 2023, the Company holds 24 Euro/U.S. dollar forward agreements totaling $78,600 at an average forward rate of Euro/U.S. dollar 1.0730, expiring in monthly intervals up to December 2025. As of December 31, 2022, the Company was engaged in 36 Euro/U.S. dollar forward agreements totaling $108,600 at an average forward rate of Euro/U.S. dollar 1.0690, expiring in monthly intervals up to December 2025. As of December 31, 2022, the Company through CBI was engaged in eight Singapore dollar/U.S. dollar forward agreements totaling $7,336 at an average forward rate of Singapore dollar/U.S. dollar 1.3411, with settlements up to December 2023. The total change of forward contracts fair value for the year ended December 31 ended December 31, ended December 31, (d) Forward Freight Agreements (“FFAs”) and Bunker swap agreements: As of December 31, 2023, the Company had a series of bunker swap agreements, none of which qualify for hedge accounting. As of December 31, 2022, the Company had one bunker swap agreement, which does not qualify for hedge accounting. As of December 31, 2023, the Company had a series of FFAs, none of which qualify for hedge accounting. As of December 31, 2022, the Company had six FFAs, none of which qualify for hedge accounting. The following tables present, as of December 31, 2023, gross and net derivative assets and liabilities by contract type: Derivatives Assets-Current Derivatives Assets-Non-Current FFAs * $ 30,404 $ 2,758 Bunker swaps 101 - Interest rate swaps 7,827 12,864 Interest rate caps 14,716 11,701 Forward currency contracts 1,873 1,656 Total gross derivative contracts $ 54,921 $ 28,979 Amounts offset Counterparty netting* (21,611 ) (340 ) Total derivative assets, December 31, 2023 $ 33,310 $ 28,639 Derivatives Liabilities-Current Derivatives Liabilities-Non- Current FFAs * $ (21,611 ) $ (340 ) Bunker swaps (912 ) (1,699 ) Cross-currency rate swaps (2,138 ) (9,495 ) Total gross derivative contracts $ (24,661 ) $ (11,534 ) Amounts offset Counterparty netting* 21,611 340 Total derivative liabilities, December 31, 2023 $ (3,050 ) $ (11,194 ) * The Company has adopted net presentation for assets and liabilities related to FFA derivative instruments. The Effect of Derivative Instruments for the years ended December 31, 2021, 2022 and 2023 Derivatives in ASC 815 Cash Flow Hedging Relationships Amount of Gain / (Loss) Recognized in Accumulated OCI on Derivative 2021 2022 2023 Interest rate swaps and cross-currency swaps $ (754 ) $ 36,591 $ 3,385 Interest rate caps (included component) - 4,495 6,629 Interest rate caps (excluded component) (1) - 6,700 (16,589 ) Reclassification to Interest and finance costs 6,417 (483 ) (22,876 ) Reclassification of amount excluded from the interest rate caps assessment of hedge effectiveness based on an amortization approach to Interest and finance costs - 1,286 4,354 Amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to Depreciation 63 63 63 Total $ 5,726 $ 48,652 $ (25,034 ) (1) Derivatives Not Designated as Hedging Instruments under ASC 815 Location of Gain / (Loss) Recognized in Gain / (Loss) on derivative instruments, net Amount of Gain / (Loss) Recognized in Gain / (Loss) on derivative instruments, net 2021 2022 2023 Interest rate swaps / caps Gain / (loss) on derivative instruments, net $ (380 ) $ (182 ) $ 12,207 Forward Freight Agreements Gain / (loss) on derivative instruments, net - 108 5,420 Bunker swap agreements Gain / (loss) on derivative instruments, net - (12 ) (1,490 ) Forward currency contracts Gain / (loss) on derivative instruments, net (866 ) 2,784 1,151 Total $ (1,246 ) $ 2,698 $ 17,288 |
Note 23 - Financial Instruments
Note 23 - Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
Financial Instruments Disclosure [Text Block] | 23. Financial Instruments: (a) Interest rate risk: The Company’s interest rates and loan repayment terms are described in Note 11. (b) Concentration of credit risk: Financial instruments which potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents, margin deposits, accounts receivable, net (included in current and non-current assets), equity method investments, net investment in sales type leases, investment in leaseback vessels (Note 12 (b)) and derivative contracts (interest rate swaps, interest rate caps, cross-currency rate swaps, foreign currency contracts, FFAs and bunkers swap agreements). The Company places its cash and cash equivalents, consisting mostly of deposits, with established financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions. The Company is exposed to credit risk in the event of non-performance by the counterparties to its derivative instruments; however, the Company limits its exposure by diversifying among counterparties with high credit ratings. The Company limits its credit risk with accounts receivable and receivables from sales type leases by performing ongoing credit evaluations of its customers’ and investees’ financial condition, receives charter hires in advance and generally does not require collateral for its accounts receivable. For investments in leaseback vessels the Company is exposed to a limited degree of credit risk since through this type of arrangements the receivable amounts are secured by the legal ownership on each of the vessels acquired. Credit risk in leaseback vessels is managed through setting receivable amounts appropriate for each vessel based on information obtained from the vessel’s third-party independent valuations and the counterparties’ lending history. In addition, the Company follows standardized established policies which include monitoring of the counterparties’ financial performance, debt covenants (including vessels values), and shipping industry trends. (c) Fair value: The carrying amounts reflected in the accompanying consolidated balance sheet of short-term investments and accounts payable, approximate their respective fair values due to the short maturity of these instruments. The fair value of long-term bank loans with variable interest rates and investment in leaseback vessels with variable interest rates approximates the recorded values, generally due to their variable interest rates. The fair value of other financing arrangements with fixed interest rates discussed in Note 11.B and the term loan with fixed interest rates discussed in Note 11.A.17, the fair value of investment in leaseback vessels with fixed interest rate discussed in Notes 12(b)(3), 12(b)(9), 12(b)(10) and 12(b)(12), the fair value of the interest rate swap agreements, the cross-currency rate swap agreements, the interest rate cap agreements, the foreign currency agreements, the FFAs and the bunker swap agreements discussed in Note 22 are determined through Level 2 of the fair value hierarchy as defined in FASB guidance for Fair Value Measurements and are derived principally from publicly available market data and in case there is no such data available, interest rates, yield curves and other items that allow value to be determined. The fair value of other financing arrangements with fixed interest rates discussed in Note 11.B determined through Level 2 of the fair value hierarchy as of December 31, 2023, amounted to $575,297 in the aggregate ($600,416 in the aggregate at December 31, 2022). The fair value of the term loan with fixed interest rates discussed in Note 11.A.17, determined through Level 2 of the fair value hierarchy as of December 31, 2023, amounted to $108,890 ($116,311 at December 31, 2022). The fair value of investment in leaseback vessels with fixed rate discussed in Notes 12(b)(3), 12(b)(9), 12(b)(10) and 12(b)(12) determined through Level 2 of the fair value hierarchy as of December 31, 2023, amounted to $54,186. The fair value of the Company’s other financing arrangements (Note 11.B) and the term loan with fixed interest rates discussed in Note 11.A.17 and investment in leaseback vessels discussed in Notes 12(b)(3), 12(b)(9), 12(b)(10) and 12(b)(12), are estimated based on the future swap curves currently available and remaining maturities as well as taking into account the Company’s creditworthiness. The fair value of the interest rate swap agreements, cross-currency rate swap agreements and interest rate cap agreements discussed in Note 22(a) equates to the amount that would be paid or received by the Company to cancel the agreements. As at December 31, 2022 and 2023, the fair value of these derivative instruments in aggregate amounted to a net asset of $44,918 and a net asset of $35,475, respectively. The fair value of the forward currency contracts discussed in Note 22(c) and the forward freight agreements and bunker swap agreements discussed in The fair value of the Bond Loan discussed in Note 11.C determined through Level 1 of the fair value hierarchy as at December 31, 2023, amounted to $106,633 ($102,394 at December 31, 2022). 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, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Recurring measurements: Forward currency contracts-asset position $ 2,379 $ - $ 2,379 $ - Forward Freight Agreements- asset position 108 108 Bunker swap agreements-liability position (12 ) (12 ) Interest rate swaps-asset position 35,877 - 35,877 - Interest rate caps - 24,939 - 24,939 - Cross-currency rate swaps-liability position (15,898 ) - (15,898 ) - Total $ 47,393 $ - $ 47,393 $ - December 31, 2023 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Recurring measurements: Forward currency contracts-asset position $ 3,529 $ - $ 3,529 $ - Forward Freight Agreements- asset position 11,210 - 11,210 - Bunker swap agreements-liability position (2,509 ) - (2,509 ) - Interest rate swaps-asset position 20,691 - 20,691 - Interest rate caps-asset position 26,417 - 26,417 - Cross-currency rate swaps-liability position (11,633 ) - (11,633 ) - Total $ 47,705 $ - $ 47,705 $ - Assets measured at fair value on a non-recurring basis: During the year ended December 31, 2022 During the year ended December 31, 2023 |
Note 24 - Comprehensive Income
Note 24 - Comprehensive Income | 12 Months Ended |
Dec. 31, 2023 | |
Comprehensive Income [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | 24. Comprehensive Income: During the year ended During the year ended reclassification of amount excluded from the interest rate caps assessment of hedge effectiveness based on an amortization approach to Interest and finance costs During the year ended reclassification of amount excluded from the interest rate caps assessment of hedge effectiveness based on an amortization approach to Interest and finance costs |
Note 25 - Subsequent Events
Note 25 - Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 25. Subsequent Events: (a) Declaration and payment of dividends (common stock): On January 2, 2024, the Company declared a dividend of $0.115 per share on the common stock, which was paid on February 7, 2024, to holders of record of common stock as of January 22, 2024. (b) Declaration and payment of dividends (preferred stock Series B, Series C, Series D and Series E): On January 2, 2024, the Company declared a dividend of $0.476563 per share on the Series B Preferred Stock, $0.531250 per share on the Series C Preferred Stock, $0.546875 per share on the Series D Preferred Stock and $0.554688 per share on the Series E Preferred Stock, which were all paid on January 16, 2024 to holders of record as of January 12, 2024. (c) Vessels ’ sale: , Progress , Manzanillo Progress Manzanillo , Konstantinos Merida Merida Pegasus Alliance Pegasus Alliance (d) Vessel acquisition: On February 7, 2024, the Company took delivery of the secondhand dry bulk vessel Iron Miracle Miracle (e) Investment in leaseback vessels: In February 2024, NML acquired one dry-bulk vessel for $14,600 and leased the vessel back to the seller under bareboat charter for a period of 5.0 5.0 Daily Non-Cumulative Compounded SOFR plus a margin. Furthermore, in the first quarter of 2024, NML signed commitment letters, subject to final documentation, with third party shipowners (sellers) to acquire two vessels under sale and bareboat agreements, under which the vessels will be chartered back to the sellers under bareboat charter agreements, for an amount of up to $32.5 million. In addition, in the first quarter of 2024, 11 NML subsidiaries entered into seven loan agreements to finance 11 sale and leaseback arrangements that they have entered into. During the first quarter of 2024, the amount of $95,095, in aggregate, was drawn down. |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies and Recent Accounting Pronouncements (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Significant Accounting Policies and Recent Accounting Pronouncements [Abstract] | |
Consolidation, Policy [Policy Text Block] | (a) Principles of Consolidation: The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The consolidated financial statements include the accounts of Costamare and its wholly owned and majority-owned subsidiaries. All intercompany balances and transactions have been eliminated upon 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”, 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 entity’s expected losses, receives a majority of an entity’s 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, 2022 and 2023 no such interest existed. |
Use of Estimates, Policy [Policy Text Block] | (b) Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Comprehensive Income, Policy [Policy Text Block] | (c) Comprehensive Income / (Loss): In the statement of comprehensive income, the Company presents the change in equity (net assets) during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by shareholders and distributions to shareholders. The Company follows the provisions of ASC 220 “Comprehensive Income”, and presents items of net income, items of other comprehensive income (“OCI”) and total comprehensive income in two separate but consecutive statements. Reclassification adjustments between OCI and net income are required to be presented separately on the statement of comprehensive income. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | (d) Foreign Currency Translation: The functional currency of the Company is the U.S. dollar because the Company’s vessels operate in international shipping markets and, therefore, primarily transact business in U.S. dollars. The Company’s books of accounts are maintained in U.S. dollars. Transactions involving other currencies during the year are converted into U.S. dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are translated into U.S. dollars at the year-end exchange rates. Resulting gains or losses are reflected separately in the accompanying consolidated statements of operations. |
Cash and Cash Equivalents, Policy [Policy Text Block] | (e) Cash, Cash Equivalents and Restricted Cash: The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents. Cash also includes other kinds of accounts that have the general characteristics of demand deposits in that the customer may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Restricted cash consists of minimum cash deposits to be maintained at all times under certain of the Company’s loan agreements. Restricted cash also includes bank deposits and deposits in so-called “retention accounts” that are required under the Company’s borrowing arrangements which are used to fund the loan installments coming due. The funds can only be used for the purposes of loan repayment. A reconciliation of the cash, cash equivalents and restricted cash is presented in the table below: For the years ended December 31, 2021 2022 2023 Reconciliation of cash, cash equivalents and restricted cash Cash and cash equivalents $ 276,002 $ 718,049 $ 745,544 Restricted cash – current portion 8,856 9,768 10,645 Restricted cash – non-current portion 68,670 83,741 69,015 Total cash, cash equivalents and restricted cash $ 353,528 $ 811,558 $ 825,204 |
Receivable [Policy Text Block] | (f) Accounts Receivable, net: The amount shown as receivables, at each balance sheet date, mainly includes receivables from charterers for hire, freight and demurrage, net of any provision for doubtful accounts and accrued interest on these receivables, if any. Operating lease receivables under ASC 842 are not in scope of ASC 326. ASC 842 requires lessors to evaluate the collectability of all lease payments. If collection of all operating lease payments, plus any amount necessary to satisfy a residual value guarantee, is not probable (either at lease commencement or after the commencement date), lease income is constrained to the lesser of cash collected or lease income reflected on a straight-line or another systematic basis, plus variable rent when it becomes accruable. The provision established for doubtful accounts as of December 31, 2022 and 2023, was nil |
Inventory, Policy [Policy Text Block] | (g) Inventories: Inventories consist of bunkers, lubricants and spare parts which are stated at the lower of cost and net realizable value on a consistent basis. Cost is determined by the first in, first out method. |
Insurance Claim Receivables [Policy Text Block] | (h) Insurance Claims Receivable: The Company records insurance claim recoveries for insured losses incurred on damage to fixed assets and for insured crew medical expenses. Insurance claim recoveries are recorded, net of any deductible amounts, at the time the Company’s fixed assets suffer insured damages or when crew medical expenses are incurred, recovery is probable under the related insurance policies and the claim is not subject to litigation. The Company assessed the provisions of “ASC 326 Financial Instruments — Credit Losses” by assessing the counterparties’ credit worthiness and concluded that there is no material impact in the Company’s financial statements. |
Property, Plant and Equipment, Policy [Policy Text Block] | (i) Vessels, Net: Vessels are stated at cost, which consists of the contract price and any material expenses incurred upon acquisition (initial repairs, improvements and delivery expenses, interest and on-site supervision costs incurred during the construction periods). Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise, these amounts are charged to expense as incurred. The cost of each of the Company’s vessels is depreciated from the date of acquisition on a straight-line basis over the vessel’s 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. Management estimates the useful life of the Company’s container and dry bulk vessels to be 30 and 25 years, respectively, from the date of initial delivery from the shipyard and the estimated scrap rate used to calculate the vessels’ salvage value is $0.300 per lightweight ton for both container and dry bulk vessels. Secondhand container and dry bulk vessels are depreciated from the date of their acquisition through their remaining estimated useful life. If the estimated economic lives assigned to the Company’s vessels prove to be too long because of unforeseen events such as an extended period of weak markets, the broad imposition of age restrictions by the Company’s customers, new regulations, or other events, the remaining estimated useful life of any affected vessel is adjusted accordingly. |
Time Charters Assumed with the Acquisition of Second-hand Vessels, Policy [Policy Text Block] | (j) Time Charters Assumed with the Acquisition of Second-hand Vessels : The Company records identified assets or liabilities associated with the acquisition of a vessel at fair value, determined by reference to market data. The Company values any asset or liability arising from the market value of any time charters assumed when a vessel is acquired from entities that are not under common control. This policy does not apply when a vessel is acquired from entities that are under common control. The amount to be recorded as an asset or liability of the time charter assumed at the date of vessel delivery is based on the difference between the current fair market value of the time charter and the net present value of future contractual cash flows under the time charter. When the present value of the contractual cash flows of the time charter assumed is greater than its current fair value, the difference is recorded as accrued charter revenue. When the opposite situation occurs, any difference, capped to the vessel’s fair value on a charter free basis, is recorded as unearned revenue. Such assets and liabilities, respectively, are amortized as a reduction of, or an increase in, revenue over the period of the time charter assumed. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | (k) Impairment of Long-lived Assets: The Company reviews its vessels for impairment whenever events or changes in circumstances indicate that the carrying amount of a vessel might not be recoverable. The Company considers information, such as vessel sales and purchases, business plans and overall market conditions in order to determine if an impairment might exist. As part of the identification of impairment indicators and Step 1 of impairment analysis the Company computes estimates of the future undiscounted net operating cash flows for each vessel based on assumptions regarding time charter rates, vessels’ operating expenses, vessels’ capital expenditures, vessels’ residual value, fleet utilization and the estimated remaining useful life of each vessel. Container vessels: The future undiscounted net operating cash flows are determined as the sum of (x) (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 after eliminating outliers and without adjustment for any growth rate) over the remaining estimated life of the vessel, assuming an estimated fleet utilization rate, less (y) (i) expected outflows for vessels’ operating expenses assuming an expected increase in expenses of 2.5% over a five-year period, based on management’s estimates taking into consideration the Company’s historical data, (ii) planned dry-docking and special survey expenditures and (iii) management fees expenditures. Charter rates for container shipping vessels are cyclical and subject to significant volatility based on factors beyond the Company’s control. Therefore, the Company considers the most recent ten-year historical average, after eliminating outliers, to be a reasonable estimation of expected future charter rates over the remaining useful life of the Company’s vessels. The Company defines outliers as index values provided by an independent, third-party maritime research services provider. Given the spread of rates between peaks and troughs over the decade, the Company believes the most recent ten-year historical average rates, after eliminating outliers, provide a fair estimate in determining a rate for long-term forecasts. The salvage value used in the impairment test is estimated at $0.300 per light weight ton in accordance with the container vessels’ depreciation policy. Dry bulk vessels: The future undiscounted net operating cash flows are determined as the sum of (x) (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 (using the most recent ten- year average of historical one-year time charter rates available for each type of dry bulk vessel over the remaining estimated life of each vessel, net of commissions), assuming an estimated fleet utilization rate, less (y) (i) expected outflows for vessels’ operating expenses assuming an expected increase in expenses of 2.5% over a five-year period, based on management’s estimates, (ii) planned dry-docking and special survey expenditures and (iii) management fees expenditures. Charter rates for dry bulk vessels are cyclical and subject to significant volatility based on factors beyond the Company’s control. Therefore, the Company considers the most recent ten-year average of historical one-year time charter rates available for each type of dry bulk vessel, to be a reasonable estimation of expected future charter rates over the remaining useful life of its dry bulk vessels. The Company believes the most recent ten-year average of historical one-year time charter rates available for each type of dry bulk vessel provide a fair estimate in determining a rate for long-term forecasts. The salvage value used in the impairment test is estimated at $0.300 per light weight ton in accordance with the dry bulk vessels’ depreciation policy. The assumptions used to develop estimates of future undiscounted net operating cash flows are based on historical trends as well as future expectations. If those future undiscounted net operating cash flows are greater than a vessel’s carrying value, there are no impairment indications for such vessel. If those future undiscounted net operating cash flows are less than a vessel’s carrying value, including unamortized dry-docking costs (Note 2(m)), the Company proceeds to Step 2 of the impairment analysis for such vessel. In Step 2 of the impairment analysis, the Company determines the fair value of the vessels that failed Step 1 of the impairment analysis, based on management estimates and assumptions, making use of available market data and taking into consideration third party valuations. Therefore, the Company has categorized the fair value of the vessels as Level 2 in the fair value hierarchy. The difference between the carrying value of the vessels that failed Step 1 of the impairment analysis and their fair value as calculated in Step 2 of the impairment analysis is recognized in the Company’s accounts as impairment loss. The review of the carrying amounts in connection with the estimated recoverable amount of the Company’s vessels as of December 31, 2023 resulted in an impairment loss of $434. As of December 31, 2021 and 2022, the Company concluded that nil |
