<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, Unearned Revenue, Current and Non-Current and Time Charter Assumed, 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> 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, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>reflect revenue earned, but <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> collected, resulting from charter agreements providing for varying annual charter rates over their terms, which were accounted for on a straight-line basis at their average rates.</div> <div style=" font: 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;"> December 31, 2018, </div>the net accrued charter revenue, totaling (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9,141</div>) (discussed in (b) below) is 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;">2018</div> consolidated balance sheet. As at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>the net accrued charter revenue, totaling (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9,332</div>) (discussed in (b) below) is included in Unearned revenue in current and non-current liabilities in the accompanying <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> consolidated balance sheet. The maturities of the net accrued charter revenue as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31 </div>of each year presented below are as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="white-space: nowrap; text-align: justify; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">Year ending December 31, </div></div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 25%; background-color: White"> </td> <td style="width: 35%; text-align: justify">2019</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,615</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">)</td> <td style="width: 25%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <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;">(2,090</div></td> <td style="white-space: nowrap; 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">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;">-</div></td> <td style="white-space: nowrap; 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">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;">-</div></td> <td style="white-space: nowrap; 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">2023</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;">(1,048</div></td> <td style="white-space: nowrap; 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">2024</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;">(579</div></td> <td style="white-space: nowrap; 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"><div style="display: inline; font-size: 10pt"> <div style="display: inline; font-weight: bold;">Total</div></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;">(9,332</div></td> <td style="white-space: nowrap; 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> <!-- 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-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, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </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;">$601</div>) and (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$298</div>), respectively, which is included in Amortization of prepaid lease rentals, net in the accompanying statements of income. </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, <br /> 2018</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, <br /> 2019</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 20%; background-color: White"> </td> <td style="width: 30%; text-align: justify">Hires collected in advance</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,475</div></td> <td style="white-space: nowrap; 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;">5,543</div></td> <td style="white-space: nowrap; 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;">3,557</div></td> <td style="white-space: nowrap; 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;">3,259</div></td> <td style="white-space: nowrap; 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;">9,141</div></td> <td style="white-space: nowrap; 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;">9,332</div></td> <td style="white-space: nowrap; 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;">17,173</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,134</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Less current portion</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(12,432</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(13,851</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Non-current portion</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</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;">4,741</div></td> <td style="white-space: nowrap; 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;">4,283</div></td> <td style="white-space: nowrap; 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></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) Time Charter Assumed, Current and Non-Current:</div></div> On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 12, 2018, </div>the Company purchased from York its <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60%</div> of the equity interest in the companies owning the containerships <div style="display: inline; font-family: Times New Roman, Times, Serif"><div style="display: inline; font-style: italic;">Triton</div>, <div style="display: inline; font-style: italic;">Titan</div>, <div style="display: inline; font-style: italic;">Talos</div>, <div style="display: inline; font-style: italic;">Taurus</div> and <div style="display: inline; font-style: italic;">Theseus</div> (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6</div>).</div> Any favorable lease terms associated with these vessels were recorded as an intangible asset (“Time charter assumed”) at the time of the acquisition and will be amortized over a period of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.4</div> years. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>the aggregate balance of time charter assumed (current and non-current) was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,412</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,318,</div> respectively, and is separately reflected in the accompanying consolidated balance sheets. 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, 2019, </div>the amortization expense of Time charter assumed amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$95</div> and is included in Voyage revenue in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> accompanying consolidated statement of income.</div></div>
-9141000
-9332000
39556000
31389000
3358000
4471000
601000
298000
8751000
4340000
4041000
4042000
-31000
-31000
2500000
10364000
2500000
1139000
598400
598400
12690
0.6
0.6
227000
180000
400000000
409345
402333
1458145000
<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> </td> <td colspan="7" style="white-space: nowrap"> </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">2018</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">2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Reconciliation of cash, cash equivalents and restricted cash</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <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;">124,392</div></td> <td style="white-space: nowrap; 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;">98,563</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <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;">5,199</div></td> <td style="white-space: nowrap; 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;">147,292</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <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;">30,256</div></td> <td style="white-space: nowrap; 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;">38,043</div></td> <td style="white-space: nowrap; 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: 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;">159,847</div></td> <td style="white-space: nowrap; 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;">283,898</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> </tr> </table></div>
0.0075
0.0125
0.0075
24144000
10
5
787400
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"><div style="display: inline; font-family: Times New Roman, Times, Serif">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></div>and was further amended on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 12, 2018 </div><div style="display: inline; font-family: Times New Roman, Times, Serif">(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> <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, 2019, </div>the Company holds between <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div> of the capital stock of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13</div> jointly-owned companies formed pursuant to the Restated Framework Deed with York (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div>). The Company accounts for the entities formed under the Restated Framework Deed as equity investments.</div></div>
17625000
25000000
1
39000000
1000000
6000000
3835000
4918000
4586000
4000000
4000000
4477000
5805000
3859000
9388000
9326000
6280000
<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; background-color: rgb(204,238,255)"> <td style="width: 10%; background-color: White"> </td> <td style="width: 35%; font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, January 1, 2019</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; border-top: Black 1pt solid">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right; border-top: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26,250</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left; border-top: Black 1pt solid"> </td> <td style="width: 40%; 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;">6,280</div></td> <td style="white-space: nowrap; 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">Amortization</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;">(4,471</div></td> <td style="white-space: nowrap; 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">Write-off and other movements (Note 6)</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;">(1,599</div></td> <td style="white-space: nowrap; 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">Balance, June 30, 2019</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;">26,460</div></td> <td style="white-space: nowrap; 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, 2019, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div></div> 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, 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. <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>
1360000
1650000
3696000
7488000
11474000
11184000
0
0
11168000
6280000
<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, 2018</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, 2019</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: 30%; 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;">552,110</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">541,337</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 20%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">Current assets</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40,230</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">48,354</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">Total assets</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">592,340</div></td> <td style="white-space: nowrap; 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">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">589,691</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">Current liabilities</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23,339</div></td> <td style="white-space: nowrap; 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;">125,735</div></td> <td style="white-space: nowrap; 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">2018</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">2019</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: 30%; 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;">76,113</div></td> <td style="white-space: nowrap; 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;">39,945</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; 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="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;">12,865</div></td> <td style="white-space: nowrap; 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">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,081</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> </table></div>
5171000
P10Y
1545000
2127000
0.011
0.006
34299000
20963000
119625000
0
119116000
816000
1340000
2510000
1584000
35115000
141419000
307543000
183910000
325329000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, <br /> 2018</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, <br /> 2019</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 20%; background-color: White"> </td> <td style="width: 30%; text-align: justify">Finance lease liabilities – current</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35,115</div></td> <td style="white-space: nowrap; 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;">141,419</div></td> <td style="white-space: nowrap; 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;">(816</div></td> <td style="white-space: nowrap; 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;">(1,340</div></td> <td style="white-space: nowrap; 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">Finance lease liabilities – 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;">307,543</div></td> <td style="white-space: nowrap; 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;">183,910</div></td> <td style="white-space: nowrap; 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;">(2,510</div></td> <td style="white-space: nowrap; 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;">(1,584</div></td> <td style="white-space: nowrap; 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;">339,332</div></td> <td style="white-space: nowrap; 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;">322,405</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> </table></div>
401901000
395076000
400000000
111224000
111224000
0
-18000
17000
41000
-577000
18420000
-861000
-18420000
3377000
2795000
0.012
1548000
3567000
-191000
794000
<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> </td> <td colspan="7" style="white-space: nowrap"> </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="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">2018</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">2019</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: 30%; 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;">26,956</div></td> <td style="white-space: nowrap; 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;">45,782</div></td> <td style="white-space: nowrap; 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;">(101</div></td> <td style="white-space: nowrap; 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;">(794</div></td> <td style="white-space: nowrap; 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 loss / (gain)</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="white-space: nowrap; 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;">(1,502</div></td> <td style="white-space: nowrap; 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;">1,296</div></td> <td style="white-space: nowrap; 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;">1,650</div></td> <td style="white-space: nowrap; 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;">227</div></td> <td style="white-space: nowrap; 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;">180</div></td> <td style="white-space: nowrap; 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;">29,378</div></td> <td style="white-space: nowrap; 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;">45,316</div></td> <td style="white-space: nowrap; 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 style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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"> </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> </td> <td colspan="7" style="white-space: nowrap"> </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="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">2018</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">2019</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: 30%; 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;">26,956</div></td> <td style="white-space: nowrap; 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;">45,782</div></td> <td style="white-space: nowrap; 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;">(101</div></td> <td style="white-space: nowrap; 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;">(794</div></td> <td style="white-space: nowrap; 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 loss / (gain)</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="white-space: nowrap; 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;">(1,502</div></td> <td style="white-space: nowrap; 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;">1,296</div></td> <td style="white-space: nowrap; 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;">1,650</div></td> <td style="white-space: nowrap; 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;">227</div></td> <td style="white-space: nowrap; 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;">180</div></td> <td style="white-space: nowrap; 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;">29,378</div></td> <td style="white-space: nowrap; 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;">45,316</div></td> <td style="white-space: nowrap; 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
1400502000
1316554000
151546000
195491000
956
956
478
478
0.0075
9551000
10827000
9551000
10827000
-5000
0
13
5
85
10
3
62
60
6
5
6
11
5
5
45
7
5
18
2
16
15
6
11
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"> </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;">2014,</div> Zim Integrated Services (“Zim”) agreed with its creditors, including vessel and container lenders, ship-owners, shipyards, unsecured lenders and bond holders, to restructure its debt. Based on this agreement, the Company received 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> <!-- 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">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, 2019, </div>the Company recorded <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$413</div> in relation to their fair value unwinding (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$379</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>which is included in “Interest income” in the consolidated statements 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, 2019, </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, 2019, </div>the Company has assessed for other than temporary impairment of its investment in Series <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> and Series <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> Notes and has concluded that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> impairment should be recorded.</div> <div style=" font: 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. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div>in accordance with the accounting guidance relating to loss in value of an investment that is other than a temporary decline, the Company recognized an impairment loss of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,000</div> on its investment in equity securities in Zim. The value of the investment in equity securities in Zim is based on management’s best estimate of the realizable value of the investment and involved the use of internal inputs and assumptions (Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> inputs of the fair value hierarchy) which included management’s consideration of the current freight market, its medium term prospects and the effects of the operational and commercial restructuring that Zim has implemented in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> (Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> inputs of the fair value hierarchy). <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No</div> dividends have been received from Zim since <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 16, 2014. </div>As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </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
66253000
10942000
0.568
0.7
0.3
0.5
-390000
-390000
4600000
111614000
111614000
8752000
27172000
51670000
42919000
38579000
34167000
11407000
<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 /> 2018</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 /> 2019</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: 30%; 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;">51,670</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">42,919</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 20%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">Less: Amortization of prepaid lease rentals</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,751</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,340</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify">Prepaid lease rentals</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">42,919</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">38,579</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">Less: current portion</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,752</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(27,172</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Non-current portion</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</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;">34,167</div></td> <td style="white-space: nowrap; 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">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,407</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> </table></div>
6454000
12549000
-27575000
-314000
50000
P1Y
12000000
P10Y
P7Y
P7Y
