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Note 11 - Long-term Debt

12 Months Ended

Dec. 31, 2021

11. Long-Term Debt:

The amounts shown in the accompanying consolidated balance sheets consist of the following:

Borrower(s)			December 31, 2020			December 31, 2021
A.	*Term Loans:*
	1.	Montes Shipping Co. and Kelsen Shipping Co.		-			-
	2.	Uriza Shipping S.A.		-			-
	3.	Costis Maritime Corporation, Christos Maritime Corporation and Capetanissa Maritime Corporation		-			-
	4.	Rena Maritime Corporation, Finch Shipping Co. and Joyner Carriers S.A.		-			-
	5.	Nerida Shipping Co.		11,775			9,975
	6.	Costamare Inc.		-			-
	7.	Singleton Shipping Co. and Tatum Shipping Co.		40,800			37,600
	8.	Reddick Shipping Co. and Verandi Shipping Co.		15,240			-
	9.	Costamare. Inc.		34,188			30,188
	10.	Bastian Shipping Co. and Cadence Shipping Co.		113,200			98,000
	11.	Adele Shipping Co.		60,500			54,500
	12.	Costamare Inc.		135,550			123,990
	13.	Quentin Shipping Co. and Sander Shipping Co.		80,943			72,898
	14.	Costamare Inc.		27,666			24,554
	15.	Capetanissa Maritime Corporation et al.		65,500			56,500
	16.	Caravokyra Maritime Corporation et al.		64,800			54,400
	17.	Achilleas Maritime Corporation et al.		58,396			-
	18.	Kelsen Shipping Co.		8,100			4,050
	19.	Uriza Shipping S.A.		20,000			17,400
	20.	Berg Shipping Co.		-			11,660
	21.	Reddick Shipping Co. and Verandi Shipping Co.		-			14,900
	22.	Evantone Shipping Co. and Fortrose Shipping Co.		-			20,750
	23.	Ainsley Maritime Co. and Ambrose Maritime Co.		-			141,964
	24.	Hyde Maritime Co. and Skerrett Maritime Co.		-			138,519
	25.	Kemp Maritime Co.		-			70,350
	26.	Vernes Shipping Co.		-			12,650
	27.	Achilleas Maritime Corporation et al. nr 2		-			125,360
	28.	Novara et al.		-			63,833
	29.	Costamare Inc.		-			59,952
	30.	Costamare Inc.		-			80,228
	31.	Costamare Inc.		-			-
	32.	Costamare Inc.		-			79,348
	33.	Amoroto et al.		-			103,423
	34.	Costamare Inc.		-			-
	35.	Dattier Marine Corp et al.		-			43,480
	36.	Bernis Marine Corp et al.		-			-
	37.	Costamare Inc.		-			-
		*Term Loans*	$	736,658		$	1,550,472
B.	*Other financing arrangements*			728,961			803,589
C.	*Unsecured Bond Loan*			-			113,260
		*Total long-term debt*	$	1,465,619		$	2,467,321
		*Less: Deferred financing costs*		(13,406	)		(25,238	)
		*Total long-term debt, net*		1,452,213			2,442,083
		*Less: Long-term debt current portion*		(149,910	)		(278,326	)
		*Add: Deferred financing costs, current portion*		2,773			5,961
		*Total long-term debt, non-current, net*	$	1,305,076		$	2,169,718

A. Term Loans:

1. In December 2007, Montes Shipping Co. and Kelsen Shipping Co. entered into a loan agreement with a bank for an amount of up to $150,000 in the aggregate ($75,000 each) on a joint and several basis in order to partly finance the acquisition cost of the vessels Maersk Kawasaki and Kure. On January 27, 2016, 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 $66,000 and amend the repayment schedule. On June 19, 2017, the Company prepaid $6,000 on the then outstanding balance. On June 29, 2020, the Company prepaid $8,500, due to the sale of Kawasaki (ex. Maersk Kawasaki) (Note 7), on the then outstanding balance. On December 17, 2020, the outstanding balance of $8,500 was fully repaid.

2. On May 6, 2016, Uriza Shipping S.A., entered into a loan agreement with a bank for an amount of up to $39,000 for general corporate purposes. On May 11, 2016 the Company drew the amount of $39,000. On November 12, 2020, the Company fully prepaid the outstanding balance of $19,500.

