6-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR
15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2017

Commission File Number: 001-34934

COSTAMARE INC.
(Translation of registrant’s name into English)

7 rue du Gabian, MC 98000 Monaco
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F     x          Form 40-F     o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

INCORPORATION BY REFERENCE

Exhibit 99.1 to this Report on Form 6-K shall be incorporated by reference into our registration statements on Form F-3, as filed with the Securities and Exchange Commission on July 6, 2016 (File No. 333-212415) and October 27, 2016 (File No. 333-214268), to the extent not superseded by information subsequently filed or furnished (to the extent we expressly state that we incorporate such furnished information by reference) by us under the Securities Act of 1933 or the Securities Exchange Act of 1934, in each case as amended.

EXHIBIT INDEX

99.1 Unaudited interim condensed consolidated financial statements of Costamare Inc. for the six-month period ended June 30, 2017, and the accompanying notes thereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: August 4, 2017

COSTAMARE INC.
By:	/s/ Gregory G. Zikos
Name:	Gregory G. Zikos
Title:	Chief Financial Officer

EX-99.1

Exhibit 99.1

COSTAMARE INC.

Condensed Consolidated Balance Sheets

As of December 31, 2016 and June 30, 2017

(Expressed in thousands of U.S. dollars)

	December 31, 2016			June 30, 2017
ASSETS		(Audited)			(Unaudited)
CURRENT ASSETS:
Cash and cash equivalents	$	164,898		$	195,023
Restricted cash		6,882			6,462
Accounts receivable		971			3,916
Inventories (Notes 2 and 5)		11,415			10,360
Due from related parties (Notes 3 and 9)		3,447			3,928
Fair value of derivatives (Notes 18 and 19)		-			416
Insurance claims receivable		2,886			2,722
Prepaid lease rentals (Note 11)		8,752			8,752
Accrued charter revenue (Note 12)		408			391
Prepayments and other		3,914			4,007
Vessel held for sale (Note 6)		6,256			7,035
Total current assets		209,829			243,012
FIXED ASSETS, NET:
Capital leased assets (Note 11)		384,872			422,603
Vessels, net (Note 6)		1,688,285			1,643,985
Total fixed assets, net		2,073,157			2,066,588
NON-CURRENT ASSETS:
Equity method investments (Notes 2 and 9)		153,126			160,789
Prepaid lease rentals, non-current (Note 11)		51,670			47,330
Accounts receivable, non-current (Note 3)		1,575			1,725
Deferred charges, net (Note 7)		20,367			18,256
Restricted cash		38,783			36,480
Fair value of derivatives, non-current (Notes 18 and 19)		762			2,186
Accrued charter revenue, non-current (Note 12)		185			-
Other non-current assets (Note 4)		8,970			9,191
Total assets	$	2,558,424		$	2,585,557
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt, net of deferred financing costs (Note 10)	$	198,277		$	180,961
Accounts payable		3,848			4,642
Due to related parties (Note 3)		191			218
Capital lease obligations, net (Note 11)		29,059			32,351
Accrued liabilities		11,109			11,488
Unearned revenue (Note 12)		19,668			17,087
Fair value of derivatives (Notes 18 and 19)		16,161			9,927
Other current liabilities		1,673			1,615
Total current liabilities		279,986			258,289
NON-CURRENT LIABILITIES:
Long-term debt, net of current portion  and deferred financing costs (Note 10)		856,330			754,482
Capital lease obligations, net of current portion (Note 11)		331,196			356,233
Unearned revenue, net of current portion (Note 12)		16,488			14,948
Total non-current liabilities		1,204,014			1,125,663
COMMITMENTS AND CONTINGENCIES (Note 13)		-			-
STOCKHOLDERS’ EQUITY:
Preferred stock (Note 14)		-			-
Common stock (Note 14)		9			10
Additional paid-in capital (Note 14)		1,057,423			1,162,148
Retained earnings		31,416			48,745
Accumulated other comprehensive loss (Notes 18 and 20)		(14,424	)		(9,298	)
Total stockholders’ equity		1,074,424			1,201,605
Total liabilities and stockholders’ equity	$	2,558,424		$	2,585,557

The accompanying notes are an integral part of these interim unaudited consolidated financial statements.

