<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: 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-weight: bold;"><div style="display: inline; font-style: italic;">(a) Accrued Charter Revenue, Current and Non-Current:</div></div> <div style="display: inline; font-family: Times New Roman, Times, Serif">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, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </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> <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> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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>), comprised of <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. As at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>the net accrued charter revenue, totaling to (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$12,868</div>) (discussed in (b) below) is included in Unearned revenue in current and non-current liabilities in the accompanying consolidated balance sheet as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018. </div>The maturities of the net accrued charter revenue as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31 </div>of each year presented below are as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="white-space: nowrap; text-align: justify; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">Year ending December 31, </div></div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 10%; background-color: White"> </td> <td style="width: 30%; text-align: justify">2018</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,861</div></td> <td style="width: 1%; text-align: left">)</td> <td style="width: 45%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify">2019</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6,821</div></td> <td style="text-align: left">)</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">2020</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,186</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 2.25pt"> <div style="display: inline; font-weight: bold;">Total</div></td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(12,868</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">)</td> <td style="background-color: White"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(b) Unearned Revenue, Current and Non-Current:</div></div> <div style="display: inline; font-family: Times New Roman, Times, Serif">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, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </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>) and (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$298</div>), respectively, which is included in Amortization of prepaid lease rentals, net in the accompanying statements of income. </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2018</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 10%; background-color: White"> </td> <td style="width: 40%; text-align: justify">Hires collected in advance</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,589</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,676</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 20%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify">Deferred gain, net</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,158</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,860</div></td> <td style="text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">Charter revenue resulting from varying charter rates</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; 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; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,868</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify">Total</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td> <td style="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-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,404</div></td> <td style="font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Less current portion</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(15,310</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(13,687</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Non-current portion</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; 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-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,717</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> </table> </div></div>
-16435000
-12868000
185000
0
452564000
3911000
3358000
323000
298000
8752000
4339000
4320000
4041000
-31000
-31000
2500000
13074
598400
12690
126000
227000
Approximately $0.4 billion
879000
850000
3326000
2920000
33753000
34419000
342658000
325330000
316307
315065
1537182
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the six-month period ended June 30,</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">Reconciliation of cash, cash equivalents and restricted cash</td> <td> </td> <td colspan="3" style="white-space: nowrap; text-align: right"> </td> <td> </td> <td colspan="3" style="white-space: nowrap; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Cash and cash equivalents</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">195,023</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">124,392</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Restricted cash – current portion</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,462</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,199</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Restricted cash – non-current portion</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">36,480</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,256</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.25pt">Total cash, cash equivalents and restricted cash</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">237,965</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">159,847</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> </tr> </table></div>
0.0075
787400
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: 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">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: 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 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: 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">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.</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">As at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </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>
170000
0
17625000
1
9388000
9326000
1000000
6000000
3835000
4918000
4000000
4000000
4477000
11168000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: 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">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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Dry-docking</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">and Special</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Survey Costs</div></div></td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 5%; background-color: White"> </td> <td style="width: 30%; font-weight: bold; text-align: left; padding-bottom: 1pt">Balance, January 1, 2018</td> <td style="width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; 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="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="width: 50%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: left">Additions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,168</div></td> <td style="text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="text-align: left; padding-bottom: 1pt">Amortization</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,358</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: left; padding-bottom: 2.25pt">Balance, June 30, 2018</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23,239</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> </table> </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">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </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;">11</div></div> vessels underwent and completed their special surveys. During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 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;">three</div></div> vessels underwent and completed their special survey. <div style="display: inline; font-family: Times New Roman, Times, Serif">The amortization of the dry-docking and special survey costs is separately reflected in the accompanying consolidated statements of income.</div></div></div>
2063000
1296000
2624000
4940000
6797000
7564000
0
0
1802000
11168000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2018</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 20%; background-color: White"> </td> <td style="width: 40%; text-align: justify">Non-current assets</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; 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%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,139,292</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">Current assets</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">62,170</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">74,873</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">Total assets</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; 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; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,214,165</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">Current liabilities</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; 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; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">58,578</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="background-color: White"> </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; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 20%; background-color: White"> </td> <td style="width: 40%; text-align: justify; padding-bottom: 1pt">Voyage revenue</td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">55,065</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">76,113</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="width: 10%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Net income</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,721</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,865</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> </table></div>
P10Y
2127000
2078000
1644
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2018</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 10%; background-color: White"> </td> <td style="width: 40%; text-align: justify">Capital lease obligation – current</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">33,753</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,419</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 20%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify">Less: current portion of financing costs</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(879</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(850</div></td> <td style="text-align: left">)</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="text-align: justify">Capital lease obligation – non-current</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">342,658</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">325,330</div></td> <td style="text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">Less: non-current portion of financing costs</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; 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; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,920</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Total</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; 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-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">355,979</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="white-space: nowrap; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Year ending December 31,</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 10%; background-color: White"> </td> <td style="width: 55%; text-align: justify">2018</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24,989</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 20%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify">2019</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,798</div></td> <td style="text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="text-align: justify">2020</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,895</div></td> <td style="text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify">2021</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,798</div></td> <td style="text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="text-align: justify">2022</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,798</div></td> <td style="text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">2023 and thereafter</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">203,541</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Total</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">427,819</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">Less: Amount of interest (<div style="display: inline; font-style: italic;">MSC Azov</div>, <div style="display: inline; font-style: italic;">MSC Ajaccio</div>, <div style="display: inline; font-style: italic;">MSC Amalfi</div>, <div style="display: inline; font-style: italic;">Leonidio </div>and <div style="display: inline; font-style: italic;">Kyparissia</div>)</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(68,070</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Total lease payments</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">359,749</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Less: Financing costs, net</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,770</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Total lease payments, net</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">355,979</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> </table></div>
415665000
408840000
111224000
91675000
111224000
-2379000
-2732000
0
-897000
41000
-3638000
-861000
-3638000
-861000
3328000
3377000
0.012
5599000
3567000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="white-space: nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 10%; background-color: White"> </td> <td style="width: 40%; text-align: justify">Interest expense</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27,685</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26,956</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 20%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify">Interest capitalized</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(101</div></td> <td style="text-align: left">)</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="text-align: justify">Swap effect</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,459</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,000</div></td> <td style="text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify">Amortization and write-off of financing costs</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,068</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,296</div></td> <td style="text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">Bank charges and other financing costs</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">126</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">227</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Total</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35,338</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">29,378</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The interest and finance costs in the accompanying consolidated statements of income are as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="white-space: nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 10%; background-color: White"> </td> <td style="width: 40%; text-align: justify">Interest expense</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27,685</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26,956</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 20%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify">Interest capitalized</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(101</div></td> <td style="text-align: left">)</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="text-align: justify">Swap effect</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,459</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,000</div></td> <td style="text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify">Amortization and write-off of financing costs</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,068</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,296</div></td> <td style="text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">Bank charges and other financing costs</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">126</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">227</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Total</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35,338</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">29,378</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> </table> </div></div>
0.02
0.03
0.05
0.03
-312000
-312000
207516000
138875000
956
478
0.0075
9387000
9551000
9387000
9551000
5000
0
18
78
5
3
53
54
2
2
2
11
3
5
5
44
7
22
14
14
11
3
1250000
1250000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: 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">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: 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> <!-- Field: /Page --> <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> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>the Company recorded <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$379</div> in relation to their fair value unwinding (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$348</div> for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017), </div>which is included in “Interest income” in the consolidated statement of income. 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;"> June 30, 2018, </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;"> June 30, 2018, </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;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div></div> impairment should be recorded.</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 Zim equity securities are carried at cost less impairment. <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;"> June 30, 2018, </div>the Company has qualitatively assessed for 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;">no</div> impairment should be recorded.</div></div>
0.25
0.75
0.25
0.49
54523000
66253000
0.555
0.7
0.3
0.5
-390000
-390000
4600000
111614000
111614000
8752000
8752000
60422000
51670000
47331000
42918000
38579000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, <br /> 2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, <br /> 2018</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 10%; background-color: White"> </td> <td style="width: 40%; text-align: justify">Prepaid lease rentals</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60,422</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51,670</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 20%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">Less: Amortization of prepaid lease rentals</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,752</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,339</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify">Prepaid lease rentals</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td> <td style="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-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">47,331</div></td> <td style="font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">Less: current portion</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,752</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,752</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Non-current portion</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; 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-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">38,579</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> </table></div>
9942000
6454000
-1625000
-314000
P1Y
P10Y
P7Y
P7Y
P7Y
