<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;"><div style="display: inline; font-style: italic;">(m) Accounting for Special Survey and Dry-docking Costs:</div></div> The Company follows the deferral method of accounting for special survey and dry-docking costs whereby actual costs incurred are deferred and are amortized on a straight-line basis over the period through the date the next survey is scheduled to become due. Costs deferred are limited to actual costs incurred at the yard and parts used in the dry-docking or special survey. If a survey is performed prior to the scheduled date, the remaining unamortized balances are immediately written off. Unamortized balances of vessels that are sold are written-off and included in the calculation of the resulting gain or loss in the period of the vessel’s sale. Furthermore, unamortized dry-docking and special survey balances of vessels that are classified as Assets held for sale and are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> recoverable as of the date of such classification are immediately written-off to the consolidated statement of income.</div></div></div>
<div 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;">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;"> December 31, 2019, </div>the net accrued charter revenue, totaling (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$13,034</div>) (discussed in (b) below) is included in Unearned revenue in current and non-current liabilities in the accompanying <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> consolidated balance sheet. The maturities of the net accrued charter revenue as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31 </div>of each year presented below are as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">Year ending December 31, </div></div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; text-align: justify">2020</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 15%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,101</div></td> <td style="width: 1%; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2021</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,736</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2022</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,363</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <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;">(1,449</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <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;">(1,385</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify; padding-bottom: 2.5pt"><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: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(13,034</div></td> <td style="border-bottom: Black 2.5pt 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 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;">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;">$601</div>) and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nil,</div> respectively, which is included in Amortization of prepaid lease rentals, net in the accompanying statements of income. </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 62%; text-align: justify">Hires collected in advance</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 16%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,475</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 16%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,286</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Deferred gain, net (Note 11)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,557</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Charter revenue resulting from varying charter rates</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,141</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,034</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify">Total</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</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="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,320</div></td> <td style="font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Less current portion</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(12,432</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(10,387</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Non-current portion</td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt 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="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,933</div></td> <td style="border-bottom: Black 2.5pt 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 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;"> </div></div></div> <!-- Field: Page; Sequence: 28 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(c) 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;">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;">$1,222,</div> respectively, and is separately reflected in the accompanying consolidated balance sheets. During the years ended <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;">2019,</div> the amortization expense of Time charter assumed amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$27</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$191,</div> respectively, and is included in Voyage revenue in the accompanying consolidated statements of income.</div></div>
-9141000
-13034000
7627000
7290000
8948000
601000
8751000
0
8429000
8150000
0
-63000
-63000
-63000
2500000
9413000
10364000
2500000
2500000
1281000
1139000
598400
12690
0.6
0.6
<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-family: Times New Roman, Times, Serif"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(l) Long-lived Assets Classified as Held for Sale: </div></div></div>The Company classifies long lived assets and disposal groups as being held for sale in accordance with ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">360,</div> Property, Plant and Equipment, when: (i) management, having the authority to approve the action, commits to a plan to sell the asset; (ii) the asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets; (iii) an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated; (iv) the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year; (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Long lived assets classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. According to ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">360</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35,</div> the fair value less cost to sell of the long-lived asset (disposal group) should be assessed each reporting period it remains classified as held for sale. Subsequent changes in the long-lived asset's fair value less cost to sell (increase or decrease) would be reported as an adjustment to its carrying amount, except that the adjusted carrying amount should <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> exceed the carrying amount of the long-lived asset at the time it was initially classified as held for sale. These long-lived assets are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> depreciated once they meet the criteria to be classified as held for sale and are classified in current assets on the consolidated balance sheet.</div></div></div>
286000
404000
571000
409345
409037
1653517000
<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> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the years ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="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="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> </tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Reconciliation of cash, cash equivalents and restricted cash</td> <td> </td> <td colspan="3" style="text-align: right"> </td> <td> </td> <td colspan="3" style="text-align: right"> </td> <td> </td> <td colspan="3" style="text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; text-align: left">Cash and cash equivalents</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;">178,986</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">113,714</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">148,928</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Restricted cash – current portion</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,238</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,600</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,912</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Restricted cash – non-current portion</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32,661</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">47,177</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40,031</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total cash, cash equivalents and restricted cash</td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">218,885</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">166,491</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">195,871</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> </tr> </table></div>
0.0075
0.0125
0.0125
18003000
10
5
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 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-family: Times New Roman, Times, Serif">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 18, 2015, </div>the Company, along with its wholly-owned subsidiary, Costamare Ventures Inc. (“Costamare Ventures”), amended and restated the Framework Deed, which </div>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 “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> <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></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Framework Deed, 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 Framework Deed, the commitment period will end on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 18, 2020 </div>and the termination of the Framework Deed will occur on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 18, 2024, </div>or upon the occurrence of certain extraordinary events as described therein.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <!-- 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">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;"> December 31, 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 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 Framework Deed as equity investments.</div></div>
42919000
3557000
17625000
25000000
30000000
1
39000000
1000000
6000000
3835000
4918000
4586000
4000000
4000000
4477000
5805000
10615000
9388000
9326000
18568000
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 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: 77%; font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, January 1, 2018</td> <td style="width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="width: 20%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,429</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Additions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,568</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Amortization</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(7,290</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Transfer to vessel held for sale</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(457</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, December 31, 2018</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26,250</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="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="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <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;">(8,948</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">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="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: 2.5pt">Balance, December 31, 2019</td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,983</div></td> <td style="border-bottom: Black 2.5pt 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 years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and <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;">seven</div>, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> vessels, respectively, underwent and completed their special surveys. The amortization of the dry-docking and special survey <div style="display: inline; font-family: Times New Roman, Times, Serif">costs is separately reflected in the accompanying consolidated statements of income.</div></div></div>
7584000
3891000
2907000
4491000
2839000
8035000
6797000
11474000
10874000
0
0
0
5582000
18568000
6280000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 54%; text-align: justify">Non-current assets</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">552,110</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">531,448</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Current assets</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40,230</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,787</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Total assets</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</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="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">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">581,235</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Current liabilities</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</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="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;">94,879</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="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="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: 54%; 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: 20%; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">148,614</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="width: 20%; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">85,954</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 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;">29,628</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,040</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> </table></div>
300
5171000
P10Y
3879000
3755000
3866000
0.011
0.006
34299000
16810000
816000
562000
2510000
1300000
35115000
17372000
307543000
121225000
138597000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 62%; text-align: justify">Finance lease liabilities – current</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 16%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35,115</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 16%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,372</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <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="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;">(562</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <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="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;">121,225</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">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="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;">(1,300</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Total</td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt 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="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">136,735</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> </tr> </table></div>
400000000
0.992
111224000
91675000
111224000
0
31000
-51000
-27000
-101000
-2495000
-2379000
-101000
-2495000
-1113000
-436000
-727000
-3071000
-19589000
-4856000
-3071000
-19589000
6366000
6255000
6379000
<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-family: Times New Roman, Times, Serif"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(y) Going concern:</div></div></div> The Company evaluates whether there is substantial doubt about its ability to continue as a going concern by applying the provisions of ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15.</div> In more detail, the Company evaluates whether there are conditions or events that raise substantial doubt about the Company's ability to continue as a going concern within <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year from the date the financial statements are issued. As part of such evaluation, the Company did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> identify any conditions that raise substantial doubt about the entity's ability to continue as a going concern. As a result, there was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> impact in the Company’s results of operations, financial position, cash flows or disclosures.</div></div></div>
0.012
1548000
0
325000
0
11204000
7294000
-3893000
<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;"><div style="display: inline; font-style: italic;">(h) Insurance Claims Receivable:</div></div> The Company records insurance claim recoveries for insured losses incurred on damage to fixed assets and for insured crew medical expenses. Insurance claim recoveries are recorded, net of any deductible amounts, at the time the Company’s fixed assets suffer insured damages or when crew medical expenses are incurred, recovery is probable under the related insurance policies and the claim is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> subject to litigation.</div></div></div>
2459000
483000
797000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Years ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="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="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: 55%; 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;">55,925</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">61,415</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">88,289</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Interest capitalized</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(808</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,459</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Swap effect</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,393</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">74</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,885</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <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;">2,236</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,907</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,491</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <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;">286</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">404</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">571</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Total</td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">69,840</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">63,992</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">89,007</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16.</div> Interest and Finance Costs:</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Years ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="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="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: 55%; 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;">55,925</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">61,415</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">88,289</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Interest capitalized</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(808</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,459</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Swap effect</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,393</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">74</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,885</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <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;">2,236</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,907</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,491</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <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;">286</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">404</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">571</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Total</td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">69,840</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">63,992</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">89,007</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> </tr> </table> </div></div>
0.02
0.03
0.05
0.03
312000
312000
<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;"><div style="display: inline; font-style: italic;">(z) Long lived Assets- Financing Arrangements:</div></div> Following the implementation of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div> Revenue with Contracts with Customers, sale and leaseback transactions, which includes an obligation for the Company, as seller-lessee, to repurchase the asset, are precluded from being accounted for the transfer of the asset as sale, as the transaction is classified as a financing by the Company, since it effectively retains control of the underlying asset. As such, the Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> derecognize the transferred asset, accounts for any amounts received as a financing arrangement and recognizes the difference between the amount of consideration received and the amount of consideration to be paid as interest. Interest costs incurred (i) under financing arrangements that relate to vessels in operation are expensed to Interest and finance costs in the consolidated statement of operations and (ii) under financing arrangements that relate to vessels under construction are capitalized to Vessels and advances, net in the consolidated balance sheets.</div></div></div>
1426162000
151546000
213022000
956
478
0.0075
19073000
19989000
21669000
18693000
19533000
21319000
380000
456000
350000
11000
-11000
0
0
13
5
74
6
62
60
6
5
4
3
2
5
5
45
4
5
17
15
17
6
7
2500000
2500000
2500000
0.025
<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> <div style=" font: 10pt Times New Roman, 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 year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>the Company recorded <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$851</div> in relation to their fair value unwinding (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$779</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$715</div> for the years ended <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;">2017,</div> respectively), 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;"> December 31, 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;"> December 31, 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. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>the Zim debt securities amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,723</div> (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,140</div> as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018).</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The 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;"> December 31, 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. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> the Zim equity securities amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,802</div>.</div></div></div>
0.25
0.75
0.25
0.49
64231000
142993000
61975000
0.584
0.7
0.3
0.5
390000
390000
4600000
111614000
111614000
8752000
0
51670000
42919000
0
34167000
0
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 62%; text-align: justify"><div style="display: inline; font-weight: bold;">Prepaid lease rentals, January 1</div></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 16%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51,670</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 16%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">42,919</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Less: Amortization of prepaid lease rentals</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,751</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Transfers and other movements</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(42,919</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify">Prepaid lease rentals, December 31</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</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="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Less: current portion</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,752</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Non-current portion</td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt 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="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> </tr> </table></div>
0
-42919000
3051000
26951000
13595000
21235000
-13833000
-44833000
2212000
386000
-48000
P1Y
12000000
P10Y
P7Y
P7Y
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 77%; font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, January 1, 2018</td> <td style="width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="width: 20%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,429</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <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;">18,568</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <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;">(7,290</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Transfer to vessel held for sale</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;">(457</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, December 31, 2018</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26,250</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Additions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,280</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Amortization</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,948</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Write-off and other movements (Note 6)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,599</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Balance, December 31, 2019</td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,983</div></td> <td style="border-bottom: Black 2.5pt 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" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </div></td> <td style="border-bottom: Black 1pt solid; text-align: center"><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="border-bottom: Black 1pt solid; text-align: center"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: Black 1pt solid; text-align: center"><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="border-bottom: Black 1pt solid; text-align: center"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </div></td> <td style="border-bottom: Black 1pt solid; text-align: center"><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="border-bottom: Black 1pt solid; text-align: center"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: Black 1pt solid; text-align: center"><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> <td style="border-bottom: Black 1pt solid; text-align: center"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Recurring measurements:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%; 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">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,241</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</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;">-</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,241</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="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: 2.5pt">Total</td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,241</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,241</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 2.5pt 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" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: Black 1pt solid; text-align: center"><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;">2019</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </div></td> <td style="border-bottom: Black 1pt solid; text-align: center"><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="border-bottom: Black 1pt solid; text-align: center"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: Black 1pt solid; text-align: center"><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="border-bottom: Black 1pt solid; text-align: center"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: Black 1pt solid; text-align: center"><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> <td style="border-bottom: Black 1pt solid; text-align: center"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Recurring measurements:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%; text-align: justify">Forward contracts-asset position</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">124</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">124</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Interest rate swaps-asset position</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,229</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,229</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Interest rate swaps-liability position</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(830</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(830</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Total</td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">523</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">523</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 2.5pt 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" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td colspan="27" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">The Effect of Derivative Instruments for the years ended December 31, 2017, 2018 and 2019</td> </tr> <tr style="vertical-align: bottom"> <td colspan="27" style="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="text-align: center"> </td> <td style="text-align: center; font-weight: bold"> </td> <td colspan="11" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Amount of Gain / (Loss) Recognized in Accumulated OCI on Derivative</td> <td style="text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Location of Gain / (Loss) Recognized in Income on Derivative</td> <td style="text-align: center; font-weight: bold"> </td> <td colspan="11" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Amount of Gain / (Loss) Recognized in Income on Derivative</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="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="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="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="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 19%; text-align: left">Interest rate swaps</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 8%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,999</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 8%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,382</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%; color: #FF0000"> </td> <td style="width: 1%; color: #FF0000; text-align: left"><div style="display: inline; color: Black">$</div></td> <td style="width: 8%; color: #FF0000; text-align: right"><div style="display: inline; color: Black"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,931</div></div></td> <td style="width: 1%; color: #FF0000; text-align: left"><div style="display: inline; color: Black">)</div></td> <td style="width: 1%"> </td> <td style="width: 14%; 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: 8%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="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: 8%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="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: 8%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -10pt; padding-left: 10pt; text-align: left; 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;">11,393</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">74</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"><div style="display: inline; color: Black"> </div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; color: Black"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,885</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: left"><div style="display: inline; color: Black">)</div></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-weight: bold; padding-bottom: 2.5pt">Total</td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,392</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,456</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="color: #FF0000; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; color: #FF0000; font-weight: bold; text-align: left"><div style="display: inline; color: Black">$</div></td> <td style="border-bottom: Black 2.5pt double; color: #FF0000; font-weight: bold; text-align: right"><div style="display: inline; color: Black"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,816</div></div></td> <td style="border-bottom: Black 2.5pt double; color: #FF0000; font-weight: bold; text-align: left"><div style="display: inline; color: Black">)</div></td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: justify; padding-bottom: 2.5pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 2.5pt 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" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td colspan="15" style="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="text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td style="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="11" style="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="text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="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="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: 