Assets Held for Sale [Policy Text Block] | (l) Long-lived Assets Classified as Held for Sale: The Company classifies long lived assets and disposal groups as being held for sale in accordance with ASC 360, Property, Plant and Equipment, when: (i) management, having the authority to approve the action, commits to a plan to sell the asset; (ii) the asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets; (iii) an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated; (iv) the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year; (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Long lived assets classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. According to ASC 360-10-35, the fair value less cost to sell of the long-lived asset (disposal group) should be assessed each reporting period it remains classified as held for sale. Subsequent changes in the long-lived asset's fair value less cost to sell (increase or decrease) would be reported as an adjustment to its carrying amount, except that the adjusted carrying amount should not exceed the carrying amount of the long-lived asset at the time it was initially classified as held for sale. These long-lived assets are not depreciated once they meet the criteria to be classified as held for sale and are classified in current assets on the consolidated balance sheet. As of December 31, 2023 and 2022, four dry bulk vessels and two container vessels were classified as Held for sale, respectively. |
Accounting for Special Survey and Dry-docking Costs [Policy Text Block] | (m) Accounting for Special Survey and Dry-docking Costs: The Company follows the deferral method of accounting for special survey and dry-docking costs whereby actual costs incurred are deferred and are amortized on a straight-line basis over the period through the date the next survey is scheduled to become due. Costs deferred are limited to actual costs incurred at the yard and parts used in the dry-docking or special survey. If a survey is performed prior to the scheduled date, the remaining unamortized balances are immediately written off. Unamortized balances of vessels that are sold are written-off and included in the calculation of the resulting gain or loss in the period of the vessel’s sale. Furthermore, unamortized dry-docking and special survey balances of vessels that are classified as Assets held for sale and are not recoverable as of the date of such classification are immediately written-off to the consolidated statement of operations. |
Debt, Policy [Policy Text Block] | (n) Financing Costs: Costs associated with new loans or refinancing of existing loans, including fees paid to lenders or required to be paid to third parties on the lender’s behalf for obtaining new loans or refinancing existing loans, are recorded as deferred charges. Deferred financing costs are presented as a deduction from the corresponding liability. Such fees are deferred and amortized to interest and finance costs during the life of the related debt using the effective interest method. Unamortized fees relating to loans repaid or refinanced, meeting the criteria of debt extinguishment, are expensed in the period the repayment or refinancing is made. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | (o) Concentration of Credit Risk: Financial instruments which potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents, accounts receivable, net (included in current and non-current assets), equity method investments, and derivative contracts (interest rate swaps, interest rate caps, cross-currency rate swaps, foreign currency contracts, FFAs and bunkers swap agreements) |
Revenue [Policy Text Block] | (p) Accounting for Voyage Revenues and Expenses: Voyage revenues are primarily generated from time charter or voyage charter agreements. Time charter agreements contain a lease as they meet the criteria of a lease under ASC 842. All agreements contain a minimum non-cancellable period and an extension period at the option of the charterer. Each lease term is assessed at the inception of that lease. Under a time-charter agreement, the charterer pays a daily hire for the use of the vessel and reimburses the owner for hold cleanings, extra insurance premiums for navigating in restricted areas and damages caused by such charterer. Additionally, the owner pays commissions on the daily hire, to both the charterer and the brokers, which are direct costs and are recorded in voyage expenses. Under a time-charter agreement, the owner provides services related to the operation and the maintenance of the vessel, including crew, spares and repairs, which are recognized in operating expenses. Time charter revenues are recognized over the term of the charter as service is provided, when they become fixed and determinable. Revenues from time charter agreements providing for varying annual rates are accounted for as operating leases and thus recognized on a straight-line basis over the non-cancellable rental periods of such agreements, as service is performed. Revenue generated from variable lease payments is recognized in the period when changes in the facts and circumstances on which the variable lease payments are based occur. 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. The charterer may charter the vessel with or without the owner’s crew and other operating services (time charter and bareboat charter, respectively). Thus, the agreed daily rates (hire rates) in the case of time charter agreements also include compensation for part of the agreed crew and other operating and maintenance services provided by the owner (non-lease components). The Company, as lessor, has elected not to allocate the consideration in the agreement to the separate lease and non-lease components, as their timing and pattern of transfer to the charterer, as the lessee, are the same and the lease component, if accounted for separately, would be classified as an operating lease. Additionally, the lease component is considered the predominant component as the Company has assessed that more value is ascribed to the lease of the vessel rather than to the services provided under the time charter contracts. Under a voyage charter, a vessel is provided for the transportation of specific goods between specific ports in return for payment of an agreed upon freight per ton of cargo. The Company has determined that its voyage charter agreements do not contain a lease because the charterer under such contracts does not have the right to control the use of the vessel since the Company, as the ship-owner, retains control over the operations of the vessel, provided also that the terms of the voyage charter are pre-determined, and any change requires the Company’s consent and are therefore considered service contracts that fall under the provisions of ASC 606 “Revenue from contracts with customers”. The Company accounts for a voyage charter when all the following criteria are met: (i) the parties to the contract have approved the contract in the form of a written charter agreement or fixture recap and are committed to perform their respective obligations, (ii) the Company can identify each party’s rights regarding the services to be transferred, (iii) the Company can identify the payment terms for the services to be transferred, (iv) the charter agreement has commercial substance (that is, the risk, timing, or amount of the future cash flows is expected to change as a result of the contract) and (v) it is probable that the Company will collect substantially all of the consideration to which it will be entitled in exchange for the services that will be transferred to the charterer. The majority of revenue from voyage charter agreements is collected in advance. The Company has determined that there is one single performance obligation for each of its voyage contracts, which is to provide the charterer with an integrated transportation service within a specified time period. The Company is also engaged in contracts of affreightment which are contracts for multiple voyage charter employments. In addition, the Company has concluded that revenues from voyage charters in the spot market or under contracts of affreightment are recognized ratably over time because the charterer simultaneously receives and consumes the benefits of the Company’s performance as the Company performs. Therefore, since the Company’s performance obligation under each voyage contract is met evenly as the voyage progresses, revenue is recognized on a straight line basis over the voyage days from the loading of cargo to its discharge. Demurrage income, which is considered a form of variable consideration, is included in voyage revenues, and represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter agreements. Under voyage charter agreements, all voyage costs are borne and paid by the Company. Voyage expenses consist primarily of brokerage commissions, bunker consumption, port and canal expenses and agency fees related to the voyage. All voyage costs are expensed as incurred with the exception of the contract fulfilment costs that incur from the latter of the end of the previous vessel employment and the contract date and until the commencement of loading the cargo on the relevant vessel, which are capitalized to the extent the Company, in its reasonable judgement, determines that they (i) are directly related to a contract, (ii) are recoverable and (iii) enhance the Company’s resources by putting the Company’s vessel in a location to satisfy its performance obligation under a contract pursuant to the provisions of ASC 340-40 “Other assets and deferred costs”. These capitalized contract fulfilment costs are recorded under “Other current assets” and are amortized on a straight-line basis as the related performance obligations are satisfied. As of December 31, 2022 and 2023, capitalized contract fulfilment costs, which are recorded under “Prepayments and other assets” amounted to nil Revenues for 2021, 2022 and 2023 derived from significant charterers individually accounting for 10% or more of revenues (in percentages of total revenues) were as follows: 2021 2022 2023 A 16 % 13 % 10 % B 20 % 18 % 9 % C 12 % 7 % 5 % D 12 % 8 % 6 % E 5 % 8 % 12 % Total 65 % 54 % 42 % |
Lessee, Operating Leases [Policy Text Block] | (q) Operating leases - Leases for Lessees: Vessel leases, where the Company is regarded as the lessee, are classified as operating leases, based on an assessment of the terms of the lease. According to the provisions of ASC 842-20-30-1, at the commencement date, a lessee shall measure both of the following: a) The lease liability at the present value of the lease payments not yet paid, discounted using the discount rate for the lease at lease commencement and b) The right-of-use asset, which shall consist of all of the following: i) The amount of the initial measurement of the lease liability, ii) Any lease payments made to the lessor at or before the commencement date, minus any lease incentives received and iii) Any initial direct costs incurred by the lessee. After lease commencement, the Company measures the lease liability for operating leases at the present value of the remaining lease payments using the discount rate determined at lease commencement. The right-of-use asset is subsequently measured at the amount of the remeasured lease liability, adjusted for the remaining balance of any lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term and any unamortized initial direct costs. Any changes made to leased assets to customize it for a particular use or need of the lessee are capitalized as leasehold improvements. In cases of operating lease agreements that meet the definition of ASC 842 for a short-term lease (the lease has a lease term of 12 months or less) and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise, the Company can make the short-term lease election at the commencement date. A lessee that makes the short-term lease election does not recognize a lease liability or right-of-use asset on its balance sheet. Instead, the lessee recognizes lease payments on a straight-line basis over the lease term. For charter-in arrangements classified as operating leases, lease expense is recognized on a straight-line basis over the rental periods of such charter agreements and is included under the caption “Charter-in hire expenses” in the Consolidated Statement of Operations (see Note 13). Revenues generated from charter-in vessels are included in Voyage revenues in the consolidated statements of operations. During the year ended December 31, 2023 the Company chartered-in 93 third-party vessels. Revenues generated from those charter-in vessels during the year ended December 31, 2023 amounted to $490,679 and are included in Voyage revenues Lease assets used by the Company are reviewed periodically for potential impairment whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Measurement of the impairment loss is based on the fair value of the asset. The Company determines the fair value of its lease assets based on management estimates and assumptions by making use of available market data. As of December 31, 2023, the management of the Company has concluded that events and circumstances did not trigger the existence of potential impairment. |
Investment in Leaseback Vessels [Policy Text Block] | (r) Investment in leaseback vessels: Investment in leaseback vessels refer to vessels purchased and leased back to the same party as part of a sale and leaseback transaction. These transactions are evaluated under sale and leaseback accounting guidance contained in ASC 842 to determine whether it is appropriate to account for the transaction as a purchase of an asset. If the transfer of the asset to the buyer-lessor does not qualify as a purchase, then the transaction constitutes a failed sale and leaseback and the purchase price paid is accounted for as a loan receivable under ASC 310. Investments in leaseback vessels are carried at the amount receivable, net of an allowance for credit losses. Collaterals are required to be maintained at a specified minimum level at all times on the basis of the agreements in force. The Company monitors collateral levels and requires counter parties to provide additional collateral, to meet minimum collateral requirements if the fair value of the collateral changes. The Company applies the practical expedient based on collateral maintenance provisions in estimating an allowance for credit losses for Investment in leaseback vessels. An allowance for credit losses on partially secured Investments in leaseback vessels is estimated based on the aging of those receivables. As of December 31, 2023, the fair value of the collaterals held exceeds the amortized cost of the loans receivable and as a result no allowance for credit losses has been recognized. |
Derivatives, Policy [Policy Text Block] | (s) Derivative Financial Instruments: The Company enters into interest rate swap contracts, cross-currency swap agreements and interest rate cap agreements with counterparties The interest rate caps are accounted for as cash flow hedges when they are expected to be highly effective in hedging variable rate interest payments under certain term loans. Changes in the fair value of the interest rate caps are reported within accumulated other comprehensive income. The initial value of the component excluded from the assessment of effectiveness is recognized in earnings using a systematic and rational method over the life of the hedging instrument. Any amounts excluded from the assessment of hedge effectiveness are presented in the same income statement line being Interest and finance costs where the earnings effect of the hedged item is presented. 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 hedge’s 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”. Also, the Company enters into FFAs to establish market positions in the dry bulk derivative freight markets and to hedge its exposure in the physical dry bulk freight markets and into bunker swap agreements to hedge its exposure to bunker prices. The differentials paid or received under these instruments are recognized in earnings as part of the gain /(loss) on derivative instruments. The Company has not designated these FFAs and bunker swap agreements as hedge accounting instruments. Furthermore, the Company 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 as hedge accounting instruments. As of December 31, 2023, the Company has elected one of the optional expedients provided in the ASU 2020-04 Reference Rate Reform and its update, that allows an entity to assert that a hedged forecasted transaction referencing LIBOR remains probable of occurring, regardless of the modification or expected modification to the terms of the hedged item to replace the reference rate. The Company applied the accounting relief as relevant contract and hedge accounting relationship modifications were made during the reference rate reform transition period. |
Earnings Per Share, Policy [Policy Text Block] | (t) Earnings per Share: Basic earnings per share are computed by dividing net income attributable to common equity holders by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised. The Company had no dilutive securities outstanding during the three-year period ended December 31, 2023. Earnings per share attributable to common equity holders are adjusted by the contractual amount of dividends related to the preferred stockholders that accrue for the period. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | (u) Fair Value Measurements: The Company follows the provisions of ASC 820 “Fair Value Measurements and Disclosures”, which defines and provides guidance as to the measurement of fair value. This standard defines a hierarchy of measurement and indicates that, when possible, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets and the lowest priority (Level 3) to unobservable data for example, the reporting entity’s own data. Under the standard, fair value measurements are separately disclosed by level within the fair value hierarchy. ASC 820 applies when assets or liabilities in the financial statements are to be measured at fair value but does not require additional use of fair value beyond the requirements in other accounting principles (Notes 22 and 24). |
Segment Reporting, Policy [Policy Text Block] | (v) Segment Reporting: The Company determined that currently it operates under four reportable segments: (1) a container vessels segment, as a provider of worldwide marine transportation services by chartering its container vessels, (2) a dry bulk vessels segment, as a provider of dry bulk commodities transportation services by chartering its dry bulk vessels, (3) a dry bulk operating platform, which charters-in/out dry bulk vessels and enters into contracts of affreightment, FFAs and may also utilize hedging solutions and (4) a ship sale and leaseback business, which acquires, owns and bareboat charters out vessels through its wholly-owned subsidiaries. |
Business Combinations and Other Purchase of Business Transactions, Policy [Policy Text Block] | (w) Accounting for transactions under common control: A common control transaction is any transfer of net assets or exchange of equity interests between entities or businesses that are under common control by an ultimate parent or controlling shareholder before and after the transaction. Common control transactions may have characteristics that are similar to business combinations but do not meet the requirements to be accounted for as business combinations because, from the perspective of the ultimate parent or controlling shareholder, there has not been a change in control over the acquiree. Due to the fact common control transactions do not result in a change of control at the ultimate parent or controlling shareholder level, the Company does not account for that at fair value. Rather, common control transactions are accounted for at the carrying amount of the net assets or equity interests transferred. |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | (x) Non-controlling interest: The Company classifies non-controlling interest of its equity ventures based upon a review of the legal provisions governing the redemption of such interest. Those provisions are embodied within the equity venture’s operating agreement. The Company’s equity ventures that are subject to operating agreement provisions that require the Company to purchase the non-controlling equity holders’ interest upon the occurrence of certain specific triggering events that are not solely within the control of the Company, are classified as redeemable noncontrolling interest in temporary equity. Redeemable noncontrolling interest is initially recorded at its fair value as of the date of issue. Such fair value is determined using various accepted valuation methods, including the income approach, the market approach, the cost approach, and a combination of one or more of these approaches. Subsequent to the closing date of the transaction ,the recorded value for redeemable non-controlling interest is adjusted at the end of each reporting period for (a) comprehensive income (loss) that is attributed to the non-controlling interest, which is calculated by multiplying the non-controlling interest percentage by the comprehensive income (loss) of the equity venture’s during the reporting period, (b) dividends paid to the noncontrolling interest holders during the reporting period, and (c) any other transactions that increase or decrease the Company’s ownership interest in the equity venture, as a result of which the Company retains its controlling interest. If the Company determines at the end of the reporting period that it is probable that an event would occur to otherwise require the redemption of a redeemable non-controlling interest (redeemable non-controlling interest is currently redeemable), then the Company adjusts the recorded amount to its maximum redemption amount at the reporting date. If the Company determines that it is not probable that an event would occur to otherwise require the redemption of a redeemable non-controlling interest (i.e., the date for such event is not set or such event is not certain to occur), then the redeemable non-controlling interest is not considered currently redeemable, and no further adjustment is required. Non-redeemable ownership interests in the company's subsidiaries held by parties other than the parent are presented separately from the parent's equity on the Consolidated Balance Sheet. The amount of consolidated net income attributable to the parent and these noncontrolling interests are both presented on the face of the Consolidated Statement of Operations and Consolidated Statement of Stockholders’ Equity. |