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Dry-docking</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">and Special</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Survey Costs</div></div></td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 5%; background-color: White"> </td> <td style="width: 30%; font-weight: bold; text-align: left; padding-bottom: 1pt">Balance, January 1, 2018</td> <td style="width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; 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="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="width: 50%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: left">Additions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,168</div></td> <td style="text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="text-align: left; padding-bottom: 1pt">Amortization</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,358</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: left; padding-bottom: 2.25pt">Balance, June 30, 2018</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23,239</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </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; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">December 31,</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">2017</div></div></td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Quoted Prices in</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Active Markets for</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Identical Assets</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">(Level 1)</div></div></td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Significant</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Other</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Observable</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Inputs</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">(Level 2)</div></div></td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Unobservable</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Inputs</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">(Level 3)</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Recurring measurements:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 48%; text-align: justify">Forward contracts-asset position</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">112</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">112</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Interest rate swaps-asset position</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,754</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,754</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Interest rate swaps-liability position</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; 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; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; 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; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; 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; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; 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; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Total</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; 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-weight: bold; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; 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-weight: bold; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</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></td> <td style="border-bottom: Black 2.25pt double; 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; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">June 30,</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">2018</div></div></td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Quoted Prices in</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Active Markets for</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Identical Assets</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">(Level 1)</div></div></td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Significant</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Other</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Observable</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Inputs</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">(Level 2)</div></div></td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Unobservable</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Inputs</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">(Level 3)</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Recurring measurements:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 48%; text-align: justify">Interest rate swaps-asset position</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,712</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,712</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Forward contracts -liability position</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(182</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; 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; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(182</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; 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; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Total</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,530</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,530</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</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></td> <td style="border-bottom: Black 2.25pt double; 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; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td colspan="19" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">The Effect of Derivative Instruments for the six-month period ended June 30, 2017 and 2018</td> </tr> <tr style="vertical-align: bottom"> <td colspan="19" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Derivatives in ASC 815 Cash Flow Hedging Relationships</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="7" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Amount of Gain / (Loss) <br /> Recognized in Accumulated OCI on</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Derivative</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">(Effective Portion)</div></div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Location of Gain / (Loss) <br /> Recognized in Income on <br /> Derivative (Ineffective <br /> Portion)</td> <td style="padding-bottom: 1pt"> </td> <td colspan="7" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Amount of Gain / (Loss)</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Recognized in Income on</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Derivative</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">(Ineffective Portion)</div></div></td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="padding-bottom: 1pt"> </td> <td style="white-space: nowrap; text-align: justify; border-bottom: Black 1pt solid"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; text-align: justify">Interest rate swaps</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 8%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,364</div></td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 8%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,646</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 20%; text-align: left; white-space: nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Loss on derivative instruments, net</div></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 8%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 8%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Reclassification to Interest and finance costs</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,459</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; 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-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; 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-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.25pt; padding-left: 10pt">Total</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,095</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,646</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="text-align: justify; padding-bottom: 2.25pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; 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-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; 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-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; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td colspan="11" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Derivatives Not Designated as Hedging Instruments</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">and ineffectiveness of Hedging Instruments under ASC 815</div></div></td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Location of Gain / (Loss)</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Recognized in Income on Derivative</div></div></td> <td style="padding-bottom: 1pt"> </td> <td colspan="7" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Amount of Gain / (Loss)</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Recognized in Income</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">on Derivative</div></div></td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td style="white-space: nowrap; text-align: justify; border-bottom: Black 1pt solid"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 49%; text-align: left">Non hedging interest rate swaps</td> <td style="width: 1%"> </td> <td style="width: 20%; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Loss on derivative instruments, net</div></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(897</div></td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">41</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Forward contracts</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Loss on derivative instruments, net</div></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">501</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(294</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.25pt">Total</td> <td style="padding-bottom: 2.25pt"> </td> <td style="text-align: justify; padding-bottom: 2.25pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(396</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(253</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">)</td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Financing costs</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 5%; background-color: White"> </td> <td style="width: 30%; font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, January 1, 2018</td> <td style="width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; 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="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="width: 50%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify">Additions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,063</div></td> <td style="text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">Amortization and write-off</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,296</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, June 30, 2018</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,564</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Less: Current portion of financing costs</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,624</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Financing costs, non-current portion</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,940</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </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; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Year ending December 31,</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; text-align: justify">2018</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">156,126</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 50%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2019</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">235,985</div></td> <td style="text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2020</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">168,986</div></td> <td style="text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2021</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">127,771</div></td> <td style="text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2022</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">95,039</div></td> <td style="text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">2023 and thereafter</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">73,946</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.25pt"> <div style="display: inline; font-weight: bold;">Total</div></td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">857,853</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </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; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="white-space: nowrap; text-align: justify; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">Year ending December 31, </div></div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 10%; background-color: White"> </td> <td style="width: 30%; text-align: justify">2018</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,861</div></td> <td style="width: 1%; text-align: left">)</td> <td style="width: 45%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify">2019</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6,821</div></td> <td style="text-align: left">)</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">2020</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,186</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 2.25pt"> <div style="display: inline; font-weight: bold;">Total</div></td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(12,868</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">)</td> <td style="background-color: White"> </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; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Vessel Cost</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Accumulated</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Depreciation</div></div></td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Net Book</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Value</div></div></td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 5%; background-color: White"> </td> <td style="width: 45%; font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, January 1, 2018</td> <td style="width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,595,768</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; 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="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> <td style="width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; 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="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="width: 5%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify">Depreciation</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(39,107</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(39,107</div></td> <td style="text-align: left">)</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">Vessel acquisitions, advances and other vessels’ costs</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">66,253</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; 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; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">66,253</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Balance, June 30, 2018</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,662,021</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,055,366</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,606,655</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> </table></div>
6459000
1000000
1234000
0
1234000
0.8
1.3
P6Y180D
2176000
3592000
1300
4957
7471
2556
4957
4957
4957
0.04
1186000
6821000
7315000
7315000
0
Ensenada
Padma
Petalidi
Elafonisos
Arkadia
Monemvasia
Cape Akritas
Cape Tainaro
Cape Artemisio
Cape Kortia
Cape Sounio
Triton
Titan
Talos
Taurus
Theseus
Polar Argentina
Polar Brasil
1579509000
1606655000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.</div> Vessels and advances, net:</div></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 amounts in the accompanying consolidated balance sheets are as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Vessel Cost</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Accumulated</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Depreciation</div></div></td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Net Book</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Value</div></div></td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 5%; background-color: White"> </td> <td style="width: 45%; font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, January 1, 2018</td> <td style="width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,595,768</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; 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="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> <td style="width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; 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="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="width: 5%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify">Depreciation</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(39,107</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(39,107</div></td> <td style="text-align: left">)</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">Vessel acquisitions, advances and other vessels’ costs</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">66,253</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; 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; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">66,253</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Balance, June 30, 2018</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,662,021</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,055,366</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,606,655</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> </table> </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">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>the Company acquired <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2008</div>-built <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,300</div> TEU secondhand containerships, <div style="display: inline; font-style: italic;">Michigan </div>and <div style="display: inline; font-style: italic;">Trader</div>.</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">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2018, </div>the Company ordered from a shipyard <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> newbuild vessels, each of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,690</div> TEU capacity. The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> newbuild vessels are expected to be delivered between 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;">2020</div> and 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;">2021,</div> and upon delivery, they will commence a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ten</div>-year time charter with their charterers.</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">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2018, </div>the Company agreed to purchase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2013</div>-built, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,957</div> TEU containerships, the <div style="display: inline; font-style: italic;">Megalopolis</div> and the <div style="display: inline; font-style: italic;">Marathopolis</div>, respectively. Both vessels delivered in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 2018 (</div>Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21</div> (c)) and upon their delivery, they commenced their charters.</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">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;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,957</div></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: 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">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: 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> <!-- Field: /Page --> <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> <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">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017, </div>the Company sold for scrap the container vessel <div style="display: inline; font-style: italic;">Marina</div> at a price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,670,</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>) and recognized a loss of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,638</div> in aggregate, which is separately reflected in 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</div></div>, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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> was recorded in the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017. </div>During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018 </div>the Company sold for scrap the vessel <div style="display: inline; font-style: italic;">Itea </div>and recognized a loss of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$861,</div> <div style="display: inline; font-family: Times New Roman, Times, Serif">which is separately reflected in Loss on sale / disposal of vessels, net in the accompanying consolidated statement of income for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018.</div></div></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">Forty-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">four</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;">$1,537,182</div> as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>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> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> unencumbered vessels.</div></div>
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false
--12-31
Q2
2018
2018-06-30
6-K
0001503584
Yes
Accelerated Filer
Costamare Inc.