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 10%; background-color: White"> </td> <td style="width: 35%; font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, January 1, 2019</td> <td style="width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left; border-top: Black 1pt solid">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right; border-top: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26,250</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left; border-top: Black 1pt solid"> </td> <td style="width: 40%; 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;">6,280</div></td> <td style="white-space: nowrap; 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">Amortization</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;">(4,471</div></td> <td style="white-space: nowrap; 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">Write-off and other movements (Note 6)</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;">(1,599</div></td> <td style="white-space: nowrap; 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">Balance, June 30, 2019</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;">26,460</div></td> <td style="white-space: nowrap; 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;">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="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 48%; text-align: justify; padding-bottom: 1pt">Interest rate swaps-asset position</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: 10%; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,241</div></td> <td style="white-space: nowrap; 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">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,241</div></td> <td style="white-space: nowrap; 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">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Total</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</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;">7,241</div></td> <td style="white-space: nowrap; 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">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</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;">7,241</div></td> <td style="white-space: nowrap; 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="white-space: nowrap; 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;">2019</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="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; 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;">2</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div></td> <td style="white-space: nowrap; 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="white-space: nowrap; 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;">1,175</div></td> <td style="white-space: nowrap; 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="white-space: nowrap; 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;">1,175</div></td> <td style="white-space: nowrap; 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="white-space: nowrap; 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;">(262</div></td> <td style="white-space: nowrap; 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="white-space: nowrap; 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;">(262</div></td> <td style="white-space: nowrap; 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="white-space: nowrap; 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;">915</div></td> <td style="white-space: nowrap; 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">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</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;">915</div></td> <td style="white-space: nowrap; 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="white-space: nowrap; 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; 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;">The Effect of Derivative Instruments for the six-month periods ended </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">June 30, 2018 and 2019</div></div></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></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</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></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">2018</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">2019</td> <td style="padding-bottom: 1pt"> </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">2018</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">2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 27%; text-align: justify">Interest rate swaps</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;">6,646</div></td> <td style="white-space: nowrap; 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;">(4,234</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 20%; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Loss on derivative instruments, net </div></td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 10%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 10%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; 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;">1,000</div></td> <td style="white-space: nowrap; 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;">(1,502</div></td> <td style="white-space: nowrap; 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="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="white-space: nowrap; border-bottom: Black 1pt solid; 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="white-space: nowrap; 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; text-indent: 3.15pt">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;">7,646</div></td> <td style="white-space: nowrap; 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;">(5,736</div></td> <td style="white-space: nowrap; 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="white-space: nowrap; 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="white-space: nowrap; 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"> </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="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">2019</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;">41</div></td> <td style="white-space: nowrap; 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;">(577</div></td> <td style="white-space: nowrap; 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;">(294</div></td> <td style="white-space: nowrap; 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</div></td> <td style="white-space: nowrap; 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;">(253</div></td> <td style="white-space: nowrap; 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;">(575</div></td> <td style="white-space: nowrap; 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; background-color: rgb(204,238,255)"> <td style="width: 25%; background-color: White"> </td> <td style="width: 35%; font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, January 1, 2019</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; border-top: Black 1pt solid">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right; border-top: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,474</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left; border-top: Black 1pt solid"> </td> <td style="width: 25%; 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;">1,360</div></td> <td style="white-space: nowrap; 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;">(1,650</div></td> <td style="white-space: nowrap; 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, 2019</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,184</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Less: Current portion of financing costs</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,696</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Financing costs, non-current portion</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</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;">7,488</div></td> <td style="white-space: nowrap; 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">2019</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;">215,655</div></td> <td style="white-space: nowrap; 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">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;">347,169</div></td> <td style="white-space: nowrap; 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">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;">293,673</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <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;">226,197</div></td> <td style="white-space: nowrap; 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">2023</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;">183,872</div></td> <td style="white-space: nowrap; 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">2024 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;">635,950</div></td> <td style="white-space: nowrap; 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-size: 10pt"> <div style="display: inline; font-weight: bold;">Total</div></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;">1,902,516</div></td> <td style="white-space: nowrap; 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;"> </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"><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: 25%; background-color: White"> </td> <td style="width: 35%; text-align: justify">2019</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;">(5,615</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">)</td> <td style="width: 25%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <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;">(2,090</div></td> <td style="white-space: nowrap; 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">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;">-</div></td> <td style="white-space: nowrap; 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">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;">-</div></td> <td style="white-space: nowrap; 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">2023</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;">(1,048</div></td> <td style="white-space: nowrap; 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">2024</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;">(579</div></td> <td style="white-space: nowrap; 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"><div style="display: inline; font-size: 10pt"> <div style="display: inline; font-weight: bold;">Total</div></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;">(9,332</div></td> <td style="white-space: nowrap; 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">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> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, January 1, 2019</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">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,299,311</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</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;">(1,092,525</div></td> <td style="white-space: nowrap; 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;">2,206,786</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <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="white-space: nowrap; 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;">(48,863</div></td> <td style="white-space: nowrap; 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;">(48,863</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Vessel acquisitions, advances and other vessels’ 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;">45,175</div></td> <td style="white-space: nowrap; 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="white-space: nowrap; 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;">45,175</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Disposals, transfers and other movements</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;">(48,652</div></td> <td style="white-space: nowrap; 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;">21,077</div></td> <td style="white-space: nowrap; 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;">(27,575</div></td> <td style="white-space: nowrap; 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">Balance, June 30, 2019</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;">3,295,834</div></td> <td style="white-space: nowrap; 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">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,120,311</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</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;">2,175,523</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> </tr> </table></div>
-5000
0
1000000
-1502000
1234000
1234000
0
1
1.3
P11Y300D
3592000
2046000
28602
72120
14000
0.04
1048000
0
579000
0
2090000
4838000
4838000
0
Ensenada
Arkadia
Monemvasia
Cape Akritas
Cape Tainaro
Cape Artemisio
Cape Kortia
Cape Sounio
Polar Argentina
Polar Brasil
2206786000
2175523000
<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="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> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, January 1, 2019</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">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,299,311</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</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;">(1,092,525</div></td> <td style="white-space: nowrap; 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;">2,206,786</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <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="white-space: nowrap; 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;">(48,863</div></td> <td style="white-space: nowrap; 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;">(48,863</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Vessel acquisitions, advances and other vessels’ 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;">45,175</div></td> <td style="white-space: nowrap; 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="white-space: nowrap; 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;">45,175</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Disposals, transfers and other movements</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;">(48,652</div></td> <td style="white-space: nowrap; 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;">21,077</div></td> <td style="white-space: nowrap; 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;">(27,575</div></td> <td style="white-space: nowrap; 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">Balance, June 30, 2019</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;">3,295,834</div></td> <td style="white-space: nowrap; 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">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,120,311</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</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;">2,175,523</div></td> <td style="white-space: nowrap; 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">During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div>the Company acquired <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> secondhand containerships, <div style="display: inline; font-style: italic;">Michigan</div>, <div style="display: inline; font-style: italic;">Trader</div>, <div style="display: inline; font-style: italic;">Megalopolis</div>, <div style="display: inline; font-style: italic;">Marathopolis</div>, <div style="display: inline; font-style: italic;">Maersk Kleven</div> and <div style="display: inline; font-style: italic;">Maersk Kotka</div>, with an aggregate capacity of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,602</div> TEU.</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 12, 2018, </div>the Company purchased from York (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>) its <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60%</div> of the equity interest in the companies owning the containerships <div style="display: inline; font-family: Times New Roman, Times, Serif"><div style="display: inline; font-style: italic;">Triton</div>, <div style="display: inline; font-style: italic;">Titan</div>, <div style="display: inline; font-style: italic;">Talos</div>, <div style="display: inline; font-style: italic;">Taurus</div> and <div style="display: inline; font-style: italic;">Theseus</div>, with an aggregate capacity of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">72,120</div> TEU, thus becoming sole shareholder of the container vessels (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div>). </div> Any favorable lease terms associated with these vessels were recorded as an intangible asset (“Time charter assumed”) at the time of the acquisition, amounting to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,439</div> in the aggregate, current and non-current portion (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div>). Management accounted for this acquisition as an asset acquisition under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">805</div> “Business Combinations”.</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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> newbuild vessels from a shipyard, each with 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. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2018, </div>the Company entered into financing agreements <div style="display: inline; font-family: Times New Roman, Times, Serif">with a financial institution</div> for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> newbuild containerships (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-family: Times New Roman, Times, Serif">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 28</div></div>, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> the Company decided to make arrangements to sell the vessel <div style="display: inline; font-style: italic;">MSC Pylos</div>. At that date, the Company concluded that all the criteria required by the relevant accounting standard, ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">360</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">45</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,</div> for the classification of the vessel <div style="display: inline; font-style: italic;">MSC Pylos</div> as “held for sale” were met. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div>the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,838,</div> separately reflected in Vessel held for sale in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> 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).</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">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, 2019, </div>the Company sold the vessels <div style="display: inline; font-style: italic;">MSC Pylos </div>and <div style="display: inline; font-style: italic;">Piraeus </div>and recognized an aggregate loss of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$18,420,</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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> consolidated statement of income. </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, 2019, </div>the Company recorded an impairment loss in relation to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> of its vessels in the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,042</div> (including <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,548</div> transferred from Deferred charges, net (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7</div>)), in the aggregate, and is separately reflected in Vessels impairment loss in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> consolidated statement 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">Forty-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> of the Company’s vessels, with a total carrying value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,458,145</div> as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </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> the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> newbuild vessels discussed above, the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> vessels acquired under the Share Purchase Agreement (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div>) with York and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> unencumbered vessels.</div></div>
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--12-31
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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, 2019, </div>the Company has entered into time charter arrangements for all of its vessels in operation, including the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> hulls under construction, with the exception of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> vessel, with international liner operators. These arrangements as at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>have remaining terms of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">142</div> months. After <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </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 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">2019</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;">215,655</div></td> <td style="white-space: nowrap; 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">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;">347,169</div></td> <td style="white-space: nowrap; 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">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;">293,673</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <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;">226,197</div></td> <td style="white-space: nowrap; 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">2023</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;">183,872</div></td> <td style="white-space: nowrap; 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">2024 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;">635,950</div></td> <td style="white-space: nowrap; 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-size: 10pt"> <div style="display: inline; font-weight: bold;">Total</div></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;">1,902,516</div></td> <td style="white-space: nowrap; 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-size: 10pt"><br /> </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-family: Times New Roman, Times, Serif"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(b) Capital Commitments: </div></div></div>Capital commitments of the Company as at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019 </div>were (i) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$31,389</div> in the aggregate, payable through the Company’s equity, upon each vessel’s delivery from the shipyard in relation to the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> vessels under construction discussed in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,</div> while approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.4</div> billion is financed through a financial institution (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.B</div>) and (ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$39,556</div> in the aggregate, in relation to the construction and installation of scrubbers in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ten</div> of our existing vessels, while an amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$24,144</div> for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> of them is financed (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.A</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.A.17</div> and Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11</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-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, 2019, </div>Costamare has guaranteed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$74,250</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;">$74,275</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;">$38,200</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 income 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
988841
885324
961656
775947
0.0001
0.0001
0.0001
0.0001
114501033
11000
11000
41139000
21431000
<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, 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> <!-- Field: Page; Sequence: 26 --> <!-- 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">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, 2019, </div>Other comprehensive income decreased with net losses of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,705</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;">$4,234</div>), net of the settlements to net income of derivatives that qualify for hedge accounting (loss of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,502</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">As at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> Comprehensive income amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$41,139</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$21,431,</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 $<div style="display: inline; font-family: Times New Roman, Times, Serif"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,046</div></div>.</div></div>
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0.24
0.11
0.08
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0.39
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0.94
635950000
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751845000
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12800000
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32022000
26250000
26460000
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, <br /> 2018</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, <br /> 2019</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 20%; background-color: White"> </td> <td style="width: 30%; text-align: justify">Hires collected in advance</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,475</div></td> <td style="white-space: nowrap; 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;">5,543</div></td> <td style="white-space: nowrap; 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;">3,557</div></td> <td style="white-space: nowrap; 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;">3,259</div></td> <td style="white-space: nowrap; 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;">9,141</div></td> <td style="white-space: nowrap; 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;">9,332</div></td> <td style="white-space: nowrap; 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;">17,173</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,134</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Less current portion</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(12,432</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(13,851</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Non-current portion</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</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;">4,741</div></td> <td style="white-space: nowrap; 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;">4,283</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> </table></div>
12432000
13851000
4741000
4283000
48863000
45963000
55719000
3514000
1048000
7241000
913000
1.1445
1.1514
7241000
0
7241000
0
915000
0
915000