41%; text-align: left">Non-hedging interest rate swaps</td> <td style="width: 1%"> </td> <td style="width: 22%; 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">$</td> <td style="width: 9%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,113</div></td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(436</div></td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(727</div></td> <td style="width: 1%; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Forward contracts</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Loss on derivative instruments, net</div></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">197</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(112</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">124</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: justify; padding-bottom: 2.5pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(916</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(548</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(603</div></td> <td style="border-bottom: Black 2.5pt 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" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 77%; font-weight: bold; text-align: justify">Balance, January 1, 2018</td> <td style="width: 1%; font-weight: bold"> </td> <td style="border-top: Black 1pt solid; width: 1%; font-weight: bold; text-align: left">$</td> <td style="border-top: Black 1pt solid; width: 20%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,797</div></td> <td style="border-top: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Additions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,584</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Amortization and write-off</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,907</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, December 31, 2018</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,474</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="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;">3,891</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">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;">(4,491</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, December 31, 2019</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,874</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Less: Current portion of financing costs</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,839</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Financing costs, non-current portion</td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,035</div></td> <td style="border-bottom: Black 2.5pt 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" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="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="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; text-align: justify">2020</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 15%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">387,868</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2021</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">345,677</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2022</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">315,864</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <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;">273,539</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2024</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">245,780</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">2025 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;">609,521</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify; padding-bottom: 2.5pt"><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: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,178,249</div></td> <td style="border-bottom: Black 2.5pt 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" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, 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;">Year ending December 31, </div></div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; text-align: justify">2020</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 15%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,101</div></td> <td style="width: 1%; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2021</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,736</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2022</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,363</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <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;">(1,449</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <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;">(1,385</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify; padding-bottom: 2.5pt"><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: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(13,034</div></td> <td style="border-bottom: Black 2.5pt 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="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Vessel Cost</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="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="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: 61%; font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, January 1, 2018</td> <td style="width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,595,768</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,016,259</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> <td style="width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,579,509</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Depreciation</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(82,434</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(82,434</div></td> <td style="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;">723,544</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">723,544</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">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;">(20,001</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,168</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(13,833</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, December 31, 2018</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,299,311</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,092,525</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,206,786</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Depreciation</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(102,101</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(102,101</div></td> <td style="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;">371,978</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">371,978</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">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;">(97,538</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">52,705</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(44,833</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Balance, December 31, 2019</td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,573,751</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,141,921</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,431,830</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> </tr> </table></div>
0
-11000
0
11393000
74000
-1885000
232000
-1234000
-248000
0
1234000
16000
1.05
1.3
P11Y120D
<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-family: Times New Roman, Times, Serif"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(j) Time Charters Assumed with the Acquisition of Second-hand Vessels</div></div></div>: <div style="display: inline; font-family: Times New Roman, Times, Serif">The Company records identified assets or liabilities associated with the acquisition of a vessel at fair value, determined by reference to market data. The Company values any asset or liability arising from the market value of any time charters assumed when a vessel is acquired from entities that are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> under common control. This policy does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> apply when a vessel is acquired from entities that are under common control. The amount to be recorded as an asset or liability of the time charter assumed at the date of vessel delivery is based on the difference between the current fair market value of the time charter and the net present value of future contractual cash flows under the time charter. When the present value of the contractual cash flows of the time charter assumed is greater than its current fair value, the difference is recorded as accrued charter revenue. When the opposite situation occurs, any difference, capped to the vessel’s fair value on a charter free basis, is recorded as unearned revenue. Such assets and liabilities, respectively, are amortized as a reduction of, or an increase in, revenue over the period of the time charter assumed.</div></div></div></div>
54566000
5047000
6428000
3821000
138597000
-457000
9403
4258
4258
28602
72120
14000
0.04
1449000
1363000
1385000
3736000
5101000
4838000
4908000
4838000
4908000
Ensenada
Arkadia
Monemvasia
Cape Akritas
Cape Tainaro
Cape Artemisio
Cape Kortia
Cape Sounio
Polar Argentina
Polar Brasil
2206786000
2431830000
<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="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Vessel Cost</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="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="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: 61%; font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, January 1, 2018</td> <td style="width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,595,768</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,016,259</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> <td style="width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,579,509</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Depreciation</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(82,434</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(82,434</div></td> <td style="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;">723,544</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">723,544</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">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;">(20,001</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,168</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(13,833</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, December 31, 2018</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,299,311</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,092,525</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,206,786</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Depreciation</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(102,101</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(102,101</div></td> <td style="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;">371,978</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">371,978</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">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;">(97,538</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">52,705</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(44,833</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Balance, December 31, 2019</td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,573,751</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,141,921</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,431,830</div></td> <td style="border-bottom: Black 2.5pt 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, 2019, </div>the Company prepaid the outstanding balances of Adele Shipping Co., Bastian Shipping Co. and Cadence Shipping Co. finance lease liabilities (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11</div>) and acquired back the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-built, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,403</div> TEU <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>. At the same year, the Company agreed to acquire <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">four</div> secondhand containerships. During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>the Company took delivery of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> of the aforementioned vessels the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2010</div>-built, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,258</div> TEU <div style="display: inline; font-style: italic;">Volans</div> and <div style="display: inline; font-style: italic;">Vulpecula</div> (ex. <div style="display: inline; font-style: italic;">JPO Vulpecula</div>) and the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2009</div>-built, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,258TEU</div> <div style="display: inline; font-style: italic;">Vela</div>. The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">fourth</div> vessel, the <div style="display: inline; font-style: italic;">JPO Virgo</div>, was delivered in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2020 (</div>Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21</div> (d)).</div> <div style=" font: 10pt Times New Roman, 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"> </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;">third</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">During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div>the Company sold for demolition the vessels <div style="display: inline; font-style: italic;">Itea </div>and <div style="display: inline; font-style: italic;">MSC Koroni </div>and recognized an aggregate loss of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,071,</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;">2018</div> consolidated statement of income. 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). The difference between the estimated fair value less cost to sell the vessel and the vessel’s carrying value (including the unamortized balance of its dry-docking cost), amounting to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$101,</div> was recorded in the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div>and is separately reflected as Loss on vessel held for sale in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> consolidated statement of income.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <!-- Field: Page; Sequence: 18 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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, 2019, </div>the Company sold the vessels <div style="display: inline; font-style: italic;">MSC Pylos</div>, <div style="display: inline; font-style: italic;">Piraeus</div>, <div style="display: inline; font-style: italic;">Sierra II </div>(ex. <div style="display: inline; font-style: italic;">MSC Sierra II</div>), <div style="display: inline; font-style: italic;">Reunion </div>(ex. <div style="display: inline; font-style: italic;">MSC Reunion</div>) and <div style="display: inline; font-style: italic;">Namibia II </div>(ex. <div style="display: inline; font-style: italic;">MSC Namibia </div>II) and recognized an aggregate loss of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$19,589,</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. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 26</div></div>, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>the Company decided to make arrangements to sell the vessels <div style="display: inline; font-style: italic;">Neapolis </div>and <div style="display: inline; font-style: italic;">Zagora</div>, respectively. At these dates, 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> vessels as “held for sale” were met. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,908,</div> separately reflected in Vessels held for sale in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> consolidated balance sheet, represents the fair market value of the vessels based on the vessels’ estimated sale price, net of commissions (Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> inputs of the fair value hierarchy). The difference between the estimated fair value less cost to sell the vessels and the vessels’ carrying value, amounting to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,495,</div> was recorded in the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>and is separately reflected as Loss on vessels held for sale in the accompanying <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> 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">During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 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;">$1,653,517</div> as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>including the vessels held for sale discussed above, have been provided as collateral to secure the long-term debt discussed in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.</div> This excludes the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">four</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;">six</div> unencumbered vessels.</div></div>
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false
--12-31
FY
2019
2019-12-31
20-F
0001503584
119132696
Yes
false
Accelerated Filer
Yes
Costamare Inc.
false
true
false
false
No
No
Common Stock, $0.0001 par value per share
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178986000
<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;"><div style="display: inline; font-style: italic;">(e) Cash, Cash Equivalents and Restricted Cash:</div></div><div style="display: inline; font-style: italic;"> </div>The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months or less to be cash equivalents. Cash also includes other kinds of accounts that have the general characteristics of demand deposits in that the customer <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>deposit additional funds at any time and also effectively <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>withdraw funds at any time without prior notice or penalty.</div> <div style=" font: 10pt Times New Roman, 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">Restricted cash consists of minimum cash deposits to be maintained at all times under certain of the Company’s loan agreements. Restricted cash also includes bank deposits and deposits in so-called “retention accounts” that are required under the Company’s borrowing arrangements which are used to fund the loan installments coming due. The funds can only be used for the purposes of loan repayment. A reconciliation of the cash, cash equivalents and restricted cash is presented in the table below:</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> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the years ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="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="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> </tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Reconciliation of cash, cash equivalents and restricted cash</td> <td> </td> <td colspan="3" style="text-align: right"> </td> <td> </td> <td colspan="3" style="text-align: right"> </td> <td> </td> <td colspan="3" style="text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; text-align: left">Cash and cash equivalents</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;">178,986</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">113,714</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">148,928</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Restricted cash – current portion</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,238</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,600</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,912</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Restricted cash – non-current portion</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32,661</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">47,177</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40,031</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total cash, cash equivalents and restricted cash</td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">218,885</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">166,491</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">195,871</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> </tr> </table> </div></div></div>
218885000
166491000
195871000
210563000
218885000
166491000
195871000
8322000
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29380000
0
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;">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;"> December 31, 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;">three</div> vessels, with international liner operators. These arrangements as at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>have remaining terms of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">136</div> months. At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 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> <table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="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="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; text-align: justify">2020</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 15%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">387,868</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2021</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">345,677</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2022</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">315,864</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <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;">273,539</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2024</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">245,780</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">2025 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;">609,521</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify; padding-bottom: 2.5pt"><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: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,178,249</div></td> <td style="border-bottom: Black 2.5pt 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 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;"> December 31, 2019 </div>were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$54,566,</div> in the aggregate, consisting of payments through the Company’s equity (i) 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 in total is financed through a financial institution (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.B</div>), (ii) 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;">$18,003</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>) and (iii) in relation to the balance amount payable for the acquisition cost of the vessel <div style="display: inline; font-style: italic;">JPO Virgo</div> (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6</div> and Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21</div> (d)).</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;">(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;"> December 31, 2019, </div>Costamare has guaranteed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$67,000</div> of the debt relating to Ainsley Maritime Co., <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$36,050</div> of the debt relating to Ambrose Maritime Co. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$35,063</div> of the debt relating to Kemp Maritime Co., <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$65,000</div> of the debt relating to Hyde Maritime Co. and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$36,750</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
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650540
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0.0001
0.0001
0.0001
0.0001
0.0001
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0.0001
0.0001
0.0001
0.0001
119132696
11000
12000
<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;"><div style="display: inline; font-style: italic;">(<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">x</div>) Stock Based Compensation:</div></div> The Company accounts for stock-based payment awards granted to Costamare Shipping Services Ltd. (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14</div>(a)) for the services provided, following the guidance in ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">505</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50</div> “Equity Based Payments to Non-Employees”. The fair value of the stock-based payment awards is recognized in the line item General and administrative expenses - related parties in the consolidated statements of income.</div></div></div>
86331000
72747000
93246000
<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 style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>Other comprehensive income increased with net gains of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$13,455</div> relating to (i) the change of the fair value of derivatives that qualify for hedge accounting (gain of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,999</div>), net of the settlements to net income of derivatives that qualify for hedge accounting (gain of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$11,393</div>) and (ii) the amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to depreciation (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$63</div>).</div> <div style=" font: 10pt Times New Roman, 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>Other comprehensive income increased with net gains of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,508</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;">$5,382</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;">$74</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;">$11</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;">$63</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, 2019, </div>Other comprehensive income decreased with net losses of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,753</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;">$3,931</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;">$1,885</div>) and (ii) the amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to depreciation (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$63</div>).</div> <div style=" font: 10pt Times New Roman, 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, 2017, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> Comprehensive income amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$86,331,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$72,747</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$93,246,</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;">227</div></div>.</div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" 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) Comprehensive Income / (Loss):</div></div> In the statement of comprehensive income, the Company presents the change in equity (net assets) during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by shareholders and distributions to shareholders. The Company follows the provisions of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">220</div> “Comprehensive Income”, and presents items of net income, items of other comprehensive income (“OCI”) and total comprehensive income in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> separate but consecutive statements. Reclassification adjustments between OCI and net income are required to be presented separately on the statement of comprehensive income.</div></div></div>
<div 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;"><div style="display: inline; font-style: italic;">(o) Concentration of Credit Risk:</div></div> Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents, accounts receivable (included in current and non-current assets), equity method investments, equity securities, debt securities and derivative contracts (interest rate swaps and foreign currency contracts). The Company places its cash and cash equivalents, consisting mostly of deposits, with high credit rated financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions. The Company is exposed to credit risk in the event of non-performance by counterparties to derivative instruments; however, the Company limits its exposure by diversifying among counterparties with high credit ratings. The Company limits its credit risk with accounts receivable, equity method investments and equity and debt securities by performing ongoing credit evaluations of its customers’ and investees’ financial condition and generally does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> require collateral for its accounts receivable.</div></div></div>
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0.27
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0.94
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" 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) Principles of Consolidation:</div></div> The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The consolidated financial statements include the accounts of Costamare and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation.</div> <div style=" font: 10pt Times New Roman, 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, as the holding company, determines whether it has a controlling financial interest in an entity by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> evaluating whether the entity is a voting interest entity or a variable interest entity. Under Accounting Standards Codification (“ASC”) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">810</div> “Consolidation”, a voting interest entity is an entity in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make financial and operating decisions. Costamare consolidates voting interest entities in which it owns all, or at least a majority (generally, greater than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div>), of the voting interest. Variable interest entities (“VIE”) are entities as defined under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">810</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,</div> that, in general, either do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have equity investors with voting rights or that have equity investors that do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> provide sufficient financial resources for the entity to support its activities. A controlling financial interest in a VIE is present when a company absorbs a majority of an entity’s expected losses, receives a majority of an entity’s expected residual returns, or both. The company with a controlling financial interest, known as the primary beneficiary, is required to consolidate the VIE. The Company evaluates all arrangements that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>include a variable interest in an entity to determine if it <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be the primary beneficiary, and would be required to include assets, liabilities and operations of a VIE in its consolidated financial statements. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>and <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;">no</div> such interest existed.</div></div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" 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;">(n) Financing Costs:</div></div> Costs associated with new loans or refinancing of existing loans, including fees paid to lenders or required to be paid to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> parties on the lender’s behalf for obtaining new loans or refinancing existing loans, are recorded as deferred charges. Deferred financing costs are presented as a deduction from the corresponding liability. Such fees are deferred and amortized to interest and finance costs during the life of the related debt using the effective interest method. Unamortized fees relating to loans repaid or refinanced, meeting the criteria of debt extinguishment, are expensed in the period the repayment or refinancing is made.</div></div></div>
15429000
26250000
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9141000
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 62%; text-align: justify">Hires collected in advance</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 16%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,475</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 16%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,286</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Deferred gain, net (Note 11)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,557</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Charter revenue resulting from varying charter rates</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,141</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,034</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify">Total</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</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="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,320</div></td> <td style="font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Less current portion</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(12,432</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(10,387</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Non-current portion</td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt 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="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,933</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> </tr> </table></div>
12432000
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96448000
96261000
113462000
3514000
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0
7241000
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523000