Equity Method Investments [Policy Text Block] | (y) Equity Method Investments: Investments in the common stock of entities, in which the Company has significant influence, as defined by ASC 323, over operating and financial policies, are accounted for using the equity method. Under this method, the investment in such entities is initially recorded at cost and is adjusted to recognize the Company’s share of the earnings or losses of the investee after the acquisition date and is adjusted for impairment whenever facts and circumstances indicate that a decline in fair value below the cost basis is other than temporary. The amount of the adjustment is included in the determination of net income / (loss). Dividends received from an investee reduce the carrying amount of the investment. When the Company’s share of losses in an investee equals or exceeds its interest in the investee, the Company does not recognize further losses unless the Company has incurred obligations or made payments on behalf of the investee. |
Lessee, Leases [Policy Text Block] | (z) Right-of-Use Asset - Finance Leases: The Finance leases are accounted for as the acquisition of a finance right-of-use asset and the incurrence of an obligation by the lessee. At the commencement date of the finance lease, a lessee initially measures the lease liability at the present value, using the discount rate determined on the commencement, of the lease payments to be made over the lease term. Subsequently, the lease liability is increased by the interest on the lease liability and decreased by the lease payments during the period. The interest on the lease liability is determined in each period during the lease term A lessee initially measures the finance right-of-use asset at cost which consists of the amount of the initial measurement of the lease liability; any lease payments made to the lessor at or before the commencement date, less any lease incentives received; and any initial direct costs incurred by the lessee. Subsequently, the finance right-of-use asset is measured at cost less any accumulated amortization and any accumulated impairment losses, taking into consideration the reassessment requirements. A lessee shall amortize the finance right-of-use asset on a straight-line basis (unless another systematic basis better represents the pattern in which the lessee expects to consume the right-of-use asset’s future economic benefits) from the commencement date For sale and leaseback transactions, if the transfer is not a sale in accordance with ASC 842-40-25-1 through 25-3, the Company, as seller-lessee - does not derecognize the transferred asset and accounts for the transaction as financing. An excess of carrying value over fair market value at the date of sale would indicate that the recoverability of the carrying amount of an asset should be assessed under the guidelines of ASC 360. |
Marketable Securities, Policy [Policy Text Block] | (aa) Investments in Equity and Debt Securities: ASC 825 “Financial Instruments” requires equity securities (including other ownership interests, such as partnerships, unincorporated joint ventures, and limited liability companies, but excluding those accounted for under the equity method, those that result in consolidation of the investee and certain other investments) to be measured at fair value with changes in the fair value recognized through net income. However, for equity investments that don’t have readily determinable fair values and don’t qualify for practical expedient in ASC 820 to estimate fair value using the net asset value (“NAV”) per share (or its equivalent) of the investment, entities may choose to measure those investments at cost, less any impairment. 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 Company’s 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 investee’s ability to continue as a going concern. Held-to-maturity debt securities are initially recognized at cost and subsequently are measured at amortized cost, less expected credit losses. The amortized cost is adjusted for amortization of premiums and accretion of discounts to maturity. Management evaluates debt securities held-to-maturity for expected credit losses at each reporting date. The Company assessed the provisions of “ASC 326 Financial Instruments — Credit Losses” and calculated the estimated credit loss provision by using the Probability of Default and the Loss Given Default parameters (Note 5). During the year ended December 31, 2021, the Company redeemed / sold the entirety of its investments in debt and equity securities and as such there were no outstanding amounts as of the year-end date. |
Compensation Related Costs, Policy [Policy Text Block] | (ab) Stock Based Compensation: The Company accounts for stock-based payment awards granted to Costamare Shipping Services Ltd. (Notes 3 and 16(a)) for the services provided, following the guidance in ASC 505-50 “Equity Based Payments to Non-Employees”. The fair value of the stock-based payment awards is recognized in the line item General and administrative expenses - related parties in the consolidated statements of operations. |
Going Concern, Policy [Policy Text Block] | (ac) Going concern: The Company evaluates whether there is substantial doubt about its ability to continue as a going concern by applying the provisions of ASC 205-40. In more detail, the Company evaluates whether there are conditions or events that raise substantial doubt about the Company's ability to continue as a going concern within one year from the date the financial statements are issued. As part of such evaluation, the Company did not identify any conditions that raise substantial doubt about the entity's ability to continue as a going concern. Accordingly, the Company continues to adopt the going concern basis in preparing its consolidated financial statements. |
Treasury Stock [Policy Text Block] | (ad) Treasury stock: Treasury stock is stock that is repurchased by the issuing entity, reducing the number of outstanding shares in the open market. When shares are repurchased, they may either be cancelled or held for reissue. If not cancelled, such shares are referred to as treasury shares. The cost of the acquired shares is shown as a deduction in stockholders' equity. Dividends on such shares held in the entity’s treasury should not be reflected as income and are not shown as a reduction in equity. Depending on whether the shares are acquired for reissuance or retirement, treasury shares are accounted for under the cost method or the constructive retirement method. The cost method is also used when the reporting entity’s management has not made decisions as to whether the reacquired shares will be retired, held indefinitely or reissued. The Company elected for the repurchase of its common shares to be accounted for under the cost method. Under this method, the treasury stock account is charged for the aggregate cost of shares reacquired. |
Short Term Investments [Policy Text Block] | (ae) Short-term investments: Short-term investments consist of U.S. Treasury Bills with maturities exceeding three months at the time of purchase and are stated at amortized cost, which approximates fair value. |
Long Lived Assets, Finance Leases, Policy [Policy Text Block] | (af) Long lived Assets - Financing Arrangements: Following the implementation of ASC 606 Revenue from Contracts with Customers, sale and leaseback transactions, which include an obligation for the Company, as seller-lessee, to repurchase the asset, are precluded from being accounted for the transfer of the asset as sale, as the transaction is classified as a financing by the Company, since it effectively retains control of the underlying asset. As such, the Company does not derecognize the transferred asset, accounts for any amounts received as a financing arrangement and recognizes the difference between the amount of consideration received and the amount of consideration to be paid as interest. Interest costs incurred (i) under financing arrangements that relate to vessels in operation are expensed to Interest and finance costs in the consolidated statement of operations and (ii) under financing arrangements that relate to vessels under construction are capitalized to Vessels and advances, net in the consolidated balance sheets. |
Lessor, Sales-type Leases [Policy Text Block] | (ag) Sales-Type leases - Leases for Lessors: If for a vessel lease, where the Company is regarded as the lessor, the lease is classified as a sales-type lease, the carrying amount of the vessel is derecognized and a net investment in the lease is recorded. For a sales-type lease, the net investment in the lease is measured at lease commencement date as the sum of the lease receivable and the estimated residual value of the vessel. Any selling profit or loss arising from a sales-type lease is recorded at lease commencement. Over the term of the lease, the company recognizes finance income on the net investment in the lease and any variable lease payments, which are not included in the net investment in the lease. The estimated residual value represents the estimated fair value of the vessels under lease at the end of the lease. Estimating residual value has specific risks, and management of these risks is dependent upon the Company’s ability to accurately project future vessel values. The company estimates future fair value of leased vessels by using historical models, analyzing the current market for new and used vessels and obtaining independent valuation analyses. The company periodically reassess the realizable value of its lease residual values. Anticipated decreases in specific future residual values that are considered to be other-than-temporary are recognized immediately upon identification and are recorded as an adjustment to the residual value estimate. In addition, the Company pursuant to the provisions of “ASC 326 Financial Instruments — Credit Losses” assesses at each reporting period the counterparties’ credit worthiness in order to conclude whether an allowance for credit losses is required to be recognized. For sales-type leases, this reduction lowers the recorded net investment and is recognized as a loss charged to finance income in the period in which the estimate is changed. For the year ended December 31, 2023, no impairment recognition was deemed necessary. |
Business Combinations Policy [Policy Text Block] | (ah) Business Combinations: The Company accounts for business combinations using the acquisition method of accounting, which requires that once control is obtained, all the assets acquired, and liabilities assumed are recorded at their respective fair values at the date of acquisition. The determination of fair values of identifiable assets and liabilities requires estimates and the use of valuation techniques when market value is not readily available and requires a significant amount of management judgment. The excess of the purchase price over fair values of identifiable assets acquired and liabilities assumed is recorded as goodwill. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update 2023-07, “Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which requires disclosures of significant expenses by segment and interim disclosure of items that were previously required on an annual basis. ASU 2023-07 is to be applied on a retrospective basis and is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company is evaluating the impact of ASU 2023-07 on disclosures in its consolidated financial statements. |
Note 2 - Significant Accounti_3
Note 2 - Significant Accounting Policies and Recent Accounting Pronouncements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Significant Accounting Policies and Recent Accounting Pronouncements [Abstract] | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Table Text Block] | For the years ended December 31, 2021 2022 2023 Reconciliation of cash, cash equivalents and restricted cash Cash and cash equivalents $ 276,002 $ 718,049 $ 745,544 Restricted cash – current portion 8,856 9,768 10,645 Restricted cash – non-current portion 68,670 83,741 69,015 Total cash, cash equivalents and restricted cash $ 353,528 $ 811,558 $ 825,204 |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | 2021 2022 2023 A 16 % 13 % 10 % B 20 % 18 % 9 % C 12 % 7 % 5 % D 12 % 8 % 6 % E 5 % 8 % 12 % Total 65 % 54 % 42 % |
Note 4 - Segmental Financial _2
Note 4 - Segmental Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segmental Financial Information [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the year ended December 31, 2023 Container vessels segment Dry bulk vessels segment CBI NML Other Eliminations Total Voyage revenue $ 839,374 $ 155,892 $ 507,225 $ - $ - $ - $ 1,502,491 Intersegment voyage revenue - 11,902 - - - (11,902 ) - Income from investment in leaseback vessels - - - 8,915 - - 8,915 Depreciation (126,719 ) (39,621 ) - - - - (166,340 ) Amortization of dry-docking and special survey costs (15,344 ) (4,438 ) - - - - (19,782 ) Interest income 18,247 11,635 2,316 249 - - 32,447 Interest and finance costs (117,036 ) (23,941 ) (1,243 ) (2,208 ) (1 ) - (144,429 ) Income from equity method investments - - - - 764 - 764 Net Income/ (Loss) for the Year $ 507,041 $ (43,070 ) $ (88,106 ) $ 4,513 $ 641 $ - $ 381,019 For the year ended December 31, 2022 Container vessels segment Dry bulk vessels segment CBI Other Eliminations Total Voyage revenue $ 797,392 $ 316,100 $ 367 $ - $ - $ 1,113,859 Intersegment voyage revenue - 800 - - (800 ) - Depreciation (126,340 ) (39,658 ) - - - (165,998 ) Amortization of dry-docking and special survey costs (11,831 ) (1,655 ) - - - (13,486 ) Interest income 3,666 2,290 - - - 5,956 Interest and finance costs (101,888 ) (20,333 ) (12 ) - - (122,233 ) Income from equity method investments - - - 2,296 - 2,296 Net Income/ (Loss) for the Year $ 458,494 $ 97,405 $ (3,503 ) $ 2,296 $ - $ 554,692 For the year ended December 31, 2021 Container vessels segment Dry bulk vessels segment Other Total Voyage revenue $ 678,292 $ 115,347 $ - $ 793,639 Depreciation (125,811 ) (11,147 ) - (136,958 ) Amortization of dry-docking and special survey costs (10,346 ) (87 ) - (10,433 ) Interest income 1,587 - - 1,587 Interest and finance costs (81,887 ) (4,160 ) - (86,047 ) Income from equity method investments - - 12,859 12,859 Net Income for the Year $ 303,490 $ 56,814 $ 74,817 $ 435,121 As of December 31, 2023 Container vessels segment Dry bulk vessels segment CBI NML Other Eliminations Total Total Assets $ 3,153,806 $ 734,817 $ 455,568 $ 238,667 $ 707,284 $ (3,120 ) $ 5,287,022 As of December 31, 2022 Container vessels segment Dry bulk vessels segment CBI Other Eliminations Total Total Assets $ 3,272,559 $ 771,027 $ 101,807 $ 751,838 $ (1,002 ) $ 4,896,229 |
Note 7 - Vessels and Advances_2
Note 7 - Vessels and Advances, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Vessels and advances, net [Abstract] | |
Schedule Vessels and Advances, Net [Table Text Block] | The amounts in the accompanying consolidated balance sheets are as follows: Vessel Cost Accumulated Depreciation Net Book Value Balance, January 1, 2022 $ 4,687,896 $ (1,037,704 ) $ 3,650,192 Depreciation - (162,651 ) (162,651 ) Vessel acquisitions, advances and other vessels’ costs 249,023 - 249,023 Vessel sales, transfers and other movements (140,817 ) 71,114 (69,703 ) Balance, December 31, 2022 $ 4,796,102 $ (1,129,241 ) $ 3,666,861 Depreciation - (165,460 ) (165,460 ) Vessel acquisitions, advances and other vessels’ costs 88,506 - 88,506 Vessel sales, transfers and other movements (196,884 ) 53,774 (143,110 ) Balance, December 31, 2023 $ 4,687,724 $ (1,240,927 ) $ 3,446,797 |
Note 8 - Deferred Charges, Net
Note 8 - Deferred Charges, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Charges, net [Abstract] | |
Schedule of Deferred Charges [Table Text Block] | Deferred charges, net include the unamortized dry-docking and special survey costs. The amounts in the accompanying consolidated balance sheets are as follows: Balance, January 1, 2022 $ 31,859 Additions 38,330 Amortization (13,486 ) Write-off and other movements (Note 7) (1,668 ) Balance, December 31, 2022 $ 55,035 Additions 43,233 Amortization (19,782 ) Write-off and other movements (Note 7) (5,685 ) Balance, December 31, 2023 $ 72,801 |
Note 10 - Equity Method Inves_2
Note 10 - Equity Method Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments [Abstract] | |
Equity Method Investments [Table Text Block] | The companies accounted for as equity method investments, all of which are incorporated in the Marshall Islands, are as follows: Entity Vessel Participation % December 31, 2023 Date Established Steadman Maritime Co. - 49 % July 1, 2013 Goodway Maritime Co. - 49 % September 22, 2015 |
Equity Method Investments Summarized Financial Information [Table Text Block] | The summarized combined financial information of the companies accounted for as equity method investment is as follows: December 31, 2022 December 31, 2023 Current assets $ 11,697 $ 1,386 Non-current assets 91,471 - Total assets $ 103,168 $ 1,386 Current liabilities $ 7,472 $ 123 Non-current liabilities 52,760 - Total liabilities $ 60,232 $ 123 For the years ended December 31, 2021 2022 2023 Voyage revenue $ 43,088 $ 23,789 $ 13,832 Net income $ 27,617 $ 4,686 $ 1,559 |
Note 11 - Long-term Debt (Table
Note 11 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Long-Term Debt [Abstract] | |
Schedule of Debt [Table Text Block] | The amounts shown in the accompanying consolidated balance sheets consist of the following: Borrower(s) December 31, 2022 December 31, 2023 A. Term Loans: 1 Nerida Shipping Co. $ - $ - 2 Singleton Shipping Co. and Tatum Shipping Co. 34,400 - 3 Costamare. Inc. - - 4 Bastian Shipping Co. and Cadence Shipping Co. 82,800 - 5 Adele Shipping Co. 48,500 - 6 Costamare Inc. 112,430 - 7 Quentin Shipping Co. and Sander Shipping Co. - - 8 Costamare Inc. - - 9 Capetanissa Maritime Corporation et al. 15,671 - 10 Caravokyra Maritime Corporation et al. 6,928 - 11 Kelsen Shipping Co. - - 12 Uriza Shipping S.A. - - 13 Berg Shipping Co. 10,540 - 14 Reddick Shipping Co. and Verandi Shipping Co. - - 15 Evantone Shipping Co. and Fortrose Shipping Co. 17,750 - 16 Ainsley Maritime Co. and Ambrose Maritime Co. 131,250 120,536 17 Hyde Maritime Co. and Skerrett Maritime Co. 127,212 115,904 18 Kemp Maritime Co. 64,300 58,525 19 Vernes Shipping Co. - - 20 Achilleas Maritime Corporation et al. 66,974 48,569 21 Novara et al. 65,043 - 22 Costamare Inc. 49,095 29,735 23 Costamare Inc. - - 24 Costamare Inc. 24,387 - 25 Amoroto et al. 67,882 50,661 26 Costamare Inc. - - 27 Dattier Marine Corp et al. - - 28 Bernis Marine Corp. et al. 47,884 41,695 29 Costamare Inc. 52,361 - 30 Costamare Inc. 62,500 38,500 31 Adstone Marine Corp. et al. - - 32 Amoroto et al. 33,700 24,240 33 Benedict et al. 458,952 376,857 34 Reddick Shipping Co. and Verandi Shipping Co. 43,500 33,000 35 Quentin Shipping Co. and Sander Shipping Co. 85,000 74,625 36 Greneta Marine Corp. et al. 30,000 26,045 37 Bastian Shipping Co. et al. - 260,630 38 Adstone Marine Corp. et al. 82,885 101,065 39 NML Loan 1 - 5,995 40 Kalamata Shipping Corporation et al. - 64,000 41 Capetanissa Maritime Corporation et al. - 22,417 42 Archet Marine Corp. et al. - 63,312 43 NML Loan 2 - 34,920 44 NML Loan 3 - 18,460 45 Barlestone Marine Corp. et al. - 12,000 Total Term Loans $ 1,821,944 $ 1,621,691 B. Other financing arrangements 678,930 632,892 C. Unsecured Bond Loan 106,660 110,500 Total long-term debt $ 2,607,534 $ 2,365,083 Less: Deferred financing costs (22,913 ) (18,863 ) Total long-term debt, net $ 2,584,621 $ 2,346,220 Less: Long-term debt current portion (325,611 ) (352,140 ) Add: Deferred financing costs, current portion 5,497 5,113 Total long-term debt, non-current, net $ 2,264,507 $ 1,999,193 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | The annual repayments under the Term Loans, Other Financing Arrangements and Bond loan after December 31, 2023, giving effect to the prepayment of the term loans discussed in Notes 11.A.25 and 11.A.38, are in the aggregate as follows: Year ending December 31, Amount 2024 $ 352,140 2025 320,084 2026 448,505 2027 348,046 2028 350,563 2029 and thereafter 545,745 Total $ 2,365,083 |
Schedule of Financing Costs [Table Text Block] | The amounts of financing costs included in the loan balances and finance lease liabilities (Note 12) are as follows : Balance, January 1, 2022 $ 25,716 Additions 7,347 Amortization and write-off (10,255 ) Transfers and other movements 105 Balance, December 31, 2022 $ 22,913 Additions 4,075 Amortization and write-off (8,125 ) Balance, December 31, 2023 $ 18,863 Less: Current portion of financing costs (5,113 ) Financing costs, non-current portion $ 13,750 |
Note 12 - Right-of-Use Assets_2
Note 12 - Right-of-Use Assets, Finance Lease Liabilities, Investments in Leaseback Vessels and Net Investment in Sales-type Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Right-of-Use Assets, Finance Lease Liabilities, Investment in leaseback vessels and Net investment in Sales-type leases [Abstract] | |
Finance Lease, Liability, to be Paid, Maturity [Table Text Block] | 12-month period ending December 31, Amount 2024 $ 4,189 2025 24,280 Total $ 28,469 Less: Discount (1,908 ) Total finance lease liability $ 26,561 |
Finance Lease Obligations Current and Non-Current [Table Text Block] | December 31, 2022 December 31, 2023 Finance lease liabilities – current $ - $ 2,684 Finance lease liabilities – non-current - 23,877 Total $ - $ 26,561 |
Sales-type Lease, Net Investment in Lease [Table Text Block] | The balance of the Net investment in sales-type lease reflected in the accompanying balance sheet is analyzed as follows : December 31, 2023 Lease receivable $ 41,901 Unguaranteed residual value 201 Net investment in sales-type lease vessels $ 42,102 Net investment in sales-type lease vessels, current (22,620 ) Net investment in sales-type lease vessels, non-current $ 19,482 |
Sales-Type and Direct Financing Leases, Payment to be Received, Maturity [Table Text Block] | 12-month period ending December 31, Amount 2024 $ 65,811 2025 24,541 2026 6,038 2027 4,193 2028 3,154 Total undiscounted cash flows $ 103,737 Present value of lease payments* $ 41,901 *The difference between the present value of the lease payments and the net investment in the lease balance in the balance sheet is due to the vessels unguaranteed residual value, which is included in the net investment in the lease balance but is not included in the future lease payments. |
Note 13 - Operating Lease Rig_2
Note 13 - Operating Lease Right-of-use Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Operating lease Right-of-Use Assets and Liabilities [Abstract] | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | 12-month period ending December 31, Amount 2024 $ 170,079 2025 79,530 2026 50,608 Total $ 300,217 Discount based on incremental borrowing rate (25,161 ) Operating lease liabilities, including current portion $ 275,056 |
Note 14 - Accrued Charter Rev_2
Note 14 - Accrued Charter Revenue, Current and Non-current, Unearned Revenue, Current and Non-current and Time Charter Assumed, Current and Non-current (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accrued Charter Revenue, Current and Non-Current, Unearned Revenue, Current and Non-Current and Time Charter Assumed, Current and Non-Current [Abstract] | |
Schedule of Unbilled Receivables, Not Billable at Balance Sheet Date [Table Text Block] | Year ending December 31, Amount 2024 $ (7,292 ) 2025 (8,081 ) 2026 (8,082 ) 2027 (187 ) Total $ (23,642 ) |
Deferred Revenue, by Arrangement, Disclosure [Table Text Block] | December 31, 2022 December 31, 2023 Hires collected in advance $ 16,906 $ 34,258 Charter revenue resulting from varying charter rates 42,861 44,331 Unamortized balance of charters assumed - 940 Total $ 59,767 $ 79,529 Less current portion (25,227 ) (52,177 ) Non-current portion $ 34,540 $ 27,352 |
Note 15 - Commitments and Con_2
Note 15 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies [Abstract] | |
Schedule of Non Cancelable Long-Term Time Charter Contracts [Table Text Block] | Year ending December 31, Amount 2024 $ 1,037,731 2025 671,396 2026 388,273 2027 214,211 2028 198,783 2029 and thereafter 315,556 Total $ 2,825,950 |
Note 16 - Redeemable Non-cont_2