No
No
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(a) Time charters:</div></div> <div style="display: inline; font-family: Times New Roman, Times, Serif">As at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>the Company has entered into time charter arrangements for all of its vessels in operation, with international liner operators. These arrangements as at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>have remaining terms of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">78</div> months. After <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </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> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Year ending December 31,</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; text-align: justify">2018</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">156,126</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 50%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2019</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">235,985</div></td> <td style="text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2020</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">168,986</div></td> <td style="text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2021</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">127,771</div></td> <td style="text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2022</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">95,039</div></td> <td style="text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">2023 and thereafter</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">73,946</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.25pt"> <div style="display: inline; font-weight: bold;">Total</div></td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">857,853</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> </table> </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> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(b) Capital Commitments: </div></div>Capital commitments of the Company as at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.4</div> billion</div>, consisting by (i) the remaining construction cost of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> newbuild vessels (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6</div>) payable in installments until their delivery from the shipyard and (ii) the remaining acquisition cost of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">second</div> hand vessels (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6</div>) payable upon their delivery.</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> <!-- Field: Page; Sequence: 20 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></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;">(c) </div></div></div><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">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;"> June 30, 2018, </div>Costamare has guaranteed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$79,750</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;">$80,075</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;">$41,100</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 whose benefit the 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: 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-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: 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 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: 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 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>
0.10
0.10
1014550
751817
988841
885324
0.0001
0.0001
0.0001
0.0001
0.0001
0.0001
0.0001
0.0001
0.0001
0.0001
110379350
105840848
11000
11000
51189000
41139000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: 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">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017, </div>Other comprehensive income increased with net gains of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,126</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;">$1,364</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;">$6,459</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;">$31</div>).</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">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>Other comprehensive income increased with net gains of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7,672</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;">$6,646</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;">$1,000</div>), (ii) the Net settlements on interest rate swaps qualifying for cash flow hedge (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5</div>) and (iii) 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;">$31</div>).</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">As at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> Comprehensive income amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$51,189</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$41,139,</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 Income / (Loss) to earnings in respect of the net settlements on interest rate swaps amounts to $<div style="display: inline; font-family: Times New Roman, Times, Serif"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,921</div></div>.</div></div>
0.29
0.28
0.29
0.28
0.16
0.11
0.2
0.23
0.94
0.9
73946000
95039000
156126000
235985000
127771000
168986000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: 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">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: 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">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>, 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: 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">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: 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 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: 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 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,269</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,825,</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, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>accumulated depreciation amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$36,899</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$43,724,</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, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>the net book value of the vessels amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$415,665</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$408,840,</div> respectively, and is separately reflected as Capital leased assets, in the accompanying consolidated balance sheets.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <!-- Field: Page; Sequence: 18 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The balance of prepaid lease rentals, as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>is as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, <br /> 2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, <br /> 2018</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 10%; background-color: White"> </td> <td style="width: 40%; text-align: justify">Prepaid lease rentals</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60,422</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51,670</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 20%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">Less: Amortization of prepaid lease rentals</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,752</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,339</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify">Prepaid lease rentals</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td> <td style="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-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">47,331</div></td> <td style="font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">Less: current portion</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,752</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,752</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Non-current portion</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; 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-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">38,579</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> </table> </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> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The capital lease obligations amounting to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$359,749</div> as at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018 </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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$10,538</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$11,311,</div> respectively, and are included in Interest and finance costs in the accompanying consolidated statements of income. Finance lease obligations of <div style="display: inline; font-style: italic;">MSC Athos</div> and <div style="display: inline; font-style: italic;">MSC Athens</div> bear interest at LIBOR plus a spread, which is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> included in the annual lease payments table below.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The annual lease payments under the capital leases after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>are in the aggregate as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="white-space: nowrap; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Year ending December 31,</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 10%; background-color: White"> </td> <td style="width: 55%; text-align: justify">2018</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24,989</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 20%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify">2019</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,798</div></td> <td style="text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="text-align: justify">2020</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,895</div></td> <td style="text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify">2021</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,798</div></td> <td style="text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="text-align: justify">2022</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,798</div></td> <td style="text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">2023 and thereafter</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">203,541</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Total</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">427,819</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">Less: Amount of interest (<div style="display: inline; font-style: italic;">MSC Azov</div>, <div style="display: inline; font-style: italic;">MSC Ajaccio</div>, <div style="display: inline; font-style: italic;">MSC Amalfi</div>, <div style="display: inline; font-style: italic;">Leonidio </div>and <div style="display: inline; font-style: italic;">Kyparissia</div>)</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(68,070</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Total lease payments</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">359,749</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Less: Financing costs, net</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,770</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Total lease payments, net</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">355,979</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> </table> </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 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, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>consolidated balance sheet as follows:</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> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2018</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 10%; background-color: White"> </td> <td style="width: 40%; text-align: justify">Capital lease obligation – current</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">33,753</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,419</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 20%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify">Less: current portion of financing costs</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(879</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(850</div></td> <td style="text-align: left">)</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="text-align: justify">Capital lease obligation – non-current</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">342,658</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">325,330</div></td> <td style="text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">Less: non-current portion of financing costs</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; 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; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,920</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Total</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; 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-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">355,979</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> </table> </div></div>
11125000
66000000
37000000
14700000
7875000
101864000
53479000
49114000
50478000
32267000
30333000
116500000
81000000
37500000
22880000
16275000
213677000
299837000
0
13125000
42000000
25725000
22575000
162983000
155343000
105050000
99592000
37697000
32267000
32500000
93000000
24480000
17175000
0
553735000
722067000
853572000
722067000
75000000
150000000
75000000
120000000
38500000
42000000
21000000
7470000
7470000
229200000
152800000
120000000
39000000
150000000
75000000
90000000
90000000
17625000
233000000
48000000
0.023
0.0598
0.0366
0.0594
800000
450000
1000000
5000000
1050000
525000
1273400
1273400
1364300
1364300
2715000
1083300
3125000
8125000
12000000
8400000
4200000
40744800
40744800
38199600
38199600
26837000
17333300
43500000
11680000
8625000
86353000
15429000
23239000
1198000
1774000
2592000
3684000
3770000
16620000
5589000
4676000
4158000
3860000
12868000
26367000
21404000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2018</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 10%; background-color: White"> </td> <td style="width: 40%; text-align: justify">Hires collected in advance</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,589</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,676</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 20%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify">Deferred gain, net</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,158</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,860</div></td> <td style="text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">Charter revenue resulting from varying charter rates</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; 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; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,868</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify">Total</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td> <td style="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-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,404</div></td> <td style="font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Less current portion</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(15,310</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(13,687</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Non-current portion</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; 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-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,717</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> </table></div>
15310000
13687000
11057000
7717000
39107000
48515000
45963000
112000
2921000
1051000
9712000
1.206
1.1682
1163000
0
1163000
0
9530000
0
9530000
0
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: 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-weight: bold;"><div style="display: inline; font-style: italic;">(a) Interest rate swaps that meet the criteria for hedge accounting:</div></div> <div style="display: inline; font-family: Times New Roman, Times, Serif">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> <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">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: 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> <!-- Field: Page; Sequence: 23 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </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;">$656,096</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$328,440,</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, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018 </div>amounted to a net asset of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,031</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9,585,</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;"> April 2020 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2023.</div></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">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>the Company terminated <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> interest rate derivative instruments and paid the counterparties breakage costs of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,234</div> in aggregate and is separately reflected in Swap breakage costs in the accompanying consolidated statement of income for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018.</div></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 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 Income / (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;">$2,921.</div></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-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, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </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;">$89,752</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$84,705,</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, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018 </div>was a liability of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$980</div> and a net asset of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$128,</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: 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-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;"> June 30, 2018, </div>the Company was engaged in <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;">three</div></div> Euro/U.S. dollar forward agreements totaling <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,000</div> at an average forward rate of Euro/U.S. dollar <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.206</div> expiring in monthly intervals up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2018.</div></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">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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -11pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The total change of forward contracts fair value for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>was a loss of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$294</div> (gain of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$501</div> for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017) </div>and is included in Loss on derivative instruments, net in the accompanying consolidated statements of income.</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> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td colspan="19" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">The Effect of Derivative Instruments for the six-month period ended June 30, 2017 and 2018</td> </tr> <tr style="vertical-align: bottom"> <td colspan="19" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Derivatives in ASC 815 Cash Flow Hedging Relationships</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="7" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Amount of Gain / (Loss) <br /> Recognized in Accumulated OCI on</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Derivative</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">(Effective Portion)</div></div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Location of Gain / (Loss) <br /> Recognized in Income on <br /> Derivative (Ineffective <br /> Portion)</td> <td style="padding-bottom: 1pt"> </td> <td colspan="7" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Amount of Gain / (Loss)</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Recognized in Income on</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Derivative</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">(Ineffective Portion)</div></div></td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="padding-bottom: 1pt"> </td> <td style="white-space: nowrap; text-align: justify; border-bottom: Black 1pt solid"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; text-align: justify">Interest rate swaps</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 8%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,364</div></td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 8%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,646</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 20%; text-align: left; white-space: nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Loss on derivative instruments, net</div></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 8%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 8%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Reclassification to Interest and finance costs</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,459</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; 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-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; 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-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.25pt; padding-left: 10pt">Total</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,095</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,646</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="text-align: justify; padding-bottom: 2.25pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; 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-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; 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-weight: bold; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <!-- Field: Page; Sequence: 24 --> <!-- Field: /Page --> <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> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td colspan="11" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Derivatives Not Designated as Hedging Instruments</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">and ineffectiveness of Hedging Instruments under ASC 815</div></div></td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Location of Gain / (Loss)</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Recognized in Income on Derivative</div></div></td> <td style="padding-bottom: 1pt"> </td> <td colspan="7" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Amount of Gain / (Loss)</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Recognized in Income</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">on Derivative</div></div></td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td style="white-space: nowrap; text-align: justify; border-bottom: Black 1pt solid"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 49%; text-align: left">Non hedging interest rate swaps</td> <td style="width: 1%"> </td> <td style="width: 20%; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Loss on derivative instruments, net</div></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(897</div></td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">41</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Forward contracts</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Loss on derivative instruments, net</div></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">501</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(294</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.25pt">Total</td> <td style="padding-bottom: 2.25pt"> </td> <td style="text-align: justify; padding-bottom: 2.25pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(396</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(253</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">)</td> </tr> </table> </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 realized loss on non-hedging interest rate swaps included in “</div>Loss on derivative instruments, net<div style="display: inline; font-family: Times New Roman, Times, Serif">” amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,625</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$314</div> for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> respectively.</div></div></div>
0
0
0
0
3307000
182000
656096000
328440000
89752000
84705000
2018-08-08
2018-07-16
2018-07-16
2018-07-16
2018-07-16
18202000
18202000
21754000
21754000
3619000
3610000
4583000
4833000
0.10
0.476563
0.53125
0.546875
0.554688
2018-07-02
2018-07-02
2018-07-02
2018-07-02
2018-07-02
2018-07-23
2018-07-13
2018-07-13
2018-07-13
2018-07-13
10473000
14782000
953000
953000
953000
953000
2125000
2125000
2125000
2125000
2188000
2188000
2188000
2188000
2126000
10532000
10532000
12658000
12658000
5273000
2506000
5273000
2506000
203000
155000
0
0
203000
155000
0.38
0.17
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: 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">All common shares issued are Costamare common stock and have equal rights to vote and participate in dividends. Profit or loss attributable to common equity holders is adjusted by the contractual amount of dividends on Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series E Preferred Stock that should be paid for the period. Dividends paid or accrued on Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series E Preferred Stock during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$10,473</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$14,782,</div> respectively.</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> <!-- Field: Page; Sequence: 22 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="white-space: nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Basic EPS</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Basic EPS</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 10%; background-color: White"> </td> <td style="width: 40%; text-align: justify">Net income</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">46,063</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">33,467</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 20%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">Less: paid and accrued earnings allocated to Preferred Stock</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(10,473</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(14,782</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">Net income available to common stockholders</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35,590</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,685</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">Weighted average number of common shares, basic and diluted</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">93,851,789</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">109,340,800</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 2.25pt">Earnings per common share, basic and diluted</td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</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;">0.38</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</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;">0.17</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="background-color: White"> </td> </tr> </table> </div></div>
0.5
0
60000
0
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
1131619000
1214165000
62170000
74873000
55455000
58578000
2721000
12865000
1069449000
1139292000
55065000
76113000
161897000
172388000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: 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 companies accounted for as equity method investments, all of which are incorporated in the Marshall Islands, are as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td rowspan="2" style="border-bottom: black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;">Entity</div></td> <td colspan="2" rowspan="2" style="border-bottom: black 1pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Vessel/Hull</div></div></td> <td style="text-align: center"> </td> <td rowspan="2" style="border-bottom: black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;">Participation % June 30, 2018</div></td> <td style="text-align: center"> </td> <td rowspan="2" style="border-bottom: black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;">Date Established /Acquired</div></td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="width: 25%; text-align: justify">Steadman Maritime Co.</td> <td style="width: 3%; text-align: justify"> </td> <td style="width: 23%; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic;">Ensenada</div></div></td> <td style="width: 3%; text-align: center"> </td> <td style="width: 23%; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="width: 3%; text-align: justify"> </td> <td style="width: 20%; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">July 1, 2013</div></td> </tr> <tr style="background-color: White"> <td style="text-align: justify">Marchant Maritime Co.</td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic;">Padma</div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">July 8, 2013</div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="text-align: justify">Horton Maritime Co.</td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic;">Petalidi</div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">June 26, 2013</div></td> </tr> <tr style="background-color: White"> <td style="text-align: justify">Smales Maritime Co.</td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic;">Elafonisos</div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">June 6, 2013</div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="text-align: justify">Geyer Maritime Co.</td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic;">Arkadia</div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">May 18, 2015</div></td> </tr> <tr style="background-color: White"> <td style="text-align: justify">Goodway Maritime Co.</td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic;">Monemvasia</div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">September 22, 2015</div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="text-align: justify">Kemp Maritime Co.</td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic;">Cape Akritas</div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">June 6, 2013</div></td> </tr> <tr style="background-color: White"> <td style="text-align: justify">Hyde Maritime Co.</td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic;">Cape Tainaro</div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">June 6, 2013</div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="text-align: justify">Skerrett Maritime Co.</td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic;">Cape Artemisio</div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">December 23, 2013</div></td> </tr> <tr style="background-color: White"> <td style="text-align: justify">Ainsley Maritime Co.</td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic;">Cape Kortia</div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25%</div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">June 25, 2013</div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="text-align: justify">Ambrose Maritime Co.</td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic;">Cape Sounio</div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25%</div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">June 25, 2013</div></td> </tr> <tr style="background-color: White"> <td style="text-align: justify">Benedict Maritime Co.</td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic;"> Triton </div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40%</div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">October 16, 2013</div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="text-align: justify">Bertrand Maritime Co.</td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic;">Titan</div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40%</div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">October 16, 2013</div></td> </tr> <tr style="background-color: White"> <td style="text-align: justify">Beardmore Maritime Co.</td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic;">Talos</div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40%</div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">December 23, 2013</div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="text-align: justify">Schofield Maritime Co.</td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic;">Taurus</div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40%</div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">December 23, 2013</div></td> </tr> <tr style="background-color: White"> <td style="text-align: justify">Fairbank Maritime Co.</td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic;">Theseus</div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40%</div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">December 23, 2013</div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="text-align: justify">Platt Maritime Co.</td> <td style="text-align: justify"> </td> <td style="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</div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">May 18, 2015</div></td> </tr> <tr style="background-color: White"> <td style="text-align: justify">Sykes Maritime Co.</td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic;">Polar Brasil</div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="text-align: justify"> </td> <td style="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: 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">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>Costamare Ventures contributed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$417</div> in aggregate to the equity of Steadman Maritime Co. and Horton 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;">$1,428</div> in aggregate to the equity of Steadman Maritime Co., Horton Maritime Co. and Marchant Maritime Co.</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">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.</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">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 Ainsley Maritime Co. and Ambrose Maritime Co. 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.</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">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, from Benedict Maritime Co., Bertrand Maritime Co., Beardmore Maritime Co., Schofield Maritime Co. and Fairbank Maritime Co., in the form of special dividend.</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">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>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)). 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.</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">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>the Company contributed, in the aggregate, the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,875</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 Platt Maritime Co. and Sykes Maritime Co.</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">For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> the Company recorded net gains of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$887</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,199,</div> respectively, on equity method investments, which are separately reflected as Equity gain on investments in the accompanying consolidated statements of income.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <!-- Field: Page; Sequence: 14 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The summarized combined financial information of the companies accounted for as equity method investment is as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2018</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 20%; background-color: White"> </td> <td style="width: 40%; text-align: justify">Non-current assets</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; 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%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,139,292</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">Current assets</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">62,170</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">74,873</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">Total assets</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; 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; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,214,165</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">Current liabilities</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; 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; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">58,578</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="background-color: White"> </td> </tr> </table> </div> <div style=" margin: 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 20%; background-color: White"> </td> <td style="width: 40%; text-align: justify; padding-bottom: 1pt">Voyage revenue</td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">55,065</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">76,113</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="width: 10%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Net income</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,721</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,865</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> </table> </div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td rowspan="2" style="border-bottom: black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;">Entity</div></td> <td colspan="2" rowspan="2" style="border-bottom: black 1pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Vessel/Hull</div></div></td> <td style="text-align: center"> </td> <td rowspan="2" style="border-bottom: black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;">Participation % June 30, 2018</div></td> <td style="text-align: center"> </td> <td rowspan="2" style="border-bottom: black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;">Date Established /Acquired</div></td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="width: 25%; text-align: justify">Steadman Maritime Co.</td> <td style="width: 3%; text-align: justify"> </td> <td style="width: 23%; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic;">Ensenada</div></div></td> <td style="width: 3%; text-align: center"> </td> <td style="width: 23%; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="width: 3%; text-align: justify"> </td> <td style="width: 20%; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">July 1, 2013</div></td> </tr> <tr style="background-color: White"> <td style="text-align: justify">Marchant Maritime Co.</td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic;">Padma</div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">July 8, 2013</div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="text-align: justify">Horton Maritime Co.</td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic;">Petalidi</div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">June 26, 2013</div></td> </tr> <tr style="background-color: White"> <td style="text-align: justify">Smales Maritime Co.</td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic;">Elafonisos</div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">June 6, 2013</div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="text-align: justify">Geyer Maritime Co.</td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic;">Arkadia</div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">May 18, 2015</div></td> </tr> <tr style="background-color: White"> <td style="text-align: justify">Goodway Maritime Co.</td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic;">Monemvasia</div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">September 22, 2015</div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="text-align: justify">Kemp Maritime Co.</td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic;">Cape Akritas</div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">June 6, 2013</div></td> </tr> <tr style="background-color: White"> <td style="text-align: justify">Hyde Maritime Co.</td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic;">Cape Tainaro</div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">June 6, 2013</div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="text-align: justify">Skerrett Maritime Co.</td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic;">Cape Artemisio</div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">December 23, 2013</div></td> </tr> <tr style="background-color: White"> <td style="text-align: justify">Ainsley Maritime Co.</td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic;">Cape Kortia</div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25%</div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">June 25, 2013</div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="text-align: justify">Ambrose Maritime Co.</td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic;">Cape Sounio</div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25%</div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">June 25, 2013</div></td> </tr> <tr style="background-color: White"> <td style="text-align: justify">Benedict Maritime Co.</td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic;"> Triton </div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40%</div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">October 16, 2013</div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="text-align: justify">Bertrand Maritime Co.</td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic;">Titan</div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40%</div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">October 16, 2013</div></td> </tr> <tr style="background-color: White"> <td style="text-align: justify">Beardmore Maritime Co.</td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic;">Talos</div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40%</div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">December 23, 2013</div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="text-align: justify">Schofield Maritime Co.</td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic;">Taurus</div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40%</div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">December 23, 2013</div></td> </tr> <tr style="background-color: White"> <td style="text-align: justify">Fairbank Maritime Co.</td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic;">Theseus</div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40%</div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">December 23, 2013</div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="text-align: justify">Platt Maritime Co.</td> <td style="text-align: justify"> </td> <td style="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</div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">May 18, 2015</div></td> </tr> <tr style="background-color: White"> <td style="text-align: justify">Sykes Maritime Co.</td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic;">Polar Brasil</div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">May 18, 2015</div></td> </tr> </table></div>