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> following the adoption of 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> 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 statements 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">At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </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;">$310,785</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$338,729,</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, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019 </div>amounted to a net asset of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7,107</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,175,</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 year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 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, which is separately reflected in Swap breakage costs in the accompanying <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> consolidated statement of income. 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, 2019, </div>the Company entered into <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> interest rate swap agreements with an aggregate notional amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$46,000,</div> which both met hedge accounting criteria according to ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">815.</div></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">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;">$1,046.</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, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </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;">$49,659</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$47,112,</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, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019 </div>was an asset of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$134</div> and a liability of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$262,</div> respectively, and these are included in Fair value of derivatives in the accompanying consolidated balance sheets. The maturity of these interest rate swaps is in <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, 2019, </div>the Company was engaged in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> Euro/U.S. dollar forward agreements totaling <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$12,000</div> at an average forward rate of Euro/U.S. dollar <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.1445,</div> expiring in monthly intervals up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2019.</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, 2018, </div>the Company was engaged in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> Euro/U.S. dollar forward agreements totaling <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$10,000</div> at an average forward rate of Euro/U.S. dollar <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.1514,</div> expiring in monthly intervals up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2019.</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, 2019, </div>was a gain of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2</div> (loss of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$294</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>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> <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; 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;">The Effect of Derivative Instruments for the six-month periods ended </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">June 30, 2018 and 2019</div></div></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></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</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></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">2018</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">2019</td> <td style="padding-bottom: 1pt"> </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">2018</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">2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 27%; text-align: justify">Interest rate swaps</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;">6,646</div></td> <td style="white-space: nowrap; 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;">(4,234</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 20%; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Loss on derivative instruments, net </div></td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 10%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 10%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; 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;">1,000</div></td> <td style="white-space: nowrap; 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;">(1,502</div></td> <td style="white-space: nowrap; 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="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="white-space: nowrap; border-bottom: Black 1pt solid; 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="white-space: nowrap; 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; text-indent: 3.15pt">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;">7,646</div></td> <td style="white-space: nowrap; 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;">(5,736</div></td> <td style="white-space: nowrap; 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="white-space: nowrap; 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="white-space: nowrap; 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> <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"> </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="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">2019</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;">41</div></td> <td style="white-space: nowrap; 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;">(577</div></td> <td style="white-space: nowrap; 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;">(294</div></td> <td style="white-space: nowrap; 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</div></td> <td style="white-space: nowrap; 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;">(253</div></td> <td style="white-space: nowrap; 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;">(575</div></td> <td style="white-space: nowrap; 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;">$314</div> and (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$50</div>) for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> respectively. </div></div></div>
0
0
0
0
262000
310785000
338729000
49659000
47112000
2019-08-07
2019-07-15
2019-07-15
2019-07-15
2019-07-15
21754000
21754000
22604000
22604000
4583000
4833000
6580000
6867000
0.10
0.476563
0.53125
0.546875
0.554688
2019-07-01
2019-07-01
2019-07-01
2019-07-01
2019-07-01
2019-07-22
2019-07-12
2019-07-12
2019-07-12
2019-07-12
14782000
15548000
953000
953000
953000
953000
2125000
2125000
2125000
2125000
2188000
2188000
2188000
2188000
2126000
2551000
2551000
12658000
12658000
15634000
15634000
4681000
875000
4681000
875000
196000
203000
0
0
196000
203000
0.17
0.10
<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</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 periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$14,782</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$15,548,</div> respectively.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Basic EPS</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Basic EPS</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: justify">Net income</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">33,467</div></td> <td style="white-space: nowrap; 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;">27,136</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <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;">(14,782</div></td> <td style="white-space: nowrap; 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;">(15,547</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <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;">18,685</div></td> <td style="white-space: nowrap; 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;">11,589</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Weighted average number of common shares, basic</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="white-space: nowrap; 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;">113,540,975</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Weighted average number of common shares, 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;">109,340,800</div></td> <td style="white-space: nowrap; 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;">116,490,307</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <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;">0.17</div></td> <td style="white-space: nowrap; 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;">0.10</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left"> </td> </tr> </table> </div></div>
0.5
0.49
0.49
0.49
0.49
0.49
0.49
0.49
0.49
0.49
0.25
0.25
0.49
0.49
592340000
589691000
40230000
48354000
23339000
125735000
12865000
11081000
552110000
541337000
76113000
39945000
131082000
134076000
<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 style=" margin: 0"> </div> <div> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-width: 700px;"> <tr style="background-color: White"> <td style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Entity</div></div></td> <td style="text-align: center; border-bottom: Black 1pt solid"> </td> <td style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;">Vessel</div></td> <td style="text-align: center; border-bottom: Black 1pt solid"> </td> <td style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Participation % <br /> June 30, 2019</div></div></td> <td style="text-align: center; border-bottom: Black 1pt solid"> </td> <td style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Date Established <br /> /Acquired</div></div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="width: 25%; text-align: justify"><div style="display: inline; font-size: 10pt">Steadman Maritime Co.</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;"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;">Ensenada</div></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;"><div style="display: inline; font-size: 10pt">49%</div></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;"><div style="display: inline; font-size: 10pt">July 1, 2013</div></div></td> </tr> <tr style="background-color: White"> <td style="text-align: justify"><div style="display: inline; font-size: 10pt">Marchant Maritime Co.</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;"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;">-</div></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;"><div style="display: inline; font-size: 10pt">49%</div></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;"><div style="display: inline; font-size: 10pt">July 8, 2013</div></div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="text-align: justify"><div style="display: inline; font-size: 10pt">Horton Maritime Co.</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;"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;">-</div></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;"><div style="display: inline; font-size: 10pt">49%</div></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;"><div style="display: inline; font-size: 10pt">June 26, 2013</div></div></td> </tr> <tr style="background-color: White"> <td style="text-align: justify"><div style="display: inline; font-size: 10pt">Smales Maritime Co.</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;"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;">-</div></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;"><div style="display: inline; font-size: 10pt">49%</div></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;"><div style="display: inline; font-size: 10pt">June 6, 2013</div></div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="text-align: justify"><div style="display: inline; font-size: 10pt">Geyer Maritime Co.</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;"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;">Arkadia</div></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;"><div style="display: inline; font-size: 10pt">49%</div></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;"><div style="display: inline; font-size: 10pt">May 18, 2015</div></div></td> </tr> <tr style="background-color: White"> <td style="text-align: justify"><div style="display: inline; font-size: 10pt">Goodway Maritime Co.</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;"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;">Monemvasia</div></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;"><div style="display: inline; font-size: 10pt">49%</div></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;"><div style="display: inline; font-size: 10pt">September 22, 2015</div></div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="text-align: justify"><div style="display: inline; font-size: 10pt">Kemp Maritime Co.</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;"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;">Cape Akritas</div></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;"><div style="display: inline; font-size: 10pt">49%</div></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;"><div style="display: inline; font-size: 10pt">June 6, 2013</div></div></td> </tr> <tr style="background-color: White"> <td style="text-align: justify"><div style="display: inline; font-size: 10pt">Hyde Maritime Co.</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;"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;">Cape Tainaro</div></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;"><div style="display: inline; font-size: 10pt">49%</div></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;"><div style="display: inline; font-size: 10pt">June 6, 2013</div></div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="text-align: justify"><div style="display: inline; font-size: 10pt">Skerrett Maritime Co.</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;"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;">Cape Artemisio</div></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;"><div style="display: inline; font-size: 10pt">49%</div></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;"><div style="display: inline; font-size: 10pt">December 23, 2013</div></div></td> </tr> <tr style="background-color: White"> <td style="text-align: justify"><div style="display: inline; font-size: 10pt">Ainsley Maritime Co.</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;"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;">Cape Kortia</div></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;"><div style="display: inline; font-size: 10pt">25%</div></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;"><div style="display: inline; font-size: 10pt">June 25, 2013</div></div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="text-align: justify"><div style="display: inline; font-size: 10pt">Ambrose Maritime Co.</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;"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;">Cape Sounio</div></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;"><div style="display: inline; font-size: 10pt">25%</div></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;"><div style="display: inline; font-size: 10pt">June 25, 2013</div></div></td> </tr> <tr style="background-color: White"> <td style="text-align: justify"><div style="display: inline; font-size: 10pt">Platt Maritime Co.</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;"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;">Polar Argentina</div></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;"><div style="display: inline; font-size: 10pt">49%</div></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;"><div style="display: inline; font-size: 10pt">May 18, 2015</div></div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="text-align: justify"><div style="display: inline; font-size: 10pt">Sykes Maritime Co.</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;"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;">Polar Brasil</div></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;"><div style="display: inline; font-size: 10pt">49%</div></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;"><div style="display: inline; font-size: 10pt">May 18, 2015</div></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, 2019, </div>Costamare Ventures contributed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$55</div> to the equity of Marchant Maritime Co. and received <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,360</div> in the form of a special dividend from Horton Maritime Co. 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, 2019, </div>Smales Maritime Co. sold its vessel <div style="display: inline; font-style: italic;">Elafonisos</div>. During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div>Costamare Ventures contributed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,524</div> in aggregate to the equity of Steadman Maritime Co. and Horton Maritime Co. and received <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,107</div> in aggregate, in the form of a special dividend. During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div>Horton Maritime Co. and Marchant Maritime Co. sold their vessels <div style="display: inline; font-style: italic;">Petalidi </div>and <div style="display: inline; font-style: italic;">Padma</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 year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div>Costamare Ventures received in the form of a special dividend, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$735</div> in aggregate, from Kemp Maritime Co. and Hyde Maritime Co., <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,000</div> in aggregate, from Ainsley Maritime Co. and Ambrose Maritime Co., <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8,000</div> in aggregate, from Benedict Maritime Co., Bertrand Maritime Co., Beardmore Maritime Co., Fairbank Maritime Co. and Schofield Maritime Co. and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$735</div> in aggregate, from Goodway 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, 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 relating to the delivery installments of <div style="display: inline; font-style: italic;">Polar Argentina</div> and <div style="display: inline; font-style: italic;">Polar Brasil</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 12, 2018, </div>Costamare entered into a share purchase agreement (the “Share Purchase Agreement”) to acquire the ownership interest held by York in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> jointly-owned companies, namely Benedict Maritime Co., Bertrand Maritime Co., Beardmore Maritime Co., Schofield Maritime Co. and Fairbank Maritime Co., which had been formed pursuant to the Restated Framework Deed. In connection with this agreement, the Company registered for resale by York up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.6</div> million shares of its common stock. Costamare <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>elect at any time within <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 8, 2019, </div>the effective date of the registration statement on Form F-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3/A</div> filed with the SEC on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 19, 2018, </div>to pay a portion of the consideration under the Share Purchase Agreement in Costamare common stock. At the date of the acquisition, the aggregate net value of assets and liabilities transferred to the Company (excluding cash and cash equivalents, the value of the fixed assets and the financing arrangements) was an excess amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,171.</div> Management accounted for this acquisition as an asset acquisition under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">805</div> “Business Combinations”; thus the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40%</div> investment previously held by the Company was carried over at cost, whereas the cost consideration over proportionate cost of the net asset values acquired was proportionally allocated on a relative fair value basis to the net identifiable assets acquired (that is to the vessels (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6</div>) and related time charters (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div>)) other than non-qualifying assets.</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 periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> the Company recorded net gains of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,199</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,299,</div> respectively, on equity method investments, which are separately reflected as Equity gain on investments in the accompanying consolidated statements of income.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The summarized combined financial information of the companies accounted for as equity method investment is as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2019</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 20%; background-color: White"> </td> <td style="width: 30%; text-align: justify">Non-current assets</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">552,110</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">541,337</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 20%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">Current assets</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40,230</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">48,354</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">Total assets</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">592,340</div></td> <td style="white-space: nowrap; 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">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">589,691</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">Current liabilities</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23,339</div></td> <td style="white-space: nowrap; 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;">125,735</div></td> <td style="white-space: nowrap; 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">2018</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">2019</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: 30%; 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;">76,113</div></td> <td style="white-space: nowrap; 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;">39,945</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; 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="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;">12,865</div></td> <td style="white-space: nowrap; 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;">11,081</div></td> <td style="white-space: nowrap; 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="background-color: White"> <td style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Entity</div></div></td> <td style="text-align: center; border-bottom: Black 1pt solid"> </td> <td style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;">Vessel</div></td> <td style="text-align: center; border-bottom: Black 1pt solid"> </td> <td style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Participation % <br /> June 30, 2019</div></div></td> <td style="text-align: center; border-bottom: Black 1pt solid"> </td> <td style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Date Established <br /> /Acquired</div></div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="width: 25%; text-align: justify"><div style="display: inline; font-size: 10pt">Steadman Maritime Co.</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;"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;">Ensenada</div></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;"><div style="display: inline; font-size: 10pt">49%</div></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;"><div style="display: inline; font-size: 10pt">July 1, 2013</div></div></td> </tr> <tr style="background-color: White"> <td style="text-align: justify"><div style="display: inline; font-size: 10pt">Marchant Maritime Co.</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;"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;">-</div></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;"><div style="display: inline; font-size: 10pt">49%</div></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;"><div style="display: inline; font-size: 10pt">July 8, 2013</div></div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="text-align: justify"><div style="display: inline; font-size: 10pt">Horton Maritime Co.</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;"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;">-</div></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;"><div style="display: inline; font-size: 10pt">49%</div></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;"><div style="display: inline; font-size: 10pt">June 26, 2013</div></div></td> </tr> <tr style="background-color: White"> <td style="text-align: justify"><div style="display: inline; font-size: 10pt">Smales Maritime Co.</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;"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;">-</div></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;"><div style="display: inline; font-size: 10pt">49%</div></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;"><div style="display: inline; font-size: 10pt">June 6, 2013</div></div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="text-align: justify"><div style="display: inline; font-size: 10pt">Geyer Maritime Co.</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;"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;">Arkadia</div></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;"><div style="display: inline; font-size: 10pt">49%</div></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;"><div style="display: inline; font-size: 10pt">May 18, 2015</div></div></td> </tr> <tr style="background-color: White"> <td style="text-align: justify"><div style="display: inline; font-size: 10pt">Goodway Maritime Co.</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;"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;">Monemvasia</div></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;"><div style="display: inline; font-size: 10pt">49%</div></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;"><div style="display: inline; font-size: 10pt">September 22, 2015</div></div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="text-align: justify"><div style="display: inline; font-size: 10pt">Kemp Maritime Co.</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;"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;">Cape Akritas</div></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;"><div style="display: inline; font-size: 10pt">49%</div></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;"><div style="display: inline; font-size: 10pt">June 6, 2013</div></div></td> </tr> <tr style="background-color: White"> <td style="text-align: justify"><div style="display: inline; font-size: 10pt">Hyde Maritime Co.</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;"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;">Cape Tainaro</div></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;"><div style="display: inline; font-size: 10pt">49%</div></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;"><div style="display: inline; font-size: 10pt">June 6, 2013</div></div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="text-align: justify"><div style="display: inline; font-size: 10pt">Skerrett Maritime Co.</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;"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;">Cape Artemisio</div></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;"><div style="display: inline; font-size: 10pt">49%</div></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;"><div style="display: inline; font-size: 10pt">December 23, 2013</div></div></td> </tr> <tr style="background-color: White"> <td style="text-align: justify"><div style="display: inline; font-size: 10pt">Ainsley Maritime Co.</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;"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;">Cape Kortia</div></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;"><div style="display: inline; font-size: 10pt">25%</div></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;"><div style="display: inline; font-size: 10pt">June 25, 2013</div></div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="text-align: justify"><div style="display: inline; font-size: 10pt">Ambrose Maritime Co.</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;"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;">Cape Sounio</div></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;"><div style="display: inline; font-size: 10pt">25%</div></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;"><div style="display: inline; font-size: 10pt">June 25, 2013</div></div></td> </tr> <tr style="background-color: White"> <td style="text-align: justify"><div style="display: inline; font-size: 10pt">Platt Maritime Co.</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;"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;">Polar Argentina</div></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;"><div style="display: inline; font-size: 10pt">49%</div></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;"><div style="display: inline; font-size: 10pt">May 18, 2015</div></div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="text-align: justify"><div style="display: inline; font-size: 10pt">Sykes Maritime Co.</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;"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;">Polar Brasil</div></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;"><div style="display: inline; font-size: 10pt">49%</div></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;"><div style="display: inline; font-size: 10pt">May 18, 2015</div></div></td> </tr> </table></div>