Note 16 - Redeemable Non-controlling Interest (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Redeemable Non-controlling Interest [Abstract] | |
Redeemable Noncontrolling Interest [Table Text Block] | Temporary equity – Redeemable non-controlling interest in subsidiary Amount Balance, January 1, 2022 $ - Initial redeemable non-controlling interest in subsidiary 3,750 Net loss attributable to redeemable non-controlling interest (263 ) Balance, December 31, 2022 $ 3,487 Capital increase in non-controlling interest 3,750 Net loss attributable to redeemable non-controlling interest (6,608 ) Balance, December 31, 2023 $ 629 |
Note 18 - Earnings Per Share (T
Note 18 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the year ended December 31, 2021 2022 2023 Basic EPS Basic EPS Basic EPS Net income $ 435,121 $ 554,692 $ 381,019 Less: Net loss attributable to non-controlling interest in subsidiaries - 263 4,730 Net income attributable to Costamare Inc. 435,121 554,955 385,749 Less: paid and accrued earnings allocated to Preferred Stock (31,068 ) (31,068 ) (31,068 ) Net income available to common stockholders $ 404,053 $ 523,887 $ 354,681 Weighted average number of common shares, basic and diluted 123,070,730 122,964,358 120,299,172 Earnings per common share, basic and diluted $ 3.28 $ 4.26 $ 2.95 |
Note 19 - Voyage Revenues (Tabl
Note 19 - Voyage Revenues (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Voyage Revenues [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table shows the voyage revenues earned from time charters and voyage charters during the years ended December 31, 2021, 2022 and 2023: For the year ended December 31, 2021 Container vessels segment Dry bulk vessels segment CBI Total Time charters $ 678,292 $ 115,347 $ - $ 793,639 Total $ 678,292 $ 115,347 $ - $ 793,639 For the year ended December 31, 2022 Container vessels segment Dry bulk vessels segment CBI Total Time charters $ 797,392 $ 313,276 $ - $ 1,110,668 Voyage charters and Contracts of Affreightment - 2,824 367 3,191 Total $ 797,392 $ 316,100 $ 367 $ 1,113,859 For the year ended December 31, 2023 Container vessels segment Dry bulk vessels segment CBI Total Time charters $ 839,374 $ 151,137 $ 77,683 $ 1,068,194 Voyage charters and Contracts of Affreightment - 4,755 429,542 434,297 Total $ 839,374 $ 155,892 $ 507,225 $ 1,502,491 |
Note 20 - Interest and Financ_2
Note 20 - Interest and Finance Costs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Interest and Finance Costs [Abstract] | |
Interest Finance Costs [Table Text Block] | For the year ended December 31, 2021 2022 2023 Interest expense $ 72,261 $ 107,205 $ 152,123 Interest capitalized (465 ) - - Derivatives’ effect 6,417 (483 ) (22,876 ) Amortization and write-off of financing costs 6,520 10,255 8,125 Amortization of excluded component related to cash flow hedges - 1,286 4,354 Bank charges and other financing costs 1,314 3,970 2,703 Total $ 86,047 $ 122,233 $ 144,429 |
Note 22 - Derivatives (Tables)
Note 22 - Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivatives [Abstract] | |
Schedule of Derivative Instruments [Table Text Block] | The principal terms of the two cross-currency swap agreements are as follows: Effective date Termination date Notional amount (Non-amortizing) on effective date in Euro Notional amount (Non-amortizing) on effective date in USD Fixed rate (Costamare receives in Euro) Fixed rate (Costamare pays in USD) Fair value December 31, 2023 (in USD) 21/5/2021 21/11/2025 € 50,000 $ 61,175 2.70 % 4.10 % $ (5,877 ) 25/5/2021 21/11/2025 € 50,000 $ 61,200 2.70 % 4.05 % $ (5,756 ) Total fair value $ (11,633 ) |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following tables present, as of December 31, 2023, gross and net derivative assets and liabilities by contract type: Derivatives Assets-Current Derivatives Assets-Non-Current FFAs * $ 30,404 $ 2,758 Bunker swaps 101 - Interest rate swaps 7,827 12,864 Interest rate caps 14,716 11,701 Forward currency contracts 1,873 1,656 Total gross derivative contracts $ 54,921 $ 28,979 Amounts offset Counterparty netting* (21,611 ) (340 ) Total derivative assets, December 31, 2023 $ 33,310 $ 28,639 Derivatives Liabilities-Current Derivatives Liabilities-Non- Current FFAs * $ (21,611 ) $ (340 ) Bunker swaps (912 ) (1,699 ) Cross-currency rate swaps (2,138 ) (9,495 ) Total gross derivative contracts $ (24,661 ) $ (11,534 ) Amounts offset Counterparty netting* 21,611 340 Total derivative liabilities, December 31, 2023 $ (3,050 ) $ (11,194 ) * The Company has adopted net presentation for assets and liabilities related to FFA derivative instruments. |
Schedule of Derivatives In ASC 815 Cash Flow Hedging Relationships [Table Text Block] | The Effect of Derivative Instruments for the years ended December 31, 2021, 2022 and 2023 Derivatives in ASC 815 Cash Flow Hedging Relationships Amount of Gain / (Loss) Recognized in Accumulated OCI on Derivative 2021 2022 2023 Interest rate swaps and cross-currency swaps $ (754 ) $ 36,591 $ 3,385 Interest rate caps (included component) - 4,495 6,629 Interest rate caps (excluded component) (1) - 6,700 (16,589 ) Reclassification to Interest and finance costs 6,417 (483 ) (22,876 ) Reclassification of amount excluded from the interest rate caps assessment of hedge effectiveness based on an amortization approach to Interest and finance costs - 1,286 4,354 Amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to Depreciation 63 63 63 Total $ 5,726 $ 48,652 $ (25,034 ) (1) |
Schedule of Derivatives Not Designated as Hedging Instruments under ASC 815 [Table Text Block] | Derivatives Not Designated as Hedging Instruments under ASC 815 Location of Gain / (Loss) Recognized in Gain / (Loss) on derivative instruments, net Amount of Gain / (Loss) Recognized in Gain / (Loss) on derivative instruments, net 2021 2022 2023 Interest rate swaps / caps Gain / (loss) on derivative instruments, net $ (380 ) $ (182 ) $ 12,207 Forward Freight Agreements Gain / (loss) on derivative instruments, net - 108 5,420 Bunker swap agreements Gain / (loss) on derivative instruments, net - (12 ) (1,490 ) Forward currency contracts Gain / (loss) on derivative instruments, net (866 ) 2,784 1,151 Total $ (1,246 ) $ 2,698 $ 17,288 |
Note 23 - Financial Instrumen_2
Note 23 - Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
Schedule of Derivative Assets and Liabilities at Fair Value [Table Text Block] | 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, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Recurring measurements: Forward currency contracts-asset position $ 2,379 $ - $ 2,379 $ - Forward Freight Agreements- asset position 108 108 Bunker swap agreements-liability position (12 ) (12 ) Interest rate swaps-asset position 35,877 - 35,877 - Interest rate caps - 24,939 - 24,939 - Cross-currency rate swaps-liability position (15,898 ) - (15,898 ) - Total $ 47,393 $ - $ 47,393 $ - December 31, 2023 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Recurring measurements: Forward currency contracts-asset position $ 3,529 $ - $ 3,529 $ - Forward Freight Agreements- asset position 11,210 - 11,210 - Bunker swap agreements-liability position (2,509 ) - (2,509 ) - Interest rate swaps-asset position 20,691 - 20,691 - Interest rate caps-asset position 26,417 - 26,417 - Cross-currency rate swaps-liability position (11,633 ) - (11,633 ) - Total $ 47,705 $ - $ 47,705 $ - |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation and General Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 shares | |
Stock Issued During Period, Shares, Dividend Reinvestment Plan (in shares) | shares | 20,810,518 | ||||
Common Stock, Shares, Outstanding (in shares) | shares | 118,374,623 | ||||
Number of Container Vessels | 69 | 68 | 69 | ||
Carrying Capacity of Vessels at Period End (TEU) | 525,821 | 512,989 | 525,821 | ||
Number of Dry-bulk Vessels | 45 | 42 | 45 | ||
Dead Weight Tonnage of Dry-bulk Vessels | 2,436,134 | 2,604,720 | 2,436,134 | ||
Equity, Attributable to Noncontrolling Interest | $ 0 | $ 56,229 | $ 0 | ||
Charter Rates, Increase (Decrease) in Rates, Percentage | (84.00%) | ||||
Demand for Seaborne Dry Bulk Trade, Increase (Decrease), Compared to Previous Year, Percent | 75% | (49.00%) | |||
LIBERIA | |||||
Number of Subsidiaries | 146 | ||||
LIBERIA | Company Incorporated Under Laws of Jersey [Member] | |||||
Number of Subsidiaries | 1 | ||||
MARSHALL ISLANDS | |||||
Number of Subsidiaries | 13 | ||||
Number of Majority Owned Subsidiaries | 1 | ||||
MARSHALL ISLANDS | Company Incorporated Under Laws of Jersey [Member] | |||||
Number of Subsidiaries | 25 | ||||
CYPRUS | |||||
Number of Subsidiaries | 1 | ||||
JERSEY | |||||
Number of Subsidiaries | 1 | ||||
Common Stock [Member] | |||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 2,340,720 | 3,053,309 | 1,824,466 | ||
Neptune [Member] | |||||
Number of Container Vessels | 1 | ||||
Number of Dry-bulk Vessels | 3 | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 75% | ||||
Payments to Acquire Businesses, Gross | $ 11,099 | ||||
Number of Vessels | 4 | ||||
Neptune [Member] | Common Stock [Member] | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 40% | ||||
Neptune [Member] | Preferred Stock [Member] | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 79.05% | ||||
Neptune [Member] | |||||
Investment, Agreed Amount | $ 200,000 | ||||
Konstantakopoulos Family [Member] | |||||
Percentage Ownership | 64.10% | ||||
Costamare Bulkers Inc. ("CBI") [Member] | |||||
Number of Dry-bulk Vessels | 56 | ||||
Investment, Agreed Amount | $ 200,000 | ||||
Neptune [Member] | |||||
Equity, Attributable to Noncontrolling Interest | $ 34,132 | ||||
Common Stock Issued to Costamare Shipping Services Ltd. [Member] | |||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 598,400 |
Note 2 - Significant Accounti_4
Note 2 - Significant Accounting Policies and Recent Accounting Pronouncements (Details) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | |
Accounts Receivable, Credit Loss Expense (Reversal) | $ 0 | $ 0 | |
Operating Expenses Increase Rate | 2.50% | ||
Vessels Impairment Loss | $ 434,000 | $ 1,691,000 | $ 0 |
Operating Lease, Lease Income | $ 490,679,000 | ||
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Voyage revenue (Note 19) | ||
Sublease Income | $ 73,293 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 0 | 0 | 0 |
Minimum [Member] | |||
General Fair Value Hedge Information, Hedge Effectiveness Threshold | 80% | ||
Maximum [Member] | |||
General Fair Value Hedge Information, Hedge Effectiveness Threshold | 125% | ||
Prepaid Expenses and Other Current Assets [Member] | |||
Capitalized Contract Cost, Net, Current | $ 9,637,000 | $ 0 | |
Container Vessels [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 30 years | ||
Vessels Held for Sale at Period End | 2 | ||
Dry-bulk Vessels [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 25 years | ||
Vessels Held for Sale at Period End | 4 | ||
Container Vessels and Dry-bulk Vessels [member] | |||
Estimated Scrap Rate Per Lightweight Ton | 0.3 | ||
Operating Expenses Increase Rate | 2.50% |
Note 2 - Significant Accounti_5
Note 2 - Significant Accounting Policies and Recent Accounting Pronouncements - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Cash and cash equivalents | $ 745,544 | $ 718,049 | $ 276,002 |
Restricted cash - current portion | 10,645 | 9,768 | 8,856 |
Restricted cash - non-current portion | 69,015 | 83,741 | 68,670 |
Total cash, cash equivalents and restricted cash | $ 825,204 | $ 811,558 | $ 353,528 |
Note 2 - Significant Accounti_6
Note 2 - Significant Accounting Policies and Recent Accounting Pronouncements - Revenues from Significant Charterers (Details) - Customer Concentration Risk [Member] - Revenue Benchmark [Member] | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Major Customer A [Member] | |||
Concentration risk percentage | 10% | 13% | 16% |
Major Customer B [Member] | |||
Concentration risk percentage | 9% | 18% | 20% |
Major Customer C [Member] | |||
Concentration risk percentage | 5% | 7% | 12% |
Major Customer D [Member] | |||
Concentration risk percentage | 6% | 8% | 12% |
Major Customer E [Member] | |||
Concentration risk percentage | 12% | 8% | 5% |
Major Customers A, B, C, D and E [Member] | |||
Concentration risk percentage | 42% | 54% | 65% |
Note 3 - Transactions With Re_2
Note 3 - Transactions With Related Parties (Details) € in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||
Jan. 01, 2022 USD ($) shares | Jun. 14, 2021 | Mar. 29, 2021 USD ($) | Mar. 31, 2020 | Jul. 01, 2019 | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) shares | Dec. 31, 2023 EUR (€) shares | Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 USD ($) | Nov. 14, 2022 | Sep. 09, 2021 USD ($) | Jan. 01, 2018 | |
Management Fees Related Parties | $ 56,254,000 | $ 46,735,000 | $ 29,621,000 | |||||||||||
Voyage Expenses Related Parties | 13,993,000 | 15,418,000 | 11,089,000 | |||||||||||
Other Liabilities, Current, Total | 7,377,000 | 3,456,000 | ||||||||||||
Assets, Total | 5,287,022,000 | 4,896,229,000 | ||||||||||||
Stockholders' Equity, Gain (loss) from Common Control Transaction | 86,000 | |||||||||||||
General Administrative Expenses Related Parties | 8,542,000 | 9,792,000 | 9,947,000 | |||||||||||
Additional Paid-in Capital [Member] | ||||||||||||||
Stockholders' Equity, Gain (loss) from Common Control Transaction | 86,000 | |||||||||||||
Costamare Shipping Company SA and Costamare Shipping Services Ltd. [Member] | ||||||||||||||
Management Fee Per Day, Per Vessel | $ 1,020,000 | 956 | ||||||||||||
Management Fee Per Day, Per Vessel Under Bareboat Charter | 510,000 | 478 | ||||||||||||
Construction Supervisory Fee | $ 840,000 | 787,000 | ||||||||||||
Commission Charged on Charter Hire Agreements | 1.25% | 1.25% | ||||||||||||
Quarterly Fee to Related Parties | $ 667,000 | 625,000 | ||||||||||||
Quarterly Fee to Related Parties, Shares (in shares) | shares | 149,600 | |||||||||||||
Management Fees Related Parties | 42,532,000 | 43,915,000 | 29,621,000 | |||||||||||
Amounts Paid to Third Party Managers | 14,489,000 | 14,605,000 | 11,057,000 | |||||||||||
Voyage Expenses Related Parties | 12,602,000 | 13,930,000 | 9,756,000 | |||||||||||
Fair Value of Shares Issued to Manager | $ 5,850,000 | 7,089,000 | 7,414,000 | |||||||||||
Stock Issued During Period, Shares, Issued for Services (in shares) | shares | 598,400 | 598,400 | ||||||||||||
Working Capital Security | $ 5,250,000 | 5,625,000 | ||||||||||||
Costamare Shipping Company SA and Costamare Shipping Services Ltd. [Member] | Accounts Receivable, Net, Noncurrent [Member] | ||||||||||||||
Working Capital Security | 4,775,000 | 5,250,000 | ||||||||||||
Costamare Shipping Company SA and Costamare Shipping Services Ltd. [Member] | Accounts Receivable, Net [Member] | ||||||||||||||
Working Capital Security | 475,000 | 375,000 | ||||||||||||
Costamare Shipping Company SA and Costamare Shipping Services Ltd. [Member] | General and Administrative Expense [Member] | ||||||||||||||
Officers Compensation Charged, Period End | 2,667,000 | 2,667,000 | 2,500,000 | |||||||||||
Other Third-party Managers [Member] | Minimum [Member] | ||||||||||||||
Working Capital Security Per Vessel | 75,000 | |||||||||||||
Other Third-party Managers [Member] | Maximum [Member] | ||||||||||||||
Working Capital Security Per Vessel | 50,000 | |||||||||||||
Costamare Shipping [Member] | ||||||||||||||
Total Charges by Manager to Companys Affiliates | 2,048,000 | 1,776,000 | 2,752,000 | |||||||||||
Accounts Receivable, after Allowance for Credit Loss | 3,172,000 | 3,581,000 | ||||||||||||
Framework Deed [Member] | ||||||||||||||
Total Payments to Third Party Managers for Company's Affiliates | 508,000 | 876,000 | 1,022,000 | |||||||||||
Costamare Services [Member] | ||||||||||||||
Accounts Payable, Current | 2,131,000 | 1,380,000 | ||||||||||||
Blue Net Chartering GmbH & Co. KG (Containerships Only) [Member] | ||||||||||||||
Voyage Expenses Related Parties | 700,000 | 749,000 | 595,000 | |||||||||||
Percentage Ownership | 50% | |||||||||||||
Annual Fee to Related Parties | € | € 9,413 | € 9,413 | ||||||||||||
Annual Fee to Related Parties, Chartered in Current Period | € | € 1,281 | € 1,281 | ||||||||||||
Vessels Under Time Charter | 4 | |||||||||||||
Daily Brokerage Commission on Time Charter | $ 165 | |||||||||||||
Blue Net Asia Pte., Ltd. ("BNA") (Containerships Only) [Member] | ||||||||||||||
Commission Charged on Charter Hire Agreements | 1.25% | |||||||||||||
Voyage Expenses Related Parties | 691,000 | 739,000 | 738,000 | |||||||||||
Percentage Ownership | 50% | |||||||||||||
Vessels Under Time Charter | 5 | |||||||||||||
Longshaw Maritime Investments S.A. [Member] | The16 Companies Which Owned or Committed to Acquire Bulk Vessels [Member] | ||||||||||||||
Number of Companies Acquired | 16 | |||||||||||||
Other Liabilities, Current, Total | $ 54,491,000 | |||||||||||||
Assets, Total | $ 54,578,000 | |||||||||||||
Longshaw Maritime Investments S.A. [Member] | The16 Companies Which Owned or Committed to Acquire Bulk Vessels [Member] | Additional Paid-in Capital [Member] | ||||||||||||||
Dead Weight Tonnage of Vessels | 932,329 | |||||||||||||
Stockholders' Equity, Gain (loss) from Common Control Transaction | 86,000 | |||||||||||||
LC LAW Stylianou & Associates LLC [Member] | Legal Service [Member] | ||||||||||||||
Accounts Payable, Current | 0 | 0 | ||||||||||||
Related Party Transaction, Amounts of Transaction | 25,000 | 36,000 | 91,000 | |||||||||||
General Administrative Expenses Related Parties | 33,000 | |||||||||||||
Related Party Transaction, Expenses Capitalized as Financing Costs | $ 58,000 | |||||||||||||
Local Agencies [Member] | Service Agreements [Member] | ||||||||||||||
Management Fees Related Parties | 11,689,000 | 2,821,000 | ||||||||||||
Accounts Receivable, after Allowance for Credit Loss | 1,647,000 | 257,000 | ||||||||||||
Accounts Payable, Current | $ 952,000 | |||||||||||||
Related Party Transaction, Percentage Mark Up | 11% | |||||||||||||
Chairman and Chief Executive Officer, Konstantinos Konstantakopoulos [Member] | Neptune Global Finance Ltd. ("NGF") [Member] | ||||||||||||||
Subsidiary, Ownership Percentage, Parent | 51% | |||||||||||||
Neptune Global Finance Ltd. ("NGF") [Member] | Neptune Maritime Leasing Limited ("NML") [Member] | ||||||||||||||
Management Fees Related Parties | 2,033,000 | |||||||||||||
Accounts Receivable, after Allowance for Credit Loss | 341,000 | |||||||||||||
Fee Percentage on Contributed Capital Invested | 1.50% | |||||||||||||
Fee Percentage on Committed Capital to be Invested | 0.80% | |||||||||||||
Neptune Maritime Leasing Limited ("NML") [Member] | Neptune Global Finance Ltd. ("NGF") [Member] | ||||||||||||||
Fee Percentage on Contributed Capital Invested | 51% | |||||||||||||
Subsidiary, Ownership Percentage, Noncontrolling Owner | 49% | |||||||||||||
Codrus [Member] | Financial And Strategic Advice [Member] | ||||||||||||||
Accounts Receivable, after Allowance for Credit Loss | $ 0 | |||||||||||||
Annual Fee to Related Parties | $ 250,000 |
Note 4 - Segmental Financial _3
Note 4 - Segmental Financial Information - Summary of Reportable Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Voyage revenue | $ 1,502,491 | $ 1,113,859 | $ 793,639 |
Intersegment voyage revenue | 0 | 0 | |
Income from investment in leaseback vessels | 8,915 | 0 | 0 |
Depreciation | (166,340) | (165,998) | (136,958) |
Amortization of dry-docking and special survey costs | (19,782) | (13,486) | (10,433) |
Interest income | 32,447 | 5,956 | 1,587 |
Interest and finance costs | (144,429) | (122,233) | (86,047) |
Income from equity method investments | 764 | 2,296 | 12,859 |
- Net income | 381,019 | 554,692 | 435,121 |
Total Assets | 5,287,022 | 4,896,229 | |
Intersegment Eliminations [Member] | |||
Voyage revenue | 0 | 0 | |
Intersegment voyage revenue | (11,902) | (800) | |
Income from investment in leaseback vessels | 0 | ||
Depreciation | 0 | 0 | |
Amortization of dry-docking and special survey costs | 0 | 0 | |
Interest income | 0 | 0 | |
Interest and finance costs | 0 | 0 | |
Income from equity method investments | 0 | 0 | |
- Net income | 0 | 0 | |
Total Assets | (3,120) | (1,002) | |
Container Vessels Segment [Member] | |||
Voyage revenue | 839,374 | 797,392 | 678,292 |
Container Vessels Segment [Member] | Operating Segments [Member] | |||
Voyage revenue | 839,374 | 797,392 | 678,292 |
Intersegment voyage revenue | 0 | 0 | |
Income from investment in leaseback vessels | 0 | ||
Depreciation | (126,719) | (126,340) | (125,811) |
Amortization of dry-docking and special survey costs | (15,344) | (11,831) | (10,346) |
Interest income | 18,247 | 3,666 | 1,587 |
Interest and finance costs | (117,036) | (101,888) | (81,887) |
Income from equity method investments | 0 | 0 | 0 |
- Net income | 507,041 | 458,494 | 303,490 |
Total Assets | 3,153,806 | 3,272,559 | |
Dry Bulk Vessels Segment [Member] | |||
Voyage revenue | 155,892 | 316,100 | 115,347 |
Dry Bulk Vessels Segment [Member] | Operating Segments [Member] | |||
Voyage revenue | 155,892 | 316,100 | 115,347 |
Intersegment voyage revenue | 11,902 | 800 | |
Income from investment in leaseback vessels | 0 | ||
Depreciation | (39,621) | (39,658) | (11,147) |
Amortization of dry-docking and special survey costs | (4,438) | (1,655) | (87) |
Interest income | 11,635 | 2,290 | 0 |
Interest and finance costs | (23,941) | (20,333) | (4,160) |
Income from equity method investments | 0 | 0 | 0 |
- Net income | (43,070) | 97,405 | 56,814 |
Total Assets | 734,817 | 771,027 | |
Costamare Bulkers Inc. ("CBI") [Member] | |||
Voyage revenue | 507,225 | 367 | 0 |
Costamare Bulkers Inc. ("CBI") [Member] | Operating Segments [Member] | |||
Voyage revenue | 507,225 | 367 | |
Intersegment voyage revenue | 0 | 0 | |
Income from investment in leaseback vessels | 0 | ||
Depreciation | 0 | 0 | |
Amortization of dry-docking and special survey costs | 0 | 0 | |
Interest income | 2,316 | 0 | |
Interest and finance costs | (1,243) | (12) | |
Income from equity method investments | 0 | 0 | |
- Net income | (88,106) | (3,503) | |
Total Assets | 455,568 | 101,807 | |
Neptune Maritime Leasing Limited ("NML") [Member] | Operating Segments [Member] | |||
Voyage revenue | 0 | ||
Intersegment voyage revenue | 0 | ||
Income from investment in leaseback vessels | 8,915 | ||
Depreciation | 0 | ||
Amortization of dry-docking and special survey costs | 0 | ||
Interest income | 249 | ||
Interest and finance costs | (2,208) | ||
Income from equity method investments | 0 | ||
- Net income | 4,513 | ||
Other [Member] | |||
Voyage revenue | 0 | 0 | |
Intersegment voyage revenue | 0 | ||
Depreciation | 0 | 0 | |
Amortization of dry-docking and special survey costs | 0 | 0 | |
Interest income | 0 | 0 | |
Interest and finance costs | 0 | 0 | |
Income from equity method investments | 2,296 | 12,859 | |
- Net income | 2,296 | $ 74,817 | |
Other [Member] | Operating Segments [Member] | |||
Voyage revenue | 0 | ||
Intersegment voyage revenue | 0 | ||
Income from investment in leaseback vessels | 0 | ||
Depreciation | 0 | ||
Amortization of dry-docking and special survey costs | 0 | ||
Interest income | 0 | ||
Interest and finance costs | (1) | ||
Income from equity method investments | 764 | ||
- Net income | 641 | ||
Total Assets | 707,284 | $ 751,838 | |
NML [Member] | Operating Segments [Member] | |||
Total Assets | $ 238,667 |
Note 5 - Current Assets Short_2
Note 5 - Current Assets Short-term investments Non-current Assets Debt Securities, Held to Maturity, and Other Non-Current Assets (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Jul. 16, 2014 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2016 | Dec. 31, 2014 | |
Write-off Deriving from Fair Value Measurement | $ 2,888 | |||||||||||
Amortization of Debt Discount (Premium) | $ 0 | $ 0 | $ (1,280) | |||||||||
Proceeds from Maturities, Prepayments and Calls of Held-to-maturity Securities | 0 | 0 | 8,183 | |||||||||
Investment Income, Dividend | 0 | 0 | 1,833 | |||||||||
Equity Securities, FV-NI, Realized Gain (Loss), Total | 0 | $ 0 | $ 60,161 | |||||||||
Zim Integrated Services [Member] | The 3.0% Series 1 Notes Due 2023 [Member] | ||||||||||||
Investment Stated Interest Rate | 3% | |||||||||||