3. In May 2008, Costis Maritime Corporation and Christos Maritime Corporation entered into a loan agreement with a bank for an amount of up to $150,000 in the aggregate ($75,000 each) on a joint and several basis in order to partly finance the acquisition cost of the vessels York and Sealand Washington. In June 2006, Capetanissa Maritime Corporation entered into a loan agreement with a bank for an amount of up to $90,000, in order to partly finance the acquisition cost of the vessel Cosco Beijing. On August 10, 2016, Costis Maritime Corporation, Christos Maritime Corporation and Capetanissa Maritime Corporation entered into a loan agreement with a bank in order to extend the repayment and amend the repayment profile of the then outstanding loans in the amounts of $116,500 in aggregate. On July 21, 2017, the Company prepaid the amount of $4,000 and on June 26, 2018, the Company prepaid another $4,000. On May 7, 2020, the outstanding balance of the loan was fully repaid.

4. In February 2006, Rena Maritime Corporation entered into a loan agreement with a bank for an amount of up to $90,000 in order to partly finance the acquisition cost of the vessel Cosco Guangzhou. On December 22, 2016, Rena Maritime Corporation, Finch Shipping Co. and Joyner Carriers S.A. entered into a new loan agreement with a bank in order to fully refinance the then outstanding loan of $37,500 and finance the working capital needs of the Finch Shipping Co. and Joyner Carriers S.A. On January 24, 2020, the Company prepaid the amount $1,385 due to the sale of the vessel Neapolis (Note 7). On May 7, 2020, the outstanding balance of the loan was fully repaid.

5. On August 1, 2017, Nerida Shipping Co. entered into a loan agreement with a bank for an amount of up to $17,625 for the purpose of financing general corporate purposes relating to Maersk Kowloon. On August 3, 2017 the Company drew the amount of $17,625. As of December 31, 2021, the outstanding balance of $9,975 is repayable in 3 equal quarterly installments of $450, from February 2022 to July 2022 and a balloon payment of $8,625 payable together with the last installment.

6. On March 7, 2018, the Company entered into a loan agreement with a bank for an amount of $233,000 in order to partially refinance a previously held loan. The facility has been drawn down in two tranches on March 23, 2018. The Company prepaid on May 29, 2018 the amount of $4,477 due to the sale of the container vessel Itea and also prepaid on March 22, 2019 the amount of $5,805 due to the sale of the container vessel Piraeus (Note 7). During the year ended December 31, 2020, the Company fully prepaid the outstanding balance of the loan.

7. On July 17, 2018, Tatum Shipping Co. and Singleton Shipping Co. entered into a loan agreement with a bank for an amount of up to $48,000, for the purpose of financing general corporate purposes relating to the vessels Megalopolis and Marathopolis. The facility has been drawn down in two tranches on July 20, 2018 and August 2, 2018. As of December 31, 2021, the outstanding balance of Tranche A of $18,800 is repayable in 15 equal quarterly installments of $400, from January 2022 to June 2025 and a balloon payment of $12,800 payable together with the last installment. As of December 31, 2021, the outstanding balance of Tranche B of $18,800 is repayable in 15 equal quarterly installments of $400, from February 2022 to July 2025 and a balloon payment of $12,800 payable together with the last installment.

8. On October 26, 2018, Reddick Shipping Co. and Verandi Shipping Co., entered into a loan agreement with a bank for an amount of up to $25,000, for the purpose of financing general corporate purposes relating to the vessels Maersk Kleven and Maersk Kotka. The facility has been drawn down in two tranches on October 30, 2018. On March 24, 2021, the then outstanding balance of $14,020 was fully repaid.

9. On November 27, 2018, the Company entered into a loan agreement with a bank for an amount of $55,000 in order to refinance previously held loans. The facility has been drawn down in two tranches. Tranche A of $28,000 was drawn down on November 30, 2018 and Tranche B (the revolving part of the loan) of $27,000 was drawn down on December 11, 2018. During the year ended December 31, 2019 and following the sale of the vessels MSC Pylos, Sierra II, Reunion and Namibia II (Note 7), the Company prepaid in aggregate, the amount of $10,615. On November 11, 2020, the Company drew down the amount of $5,803 under the revolving part of the loan and provided the vessel Scorpius (ex. JPO Scorpius) (Note 7) as additional security. As of December 31, 2021, the outstanding balance of Tranche A of $8,000 is repayable in eight equal quarterly installments of $1,000, from February 2022 to November 2023. As of December 31, 2021, the outstanding balance of Tranche B of $22,188 is payable in November 2023. As of December 31, 2021, the vessel Sealand Michigan was classified as “Vessel held for sale” (Note 7) and the then outstanding amount of $6,544 is included in the Current portion of long-term debt, net of deferred financing costs in the accompanying 2021 balance sheet.