7802000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: 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-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, receives charter hire in advance 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: 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-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: 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 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, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>the fair value of these interest rate swaps in aggregate amounted to a net asset of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,051</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9,712,</div> respectively.</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 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, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>amounted to an asset of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$112</div> and a liability of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$182,</div> respectively.</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 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" margin: 0"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">December 31,</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">2017</div></div></td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Quoted Prices in</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Active Markets for</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Identical Assets</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">(Level 1)</div></div></td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Significant</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Other</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Observable</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Inputs</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">(Level 2)</div></div></td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Unobservable</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Inputs</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">(Level 3)</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Recurring measurements:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 48%; text-align: justify">Forward contracts-asset position</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">112</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">112</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Interest rate swaps-asset position</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,754</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,754</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Interest rate swaps-liability position</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; 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; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; 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; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; 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; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; 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; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Total</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; 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-weight: bold; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; 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-weight: bold; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</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></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> </tr> </table> </div> <div style=" margin: 0"></div> <div style=" margin: 0"></div> <div style=" margin: 0"></div> <!-- Field: Page; Sequence: 25 --> <!-- Field: /Page --> <div style=" margin: 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">June 30,</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">2018</div></div></td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Quoted Prices in</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Active Markets for</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Identical Assets</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">(Level 1)</div></div></td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Significant</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Other</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Observable</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Inputs</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">(Level 2)</div></div></td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Unobservable</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Inputs</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">(Level 3)</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Recurring measurements:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 48%; text-align: justify">Interest rate swaps-asset position</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,712</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,712</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Forward contracts -liability position</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(182</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; 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; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(182</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; 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; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Total</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,530</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,530</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</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></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> </tr> </table> </div></div>
112000
112000
112000
182000
182000
182000
6000000
4000000
31000
-18000
1229000
61000
501000
-294000
-294000
501000
-396000
-253000
1554000
1535000
8229000
1452000
6777000
1406000
676000
3567000
0
0
0
887000
5199000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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: 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 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>
794000
544000
695000
5746000
-1243000
-71000
-2781000
-913000
481000
-2767000
27000
-48000
436000
538000
-1055000
4000
-58000
-86000
93000
-323000
2091000
2459000
35338000
29378000
101000
96000
5000
0
101000
27685000
26956000
23606000
16544000
27923000
26933000
5754000
5754000
9712000
9712000
4703000
0
4703000
0
4358000
6791000
2031000
9585000
-980000
128000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: 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">Inventories of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9,662</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9,666</div> in the accompanying balance sheets at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>respectively, relate to bunkers, lubricants and spare parts.</div></div>
9662000
9666000
1116000
1878000
2490298000
2466673000
276708000
204307000
995051000
911409000
44000000
1000000000
79750000
80075000
41100000
850980000
718383000
206318000
137101000
9975000
199894000
313171000
121030000
77997000
644662000
581282000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: 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 amounts shown in the accompanying consolidated balance sheets consist of the following:</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> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td colspan="3"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Borrower(s)</div></div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">A.</td> <td colspan="2" style="padding-bottom: 1pt"><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-weight: bold;">Credit Facility</div></div></div></td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: Black 1pt solid">$</td> <td style="text-align: right; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">299,837</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: Black 1pt solid">$</td> <td style="text-align: right; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>B.</td> <td colspan="2"><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-weight: bold;">Term Loans:</div></div></div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 9%"> </td> <td style="width: 8%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div></td> <td style="text-align: justify; width: 59%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Mas Shipping Co.</div></td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td> <td style="text-align: right; width: 9%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,125</div></td> <td style="text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td> <td style="text-align: right; width: 9%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,125</div></td> <td style="text-align: left; width: 1%"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div></td> <td style="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> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">42,000</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">37,000</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Costamare Inc.</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,725</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,575</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.</div></td> <td style="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> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">162,983</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">155,343</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.</div></td> <td style="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> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">105,050</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">99,592</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Costamare Inc.</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">37,697</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32,267</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Uriza Shipping S.A.</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32,500</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,333</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.</div></td> <td style="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> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">93,000</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">81,000</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.</div></td> <td style="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> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24,480</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,880</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Nerida Shipping Co.</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,175</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,275</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.</div></td> <td style="text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Costamare Inc.</div></td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: Black 1pt solid"> </td> <td style="text-align: right; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: Black 1pt solid"> </td> <td style="text-align: right; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">213,677</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Total Term-loans</div></td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: Black 1pt solid"> </td> <td style="text-align: right; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">553,735</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: Black 1pt solid"> </td> <td style="text-align: right; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">722,067</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-weight: bold; text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Total long-term debt</div></td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td> <td style="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="font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">722,067</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="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="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: Black 1pt solid"> </td> <td style="text-align: right; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,592</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: Black 1pt solid"> </td> <td style="text-align: right; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,684</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="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="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: Black 1pt solid"> </td> <td style="text-align: right; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">850,980</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: Black 1pt solid"> </td> <td style="text-align: right; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">718,383</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="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> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(207,516</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(138,875</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="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="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: Black 1pt solid"> </td> <td style="text-align: right; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,198</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: Black 1pt solid"> </td> <td style="text-align: right; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,774</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Total long-term debt, non-current, net</div></td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double">$</td> <td style="text-align: right; border-bottom: Black 2.5pt double"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">644,662</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double">$</td> <td style="text-align: right; border-bottom: Black 2.5pt double"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">581,282</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> </tr> </table> </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-weight: bold;">A. Credit Facility:</div> <div style="display: inline; font-family: Times New Roman, Times, Serif">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 bore 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> <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">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.</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">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>the Company partially refinanced the outstanding loan amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$299,837</div> under the original <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2008</div> Credit Facility with a new loan facility (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.B.11</div>) and fully prepaid the loan.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <!-- Field: Page; Sequence: 15 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">B. Term Loans:</div></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"><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. </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 until <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2019. </div><div style="display: inline; font-family: Times New Roman, Times, Serif">As at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>the outstanding balance of the loan of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$11,125</div> is repayable </div>in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> equal quarterly installments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,000</div> each from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2018 </div><div style="display: inline; font-family: Times New Roman, Times, Serif">to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2019</div></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 installment<div style="display: inline; font-family: Times New Roman, Times, Serif">.</div></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-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;">$75,000</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;"> June 30, 2018, </div>the outstanding balance of the loan of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$37,000</div> is repayable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</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;"> December 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: 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"><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. Up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 25, 2012, </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;"> June 30, 2018, </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;">$14,700</div> is repayable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6</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;"> July 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;"> June 30, 2018, </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;">$7,875</div> is repayable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7</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;"> August 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. As at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div></div>Tranches A, D and E of the loan have been fully repaid<div style="display: inline; font-family: Times New Roman, Times, Serif">.</div></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-style: italic; font-weight: inherit; font-style: normal;">4.</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;"> June 30, 2018, </div>the aggregate outstanding balance of tranches (a) and (b) of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$101,864</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;">8</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;"> July 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;"> June 30, 2018, </div>the outstanding balance of the tranche (c) of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$53,479</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;">10</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;"> August 2018 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2020.</div></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-style: italic; font-weight: inherit; font-style: normal;">5.</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 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;">$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;"> June 30, 2018, </div>the outstanding balance of the tranche (a) of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$49,114</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;">8</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;"> September 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;"> June 30, 2018, </div>the outstanding balance of tranche (b) of the loan of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$50,478</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;">9</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;"> August 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: 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"><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>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;"> June 30, 2018, </div>the outstanding balance of $</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32,267</div> <div style="display: inline; font-family: Times New Roman, Times, Serif">is repayable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</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;"> September 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> <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"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.</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><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018</div><div style="display: inline; font-family: Times New Roman, Times, Serif">, the outstanding balance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$30,333</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;">$1,083.3,</div> from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 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> <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> <!-- Field: Page; Sequence: 16 --> <!-- Field: /Page --> <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-style: italic; font-weight: inherit; font-style: normal;">8.</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;">$75,000</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>. <div style="display: inline; font-size: 10pt">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> and on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 26, 2018, </div>the Company prepaid <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;"> June 30, 2018, </div>the outstanding balance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$81,000</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;">$3,125,</div> from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 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></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"><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;"> 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></div>Rena Maritime Corporation, Finch Shipping Co. and Joyner Carriers S.A. <div style="display: inline; font-family: Times New Roman, Times, Serif">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 </div>Finch Shipping Co. and Joyner Carriers S.A<div style="display: inline; font-family: Times New Roman, Times, Serif">. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>the outstanding balance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$22,880</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;">$800,</div> from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 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> <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-style: italic; font-weight: inherit; font-style: normal;">10.</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;"> June 30, 2018, </div>the outstanding balance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$16,275</div> is repayable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17</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;"> August 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: 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-style: italic; font-weight: inherit; font-style: normal;">11.</div> On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 7, 2018, </div>the Company entered into a loan agreement with a bank for an amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$233,000</div> in order to refinance the Credit Facility discussed in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.A</div> above. The facility has been drawn down in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> tranches on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 23, 2018. </div>The Company prepaid on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 29, 2018 </div>the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,477</div> due to the sale of the container vessel <div style="display: inline; font-style: italic;">Itea</div>. As at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>the outstanding balance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$213,677</div> is repayable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> variable quarterly installments, from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2018 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2021 </div>and a balloon payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$86,353</div> payable together with the last installment.</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 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: 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 annual repayments under the Term loans after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>are in the aggregate as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="white-space: nowrap; text-align: justify; border-bottom: Black 1pt solid"> <div style="display: inline; font-weight: bold;">Year ending December 31,</div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 20%; background-color: White"> </td> <td style="width: 45%; text-align: justify">2018</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">77,997</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 20%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify">2019</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">121,030</div></td> <td style="text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="text-align: justify">2020</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">313,171</div></td> <td style="text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify">2021</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">199,894</div></td> <td style="text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">2022</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; 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; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 2.25pt"> <div style="display: inline; font-weight: bold;">Total</div></td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">722,067</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> </table> </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 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, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>was in the range of <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> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.66%</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.94%,</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, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.9%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.7%,</div> respectively.</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> <!-- Field: Page; Sequence: 17 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div>) for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$23,606</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$16,544,</div> respectively, and is included in Interest and finance costs in the accompanying consolidated statements of income. Of the above amount incurred in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$101</div> was capitalized and is included in (a) Advances for vessel acquisitions (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$96</div>) and (b) the statement of comprehensive income (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5</div>), representing net settlements on interest rate swaps qualifying for cash flow hedge, in the consolidated balance sheet as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018.</div></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-weight: bold;">C. Financing Costs</div></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 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> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Financing costs</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 5%; background-color: White"> </td> <td style="width: 30%; font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, January 1, 2018</td> <td style="width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; 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="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="width: 50%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify">Additions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,063</div></td> <td style="text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">Amortization and write-off</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,296</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, June 30, 2018</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,564</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Less: Current portion of financing costs</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,624</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Financing costs, non-current portion</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,940</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> </table> </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">Financing costs represent legal fees and fees paid to the lenders for the conclusion of the Company’s financing. The amortization and write-off of loan financing costs is included in interest and finance costs in the accompanying consolidated statements of income (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16</div>).</div></div>
0.049
0.047
-20390000
-61079000
-50817000
-64921000
98609000
66962000
46063000
33467000
46063000
33467000
35590000
18685000
<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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">Adoption of new accounting standards:</div></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"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Revenue from Contracts with Customers (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div>): </div></div></div>On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018, </div>the Company adopted 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;">09,</div> "Revenue from Contracts with Customers" and the related amendments ("ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606"</div> or "the new revenue standard") using the modified retrospective method. Under the new guidance, there is a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div>-step model to apply to revenue recognition. The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div>-steps consist of: (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>) determination of whether a contract, an agreement between <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> or more parties that creates legally enforceable rights and obligations, exists; (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>) identification of the performance obligations in the contract; (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div>) determination of the transaction price; (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div>) allocation of 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>) recognition of revenue when (or as) the performance obligation is satisfied. As a result of the adoption, there was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> cumulative impact to the Company’s retained earnings at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018 </div>since the Company has chartered its vessels under time charter agreements, and in this respect, revenue is accounted for under the leases standard. The comparative information has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> been restated and continues to be reported under the accounting standards in effect for those periods.</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"><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 2018, </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;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">03,</div> Technical Corrections and improvements to Financial 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></div>which relates to technical corrections and improvements related to 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;">01</div> to increase stakeholders’ awareness of the amendments and to expedite the improvements. The amendments in this Update include items brought to the Board’s attention by stakeholders and clarify certain aspects of the guidance issued 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;">01.</div> The amendment clarifies, among others, that an entity measuring an equity security using the measurement alternative in paragraph <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">321</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>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>change its measurement approach to a fair value method in accordance with Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">820,</div> Fair Value Measurement, through an irrevocable election that would apply to that security and all identical or similar investments of the same issuer. Once an entity makes this election, the entity should measure all future purchases of identical or similar investments of the same issuer using a fair value method in accordance with Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">820.</div> In addition the amendment clarifies that when an observable transaction occurs for a similar security, the adjustments made under the measurement alternative are intended to reflect the fair value of the security as of the date that the observable transaction for a similar security took place. The adoption of this new accounting guidance did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material effect on the Company’s consolidated financial statements.</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"><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 (other than those accounted for under the equity method of accounting, those that result in consolidation of the investee or those without readily determinable fair value for which qualitative assessment does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> indicate impairment) to be measured at fair value with changes in the fair value recognized through net income. The Update simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. When a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value. 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. </div>The adoption of this new accounting guidance did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material effect on the Company’s consolidated financial statements.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <!-- Field: Page; Sequence: 7 --> <!-- Field: /Page --> <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;"> 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. In order to conform with the current period presentation, the Company presented comparatives as required by the new ASU. During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> the amounts of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$600</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$170,</div> respectively, represent proceeds </div>from settlements of insurance claims <div style="display: inline; font-family: Times New Roman, Times, Serif">regarding hull and machinery and thus have been reclassified from Cash flows from operating activities to Cash flows from investing activities. During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> the amounts of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$60</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nil,</div> respectively, represent return on investment from equity method investees and thus have been reclassified from Cash flows from investing activities to Cash flows from operating activities.</div></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"><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. </div>Starting <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018, </div>the Company presents cash, cash equivalents and restricted cash in the statement of cash flows as required by <div style="display: inline; font-family: Times New Roman, Times, Serif">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> In order to conform with the current period presentation, the Company presented comparatives as required by the new ASU. A reconciliation of the cash, cash equivalents and restricted cash is presented in the table below:</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the six-month period ended June 30,</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">Reconciliation of cash, cash equivalents and restricted cash</td> <td> </td> <td colspan="3" style="white-space: nowrap; text-align: right"> </td> <td> </td> <td colspan="3" style="white-space: nowrap; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Cash and cash equivalents</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">195,023</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">124,392</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Restricted cash – current portion</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,462</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,199</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Restricted cash – non-current portion</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">36,480</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,256</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.25pt">Total cash, cash equivalents and restricted cash</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">237,965</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">159,847</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> </tr> </table> </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"><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. </div>The adoption of this new accounting guidance did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material effect on the Company’s consolidated financial statements.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></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> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <!-- Field: Page; Sequence: 8 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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;"> March 2018, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">04</div></div></div> to supersede SEC paragraphs in ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">320,</div> Investments – Debt Securities, as a result of the issuance of SEC Staff Accounting Bulletin (SAB) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">117.</div> The adoption of this amendment (which follows the adoption of 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;">01</div>) did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material effect on the Company’s consolidated financial statements.</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-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: 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"><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 </div>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 addition, <div style="display: inline; font-style: italic;">in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 2018, </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;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11—Leases</div> (ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div>)</div>, which approved targeted improvements to the accounting standards and provides 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. The Company intends to apply the alternative transition method and intends to elect the practical expedient for lessors for presentation purposes, upon adoption of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div>-Leases.<div style="display: inline; font-size: 10pt"> </div>The Company is analyzing the impact of the adoption of these new pronouncements on its 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 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-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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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 </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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> Part I. Accounting for Certain Financial Instruments with Down Round Features; Part 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: 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; 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 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; 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;"> June 2018, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">07,</div> Improvements to Nonemployee Share-Based Payment Accounting (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">718</div>):</div></div> ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">07</div> simplifies the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. For public business entities, the amendments in ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">07</div> are effective for annual periods beginning after <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;"> December 2018, </div>and interim periods within those annual periods. 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 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> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <!-- Field: Page; Sequence: 9 --> <!-- Field: /Page --> <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> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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;"> July 2018, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,</div> Codification Improvements to (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div>) - Leases: </div></div>ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> affects narrow aspects of the guidance issued in 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;">02.</div> The amendments in this Update related to transition, do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> include amendments from proposed ASU, Leases (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div>): Targeted Improvements, specific to a new and optional transition method to adopt the new lease requirements 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;">02.</div> That additional transition method will be issued as part of a forthcoming and separate Update that will result in additional amendments to transition paragraphs included in this Update to conform with the additional transition method. Management is in the process of assessing the impact of the amendment of this Update on the Company’s consolidated financial statements.</div></div></div></div></div></div></div></div></div></div>
-33125000
-23693000
3
2
50847000
52842000
79188000
