<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: inherit;">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: inherit;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>reflect revenue earned, but <div style="display: inline; font-style: italic; font: inherit;">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"></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">As at <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>the net accrued charter revenue, totaling (<div style="display: inline; font-style: italic; font: inherit;">$13,034</div>) (discussed in (b) below) is included in Unearned revenue in current and non-current liabilities in the accompanying consolidated balance sheet. As at <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the net accrued charter revenue, totaling (<div style="display: inline; font-style: italic; font: inherit;">$20,755</div>) (discussed in (b) below) is included in Unearned revenue in current and non-current liabilities in the accompanying consolidated balance sheet. The maturities of the net accrued charter revenue as of <div style="display: inline; font-style: italic; font: inherit;"> December 31 </div>of each year presented below are as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Year ending December 31,</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Amount</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; text-align: justify">2020</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,330</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2021</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,657</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2022</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,893</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2023</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,903</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2024</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,786</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">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: inherit;">(2,186</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">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: inherit;">(20,755</div></td> <td style="white-space: nowrap; 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: inherit;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </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: inherit;">not</div> been met and (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. </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2020</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: justify">Hires collected in advance</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,286</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,902</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Charter revenue resulting from varying charter rates</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,034</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,755</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Total</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,320</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">25,657</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Less current portion</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(10,387</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(9,544</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Non-current portion</td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,933</div></td> <td style="white-space: nowrap; 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: inherit;">16,113</div></td> <td style="white-space: nowrap; 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;">(c) Time Charter Assumed, Current and Non-Current:</div></div> On <div style="display: inline; font-style: italic; font: inherit;"> November 12, 2018, </div>the Company purchased from York its <div style="display: inline; font-style: italic; font: inherit;">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: inherit;">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: inherit;">7.4</div> years. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>and <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the aggregate balance of time charter assumed (current and non-current) was <div style="display: inline; font-style: italic; font: inherit;">$1,222</div> and <div style="display: inline; font-style: italic; font: inherit;">$1,127,</div> respectively, and is separately reflected in the accompanying consolidated balance sheets. During the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month periods ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2020,</div> the amortization expense of Time charter assumed amounted to <div style="display: inline; font-style: italic; font: inherit;">$95</div> and <div style="display: inline; font-style: italic; font: inherit;">$95,</div> respectively, and is included in Voyage revenue in the accompanying consolidated statements of operations.</div></div>
-13034000
-20755000
-619000
4471000
4537000
-31000
-31000
2500000
9413000
1281000
1139000
598400
0.6
143324000
180000
243000
409037
411650
1583492000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <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">2019</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">2020</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Reconciliation of cash, cash equivalents and restricted cash</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 64%; text-align: left">Cash and cash equivalents</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">98,563</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">155,668</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Restricted cash – current portion</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">147,292</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,592</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Restricted cash – non-current portion</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">38,043</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">38,837</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">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: inherit;">283,898</div></td> <td style="white-space: nowrap; 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: inherit;">201,097</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> </tr> </table></div>
0.0075
0.0125
0.0125
9134000
10
5
637098000
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: inherit;">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: inherit;"> 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: inherit;"> 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: inherit;">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: inherit;">25%</div> and <div style="display: inline; font-style: italic; font: inherit;">75%</div> in the equity of the entities formed under the Framework Deed, the commitment period ended on <div style="display: inline; font-style: italic; font: inherit;"> May 18, 2020 </div>and the termination of the Framework Deed will occur on <div style="display: inline; font-style: italic; font: inherit;"> May 18, 2024, </div>or upon the occurrence of certain extraordinary events as described therein.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On termination and on the occurrence of certain extraordinary events, Costamare Ventures <div style="display: inline; font-style: italic; font: inherit;"> 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: inherit;"> June 30, 2020, </div>the Company holds between <div style="display: inline; font-style: italic; font: inherit;">25%</div> and <div style="display: inline; font-style: italic; font: inherit;">49%</div> of the capital stock of <div style="display: inline; font-style: italic; font: inherit;">13</div> jointly-owned companies formed pursuant to the Framework Deed with York (Note <div style="display: inline; font-style: italic; font: inherit;">9</div>). The Company accounts for the entities formed under the Framework Deed as equity investments.</div></div>
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5805000
10615000
10023000
<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: inherit;">7.</div> Deferred Charges, net:</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred charges, net include the unamortized dry-docking and special survey costs. The amounts in the accompanying consolidated balance sheets are as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, January 1, 2020</td> <td style="width: 2%; 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: 14%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">21,983</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Additions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,023</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Amortization</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,537</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">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: inherit;">(726</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, June 30, 2020</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: inherit;">26,743</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; 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: 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">During the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div><div style="display: inline; font-style: italic; font: inherit;">seven</div> vessels underwent and completed their special surveys. During the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2019, </div><div style="display: inline; font-style: italic; font: inherit;">six</div> vessels underwent and completed their special surveys. <div style="display: inline; font-family: Times New Roman, Times, Serif">The amortization of the dry-docking and special survey costs is separately reflected in the accompanying consolidated statements of operations.</div></div></div>
1916000
1944000
2652000
8194000
10874000
10846000
0
0
6280000
10023000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2020</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: justify">Non-current assets</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">531,448</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">525,326</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Current assets</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49,787</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">50,424</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Total assets</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">581,235</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">575,750</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Current liabilities</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">94,879</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">30,745</div></td> <td style="white-space: nowrap; 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 style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: justify; padding-bottom: 1pt">Voyage revenue</td> <td style="width: 2%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="width: 14%; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">39,945</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="width: 2%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="width: 14%; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49,065</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: 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: inherit;">11,081</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,897</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> </table></div>
5171000
1508000
1545000
30500000
0.011
0.006
16810000
16910000
562000
531000
1300000
1052000
17372000
17441000
121225000
112498000
129939000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2020</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: justify">Finance lease liabilities – current</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,372</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,441</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">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: inherit;">(562</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(531</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">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: inherit;">121,225</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">112,498</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">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: inherit;">(1,300</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,052</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">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: inherit;">136,735</div></td> <td style="white-space: nowrap; 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">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">128,356</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> </tr> </table></div>
17000
-207000
79197000
-18420000
0
-79197000
-577000
-2074000
10000
-18420000
10000
2795000
3515000
0.012
693000
1548000
-191000
-7721000
1954000
2459000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: justify">Interest expense</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">45,782</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">35,121</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Interest capitalized</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(794</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,954</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Swap effect</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,502</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">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: inherit;">1,650</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,944</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; 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: inherit;">180</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">243</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="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: inherit;">45,316</div></td> <td style="white-space: nowrap; 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: inherit;">35,367</div></td> <td style="white-space: nowrap; 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"><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: inherit;">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 operations 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="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: justify">Interest expense</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">45,782</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">35,121</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Interest capitalized</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(794</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,954</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Swap effect</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,502</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">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: inherit;">1,650</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,944</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; 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: inherit;">180</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">243</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="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: inherit;">45,316</div></td> <td style="white-space: nowrap; 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: inherit;">35,367</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> </tr> </table> </div></div>
0.02
0.03
0.05
0.03
1352029000
213022000
169951000
723547000
33000
956
478
0.0075
10827000
10521000
10827000
10521000
13
5
74
2
60
60
5
5
4
3
2
3
5
48
4
5
5
16
17
17
7
6
1250000
1250000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">4.</div> Other Non-Current Assets:</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">In <div style="display: inline; font-style: italic; font: inherit;">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 ZIM shares representing approximately <div style="display: inline; font-style: italic; font: inherit;">1.2%</div> of the outstanding ZIM shares immediately after the restructuring and <div style="display: inline; font-style: italic; font: inherit;">$8,229</div> aggregate principal amount of unsecured interest-bearing Zim notes maturing in <div style="display: inline; font-style: italic; font: inherit;">2023</div> consisting of <div style="display: inline; font-style: italic; font: inherit;">$1,452</div> of <div style="display: inline; font-style: italic; font: inherit;">3.0%</div> Series <div style="display: inline; font-style: italic; font: inherit;">1</div> Notes due <div style="display: inline; font-style: italic; font: inherit;">2023</div> amortizing subject to available cash flows in accordance with a corporate mechanism and <div style="display: inline; font-style: italic; font: inherit;">$6,777</div> of <div style="display: inline; font-style: italic; font: inherit;">5.0%</div> Series <div style="display: inline; font-style: italic; font: inherit;">2</div> Notes due <div style="display: inline; font-style: italic; font: inherit;">2023</div> non-amortizing (of the <div style="display: inline; font-style: italic; font: inherit;">5%</div> interest, <div style="display: inline; font-style: italic; font: inherit;">3%</div> is payable quarterly in cash and <div style="display: inline; font-style: italic; font: inherit;">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: inherit;">$676</div> in relation to the Series <div style="display: inline; font-style: italic; font: inherit;">1</div> Notes, <div style="display: inline; font-style: italic; font: inherit;">$3,567</div> in relation to the Series <div style="display: inline; font-style: italic; font: inherit;">2</div> Notes and <div style="display: inline; font-style: italic; font: inherit;">$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: inherit;">$2,888</div> was written-off in <div style="display: inline; font-style: italic; font: inherit;">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">The Company accounts on a quarterly basis, for the unwinding of the Series <div style="display: inline; font-style: italic; font: inherit;">1</div> and Series <div style="display: inline; font-style: italic; font: inherit;">2</div> Notes, until the book value of the instruments equals their face value on maturity. During the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the Company recorded <div style="display: inline; font-style: italic; font: inherit;">$453</div> in relation to their unwinding (<div style="display: inline; font-style: italic; font: inherit;">$413</div> for the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2019), </div>which is included in “Interest income” in the consolidated statements of operations. 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: inherit;">no</div> intention to sell the securities in the near term. During the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2016, </div>the Company received <div style="display: inline; font-style: italic; font: inherit;">$46</div> capital redemption of the Series <div style="display: inline; font-style: italic; font: inherit;">1</div> Notes, reducing the principal to <div style="display: inline; font-style: italic; font: inherit;">$1,406.</div> The Series <div style="display: inline; font-style: italic; font: inherit;">1</div> and Series <div style="display: inline; font-style: italic; font: inherit;">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: inherit;"> June 30, 2020 (</div>Note <div style="display: inline; font-style: italic; font: inherit;">19</div>(c)). These financial instruments are <div style="display: inline; font-style: italic; font: inherit;">not</div> measured at fair value on a recurring basis. The Company assessed the provisions of “ASC <div style="display: inline; font-style: italic; font: inherit;">326</div> Financial Instruments — Credit Losses” to its Series <div style="display: inline; font-style: italic; font: inherit;">1</div> and Series <div style="display: inline; font-style: italic; font: inherit;">2</div> Notes securities and as a result calculated a Credit loss provision of <div style="display: inline; font-style: italic; font: inherit;">$543</div> which is reflected as a cumulative effect adjustment to the consolidated statements of stockholders' equity upon adoption of the guidance at <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2020. </div>As of <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the Zim debt securities, net, amounted to <div style="display: inline; font-style: italic; font: inherit;">$6,499</div> (<div style="display: inline; font-style: italic; font: inherit;">$6,723</div> as of <div style="display: inline; font-style: italic; font: inherit;"> 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">The Zim equity securities are carried at cost less impairment. As of <div style="display: inline; font-style: italic; font: inherit;"> 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: inherit;">$4,000</div> on its investment in equity securities in Zim. The value of the investment in equity securities in Zim was 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: inherit;">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: inherit;">2016</div> (Level <div style="display: inline; font-style: italic; font: inherit;">3</div> inputs of the fair value hierarchy). <div style="display: inline; font-style: italic; font: inherit;">No</div> dividends have been received from Zim since <div style="display: inline; font-style: italic; font: inherit;"> July 16, 2014. </div>As of <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </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: inherit;">no</div> impairment should be recorded. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>and <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the Zim equity securities amounted to <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">$3,802</div>.</div></div></div>
0.25
0.75
0.25
0.49
10942000
39750000
0.576
0.7
0.3
0.5
0.5
0.5
0.5
0.5
0
619000
12549000
7957000
-134928000
-50000
0
P1Y
12000000
P10Y
P7Y
P7Y
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, January 1, 2020</td> <td style="width: 2%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="width: 14%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">21,983</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Additions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,023</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Amortization</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,537</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">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: inherit;">(726</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, June 30, 2020</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: inherit;">26,743</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <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">December 31, 2019</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">Quoted Prices in Active Markets for Identical Assets (Level 1)</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">Significant Other Observable Inputs (Level 2)</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">Unobservable Inputs (Level 3)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Recurring measurements:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 52%; text-align: justify">Forward contracts-asset position</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: inherit;">124</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">124</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Interest rate swaps-asset position</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,229</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,229</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Interest rate swaps-liability position</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(830</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(830</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">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: inherit;">523</div></td> <td style="white-space: nowrap; 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">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">523</div></td> <td style="white-space: nowrap; 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: inherit;">–</div></td> <td style="white-space: nowrap; 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 style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <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">June 30, 2020</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">Quoted Prices in Active Markets for Identical Assets (Level 1)</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">Significant Other Observable Inputs (Level 2)</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">Unobservable Inputs (Level 3)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Recurring measurements:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 52%; text-align: justify">Forward contracts-asset position</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: inherit;">134</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">134</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; 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: inherit;">(10,017</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(10,017</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="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: inherit;">(9,883</div></td> <td style="white-space: nowrap; 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">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(9,883</div></td> <td style="white-space: nowrap; 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: inherit;">–</div></td> <td style="white-space: nowrap; 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 style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td colspan="19" style="white-space: nowrap; font-weight: bold; text-align: center">The Effect of Derivative Instruments for the six-month periods ended</td> </tr> <tr style="vertical-align: bottom"> <td colspan="19" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2019 and 2020</td> </tr> <tr style="vertical-align: bottom"> <td colspan="19" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Derivatives in ASC 815 Cash Flow Hedging Relationships</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount of Gain / (Loss) <br /> Recognized in <br /> Accumulated OCI on <br /> Derivative</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Location of Gain / (Loss) <br /> Recognized in <br /> Income on Derivative</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount of Gain / (Loss) <br /> Recognized in <br /> Income on Derivative</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</td> <td style="padding-bottom: 1pt"> </td> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 30%; 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: inherit;">(4,234</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 8%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(8,127</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 25%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">Loss on derivative instruments, net</div></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 8%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 8%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">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: inherit;">(1,502</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">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: inherit;">(5,736</div></td> <td style="white-space: nowrap; 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">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(8,114</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; 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: inherit;">–</div></td> <td style="white-space: nowrap; 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 style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td colspan="11" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Derivatives Not Designated as Hedging Instruments <br /> under ASC 815</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Location of Gain / (Loss) <br /> Recognized in Income on Derivative</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount of Gain / (Loss) <br /> Recognized in Income <br /> on Derivative</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 42%; text-align: left">Non-hedging interest rate swaps</td> <td style="width: 2%"> </td> <td style="width: 30%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">Loss on derivative instruments, net</div></td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(577</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">)</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,074</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Forward contracts</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">Loss on derivative instruments, net</div></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: justify; padding-bottom: 2.5pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(575</div></td> <td style="white-space: nowrap; 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">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,066</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, January 1, 2020</td> <td style="width: 2%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="width: 14%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,874</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Additions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,916</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; 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: inherit;">(1,944</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, June 30, 2020</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,846</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Less: Current portion of financing costs</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,652</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Financing costs, non-current portion</td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,194</div></td> <td style="white-space: nowrap; 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 style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Year ending December 31,</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; text-align: justify">2020</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">190,924</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2021</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">343,479</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2022</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">311,823</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2023</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">304,895</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2024</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">304,863</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">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: inherit;">637,098</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">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: inherit;">2,093,082</div></td> <td style="white-space: nowrap; 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 style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Year ending December 31,</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; 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: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,330</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2021</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,657</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2022</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,893</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2023</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,903</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2024</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,786</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">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: inherit;">(2,186</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">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: inherit;">(20,755</div></td> <td style="white-space: nowrap; 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 style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Vessel Cost</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accumulated <br /> Depreciation</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net Book <br /> Value</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, January 1, 2020</td> <td style="width: 2%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="width: 14%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,573,751</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="width: 2%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="width: 14%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,141,921</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> <td style="width: 2%; 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: 14%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,431,830</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Depreciation</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(52,262</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(52,262</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Vessel acquisitions, advances and other vessels' costs</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48,609</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48,609</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">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: inherit;">(284,454</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">149,526</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(134,928</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Balance, June 30, 2020</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: inherit;">3,337,906</div></td> <td style="white-space: nowrap; 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">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,044,657</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,293,249</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> </tr> </table></div>
17.63
-1502000
13000
1.05
1.25
P10Y270D
P10Y
36058000
2046000
1797000
129939000
9403
4258
4258
14000
12690
2500
0.04
2186000
4786000
4657000
3903000
2893000
2330000
4908000
27038000
27038000
Ensenada
Arkadia
Monemvasia
Cape Akritas
Cape Tainaro
Cape Artemisio
Cape Kortia
Cape Sounio
Polar Argentina
Polar Brasil
2431830000
2293249000
<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: inherit;">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 style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Vessel Cost</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accumulated <br /> Depreciation</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net Book <br /> Value</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, January 1, 2020</td> <td style="width: 2%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="width: 14%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,573,751</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="width: 2%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="width: 14%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,141,921</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> <td style="width: 2%; 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: 14%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,431,830</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Depreciation</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(52,262</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(52,262</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Vessel acquisitions, advances and other vessels' costs</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48,609</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48,609</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">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: inherit;">(284,454</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">149,526</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(134,928</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Balance, June 30, 2020</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: inherit;">3,337,906</div></td> <td style="white-space: nowrap; 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">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,044,657</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,293,249</div></td> <td style="white-space: nowrap; 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: 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">During the year ended <div style="display: inline; font-style: italic; font: inherit;"> 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: inherit;">11</div>) and acquired back the <div style="display: inline; font-style: italic; font: inherit;">2014</div>-built, <div style="display: inline; font-style: italic; font: inherit;">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: inherit;">four</div> secondhand containerships. During the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>the Company took delivery of <div style="display: inline; font-style: italic; font: inherit;">three</div> of the aforementioned vessels the <div style="display: inline; font-style: italic; font: inherit;">2010</div>-built, <div style="display: inline; font-style: italic; font: inherit;">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: inherit;">2009</div>-built, <div style="display: inline; font-style: italic; font: inherit;">4,258TEU</div> <div style="display: inline; font-style: italic;">Vela</div>. The <div style="display: inline; font-style: italic; font: inherit;">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: inherit;"> January 2020.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif">During the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the Company sold the vessel <div style="display: inline; font-style: italic;">Neapolis</div> and recognized a gain of <div style="display: inline; font-style: italic; font: inherit;">$10,</div> which is separately reflected in Gain / (Loss) on sale / disposal of vessels, net in the accompanying <div style="display: inline; font-style: italic; font: inherit;">2020</div> consolidated statement of operations.</div> During the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the Company recorded an impairment loss in relation to <div style="display: inline; font-style: italic; font: inherit;">five</div> of its vessels in the amount of <div style="display: inline; font-style: italic; font: inherit;">$31,577</div> (including <div style="display: inline; font-style: italic; font: inherit;">$693</div> transferred from Deferred charges, net). The fair values of the <div style="display: inline; font-style: italic; font: inherit;">five</div> vessels were determined through Level <div style="display: inline; font-style: italic; font: inherit;">2</div> inputs of the fair value hierarchy (Note <div style="display: inline; font-style: italic; font: inherit;">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"><div style="display: inline; font-family: Times New Roman, Times, Serif">On <div style="display: inline; font-style: italic; font: inherit;"> December 26</div></div>, <div style="display: inline; font-style: italic; font: inherit;">2019</div> and <div style="display: inline; font-style: italic; font: inherit;"> 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: inherit;">360</div>-<div style="display: inline; font-style: italic; font: inherit;">10</div>-<div style="display: inline; font-style: italic; font: inherit;">45</div>-<div style="display: inline; font-style: italic; font: inherit;">9,</div> for the classification of the <div style="display: inline; font-style: italic; font: inherit;">two</div> vessels as “held for sale” were met. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>the amount of <div style="display: inline; font-style: italic; font: inherit;">$4,908,</div> separately reflected in Vessels held for sale in the <div style="display: inline; font-style: italic; font: inherit;">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: inherit;">2</div> inputs of the fair value hierarchy).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> May 21, 2020, </div>on <div style="display: inline; font-style: italic; font: inherit;"> June 10, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;"> June 29, 2020, </div>the Company decided to make arrangements to sell the vessels <div style="display: inline; font-style: italic;">Kokura, Kawasaki</div> and <div style="display: inline; font-style: italic;">Singapore Express</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: inherit;">360</div>-<div style="display: inline; font-style: italic; font: inherit;">10</div>-<div style="display: inline; font-style: italic; font: inherit;">45</div>-<div style="display: inline; font-style: italic; font: inherit;">9,</div> for the classification of the <div style="display: inline; font-style: italic; font: inherit;">three</div> vessels as “held for sale” were met.</div> <div style=" font: 10pt Times New Roman, 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: inherit;"> June 30, 2020, </div>the amount of <div style="display: inline; font-style: italic; font: inherit;">$27,038,</div> separately reflected in Vessels held for sale in the consolidated balance sheet, represents the fair market value of the vessels <div style="display: inline; font-style: italic;">Zagora</div>, <div style="display: inline; font-style: italic;">Kokura</div>, <div style="display: inline; font-style: italic;">Kawasaki</div> and <div style="display: inline; font-style: italic;">Singapore Express</div> based on their estimated sale price, net of commissions (Level <div style="display: inline; font-style: italic; font: inherit;">2</div> inputs of the fair value hierarchy). The difference between the estimated fair value less cost to sell of the vessel and the vessel's carrying value, amounting to <div style="display: inline; font-style: italic; font: inherit;">$79,197</div> (including <div style="display: inline; font-style: italic; font: inherit;">$33</div> transferred from Deferred charges, net), was recorded in the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>and is separately reflected as Loss on vessels held for sale in the accompanying <div style="display: inline; font-style: italic; font: inherit;">2020</div> statement of operations.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2019, </div>the Company sold the vessels <div style="display: inline; font-style: italic;">MSC Pylos </div>and <div style="display: inline; font-style: italic;">Piraeus </div>and recognized an aggregate loss of <div style="display: inline; font-style: italic; font: inherit;">$18,420,</div> <div style="display: inline; font-family: Times New Roman, Times, Serif">which is separately reflected in Gain / (Loss) on sale / disposal of vessels, net in the accompanying <div style="display: inline; font-style: italic; font: inherit;">2019</div> consolidated statement of operations. </div>During the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2019, </div>the Company recorded an impairment loss in relation to <div style="display: inline; font-style: italic; font: inherit;">two</div> of its vessels in the amount of <div style="display: inline; font-style: italic; font: inherit;">$3,042</div> (including <div style="display: inline; font-style: italic; font: inherit;">$1,548</div> transferred from Deferred charges, net), in the aggregate, and is separately reflected in Vessels impairment loss in the <div style="display: inline; font-style: italic; font: inherit;">2019</div> consolidated statement of operations.</div> <div style=" font: 10pt Times New Roman, 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: inherit;">eight</div> of the Company's vessels, with a total carrying value of <div style="display: inline; font-style: italic; font: inherit;">$1,583,492</div> as of <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>including <div style="display: inline; font-style: italic; font: inherit;">three</div> of 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: inherit;">10.</div> This excludes the <div style="display: inline; font-style: italic; font: inherit;">four</div> vessels under the sale and leaseback transactions described in Note <div style="display: inline; font-style: italic; font: inherit;">11,</div> the <div style="display: inline; font-style: italic; font: inherit;">five</div> newbuild vessels discussed above, the <div style="display: inline; font-style: italic; font: inherit;">five</div> vessels acquired under the Share Purchase Agreement (Note <div style="display: inline; font-style: italic; font: inherit;">9</div>) with York and <div style="display: inline; font-style: italic; font: inherit;">two</div> unencumbered vessels.</div></div>
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--12-31
Q2
2020
2020-06-30
6-K
0001503584
Costamare Inc.
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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: inherit;">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: inherit;"> June 30, 2020, </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: inherit;">five</div> hulls under construction, with the exception of <div style="display: inline; font-style: italic; font: inherit;">eight</div> vessels, with international liner operators. These arrangements as at <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>have remaining terms of up to <div style="display: inline; font-style: italic; font: inherit;">129</div> months. At <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>future minimum contractual charter revenues assuming <div style="display: inline; font-style: italic; font: inherit;">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 style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Year ending December 31,</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; text-align: justify">2020</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">190,924</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2021</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">343,479</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2022</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">311,823</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2023</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">304,895</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2024</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">304,863</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">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: inherit;">637,098</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">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: inherit;">2,093,082</div></td> <td style="white-space: nowrap; 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-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=" 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: inherit;"> June 30, 2020 </div>were <div style="display: inline; font-style: italic; font: inherit;">$36,058,</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: inherit;">five</div> vessels under construction discussed in Note <div style="display: inline; font-style: italic; font: inherit;">6,</div> while approximately <div style="display: inline; font-style: italic; font: inherit;">$0.4</div> billion in total is financed through a financial institution (Note <div style="display: inline; font-style: italic; font: inherit;">10.B</div>) and (ii) in relation to the construction and installation of scrubbers in <div style="display: inline; font-style: italic; font: inherit;">ten</div> of our existing vessels, while an amount of <div style="display: inline; font-style: italic; font: inherit;">$9,134</div> for <div style="display: inline; font-style: italic; font: inherit;">five</div> of them is financed (Note <div style="display: inline; font-style: italic; font: inherit;">10.A</div> <div style="display: inline; font-style: italic; font: inherit;">13,</div> <div style="display: inline; font-style: italic; font: inherit;">10.A.14</div> and Note <div style="display: inline; font-style: italic; font: inherit;">11</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> <!-- Field: Page; Sequence: 20 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(c) </div></div></div><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Debt guarantees with respect to entities formed under the Framework Deed:</div></div> Costamare agreed to guarantee <div style="display: inline; font-style: italic; font: inherit;">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: inherit;"> June 30, 2020, </div>Costamare has guaranteed <div style="display: inline; font-style: italic; font: inherit;">$63,607</div> of the debt relating to Ainsley Maritime Co., <div style="display: inline; font-style: italic; font: inherit;">$66,325</div> of the debt relating to Ambrose Maritime Co., <div style="display: inline; font-style: italic; font: inherit;">$63,750</div> of the debt relating to Kemp Maritime Co., <div style="display: inline; font-style: italic; font: inherit;">$62,833</div> of the debt relating to Hyde Maritime Co. and <div style="display: inline; font-style: italic; font: inherit;">$63,917</div> of the debt relating to Skerrett Maritime Co. (Note <div style="display: inline; font-style: italic; font: inherit;">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: inherit;">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: inherit;"> 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: inherit;">not</div> aware of any such claims <div style="display: inline; font-style: italic; font: inherit;">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: inherit;">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: inherit;">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"></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>
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961656
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637516
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0.0001
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0.0001
0.0001
120719340
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21431000
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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: inherit;">20.</div> Comprehensive Income: </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2019, </div>Other comprehensive income decreased with net losses of <div style="display: inline; font-style: italic; font: inherit;">$5,705</div> relating to (i) the change of the fair value of derivatives that qualify for hedge accounting (loss of <div style="display: inline; font-style: italic; font: inherit;">$4,234</div>), net of the settlements to net income of derivatives that qualify for hedge accounting (loss of <div style="display: inline; font-style: italic; font: inherit;">$1,502</div>) and (ii) the amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to depreciation (<div style="display: inline; font-style: italic; font: inherit;">$31</div>).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>Other comprehensive income decreased with net losses of <div style="display: inline; font-style: italic; font: inherit;">$8,083</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: inherit;">$8,127</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: inherit;">$13</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: inherit;">$31</div>).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As at <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2020,</div> Comprehensive income / (loss) amounted to an income of <div style="display: inline; font-style: italic; font: inherit;">$21,431</div> and a loss of <div style="display: inline; font-style: italic; font: inherit;">$51,530,</div> respectively.</div></div>
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29200000
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2020</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: justify">Hires collected in advance</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,286</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,902</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Charter revenue resulting from varying charter rates</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,034</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,755</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Total</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,320</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">25,657</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Less current portion</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(10,387</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(9,544</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Non-current portion</td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,933</div></td> <td style="white-space: nowrap; 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: inherit;">16,113</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> </tr> </table></div>
10387000
9544000
7933000
16113000
52262000
59761000
55737000
748000
134000
399000
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523000
0
523000
0
-9883000
0
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-2193000