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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;">18.</div> Derivatives:</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;">(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 manages its exposure to floating interest rates by entering into interest rate swap agreements with varying start and maturity dates.</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></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;">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;">$149,672,</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;">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;">$399,</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;"> February 2022 </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"> </div> <!-- Field: Page; Sequence: 32 --> <!-- 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 year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>the Company terminated <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">eight</div> interest rate derivative instruments and received from the counterparties breakage costs of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$232</div> in aggregate, which are included in Swap breakage costs, net in the accompanying <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> consolidated statement of income. 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, net in the accompanying <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> consolidated statement of income. During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 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> <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;">$227.</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;">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;">nil,</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 their fair value are reflected in earnings. During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </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;">$248</div> in aggregate, which are included in Swap breakage costs, net in the accompanying <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> consolidated statement of income. 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>was an asset of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$134,</div> and these are included in Fair value of derivatives in the accompanying <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> consolidated balance sheets.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(c) Foreign currency agreements: </div></div>As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>the Company was engaged in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div></div> Euro/U.S. dollar forward agreements totaling <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,000</div> at an average forward rate of Euro/U.S. dollar <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.1037,</div> expiring in monthly intervals up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 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">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 year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>was a gain of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$124</div> (loss of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$112</div> for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>and gain of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$197</div> for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017) </div>and is included in Loss on derivative instruments, net in the accompanying consolidated statements of income.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td colspan="27" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">The Effect of Derivative Instruments for the years ended December 31, 2017, 2018 and 2019</td> </tr> <tr style="vertical-align: bottom"> <td colspan="27" style="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="text-align: center"> </td> <td style="text-align: center; font-weight: bold"> </td> <td colspan="11" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Amount of Gain / (Loss) Recognized in Accumulated OCI on Derivative</td> <td style="text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Location of Gain / (Loss) Recognized in Income on Derivative</td> <td style="text-align: center; font-weight: bold"> </td> <td colspan="11" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Amount of Gain / (Loss) Recognized in Income on Derivative</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="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="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="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="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 19%; text-align: left">Interest rate swaps</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 8%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,999</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 8%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,382</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%; color: #FF0000"> </td> <td style="width: 1%; color: #FF0000; text-align: left"><div style="display: inline; color: Black">$</div></td> <td style="width: 8%; color: #FF0000; text-align: right"><div style="display: inline; color: Black"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,931</div></div></td> <td style="width: 1%; color: #FF0000; text-align: left"><div style="display: inline; color: Black">)</div></td> <td style="width: 1%"> </td> <td style="width: 14%; 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: 8%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="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: 8%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="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: 8%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -10pt; padding-left: 10pt; text-align: left; 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;">11,393</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">74</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"><div style="display: inline; color: Black"> </div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; color: Black"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,885</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: left"><div style="display: inline; color: Black">)</div></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-weight: bold; padding-bottom: 2.5pt">Total</td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,392</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,456</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="color: #FF0000; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; color: #FF0000; font-weight: bold; text-align: left"><div style="display: inline; color: Black">$</div></td> <td style="border-bottom: Black 2.5pt double; color: #FF0000; font-weight: bold; text-align: right"><div style="display: inline; color: Black"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,816</div></div></td> <td style="border-bottom: Black 2.5pt double; color: #FF0000; font-weight: bold; text-align: left"><div style="display: inline; color: Black">)</div></td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: justify; padding-bottom: 2.5pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 2.5pt 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> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <!-- Field: Page; Sequence: 33 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td colspan="15" style="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="text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td style="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="11" style="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="text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="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="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: 41%; text-align: left">Non-hedging interest rate swaps</td> <td style="width: 1%"> </td> <td style="width: 22%; 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: 9%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,113</div></td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(436</div></td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(727</div></td> <td style="width: 1%; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Forward contracts</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Loss on derivative instruments, net</div></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">197</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(112</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">124</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: justify; padding-bottom: 2.5pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(916</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(548</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(603</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div><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;">$2,212,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$386</div> and (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$48</div>) for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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
0
0
0
397000
0
433000
310785000
149672000
46000000
49659000
0
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" 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;">(q) Derivative Financial Instruments:</div></div> The Company enters into interest rate swap contracts to manage its exposure to fluctuations of interest rate risks associated with specific borrowings. Interest rate differentials paid or received under these swap agreements are recognized as part of the interest expense related to the hedged debt. All derivatives are recognized in the consolidated financial statements at their fair value. On the inception date of the derivative contract, the Company designates the derivative as a hedge of a forecasted transaction or the variability of cash flow to be paid (“cash flow” hedge). Changes in the fair value of a derivative that is qualified, designated and highly effective as a cash flow hedge are recorded in the consolidated statement of comprehensive income until earnings are affected by the forecasted transaction or the variability of cash flow and are then reported in earnings. Changes in the fair value of undesignated derivative instruments and the ineffective portion of designated derivative instruments are reported in earnings in the period in which those fair value changes have occurred. Realized gains or losses on early termination of the derivative instruments are also classified in earnings in the period of termination of the respective derivative instrument. The Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>re-designate an undesignated hedge after its inception as a hedge but then will consider its non-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">zero</div> value at re-designation in its assessment of effectiveness of the cash flow hedge.</div> <div style=" font: 10pt Times New Roman, 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 formally documents all relationships between hedging instruments and hedged items, as well as the risk-management objective and strategy for undertaking various hedge transactions.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This process includes linking all derivatives that are designated as cash flow hedges to specific forecasted transactions or variability of cash flow.</div> <div style=" font: 10pt Times New Roman, 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 also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flow of hedged items. The Company considers a hedge to be highly effective if the change in fair value of the derivative hedging instrument is within <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80%</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">125%</div> of the opposite change in the fair value of the hedged item attributable to the hedged risk. When it is determined that a derivative is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> highly effective as a hedge or that it has ceased to be a highly effective hedge, the Company discontinues hedge accounting prospectively, in accordance with ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">815</div> “Derivatives and Hedging”.</div> <div style=" font: 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">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2016 </div>the Company changed the presentation of interest accrued and realized on non-hedging derivative instruments and reclassified such from the Interest and Finance costs line item to Loss on derivative instruments, net on the consolidated statements of income. Comparative figures have been recast to reflect this change in presentation.</div> <div style=" font: 10pt Times New Roman, 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 also enters into forward exchange rate contracts to manage its exposure to currency exchange risk on certain foreign currency liabilities. The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> designated these forward exchange rate contracts for hedge accounting.</div></div></div>
2020-02-05
2020-01-15
2020-01-15
2020-01-15
2020-01-15
39506000
39506000
43936000
43936000
45887000
45887000
4583000
4833000
4854000
6581000
6580000
6867000
6966000
6971000
0.10
0.476563
0.53125
0.546875
0.554688
2020-01-03
2020-01-03
2020-01-03
2020-01-03
2020-01-03
2020-01-21
2020-01-14
2020-01-14
2020-01-14
2020-01-14
21063000
30503000
31269000
953000
953000
953000
953000
953000
953000
953000
953000
2125000
2125000
2125000
2125000
2125000
2125000
2125000
2125000
2188000
2188000
2188000
2188000
2188000
2188000
2188000
2188000
2126000
2551000
2551000
2551000
2551000
2551000
2551000
21063000
21063000
28292000
28292000
31268000
31268000
4681000
7576000
4681000
7576000
196000
473000
0
0
196000
473000
0.52
0.33
0.59
<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;"><div style="display: inline; font-style: italic;">(r) Earnings per Share:</div></div> Basic earnings per share are computed by dividing net income attributable to common equity holders by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised. The Company had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> dilutive securities outstanding during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-year period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018. </div>Earnings per share attributable to common equity holders are adjusted by the contractual amount of dividends related to the preferred stock holders that accrue for the period.</div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15.</div> Earnings per share (EPS)</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All common shares issued are Costamare common stock and have equal rights to vote and participate in dividends. Profit or loss attributable to common equity holders is adjusted by the contractual amount of dividends on Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series E Preferred Stock that should be paid for the period. Dividends paid or accrued on Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series E Preferred Stock during the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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;">$21,063,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$30,503</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$31,269,</div> respectively.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Basic EPS</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Basic EPS</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Basic EPS</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: justify">Net income</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">72,876</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">67,239</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">98,999</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">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;">(21,063</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(30,503</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(31,269</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="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;">51,813</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">36,736</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">67,730</div></td> <td style="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 and diluted</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100,527,907</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">110,395,134</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">115,747,452</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Earnings per common share, basic and diluted</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.52</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.33</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.59</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> </tr> </table> </div></div>
0.5
3040000
8000000
6295000
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
581235000
40230000
49787000
23339000
94879000
29628000
28040000
552110000
531448000
148614000
85954000
131082000
111681000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.</div> Equity Method Investments:</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The companies accounted for as equity method investments, all of which are incorporated in the Marshall Islands, are as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td rowspan="2" style="border-bottom: black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Entity</div></div></td> <td colspan="2" rowspan="2" style="border-bottom: black 1pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Vessel</div></div></td> <td style="text-align: center"></td> <td rowspan="2" style="border-bottom: black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Participation % December 31, 2019</div></div></td> <td style="text-align: center"> </td> <td rowspan="2" style="border-bottom: black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Date Established /Acquired</div></div></td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center"></td> <td style="border-bottom: black 1pt solid; text-align: center"></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="width: 25%; text-align: justify"><div style="display: inline; font-size: 10pt">Steadman Maritime Co.</div></td> <td style="width: 3%; text-align: justify"> </td> <td style="width: 23%; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></div></td> <td style="width: 3%; text-align: justify"> </td> <td style="width: 20%; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Arkadia</div></div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Monemvasia</div></div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Cape Akritas</div></div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Cape Tainaro</div></div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Cape Artemisio</div></div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Cape Kortia</div></div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25%</div></div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Cape Sounio</div></div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25%</div></div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Polar Argentina</div></div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Polar Brasil</div></div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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 year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 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;">$2,340</div> in aggregate, in the form of a special dividend from Horton Maritime Co. and Steadman Maritime Co. During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>Smales Maritime Co. sold its vessel <div style="display: inline; font-style: italic;">Elafonisos</div> and during the same period Costamare Ventures received the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,940</div> 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>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, 2019, </div>the Company received in the form of a special dividend, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$13,378</div> in aggregate, from Kemp Maritime Co. and Hyde Maritime Co., <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8,149</div> in aggregate, from Ainsley Maritime Co. and Ambrose Maritime Co., <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,372</div> from Skerrett Maritme Co. and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,470</div> from Geyer 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>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, 2019, </div>the Company received the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,176</div> in aggregate, in the form of a special dividend, from Platt Maritime Co. and Sykes Maritime Co. During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 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> <!-- Field: Page; Sequence: 20 --> <!-- 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;"> 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 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 could 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"> </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;"> July 17, 2019, </div>the Company </div>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 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. 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 is included in Current portion of long-term debt, net of deferred financing costs in the accompanying <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> consolidated balance sheet (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 Share Purchase Agreement.</div> <div style=" font: 10pt Times New Roman, 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 years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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;">$3,381,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$12,051</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$11,369,</div> respectively, on equity method investments, which are separately reflected as Equity gain on investments in the accompanying consolidated statements of income.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The summarized combined financial information of the companies accounted for as equity method investment is as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div> <table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 54%; text-align: justify">Non-current assets</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">552,110</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">531,448</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Current assets</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40,230</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,787</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Total assets</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</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="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">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">581,235</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Current liabilities</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</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="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;">94,879</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> </table> </div> <div style=" margin: 0"> </div> <div> <table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="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="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: 54%; 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: 20%; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">148,614</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="width: 20%; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">85,954</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 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;">29,628</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,040</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> </table> </div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" 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;">(u) Equity Method Investments:</div></div> Investments in the common stock of entities, in which the Company has significant influence over operating and financial policies, are accounted for using the equity method. Under this method, the investment in such entities is initially recorded at cost and is adjusted to recognize the Company’s share of the earnings or losses of the investee after the acquisition date and is adjusted for impairment whenever facts and circumstances indicate that a decline in fair value below the cost basis is other than temporary. The amount of the adjustment is included in the determination of net income / (loss). Dividends received from an investee reduce the carrying amount of the investment. When the Company’s share of losses in an investee equals or exceeds its interest in the investee, the Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> recognize further losses unless the Company has incurred obligations or made payments on behalf of the investee.</div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td rowspan="2" style="border-bottom: black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Entity</div></div></td> <td colspan="2" rowspan="2" style="border-bottom: black 1pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Vessel</div></div></td> <td style="text-align: center"></td> <td rowspan="2" style="border-bottom: black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Participation % December 31, 2019</div></div></td> <td style="text-align: center"> </td> <td rowspan="2" style="border-bottom: black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Date Established /Acquired</div></div></td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center"></td> <td style="border-bottom: black 1pt solid; text-align: center"></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="width: 25%; text-align: justify"><div style="display: inline; font-size: 10pt">Steadman Maritime Co.</div></td> <td style="width: 3%; text-align: justify"> </td> <td style="width: 23%; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></div></td> <td style="width: 3%; text-align: justify"> </td> <td style="width: 20%; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Arkadia</div></div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Monemvasia</div></div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Cape Akritas</div></div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Cape Tainaro</div></div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Cape Artemisio</div></div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Cape Kortia</div></div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25%</div></div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Cape Sounio</div></div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25%</div></div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Polar Argentina</div></div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Polar Brasil</div></div></div></td> <td style="text-align: center"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></div></td> <td style="text-align: justify"> </td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">May 18, 2015</div></div></td> </tr> </table></div>
7802000
3802000
3802000
<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;"><div style="display: inline; font-style: italic;">(s) Fair Value Measurements:</div></div> The Company adopted, as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2008, </div>ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">820</div> “Fair Value Measurements and Disclosures”, which defines and provides guidance as to the measurement of fair value. This standard creates a hierarchy of measurement and indicates that, when possible, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The fair value hierarchy gives the highest priority (Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>) to quoted prices in active markets and the lowest priority (Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div>) to unobservable data for example, the reporting entity’s own data. Under the standard, fair value measurements are separately disclosed by level within the fair value hierarchy. The standard applies when assets or liabilities in the financial statements are to be measured at fair value but does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> require additional use of fair value beyond the requirements in other accounting principles (Notes <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19</div>).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">825</div> “Financial Instruments” permits companies to report certain financial assets and financial liabilities at fair value. ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">825</div> was effective for the Company as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2008, </div>at which time the Company could elect to apply the standard prospectively and measure certain financial instruments at fair value. The Company has evaluated the guidance contained in ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">825,</div> and has elected <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to report any existing financial assets or liabilities at fair value that are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> already so reported; therefore, the adoption of the statement had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> impact on its financial position and results of operations. The Company retains the ability to elect the fair value option for certain future assets and liabilities acquired under this standard.</div></div></div>
22096000
21402000
15112000
136735000
339332000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="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 style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; text-align: justify">2020</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 15%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,113</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2021</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,099</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2022</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,099</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <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;">64,387</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <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;">23,781</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 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">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">145,479</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt">Less: Amount of interest (<div style="display: inline; font-style: italic;">Leonidio </div>and <div style="display: inline; font-style: italic;">Kyparissia</div>)</div></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6,882</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Total lease payments</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</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;">138,597</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 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;">(1,862</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Total lease payments, net</td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">136,735</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> </tr> </table></div>
305033000
119925000
145479000
19113000
23781000
64387000
19099000
19099000
6882000
401901000
188429000
13207000
13764000
11298000
<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;">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;">$399,</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;">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;">$124,</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" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </div></td> <td style="border-bottom: Black 1pt solid; text-align: center"><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="border-bottom: Black 1pt solid; text-align: center"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: Black 1pt solid; text-align: center"><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="border-bottom: Black 1pt solid; text-align: center"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </div></td> <td style="border-bottom: Black 1pt solid; text-align: center"><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="border-bottom: Black 1pt solid; text-align: center"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: Black 1pt solid; text-align: center"><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> <td style="border-bottom: Black 1pt solid; text-align: center"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Recurring measurements:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%; 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: 12%; 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="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">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,241</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Total</td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt 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="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt 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="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 2.5pt 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=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <!-- Field: Page; Sequence: 34 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: Black 1pt solid; text-align: center"><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;">2019</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </div></td> <td style="border-bottom: Black 1pt solid; text-align: center"><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="border-bottom: Black 1pt solid; text-align: center"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: Black 1pt solid; text-align: center"><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="border-bottom: Black 1pt solid; text-align: center"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: Black 1pt solid; text-align: center"><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> <td style="border-bottom: Black 1pt solid; text-align: center"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Recurring measurements:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%; text-align: justify">Forward contracts-asset position</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</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">124</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Interest rate swaps-asset position</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,229</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,229</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Interest rate swaps-liability position</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(830</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(830</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Total</td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">523</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">523</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> </tr> </table> </div></div>