Zim Integrated Services [Member] | The 5.0% Series 2 Notes Due 2023 [Member] | ||||||||||||
Investment Stated Interest Rate | 5% | |||||||||||
Investment Stated Interest Rate, Payable Quarterly | 3% | |||||||||||
Investment Interest Rate, Stated Percentage, Deferred Accrual | 2% | |||||||||||
Equity Securities [Member] | ||||||||||||
Held-to-Maturity Securities, Equity Interest Acquired | 1.20% | |||||||||||
Equity Securities, FV-NI | $ 7,802 | |||||||||||
Equity Securities [Member] | Zim Integrated Services [Member] | ||||||||||||
Investment Income, Dividend | $ 1,833 | |||||||||||
Investment Owned, Balance, Shares (in shares) | 1,221,800 | |||||||||||
Equity Securities, FV-NI, Realized Gain (Loss), Total | $ 60,161 | |||||||||||
Debt Securities [Member] | ||||||||||||
Debt Securities, Held-to-maturity, Total | 8,229 | |||||||||||
Amortization of Debt Discount (Premium) | $ 458 | |||||||||||
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Total | $ 6,774 | |||||||||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Ending Balance | $ 245 | $ 245 | 569 | |||||||||
Debt Securities [Member] | Other Nonoperating Income (Expense) [Member] | ||||||||||||
Debt Securities, Held-to-maturity, Credit Loss Expense (Reversal) | (324) | $ (1,015) | ||||||||||
Debt Securities [Member] | Zim 3.0% Series 1 Notes Due 2023 [Member] | ||||||||||||
Debt Securities, Held-to-maturity, Total | 1,452 | 1,012 | $ 1,012 | $ 1,406 | ||||||||
Debt Securities, Held-to-maturity, Fair Value, Total | 676 | |||||||||||
Proceeds from Maturities, Prepayments and Calls of Held-to-maturity Securities | $ 394 | $ 46 | ||||||||||
Debt Securities [Member] | Zim 5.0% Series 2 Notes Due 2023 [Member] | ||||||||||||
Debt Securities, Held-to-maturity, Total | 6,777 | |||||||||||
Debt Securities, Held-to-maturity, Fair Value, Total | $ 3,567 | |||||||||||
Debt Securities [Member] | Zim 3 Percent Series 1 Notes and 5 Percent Series 2 Notes Due 2023 [Member] | ||||||||||||
Proceeds from Maturities, Prepayments and Calls of Held-to-maturity Securities | $ 7,789 | |||||||||||
US Treasury Bill Securities [Member] | ||||||||||||
Investment Owned, Balance, Principal Amount | 17,605 | |||||||||||
Investment Owned, Cost | $ 17,373 |
Note 7 - Vessels and Advances_3
Note 7 - Vessels and Advances, Net (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Number of Vessels Delivered | 43 | |||
Vessel Held For Sale | $ 40,307 | $ 55,195 | ||
Gain (Loss) on Assets Held for Sale | (2,305) | 0 | $ 0 | |
Gain (Loss) on Sale Vessels | 112,220 | 126,336 | 45,894 | |
Vessels Impairment Loss | 434 | $ 1,691 | 0 | |
Carrying Value of Vessels Provided as Collaterals to Secure Loans | $ 2,647,015 | |||
Number of Unencumbered Vessels | 5 | |||
Arkadia [Member] | ||||
Business Combination, Consideration Transferred | $ 4,692 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 320 | |||
Vessel Owning Companies of Five Vessels Purchased from York [Member] | ||||
Business Combination, Consideration Transferred | 88,854 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 302,193 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Time Charter Liabilities | $ 589 | |||
Vessel Owning Companies of Five Vessels Purchased from York [Member] | Minimum [Member] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 51% | |||
Vessel Owning Companies of Five Vessels Purchased from York [Member] | Maximum [Member] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 75% | |||
Vessels Adventure and Manzanillo [Member] | ||||
Vessel Held For Sale | $ 19,517 | |||
New York Capital Management Global Advisors LLC [Member] | Arkadia [Member] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 51% | |||
Enna, Dorado and Arya [Member] | ||||
Dead Weight Tonnage of Vessels | 417,241 | |||
Iron Miracle [Member] | ||||
Dead Weight Tonnage of Vessels | 180,643 | |||
Dyros [Member] | ||||
Twenty-foot Equivalent Units Measured on Each Vessel Acquired | 4,578 | |||
Oracle, Libra and Norma [Member] | ||||
Dead Weight Tonnage of Vessels | 172,717 | |||
MSC Athens and MSC Athos [Member] | ||||
Twenty-foot Equivalent Units Measured on Each Vessel Acquired | 8,827 | |||
Leonidio and Kyparissia [Member] | ||||
Twenty-foot Equivalent Units Measured on Each Vessel Acquired | 4,957 | |||
Triton [Member] | ||||
Twenty-foot Equivalent Units Measured on Each Vessel Acquired | 14,424 | |||
Aries, Argus, Glen Canyon, Androusa, Norfolk, Porto Cheli, Porto Kagio, Porto Germeno and Gialova [Member] | ||||
Twenty-foot Equivalent Units Measured on Each Vessel Acquired | 49,909 | |||
YM Target and YM Tiptop [Member] | ||||
Twenty-foot Equivalent Units Measured on Each Vessel Acquired | 25,380 | |||
Builder, Pegasus, Adventure, Eracle, Peace, Sauvan, Pride, Alliance, Manzanillo, Acuity, Seabird, Aeolian, Comity, Athena, Farmer and Greneta [Member] | ||||
Dead Weight Tonnage of Vessels | 850,163 | |||
Number of Vessels Delivered | 16 | |||
Bernis, Verity, Dawn, Discovery, Clara, Serena, Merida, Progress, Miner, Parity, Uruguay, Resource, Konstantinos, Taibo, Thunder, Equity, Cetus (ex. Charm), Curacao, Rose, Bermondi, Titan I, Orion, and More [Member] | ||||
Dead Weight Tonnage of Vessels | 1,388,422 | |||
Number of Vessels Delivered | 27 | |||
Cape Akritas, Cape Tainaro, Cape Artemisio, Cape Kortia and Cape Sounio [Member] | Vessel Owning Companies of Five Vessels Purchased from York [Member] | ||||
Twenty-foot Equivalent Units Measured on Vessel | 55,050 | |||
The 2008-built Vessel [Member] | ||||
Twenty-foot Equivalent Units Measured on Each Vessel Agreed to Acquire | 4,578 | |||
Belstar (tbr. Oracle) and Universal Bremen (tbr. Libra) [Member] | ||||
Dead Weight Tonnage of Vessels Agreed to Acquire | 114,699 | |||
First Four Newbuild Vessels Purchased [Member] | ||||
Twenty-foot Equivalet Units Measured on Each Vessel Agreed to Purchase | 12,690 | |||
Second Four Newbuild Vessels Purchased [Member] | ||||
Twenty-foot Equivalet Units Measured on Each Vessel Agreed to Purchase | 15,000 | |||
Sealand Washington and Maersk Kalamata [Member] | ||||
Vessel Held For Sale | $ 55,195 | |||
Number of Vessels Held for Sale | 3 | |||
Sealand Illinois, Sealand Michigan, York and Messini [Member] | ||||
Vessel Held For Sale | $ 78,799 | |||
Amount Transferred from Deferred Charges | 3,742 | |||
Messini, Sealand Michigan, Sealand Illinios, and York [Member] | ||||
Gain (Loss) on Sale Vessels | $ 126,336 | |||
Halifax Express, Prosper, Venetiko, Zim Shanghai and Zim N.York [Member] | ||||
Gain (Loss) on Sale Vessels | $ 45,894 |
Note 7 - Vessels and Advances_4
Note 7 - Vessels and Advances, Net - Summary of Vessels (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Vessel Cost [Member] | ||
Beginning Balance, Vessel Cost | $ 4,796,102 | $ 4,687,896 |
Vessel acquisitions, advances and other vessels' costs | 88,506 | 249,023 |
Vessel sales, transfers and other movements | (196,884) | (140,817) |
Ending Balance, Vessel Cost | 4,687,724 | 4,796,102 |
Accumulated Depreciation [Member] | ||
Beginning Balance, Accumulated Depreciation | (1,129,241) | (1,037,704) |
Depreciation | (165,460) | (162,651) |
Vessel sales, transfers and other movements | 53,774 | 71,114 |
Ending Balance, Accumulated Depreciation | (1,240,927) | (1,129,241) |
Net Book Value [Member] | ||
Beginning Balance, Net Book Value | 3,666,861 | 3,650,192 |
Depreciation | (165,460) | (162,651) |
Vessel acquisitions, advances and other vessels' costs | 88,506 | 249,023 |
Vessel sales, transfers and other movements | (143,110) | (69,703) |
Ending Balance, Net Book Value | $ 3,446,797 | $ 3,666,861 |
Note 8 - Deferred Charges, Ne_2
Note 8 - Deferred Charges, Net (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Number of Vessels Completed DD During Period | 23 | 18 | 14 |
Number of Vessels Survey in Process | 2 | 5 | 1 |
Note 8 - Deferred Charges, Ne_3
Note 8 - Deferred Charges, Net - Schedule of Deferred Charges, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Beginning Balance | $ 55,035 | $ 31,859 |
Additions | 43,233 | 38,330 |
Amortization | (19,782) | (13,486) |
Write-off and other movements (Note 7) | (5,685) | (1,668) |
Ending Balance | $ 72,801 | $ 55,035 |
Note 9 - Costamare Ventures I_2
Note 9 - Costamare Ventures Inc. (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Participation of Company's Wholly Owned Subsidiary | 49% |
Number of Jointly Owned Companies | 2 |
Note 10 - Equity Method Inves_3
Note 10 - Equity Method Investments (Details) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 11, 2023 | Dec. 05, 2023 | May 12, 2023 | |
Payments to Acquire Equity Method Investments | $ 1,274 | $ 0 | $ 0 | |||
Carrying Capacity of Vessels at Period End (TEU) | 512,989 | 525,821 | ||||
Income (Loss) from Equity Method Investments | $ 764 | $ 2,296 | $ 12,859 | |||
Vessel Owning Companies of Five Vessels Purchased from York [Member] | ||||||
Number of Asset Acquired | 5 | |||||
Asset Acquistion, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | $ 141,040 | |||||
Vessel Owning Companies of Five Vessels Purchased from York [Member] | Minimum [Member] | ||||||
Asset Acquisition, Percentage of Voting Interests Acquired | 51% | |||||
Vessel Owning Companies of Five Vessels Purchased from York [Member] | Maximum [Member] | ||||||
Asset Acquisition, Percentage of Voting Interests Acquired | 75% | |||||
Sykes Maritime Co. [Member] | ||||||
Subsidiary, Ownership Percentage, Parent | 100% | |||||
Arkadia [Member] | ||||||
Asset Acquisition, Percentage of Voting Interests Acquired | 51% | |||||
Carrying Capacity of Vessels at Period End (TEU) | 1,550 | |||||
Ownership Percentage | 100% | |||||
Polar Brasil [Member] | ||||||
Carrying Capacity of Vessels at Period End (TEU) | 3,800 | |||||
Geyer Maritime Co. [Member] | ||||||
Proceeds from Dividends Received | 1,274 | |||||
Platt Maritime Co. [Member] | ||||||
Payments to Acquire Equity Method Investments | 980 | |||||
Equity Method Investment, Ownership Percentage | 49% | |||||
Platt Maritime Co. [Member] | Arkadia [Member] | ||||||
Equity Method Investment, Ownership Percentage | 51% | |||||
Sykes Maritime Co. [Member] | ||||||
Payments to Acquire Equity Method Investments | 294 | |||||
Sykes Maritime Co. [Member] | York [Member] | ||||||
Equity Method Investment, Ownership Percentage | 51% | |||||
Goodway Maritime Co. [Member] | ||||||
Special Dividend, Amount | $ 4,900 | |||||
Equity Method Investment, Ownership Percentage | 49% | |||||
Polar Argentina [Member] | ||||||
Carrying Capacity of Vessels at Period End (TEU) | 3,800 | |||||
Steadman Maritime Co. [Member] | ||||||
Proceeds from Dividends Received | $ 1,128 | $ 15,190 | ||||
Equity Method Investment, Ownership Percentage | 49% |
Note 10 - Equity Method Inves_4
Note 10 - Equity Method Investments - Companies Accounted for as Equity Method Investments (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Steadman Maritime Co. [Member] | |
Participation percentage | 49% |
Date of establishment | Jul. 01, 2013 |
Goodway Maritime Co. [Member] | |
Participation percentage | 49% |
Date of establishment | Sep. 22, 2015 |
Note 10 - Equity Method Inves_5
Note 10 - Equity Method Investments - Summarized Financial Information on Equity Method Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current assets | $ 1,117,661 | $ 1,014,622 | |
Total assets | 5,287,022 | 4,896,229 | |
Current liabilities | 662,770 | 423,090 | |
Non-current liabilities | 2,184,863 | 2,312,702 | |
Net income | 385,749 | 554,955 | $ 435,121 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | |||
Current assets | 1,386 | 11,697 | |
Non-current assets | 0 | 91,471 | |
Total assets | 1,386 | 103,168 | |
Current liabilities | 123 | 7,472 | |
Non-current liabilities | 0 | 52,760 | |
Total liabilities | 123 | 60,232 | |
Voyage revenue | 13,832 | 23,789 | 43,088 |
Net income | $ 1,559 | $ 4,686 | $ 27,617 |
Note 11 - Long-term Debt (Detai
Note 11 - Long-term Debt (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 07, 2023 | Dec. 05, 2023 | Nov. 16, 2023 | Oct. 13, 2023 | Sep. 07, 2023 | Jun. 20, 2023 | May 30, 2023 | May 25, 2023 | Apr. 24, 2023 | Mar. 23, 2023 | Mar. 16, 2023 | Jan. 11, 2023 | Jan. 09, 2023 | Jan. 04, 2023 | Dec. 20, 2022 | Dec. 19, 2022 | Dec. 07, 2022 | Dec. 05, 2022 | Nov. 22, 2022 | Nov. 21, 2022 | Nov. 14, 2022 | Oct. 13, 2022 | Oct. 07, 2022 | Sep. 30, 2022 | Sep. 14, 2022 | Jul. 01, 2022 | Jun. 29, 2022 | Jun. 28, 2022 | Jun. 23, 2022 | Jun. 21, 2022 | Jun. 17, 2022 | May 11, 2022 | Apr. 29, 2022 | Apr. 28, 2022 | Apr. 11, 2022 | Mar. 08, 2022 | Feb. 01, 2022 | Jan. 31, 2022 | Jan. 18, 2022 | Jan. 07, 2022 | Jan. 05, 2022 | Dec. 21, 2021 | Oct. 25, 2021 | Oct. 12, 2021 | Aug. 25, 2021 | Aug. 12, 2021 | Jun. 24, 2021 | Jun. 10, 2021 | Jun. 07, 2021 | Jun. 04, 2021 | Nov. 11, 2020 | Feb. 18, 2020 | Dec. 11, 2018 | Nov. 30, 2018 | Nov. 30, 2023 | Jan. 31, 2023 | Jun. 30, 2022 | Dec. 31, 2021 | Nov. 30, 2021 | Oct. 31, 2021 | Sep. 30, 2021 | Aug. 31, 2021 | Jul. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | Dec. 01, 2023 | Jun. 19, 2023 | May 26, 2023 | Apr. 19, 2023 | Dec. 15, 2022 | Dec. 14, 2022 | Nov. 17, 2022 | Nov. 11, 2022 | Sep. 29, 2022 | May 12, 2022 | Apr. 21, 2022 | Apr. 05, 2022 | Jan. 26, 2022 | Dec. 28, 2021 | Dec. 24, 2021 | Dec. 10, 2021 | Sep. 10, 2021 | Jul. 27, 2021 | Jul. 16, 2021 | Jul. 09, 2021 | Jul. 08, 2021 | Jun. 01, 2021 | May 25, 2021 | Mar. 29, 2021 | Mar. 24, 2021 | Mar. 19, 2021 | Mar. 18, 2021 | Mar. 16, 2021 | Jan. 27, 2021 | Dec. 15, 2020 | Nov. 10, 2020 | May 29, 2020 | Apr. 24, 2020 | Feb. 13, 2020 | Jul. 18, 2019 | Jun. 28, 2019 | Jun. 24, 2019 | Jun. 18, 2019 | Nov. 27, 2018 | Jul. 17, 2018 | Aug. 03, 2017 | Aug. 01, 2017 | |
Long-Term Debt, Current Maturities | $ 347,027,000 | $ 320,114,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | $ 2,365,083,000 | 2,607,534,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loan, Value Maintenance Clauses for Specific One | 140% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Costs Capitalized to Vessels and Advances, Net | $ 465,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Expense | $ 152,123,000 | 107,205,000 | 72,261,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-Term Debt | 632,892,000 | 678,930,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Expense, Debt, Total | 129,247,000 | 104,613,000 | 74,017,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and Finance Costs [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Expense, Debt, Total | $ 129,247,000 | 104,613,000 | 73,552,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loan, Value Maintenance Clauses | 100% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loan, Value Maintenance Clauses | 125% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hunting License Facility Agreement to Acquire Bernis, Verity, Dawn, Discovery, Clara, Serena, Parity, Taibo, Thunder, Equity, Curacao and Rose [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 120,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 30,150,000 | $ 27,600,000 | $ 28,050,000 | $ 34,200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Debt | $ 16,310,000 | $ 6,985,000 | $ 51,885,000 | $ 38,844,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hunting License Facility to Purchase Progress, Merida, Miner, Uruguay, Resource, Konstantinos, Cetus (ex. Charm), Titan I, Bermondi, Orion, Merchia and Damon [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 50,661,000 | $ 125,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 14,100,000 | $ 33,645,000 | 7,347,000 | $ 32,430,000 | 18,000,000 | 13,374,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 33,209,900 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Debt | $ 5,510,000 | $ 5,226,000 | $ 38,020,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Current Maturities | 11,501,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hunting License Facility Agreement for Dry Bulk Vessels [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 150,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Refinance Term Loan for Bernis, Verity, Dawn, Discovery and Parity [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | 41,695,000 | 47,884,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hunting License Facility Agreement for Pythias, Egyptian Mike, Phoenix, Belstar (tbr Oracle), Universal Bremen (tbr Libra) [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 100,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Debt | 56,700,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Debt | 49,469,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | 0 | 52,361,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Five Pre- and Post-delivery Financial Agreements [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Costs Capitalized to Vessels and Advances, Net | 465,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Expense | 16,957,000 | 17,821,000 | 16,715,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Arrangement, Share Purchase Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Long-Term Debt | $ 77,435,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 32,022,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Expense | 12,511,000 | $ 15,329,000 | $ 18,807,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Arrangements [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-Term Debt | $ 632,892,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loan and Other Financing Arrangements [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Weighted Average Interest Rate, at Point in Time | 3.30% | 5.10% | 4.90% | 3.30% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loan and Other Financing Arrangements [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate During Period | 2.64% | 2.99% | 1.82% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loan and Other Financing Arrangements [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate During Period | 9% | 7.47% | 4.80% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | $ 1,621,691,000 | $ 1,821,944,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Venetiko [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Debt | $ 7,395,100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | ZIM Shanghai [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Debt | $ 6,531,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | ZIM New York [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Debt | $ 6,136,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Sealand Illinois [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Debt | $ 6,492,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Oakland [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Debt | $ 2,668,200 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Loan Agreement with 11 Companies, Refinancing Tranche [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 8,569,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Total | 769,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Nerida Shipping Company Term Loan [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Agreement, Maximum Borrowing Capacity | $ 17,625,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 17,625,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Long-Term Debt | $ 9,075,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Singleton Shipping Co. and Tatum Shipping Co. Term Loan [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 48,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Long-Term Debt | $ 34,400,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | 0 | 34,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Costamare Inc. 1 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 55,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Long-Term Debt | $ 5,946,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Prepaid Payment on Principal | $ 21,242,000 | $ 10,615,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 5,803,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Costamare Inc. 1 [Member] | Tranche A [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 28,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Costamare Inc. 1 [Member] | Tranche B [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 27,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Bastian Shipping Co and Cadence Shipping Co Loan Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 136,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Long-Term Debt | $ 82,800,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | 0 | 82,800,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Adele Shipping Co Loan Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 68,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Long-Term Debt | $ 48,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | 0 | 48,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Costamare Inc. 2 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 150,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Long-Term Debt | $ 112,430,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | 0 | 112,430,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Loan Agreement to Partially Refinance Term Loan [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 94,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Long-Term Debt | $ 64,852,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Loan Agreement to Purchase Volans, Vulpecula, Vela and JPO Virgo [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 30,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Long-Term Debt | $ 24,554,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 30,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Capetanissa Maritime Corporation et al 2 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 70,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Long-Term Debt | $ 14,186,000 | $ 8,503,000 | $ 8,264,000 | $ 13,964,000 | $ 3,062,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Caravokyra Maritime Corporation et al. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 70,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Long-Term Debt | $ 6,663,000 | $ 6,927,600 | $ 35,885,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | 0 | 6,928,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Kelsen Shipping Co. Loan Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 8,100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Long-Term Debt | $ 2,025,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Uriza Shipping Co. Term Loan 2 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 20,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Long-Term Debt | $ 16,100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Berg Shipping Co. Loan Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 12,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Long-Term Debt | 9,980,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | 0 | 1,054,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Reddick Shipping Co. and Verandi Shipping Co Second Term Loan [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 18,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Long-Term Debt | $ 11,300,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Evantone Shipping Co. and Fortrose Shipping Co. Loan Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 23,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Long-Term Debt | $ 17,750,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | 0 | 17,750,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Ainsley Maritime Co. and Ambrose Maritime Co. Loan Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 150,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | 120,536,000 | 131,250,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Ainsley Maritime Co. and Ambrose Maritime Co. Loan Agreement Each Tranche [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 60,267,900 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Total | 1,339,300 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 21,428,600 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Hyde Maritime Co. and Skerrett Maritime Co. Loan Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 147,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | 115,904,000 | 127,212,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Hyde Maritime Co. and Skerrett Maritime Co. Loan Agreement, Tranche A [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 57,951,900 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Total | 1,413,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 28,269,200 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Hyde Maritime Co. and Skerrett Maritime Co. Loan Agreement, Tranche B [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 57,951,900 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Total | 1,413,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 28,269,200 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Kemp Maritime Co. Loan Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 58,525,000 | $ 75,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Total | 1,425,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 28,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | 58,525,000 | 64,300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Vernes Shipping Co. Loan Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 14,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Long-Term Debt | $ 12,200,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Loan Agreement with 11 Companies [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 158,105,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Loan Agreement with 11 Companies, Refinancing Tranche [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 50,105,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 106,100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Loan Agreement with 11 Companies, Tranche C [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Long-Term Debt | $ 34,730,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 38,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Loan Agreement with 11 Companies, Tranche A [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 20,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 35,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Total | 1,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 2,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Loan Agreement with 11 Companies, Tranche B [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 20,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 35,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Total | 1,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 2,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Novara Shipping Co., Finney Shipping Co., Alford Shipping Co. and Nisbet Shipping Co. Loan Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 79,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Long-Term Debt | 61,895,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | 0 | 65,043,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Novara Shipping Co., Finney Shipping Co., Alford Shipping Co. and Nisbet Shipping Co. Loan Agreement, Tranche A [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 22,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Novara Shipping Co., Finney Shipping Co., Alford Shipping Co. and Nisbet Shipping Co. Loan Agreement, Tranche C [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 22,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Novara Shipping Co., Finney Shipping Co., Alford Shipping Co. and Nisbet Shipping Co. Loan Agreement, Tranche D [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 11,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Acquisition of Pegasus, Eracle, Peace, Sauvan, Pride, Acuity, Comity and Athena [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 29,735,000 | $ 62,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Long-Term Debt | $ 1,775,000 | $ 5,475,000 | $ 1,775,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Debt | 5,963,800 | 7,300,000 | 49,236,300 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 15,598,800 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Acquisition of Builder, Adventure, Manzanillo, Alliance, Seabird, Aeolian, Farmer and Greneta [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 81,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Long-Term Debt | $ 62,788,000 | $ 10,220,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 11,150,000 | $ 13,250,000 | $ 12,480,000 | $ 44,620,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Refinance Term Loans for Equity, Thunder, Rose and Clara [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 43,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Long-Term Debt | 9,390,000 | $ 19,562,500 | $ 10,645,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Refinance Term Loan for Bernis, Verity, Dawn, Discovery and Parity [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 41,695,000 | $ 55,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 52,525,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Total | 1,547,100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 21,583,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Refinance Term Loan to Vulpecula, Volans, Virgo and Vela and Tranche C of 11 Companies Term Loan [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 38,500,000 | $ 85,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 85,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 19,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Hunting License Loan Agreement with 15 Companies [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 120,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Long-Term Debt | 10,125,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 10,800,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Refinance Term Loan for Merida, Bermondi, Titan I and Uruguay [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 24,240,000 | $ 40,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 40,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 10,940,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Refinance Term Loans of 17 Companies [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 376,857,000 | $ 500,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 500,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 89,523,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Refinance Term Loan for Reddick Shipping and Verandi Shipping [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 33,000,000 | $ 46,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 46,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Total | 3,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Refinance Term Loan for Quentin Shipping and Sander Shipping [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 37,312,500 | $ 85,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 85,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Total | 1,296,900 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 1,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Refinance Term Loan for Greneta Marine Corp, Merle Marine Corp and Gassin Marine Corp [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 26,045,000 | $ 30,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 30,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 6,273,800 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Refinance Term Loan for Ten Companies [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 260,630,000 | $ 322,830,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Long-Term Debt | $ 322,830,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 16,800,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Secured Floating Interest Rate Loan Agreement With Thirteen Companies [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 101,065,000 | $ 120,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 27,450,000 | $ 82,885,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 39,948,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Current Maturities | 9,856,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | NML Loan Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 900,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | 5,995,000 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Alford Shipping Co., Finney Shipping Co., Kalamata Shipping Corporation, Nisbet Shipping Co. and Novara Shipping Co. Loan Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 64,000,000 | $ 72,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 69,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Total | 2,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 9,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Capetanissa Maritime Corporation and Berg Shipping Co. Loan Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 25,548,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 24,167,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Capetanissa Maritime Corporation and Berg Shipping Co. Tranche A [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 13,160,600 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Total | 513,200 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 3,923,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Capetanissa Maritime Corporation and Berg Shipping Co. Tranche B [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Total | 361,800 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 2,744,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | 9,256,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Loans Agreement With 15 Companies [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 150,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 65,779,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 36,172,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | 63,312,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Undrawn Value | 84,221,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Loans Agreements 4 NML Subsidiaries [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 14,400,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | 34,920,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Loans Agreements, Two NML Subsidiaries [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Total | 520,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 9,100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | 18,460,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Loan Agreements with 6 Companies [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 60,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 12,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Total | 272,700 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 5,454,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | 12,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Undrawn Value | 48,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured Debt [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | 110,500,000 | 106,660,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured Debt [Member] | The Bond [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 100,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Gross | 110,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Expense | $ 2,962,000 | $ 2,866,000 | $ 1,896,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.70% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Early Redemption Requirement, Minimum Prepayment by Issuer | $ 10,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Early Redemption Requirement, Minimum Nominal Value of After Prepayment | $ 50,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured Debt [Member] | The Bond [Member] | The Fifth or Sixth Coupon Payment Date [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Premium Percentage | 1.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured Debt [Member] | The Bond [Member] | The Seventh or Eighth Coupon Payment Date [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Premium Percentage | 0.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured Debt [Member] | The Bond [Member] | The Ninth Coupon Payment Date [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Premium Percentage | 0% |
Note 11 - Long-term Debt - Sche
Note 11 - Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Long-term debt | $ 2,365,083,000 | $ 2,607,534,000 |
Other financing arrangements | 632,892,000 | 678,930,000 |
Less: Deferred financing costs | (18,863,000) | (22,913,000) |
Total long-term debt, net | 2,346,220,000 | 2,584,621,000 |
Less: Long-term debt current portion | (352,140,000) | (325,611,000) |
Add: Deferred financing costs, current portion | 5,113,000 | 5,497,000 |
Total long-term debt, non-current, net | 1,999,193,000 | 2,264,507,000 |
Refinance Term Loan for Bernis, Verity, Dawn, Discovery and Parity [Member] | ||
Long-term debt | 41,695,000 | 47,884,000 |
Hunting License Facility Agreement for Pythias, Egyptian Mike, Phoenix, Belstar (tbr Oracle), Universal Bremen (tbr Libra) [Member] | ||
Long-term debt | 0 | 52,361,000 |
Loans Payable [Member] | ||
Long-term debt | 1,621,691,000 | 1,821,944,000 |
Loans Payable [Member] | Nerida Shipping Company Term Loan [Member] | ||
Long-term debt | 0 | 0 |
Loans Payable [Member] | Singleton Shipping Co. and Tatum Shipping Co. Term Loan [Member] | ||
Long-term debt | 0 | 34,400,000 |
Loans Payable [Member] | Costamare Inc. 1 [Member] | ||
Long-term debt | 0 | 0 |
Loans Payable [Member] | Bastian Shipping Co and Cadence Shipping Co Loan Agreement [Member] | ||
Long-term debt | 0 | 82,800,000 |
Loans Payable [Member] | Adele Shipping Co Loan Agreement [Member] | ||
Long-term debt | 0 | 48,500,000 |
Loans Payable [Member] | Costamare Inc. 2 [Member] | ||
Long-term debt | 0 | 112,430,000 |
Loans Payable [Member] | Quentin Shipping Co. and Sander Shipping Co. Term Loans [Member] | ||
Long-term debt | 0 | 0 |
Loans Payable [Member] | Costamare Inc. 3 [Member] | ||
Long-term debt | 0 | 0 |
Loans Payable [Member] | Capetaniss Maritime Corporation et al 2 [Member] | ||
Long-term debt | 0 | 15,671,000 |
Loans Payable [Member] | Caravokyra Maritime Corporation et al. [Member] | ||
Long-term debt | 0 | 6,928,000 |
Loans Payable [Member] | Kelsen Shipping Co. Loan Agreement [Member] | ||
Long-term debt | 0 | 0 |
Loans Payable [Member] | Uriza Shipping Co. Term Loan [Member] | ||
Long-term debt | 0 | 0 |
Loans Payable [Member] | Berg Shipping Co. Loan Agreement [Member] | ||
Long-term debt | 0 | 1,054,000 |
Loans Payable [Member] | Reddick Shipping Co. and Verandi Shipping Co. [Member] | ||
Long-term debt | 0 | 0 |
Loans Payable [Member] | Evantone Shipping Co. and Fortrose Shipping Co. Loan Agreement [Member] | ||
Long-term debt | 0 | 17,750,000 |
Loans Payable [Member] | Ainsley Maritime Co. and Ambrose Maritime Co. Loan Agreement [Member] | ||
Long-term debt | 120,536,000 | 131,250,000 |
Loans Payable [Member] | Hyde Maritime Co. and Skerrett Maritime Co. Loan Agreement [Member] | ||
Long-term debt | 115,904,000 | 127,212,000 |
Loans Payable [Member] | Kemp Maritime Co. Loan Agreement [Member] | ||
Long-term debt | 58,525,000 | 64,300,000 |
Loans Payable [Member] | Vernes Shipping Co. Loan Agreement [Member] | ||
Long-term debt | 0 | 0 |
Loans Payable [Member] | Achilleas Maritime Corporation et al. [Member] | ||
Long-term debt | 48,569,000 | 66,974,000 |
Loans Payable [Member] | Novara Shipping Co., Finney Shipping Co., Alford Shipping Co. and Nisbet Shipping Co. Loan Agreement [Member] | ||
Long-term debt | 0 | 65,043,000 |
Loans Payable [Member] | Costamare Inc. 4 [Member] | ||
Long-term debt | 29,735,000 | 49,095,000 |
Loans Payable [Member] | Costamare Inc. 5 [Member] | ||
Long-term debt | 0 | 0 |
Loans Payable [Member] | Costamare Inc. 6 [Member] | ||
Long-term debt | 0 | 24,387,000 |
Loans Payable [Member] | Amoroto et al. [Member] | ||
Long-term debt | 50,661,000 | 67,882,000 |
Loans Payable [Member] | Costamare Inc. 7 [Member] | ||
Long-term debt | 0 | 0 |
Loans Payable [Member] | Dattier Marine Corp. et al [Member] | ||
Long-term debt | 0 | 0 |
Loans Payable [Member] | Costamare Inc. 9 [Member] | ||
Long-term debt | 38,500,000 | 62,500,000 |
Loans Payable [Member] | Adstone Marine Corp. et al [Member] | ||
Long-term debt | 0 | 0 |
Loans Payable [Member] | Amoroto et al. 2 [Member] | ||
Long-term debt | 24,240,000 | 33,700,000 |
Loans Payable [Member] | Benedict et al. 2 [Member] | ||
Long-term debt | 376,857,000 | 458,952,000 |
Loans Payable [Member] | Reddick Shipping Co. and Verandi Shipping Co. 3 [Member] | ||
Long-term debt | 33,000,000 | 43,500,000 |
Loans Payable [Member] | Quentin Shipping Co. and Sander Shipping Co. 2 [Member] | ||
Long-term debt | 74,625,000 | 85,000,000 |
Loans Payable [Member] | Greneta Marine Corp. et al [Member] | ||
Long-term debt | 26,045,000 | 30,000,000 |
Loans Payable [Member] | Bastian Shipping Co. et al [Member] | ||
Long-term debt | 260,630,000 | 0 |
Loans Payable [Member] | Adstone Marine Corp. et al 2 [Member] | ||
Long-term debt | 101,065,000 | 82,885,000 |
Loans Payable [Member] | NML Loan Agreement [Member] | ||
Long-term debt | 5,995,000 | 0 |
Loans Payable [Member] | Kalamata Shipping Corporation et al [Member] | ||
Long-term debt | 64,000,000 | 0 |
Loans Payable [Member] | Capetanissa Maritime Corporation et al. [Member] | ||
Long-term debt | 22,417,000 | 0 |
Loans Payable [Member] | Archet Marine Corp [Member] | ||
Long-term debt | 63,312,000 | 0 |
Loans Payable [Member] | N M L Loan 2 [Member] | ||
Long-term debt | 34,920,000 | 0 |
Loans Payable [Member] | N M L Loan 3 [Member] | ||
Long-term debt | 18,460,000 | 0 |
Loans Payable [Member] | Barlestone Marine Corp. et al. [Member] | ||
Long-term debt | 12,000,000 | 0 |
Unsecured Debt [Member] | ||
Long-term debt | $ 110,500,000 | $ 106,660,000 |
Note 11 - Long-term Debt - Annu
Note 11 - Long-term Debt - Annual Repayments Under Credit Facilities and Term Loans (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 352,140 |
2025 | 320,084 |
2026 | 448,505 |
2027 | 348,046 |
2028 | 350,563 |
2029 and thereafter | 545,745 |
Total | $ 2,365,083 |
Note 11 - Long-term Debt - Fina
Note 11 - Long-term Debt - Financing Costs Included in Loan Balances (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance, at beginning of the period | $ 22,913 | $ 25,716 |
Additions | 4,075 | 7,347 |
Amortization and write-off | (8,125) | (10,255) |
Transfers and other movements | 105 | |
Balance, at end of the period | 18,863 | $ 22,913 |
Less: Current portion of financing costs | (5,113) | |
Financing costs, non-current portion | $ 13,750 |
Note 12 - Right-of-Use Assets_3
Note 12 - Right-of-Use Assets, Finance Lease Liabilities, Investments in Leaseback Vessels and Net Investment in Sales-type Leases (Details) $ in Thousands | 1 Months Ended | 2 Months Ended | 12 Months Ended | |||||||||||||||||||
Jun. 19, 2017 | Jul. 15, 2016 | Dec. 31, 2023 USD ($) | Nov. 30, 2023 USD ($) | Oct. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) | Aug. 31, 2023 USD ($) | Jul. 31, 2023 USD ($) | Jun. 30, 2023 USD ($) | May 31, 2023 USD ($) | Apr. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | May 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 02, 2023 USD ($) | Mar. 30, 2023 USD ($) | Jun. 15, 2022 USD ($) | Jun. 08, 2022 USD ($) | Sep. 30, 2020 USD ($) | May 31, 2019 USD ($) | |
Finance Lease, Liability | $ 26,561 | $ 26,561 | $ 0 | |||||||||||||||||||
Finance Lease, Right-of-Use Asset, Amortization | 817 | 3,284 | $ 7,489 | |||||||||||||||||||
Sale Leaseback Transaction, Net Book Value | $ 39,211 | 39,211 | ||||||||||||||||||||
Finance Lease, Interest Expense | $ 950 | $ 2,109 | $ 4,661 | |||||||||||||||||||
Number of Dry-bulk Vessels | 42 | 42 | 45 | |||||||||||||||||||
Vela and Vulpecula [Member] | ||||||||||||||||||||||
Sales-type Lease, Selling Profit (Loss) | $ 29,579 | |||||||||||||||||||||
Sales-type Lease, Lease Income | $ 41,299 | |||||||||||||||||||||
Sales-Type Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Voyage revenue (Note 19) | |||||||||||||||||||||
Neptune Maritime Leasing Limited ("NML") [Member] | Leaseback Vessel, May 2021 [Member] | ||||||||||||||||||||||
Lessor, Direct Financing Lease, Term of Contract (Year) | 4 years 9 months | |||||||||||||||||||||
Direct Financing Lease, Lease Receivable | $ 9,479 | |||||||||||||||||||||
Direct Financing Lease, Net Investment in Lease, after Allowance for Credit Loss | $ 6,916 | $ 6,916 | ||||||||||||||||||||
Neptune Maritime Leasing Limited ("NML") [Member] | Leaseback Vessel, May 2022, 2 [Member] | ||||||||||||||||||||||
Lessor, Direct Financing Lease, Term of Contract (Year) | 5 years 6 months | |||||||||||||||||||||
Direct Financing Lease, Lease Receivable | $ 8,439 | |||||||||||||||||||||
Neptune Maritime Leasing Limited ("NML") [Member] | Leaseback Vessel, December 2022, 1 [Member] | ||||||||||||||||||||||
Lessor, Direct Financing Lease, Term of Contract (Year) | 5 years | |||||||||||||||||||||
Direct Financing Lease, Lease Receivable | $ 15,194 | |||||||||||||||||||||
Direct Financing Lease, Net Investment in Lease, after Allowance for Credit Loss | 13,479 | 13,479 | ||||||||||||||||||||
Neptune Maritime Leasing Limited ("NML") [Member] | Leaseback Vessel, December 2022, 2 [Member] | ||||||||||||||||||||||
Lessor, Direct Financing Lease, Term of Contract (Year) | 5 years | |||||||||||||||||||||
Direct Financing Lease, Lease Receivable | $ 6,515 | |||||||||||||||||||||
Direct Financing Lease, Net Investment in Lease, after Allowance for Credit Loss | 5,940 | 5,940 | ||||||||||||||||||||
Neptune Maritime Leasing Limited ("NML") [Member] | Leaseback Vessel, March 2023, 1 [Member] | ||||||||||||||||||||||
Lessor, Direct Financing Lease, Term of Contract (Year) | 5 years | |||||||||||||||||||||
Direct Financing Lease, Net Investment in Lease, after Allowance for Credit Loss | 11,219 | 11,219 | ||||||||||||||||||||
Number of Dry-bulk Vessels | 1 | |||||||||||||||||||||
Payments to Acquire Lease Receivables | $ 12,250 | |||||||||||||||||||||
Neptune Maritime Leasing Limited ("NML") [Member] | Leaseback Vessel, April 2023 [Member] | ||||||||||||||||||||||
Lessor, Direct Financing Lease, Term of Contract (Year) | 5 years | |||||||||||||||||||||
Direct Financing Lease, Net Investment in Lease, after Allowance for Credit Loss | 11,314 | 11,314 | ||||||||||||||||||||
Number of Dry-bulk Vessels | 1 | |||||||||||||||||||||
Payments to Acquire Lease Receivables | $ 12,250 | |||||||||||||||||||||
Neptune Maritime Leasing Limited ("NML") [Member] | Leaseback Vessel, May 2023 [Member] | ||||||||||||||||||||||
Lessor, Direct Financing Lease, Term of Contract (Year) | 5 years | 5 years | ||||||||||||||||||||
Direct Financing Lease, Net Investment in Lease, after Allowance for Credit Loss | 9,290 | 9,290 | ||||||||||||||||||||
Number of Dry-bulk Vessels | 1 | 1 | ||||||||||||||||||||
Payments to Acquire Lease Receivables | $ 10,350 | |||||||||||||||||||||
Neptune Maritime Leasing Limited ("NML") [Member] | Leaseback Vessel, June 2023 [Member] | ||||||||||||||||||||||
Lessor, Direct Financing Lease, Term of Contract (Year) | 5 years | |||||||||||||||||||||
Direct Financing Lease, Net Investment in Lease, after Allowance for Credit Loss | 8,442 | 8,442 | ||||||||||||||||||||
Number of Dry-bulk Vessels | 1 | |||||||||||||||||||||
Payments to Acquire Lease Receivables | $ 9,350 | |||||||||||||||||||||
Neptune Maritime Leasing Limited ("NML") [Member] | Leaseback Vessel, July 2023 [Member] | ||||||||||||||||||||||
Lessor, Direct Financing Lease, Term of Contract (Year) | 5 years | |||||||||||||||||||||
Direct Financing Lease, Net Investment in Lease, after Allowance for Credit Loss | 9,547 | 9,547 | ||||||||||||||||||||
Payments to Acquire Lease Receivables | $ 10,000 | |||||||||||||||||||||
Neptune Maritime Leasing Limited ("NML") [Member] | Leaseback Vessel, July 2023, 2 [Member] | ||||||||||||||||||||||
Lessor, Direct Financing Lease, Term of Contract (Year) | 5 years | |||||||||||||||||||||
Direct Financing Lease, Net Investment in Lease, after Allowance for Credit Loss | 9,645 | 9,645 | ||||||||||||||||||||
Payments to Acquire Lease Receivables | $ 10,000 | |||||||||||||||||||||
Neptune Maritime Leasing Limited ("NML") [Member] | Leaseback Vessel, July 2023, 3 [Member] | ||||||||||||||||||||||
Lessor, Direct Financing Lease, Term of Contract (Year) | 5 years | |||||||||||||||||||||