7802000
10854000
9879000
58471000
322405000
339332000
<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: 25%; background-color: White"> </td> <td style="width: 35%; text-align: justify">2019</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;">133,665</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 25%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <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;">28,956</div></td> <td style="white-space: nowrap; 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">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;">28,449</div></td> <td style="white-space: nowrap; 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">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;">27,931</div></td> <td style="white-space: nowrap; 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">2023</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;">72,663</div></td> <td style="white-space: nowrap; 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">2024 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;">56,909</div></td> <td style="white-space: nowrap; 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">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">348,573</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt">Less: Amount of interest (<div style="display: inline; font-style: italic;">MSC Azov</div>, <div style="display: inline; font-style: italic;">MSC Ajaccio</div>, <div style="display: inline; font-style: italic;">MSC Amalfi</div>, <div style="display: inline; font-style: italic;">Leonidio </div>and <div style="display: inline; font-style: italic;">Kyparissia</div>)</div></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(23,244</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Total lease payments</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</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;">325,329</div></td> <td style="white-space: nowrap; 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;">(2,924</div></td> <td style="white-space: nowrap; 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;">322,405</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> </table></div>
305033000
182326000
348573000
56909000
72663000
27931000
28449000
28956000
133665000
23244000
6825000
6825000
<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 hires 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 other financing arrangements with fixed interest rates discussed in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.B,</div> 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> 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 publicly available market data and in case there is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> such data available, 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, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </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;">$7,241</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$913,</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, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nil</div> and an asset of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,</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=" 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="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;">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="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 48%; text-align: justify; padding-bottom: 1pt">Interest rate swaps-asset position</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: 10%; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,241</div></td> <td style="white-space: nowrap; 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">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,241</div></td> <td style="white-space: nowrap; 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">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Total</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</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;">7,241</div></td> <td style="white-space: nowrap; 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">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</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;">7,241</div></td> <td style="white-space: nowrap; 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="white-space: nowrap; border-bottom: Black 2.25pt double; 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=" 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;">2019</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="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; 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;">2</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div></td> <td style="white-space: nowrap; 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="white-space: nowrap; 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;">1,175</div></td> <td style="white-space: nowrap; 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="white-space: nowrap; 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;">1,175</div></td> <td style="white-space: nowrap; 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="white-space: nowrap; 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;">(262</div></td> <td style="white-space: nowrap; 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="white-space: nowrap; 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;">(262</div></td> <td style="white-space: nowrap; 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="white-space: nowrap; 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;">915</div></td> <td style="white-space: nowrap; 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">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</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;">915</div></td> <td style="white-space: nowrap; 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="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left"> </td> </tr> </table> </div></div>
1412000
1318000
1439000
0
2000
2000
2000
12000000
10000000
61000
-625000
-294000
2000
2000
-294000
-253000
-575000
1535000
1401000
8229000
1452000
6777000
1406000
676000
3567000
0
0
5199000
4299000
<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> <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>
544000
-2881000
5746000
-1886000
-71000
110000
-913000
1068000
-2767000
-3806000
-48000
7000
538000
2391000
4000
-410000
-86000
-63000
-323000
679000
6476000
2485000
190000
191000
1222000
1127000
29378000
45316000
101000
794000
15813000
26956000
45782000
17102000
34401000
26933000
44722000
7241000
7241000
1175000
1175000
262000
0
262000
0
3727000
129000
7107000
1175000
134000
-262000
<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 in the accompanying consolidated balance sheets relate to bunkers, lubricants and spare parts on board the vessels.</div></div>
11020000
10610000
1878000
1686000
<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> Right-of-Use Assets and Finance Lease Liabilities:</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. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 18, 2019, </div>Bastian Shipping Co. and Cadence Shipping Co., signed a loan agreement with a bank for the purpose of financing the acquisition costs of the <div style="display: inline; font-style: italic;">MSC Ajaccio</div> and the <div style="display: inline; font-style: italic;">MSC Amalfi</div> (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.A.16</div>). In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2019, </div>the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> abovementioned subsidiaries drawn the loan amount (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.A.16</div>) and notified the financial institution for their intention to prepay within <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 2019, </div>the finance lease liability to be outstanding as of the date of the prepayment. Under the provisions of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">470</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> <div style="display: inline; font-style: italic;">“Debt” </div>and ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">210</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> <div style="display: inline; font-style: italic;">“Balance Sheet” </div>the outstanding finance lease liabilities of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> vessels of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$119,625</div> were classified as current and are included in Finance lease liabilities to be settled through term-loan proceeds included in current Restricted cash, net in the accompanying consolidated balance sheet as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019. </div>In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 2019 </div>the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> abovementioned subsidiaries repaid the then outstanding lease liability of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> vessels (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21</div>(e)).</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 --> <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 24, 2019, </div>Adele Shipping Co. signed a loan agreement with a bank for the purpose of financing the acquisition cost of the <div style="display: inline; font-style: italic;">MSC Azov</div> (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.A.17</div>). In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2019, </div>the abovementioned subsidiary notified the financial institution for its intention to prepay within <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 2019, </div>the finance lease liability to be outstanding as of the date of the prepayment. Under the provisions of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">470</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> <div style="display: inline; font-style: italic;">“Debt” </div>and ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">210</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> <div style="display: inline; font-style: italic;">“Balance Sheet” </div>the outstanding finance lease liability of the vessel of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$58,471</div> was classified as current and non-current, in accordance with the payment terms of the new loan agreement, and is included in Finance lease liabilities, net in the accompanying consolidated balance sheet as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019. </div>The abovementioned subsidiary drawn the loan amount in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 2019 </div>and repaid the then outstanding lease liability of the vessel (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21</div>(e)).</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;">seven</div>-year sale and leaseback transaction for each vessel. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2019, </div>a supplemental agreement was signed to the existing sale and leaseback facility with the financial institution for an additional amount of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$12,000</div> in order to finance the installation of scrubbers on the containerships <div style="display: inline; font-style: italic;">MSC Athens</div> and <div style="display: inline; font-style: italic;">MSC Athos</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 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 finance 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"><div style="display: inline; font-family: Times New Roman, Times, Serif">The total value of the vessels, at the inception of the finance 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, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,825</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, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>accumulated depreciation amounted to </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$50,663</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$57,488,</div> respectively, and is included in Finance 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, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>the net book value of the vessels amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$401,901</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$395,076,</div> respectively, and is separately reflected as Finance leased assets, in the accompanying consolidated balance sheets.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The balance of prepaid lease rentals, as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>is as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, <br /> 2018</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, <br /> 2019</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 20%; background-color: White"> </td> <td style="width: 30%; text-align: justify">Prepaid lease rentals</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51,670</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">42,919</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 20%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">Less: Amortization of prepaid lease rentals</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,751</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,340</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify">Prepaid lease rentals</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">42,919</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">38,579</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt">Less: current portion</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,752</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(27,172</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Non-current portion</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</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;">34,167</div></td> <td style="white-space: nowrap; 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;">11,407</div></td> <td style="white-space: nowrap; 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 finance lease liabilities amounting to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$325,329</div> as at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019 </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 finance leases, including the effect of the hedging interest rate swaps related to the sale and leaseback transactions (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 periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$10,854</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9,879,</div> respectively, and are included in Interest and finance costs in the accompanying consolidated statements of income. Finance lease liabilities 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> <!-- Field: Page; Sequence: 19 --> <!-- 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">The annual lease payments under the finance leases after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>giving effect to the term-loan discussed in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.A.16</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.A.17,</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: 25%; background-color: White"> </td> <td style="width: 35%; text-align: justify">2019</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;">133,665</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 25%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <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;">28,956</div></td> <td style="white-space: nowrap; 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">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;">28,449</div></td> <td style="white-space: nowrap; 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">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;">27,931</div></td> <td style="white-space: nowrap; 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">2023</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;">72,663</div></td> <td style="white-space: nowrap; 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">2024 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;">56,909</div></td> <td style="white-space: nowrap; 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">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">348,573</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt">Less: Amount of interest (<div style="display: inline; font-style: italic;">MSC Azov</div>, <div style="display: inline; font-style: italic;">MSC Ajaccio</div>, <div style="display: inline; font-style: italic;">MSC Amalfi</div>, <div style="display: inline; font-style: italic;">Leonidio </div>and <div style="display: inline; font-style: italic;">Kyparissia</div>)</div></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(23,244</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Total lease payments</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</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;">325,329</div></td> <td style="white-space: nowrap; 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;">(2,924</div></td> <td style="white-space: nowrap; 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;">322,405</div></td> <td style="white-space: nowrap; 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 total finance lease liabilities, 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, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019 </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, <br /> 2018</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 /> 2019</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: 30%; text-align: justify">Finance lease liabilities – 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;">35,115</div></td> <td style="white-space: nowrap; 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;">141,419</div></td> <td style="white-space: nowrap; 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;">(816</div></td> <td style="white-space: nowrap; 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;">(1,340</div></td> <td style="white-space: nowrap; 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">Finance lease liabilities – 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;">307,543</div></td> <td style="white-space: nowrap; 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;">183,910</div></td> <td style="white-space: nowrap; 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;">(2,510</div></td> <td style="white-space: nowrap; 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;">(1,584</div></td> <td style="white-space: nowrap; 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;">339,332</div></td> <td style="white-space: nowrap; 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;">322,405</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> </table> </div></div>
3050811000
3108866000
224669000
372131000
1469018000
1385716000
1000000000
74250000
74275000
38200000
1308406000
1392242000
149162000
193135000
640977000
100558000
85287000
285288000
219177000
69215000
1159244000
1199107000