10. On June 18, 2019, Bastian Shipping Co. and Cadence Shipping Co., entered into a loan agreement with a bank for an amount of up to $136,000, for the purpose of financing the acquisition costs of MSC Ajaccio and MSC Amalfi (Notes 7 and 12) and general corporate purposes relating to the two vessels. The facility was drawn down in two tranches on June 24, 2019. As of December 31, 2021, the aggregate outstanding balance of the two tranches of $98,000 is repayable in 22 variable quarterly installments, from March 2022 to June 2027 and a balloon payment per tranche of $14,400 payable together with the last installment.

11. On June 24, 2019, Adele Shipping Co. entered into a loan agreement with a bank for an amount of up to $68,000, for the purpose of financing the acquisition cost of MSC Azov (Notes 7 and 12) and general corporate purposes relating to the vessel. The facility was drawn down on July 12, 2019. As of December 31, 2021, the outstanding balance of the loan of $54,500 is repayable in 19 equal quarterly installments of $1,500, from January 2022 to June 2026 and a balloon payment of $26,000 payable together with the last installment.

12. On June 28, 2019, the Company entered into a loan agreement with a bank for an amount of up to $150,000, in order to partially refinance two term loans. Vessels Value, Valence and Vantage were provided as security. The facility was drawn down in three tranches on July 15, 2019. As of December 31, 2021, the outstanding balance of each tranche of $41,330, is repayable in 15 equal quarterly installments of $963.3 from January 2022 to July 2025 and a balloon payment of $26,880, each payable together with the last installment.

13. On July 18, 2019, the Company entered into a loan agreement with a bank for an amount of up to $94,000, in order to partially refinance one term loan. Vessels Valor and Valiant were provided as security. The facility was drawn down in two tranches on July 24, 2019. As of December 31, 2021, the outstanding balance of each tranche of $36,449, is repayable in 15 equal quarterly installments of $1,005.7 from January 2022 to July 2025 and a balloon payment of $21,363.6 each payable together with the last installment.

14. On February 13, 2020, the Company entered into a loan agreement with a bank for an amount of up to $30,000 in order to partly finance the acquisition cost of the vessels Vulpecula, Volans, Virgo and Vela (Note 7). On February 18, 2020, the Company drew down the amount of $30,000 in four tranches. As of December 31, 2021, the aggregate outstanding balance of tranche A, B, C and D of $24,554 is repayable in nine equal quarterly installments of $194, $199, $190 and $195, respectively, from February 2022 to February 2024 and a balloon payment of $4,646, $4,566, $4,210 and $4,130 respectively, payable together with the last installment.

15. On April 24, 2020, Capetanissa Maritime Corporation, Christos Maritime Corporation, Costis Maritime Corporation, Joyner Carriers S.A. and Rena Maritime Corporation, entered into a loan agreement with a bank for an amount of up to $70,000, in order to refinance two term loans. The facility was drawn down on May 6, 2020. As of December 31, 2021, the outstanding balance of $56,500 is repayable in 14 equal quarterly installments of $2,250 from February 2022 to May 2025 and a balloon payment of $25,000 payable together with the last installment. As of December 31, 2021, the vessel Messini and York were classified as “Vessels held for sale” (Note 7) and the then aggregate outstanding amount of $12,817 (Note 22 (i)) is included in the Current portion of long-term debt, net of deferred financing costs in the accompanying 2021 balance sheet.

16. On May 29, 2020, 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 $70,000, in order to partly refinance one term loan. The facility was drawn down on June 4, 2020. As of December 31, 2021, the outstanding balance of $54,400 is repayable in 14 equal quarterly installments of $1,800 from March 2022 to June 2025 and a balloon payment of $29,200 payable together with the last installment.

