<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt">(n) Accounting for Special Survey and Dry-docking Costs:</div></div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> recoverable as of the date of such classification are immediately written-off to the consolidated statement of income.</div></div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12.</div> Accrued Charter Revenue, Current and Non-Current and Unearned Revenue, Current and Non-Current:</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(a) Accrued Charter Revenue, Current and Non-Current:</div></div> The amounts presented as current and non-current accrued charter revenue in the accompanying consolidated balance sheets as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> reflect revenue earned, but <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">As at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div>the net accrued charter revenue, totaling to (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$27,639</div>), comprises <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$408</div> separately reflected in Current assets, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$185</div> separately reflected in Non-current assets, and (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$28,232</div>) (discussed in (b) below) included in Unearned revenue in current and non-current liabilities in the accompanying <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> consolidated balance sheet. As at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the net accrued charter revenue, totaling to (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$16,435</div>), comprises <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$185</div> separately reflected in Current assets and (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$16,620</div>) (discussed in (b) below) included in Unearned revenue in current and non-current liabilities in the accompanying <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> consolidated balance sheet. The maturities of the net accrued charter revenue as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31 </div>of each year presented below are as follows:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Year ending December 31,</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; font-size: 10pt; text-align: justify">2018</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 3%; font-size: 10pt; text-align: left">$</td> <td style="width: 18%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,935</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">2019</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6,699</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">2020</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(801</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 2.25pt">Total</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(16,435</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(b) Unearned Revenue, Current and Non-Current:</div></div> The amounts presented as current and non-current unearned revenue in the accompanying consolidated balance sheets as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> reflect: (a) cash received prior to the balance sheet date for which all criteria to recognize as revenue have <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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) any deferred gain from the sale and leaseback transactions, net of amortization of (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$323</div>), which is included in Amortization of prepaid lease rentals, net in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> accompanying statements of income .</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2016</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt; text-align: justify">Hires collected in advance</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,924</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,589</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Deferred gain, net</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,158</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Charter revenue resulting from varying charter rates</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,232</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,620</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Total</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">36,156</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26,367</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Less current portion</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(19,668</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(15,310</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Non-current portion</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,488</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,057</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table> </div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt">(k) Accrued Charter Revenue/Unearned Revenue:</div></div> 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 the time charters assumed when a vessel is acquired from entities that are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> under common control. This policy does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> apply when a vessel is acquired from entities that are under common control. The amount to be recorded as an asset or liability at the date of vessel delivery is based on the difference between the current fair market value of the charter and the net present value of future contractual cash flows. 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.</div></div></div></div></div></div></div></div>
-27639000
-16435000
408000
185000
185000
0
26390000
452564000
7425000
7920000
7627000
2027000
2236000
323000
6779000
8752000
4982000
6779000
8429000
-103000
-84000
-63000
-1076000
0
0
2500000
598400
0.04
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt">(m) Long-lived Assets Classified as Held for Sale: </div></div>The Company classifies long lived assets and disposal groups as being held for sale in accordance with ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">360,</div> "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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">360</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35,</div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> depreciated once they meet the criteria to be classified as held for sale and are classified in current assets on the consolidated balance sheet.</div></div></div></div></div></div></div></div>
702000
879000
2878000
3326000
29761000
33753000
334074000
342658000
314423
316307
1577308000
-5388000
0.07
5388000
0.0075
787400
2137000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.</div> Costamare Ventures Inc.:</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 15, 2013, </div>the Company, along with its wholly-owned subsidiary, Costamare Ventures Inc. (“Costamare Ventures”), entered into a Framework Deed (the “Framework Deed”) with York Capital Management Global Advisors LLC and its affiliate Sparrow Holdings, L.P. (collectively, “York”) to invest jointly in the acquisition and construction of container vessels. Under the Framework Deed, the decisions regarding vessel acquisitions will be made jointly by Costamare Ventures and York and the Company reserves the right to acquire any vessels that York decides <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to pursue.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Under the terms of the Framework Deed, York agreed to invest up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$250</div> million in mutually agreed vessel acquisitions and Costamare Ventures agreed to invest a minimum of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$75</div> million with an option to invest up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$240</div> million in these transactions. Depending on the amount Costamare Ventures elected to invest, it was expected that it would hold between <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div> of the equity in the entities that would be formed under the Framework Deed and York would hold the balance. The Framework Deed was to terminate on its <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">sixth</div> anniversary or upon the occurrence of certain extraordinary events as described therein.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Framework Deed was amended and restated by an Amendment and Restatement Deed dated <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 18, 2015 (</div>the “Restated Framework Deed”). Pursuant to the Restated Framework Deed, there is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> minimum and maximum amount to be invested by Costamare Ventures or York, both Costamare Ventures and York can invest between <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">75%</div> in the equity of the entities formed under the Restated Framework Deed, the commitment period has been extended up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 18, 2020 </div>and the termination of the Restated Framework Deed will occur on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 18, 2024, </div>or upon the occurrence of certain extraordinary events as described therein.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">On termination and on the occurrence of certain extraordinary events, Costamare Ventures <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>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 and/or Shanghai Costamare. As at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the Company holds a range of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25%</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div> of the capital stock of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">eighteen</div> jointly-owned companies formed pursuant to the Restated Framework Deed with York (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div>). The Company accounts for the entities formed under the Restated Framework Deed as equity investments.</div></div>
17625000
1
0.8
0.02
0.03
9388000
9326000
1000000
6000000
3835000
4918000
4000000
1000000
0
46000
0
5868000
5582000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.</div> Deferred Charges, net:</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Deferred charges, net include the unamortized dry-docking and special survey costs. The amounts in the accompanying consolidated balance sheets are as follows:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dry-docking <br />and Special <br />Survey Costs</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%; font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, January 1, 2016</td> <td style="width: 2%; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="width: 2%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="width: 16%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,809</div></td> <td style="width: 2%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Additions</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,868</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Amortization</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(7,920</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Write-off</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(72</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Transfer to vessel held for sale</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(318</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, December 31, 2016</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,367</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Additions</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,582</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Amortization</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(7,627</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Write-off and other movements (Note 6)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,875</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Transfer to vessel held for sale</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(18</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Balance, December 31, 2017</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,429</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">During the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2015, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ten</div></div>, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div></div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">seven</div></div> vessels, respectively, underwent and completed their special surveys. The amortization of the dry-docking and special survey costs is separately reflected in the accompanying consolidated statements of income.</div></div>
2873000
3907000
1733000
2077000
4720000
586000
6006000
7300000
6797000
0
9461000
5868000
5582000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2016</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; font-size: 10pt; text-align: justify">Non-current assets</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">952,458</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,069,449</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Current assets</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35,993</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">62,170</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Total assets</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">988,451</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,131,619</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Current liabilities</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">39,428</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">55,455</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Years ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; font-size: 10pt; text-align: justify; padding-bottom: 1pt">Voyage revenue</td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">45,887</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">123,228</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Net income</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">736</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,495</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table></div>
3866000
4951000
8623000
715000
659000
798000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2016</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt; text-align: justify">Capital lease obligation – current</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">29,761</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">33,753</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Less: current portion of financing costs</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(702</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(879</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Capital lease obligation – non-current</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">334,074</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">342,658</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Less: non-current portion of financing costs</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,878</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,326</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 2.25pt">Total</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">360,255</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">372,206</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Year ending December 31,</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; font-size: 10pt; text-align: justify">2018</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,798</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">2019</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,798</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">2020</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,895</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">2021</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,798</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">2022</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,798</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">2023 and thereafter</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">203,540</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">452,627</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Less: Amount of interest (<div style="display: inline; font-style: italic;">MSC Azov</div>, <div style="display: inline; font-style: italic;">MSC Ajaccio</div>, <div style="display: inline; font-style: italic;">MSC Amalfi</div>, <div style="display: inline; font-style: italic;">Leonidio </div>and <div style="display: inline; font-style: italic;">Kyparissia</div>)</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(76,216</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total lease payments</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">376,411</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Less: Financing costs, net</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,205</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Total lease payments, net</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">372,206</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table></div>
384872000
415665000
0.992
96616000
69037000
91675000
-37161000
-2379000
0
-37161000
-2379000
2910000
-3554000
-1113000
1688000
-4440000
-4856000
1688000
-4440000
-4856000
11123000
7451000
6366000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt">(ab) Going concern:</div></div> The Company evaluates whether there is substantial doubt about its ability to continue as a going concern by applying the provisions of ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15.</div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year from the date the financial statements are issued. As part of such evaluation, the Company did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> identify any conditions that raise substantial doubt about the entity's ability to continue as a going concern. As a result, there was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> impact in the Company’s results of operations, financial position, cash flows or disclosures.</div></div></div></div></div></div></div></div>
0.012
-2618000
7730000
11204000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt">(i) Insurance Claims Receivable:</div></div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> subject to litigation.</div></div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Years ended December 31,</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; font-size: 10pt; text-align: justify">Interest expense</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">45,070</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,880</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">55,925</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Swap effect</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,800</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,237</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,393</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Amortization and write-off of financing costs</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,896</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,613</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,236</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Commitment fees</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">600</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">75</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Bank charges and other financing costs</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">265</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">256</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">79,631</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">72,808</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">69,840</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; line-height: 115%; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16.</div> Interest and Finance Costs:</div></div> <div style=" font-size: 10pt; line-height: 115%; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The interest and finance costs in the accompanying consolidated statements of income are as follows:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Years ended December 31,</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; font-size: 10pt; text-align: justify">Interest expense</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">45,070</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,880</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">55,925</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Swap effect</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,800</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,237</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,393</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Amortization and write-off of financing costs</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,896</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,613</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,236</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Commitment fees</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">600</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">75</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Bank charges and other financing costs</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">265</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">256</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">79,631</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">72,808</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">69,840</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div></div>
31800000
20237000
11393000
-328000
-328000
-312000
-312000
2.5
500000000
0.03
30000000
0.75
20
20
199637000
207516000
956
478
0.0075
19411000
19190000
19073000
18877000
18629000
18693000
250000000
75000000
718000
561000
380000
2
18
68
5
53
53
10
6
7
45
7
21
7
14
15
6
7
10
1000000
2500000
2500000
2500000
0.0276
240000000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.</div> Other Non-Current Assets:</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 16, 2014, </div>Zim Integrated Services (“Zim”) and its creditors, including vessel and container lenders, ship-owners, shipyards, unsecured lenders and bond holders, entered into definitive documentation to restructure its debt. Based on this agreement, the Company received equity securities representing <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.2%</div> of Zim’s equity and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8,229</div> aggregate principal amount of unsecured interest-bearing Zim notes maturing in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2023</div> consisting of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,452</div> of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.0%</div> Series <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> Notes due <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2023</div> amortizing subject to available cash flows in accordance with a corporate mechanism and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,777</div> of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.0%</div> Series <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> Notes due <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2023</div> non-amortizing (of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5%</div> interest, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3%</div> is payable quarterly in cash and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2%</div> interest is accrued quarterly with deferred cash payment on maturity) in exchange for amounts owed by Zim to the Company under their charter agreements. The Company calculated the fair value of the instruments received by Zim based on the agreement discussed above, available information on Zim and other similar contracts with similar terms, maturities and interest rates, and recorded at fair value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$676</div> in relation to the Series <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> Notes, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,567</div> in relation to the Series <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> Notes and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7,802</div> in relation to its equity participation in Zim. The difference between the aggregate fair value of the debt and equity securities received from Zim and the then net carrying value of the amounts due from Zim of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,888</div> was written-off in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company accounts on a quarterly basis, for the fair value unwinding of the Series <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> and Series <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> Notes, until the book value of the instruments equals their face value on maturity. During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the Company recorded <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$715</div> in relation to their fair value unwinding (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$659</div> for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$798</div> for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2015), </div>which is included in “Interest income” in the consolidated statement of income for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017. </div>The Company has classified such debt and equity securities under other non-current assets, since it has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> intention to sell the securities in the near term. During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div>the Company received <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$46</div> capital redemption of the Series <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> Notes, reducing the principal to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,406.</div> The Series <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> and Series <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> Zim Notes are carried at amortized cost in the accompanying consolidated balance sheet as at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>which approximates their fair value as of such date. These financial instruments are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> measured at fair value on a recurring basis. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the Company has assessed for other than temporary impairment of its investment in Series <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> and Series <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> Notes and has concluded that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> impairment should be recorded.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Zim equity securities are carried at cost less impairment, which at inception approximates the fair value of the instruments considering that it related to a nonmonetary exchange (as described above). As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div>in accordance with the accounting guidance relating to loss in value of an investment that is other than a temporary decline, the Company recognized an impairment loss of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,000</div> on its investment in equity securities in Zim. The value of the investment in equity securities in Zim is based on management’s best estimate of the realizable value of the investment and involved the use of internal inputs and assumptions (Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> inputs of the fair value hierarchy) which included management’s consideration of the current freight market, its medium term prospects and the effects of the operational and commercial restructuring that Zim has proceeded within <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> (Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> inputs of the fair value hierarchy). <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No</div> dividends have been received from Zim since <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 16, 2014. </div>As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the Company has assessed for other than temporary impairment of its investment in equity securities in Zim and has concluded that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div></div> impairment should be recorded.</div></div>
0.25
0.75
0.25
0.49
2758000
2792000
64231000
0.547
0.7
0.3
-234000
-234000
4000000
96850000
96850000
8752000
8752000
40811000
60422000
51670000
51670000
42918000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2016</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt; text-align: justify">Prepaid lease rentals</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40,811</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60,422</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Additions</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26,390</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Less: Amortization of prepaid lease rentals</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6,779</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,752</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Prepaid lease rentals</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60,422</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51,670</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Less: current portion</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,752</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,752</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Non-current portion</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51,670</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">42,918</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table></div>
4655000
3629000
26951000
-228240000
-89829000
-12645000
-8500000
-2212000
0.49
P1Y
P7Y
P7Y
P10Y
P7Y