<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: inherit;">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"><div style="display: inline; font-family: Times New Roman, Times, Serif">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: inherit;">three</div>-month or <div style="display: inline; font-style: italic; font: inherit;">six</div>-month USD LIBOR. According to the Company's Risk Management Accounting Policy, after putting in place the formal documentation at the inception of the hedging relationship, as required by ASC <div style="display: inline; font-style: italic; font: inherit;">815,</div> following the adoption of ASU <div style="display: inline; font-style: italic; font: inherit;">2017</div>-<div style="display: inline; font-style: italic; font: inherit;">12,</div> these interest rate swaps qualified for hedge accounting. </div>The change in the fair value of the interest rate derivative instruments that qualified for hedge accounting is recorded in “Other Comprehensive Income” and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings and is presented in Interest and finance cost, while the change in the fair value of the interest rate derivatives representing hedge components excluded from the assessment of effectiveness are recognized currently in earnings and are presented in the same line of the income statement expected for the hedged item. The change in the fair value of the interest rate derivative instruments that did <div style="display: inline; font-style: italic; font: inherit;">not</div> qualify for hedge accounting is recorded in Loss on derivative instruments.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <!-- Field: Page; Sequence: 23 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </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: inherit;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the Company had interest rate swap agreements with an outstanding notional amount of <div style="display: inline; font-style: italic; font: inherit;">$149,672</div> and <div style="display: inline; font-style: italic; font: inherit;">$368,013,</div> respectively. The fair value of these interest rate swaps outstanding as at <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020 </div>amounted to a net asset of <div style="display: inline; font-style: italic; font: inherit;">$399</div> and a liability of <div style="display: inline; font-style: italic; font: inherit;">$10,017,</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: inherit;"> February 2022 </div>and <div style="display: inline; font-style: italic; font: inherit;"> July 2025.</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: inherit;"> December 31, 2019, </div>the Company entered into <div style="display: inline; font-style: italic; font: inherit;">two</div> interest rate swap agreements with an aggregate notional amount of <div style="display: inline; font-style: italic; font: inherit;">$46,000,</div> which both met hedge accounting criteria according to ASC <div style="display: inline; font-style: italic; font: inherit;">815.</div> During the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the Company entered into <div style="display: inline; font-style: italic; font: inherit;">five</div> interest rate swap agreements with an aggregate notional amount of <div style="display: inline; font-style: italic; font: inherit;">$227,046,</div> which all met hedge accounting criteria according to ASC <div style="display: inline; font-style: italic; font: inherit;">815</div> for non-<div style="display: inline; font-style: italic; font: inherit;">zero</div> derivative instruments at hedge inception.</div> <div style=" font: 10pt Times New Roman, 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: inherit;">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: inherit;">$3,720.</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: inherit;">not</div> meet the criteria for hedge accounting:</div></div> During the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>the Company terminated <div style="display: inline; font-style: italic; font: inherit;">three</div> interest rate derivative instruments which had been concluded that they do <div style="display: inline; font-style: italic; font: inherit;">not</div> qualify for hedge accounting. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>the Company did <div style="display: inline; font-style: italic; font: inherit;">not</div> hold any interest rate swaps that did <div style="display: inline; font-style: italic; font: inherit;">not</div> qualify for hedge accounting.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the Company entered into <div style="display: inline; font-style: italic; font: inherit;">five</div> interest rate swap agreements with an aggregate notional amount of <div style="display: inline; font-style: italic; font: inherit;">$227,046.</div> These interest rate swap agreements at their inception, did <div style="display: inline; font-style: italic; font: inherit;">not</div> qualify for hedge accounting and the Company recorded a loss of <div style="display: inline; font-style: italic; font: inherit;">$2,193,</div> representing the fair value change for the period the swap agreements were <div style="display: inline; font-style: italic; font: inherit;">not</div> designated in a hedging relationship, which is included in Loss on derivative instruments, net in the accompanying consolidated statements of operations for the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020. </div>As of <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the Company did <div style="display: inline; font-style: italic; font: inherit;">not</div> hold any interest rate swaps that do <div style="display: inline; font-style: italic; font: inherit;">not</div> qualify for hedge accounting.</div> <div style=" font: 10pt Times New Roman, Times, 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: inherit;"> June 30, 2020, </div>the Company was engaged in <div style="display: inline; font-style: italic; font: inherit;">three</div> Euro/U.S. dollar forward agreements totaling <div style="display: inline; font-style: italic; font: inherit;">$6,000</div> at an average forward rate of Euro/U.S. dollar <div style="display: inline; font-style: italic; font: inherit;">1.0967,</div> expiring in monthly intervals up to <div style="display: inline; font-style: italic; font: inherit;"> September 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: inherit;"> December 31, 2019, </div>the Company was engaged in <div style="display: inline; font-style: italic; font: inherit;">three</div> Euro/U.S. dollar forward agreements totaling <div style="display: inline; font-style: italic; font: inherit;">$6,000</div> at an average forward rate of Euro/U.S. dollar <div style="display: inline; font-style: italic; font: inherit;">1.1037,</div> expiring in monthly intervals up to <div style="display: inline; font-style: italic; font: inherit;"> March 2020.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -11pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The total change of forward contracts fair value for the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>was a gain of <div style="display: inline; font-style: italic; font: inherit;">$8</div> (gain of <div style="display: inline; font-style: italic; font: inherit;">$2</div> for the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2019) </div>and is included in Loss on derivative instruments, net in the accompanying consolidated statements of operations.</div> <div style=" font: 10pt Times New Roman, Times, 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> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td colspan="19" style="white-space: nowrap; font-weight: bold; text-align: center">The Effect of Derivative Instruments for the six-month periods ended</td> </tr> <tr style="vertical-align: bottom"> <td colspan="19" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2019 and 2020</td> </tr> <tr style="vertical-align: bottom"> <td colspan="19" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Derivatives in ASC 815 Cash Flow Hedging Relationships</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount of Gain / (Loss) <br /> Recognized in <br /> Accumulated OCI on <br /> Derivative</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Location of Gain / (Loss) <br /> Recognized in <br /> Income on Derivative</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount of Gain / (Loss) <br /> Recognized in <br /> Income on Derivative</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</td> <td style="padding-bottom: 1pt"> </td> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 30%; 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: inherit;">(4,234</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 8%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(8,127</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 25%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">Loss on derivative instruments, net</div></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 8%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 8%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">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: inherit;">(1,502</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">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: inherit;">(5,736</div></td> <td style="white-space: nowrap; 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">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(8,114</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; 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: inherit;">–</div></td> <td style="white-space: nowrap; 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> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td colspan="11" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Derivatives Not Designated as Hedging Instruments <br /> under ASC 815</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Location of Gain / (Loss) <br /> Recognized in Income on Derivative</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount of Gain / (Loss) <br /> Recognized in Income <br /> on Derivative</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 42%; text-align: left">Non-hedging interest rate swaps</td> <td style="width: 2%"> </td> <td style="width: 30%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">Loss on derivative instruments, net</div></td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(577</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">)</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,074</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Forward contracts</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">Loss on derivative instruments, net</div></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: justify; padding-bottom: 2.5pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(575</div></td> <td style="white-space: nowrap; 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: inherit;">(2,066</div></td> <td style="white-space: nowrap; 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-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: inherit;">$50</div>) and <div style="display: inline; font-style: italic; font: inherit;">nil</div> for the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month periods ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2020,</div> respectively. </div></div></div>
0
0
0
0
397000
3720000
433000
6297000
149672000
368013000
46000000
227046000
227046000
2020-08-07
2020-07-15
2020-07-15
2020-07-15
2020-07-15
22604000
22604000
23905000
23905000
6580000
6867000
6762000
9061000
0.10
0.476563
0.53125
0.546875
0.554688
2020-07-01
2020-07-01
2020-07-01
2020-07-01
2020-07-01
2020-07-22
2020-07-14
2020-07-14
2020-07-14
2020-07-14
953000
953000
953000
953000
2125000
2125000
2125000
2125000
2188000
2188000
2188000
2188000
2551000
2551000
2551000
2551000
15634000
15634000
15591000
15591000
7576000
2328000
7576000
2328000
473000
339000
0
0
473000
339000
0.10
-0.49
<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: inherit;">15.</div> Earnings / (losses) per share</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All common shares issued are Costamare common stock and have equal rights to vote and participate in dividends. Profit or loss attributable to common equity holders is adjusted by the contractual amount of dividends on Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series E Preferred Stock that should be paid for the period and the gain which resulted from the repurchase of the preferred shares within the period. Dividends paid or accrued on Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series E Preferred Stock during the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month periods ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2020,</div> amounted to <div style="display: inline; font-style: italic; font: inherit;">$15,547</div> and <div style="display: inline; font-style: italic; font: inherit;">$15,461,</div> respectively.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Basic EPS</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Basic LPS</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: justify">Net income / (loss)</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">27,136</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(43,447</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Less: paid and accrued earnings allocated to Preferred Stock</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(15,547</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(15,461</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Add: gain from retirement of 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: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">619</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Net income / (loss) 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: inherit;">11,589</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(58,289</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Weighted average number of common shares, basic</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">113,540,975</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">119,927,560</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Weighted average number of common shares, 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: inherit;">116,490,307</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">119,927,560</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Earnings / (losses) per common share, basic and diluted</td> <td style="padding-bottom: 1pt"> </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: inherit;">0.10</div></td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </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: inherit;">(0.49</div></td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left">)</td> </tr> </table> </div></div>
0.5
0
9689000
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
111681000
78360000
<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: inherit;">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=" margin: 0"> </div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Entity</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Vessel</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Participation % <br /> June 30, 2020</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Date <br /> Established /Acquired</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 24%; text-align: justify">Steadman Maritime Co.</td> <td style="width: 2%; font-style: italic"> </td> <td style="width: 24%; font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">Ensenada</div></td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 5%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49</div></td> <td style="white-space: nowrap; width: 5%; text-align: left">%</td> <td style="width: 2%"> </td> <td style="width: 35%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">July 1, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Marchant Maritime Co.</td> <td style="font-style: italic"> </td> <td style="font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49</div></td> <td style="white-space: nowrap; text-align: left">%</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">July 8, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Horton Maritime Co.</td> <td style="font-style: italic"> </td> <td style="font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49</div></td> <td style="white-space: nowrap; text-align: left">%</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">June 26, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Smales Maritime Co.</td> <td style="font-style: italic"> </td> <td style="font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49</div></td> <td style="white-space: nowrap; text-align: left">%</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">June 6, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Geyer Maritime Co.</td> <td style="font-style: italic"> </td> <td style="font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">Arkadia</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49</div></td> <td style="white-space: nowrap; text-align: left">%</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">May 18, 2015</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Goodway Maritime Co.</td> <td style="font-style: italic"> </td> <td style="font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">Monemvasia</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49</div></td> <td style="white-space: nowrap; text-align: left">%</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">September 22, 2015</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Kemp Maritime Co.</td> <td style="font-style: italic"> </td> <td style="font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">Cape Akritas</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49</div></td> <td style="white-space: nowrap; text-align: left">%</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">June 6, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Hyde Maritime Co.</td> <td style="font-style: italic"> </td> <td style="font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">Cape Tainaro</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49</div></td> <td style="white-space: nowrap; text-align: left">%</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">June 6, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Skerrett Maritime Co.</td> <td style="font-style: italic"> </td> <td style="font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">Cape Artemisio</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49</div></td> <td style="white-space: nowrap; text-align: left">%</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">December 23, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Ainsley Maritime Co.</td> <td style="font-style: italic"> </td> <td style="font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">Cape Kortia</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">25</div></td> <td style="white-space: nowrap; text-align: left">%</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">June 25, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Ambrose Maritime Co.</td> <td style="font-style: italic"> </td> <td style="font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">Cape Sounio</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">25</div></td> <td style="white-space: nowrap; text-align: left">%</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">June 25, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Platt Maritime Co.</td> <td style="font-style: italic"> </td> <td style="font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">Polar Argentina</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49</div></td> <td style="white-space: nowrap; text-align: left">%</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">May 18, 2015</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Sykes Maritime Co.</td> <td style="font-style: italic"> </td> <td style="font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">Polar Brasil</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49</div></td> <td style="white-space: nowrap; text-align: left">%</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">May 18, 2015</div></td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020 </div>the Company received, in the form of a special dividend, <div style="display: inline; font-style: italic; font: inherit;">$2,450,</div> in aggregate from Steadman Maritime Co., Geyer Maritime Co. and Goodway Maritime Co. During the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>Costamare Ventures contributed <div style="display: inline; font-style: italic; font: inherit;">$55</div> to the equity of Marchant Maritime Co. and received <div style="display: inline; font-style: italic; font: inherit;">$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: inherit;"> 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: inherit;">$2,940</div> in the form of a special dividend.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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">During the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020 </div>the Company received in the form of a special dividend, <div style="display: inline; font-style: italic; font: inherit;">$37,986</div> in aggregate, from Kemp Maritime Co., Hyde Maritime Co., Ainsley Maritime Co., Ambrose Maritime Co. and Skerrett Maritime Co. During the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>the Company received in the form of a special dividend, <div style="display: inline; font-style: italic; font: inherit;">$13,378</div> in aggregate, from Kemp Maritime Co. and Hyde Maritime Co., <div style="display: inline; font-style: italic; font: inherit;">$8,149</div> in aggregate, from Ainsley Maritime Co. and Ambrose Maritime Co., <div style="display: inline; font-style: italic; font: inherit;">$1,372</div> from Skerrett Maritime Co. and <div style="display: inline; font-style: italic; font: inherit;">$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 <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the Company received the amount of <div style="display: inline; font-style: italic; font: inherit;">$1,126</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: inherit;"> December 31, 2019, </div>the Company received the amount of <div style="display: inline; font-style: italic; font: inherit;">$1,176</div> in aggregate, in the form of a special dividend, from Platt Maritime Co. and Sykes Maritime Co.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> 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: inherit;">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: inherit;">7.6</div> million shares of its common stock. Costamare could elect at any time within <div style="display: inline; font-style: italic; font: inherit;">six</div> months of <div style="display: inline; font-style: italic; font: inherit;"> February 8, 2019, </div>the effective date of the registration statement on Form F-<div style="display: inline; font-style: italic; font: inherit;">3/A</div> filed with the SEC on <div style="display: inline; font-style: italic; font: inherit;"> 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: inherit;">$5,171.</div> Management accounted for this acquisition as an asset acquisition under ASC <div style="display: inline; font-style: italic; font: inherit;">805</div> “Business Combinations”; thus the <div style="display: inline; font-style: italic; font: inherit;">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: inherit;">6</div>) and related time charters (Note <div style="display: inline; font-style: italic; font: inherit;">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 style="display: inline; font-family: Times New Roman, Times, Serif">On <div style="display: inline; font-style: italic; font: inherit;"> 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: inherit;">60%</div> equity interest of York in <div style="display: inline; font-style: italic; font: inherit;">five</div> <div style="display: inline; font-style: italic; font: inherit;">2016</div>-built, <div style="display: inline; font-style: italic; font: inherit;">14,000</div> TEU containerships with newly-issued shares of the Company's common stock. On <div style="display: inline; font-style: italic; font: inherit;"> July 25, 2019, </div><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">$15,130,</div> representing part of the deferred price. The remaining deferred price due to York was fully paid in cash on <div style="display: inline; font-style: italic; font: inherit;"> May 12, 2020, </div>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 <div style="display: inline; font-style: italic; font: inherit;">six</div>-month periods ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2020,</div> the Company recorded net income of <div style="display: inline; font-style: italic; font: inherit;">$4,299</div> and <div style="display: inline; font-style: italic; font: inherit;">$8,241,</div> respectively, from equity method investments, which are separately reflected as Income from equity method investments in the accompanying consolidated statements of operations.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The summarized combined financial information of the companies accounted for as equity method investment is as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2020</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: justify">Non-current assets</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">531,448</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">525,326</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Current assets</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49,787</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">50,424</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Total assets</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">581,235</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">575,750</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Current liabilities</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">94,879</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">30,745</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> </table> </div> <div style=" margin: 0"> </div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: justify; padding-bottom: 1pt">Voyage revenue</td> <td style="width: 2%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="width: 14%; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">39,945</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="width: 2%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="width: 14%; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49,065</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: 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: inherit;">11,081</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,897</div></td> <td style="white-space: nowrap; 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"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Entity</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Vessel</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Participation % <br /> June 30, 2020</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Date <br /> Established /Acquired</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 24%; text-align: justify">Steadman Maritime Co.</td> <td style="width: 2%; font-style: italic"> </td> <td style="width: 24%; font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">Ensenada</div></td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 5%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49</div></td> <td style="white-space: nowrap; width: 5%; text-align: left">%</td> <td style="width: 2%"> </td> <td style="width: 35%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">July 1, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Marchant Maritime Co.</td> <td style="font-style: italic"> </td> <td style="font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49</div></td> <td style="white-space: nowrap; text-align: left">%</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">July 8, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Horton Maritime Co.</td> <td style="font-style: italic"> </td> <td style="font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49</div></td> <td style="white-space: nowrap; text-align: left">%</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">June 26, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Smales Maritime Co.</td> <td style="font-style: italic"> </td> <td style="font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49</div></td> <td style="white-space: nowrap; text-align: left">%</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">June 6, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Geyer Maritime Co.</td> <td style="font-style: italic"> </td> <td style="font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">Arkadia</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49</div></td> <td style="white-space: nowrap; text-align: left">%</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">May 18, 2015</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Goodway Maritime Co.</td> <td style="font-style: italic"> </td> <td style="font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">Monemvasia</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49</div></td> <td style="white-space: nowrap; text-align: left">%</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">September 22, 2015</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Kemp Maritime Co.</td> <td style="font-style: italic"> </td> <td style="font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">Cape Akritas</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49</div></td> <td style="white-space: nowrap; text-align: left">%</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">June 6, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Hyde Maritime Co.</td> <td style="font-style: italic"> </td> <td style="font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">Cape Tainaro</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49</div></td> <td style="white-space: nowrap; text-align: left">%</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">June 6, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Skerrett Maritime Co.</td> <td style="font-style: italic"> </td> <td style="font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">Cape Artemisio</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49</div></td> <td style="white-space: nowrap; text-align: left">%</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">December 23, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Ainsley Maritime Co.</td> <td style="font-style: italic"> </td> <td style="font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">Cape Kortia</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">25</div></td> <td style="white-space: nowrap; text-align: left">%</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">June 25, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Ambrose Maritime Co.</td> <td style="font-style: italic"> </td> <td style="font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">Cape Sounio</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">25</div></td> <td style="white-space: nowrap; text-align: left">%</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">June 25, 2013</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Platt Maritime Co.</td> <td style="font-style: italic"> </td> <td style="font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">Polar Argentina</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49</div></td> <td style="white-space: nowrap; text-align: left">%</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">May 18, 2015</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Sykes Maritime Co.</td> <td style="font-style: italic"> </td> <td style="font-style: italic; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">Polar Brasil</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49</div></td> <td style="white-space: nowrap; text-align: left">%</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">May 18, 2015</div></td> </tr> </table></div>