17. On June 11, 2020, 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 $70,000, in order to partly refinance one term loan. The facility was drawn down on June 17, 2020. On September 10, 2020 and September 16, 2020, the Company prepaid $1,450 and $4,878, respectively due to the sale of Zagora and Singapore Express (Note 7), on the then outstanding balance. On January 29, 2021 and May 21, 2021, the Company prepaid $4,861 and $1,012, respectively due to the sale of Halifax Express and Prosper (Note 7), on the then outstanding balance. On June 4, 2021, the then outstanding balance of $50,105 of the loan was fully repaid.

18. On December 15, 2020, Kelsen Shipping Co. entered into a loan agreement with a bank for an amount of $8,100, in order to partially refinance one term loan. The facility was drawn down on December 17, 2020. As of December 31, 2021, the outstanding balance of the loan of $4,050 is repayable in two equal semi-annual installments of $2,025, from June 2022 to December 2022.

19. On November 10, 2020, Uriza Shipping S.A. entered into a loan agreement with a bank for an amount of $20,000, in order to refinance one term loan. The facility was drawn down on November 12, 2020. As of December 31, 2021, the outstanding balance of the loan of $17,400 is repayable in 16 equal quarterly installments of $650, from February 2022 to November 2025 and a balloon payment of $7,000 payable together with the last installment.

20. On January 27, 2021, Berg Shipping Co. entered into a loan agreement with a bank for an amount of $12,500, in order to finance the acquisition cost of the vessel Neokastro. The facility was drawn down on January 29, 2021. As of December 31, 2021, the outstanding balance of the loan of $11,660 is repayable in 17 equal quarterly installments of $280, from January 2022 to January 2026 and a balloon payment of $6,900 payable together with the last installment.

21. On March 16, 2021, Reddick Shipping Co. and Verandi Shipping Co. entered into a loan agreement with a bank for an amount of $18,500, in order to refinance one term loan and for general corporate purposes. The facility was drawn down in two tranches on March 23, 2021. As of December 31, 2021, the outstanding balance of each tranche of $7,450 is repayable in seven equal quarterly installments of $600, from March 2022 to September 2023 and a balloon payment of $3,250 each payable together with the last installment.

22. On March 18, 2021, Evantone Shipping Co. and Fortrose Shipping Co. entered into a loan agreement with a bank for an amount of $23,000 for the purpose of financing general corporate purposes. The facility was drawn down on March 23, 2021. As of December 31, 2021, the outstanding balance of the loan of $20,750 is repayable in 17 equal quarterly installments of $750, from March 2022 to March 2026 and a balloon payment of $8,000 payable together with the last installment.

23. On March 19, 2021, Ainsley Maritime Co. and Ambrose Maritime Co. entered into a loan agreement with a bank for an amount of $150,000, in order to refinance two term loans (Note 7) and for general corporate purposes. The facility was drawn down in two tranches on March 24, 2021. As of December 31, 2021, the outstanding balance of each tranche of $70,982.1 is repayable in 37 equal quarterly installments of $1,339.3, from March 2022 to March 2031 and a balloon payment of $21,428.6 each payable together with the last installment.

24. On March 24, 2021, Hyde Maritime Co. and Skerrett Maritime Co. entered into a loan agreement with a bank for an amount of $147,000, in order to refinance two term loans (Note 7) and for general corporate purposes. The facility was drawn down in two tranches on March 26, 2021. As of December 31, 2021, the outstanding balance of tranche A of $69,259.6 is repayable in 27 equal quarterly installments of $1,413.5, from March 2022 to September 2028 and a balloon payment of $31,096.2 each payable together with the last installment. As of December 31, 2021, the outstanding balance of tranche B of $69,259.6 is repayable in 17 equal quarterly installments of $1,413.5, from March 2022 to March 2026 and a balloon payment of $45,230.8 each payable together with the last installment.

25. On March 29, 2021, Kemp Maritime Co. entered into a loan agreement with a bank for an amount of $75,000, in order to refinance one term loan (Note 7) and for general corporate purposes. The facility was drawn down on March 30, 2021. As of December 31, 2021, the outstanding balance of the loan of $70,350 is repayable in 29 variable quarterly installments from March 2022 to March 2029 and a balloon payment of $28,600 payable together with the last installment.