57160000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: 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 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: 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">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. and another <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">299,200</div> shares during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018. </div>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>). As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </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;">7,984,950</div> shares, in aggregate. As at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>the aggregate </div>issued share capital was <div style="display: inline; font-family: Times New Roman, Times, Serif"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">110,379,350</div> common shares. At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>members of the Konstantakopoulos Family owned, directly or indirectly, approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">55.5%</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, (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 and (iv) 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.</div></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">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>the Company owned and/or operated a fleet of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">53</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">54</div> container vessels, respectively, with a total carrying capacity of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">316,307</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">315,065</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">twenty</div>-foot equivalent units</div> (“<div style="display: inline; font-family: Times New Roman, Times, Serif">TEU”), 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> <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">At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>Costamare had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">78</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: 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">Revenues for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 20%; font-weight: bold; text-align: justify">A</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">29</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 50%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify">B</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">29</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28</div></td> <td style="text-align: left">%</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">C</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11</div></td> <td style="text-align: left">%</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">D</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">%</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">%</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Total</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">94</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">%</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">90</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">%</td> <td style="background-color: White"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and applicable rules and regulations of the Securities and Exchange Commission ("SEC") for interim financial information. Accordingly, they do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> include all the information and notes required by U.S. GAAP for annual financial statements. These statements and the accompanying notes should be read in conjunction with the Company's Annual Report on Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20</div>-F for the fiscal year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div><div style="display: inline; font-family: Times New Roman, Times, Serif">filed with the SEC on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 27, 2018.</div></div></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> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <!-- Field: Page; Sequence: 6 --> <!-- Field: /Page --> <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">These</div> unaudited interim consolidated financial statements have been prepared on the same basis as the Company's annual consolidated financial statements and, in the opinion of management, reflect all adjustments, consisting of only normal recurring adjustments, considered necessary for a fair presentation of the Company's financial position, results of operations and cash flows for the periods presented. Operating results for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> necessarily indicative of the results that might be expected for the fiscal year ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018.</div></div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: 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-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: 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">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: 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">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<div style="display: inline; font-family: Times New Roman, Times, Serif">. 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> <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">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.</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">Pursuant to the Framework Agreement and the Services Agreement, 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: 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">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 </div>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: 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">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: 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 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. As at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </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;">22</div> of Costamare’s vessels.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <!-- Field: Page; Sequence: 10 --> <!-- Field: /Page --> <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> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management fees charged by Costamare Shipping in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9,387</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9,551,</div> respectively and are separately reflected as 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;">$1,367</div> for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018 (</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,579</div> for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017), </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 included in Voyage expenses-related parties in the accompanying consolidated statement of income, (ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,250,</div> which is included in General and administrative expenses – related parties in the accompanying consolidated statement of income for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018 (</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,250</div> for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017) </div>and (iii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,127</div> representing the fair value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">299,200</div> shares, which is included in General and administrative expenses - related parties in the accompanying consolidated statement of income for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018 (</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,078</div> for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017). </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> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,725</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;">2018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> consolidated balance sheets, respectively.</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">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</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 amounts of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,176</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,592,</div> respectively, for services provided in accordance with the respective management agreements.</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 balance due from Costamare Shipping at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,273</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,506,</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, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$203</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$155,</div> respectively, and is reflected as Due to related parties in the accompanying consolidated balance sheets.</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-weight: bold;"><div style="display: inline; font-style: italic;">(b) 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;"> June 30, 2018, </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;">14</div> as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017) </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;">no</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, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018.</div></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"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(c) </div></div></div><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Blue Net Chartering GmbH & Co. KG (“Blue Net”): </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, a company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div> owned (indirectly) by the <div style="display: inline; font-family: Times New Roman, Times, Serif">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. Each vessel-owning subsidiary pays a fee of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Euro13,074</div> for the year ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>in respect of its vessel prorated for the calendar days of ownership (including as disponent owner under bareboat charter agreement) provided that the fee shall be <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Euro1,644</div> in respect of vessels which are chartered on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018 </div>for the duration of their current charter. During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>Costamare Shipping charged the shipowning companies <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$221,</div> pursuant to its agreement with Blue Net, which is included in Voyage expenses – related parties in the consolidated statement of income for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018.</div></div></div></div>
299837000
1000000
134756000
381167000
7238000
5199000
6462000
32661000
30256000
36480000
43723000
42778000
36899000
43724000
14.10
14
6
7.10
25
25
25
25
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td colspan="3"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Borrower(s)</div></div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">A.</td> <td colspan="2" style="padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">Credit Facility</div></div></div></td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: Black 1pt solid">$</td> <td style="text-align: right; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">299,837</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: Black 1pt solid">$</td> <td style="text-align: right; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>B.</td> <td colspan="2"><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-weight: bold;">Term Loans:</div></div></div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 9%"> </td> <td style="width: 8%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div></td> <td style="text-align: justify; width: 59%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Mas Shipping Co.</div></td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td> <td style="text-align: right; width: 9%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,125</div></td> <td style="text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td> <td style="text-align: right; width: 9%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,125</div></td> <td style="text-align: left; width: 1%"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div></td> <td style="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> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">42,000</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">37,000</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Costamare Inc.</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,725</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,575</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.</div></td> <td style="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> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">162,983</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">155,343</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.</div></td> <td style="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> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">105,050</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">99,592</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Costamare Inc.</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">37,697</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32,267</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Uriza Shipping S.A.</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32,500</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,333</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.</div></td> <td style="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> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">93,000</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">81,000</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.</div></td> <td style="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> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24,480</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,880</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Nerida Shipping Co.</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,175</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,275</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.</div></td> <td style="text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Costamare Inc.</div></td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: Black 1pt solid"> </td> <td style="text-align: right; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: Black 1pt solid"> </td> <td style="text-align: right; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">213,677</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Total Term-loans</div></td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: Black 1pt solid"> </td> <td style="text-align: right; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">553,735</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: Black 1pt solid"> </td> <td style="text-align: right; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">722,067</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-weight: bold; text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Total long-term debt</div></td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td> <td style="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="font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">722,067</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="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="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: Black 1pt solid"> </td> <td style="text-align: right; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,592</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: Black 1pt solid"> </td> <td style="text-align: right; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,684</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="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="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: Black 1pt solid"> </td> <td style="text-align: right; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">850,980</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: Black 1pt solid"> </td> <td style="text-align: right; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">718,383</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="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> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(207,516</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(138,875</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="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="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: Black 1pt solid"> </td> <td style="text-align: right; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,198</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: Black 1pt solid"> </td> <td style="text-align: right; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,774</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Total long-term debt, non-current, net</div></td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double">$</td> <td style="text-align: right; border-bottom: Black 2.5pt double"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">644,662</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double">$</td> <td style="text-align: right; border-bottom: Black 2.5pt double"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">581,282</div></td> <td style="border-bottom: Black 2.25pt double; 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; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="white-space: nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Basic EPS</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Basic EPS</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 10%; background-color: White"> </td> <td style="width: 40%; text-align: justify">Net income</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">46,063</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">33,467</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 20%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">Less: paid and accrued earnings allocated to Preferred Stock</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(10,473</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(14,782</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">Net income available to common stockholders</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35,590</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,685</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">Weighted average number of common shares, basic and diluted</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">93,851,789</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">109,340,800</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 2.25pt">Earnings per common share, basic and diluted</td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</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;">0.38</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.17</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="background-color: White"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="white-space: nowrap; text-align: justify; border-bottom: Black 1pt solid"> <div style="display: inline; font-weight: bold;">Year ending December 31,</div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 20%; background-color: White"> </td> <td style="width: 45%; text-align: justify">2018</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">77,997</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 20%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify">2019</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">121,030</div></td> <td style="text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="text-align: justify">2020</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">313,171</div></td> <td style="text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify">2021</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">199,894</div></td> <td style="text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">2022</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; 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; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 2.25pt"> <div style="display: inline; font-weight: bold;">Total</div></td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">722,067</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </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; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 20%; font-weight: bold; text-align: justify">A</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">29</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 50%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify">B</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">29</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28</div></td> <td style="text-align: left">%</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">C</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11</div></td> <td style="text-align: left">%</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">D</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">%</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">%</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Total</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">94</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">%</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">90</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">%</td> <td style="background-color: White"> </td> </tr> </table></div>
2078000
2127000
8.043837
6.194
6.5839
4000000
4000000
2000000
90424881
4000000
4000000
2000000
105990448
4000000
4000000
2000000
108205985
4600000
4000000
4000000
2000000
110379350