7802000
3802000
3802000
9879000
3057000
128356000
136735000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Year ending December 31,</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; text-align: justify">2020</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,570</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2021</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,099</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2022</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,099</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2023</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">64,387</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; 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: inherit;">23,781</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="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">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">135,936</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt">Less: Amount of interest (<div style="display: inline; font-style: italic;">Leonidio </div>and <div style="display: inline; font-style: italic;">Kyparissia</div>)</div></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,997</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Total lease payments</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">129,939</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 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: inherit;">(1,583</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: 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: inherit;">128,356</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> </tr> </table></div>
119925000
111446000
135936000
19099000
23781000
64387000
19099000
9570000
5997000
188429000
193243000
6825000
3444000
<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: inherit;">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: inherit;">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, net (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 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: inherit;">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, except debt securities, and accounts payable approximate their respective fair values due to the short maturity of these instruments. The debt securities are carried at amortized cost and their fair values as of <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>is estimated in the amount of <div style="display: inline; font-style: italic; font: inherit;">$3,957</div> in the aggregate, based on public quotations from a provider of financial market information (Level <div style="display: inline; font-style: italic; font: inherit;">2</div> inputs of the fair value hierarchy) (Note <div style="display: inline; font-style: italic; font: inherit;">4</div>). 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: inherit;">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: inherit;">18</div> are determined through Level <div style="display: inline; font-style: italic; font: inherit;">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: inherit;">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"></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 fair value of the interest rate swap agreements discussed in Note <div style="display: inline; font-style: italic; font: inherit;">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: inherit;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </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: inherit;">$399</div> and a liability of <div style="display: inline; font-style: italic; font: inherit;">$10,017,</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: inherit;">18</div>(c) determined through Level <div style="display: inline; font-style: italic; font: inherit;">2</div> of the fair value hierarchy as at <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>amounted to an asset of <div style="display: inline; font-style: italic; font: inherit;">$124</div> and an asset of <div style="display: inline; font-style: italic; font: inherit;">$134,</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> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <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">December 31, 2019</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">Quoted Prices in Active Markets for Identical Assets (Level 1)</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">Significant Other Observable Inputs (Level 2)</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">Unobservable Inputs (Level 3)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Recurring measurements:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 52%; text-align: justify">Forward contracts-asset position</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: inherit;">124</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">124</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Interest rate swaps-asset position</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,229</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,229</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Interest rate swaps-liability position</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(830</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(830</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">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: inherit;">523</div></td> <td style="white-space: nowrap; 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">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">523</div></td> <td style="white-space: nowrap; 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: inherit;">–</div></td> <td style="white-space: nowrap; 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> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <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">June 30, 2020</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">Quoted Prices in Active Markets for Identical Assets (Level 1)</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">Significant Other Observable Inputs (Level 2)</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">Unobservable Inputs (Level 3)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Recurring measurements:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 52%; text-align: justify">Forward contracts-asset position</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: inherit;">134</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">134</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; 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: inherit;">(10,017</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(10,017</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="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: inherit;">(9,883</div></td> <td style="white-space: nowrap; 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">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(9,883</div></td> <td style="white-space: nowrap; 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: inherit;">–</div></td> <td style="white-space: nowrap; 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 style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"><div style="display: inline; text-decoration: underline;">Assets measured at fair value on a non-recurring basis:</div></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">At <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div><div style="display: inline; font-style: italic; font: inherit;">five</div> vessels were recorded at fair value as their future undiscounted net operating cash flows were less than their carrying amount. The fair values of these <div style="display: inline; font-style: italic; font: inherit;">five</div> vessels amounting to <div style="display: inline; font-style: italic; font: inherit;">$30,500</div> in aggregate, were determined through Level <div style="display: inline; font-style: italic; font: inherit;">2</div> inputs of the fair value hierarchy.</div></div>
1222000
1127000
124000
134000
124000
0
124000
0
134000
0
134000
0
6000000
6000000
-625000
-2066000
2000
8000
8000
2000
-575000
-2066000
1401000
1751000
8229000
1452000
6777000
1406000
3957000
676000
3567000
6499000
6723000
543000
543000
0
4299000
8241000
<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: inherit;">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: inherit;">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 operations.</div> <div style=" font: 10pt Times New Roman, 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: inherit;">50%</div> of <div style="display: inline; font-style: italic; font: inherit;">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: inherit;">883</div> of the Internal Revenue Code of <div style="display: inline; font-style: italic; font: inherit;">1986,</div> as amended.</div></div>
-2881000
-1207000
-1886000
-209000
110000
7717000
1068000
-384000
-3806000
-5248000
7000
-134000
2391000
863000
-410000
823000
-63000
453000
679000
2948000
1607000
992000
192000
191000
1030000
936000
45316000
35367000
794000
1954000
794000
1954000
35195000
32077000
14050000
15813000
45782000
35121000
34401000
30123000
44722000
33316000
1229000
0
1229000
0
830000
0
830000
0
10017000
0
10017000
0
605000
0
399000
-10017000
<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: inherit;">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>
10546000
11369000
1686000
1087000
<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: inherit;">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: inherit;"> January </div>and <div style="display: inline; font-style: italic; font: inherit;"> 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: inherit;">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: inherit;">$85,572</div> each. On <div style="display: inline; font-style: italic; font: inherit;"> 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: inherit;">10.A.13</div>). On <div style="display: inline; font-style: italic; font: inherit;"> July 12, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;"> July 15, 2019, </div>the <div style="display: inline; font-style: italic; font: inherit;">two</div> above-mentioned subsidiaries repaid the then outstanding lease liability of the <div style="display: inline; font-style: italic; font: inherit;">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: inherit;"> 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: inherit;">10.A.14</div>). On <div style="display: inline; font-style: italic; font: inherit;"> July 12, 2019, </div>the Company drew down the amount of <div style="display: inline; font-style: italic; font: inherit;">$68,000</div> and on <div style="display: inline; font-style: italic; font: inherit;"> 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: inherit;"> July 6, 2016 </div>and <div style="display: inline; font-style: italic; font: inherit;"> 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: inherit;">seven</div>-year sale and leaseback transaction for each vessel. In <div style="display: inline; font-style: italic; font: inherit;"> 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: inherit;">$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: inherit;"> June 19, 2017, </div>the Company entered into <div style="display: inline; font-style: italic; font: inherit;">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: inherit;">6</div>).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The sale and leaseback transactions were classified as finance leases. As the fair value of each vessel sold was in excess of its carrying amount, the difference between the sale proceeds and the carrying amount was classified as prepaid lease rentals or as unearned revenue.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2019, </div>as a result of the adoption of ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> Leases, the balance of Prepaid lease rentals of <div style="display: inline; font-style: italic; font: inherit;">$42,919</div> and Deferred gain, net, amounted to <div style="display: inline; font-style: italic; font: inherit;">$3,557,</div> were reclassified to Right-of-Use 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> <!-- 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"><div style="display: inline; font-family: Times New Roman, Times, Serif">The total value of the vessels, at the inception of the finance lease transactions, was <div style="display: inline; font-style: italic; font: inherit;">$452,564,</div> in the aggregate. The depreciation charged during the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month periods ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2020,</div> amounted to <div style="display: inline; font-style: italic; font: inherit;">$6,825</div> and <div style="display: inline; font-style: italic; font: inherit;">$3,444,</div> respectively, and is included in Depreciation in the accompanying consolidated statements of operations. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>and <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>accumulated depreciation amounted to </div><div style="display: inline; font-style: italic; font: inherit;">$20,635</div> and <div style="display: inline; font-style: italic; font: inherit;">$24,079,</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: inherit;"> December 31, 2019, </div>and <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the net book value of the vessels amounted to <div style="display: inline; font-style: italic; font: inherit;">$188,429</div> and <div style="display: inline; font-style: italic; font: inherit;">$193,243,</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">The finance lease liabilities amounting to <div style="display: inline; font-style: italic; font: inherit;">$129,939</div> as at <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020 </div>are scheduled to expire through <div style="display: inline; font-style: italic; font: inherit;">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: inherit;">16</div> and <div style="display: inline; font-style: italic; font: inherit;">18</div>) for the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month periods ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2020,</div> amounted to <div style="display: inline; font-style: italic; font: inherit;">$9,879</div> and <div style="display: inline; font-style: italic; font: inherit;">$3,057,</div> respectively, and are included in Interest and finance costs in the accompanying consolidated statements of operations. Finance lease liabilities of <div style="display: inline; font-style: italic;">MSC Athos</div> and <div style="display: inline; font-style: italic;">MSC Athens</div> bear interest at LIBOR plus a spread, which is <div style="display: inline; font-style: italic; font: inherit;">not</div> included in the annual lease payments table below.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The annual lease payments under the finance leases after <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>are in the aggregate as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Year ending December 31,</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; text-align: justify">2020</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,570</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2021</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,099</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2022</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,099</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2023</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">64,387</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; 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: inherit;">23,781</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="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">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">135,936</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt">Less: Amount of interest (<div style="display: inline; font-style: italic;">Leonidio </div>and <div style="display: inline; font-style: italic;">Kyparissia</div>)</div></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,997</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Total lease payments</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">129,939</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 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: inherit;">(1,583</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: 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">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">128,356</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The total finance lease liabilities, net of related financing costs, are presented in the accompanying <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020 </div>consolidated balance sheet as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2020</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: justify">Finance lease liabilities – current</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,372</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,441</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">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: inherit;">(562</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(531</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">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: inherit;">121,225</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">112,498</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">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: inherit;">(1,300</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,052</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">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: inherit;">136,735</div></td> <td style="white-space: nowrap; 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: inherit;">128,356</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> </tr> </table> </div></div>
3011958000
2873147000
94879000
30745000
266534000
237289000
1334696000
1308792000
400000000
63607000
66325000
63750000
62833000
63917000
1417150000
1342766000
5055000
210745000
167830000
151044000
143707000
132341000
123760000
77630000
1206405000
1174936000
<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: inherit;">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 style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td colspan="3"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Borrower(s)</div></div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2020</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>A.</td> <td colspan="2" style="vertical-align: top; font-weight: bold; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">Term Loans:</div></div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td style="vertical-align: top; text-align: left"><div style="display: inline; font-style: italic; font: inherit;">1.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">Mas 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: inherit;">–</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 4%"> </td> <td style="vertical-align: top; width: 3%; text-align: left"><div style="display: inline; font-style: italic; font: inherit;">2.</div></td> <td style="width: 59%; text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">Montes Shipping Co. and Kelsen Shipping Co.</div></td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 13%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">22,000</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 13%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,500</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td style="vertical-align: top; text-align: left"><div style="display: inline; font-style: italic; font: inherit;">3.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">–</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td style="vertical-align: top; text-align: left"><div style="display: inline; font-style: italic; font: inherit;">4.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">–</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td style="vertical-align: top; text-align: left"><div style="display: inline; font-style: italic; font: inherit;">5.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">23,833</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">21,667</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><div style="display: inline; font-style: italic; font: inherit;">6.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">65,375</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td style="text-align: left; vertical-align: top"><div style="display: inline; font-style: italic; font: inherit;">7.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">18,080</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><div style="display: inline; font-style: italic; font: inherit;">8.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">13,575</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,675</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td style="text-align: left; vertical-align: top"><div style="display: inline; font-style: italic; font: inherit;">9.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">155,195</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><div style="display: inline; font-style: italic; font: inherit;">10.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">44,000</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">42,400</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td style="text-align: left; vertical-align: top"><div style="display: inline; font-style: italic; font: inherit;">11.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">20,120</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,680</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><div style="display: inline; font-style: italic; font: inherit;">12.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">36,385</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">32,385</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td style="text-align: left; vertical-align: top"><div style="display: inline; font-style: italic; font: inherit;">13.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">128,400</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">120,800</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><div style="display: inline; font-style: italic; font: inherit;">14.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">66,500</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">63,500</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td style="text-align: left; vertical-align: top"><div style="display: inline; font-style: italic; font: inherit;">15.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">147,110</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">141,330</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><div style="display: inline; font-style: italic; font: inherit;">16.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">91,239</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">85,716</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td style="text-align: left; vertical-align: top"><div style="display: inline; font-style: italic; font: inherit;">17.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">–</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">29,222</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><div style="display: inline; font-style: italic; font: inherit;">18.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">Capetanissa Maritime Corporation et al.</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">70,000</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td style="text-align: left; vertical-align: top"><div style="display: inline; font-style: italic; font: inherit;">19.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">Caravokyra Maritime Corporation et al.</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">70,000</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; padding-bottom: 1pt; vertical-align: top"><div style="display: inline; font-style: italic; font: inherit;">20.</div></td> <td style="text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">Achilleas Maritime Corporation et al.</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: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">70,000</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td style="padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </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: inherit;">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: inherit;">831,812</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">785,875</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>B.