<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> <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="5"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Borrower(s)</div></div></td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</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, 2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>A. </td> <td colspan="3" style="text-align: justify"><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-size: 10pt"><div style="display: inline; font-weight: bold;">Term Loans:</div></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="white-space: nowrap; 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="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 5%"> </td> <td style="width: 5%; text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div></td> <td style="width: 1%"> </td> <td style="width: 59%; text-align: justify"><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="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;">9,125</div></td> <td style="white-space: nowrap; 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;">-</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div></td> <td> </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;">32,000</div></td> <td style="white-space: nowrap; 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;">27,000</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.</div></td> <td> </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;">-</div></td> <td style="white-space: nowrap; 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="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.</div></td> <td> </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;">147,702</div></td> <td style="white-space: nowrap; 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;">140,062</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.</div></td> <td> </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;">94,135</div></td> <td style="white-space: nowrap; 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;">88,678</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.</div></td> <td> </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;">-</div></td> <td style="white-space: nowrap; 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="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.</div></td> <td> </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;">28,167</div></td> <td style="white-space: nowrap; 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;">26,000</div></td> <td style="white-space: nowrap; 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;">8.</div></td> <td> </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;">77,875</div></td> <td style="white-space: nowrap; 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;">71,625</div></td> <td style="white-space: nowrap; 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;">9.</div></td> <td> </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;">21,280</div></td> <td style="white-space: nowrap; 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;">19,680</div></td> <td style="white-space: nowrap; 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;">10.</div></td> <td> </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;">15,375</div></td> <td style="white-space: nowrap; 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;">14,475</div></td> <td style="white-space: nowrap; 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;">11.</div></td> <td> </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;">198,986</div></td> <td style="white-space: nowrap; 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;">174,187</div></td> <td style="white-space: nowrap; 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;">12.</div></td> <td> </td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Singleton Shipping Co. and Tatum 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;">47,200</div></td> <td style="white-space: nowrap; 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;">45,600</div></td> <td style="white-space: nowrap; 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;">13.</div></td> <td> </td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Reddick Shipping Co. and Verandi 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;">25,000</div></td> <td style="white-space: nowrap; 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;">22,560</div></td> <td style="white-space: nowrap; 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;">14.</div></td> <td> </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;">55,000</div></td> <td style="white-space: nowrap; 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;">47,141</div></td> <td style="white-space: nowrap; 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;">15.</div></td> <td> </td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Credit Facility</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="white-space: nowrap; 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="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td style="padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16.</div></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;">Bastian Shipping Co. and Cadence Shipping Co.</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;">-</div></td> <td style="white-space: nowrap; 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;">136,000</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td style="padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></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 style="display: inline; font-size: 10pt"> <div style="display: inline; font-weight: bold;">Total Term Loans</div></div></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;">751,845</div></td> <td style="white-space: nowrap; 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;">813,008</div></td> <td style="white-space: nowrap; 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>B.</td> <td colspan="3" style="text-align: left; 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-size: 10pt"><div style="display: inline; font-weight: bold;">Other financing arrangements</div></div></div></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;">564,709</div></td> <td style="white-space: nowrap; 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;">587,494</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </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="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</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;">1,316,554</div></td> <td style="white-space: nowrap; 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;">1,400,502</div></td> <td style="white-space: nowrap; 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 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="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="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;">(8,148</div></td> <td style="white-space: nowrap; 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;">(8,260</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </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="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="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;">1,308,406</div></td> <td style="white-space: nowrap; 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;">1,392,242</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-weight: bold"> </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;">(151,546</div></td> <td style="white-space: nowrap; 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;">(195,491</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </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="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="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;">2,384</div></td> <td style="white-space: nowrap; 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;">2,356</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </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="font-weight: bold; text-align: justify; padding-bottom: 2.25pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Total long-term debt, non-current, net</div></td> <td style="font-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;">1,159,244</div></td> <td style="white-space: nowrap; 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;">1,199,107</div></td> <td style="white-space: nowrap; 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: 14 --> <!-- 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></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">A. 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">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, 2019, </div>the outstanding balance of the loan of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9,125</div> was fully repaid.</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 of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>the outstanding balance of the loan of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$27,000</div> is repayable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</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 2019 </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. </div>Tranches A, D and E of the loan have been fully repaid in prior years<div style="display: inline; font-family: Times New Roman, Times, Serif">. During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div>the Company fully refinanced the then outstanding loan amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$19,425</div> of Tranches B and C with a new loan facility (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.A.14</div>) and fully prepaid the loan.</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 of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>the aggregate outstanding balance of tranches (a) and (b) of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$91,677</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;">4</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 2019 </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 of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>the outstanding balance of the tranche (c) of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$48,385</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;">6</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 2019 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2020. </div>Under the provisions of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">470</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> <div style="display: inline; font-style: italic;">“Debt”</div>, the outstanding loan amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$140,062</div> was classified as current and non-current, in accordance with the payment terms of the new loan facilities, and is included in Long-term debt, net of deferred financing costs in the accompanying consolidated balance sheet as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019.</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 of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>the outstanding balance of the tranche (a) of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$43,657</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;">4</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 2019 </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 of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>the outstanding balance of tranche (b) of the loan of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$45,021</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;">5</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 2019 </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. Under the provisions of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">470</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> <div style="display: inline; font-style: italic;">“Debt”</div>, the outstanding loan amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$88,678</div> was classified as current and non-current, in accordance with the payment terms of the new loan facilities, and is included in Long-term debt, net of deferred financing costs in the accompanying consolidated balance sheet as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019.</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;">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>, 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> and in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2018, </div>the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,586</div> due to the sale of the container vessel <div style="display: inline; font-style: italic;">MSC Koroni</div>. During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div>the Company fully refinanced the outstanding loan amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$24,966</div> with a loan facility (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.A.14</div>) and fully repaid the loan.</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, 2019</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;">$26,000</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;">$1,083.3,</div> from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2019 </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 --> <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;">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>. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 10, 2016, </div></div>Costis Maritime Corporation, Christos Maritime Corporation and Capetanissa Maritime Corporation <div style="display: inline; font-family: Times New Roman, Times, Serif">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 another <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, 2019, </div>the outstanding balance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$71,625</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;">$3,125,</div> from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2019 </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 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, 2019, </div>the outstanding balance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$19,680</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;">$800,</div> from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2019 </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, 2019, </div>the outstanding balance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$14,475</div> is repayable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13</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 2019 </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 partially refinance the Credit Facility discussed in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.A.15</div> below. 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> and also prepaid on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 22, 2019 </div>the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,805</div> due to the sale of the container vessel <div style="display: inline; font-style: italic;">Piraeus</div>. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>the outstanding balance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$174,187</div> is repayable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8</div> variable quarterly installments, from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2019 </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;">$83,971</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;">12.</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. 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> for the purpose of financing general corporate purposes relating to <div style="display: inline; font-style: italic;">Megalopolis </div>and <div style="display: inline; font-style: italic;">Marathopolis </div>(Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6</div>). 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;"> July 20, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2, 2018. </div>As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>the outstanding balance of tranche (a) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$22,800</div> is repayable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25</div> equal quarterly installments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$400,</div> from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 2019 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2025 </div>and a balloon payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$12,800</div> payable together with the last installment. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>the outstanding balance of tranche (b) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$22,800</div> is repayable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25</div> equal quarterly installments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$400,</div> from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2019 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 2025 </div>and a balloon payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$12,800</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;">13.</div> On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 26, 2018, </div>Reddick Shipping Co. and Verandi 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;">$25,000,</div> for the purpose of financing general corporate purposes relating to <div style="display: inline; font-style: italic;">Maersk Kleven </div>and <div style="display: inline; font-style: italic;">Maersk Kotka </div>(Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6</div>). 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;"> October 30, 2018. </div>As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>the outstanding balance of each tranche of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$11,280</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;">$610</div> each, from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 2019 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2021 </div>and a balloon payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,400</div> each 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;">14.</div> On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 27, 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;">$55,000</div> in order to refinance the term loan discussed in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.A.6</div> above and fully repay the loan discussed in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.A.3.</div> The facility has been drawn down in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> tranches. Tranche A of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$28,000</div> was drawn down on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 30, 2018 </div>and Tranche B (the revolving part of the loan) of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$27,000</div> was drawn down on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 11, 2018. </div>The Company prepaid on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 25, 2019 </div>the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,859</div> due to the sale of the container vessel <div style="display: inline; font-style: italic;">MSC Pylos</div>. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>the outstanding balance of Tranche A of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$24,000</div> is repayable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div> variable quarterly installments, from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2019 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2023. </div>As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>the outstanding balance of Tranche B of $ <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23,141</div> is payable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 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"><div style="display: inline; font-family: Times New Roman, Times, Serif"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15.</div> In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 2008, </div>the Company signed a loan agreement with a consortium of banks, for a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,000,000</div> Credit Facility (the “Facility”) for general corporate and working capital purposes. The Facility 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> 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>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 style="display: inline; font-family: Times New Roman, Times, Serif">During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 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 Facility with a new loan facility (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.A.11</div>) and fully prepaid the remaining outstanding loan amount.</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 style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16.</div> On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 18, 2019, </div>Bastian Shipping Co. and Cadence 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;">$136,000,</div> for the purpose of financing the acquisition costs of <div style="display: inline; font-style: italic;">MSC Ajaccio</div> and <div style="display: inline; font-style: italic;">MSC Amalfi</div> (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11</div>) and general corporate purposes relating to the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> vessels. The facility was 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;"> June 24, 2019. </div>As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>the aggregate outstanding balance of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> tranches of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$136,000</div> is repayable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32</div> variable quarterly installments, from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2019 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2027 </div>and a balloon payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$14,400</div> each 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;">17.</div> On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 24, 2019, </div>Adele 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;">$68,000,</div> for the purpose of financing the acquisition cost of <div style="display: inline; font-style: italic;">MSC Azov</div> (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11</div>) and general corporate purposes relating to the vessel. The facility was drawn down on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 12, 2019 (</div>Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21</div>(e)(ii)). The loan is repayable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28</div> equal quarterly installments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,500,</div> from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2019 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 2026 </div>and a balloon payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$26,000</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-style: italic; font-weight: inherit; font-style: normal;">18.</div> On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 28, 2019, </div>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;">$150,000,</div> in order to partially refinance the term loans discussed in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.A.4</div> and Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.A.5</div> above. The facility was drawn down in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> tranches on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 15, 2019 (</div>Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21</div>(e)(iii)). Each tranche of the loan is repayable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24</div> equal quarterly installments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$963.3</div> from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2019 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 2025 </div>and a balloon payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$26,880</div> each 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 in the range of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100%</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">130%,</div> restrictions on dividend payments if an event of default has occurred and is continuing or would occur as a result of the payment of such dividend and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>also require the Company to maintain minimum liquidity, minimum net worth, interest coverage and leverage ratios, as defined.</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;">B. Other Financing Arrangements</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;">1.</div> In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2018, </div>the Company, through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> wholly-owned subsidiaries, entered into <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> pre and post-delivery financing agreements with a financial institution for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> newbuild containerships (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6</div>). The Company is required to repurchase each underlying vessel at the end of the lease and as such it has assessed that under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606,</div> the advances paid for the vessels under construction are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> derecognized and the amounts received are accounted for as financing arrangements (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>). As a result of this transaction, an amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$64,188</div> (out of the total financial arrangement of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.4</div> billion) was recognized as a financial liability as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019. </div>The financing arrangements bear fixed interest and the interest expense incurred 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, 2019 </div>amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$794,</div> in the aggregate, and is capitalized in “Vessels and advances, net” in the accompanying <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> consolidated balance sheet. The total financial liability under these financing agreements will be repayable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">121</div> monthly installments beginning upon vessel delivery date including the amount of purchase obligation at the end of the 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"><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.</div> On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 12, 2018, </div>the Company, as discussed in 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;">9</div> above, entered into a Share Purchase Agreement with York. As at that date, the Company assumed the financing agreements that the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> ship-owning companies had entered into for their vessels along with the obligation to pay the remaining part of the consideration under the provisions of the Share Purchase Agreement within the next <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div> months from the date of the transaction. According to the financing arrangements, the Company is required to repurchase each underlying vessel at the end of the lease and as such it has assessed that under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div> and ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840</div> the assumed financial liability is accounted for as a financing arrangement. </div>The amount payable to York has been accounted for under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">480</div>-Distinguishing liabilities from equity and has been measured under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">835</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30</div>- Imputation of interest in accordance with the interest method. As at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>the aggregate outstanding amount of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> financing arrangements and the obligation under the Share Purchase Agreement with York described above, was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$523,305,</div> and is repayable in various installments <div style="display: inline; font-family: Times New Roman, Times, Serif">from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 2019 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2028 </div>and a balloon payment for each of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> financing arrangements of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$32,022,</div> payable together with the last installment. The financing arrangements bear fixed interest and 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, 2019, </div>the interest expense incurred amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$15,813,</div> in aggregate, and is included in Interest and finance costs in the accompanying <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> consolidated statement of income.