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dry-docking <br />and Special <br />Survey Costs</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%; font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, January 1, 2016</td> <td style="width: 2%; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="width: 2%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="width: 16%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,809</div></td> <td style="width: 2%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Additions</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,868</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Amortization</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(7,920</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Write-off</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(72</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Transfer to vessel held for sale</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(318</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, December 31, 2016</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,367</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Additions</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,582</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Amortization</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(7,627</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Write-off and other movements (Note 6)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,875</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Transfer to vessel held for sale</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(18</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Balance, December 31, 2017</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,429</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, <br />2016</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Quoted Prices in <br />Active Markets for <br />Identical Assets <br />(Level 1)</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Significant <br />Other <br />Observable <br />Inputs <br />(Level 2)</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Unobservable <br />Inputs <br />(Level 3)</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Recurring measurements:</td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: justify"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; text-align: justify">Interest rate swaps-asset position</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,724</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,724</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Forward contracts-liability position</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(85</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(85</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Interest rate swaps-liability position</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(20,038</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(20,038</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Total</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(15,399</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(15,399</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, <br />2017</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Quoted Prices in <br />Active Markets for <br />Identical Assets <br />(Level 1)</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Significant <br />Other <br />Observable <br />Inputs <br />(Level 2)</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Unobservable <br />Inputs <br />(Level 3)</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Recurring measurements:</td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: justify"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; text-align: justify">Forward contracts-asset position</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">112</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">112</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Interest rate swaps-asset position</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,754</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,754</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Interest rate swaps-liability position</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,703</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,703</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Total</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,163</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,163</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td colspan="26" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt">The Effect of Derivative Instruments for the years ended December 31, 2015, 2016 and 2017</div></td> </tr> <tr style="vertical-align: bottom"> <td colspan="26" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt">Derivatives in ASC 815 Cash Flow Hedging Relationships</div></td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0"><div style="display: inline; font-size: 8pt">Amount of Gain / (Loss)</div></div> <div style=" margin-top: 0; margin-bottom: 0"><div style="display: inline; font-size: 8pt">Recognized in Accumulated OCI</div></div> <div style=" margin-top: 0; margin-bottom: 0"><div style="display: inline; font-size: 8pt">on <br />Derivative <br />(Effective Portion)</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0"><div style="display: inline; font-size: 8pt">Location of Gain / (Loss)</div></div> <div style=" margin-top: 0; margin-bottom: 0"><div style="display: inline; font-size: 8pt">Recognized in Income on</div></div> <div style=" margin-top: 0; margin-bottom: 0"><div style="display: inline; font-size: 8pt">Derivative (Ineffective Portion)</div></div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0"><div style="display: inline; font-size: 8pt">Amount of Gain / (Loss) <br />Recognized in Income</div></div> <div style=" margin-top: 0; margin-bottom: 0"><div style="display: inline; font-size: 8pt">on <br />Derivative <br />(Ineffective Portion)</div></div></td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt">2015</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt">2016</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt">2017</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt">2015</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"><div style="display: inline; font-weight: bold;"> </div></div></td> <td colspan="2" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt"><div style="display: inline; font-weight: bold;">2016</div></div></td> <td style="padding-bottom: 1pt; font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt">2017</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 17%; font-size: 10pt; text-align: justify; text-indent: 3.15pt"><div style=" margin-top: 0; margin-bottom: 0"><div style="display: inline; font-size: 8pt"> </div></div> <div style=" margin-top: 0; margin-bottom: 0; text-indent: 0pt; margin-left: 0pt"><div style="display: inline; font-size: 8pt">Interest rate swaps</div></div></td> <td style="width: 1%; font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">(20,418</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt">)</div></td> <td style="width: 1%; font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">8,828</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 1%; font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">1,999</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 1%; font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 17%; font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">Gain / (Loss) on derivative instruments, net</div></div></td> <td style="width: 1%; font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">(60</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt">)</div></td> <td style="width: 1%; font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">-</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left"></td> <td style="width: 1%; font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 1%; font-size: 10pt; text-align: left"></td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">-</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt">Reclassification to Interest and finance costs</div></td> <td style="font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">31,800</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">20,237</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">11,393</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt"> </div></div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">-</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">-</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">-</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 2.25pt; text-indent: -10pt; padding-left: -40pt"><div style=" margin-top: 0; margin-bottom: 0; text-indent: 0pt"><div style="display: inline; font-size: 8pt">Total</div></div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">11,382</div></div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">29,065</div></div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">13,392</div></div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 2.25pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; text-align: justify; padding-bottom: 2.25pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt"> </div></div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">(60</div></div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"><div style="display: inline; font-size: 8pt">)</div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">-</div></div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="padding-bottom: 2.25pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">-</div></div></td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style=" font-size: 10pt; text-align: center; margin: 0pt 0"><div style="display: inline; font-size: 8pt"><div style="display: inline; font-weight: bold;">Derivatives Not Designated as Hedging Instruments</div></div></div> <div style=" font-size: 10pt; text-align: center; margin: 0pt 0"><div style="display: inline; font-size: 8pt"><div style="display: inline; font-weight: bold;">and ineffectiveness of Hedging Instruments under ASC 815</div></div></div></td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style=" font-size: 10pt; text-align: center; margin: 0pt 0"><div style="display: inline; font-size: 8pt"><div style="display: inline; font-weight: bold;">Location of Gain / (Loss)</div></div></div> <div style=" font-size: 10pt; text-align: center; margin: 0pt 0"><div style="display: inline; font-size: 8pt"><div style="display: inline; font-weight: bold;">Recognized in Income on Derivative</div></div></div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style=" font-size: 10pt; text-align: center; margin: 0pt 0"><div style="display: inline; font-size: 8pt"><div style="display: inline; font-weight: bold;">Amount of Gain / (Loss)</div></div></div> <div style=" font-size: 10pt; text-align: center; margin: 0pt 0"><div style="display: inline; font-size: 8pt"><div style="display: inline; font-weight: bold;">Recognized in Income</div></div></div> <div style=" font-size: 10pt; text-align: center; margin: 0pt 0"><div style="display: inline; font-size: 8pt"><div style="display: inline; font-weight: bold;">on Derivative</div></div></div></td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: justify"> </td> <td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="font-size: 8pt; text-align: justify"> </td> <td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</td> <td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td> <td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 8pt; text-align: left; width: 28%">Non hedging interest rate swaps</td> <td style="width: 1%; font-size: 8pt"> </td> <td style="width: 35%; font-size: 8pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Gain / (Loss) on derivative instruments, net</div></td> <td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left"> </td> <td style="width: 9%; font-size: 8pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,910</div></td> <td style="width: 1%; font-size: 8pt; text-align: left"> </td> <td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left"> </td> <td style="width: 9%; font-size: 8pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,554</div></td> <td style="width: 1%; font-size: 8pt; text-align: left">)</td> <td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left"> </td> <td style="width: 9%; font-size: 8pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,113</div></td> <td style="width: 1%; font-size: 8pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 8pt; text-align: left">Ineffective portion of hedging interest rate swaps</td> <td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Gain / (Loss) on derivative instruments, net</div></td> <td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td> <td style="font-size: 8pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(60</div></td> <td style="font-size: 8pt; text-align: left">)</td> <td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td> <td style="font-size: 8pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 8pt; text-align: left"> </td> <td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td> <td style="font-size: 8pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 8pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt">Forward contracts</td> <td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="font-size: 8pt; text-align: center; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Gain / (Loss) on derivative instruments, net</div></td> <td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,361</div></td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td> <td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(437</div></td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">)</td> <td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">197</div></td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 8pt; font-weight: bold; padding-bottom: 2.25pt">Total</td> <td style="font-size: 8pt; padding-bottom: 2.25pt"> </td> <td style="font-size: 8pt; text-align: justify; padding-bottom: 2.25pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 8pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 8pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 8pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,211</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 8pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 8pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 8pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 8pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,991</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 8pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 8pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 8pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 8pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(916</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 8pt; font-weight: bold; text-align: left">)</td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Financing costs</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, January 1, 2016</td> <td style="width: 2%; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="width: 3%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="width: 18%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,006</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Additions</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,907</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Amortization</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,027</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Write-off</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(586</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, December 31, 2016</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,300</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Additions</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,733</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Amortization</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,236</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, December 31, 2017</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,797</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Less: Current portion of financing costs</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,077</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Financing costs, non-current portion</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,720</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Year ending December 31,</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; font-size: 10pt; text-align: justify">2018</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 3%; font-size: 10pt; text-align: left">$</td> <td style="width: 18%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">236,398</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">2019</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">139,357</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">2020</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">110,092</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">2021</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">101,491</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">2022</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">90,719</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">2023 and thereafter</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">73,904</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 2.25pt">Total</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">751,961</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Year ending December 31,</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; font-size: 10pt; text-align: justify">2018</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 3%; font-size: 10pt; text-align: left">$</td> <td style="width: 18%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,935</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">2019</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6,699</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">2020</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(801</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 2.25pt">Total</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(16,435</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Vessel Cost</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accumulated <br />Depreciation</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net Book <br />Value</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, January 1, 2016</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,950,042</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(945,392</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,004,650</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Depreciation</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(90,917</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(90,917</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Other vessels’ costs</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,792</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,792</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Disposals, transfers and other movements</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(263,947</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35,707</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(228,240</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, December 31, 2016</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,688,887</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,000,602</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,688,285</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Depreciation</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(83,178</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(83,178</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Vessel acquisitions and other vessels’ costs</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">64,231</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">64,231</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Disposals, transfers and other movements</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(157,350</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">67,521</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(89,829</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Balance, December 31, 2017</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,595,768</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,016,259</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,579,509</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table></div>
0
9701000
0
0.8
1.3
P6Y
P7Y
1856000
2996000
5047000
-318000
-18000
0.04
801000
6699000
6256000
7315000
6256000
7315000
Ensenada
Padma
Petalidi
Elafonisos
Arkadia
Monemvasia
Cape Akritas
Cape Tainaro
Cape Artemisio
Cape Kortia
Cape Sounio
Triton
Titan
Talos
Taurus
Theseus
Polar Argentina (ex. Hull YZJ1206)
Hull YZJ1207
2950042000
2688887000
2595768000
5022000
3953000
23246000
6585000
17959000
0
0
2004650000
1688285000
1579509000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.</div> Vessels, net:</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The amounts in the accompanying consolidated balance sheets are as follows:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Vessel Cost</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accumulated <br />Depreciation</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net Book <br />Value</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, January 1, 2016</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,950,042</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(945,392</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,004,650</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Depreciation</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(90,917</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(90,917</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Other vessels’ costs</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,792</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,792</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Disposals, transfers and other movements</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(263,947</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35,707</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(228,240</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, December 31, 2016</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,688,887</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,000,602</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,688,285</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Depreciation</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(83,178</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(83,178</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Vessel acquisitions and other vessels’ costs</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">64,231</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">64,231</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Disposals, transfers and other movements</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(157,350</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">67,521</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(89,829</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Balance, December 31, 2017</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,595,768</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,016,259</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,579,509</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2015, </div>the Company sold for scrap the container vessel <div style="display: inline; font-style: italic;">MSC Challenger</div> at a price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,022</div> and recognized a gain of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,688,</div> which is separately reflected in Gain on sale / disposal of vessels, net in the accompanying <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> consolidated statement of income.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 6, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 15, 2016, </div>the Company entered into an agreement with a financial institution to refinance the then outstanding balance of the loan relating to <div style="display: inline; font-style: italic;">MSC Athens</div> and <div style="display: inline; font-style: italic;">MSC Athos</div> under a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">seven</div></div>-year sale and leaseback transaction (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11</div>). Under the sale and leaseback transaction, the vessels were chartered back to the Company on a bareboat basis and remained on charter with their initial time charterer.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div>the Company sold for demolition the container vessel <div style="display: inline; font-style: italic;">Karmen</div> at a price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,953</div> and recognized a loss of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,440,</div> which is separately reflected in Gain / (Loss) on sale / disposal of vessels, net in the accompanying <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> consolidated statement of income. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 28, 2016, </div>the Company decided to make arrangements to sell the vessel <div style="display: inline; font-style: italic;">MSC Romanos</div>. At that date, the Company concluded that all the criteria required by the relevant accounting standard, ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">360</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">45</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,</div> for the classification of the vessel <div style="display: inline; font-style: italic;">MSC Romanos</div> as “held for sale” were met. As at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div>the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,256,</div> separately reflected in Vessel held for sale in the consolidated balance sheet, represents the fair market value of the vessel based on the vessel’s estimated sale price, net of commissions, (Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> inputs of the fair value hierarchy). The difference between the estimated fair value less cost to sell the vessel and the vessel’s carrying value (including the unamortized balance of its dry-docking cost), amounting to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$37,161,</div> is separately reflected in Loss on vessel held for sale in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> consolidated statement of income.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the Company acquired the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-built, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,957</div> TEU secondhand containerships <div style="display: inline; font-style: italic;">Leonidio</div> and the <div style="display: inline; font-style: italic;">Kyparissia</div>, the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2005</div>-built, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,471</div> TEU secondhand containership <div style="display: inline; font-style: italic;">Maersk Kowloon </div>and the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2005</div>-built, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,556</div> TEU secondhand containership <div style="display: inline; font-style: italic;">CMA CGM L’Etoile</div>.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 19, 2017, </div>the Company entered into <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> financing agreements with a financial institution for <div style="display: inline; font-style: italic;">Leonidio</div> and <div style="display: inline; font-style: italic;">Kyparissia </div>(Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11</div>)<div style="display: inline; font-style: italic;">. </div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the Company sold for scrap the container vessels <div style="display: inline; font-style: italic;">Marina</div>, <div style="display: inline; font-style: italic;">Mandraki </div>and <div style="display: inline; font-style: italic;">Mykonos</div> at an aggregate price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$23,246,</div> delivered to its scrap buyers the container vessel <div style="display: inline; font-style: italic;">Romanos </div>(ex. <div style="display: inline; font-style: italic;">MSC Romanos</div>) at a price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,585</div> and recognized a net loss of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,856</div> in aggregate, which is separately reflected in Gain / (Loss) on sale / disposal of vessels, net in the accompanying <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> consolidated statement of income. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 29, 2017, </div>the Company decided to make arrangements to sell the vessel <div style="display: inline; font-style: italic;">Itea</div>. At that date, the Company concluded that all the criteria required by the relevant accounting standard, ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">360</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">45</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,</div> for the classification of the vessel <div style="display: inline; font-style: italic;">Itea</div> as “held for sale” were met. As at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7,315,</div> separately reflected in Vessel held for sale in the consolidated balance sheet, represents the fair market value of the vessel based on the vessel’s estimated sale price, net of commissions (Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> inputs of the fair value hierarchy). The difference between the estimated fair value less cost to sell the vessel and the vessel’s carrying value (including the unamortized balance of its dry-docking cost), amounting to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,379,</div> is separately reflected in Loss on vessel held for sale in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> consolidated statement of income. During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the Company recorded an impairment loss in relation to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">seven</div> of its vessels in the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$17,959</div> (including <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,873</div> transferred from Deferred charges, net (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7</div>), in the aggregate, and is separately reflected in Vessels impairment loss in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> consolidated statement of income.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Forty-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> of the Company’s vessels, with a total carrying value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,577,308</div> as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>including the vessel held for sale discussed above, have been provided as collateral to secure the long-term debt discussed in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.</div> This excludes the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">seven</div> vessels under the sale and leaseback transaction described in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.</div></div></div>
85572000
2831000
1887000
2649000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt">(r) Voyage Expenses:</div></div> Voyage expenses primarily consist of port, canal and bunker expenses that are unique to a particular charter and are paid for by the charterer under time charter arrangements or by the Company under voyage charter arrangements and commissions and fees, which are always paid for by the Company, regardless of the charter type. All voyage and vessel operating expenses are expensed as incurred, except for commissions. Commissions are deferred over the related voyage charter period to the extent revenue has been deferred since commissions are earned as the Company’s revenues are earned.</div></div></div></div></div></div></div></div>
3093000
3512000
3673000
3673000
3512000
3093000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(q) Voyage Revenues:</div></div> Voyage revenues are generated from time charter agreements and are usually paid <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div> days in advance. Time charter agreements with the same charterer are accounted for as separate agreements according to the terms and conditions of each agreement. Time charter revenues over the term of the charter are recorded as service is provided, when they become fixed and determinable.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues from time charter agreements providing for varying annual rates are accounted for as operating leases and thus recognized on a straight-line basis as the average revenue over the rental periods of such agreements, as service is performed. A voyage is deemed to commence upon the completion of discharge of the vessel’s previous cargo and the sea passage for the next fixed cargo and is deemed to end upon the completion of discharge of the current cargo, provided an agreed non-cancelable charter agreement between the Company and the charterer is in existence, the charter rate is fixed or determinable and collectability is reasonably assured. Unearned revenue includes cash received prior to the balance sheet date for which all criteria to recognize as revenue have <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> been met, including any unearned revenue resulting from charter agreements providing for varying annual rates, which are accounted for on a straight-line basis. Unearned revenue also includes the unamortized balance of the liability associated with the acquisition of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">second</div>-hand vessels with time charters attached which were acquired at values below fair value at the date the acquisition agreement is consummated.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <!-- Field: Page; Sequence: 9 --> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Revenues for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> derived from significant charterers individually accounting for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</div> or more of revenues (in percentages of total revenues) were as follows:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 23%; font-size: 10pt; font-weight: bold; text-align: left">A</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: center"> </td> <td style="width: 22%; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31%</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: center"> </td> <td style="width: 22%; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30%</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: center"> </td> <td style="width: 22%; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28%</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left">B</td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">29%</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left">C</td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16%</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">D</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18%</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19%</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21%</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">Total</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">88%</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">91%</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">94%</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> </tr> </table> </div></div></div></div></div></div></div></div></div></div></div>
490378000
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2013-07-08
2013-06-26
2013-06-06
2015-05-18
2015-09-22
2013-06-06
2013-06-06
2013-12-23
2013-06-25
2013-06-25
2013-10-16
2013-10-16
2013-12-23
2013-12-23
2013-12-23
2015-05-18
2015-05-18
false
--12-31
FY
2017
2017-12-31
20-F
0001503584
108205985
Yes
Accelerated Filer
Costamare Inc.
No
No
cmre
3848000
6314000
751961000
971000
1324000
1575000
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11109000
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945392000
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1016259000
35707000
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1175774000
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-659000
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7920000
7627000
1896000
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2613000
2236000
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209829000
226635000
360255000
372206000
29059000
32874000
331196000
339332000
452627000
49798000
49798000
49895000
49798000
203540000
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17131000
18915000
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14088000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt">(e) Cash and Cash Equivalents:</div></div> The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>deposit additional funds at any time and also effectively <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>withdraw funds at any time without prior notice or penalty.</div></div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt">(f) Restricted Cash:</div></div></div> Restricted cash consists of minimum cash deposits to be maintained at all times under certain of the Company’s loan agreements. <div style="display: inline; font-family: Times New Roman, Times, Serif">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.</div></div></div></div></div></div></div></div>
In order to align the scrap rate estimates with the current historical average scrap rate, effective from January 1, 2015, the Company adjusted the estimated scrap rate used to calculate the vessels' salvage value from $0.250 to $0.300 per lightweight ton.