26. On March 29, 2021, Vernes Shipping Co. entered into a loan agreement with a bank for an amount of $14,000, in order to finance the acquisition cost of the vessel Glen Canyon (Note 7). The facility was drawn down on March 31, 2021. As of December 31, 2021, the outstanding balance of the loan of $12,650 is repayable in 17 equal quarterly installments of $450, from March 2022 to March 2026 and a balloon payment of $5,000 payable together with the last installment.

27. On June 1, 2021, Achilleas Maritime Corporation, Angistri Corporation, Fanakos Maritime Corporation, Fastsailing Maritime Co., Lindner Shipping Co., Miko Shipping Co., Saval Shipping Co., Spedding Shipping Co., Tanera Shipping Co., Timpson Shipping Co. and Wester Shipping Co., entered into a loan agreement with a bank for an amount of up to $158,105, in order to refinance one term loan and to finance the acquisition cost of the vessels Porto Cheli, Porto Kagio and Porto Germeno (Note 7). The facility was drawn down in four tranches. On June 4, 2021, the Refinancing tranche of $50,105 and tranche C of $38,000 were drawn down, on June 7, 2021, Tranche A of $35,000 was drawn down and on June 24, 2021, Tranche B of $35,000 was drawn down. On August 12, 2021, the Company prepaid $7,395.1 due to the sale of Venetiko (Note 7), on the then outstanding balance. On October 12, 2021 and October 25, 2021, the Company prepaid $6,531 and $6,136, respectively due to the sale of ZIM Shanghai and ZIM New York (Note 7), on the then outstanding balance. As of December 31, 2021, the outstanding balance of the Refinancing tranche of $26,630.5 is repayable in 18 equal quarterly installments of $1,391.5 payable from March 2022 to June 2026 and a balloon payment of $1,583.4, payable together with the last installment. As of December 31, 2021, the vessel Sealand Illinois was classified as “Vessel held for sale” (Note 7) and the then outstanding amount of $5,862 is included in the Current portion of long-term debt, net of deferred financing costs in the accompanying 2021 balance sheet. As of December 31, 2021, the outstanding balance of tranche A of $32,000 is repayable in 18 equal quarterly installments of $1,500, from March 2022 to June 2026 and a balloon payment of $5,000 payable together with the last installment. As of December 31, 2021, the outstanding balance of tranche B of $32,000 is repayable in 18 equal quarterly installments of $1,500, from March 2022 to June 2026 and a balloon payment of $5,000 payable together with the last installment. As of December 31, 2021, the outstanding balance of tranche C of $34,730 is repayable in 18 equal quarterly installments of $1,635, from March 2022 to June 2026 and a balloon payment of $5,300 payable together with the last installment.

28. On June 7, 2021, Novara Shipping Co., Finney Shipping Co., Alford Shipping Co. and Nisbet Shipping Co. entered into a loan agreement with a bank for an amount of up to $79,000, in order to finance the acquisition cost of the vessels Androusa, Norfolk, Gialova and CO Kobe (tbr Dyros) (Note 7 and Note 22(f)). The first two tranches of the facility of $22,500 each, were drawn on June 10, 2021, the third tranche of $22,500 was drawn on August 25, 2021, while the fourth tranche of $11,500 was not drawn down until December 31, 2021 (Note 22(e)(iv)). As of December 31, 2021, the aggregate outstanding balance $42,120 of the first two tranches, is repayable in 14 variable quarterly installments from March 2022 to June 2025 and a balloon payment of $24,120 in the aggregate, payable together with the last installment. As of December 31, 2021, the outstanding balance of the third tranche of $21,712.5, is repayable in 15 variable quarterly installments from February 2022 to August 2025 with a balloon payment of $10,980, payable together with the last installment.

29. On July 8, 2021, the Company entered into a loan agreement with a bank for an amount of up to $62,500, in order to finance the acquisition cost of the vessels Pegasus, Eracle, Peace, Sauvan, Pride, Acuity, Comity and Athena (Note 7). An aggregate amount of $49,236.3, was drawn during July 2021, an amount of $7,300 was drawn in August 2021 and an amount of $5,963.8 was drawn in October 2021, to finance the acquisition of the eight vessels. As of December 31, 2021, the aggregate outstanding balance of $59,951.6 is repayable in variable quarterly installments from January 2022 to October 2026 with an aggregate balloon payment of $17,684.5 that is payable together with the respective last installments.