Direct Financing Lease, Net Investment in Lease, after Allowance for Credit Loss | 9,645 | 9,645 | ||||||||||||||||||||
Payments to Acquire Lease Receivables | $ 10,000 | |||||||||||||||||||||
Neptune Maritime Leasing Limited ("NML") [Member] | Leaseback Vessel, July 2023, 4 [Member] | ||||||||||||||||||||||
Lessor, Direct Financing Lease, Term of Contract (Year) | 5 years | |||||||||||||||||||||
Direct Financing Lease, Net Investment in Lease, after Allowance for Credit Loss | 9,645 | 9,645 | ||||||||||||||||||||
Payments to Acquire Lease Receivables | $ 10,000 | |||||||||||||||||||||
Neptune Maritime Leasing Limited ("NML") [Member] | Leaseback Vessel, August 2023 [Member] | ||||||||||||||||||||||
Lessor, Direct Financing Lease, Term of Contract (Year) | 5 years | |||||||||||||||||||||
Direct Financing Lease, Net Investment in Lease, after Allowance for Credit Loss | 12,489 | 12,489 | ||||||||||||||||||||
Payments to Acquire Lease Receivables | $ 13,000 | |||||||||||||||||||||
Neptune Maritime Leasing Limited ("NML") [Member] | Leaseback Vessel, August 2023, 2 [Member] | ||||||||||||||||||||||
Lessor, Direct Financing Lease, Term of Contract (Year) | 5 years | |||||||||||||||||||||
Direct Financing Lease, Net Investment in Lease, after Allowance for Credit Loss | 12,489 | 12,489 | ||||||||||||||||||||
Payments to Acquire Lease Receivables | $ 13,000 | |||||||||||||||||||||
Neptune Maritime Leasing Limited ("NML") [Member] | Leaseback Vessel, September 2023 [Member] | ||||||||||||||||||||||
Lessor, Direct Financing Lease, Term of Contract (Year) | 5 years | |||||||||||||||||||||
Direct Financing Lease, Net Investment in Lease, after Allowance for Credit Loss | 8,218 | 8,218 | ||||||||||||||||||||
Number of Dry-bulk Vessels | 1 | |||||||||||||||||||||
Payments to Acquire Lease Receivables | $ 8,500 | |||||||||||||||||||||
Neptune Maritime Leasing Limited ("NML") [Member] | Leaseback Vessel, September 2023, 2 [Member] | ||||||||||||||||||||||
Lessor, Direct Financing Lease, Term of Contract (Year) | 5 years | |||||||||||||||||||||
Direct Financing Lease, Net Investment in Lease, after Allowance for Credit Loss | 13,705 | 13,705 | ||||||||||||||||||||
Payments to Acquire Lease Receivables | $ 14,400 | |||||||||||||||||||||
Neptune Maritime Leasing Limited ("NML") [Member] | Leaseback Vessel, October 2023 [Member] | ||||||||||||||||||||||
Lessor, Direct Financing Lease, Term of Contract (Year) | 5 years | |||||||||||||||||||||
Direct Financing Lease, Net Investment in Lease, after Allowance for Credit Loss | 8,276 | 8,276 | ||||||||||||||||||||
Number of Dry-bulk Vessels | 1 | |||||||||||||||||||||
Payments to Acquire Lease Receivables | $ 8,500 | |||||||||||||||||||||
Neptune Maritime Leasing Limited ("NML") [Member] | Leaseback Vessel, November 2023 [Member] | ||||||||||||||||||||||
Lessor, Direct Financing Lease, Term of Contract (Year) | 5 years | |||||||||||||||||||||
Direct Financing Lease, Net Investment in Lease, after Allowance for Credit Loss | $ 7,822 | $ 7,822 | ||||||||||||||||||||
Number of Dry-bulk Vessels | 1 | |||||||||||||||||||||
Payments to Acquire Lease Receivables | $ 8,000 | |||||||||||||||||||||
Neptune Maritime Leasing Limited ("NML") [Member] | Leaseback Vessel, December 2023 [Member] | ||||||||||||||||||||||
Lessor, Direct Financing Lease, Term of Contract (Year) | 5 years | 5 years | ||||||||||||||||||||
Direct Financing Lease, Net Investment in Lease, after Allowance for Credit Loss | $ 11,853 | $ 11,853 | ||||||||||||||||||||
Number of Dry-bulk Vessels | 1 | 1 | ||||||||||||||||||||
Payments to Acquire Lease Receivables | $ 12,000 | |||||||||||||||||||||
Neptune Maritime Leasing Limited ("NML") [Member] | Leaseback Vessel, December 2023, 2 [Member] | ||||||||||||||||||||||
Lessor, Direct Financing Lease, Term of Contract (Year) | 5 years | 5 years | ||||||||||||||||||||
Direct Financing Lease, Net Investment in Lease, after Allowance for Credit Loss | $ 11,557 | $ 11,557 | ||||||||||||||||||||
Number of Dry-bulk Vessels | 1 | 1 | ||||||||||||||||||||
Payments to Acquire Lease Receivables | $ 11,700 | |||||||||||||||||||||
Neptune Maritime Leasing Limited ("NML") [Member] | Leaseback Vessel, December 2023, 3 [Member] | ||||||||||||||||||||||
Lessor, Direct Financing Lease, Term of Contract (Year) | 5 years | 5 years | ||||||||||||||||||||
Direct Financing Lease, Net Investment in Lease, after Allowance for Credit Loss | $ 7,260 | $ 7,260 | ||||||||||||||||||||
Number of Dry-bulk Vessels | 1 | 1 | ||||||||||||||||||||
Payments to Acquire Lease Receivables | $ 7,350 | |||||||||||||||||||||
Neptune Maritime Leasing Limited ("NML") [Member] | Leaseback Vessel, December 2023, 4 [Member] | ||||||||||||||||||||||
Lessor, Direct Financing Lease, Term of Contract (Year) | 5 years | 5 years | ||||||||||||||||||||
Direct Financing Lease, Net Investment in Lease, after Allowance for Credit Loss | $ 6,389 | $ 6,389 | ||||||||||||||||||||
Number of Dry-bulk Vessels | 1 | 1 | ||||||||||||||||||||
Payments to Acquire Lease Receivables | $ 6,485 | |||||||||||||||||||||
Neptune Maritime Leasing Limited ("NML") [Member] | Leaseback Vessel, December 2023, 5 [Member] | ||||||||||||||||||||||
Lessor, Direct Financing Lease, Term of Contract (Year) | 5 years | 5 years | ||||||||||||||||||||
Direct Financing Lease, Net Investment in Lease, after Allowance for Credit Loss | $ 13,896 | $ 13,896 | ||||||||||||||||||||
Number of Dry-bulk Vessels | 1 | 1 | ||||||||||||||||||||
Payments to Acquire Lease Receivables | $ 14,000 | |||||||||||||||||||||
Sale Leaseback Transactions Regarding Vessels MSC Athens and MSC Athos [Member] | ||||||||||||||||||||||
Sale Leaseback Transaction, Term (Year) | 7 years | |||||||||||||||||||||
Sale and Leaseback Transaction, Additional Amount | $ 12,000 | $ 12,000 | ||||||||||||||||||||
Reclassified to Vessels and Advances, Net | $ 152,982 | |||||||||||||||||||||
Sale Leaseback Transactions Regarding the Vessels Leonidio and Kyparissia [Member] | ||||||||||||||||||||||
Sale Leaseback Transaction, Term (Year) | 7 years | |||||||||||||||||||||
Reclassified to Vessels and Advances, Net | $ 34,924 | |||||||||||||||||||||
Sale Leaseback Transactions Regarding the Vessel Polar Brasil S&L [Member] | ||||||||||||||||||||||
Finance Lease, Liability | $ 28,064 | |||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.04% | |||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 23,113 | $ 23,113 |
Note 12 - Right-of-Use Assets_4
Note 12 - Right-of-Use Assets, Finance Lease Liabilities, Investments in Leaseback Vessels and Net Investment in Sales-type Leases - Annual Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
2024 | $ 4,189 | |
2025 | 24,280 | |
Total | 28,469 | |
Less: Discount | (1,908) | |
Total finance lease liability | $ 26,561 | $ 0 |
Note 12 - Right-of-Use Assets_5
Note 12 - Right-of-Use Assets, Finance Lease Liabilities, Investments in Leaseback Vessels and Net Investment in Sales-type Leases - Finance Lease Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finance lease liabilities - current | $ 2,684 | $ 0 |
Finance lease liabilities - non-current | 23,877 | 0 |
Total finance lease liability | $ 26,561 | $ 0 |
Note 12 - Right-of-Use Assets_6
Note 12 - Right-of-Use Assets, Finance Lease Liabilities, Investments in Leaseback Vessels and Net Investment in Sales-type Leases - Sales-type Lease (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Lease receivable | $ 41,901 | |
Unguaranteed residual value | 201 | |
Net investment in sales-type lease vessels | 42,102 | |
Net investment in sales-type lease vessels, current | (22,620) | $ 0 |
Net investment in sales-type lease vessels, non-current | $ 19,482 | $ 0 |
Note 12 - Right-of-Use Assets_7
Note 12 - Right-of-Use Assets, Finance Lease Liabilities, Investments in Leaseback Vessels and Net Investment in Sales-type Leases - Maturity of Sales-type Lease Receivables (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 65,811 |
2025 | 24,541 |
2026 | 6,038 |
2027 | 4,193 |
2028 | 3,154 |
Total undiscounted cash flows | 103,737 |
Lease receivable | $ 41,901 |
Note 13 - Operating Lease Rig_3
Note 13 - Operating Lease Right-of-use Assets and Liabilities (Details) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 440,202,000 | $ 0 | $ 0 |
Costamare Bulkers Inc. ("CBI") [Member] | |||
Number of Chartered-in Third-party Vessels | 72 | ||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 275,056 | ||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 2 years 21 days | ||
Costamare Bulkers Inc. ("CBI") [Member] | Minimum [Member] | |||
Lessee, Operating Lease, Discount Rate | 5.20% | ||
Costamare Bulkers Inc. ("CBI") [Member] | Maximum [Member] | |||
Lessee, Operating Lease, Discount Rate | 7.07% |
Note 13 - Operating Lease Rig_4
Note 13 - Operating Lease Right-of-use Assets and Liabilities - Payments Required (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 170,079 |
2025 | 79,530 |
2026 | 50,608 |
Total | 300,217 |
Discount based on incremental borrowing rate | (25,161) |
Operating lease liabilities, including current portion | $ 275,056 |
Note 14 - Accrued Charter Rev_3
Note 14 - Accrued Charter Revenue, Current and Non-current, Unearned Revenue, Current and Non-current and Time Charter Assumed, Current and Non-current (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 11, 2023 | Mar. 29, 2021 | Nov. 12, 2018 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accrued Charter Revenue, Net | $ (23,642) | $ (20,349) | ||||
Accrued Charter Revenue, Current | 9,752 | 10,885 | ||||
Accrued Charter Revenue, Noncurrent | 10,937 | 11,627 | ||||
Amortization of Time Charter Assumed, Liability | 510 | 0 | $ 621 | |||
Amortization of Assumed Time Charter, Asset | 313 | 198 | $ 197 | |||
Time Charter Assumed Asset Position [Member] | ||||||
Finite-Lived Intangible Assets, Net | 674 | 667 | ||||
Companies Owning Triton, Titan, Talos, Taurus and Theseus [Member] | York [Member] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 60% | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 7 years 4 months 24 days | |||||
Company Owning Cape Artemisio [Member] | York [Member] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 51% | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 4 years 3 months 18 days | |||||
Company Owning Arkadia [Member] | York [Member] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 51% | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 2 months 12 days | |||||
Deferred Revenue [Member] | ||||||
Accrued Charter Revenue Liability | $ 44,331 | $ 42,861 |
Note 14 - Accrued Charter Rev_4
Note 14 - Accrued Charter Revenue, Current and Non-current, Unearned Revenue, Current and Non-current and Time Charter Assumed, Current and Non-current - Schedule of Accrued Revenue (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ (7,292) |
2025 | (8,081) |
2026 | (8,082) |
2027 | (187) |
Total | $ (23,642) |
Note 14 - Accrued Charter Rev_5
Note 14 - Accrued Charter Revenue, Current and Non-current, Unearned Revenue, Current and Non-current and Time Charter Assumed, Current and Non-current - Schedule of Unearned Revenue (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Unearned Revenue | $ 79,529 | $ 59,767 |
Less current portion | (52,177) | (25,227) |
Non-current portion | 27,352 | 34,540 |
Unearned Revenues Regarding Hires Collected in Advance [Member] | ||
Unearned Revenue | 34,258 | 16,906 |
Unearned Revenues Regarding Charter Revenues Resulting from Varying Charter Rates [Member] | ||
Unearned Revenue | 44,331 | 42,861 |
Unamortized Balance of Charters Assumed [Member] | ||
Unearned Revenue | $ 940 | $ 0 |
Note 15 - Commitments and Con_3
Note 15 - Commitments and Contingencies (Details) | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 | |
Number of Dry-bulk Vessels with Index-linked Time Charter Rate | 12 | |
Number of Vessels in Pool Agreements | 3 | |
Number of Dry-bulk Vessels | 42 | 45 |
Number of Voyages With Index-linked Rate | 43 | |
Future Minimum Contractual Charter Revenues Assumptions [Member] | ||
Revenue Days Per Annum (Day) | 365 days | |
Time Charter Arrangements Remaining Terms Period (Month) | 92 months | |
Unsecured Employment [Member] | ||
Number of Dry-bulk Vessels | 1 | |
Capital Addition Purchase Commitments [Member] | Sale and Bareboat Agreements [Member] | ||
Long-Term Purchase Commitment, Amount | $ 103,100 |
Note 15 - Commitments and Con_4
Note 15 - Commitments and Contingencies - Schedule of Time Charter Arrangements (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 1,037,731 |
2025 | 671,396 |
2026 | 388,273 |
2027 | 214,211 |
2028 | 198,783 |
2029 and thereafter | 315,556 |
Total | $ 2,825,950 |
Note 16 - Redeemable Non-cont_3
Note 16 - Redeemable Non-controlling Interest (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
CMRE Inc. [Member] | Costamare Bulkers Inc. ("CBI") [Member] | ||
Subsidiary, Ownership Percentage, Parent | 92.50% | |
CMRE Inc. [Member] | Costamare Bulkers Inc. ("CBI") [Member] | The Put Notice [Member] | ||
Percentage to be Paid on Offered Shares Fair Value | 70% | |
CMRE Inc. [Member] | Costamare Inc. 1 [Member] | ||
Investment Owned, Balance, Shares (in shares) | 100,000,000 | |
Subsidiary, Ownership Percentage, Noncontrolling Owner | 7.50% | |
Investment Owned Balance Additional Shares Acquired (in shares) | 100,000,000 | |
CMRE Inc. [Member] | Other Investors [Member] | ||
Proceeds from Contributions from Parent | $ 3,750 | $ 3,750 |
Other Investors [Member] | Costamare Inc. 1 [Member] | ||
Investment Owned, Balance, Shares (in shares) | 8,108,108 | 8,108,108 |
Note 16 - Redeemable Non-cont_4
Note 16 - Redeemable Non-controlling Interest - Redeemable Non-controlling Interest in Subsidiary (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance, January 1, 2022 | $ 3,487 | $ 0 |
Initial redeemable non-controlling interest in subsidiary | 3,750 | 3,750 |
Net loss attributable to redeemable non-controlling interest | (6,608) | (263) |
Net loss attributable to redeemable non-controlling interest | (6,608) | (263) |
Balance, December 31, 2022 | $ 629 | $ 3,487 |
Note 17 - Common Stock and Ad_2
Note 17 - Common Stock and Additional Paid-in Capital (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 30, 2021 | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 0 | 0 | ||||
Treasury Stock, Shares, Acquired (in shares) | 6,267,808 | 4,736,702 | 0 | |||
Treasury Stock, Value, Acquired, Cost Method | $ 60,000 | $ 60,095 | ||||
Common Stock, Shares, Issued (in shares) | 129,379,133 | |||||
Common Stock, Shares, Outstanding (in shares) | 118,374,623 | |||||
Dividends, Preferred Stock, Cash | $ 31,068 | $ 31,068 | $ 31,068 | |||
Fourth Quarter of 2020 [Member] | ||||||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.1 | |||||
Dividends, Common Stock, Cash | $ 9,342 | |||||
Common Stock Dividends, Shares (in shares) | 362,866 | |||||
First Quarter of 2021 [Member] | ||||||
Dividends, Common Stock, Cash | $ 9,360 | |||||
Common Stock Dividends, Shares (in shares) | 275,457 | |||||
Third Quarter of 2021 [Member] | ||||||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.115 | |||||
Dividends, Common Stock, Cash | $ 10,738 | |||||
Common Stock Dividends, Shares (in shares) | 265,469 | |||||
Second Quarter of 2021 [Member] | ||||||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.115 | |||||
Dividends, Common Stock, Cash | $ 10,755 | |||||
Common Stock Dividends, Shares (in shares) | 322,274 | |||||
Fourth Quarter of 2021 [Member] | ||||||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.115 | |||||
Dividends, Common Stock, Cash | $ 10,745 | |||||
Common Stock Dividends, Shares (in shares) | 274,939 | |||||
First Quarter of 2022 [Member] | ||||||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.615 | |||||
Dividends, Common Stock, Cash | $ 57,479 | |||||
Common Stock Dividends, Shares (in shares) | 1,420,709 | |||||
Second Quarter of 2022 [Member] | ||||||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.115 | |||||
Dividends, Common Stock, Cash | $ 10,250 | |||||
Common Stock Dividends, Shares (in shares) | 330,961 | |||||
Third Quarter of 2022 [Member] | ||||||
Dividends, Common Stock, Cash | $ 10,006 | |||||
Common Stock Dividends, Shares (in shares) | 428,300 | |||||
Fourth Quarter of 2022 [Member] | ||||||
Dividends, Common Stock, Cash | $ 10,219 | |||||
Common Stock Dividends, Shares (in shares) | 384,177 | |||||
First Quarter of 2023 [Member] | ||||||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.115 | |||||
Dividends, Common Stock, Cash | $ 10,043 | |||||
Common Stock Dividends, Shares (in shares) | 498,030 | |||||
Second Quarter of 2023 [Member] | ||||||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.115 | |||||
Dividends, Common Stock, Cash | $ 9,511 | |||||
Common Stock Dividends, Shares (in shares) | 380,399 | |||||
Third Quarter of 2023 [Member] | ||||||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.115 | |||||
Dividends, Common Stock, Cash | $ 9,313 | |||||
Common Stock Dividends, Shares (in shares) | 479,714 | |||||
Common Stock [Member] | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 2,340,720 | 3,053,309 | 1,824,466 | |||
Stock Repurchase Program, Authorized Amount | $ 150,000 | |||||
Treasury Stock, Shares, Acquired (in shares) | 0 | 0 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 0 | $ 0 | ||||
Dividends, Preferred Stock, Cash | $ 0 | $ 0 | $ 0 | |||
Preferred Stock [Member] | ||||||
Stock Repurchase Program, Authorized Amount | $ 150,000 | |||||
Common Stock Issued for the Services Agreement [Member] | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 598,400 | 598,400 | ||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Common Stock Issued for Dividend Reinvestment Plan [Member] | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,742,320 | 2,454,909 | ||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | 0.0001 | $ 0.0001 | $ 0.0001 | |||
Shares Issued, Price Per Share (in dollars per share) | $ 12.3142 | $ 9.3669 | $ 12.3142 | |||
Series B Preferred Stock [Member] | October 15, 2020 to January 14, 2021 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 939 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.476563 | |||||
Series B Preferred Stock [Member] | January 15, 2021 to April 14, 2021 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 939 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.476563 | |||||
Series B Preferred Stock [Member] | April 15, 2021 to July 14, 2021 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 939 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.476563 | |||||
Series B Preferred Stock [Member] | July 15, 2021 to October 14, 2021 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 939 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.476563 | |||||
Series B Preferred Stock [Member] | October 15, 2021 to January 14, 2022 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 939 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.476563 | |||||
Series B Preferred Stock [Member] | January 15, 2022 to April 14, 2022 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 939 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.476563 | |||||
Series B Preferred Stock [Member] | April 15, 2022 to July 14, 2022 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 939 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.476563 | |||||
Series B Preferred Stock [Member] | July 15, 2022 to October 14, 2022 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 939 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.476563 | |||||
Series B Preferred Stock [Member] | October 15, 2022 to January 14, 2023 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 939 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.476563 | |||||
Series B Preferred Stock [Member] | January 15, 2023 to April 14, 2023 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 939 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.476563 | |||||
Series B Preferred Stock [Member] | April 15, 2023 to July 14, 2023 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 939 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.476563 | |||||
Series B Preferred Stock [Member] | July 15, 2023 to October 14, 2023 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 939 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.476563 | |||||
Series B Preferred Stock [Member] | Preferred Stock [Member] | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 0 | 0 | 0 | |||
Treasury Stock, Shares, Acquired (in shares) | 0 | 0 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 0 | $ 0 | ||||
Dividends, Preferred Stock, Cash | 0 | 0 | $ 0 | |||
Series C Preferred Stock [Member] | October 15, 2020 to January 14, 2021 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 2,111 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.53125 | |||||
Series C Preferred Stock [Member] | January 15, 2021 to April 14, 2021 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 2,111 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.53125 | |||||
Series C Preferred Stock [Member] | April 15, 2021 to July 14, 2021 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 2,111 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.53125 | |||||
Series C Preferred Stock [Member] | July 15, 2021 to October 14, 2021 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 2,111 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.53125 | |||||
Series C Preferred Stock [Member] | October 15, 2021 to January 14, 2022 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 2,111 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.53125 | |||||
Series C Preferred Stock [Member] | January 15, 2022 to April 14, 2022 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 2,111 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.53125 | |||||
Series C Preferred Stock [Member] | April 15, 2022 to July 14, 2022 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 2,111 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.53125 | |||||
Series C Preferred Stock [Member] | July 15, 2022 to October 14, 2022 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 2,111 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.53125 | |||||
Series C Preferred Stock [Member] | October 15, 2022 to January 14, 2023 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 2,111 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.53125 | |||||
Series C Preferred Stock [Member] | January 15, 2023 to April 14, 2023 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 2,111 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.53125 | |||||
Series C Preferred Stock [Member] | April 15, 2023 to July 14, 2023 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 2,111 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.53125 | |||||
Series C Preferred Stock [Member] | July 15, 2023 to October 14, 2023 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 2,111 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.53125 | |||||
Series C Preferred Stock [Member] | Preferred Stock [Member] | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 0 | 0 | 0 | |||
Treasury Stock, Shares, Acquired (in shares) | 0 | 0 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 0 | $ 0 | ||||
Dividends, Preferred Stock, Cash | 0 | $ 0 | $ 0 | |||
Series D Preferred Stock [Member] | October 15, 2020 to January 14, 2021 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 2,180 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.546875 | |||||
Series D Preferred Stock [Member] | January 15, 2021 to April 14, 2021 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 2,180 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.546875 | |||||
Series D Preferred Stock [Member] | April 15, 2021 to July 14, 2021 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 2,180 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.546875 | |||||
Series D Preferred Stock [Member] | July 15, 2021 to October 14, 2021 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 2,180 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.546875 | |||||
Series D Preferred Stock [Member] | October 15, 2021 to January 14, 2022 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 2,180 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.546875 | |||||