1412000
1222000
1439000
0
124000
124000
0
124000
0
6000000
10000000
<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;"><div style="display: inline; font-style: italic;">(d) Foreign Currency Translation:</div></div> The functional currency of the Company is the U.S. dollar because the Company’s vessels operate in international shipping markets and, therefore, primarily transact business in U.S. dollars. The Company’s books of accounts are maintained in U.S. dollars. Transactions involving other currencies during the year are converted into U.S. dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are translated into U.S. dollars at the year-end exchange rates. Resulting gains or losses are reflected separately in the accompanying consolidated statements of income.</div></div></div>
1296000
-162000
-651000
197000
-112000
124000
124000
-112000
197000
-916000
-548000
-603000
3151000
2908000
3051000
0.8
1.25
8229000
1452000
6777000
1406000
676000
3567000
6723000
6140000
0
0
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" 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;">(k) Impairment of Long-lived Assets:</div></div></div> The Company reviews its vessels for impairment whenever events or changes in circumstances indicate that the carrying amount of a vessel might <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be recoverable. The Company considers information, such as vessel sales and purchases, business plans and overall market conditions in order to determine if an impairment might exist.</div> <div style=" font: 10pt Times New Roman, 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">I</div>f the Company determines that an impairment indicator is present, or if circumstances indicate that an impairment <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>exist, the Company then performs an analysis to determine whether an impairment loss should be recognized. The Company proceeds to Step <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> of the impairment analysis whereby, it computes estimates of the future undiscounted net operating cash flows for each vessel based on assumptions regarding time charter rates, vessels’ operating expenses, vessels’ capital expenditures, vessels’ residual value, fleet utilization and the estimated remaining useful life of each vessel. The future undiscounted net operating cash flows are determined as the sum of (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">x</div>) (i) the charter revenues from existing time charters for the fixed fleet days and (ii) an estimated daily time charter rate for the unfixed days (based on the most recent <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ten</div> year historical average rates after eliminating outliers and without adjustment for any growth rate) over the remaining estimated life of the vessel, assuming fleet utilization of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">99.2%</div> (excluding the scheduled off-hire days for planned dry-dockings and special surveys which are determined separately ranging from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30</div> days depending on the size and age of each vessel), less (y) (i) expected outflows for vessels’ operating expenses assuming an expected increase in expenses of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.5%,</div> based on management’s estimates taking into consideration the Company’s historical data, (ii) planned dry-docking and special survey expenditures and (iii) management fees expenditures. Charter rates for container shipping vessels are cyclical and subject to significant volatility based on factors beyond Company’s control. Therefore, the Company considers the most recent <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ten</div>-year historical average, after eliminating outliers, to be a reasonable estimation of expected future charter rates over the remaining useful life of our vessels. The Company defines outliers as index values provided by an independent, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> party maritime research services provider. Given the spread of rates between peaks and troughs over the decade, the Company believes the most recent <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ten</div>-year historical average rates, after eliminating outliers, provide a fair estimate in determining a rate for long-term forecasts. The salvage value used in the impairment test is estimated at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.300</div> per light weight ton in accordance with the vessels’ depreciation policy. The assumptions used to develop estimates of future undiscounted net operating cash flows are based on historical trends as well as future expectations. If those future undiscounted net operating cash flows are greater than a vessel’s carrying value, there are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> impairment indications for such vessel. If those future undiscounted net operating cash flows are less than a vessel’s carrying value, the Company proceeds to Step <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> of the impairment analysis for such vessel.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <!-- Field: Page; Sequence: 8 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, 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 Step <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> of the impairment analysis, the Company determines the fair value of the vessels that failed Step <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> of the impairment analysis, based on management estimates and assumptions, making use of available market data and taking into consideration <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> party valuations. Therefore, the Company has categorized the fair value of the vessels as Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> in the fair value hierarchy. The difference between the carrying value of the vessels that failed Step <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> of the impairment analysis and their fair value as calculated in Step <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> of the impairment analysis is recognized in the Company’s accounts as impairment loss.</div> <div style=" font: 10pt Times New Roman, 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 review of the carrying amounts in connection with the estimated recoverable amount of the Company’s vessels as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019 </div>resulted in an impairment loss of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,042.</div> As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> our assessment concluded that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$17,959</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nil,</div> respectively, of impairment loss should be recorded.</div></div></div>
3381000
12051000
11369000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17.</div> Taxes:</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the laws of the countries of incorporation for the vessel-owning companies and/or of the countries of registration of the vessels, the companies are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> subject to tax on international shipping income; however, they are subject to registration and tonnage taxes, which are included in Vessel operating expenses in the accompanying consolidated statements of income.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The vessel-owning companies with vessels that have called on the United States during the relevant year of operation are obliged to file tax returns with the Internal Revenue Service. The applicable tax is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div> of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4%</div> of U.S.-related gross transportation income unless an exemption applies. Management believes that, based on current legislation the relevant vessel-owning companies are entitled to an exemption under Section <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">883</div> of the Internal Revenue Code of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1986,</div> as amended.</div></div>
2466000
1926000
-2371000
578000
14368000
-7417000
-1969000
1996000
4133000
-2335000
-2880000
811000
1826000
-1342000
2895000
12000
-7000
277000
1478000
5304000
2538000
-1753000
134000
-474000
-46000
204000
-280000
1783000
251000
2072000
6476000
1607000
190000
192000
1222000
1030000
69840000
63992000
89007000
808000
2459000
808000
2459000
31196000
4429000
55925000
61415000
88289000
45222000
40412000
71293000
56070000
60620000
83152000
7241000
0
7241000
0
1229000
0
1229000
0
830000
0
830000
0
3727000
605000
7107000
399000
134000
<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
10546000
<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-family: Times New Roman, Times, Serif"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(g) Inventories:</div></div> Inventories consist of bunkers, lubricants and spare parts which are stated at the lower of cost or market on a consistent basis. </div>Cost is determined by the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> in, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> out method.</div></div></div>
2643000
3454000
3349000
<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>). 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> above-mentioned 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.</div> <div style=" font: 10pt Times New Roman, 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>). 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> and on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 18, 2019 </div>the above-mentioned subsidiary repaid the then outstanding lease liability of the vessel.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> 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> <!-- 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">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> <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;"> January 1, 2019, </div>as a result of the adoption of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> Leases, the balance of Prepaid lease rentals of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$42,919</div> and Deferred gain, net, amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,557</div> (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div>(b)), were reclassified to Right-of-Use assets (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif">The </div>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 years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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;">$13,207,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$13,764</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$11,298,</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;">2019,</div> accumulated depreciation amounted to <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;">$20,635</div> (following the acquisition of the <div style="display: inline; font-style: italic;">MSC Ajaccio</div>, the <div style="display: inline; font-style: italic;">MSC Amalfi</div> and the <div style="display: inline; font-style: italic;">MSC Azov</div>), respectively, and is included in Right-of-use 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;">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;">$188,429</div> (following the acquisition of the <div style="display: inline; font-style: italic;">MSC Ajaccio</div>, the <div style="display: inline; font-style: italic;">MSC Amalfi</div> and the <div style="display: inline; font-style: italic;">MSC Azov</div>), respectively, and is separately reflected as Right-of-use 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">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;">2019,</div> 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" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 62%; text-align: justify"><div style="display: inline; font-weight: bold;">Prepaid lease rentals, January 1</div></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 16%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51,670</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 16%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">42,919</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Less: Amortization of prepaid lease rentals</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,751</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Transfers and other movements</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(42,919</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify">Prepaid lease rentals, December 31</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</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="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Less: current portion</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,752</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Non-current portion</td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt 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="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 2.5pt 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 finance lease liabilities amounting to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$138,597</div> as at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 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 purchase option to repurchase the vessels at any time during the charter period and an obligation to repurchase the vessels at the end of 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 years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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;">22,096,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$21,402</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$15,112,</div> respectively, and are included in Interest and finance costs in the accompanying consolidated statements of income. Finance lease liabilities of <div style="display: inline; font-style: italic;">MSC Athos</div> and <div style="display: inline; font-style: italic;">MSC Athens</div> bear interest at LIBOR plus a spread, which is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> included in the annual lease payments table below.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The annual lease payments under the finance leases after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>are in the aggregate as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Year ending December 31,</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; text-align: justify">2020</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 15%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,113</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2021</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,099</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2022</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,099</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <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;">64,387</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <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;">23,781</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 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">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">145,479</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt">Less: Amount of interest (<div style="display: inline; font-style: italic;">Leonidio </div>and <div style="display: inline; font-style: italic;">Kyparissia</div>)</div></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6,882</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Total lease payments</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</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;">138,597</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 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;">(1,862</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Total lease payments, net</td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">136,735</div></td> <td style="border-bottom: Black 2.5pt 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: 27 --> <!-- 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 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;">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> <table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 62%; text-align: justify">Finance lease liabilities – current</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 16%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35,115</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 16%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,372</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <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="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;">(562</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <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="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;">121,225</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">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="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;">(1,300</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Total</td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt 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="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">136,735</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> </tr> </table> </div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" 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;">(v) </div></div></div><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Right-of-Use Asset - Finance Leases: </div></div>The Financial Accounting Standards Board (“FASB”) ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> classifies leases from the standpoint of the lessee at the inception of the lease as finance leases or operating leases. The determination of whether an arrangement is (or contains) a finance lease is based on the substance of the arrangement at the inception date and is assessed in accordance with the criteria set in ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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;">25</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div> If <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">none</div> of the criteria in 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;">25</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> are met, leases are accounted for as operating leases.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Finance leases are accounted for as the acquisition of a finance right-of-use asset and the incurrence of an obligation by the lessee. At the commencement date of the finance lease, a lessee initially measures the lease liability at the present value, using the discount rate determined on the commencement, of the lease payments to be made over the lease term. Subsequently, the lease liability is increased by the interest on the lease liability and decreased by the lease payments during the period. The interest on the lease liability is determined in each period during the lease term as the amount that produces a constant periodic discount rate on the remaining balance of the liability, taking into consideration the reassessment requirements.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <!-- Field: Page; Sequence: 11 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A lessee initially measures the finance right-of-use asset at cost which consists of: the amount of the initial measurement of the lease liability; any lease payments made to the lessor at or before the commencement date, less any lease incentives received; and any initial direct costs incurred by the lessee. Subsequently, the finance right-of-use asset is measured at cost less any accumulated amortization and any accumulated impairment losses, taking into consideration the reassessment requirements. A lessee shall amortize the finance right-of-use asset on a straight-line basis (unless another systematic basis better represents the pattern in which the lessee expects to consume the right-of-use asset’s future economic benefits) from the commencement date to the earlier of the end of the useful life of the finance right-of-use asset or the end of the lease term. However, if the lease transfers ownership of the underlying asset to the lessee or the lessee is reasonably certain to exercise an option to purchase the underlying asset, the lessee shall amortize the right-of-use asset to the end of the useful life of the underlying asset (estimated at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30</div> years). Transition accounting for the adoption of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> is described below in “New Accounting Pronouncements – Adopted”.</div> <div style=" font: 10pt Times New Roman, 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 sale and leaseback transactions, if the transfer is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> a sale in accordance with 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;">40</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,</div> the Company, as seller-lessee - does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> derecognize the transferred asset and accounts for the transaction as a financing. An excess of carrying value over fair market value at the date of sale would indicate that the recoverability of the carrying amount of an asset should be assessed under the guidelines of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">360.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Operating lease payments are recognized as an operating expense in the consolidated statement of income on a straight-line basis over the lease term.</div></div></div>
3050811000
3011958000
224669000
266534000
1469018000
1334696000
1000000000
400000000
67000000
36050000
35063000
65000000
36750000
1308406000
1417150000
1384000
1000000
149162000
210745000
647588000
213022000
80944000
101284000
92678000
290646000
1159244000
1206405000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.</div> Long-Term Debt:</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amounts shown in the accompanying consolidated balance sheets consist of the following:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: White"> <td colspan="3" style="text-align: justify"><div style="display: inline; font-weight: bold;">Borrower(s)</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style=" text-align: center; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt"><div style="display: inline; font-weight: bold;">December 31, 2018</div></div> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"><div style=" text-align: center; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt"><div style="display: inline; font-weight: bold;">December 31, 2019</div></div></td> <td style="text-align: left"><div style=" font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><div style="display: inline; font-weight: bold;"> </div></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">A.</td> <td colspan="2" style="text-align: justify"><div style="display: inline; font-weight: bold;"><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;">Term Loans:</div></div></div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; width: 3%"> </td> <td style="text-align: justify; width: 3%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div></td> <td style="text-align: justify; width: 64%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Mas Shipping Co.</div></td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td> <td style="text-align: right; width: 12%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,125</div></td> <td style="text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: right; width: 1%"> </td> <td style="text-align: right; width: 12%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="text-align: left; width: 1%"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Montes Shipping Co. and Kelsen Shipping Co.</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32,000</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,000</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Costamare Inc.</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Undine Shipping Co., Quentin Shipping Co. and Sander Shipping Co.</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">147,702</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Raymond Shipping Co. and Terance Shipping Co.</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">94,135</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Costamare Inc.</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Uriza Shipping S.A.</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,167</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23,833</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Costis Maritime Corporation, Christos Maritime Corporation and Capetanissa Maritime Corporation</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">77,875</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">65,375</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Rena Maritime Corporation, Finch Shipping Co. and Joyner Carriers S.A.</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,280</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,080</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Nerida Shipping Co.</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,375</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,575</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Costamare Inc.</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">198,986</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">155,195</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12.</div></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="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">44,000</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13.</div></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="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,120</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Costamare. Inc.</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">55,000</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">36,385</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15.</div></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="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Bastian Shipping Co. and Cadence 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;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">128,400</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Adele 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;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">66,500</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Raymond Shipping Co., Terance Shipping Co. and Undine 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;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">147,110</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19.</div></td> <td style="text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Quentin Shipping Co. and Sander 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="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">91,239</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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="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: right">$</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;">831,812</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">B.</td> <td colspan="2" style="font-weight: bold; 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;">Other financing arrangements</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="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">594,350</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt"> </td> <td style="text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-weight: bold; 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="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: right">$</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;">1,426,162</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt"> </td> <td style="text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-weight: bold; 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="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(9,012</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt"> </td> <td style="text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-weight: bold; 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="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,417,150</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </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; 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="text-align: left">)</td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(213,022</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt"> </td> <td style="text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-weight: bold; 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="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,277</div></td> <td style="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: 2.5pt"> </td> <td style="text-align: justify; padding-bottom: 2.5pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Total long-term debt, non-current, net</div></td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt 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="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,206,405</div></td> <td style="border-bottom: Black 2.5pt 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> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">A. 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;">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 year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 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 style="display: inline; font-family: Times New Roman, Times, Serif"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div> In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2007, </div>Montes Shipping Co. and Kelsen Shipping Co. entered into a loan agreement with a bank for an amount of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$150,000</div> in the aggregate (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$75,000</div></div> each) on a joint and several basis in order to partly finance the acquisition cost of the vessels <div style="display: inline; font-style: italic;">Maersk Kawasaki</div> and <div style="display: inline; font-style: italic;">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;"> December 31, 2019, </div>the outstanding balance of the loan of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$22,000</div> is repayable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> consecutive semi-annual installments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,000,</div> each from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2020 </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> <!-- Field: Page; Sequence: 22 --> <!-- 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;">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 repaid 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.</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></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. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 17, 2019, </div>the Company fully repaid the outstanding balance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$48,385</div> relating to <div style="display: inline; font-style: italic;">Vantage</div> and on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 26, 2019, </div>the Company fully repaid the outstanding balance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$90,403</div> in aggregate relating to <div style="display: inline; font-style: italic;">Valor</div> and <div style="display: inline; font-style: italic;">Valiant</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. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 17, 2019, </div>the Company fully repaid the outstanding balance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$88,678</div> in aggregate relating to <div style="display: inline; font-style: italic;">Valence</div> and <div style="display: inline; font-style: italic;">Value</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 repaid the then outstanding loan amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$24,966.