0
0
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13.</div> Commitments and Contingencies:</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(a) Time charters:</div></div> As at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the Company has entered into time charter arrangements for all of its vessels in operation with the exception of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> vessels, with international liner operators. These arrangements as at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>have remaining terms of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">84</div> months. After <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>future minimum contractual charter revenues assuming <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">365</div> revenue days per annum per vessel and the earliest redelivery dates possible, based on vessels’ committed, non-cancellable, time charter contracts, are as follows:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Year ending December 31,</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; font-size: 10pt; text-align: justify">2018</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 3%; font-size: 10pt; text-align: left">$</td> <td style="width: 18%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">236,398</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">2019</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">139,357</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">2020</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">110,092</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">2021</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">101,491</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">2022</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">90,719</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">2023 and thereafter</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">73,904</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 2.25pt">Total</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">751,961</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(b) Capital Commitments: </div></div>Pursuant to the Restated Framework Deed the Company has a contractual commitment of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,137</div> representing <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div> of the remaining construction cost of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> vessels under construction (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div>).</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(c) Debt guarantees with respect to entities formed under the Framework Deed:</div></div> Costamare agreed to guarantee <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100%</div> of the debt of Ainsley Maritime Co., Ambrose Maritime Co., Kemp Maritime Co., Hyde Maritime Co. and Skerrett Maritime Co., which were formed under the Framework Deed and own <div style="display: inline; font-style: italic;">Cape Kortia</div>, <div style="display: inline; font-style: italic;">Cape Sounio</div>, <div style="display: inline; font-style: italic;">Cape Akritas</div>, <div style="display: inline; font-style: italic;">Cape Tainaro </div>and <div style="display: inline; font-style: italic;">Cape Artemisio,</div> respectively. As at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>Costamare has guaranteed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$82,500</div> of debt relating to Kemp Maritime Co. and Hyde Maritime Co. (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div>), <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$82,975</div> of the debt relating to Ainsley Maritime Co. and Ambrose Maritime Co. (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div>) and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$42,550</div> of the debt relating to Skerrett Maritime Co. (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div>). As security for providing the guarantee, in the event that Costamare is required to pay under any guarantee, Costamare is entitled to acquire all of the shares in the entities for the benefit of which guarantee has been issued that it does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> already own for nominal consideration.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(d) Other:</div></div> Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company’s vessels. Currently, management is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> aware of any such claims <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> covered by insurance or contingent liabilities, which should be disclosed, or for which a provision has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> been established in the accompanying consolidated financial statements.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> aware of any other claims or contingent liabilities which should be disclosed or for which a provision should be established in the accompanying consolidated financial statements.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">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.</div></div>
0.29
0.29
0.29
0.10
0.10
1610248
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1014550
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894989
1021348
0.0001
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0.0001
0.0001
0.0001
0.0001
0.0001
0.0001
108205985
105840848
9000
11000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(aa) Stock Based Compensation:</div></div> The Company accounts for stock based payment awards granted to Costamare Shipping Company S.A. and Costamare Shipping Services Ltd. (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14a</div>), for the services provided by these entities, following the guidance in ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">505</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50</div> “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 income.</div></div></div></div></div></div></div></div></div></div></div>
155249000
111927000
86331000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20.</div> Comprehensive Income:</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2015, </div>Other comprehensive income increased with net gains of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$11,485</div> relating to (i) the change of the fair value of derivatives that qualify for hedge accounting (loss of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$20,418</div>), net of the settlements to net income of derivatives that qualify for hedge accounting (gain of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$31,800</div>) and (ii) the amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to depreciation (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$103</div>).</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div>Other comprehensive income increased with net gains of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$30,225</div> relating to (i) the change of the fair value of derivatives that qualify for hedge accounting (gain of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8,828</div>), net of the settlements to net income of derivatives that qualify for hedge accounting (gain of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$20,237</div>), (ii) the amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to depreciation (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$84</div>) and (iv) the amounts reclassified from net settlements on interest rate swaps qualifying for hedge accounting to Prepaid lease rentals (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,076</div>).</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>Other comprehensive income increased with net gains of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$13,455</div> relating to (i) the change of the fair value of derivatives that qualify for hedge accounting (gain of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,999</div>), net of the settlements to net income of derivatives that qualify for hedge accounting (gain of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$11,393</div>) and (ii) the amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to depreciation (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$63</div>).</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">As at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2015, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> Comprehensive income amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$155,249,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$111,927</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$86,331,</div> respectively. The estimated net amount that is expected to be reclassified within the next <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> months from Accumulated Other Comprehensive Loss to earnings in respect of the net settlements on interest rate swaps amounts to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,507.</div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt">(c) Comprehensive Income / (Loss):</div></div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">220</div> “Comprehensive Income”, and presents items of net income, items of other comprehensive income (“OCI”) and total comprehensive income in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> separate but consecutive statements. Reclassification adjustments between OCI and net income are required to be presented separately on the statement of comprehensive income.</div></div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(p) Concentration of Credit Risk:</div></div> Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents, accounts receivable (included in current and non-current assets), equity method investments, equity securities, debt securities and derivative contracts (interest rate swaps and foreign currency contracts). The Company places its cash and cash equivalents, consisting mostly of deposits, with high credit rated 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 counterparties to 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, equity method investments and equity and debt securities by performing ongoing credit evaluations of its customers’ and investees’ financial condition and generally does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> require collateral for its accounts receivable.</div></div></div></div></div></div></div></div></div></div></div>
0.31
0.3
0.28
0.26
0.28
0.29
0.13
0.14
0.16
0.18
0.19
0.21
0.88
0.91
0.94
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(a) Principles of Consolidation:</div></div> 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 subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Costamare as the holding company determines whether it has a controlling financial interest in an entity by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> evaluating whether the entity is a voting interest entity or a variable interest entity. Under Accounting Standards Codification (“ASC”) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">810</div> “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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div>), of the voting interest. Variable interest entities (“VIE”) are entities as defined under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">810</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,</div> that in general either do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have equity investors with voting rights or that have equity investors that do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>include a variable interest in an entity to determine if it <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be the primary beneficiary, and would be required to include assets, liabilities and operations of a VIE in its consolidated financial statements. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> such interest existed.</div></div></div></div></div></div></div></div></div></div></div>
73904000
90719000
236398000
139357000
101491000
110092000
101645000
100943000
96448000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.</div> Capital Leased Assets and Capital Lease Obligations:</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Between <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2014, </div>the Company took delivery of the newbuild vessels <div style="display: inline; font-style: italic;">MSC Azov</div>, <div style="display: inline; font-style: italic;">MSC Ajaccio</div> and <div style="display: inline; font-style: italic;">MSC Amalfi</div>. Upon the delivery of each vessel, the Company agreed with a financial institution to refinance the then outstanding balance of the loans relating to these vessels by entering into a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ten</div>-year sale and leaseback transaction for each vessel. The shipbuilding contracts were novated to the financial institution for an amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$85,572</div> each.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 6, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 15, 2016 </div>the Company agreed with a financial institution to refinance the then outstanding balance of the loans relating to the <div style="display: inline; font-style: italic;">MSC Athos</div> and the <div style="display: inline; font-style: italic;">MSC Athens</div> (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.B.4</div>), by entering into a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">seven</div></div>-year sale and leaseback transaction for each vessel.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 19, 2017, </div>the Company entered into <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two seven</div>-year sale and leaseback transactions with a financial institution for the <div style="display: inline; font-style: italic;">Leonidio </div>and <div style="display: inline; font-style: italic;">Kyparissia</div> (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6</div>).</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The sale and leaseback transactions were classified as capital leases. As the fair value of each vessel sold was in excess of its carrying amount, the difference between the sale proceeds and the carrying amount was classified as prepaid lease rentals or as unearned revenue.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The total value of the vessels, at the inception of the capital lease transactions, was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$452,564,</div> in the aggregate. The depreciation charged during the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2015, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7,581,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9,942</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$13,207,</div> respectively and is included in Depreciation in the accompanying consolidated statements of income. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> accumulated depreciation amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$23,692</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$36,899,</div> respectively, and is included in Capital leased assets, in the accompanying consolidated balance sheets. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> the net book value of the vessels amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$384,872</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$415,665,</div> respectively, and is separately reflected as Capital leased assets, in the accompanying consolidated balance sheets.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The balance of prepaid lease rentals, as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> is as follows:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2016</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt; text-align: justify">Prepaid lease rentals</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40,811</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60,422</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Additions</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26,390</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Less: Amortization of prepaid lease rentals</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6,779</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,752</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Prepaid lease rentals</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60,422</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51,670</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Less: current portion</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,752</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,752</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Non-current portion</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51,670</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">42,918</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The capital lease obligations amounting to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$376,411</div> as at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>are scheduled to expire through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2024</div> and include a bargain purchase option to repurchase the vessels at any time during the charter period. Total interest expenses incurred on capital leases for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2015, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$17,131,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,915</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$21,999,</div> respectively, and are included in Interest and finance costs in the accompanying consolidated statements of income. Finance lease obligations of <div style="display: inline; font-style: italic;">MSC Athos</div> and <div style="display: inline; font-style: italic;">MSC Athens</div> bear interest at LIBOR plus a spread, which is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> included in the annual lease payments table below.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The annual lease payments under the capital leases after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>are in the aggregate as follows:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Year ending December 31,</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; font-size: 10pt; text-align: justify">2018</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,798</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">2019</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,798</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">2020</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,895</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">2021</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,798</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">2022</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,798</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">2023 and thereafter</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">203,540</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">452,627</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Less: Amount of interest (<div style="display: inline; font-style: italic;">MSC Azov</div>, <div style="display: inline; font-style: italic;">MSC Ajaccio</div>, <div style="display: inline; font-style: italic;">MSC Amalfi</div>, <div style="display: inline; font-style: italic;">Leonidio </div>and <div style="display: inline; font-style: italic;">Kyparissia</div>)</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(76,216</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total lease payments</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">376,411</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Less: Financing costs, net</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,205</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Total lease payments, net</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">372,206</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The total capital lease obligations, net of related financing costs, are presented in the accompanying <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> consolidated balance sheet as follows:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2016</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt; text-align: justify">Capital lease obligation – current</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">29,761</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">33,753</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Less: current portion of financing costs</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(702</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(879</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Capital lease obligation – non-current</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">334,074</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">342,658</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Less: non-current portion of financing costs</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,878</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,326</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 2.25pt">Total</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">360,255</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">372,206</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table> </div></div>
13125000
66000000
42000000
16800000
8925000
4202000
2334000
106957000
56026000
51843000
53207000
37697000
32500000
116500000
93000000
37500000
24480000
17175000
853572000
406103000
299837000
22375000
54000000
50313000
25725000
178264000
162983000
115964000
105050000
53475000
37697000
36833000
109000000
32000000
652224000
553735000
1058327000
75000000
150000000
75000000
120000000
38500000
42000000
21000000
7470000
7470000
229200000
152800000
120000000
39000000
150000000
75000000
90000000
90000000
17625000
75000000
75000000
0.0111
0.0675
0.0198
0.0604
0.023
0.0598
0.03
0.05
800000
450000
1000000
5000000
1050000
525000
1273400
1273400
1364300
1364300
2715000
1083300
22898000
12000000
8400000
4200000
40744800
40744800
38199600
38199600
26837000
17333300
43500000
11680000
8625000
8125000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt">(o) Financing Costs:</div></div> Costs associated with new loans or refinancing of existing loans, including fees paid to lenders or required to be paid to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> 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.</div></div></div></div></div></div></div></div>
600000
75000
30000
22809000
20367000
15429000
1360000
1198000
3720000
2592000
4205000
28232000
16620000
7924000
5589000
4158000
36156000
26367000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2016</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt; text-align: justify">Hires collected in advance</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,924</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,589</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Deferred gain, net</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,158</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Charter revenue resulting from varying charter rates</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,232</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,620</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Total</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">36,156</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26,367</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Less current portion</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(19,668</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(15,310</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Non-current portion</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,488</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,057</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table></div>
19668000
15310000
16488000
11057000
90917000
83178000
0
112000
-15314000
1051000
1.1682
1.0653
1.0725
1163000
0
1163000
0
15399000
0
15399000
0
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18.</div> Derivatives:</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(a) Interest rate swaps that meet the criteria for hedge accounting:</div></div> The Company, according to its long-term strategic plan to maintain stability in its interest rate exposure, has decided to minimize its exposure to floating interest rates by entering into interest rate swap agreements. To this effect, the Company has entered into interest rate swap transactions with varying start and maturity dates, in order to manage its floating rate exposure.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">These interest rate swaps are designed to hedge the variability of interest cash flows arising from floating rate debt, attributable to movements in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month USD LIBOR. According to the Company’s Risk Management Accounting Policy, after putting in place the formal documentation required by ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">815</div> in order to designate these swaps as hedging instruments as from their inception, these interest rate swaps qualified for hedge accounting. Accordingly, only hedge ineffectiveness amounts arising from the differences in the change in fair value of the hedging instrument and the hedged item are recognized in the Company’s earnings. Assessment and measurement of the effectiveness of these interest rate swaps are performed at each reporting period. For qualifying cash flow hedges, the fair value gain or loss associated with the effective portion of the cash flow hedge is recognized initially in “Other comprehensive income” and recognized to the consolidated statement of income in the periods when the hedged item affects profit or loss. Any ineffective portion of the gain or loss on the hedging instrument is recognized in the consolidated statement of income immediately.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> the Company had interest rate swap agreements with an outstanding notional amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$783,403</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$656,096,</div> respectively. The fair value of these interest rate swaps outstanding at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> amounted to a net liability of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$10,459</div> and a net asset of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,031,</div> respectively, and these are included in the accompanying consolidated balance sheets. The maturity of these interest rate swaps range between <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2023.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The estimated net amount that is expected to be reclassified within the next <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> months from Accumulated Other Comprehensive Loss to earnings in respect of the settlements on interest rate swaps amounts to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,507.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(b) Interest rate swaps that do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> meet the criteria for hedge accounting:</div></div> As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> the Company had interest rate swap agreements with an outstanding notional amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$199,846</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$89,752,</div> respectively, for the purpose of managing risks associated with the variability of changing LIBOR-related interest rates. Such agreements did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> meet hedge accounting criteria and, therefore, changes in its fair value are reflected in earnings. The fair value of these interest rate swaps at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> was a liability of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,855</div> and a liability of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$980,</div> respectively, and these are included in Fair value of derivatives in the accompanying consolidated balance sheets. The maturity of these interest rate swaps range between <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2020.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(c) Foreign currency agreements: </div></div>As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the Company was engaged in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> Euro/U.S. dollar forward agreements totaling <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,000</div> at an average forward rate of Euro/U.S. dollar <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.1682</div> expiring in monthly intervals up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2018.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div>the Company was engaged in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> Euro/U.S. dollar forward agreements totaling <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9,000</div> at an average forward rate of Euro/U.S. dollar <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.0653</div> expiring in monthly intervals up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2017.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2015, </div>the Company was engaged in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16</div> Euro/U.S. dollar forward agreements totaling <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$20,000</div> at an average forward rate of Euro/U.S. dollar <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.0725</div> expiring in monthly intervals up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2016.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The total change of forward contracts fair value for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>was a gain of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$197</div> (loss of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$437</div> for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 </div>and gain of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,361</div> for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2015) </div>and is included in Gain / (Loss) on derivative instruments, net in the accompanying consolidated statements of income.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td colspan="26" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt">The Effect of Derivative Instruments for the years ended December 31, 2015, 2016 and 2017</div></td> </tr> <tr style="vertical-align: bottom"> <td colspan="26" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt">Derivatives in ASC 815 Cash Flow Hedging Relationships</div></td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0"><div style="display: inline; font-size: 8pt">Amount of Gain / (Loss)</div></div> <div style=" margin-top: 0; margin-bottom: 0"><div style="display: inline; font-size: 8pt">Recognized in Accumulated OCI</div></div> <div style=" margin-top: 0; margin-bottom: 0"><div style="display: inline; font-size: 8pt">on <br />Derivative <br />(Effective Portion)</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0"><div style="display: inline; font-size: 8pt">Location of Gain / (Loss)</div></div> <div style=" margin-top: 0; margin-bottom: 0"><div style="display: inline; font-size: 8pt">Recognized in Income on</div></div> <div style=" margin-top: 0; margin-bottom: 0"><div style="display: inline; font-size: 8pt">Derivative (Ineffective Portion)</div></div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0"><div style="display: inline; font-size: 8pt">Amount of Gain / (Loss) <br />Recognized in Income</div></div> <div style=" margin-top: 0; margin-bottom: 0"><div style="display: inline; font-size: 8pt">on <br />Derivative <br />(Ineffective Portion)</div></div></td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt">2015</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt">2016</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt">2017</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt">2015</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"><div style="display: inline; font-weight: bold;"> </div></div></td> <td colspan="2" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt"><div style="display: inline; font-weight: bold;">2016</div></div></td> <td style="padding-bottom: 1pt; font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt">2017</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 17%; font-size: 10pt; text-align: justify; text-indent: 3.15pt"><div style=" margin-top: 0; margin-bottom: 0"><div style="display: inline; font-size: 8pt"> </div></div> <div style=" margin-top: 0; margin-bottom: 0; text-indent: 0pt; margin-left: 0pt"><div style="display: inline; font-size: 8pt">Interest rate swaps</div></div></td> <td style="width: 1%; font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">(20,418</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt">)</div></td> <td style="width: 1%; font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">8,828</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 1%; font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">1,999</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 1%; font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 17%; font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">Gain / (Loss) on derivative instruments, net</div></div></td> <td style="width: 1%; font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">(60</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt">)</div></td> <td style="width: 1%; font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">-</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left"></td> <td style="width: 1%; font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 1%; font-size: 10pt; text-align: left"></td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">-</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt">Reclassification to Interest and finance costs</div></td> <td style="font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">31,800</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">20,237</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">11,393</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt"> </div></div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">-</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">-</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">-</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 2.25pt; text-indent: -10pt; padding-left: -40pt"><div style=" margin-top: 0; margin-bottom: 0; text-indent: 0pt"><div style="display: inline; font-size: 8pt">Total</div></div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">11,382</div></div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">29,065</div></div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">13,392</div></div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 2.25pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; text-align: justify; padding-bottom: 2.25pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt"> </div></div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">(60</div></div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"><div style="display: inline; font-size: 8pt">)</div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">-</div></div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="padding-bottom: 2.25pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">-</div></div></td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style=" font-size: 10pt; text-align: center; margin: 0pt 0"><div style="display: inline; font-size: 8pt"><div style="display: inline; font-weight: bold;">Derivatives Not Designated as Hedging Instruments</div></div></div> <div style=" font-size: 10pt; text-align: center; margin: 0pt 0"><div style="display: inline; font-size: 8pt"><div style="display: inline; font-weight: bold;">and ineffectiveness of Hedging Instruments under ASC 815</div></div></div></td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style=" font-size: 10pt; text-align: center; margin: 0pt 0"><div style="display: inline; font-size: 8pt"><div style="display: inline; font-weight: bold;">Location of Gain / (Loss)</div></div></div> <div style=" font-size: 10pt; text-align: center; margin: 0pt 0"><div style="display: inline; font-size: 8pt"><div style="display: inline; font-weight: bold;">Recognized in Income on Derivative</div></div></div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style=" font-size: 10pt; text-align: center; margin: 0pt 0"><div style="display: inline; font-size: 8pt"><div style="display: inline; font-weight: bold;">Amount of Gain / (Loss)</div></div></div> <div style=" font-size: 10pt; text-align: center; margin: 0pt 0"><div style="display: inline; font-size: 8pt"><div style="display: inline; font-weight: bold;">Recognized in Income</div></div></div> <div style=" font-size: 10pt; text-align: center; margin: 0pt 0"><div style="display: inline; font-size: 8pt"><div style="display: inline; font-weight: bold;">on Derivative</div></div></div></td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: justify"> </td> <td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="font-size: 8pt; text-align: justify"> </td> <td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</td> <td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td> <td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 8pt; text-align: left; width: 28%">Non hedging interest rate swaps</td> <td style="width: 1%; font-size: 8pt"> </td> <td style="width: 35%; font-size: 8pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Gain / (Loss) on derivative instruments, net</div></td> <td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left"> </td> <td style="width: 9%; font-size: 8pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,910</div></td> <td style="width: 1%; font-size: 8pt; text-align: left"> </td> <td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left"> </td> <td style="width: 9%; font-size: 8pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,554</div></td> <td style="width: 1%; font-size: 8pt; text-align: left">)</td> <td style="width: 1%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left"> </td> <td style="width: 9%; font-size: 8pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,113</div></td> <td style="width: 1%; font-size: 8pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 8pt; text-align: left">Ineffective portion of hedging interest rate swaps</td> <td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Gain / (Loss) on derivative instruments, net</div></td> <td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td> <td style="font-size: 8pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(60</div></td> <td style="font-size: 8pt; text-align: left">)</td> <td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td> <td style="font-size: 8pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 8pt; text-align: left"> </td> <td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td> <td style="font-size: 8pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 8pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt">Forward contracts</td> <td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="font-size: 8pt; text-align: center; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Gain / (Loss) on derivative instruments, net</div></td> <td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,361</div></td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td> <td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(437</div></td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">)</td> <td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">197</div></td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 8pt; font-weight: bold; padding-bottom: 2.25pt">Total</td> <td style="font-size: 8pt; padding-bottom: 2.25pt"> </td> <td style="font-size: 8pt; text-align: justify; padding-bottom: 2.25pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 8pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 8pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 8pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,211</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 8pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 8pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 8pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 8pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,991</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 8pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 8pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 8pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 8pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(916</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 8pt; font-weight: bold; text-align: left">)</td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The realized loss on non-hedging interest rate swaps included in “Gain / (Loss) on derivative instruments, net” amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$12,645,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8,500</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,212</div> for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2015, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> respectively.</div></div>