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: 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">A discussion of the Company’s significant accounting policies can be found in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> of the Company’s Consolidated Financial Statements included in the Annual Report on Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20</div>-F for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017. </div>There have been <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> material changes to these policies in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>except for as discussed below:</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-weight: bold;">Adoption of new accounting standards:</div></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"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Revenue from Contracts with Customers (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div>): </div></div></div>On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018, </div>the Company adopted 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;">09,</div> "Revenue from Contracts with Customers" and the related amendments ("ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606"</div> or "the new revenue standard") using the modified retrospective method. Under the new guidance, there is a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div>-step model to apply to revenue recognition. The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div>-steps consist of: (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>) determination of whether a contract, an agreement between <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> or more parties that creates legally enforceable rights and obligations, exists; (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>) identification of the performance obligations in the contract; (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div>) determination of the transaction price; (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div>) allocation of 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>) recognition of revenue when (or as) the performance obligation is satisfied. As a result of the adoption, there was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> cumulative impact to the Company’s retained earnings at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018 </div>since the Company has chartered its vessels under time charter agreements, and in this respect, revenue is accounted for under the leases standard. The comparative information has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> been restated and continues to be reported under the accounting standards in effect for those periods.</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"><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 2018, </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;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">03,</div> Technical Corrections and improvements to Financial 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></div>which relates to technical corrections and improvements related to 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;">01</div> to increase stakeholders’ awareness of the amendments and to expedite the improvements. The amendments in this Update include items brought to the Board’s attention by stakeholders and clarify certain aspects of the guidance issued 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;">01.</div> The amendment clarifies, among others, that an entity measuring an equity security using the measurement alternative in paragraph <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">321</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>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>change its measurement approach to a fair value method in accordance with Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">820,</div> Fair Value Measurement, through an irrevocable election that would apply to that security and all identical or similar investments of the same issuer. Once an entity makes this election, the entity should measure all future purchases of identical or similar investments of the same issuer using a fair value method in accordance with Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">820.</div> In addition the amendment clarifies that when an observable transaction occurs for a similar security, the adjustments made under the measurement alternative are intended to reflect the fair value of the security as of the date that the observable transaction for a similar security took place. The adoption of this new accounting guidance did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material effect on the Company’s consolidated financial statements.</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"><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 (other than those accounted for under the equity method of accounting, those that result in consolidation of the investee or those without readily determinable fair value for which qualitative assessment does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> indicate impairment) to be measured at fair value with changes in the fair value recognized through net income. The Update simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. When a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value. 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. </div>The adoption of this new accounting guidance did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material effect on the Company’s consolidated financial statements.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <!-- Field: Page; Sequence: 7 --> <!-- Field: /Page --> <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;"> 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. In order to conform with the current period presentation, the Company presented comparatives as required by the new ASU. During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> the amounts of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$600</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$170,</div> respectively, represent proceeds </div>from settlements of insurance claims <div style="display: inline; font-family: Times New Roman, Times, Serif">regarding hull and machinery and thus have been reclassified from Cash flows from operating activities to Cash flows from investing activities. During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> the amounts of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$60</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nil,</div> respectively, represent return on investment from equity method investees and thus have been reclassified from Cash flows from investing activities to Cash flows from operating activities.</div></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"><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. </div>Starting <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018, </div>the Company presents cash, cash equivalents and restricted cash in the statement of cash flows as required by <div style="display: inline; font-family: Times New Roman, Times, Serif">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> In order to conform with the current period presentation, the Company presented comparatives as required by the new ASU. A reconciliation of the cash, cash equivalents and restricted cash is presented in the table below:</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the six-month period ended June 30,</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">Reconciliation of cash, cash equivalents and restricted cash</td> <td> </td> <td colspan="3" style="white-space: nowrap; text-align: right"> </td> <td> </td> <td colspan="3" style="white-space: nowrap; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Cash and cash equivalents</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">195,023</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">124,392</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Restricted cash – current portion</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,462</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,199</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Restricted cash – non-current portion</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">36,480</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,256</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.25pt">Total cash, cash equivalents and restricted cash</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">237,965</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">159,847</div></td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> </tr> </table> </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"><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. </div>The adoption of this new accounting guidance did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material effect on the Company’s consolidated financial statements.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></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> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <!-- Field: Page; Sequence: 8 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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;"> March 2018, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">04</div></div></div> to supersede SEC paragraphs in ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">320,</div> Investments – Debt Securities, as a result of the issuance of SEC Staff Accounting Bulletin (SAB) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">117.</div> The adoption of this amendment (which follows the adoption of 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;">01</div>) did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material effect on the Company’s consolidated financial statements.</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-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: 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"><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 </div>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 addition, <div style="display: inline; font-style: italic;">in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 2018, </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;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11—Leases</div> (ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div>)</div>, which approved targeted improvements to the accounting standards and provides 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. The Company intends to apply the alternative transition method and intends to elect the practical expedient for lessors for presentation purposes, upon adoption of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div>-Leases.<div style="display: inline; font-size: 10pt"> </div>The Company is analyzing the impact of the adoption of these new pronouncements on its 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 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-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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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 </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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> Part I. Accounting for Certain Financial Instruments with Down Round Features; Part 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: 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; 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 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; 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;"> June 2018, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">07,</div> Improvements to Nonemployee Share-Based Payment Accounting (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">718</div>):</div></div> ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">07</div> simplifies the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. For public business entities, the amendments in ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">07</div> are effective for annual periods beginning after <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;"> December 2018, </div>and interim periods within those annual periods. 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 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> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <!-- Field: Page; Sequence: 9 --> <!-- Field: /Page --> <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> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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;"> July 2018, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,</div> Codification Improvements to (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div>) - Leases: </div></div>ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> affects narrow aspects of the guidance issued in 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;">02.</div> The amendments in this Update related to transition, do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> include amendments from proposed ASU, Leases (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div>): Targeted Improvements, specific to a new and optional transition method to adopt the new lease requirements 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;">02.</div> That additional transition method will be issued as part of a forthcoming and separate Update that will result in additional amendments to transition paragraphs included in this Update to conform with the additional transition method. Management is in the process of assessing the impact of the amendment of this Update on the Company’s consolidated financial statements.</div></div></div>
10972000
12339000
7500000
7000000
12000000
13500000
448800
149600
598400
598400
299200
7984950
299200
598400
598400
299200
2428081
3682704
1874165
15565567
2173365
1000
105037000
105038000
14467000
14467000
1218539000
1350957000
9000
1057423000
-14424000
31416000
1074424000
10000
1162148000
-9298000
48745000
1201605000
11000
1175774000
-969000
43723000
11000
1301465000
6703000
42778000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: 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">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>). During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>the Company issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">299,200</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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018.</div></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">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. During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>the Company issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,874,165</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;">$6.5839</div> per share.</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">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 31, 2017, </div>the Company completed </div>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: 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">As at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>the aggregate </div>issued share capital was <div style="display: inline; font-family: Times New Roman, Times, Serif"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">110,379,350</div> common shares.</div></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-weight: bold;"><div style="display: inline; font-style: italic;">(b) Preferred Stock:</div></div> <div style="display: inline; font-family: Times New Roman, Times, Serif">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 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.</div> 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></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <!-- Field: Page; Sequence: 21 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(c) 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></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;">(d) Dividends declared and / or paid</div></div>: </div>During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 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> and (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> <div style="display: inline; font-family: Times New Roman, Times, Serif">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </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;">$4,583</div> in cash and issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">988,841</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;">2017</div> and </div>(ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,833</div> in cash and issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">885,324</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;">2018</div><div style="display: inline; font-family: Times New Roman, Times, Serif">.</div></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">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017, </div>the Company declared and paid to its holders of Series B Preferred Stock <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></div>and <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><div style="display: inline; font-family: Times New Roman, Times, Serif">. During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>the Company declared and paid to its holders of Series B Preferred Stock <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, 2017 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 14, 2018 </div>and <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, 2018 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 14, 2018.</div></div></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">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017, </div>the Company declared and paid to its holders of Series C Preferred Stock <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>and <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><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><div style="display: inline; font-family: Times New Roman, Times, Serif">. During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>the Company declared and paid to its holders of Series C Preferred Stock <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, 2017 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 14, 2018 </div>and <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, 2018 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 14, 2018.</div></div></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">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017, </div>the Company declared and paid to its holders of Series D Preferred Stock <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;"> October 15, 2016 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 14, 2017</div></div> and <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;"> January 15, 2017 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 14, 2017</div><div style="display: inline; font-family: Times New Roman, Times, Serif">. During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>the Company declared and paid to its holders of Series D Preferred Stock <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;"> October 15, 2017 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 14, 2018 </div>and <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;"> January 15, 2018 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 14, 2018.</div></div></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">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>the Company declared and paid to its holders of Series E Preferred Stock <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,126</div> or </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.462240</div> <div style="display: inline; font-family: Times New Roman, Times, Serif">per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 30, 2018 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 14, 2018.</div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; 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;">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;">July 2, 2018</div>, </div>the Company declared a dividend for the quarter ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </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 is payable 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;">August 8, 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;">July 23, 2018</div>.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(b)</div></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, Series D and Series E):</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;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">July 2, 2018</div></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, 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 and a dividend of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.554688</div> per share on its Series E 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;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">July 16, 2018</div></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;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">July 13, 2018</div></div></div></div>.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(c)</div></div></div></td> <td style="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;">New acquisitions: </div></div>On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 12, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 30, 2018 </div>the Company accepted delivery of </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2013</div>-built, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,957</div> TEU containerships<div style="display: inline; font-family: Times New Roman, Times, Serif">, <div style="display: inline; font-style: italic;">Megalopolis </div>and <div style="display: inline; font-style: italic;">Marathopolis, </div>respectively (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6</div>).</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(d)</div></div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">New Loan Agreement: </div></div>On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 17, 2018, </div>Tatum Shipping Co. and Singleton Shipping Co., wholly owned subsidiaries 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;">$48,000</div> to partly finance the acquisition cost of the vessels <div style="display: inline; font-style: italic;">Megalopolis</div> and <div style="display: inline; font-style: italic;">Marathopolis</div> (Notes <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21</div> (c)).</td> </tr> </table></div>
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