</div></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"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The annual repayments under the Term Loans and Other Financing Arrangements after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>giving effect to the term-loans discussed in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.A.16,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.A.18</div> and Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21</div> (c) and (d), are in the aggregate 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; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"> <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: 25%; background-color: White"> </td> <td style="width: 35%; text-align: justify">2019</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;">69,215</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 25%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <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;">219,177</div></td> <td style="white-space: nowrap; 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">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;">285,288</div></td> <td style="white-space: nowrap; 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">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;">85,287</div></td> <td style="white-space: nowrap; 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">2023</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;">100,558</div></td> <td style="white-space: nowrap; 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">2024 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;">640,977</div></td> <td style="white-space: nowrap; 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"><div style="display: inline; font-size: 10pt"> <div style="display: inline; font-weight: bold;">Total </div></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;">1,400,502</div></td> <td style="white-space: nowrap; 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, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>was in the range of <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;">6.42%</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;">6.34%,</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, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.3%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.1%,</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">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>) and capitalized interest for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$17,102</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$34,401,</div> respectively.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">C. Financing Costs</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif">The amounts of financing costs included in the loan balances and finance lease liabilities (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11</div>) are as follows</div>:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 25%; background-color: White"> </td> <td style="width: 35%; font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, January 1, 2019</td> <td style="width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left; border-top: Black 1pt solid">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right; border-top: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,474</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left; border-top: Black 1pt solid"> </td> <td style="width: 25%; 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;">1,360</div></td> <td style="white-space: nowrap; 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;">(1,650</div></td> <td style="white-space: nowrap; 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, 2019</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,184</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Less: Current portion of financing costs</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,696</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.25pt">Financing costs, non-current portion</td> <td style="font-weight: bold; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">$</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;">7,488</div></td> <td style="white-space: nowrap; 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>
0.053
0.051
-61079000
896000
-64921000
9294000
66962000
107217000
33467000
27136000
33467000
27136000
18685000
11589000
<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;">New Accounting Pronouncements - Adopted</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20"><div style="display: inline; background-color: white">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019, </div>the Company adopted <div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">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,</div> Leases (ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div>)</div></div>, as amended from time to time, using the modified retrospective transition method. The Company elected to apply the additional and optional transition method to existing leases at the beginning of the period of adoption through a cumulative effect adjustment to the opening retained earnings as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019. </div>The prior period 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 guidance in effect for those periods (ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840</div>), including the disclosure requirements. Also, the Company elected to apply a package of practical expedients under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> which allowed the Company, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to reassess (i) whether any existing contracts, on the date of adoption, contained a lease, (ii) lease classification of existing leases classified as operating leases in accordance with ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840</div> and (iii) initial direct costs for any existing leases. As all existing contracts with charterers, at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019, </div>are operating leases and as the Company did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> account for initial direct costs related to existing leases at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019, </div>there were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> amounts to be recorded as a cumulative effect adjustment to opening retained earnings on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019. </div>Additionally, the Company, as lessor, elected to apply the practical expedient, to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> separate lease and associated non-lease components, and instead to account for each separate lease component and the associated non-lease components as a single component, as the criteria of the paragraphs ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</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;">15</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">42A</div> through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">42B</div> are met. There was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> cumulative effect from the adoption of the standard to opening retained earnings as at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019, </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> impact on any of the line items reported in the Company’s consolidated financial statements.</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; color: #231F20; background-color: white">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019, </div>the Company adopted <div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">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 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. </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> <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 style="display: inline; background-color: white">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019, </div>the Company adopted <div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">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;">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>), 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, and <div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">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;">16,</div> “Derivatives and Hedging (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">815</div>)—Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes”</div></div>, which permits the use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">815</div> in addition to the UST, the LIBOR swap rate, the OIS rate based on the Fed Funds Effective Rate and the SIFMA Municipal Swap Rate, as further amended through </div>ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">04,</div> “<div style="display: inline; background-color: white"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Codification Improvements to Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">326,</div> Financial Instruments—Credit Losses, Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">815,</div> Derivatives and Hedging, and Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">825</div> Financial Instruments”.</div></div> The amendments have been adopted on a prospective basis for qualifying new or redesignated hedging relationships entered into on or after the date of adoption. </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> <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 1, 2019, </div>the Company adopted <div style="display: inline; background-color: white"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">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;">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> which simplifies the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. </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> <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-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;">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</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. <div style="display: inline; background-color: white">Furthermore, <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 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;">19,</div> “Codification Improvements to Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">326,</div> Financial Instruments—Credit Losses”</div></div>. The amendments clarify that receivables arising from operating leases are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> within the scope of Subtopic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">326</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20.</div> Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842,</div> Leases.</div> In addition, <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;"> April 2019, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">04,</div></div></div> “<div style="display: inline; background-color: white"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Codification Improvements to Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">326,</div> Financial Instruments—Credit Losses, Financial Instruments—Credit Losses, Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">815,</div> Derivatives and Hedging, and Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">825</div> Financial Instruments”, </div></div>the amendments of which clarify the modification of accounting for available for sale debt securities excluding applicable accrued interest, which must be individually assessed for credit losses when fair value is less than the amortized cost basis. <div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2019, </div>the FASB issued </div></div></div><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">05,</div></div> “<div style="display: inline; background-color: white"><div style="display: inline; font-style: italic;">Codification Improvements to Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">326,</div> Financial Instruments—Credit Losses, Financial Instruments—Credit Losses, Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">815,</div> Derivatives and Hedging, and Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">825</div> Financial Instruments”, </div></div></div>the amendments of which provide entities that have certain instruments within the scope of Subtopic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">326</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,</div> Financial Instruments—Credit Losses—Measured at Amortized Cost, with an option to irrevocably elect the fair value option in 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> Financial Instruments—Overall, applied on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">326.</div> The fair value option election does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> apply to held-to-maturity debt securities. An entity that elects the fair value option should subsequently apply the guidance in Subtopics <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">820</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,</div> Fair Value Measurement—Overall, and <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> The effective date and transition requirements for the amendments in these Updates are the same as the effective dates and transition 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;">13,</div> as amended by these Updates. The Company is currently assessing the impact of the adoption of the new accounting standard 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 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; 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 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;">13,</div> “Fair Value Measurement (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">820</div>)—Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement”</div></div>, which improves the effectiveness of fair value measurement disclosures. In particular, the amendments in this Update modify the disclosure requirements on fair value measurements in Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">820,</div> Fair Value Measurement, based on the concepts in FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8:</div> Notes to Financial Statements, including the consideration of costs and benefits. The amendments in the Update apply to all entities that are required under existing GAAP to make disclosures about recurring and non-recurring fair value measurements. 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;">13</div> is effective for annual periods, including interim periods within those annual periods, beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2019. </div>The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> fair value measurements and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of this Update. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this Update and delay adoption of the additional disclosures until their effective date. 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 style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <!-- 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; 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;"> October 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;">17,</div> “Consolidation (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">810</div>)—Targeted Improvements to Related Party Guidance for Variable Interest Entities”.</div></div> The FASB is issuing this Update in response to stakeholders’ observations that Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">810,</div> Consolidation, could be improved in the following areas: (i) applying the variable interest entity (VIE) guidance to private companies under common control and (ii) considering indirect interests held through related parties under common control for determining whether fees paid to decision makers and service providers are variable interests. The amendments in this Update improve the accounting for those areas, thereby improving general purpose financial reporting. 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;">17</div> is effective for annual periods, including interim periods within those annual periods, beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2019. </div>All entities are required to apply the amendments in this Update retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. Early adoption is permitted. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements and related disclosures.</div></div></div></div></div>
15130000
2883015
-23693000
-39579000
6
5
52842000
58164000
57160000
66715000
<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”). 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, 2019, </div>the Company issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">299,200</div> shares to Costamare Shipping Services Ltd. (“Costamare Services”) (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</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, 2019, </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;">11,508,233</div> shares, in aggregate. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </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;">114,501,033</div> common shares. At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>members of the Konstantakopoulos Family owned, directly or indirectly, approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">56.8%</div> of the outstanding common shares, in the aggregate. Furthermore, 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, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>the Company owned and/or operated a fleet of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">62</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60</div> container vessels, respectively, with a total carrying capacity of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">409,345</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">402,333</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”), respectively, through wholly-owned subsidiaries. The Company provides worldwide marine transportation services by chartering its container vessels to some of the world’s leading liner operators 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, 2019, </div>Costamare had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">85</div> wholly-owned subsidiaries incorporated in the Republic of Liberia and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ten</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 periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</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">2018</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">2019</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;">28</div></td> <td style="white-space: nowrap; 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;">23</div></td> <td style="white-space: nowrap; 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;">28</div></td> <td style="white-space: nowrap; 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;">24</div></td> <td style="white-space: nowrap; 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;">11</div></td> <td style="white-space: nowrap; 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;">8</div></td> <td style="white-space: nowrap; 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;">23</div></td> <td style="white-space: nowrap; 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;">39</div></td> <td style="white-space: nowrap; 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;">90</div></td> <td style="white-space: nowrap; 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;">94</div></td> <td style="white-space: nowrap; 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 reconciliation of the cash, cash equivalents and restricted cash <div style="display: inline; font-family: Times New Roman, Times, Serif">for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> </div>is presented in the table below:</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> </td> <td colspan="7" style="white-space: nowrap"> </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">2018</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">2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Reconciliation of cash, cash equivalents and restricted cash</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <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;">124,392</div></td> <td style="white-space: nowrap; 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;">98,563</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <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;">5,199</div></td> <td style="white-space: nowrap; 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;">147,292</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <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;">30,256</div></td> <td style="white-space: nowrap; 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;">38,043</div></td> <td style="white-space: nowrap; 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: 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;">159,847</div></td> <td style="white-space: nowrap; 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;">283,898</div></td> <td style="white-space: nowrap; 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">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, 2018, </div>filed with the SEC on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 7, 2019.</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">These 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, 2019, </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, 2019.</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 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;">(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, pursuant to a Framework Agreement dated <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2, 2015 (</div>the “Framework Agreement”), with general administrative and certain commercial services as well as 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>Costamare Services, a company controlled by the Company’s Chairman and Chief Executive Officer and members of his family provides, pursuant to a Services Agreement dated <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2, 2015 (</div>the “Services Agreement”) the Company’s vessel owning subsidiaries with crewing, commercial and administrative services<div style="display: inline; font-family: Times New Roman, Times, Serif">. Costamare Shipping and Costamare Services are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> part of the consolidated group of the Company.</div> Effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 1, 2019, </div>the Services Agreement has been amended to increase the fees paid by each vessel-owning subsidiary of the Company to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.10%</div> from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.60%</div> of the charter hire and other income earned by each vessel-owning subsidiary.</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 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>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> (i) for each containership a daily fee of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.956</div> (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.478</div> for any containership subject to a bareboat charter) 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 (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>). 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">The Company </div>is able to terminate the Framework Agreement and/or the Services Agreement, subject to a termination fee, by providing written notice to Costamare Shipping or Costamare Services, as applicable, at least <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">Costamare Shipping entered in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2013</div> 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. 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. 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. Effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 1, 2019, </div>the Company terminated its agreement with Costamare Shipping, whereby Costamare Shipping passed to the Company the net profit, if any, it received pursuant to the Co-operation Agreement as a refund or reduction of the management fees payable by the Company to Costamare Shipping under the Framework Agreement. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>the Cell provided services to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div> of Costamare’s vessels.</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">Management fees charged by Costamare Shipping in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9,551</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$10,827,</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 charged (i) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,742</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, 2019 (</div><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>representing a fee of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.75%</div> (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.25%</div> from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 1, 2019) </div>on all gross revenues, as provided in the Framework Agreement and the Services Agreement, as applicable, which is included in Voyage expenses-related parties in the accompanying consolidated statements of 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 statements 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, 2019 (</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, 2018) </div>and (iii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,545,</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 statements 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, 2019 (</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,127</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>Furthermore, in accordance with the management agreement with V.Ships Greece and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> party managers, V.Ships Greece and the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> party managers have been provided with the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,800</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 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">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</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;">$3,592</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,046,</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, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,681</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$875,</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, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$196</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$203,</div> respectively, and is reflected as Due to related parties in the accompanying consolidated balance sheets.</div> <div style=" font: 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; font-size: 10pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(b) Shanghai Costamare Ship Management Co., Ltd.</div></div></div> (“<div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Shanghai Costamare”):</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, 2019, </div>Shanghai Costamare provided such services to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16</div> (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div> as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018) </div>of the Company’s containerships. There was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> balance due from/to Shanghai Costamare at both <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019.</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-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> <div style="display: inline; font-family: Times New Roman, Times, Serif">(indirectly) </div>owned 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. Under the charter brokerage services agreement as amended, each vessel-owning subsidiary paid a fee of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">€10,364</div> for the year ended <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 a bareboat charter agreement), provided that the fee was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">€1,139</div> in respect of vessels 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 periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> Costamare Shipping charged the ship-owning companies <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$221</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$210,</div> respectively, which is included in Voyage expenses – related parties in the accompanying consolidated statements of income.</div></div></div>