31800000
20237000
11393000
-60000
11382000
29065000
13392000
8828000
1999000
60000
20418000
16161000
3307000
783403000
656096000
199846000
89752000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(t) Derivative Financial Instruments:</div></div> The Company enters into interest rate swap contracts to manage its exposure to fluctuations of interest rate risks associated with specific borrowings. Interest rate differentials paid or received under these swap agreements are recognized as part of the interest expense related to the hedged debt. All derivatives are recognized in the consolidated financial statements at their fair value. On the inception date of the derivative contract, the Company designates the derivative as a hedge of a forecasted transaction or the variability of cash flow to be paid (“cash flow” hedge). Changes in the fair value of a derivative that is qualified, designated and highly effective as a cash flow hedge are recorded in the consolidated statement of comprehensive income until earnings are affected by the forecasted transaction or the variability of cash flow and are then reported in earnings. Changes in the fair value of undesignated derivative instruments and the ineffective portion of designated derivative instruments are reported in earnings in the period in which those fair value changes have occurred. Realized gains or losses on early termination of the derivative instruments are also classified in earnings in the period of termination of the respective derivative instrument. The Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>re-designate an undesignated hedge after its inception as a hedge but then will consider its non-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">zero</div> value at re-designation in its assessment of effectiveness of the cash flow hedge.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">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.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">This process includes linking all derivatives that are designated as cash flow hedges to specific forecasted transactions or variability of cash flow.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80%</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">125%</div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">815</div> “Derivatives and Hedging”.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2016 </div>the Company changed the presentation of interest accrued and realized on non-hedging derivative instruments and reclassified such from the Interest and Finance costs line item to Gain / (Loss) on derivative instruments, net on the consolidated statements of income. Comparative figures have been recast to reflect this change in presentation.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company also enters into forward exchange rate contracts to manage its exposure to currency exchange risk on certain foreign currency liabilities. The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> designated these forward exchange rate contracts for hedge accounting.</div></div></div></div></div></div></div></div></div></div></div>
2018-02-06
2018-01-16
2018-01-16
2018-01-16
86280000
86280000
73470000
73470000
39506000
39506000
21866000
21908000
7570000
2595000
3619000
3610000
4822000
4641000
0.10
0.476563
0.53125
0.546875
2018-01-02
2018-01-02
2018-01-02
2018-01-02
2018-01-23
2018-01-12
2018-01-12
2018-01-12
953000
953000
953000
953000
953000
953000
953000
953000
2125000
2125000
2125000
2125000
2125000
2125000
2125000
2125000
2188000
2188000
2188000
2188000
2188000
2188000
2188000
2188000
13340000
13340000
21063000
21063000
21063000
21063000
2841000
5273000
606000
0
0
0
0
0
3447000
5273000
191000
203000
0
0
191000
203000
1.68
0.79
0.52
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt">(u) Earnings per Share:</div></div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> dilutive securities outstanding during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-year period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017. </div>Earnings per share attributable to common equity holders are adjusted by the contractual amount of dividends related to the preferred stock holders that accrue for the period.</div></div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15.</div> Earnings per share (EPS)</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">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 and Series D Preferred Stock that should be paid for the period. Dividends paid or accrued on Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock during the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2015, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$17,903,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$21,063</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$21,063,</div> respectively.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Basic EPS</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Basic EPS</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Basic EPS</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-size: 10pt; text-align: justify">Net income</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">143,764</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">81,702</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">72,876</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Less: paid and accrued earnings allocated to Preferred Stock</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(17,903</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(21,063</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(21,063</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Net income available to common stockholders</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">125,861</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60,639</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51,813</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Weighted average number of common shares, basic and diluted</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">75,027,474</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">77,243,252</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100,527,907</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 2.25pt">Earnings per common share, basic and diluted</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.68</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.79</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.52</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div></div>
0.5
0
0
0
4500000
0.49
0.49
0.49
0.49
0.49
0.49
0.49
0.49
0.49
0.49
0.25
0.25
0.4
0.4
0.4
0.4
0.4
0.49
0.49
988451000
1131619000
35993000
62170000
39428000
55455000
736000
9495000
952458000
1069449000
45887000
123228000
153126000
161897000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.</div> Equity Method Investments:</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The companies accounted for as equity method investments, all of which are incorporated in the Marshall Islands, are as follows:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Entity</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Vessel/Hull</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Participation % December 31, 2017</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Date Established /Acquired</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 25%; font-size: 10pt; text-align: justify">Steadman Maritime Co.</td> <td style="width: 1%; font-size: 10pt; font-style: italic"> </td> <td style="width: 28%; font-size: 10pt; font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Ensenada</div></td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: center"> </td> <td style="width: 18%; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 24%; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">July 1, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Marchant Maritime Co.</td> <td style="font-size: 10pt; font-style: italic"> </td> <td style="font-size: 10pt; font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Padma</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">July 8, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Horton Maritime Co.</td> <td style="font-size: 10pt; font-style: italic"> </td> <td style="font-size: 10pt; font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Petalidi</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">June 26, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Smales Maritime Co.</td> <td style="font-size: 10pt; font-style: italic"> </td> <td style="font-size: 10pt; font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Elafonisos</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">June 6, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Geyer Maritime Co.</td> <td style="font-size: 10pt; font-style: italic"> </td> <td style="font-size: 10pt; font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Arkadia</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">May 18, 2015</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Goodway Maritime Co.</td> <td style="font-size: 10pt; font-style: italic"> </td> <td style="font-size: 10pt; font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Monemvasia</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">September 22, 2015</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Kemp Maritime Co.</td> <td style="font-size: 10pt; font-style: italic"> </td> <td style="font-size: 10pt; font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Cape Akritas</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">June 6, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Hyde Maritime Co.</td> <td style="font-size: 10pt; font-style: italic"> </td> <td style="font-size: 10pt; font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Cape Tainaro</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">June 6, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Skerrett Maritime Co.</td> <td style="font-size: 10pt; font-style: italic"> </td> <td style="font-size: 10pt; font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Cape Artemisio</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">December 23, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Ainsley Maritime Co.</td> <td style="font-size: 10pt; font-style: italic"> </td> <td style="font-size: 10pt; font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Cape Kortia</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">June 25, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Ambrose Maritime Co.</td> <td style="font-size: 10pt; font-style: italic"> </td> <td style="font-size: 10pt; font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Cape Sounio</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">June 25, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Benedict Maritime Co.</td> <td style="font-size: 10pt; font-style: italic"> </td> <td style="font-size: 10pt; font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> Triton</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">October 16, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Bertrand Maritime Co.</td> <td style="font-size: 10pt; font-style: italic"> </td> <td style="font-size: 10pt; font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Titan</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">October 16, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Beardmore Maritime Co.</td> <td style="font-size: 10pt; font-style: italic"> </td> <td style="font-size: 10pt; font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Talos</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">December 23, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Schofield Maritime Co.</td> <td style="font-size: 10pt; font-style: italic"> </td> <td style="font-size: 10pt; font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Taurus</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">December 23, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Fairbank Maritime Co.</td> <td style="font-size: 10pt; font-style: italic"> </td> <td style="font-size: 10pt; font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Theseus</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">December 23, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Platt Maritime Co.</td> <td style="font-size: 10pt; font-style: italic"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic;">Polar Argentina (ex</div></div>. Hull YZJ1206<div style="display: inline; font-style: italic;">)</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">May 18, 2015</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Sykes Maritime Co.</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Hull YZJ1207</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">May 18, 2015</div></td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>Costamare Ventures contributed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,428</div> in aggregate to the equity of Steadman Maritime Co., Horton Maritime Co. and Marchant Maritime Co. During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div>the Company received <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$613</div> in the form of a special dividend from Horton Maritime Co. and Marchant Maritime Co. During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the Company received <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$270</div> in the form of a special dividend from Horton Maritime Co. During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div>Costamare Ventures contributed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$613</div> to the equity of Steadman Maritime Co.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>Costamare Ventures contributed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,449,</div> in the aggregate, to the equity of Kemp Maritime Co. and Hyde Maritime Co. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2016, </div>both companies, as joint and several borrowers, signed a loan agreement with a bank for an amount up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$88,000,</div> in aggregate, to partly finance the construction cost of <div style="display: inline; font-style: italic;">Cape Akritas</div> and <div style="display: inline; font-style: italic;">Cape Tainaro</div> which were delivered from the shipyard in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2017, </div>respectively. The Company, Costamare Ventures and York through its affiliate Bluebird Holdings L.P., participate as corporate guarantors (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13</div> (c)).</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div>Costamare Ventures contributed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,662,</div> in the aggregate, to the equity of Ainsley Maritime Co. and Ambrose Maritime Co. During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>Costamare Ventures contributed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$498,</div> in the aggregate, to the equity of these <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> entities and received <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,250</div> in aggregate, in the form of a special dividend. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2016, </div>these <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> companies, as joint and several borrowers, signed a loan agreement with a bank for an amount up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$86,600,</div> in aggregate, to partly finance the construction cost of <div style="display: inline; font-style: italic;">Cape Kortia</div> and <div style="display: inline; font-style: italic;">Cape Sounio</div> which were delivered from the shipyard in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2017, </div>respectively. The Company, Costamare Ventures and York, through its affiliate Bluebird Holdings L.P., participate as corporate guarantors (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13</div> (c)).</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div>Costamare Ventures contributed, in aggregate, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$25,323</div> to Benedict Maritime Co., Bertrand Maritime Co., Beardmore Maritime Co., Schofield Maritime Co. and Fairbank Maritime Co. During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the Company received <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,980,</div> in aggregate, in the form of a special dividend.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2016, </div>the shareholders of Connell Maritime Co. have decided to dissolve the company. During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div>Costamare Ventures contributed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$463</div> to the equity of Smales Maritime Co.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div>Costamare Ventures contributed to Skerrett Maritime Co., in the aggregate, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$218.</div> In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2017, </div>Skerrett Maritime Co., signed a loan agreement with a bank for an amount up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$44,000,</div> to partly finance the construction cost of <div style="display: inline; font-style: italic;">Cape Artemisio</div> which was delivered from the shipyard in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2017. </div>During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>Costamare Ventures contributed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$798,</div> in the aggregate, to the equity of Geyer Maritime Co. and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,964</div> to the equity of Skerrett Maritime Co. Costamare Ventures also participated with a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div> interest to the equity of Goodway Maritime Co., for the acquisition of the secondhand vessel <div style="display: inline; font-style: italic;">Monemvasia</div>, which was delivered in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2016, </div>by contributing, in the aggregate, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$637</div> during the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2015 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,925</div> during the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016</div><div style="display: inline; font-style: italic;">.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div>the Company contributed, in the aggregate, the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$427</div> to Platt Maritime Co. and Sykes Maritime Co. During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>Costamare Ventures contributed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,753,</div> in the aggregate, to the equity of these <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> entities.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">For the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2015, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> the Company recorded net losses of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$529,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$78</div> and net gains of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,381,</div> respectively, on equity method investments, which are separately reflected as Equity gain / (loss) on investments in the accompanying consolidated statements of income. Costamare Ventures has provided Marchant Maritime Co., Horton Maritime Co. and Steadman Maritime Co. with certain cash advances. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> the balance due from these companies amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$nil</div>.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The summarized combined financial information of the companies accounted for as equity method investment is as follows:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2016</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; font-size: 10pt; text-align: justify">Non-current assets</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">952,458</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,069,449</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Current assets</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35,993</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">62,170</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Total assets</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">988,451</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,131,619</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Current liabilities</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">39,428</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">55,455</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" margin: 0"></div> <div style=" margin: 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Years ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; font-size: 10pt; text-align: justify; padding-bottom: 1pt">Voyage revenue</td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">45,887</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">123,228</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Net income</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">736</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,495</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table> </div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt">x</div>) Equity Method Investments:</div></div> Investments in the common stock of entities, in which the Company has significant influence 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> recognize further losses unless the Company has incurred obligations or made payments on behalf of the investee.</div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Entity</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Vessel/Hull</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Participation % December 31, 2017</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Date Established /Acquired</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 25%; font-size: 10pt; text-align: justify">Steadman Maritime Co.</td> <td style="width: 1%; font-size: 10pt; font-style: italic"> </td> <td style="width: 28%; font-size: 10pt; font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Ensenada</div></td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: center"> </td> <td style="width: 18%; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 24%; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">July 1, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Marchant Maritime Co.</td> <td style="font-size: 10pt; font-style: italic"> </td> <td style="font-size: 10pt; font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Padma</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">July 8, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Horton Maritime Co.</td> <td style="font-size: 10pt; font-style: italic"> </td> <td style="font-size: 10pt; font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Petalidi</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">June 26, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Smales Maritime Co.</td> <td style="font-size: 10pt; font-style: italic"> </td> <td style="font-size: 10pt; font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Elafonisos</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">June 6, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Geyer Maritime Co.</td> <td style="font-size: 10pt; font-style: italic"> </td> <td style="font-size: 10pt; font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Arkadia</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">May 18, 2015</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Goodway Maritime Co.</td> <td style="font-size: 10pt; font-style: italic"> </td> <td style="font-size: 10pt; font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Monemvasia</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">September 22, 2015</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Kemp Maritime Co.</td> <td style="font-size: 10pt; font-style: italic"> </td> <td style="font-size: 10pt; font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Cape Akritas</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">June 6, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Hyde Maritime Co.</td> <td style="font-size: 10pt; font-style: italic"> </td> <td style="font-size: 10pt; font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Cape Tainaro</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">June 6, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Skerrett Maritime Co.</td> <td style="font-size: 10pt; font-style: italic"> </td> <td style="font-size: 10pt; font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Cape Artemisio</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">December 23, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Ainsley Maritime Co.</td> <td style="font-size: 10pt; font-style: italic"> </td> <td style="font-size: 10pt; font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Cape Kortia</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">June 25, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Ambrose Maritime Co.</td> <td style="font-size: 10pt; font-style: italic"> </td> <td style="font-size: 10pt; font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Cape Sounio</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">June 25, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Benedict Maritime Co.</td> <td style="font-size: 10pt; font-style: italic"> </td> <td style="font-size: 10pt; font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> Triton</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">October 16, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Bertrand Maritime Co.</td> <td style="font-size: 10pt; font-style: italic"> </td> <td style="font-size: 10pt; font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Titan</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">October 16, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Beardmore Maritime Co.</td> <td style="font-size: 10pt; font-style: italic"> </td> <td style="font-size: 10pt; font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Talos</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">December 23, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Schofield Maritime Co.</td> <td style="font-size: 10pt; font-style: italic"> </td> <td style="font-size: 10pt; font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Taurus</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">December 23, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Fairbank Maritime Co.</td> <td style="font-size: 10pt; font-style: italic"> </td> <td style="font-size: 10pt; font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Theseus</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">December 23, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Platt Maritime Co.</td> <td style="font-size: 10pt; font-style: italic"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic;">Polar Argentina (ex</div></div>. Hull YZJ1206<div style="display: inline; font-style: italic;">)</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">May 18, 2015</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Sykes Maritime Co.</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Hull YZJ1207</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">May 18, 2015</div></td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(v) Fair Value Measurements:</div></div> The Company adopted, as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2008, </div>ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">820</div> “Fair Value Measurements and Disclosures”, which defines and provides guidance as to the measurement of fair value. This standard creates 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>) to quoted prices in active markets and the lowest priority (Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div>) 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. The standard applies when assets or liabilities in the financial statements are to be measured at fair value, but does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> require additional use of fair value beyond the requirements in other accounting principles (Notes <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19</div>).</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">825</div> “Financial Instruments” permits companies to report certain financial assets and financial liabilities at fair value. ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">825</div> was effective for the Company as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2008, </div>at which time the Company could elect to apply the standard prospectively and measure certain financial instruments at fair value. The Company has evaluated the guidance contained in ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">825,</div> and has elected <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to report any existing financial assets or liabilities at fair value that are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> already so reported; therefore, the adoption of the statement had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> impact on its financial position and results of operations. The Company retains the ability to elect the fair value option for certain future assets and liabilities acquired under this standard.</div></div></div></div></div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19.</div> Financial Instruments:</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(a) Interest rate risk:</div></div> The Company’s interest rates and loan repayment terms are described in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(b) Concentration of credit risk:</div></div> Financial instruments which potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents, accounts receivable (included in current and non-current assets), equity method investments, equity securities, debt securities and derivative contracts (interest rate swaps and foreign currency contracts). The Company places its cash and cash equivalents, consisting mostly of deposits, with financial institutions of high credit ratings. 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, equity method investments and equity and debt securities by performing ongoing credit evaluations of its customers’ and investees’ financial condition and generally does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> require collateral for its accounts receivable.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(c) Fair value:</div></div> The carrying amounts reflected in the accompanying consolidated balance sheet of financial assets 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 approximate the recorded values, generally due to their variable interest rates. The fair value of the interest rate swap agreements and the foreign currency agreements discussed in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div> above are determined through Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> of the fair value hierarchy as defined in FASB guidance for Fair Value Measurements and are derived principally from or corroborated by observable market data, interest rates, yield curves and other items that allow value to be determined.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The fair value of the interest rate swap agreements discussed in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div>(a) and (b) equates to the amount that would be paid or received by the Company to cancel the agreements. As at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> the fair value of these interest rate swaps in aggregate amounted to a net liability of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$15,314</div> and a net asset of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,051,</div> respectively.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value of the forward contracts discussed in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div>(c) determined through Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> of the fair value hierarchy as at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> amounted to a liability of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$85</div> and an asset of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$112,</div> respectively.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">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.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, <br />2016</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Quoted Prices in <br />Active Markets for <br />Identical Assets <br />(Level 1)</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Significant <br />Other <br />Observable <br />Inputs <br />(Level 2)</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Unobservable <br />Inputs <br />(Level 3)</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Recurring measurements:</td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: justify"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; text-align: justify">Interest rate swaps-asset position</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,724</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,724</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Forward contracts-liability position</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(85</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(85</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Interest rate swaps-liability position</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(20,038</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(20,038</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Total</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(15,399</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(15,399</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, <br />2017</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Quoted Prices in <br />Active Markets for <br />Identical Assets <br />(Level 1)</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Significant <br />Other <br />Observable <br />Inputs <br />(Level 2)</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Unobservable <br />Inputs <br />(Level 3)</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Recurring measurements:</td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: justify"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; text-align: justify">Forward contracts-asset position</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">112</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">112</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Interest rate swaps-asset position</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,754</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,754</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Interest rate swaps-liability position</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,703</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,703</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Total</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,163</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,163</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div></div>
112000
0
112000
0
85000
0
85000
0
4000000
9000000
20000000
-129000
-360000
31000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt">(d) Foreign Currency Translation:</div></div> 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 income.</div></div></div></div></div></div></div></div>
-60000
0
0
16856000
4509000
1296000
1361000
-437000
197000
197000
-437000
1361000
4211000
-3991000
-916000
6275000
7269000
3151000
0.8
1.25
8229000
1452000
6777000
1406000
676000
3567000
7802000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(l) Impairment of Long-lived Assets:</div></div> The Company reviews vessels for impairment whenever events or changes in circumstances indicate that the carrying amount of a vessel <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be recoverable, such as during severe disruptions in global economic and market conditions. When such indicators are present, a vessel to be held and used is tested for recoverability by comparing the estimate of future undiscounted net operating cash flows expected to be generated by the use of the vessel over its remaining useful life and its eventual disposition to its carrying amount.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels’ future performance, with the significant assumptions being related to time charter rates, vessels’ operating expenses, vessels’ capital expenditures, vessels’ residual value, fleet utilization and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif">The Company determines undiscounted projected net operating cash flows for each vessel and compares it to the vessel’s carrying value. To the extent impairment indicators are present, the undiscounted projected net operating cash flows are determined as the sum of (i) the charter revenues from existing time charters for the fixed fleet days and (ii) an estimated daily time charter rate for the unfixed days (based on the most recent <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ten</div> year historical average rates) over the remaining estimated life of the vessel, over (i) expected outflows for vessels’ operating expenses assuming an expected increase in expenses of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.76%,</div> based on management’s estimates taking into consideration the Company’s historical data, (ii) planned dry-docking and special survey expenditures, (iii) management fees expenditures and fleet utilization of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">99.2%</div> (excluding the scheduled off-hire days for planned dry-dockings and special surveys which are determined separately ranging from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22</div> days depending on the size and age of each vessel), which is based on historical experience. The Company considers the most recent <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ten</div> year historical average rates to be a reasonable estimation of expected future charter rates over the remaining useful life of the Company's vessels since such historical average represents a full shipping cycle that captures the highs and lows of the market. The Company utilizes the standard deviation in order to eliminate the outliers in the period before computing the historic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ten</div> year average rates. The salvage value used in the impairment test is estimated at approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.300</div> per light weight ton in accordance with the vessels’ depreciation policy. </div>Should the carrying value of the vessel exceed its estimated future undiscounted net operating cash flows, impairment is measured based on the excess of the carrying amount over the fair market value of the asset. The Company determines the fair value of its vessels based on management estimates and assumptions and by making use of available market data and taking into consideration <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> party valuations. Therefore the Company has categorized the fair value of the vessels as Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> in the fair value hierarchy.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The review of the carrying amounts in connection with the estimated recoverable amount of the Company’s vessels as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>resulted in an impairment loss of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$17,959,</div> in relation to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">seven</div> of the Company’s vessels. As at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2015 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> the Company’s assessment concluded that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> impairment loss should be recorded.</div></div></div></div></div></div></div></div></div></div></div>