</td> <td colspan="2" style="font-weight: bold; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">Other financing arrangements</div></div></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">594,350</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">566,154</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td style="text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">Total long-term debt</div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,426,162</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,352,029</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">(9,012</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(9,263</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td style="text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">1,417,150</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,342,766</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="font-weight: bold; text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">(213,022</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(169,951</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td style="text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">2,277</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,121</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: justify; padding-bottom: 2.5pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">1,206,405</div></td> <td style="white-space: nowrap; 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: inherit;">1,174,936</div></td> <td style="white-space: nowrap; 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;">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: inherit;">1.</div> In <div style="display: inline; font-style: italic; font: inherit;"> 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: inherit;">$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: inherit;"> August 3, 2017, </div>the Company prepaid the amount of <div style="display: inline; font-style: italic; font: inherit;">$1,000</div> on the then outstanding balance. </div>On <div style="display: inline; font-style: italic; font: inherit;"> 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: inherit;">$1,000</div> in <div style="display: inline; font-style: italic; font: inherit;"> February 2018 </div>and the bank agreed to extend the maturity of the loan until <div style="display: inline; font-style: italic; font: inherit;"> 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: inherit;"> December 31, 2019, </div>the outstanding balance of the loan of <div style="display: inline; font-style: italic; font: inherit;">$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: inherit;">2.</div> In <div style="display: inline; font-style: italic; font: inherit;"> 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: inherit;">$150,000</div> in the aggregate (<div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">$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: inherit;"> 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: inherit;">$66,000</div> and amend the repayment schedule. On <div style="display: inline; font-style: italic; font: inherit;"> June 19, 2017, </div>the Company prepaid <div style="display: inline; font-style: italic; font: inherit;">$6,000</div> on the then outstanding balance. On <div style="display: inline; font-style: italic; font: inherit;"> June 29, 2020, </div>the Company prepaid <div style="display: inline; font-style: italic; font: inherit;">$8,500,</div> due to the sale of <div style="display: inline; font-style: italic;">Kawasaki </div>(ex. <div style="display: inline; font-style: italic;">Maersk Kawasaki</div>), on the then outstanding balance. As of <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the outstanding balance of the loan of <div style="display: inline; font-style: italic; font: inherit;">$8,500</div> is repayable in <div style="display: inline; font-style: italic; font: inherit;"> December 2020.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <!-- Field: Page; Sequence: 14 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">3.</div> In <div style="display: inline; font-style: italic; font: inherit;"> 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: inherit;">$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: inherit;">three</div> tranches. On <div style="display: inline; font-style: italic; font: inherit;"> July 17, 2019, </div>the Company fully repaid the outstanding balance of <div style="display: inline; font-style: italic; font: inherit;">$48,385</div> relating to <div style="display: inline; font-style: italic;">Vantage</div> and on <div style="display: inline; font-style: italic; font: inherit;"> July 26, 2019, </div>the Company fully repaid the outstanding balance of <div style="display: inline; font-style: italic; font: inherit;">$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: inherit;">4.</div> In <div style="display: inline; font-style: italic; font: inherit;"> 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: inherit;">$152,800</div> to finance part of the acquisition cost of their respective vessels. On <div style="display: inline; font-style: italic; font: inherit;"> July 17, 2019, </div>the Company fully repaid the outstanding balance of <div style="display: inline; font-style: italic; font: inherit;">$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-family: Times New Roman, Times, Serif"><div style="display: inline; font-style: italic; font: inherit;">5.</div> On <div style="display: inline; font-style: italic; font: inherit;"> 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: inherit;">$39,000</div> for general corporate purposes. On <div style="display: inline; font-style: italic; font: inherit;"> May 11, 2016 </div>the Company drew the amount of <div style="display: inline; font-style: italic; font: inherit;">$39,000.</div> As of </div><div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020</div><div style="display: inline; font-family: Times New Roman, Times, Serif">, the outstanding balance of <div style="display: inline; font-style: italic; font: inherit;">$21,667</div> is repayable in <div style="display: inline; font-style: italic; font: inherit;">4</div> equal quarterly installments of <div style="display: inline; font-style: italic; font: inherit;">$1,083.3,</div> from <div style="display: inline; font-style: italic; font: inherit;"> August 2020 </div>to <div style="display: inline; font-style: italic; font: inherit;"> May 2021 </div>and a balloon payment of <div style="display: inline; font-style: italic; font: inherit;">$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: inherit;">6.</div> In <div style="display: inline; font-style: italic; font: inherit;"> 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: inherit;">$150,000</div> in the aggregate (<div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">$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: inherit;"> 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: inherit;">$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: inherit;"> 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: inherit;">$116,500</div> in aggregate. On <div style="display: inline; font-style: italic; font: inherit;"> July 21, 2017, </div>the Company prepaid the amount of <div style="display: inline; font-style: italic; font: inherit;">$4,000</div> and on <div style="display: inline; font-style: italic; font: inherit;"> June 26, 2018, </div>the Company prepaid another <div style="display: inline; font-style: italic; font: inherit;">$4,000.</div> On <div style="display: inline; font-style: italic; font: inherit;"> May 7, 2020, </div>the outstanding balance of the loan was fully repaid (Note <div style="display: inline; font-style: italic; font: inherit;">10.A.18</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-style: italic; font: inherit;">7.</div> In <div style="display: inline; font-style: italic; font: inherit;"> 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: inherit;">$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: inherit;"> 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: inherit;">$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">. On <div style="display: inline; font-style: italic; font: inherit;"> January 24, 2020, </div>the Company prepaid the amount <div style="display: inline; font-style: italic; font: inherit;">$1,385</div> due to the sale of the vessel <div style="display: inline; font-style: italic;">Neapolis</div> (Note <div style="display: inline; font-style: italic; font: inherit;">6</div>). On <div style="display: inline; font-style: italic; font: inherit;"> May 7, 2020, </div>the outstanding balance of the loan was fully repaid (Note <div style="display: inline; font-style: italic; font: inherit;">10.A.18</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-style: italic; font: inherit;">8.</div> On <div style="display: inline; font-style: italic; font: inherit;"> 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: inherit;">$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: inherit;"> August 3, 2017 </div>the Company drew the amount of <div style="display: inline; font-style: italic; font: inherit;">$17,625.</div> As of <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the outstanding balance of <div style="display: inline; font-style: italic; font: inherit;">$12,675</div> is repayable in <div style="display: inline; font-style: italic; font: inherit;">9</div> equal quarterly installments of <div style="display: inline; font-style: italic; font: inherit;">$450,</div> from <div style="display: inline; font-style: italic; font: inherit;"> August 2020 </div>to <div style="display: inline; font-style: italic; font: inherit;"> July 2022 </div>and a balloon payment of <div style="display: inline; font-style: italic; font: inherit;">$8,625</div> payable together with the last installment.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">9.</div> On <div style="display: inline; font-style: italic; font: inherit;"> 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: inherit;">$233,000</div> in order to partially refinance a previously held loan. The facility has been drawn down in <div style="display: inline; font-style: italic; font: inherit;">two</div> tranches on <div style="display: inline; font-style: italic; font: inherit;"> March 23, 2018. </div>The Company prepaid on <div style="display: inline; font-style: italic; font: inherit;"> May 29, 2018 </div>the amount of <div style="display: inline; font-style: italic; font: inherit;">$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: inherit;"> March 22, 2019 </div>the amount of <div style="display: inline; font-style: italic; font: inherit;">$5,805</div> due to the sale of the container vessel <div style="display: inline; font-style: italic;">Piraeus</div>. During the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the Company partially refinanced the outstanding loan amount of <div style="display: inline; font-style: italic; font: inherit;">$143,324</div> with <div style="display: inline; font-style: italic; font: inherit;">two</div> new loan facilities (Note <div style="display: inline; font-style: italic; font: inherit;">10.A.19</div> and <div style="display: inline; font-style: italic; font: inherit;">10.A.20</div>) and fully prepaid the loan.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">10.</div> On <div style="display: inline; font-style: italic; font: inherit;"> 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: inherit;">$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>. The facility has been drawn down in <div style="display: inline; font-style: italic; font: inherit;">two</div> tranches on <div style="display: inline; font-style: italic; font: inherit;"> July 20, 2018 </div>and <div style="display: inline; font-style: italic; font: inherit;"> August 2, 2018. </div>As of <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the outstanding balance of Tranche A of <div style="display: inline; font-style: italic; font: inherit;">$21,200</div> is repayable in <div style="display: inline; font-style: italic; font: inherit;">21</div> equal quarterly installments of <div style="display: inline; font-style: italic; font: inherit;">$400,</div> from <div style="display: inline; font-style: italic; font: inherit;"> July 2020 </div>to <div style="display: inline; font-style: italic; font: inherit;"> June 2025 </div>and a balloon payment of <div style="display: inline; font-style: italic; font: inherit;">$12,800</div> payable together with the last installment. As of <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the outstanding balance of Tranche B of <div style="display: inline; font-style: italic; font: inherit;">$21,200</div> is repayable in <div style="display: inline; font-style: italic; font: inherit;">21</div> equal quarterly installments of <div style="display: inline; font-style: italic; font: inherit;">$400,</div> from <div style="display: inline; font-style: italic; font: inherit;"> August 2020 </div>to <div style="display: inline; font-style: italic; font: inherit;"> July 2025 </div>and a balloon payment of <div style="display: inline; font-style: italic; font: inherit;">$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: inherit;">11.</div> On <div style="display: inline; font-style: italic; font: inherit;"> 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: inherit;">$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>. The facility has been drawn down in <div style="display: inline; font-style: italic; font: inherit;">two</div> tranches on <div style="display: inline; font-style: italic; font: inherit;"> October 30, 2018. </div>As of <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the outstanding balance of each tranche of <div style="display: inline; font-style: italic; font: inherit;">$8,840</div> is repayable in <div style="display: inline; font-style: italic; font: inherit;">4</div> equal quarterly installments of <div style="display: inline; font-style: italic; font: inherit;">$610</div> each, from <div style="display: inline; font-style: italic; font: inherit;"> July 2020 </div>to <div style="display: inline; font-style: italic; font: inherit;"> April 2021 </div>and a balloon payment of <div style="display: inline; font-style: italic; font: inherit;">$6,400</div> each payable together with the last installment.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <!-- 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"><div style="display: inline; font-style: italic; font: inherit;">12.</div> On <div style="display: inline; font-style: italic; font: inherit;"> 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: inherit;">$55,000</div> in order to refinance previously held loans. The facility has been drawn down in <div style="display: inline; font-style: italic; font: inherit;">two</div> tranches. Tranche A of <div style="display: inline; font-style: italic; font: inherit;">$28,000</div> was drawn down on <div style="display: inline; font-style: italic; font: inherit;"> November 30, 2018 </div>and Tranche B (the revolving part of the loan) of <div style="display: inline; font-style: italic; font: inherit;">$27,000</div> was drawn down on <div style="display: inline; font-style: italic; font: inherit;"> December 11, 2018. </div>During the year ended <div style="display: inline; font-style: italic; font: inherit;"> 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: inherit;">$10,615.</div> As of <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the outstanding balance of Tranche A of <div style="display: inline; font-style: italic; font: inherit;">$16,000</div> is repayable in <div style="display: inline; font-style: italic; font: inherit;">14</div> variable quarterly installments, from <div style="display: inline; font-style: italic; font: inherit;"> August 2020 </div>to <div style="display: inline; font-style: italic; font: inherit;"> November 2023. </div>As of <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the outstanding balance of Tranche B of <div style="display: inline; font-style: italic; font: inherit;">$16,385</div> is payable in <div style="display: inline; font-style: italic; font: inherit;"> 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-style: italic; font: inherit;">13.</div> On <div style="display: inline; font-style: italic; font: inherit;"> 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: inherit;">$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: inherit;">11</div>) and general corporate purposes relating to the <div style="display: inline; font-style: italic; font: inherit;">two</div> vessels. The facility was drawn down in <div style="display: inline; font-style: italic; font: inherit;">two</div> tranches on <div style="display: inline; font-style: italic; font: inherit;"> June 24, 2019. </div>As of <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the aggregate outstanding balance of the <div style="display: inline; font-style: italic; font: inherit;">two</div> tranches of <div style="display: inline; font-style: italic; font: inherit;">$120,800</div> is repayable in <div style="display: inline; font-style: italic; font: inherit;">28</div> variable quarterly installments, from <div style="display: inline; font-style: italic; font: inherit;"> September 2020 </div>to <div style="display: inline; font-style: italic; font: inherit;"> June 2027 </div>and a balloon payment per tranche of <div style="display: inline; font-style: italic; font: inherit;">$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: inherit;">14.</div> On <div style="display: inline; font-style: italic; font: inherit;"> 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: inherit;">$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: inherit;">11</div>) and general corporate purposes relating to the vessel. The facility was drawn down on <div style="display: inline; font-style: italic; font: inherit;"> July 12, 2019. </div>As of <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the outstanding balance of the loan of <div style="display: inline; font-style: italic; font: inherit;">$63,500</div> is repayable in <div style="display: inline; font-style: italic; font: inherit;">25</div> equal quarterly installments of <div style="display: inline; font-style: italic; font: inherit;">$1,500,</div> from <div style="display: inline; font-style: italic; font: inherit;"> July 2020 </div>to <div style="display: inline; font-style: italic; font: inherit;"> June 2026 </div>and a balloon payment of <div style="display: inline; font-style: italic; font: inherit;">$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: inherit;">15.</div> On <div style="display: inline; font-style: italic; font: inherit;"> 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: inherit;">$150,000,</div> in order to partially refinance the term loan discussed in Note <div style="display: inline; font-style: italic; font: inherit;">10.A.3</div> and fully refinance the term loan discussed in Note <div style="display: inline; font-style: italic; font: inherit;">10.A.4</div> above. The facility was drawn down in <div style="display: inline; font-style: italic; font: inherit;">three</div> tranches on <div style="display: inline; font-style: italic; font: inherit;"> July 15, 2019. </div>As of <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the outstanding balance of each tranche of <div style="display: inline; font-style: italic; font: inherit;">$47,110,</div> is repayable in <div style="display: inline; font-style: italic; font: inherit;">21</div> equal quarterly installments of <div style="display: inline; font-style: italic; font: inherit;">$963.3</div> from <div style="display: inline; font-style: italic; font: inherit;"> July 2020 </div>to <div style="display: inline; font-style: italic; font: inherit;"> July 2025 </div>and a balloon payment of <div style="display: inline; font-style: italic; font: inherit;">$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 style="display: inline; font-style: italic; font: inherit;">16.</div> On <div style="display: inline; font-style: italic; font: inherit;"> 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: inherit;">$94,000,</div> in order to partially refinance the term loan discussed in Note <div style="display: inline; font-style: italic; font: inherit;">10.A.3</div> above. The facility was drawn down in <div style="display: inline; font-style: italic; font: inherit;">two</div> tranches on <div style="display: inline; font-style: italic; font: inherit;"> July 26, 2019. </div>As of <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the outstanding balance of each tranche of <div style="display: inline; font-style: italic; font: inherit;">$42,858,</div> is repayable in <div style="display: inline; font-style: italic; font: inherit;">21</div> variable quarterly installments from <div style="display: inline; font-style: italic; font: inherit;"> July 2020 </div>to <div style="display: inline; font-style: italic; font: inherit;"> July 2025 </div>and a balloon payment of <div style="display: inline; font-style: italic; font: inherit;">$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"><div style="display: inline; font-style: italic; font: inherit;">17.</div> On <div style="display: inline; font-style: italic; font: inherit;"> 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: inherit;">$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> (Note <div style="display: inline; font-style: italic; font: inherit;">6</div>). On <div style="display: inline; font-style: italic; font: inherit;"> February 18, 2020, </div>the Company drew down the amount of <div style="display: inline; font-style: italic; font: inherit;">$30,000</div> in <div style="display: inline; font-style: italic; font: inherit;">four</div> tranches. As of <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the aggregate outstanding balance of tranche A and B of <div style="display: inline; font-style: italic; font: inherit;">$15,107</div> is repayable in <div style="display: inline; font-style: italic; font: inherit;">15</div> equal quarterly installments of <div style="display: inline; font-style: italic; font: inherit;">$194</div> and <div style="display: inline; font-style: italic; font: inherit;">$199,</div> respectively, from <div style="display: inline; font-style: italic; font: inherit;"> August 2020 </div>to <div style="display: inline; font-style: italic; font: inherit;"> February 2024 </div>and a balloon payment of <div style="display: inline; font-style: italic; font: inherit;">$4,646</div> and <div style="display: inline; font-style: italic; font: inherit;">$4,566,</div> respectively, payable together with the last installment. As of <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the aggregate outstanding balance of tranche C and D of <div style="display: inline; font-style: italic; font: inherit;">$14,115</div> is repayable in <div style="display: inline; font-style: italic; font: inherit;">15</div> equal installments of <div style="display: inline; font-style: italic; font: inherit;">$190</div> and <div style="display: inline; font-style: italic; font: inherit;">$195,</div> respectively, from <div style="display: inline; font-style: italic; font: inherit;"> August 2020 </div>to <div style="display: inline; font-style: italic; font: inherit;"> February 2024 </div>and a balloon payment of <div style="display: inline; font-style: italic; font: inherit;">$4,210</div> and <div style="display: inline; font-style: italic; font: inherit;">$4,130,</div> respectively, payable together with the last installment.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif"><div style="display: inline; font-style: italic; font: inherit;">18.</div> On <div style="display: inline; font-style: italic; font: inherit;"> April 24, 2020, </div>Capetanissa Maritime Corporation, Christos Maritime Corporation, Costis Maritime Corporation, Joyner Carriers S.A.</div> and 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: inherit;">$70,000,</div> in order to refinance the term loans discussed in <div style="display: inline; font-style: italic; font: inherit;">10.A.6</div> and <div style="display: inline; font-style: italic; font: inherit;">10.A.7</div> above. <div style="display: inline; font-family: Times New Roman, Times, Serif">The facility was drawn down on <div style="display: inline; font-style: italic; font: inherit;"> May 6, 2020. </div>As of <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the outstanding balance of <div style="display: inline; font-style: italic; font: inherit;">$70,000</div> is repayable in <div style="display: inline; font-style: italic; font: inherit;">20</div> equal quarterly installments of <div style="display: inline; font-style: italic; font: inherit;">$2,250</div> from <div style="display: inline; font-style: italic; font: inherit;"> August 2020 </div>to <div style="display: inline; font-style: italic; font: inherit;"> May 2025 </div>and a balloon payment of <div style="display: inline; font-style: italic; font: inherit;">$25,000</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: inherit;">19.</div> On <div style="display: inline; font-style: italic; font: inherit;"> May 29, 2020, </div></div>Caravokyra Maritime Corporation, Costachille Maritime Corporation, Kalamata Shipping Corporation, Marina Maritime Corporation, Navarino Maritime Corporation and Merten Shipping Co., entered into a loan agreement with a bank for an amount of up to <div style="display: inline; font-style: italic; font: inherit;">$70,000,</div> in order to partly refinance the term loan discussed in <div style="display: inline; font-style: italic; font: inherit;">10.A.9</div> above. <div style="display: inline; font-family: Times New Roman, Times, Serif">The facility was drawn down on <div style="display: inline; font-style: italic; font: inherit;"> June 4, 2020. </div>As of <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the outstanding balance of <div style="display: inline; font-style: italic; font: inherit;">$70,000</div> is repayable in <div style="display: inline; font-style: italic; font: inherit;">20</div> variable quarterly installments from <div style="display: inline; font-style: italic; font: inherit;"> September 2020 </div>to <div style="display: inline; font-style: italic; font: inherit;"> June 2025 </div>and a balloon payment of <div style="display: inline; font-style: italic; font: inherit;">$29,200</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: inherit;">20.</div> On <div style="display: inline; font-style: italic; font: inherit;"> June 11, 2020, </div></div>Achilleas Maritime Corporation, Angistri Corporation, Fanakos Maritime Corporation, Fastsailing Maritime Co., Flow Shipping Co., Idris Shipping Co., Leroy Shipping Co., Lindner Shipping Co., Miko Shipping Co., Spedding Shipping Co., Takoulis Maritime Corporation and Timpson Shipping Co., entered into a loan agreement with a bank for an amount of up to <div style="display: inline; font-style: italic; font: inherit;">$70,000,</div> in order to partly refinance the term loan discussed in <div style="display: inline; font-style: italic; font: inherit;">10.A.9</div> above. <div style="display: inline; font-family: Times New Roman, Times, Serif">The facility was drawn down on <div style="display: inline; font-style: italic; font: inherit;"> June 17, 2020. </div>As of <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the outstanding balance of <div style="display: inline; font-style: italic; font: inherit;">$70,000</div> is repayable in <div style="display: inline; font-style: italic; font: inherit;">16</div> equal quarterly installments of <div style="display: inline; font-style: italic; font: inherit;">$2,690.6</div> from <div style="display: inline; font-style: italic; font: inherit;"> September 2020 </div>to <div style="display: inline; font-style: italic; font: inherit;"> June 2024 </div>and a balloon payment of <div style="display: inline; font-style: italic; font: inherit;">$21,895.6</div> payable together with the last installment. As of <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the vessels <div style="display: inline; font-style: italic;">Zagora </div>and <div style="display: inline; font-style: italic;">Singapore Express</div> were classified as “held for sale” (Note <div style="display: inline; font-style: italic; font: inherit;">6</div>) and the amount of <div style="display: inline; font-style: italic; font: inherit;">$5,055</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: inherit;">2020</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> <!