1

COSTAMARE INC.

Unaudited Condensed Consolidated Statements of Income

For the six-month periods ended June 30, 2016 and 2017

(Expressed in thousands of U.S. dollars, except share and per share data)

	Six-month periods ended June 30,
	2016			2017
REVENUES:
Voyage revenue	$	239,799		$	210,541
EXPENSES:
Voyage expenses		(1,040	)		(1,573	)
Voyage expenses-related parties (Note 3)		(1,798	)		(1,579	)
Vessels’ operating expenses		(52,459	)		(50,847	)
General and administrative expenses		(1,618	)		(1,554	)
General and administrative expenses – related parties (Note 3)		(3,996	)		(3,328	)
Management fees-related parties (Note 3)		(9,570	)		(9,387	)
Amortization of dry-docking and special survey costs (Note 7)		(3,940	)		(3,911	)
Depreciation (Notes 6, 11 and 20)		(50,569	)		(48,515	)
Amortization of prepaid lease rentals, net (Note 11)		(2,477	)		(4,320	)
Loss on sale / disposal of vessels, net (Note 6)		-			(3,638	)
Loss on vessel held for sale (Note 6)		-			(2,732	)
Foreign exchange gains / (losses), net		(229	)		31
Operating income		112,103			79,188
OTHER INCOME / (EXPENSES):
Interest income		737			1,116
Interest and finance costs (Note 16)		(36,676	)		(35,338	)
Equity gain / (loss) on investments (Note 9)		(405	)		887
Other, net		538			606
Loss on derivative instruments, net (Note 18)		(4,259	)		(396	)
Total other expenses		(40,065	)		(33,125	)
Net Income	$	72,038		$	46,063
Earnings allocated to Preferred Stock (Note 15)		(10,473	)		(10,473	)
Net income available to Common Stockholders		61,565			35,590
Earnings per common share, basic and diluted (Note 15)	$	0.82		$	0.38
Weighted average number of shares, basic and diluted		75,474,844			93,851,789

The accompanying notes are an integral part of these interim unaudited consolidated financial statements.

2

COSTAMARE INC.

Unaudited Condensed Consolidated Statements of Comprehensive Income

For the six-month periods ended June 30, 2016 and 2017

(Expressed in thousands of U.S. dollars)

	Six-month periods ended June 30,
	2016			2017
Net income for the period	$	72,038		$	46,063
Other comprehensive income / (loss):
Unrealized gain / (loss) on cash flow hedges, net (Notes 18 and 20)		(3,061	)		5,095
Amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to Depreciation (Note 20)		51			31
Other comprehensive income / (loss) for the period	$	(3,010	)	$	5,126
Total comprehensive income for the period	$	69,028		$	51,189

The accompanying notes are an integral part of these interim unaudited consolidated financial statements.

3

COSTAMARE INC.

Unaudited Condensed Consolidated Statements of Stockholders’ Equity

For the six-month periods ended June 30, 2016 and 2017

(Expressed in thousands of U.S. dollars, except share and per share data)