-529000
-78000
3381000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17.</div> Taxes:</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> subject to tax on international shipping income; however, they are subject to registration and tonnage taxes, which are included in Vessel operating expenses in the accompanying consolidated statements of income.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div> of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4%</div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">883</div> of the Internal Revenue Code of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1986,</div> as amended.</div></div>
-2249000
-199000
2466000
-1254000
10000
578000
4087000
-6669000
-1969000
373000
-545000
-2335000
1565000
-2565000
1826000
371000
-180000
12000
2147000
-1020000
-795000
-987000
837000
-1753000
-574000
-39000
-46000
-1447000
368000
1783000
-1367000
-17050000
-5766000
2886000
2091000
79631000
72808000
69840000
45070000
49880000
55925000
59739000
51202000
45319000
45213000
51186000
56070000
4724000
4724000
5754000
5754000
20038000
0
20038000
0
4703000
0
4703000
0
762000
4358000
-10459000
2031000
-4855000
-980000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.</div> Inventories:</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Inventories of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$11,415</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9,662</div> in the accompanying balance sheets at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> respectively relate to bunkers, lubricants and spare parts.</div></div>
11415000
9662000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt">(h) Inventories:</div></div> Inventories consist of bunkers, lubricants and spare parts which are stated at the lower of cost or market on a consistent basis. Cost is determined by the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> in, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> out method.</div></div></div></div></div></div></div></div>
1373000
1630000
2643000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(y) Capital Leases: </div></div>The Financial Accounting Standards Board (“FASB”) ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840</div> classifies leases as capital or operating. Capital leases are accounted for as the acquisition of an asset and the incurrence of an obligation by the lessee and as a sale or financing by the lessor. All other leases are accounted for as operating leases. The determination of whether an arrangement is (or contains) a capital lease is based on the substance of the arrangement at the inception date and is assessed in accordance with the criteria set in ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Capital leases are capitalized at the commencement of the lease at the lower between the fair value of the leased asset and the present value of the minimum lease payments. Lease payments are apportioned between finance charges and reduction of the lease liability. Finance charges are recognized in finance costs in the consolidated statement of income. The lease payments are allocated between liability and finance costs to achieve a constant rate on the capital balance outstanding. If the lease agreement transfers the ownership of the leased asset to the lessee, then the asset is depreciated over its useful economic life (estimated at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30</div> years), otherwise it is depreciated over the lease term.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">For sale and lease back transactions, when the fair value of the asset sold is more than its carrying amount, any indicated loss or gain on the sale is in substance a prepayment of rent or unearned rent, respectively, and thus, in accordance with ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,</div> the Company defers this prepaid or unearned rental and amortizes it over the lease term. In case the fair value of the asset sold is less than its carrying amount, any indicated loss on the sale is recognized in the consolidated statement of income as incurred.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <!-- Field: Page; Sequence: 11 --> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Operating lease payments are recognized as an operating expense in the consolidated statement of income on a straight-line basis over the lease term.</div></div></div></div></div></div></div></div></div></div></div>
2558424000
2490298000
279986000
276708000
1204014000
995051000
133700000
88000000
86600000
44000000
1000000000
140000000
82500000
82975000
42550000
21303000
1054607000
850980000
198277000
206318000
198391000
9975000
132324000
347615000
165267000
856330000
644662000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.</div> Long-Term Debt:</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The amounts shown in the accompanying consolidated balance sheets consist of the following:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td colspan="5" style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-weight: bold;">Borrower(s)</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-weight: bold;"> </div></td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;">December 31, 2016</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;">December 31, 2017</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 6%; padding-bottom: 1pt; font-size: 10pt; text-align: left">A.</td> <td style="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; font-weight: bold; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt; width: 10%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Credit Facility</div></td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt; text-align: left"> </td> <td style="text-align: left; padding-bottom: 1pt; width: 50%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 13%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">406,103</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt">$</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; width: 13%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">299,837</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">B.</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Term Loans:</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; text-align: left"> </td> <td> </td> <td><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Mas Shipping Co.</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,375</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,125</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Montes Shipping Co. and Kelsen Shipping Co.</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">54,000</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">42,000</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Costamare Inc.</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50,313</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,725</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Costamare Inc.</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Undine Shipping Co., Quentin Shipping Co. and Sander Shipping Co.</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">178,264</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">162,983</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Raymond Shipping Co. and Terance Shipping Co.</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">115,964</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">105,050</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Costamare Inc.</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">53,475</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">37,697</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Uriza Shipping S.A.</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">36,833</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32,500</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Costis Maritime Corporation, Christos Maritime Corporation and Capetanissa Maritime Corporation</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">109,000</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">93,000</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Rena Maritime Corporation, Finch Shipping Co. and Joyner Carriers S.A.</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32,000</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24,480</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.</div></td> <td style="font-size: 10pt; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Nerida Shipping Co.</div></td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,175</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">652,224</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">553,735</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; font-weight: bold; text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">Total</div></div></td> <td style="font-size: 10pt"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;">$</div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">1,058,327</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-weight: bold;"> </div></td> <td><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">$</div></div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">853,572</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Less: Deferred financing costs</div></td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,720</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,592)</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Total long-term debt, net</div></td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,054,607</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">850,980</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Less: Long-term debt current portion</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(199,637</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(207,516)</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Add: Deferred financing costs, current portion</div></td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,360</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,198</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left"> </td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 2.25pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Total long-term debt, non-current, net</div></td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">856,330</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.5pt double"><div style="display: inline; font-size: 10pt">$</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">644,662</div></td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;">A. Credit Facility:</div> In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 2008, </div>the Company signed a loan agreement with a consortium of banks, for a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,000,000</div> Credit Facility (the “Facility”) for general corporate and working capital purposes. The Facility bears interest at the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> months (at the Company’s option) LIBOR plus margin.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 28, 2016, </div>the Company entered into a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ninth</div> supplemental agreement, which extended the Facility maturity date to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2021, </div>waived the security requirement covenant of the principal agreement and mortgaged <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">four</div> additional vessels in favor of the lending banks. Following the sale of <div style="display: inline; font-style: italic;">Mandraki</div> and <div style="display: inline; font-style: italic;">Mykonos</div>, the Company prepaid the amounts of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9,388</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9,326</div> on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 16, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 14, 2017, </div>respectively. The outstanding balance of the Facility as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>is repayable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13</div> equal, consecutive quarterly installments, of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$21,303</div> each plus a final installment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$22,898.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Facility, as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>was secured with, among others, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> priority mortgages over <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20</div> of the Company’s vessels, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div>-priority assignment of vessels’ insurances and earnings, charter party assignments, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div>-priority pledges over the operating accounts of the vessels and corporate guarantees of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20</div> ship-owning companies.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Facility and certain of the term loans described under Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.B</div> below include, among others, financial covenants requiring: (i) the ratio of Total Liabilities (after deducting cash and cash equivalents) to Market Value Adjusted Total Assets (after deducting cash and cash equivalents) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to exceed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.75</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.00,</div> (ii) minimum liquidity of the greater of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$30,000</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3%</div> of the total debt of the Company, (iii) the ratio of EBITDA to net interest expense <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to be less than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.50</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.00</div> and (iv) Market Value Adjusted Net Worth, defined as the amount by which the Market Value Adjusted Total Assets exceeds the Total Liabilities, to exceed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$500,000.</div> The Company’s other term loans described under Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.B</div> below also contain financial covenants requiring the ratio of net funded debt to total net assets ratio <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to exceed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80%</div> on a charter inclusive valuation basis as well as financial covenants that are either equal to or less stringent than the aforementioned financial covenants.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;">B. Term Loans:</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div> In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2008, </div>Mas Shipping Co., a wholly-owned subsidiary of the Company, entered into a loan agreement with a bank for an amount of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$75,000</div> in order to partly finance the acquisition cost of the vessel <div style="display: inline; font-style: italic;">Maersk Kokura</div>. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 3, 2017, </div>the Company prepaid the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,000</div> on the then outstanding balance. As at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the outstanding balance of the loan of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$13,125</div> is repayable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> final installment on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2018 (</div>Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21</div>(f)).</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div> In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2007, </div>Montes Shipping Co. and Kelsen Shipping Co. entered into a loan agreement with a bank for an amount of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$150,000</div> in the aggregate (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$75,000</div></div> each) on a joint and several basis in order to partly finance the acquisition cost of the vessels <div style="display: inline; font-style: italic;">Maersk Kawasaki</div> and <div style="display: inline; font-style: italic;">Maersk Kure</div>. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 27, 2016, </div>both companies (each a subsidiary of the Company) entered into a supplemental agreement with the bank in order to extend the repayment of the then outstanding loan amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$66,000</div> and amend the repayment schedule. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 19, 2017, </div>the Company prepaid <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,000</div> on the then outstanding balance. As at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the outstanding balance of the loan of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$42,000</div> is repayable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> consecutive semi-annual installments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,000,</div> each from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2018 </div>until <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2020 </div>and a balloon payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$12,000</div> payable together with the last installment.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.</div> In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2010, </div>Costamare entered into a term loan agreement with a consortium of banks for an amount of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$120,000,</div> which was available for drawing for a period up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div> months. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the Company had drawn the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$38,500</div> (Tranche A), the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$42,000</div> (Tranche B), the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$21,000</div> (Tranche C), the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7,470</div> (Tranche D) and the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7,470</div> (Tranche E) under this term loan agreement in order to finance part of the acquisition cost of the vessels <div style="display: inline; font-style: italic;">MSC Romanos</div>, <div style="display: inline; font-style: italic;">MSC Methoni</div>, <div style="display: inline; font-style: italic;">MSC Ulsan</div>, <div style="display: inline; font-style: italic;">MSC Koroni </div>and <div style="display: inline; font-style: italic;">MSC Itea</div>, respectively. As at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the outstanding balance of the Tranche (B) of the loan of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$16,800</div> is repayable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8</div> equal quarterly installments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,050</div> from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2018 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2019 </div>and a balloon payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8,400</div> payable together with the last installment. As at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the outstanding balance of the Tranche (C) of the loan of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8,925</div> is repayable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div> equal quarterly installments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$525</div> from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2018 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2020 </div>and a balloon payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,200</div> payable together with the last installment. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 21, 2014, </div>the then outstanding balance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,202</div></div> of the Tranche (D) of the loan was fully repaid and on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 29, 2015, </div>the then outstanding balance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,334</div></div> of the Tranche (E) of the loan was fully repaid. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 24, 2017, </div>the then outstanding balance of Tranche (A) of the loan of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$18,288</div> was fully repaid.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.</div> In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2011, </div>Costamare, as borrower, concluded a credit facility with a bank, for an amount up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$140,000</div> to finance part of the construction cost of the <div style="display: inline; font-style: italic;">MSC Athens</div> and the <div style="display: inline; font-style: italic;">MSC Athos</div>. Through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2013, </div>the Company had drawn <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$133,700</div></div> in the aggregate for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> vessels, which were delivered in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2013, </div>respectively. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 6, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 15, 2016, </div>the outstanding balance of the loan was fully repaid with the proceeds from the sale and leaseback transaction described in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.</div> In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2011, </div>Undine Shipping Co., Quentin Shipping Co. and Sander Shipping Co., wholly-owned subsidiaries of Costamare, concluded a credit facility with a consortium of banks, as joint-and-several borrowers, for an amount of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$229,200</div> to finance part of the construction cost of their respective vessels. The facility has been drawn down in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> tranches. As at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the aggregate outstanding balance of tranches (a) and (b) of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$106,957</div> relating to the <div style="display: inline; font-style: italic;">Valor</div> and the <div style="display: inline; font-style: italic;">Valiant</div> is each repayable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> equal quarterly installments for each tranche of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,273.4</div> from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2018 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2020 </div>and a balloon payment for each tranche of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$40,744.8</div> payable together with the last installment. As at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the outstanding balance of the tranche (c) of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$56,026</div> relating to the <div style="display: inline; font-style: italic;">Vantage</div> is repayable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> equal quarterly installments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,273.4</div> and a balloon payment payable together with the last installment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$40,744.8</div> from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2018 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2020.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.</div> In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2011, </div>Raymond Shipping Co. and Terance Shipping Co., wholly-owned subsidiaries of the Company, concluded a credit facility with a bank, as joint and several borrowers, for an amount of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$152,800</div> to finance part of the acquisition cost of their respective vessels. As at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the outstanding balance of the tranche (a) of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$51,843</div> relating to the <div style="display: inline; font-style: italic;">Value</div> is repayable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> equal quarterly installments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,364.3</div> from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2018 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2020 </div>and a balloon payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$38,199.6</div> payable together with the last installment. As at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the outstanding balance of tranche (b) of the loan of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$53,207</div> relating to the <div style="display: inline; font-style: italic;">Valence</div> is repayable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11</div> equal quarterly installments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,364.3</div> from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2018 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2020</div> and a balloon payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$38,199.6</div> payable together with the last installment.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.</div> In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2011, </div>the Company concluded a loan facility with a bank for an amount of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$120,000,</div> in order to partly finance the aggregate market value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">eleven</div> vessels in its fleet. The Company repaid in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 2016 </div>the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,835</div> due to the sale of the container vessel <div style="display: inline; font-style: italic;">Karmen</div> and in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2017 </div>the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,918</div> due to the sale of the container vessel <div style="display: inline; font-style: italic;">Marina</div>. As at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the outstanding balance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$37,697</div> is repayable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">four</div> equal quarterly installments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,715</div> from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2018 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2018 </div>and a balloon payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$26,837</div> payable together with the last installment.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.</div> On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 6, 2016, </div>Uriza Shipping S.A., entered into a loan agreement with a bank for an amount of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$39,000</div> for general corporate purposes. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 11, 2016 </div>the Company drew the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$39,000.</div> As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the outstanding balance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$32,500</div> is repayable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14</div> equal quarterly installments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,083.3,</div> from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2018 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2021 </div>and a balloon payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$17,333.3</div> payable together with the last installment.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.</div> In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2008, </div>Costis Maritime Corporation and Christos Maritime Corporation entered into a loan agreement with a bank for an amount of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$150,000</div> in the aggregate (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$75,000</div></div> each) on a joint and several basis in order to partly finance the acquisition cost of the vessels <div style="display: inline; font-style: italic;">Sealand New York</div> and <div style="display: inline; font-style: italic;">Sealand Washington</div>. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2006, </div>Capetanissa Maritime Corporation entered into a loan agreement with a bank for an amount of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$90,000,</div> in order to partly finance the acquisition cost of the vessel <div style="display: inline; font-style: italic;">Cosco Beijing</div>. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 10, 2016, </div>Costis Maritime Corporation, Christos Maritime Corporation and Capetanissa Maritime Corporation entered into a loan agreement with a bank in order to extend the repayment and amend the repayment profile of the then outstanding loans in the amounts of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$116,500</div> in aggregate. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 21, 2017, </div>the Company prepaid the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,000.</div> As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the outstanding balance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$93,000</div> is repayable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div> variable quarterly installments, from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2018 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2021 </div>and a balloon payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$43,500</div> payable together with the last installment.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.</div> In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2006, </div>Rena Maritime Corporation entered into a loan agreement with a bank for an amount of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$90,000</div> in order to partly finance the acquisition cost of the vessel <div style="display: inline; font-style: italic;">Cosco Guangzhou</div>. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 22, 2016, </div>Rena Maritime Corporation, Finch Shipping Co. and Joyner Carriers S.A. entered into a new loan agreement with a bank in order to fully refinance the then outstanding loan of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$37,500</div> and finance the working capital needs of the Finch Shipping Co. and Joyner Carriers S.A. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the outstanding balance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$24,480</div> is repayable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16</div> equal quarterly installments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$800,</div> from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2018 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2021 </div>and a balloon payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$11,680</div> payable together with the last installment.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.</div> On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 1, 2017, </div>Nerida Shipping Co., entered into a loan agreement with a bank for an amount of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$17,625</div> for the purpose of financing general corporate purposes relating to <div style="display: inline; font-style: italic;">Maersk Kowloon</div> (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6</div>). On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 3, 2017 </div>the Company drew the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$17,625.</div> As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the outstanding balance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$17,175</div> is repayable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19</div> equal quarterly installments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$450,</div> from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2018 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 2022 </div>and a balloon payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8,625</div> payable together with the last installment.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company considered the provisions of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">470</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50</div> <div style="display: inline; font-style: italic;">Debt: Modifications and Extinguishments</div> for the loans discussed above in A, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">B.2</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">B.9,</div> which were accounted for as loan modifications.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The term loans discussed above bear interest at LIBOR plus a spread and are secured by, inter alia, (a) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div>-priority mortgages over the financed vessels, (b) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> priority assignments of all insurances and earnings of the mortgaged vessels and (c) corporate guarantees of Costamare or its subsidiaries, as the case <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be. The loan agreements contain usual ship finance covenants, including restrictions as to changes in management and ownership of the vessels, as to additional indebtedness and as to further mortgaging of vessels, as well as minimum requirements regarding hull Value Maintenance Clauses (“VMC”) in the range of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80%</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">130%</div> and restrictions on dividend payments if an event of default has occurred and is continuing or would occur as a result of the payment of such dividend.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The annual repayments under the Credit Facility and the Term loans after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>giving effect of the supplemental agreement of the term loan discussed in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21</div>(f), are in the aggregate as follows:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Year ending December 31,</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; font-size: 10pt; text-align: left">2018</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 20%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">198,391</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">2019</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">165,267</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">2020</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">347,615</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">2021</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">132,324</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">2022</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,975</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Total</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">853,572</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The interest rate of Costamare’s long-term debt as at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2015, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> was in the range of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.11%</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.75%,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.98%</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.04%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.30%</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.98%,</div> respectively. The weighted average interest rate of Costamare’s long-term debt as at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2015, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.2%,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.7%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.9%,</div> respectively.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Total interest expense incurred on long-term debt (including the effect of the hedging interest rate swaps discussed in Notes <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16</div> and Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div>) for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2015, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$59,739,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$51,202</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$45,319,</div> respectively, and is included in Interest and finance costs in the accompanying consolidated statements of income.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;">C. Financing Costs</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The amounts of financing costs included in the loan balances and capital lease obligations (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11</div>) are as follows:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Financing costs</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, January 1, 2016</td> <td style="width: 2%; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="width: 3%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="width: 18%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,006</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Additions</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,907</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Amortization</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,027</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Write-off</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(586</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, December 31, 2016</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,300</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Additions</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,733</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Amortization</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,236</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, December 31, 2017</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,797</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Less: Current portion of financing costs</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,077</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Financing costs, non-current portion</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,720</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Financing costs represent legal fees and fees paid to the lenders for the conclusion of the Company’s financing. The amortization of loan financing costs is included in interest and finance costs in the accompanying consolidated statements of income (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16</div>).</div></div>