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.</div> On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 6, 2016, </div>Uriza Shipping S.A., entered into a loan agreement with a bank for an amount of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$39,000</div> for general corporate purposes. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 11, 2016 </div>the Company drew the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$39,000.</div> As of </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 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;">$23,833</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;">$1,083.3,</div> from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2020 </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 style="display: inline; font-family: Times New Roman, Times, Serif"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div 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;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$75,000</div></div> each) on a joint and several basis in order to partly finance the acquisition cost of the vessels <div style="display: inline; font-style: italic;">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;"> December 31, 2019, </div>the outstanding balance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$65,375</div> is repayable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7</div> equal quarterly installments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,125,</div> from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2020 </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 style="display: inline; font-family: Times New Roman, Times, Serif"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div 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;"> December 31, 2019 </div>the outstanding balance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$18,080</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;">$800,</div> from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2020 </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. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>the vessel <div style="display: inline; font-style: italic;">Neapolis</div> was classified as “held for sale” (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21</div>(e)) and the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,384</div> is included in the Current portion of long-term debt, net of deferred financing costs in the accompanying <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> balance sheet.</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></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></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>. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 3, 2017 </div>the Company drew the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$17,625.</div> As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>the outstanding balance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$13,575</div> is repayable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11</div> equal quarterly installments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$450,</div> from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2020 </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> <!-- Field: Page; Sequence: 23 --> <!-- 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;">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;"> December 31, 2019, </div>the outstanding balance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$155,195</div> is repayable in <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;">six</div> equal quarterly installments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$11,870.5,</div> from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2020 </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;">$83,971.4</div> payable together with the last installment. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>the vessel <div style="display: inline; font-style: italic;">Zagora</div> was classified as “held for sale” (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6</div>) and the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,000</div> is included in the Current portion of long-term debt, net of deferred financing costs in the accompanying <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> balance sheet.</div> <div style=" font: 10pt Times New Roman, 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 the vessels <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;"> December 31, 2019, </div>the outstanding balance of Tranche A of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$22,000</div> is repayable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23</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;"> January 2020 </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;"> December 31, 2019, </div>the outstanding balance of Tranche B of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$22,000</div> is repayable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23</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;"> February 2020 </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 the vessels <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;"> December 31, 2019, </div>the outstanding balance of each tranche 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;">$10,060</div></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;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$610</div></div> each, from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2020 </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;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,400</div></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>During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019 </div>and following the sale of the vessels <div style="display: inline; font-style: italic;">MSC Pylos</div>, <div style="display: inline; font-style: italic;">Sierra II</div>, <div style="display: inline; font-style: italic;">Reunion</div> and <div style="display: inline; font-style: italic;">Namibia II</div>, the Company prepaid in aggregate, the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$10,615.</div> As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>the outstanding balance of Tranche A of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$20,000</div> is repayable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16</div> variable quarterly installments, from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2020 </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;"> December 31, 2019, </div>the outstanding balance of Tranche B of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$16,385</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 three, six, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</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 style="display: inline; font-family: Times New Roman, Times, Serif"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div 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;"> December 31, 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;">$128,400</div> is repayable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30</div> variable quarterly installments, from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2020 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2027 </div>and a balloon payment per tranche of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$14,400</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;">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>As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>the outstanding balance of the loan of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$66,500</div> is repayable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27</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;"> January 2020 </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 loan discussed in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.A.4</div> and fully refinance the term loan discussed in 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>As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>the outstanding balance of each tranche of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$49,036.7,</div> is repayable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23</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;"> January 2020 </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"> </div> <!-- Field: Page; Sequence: 24 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19.</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> above. 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;"> July 26, 2019. </div>As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>the outstanding balance of each tranche of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$45,619.3,</div> is repayable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23</div> variable quarterly installments from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2020 </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;">$21,364</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;">105%</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 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-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;">$98,421</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;"> December 31, 2019. </div>The financing arrangements bear fixed interest and the interest expense incurred for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019 </div>amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,459</div> (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$483</div> for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018), </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;"> December 31, 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 after the issuance of common stock described in (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div>), was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$495,929,</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;"> January 2020 </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 year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>the interest expense incurred amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$31,196</div> (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,429</div> for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 12, 2018 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018), </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 style="display: inline; font-family: Times New Roman, Times, Serif"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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;"> December 31, 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.9</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.A.11,</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" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="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="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 77%; text-align: justify">2020</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">213,022</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2021</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">290,646</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2022</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">92,678</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <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;">101,284</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2024</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80,944</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">2025 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;">647,588</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify; padding-bottom: 2.5pt"><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: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,426,162</div></td> <td style="border-bottom: Black 2.5pt 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> <!-- Field: Page; Sequence: 25 --> <!-- 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 interest rate of Costamare’s long-term debt as at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> was in the range of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.30%</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.98%,</div> <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;">3.75%</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, 2017, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.9%,</div> <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;">4.8%,</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 years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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;">$45,222,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$40,412</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$71,293,</div> respectively. Of the above amounts, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$45,222,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$40,412</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$71,293</div> are included in Interest and finance costs in the accompanying consolidated statements of income for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> respectively, whereas in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> an amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$808</div> is capitalized and included in (a) Vessels and Advances, net (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$797</div>) and (b) the statement of comprehensive income (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$11</div>), representing net settlements on interest rate swaps qualifying for cash flow hedge, in the consolidated balance sheet as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018. </div>In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> an amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,459</div> is capitalized and included in Vessels and Advances, net in the consolidated balance sheet as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">C. Financing Costs</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif">The amounts of financing costs included in the loan balances and finance lease liabilities (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11</div>) are as follows</div>:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 77%; font-weight: bold; text-align: justify">Balance, January 1, 2018</td> <td style="width: 1%; font-weight: bold"> </td> <td style="border-top: Black 1pt solid; width: 1%; font-weight: bold; text-align: left">$</td> <td style="border-top: Black 1pt solid; width: 20%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,797</div></td> <td style="border-top: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <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;">7,584</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <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;">(2,907</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, December 31, 2018</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,474</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Additions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,891</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Amortization and write-off</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,491</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, December 31, 2019</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</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;">10,874</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Less: Current portion of financing costs</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,839</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Financing costs, non-current portion</td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,035</div></td> <td style="border-bottom: Black 2.5pt 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">Financing costs represent legal fees and fees paid to the lenders for the conclusion of the Company’s financing. The amortization and write-off of loan financing costs is included in interest and finance costs in the accompanying consolidated statements of income (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16</div>).</div></div>
0.049
0.053
0.048
<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;"><div style="display: inline; font-style: italic;">(w) Investments in Equity and Debt Securities:</div></div> The Company historically classified debt securities and equity securities pursuant to the provisions of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">320</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> “Investments–Debt and Equity Securities”, into <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> of the following <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> categories:</div> <div style=" font: 10pt Times New Roman, 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. Trading securities: If the Company acquires a security with the intent of selling it in the near term, the security is classified as trading,</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">b. Available-for-sale securities: Investments in debt securities and equity securities that have readily determinable fair values <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> classified as trading securities or as held-to-maturity securities are classified as available-for-sale securities and</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c. Held-to-maturity securities: Investments in debt securities are classified as held-to-maturity only if the Company has the positive intent and ability to hold these securities to maturity.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to determine the applicable category, the Company considered the following: (i) if the Company intended to sell the security, (ii) whether it is more likely than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> that the Company will be required to sell the security before the recovery of its (entire) cost, and (iii) whether the security has a readily determinable fair value or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Debt and equity securities, which were decided on inception to be accounted for as trading securities or available-for-sale securities, were initially recognized at cost and subsequently measured at fair value. Declines in the fair value of trading securities were recognized in earnings, while declines in the fair value of available-for-sale securities were recorded in Other Comprehensive Income and affect earnings when the securities were disposed.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Beginning <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018, </div>the adoption of ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">01</div> “Recognition and Measurement of Financial Assets and Financial Liabilities” changes the existing GAAP model for investments, by making <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> specific changes to the accounting for equity investments: (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>) supersedes the existing requirement to classify equity securities with readily determinable fair values into different categories (that is, trading or available-for-sale); and (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>) requires equity securities (including other ownership interests, such as partnerships, unincorporated joint ventures, and limited liability companies, but excluding those accounted for under the equity method, those that result in consolidation of the investee and certain other investments) to be measured at fair value with changes in the fair value recognized through net income. However, for equity investments that don’t have readily determinable fair values and don’t qualify for the existing practical expedient in ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">820</div> to estimate fair value using the net asset value (NAV) per share (or its equivalent) of the investment, entities <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>choose to measure those investments at cost, less any impairment. The new guidance does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> broadly change the classification and measurement guidance for classifying and measuring investments in debt securities.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Held-to-maturity debt securities are initially recognized at cost and subsequently are measured at amortized cost, less impairment. The amortized cost is adjusted for amortization of premiums and accretion of discounts to maturity. Management evaluates debt securities held-to-maturity for other than temporary impairment at each reporting date. In evaluating whether a decline in value is other than temporary, the Company considers several factors including, but <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> limited, to the following: (i) the extent of the duration of the decline; (ii) the reasons for the decline in value, and (iii) the financial condition of and near-term prospects of the issuer.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <!-- Field: Page; Sequence: 12 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif">Equity securities with <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> readily determinable fair value, which relate to an entity in which the Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have the ability to exercise significant influence, were historically accounted for pursuant to the provisions of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">325</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20</div> “Investments - Other Cost Method Investments”. The Company initially recognizes such equity securities at cost. Subsequently, any dividends distributed by the investee to the Company are recognized as income when received, but only to the extent they represent net accumulated earnings of the investee since the Company’s initial recognition of the investment. Net accumulated earnings are recognized as income by the Company only if they are distributed to the investor as dividends. Any dividends received in excess of net accumulated earnings are recognized as a reduction in the carrying amount of the investment. Management evaluates the equity securities for other-than-temporary-impairment at each reporting date. An investment in cost method equity securities is considered impaired if the fair value of the investment is less than its carrying value, in which case the Company recognizes in earnings an impairment loss equal to the difference between their carrying value and their fair value. Consideration is given to significant deterioration in the earnings performance, or business prospects of the investee, significant adverse change in the regulatory, economic, or technological environment of the investee, significant adverse change in the general market condition in which the investee operates, as well as factors that raise significant concerns about the investee’s ability to continue as a going concern. Beginning <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018, </div>upon adoption of ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">01</div> “Recognition and Measurement of Financial Assets and Financial Liabilities”, the Company used a prospective transition approach for such equity investments without readily determinable fair values (including disclosure requirements). The Company </div>elected to use the measurement alternative for these investments and measure these investments at cost, less any impairment.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An investment in debt or equity securities is considered impaired if the fair value of the investment is less than its carrying value, in which case, the Company recognizes in earnings an impairment loss equal to the difference between their carrying value and their fair value.</div></div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" 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"><div style="display: inline; font-weight: bold;"> </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">On <div style="display: inline; color: #231F20; background-color: white"><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. .</div> The Company accounts for operating leases that were entered into before <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019, </div>but commenced on or after this effective date under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> rather than the transition provisions of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842.</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20"> </div> <!-- Field: Page; Sequence: 13 --> <!-- Field: /Page --> <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"><div style="display: inline; color: #231F20; background-color: white"> </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">Furthermore, as a resulting of electing to apply the pack</div>age of practical expedients, at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019, </div>the Company’s capital leases under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840</div> became finance leases under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> as lease classification is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> reassessed in transition. Therefore, at that date, the Company, as lessee, initially recognized a finance lease right-of-use asset and lease liability measured at the carrying amount of the capital lease assets and capital lease obligations under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840.</div> There were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> unamortized initial direct costs recognized as part of the finance lease right-of-use asset. After <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019, </div>the Company, as lessee, will follow ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840</div> for expense recognition unless the lease is modified and the modified lease is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> accounted for as a separate contract or the Company is otherwise required to remeasure its lease liability in accordance with ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842.</div> At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019, </div>the Company continued to recognize the deferred gain or loss, previously described as prepaid or unearned rental income, related to its failed sale and leaseback transactions under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840,</div> but reclassified such amounts to the right-of-use asset and changed the amortization period from over the lease term to in proportion to the amortization of the right-of-use asset.</div> <div style=" font: 10pt Times New Roman, 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"> </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">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 and related disclosures.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; background-color: white">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 re-designated 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 and related disclosures.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; 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;">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> amended 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><div style="display: inline; background-color: white"> 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. </div>Based on its preliminary assessment and considering that its receivables relate mainly to time charter revenues whose collectability is evaluated in accordance with ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> Leases, the Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> expect to have a material impact from 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> <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 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; 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>
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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;">1.</div> Basis of Presentation and General Information:</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying consolidated financial statements include the accounts of Costamare Inc. (“Costamare”) and its wholly owned subsidiaries (collectively, the “Company”). Costamare is organized under the laws of the Republic of the Marshall Islands.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 4, 2010, </div>Costamare completed its initial public offering (“Initial Public Offering”) in the United States under the United States Securities Act of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1933,</div> as amended (the “Securities Act”). On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 27, 2012, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 19, 2012, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 5, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 31, 2017, </div>the Company completed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">four</div> follow-on public offerings in the United States under the Securities Act and issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,500,000</div> common shares, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,000,000</div> common shares, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,000,000</div> common shares and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,500,000</div> common shares, respectively, par value <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.0001</div></div></div>,</div> at a public offering price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$14.10</div> per share, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$14.00</div> per share, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.00</div> per share and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7.10</div> per share, respectively. During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the Company issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">598,400</div> shares, in aggregate, to Costamare Shipping Services Ltd. (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div>). 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 to Costamare Shipping Services Ltd. (“Costamare Services”) and another <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">598,400</div> shares during the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019 (</div>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;"> December 31, 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;">12,957,681</div> shares, in aggregate. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 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;">119,132,696</div> common shares. At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 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;">58.4%</div> of the outstanding common shares, in the aggregate. Furthermore, (i) on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 7, 2013, </div>the Company completed a public offering of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,000,000</div> shares of its <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.625%</div> Series B Cumulative Redeemable Perpetual Preferred Stock (the “Series B Preferred Stock”), par value <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.0001,</div> at a public offering price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$25.00</div> per share, (ii) on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 21, 2014, </div>the Company completed a public offering of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,000,000</div> shares of its <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.50%</div> Series C Cumulative Redeemable Perpetual Preferred Stock (the “Series C Preferred Stock”), par value <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.0001,</div> at a public offering price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$25.00</div> per share, (iii) on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 13, 2015, </div>the Company completed a public offering of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,000,000</div> shares of its <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.75%</div> Series D Cumulative Redeemable Perpetual Preferred Stock (the “Series D Preferred Stock”), par value <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.0001,</div> at a public offering price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$25.00</div> per share and (iv) on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 30, 2018, </div>the Company completed a public offering of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,600,000</div> shares of its <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.875%</div> Series E Cumulative Redeemable Perpetual Preferred Stock (the “Series E Preferred Stock”), par value <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.0001,</div> at a public offering price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$25.00</div> per share.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div 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;">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;">409,037</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 style="display: inline; font-family: Times New Roman, Times, Serif"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>Costamare had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">74</div> wholly-owned subsidiaries incorporated in the Republic of Liberia and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> incorporated in the Republic of the Marshall Islands.