	Preferred Stock (Series D)				Preferred Stock (Series C)				Preferred Stock (Series B)				Common Stock
	# of shares		Par value		# of shares		Par value		# of shares		Par value		# of shares		Par value		Additional Paid-in Capital			Accumulated Other Comprehensive Loss			Retained Earnings			Total
BALANCE, January 1, 2016		4,000,000	$	-		4,000,000	$	-		2,000,000	$	-		75,398,400	$	8	$	963,904		$	(44,649	)	$	44,247		$	963,510
- Net income		-		-		-		-		-		-		-		-		-			-			72,038			72,038
- Issuance of common stock (Notes 3 and 14)		-		-		-		-		-		-		299,200		-		2,747			-			-			2,747
- Dividends - Common stock		-		-		-		-		-		-		-		-		-			-			(43,774	)		(43,774	)
- Dividends - Preferred stock		-		-		-		-		-		-		-		-		-			-			(10,531	)		(10,531	)
- Other comprehensive loss		-		-		-		-		-		-		-		-		-			(3,010	)		-			(3,010	)
BALANCE, June 30, 2016		4,000,000	$	-		4,000,000	$	-		2,000,000	$	-		75,697,600	$	8	$	966,651		$	(47,659	)	$	61,980		$	980,980
BALANCE, January 1, 2017		4,000,000	$	-		4,000,000	$	-		2,000,000	$	-		90,424,881	$	9	$	1,057,423		$	(14,424	)	$	31,416		$	1,074,424
- Net income		-		-		-		-		-		-		-		-		-			-			46,063			46,063
- Issuance of common stock (Notes 3 and 14)		-		-		-		-		-		-		15,565,567		1		105,037			-			-			105,038
- Issuance of common stock - expenses (Notes 3 and 14)		-		-		-		-		-		-		-		-		(312	)		-						(312	)
- Dividends - Common stock		-		-		-		-		-		-		-		-		-			-			(18,202	)		(18,202	)
- Dividends - Preferred stock		-		-		-		-		-		-		-		-		-			-			(10,532	)		(10,532	)
- Other comprehensive income		-		-		-		-		-		-		-		-		-			5,126			-			5,126
BALANCE, June 30, 2017		4,000,000	$	-		4,000,000	$	-		2,000,000	$	-		105,990,448	$	10	$	1,162,148		$	(9,298	)	$	48,745		$	1,201,605

The accompanying notes are an integral part of these interim unaudited consolidated financial statements.

4

COSTAMARE INC.

Unaudited Condensed Consolidated Statements of Cash Flows

For the six-month periods ended June 30, 2016 and 2017

(Expressed in thousands of U.S. dollars)

	Six-month periods ended June 30,
	2016			2017
Cash Flows From Operating Activities:
Net income:	$	72,038		$	46,063
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		50,569			48,515
Amortization of debt discount		(321	)		(348	)
Amortization of prepaid lease rentals, net		2,477			4,320
Amortization and write-off of financing costs		885			1,068
Amortization of deferred dry-docking and special survey costs		3,940			3,911
Equity based payments		2,747			2,078
Gain on derivative instruments, net		(84	)		(1,229	)
Loss on sale / disposal of vessels, net		-			3,638
Loss on vessel held for sale		-			2,732
Equity (gain) / loss on investments		405			(887	)
Changes in operating assets and liabilities:
Accounts receivable		(1,089	)		(695	)
Due from related parties		2,265			(481	)
Inventories		(196	)		1,055
Insurance claims receivable		(2,040	)		164
Prepayments and other		(641	)		(93	)
Accounts payable		1,238			794
Due to related parties		(139	)		27
Accrued liabilities		319			(1,243	)
Unearned revenue		(4,595	)		(2,781	)
Other current liabilities		(71	)		(58	)
Dry-dockings		(5,868	)		(1,802	)
Accrued charter revenue		(2,067	)		(5,599	)
Net Cash provided by Operating Activities		119,772			99,149
Cash Flows From Investing Activities:
Equity method investments		(11,715	)		(7,046	)
Dividend from equity method investees		-			270
Debt securities capital redemption		46			-
Vessel acquisitions / Additions to vessel cost		(2,563	)		(54,523	)
Proceeds from the sale of vessels, net		-			9,942
Net Cash used in Investing Activities		(14,232	)		(51,357	)
Cash Flows From Financing Activities:
Offering proceeds, net of related expenses		-			91,675
Capital lease proceeds		-			41,600
Capital lease repayment		(7,125	)		(14,876	)
Proceeds from long-term debt		39,000			-
Repayment of long-term debt		(92,630	)		(119,880	)
Payment of financing costs		(682	)		(1,147	)
Dividends paid		(54,305	)		(17,762	)
Decrease in restricted cash		9,836			2,723
Net Cash used in Financing Activities		(105,906	)		(17,667	)
Net (decrease) / increase in cash and cash equivalents		(366	)		30,125
Cash and cash equivalents at beginning of the period		100,105			164,898
Cash and cash equivalents at end of the period	$	99,739		$	195,023
Supplemental Cash Information:
Cash paid during the period for interest	$	23,031		$	27,923