0.042
0.047
0.049
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt">(s) Repairs and Maintenance:</div></div> All repair and maintenance expenses, including underwater inspection expenses, are expensed in the year incurred. Such costs are included in vessel operating expenses in the accompanying consolidated statements of income.</div></div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(z) Investments in Equity and Debt Securities:</div></div> The Company classifies debt securities and equity securities pursuant to the provisions of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">320</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> “Investments–Debt and Equity Securities”, into <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> of the following <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> categories:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">a. Trading securities: If the Company acquires a security with the intent of selling it in the near term, the security is classified as trading,</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">b. Available-for-sale securities: Investments in debt securities and equity securities that have readily determinable fair values <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> classified as trading securities or as held-to-maturity securities are classified as available-for-sale securities and</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">c. Held-to-maturity securities: Investments in debt securities are classified as held-to-maturity only if the Company has the positive intent and ability to hold these securities to maturity.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">In order to determine the applicable category, the Company considers the following: (i) if the Company intends to sell the security, (ii) whether it is more likely than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> that the Company will be required to sell the security before the recovery of its (entire) cost, and (iii) whether the security has a readily determinable fair value or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Debt and equity securities which are decided on inception to be accounted for as trading securities or available-for-sale securities are initially recognized at cost and subsequently are measured at fair value. Declines in the fair value of trading securities are recognized in earnings, while declines in the fair value of available-for-sale securities are recorded in Other Comprehensive Income and affect earnings when the securities are disposed. Held-to-maturity debt securities are initially recognized at cost and subsequently are measured at amortized cost, less impairment. The amortized cost is adjusted for amortization of premiums and accretion of discounts to maturity. Management evaluates debt securities held-to-maturity for other than temporary impairment at each reporting date. In evaluating whether a decline in value is other than temporary, the Company considers several factors including, but <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> limited, to the following: (i) the extent of the duration of the decline; (ii) the reasons for the decline in value, and (iii) the financial condition of and near-term prospects of the issuer. An investment in debt or equity securities is considered impaired if the fair value of the investment is less than its carrying value, in which case, the Company recognizes in earnings an impairment loss equal to the difference between their carrying value and their fair value.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Equity securities with <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> readily determinable fair value, which relate to an entity in which the Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have the ability to exercise significant influence, are accounted for pursuant to the provisions of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">325</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20</div> “Investments - Other Cost Method Investments”. The Company initially recognizes such equity securities at cost. Subsequently, any dividends distributed by the investee to the Company are recognized as income when received, but only to the extent they represent net accumulated earnings of the investee since the 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.</div></div></div></div></div></div></div></div></div></div></div>
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143764000
81702000
72876000
125861000
60639000
51813000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;">New Accounting Pronouncements - <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Not</div> Yet Adopted</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">01—Financial</div> Instruments—Overall (Subtopic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">825</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>)</div>,</div> which includes the requirement for all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). This Update is effective for all entities for fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2017 </div>and interim periods within those fiscal years. Early adoption is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> permitted. The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> yet determined what impact, if any, the adoption of the new standard will have on its consolidated financial position, results of operations or cash flows.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02—Leases</div> (ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div>)</div></div>, which requires lessees to recognize most leases on the balance sheet. This is expected to increase both reported assets and liabilities. The new lease standard does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> substantially change lessor accounting. For public companies, the standard will be effective for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> interim reporting period within annual periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2018, </div>although early adoption is permitted. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> apply the new guidance, using a modified retrospective transition method. The requirements of this standard include a significant increase in required disclosures. In a recent update, targeted improvements were proposed to the accounting standards that provide for (a) an optional new transition method for adoption that results in initial recognition of a cumulative effect adjustment to retained earnings in the year of adoption and (b) a practical expedient for lessors, under certain circumstances, to combine the lease and non-lease components of revenues for presentation purposes. If the targeted improvements are approved, we intend to apply the alternative transition method and intend to elect the practical expedient for lessors for presentation purposes.</div><div style="display: inline; font-size: 10pt"> </div><div style="display: inline; font-family: Times New Roman, Times, Serif">The Company is analyzing the impact of the adoption of this guidance on the Company’s consolidated financial statements, including assessing changes that might be necessary to information technology systems, processes and internal controls to capture new data and address changes in financial reporting. </div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2016, </div>the FASB issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> Updates with respect to Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606:</div> ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10—Revenue</div> from Contracts with Customers (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div>): Identifying Performance Obligations and Licensing and ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12—Revenue</div> from Contracts with Customers (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div>): Narrow-Scope Improvements and Practical Expedients</div></div>. The amendments in these Updates do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> change the core principle of the guidance in Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606,</div> which is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services by applying the following steps: (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>) identify the contract(s) with a customer; (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>) identify the performance obligations in the contract; (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div>) determine the transaction price; (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div>) allocate the transaction price to the performance obligations in the contract; and (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div>) recognize revenue when (or as) the entity satisfies a performance obligation. The amendments in Update <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> simply clarify the following <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> aspects of Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606:</div> (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>) identifying performance obligations and (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>) licensing implementation guidance. The amendments in Update <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> similarly affect only certain narrow aspects of Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606;</div> namely, (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>) “Assessing the Collectability Criterion in Paragraph <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>(e) and Accounting for Contracts That Do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Not</div> Meet the Criteria for Step <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> (Applying Paragraph <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7</div>),” (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>) “Presentation of Sales Taxes and Other Similar Taxes Collected from Customers,” (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div>) “Noncash Consideration,” (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div>) “Contract Modifications at Transition,” (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div>) “Completed Contracts at Transition,” and (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6</div>) “Technical Correction.” The amendments in these Updates also affect the guidance in Accounting Standards Update <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09,</div> Revenue from Contracts with Customers (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div>), which is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> yet effective.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The effective date and transition requirements for the amendments in these Updates are the same as the effective date and transition requirements in Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div> (and any other Topic amended by Update <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09</div>). Accounting Standards Update <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,</div> “Revenue from Contracts with Customers (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div>): Deferral of the Effective Date,” has deferred the effective date of Update <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09</div> for public business entities to annual reporting periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2017, </div>including interim reporting periods within that reporting period. Earlier application is permitted. The new revenue standard <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be applied using either of the following transition methods: (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>) a modified retrospective approach with the cumulative effect of initially adopting the standard recognized at the date of adoption (which includes additional footnote disclosures). The Company will adopt the standard as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and is expecting that the adoption will <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material effect on its consolidated financial statements, other than additional revenue disclosures in the notes to the consolidated financial statements, since the Company has chartered its vessels under time charter agreements, and in this respect revenue is accounted under the leases standard.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13—Financial</div> Instruments—Credit Losses (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">326</div>) - Measurement of Credit Losses on Financial Instruments</div></div>. ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13</div> amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For public entities, the amendments of this Update are effective for fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2019, </div>including interim periods within those fiscal years. Early application is permitted. Management is in the process of assessing the impact of the amendment of this Update on the Company’s consolidated financial position and performance.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <!-- Field: Page; Sequence: 13 --> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15—Statement</div> of Cash Flows (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">230</div>)—Classification of Certain Cash Receipts and Cash Payments</div></div> which addresses the following <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">eight</div> specific cash flow issues with the objective of reducing the existing diversity in practice: Debt prepayment or debt extinguishment costs; settlement of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">zero</div>-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of any corporate-owned life insurance policy (“COLI”) (including any bank-owned life insurance policy (“BOLI”)); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div> is effective for fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2017 </div>including interim periods within that reporting period, however early adoption is permitted. The Company is currently evaluating the provisions of this guidance and assessing its impact on its consolidated financial statements and notes disclosures.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18—Statement</div> of Cash Flows (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">230</div>)—Restricted Cash, </div></div>which addresses the requirement that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this Update apply to all entities that have restricted cash or restricted cash equivalents and are required to present a statement of cash flows under Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">230.</div> ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div> is effective for fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2017 </div>including interim periods within that reporting period; however early adoption is permitted. The Company is currently evaluating the provisions of this guidance and assessing its impact on its consolidated financial statements and notes disclosures.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2017, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">01</div> - Business Combinations (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">805</div>)</div></div> to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisition (or disposals) of assets or businesses. Under current implementation guidance, the existence of an integrated set of acquired activities (inputs and processes that generate outputs) constitutes an acquisition of business. This ASU provides a screen to determine when a set of assets and activities does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> constitute a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> a business. This update is effective for public entities with reporting periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2017, </div>including interim periods within those years. The amendments of this ASU should be applied prospectively on or after the effective date. Early adoption is permitted, including adoption in an interim period (i) for transactions for which the acquisition date occurs before the issuance date or effective date of the ASU, only when the transaction has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> been reported in financial statements that have been issued or made available for issuance and (ii) for transactions in which a subsidiary is deconsolidated or a group of assets is derecognized that occur before the issuance date or effective date of the amendments, only when the transaction has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> been reported in financial statements that have been issued or made available for issuance. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; color: #231F20"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; color: #231F20; background-color: white"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 2017, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,</div> Earnings Per Share (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">260</div>), Distinguishing Liabilities from Equity (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">480</div>) and Derivatives and Hedging (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">815</div>):</div></div> I. Accounting for Certain Financial Instruments with Down Round Features; II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Non-controlling Interests with a Scope Exception, (ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11</div>). Part I of this update addresses the complexity of accounting for certain financial instruments with down round features. Down round features are features of certain equity-linked instruments (or embedded features) that result in the strike price being reduced on the basis of the pricing of future equity offerings. Current accounting guidance creates cost and complexity for entities that issue financial instruments (such as warrants and convertible instruments) with down round features that require fair value measurement of the entire instrument or conversion option. Part II of this update addresses the difficulty of navigating Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">480,</div> Distinguishing Liabilities from Equity, because of the existence of extensive pending content in the FASB Accounting Standards Codification. This pending content is the result of the indefinite deferral of accounting requirements about mandatorily redeemable financial instruments of certain nonpublic entities and certain mandatorily redeemable non-controlling interests. The amendments in Part II of this update do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have an accounting effect. This ASU is effective for fiscal years, and interim periods within those years, beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div> </div>The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements and related disclosures.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <!-- Field: Page; Sequence: 14 --> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; background-color: white"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2017, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,</div> Derivatives and Hedging (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">815</div>):</div></div> Targeted Improvements to Accounting for Hedging Activities (ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div>), which amends and simplifies existing guidance in order to allow companies to more accurately present the economic effects of risk management activities in the financial statements. <div style="display: inline; color: #231F20">This ASU is effective for fiscal years, and interim periods within those years, beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div> </div></div>The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements and related disclosures.</div></div></div></div></div></div></div></div></div></div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div> Basis of Presentation and General Information:</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The accompanying consolidated financial statements include the accounts of Costamare Inc. (“Costamare”) and its wholly-owned subsidiaries (collectively, the “Company”). Costamare is organized under the laws of the Republic of the Marshall Islands.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 4, 2010, </div>Costamare completed its initial public offering (“Initial Public Offering”) in the United States under the United States Securities Act of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1933,</div> as amended (the “Securities Act”). On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 27, 2012, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 19, 2012, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 5, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 31, 2017, </div>the Company completed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">four</div> follow-on public offerings in the United States under the Securities Act and issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,500,000</div> common shares, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,000,000</div> common shares, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,000,000</div> common shares and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,500,000</div> common shares, respectively, par value <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.0001</div></div></div>,</div> at a public offering price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$14.10</div> per share, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$14.00</div> per share, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.00</div> per share and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7.10</div> per share, respectively. During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> the Company issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">448,800</div> shares to Costamare Shipping Company S.A. and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">149,600</div> to Costamare Shipping Services Ltd. (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div>). During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the Company issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">598,400</div> shares, in aggregate, to Costamare Shipping Services Ltd. (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div>). Additionally, during the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the Company issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">598,400</div> shares to Costamare Shipping Services Ltd. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 6, 2016, </div>the Company implemented a dividend reinvestment plan (the “Plan”) (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14</div>). Under the Plan, the Company has issued to its common stockholders <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,110,785</div> shares, in aggregate. As at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the aggregate issued share capital was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">108,205,985</div> common shares. At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>members of the Konstantakopoulos Family owned, directly or indirectly, approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">54.7%</div> of the outstanding common shares, in the aggregate. Furthermore, (i) on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 7, 2013, </div>the Company completed a public offering of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,000,000</div> shares of its <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.625%</div> Series B Cumulative Redeemable Perpetual Preferred Stock (the “Series B Preferred Stock”), par value <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.0001,</div> at a public offering price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$25.00</div> per share, (ii) on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 21, 2014, </div>the Company completed a public offering of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,000,000</div> shares of its <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.50%</div> Series C Cumulative Redeemable Perpetual Preferred Stock (the “Series C Preferred Stock”), par value <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.0001,</div> at a public offering price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$25.00</div> per share and (iii) on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 13, 2015, </div>the Company completed a public offering of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,000,000</div> shares of its <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.75%</div> Series D Cumulative Redeemable Perpetual Preferred Stock (the “Series D Preferred Stock”), par value <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.0001,</div> at a public offering price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$25.00</div> per share.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> the Company owned and/or operated a fleet of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">53</div></div> container vessels, respectively, with a total carrying capacity of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">314,423</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">316,307</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">twenty</div>-foot equivalent units (“TEU”), respectively, through wholly-owned subsidiaries incorporated in the Republic of Liberia. The Company provides worldwide marine transportation services by chartering its container vessels to some of the world’s leading liner operators under long-, medium- and short-term time charters.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>Costamare had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">68</div> wholly-owned subsidiaries, all incorporated in the Republic of Liberia, except <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> incorporated in the Republic of the Marshall Islands.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain prior period amounts in the consolidated Statements of Cash Flows have been reclassified to conform to the current year presentation. More specifically, “Capital lease proceeds” and “Capital lease repayments” have been reclassified to the line items of “Proceeds from long-term debt and capital leases” and “Repayment of long-term debt and capital leases”, respectively.</div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(j) Vessels, Net:</div></div> 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.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">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, which up until <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2014, </div>was estimated to be approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.250</div> per lightweight ton. In order to align the scrap rate estimates with the current historical average scrap rate, effective from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2015, </div>the Company adjusted the estimated scrap rate used to calculate the vessels' salvage value from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.250</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.300</div> per lightweight ton. The impact of the increase in the estimated scrap rate is a decrease in depreciation expense prospectively. The effect of this change in accounting estimate, which did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> require retrospective adoption as per ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">250</div> "Accounting Changes and Error Corrections", was to decrease depreciation expense by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,388</div> and increase net income by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,388</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.07</div> per common share, basic and diluted , for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2015.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Management estimates the useful life of the Company’s vessels to be <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30</div> years from the date of initial delivery from the shipyard. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <!-- Field: Page; Sequence: 7 --> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 future events, the remaining estimated useful life of any affected vessel is adjusted accordingly.</div></div></div></div></div></div></div></div></div></div></div>
P30Y
0
0
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt">(g) Accounts Receivable, net:</div></div> The amount shown as receivables, at each balance sheet date, mainly includes receivables from charterers for hire, net of any provision for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. The provision established for doubtful accounts as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.</div></div></div></div></div></div></div></div></div>
2507000
2507000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.</div> Transactions with Related Parties:</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(a)</div> Costamare Shipping Company S.A. <div style="display: inline; font-style: italic;">(“Costamare Shipping”)</div> and Costamare Shipping Services Ltd. (<div style="display: inline; font-style: italic;">“Costamare Services”):</div></div> 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 general administrative services and certain commercial services. Costamare Shipping is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> part of the consolidated group of the Company.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Costamare Shipping, itself or through Shanghai Costamare Ship Management Co., Ltd. (“Shanghai Costamare”), or through or together with <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> party sub-managers, provides technical, crewing, commercial, provisioning, bunkering, sale and purchase, chartering, accounting, insurance and administrative services in respect of the Company’s containerships in exchange for a daily fee for each containership.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 3, 2015, </div>the Company entered into an amended and restated management agreement with Costamare Shipping (the “Group Management Agreement”) which, among other things, extended the term of the agreement such that it automatically renewed for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> consecutive <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-year periods until <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2025 (</div>rather than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> consecutive periods until <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2020), </div>removed the annual <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4%</div> increase of the fee payable in respect of each containership managed by Costamare Shipping, and in respect of the flat fee for the supervision of each newbuild ordered by the Company beginning in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> provided for an annual fee to Costamare Shipping of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,500</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">598,400</div> shares payable quarterly in arrears. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No</div> separate payment is made for the services of the Company’s executive officers (prior to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> the Company paid Costamare Shipping <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,000</div> annually for such services). The Group Management Agreement has been terminated on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2, 2015.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2, 2015, </div>the Company entered into a Framework Agreement with Costamare Shipping (the “Framework Agreement”) and its vessel-owning subsidiaries entered into a Services Agreement with Costamare Services (the “Services Agreement”), a company controlled by the Company’s Chairman and Chief Executive Officer and members of his family. Costamare Services is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> part of the consolidated group of the Company.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 27, 2015, </div>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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>receive shares of its common stock as fee compensation under the Group Management Agreement (until <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2, 2015) </div>or the Services Agreement.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Pursuant to the Group Management Agreement (which was effective until <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2, 2015), </div>the Framework Agreement and the Services Agreement (each of which became effective on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2, 2015), </div>Costamare Shipping and Costamare Services received (i) for each containership which is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> subject to a bareboat charter a daily fee of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.956</div> since <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2015, </div>and for any containership subject to a bareboat charter a daily fee of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.478</div> since <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2015, </div>in each case prorated for the calendar days the Company owned each containership and for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month period following the date of the sale of a vessel, (ii) a flat fee of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$787.4</div> for the supervision of the construction of any newbuild vessel contracted by the Company, (iii) a fee of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.75%</div> on all gross freight, demurrage, charter hire, ballast bonus or other income earned with respect to each containership in the Company’s fleet and (iv) an annual fee of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,500</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">598,400</div> shares as noted above. Fees under (i) and (ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be annually adjusted upwards to reflect any strengthening of the Euro against the U.S. dollar and/or material unforeseen cost increases.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">After the initial term of the Framework Agreement and the Services Agreement, which expired on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2015, </div>the Company is able to terminate both agreements, subject to a termination fee, by providing written notice to Costamare Shipping or Costamare Services, as applicable, at least <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> months before the end of the subsequent <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-year term. The termination fee is equal to (a) the number of full years remaining prior to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2025, </div>times (b) the aggregate fees due and payable to Costamare Shipping or Costamare Services, as applicable, during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div>-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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> times the aggregate fees over the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div>-month period described above.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 7, 2013, </div>Costamare Shipping entered into a co-operation agreement (the “Co-operation Agreement”) with <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div>-party ship managers V.Ships Greece Ltd. (“V.Ships Greece”), pursuant to which the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> companies established a ship management cell (the “Cell”) under V.Ships Greece. Since <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2013, </div>the Cell provides technical, crewing, provisioning, bunkering, sale and purchase and accounting services, as well as certain commercial and insurance services to certain of the Company’s container vessels, pursuant to separate management agreements entered into between V.Ships Greece and the ship-owning company of the respective container vessel, for a daily management fee.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Cell also offers ship management services to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div>-party owners. Costamare Shipping passes to the Company the net profit, if any, it receives pursuant to the Co-operation Agreement as a refund or reduction of the management fees payable by the Company to Costamare Shipping (i) prior to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2, 2015, </div>under the Group Management Agreement, and (ii) since <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2, 2015, </div>under the Framework Agreement. The net profits earned during the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2015, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$718,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$561</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$380,</div> respectively and are included as a reduction in management fees-related parties in the accompanying consolidated statements of income. As at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the Cell provided technical, crewing, provisioning, bunkering, sale and purchase and accounting services, as well as certain commercial management services to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21</div> of Costamare’s vessels.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Management fees charged by Costamare Shipping in the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2015, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$19,411,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$19,190</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$19,073</div> respectively and are included in Management fees-related parties in the accompanying consolidated statements of income. In addition, Costamare Shipping and Costamare Services as from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2, 2015, </div>charged (i) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,093</div> for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 (</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,512</div> for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,673</div> for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2015), </div>representing a fee of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.75%</div> on all gross revenues, as provided in the Group Management Agreement and from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2, 2015, </div>the Framework Agreement and the Services Agreement, as applicable, which is separately reflected as Voyage expenses-related parties in the accompanying consolidated statement of income for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, (</div>ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,500,</div> which is included in General and administrative expenses – related parties in the accompanying consolidated statement of income for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 (</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,500</div></div> for the each of the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div>) and (iii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,866</div> representing the fair value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">598,400</div> shares, which is included in General and administrative expenses - related parties in the accompanying consolidated statement of income for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 (</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,951</div> for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8,623</div> for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2015). </div>Furthermore, in accordance with the management agreement with V.Ships Greece, V.Ships Greece has been provided with the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,575</div> (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$75</div> per vessel) as working capital security, which is included in Accounts receivable, non-current, in the accompanying <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> consolidated balance sheets, respectively.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">During the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2015, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> Costamare Shipping charged in aggregate to the companies established pursuant to the Framework Deed (Notes <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div>) the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,856,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,996</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,047,</div> respectively for services provided in accordance with the respective management agreements.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The balance due from Costamare Shipping at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,841</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,273,</div> respectively, and is included in Due from related parties in the accompanying consolidated balance sheets. The balance due to Costamare Services at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$191</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$203,</div> respectively, and is reflected as Due to related parties in the accompanying consolidated balance sheets.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(b) Ciel Shipmanagement S.A. (“CIEL”):</div></div> CIEL, a company incorporated in the Republic of Liberia, is wholly-owned by the Company’s Chairman and Chief Executive Officer. CIEL is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> part of the consolidated group of the Company. CIEL provided the Company’s vessels, through to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2013, </div>certain ship management services such as technical support and maintenance, financial and accounting services. From <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2013 </div>until <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2, 2015, </div>CIEL provided services in respect of the <div style="display: inline; font-style: italic;">Rena</div> wreck. The balance due from CIEL at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$606</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nil,</div> respectively and is included in Due from related parties in the accompanying consolidated balance sheets.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(c) Shanghai Costamare Ship Management Co., Ltd.:</div></div> Shanghai Costamare is owned (indirectly) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">70%</div> by the Company’s Chairman and Chief Executive Officer and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30%</div> (indirectly) by Shanghai Costamare’s General Manager. Shanghai Costamare is a company incorporated in the People’s Republic of China. Shanghai Costamare is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> part of the consolidated group of the Company. The technical, crewing, provisioning, bunkering, sale and purchase and accounting services, as well as certain commercial services of certain of the Company’s vessels, have been subcontracted from Costamare Shipping to Shanghai Costamare. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>Shanghai Costamare provided such services to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14</div> (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div> as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016) </div>of the Company’s containerships. There was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div></div></div></div> balance due from/to Shanghai Costamare at both <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017.</div></div></div>