1000000
9125000
19425000
24966000
299837000
381167000
104662000
5600000
147292000
5199000
47177000
38043000
30256000
38734000
27632000
<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">Accounting for Revenues and Expenses:</div></div> Revenues are generated from time charter agreements which contain a lease as they meet the criteria of a lease under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842.</div> All agreements contain a minimum non-cancellable period and an extension period at the option of the charterer. Each lease term is assessed at the inception of that lease. Under a time-charter agreement, the charterer pays a daily hire for the use of the vessel and reimburses the owner for hold cleanings, extra insurance premiums for navigating in restricted areas and damages caused by the charterers. Additionally, the charterer pays to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> parties port and canal dues, as well as bunkers consumed during the term of the time charter agreement. Such costs are considered direct costs for the charterers as they are directly paid by charterers, unless they are for the account of the owner, in which case they are included in voyage expenses. Additionally, the owner pays commissions on the daily hire, to both the charterer and to brokers, which are direct costs and are recorded in voyage expenses. Under a time-charter agreement, the owner provides services related to the operation and the maintenance of the vessel, including crew, insurance, spares and repairs, which are recognized in operating expenses. The Company, as lessor, has elected <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to allocate the consideration in the agreement to the separate lease and non-lease components (operation and maintenance of the vessel), as their timing and pattern of transfer to the charterer, as the lessee, are the same and the lease component, if accounted for separately, would be classified as an operating lease. Additionally, the lease component is considered the predominant component as the Company has assessed that more value is ascribed to the lease of the vessel rather than to the services provided under the time charter contracts.</div>
183331000
230010000
50663000
57488000
452564000
401901000
395076000
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="5"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Borrower(s)</div></div></td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</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, 2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>A. </td> <td colspan="3" style="text-align: justify"><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-size: 10pt"><div style="display: inline; font-weight: bold;">Term Loans:</div></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="white-space: nowrap; 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="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 5%"> </td> <td style="width: 5%; text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div></td> <td style="width: 1%"> </td> <td style="width: 59%; text-align: justify"><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="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;">9,125</div></td> <td style="white-space: nowrap; 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;">-</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div></td> <td> </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;">32,000</div></td> <td style="white-space: nowrap; 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;">27,000</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.</div></td> <td> </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;">-</div></td> <td style="white-space: nowrap; 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="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.</div></td> <td> </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;">147,702</div></td> <td style="white-space: nowrap; 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;">140,062</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.</div></td> <td> </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;">94,135</div></td> <td style="white-space: nowrap; 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;">88,678</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.</div></td> <td> </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;">-</div></td> <td style="white-space: nowrap; 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="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.</div></td> <td> </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;">28,167</div></td> <td style="white-space: nowrap; 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;">26,000</div></td> <td style="white-space: nowrap; 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;">8.</div></td> <td> </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;">77,875</div></td> <td style="white-space: nowrap; 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;">71,625</div></td> <td style="white-space: nowrap; 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;">9.</div></td> <td> </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;">21,280</div></td> <td style="white-space: nowrap; 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;">19,680</div></td> <td style="white-space: nowrap; 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;">10.</div></td> <td> </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;">15,375</div></td> <td style="white-space: nowrap; 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;">14,475</div></td> <td style="white-space: nowrap; 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;">11.</div></td> <td> </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;">198,986</div></td> <td style="white-space: nowrap; 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;">174,187</div></td> <td style="white-space: nowrap; 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;">12.</div></td> <td> </td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Singleton Shipping Co. and Tatum 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;">47,200</div></td> <td style="white-space: nowrap; 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;">45,600</div></td> <td style="white-space: nowrap; 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;">13.</div></td> <td> </td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Reddick Shipping Co. and Verandi 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;">25,000</div></td> <td style="white-space: nowrap; 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;">22,560</div></td> <td style="white-space: nowrap; 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;">14.</div></td> <td> </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;">55,000</div></td> <td style="white-space: nowrap; 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;">47,141</div></td> <td style="white-space: nowrap; 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;">15.</div></td> <td> </td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Credit Facility</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="white-space: nowrap; 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="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td style="padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16.</div></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;">Bastian Shipping Co. and Cadence Shipping Co.</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;">-</div></td> <td style="white-space: nowrap; 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;">136,000</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td style="padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></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 style="display: inline; font-size: 10pt"> <div style="display: inline; font-weight: bold;">Total Term Loans</div></div></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;">751,845</div></td> <td style="white-space: nowrap; 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;">813,008</div></td> <td style="white-space: nowrap; 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>B.</td> <td colspan="3" style="text-align: left; 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-size: 10pt"><div style="display: inline; font-weight: bold;">Other financing arrangements</div></div></div></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;">564,709</div></td> <td style="white-space: nowrap; 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;">587,494</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </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="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</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;">1,316,554</div></td> <td style="white-space: nowrap; 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;">1,400,502</div></td> <td style="white-space: nowrap; 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 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="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="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;">(8,148</div></td> <td style="white-space: nowrap; 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;">(8,260</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </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="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="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;">1,308,406</div></td> <td style="white-space: nowrap; 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;">1,392,242</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-weight: bold"> </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;">(151,546</div></td> <td style="white-space: nowrap; 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;">(195,491</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </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="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="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;">2,384</div></td> <td style="white-space: nowrap; 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;">2,356</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </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="font-weight: bold; text-align: justify; padding-bottom: 2.25pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Total long-term debt, non-current, net</div></td> <td style="font-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;">1,159,244</div></td> <td style="white-space: nowrap; 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">$</td> <td style="border-bottom: Black 2.25pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,199,107</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-weight: bold; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Basic EPS</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Basic EPS</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: justify">Net income</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">33,467</div></td> <td style="white-space: nowrap; 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;">27,136</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <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;">(14,782</div></td> <td style="white-space: nowrap; 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;">(15,547</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <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;">18,685</div></td> <td style="white-space: nowrap; 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;">11,589</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Weighted average number of common shares, basic</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="white-space: nowrap; 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;">113,540,975</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Weighted average number of common shares, 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;">109,340,800</div></td> <td style="white-space: nowrap; 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;">116,490,307</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <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;">0.17</div></td> <td style="white-space: nowrap; 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">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.10</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="white-space: nowrap; text-align: justify; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"> <div style="display: inline; font-weight: bold;">Year ending December 31,</div></div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 25%; background-color: White"> </td> <td style="width: 35%; text-align: justify">2019</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">69,215</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 25%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <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;">219,177</div></td> <td style="white-space: nowrap; 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">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;">285,288</div></td> <td style="white-space: nowrap; 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">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;">85,287</div></td> <td style="white-space: nowrap; 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">2023</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;">100,558</div></td> <td style="white-space: nowrap; 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">2024 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;">640,977</div></td> <td style="white-space: nowrap; 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"><div style="display: inline; font-size: 10pt"> <div style="display: inline; font-weight: bold;">Total </div></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;">1,400,502</div></td> <td style="white-space: nowrap; 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">2018</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">2019</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;">28</div></td> <td style="white-space: nowrap; 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;">23</div></td> <td style="white-space: nowrap; 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;">28</div></td> <td style="white-space: nowrap; 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;">24</div></td> <td style="white-space: nowrap; 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;">11</div></td> <td style="white-space: nowrap; 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;">8</div></td> <td style="white-space: nowrap; 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;">23</div></td> <td style="white-space: nowrap; 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;">39</div></td> <td style="white-space: nowrap; 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;">90</div></td> <td style="white-space: nowrap; 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;">94</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; font-weight: bold; text-align: left">%</td> <td style="background-color: White"> </td> </tr> </table></div>
2127000
1545000
6.307794
5.2697
4000000
4000000
2000000
108205985
4600000
4000000
4000000
2000000
110379350
4600000
4000000
4000000
2000000
112464230
4600000
4000000
4000000
2000000
114501033
<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, 2018. </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, 2019, </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;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Accounting for Revenues and Expenses:</div></div></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> Revenues are generated from time charter agreements which contain a lease as they meet the criteria of a lease under ASC </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842.</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> All agreements contain a minimum non-cancellable period and an extension period at the option of the charterer. Each lease term is assessed at the inception of that lease. Under a time-charter agreement, the charterer pays a daily hire for the use of the vessel and reimburses the owner for hold cleanings, extra insurance premiums for navigating in restricted areas and damages caused by the charterers. Additionally, the charterer pays to </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> parties port and canal dues, as well as bunkers consumed during the term of the time charter agreement. Such costs are considered direct costs for the charterers as they are directly paid by charterers, unless they are for the account of the owner, in which case they are included in voyage expenses. Additionally, the owner pays commissions on the daily hire, to both the charterer and to brokers, which are direct costs and are recorded in voyage expenses. Under a time-charter agreement, the owner provides services related to the operation and the maintenance of the vessel, including crew, insurance, spares and repairs, which are recognized in operating expenses. The Company, as lessor, has elected </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> to allocate the consideration in the agreement to the separate lease and non-lease components (operation and maintenance of the vessel), as their timing and pattern of transfer to the charterer, as the lessee, are the same and the lease component, if accounted for separately, would be classified as an operating lease. Additionally, the lease component is considered the predominant component as the Company has assessed that more value is ascribed to the lease of the vessel rather than to the services provided under the time charter contracts.</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"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">New Accounting Pronouncements - Adopted</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20"><div style="display: inline; background-color: white"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">On </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">the Company adopted </div><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ASU </div><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;"> </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;">-</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> Leases (ASC </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">)</div></div></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">, as amended from time to time, using the modified retrospective transition method. The Company elected to apply the additional and optional transition method to existing leases at the beginning of the period of adoption through a cumulative effect adjustment to the opening retained earnings as of </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019. </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">The prior period comparative information has </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> been restated and continues to be reported under the accounting guidance in effect for those periods (ASC </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">), including the disclosure requirements. Also, the Company elected to apply a package of practical expedients under ASC </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> which allowed the Company, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> to reassess (i) whether any existing contracts, on the date of adoption, contained a lease, (ii) lease classification of existing leases classified as operating leases in accordance with ASC </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> and (iii) initial direct costs for any existing leases. As all existing contracts with charterers, at </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">are operating leases and as the Company did </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> account for initial direct costs related to existing leases at </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">there were </div><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;"> amounts to be recorded as a cumulative effect adjustment to opening retained earnings on </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019. </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Additionally, the Company, as lessor, elected to apply the practical expedient, to </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> separate lease and associated non-lease components, and instead to account for each separate lease component and the associated non-lease components as a single component, as the criteria of the paragraphs ASC </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</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;">-</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;">-</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">42A</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> through </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">42B</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> are met. There was </div><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;"> cumulative effect from the adoption of the standard to opening retained earnings as at </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">and </div><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;"> impact on any of the line items reported in the Company’s consolidated financial statements.</div></div></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;"> </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-style: italic; font-weight: inherit; font-style: normal;">On </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">the Company adopted </div><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ASU </div><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;"> </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;">-</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> Earnings Per Share (Topic </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">260</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">), Distinguishing Liabilities from Equity (Topic </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">480</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">) and Derivatives and Hedging (Topic </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">815</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">). </div></div></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">480,</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> 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><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> have an accounting effect. </div></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">The adoption of this new accounting guidance did </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> have a material effect on the Company’s consolidated financial statements.