The accompanying notes are an integral part of these interim unaudited consolidated financial statements.

5

COSTAMARE INC.

Notes to Unaudited Condensed Consolidated Financial Statements

June 30, 2016 and 2017

(Expressed in thousands of U.S. dollars, except share and per share data)

1. Basis of Presentation and General Information:

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.

On November 4, 2010, Costamare completed its initial public offering (“Initial Public Offering”) in the United States under the United States Securities Act of 1933, as amended (the “Securities Act”). On March 27, 2012, October 19, 2012, December 5, 2016 and May 31, 2017, the Company completed four follow-on public offerings in the United States under the Securities Act and issued 7,500,000 shares, 7,000,000 shares, 12,000,000 shares and 13,500,000 shares, respectively, par value $0.0001, at a public offering price of $14.10 per share, $14.00 per share, $6.00 per share and $7.10 per share, respectively. During 2015, the Company issued 448,800 shares to Costamare Shipping Company S.A. and 149,600 to Costamare Shipping Services Ltd. (Note 3). During 2016, the Company issued 598,400 shares, in aggregate, to Costamare Shipping Services Ltd. (Note 3). Additionally, during the six-month period ended June 30, 2017, the Company issued 299,200 shares to Costamare Shipping Services Ltd. On July 6, 2016, the Company implemented a dividend reinvestment plan (the “Plan”) (Note 14). Under the plan, the Company has issued to its common stockholders 4,194,448 shares, in aggregate. As at June 30, 2017, the aggregate issued share capital was 105,990,448 common shares. At June 30, 2017, members of the Konstantakopoulos Family owned, directly or indirectly, approximately 53.8% of the outstanding common shares, in the aggregate. Furthermore, (i) on August 7, 2013, the Company completed a public offering of 2,000,000 shares of its 7.625% Series B Cumulative Redeemable Perpetual Preferred Stock (the “Series B Preferred Stock”), par value $0.0001, at a public offering price of $25.00 per share, (ii) on January 21, 2014, the Company completed a public offering of 4,000,000 shares of its 8.50% Series C Cumulative Redeemable Perpetual Preferred Stock (the “Series C Preferred Stock”), par value $0.0001, at a public offering price of $25.00 per share and (iii) on May 13, 2015, the Company completed a public offering of 4,000,000 shares of its 8.75% Series D Cumulative Redeemable Perpetual Preferred Stock (the “Series D Preferred Stock”), par value $0.0001, at a public offering price of $25.00 per share.

As of December 31, 2016 and June 30, 2017, the Company owned and/or operated a fleet of 53 and 54 container vessels, respectively, with a total carrying capacity of approximately 314,423 and 323,407 twenty-foot equivalent units (“TEU”), respectively, through wholly-owned subsidiaries incorporated in the Republic of Liberia. The Company provides worldwide marine transportation services by chartering its container vessels to some of the world’s leading liner operators under long-, medium- and short-term time charters.

At June 30, 2017, Costamare had 67 wholly-owned subsidiaries, all incorporated in the Republic of Liberia, except five incorporated in the Republic of the Marshall Islands.