Series D Preferred Stock [Member] | January 15, 2022 to April 14, 2022 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 2,180 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.546875 | |||||
Series D Preferred Stock [Member] | April 15, 2022 to July 14, 2022 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 2,180 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.546875 | |||||
Series D Preferred Stock [Member] | July 15, 2022 to October 14, 2022 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 2,180 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.546875 | |||||
Series D Preferred Stock [Member] | October 15, 2022 to January 14, 2023 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 2,180 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.546875 | |||||
Series D Preferred Stock [Member] | January 15, 2023 to April 14, 2023 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 2,180 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.546875 | |||||
Series D Preferred Stock [Member] | April 15, 2023 to July 14, 2023 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 2,180 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.546875 | |||||
Series D Preferred Stock [Member] | July 15, 2023 to October 14, 2023 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 2,180 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.546875 | |||||
Series D Preferred Stock [Member] | Preferred Stock [Member] | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 0 | 0 | 0 | |||
Treasury Stock, Shares, Acquired (in shares) | 0 | 0 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 0 | $ 0 | ||||
Dividends, Preferred Stock, Cash | 0 | 0 | $ 0 | |||
Series E Preferred Stock [Member] | October 15, 2020 to January 14, 2021 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 2,537 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.554688 | |||||
Series E Preferred Stock [Member] | January 15, 2021 to April 14, 2021 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 2,537 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.554688 | |||||
Series E Preferred Stock [Member] | April 15, 2021 to July 14, 2021 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 2,537 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.554688 | |||||
Series E Preferred Stock [Member] | July 15, 2021 to October 14, 2021 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 2,537 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.554688 | |||||
Series E Preferred Stock [Member] | October 15, 2021 to January 14, 2022 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 2,537 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.554688 | |||||
Series E Preferred Stock [Member] | January 15, 2022 to April 14, 2022 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 2,537 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.554688 | |||||
Series E Preferred Stock [Member] | April 15, 2022 to July 14, 2022 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 2,537 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.554688 | |||||
Series E Preferred Stock [Member] | July 15, 2022 to October 14, 2022 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 2,537 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.554688 | |||||
Series E Preferred Stock [Member] | October 15, 2022 to January 14, 2023 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 2,537 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.554688 | |||||
Series E Preferred Stock [Member] | January 15, 2023 to April 14, 2023 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 2,537 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.554688 | |||||
Series E Preferred Stock [Member] | April 15, 2023 to July 14, 2023 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 2,537 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.554688 | |||||
Series E Preferred Stock [Member] | July 15, 2023 to October 14, 2023 Dividends [Member] | ||||||
Dividends, Preferred Stock, Cash | $ 2,537 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.554688 | |||||
Series E Preferred Stock [Member] | Preferred Stock [Member] | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 0 | 0 | 0 | |||
Treasury Stock, Shares, Acquired (in shares) | 0 | 0 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 0 | $ 0 | ||||
Dividends, Preferred Stock, Cash | $ 0 | $ 0 | $ 0 |
Note 18 - Earnings Per Share (D
Note 18 - Earnings Per Share (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Dividends, Preferred Stock | $ 31,068 | $ 31,068 | $ 31,068 |
Note 18 - Earnings Per Share -
Note 18 - Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income: | $ 381,019 | $ 554,692 | $ 435,121 |
Net loss attributable to the non-controlling interest (Note 16) | 4,730 | 263 | 0 |
Net income attributable to Costamare Inc. | 385,749 | 554,955 | 435,121 |
Less: paid and accrued earnings allocated to Preferred Stock | (31,068) | (31,068) | (31,068) |
Net income available to common stockholders | $ 354,681 | $ 523,887 | $ 404,053 |
Weighted average number of common shares, basic and diluted (in shares) | 120,299,172 | 122,964,358 | 123,070,730 |
Earnings per common share, basic and diluted (in dollars per share) | $ 2.95 | $ 4.26 | $ 3.28 |
Note 19 - Voyage Revenues - Voy
Note 19 - Voyage Revenues - Voyage Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Voyage revenue (Note 19) | $ 1,502,491 | $ 1,113,859 | $ 793,639 |
Container Vessels Segment [Member] | |||
Voyage revenue (Note 19) | 839,374 | 797,392 | 678,292 |
Dry Bulk Vessels Segment [Member] | |||
Voyage revenue (Note 19) | 155,892 | 316,100 | 115,347 |
Costamare Bulkers Inc. ("CBI") [Member] | |||
Voyage revenue (Note 19) | 507,225 | 367 | 0 |
Time Charters [Member] | |||
Charters | 1,068,194 | 1,110,668 | 793,639 |
Time Charters [Member] | Container Vessels Segment [Member] | |||
Charters | 839,374 | 797,392 | 678,292 |
Time Charters [Member] | Dry Bulk Vessels Segment [Member] | |||
Charters | 151,137 | 313,276 | 115,347 |
Time Charters [Member] | Costamare Bulkers Inc. ("CBI") [Member] | |||
Charters | 77,683 | 0 | $ 0 |
Voyage Charters and Contracts of Affreightment [Member] | |||
Charters | 434,297 | 3,191 | |
Voyage Charters and Contracts of Affreightment [Member] | Container Vessels Segment [Member] | |||
Charters | 0 | 0 | |
Voyage Charters and Contracts of Affreightment [Member] | Dry Bulk Vessels Segment [Member] | |||
Charters | 4,755 | 2,824 | |
Voyage Charters and Contracts of Affreightment [Member] | Costamare Bulkers Inc. ("CBI") [Member] | |||
Charters | $ 429,542 | $ 367 |
Note 20 - Interest and Financ_3
Note 20 - Interest and Finance Costs - Schedule of Income Statement Related Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest expense | $ 152,123 | $ 107,205 | $ 72,261 |
Interest capitalized | 0 | 0 | (465) |
Derivatives' effect | (22,876) | (483) | 6,417 |
Amortization and write-off of financing costs | 8,125 | 10,255 | 6,520 |
Amortization of excluded component related to cash flow hedges | 4,354 | 1,286 | 0 |
Bank charges and other financing costs | 2,703 | 3,970 | 1,314 |
Total | $ 144,429 | $ 122,233 | $ 86,047 |
Note 21 - Taxes (Details)
Note 21 - Taxes (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 50% |
US Related Gross Transportation Income That Tax Applies | 4% |
Note 22 - Derivatives (Details)
Note 22 - Derivatives (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Number of Foreign Currency Derivatives Held | 24 | 36 | |
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | $ 78,600 | $ 108,600 | |
Derivative, Average Forward Exchange Rate | 1.073 | 1.069 | |
Gain (Loss) on Foreign Currency Fair Value Hedge Derivatives | $ 1,151 | $ 2,784 | $ (866) |
Foreign Currency Fair Value Hedge Asset at Fair Value | 3,529 | 2,379 | |
Derivative, Fair Value, Net | (11,633) | ||
Margin Deposit Assets | 13,748 | $ 0 | |
Costamare Bulkers Inc. ("CBI") [Member] | |||
Number of Foreign Currency Derivatives Held | 8 | ||
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | $ 7,336 | ||
Derivative, Average Forward Exchange Rate | 1.3411 | ||
Designated as Hedging Instrument [Member] | |||
Derivative, Notional Amount | 1,260,171 | $ 1,094,930 | |
Interest Rate Fair Value Hedge Asset at Fair Value | 35,475 | $ 44,918 | |
Interest Rate Cap, Three Month LIBOR Exceeds 1.50 Percent [Member] | Designated as Hedging Instrument [Member] | |||
Number of Interest Rate Derivatives Held | 8 | ||
Derivative, Notional Amount | $ 54,784 | ||
Interest Rate Cap Three-month LIBOR or SOFR Exceeds 3.00% [Member] | Designated as Hedging Instrument [Member] | |||
Number of Interest Rate Derivatives Held | 12 | ||
Derivative, Notional Amount | $ 562,285 | ||
Interest Rate Cap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative, Premium Paid | 21,062 | 12,948 | |
Interest Rate Cash Flow Hedge Asset at Fair Value | $ 26,417 | 24,939 | |
Interest Rate Cap, Three-month or Daily Compounded SOFR Exceeds 2.53%-3.50% [Member] | Designated as Hedging Instrument [Member] | |||
Number of Interest Rate Derivatives Held | 4 | ||
Derivative, Notional Amount | $ 333,727 | ||
Interest Rate Cap, Three-month or Daily Compounded SOFR Exceeds 2.74%-3.00% [Member] | Designated as Hedging Instrument [Member] | |||
Number of Interest Rate Derivatives Held | 2 | ||
Derivative, Notional Amount | $ 310,646 | ||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative, Notional Amount | 45,231 | ||
Interest Rate Caps Related to Loans Note 11.A.5, 11.A.20, 11.A.24 and 11.A.29 [Member] | Designated as Hedging Instrument [Member] | |||
Gain (Loss) on Sale of Derivatives | 9,566 | ||
Three Interest Rate Swaps Relating to Loan Note 11.A.6 [Member] | Designated as Hedging Instrument [Member] | |||
Gain (Loss) on Sale of Derivatives | 7,597 | ||
Two Interest Rate Swap Agreements [Member] | Designated as Hedging Instrument [Member] | |||
Derivative, Notional Amount | 85,000 | ||
Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | |||
Derivative, Notional Amount | $ 122,375 | ||
Derivative, Number of Instruments Held, Total | 2 | ||
Interest Rate Swap, Cross-currency Rate Swap and Interest Rate Cap [Member] | Designated as Hedging Instrument [Member] | |||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 20,405 | ||
Bunker Swap Agreements [Member] | |||
Derivative, Fair Value, Net | 2,510 | 12 | |
Forward Freight Agreements ("FFAs") and Bunker Swap Agreements [Member] | |||
Derivative Asset | 11,211 | $ 108 | |
Margin Deposit Assets | $ 13,748 |
Note 22 - Derivatives - Cross C
Note 22 - Derivatives - Cross Currency Swaps (Details) € in Thousands, $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) |
Fair value | $ (11,633) | |
Cross Currency Interest Rate Contract, Euro, Effective 21/5/2021 [Member] | ||
Notional amount | € | € 50,000 | |
Fixed rate | 2.70% | 2.70% |
Cross Currency Interest Rate Contract, Effective 21/5/2021 [Member] | ||
Notional amount | $ 61,175 | |
Fixed rate | 4.10% | 4.10% |
Fair value | $ (5,877) | |
Derivative Cross Currency Interest Rate Contract, Euro, Effective 25/5/2021 [Member] | ||
Notional amount | € | € 50,000 | |
Fixed rate | 2.70% | 2.70% |
Cross Currency Interest Rate Contract, Effective 25/5/2021 [Member] | ||
Notional amount | $ 61,200 | |
Fixed rate | 4.05% | 4.05% |
Fair value | $ (5,756) |
Note 22 - Derivatives - Fair Va
Note 22 - Derivatives - Fair Value of Derivatives (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
FFAs* | $ 33,310 | $ 25,660 |
Derivative liabilities - current | (3,050) | (2,255) |
Derivative liabilities - noncurrent | (11,194) | $ (13,655) |
Designated as Hedging Instrument [Member] | ||
FFAs* | 54,921 | |
Derivatives assets - noncurrent | 28,979 | |
Derivative liabilities - current | (24,661) | |
Derivative liabilities - noncurrent | (11,534) | |
Designated as Hedging Instrument [Member] | Derivative Assets, Current [Member] | ||
Counterparty netting | (21,611) | |
Total derivative assets, December 31, 2023 | 33,310 | |
Designated as Hedging Instrument [Member] | Derivative Asset, Noncurrent [Member] | ||
Counterparty netting | (340) | |
Total derivative assets, December 31, 2023 | 28,639 | |
Designated as Hedging Instrument [Member] | Derivative Liability, Current [Member] | ||
Counterparty netting | 21,611 | |
Total derivative liabilities, December 31, 2023 | (3,050) | |
Designated as Hedging Instrument [Member] | Derivative Liability, Noncurrent [Member] | ||
Counterparty netting | 340 | |
Total derivative liabilities, December 31, 2023 | (11,194) | |
Forward Freight Agreements [Member] | Designated as Hedging Instrument [Member] | ||
FFAs* | 30,404 | |
Derivatives assets - noncurrent | 2,758 | |
Derivative liabilities - current | (21,611) | |
Derivative liabilities - noncurrent | (340) | |
Bunker Swap Agreements [Member] | Designated as Hedging Instrument [Member] | ||
FFAs* | 101 | |
Derivatives assets - noncurrent | 0 | |
Derivative liabilities - current | (912) | |
Derivative liabilities - noncurrent | (1,699) | |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||
FFAs* | 7,827 | |
Derivatives assets - noncurrent | 12,864 | |
Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | ||
Derivative liabilities - current | (2,138) | |
Derivative liabilities - noncurrent | (9,495) | |
Interest Rate Cap [Member] | Designated as Hedging Instrument [Member] | ||
FFAs* | 14,716 | |
Derivatives assets - noncurrent | 11,701 | |
Forward Currency Contracts [Member] | Designated as Hedging Instrument [Member] | ||
FFAs* | 1,873 | |
Derivatives assets - noncurrent | $ 1,656 |
Note 22 - Derivatives - Effect
Note 22 - Derivatives - Effect of Derivative Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Interest rate swaps, cross-currency swaps, and interest rate caps (included component) | $ (7,000) | $ 49,137 | $ 382 | |
Reclassification to Interest and finance costs | 22,876 | 2,702 | (6,417) | |
Reclassification of amount excluded from the interest rate caps assessment of hedge effectiveness based on an amortization approach to Interest and finance costs | 4,354 | 1,286 | 0 | |
Amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to Depreciation | 63 | 63 | 63 | |
Total | (25,034) | 48,652 | 5,726 | |
Cash Flow Hedging [Member] | ||||
Reclassification to Interest and finance costs | (22,876) | (483) | 6,417 | |
Interest Rate Swap and Cross Currency Swap [Member] | Cash Flow Hedging [Member] | ||||
Interest rate swaps, cross-currency swaps, and interest rate caps (included component) | 3,385 | 36,591 | (754) | |
Interest Rate Cap [Member] | Cash Flow Hedging [Member] | ||||
Interest rate swaps, cross-currency swaps, and interest rate caps (included component) | 6,629 | 4,495 | ||
Interest rate caps (excluded component) (1) | [1] | (16,589) | $ 6,700 | |
Reclassification of amount excluded from the interest rate caps assessment of hedge effectiveness based on an amortization approach to Interest and finance costs | 4,354 | |||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||
Amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to Depreciation | $ 63 | $ 63 | ||
[1]Excluded component represents interest rate caps instruments time value. |
Note 22 - Derivatives - Derivat
Note 22 - Derivatives - Derivatives Not Designated as Hedging Instruments and Ineffectiveness of Hedging Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Non-hedging interest rate swaps | $ (11,633) | ||
Gain / (loss) on derivative instruments, net (Note 22) | 17,288 | $ 2,698 | $ (1,246) |
Interest Rate Swaps That Meet the Criteria for Hedge Accounting [Member] | |||
Non-hedging interest rate swaps | 12,207 | (182) | (380) |
Forward Freight Agreements [Member] | |||
Gain / (loss) on derivative instruments, net (Note 22) | 5,420 | 108 | 0 |
Bunker Swap Agreements [Member] | |||
Non-hedging interest rate swaps | 2,510 | 12 | |
Gain / (loss) on derivative instruments, net (Note 22) | (1,490) | (12) | 0 |
Foreign Exchange Forward [Member] | |||
Gain / (loss) on derivative instruments, net (Note 22) | $ 1,151 | $ 2,784 | $ (866) |
Note 23 - Financial Instrumen_3
Note 23 - Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Derivative Assets (Liabilities), at Fair Value, Net | $ 35,475 | $ 44,918 |
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 12,230 | 2,475 |
The Bond [Member] | Unsecured Debt [Member] | ||
Long-Term Debt, Fair Value | 106,633 | 102,394 |
Fair Value, Inputs, Level 2 [Member] | Four Dry Bulk Vessels [Member] | Fair Value, Nonrecurring [Member] | ||
Asset Impairment Charges | 1,691 | |
Fair Value, Inputs, Level 2 [Member] | Two Dry Bulk Vessels [Member] | Fair Value, Nonrecurring [Member] | ||
Asset Impairment Charges | 434 | |
Fair Value, Inputs, Level 2 [Member] | Four Leaseback Vessels [Member] | ||
Investment Owned, Fair Value | 54,186 | |
Fair Value, Inputs, Level 2 [Member] | Note 11.B [Member] | ||
Debt Instrument, Fair Value Disclosure | 575,297 | 600,416 |
Fair Value, Inputs, Level 2 [Member] | Note 11.A.17 [Member] | ||
Debt Instrument, Fair Value Disclosure | $ 108,890 | $ 116,311 |
Note 23 - Financial Instrumen_4
Note 23 - Financial Instruments - Fair Value of Assets and Liabilities (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Total | $ 47,393 | |
Total | $ 47,705 | |
Fair Value, Inputs, Level 1 [Member] | ||
Total | 0 | |
Total | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Total | 47,393 | |
Total | 47,705 | |
Fair Value, Inputs, Level 3 [Member] | ||
Total | 0 | |
Total | 0 | |
Foreign Exchange Forward [Member] | ||
Interest rate -asset position | 3,529 | 2,379 |
Foreign Exchange Forward [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Interest rate -asset position | 0 | 0 |
Foreign Exchange Forward [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Interest rate -asset position | 3,529 | 2,379 |
Foreign Exchange Forward [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Interest rate -asset position | 0 | 0 |
Forward Freight Agreements [Member] | ||
Interest rate -asset position | 11,210 | 108 |
Forward Freight Agreements [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Interest rate -asset position | 0 | |
Forward Freight Agreements [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Interest rate -asset position | 11,210 | 108 |
Forward Freight Agreements [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Interest rate -asset position | 0 | |
Bunker Swap Agreements [Member] | ||
Interest rate -liability position | (2,509) | (12) |
Bunker Swap Agreements [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Interest rate -liability position | 0 | |
Bunker Swap Agreements [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Interest rate -liability position | (2,509) | (12) |
Bunker Swap Agreements [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Interest rate -liability position | 0 | |
Interest Rate Swap [Member] | ||
Interest rate -asset position | 20,691 | 35,877 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Interest rate -asset position | 0 | 0 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Interest rate -asset position | 20,691 | 35,877 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Interest rate -asset position | 0 | 0 |
Interest Rate Cap [Member] | ||
Interest rate -asset position | 26,417 | 24,939 |
Interest Rate Cap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Interest rate -asset position | 0 | 0 |
Interest Rate Cap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Interest rate -asset position | 26,417 | 24,939 |
Interest Rate Cap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Interest rate -asset position | 0 | 0 |
Cross Currency Interest Rate Contract [Member] | ||
Interest rate -liability position | (11,633) | (15,898) |
Cross Currency Interest Rate Contract [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Interest rate -liability position | 0 | 0 |
Cross Currency Interest Rate Contract [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Interest rate -liability position | (11,633) | (15,898) |
Cross Currency Interest Rate Contract [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Interest rate -liability position | $ 0 | $ 0 |
Note 24 - Comprehensive Income
Note 24 - Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Comprehensive Income (Loss), Net of Tax, Total | $ (25,034) | $ 48,652 | $ 5,726 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | (7,000) | 49,137 | 382 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | (22,876) | (2,702) | 6,417 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net, Total | 425 | 868 | (1,136) |
Amounts Reclassified From Net Settlements on Interest Rate Swaps Qualifying for Hedge Accounting to Depreciation | (63) | (63) | (63) |
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), Adjustments, after Tax | $ (4,354) | $ (1,286) | $ 0 |
Note 25 - Subsequent Events (De
Note 25 - Subsequent Events (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | |||||||||
Feb. 29, 2024 USD ($) | Feb. 28, 2024 USD ($) | Feb. 27, 2024 USD ($) | Feb. 01, 2024 USD ($) | Jan. 31, 2024 USD ($) | Jan. 10, 2024 USD ($) | Jan. 02, 2024 $ / shares | Mar. 31, 2024 USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | |
Number of Dry-bulk Vessels | 42 | 45 | ||||||||
Subsequent Event [Member] | ||||||||||
Number of Vessels Under Sale and Bareboat Agreement | 2 | |||||||||
Amount Chartered Back to Sellers, Under Bareboat Charter Agreements | $ 32,500 | |||||||||
Subsequent Event [Member] | Neptune Maritime Leasing Limited ("NML") [Member] | Leaseback Vessel, February 2024 [Member] | ||||||||||
Number of Dry-bulk Vessels | 1 | |||||||||
Payments to Acquire Lease Receivables | $ 14,600 | |||||||||
Lessor, Direct Financing Lease, Term of Contract (Year) | 5 years | |||||||||
Subsequent Event [Member] | Neptune Maritime Leasing Limited ("NML") [Member] | Leaseback Vessel, February 2024, 2 [Member] | ||||||||||
Number of Dry-bulk Vessels | 1 | |||||||||
Payments to Acquire Lease Receivables | $ 6,325 | |||||||||
Lessor, Direct Financing Lease, Term of Contract (Year) | 5 years | |||||||||
Subsequent Event [Member] | Refinance Term Loan for Merida, Bermondi, Titan I and Uruguay [Member] | ||||||||||
Repayments of Long-Term Debt | $ 4,788 | $ 5,400 | $ 5,797 | |||||||
Subsequent Event [Member] | Hunting License Loan Agreement with 15 Companies [Member] | ||||||||||
Repayments of Long-Term Debt | $ 6,125 | $ 5,128 | ||||||||
Subsequent Event [Member] | Loan Agreement with 11 Companies [Member] | ||||||||||
Repayments of Long-Term Debt | $ 5,844 | |||||||||
Subsequent Event [Member] | Loans Agreements 11 NML Subsidiaries [Member] | ||||||||||
Proceeds from Issuance of Debt | $ 95,095 | |||||||||
Subsequent Event [Member] | Series B Preferred Stock [Member] | ||||||||||
Dividends Payable, Amount Per Share (in dollars per share) | $ / shares | $ 0.476563 | |||||||||
Dividends Payable, Date Declared | Jan. 23, 2024 | |||||||||
Dividends Payable, Date to be Paid | Jan. 16, 2024 | |||||||||
Subsequent Event [Member] | Series C Preferred Stock [Member] | ||||||||||
Dividends Payable, Amount Per Share (in dollars per share) | $ / shares | $ 0.53125 | |||||||||
Dividends Payable, Date Declared | Jan. 23, 2024 | |||||||||
Dividends Payable, Date to be Paid | Jan. 16, 2024 | |||||||||
Dividends Payable, Date of Record | Jan. 12, 2024 | |||||||||
Subsequent Event [Member] | Series D Preferred Stock [Member] | ||||||||||
Dividends Payable, Amount Per Share (in dollars per share) | $ / shares | $ 0.546875 | |||||||||
Dividends Payable, Date Declared | Jan. 23, 2024 | |||||||||
Dividends Payable, Date to be Paid | Jan. 16, 2024 | |||||||||
Dividends Payable, Date of Record | Jan. 12, 2024 | |||||||||
Subsequent Event [Member] | Series E Preferred Stock [Member] | ||||||||||
Dividends Payable, Amount Per Share (in dollars per share) | $ / shares | $ 0.554688 | |||||||||
Dividends Payable, Date Declared | Jan. 02, 2024 | |||||||||
Dividends Payable, Date to be Paid | Jan. 16, 2024 | |||||||||
Dividends Payable, Date of Record | Jan. 12, 2024 | |||||||||
Subsequent Event [Member] | Common Stock [Member] | ||||||||||
Dividends Payable, Amount Per Share (in dollars per share) | $ / shares | $ 0.115 | |||||||||
Dividends Payable, Date Declared | Jan. 02, 2024 | |||||||||
Dividends Payable, Date to be Paid | Feb. 07, 2024 | |||||||||
Dividends Payable, Date of Record | Jan. 22, 2024 |