</div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" 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;">(i) Vessels, Net:</div></div> Vessels are stated at cost, which consists of the contract price and any material expenses incurred upon acquisition (initial repairs, improvements and delivery expenses, interest and on-site supervision costs incurred during the construction periods). Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise these amounts are charged to expense as incurred.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <!-- Field: Page; Sequence: 7 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, 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 cost of each of the Company’s vessels is depreciated from the date of acquisition on a straight-line basis over the vessel’s remaining estimated economic useful life, after considering the estimated residual value which is equal to the product of vessels’ lightweight tonnage and estimated scrap rate. Management estimates the useful life of the Company’s vessels to be <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30</div> years from the date of initial delivery from the shipyard and the estimated scrap rate used to calculate the vessels’ salvage value is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.300</div> per lightweight ton. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the estimated economic lives assigned to the Company’s vessels prove to be too long because of unforeseen events such as an extended period of weak markets, the broad imposition of age restrictions by the Company’s customers’, new regulations, or other future events, the remaining estimated useful life of any affected vessel is adjusted accordingly.</div></div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" 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;">(f) Accounts Receivable, net:</div></div> The amount shown as receivables, at each balance sheet date, mainly includes receivables from charterers for hire, net of any provision for doubtful accounts and accrued interest on these receivables, if any. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. The provision established for doubtful accounts as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0</div>.</div></div></div></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> <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>as amended and restated on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 17, 2020 (</div>the “Framework Agreement”), with general administrative and certain commercial services as well as technical, crewing, 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. The Company amended and restated the Framework Agreement to allow Costamare Shipping to retain certain relevant payouts from insurance providers.</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> <!-- Field: Page; Sequence: 15 --> <!-- 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">Pursuant to the Framework Agreement and the Services Agreement, Costamare Shipping and Costamare Services received (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> up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019 </div>and <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 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">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2013,</div> Costamare Shipping entered into a co-operation agreement (the “Co-operation Agreement”) with <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div>-party ship managers V.Ships Greece Ltd. (“V.Ships Greece”), pursuant to which the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> companies established a ship management cell (the “Cell”) under V.Ships Greece. The Cell offers 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. The net profits earned during the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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;">$380,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$456</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$350,</div> respectively and are included as a reduction in management fees-related parties in the accompanying consolidated statements of income. As at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>the Cell provided services to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17</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">Management fees charged by Costamare Shipping in the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$19,073,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$19,989</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$21,669,</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;">$4,864</div> for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019 (</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,846</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,093</div> for the years ended <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;">2017,</div> respectively), representing a fee of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.75%</div> up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019 </div>and <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;">$2,500,</div> which is included in General and administrative expenses – related parties in the accompanying consolidated statements of income for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 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;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,500</div></div></div></div> for the years ended <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;">2017</div>) and (iii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,879,</div> representing the fair value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">598,400</div> shares, which is included in General and administrative expenses - related parties in the accompanying consolidated statements of income for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019 (</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,755</div> and $ <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,866</div> for the year ended <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;">2017,</div> respectively). Furthermore, in accordance with the management agreements 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;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$75</div></div> per vessel as working capital security. Such amount, in aggregate, 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;">2019</div> was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,875</div></div> and 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"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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;">$5,047,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,428</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,821,</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;">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;">$7,576,</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;">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;">$473,</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> <!-- Field: Page; Sequence: 16 --> <!-- 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; 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;"> December 31, 2019, </div>Shanghai Costamare provided such services to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17</div> of the Company’s containerships (<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>There was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div></div> balance due from/to Shanghai Costamare at both <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019.</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font: 10pt Times New Roman, Times, Serif"> </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;">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> (indirectly) owned by the Company’s Chairman and Chief Executive Officer, to provide charter brokerage services to all vessels under its management (including vessels owned by the Company). Blue Net provides exclusive charter brokerage services to containership owners. 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;">€9,413</div> for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019 (</div><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 in respect of vessels chartered on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018, </div>which remain chartered under the same charter party agreement in effect on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018, </div>the fee was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">€1,281</div> for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019 (</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">€1,139</div> for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018). </div>During the years ended <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;">2019,</div> Costamare Shipping charged the ship-owning companies <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$355</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$418,</div> respectively, which is included in Voyage expenses – related parties in the accompanying consolidated statements of income.</div></div>
1000000
9125000
19425000
90403000
24966000
299837000
1385000
253804000
500173000
597607000
5600000
6912000
7238000
47177000
40031000
32661000
38734000
60578000
<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;"><div style="display: inline; font-style: italic;">(p) 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> or ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840</div> under transition accounting. All agreements contain a minimum non-cancellable period and an extension period at the option of the charterer. Each lease term is assessed at the inception of that lease. Under a time-charter agreement, the charterer pays a daily hire for the use of the vessel and reimburses the owner for hold cleanings, extra insurance premiums for navigating in restricted areas and damages caused by such charterer. Additionally, the charterer pays port and canal dues to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> parties, as well as for 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 paid to 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, spares and repairs, which are recognized in operating expenses. Time charter revenues are recognized over the term of the charter as service is provided, when they become fixed and determinable. Revenues from time charter agreements providing for varying annual rates are accounted for as operating leases and thus recognized on a straight-line basis over the non-cancellable rental periods of such agreements, as service is performed. Revenue generated from variable lease payments is recognized in the period when changes in the facts and circumstances on which the variable lease payments are based occur. Unearned revenue includes cash received prior to the balance sheet date for which all criteria to recognize as revenue have <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> been met, including any unearned revenue resulting from charter agreements providing for varying annual rates, which are accounted for on a straight-line basis. 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> <div style=" font: 10pt Times New Roman, 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 <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;">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="text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2018</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 58%; font-weight: bold; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">A</div></div></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: center"> </td> <td style="width: 11%; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28</div></td> <td style="width: 1%; text-align: center">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: center"> </td> <td style="width: 11%; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27</div></td> <td style="width: 1%; text-align: center">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: center"> </td> <td style="width: 11%; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22</div></td> <td style="width: 1%; text-align: center">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">B</div></div></td> <td> </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;">29</div></td> <td style="text-align: center">%</td> <td> </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;">27</div></td> <td style="text-align: center">%</td> <td> </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;">24</div></td> <td style="text-align: center">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">C</div></div></td> <td> </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;">16</div></td> <td style="text-align: center">%</td> <td> </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;">10</div></td> <td style="text-align: center">%</td> <td> </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;">10</div></td> <td style="text-align: center">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">D</div></div></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21</div></td> <td style="border-bottom: Black 1pt solid; text-align: center">%</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24</div></td> <td style="border-bottom: Black 1pt solid; text-align: center">%</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">38</div></td> <td style="border-bottom: Black 1pt solid; text-align: center">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left"><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: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">94</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">%</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">88</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">%</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">94</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">%</td> </tr> </table> </div></div></div>
412433000
380397000
478109000
50663000
20635000
452564000
401901000
188429000
14.10
14
6
7.10
25
25
25
25
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: White"> <td colspan="3" style="text-align: justify"><div style="display: inline; font-weight: bold;">Borrower(s)</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style=" text-align: center; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt"><div style="display: inline; font-weight: bold;">December 31, 2018</div></div> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"><div style=" text-align: center; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt"><div style="display: inline; font-weight: bold;">December 31, 2019</div></div></td> <td style="text-align: left"><div style=" font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><div style="display: inline; font-weight: bold;"> </div></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">A.</td> <td colspan="2" style="text-align: justify"><div style="display: inline; font-weight: bold;"><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;">Term Loans:</div></div></div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; width: 3%"> </td> <td style="text-align: justify; width: 3%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div></td> <td style="text-align: justify; width: 64%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Mas Shipping Co.</div></td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td> <td style="text-align: right; width: 12%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,125</div></td> <td style="text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: right; width: 1%"> </td> <td style="text-align: right; width: 12%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="text-align: left; width: 1%"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Montes Shipping Co. and Kelsen Shipping Co.</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32,000</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,000</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Costamare Inc.</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Undine Shipping Co., Quentin Shipping Co. and Sander Shipping Co.</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">147,702</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Raymond Shipping Co. and Terance Shipping Co.</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">94,135</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Costamare Inc.</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Uriza Shipping S.A.</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,167</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23,833</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Costis Maritime Corporation, Christos Maritime Corporation and Capetanissa Maritime Corporation</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">77,875</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">65,375</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Rena Maritime Corporation, Finch Shipping Co. and Joyner Carriers S.A.</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,280</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,080</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Nerida Shipping Co.</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,375</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,575</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Costamare Inc.</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">198,986</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">155,195</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12.</div></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="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">44,000</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13.</div></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="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,120</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Costamare. Inc.</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">55,000</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">36,385</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15.</div></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="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Bastian Shipping Co. and Cadence 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;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">128,400</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Adele 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;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">66,500</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Raymond Shipping Co., Terance Shipping Co. and Undine 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;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">147,110</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19.</div></td> <td style="text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Quentin Shipping Co. and Sander 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="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">91,239</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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="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: right">$</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;">831,812</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">B.</td> <td colspan="2" style="font-weight: bold; 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;">Other financing arrangements</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="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">594,350</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt"> </td> <td style="text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-weight: bold; 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="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: right">$</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;">1,426,162</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt"> </td> <td style="text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-weight: bold; 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="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(9,012</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt"> </td> <td style="text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-weight: bold; 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="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,417,150</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </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; 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="text-align: left">)</td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(213,022</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt"> </td> <td style="text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-weight: bold; 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="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,277</div></td> <td style="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: 2.5pt"> </td> <td style="text-align: justify; padding-bottom: 2.5pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Total long-term debt, non-current, net</div></td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt 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="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,206,405</div></td> <td style="border-bottom: Black 2.5pt 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" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="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="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="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="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="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: 55%; 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;">72,876</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">67,239</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">98,999</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">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;">(21,063</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(30,503</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(31,269</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="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;">51,813</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">36,736</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">67,730</div></td> <td style="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 and diluted</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100,527,907</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">110,395,134</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">115,747,452</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Earnings per common share, basic and diluted</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.52</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.33</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.59</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Year ending December 31,</div></div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 77%; text-align: justify">2020</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">213,022</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2021</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">290,646</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2022</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">92,678</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <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;">101,284</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2024</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80,944</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">2025 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;">647,588</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify; padding-bottom: 2.5pt"><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: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,426,162</div></td> <td style="border-bottom: Black 2.5pt 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="text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2018</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 58%; font-weight: bold; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">A</div></div></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: center"> </td> <td style="width: 11%; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28</div></td> <td style="width: 1%; text-align: center">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: center"> </td> <td style="width: 11%; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27</div></td> <td style="width: 1%; text-align: center">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: center"> </td> <td style="width: 11%; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22</div></td> <td style="width: 1%; text-align: center">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">B</div></div></td> <td> </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;">29</div></td> <td style="text-align: center">%</td> <td> </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;">27</div></td> <td style="text-align: center">%</td> <td> </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;">24</div></td> <td style="text-align: center">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">C</div></div></td> <td> </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;">16</div></td> <td style="text-align: center">%</td> <td> </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;">10</div></td> <td style="text-align: center">%</td> <td> </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;">10</div></td> <td style="text-align: center">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">D</div></div></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21</div></td> <td style="border-bottom: Black 1pt solid; text-align: center">%</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24</div></td> <td style="border-bottom: Black 1pt solid; text-align: center">%</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">38</div></td> <td style="border-bottom: Black 1pt solid; text-align: center">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left"><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: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">94</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">%</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">88</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">%</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">94</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">%</td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" 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;">(t) Segment Reporting:</div></div> The Company reports financial information and evaluates its operations by charter revenues and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> by the length of ship employment for its customers, i.e., spot or time charters. The Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> use discrete financial information to evaluate the operating results for each such type of charter. Although revenue can be identified for these types of charters, management cannot and does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> identify expenses, profitability or other financial information for these charters. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide (subject to certain agreed exclusions) and, as a result, the disclosure of geographic information is impracticable. As a result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet and thus the Company has determined that it operates under <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> reportable segment.</div></div></div>
3866000
3755000
3879000
6.194
6.3078
5.8056
4000000
4000000
2000000
90424881
4000000
4000000
2000000
108205985
4600000
4000000
4000000
2000000
112464230
4600000
4000000
4000000
2000000
119132696
<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 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;"></div></div></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><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) Principles of Consolidation:</div></div> The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The consolidated financial statements include the accounts of Costamare and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation.</div> <div style=" font: 10pt Times New Roman, 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, as the holding company, determines whether it has a controlling financial interest in an entity by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> evaluating whether the entity is a voting interest entity or a variable interest entity. Under Accounting Standards Codification (“ASC”) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">810</div> “Consolidation”, a voting interest entity is an entity in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make financial and operating decisions. Costamare consolidates voting interest entities in which it owns all, or at least a majority (generally, greater than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div>), of the voting interest. Variable interest entities (“VIE”) are entities as defined under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">810</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,</div> that, in general, either do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have equity investors with voting rights or that have equity investors that do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> provide sufficient financial resources for the entity to support its activities. A controlling financial interest in a VIE is present when a company absorbs a majority of an entity’s expected losses, receives a majority of an entity’s expected residual returns, or both. The company with a controlling financial interest, known as the primary beneficiary, is required to consolidate the VIE. The Company evaluates all arrangements that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>include a variable interest in an entity to determine if it <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be the primary beneficiary, and would be required to include assets, liabilities and operations of a VIE in its consolidated financial statements. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>and <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;">no</div> such interest existed.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </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><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><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) Use of Estimates:</div></div> The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</div> <div style=" font: 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><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: 6 --> <!-- 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;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><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) Comprehensive Income / (Loss):</div></div> In the statement of comprehensive income, the Company presents the change in equity (net assets) during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by shareholders and distributions to shareholders. The Company follows the provisions of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">220</div> “Comprehensive Income”, and presents items of net income, items of other comprehensive income (“OCI”) and total comprehensive income in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> separate but consecutive statements. Reclassification adjustments between OCI and net income are required to be presented separately on the statement of comprehensive income.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </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><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><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) Foreign Currency Translation:</div></div> The functional currency of the Company is the U.S. dollar because the Company’s vessels operate in international shipping markets and, therefore, primarily transact business in U.S. dollars. The Company’s books of accounts are maintained in U.S. dollars. Transactions involving other currencies during the year are converted into U.S. dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are translated into U.S. dollars at the year-end exchange rates. Resulting gains or losses are reflected separately in the accompanying consolidated statements of income.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </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><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><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;">(e) Cash, Cash Equivalents and Restricted Cash:</div></div><div style="display: inline; font-style: italic;"> </div>The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months or less to be cash equivalents. Cash also includes other kinds of accounts that have the general characteristics of demand deposits in that the customer <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>deposit additional funds at any time and also effectively <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>withdraw funds at any time without prior notice or penalty.