30. On July 9, 2021, the Company entered into a loan agreement with a bank for an amount of up to $81,500, in order to finance the acquisition cost of the vessels Builder, Adventure, Manzanillo, Alliance, Seabird, Aeolian, Farmer and Greneta (Note 7). Five tranches of the facility with aggregate amount of $44,620 were drawn during July 2021 to finance the acquisition of the first five vessels, one tranche amounting to $12,480 was drawn in August 2021 to finance the acquisition of the vessel Aeolian, one tranche amounting to $13,250 was drawn in October 2021 to finance the acquisition of the vessel Farmer and one tranche amounting to $11,150 was drawn in December 2021 to finance the acquisition of the vessel Greneta. As of December 31, 2021, the aggregate outstanding balance of $80,227.5 is repayable in variable quarterly installments from January 2022 to December 2026 with an aggregate balloon payment of $43,850 that is payable together with the respective last installments.

31. On July 12, 2021, the Company entered into a revolving facility agreement for an amount of up to $24,500, for the purpose of financing general and working capital purposes. The amount of $24,500 was drawn down on July 15, 2021. On November 1, 2021, the Company fully prepaid the outstanding balance of $24,500.

32. On July 16, 2021, the Company entered into a hunting license facility agreement with a bank for an amount of up to $120,000, in order to finance the acquisition cost of the vessels Bernis, Verity, Dawn, Discovery, Clara, Serena, Parity, Taibo, Thunder, Equity, Curacao and Rose (Note 7). Three tranches of the facility with an aggregate amount of $34,200 were drawn during July 2021, to finance the acquisition of the first three vessels, three tranches of the facility with an aggregate amount of $28,050 were drawn during August 2021, to finance the acquisition of the subsequent three vessels, three tranches of the facility with an aggregate amount of $27,600 were drawn during September 2021, to finance the acquisition of the subsequent three vessels, two tranches of the facility with an aggregate amount of $19,350 were drawn during October 2021, to finance the acquisition of the subsequent two vessels and the last tranche of the facility with an amount of $10,800 was drawn during November 2021, to finance the acquisition of the last vessel. On December 21, 2021, the Company prepaid the amount of $38,844 regarding the tranches of vessels Clara, Rose, Thunder and Equity (Note 11.A.35). As of December 31, 2021, the aggregate outstanding balance of $79,348 is repayable in variable quarterly installments from January 2022 to September 2027 with an aggregate balloon payment of $40,884 that is payable together with the respective last installments.

33. On July 27, 2021, Amoroto Marine Corp., Bermeo Marine Corp., Bermondi Marine Corp., Briande Marine Corp., Camarat Marine Corp., Camino Marine Corp., Canadel Marine Corp., Cogolin Marine Corp., Fruiz Marine Corp., Gajano Marine Corp., Gatika Marine Corp., Guernica Marine Corp., Laredo Marine Corp., Onton Marine Corp. and Solidate Marine Corp. amongst others, entered into a hunting license facility agreement with a bank for an amount of up to $125,000, in order to finance the acquisition cost of the vessels Progress, Merida, Miner, Uruguay, Resource, Konstantinos, Cetus (ex. Charm), Titan I, Bermondi, Orion, Merchia and Damon (Note 7), as well as the acquisition of further vessels. Two tranches of the facility with an aggregate amount of $18,000 were drawn during August 2021 to finance the acquisition of the first two vessels, four tranches of the facility with an aggregate amount of $32,430 were drawn during September 2021 to finance the acquisition of the subsequent four vessels, one tranche of the facility with an aggregate amount of $7,347 was drawn in October 2021 to finance the acquisition of the vessel Cetus (ex. Charm), three tranches of the facility with an aggregate amount of $33,645 were drawn during November 2021 to finance the acquisition of the subsequent three vessels and one tranche of the facility with an amount of $14,100 was drawn in December 2021 to finance the acquisition of Merchia. The last tranche of the facility was not drawn down until December 31, 2021. As of December 31, 2021, the aggregate outstanding balance of $103,423 is repayable in variable quarterly installments from January 2022 to December 2026 with an aggregate balloon payment of $54,018.7 that is payable together with the respective last installments.