-- Field: Page; Sequence: 16 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif"></div></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: inherit;">first</div>-priority mortgages over the financed vessels, (b) <div style="display: inline; font-style: italic; font: inherit;">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: inherit;"> 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: inherit;">105%</div> to <div style="display: inline; font-style: italic; font: inherit;">125%,</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: inherit;"> 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: inherit;">1.</div> In <div style="display: inline; font-style: italic; font: inherit;"> August 2018, </div>the Company, through <div style="display: inline; font-style: italic; font: inherit;">five</div> wholly-owned subsidiaries, entered into <div style="display: inline; font-style: italic; font: inherit;">five</div> pre and post-delivery financing agreements with a financial institution for the <div style="display: inline; font-style: italic; font: inherit;">five</div> newbuild containerships (Note <div style="display: inline; font-style: italic; font: inherit;">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: inherit;">606,</div> the advances paid for the vessels under construction are <div style="display: inline; font-style: italic; font: inherit;">not</div> derecognized and the amounts received are accounted for as financing arrangements. The financing arrangements bear fixed interest and the interest expense incurred for the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020 </div>amounted to <div style="display: inline; font-style: italic; font: inherit;">$1,954</div> (<div style="display: inline; font-style: italic; font: inherit;">$2,459</div> for the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019), </div>in the aggregate, and is capitalized in “Vessels and advances, net” in the accompanying <div style="display: inline; font-style: italic; font: inherit;">2020</div> consolidated balance sheet. The total financial liability under these financing agreements will be repayable in <div style="display: inline; font-style: italic; font: inherit;">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: inherit;">2.</div> On <div style="display: inline; font-style: italic; font: inherit;"> November 12, 2018, </div>the Company, as discussed in Notes <div style="display: inline; font-style: italic; font: inherit;">6</div> and <div style="display: inline; font-style: italic; font: inherit;">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: inherit;">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: inherit;">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: inherit;">606</div> and ASC <div style="display: inline; font-style: italic; font: inherit;">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: inherit;">480</div>-Distinguishing liabilities from equity and has been measured under ASC <div style="display: inline; font-style: italic; font: inherit;">835</div>-<div style="display: inline; font-style: italic; font: inherit;">30</div>- Imputation of interest in accordance with the interest method. On <div style="display: inline; font-style: italic; font: inherit;"> May 12, 2020, </div>the outstanding amount of the Company's obligation to York was fully repaid. As at <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the aggregate outstanding amount of the <div style="display: inline; font-style: italic; font: inherit;">five</div> financing arrangements 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: inherit;"> July 2020 </div>to <div style="display: inline; font-style: italic; font: inherit;"> October 2028 </div>and a balloon payment for each of the <div style="display: inline; font-style: italic; font: inherit;">five</div> financing arrangements of <div style="display: inline; font-style: italic; font: inherit;">$32,022,</div> payable together with the last installment. The financing arrangements bear fixed interest and for the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the interest expense incurred amounted to <div style="display: inline; font-style: italic; font: inherit;">$14,050</div> (<div style="display: inline; font-style: italic; font: inherit;">$15,813</div> for the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2019), </div>in aggregate, and is included in Interest and finance costs in the accompanying consolidated statements of operations.</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: inherit;"> June 30, 2020, </div>the aggregate outstanding balance of the financing arrangements under (<div style="display: inline; font-style: italic; font: inherit;">1</div>) and (<div style="display: inline; font-style: italic; font: inherit;">2</div>) above was <div style="display: inline; font-style: italic; font: inherit;">$566,154.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The annual repayments under the Term Loans and Other Financing Arrangements after <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>are in the aggregate as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"> <div style="display: inline; font-weight: bold;">Year ending December 31,</div></div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; text-align: justify">2020</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">77,630</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2021</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">151,044</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2022</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">123,760</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2023</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">132,341</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2024</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">143,707</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">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: inherit;">723,547</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="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: inherit;">1,352,029</div></td> <td style="white-space: nowrap; 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: 17 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The interest rate of Costamare's long-term debt as at <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>was in the range of <div style="display: inline; font-style: italic; font: inherit;">3.75%</div>-<div style="display: inline; font-style: italic; font: inherit;">6.34%</div> and <div style="display: inline; font-style: italic; font: inherit;">2.20%</div>-<div style="display: inline; font-style: italic; font: inherit;">6.34%,</div> respectively. The weighted average interest rate of Costamare's long-term debt as at both <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>was <div style="display: inline; font-style: italic; font: inherit;">4.8%</div> and <div style="display: inline; font-style: italic; font: inherit;">4.1%,</div> respectively.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total interest expense incurred on long-term debt including the effect of the hedging interest rate swaps (discussed in Notes <div style="display: inline; font-style: italic; font: inherit;">16</div> and <div style="display: inline; font-style: italic; font: inherit;">18</div>) and capitalized interest for the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month periods ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2020,</div> amounted to <div style="display: inline; font-style: italic; font: inherit;">$35,195</div> and <div style="display: inline; font-style: italic; font: inherit;">$32,077,</div> respectively. Of the above amounts, <div style="display: inline; font-style: italic; font: inherit;">$34,401</div> and <div style="display: inline; font-style: italic; font: inherit;">$30,123,</div> are included in Interest and finance costs in the accompanying consolidated statements of operations for the <div style="display: inline; font-style: italic; font: inherit;">six</div>-months periods ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2020,</div> respectively, whereas in <div style="display: inline; font-style: italic; font: inherit;">2019</div> an amount of <div style="display: inline; font-style: italic; font: inherit;">$794</div> is capitalized and included in (a) Vessels and Advances, net in the consolidated balance sheet as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019. </div>In <div style="display: inline; font-style: italic; font: inherit;">2020,</div> an amount of <div style="display: inline; font-style: italic; font: inherit;">$1,954</div> is capitalized and included in Vessels and Advances, net in the consolidated balance sheet as of <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">C. Financing Costs</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif">The amounts of financing costs included in the loan balances and finance lease liabilities (Note <div style="display: inline; font-style: italic; font: inherit;">11</div>) are as follows</div>:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, January 1, 2020</td> <td style="width: 2%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="width: 14%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,874</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Additions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,916</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; 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: inherit;">(1,944</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, June 30, 2020</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,846</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Less: Current portion of financing costs</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,652</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Financing costs, non-current portion</td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,194</div></td> <td style="white-space: nowrap; 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"> </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 operations (Note <div style="display: inline; font-style: italic; font: inherit;">16</div>).</div></div>
0.048
0.041
896000
-135497000
9294000
1558000
107217000
139165000
11081000
19897000
27136000
-43447000
27136000
-43447000
11589000
-58289000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">New Accounting Pronouncements – Adopted</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </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: inherit;"> January 1, 2020, </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: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">13—Financial</div> Instruments—Credit Losses (Topic <div style="display: inline; font-style: italic; font: inherit;">326</div>)—Measurement of Credit Losses on Financial Instruments</div></div>, which amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities, using the modified retrospective method. This new guidance is amended by: <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: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">19,</div> “Codification Improvements to Topic <div style="display: inline; font-style: italic; font: inherit;">326,</div> Financial Instruments—Credit Losses”</div></div>, which clarify that receivables arising from operating leases are <div style="display: inline; font-style: italic; font: inherit;">not</div> within the scope of Subtopic <div style="display: inline; font-style: italic; font: inherit;">326</div>-<div style="display: inline; font-style: italic; font: inherit;">20</div> and should be accounted for in accordance with Topic <div style="display: inline; font-style: italic; font: inherit;">842,</div> Leases;</div> <div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">ASU <div style="display: inline; font-style: italic; font: inherit;">2019</div>-<div style="display: inline; font-style: italic; font: inherit;">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: inherit;">326,</div> Financial Instruments—Credit Losses, Financial Instruments—Credit Losses, Topic <div style="display: inline; font-style: italic; font: inherit;">815,</div> Derivatives and Hedging, and Topic <div style="display: inline; font-style: italic; font: inherit;">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> <div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">ASU <div style="display: inline; font-style: italic; font: inherit;">2019</div>-<div style="display: inline; font-style: italic; font: inherit;">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: inherit;">326,</div> Financial Instruments—Credit Losses, Financial Instruments—Credit Losses, Topic <div style="display: inline; font-style: italic; font: inherit;">815,</div> Derivatives and Hedging, and Topic <div style="display: inline; font-style: italic; font: inherit;">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: inherit;">326</div>-<div style="display: inline; font-style: italic; font: inherit;">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: inherit;">825</div>-<div style="display: inline; font-style: italic; font: inherit;">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: inherit;">326.</div> The fair value option election does <div style="display: inline; font-style: italic; font: inherit;">not</div> apply to held-to-maturity debt securities. Upon adoption of this update a cumulative-effect adjustment was made to reduce retained earnings on <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2020 </div>without any retrospective application to prior periods. The Company's investment in debt securities, which is classified under Other non-current assets, is subject to ASU <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">13.</div> On adoption, the Company decreased the carrying value of investment and retained earnings by <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">$543</div>.</div> The cumulative adjustment recorded on initial adoption of this update does <div style="display: inline; font-style: italic; font: inherit;">not</div> reflect an increase in credit risk exposure to the Company compared to previous periods presented.</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-family: Times New Roman, Times, Serif">On <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2020, </div>the Company adopted</div> <div style="display: inline; background-color: white"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">ASU <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">13,</div> “Fair Value Measurement (Topic <div style="display: inline; font-style: italic; font: inherit;">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: inherit;">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: inherit;">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. 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: inherit;">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. The adoption of this new accounting guidance did <div style="display: inline; font-style: italic; font: inherit;">not</div> have a material effect on the Company's consolidated financial statements and related disclosures.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif">On <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2020, </div>the Company adopted </div><div style="display: inline; background-color: white"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">ASU <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">17,</div> “Consolidation (Topic <div style="display: inline; font-style: italic; font: inherit;">810</div>)—Targeted Improvements to Related Party Guidance for Variable Interest Entities”</div></div></div><div style="display: inline; font-family: Times New Roman, Times, Serif">, which </div><div style="display: inline; background-color: white">improves the accounting for 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, thereby improving general purpose financial reporting. The Company applied the amendments in this Update retrospectively, as required. The adoption of this new accounting guidance did <div style="display: inline; font-style: italic; font: inherit;">not</div> have a material effect on the Company's 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> <!-- 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 style="display: inline; font-weight: bold;">New Accounting Pronouncements - <div style="display: inline; font-style: italic; font: inherit;">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; background-color: white">In <div style="display: inline; font-style: italic; font: inherit;"> March 2020, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">2020</div>-<div style="display: inline; font-style: italic; font: inherit;">04,</div> Reference Rate Reform (Topic <div style="display: inline; font-style: italic; font: inherit;">848</div>): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. ASU <div style="display: inline; font-style: italic; font: inherit;">2020</div>-<div style="display: inline; font-style: italic; font: inherit;">04</div> applies to contracts that reference LIBOR or another reference rate expected to be terminated because of reference rate reform. ASU <div style="display: inline; font-style: italic; font: inherit;">2020</div>-<div style="display: inline; font-style: italic; font: inherit;">04</div> can be adopted as of <div style="display: inline; font-style: italic; font: inherit;"> March 12, 2020 </div>through <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2022. </div>The Company does <div style="display: inline; font-style: italic; font: inherit;">not</div> currently have any contracts that have been changed to a new reference rate, but the Company will continue to evaluate its contracts and the effects of this standard on its consolidated financial position, results of operations, and cash flows prior to adoption.</div></div></div></div></div>
15130000
2883015
-39579000
-27797000
3
3
58164000
54758000
66715000
-15650000
<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: inherit;">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 style="display: inline; font-weight: bold;"> </div></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: inherit;"> 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: inherit;">1933,</div> as amended (the “Securities Act”). During the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the Company issued <div style="display: inline; font-style: italic; font: inherit;">299,200</div> shares to Costamare Shipping Services Ltd. (“Costamare Services”) (Note <div style="display: inline; font-style: italic; font: inherit;">3</div>). On <div style="display: inline; font-style: italic; font: inherit;"> July 6, 2016, </div>the Company implemented a dividend reinvestment plan (the “Plan”) (Note <div style="display: inline; font-style: italic; font: inherit;">14</div>). As of <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>under the Plan, the Company has issued to its common stockholders <div style="display: inline; font-style: italic; font: inherit;">14,245,125</div> shares, in aggregate. As of <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </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: inherit;">120,719,340</div> common shares. At <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>members of the Konstantakopoulos Family owned, directly or indirectly, approximately <div style="display: inline; font-style: italic; font: inherit;">57.6%</div> of the outstanding common shares, in the aggregate.</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: inherit;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the Company owned and/or operated a fleet of <div style="display: inline; font-style: italic; font: inherit;">60</div> container vessels, with a total carrying capacity of approximately <div style="display: inline; font-style: italic; font: inherit;">409,037</div> and <div style="display: inline; font-style: italic; font: inherit;">411,650</div> <div style="display: inline; font-style: italic; font: inherit;">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: inherit;"> June 30, 2020, </div>Costamare had <div style="display: inline; font-style: italic; font: inherit;">74</div> wholly-owned subsidiaries incorporated in the Republic of Liberia and <div style="display: inline; font-style: italic; font: inherit;">six</div> incorporated in the Republic of the Marshall Islands.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues for the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month periods ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2020,</div> derived from significant charterers individually accounting for <div style="display: inline; font-style: italic; font: inherit;">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 style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"> <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">2019</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">2020</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-weight: bold; text-align: justify">A</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 16%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">%</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 16%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">21</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify">B</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24</div></td> <td style="white-space: nowrap; text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">22</div></td> <td style="white-space: nowrap; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">C</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8</div></td> <td style="white-space: nowrap; text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12</div></td> <td style="white-space: nowrap; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">D</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">39</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">%</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">35</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">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: inherit;">94</div></td> <td style="white-space: nowrap; 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: inherit;">90</div></td> <td style="white-space: nowrap; 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"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The reconciliation of the cash, cash equivalents and restricted cash <div style="display: inline; font-family: Times New Roman, Times, Serif">at end of <div style="display: inline; font-style: italic; font: inherit;">six</div>-month periods ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2020</div> </div>is presented in the table below:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"> <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">2019</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">2020</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Reconciliation of cash, cash equivalents and restricted cash</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 64%; text-align: left">Cash and cash equivalents</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">98,563</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">155,668</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Restricted cash – current portion</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">147,292</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,592</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Restricted cash – non-current portion</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">38,043</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">38,837</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">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: inherit;">283,898</div></td> <td style="white-space: nowrap; 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: inherit;">201,097</div></td> <td style="white-space: nowrap; 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 accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do <div style="display: inline; font-style: italic; font: inherit;">not</div> include all the information and notes required by U.S. GAAP for annual financial statements. These statements and the accompanying notes should be read in conjunction with the Company's Annual Report on Form <div style="display: inline; font-style: italic; font: inherit;">20</div>-F for the fiscal year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>filed with the SEC on <div style="display: inline; font-style: italic; font: inherit;"> February 26, 2020.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <!-- Field: Page; Sequence: 6 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the Company's annual consolidated financial statements and, in the opinion of management, reflect all adjustments, consisting of only normal recurring adjustments, considered necessary for a fair presentation of the Company's financial position, results of operations and cash flows for the periods presented. Operating results for the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>are <div style="display: inline; font-style: italic; font: inherit;">not</div> necessarily indicative of the results that might be expected for the fiscal year ending <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The outbreak of the COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> virus has had a negative effect on the global economy and has adversely impacted the international container shipping industry. There have been recent signs of improvement in the average time charter rates, however, the situation is still rapidly evolving and, as such, it is difficult to predict the ultimate severity and long-term impact of the pandemic on the industry and Costamare at this time. The Company is constantly monitoring the developing situation, as well as its charterers' response to the severe market disruption via cost cutting and rationalization of their networks and fleets, and is making necessary preparations to address and mitigate, to the extent possible, the impact of COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> on the Company.