18288000
4202000
2334000
210359000
357401000
253804000
6882000
7238000
38783000
32661000
31416000
43723000
23692000
36899000
14.10
14
6
7.10
25
25
25
25
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td colspan="5" style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-weight: bold;">Borrower(s)</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-weight: bold;"> </div></td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;">December 31, 2016</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;">December 31, 2017</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 6%; padding-bottom: 1pt; font-size: 10pt; text-align: left">A.</td> <td style="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; font-weight: bold; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt; width: 10%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Credit Facility</div></td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt; text-align: left"> </td> <td style="text-align: left; padding-bottom: 1pt; width: 50%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 13%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">406,103</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt">$</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; width: 13%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">299,837</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">B.</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Term Loans:</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; text-align: left"> </td> <td> </td> <td><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Mas Shipping Co.</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,375</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,125</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Montes Shipping Co. and Kelsen Shipping Co.</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">54,000</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">42,000</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Costamare Inc.</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50,313</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,725</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Costamare Inc.</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Undine Shipping Co., Quentin Shipping Co. and Sander Shipping Co.</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">178,264</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">162,983</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Raymond Shipping Co. and Terance Shipping Co.</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">115,964</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">105,050</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Costamare Inc.</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">53,475</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">37,697</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Uriza Shipping S.A.</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">36,833</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32,500</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Costis Maritime Corporation, Christos Maritime Corporation and Capetanissa Maritime Corporation</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">109,000</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">93,000</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Rena Maritime Corporation, Finch Shipping Co. and Joyner Carriers S.A.</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32,000</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24,480</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.</div></td> <td style="font-size: 10pt; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Nerida Shipping Co.</div></td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,175</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">652,224</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">553,735</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; font-weight: bold; text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">Total</div></div></td> <td style="font-size: 10pt"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;">$</div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">1,058,327</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-weight: bold;"> </div></td> <td><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">$</div></div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">853,572</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Less: Deferred financing costs</div></td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,720</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,592)</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Total long-term debt, net</div></td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,054,607</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">850,980</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Less: Long-term debt current portion</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(199,637</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(207,516)</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Add: Deferred financing costs, current portion</div></td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,360</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,198</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left"> </td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 2.25pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Total long-term debt, non-current, net</div></td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">856,330</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.5pt double"><div style="display: inline; font-size: 10pt">$</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">644,662</div></td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Basic EPS</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Basic EPS</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Basic EPS</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-size: 10pt; text-align: justify">Net income</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">143,764</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">81,702</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">72,876</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Less: paid and accrued earnings allocated to Preferred Stock</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(17,903</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(21,063</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(21,063</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Net income available to common stockholders</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">125,861</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60,639</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51,813</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Weighted average number of common shares, basic and diluted</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">75,027,474</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">77,243,252</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100,527,907</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 2.25pt">Earnings per common share, basic and diluted</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.68</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.79</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.52</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Year ending December 31,</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; font-size: 10pt; text-align: left">2018</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 20%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">198,391</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">2019</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">165,267</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">2020</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">347,615</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">2021</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">132,324</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">2022</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,975</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Total</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">853,572</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 23%; font-size: 10pt; font-weight: bold; text-align: left">A</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: center"> </td> <td style="width: 22%; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31%</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: center"> </td> <td style="width: 22%; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30%</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: center"> </td> <td style="width: 22%; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28%</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left">B</td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">29%</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left">C</td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16%</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">D</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18%</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19%</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21%</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">Total</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">88%</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">91%</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">94%</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt">(w) Segment Reporting:</div></div> The Company reports financial information and evaluates its operations by charter revenues and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> by the length of ship employment for its customers, i.e., spot or time charters. The Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> use discrete financial information to evaluate the operating results for each such type of charter. Although revenue can be identified for these types of charters, management cannot and does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> identify expenses, profitability or other financial information for these charters. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide (subject to certain agreed exclusions) and, as a result, the disclosure of geographic information is impracticable. As a result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet and thus the Company has determined that it operates under <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> reportable segment.</div></div></div></div></div></div></div></div>
8623000
4951000
3866000
8.043837
6.194
6.3084
4000000
2000000
74800000
4000000
4000000
2000000
75398400
4000000
4000000
2000000
90424881
4000000
4000000
2000000
108205985
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div> Significant Accounting Policies and Recent Accounting Pronouncements:</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(a) Principles of Consolidation:</div></div> 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 subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Costamare as the holding company determines whether it has a controlling financial interest in an entity by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> evaluating whether the entity is a voting interest entity or a variable interest entity. Under Accounting Standards Codification (“ASC”) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">810</div> “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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div>), of the voting interest. Variable interest entities (“VIE”) are entities as defined under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">810</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,</div> that in general either do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have equity investors with voting rights or that have equity investors that do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>include a variable interest in an entity to determine if it <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be the primary beneficiary, and would be required to include assets, liabilities and operations of a VIE in its consolidated financial statements. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> such interest existed.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(b) Use of Estimates:</div></div> 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.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(c) Comprehensive Income / (Loss):</div></div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">220</div> “Comprehensive Income”, and presents items of net income, items of other comprehensive income (“OCI”) and total comprehensive income in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> separate but consecutive statements. Reclassification adjustments between OCI and net income are required to be presented separately on the statement of comprehensive income.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(d) Foreign Currency Translation:</div></div> 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 income.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(e) Cash and Cash Equivalents:</div></div> The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>deposit additional funds at any time and also effectively <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>withdraw funds at any time without prior notice or penalty.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(f) Restricted Cash:</div></div></div> Restricted cash consists of minimum cash deposits to be maintained at all times under certain of the Company’s loan agreements. <div style="display: inline; font-family: Times New Roman, Times, Serif">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.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(g) Accounts Receivable, net:</div></div> The amount shown as receivables, at each balance sheet date, mainly includes receivables from charterers for hire, net of any provision for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. The provision established for doubtful accounts as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0</div>.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(h) Inventories:</div></div> Inventories consist of bunkers, lubricants and spare parts which are stated at the lower of cost or market on a consistent basis. Cost is determined by the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> in, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> out method.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(i) Insurance Claims Receivable:</div></div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> subject to litigation.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(j) Vessels, Net:</div></div> 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.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">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, which up until <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2014, </div>was estimated to be approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.250</div> per lightweight ton. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">In order to align the scrap rate estimates with the current historical average scrap rate, effective from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2015, </div>the Company adjusted the estimated scrap rate used to calculate the vessels' salvage value from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.250</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.300</div> per lightweight ton.</div> The impact of the increase in the estimated scrap rate is a decrease in depreciation expense prospectively. The effect of this change in accounting estimate, which did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> require retrospective adoption as per ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">250</div> "Accounting Changes and Error Corrections", was to decrease depreciation expense by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,388</div> and increase net income by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,388</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.07</div> per common share, basic and diluted , for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2015.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Management estimates the useful life of the Company’s vessels to be <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30</div> years from the date of initial delivery from the shipyard. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 future events, the remaining estimated useful life of any affected vessel is adjusted accordingly.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(k) Accrued Charter Revenue/Unearned Revenue:</div></div> 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 the time charters assumed when a vessel is acquired from entities that are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> under common control. This policy does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> apply when a vessel is acquired from entities that are under common control. The amount to be recorded as an asset or liability at the date of vessel delivery is based on the difference between the current fair market value of the charter and the net present value of future contractual cash flows. 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.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(l) Impairment of Long-lived Assets:</div></div> The Company reviews vessels for impairment whenever events or changes in circumstances indicate that the carrying amount of a vessel <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be recoverable, such as during severe disruptions in global economic and market conditions. When such indicators are present, a vessel to be held and used is tested for recoverability by comparing the estimate of future undiscounted net operating cash flows expected to be generated by the use of the vessel over its remaining useful life and its eventual disposition to its carrying amount.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels’ future performance, with the significant assumptions being related to time charter rates, vessels’ operating expenses, vessels’ capital expenditures, vessels’ residual value, fleet utilization and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif">The Company determines undiscounted projected net operating cash flows for each vessel and compares it to the vessel’s carrying value. To the extent impairment indicators are present, the undiscounted projected net operating cash flows are determined as the sum of (i) the charter revenues from existing time charters for the fixed fleet days and (ii) an estimated daily time charter rate for the unfixed days (based on the most recent <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ten</div> year historical average rates) over the remaining estimated life of the vessel, over (i) expected outflows for vessels’ operating expenses assuming an expected increase in expenses of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.76%,</div> based on management’s estimates taking into consideration the Company’s historical data, (ii) planned dry-docking and special survey expenditures, (iii) management fees expenditures and fleet utilization of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">99.2%</div> (excluding the scheduled off-hire days for planned dry-dockings and special surveys which are determined separately ranging from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22</div> days depending on the size and age of each vessel), which is based on historical experience. The Company considers the most recent <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ten</div> year historical average rates to be a reasonable estimation of expected future charter rates over the remaining useful life of the Company's vessels since such historical average represents a full shipping cycle that captures the highs and lows of the market. The Company utilizes the standard deviation in order to eliminate the outliers in the period before computing the historic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ten</div> year average rates. The salvage value used in the impairment test is estimated at approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.300</div> per light weight ton in accordance with the vessels’ depreciation policy. </div>Should the carrying value of the vessel exceed its estimated future undiscounted net operating cash flows, impairment is measured based on the excess of the carrying amount over the fair market value of the asset. The Company determines the fair value of its vessels based on management estimates and assumptions and by making use of available market data and taking into consideration <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> party valuations. Therefore the Company has categorized the fair value of the vessels as Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> in the fair value hierarchy.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The review of the carrying amounts in connection with the estimated recoverable amount of the Company’s vessels as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>resulted in an impairment loss of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$17,959,</div> in relation to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">seven</div> of the Company’s vessels. As at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2015 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> the Company’s assessment concluded that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div></div> impairment loss should be recorded.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(m) Long-lived Assets Classified as Held for Sale: </div></div>The Company classifies long lived assets and disposal groups as being held for sale in accordance with ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">360,</div> "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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">360</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35,</div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> depreciated once they meet the criteria to be classified as held for sale and are classified in current assets on the consolidated balance sheet.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(n) Accounting for Special Survey and Dry-docking Costs:</div></div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> recoverable as of the date of such classification are immediately written-off to the consolidated statement of income.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(o) Financing Costs:</div></div> Costs associated with new loans or refinancing of existing loans, including fees paid to lenders or required to be paid to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> 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.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(p) Concentration of Credit Risk:</div></div> Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents, accounts receivable (included in current and non-current assets), equity method investments, equity securities, debt securities and derivative contracts (interest rate swaps and foreign currency contracts). The Company places its cash and cash equivalents, consisting mostly of deposits, with high credit rated 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 counterparties to 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, equity method investments and equity and debt securities by performing ongoing credit evaluations of its customers’ and investees’ financial condition and generally does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> require collateral for its accounts receivable.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(q) Voyage Revenues:</div></div> Voyage revenues are generated from time charter agreements and are usually paid <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div> days in advance. Time charter agreements with the same charterer are accounted for as separate agreements according to the terms and conditions of each agreement. Time charter revenues over the term of the charter are recorded as service is provided, when they become fixed and determinable.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues from time charter agreements providing for varying annual rates are accounted for as operating leases and thus recognized on a straight-line basis as the average revenue over the rental periods of such agreements, as service is performed. A voyage is deemed to commence upon the completion of discharge of the vessel’s previous cargo and the sea passage for the next fixed cargo and is deemed to end upon the completion of discharge of the current cargo, provided an agreed non-cancelable charter agreement between the Company and the charterer is in existence, the charter rate is fixed or determinable and collectability is reasonably assured. Unearned revenue includes cash received prior to the balance sheet date for which all criteria to recognize as revenue have <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> been met, including any unearned revenue resulting from charter agreements providing for varying annual rates, which are accounted for on a straight-line basis. Unearned revenue also includes the unamortized balance of the liability associated with the acquisition of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">second</div>-hand vessels with time charters attached which were acquired at values below fair value at the date the acquisition agreement is consummated.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Revenues for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> derived from significant charterers individually accounting for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</div> or more of revenues (in percentages of total revenues) were as follows:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 23%; font-size: 10pt; font-weight: bold; text-align: left">A</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: center"> </td> <td style="width: 22%; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31%</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: center"> </td> <td style="width: 22%; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30%</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: center"> </td> <td style="width: 22%; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28%</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left">B</td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">29%</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left">C</td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14%</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16%</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">D</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18%</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19%</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21%</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">Total</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">88%</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">91%</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">94%</div></td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(r) Voyage Expenses:</div></div> Voyage expenses primarily consist of port, canal and bunker expenses that are unique to a particular charter and are paid for by the charterer under time charter arrangements or by the Company under voyage charter arrangements and commissions and fees, which are always paid for by the Company, regardless of the charter type. All voyage and vessel operating expenses are expensed as incurred, except for commissions. Commissions are deferred over the related voyage charter period to the extent revenue has been deferred since commissions are earned as the Company’s revenues are earned.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(s) Repairs and Maintenance:</div></div> All repair and maintenance expenses, including underwater inspection expenses, are expensed in the year incurred. Such costs are included in vessel operating expenses in the accompanying consolidated statements of income.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(t) Derivative Financial Instruments:</div></div> The Company enters into interest rate swap contracts to manage its exposure to fluctuations of interest rate risks associated with specific borrowings. Interest rate differentials paid or received under these swap agreements are recognized as part of the interest expense related to the hedged debt. All derivatives are recognized in the consolidated financial statements at their fair value. On the inception date of the derivative contract, the Company designates the derivative as a hedge of a forecasted transaction or the variability of cash flow to be paid (“cash flow” hedge). Changes in the fair value of a derivative that is qualified, designated and highly effective as a cash flow hedge are recorded in the consolidated statement of comprehensive income until earnings are affected by the forecasted transaction or the variability of cash flow and are then reported in earnings. Changes in the fair value of undesignated derivative instruments and the ineffective portion of designated derivative instruments are reported in earnings in the period in which those fair value changes have occurred. Realized gains or losses on early termination of the derivative instruments are also classified in earnings in the period of termination of the respective derivative instrument. The Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>re-designate an undesignated hedge after its inception as a hedge but then will consider its non-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">zero</div> value at re-designation in its assessment of effectiveness of the cash flow hedge.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">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.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">This process includes linking all derivatives that are designated as cash flow hedges to specific forecasted transactions or variability of cash flow.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80%</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">125%</div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">815</div> “Derivatives and Hedging”.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2016 </div>the Company changed the presentation of interest accrued and realized on non-hedging derivative instruments and reclassified such from the Interest and Finance costs line item to Gain / (Loss) on derivative instruments, net on the consolidated statements of income. Comparative figures have been recast to reflect this change in presentation.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company also enters into forward exchange rate contracts to manage its exposure to currency exchange risk on certain foreign currency liabilities. The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> designated these forward exchange rate contracts for hedge accounting.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(u) Earnings per Share:</div></div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> dilutive securities outstanding during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-year period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017. </div>Earnings per share attributable to common equity holders are adjusted by the contractual amount of dividends related to the preferred stock holders that accrue for the period.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(v) Fair Value Measurements:</div></div> The Company adopted, as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2008, </div>ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">820</div> “Fair Value Measurements and Disclosures”, which defines and provides guidance as to the measurement of fair value. This standard creates 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>) to quoted prices in active markets and the lowest priority (Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div>) 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. The standard applies when assets or liabilities in the financial statements are to be measured at fair value, but does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> require additional use of fair value beyond the requirements in other accounting principles (Notes <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19</div>).</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">825</div> “Financial Instruments” permits companies to report certain financial assets and financial liabilities at fair value. ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">825</div> was effective for the Company as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2008, </div>at which time the Company could elect to apply the standard prospectively and measure certain financial instruments at fair value. The Company has evaluated the guidance contained in ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">825,</div> and has elected <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to report any existing financial assets or liabilities at fair value that are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> already so reported; therefore, the adoption of the statement had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> impact on its financial position and results of operations. The Company retains the ability to elect the fair value option for certain future assets and liabilities acquired under this standard.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(w) Segment Reporting:</div></div> The Company reports financial information and evaluates its operations by charter revenues and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> by the length of ship employment for its customers, i.e., spot or time charters. The Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> use discrete financial information to evaluate the operating results for each such type of charter. Although revenue can be identified for these types of charters, management cannot and does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> identify expenses, profitability or other financial information for these charters. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide (subject to certain agreed exclusions) and, as a result, the disclosure of geographic information is impracticable. As a result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet and thus the Company has determined that it operates under <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> reportable segment.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">x</div>) Equity Method Investments:</div></div> Investments in the common stock of entities, in which the Company has significant influence 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> recognize further losses unless the Company has incurred obligations or made payments on behalf of the investee.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(y) Capital Leases: </div></div>The Financial Accounting Standards Board (“FASB”) ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840</div> classifies leases as capital or operating. Capital leases are accounted for as the acquisition of an asset and the incurrence of an obligation by the lessee and as a sale or financing by the lessor. All other leases are accounted for as operating leases. The determination of whether an arrangement is (or contains) a capital lease is based on the substance of the arrangement at the inception date and is assessed in accordance with the criteria set in ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Capital leases are capitalized at the commencement of the lease at the lower between the fair value of the leased asset and the present value of the minimum lease payments. Lease payments are apportioned between finance charges and reduction of the lease liability. Finance charges are recognized in finance costs in the consolidated statement of income. The lease payments are allocated between liability and finance costs to achieve a constant rate on the capital balance outstanding. If the lease agreement transfers the ownership of the leased asset to the lessee, then the asset is depreciated over its useful economic life (estimated at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30</div> years), otherwise it is depreciated over the lease term.