</div> <div style=" font: 10pt Times New Roman, 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">Restricted cash consists of minimum cash deposits to be maintained at all times under certain of the Company’s loan agreements. Restricted cash also includes bank deposits and deposits in so-called “retention accounts” that are required under the Company’s borrowing arrangements which are used to fund the loan installments coming due. The funds can only be used for the purposes of loan repayment. A reconciliation of the cash, cash equivalents and restricted cash is presented in the table below:</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> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the years ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="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="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> </tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Reconciliation of cash, cash equivalents and restricted cash</td> <td> </td> <td colspan="3" style="text-align: right"> </td> <td> </td> <td colspan="3" style="text-align: right"> </td> <td> </td> <td colspan="3" style="text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; text-align: left">Cash and cash equivalents</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;">178,986</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">113,714</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">148,928</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Restricted cash – current portion</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,238</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,600</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,912</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Restricted cash – non-current portion</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32,661</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">47,177</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40,031</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total cash, cash equivalents and restricted cash</td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">218,885</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">166,491</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">195,871</div></td> <td style="border-bottom: Black 2.5pt 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 style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div 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 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;">(f) Accounts Receivable, net:</div></div> The amount shown as receivables, at each balance sheet date, mainly includes receivables from charterers for hire, net of any provision for doubtful accounts and accrued interest on these receivables, if any. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. The provision established for doubtful accounts as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0</div>.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </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;"></div></div></div></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><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;">(g) Inventories:</div></div> Inventories consist of bunkers, lubricants and spare parts which are stated at the lower of cost or market on a consistent basis. </div>Cost is determined by the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> in, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> out method.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </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><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><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;">(h) Insurance Claims Receivable:</div></div> The Company records insurance claim recoveries for insured losses incurred on damage to fixed assets and for insured crew medical expenses. Insurance claim recoveries are recorded, net of any deductible amounts, at the time the Company’s fixed assets suffer insured damages or when crew medical expenses are incurred, recovery is probable under the related insurance policies and the claim is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> subject to litigation.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </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><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><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;">(i) Vessels, Net:</div></div> Vessels are stated at cost, which consists of the contract price and any material expenses incurred upon acquisition (initial repairs, improvements and delivery expenses, interest and on-site supervision costs incurred during the construction periods). Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise these amounts are charged to expense as incurred.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <!-- Field: Page; Sequence: 7 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, 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 cost of each of the Company’s vessels is depreciated from the date of acquisition on a straight-line basis over the vessel’s remaining estimated economic useful life, after considering the estimated residual value which is equal to the product of vessels’ lightweight tonnage and estimated scrap rate. Management estimates the useful life of the Company’s vessels to be <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30</div> years from the date of initial delivery from the shipyard and the estimated scrap rate used to calculate the vessels’ salvage value is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.300</div> per lightweight ton. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the estimated economic lives assigned to the Company’s vessels prove to be too long because of unforeseen events such as an extended period of weak markets, the broad imposition of age restrictions by the Company’s customers’, new regulations, or other future events, the remaining estimated useful life of any affected vessel is adjusted accordingly.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </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;"></div></div></div></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><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;">(j) Time Charters Assumed with the Acquisition of Second-hand Vessels</div></div></div>: <div style="display: inline; font-family: Times New Roman, Times, Serif">The Company records identified assets or liabilities associated with the acquisition of a vessel at fair value, determined by reference to market data. The Company values any asset or liability arising from the market value of any time charters assumed when a vessel is acquired from entities that are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> under common control. This policy does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> apply when a vessel is acquired from entities that are under common control. The amount to be recorded as an asset or liability of the time charter assumed at the date of vessel delivery is based on the difference between the current fair market value of the time charter and the net present value of future contractual cash flows under the time charter. When the present value of the contractual cash flows of the time charter assumed is greater than its current fair value, the difference is recorded as accrued charter revenue. When the opposite situation occurs, any difference, capped to the vessel’s fair value on a charter free basis, is recorded as unearned revenue. Such assets and liabilities, respectively, are amortized as a reduction of, or an increase in, revenue over the period of the time charter assumed.</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></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></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;"></div></div></div></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><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;">(k) Impairment of Long-lived Assets:</div></div></div> The Company reviews its vessels for impairment whenever events or changes in circumstances indicate that the carrying amount of a vessel might <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be recoverable. The Company considers information, such as vessel sales and purchases, business plans and overall market conditions in order to determine if an impairment might exist.</div> <div style=" font: 10pt Times New Roman, 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">I</div>f the Company determines that an impairment indicator is present, or if circumstances indicate that an impairment <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>exist, the Company then performs an analysis to determine whether an impairment loss should be recognized. The Company proceeds to Step <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> of the impairment analysis whereby, it computes estimates of the future undiscounted net operating cash flows for each vessel based on assumptions regarding time charter rates, vessels’ operating expenses, vessels’ capital expenditures, vessels’ residual value, fleet utilization and the estimated remaining useful life of each vessel. The future undiscounted net operating cash flows are determined as the sum of (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">x</div>) (i) the charter revenues from existing time charters for the fixed fleet days and (ii) an estimated daily time charter rate for the unfixed days (based on the most recent <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ten</div> year historical average rates after eliminating outliers and without adjustment for any growth rate) over the remaining estimated life of the vessel, assuming fleet utilization of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">99.2%</div> (excluding the scheduled off-hire days for planned dry-dockings and special surveys which are determined separately ranging from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30</div> days depending on the size and age of each vessel), less (y) (i) expected outflows for vessels’ operating expenses assuming an expected increase in expenses of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.5%,</div> based on management’s estimates taking into consideration the Company’s historical data, (ii) planned dry-docking and special survey expenditures and (iii) management fees expenditures. Charter rates for container shipping vessels are cyclical and subject to significant volatility based on factors beyond Company’s control. Therefore, the Company considers the most recent <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ten</div>-year historical average, after eliminating outliers, to be a reasonable estimation of expected future charter rates over the remaining useful life of our vessels. The Company defines outliers as index values provided by an independent, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> party maritime research services provider. Given the spread of rates between peaks and troughs over the decade, the Company believes the most recent <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ten</div>-year historical average rates, after eliminating outliers, provide a fair estimate in determining a rate for long-term forecasts. The salvage value used in the impairment test is estimated at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.300</div> per light weight ton in accordance with the vessels’ depreciation policy. The assumptions used to develop estimates of future undiscounted net operating cash flows are based on historical trends as well as future expectations. If those future undiscounted net operating cash flows are greater than a vessel’s carrying value, there are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> impairment indications for such vessel. If those future undiscounted net operating cash flows are less than a vessel’s carrying value, the Company proceeds to Step <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> of the impairment analysis for such vessel.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <!-- Field: Page; Sequence: 8 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, 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 Step <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> of the impairment analysis, the Company determines the fair value of the vessels that failed Step <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> of the impairment analysis, based on management estimates and assumptions, making use of available market data and taking into consideration <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> party valuations. Therefore, the Company has categorized the fair value of the vessels as Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> in the fair value hierarchy. The difference between the carrying value of the vessels that failed Step <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> of the impairment analysis and their fair value as calculated in Step <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> of the impairment analysis is recognized in the Company’s accounts as impairment loss.</div> <div style=" font: 10pt Times New Roman, 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 review of the carrying amounts in connection with the estimated recoverable amount of the Company’s vessels as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019 </div>resulted in an impairment loss of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,042.</div> As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> our assessment concluded that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$17,959</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nil,</div> respectively, of impairment loss should be recorded.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </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;"></div></div></div></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><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;">(l) Long-lived Assets Classified as Held for Sale: </div></div></div>The Company classifies long lived assets and disposal groups as being held for sale in accordance with ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">360,</div> Property, Plant and Equipment, when: (i) management, having the authority to approve the action, commits to a plan to sell the asset; (ii) the asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets; (iii) an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated; (iv) the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year; (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Long lived assets classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. According to ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">360</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35,</div> the fair value less cost to sell of the long-lived asset (disposal group) should be assessed each reporting period it remains classified as held for sale. Subsequent changes in the long-lived asset's fair value less cost to sell (increase or decrease) would be reported as an adjustment to its carrying amount, except that the adjusted carrying amount should <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> exceed the carrying amount of the long-lived asset at the time it was initially classified as held for sale. These long-lived assets are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> depreciated once they meet the criteria to be classified as held for sale and are classified in current assets on the consolidated balance sheet.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </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><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><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;">(m) Accounting for Special Survey and Dry-docking Costs:</div></div> The Company follows the deferral method of accounting for special survey and dry-docking costs whereby actual costs incurred are deferred and are amortized on a straight-line basis over the period through the date the next survey is scheduled to become due. Costs deferred are limited to actual costs incurred at the yard and parts used in the dry-docking or special survey. If a survey is performed prior to the scheduled date, the remaining unamortized balances are immediately written off. Unamortized balances of vessels that are sold are written-off and included in the calculation of the resulting gain or loss in the period of the vessel’s sale. Furthermore, unamortized dry-docking and special survey balances of vessels that are classified as Assets held for sale and are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> recoverable as of the date of such classification are immediately written-off to the consolidated statement of income.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </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><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><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;">(n) Financing Costs:</div></div> Costs associated with new loans or refinancing of existing loans, including fees paid to lenders or required to be paid to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> parties on the lender’s behalf for obtaining new loans or refinancing existing loans, are recorded as deferred charges. Deferred financing costs are presented as a deduction from the corresponding liability. Such fees are deferred and amortized to interest and finance costs during the life of the related debt using the effective interest method. Unamortized fees relating to loans repaid or refinanced, meeting the criteria of debt extinguishment, are expensed in the period the repayment or refinancing is made.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </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><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><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;">(o) Concentration of Credit Risk:</div></div> Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents, accounts receivable (included in current and non-current assets), equity method investments, equity securities, debt securities and derivative contracts (interest rate swaps and foreign currency contracts). The Company places its cash and cash equivalents, consisting mostly of deposits, with high credit rated financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions. The Company is exposed to credit risk in the event of non-performance by counterparties to derivative instruments; however, the Company limits its exposure by diversifying among counterparties with high credit ratings. The Company limits its credit risk with accounts receivable, equity method investments and equity and debt securities by performing ongoing credit evaluations of its customers’ and investees’ financial condition and generally does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> require collateral for its accounts receivable.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div></div><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: 9 --> <!-- 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;"></div></div></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><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;">(p) 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> or ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840</div> under transition accounting. All agreements contain a minimum non-cancellable period and an extension period at the option of the charterer. Each lease term is assessed at the inception of that lease. Under a time-charter agreement, the charterer pays a daily hire for the use of the vessel and reimburses the owner for hold cleanings, extra insurance premiums for navigating in restricted areas and damages caused by such charterer. Additionally, the charterer pays port and canal dues to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> parties, as well as for 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 paid to 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, spares and repairs, which are recognized in operating expenses. Time charter revenues are recognized over the term of the charter as service is provided, when they become fixed and determinable. Revenues from time charter agreements providing for varying annual rates are accounted for as operating leases and thus recognized on a straight-line basis over the non-cancellable rental periods of such agreements, as service is performed. Revenue generated from variable lease payments is recognized in the period when changes in the facts and circumstances on which the variable lease payments are based occur. Unearned revenue includes cash received prior to the balance sheet date for which all criteria to recognize as revenue have <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> been met, including any unearned revenue resulting from charter agreements providing for varying annual rates, which are accounted for on a straight-line basis. 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> <div style=" font: 10pt Times New Roman, 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 <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;">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="text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2018</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 58%; font-weight: bold; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">A</div></div></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: center"> </td> <td style="width: 11%; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28</div></td> <td style="width: 1%; text-align: center">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: center"> </td> <td style="width: 11%; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27</div></td> <td style="width: 1%; text-align: center">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: center"> </td> <td style="width: 11%; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22</div></td> <td style="width: 1%; text-align: center">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">B</div></div></td> <td> </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;">29</div></td> <td style="text-align: center">%</td> <td> </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;">27</div></td> <td style="text-align: center">%</td> <td> </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;">24</div></td> <td style="text-align: center">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">C</div></div></td> <td> </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;">16</div></td> <td style="text-align: center">%</td> <td> </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;">10</div></td> <td style="text-align: center">%</td> <td> </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;">10</div></td> <td style="text-align: center">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">D</div></div></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21</div></td> <td style="border-bottom: Black 1pt solid; text-align: center">%</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24</div></td> <td style="border-bottom: Black 1pt solid; text-align: center">%</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">38</div></td> <td style="border-bottom: Black 1pt solid; text-align: center">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left"><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: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">94</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">%</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">88</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">%</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">94</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">%</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><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;">(q) Derivative Financial Instruments:</div></div> The Company enters into interest rate swap contracts to manage its exposure to fluctuations of interest rate risks associated with specific borrowings. Interest rate differentials paid or received under these swap agreements are recognized as part of the interest expense related to the hedged debt. All derivatives are recognized in the consolidated financial statements at their fair value. On the inception date of the derivative contract, the Company designates the derivative as a hedge of a forecasted transaction or the variability of cash flow to be paid (“cash flow” hedge). Changes in the fair value of a derivative that is qualified, designated and highly effective as a cash flow hedge are recorded in the consolidated statement of comprehensive income until earnings are affected by the forecasted transaction or the variability of cash flow and are then reported in earnings. Changes in the fair value of undesignated derivative instruments and the ineffective portion of designated derivative instruments are reported in earnings in the period in which those fair value changes have occurred. Realized gains or losses on early termination of the derivative instruments are also classified in earnings in the period of termination of the respective derivative instrument. The Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>re-designate an undesignated hedge after its inception as a hedge but then will consider its non-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">zero</div> value at re-designation in its assessment of effectiveness of the cash flow hedge.</div> <div style=" font: 10pt Times New Roman, 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 formally documents all relationships between hedging instruments and hedged items, as well as the risk-management objective and strategy for undertaking various hedge transactions.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This process includes linking all derivatives that are designated as cash flow hedges to specific forecasted transactions or variability of cash flow.</div> <div style=" font: 10pt Times New Roman, 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 also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flow of hedged items. The Company considers a hedge to be highly effective if the change in fair value of the derivative hedging instrument is within <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80%</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">125%</div> of the opposite change in the fair value of the hedged item attributable to the hedged risk. When it is determined that a derivative is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> highly effective as a hedge or that it has ceased to be a highly effective hedge, the Company discontinues hedge accounting prospectively, in accordance with ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">815</div> “Derivatives and Hedging”.</div> <div style=" font: 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">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2016 </div>the Company changed the presentation of interest accrued and realized on non-hedging derivative instruments and reclassified such from the Interest and Finance costs line item to Loss on derivative instruments, net on the consolidated statements of income. Comparative figures have been recast to reflect this change in presentation.</div> <div style=" font: 10pt Times New Roman, 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 also enters into forward exchange rate contracts to manage its exposure to currency exchange risk on certain foreign currency liabilities. The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> designated these forward exchange rate contracts for hedge accounting.</div> <div style=" font: 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><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><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;">(r) Earnings per Share:</div></div> Basic earnings per share are computed by dividing net income attributable to common equity holders by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised. The Company had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> dilutive securities outstanding during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-year period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018. </div>Earnings per share attributable to common equity holders are adjusted by the contractual amount of dividends related to the preferred stock holders that accrue for the period.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </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><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><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;">(s) Fair Value Measurements:</div></div> The Company adopted, as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2008, </div>ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">820</div> “Fair Value Measurements and Disclosures”, which defines and provides guidance as to the measurement of fair value. This standard creates a hierarchy of measurement and indicates that, when possible, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The fair value hierarchy gives the highest priority (Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>) to quoted prices in active markets and the lowest priority (Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div>) to unobservable data for example, the reporting entity’s own data. Under the standard, fair value measurements are separately disclosed by level within the fair value hierarchy. The standard applies when assets or liabilities in the financial statements are to be measured at fair value but does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> require additional use of fair value beyond the requirements in other accounting principles (Notes <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19</div>).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">825</div> “Financial Instruments” permits companies to report certain financial assets and financial liabilities at fair value. ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">825</div> was effective for the Company as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2008, </div>at which time the Company could elect to apply the standard prospectively and measure certain financial instruments at fair value. The Company has evaluated the guidance contained in ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">825,</div> and has elected <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to report any existing financial assets or liabilities at fair value that are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> already so reported; therefore, the adoption of the statement had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> impact on its financial position and results of operations. The Company retains the ability to elect the fair value option for certain future assets and liabilities acquired under this standard.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </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><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><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;">(t) Segment Reporting:</div></div> The Company reports financial information and evaluates its operations by charter revenues and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> by the length of ship employment for its customers, i.e., spot or time charters. The Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> use discrete financial information to evaluate the operating results for each such type of charter. Although revenue can be identified for these types of charters, management cannot and does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> identify expenses, profitability or other financial information for these charters. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide (subject to certain agreed exclusions) and, as a result, the disclosure of geographic information is impracticable. As a result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet and thus the Company has determined that it operates under <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> reportable segment.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </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><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><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;">(u) Equity Method Investments:</div></div> Investments in the common stock of entities, in which the Company has significant influence over operating and financial policies, are accounted for using the equity method. Under this method, the investment in such entities is initially recorded at cost and is adjusted to recognize the Company’s share of the earnings or losses of the investee after the acquisition date and is adjusted for impairment whenever facts and circumstances indicate that a decline in fair value below the cost basis is other than temporary. The amount of the adjustment is included in the determination of net income / (loss). Dividends received from an investee reduce the carrying amount of the investment. When the Company’s share of losses in an investee equals or exceeds its interest in the investee, the Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> recognize further losses unless the Company has incurred obligations or made payments on behalf of the investee.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </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;"></div></div></div></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><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;">(v) </div></div></div><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Right-of-Use Asset - Finance Leases: </div></div>The Financial Accounting Standards Board (“FASB”) ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> classifies leases from the standpoint of the lessee at the inception of the lease as finance leases or operating leases. The determination of whether an arrangement is (or contains) a finance lease is based on the substance of the arrangement at the inception date and is assessed in accordance with the criteria set in ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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;">25</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div> If <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">none</div> of the criteria in 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;">25</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> are met, leases are accounted for as operating leases.