Revenues for the six-month periods ended June 30, 2016 and 2017, derived from significant charterers individually accounting for 10% or more of revenues (in percentages of total revenues) were as follows:

	2016			2017
A		27	%		29	%
B		30	%		29	%
C		13	%		16	%
D		18	%		20	%
Total		88	%		94	%

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and applicable rules and regulations of the Securities and Exchange Commission ("SEC") for interim financial information. Accordingly, they do not 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 20-F for the fiscal year ended December 31, 2016, filed with the SEC on March 14, 2017.

6

COSTAMARE INC.

Notes to Unaudited Condensed Consolidated Financial Statements

June 30, 2016 and 2017

(Expressed in thousands of U.S. dollars, except share and per share data)

These unaudited interim consolidated financial statements have been prepared on the same basis as the Company's annual consolidated financial statements and, in the opinion of management, reflect all adjustments, consisting of only normal recurring adjustments, considered necessary for a fair presentation of the Company's financial position, results of operations and cash flows for the periods presented. Operating results for the six-month period ended June 30, 2017, are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2017.

2. Significant Accounting Policies and Recent Accounting Pronouncements:

A discussion of the Company’s significant accounting policies can be found in the Company’s Consolidated Financial Statements included in the Annual Report on Form 20-F for the year ended December 31, 2016. There have been no material changes to these policies in the six-month period ended June 30, 2017, except as discussed below.

On January 1, 2017, the Company adopted Accounting Standard Update (“ASU”) No. 2015-11 - Inventory (Topic 330) effective for the fiscal year ending December 31, 2017 and interim periods within this fiscal year. The adoption of this guidance has had no impact on the Company's results of operations, cash flows and net assets for any period.

On January 1, 2017, the Company adopted ASU No. 2016-07 - Investments - Equity Method and Joint Ventures (Topic 323) effective for the fiscal year ending December 31, 2017 and interim periods within this fiscal year. The adoption of this guidance has had no impact on the Company's results of operations, cash flows and net assets for any period.

In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers” clarifying the method used to determine the timing and requirements for revenue recognition on the statements of income. Under the new standard, an entity must identify the performance obligations in a contract, the transaction price and allocate the price to specific performance obligations to recognize the revenue when the obligation is completed. The amendments in this update also require disclosure of sufficient information to allow users to understand the nature, amount, timing and uncertainty of revenue and cash flow arising from contracts. The standard will be effective for public entities for annual reporting periods beginning after December 15, 2017 and interim periods therein. The Company will adopt the standard as of January 1, 2018 and is in the process of validating aspects of its preliminary assessment of ASU 2014-09, determining the transitional impact and completing other items required for the adoption of ASU 2014-09.  The Company is considering the business assumptions, processes, systems and controls to fully determine revenue recognition and disclosure under the new standard. The Company’s initial assessment may change as the Company continues to review the new guidance.

New Accounting Pronouncements Not Yet Adopted

In January 2017, the FASB issued ASU 2017-01 - Business Combinations (Topic 805) to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisition (or disposals) of assets or businesses. Under current implementation guidance, the existence of an integrated set of acquired activities (inputs and processes that generate outputs) constitutes an acquisition of business. This ASU provides a screen to determine when a set of assets and activities does not constitute a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This update is effective for public entities with reporting periods beginning after December 15, 2017, including interim periods within those years. The amendments of this ASU should be applied prospectively on or after the effective date. Early adoption is permitted, including adoption in an interim period (i) for transactions for which the acquisition date occurs before the issuance date or effective date of the ASU, only when the transaction has not been reported in financial statements that have been issued or made available for issuance and (ii) for transactions in which a subsidiary is deconsolidated or a group of assets is derecognized that occur before the issuance date or effective date of the amendments, only when the transaction has not been reported in financial statements that have been issued or made available for issuance. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements.