</div></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;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </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 style="display: inline; background-color: white"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">On </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">the Company adopted </div><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ASU </div><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;"> </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;">-</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> Derivatives and Hedging (Topic </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">815</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">):</div></div></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> Targeted Improvements to Accounting for Hedging Activities (ASU </div><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;"> </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;">-</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">), 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, and </div><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ASU </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;">-</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> “Derivatives and Hedging (Topic </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">815</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">)—Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes”</div></div></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">, which permits the use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">815</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> in addition to the UST, the LIBOR swap rate, the OIS rate based on the Fed Funds Effective Rate and the SIFMA Municipal Swap Rate, as further amended through </div></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ASU </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">04,</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> “</div><div style="display: inline; background-color: white"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Codification Improvements to Topic </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">326,</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> Financial Instruments—Credit Losses, Topic </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">815,</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> Derivatives and Hedging, and Topic </div><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;"> Financial Instruments”.</div></div></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> The amendments have been adopted on a prospective basis for qualifying new or redesignated hedging relationships entered into on or after the date of adoption. </div></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">The adoption of this new accounting guidance did </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> have a material effect on the Company’s consolidated financial statements.</div></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;"> </div></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;">On </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">the Company adopted </div><div style="display: inline; background-color: white"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ASU </div><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;"> </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;">-</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">07,</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> Improvements to Nonemployee Share-Based Payment Accounting (Topic </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">718</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">)</div></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">,</div></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> which simplifies the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. </div></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">The adoption of this new accounting guidance did </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> have a material effect on the Company’s consolidated financial statements.</div></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;"> </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; font-weight: inherit; font-style: normal;">New Accounting Pronouncements - </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Not</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> Yet Adopted</div></div></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;"> </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 style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">In </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2016, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">the FASB issued ASU </div><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;"> </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;">-</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13—Financial</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> Instruments—Credit Losses (Topic </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">326</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">) - Measurement of Credit Losses on Financial Instruments</div></div></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">. ASU </div><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;"> </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;">-</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> 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><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2019, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">including interim periods within those fiscal years. Early application is permitted. </div><div style="display: inline; background-color: white"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Furthermore, </div><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">in </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2018, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">the FASB issued ASU </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;">-</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> “Codification Improvements to Topic </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">326,</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> Financial Instruments—Credit Losses”</div></div></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">. The amendments clarify that receivables arising from operating leases are </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> within the scope of Subtopic </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">326</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20.</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842,</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> Leases.</div></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> In addition, </div><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">in </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2019, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">the FASB issued ASU </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">04,</div></div></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> “</div><div style="display: inline; background-color: white"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Codification Improvements to Topic </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">326,</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> Financial Instruments—Credit Losses, Financial Instruments—Credit Losses, Topic </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">815,</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> Derivatives and Hedging, and Topic </div><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;"> Financial Instruments”, </div></div></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">the amendments of which clarify the modification of accounting for available for sale debt securities excluding applicable accrued interest, which must be individually assessed for credit losses when fair value is less than the amortized cost basis. </div><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">In </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2019, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">the FASB issued </div></div></div></div><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ASU </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">05,</div></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> “</div><div style="display: inline; background-color: white"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Codification Improvements to Topic </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">326,</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> Financial Instruments—Credit Losses, Financial Instruments—Credit Losses, Topic </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">815,</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> Derivatives and Hedging, and Topic </div><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;"> Financial Instruments”, </div></div></div></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">the amendments of which provide entities that have certain instruments within the scope of Subtopic </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">326</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> Financial Instruments—Credit Losses—Measured at Amortized Cost, with an option to irrevocably elect the fair value option in Subtopic </div><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;">-</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;"> Financial Instruments—Overall, applied on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">326.</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> The fair value option election does </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> apply to held-to-maturity debt securities. An entity that elects the fair value option should subsequently apply the guidance in Subtopics </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">820</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</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;"> Fair Value Measurement—Overall, and </div><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;">-</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;"> The effective date and transition requirements for the amendments in these Updates are the same as the effective dates and transition requirements in Update </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;">-</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> as amended by these Updates. The Company is currently assessing the impact of the adoption of the new accounting standard 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 style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></div></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;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">In </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2018, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">the FASB issued ASU </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;">-</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> “Fair Value Measurement (Topic </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">820</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">)—Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement”</div></div></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">, which improves the effectiveness of fair value measurement disclosures. In particular, the amendments in this Update modify the disclosure requirements on fair value measurements in Topic </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">820,</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> Fair Value Measurement, based on the concepts in FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8:</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> Notes to Financial Statements, including the consideration of costs and benefits. The amendments in the Update apply to all entities that are required under existing GAAP to make disclosures about recurring and non-recurring fair value measurements. ASU </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;">-</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> is effective for annual periods, including interim periods within those annual periods, beginning after </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2019. </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level </div><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;"> fair value measurements and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of this Update. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this Update and delay adoption of the additional disclosures until their effective date. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements and related disclosures.</div></div></div> <div 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;"> </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="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><!-- 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; background-color: white"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">In </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2018, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">the FASB issued ASU </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;">-</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> “Consolidation (Topic </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">810</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">)—Targeted Improvements to Related Party Guidance for Variable Interest Entities”.</div></div></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> The FASB is issuing this Update in response to stakeholders’ observations that Topic </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">810,</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> Consolidation, could be improved in the following areas: (i) applying the variable interest entity (VIE) guidance to private companies under common control and (ii) considering indirect interests held through related parties under common control for determining whether fees paid to decision makers and service providers are variable interests. The amendments in this Update improve the accounting for those areas, thereby improving general purpose financial reporting. ASU </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;">-</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> is effective for annual periods, including interim periods within those annual periods, beginning after </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2019. </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">All entities are required to apply the amendments in this Update retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. Early adoption is permitted. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements and related disclosures.</div></div></div></div>
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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;">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> During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </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, 2019, </div>the Company issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">299,200</div> shares 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.</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, 2018, </div>the Company issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,659,845</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;">$6.307794</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, 2019, </div>the Company issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,737,603</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;">$5.2697</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">As at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </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;">114,501,033</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> <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><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2018 </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-weight: bold;"><div style="display: inline; font-style: italic;">(d) Dividends declared and / or paid</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, 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 (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> 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, 2019, </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;">$6,580</div> in cash and issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">961,656</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;">2018</div> and (ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,867</div> in cash and issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">775,947</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;">2019.</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">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 (i) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$953</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.476563</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 15, 2017 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 14, 2018 </div>and (ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$953</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.476563</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 15, 2018 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 14, 2018. </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, 2019, </div>the Company declared and paid to its holders of Series B Preferred Stock (i) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$953</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.476563</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 15, 2018 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 14, 2019 </div>and (ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$953</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.476563</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 15, 2019 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 14, 2019.</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 declared and paid to its holders of Series C Preferred Stock (i) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,125</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.531250</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 15, 2017 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 14, 2018 </div>and (ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,125</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.531250</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 15, 2018 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 14, 2018. </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, 2019, </div>the Company declared and paid to its holders of Series C Preferred Stock (i) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,125</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.531250</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 15, 2018 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 14, 2019 </div>and (ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,125</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.531250</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 15, 2019 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 14, 2019.</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 declared and paid to its holders of Series D Preferred Stock (i) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,188</div> or <div style="display: inline; 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 (ii) <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>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, 2019, </div>the Company declared and paid to its holders of Series D Preferred Stock (i) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,188</div> or <div style="display: inline; 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, 2018 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 14, 2019 </div>and (ii) <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, 2019 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 14, 2019.</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 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 style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.462240</div> 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>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, 2019, </div>the Company declared and paid to its holders of Series E Preferred Stock (i) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,551</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.554688</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 15, 2018 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 14, 2019 </div>and (ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,551</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.554688</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 15, 2019 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 14, 2019.</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 1, 2019</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, 2019, </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 7, 2019</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 22, 2019</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></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;"><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></div></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><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 1, 2019</div></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 15, 2019</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 12, 2019</div></div></div></div>.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </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;">(c)</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;">Share Purchase Agreement with York:</div></div> On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 17, 2019, </div>the Company elected to pay part of the previously agreed deferred price for the acquisition of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60%</div> equity interest of York Capital in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> - built <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,000</div> TEU containerships with newly-issued shares of the Company’s common stock (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div>). On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 25, 2019, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,883,015</div> shares of common stock were issued in order to pay an amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$15,130,</div> representing part of the deferred price. The remaining deferred price due to York Capital is included in Current portion of long-term debt, net of deferred financing costs in the accompanying consolidated balance sheet as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, (</div>Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.B.2</div>) and will be paid in cash in accordance with the terms of the agreement.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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-weight: bold;"><div style="display: inline; font-style: italic;">(d)</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">New loan agreement and prepayment of current term-loan:</div></div> On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 18, 2019, </div>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;">$94,000</div> in order to partially refinance the term loan discussed in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.A.4.</div> On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 24, 2019 </div>the Company drew down the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$94,000</div> and on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 26, 2019 </div>fully prepaid the outstanding balance of tranches (a) and (b) of the loan described in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.A.4.</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-weight: bold;"><div style="display: inline; font-style: italic;">(e)</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Drawdowns of new term-loans and prepayments of current term-loans:</div></div> (i) On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 12, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 15, 2019, </div>the Company prepaid the outstanding balance of Cadence’s Shipping Co. and Bastian’s Shipping Co. finance lease liabilities (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11</div>), respectively, (ii) on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 12, 2019, </div>the Company drew down the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$68,000</div> relating to the term-loan described in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.A.17</div> and on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 18, 2019, </div>the Company fully prepaid the outstanding balance of Adele’s Shipping Co. finance lease liability (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11</div>) and (iii) on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 15, 2019, </div>the Company drew down in aggregate the amount of <div style="display: inline; 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