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">For sale and lease back transactions, when the fair value of the asset sold is more than its carrying amount, any indicated loss or gain on the sale is in substance a prepayment of rent or unearned rent, respectively, and thus, in accordance with ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,</div> the Company defers this prepaid or unearned rental and amortizes it over the lease term. In case the fair value of the asset sold is less than its carrying amount, any indicated loss on the sale is recognized in the consolidated statement of income as incurred.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Operating lease payments are recognized as an operating expense in the consolidated statement of income on a straight-line basis over the lease term.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(z) Investments in Equity and Debt Securities:</div></div> The Company classifies debt securities and equity securities pursuant to the provisions of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">320</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> “Investments–Debt and Equity Securities”, into <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> of the following <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> categories:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">a. Trading securities: If the Company acquires a security with the intent of selling it in the near term, the security is classified as trading,</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">b. Available-for-sale securities: Investments in debt securities and equity securities that have readily determinable fair values <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> classified as trading securities or as held-to-maturity securities are classified as available-for-sale securities and</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">c. Held-to-maturity securities: Investments in debt securities are classified as held-to-maturity only if the Company has the positive intent and ability to hold these securities to maturity.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">In order to determine the applicable category, the Company considers the following: (i) if the Company intends to sell the security, (ii) whether it is more likely than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> that the Company will be required to sell the security before the recovery of its (entire) cost, and (iii) whether the security has a readily determinable fair value or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Debt and equity securities which are decided on inception to be accounted for as trading securities or available-for-sale securities are initially recognized at cost and subsequently are measured at fair value. Declines in the fair value of trading securities are recognized in earnings, while declines in the fair value of available-for-sale securities are recorded in Other Comprehensive Income and affect earnings when the securities are disposed. Held-to-maturity debt securities are initially recognized at cost and subsequently are measured at amortized cost, less impairment. The amortized cost is adjusted for amortization of premiums and accretion of discounts to maturity. Management evaluates debt securities held-to-maturity for other than temporary impairment at each reporting date. In evaluating whether a decline in value is other than temporary, the Company considers several factors including, but <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> limited, to the following: (i) the extent of the duration of the decline; (ii) the reasons for the decline in value, and (iii) the financial condition of and near-term prospects of the issuer. An investment in debt or equity securities is considered impaired if the fair value of the investment is less than its carrying value, in which case, the Company recognizes in earnings an impairment loss equal to the difference between their carrying value and their fair value.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Equity securities with <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> readily determinable fair value, which relate to an entity in which the Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have the ability to exercise significant influence, are accounted for pursuant to the provisions of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">325</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20</div> “Investments - Other Cost Method Investments”. The Company initially recognizes such equity securities at cost. Subsequently, any dividends distributed by the investee to the Company are recognized as income when received, but only to the extent they represent net accumulated earnings of the investee since the 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.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(aa) Stock Based Compensation:</div></div> The Company accounts for stock based payment awards granted to Costamare Shipping Company S.A. and Costamare Shipping Services Ltd. (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14a</div>), for the services provided by these entities, following the guidance in ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">505</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50</div> “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 income.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(ab) Going concern:</div></div> The Company evaluates whether there is substantial doubt about its ability to continue as a going concern by applying the provisions of ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15.</div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year from the date the financial statements are issued. As part of such evaluation, the Company did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> identify any conditions that raise substantial doubt about the entity's ability to continue as a going concern. As a result, there was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> impact in the Company’s results of operations, financial position, cash flows or disclosures.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;">New Accounting Pronouncements - <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Not</div> Yet Adopted</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">01—Financial</div> Instruments—Overall (Subtopic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">825</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>)</div>,</div> which includes the requirement for all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). This Update is effective for all entities for fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2017 </div>and interim periods within those fiscal years. Early adoption is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> permitted. The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> yet determined what impact, if any, the adoption of the new standard will have on its consolidated financial position, results of operations or cash flows.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02—Leases</div> (ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div>)</div></div>, which requires lessees to recognize most leases on the balance sheet. This is expected to increase both reported assets and liabilities. The new lease standard does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> substantially change lessor accounting. For public companies, the standard will be effective for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> interim reporting period within annual periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2018, </div>although early adoption is permitted. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> apply the new guidance, using a modified retrospective transition method. The requirements of this standard include a significant increase in required disclosures. In a recent update, targeted improvements were proposed to the accounting standards that provide for (a) an optional new transition method for adoption that results in initial recognition of a cumulative effect adjustment to retained earnings in the year of adoption and (b) a practical expedient for lessors, under certain circumstances, to combine the lease and non-lease components of revenues for presentation purposes. If the targeted improvements are approved, we intend to apply the alternative transition method and intend to elect the practical expedient for lessors for presentation purposes.</div><div style="display: inline; font-size: 10pt"> </div><div style="display: inline; font-family: Times New Roman, Times, Serif">The Company is analyzing the impact of the adoption of this guidance on the Company’s consolidated financial statements, including assessing changes that might be necessary to information technology systems, processes and internal controls to capture new data and address changes in financial reporting. </div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2016, </div>the FASB issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> Updates with respect to Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606:</div> ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10—Revenue</div> from Contracts with Customers (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div>): Identifying Performance Obligations and Licensing and ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12—Revenue</div> from Contracts with Customers (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div>): Narrow-Scope Improvements and Practical Expedients</div></div>. The amendments in these Updates do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> change the core principle of the guidance in Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606,</div> which is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services by applying the following steps: (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>) identify the contract(s) with a customer; (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>) identify the performance obligations in the contract; (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div>) determine the transaction price; (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div>) allocate the transaction price to the performance obligations in the contract; and (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div>) recognize revenue when (or as) the entity satisfies a performance obligation. The amendments in Update <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> simply clarify the following <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> aspects of Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606:</div> (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>) identifying performance obligations and (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>) licensing implementation guidance. The amendments in Update <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> similarly affect only certain narrow aspects of Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606;</div> namely, (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>) “Assessing the Collectability Criterion in Paragraph <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>(e) and Accounting for Contracts That Do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Not</div> Meet the Criteria for Step <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> (Applying Paragraph <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7</div>),” (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>) “Presentation of Sales Taxes and Other Similar Taxes Collected from Customers,” (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div>) “Noncash Consideration,” (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div>) “Contract Modifications at Transition,” (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div>) “Completed Contracts at Transition,” and (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6</div>) “Technical Correction.” The amendments in these Updates also affect the guidance in Accounting Standards Update <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09,</div> Revenue from Contracts with Customers (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div>), which is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> yet effective.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The effective date and transition requirements for the amendments in these Updates are the same as the effective date and transition requirements in Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div> (and any other Topic amended by Update <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09</div>). Accounting Standards Update <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,</div> “Revenue from Contracts with Customers (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div>): Deferral of the Effective Date,” has deferred the effective date of Update <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09</div> for public business entities to annual reporting periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2017, </div>including interim reporting periods within that reporting period. Earlier application is permitted. The new revenue standard <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be applied using either of the following transition methods: (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>) a modified retrospective approach with the cumulative effect of initially adopting the standard recognized at the date of adoption (which includes additional footnote disclosures). The Company will adopt the standard as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and is expecting that the adoption will <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material effect on its consolidated financial statements, other than additional revenue disclosures in the notes to the consolidated financial statements, since the Company has chartered its vessels under time charter agreements, and in this respect revenue is accounted under the leases standard.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13—Financial</div> Instruments—Credit Losses (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">326</div>) - Measurement of Credit Losses on Financial Instruments</div></div>. ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13</div> amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For public entities, the amendments of this Update are effective for fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2019, </div>including interim periods within those fiscal years. Early application is permitted. Management is in the process of assessing the impact of the amendment of this Update on the Company’s consolidated financial position and performance.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15—Statement</div> of Cash Flows (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">230</div>)—Classification of Certain Cash Receipts and Cash Payments</div></div> which addresses the following <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">eight</div> specific cash flow issues with the objective of reducing the existing diversity in practice: Debt prepayment or debt extinguishment costs; settlement of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">zero</div>-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of any corporate-owned life insurance policy (“COLI”) (including any bank-owned life insurance policy (“BOLI”)); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div> is effective for fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2017 </div>including interim periods within that reporting period, however early adoption is permitted. The Company is currently evaluating the provisions of this guidance and assessing its impact on its consolidated financial statements and notes disclosures.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18—Statement</div> of Cash Flows (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">230</div>)—Restricted Cash, </div></div>which addresses the requirement that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this Update apply to all entities that have restricted cash or restricted cash equivalents and are required to present a statement of cash flows under Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">230.</div> ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div> is effective for fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2017 </div>including interim periods within that reporting period; however early adoption is permitted. The Company is currently evaluating the provisions of this guidance and assessing its impact on its consolidated financial statements and notes disclosures.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2017, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">01</div> - Business Combinations (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">805</div>)</div></div> to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisition (or disposals) of assets or businesses. Under current implementation guidance, the existence of an integrated set of acquired activities (inputs and processes that generate outputs) constitutes an acquisition of business. This ASU provides a screen to determine when a set of assets and activities does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> constitute a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> a business. This update is effective for public entities with reporting periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2017, </div>including interim periods within those years. The amendments of this ASU should be applied prospectively on or after the effective date. Early adoption is permitted, including adoption in an interim period (i) for transactions for which the acquisition date occurs before the issuance date or effective date of the ASU, only when the transaction has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> been reported in financial statements that have been issued or made available for issuance and (ii) for transactions in which a subsidiary is deconsolidated or a group of assets is derecognized that occur before the issuance date or effective date of the amendments, only when the transaction has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> been reported in financial statements that have been issued or made available for issuance. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; color: #231F20"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; color: #231F20; background-color: white"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 2017, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,</div> Earnings Per Share (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">260</div>), Distinguishing Liabilities from Equity (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">480</div>) and Derivatives and Hedging (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">815</div>):</div></div> I. Accounting for Certain Financial Instruments with Down Round Features; II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Non-controlling Interests with a Scope Exception, (ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11</div>). Part I of this update addresses the complexity of accounting for certain financial instruments with down round features. Down round features are features of certain equity-linked instruments (or embedded features) that result in the strike price being reduced on the basis of the pricing of future equity offerings. Current accounting guidance creates cost and complexity for entities that issue financial instruments (such as warrants and convertible instruments) with down round features that require fair value measurement of the entire instrument or conversion option. Part II of this update addresses the difficulty of navigating Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">480,</div> Distinguishing Liabilities from Equity, because of the existence of extensive pending content in the FASB Accounting Standards Codification. This pending content is the result of the indefinite deferral of accounting requirements about mandatorily redeemable financial instruments of certain nonpublic entities and certain mandatorily redeemable non-controlling interests. The amendments in Part II of this update do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have an accounting effect. This ASU is effective for fiscal years, and interim periods within those years, beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div> </div>The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements and related disclosures.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; background-color: white"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2017, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,</div> Derivatives and Hedging (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">815</div>):</div></div> Targeted Improvements to Accounting for Hedging Activities (ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div>), which amends and simplifies existing guidance in order to allow companies to more accurately present the economic effects of risk management activities in the financial statements. <div style="display: inline; color: #231F20">This ASU is effective for fiscal years, and interim periods within those years, beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div> </div></div>The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements and related disclosures.</div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.</div> Common Stock and Additional Paid-In Capital:</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(a) Common Stock:</div></div> On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 5, 2016, </div>the Company completed a follow-on public equity offering in the United States under the Securities Act. In this respect, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,000,000</div> shares at par value <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.0001</div> were issued at a public offering price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.00</div> per share. The net proceeds of the follow-on offering were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$69,037.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div>the Company issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">598,400</div> shares, in aggregate, at par value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.0001</div> to Costamare Services pursuant to the Services Agreement (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div>). During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the Company issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">598,400</div> shares in aggregate at par value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.0001</div> to Costamare Services pursuant to the Services Agreement (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div>). The fair value of such shares was calculated based on the closing trading price at the date of issuance. There were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> share-based payment awards outstanding during the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 6, 2016, </div>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 Company common stock. Participation in the Plan is optional, and shareholders who decide <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to participate in the Plan will continue to receive cash dividends, as declared and paid in the usual manner. During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div>the Company issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,428,081</div> shares in aggregate at par value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.0001</div> to its common stockholders, at an average price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8.043837</div> per share. During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the Company issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,682,704</div> shares at par value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.0001</div> to its common stockholders, at an average price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.194</div> per share.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 31, 2017, </div>the Company completed a follow-on public equity offering in the United States under the Securities Act. In this respect <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,500,000</div> shares at par value <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.0001</div> were issued at a public offering price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7.10</div> per share, increasing the issued share capital to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">105,840,848</div> shares. The net proceeds of the follow-on offering were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$91,675.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">As at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the aggregate issued share capital was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">108,205,985</div> common shares.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(b) Additional Paid-in Capital:</div></div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2010 </div>and the offerings in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2012, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2012, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2013, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2014, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2015, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2017 </div>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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div>) and (iv) the difference between the par value of the shares issued under the Plan.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(c) Dividends declared and / or paid</div></div>: During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div>the Company declared and paid to its common stockholders (i) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$21,866</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.29</div> per common share for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">fourth</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> (ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$21,908</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.29</div> per common share for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> (iii) paid <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7,570</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.29</div> per share and issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,610,248</div> shares pursuant to the plan for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">second</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and (iv) paid <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,595</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.10</div> per share and issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">817,833</div> shares pursuant to the plan for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016.</div> During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the Company declared and paid to its common stockholders <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.10</div> per common share and, after accounting for shareholders participating in the Plan, the Company paid (i) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,619</div> in cash and issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,014,550</div> shares pursuant to the Plan for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">fourth</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> (ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,610</div> in cash and issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">751,817</div> shares pursuant to the Plan for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> (iii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,822</div> in cash and issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">894,989</div> shares pursuant to the Plan for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">second</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and (iv) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,641</div> in cash and issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,021,348</div> shares pursuant to the Plan for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 </div>the Company declared and paid to its holders of Series B Preferred Stock (i) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$953</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.476563</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 15, 2015 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 14, 2016, (</div>ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$953</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.476563</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 15, 2016 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 14, 2016, (</div>iii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$953</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.476563</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 15, 2016 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 14, 2016 </div>and (iv) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$953</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.476563</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 15, 2016 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 14, 2016. </div>During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the Company declared and paid to its holders of Series B Preferred Stock (i) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$953</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.476563</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 15, 2016 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 14, 2017, (</div>ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$953</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.476563</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 15, 2017 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 14, 2017, (</div>iii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$953</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.476563</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 15, 2017 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 14, 2017 </div>and (iv) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$953</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.476563</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 15, 2017 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 14, 2017.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div>the Company declared and paid to its holders of Series C Preferred Stock (i) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,125</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.531250</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 15, 2015 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 14, 2016, (</div>ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,125</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.531250</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 15, 2016 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 14, 2016, (</div>iii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,125</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.531250</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 15, 2016 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 14, 2016 </div>and (iv) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,125</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.531250</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 15, 2016 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 14, 2016. </div>During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the Company declared and paid to its holders of Series C Preferred Stock (i) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,125</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.531250</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 15, 2016 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 14, 2017, (</div>ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,125</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.531250</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 15, 2017 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 14, 2017, (</div>iii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,125</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.531250</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 15, 2017 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 14, 2017 </div>and (iv) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,125</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.531250</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 15, 2017 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 14, 2017.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div>the Company declared and paid to its holders of Series D Preferred Stock (i) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,188</div> or <div style="display: inline; 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font-style: normal;">$0.546875</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 15, 2016 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 14, 2016 </div>and (iv) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,188</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.546875</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 15, 2016 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 14, 2016. </div>During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the Company declared and paid to its holders of Series D Preferred Stock (i) <div style="display: inline; 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font-style: normal;">$2,188</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.546875</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 15, 2017 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 14, 2017 </div>and (iv) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,188</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.546875</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 15, 2017 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 14, 2017.</div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21.</div> Subsequent Events:</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(a)</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Entering into a Charter Brokerage Agreement with a Related Party: </div></div>On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018, </div>Costamare Shipping appointed, on behalf of the vessels it manages, Blue Net Chartering GmbH & Co. KG (“Blue Net”), a company owned <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div> (indirectly) by the Company’s Chairman and Chief Executive Officer, to provide charter brokerage services to all vessels under its management (including vessels owned by the Company). Blue Net provides exclusive charter brokerage services to containership owners.</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(b)</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Declaration and Payment of Dividends (common stock): </div></div>On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">January 2, 2018</div>, </div>the Company declared a dividend for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">fourth</div> quarter ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.10</div> per share on its common stock, which was paid on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">February 6, 2018</div>, </div>to stockholders of record as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">January 23, 2018</div>.</div></td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div><div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"></div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(c)</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Declaration and Payment of Dividends (preferred stock Series B, Series C and Series D):</div></div> On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">January 2, 2018</div></div></div>, </div>the Company declared a dividend of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.476563</div> per share on its Series B Preferred Stock, a dividend of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.531250</div> per share on its Series C Preferred Stock and a dividend of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.546875</div> per share on its Series D Preferred Stock, which were all paid on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">January 16, 2018</div></div></div> </div>to holders of record as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">January 12, 2018</div></div></div>.</div></td> </tr> </table> <div style=" margin-top: 0; margin-bottom: 0"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(d)</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Issuance of Preferred Stock:</div></div> On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 30, 2018, </div>the Company completed a public offering of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,600,000</div> shares of its <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.875%</div> Series E Cumulative Redeemable Perpetual Preferred Stock (the “Series E Preferred Stock”), par value <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.0001,</div> at a public offering price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$25.00</div> per share. The net proceeds of the follow-on offering were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$111,224.</div></td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"></div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(e)</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Issuance of Common Stock:</div></div> On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 6, 2018, </div>pursuant to the Plan, the Company issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">988,841</div> shares at par value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.0001</div> to its common stockholders, at a price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.3084</div> per share.</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"></div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(f)</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Term loan supplemental agreement:</div></div> On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 16, 2018, </div>Mas Shipping Co., entered into a supplemental agreement with the bank pursuant to which Mas Shipping Co. repaid <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,000</div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2018 </div>and the bank agreed to extend the maturity of the loan (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.2.1</div>) until <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2019 </div>payable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">four</div> equal quarterly instalments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,000,</div> and a balloon payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8,125</div> payable together with the last instalment.</td> </tr> </table></div>
8935000
16435000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt">(b) Use of Estimates:</div></div> 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.</div></div></div></div></div></div></div></div>
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