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Preparation of consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates that affect the amounts reported and disclosed in the financial statements and the accompanying notes. The Company bases its estimates on assumptions, both historical and forward looking, that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. As of <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the Company has reviewed and evaluated its revenue concertation risk, the recoverability of its Accounts receivable and performed sensitivity analysis to its future undiscounted cash flows on its impairment testing. As part of such evaluation, the Company did <div style="display: inline; font-style: italic; font: inherit;">not</div> identify any conditions that have substantial 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> <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: inherit;"> June 30, 2020, </div>the impact of the outbreak of COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> virus continues to unfold. As a result, many of the Company's estimates and assumptions required increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, the Company's estimates <div style="display: inline; font-style: italic; font: inherit;"> may </div>change in future periods.</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: inherit;">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></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) Costamare Shipping Company S.A. (“Costamare Shipping”) and Costamare Shipping Services Ltd. (“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: inherit;"> November 2, 2015 </div>as amended and restated on <div style="display: inline; font-style: italic; font: inherit;"> 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: inherit;"> 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: inherit;">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: inherit;"> 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: inherit;">1.10%</div> from <div style="display: inline; font-style: italic; font: inherit;">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: inherit;"> 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: inherit;"> may </div>receive shares of its common stock as fee compensation.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Framework Agreement and the Services Agreement, Costamare Shipping and Costamare Services received (i) for each containership a daily fee of <div style="display: inline; font-style: italic; font: inherit;">$0.956</div> (<div style="display: inline; font-style: italic; font: inherit;">$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: inherit;">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: inherit;">$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: inherit;">0.75%</div> up to <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">1.25%</div> from <div style="display: inline; font-style: italic; font: inherit;"> 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: inherit;">$2,500</div> and <div style="display: inline; font-style: italic; font: inherit;">598,400</div> shares (Note <div style="display: inline; font-style: italic; font: inherit;">1</div>). Fees under (i) and (ii) <div style="display: inline; font-style: italic; font: inherit;"> 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: inherit;">12</div> months before the end of the subsequent <div style="display: inline; font-style: italic; font: inherit;">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: inherit;"> 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: inherit;">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: inherit;">two</div> times the aggregate fees over the <div style="display: inline; font-style: italic; font: inherit;">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: inherit;">2013,</div> Costamare Shipping entered into a co-operation agreement (the “Co-operation Agreement”) with <div style="display: inline; font-style: italic; font: inherit;">third</div>-party ship managers V.Ships Greece Ltd. (“V.Ships Greece”), pursuant to which the <div style="display: inline; font-style: italic; font: inherit;">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: inherit;">third</div>-party owners. Effective <div style="display: inline; font-style: italic; font: inherit;"> April 1, 2019, </div>the Company terminated its agreement with Costamare Shipping, whereby Costamare Shipping passed to the Company the net profit, if any, it received pursuant to the Co-operation Agreement as a refund or reduction of the management fees payable by the Company to Costamare Shipping under the Framework Agreement. As at <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the Cell provided services to <div style="display: inline; font-style: italic; font: inherit;">16</div> of Costamare's vessels.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <!-- Field: Page; 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">Management fees charged by Costamare Shipping in the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month periods ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2020,</div> amounted to <div style="display: inline; font-style: italic; font: inherit;">$10,827</div> and <div style="display: inline; font-style: italic; font: inherit;">$10,521,</div> respectively, and are separately reflected as Management fees-related parties in the accompanying consolidated statements of operations. In addition, Costamare Shipping and Costamare Services charged (i) <div style="display: inline; font-style: italic; font: inherit;">$2,881</div> for the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020 (</div><div style="display: inline; font-style: italic; font: inherit;">$1,742</div> for the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2019), </div>representing a fee of <div style="display: inline; font-style: italic; font: inherit;">0.75%</div> up to <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">1.25%</div> from <div style="display: inline; font-style: italic; font: inherit;"> 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 operations, (ii) <div style="display: inline; font-style: italic; font: inherit;">$1,250,</div> which is included in General and administrative expenses – related parties in the accompanying consolidated statements of operations for the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020 (</div><div style="display: inline; font-style: italic; font: inherit;">$1,250</div> for the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2019) </div>and (iii) <div style="display: inline; font-style: italic; font: inherit;">$1,508,</div> representing the fair value of <div style="display: inline; font-style: italic; font: inherit;">299,200</div> shares, which is included in General and administrative expenses - related parties in the accompanying consolidated statements of operations for the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020 (</div><div style="display: inline; font-style: italic; font: inherit;">$1,545</div> for the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2019). </div>Furthermore, in accordance with the management agreements with V.Ships Greece and <div style="display: inline; font-style: italic; font: inherit;">third</div> party managers, V.Ships Greece and the <div style="display: inline; font-style: italic; font: inherit;">third</div> party managers have been provided with the amount of <div style="display: inline; font-style: italic; font: inherit;">$75</div> per vessel as working capital security. Such amount, in aggregate, as at <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>was <div style="display: inline; font-style: italic; font: inherit;">$1,875</div> and is included in Accounts receivable, net, non-current, in the accompanying <div style="display: inline; font-style: italic; font: inherit;">2019</div> consolidated balance sheet and as of <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div><div style="display: inline; font-style: italic; font: inherit;">$1,350</div> is included in Accounts receivable, net, non-current and <div style="display: inline; font-style: italic; font: inherit;">$225</div> in Accounts receivable, net in the accompanying <div style="display: inline; font-style: italic; font: inherit;">2020</div> consolidated 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">During the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month periods ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2020,</div> Costamare Shipping charged in aggregate to the companies established pursuant to the Framework Deed (Notes <div style="display: inline; font-style: italic; font: inherit;">8</div> and <div style="display: inline; font-style: italic; font: inherit;">9</div>) the amounts of <div style="display: inline; font-style: italic; font: inherit;">$2,046</div> and <div style="display: inline; font-style: italic; font: inherit;">$1,797,</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: inherit;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>amounted to <div style="display: inline; font-style: italic; font: inherit;">$7,576</div> and <div style="display: inline; font-style: italic; font: inherit;">$2,328,</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: inherit;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>amounted to <div style="display: inline; font-style: italic; font: inherit;">$473</div> and <div style="display: inline; font-style: italic; font: inherit;">$339,</div> respectively, and is reflected as Due to related parties in the accompanying consolidated balance sheets.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(b) Shanghai Costamare Ship Management Co., Ltd.</div></div></div> (“<div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Shanghai Costamare”):</div></div> Shanghai Costamare is owned (indirectly) <div style="display: inline; font-style: italic; font: inherit;">70%</div> by the Company's Chairman and Chief Executive Officer and <div style="display: inline; font-style: italic; font: inherit;">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: inherit;">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: inherit;"> June 30, 2020, </div>Shanghai Costamare provided such services to <div style="display: inline; font-style: italic; font: inherit;">17</div> of the Company's containerships (<div style="display: inline; font-style: italic; font: inherit;">17</div> as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019). </div>There was <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">no</div></div> balance due from/to Shanghai Costamare at both <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020.</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 (“BNC”) and Blue Net Asia Pte., Ltd. (“BNA”): </div></div>On <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2018, </div>Costamare Shipping appointed, on behalf of the vessels it manages, BNC, a company <div style="display: inline; font-style: italic; font: inherit;">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). BNC 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: inherit;">€9,413</div> for the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </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: inherit;"> January 1, 2018, </div>which remain chartered under the same charter party agreement in effect on <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2018, </div>the fee was <div style="display: inline; font-style: italic; font: inherit;">€1,281</div> for the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 (</div><div style="display: inline; font-style: italic; font: inherit;">€1,139</div> for the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018). </div>During the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month periods ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2020,</div> Costamare Shipping charged the ship-owning companies <div style="display: inline; font-style: italic; font: inherit;">$210</div> and <div style="display: inline; font-style: italic; font: inherit;">$181,</div> respectively, which is included in Voyage expenses—related parties in the accompanying consolidated statements of operations. In addition, on <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2020, </div>Costamare Shipping agreed, on behalf of the vessels it manages, to pay to BNA, a company <div style="display: inline; font-style: italic; font: inherit;">50%</div> (indirectly) owned by the Company's Chairman and Chief Executive Officer, a commission of <div style="display: inline; font-style: italic; font: inherit;">1.25%</div> of the gross daily hire earned from the charters arranged by BNA for <div style="display: inline; font-style: italic; font: inherit;">five</div> Company vessels. During the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month periods ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2020,</div> Costamare Shipping charged the ship-owning companies <div style="display: inline; font-style: italic; font: inherit;">nil</div> and <div style="display: inline; font-style: italic; font: inherit;">$68,</div> which were included in Voyage expenses in the accompanying consolidated statements of operations.</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-weight: bold;"><div style="display: inline; font-style: italic;">(d) Other related parties' transactions:</div></div> In <div style="display: inline; font-style: italic; font: inherit;"> July </div>of <div style="display: inline; font-style: italic; font: inherit;">2020,</div> the Company's chairman and chief executive officer, Konstantinos Konstantakopoulos, agreed to participate in <div style="display: inline; font-style: italic; font: inherit;">two</div> companies that will each acquire <div style="display: inline; font-style: italic; font: inherit;">one</div> <div style="display: inline; font-style: italic; font: inherit;">6,350</div> TEU container vessel (which is comparable to <div style="display: inline; font-style: italic; font: inherit;">ten</div> of our vessels). Mr. Konstantakopoulos will acquire a <div style="display: inline; font-style: italic; font: inherit;">50%</div> interest in the ship owning companies. Co-investors will acquire the other <div style="display: inline; font-style: italic; font: inherit;">50%</div> and will be responsible for managing the relevant ship owning company and appointing its board of directors, with Mr. Konstantakopoulos retaining certain shareholder rights. Mr. Konstantakopoulos made a similar investment in a different <div style="display: inline; font-style: italic; font: inherit;">6,494</div> TEU container vessel in <div style="display: inline; font-style: italic; font: inherit;"> January </div>of <div style="display: inline; font-style: italic; font: inherit;">2020.</div> The Audit Committee of the board of directors of the Company approved each acquisition. Pursuant to the Restrictive Covenant Agreement between the Company and Mr. Konstantakopoulos, for vessels in which Mr. Konstantakopoulos has a majority interest, Mr. Konstantakopoulos is required to provide priority chartering rights to the Company. Because Mr. Konstantakopoulos does <div style="display: inline; font-style: italic; font: inherit;">not</div> own over <div style="display: inline; font-style: italic; font: inherit;">50%</div> of the share capital of the relevant ship owning companies of these <div style="display: inline; font-style: italic; font: inherit;">three</div> vessels, the priority chartering provision of the Restrictive Covenant Agreement does <div style="display: inline; font-style: italic; font: inherit;">not</div> apply to these vessels. Mr. Konstantakopoulos <div style="display: inline; font-style: italic; font: inherit;"> may </div>acquire additional vessels in the future in a similar manner.</div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td colspan="3"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Borrower(s)</div></div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2020</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>A.</td> <td colspan="2" style="vertical-align: top; font-weight: bold; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">Term Loans:</div></div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td style="vertical-align: top; text-align: left"><div style="display: inline; font-style: italic; font: inherit;">1.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">Mas 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: inherit;">–</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 4%"> </td> <td style="vertical-align: top; width: 3%; text-align: left"><div style="display: inline; font-style: italic; font: inherit;">2.</div></td> <td style="width: 59%; text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">Montes Shipping Co. and Kelsen Shipping Co.</div></td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 13%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">22,000</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 13%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,500</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td style="vertical-align: top; text-align: left"><div style="display: inline; font-style: italic; font: inherit;">3.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">–</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td style="vertical-align: top; text-align: left"><div style="display: inline; font-style: italic; font: inherit;">4.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">–</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td style="vertical-align: top; text-align: left"><div style="display: inline; font-style: italic; font: inherit;">5.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">23,833</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">21,667</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><div style="display: inline; font-style: italic; font: inherit;">6.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">65,375</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td style="text-align: left; vertical-align: top"><div style="display: inline; font-style: italic; font: inherit;">7.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">18,080</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><div style="display: inline; font-style: italic; font: inherit;">8.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">13,575</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,675</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td style="text-align: left; vertical-align: top"><div style="display: inline; font-style: italic; font: inherit;">9.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">155,195</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><div style="display: inline; font-style: italic; font: inherit;">10.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">44,000</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">42,400</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td style="text-align: left; vertical-align: top"><div style="display: inline; font-style: italic; font: inherit;">11.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">20,120</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,680</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><div style="display: inline; font-style: italic; font: inherit;">12.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">36,385</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">32,385</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td style="text-align: left; vertical-align: top"><div style="display: inline; font-style: italic; font: inherit;">13.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">128,400</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">120,800</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><div style="display: inline; font-style: italic; font: inherit;">14.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">66,500</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">63,500</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td style="text-align: left; vertical-align: top"><div style="display: inline; font-style: italic; font: inherit;">15.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">147,110</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">141,330</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><div style="display: inline; font-style: italic; font: inherit;">16.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">91,239</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">85,716</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td style="text-align: left; vertical-align: top"><div style="display: inline; font-style: italic; font: inherit;">17.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">–</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">29,222</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><div style="display: inline; font-style: italic; font: inherit;">18.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">Capetanissa Maritime Corporation et al.</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">70,000</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td style="text-align: left; vertical-align: top"><div style="display: inline; font-style: italic; font: inherit;">19.</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">Caravokyra Maritime Corporation et al.</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">70,000</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; padding-bottom: 1pt; vertical-align: top"><div style="display: inline; font-style: italic; font: inherit;">20.</div></td> <td style="text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">Achilleas Maritime Corporation et al.</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: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">70,000</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td style="padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </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: inherit;">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: inherit;">831,812</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">785,875</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>B.</td> <td colspan="2" style="font-weight: bold; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">Other financing arrangements</div></div></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">594,350</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">566,154</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td style="text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">Total long-term debt</div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,426,162</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,352,029</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">(9,012</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(9,263</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td style="text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">1,417,150</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,342,766</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="font-weight: bold; text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">(213,022</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(169,951</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td style="text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">2,277</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,121</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: justify; padding-bottom: 2.5pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt"><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">1,206,405</div></td> <td style="white-space: nowrap; 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">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,174,936</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Basic EPS</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Basic LPS</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: justify">Net income / (loss)</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">27,136</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(43,447</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Less: paid and accrued earnings allocated to Preferred Stock</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(15,547</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(15,461</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Add: gain from retirement of 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: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">619</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Net income / (loss) 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: inherit;">11,589</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(58,289</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Weighted average number of common shares, basic</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">113,540,975</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">119,927,560</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Weighted average number of common shares, 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: inherit;">116,490,307</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">119,927,560</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Earnings / (losses) per common share, basic and diluted</td> <td style="padding-bottom: 1pt"> </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: inherit;">0.10</div></td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(0.49</div></td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left">)</td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"> <div style="display: inline; font-weight: bold;">Year ending December 31,</div></div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; text-align: justify">2020</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">77,630</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2021</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">151,044</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2022</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">123,760</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2023</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">132,341</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2024</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">143,707</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">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: inherit;">723,547</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="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: inherit;">1,352,029</div></td> <td style="white-space: nowrap; 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 style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <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">2019</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">2020</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-weight: bold; text-align: justify">A</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 16%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">%</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 16%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">21</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify">B</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24</div></td> <td style="white-space: nowrap; text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">22</div></td> <td style="white-space: nowrap; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">C</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8</div></td> <td style="white-space: nowrap; text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12</div></td> <td style="white-space: nowrap; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">D</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">39</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">%</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">35</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">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: inherit;">94</div></td> <td style="white-space: nowrap; 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: inherit;">90</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">%</td> </tr> </table></div>