34. On September 10, 2021, as amended on December 29, 2021, the Company entered into a hunting license facility agreement with a bank for an amount of up to $150,000 in order to finance part of the acquisition cost of dry bulk vessels. No drawdown had occurred as of December 31, 2021.

35. On December 10, 2021, Dattier Marine Corp., Dramont Marine Corp., Gassin Marine Corp. and Merle Marine Corp. entered into a loan agreement with a bank for an amount of up to $43,500, in order to refinance the term loan of the vessels Equity, Thunder, Rose and Clara. The facility was drawn down on December 20, 2021. As of December 31, 2021, the aggregate outstanding balance of $43,480 is repayable in variable quarterly installments from March 2022 to December 2026 with an aggregate balloon payment of $12,330 that is payable together with the respective last installments.

36. On December 24, 2021, Bernis Marine Corp. Andati Marine Corp., Barral Marine Corp., Cavalaire Marine Corp. and Astier Marine Corp. entered into a loan agreement with a bank for an amount of up to $55,000, in order to refinance the term loan of the vessels Bernis, Verity, Dawn, Discovery and Parity discussed in Note 11.A.32. No drawdown had occurred as of December 31, 2021.

37. On December 28, 2021, the Company entered into a hunting license facility agreement with a bank for an amount of up to $100,000 in order to finance the acquisition cost of the vessels Pythias, Egyptian Mike, Phoenix, Belstar (tbr Oracle), Universal Bremen (tbr Libra) (Note 7) and of other dry bulk vessels that the Company has not identified to date. No drawdown had occurred as of December 31, 2021.

The term loans discussed above bear interest at LIBOR plus a spread (with the exception of the loan discussed in Note 11.A.24 which bears a fixed rate) and are secured by, inter alia, (a) first-priority mortgages over the financed vessels, (b) first priority assignments of all insurances and earnings of the mortgaged vessels and (c) corporate guarantees of Costamare or its subsidiaries, as the case may 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 100% to 125%, 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 may also require the Company to maintain minimum liquidity, minimum net worth, interest coverage and leverage ratios, as defined.

B. Other Financing Arrangements

1. In August 2018, the Company, through five wholly owned subsidiaries, entered into five pre and post-delivery financing agreements with a financial institution for the five newbuild containerships (Note 7). The Company is required to repurchase each underlying vessel at the end of the lease and as such it has assessed that under ASC 606, the advances paid for the vessels under construction are not derecognized and the amounts received are accounted for as financing arrangements. The financing arrangements bear fixed interest and the interest expense incurred for the year ended December 31, 2021 amounted to $465 ($3,274 for the year ended December 31, 2020), in the aggregate, and is capitalized in “Vessels and advances, net” in the accompanying 2021 consolidated balance sheet. The total financial liability under these financing agreements is repayable in 121 monthly installments beginning upon vessel delivery date including the amount of purchase obligation at the end of the agreements. As of December 31, 2021 and following the delivery of the five newbuilds (Note 7), the aggregate outstanding amount of their financing arrangements is repayable in various installments from January 2022 to May 2031 including the amount of purchase obligation at the end of each financing agreement. The financing arrangements bear fixed interest and for the years ended December 31, 2021, the interest expense incurred amounted to $16,715, in aggregate, ($4,191 for the year ended December 31, 2020) and is included in Interest and finance costs in the accompanying 2021 consolidated statement of operations.

2. On November 12, 2018, the Company, as discussed in Notes 7 and 10 above, entered into a Share Purchase Agreement with York. As at that date, the Company assumed the financing agreements that the five 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 18 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 606 and ASC 840 the assumed financial liability is accounted for as a financing arrangement. The amount payable to York has been accounted for under ASC 480-Distinguishing liabilities from equity and has been measured under ASC 835-30- Imputation of interest in accordance with the interest method. On May 12, 2020, the outstanding amount of the Company’s obligation to York was fully repaid. As at December 31, 2021, the aggregate outstanding amount of the five financing arrangements is repayable in various installments from January 2022 to October 2028 and a balloon payment for each of the five financing arrangements of $32,022, payable together with the last installment. The financing arrangements bear fixed interest and for the year ended December 31, 2021, the interest expense incurred amounted to $18,807 ($28,410 for the year ended December 31, 2020 and $31,196 for the year ended December 31, 2019), in aggregate, and is included in Interest and finance costs in the accompanying consolidated statements of operations.