In January 2017, the FASB issued ASU 2017-03 - Accounting Changes and Error Corrections (Topic 250) and Investments-Equity Method and Joint Ventures (Topic 323). The ASU amends the Codification for SEC staff announcements made at recent Emerging Issues Task Force (EITF) meetings. The SEC guidance that specifically relates to the Company’s Consolidated Financial Statements was from the September 2016 meeting, where the SEC staff expressed their expectations about the extent of disclosures registrants should make about the effects of the new FASB guidance as well as any amendments issued prior to adoption, on revenue (ASU 2014-09), leases (ASU 2016-02) and credit losses on financial instruments (ASU 2016-13) in accordance with SAB Topic 11.M. Registrants are required to disclose the effect that recently issued accounting standards will have on their financial statements when adopted in a future period. In cases where a registrant cannot reasonably estimate the impact of the adoption, then additional qualitative disclosures should be considered. The ASU incorporates these SEC staff views into ASC 250 and adds references to that guidance in the transition paragraphs of each of the three new standards. The adoption of this new accounting guidance will not have a material effect on the Company’s Consolidated Financial Statements.

3. Transactions with Related Parties:

(a) Costamare Shipping Company S.A. (“Costamare Shipping”) and Costamare Shipping Services Ltd. (“Costamare Services”): Costamare Shipping is a ship management company wholly-owned by Mr. Konstantinos Konstantakopoulos, the Company’s Chairman and Chief Executive Officer and, as such, is not part of the consolidated group of the Company, but is a related party. Costamare Shipping provides the Company with general administrative services and certain commercial services.

7

COSTAMARE INC.

Notes to Unaudited Condensed Consolidated Financial Statements

June 30, 2016 and 2017

(Expressed in thousands of U.S. dollars, except share and per share data)

Costamare Shipping, itself or through Shanghai Costamare Ship Management Co., Ltd. (“Shanghai Costamare”), or through or together with third party sub-managers, provides technical, crewing, commercial, provisioning, bunkering, sale and purchase, chartering, accounting, insurance and administrative services in respect of the Company’s containerships in exchange for a daily fee for each containership.

On March 3, 2015, the Company entered into an amended and restated management agreement with Costamare Shipping (the “Group Management Agreement”) which, among other things, extended the term of the agreement such that it automatically renewed for 10 consecutive one-year periods until December 31, 2025 (rather than five consecutive periods until December 31, 2020), removed the annual 4% increase of the fee payable in respect of each containership managed by Costamare Shipping, and in respect of the flat fee for the supervision of each newbuild ordered by the Company beginning in the first quarter of 2015, provided for an annual fee to Costamare Shipping of $2,500 and 598,400 shares payable quarterly in arrears. No separate payment is made for the services of the Company’s executive officers (prior to 2015, the Company paid Costamare Shipping $1,000 annually for such services). The Group Management Agreement has been terminated on November 2, 2015.

On November 2, 2015, the Company entered into a Framework Agreement with Costamare Shipping (the “Framework Agreement”) and its vessel-owning subsidiaries entered into a Services Agreement with Costamare Services (the “Services Agreement”), a company controlled by the Company’s Chairman and Chief Executive Officer and members of his family.

On November 27, 2015, 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 may receive shares of its common stock as fee compensation under the Group Management Agreement (until November 2, 2015) or the Services Agreement.

Pursuant to the Group Management Agreement (which was effective until November 2, 2015), the Framework Agreement and the Services Agreement (each of which became effective on November 2, 2015), Costamare Shipping and Costamare Services received (i) for each containership which is not subject to a bareboat charter a daily fee of $0.956 since January 1, 2015, and for each containership subject to a bareboat charter a daily fee of $0.478 since January 1, 2015, in each case prorated for the calendar days the Company owned each containership and for the three-month period following the date of the sale of a vessel, (ii) a flat fee of $787.4 for the supervision of the construction of any newbuild vessel contracted by the Company, (iii) a fee of 0.75% 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 $2,500 and 598,400 shares as noted above. Fees under (i) and (ii) may be annually adjusted upwards to reflect any strengthening of the Euro against the U.S. dollar and/or material unforeseen cost increases.