1545000
1508000
0
5.8056
6.2786
4600000
4000000
4000000
2000000
112464230
4600000
4000000
4000000
2000000
114501033
4600000
4000000
4000000
2000000
119132696
4574100
3986542
3973135
1970649
120719340
<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: inherit;">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">A discussion of the Company's significant accounting policies can be found in Note <div style="display: inline; font-style: italic; font: inherit;">2</div> of the Company's Consolidated Financial Statements included in the Annual Report on Form <div style="display: inline; font-style: italic; font: inherit;">20</div>-F for the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019. </div>There have been <div style="display: inline; font-style: italic; font: inherit;">no</div> material changes to these policies in the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>except for as discussed below:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"></div></div> <div style="display: inline; font-style: italic; font: inherit;"><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> <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: inherit;"> January 1, 2020, </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: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">13—Financial</div> Instruments—Credit Losses (Topic <div style="display: inline; font-style: italic; font: inherit;">326</div>)—Measurement of Credit Losses on Financial Instruments</div></div>, which amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities, using the modified retrospective method. This new guidance is amended by: <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: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">19,</div> “Codification Improvements to Topic <div style="display: inline; font-style: italic; font: inherit;">326,</div> Financial Instruments—Credit Losses”</div></div>, which clarify that receivables arising from operating leases are <div style="display: inline; font-style: italic; font: inherit;">not</div> within the scope of Subtopic <div style="display: inline; font-style: italic; font: inherit;">326</div>-<div style="display: inline; font-style: italic; font: inherit;">20</div> and should be accounted for in accordance with Topic <div style="display: inline; font-style: italic; font: inherit;">842,</div> Leases;</div> <div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">ASU <div style="display: inline; font-style: italic; font: inherit;">2019</div>-<div style="display: inline; font-style: italic; font: inherit;">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: inherit;">326,</div> Financial Instruments—Credit Losses, Financial Instruments—Credit Losses, Topic <div style="display: inline; font-style: italic; font: inherit;">815,</div> Derivatives and Hedging, and Topic <div style="display: inline; font-style: italic; font: inherit;">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> <div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">ASU <div style="display: inline; font-style: italic; font: inherit;">2019</div>-<div style="display: inline; font-style: italic; font: inherit;">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: inherit;">326,</div> Financial Instruments—Credit Losses, Financial Instruments—Credit Losses, Topic <div style="display: inline; font-style: italic; font: inherit;">815,</div> Derivatives and Hedging, and Topic <div style="display: inline; font-style: italic; font: inherit;">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: inherit;">326</div>-<div style="display: inline; font-style: italic; font: inherit;">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: inherit;">825</div>-<div style="display: inline; font-style: italic; font: inherit;">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: inherit;">326.</div> The fair value option election does <div style="display: inline; font-style: italic; font: inherit;">not</div> apply to held-to-maturity debt securities. Upon adoption of this update a cumulative-effect adjustment was made to reduce retained earnings on <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2020 </div>without any retrospective application to prior periods. The Company's investment in debt securities, which is classified under Other non-current assets, is subject to ASU <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">13.</div> On adoption, the Company decreased the carrying value of investment and retained earnings by <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">$543</div>.</div> The cumulative adjustment recorded on initial adoption of this update does <div style="display: inline; font-style: italic; font: inherit;">not</div> reflect an increase in credit risk exposure to the Company compared to previous periods presented.</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-family: Times New Roman, Times, Serif">On <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2020, </div>the Company adopted</div> <div style="display: inline; background-color: white"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">ASU <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">13,</div> “Fair Value Measurement (Topic <div style="display: inline; font-style: italic; font: inherit;">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: inherit;">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: inherit;">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. 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: inherit;">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. The adoption of this new accounting guidance did <div style="display: inline; font-style: italic; font: inherit;">not</div> have a material effect on the Company's consolidated financial statements and related disclosures.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif">On <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2020, </div>the Company adopted </div><div style="display: inline; background-color: white"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">ASU <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">17,</div> “Consolidation (Topic <div style="display: inline; font-style: italic; font: inherit;">810</div>)—Targeted Improvements to Related Party Guidance for Variable Interest Entities”</div></div></div><div style="display: inline; font-family: Times New Roman, Times, Serif">, which </div><div style="display: inline; background-color: white">improves the accounting for 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, thereby improving general purpose financial reporting. The Company applied the amendments in this Update retrospectively, as required. The adoption of this new accounting guidance did <div style="display: inline; font-style: italic; font: inherit;">not</div> have a material effect on the Company's 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> <!-- 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 style="display: inline; font-weight: bold;">New Accounting Pronouncements - <div style="display: inline; font-style: italic; font: inherit;">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; background-color: white">In <div style="display: inline; font-style: italic; font: inherit;"> March 2020, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">2020</div>-<div style="display: inline; font-style: italic; font: inherit;">04,</div> Reference Rate Reform (Topic <div style="display: inline; font-style: italic; font: inherit;">848</div>): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. ASU <div style="display: inline; font-style: italic; font: inherit;">2020</div>-<div style="display: inline; font-style: italic; font: inherit;">04</div> applies to contracts that reference LIBOR or another reference rate expected to be terminated because of reference rate reform. ASU <div style="display: inline; font-style: italic; font: inherit;">2020</div>-<div style="display: inline; font-style: italic; font: inherit;">04</div> can be adopted as of <div style="display: inline; font-style: italic; font: inherit;"> March 12, 2020 </div>through <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2022. </div>The Company does <div style="display: inline; font-style: italic; font: inherit;">not</div> currently have any contracts that have been changed to a new reference rate, but the Company will continue to evaluate its contracts and the effects of this standard on its consolidated financial position, results of operations, and cash flows prior to adoption.</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: inherit;">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 <div style="display: inline; font-style: italic; font: inherit;">six</div>-month periods ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2020,</div> the Company issued <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">299,200</div></div> shares at par value of <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">$0.0001</div></div><div style="display: inline; font-style: italic; font: inherit;"></div> to Costamare Services pursuant to the Services Agreement (Note <div style="display: inline; font-style: italic; font: inherit;">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: inherit;">no</div> share-based payment awards outstanding during the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 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">On <div style="display: inline; font-style: italic; font: inherit;"> 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: inherit;">not</div> to participate in the Plan will continue to receive cash dividends, as declared and paid in the usual manner. During the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>the Company issued <div style="display: inline; font-style: italic; font: inherit;">3,187,051</div> shares, at par value of <div style="display: inline; font-style: italic; font: inherit;">$0.0001</div> to its common stockholders, at an average price of <div style="display: inline; font-style: italic; font: inherit;">$5.8056</div> per share. During the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020 </div>the Company issued <div style="display: inline; font-style: italic; font: inherit;">1,287,444</div> shares, at par value of <div style="display: inline; font-style: italic; font: inherit;">$0.0001</div> to its common stockholders, at an average price of <div style="display: inline; font-style: italic; font: inherit;">$6.2786</div> per share.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> July 25, 2019, </div><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">$0.0001</div> </div>were issued pursuant to the Share Purchase Agreement with York (Note <div style="display: inline; font-style: italic; font: inherit;">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: inherit;"> June 30, 2020, </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: inherit;">120,719,340</div> common shares at par value of <div style="display: inline; font-style: italic; font: inherit;">$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> During the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the Company repurchased and retired <div style="display: inline; font-style: italic; font: inherit;">95,574</div> preferred shares of all classes in the aggregate, at an average price of <div style="display: inline; font-style: italic; font: inherit;">$17.63</div> per share. The face value of the preferred shares were cleared from the Additional Paid-in Capital while the gain from this transaction, resulting as the difference between the fair value of the consideration paid and the carrying value of the preferred stock, was posted to retained earnings and added to net income to arrive at income available to common stockholders in the calculation of the earnings per share for the period (Note <div style="display: inline; font-style: italic; font: inherit;">15</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: inherit;"> November 2010 </div>and the offerings in <div style="display: inline; font-style: italic; font: inherit;"> March 2012, </div><div style="display: inline; font-style: italic; font: inherit;"> October 2012, </div><div style="display: inline; font-style: italic; font: inherit;"> August 2013, </div><div style="display: inline; font-style: italic; font: inherit;"> January 2014, </div><div style="display: inline; font-style: italic; font: inherit;"> May 2015, </div><div style="display: inline; font-style: italic; font: inherit;"> December 2016, </div><div style="display: inline; font-style: italic; font: inherit;"> May 2017 </div>and <div style="display: inline; font-style: italic; font: inherit;"> January 2018 </div>and the net proceeds received from the issuance of such shares excluding the shares bought back during the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, (</div>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: inherit;">3</div>) and (iv) the difference between the par value of the shares issued under the Plan.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <!-- Field: Page; Sequence: 21 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(d) Dividends declared and / or paid</div></div>: During the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2019, </div>the Company declared and paid to its common stockholders <div style="display: inline; font-style: italic; font: inherit;">$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: inherit;">$6,580</div> in cash and issued <div style="display: inline; font-style: italic; font: inherit;">961,656</div> shares pursuant to the Plan for the <div style="display: inline; font-style: italic; font: inherit;">fourth</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2018</div> and (ii) <div style="display: inline; font-style: italic; font: inherit;">$6,867</div> in cash and issued <div style="display: inline; font-style: italic; font: inherit;">775,947</div> shares pursuant to the Plan for the <div style="display: inline; font-style: italic; font: inherit;">first</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2019.</div> During the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the Company declared and paid to its common stockholders <div style="display: inline; font-style: italic; font: inherit;">$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: inherit;">$6,762</div> in cash and issued <div style="display: inline; font-style: italic; font: inherit;">649,928</div> shares pursuant to the Plan for the <div style="display: inline; font-style: italic; font: inherit;">fourth</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2019</div> and (ii) <div style="display: inline; font-style: italic; font: inherit;">$9,061</div> in cash and issued <div style="display: inline; font-style: italic; font: inherit;">637,516</div> shares pursuant to the Plan for the <div style="display: inline; font-style: italic; font: inherit;">first</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">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">During the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2019, </div>the Company declared and paid to its holders of Series B Preferred Stock (i) <div style="display: inline; font-style: italic; font: inherit;">$953</div> or <div style="display: inline; font-style: italic; font: inherit;">$0.476563</div> per share for the period from <div style="display: inline; font-style: italic; font: inherit;"> October 15, 2018 </div>to <div style="display: inline; font-style: italic; font: inherit;"> January 14, 2019 </div>and (ii) <div style="display: inline; font-style: italic; font: inherit;">$953</div> or <div style="display: inline; font-style: italic; font: inherit;">$0.476563</div> per share for the period from <div style="display: inline; font-style: italic; font: inherit;"> January 15, 2019 </div>to <div style="display: inline; font-style: italic; font: inherit;"> April 14, 2019. </div>During the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the Company declared and paid to its holders of Series B Preferred Stock (i) <div style="display: inline; font-style: italic; font: inherit;">$953</div> or <div style="display: inline; font-style: italic; font: inherit;">$0.476563</div> per share for the period from <div style="display: inline; font-style: italic; font: inherit;"> October 15, 2019 </div>to <div style="display: inline; font-style: italic; font: inherit;"> January 14, 2020 </div>and (ii) <div style="display: inline; font-style: italic; font: inherit;">$953</div> or <div style="display: inline; font-style: italic; font: inherit;">$0.476563</div> per share for the period from <div style="display: inline; font-style: italic; font: inherit;"> January 15, 2020 </div>to <div style="display: inline; font-style: italic; font: inherit;"> April 14, 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">During the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2019, </div>the Company declared and paid to its holders of Series C Preferred Stock (i) <div style="display: inline; font-style: italic; font: inherit;">$2,125</div> or <div style="display: inline; font-style: italic; font: inherit;">$0.531250</div> per share for the period from <div style="display: inline; font-style: italic; font: inherit;"> October 15, 2018 </div>to <div style="display: inline; font-style: italic; font: inherit;"> January 14, 2019 </div>and (ii) <div style="display: inline; font-style: italic; font: inherit;">$2,125</div> or <div style="display: inline; font-style: italic; font: inherit;">$0.531250</div> per share for the period from <div style="display: inline; font-style: italic; font: inherit;"> January 15, 2019 </div>to <div style="display: inline; font-style: italic; font: inherit;"> April 14, 2019. </div>During the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the Company declared and paid to its holders of Series C Preferred Stock (i) <div style="display: inline; font-style: italic; font: inherit;">$2,125</div> or <div style="display: inline; font-style: italic; font: inherit;">$0.531250</div> per share for the period from <div style="display: inline; font-style: italic; font: inherit;"> October 15, 2019 </div>to <div style="display: inline; font-style: italic; font: inherit;"> January 14, 2020 </div>and (ii) <div style="display: inline; font-style: italic; font: inherit;">$2,125</div> or <div style="display: inline; font-style: italic; font: inherit;">$0.531250</div> per share for the period from <div style="display: inline; font-style: italic; font: inherit;"> January 15, 2020 </div>to <div style="display: inline; font-style: italic; font: inherit;"> April 14, 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">During the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2019, </div>the Company declared and paid to its holders of Series D Preferred Stock (i) <div style="display: inline; font-style: italic; font: inherit;">$2,188</div> or <div style="display: inline; font-style: italic; font: inherit;">$0.546875</div> per share for the period from <div style="display: inline; font-style: italic; font: inherit;"> October 15, 2018 </div>to <div style="display: inline; font-style: italic; font: inherit;"> January 14, 2019 </div>and (ii) <div style="display: inline; font-style: italic; font: inherit;">$2,188</div> or <div style="display: inline; font-style: italic; font: inherit;">$0.546875</div> per share for the period from <div style="display: inline; font-style: italic; font: inherit;"> January 15, 2019 </div>to <div style="display: inline; font-style: italic; font: inherit;"> April 14, 2019. </div>During the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the Company declared and paid to its holders of Series D Preferred Stock (i) <div style="display: inline; font-style: italic; font: inherit;">$2,188</div> or <div style="display: inline; font-style: italic; font: inherit;">$0.546875</div> per share for the period from <div style="display: inline; font-style: italic; font: inherit;"> October 15, 2019 </div>to <div style="display: inline; font-style: italic; font: inherit;"> January 14, 2020 </div>and (ii) <div style="display: inline; font-style: italic; font: inherit;">$2,188</div> or <div style="display: inline; font-style: italic; font: inherit;">$0.546875</div> per share for the period from <div style="display: inline; font-style: italic; font: inherit;"> January 15, 2020 </div>to <div style="display: inline; font-style: italic; font: inherit;"> April 14, 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">During the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2019, </div>the Company declared and paid to its holders of Series E Preferred Stock (i) <div style="display: inline; font-style: italic; font: inherit;">$2,551</div> or <div style="display: inline; font-style: italic; font: inherit;">$0.554688</div> per share for the period from <div style="display: inline; font-style: italic; font: inherit;"> October 15, 2018 </div>to <div style="display: inline; font-style: italic; font: inherit;"> January 14, 2019 </div>and (ii) <div style="display: inline; font-style: italic; font: inherit;">$2,551</div> or <div style="display: inline; font-style: italic; font: inherit;">$0.554688</div> per share for the period from <div style="display: inline; font-style: italic; font: inherit;"> January 15, 2019 </div>to <div style="display: inline; font-style: italic; font: inherit;"> April 14, 2019. </div>During the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month period ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>the Company declared and paid to its holders of Series E Preferred Stock (i) <div style="display: inline; font-style: italic; font: inherit;">$2,551</div> or <div style="display: inline; font-style: italic; font: inherit;">$0.554688</div> per share for the period from <div style="display: inline; font-style: italic; font: inherit;"> October 15, 2019 </div>to <div style="display: inline; font-style: italic; font: inherit;"> January 14, 2020 </div>and (ii) <div style="display: inline; font-style: italic; font: inherit;">$2,551</div> or <div style="display: inline; font-style: italic; font: inherit;">$0.554688</div> per share for the period from <div style="display: inline; font-style: italic; font: inherit;"> January 15, 2020 </div>to <div style="display: inline; font-style: italic; font: inherit;"> April 14, 2020.</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: inherit;">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> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(a)<div style="display: inline; font-family: Times New Roman, Times, Serif"> </div>Declaration and payment of dividends (common stock): </div></div>On <div style="display: inline; font-style: italic; font: inherit;"> <div style="display: inline; font-style: italic; font: inherit;">July 1, 2020</div>, </div>the Company declared a dividend for the quarter ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>of <div style="display: inline; font-style: italic; font: inherit;">$0.10</div> per share on its common stock, which is payable on <div style="display: inline; font-style: italic; font: inherit;"> <div style="display: inline; font-style: italic; font: inherit;">August 7, 2020</div>, </div>to stockholders of record of common stock as of <div style="display: inline; font-style: italic; font: inherit;"> <div style="display: inline; font-style: italic; font: inherit;">July 22, 2020</div>.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(b)</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Declaration and payment of dividends (preferred stock Series B, Series C, Series D and Series E):</div></div> On <div style="display: inline; font-style: italic; font: inherit;"> <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">July 1, 2020</div></div></div></div>, </div>the Company declared a dividend of <div style="display: inline; font-style: italic; font: inherit;">$0.476563</div> per share on its Series B Preferred Stock, a dividend of <div style="display: inline; font-style: italic; font: inherit;">$0.531250</div> per share on its Series C Preferred Stock, a dividend of <div style="display: inline; font-style: italic; font: inherit;">$0.546875</div> per share on its Series D Preferred Stock and a dividend of <div style="display: inline; font-style: italic; font: inherit;">$0.554688</div> per share on its Series E Preferred Stock, which were all paid on <div style="display: inline; font-style: italic; font: inherit;"> <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">July 15, 2020</div></div></div></div> </div>to holders of record as of <div style="display: inline; font-style: italic; font: inherit;"> <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">July 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 style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <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> <div style="display: inline; font-family: Times New Roman, Times, Serif">On <div style="display: inline; font-style: italic; font: inherit;"> July 3, 2020 </div>and on <div style="display: inline; font-style: italic; font: inherit;"> July 7, 2020, </div>the vessels <div style="display: inline; font-style: italic;">Kawasaki</div> and <div style="display: inline; font-style: italic;">Kokura</div> were delivered to their buyers, respectively (Note <div style="display: inline; font-style: italic; font: inherit;">6</div>).</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <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 newbuild vessel:</div></div> On <div style="display: inline; font-style: italic; font: inherit;"> July 24, 2020, </div>the Company took delivery from the shipyard the <div style="display: inline; font-style: italic; font: inherit;">12,690</div> TEU containership <div style="display: inline; font-style: italic;">YM Triumph</div> (ex <div style="display: inline; font-style: italic;">Hull Nr <div style="display: inline; font-style: italic; font: inherit;">YZJ2015</div>-<div style="display: inline; font-style: italic; font: inherit;">2057</div></div>) the <div style="display: inline; font-style: italic; font: inherit;">first</div> of a series of <div style="display: inline; font-style: italic; font: inherit;">five</div> sister vessels ordered in <div style="display: inline; font-style: italic; font: inherit;"> May 2018. </div>On <div style="display: inline; font-style: italic; font: inherit;"> July 25, 2020, </div>the vessel commenced its <div style="display: inline; font-style: italic; font: inherit;">ten</div>-year charter employment.</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </div> <table style="; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in; font-size: 10pt"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(e)</div></div></div></td> <td style="font-size: 10pt; text-align: justify"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Vessel acquisition:</div></div> On <div style="display: inline; font-style: italic; font: inherit;"> August 4, 2020, </div>Costamare agreed to acquire the <div style="display: inline; font-style: italic;">JPO Scorpius</div>, a <div style="display: inline; font-style: italic; font: inherit;">2007</div>- built, <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">2,500</div></div> TEU container vessel, which is a member of a chartering pool (the "Pool"). The vessel will remain in the Pool after the completion of the acquisition. A company <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">50%</div></div> indirectly owned by Mr. Konstantakopoulos (Note <div style="display: inline; font-style: italic; font: inherit;">3</div> (c)), provides and will continue to provide chartering brokerage services to all of the Pool's vessels, including the <div style="display: inline; font-style: italic;">JPO Scorpius</div>.</div></td> </tr> </table></div>
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