As of December 31, 2021, the aggregate outstanding balance of the financing arrangements under (1) and (2) above was $803,589.

C. Unsecured Bond Loan (“Bond Loan”)

In May 2021, the Company, through its wholly owned subsidiary, Costamare Participations Plc (the “Issuer”), issued €100,000 of unsecured bonds to investors (the “Bond Loan”) and listed the bonds on the Athens Exchange. The Bond Loan will mature in May 2026 and carries a coupon of 2.70%, payable semiannually. The bond offering was completed on May 25, 2021. The trading of the Bonds on the Athens Exchange commenced on May 26, 2021. The net proceeds of the offering are intended to be used for the repayment of indebtedness, vessel acquisitions and working capital purposes.

The Bond Loan can be called in part (pro-rata) or in full by Costamare Participations Plc on any coupon payment date, after the second anniversary and until 6 months prior to maturity. If the Bond Loan is redeemed (in part or in full) on i) the 5th and/or 6th coupon payment date, bondholders will receive a premium of 1.5% on the nominal amount of the bond redeemed, ii) the 7th and/or 8th coupon payment date, bondholders will receive a premium of 0.5% on the nominal amount of the bond redeemed; no premium shall be paid for a redemption occurring on the 9th coupon payment date. In case there is a material change in the tax treatment of the Bond Loan for Costamare Participations Plc, then the Issuer has the right, at any time, to fully prepay the Bond Loan without paying any premium. The Issuer can exercise the early redemption right in part, one or more times, by pre-paying each time a nominal amount of bonds equal to at least €10,000 provided that the remaining nominal amount of the bonds after the early redemption is not lower than €50,000

As of December 31, 2021, the outstanding balance of the bond amounted to $113,260. For the year ended December 31, 2021, the interest expense incurred amounted to $1,896 and is included in Interest and finance costs in the accompanying consolidated statements of operations.

The annual repayments under the Term Loans, Other Financing Arrangements and Unsecured bond after December 31, 2021, giving effect to the term loans discussed in Note 11.A.9, 11.A.15 and 11.A.27, are in the aggregate as follows:

Year ending December 31,	Amount
2022	$	278,327
2023		251,339
2024		234,772
2025		436,172
2026		508,049
2027 and thereafter		758,662
Total	$	2,467,321

The interest rate of Costamare’s Term Loans and Other Financing Arrangements (inclusive of fixed rate Term Loans and the related cost of interest rate swaps) as at December 31, 2019, 2020 and 2021, ranged from 3.75%-6.34%, 2.07%-6.34% and 1.82%-4.80%, respectively. The weighted average interest rate of Costamare’s Term Loans and Other Financing Arrangements (inclusive of fixed rate Term Loans and the related cost of interest rate swaps) as at December 31, 2019, 2020 and 2021, was 4.8%, 4.1% and 3.3%, respectively.

Total interest expense incurred on long-term debt including the effect of the hedging interest rate swaps (discussed in Notes 17 and 19) and capitalized interest for the years ended December 31, 2019, 2020 and 2021 amounted to $73,752, $65,497 and $74,017, respectively. Of the above amounts, $71,293, $62,223 and $73,552 are included in Interest and finance costs in the accompanying consolidated statements of operations for the years ended December 31, 2019, 2020 and 2021, respectively, whereas in 2019 an amount of $2,459 is capitalized and included in Vessels and Advances, net in the consolidated balance sheet as of December 31, 2019, in 2020, an amount of $3,274 is capitalized and included in Vessels and Advances, net in the consolidated balance sheet as of December 31, 2020 and in 2021, an amount of $465 is capitalized and included in Vessels and Advances, net in the consolidated balance sheet as of December 31, 2021.

D. Financing Costs

The amounts of financing costs included in the loan balances and finance lease liabilities (Note 12) are as follows:

Balance, January 1, 2020	$	10,874
Additions		7,478
Amortization and write-off		(3,645	)
Transfers and other movements		(627	)
Balance, December 31, 2020	$	14,080
Additions		18,034
Amortization and write-off		(6,704	)
Transfers and other movements		306
Balance, December 31, 2021	$	25,716
Less: Current portion of financing costs		(5,961	)
Financing costs, non-current portion	$	19,755

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 17).