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Finance leases are accounted for as the acquisition of a finance right-of-use asset and the incurrence of an obligation by the lessee. At the commencement date of the finance lease, a lessee initially measures the lease liability at the present value, using the discount rate determined on the commencement, of the lease payments to be made over the lease term. Subsequently, the lease liability is increased by the interest on the lease liability and decreased by the lease payments during the period. The interest on the lease liability is determined in each period during the lease term as the amount that produces a constant periodic discount rate on the remaining balance of the liability, taking into consideration the reassessment requirements.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <!-- Field: Page; Sequence: 11 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A lessee initially measures the finance right-of-use asset at cost which consists of: the amount of the initial measurement of the lease liability; any lease payments made to the lessor at or before the commencement date, less any lease incentives received; and any initial direct costs incurred by the lessee. Subsequently, the finance right-of-use asset is measured at cost less any accumulated amortization and any accumulated impairment losses, taking into consideration the reassessment requirements. A lessee shall amortize the finance right-of-use asset on a straight-line basis (unless another systematic basis better represents the pattern in which the lessee expects to consume the right-of-use asset’s future economic benefits) from the commencement date to the earlier of the end of the useful life of the finance right-of-use asset or the end of the lease term. However, if the lease transfers ownership of the underlying asset to the lessee or the lessee is reasonably certain to exercise an option to purchase the underlying asset, the lessee shall amortize the right-of-use asset to the end of the useful life of the underlying asset (estimated at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30</div> years). Transition accounting for the adoption of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> is described below in “New Accounting Pronouncements – Adopted”.</div> <div style=" font: 10pt Times New Roman, 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 sale and leaseback transactions, if the transfer is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> a sale in accordance with 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;">40</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,</div> the Company, as seller-lessee - does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> derecognize the transferred asset and accounts for the transaction as a financing. An excess of carrying value over fair market value at the date of sale would indicate that the recoverability of the carrying amount of an asset should be assessed under the guidelines of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">360.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Operating lease payments are recognized as an operating expense in the consolidated statement of income on a straight-line basis over the lease term.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </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><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><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;">(w) Investments in Equity and Debt Securities:</div></div> The Company historically classified debt securities and equity securities pursuant to the provisions of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">320</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> “Investments–Debt and Equity Securities”, into <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> of the following <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> categories:</div> <div style=" font: 10pt Times New Roman, 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. Trading securities: If the Company acquires a security with the intent of selling it in the near term, the security is classified as trading,</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">b. Available-for-sale securities: Investments in debt securities and equity securities that have readily determinable fair values <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> classified as trading securities or as held-to-maturity securities are classified as available-for-sale securities and</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c. Held-to-maturity securities: Investments in debt securities are classified as held-to-maturity only if the Company has the positive intent and ability to hold these securities to maturity.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to determine the applicable category, the Company considered the following: (i) if the Company intended to sell the security, (ii) whether it is more likely than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> that the Company will be required to sell the security before the recovery of its (entire) cost, and (iii) whether the security has a readily determinable fair value or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Debt and equity securities, which were decided on inception to be accounted for as trading securities or available-for-sale securities, were initially recognized at cost and subsequently measured at fair value. Declines in the fair value of trading securities were recognized in earnings, while declines in the fair value of available-for-sale securities were recorded in Other Comprehensive Income and affect earnings when the securities were disposed.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Beginning <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018, </div>the adoption of ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">01</div> “Recognition and Measurement of Financial Assets and Financial Liabilities” changes the existing GAAP model for investments, by making <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> specific changes to the accounting for equity investments: (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>) supersedes the existing requirement to classify equity securities with readily determinable fair values into different categories (that is, trading or available-for-sale); and (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>) requires equity securities (including other ownership interests, such as partnerships, unincorporated joint ventures, and limited liability companies, but excluding those accounted for under the equity method, those that result in consolidation of the investee and certain other investments) to be measured at fair value with changes in the fair value recognized through net income. However, for equity investments that don’t have readily determinable fair values and don’t qualify for the existing practical expedient in ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">820</div> to estimate fair value using the net asset value (NAV) per share (or its equivalent) of the investment, entities <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>choose to measure those investments at cost, less any impairment. The new guidance does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> broadly change the classification and measurement guidance for classifying and measuring investments in debt securities.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Held-to-maturity debt securities are initially recognized at cost and subsequently are measured at amortized cost, less impairment. The amortized cost is adjusted for amortization of premiums and accretion of discounts to maturity. Management evaluates debt securities held-to-maturity for other than temporary impairment at each reporting date. In evaluating whether a decline in value is other than temporary, the Company considers several factors including, but <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> limited, to the following: (i) the extent of the duration of the decline; (ii) the reasons for the decline in value, and (iii) the financial condition of and near-term prospects of the issuer.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <!-- Field: Page; Sequence: 12 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif">Equity securities with <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> readily determinable fair value, which relate to an entity in which the Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have the ability to exercise significant influence, were historically accounted for pursuant to the provisions of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">325</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20</div> “Investments - Other Cost Method Investments”. The Company initially recognizes such equity securities at cost. Subsequently, any dividends distributed by the investee to the Company are recognized as income when received, but only to the extent they represent net accumulated earnings of the investee since the Company’s initial recognition of the investment. Net accumulated earnings are recognized as income by the Company only if they are distributed to the investor as dividends. Any dividends received in excess of net accumulated earnings are recognized as a reduction in the carrying amount of the investment. Management evaluates the equity securities for other-than-temporary-impairment at each reporting date. An investment in cost method equity securities is considered impaired if the fair value of the investment is less than its carrying value, in which case the Company recognizes in earnings an impairment loss equal to the difference between their carrying value and their fair value. Consideration is given to significant deterioration in the earnings performance, or business prospects of the investee, significant adverse change in the regulatory, economic, or technological environment of the investee, significant adverse change in the general market condition in which the investee operates, as well as factors that raise significant concerns about the investee’s ability to continue as a going concern. Beginning <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018, </div>upon adoption of ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">01</div> “Recognition and Measurement of Financial Assets and Financial Liabilities”, the Company used a prospective transition approach for such equity investments without readily determinable fair values (including disclosure requirements). The Company </div>elected to use the measurement alternative for these investments and measure these investments at cost, less any impairment.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An investment in debt or equity securities is considered impaired if the fair value of the investment is less than its carrying value, in which case, the Company recognizes in earnings an impairment loss equal to the difference between their carrying value and their fair value.</div> <div style=" font: 10pt Times New Roman, 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><div style=" font: 10pt Times New Roman, 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> <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 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;">x</div>) Stock Based Compensation:</div></div> The Company accounts for stock-based payment awards granted to Costamare Shipping Services Ltd. (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14</div>(a)) for the services provided, following the guidance in ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">505</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50</div> “Equity Based Payments to Non-Employees”. The fair value of the stock-based payment awards is recognized in the line item General and administrative expenses - related parties in the consolidated statements of income.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </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;"></div></div></div></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><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;">(y) Going concern:</div></div></div> The Company evaluates whether there is substantial doubt about its ability to continue as a going concern by applying the provisions of ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15.</div> In more detail, the Company evaluates whether there are conditions or events that raise substantial doubt about the Company's ability to continue as a going concern within <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year from the date the financial statements are issued. As part of such evaluation, the Company did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> identify any conditions that raise substantial doubt about the entity's ability to continue as a going concern. As a result, there was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> impact in the Company’s results of operations, financial position, cash flows or disclosures.</div> <div style=" font: 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><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><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;">(z) Long lived Assets- Financing Arrangements:</div></div> Following the implementation of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div> Revenue with Contracts with Customers, sale and leaseback transactions, which includes an obligation for the Company, as seller-lessee, to repurchase the asset, are precluded from being accounted for the transfer of the asset as sale, as the transaction is classified as a financing by the Company, since it effectively retains control of the underlying asset. As such, the Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> derecognize the transferred asset, accounts for any amounts received as a financing arrangement and recognizes the difference between the amount of consideration received and the amount of consideration to be paid as interest. Interest costs incurred (i) under financing arrangements that relate to vessels in operation are expensed to Interest and finance costs in the consolidated statement of operations and (ii) under financing arrangements that relate to vessels under construction are capitalized to Vessels and advances, net in the consolidated balance sheets.</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><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="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><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"><div style="display: inline; font-weight: bold;"> </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">On <div style="display: inline; color: #231F20; background-color: white"><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. .</div> The Company accounts for operating leases that were entered into before <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019, </div>but commenced on or after this effective date under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> rather than the transition provisions of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842.</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20"> </div> <!-- Field: Page; Sequence: 13 --> <!-- Field: /Page --> <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"><div style="display: inline; color: #231F20; background-color: white"> </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">Furthermore, as a resulting of electing to apply the pack</div>age of practical expedients, at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019, </div>the Company’s capital leases under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840</div> became finance leases under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> as lease classification is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> reassessed in transition. Therefore, at that date, the Company, as lessee, initially recognized a finance lease right-of-use asset and lease liability measured at the carrying amount of the capital lease assets and capital lease obligations under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840.</div> There were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> unamortized initial direct costs recognized as part of the finance lease right-of-use asset. After <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019, </div>the Company, as lessee, will follow ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840</div> for expense recognition unless the lease is modified and the modified lease is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> accounted for as a separate contract or the Company is otherwise required to remeasure its lease liability in accordance with ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842.</div> At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019, </div>the Company continued to recognize the deferred gain or loss, previously described as prepaid or unearned rental income, related to its failed sale and leaseback transactions under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840,</div> but reclassified such amounts to the right-of-use asset and changed the amortization period from over the lease term to in proportion to the amortization of the right-of-use asset.</div> <div style=" font: 10pt Times New Roman, 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"> </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">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 and related disclosures.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; background-color: white">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 re-designated 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 and related disclosures.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; 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;">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> amended 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><div style="display: inline; background-color: white"> 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. </div>Based on its preliminary assessment and considering that its receivables relate mainly to time charter revenues whose collectability is evaluated in accordance with ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> Leases, the Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> expect to have a material impact from 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> <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 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; 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>
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-1214000
60578000
<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 each of the years ended <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;">2019,</div> the Company issued <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;">598,400</div></div> shares in aggregate at par value 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;">$0.0001</div></div> to Costamare Services pursuant to the Services Agreement (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div>). The fair value of such shares was calculated based on the closing trading price at the date of issuance. There were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> share-based payment awards outstanding during the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 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">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 years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> the Company issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,682,704</div> shares, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,659,845</div> shares and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,187,051</div> shares, respectively, at par value 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;">$0.0001</div></div></div> to its common stockholders, at an average price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.1940</div> per share, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.3078</div> per share and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5.8056</div> per share 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">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 <div style="display: inline; font-family: Times New Roman, Times, Serif">at par value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.0001</div> </div>were issued pursuant to the Share Purchase Agreement with York (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</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, 2019, </div>the aggregate issued share capital was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">119,132,696</div> common shares at par value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.0001.</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-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-family: Times New Roman, Times, Serif"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(d) Dividends declared and / or paid</div></div>: During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 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> </div>(ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,833</div> in cash and issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">885,324</div> shares pursuant to the Plan for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> (iii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,854</div> in cash and issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">901,634</div> shares pursuant to the Plan for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">second</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and (iv) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,581</div> in cash and issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">884,046</div> shares pursuant to the Plan for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div><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, 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> (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> (iii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,966</div> in cash and issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">798,908</div> shares pursuant to the Plan for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">second</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> and (iv) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,971</div> in cash and issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">650,540</div> shares pursuant to the Plan for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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">During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div>the Company declared and paid to its holders of Series B Preferred Stock <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$953</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.476563</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 15, 2017 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 14, 2018, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$953</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.476563</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 15, 2018 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 14, 2018</div></div>, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$953</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.476563</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 15, 2018 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 14, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$953</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.476563</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 15, 2018 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 14, 2018</div><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, 2019, </div>the Company declared and paid to its holders of Series B Preferred Stock <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$953</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.476563</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 15, 2018 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 14, 2019, </div><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 style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$953</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.476563</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 15, 2019 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 14, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$953</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.476563</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 15, 2019 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 14, 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> <!-- Field: Page; Sequence: 30 --> <!-- 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 year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div>the Company declared and paid to its holders of Series C Preferred Stock <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,125</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.531250</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 15, 2017 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 14, 2018, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,125</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.531250</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 15, 2018 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 14, 2018, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,125</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.531250</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 15, 2018 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 14, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,125</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.531250</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 15, 2018 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 14, 2018. </div>During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>the Company declared and paid to its holders of Series C Preferred Stock <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,125</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.531250</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 15, 2018 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 14, 2019, </div><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 style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,125</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.531250</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 15, 2019 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 14, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,125</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.531250</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 15, 2019 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 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 year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div>the Company declared and paid to its holders of Series D Preferred Stock <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,188</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.546875</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 15, 2017 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 14, 2018, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,188</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.546875</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 15, 2018 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 14, 2018, </div><div 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;"> April 15, 2018 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 14, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,188</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.546875</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 15, 2018 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 14, 2018. </div>During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>the Company declared and paid to its holders of Series D Preferred Stock <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,188</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.546875</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 15, 2018 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 14, 2019, </div><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 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;"> April 15, 2019 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 14, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,188</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.546875</div> per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 15, 2019 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 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"><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 declared and paid to its holders of Series E Preferred Stock <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,126</div> or </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.462240</div> <div style="display: inline; font-family: Times New Roman, Times, Serif">per share for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 30, 2018 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 14, 2018, </div><div 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;"> April 15, 2018 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 14, 2018 </div>and <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;"> July 15, 2018 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 14, 2018. </div>During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </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;">$2,551</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><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 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;"> April 15, 2019 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 14, 2019 </div>and <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;"> July 15, 2019 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 14, 2019.</div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21.</div> Subsequent Events:</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(a)</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Declaration and payment of dividends (common stock): </div></div>On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">January 3, 2020</div>, </div>the Company declared a dividend for the quarter ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 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 was paid on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">February 5, 2020</div>, </div>to stockholders of record of common stock as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">January 21, 2020</div>.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Times New Roman, Times, Serif"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(b)</div></div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Declaration and payment of dividends (preferred stock Series B, Series C, Series D and Series E):</div></div> On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">January 3, 2020</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;">January 15, 2020</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;">January 14, 2020</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-weight: bold;"><div style="display: inline; font-style: italic;">Sale of vessels: </div></div>On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 16, 2020, </div>the Company contracted to sell <div style="display: inline; font-style: italic;">Neapolis</div> (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6</div>), at a price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,051.</div> The vessel was delivered to its buyers on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 31, 2020.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></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;">(d)</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Delivery of vessel: </div></div>On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 17, 2020, </div>the Company took delivery of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2009</div>-built, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,258</div> TEU, secondhand containership <div style="display: inline; font-style: italic;">JPO Virgo</div>.</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></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;">(e)</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Loan prepayment: </div></div>Following the sale of <div style="display: inline; font-style: italic;">Neapolis</div> (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21</div>(c)), the Company prepaid on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 24, 2020 </div>the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,385</div> related to the term loan discussed in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.A.9.</div></td> </tr> </table> <div style=" margin-top: 0; margin-bottom: 0"> </div> <div style=" margin-top: 0; margin-bottom: 0"></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;">(f)</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 drawdown:</div></div> On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 13, 2020, </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;">$30,000</div> in order to partly finance the acquisition cost of the vessels <div style="display: inline; font-style: italic;">Volans</div>, <div style="display: inline; font-style: italic;">Vulpecula</div>, <div style="display: inline; font-style: italic;">Vela</div> and <div style="display: inline; font-style: italic;">JPO Virgo</div> (Notes <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21</div>(d)). On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 18, 2020, </div>the Company drew down the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$30,000</div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">four</div> tranches.</td></tr></table></div>
13034000
<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;"><div style="display: inline; font-style: italic;">(b) Use of Estimates:</div></div> The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</div></div></div>
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