After the initial term of the Framework Agreement and the Services Agreement, which expired on December 31, 2015, the Company is able to terminate both agreements, subject to a termination fee, by providing written notice to Costamare Shipping or Costamare Services, as applicable, at least 12 months before the end of the subsequent one-year term. The termination fee is equal to (a) the number of full years remaining prior to December 31, 2025, times (b) the aggregate fees due and payable to Costamare Shipping or Costamare Services, as applicable, during the 12-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 two times the aggregate fees over the 12-month period described above.

On January 7, 2013, Costamare Shipping entered into a co-operation agreement (the “Co-operation Agreement”) with third-party ship managers V.Ships Greece Ltd. (“V.Ships Greece”), pursuant to which the two companies established a ship management cell (the “Cell”) under V.Ships Greece. Since April 2013, the Cell provides technical, crewing, provisioning, bunkering, sale and purchase and accounting services, as well as certain commercial and insurance services to certain of the Company’s container vessels, pursuant to separate management agreements entered into between V.Ships Greece and the ship-owning company of the respective container vessel, for a daily management fee.

The Cell also offers ship management services to third-party owners. Costamare Shipping passes to the Company the net profit, if any, it receives pursuant to the Co-operation Agreement as a refund or reduction of the management fees payable by the Company to Costamare Shipping (i) prior to November 2, 2015, under the Group Management Agreement, and (ii) since November 2, 2015, under the Framework Agreement. As at June 30, 2017, the Cell provided technical, crewing, provisioning, bunkering, sale and purchase and accounting services, as well as certain commercial management services to 21 of Costamare’s vessels.

8

COSTAMARE INC.

Notes to Unaudited Condensed Consolidated Financial Statements

June 30, 2016 and 2017

(Expressed in thousands of U.S. dollars, except share and per share data)

Management fees charged by Costamare Shipping in the six-month periods ended June 30, 2016 and 2017, amounted to $9,570 and $9,387 respectively and are included in Management fees-related parties in the accompanying consolidated statements of income. In addition, Costamare Shipping and Costamare Services charged (i) $1,579 for the six-month period ended June 30, 2017 ($1,798 for the six-month period ended June 30, 2016), representing a fee of 0.75% on all gross revenues, as provided in the Group Management Agreement and from November 2, 2015, the Framework Agreement and the Services Agreement, as applicable, which is separately reflected as Voyage expenses-related parties in the accompanying consolidated statements of income, (ii) $1,250, which is included in General and administrative expenses – related parties in the accompanying consolidated statement of income for the six-month period ended June 30, 2017 ($1,250 for the six-month period ended June 30, 2016) and (iii) $2,078 representing the fair value of 299,200 shares, which is included in General and administrative expenses - related parties in the accompanying consolidated statement of income for the six-month period ended June 30, 2017 ($2,746 for the six-month period ended June 30, 2016). Furthermore, in accordance with the management agreement with V.Ships Greece and a third-party manager, V.Ships Greece and the third-party manager have been provided with the amount of $1,725 ($75 per vessel) as working capital security, which is included in Accounts receivable, non-current, in the accompanying consolidated balance sheets.

During the six-month periods ended June 30, 2016 and 2017, Costamare Shipping charged in aggregate to the companies established pursuant to the Framework Deed (Notes 8 and 9) the amounts of $1,242 and $2,176, respectively for services provided in accordance with the respective management agreements.

The balance due from Costamare Shipping at December 31, 2016 and June 30, 2017, amounted to $2,841 and $3,928, respectively, and is included in Due from related parties in the accompanying consolidated balance sheets. The balance due to Costamare Services at December 31, 2016 and June 30, 2017, amounted to $191 and $202, respectively, and is reflected as Due to related parties in the accompanying consolidated balance sheets.

(b) Ciel Shipmanagement S.A. (“CIEL”): CIEL, a company incorporated in the Republic of Liberia, is wholly-owned by the Company’s Chairman and Chief Executive Officer. CIEL is not part of the consolidated group of the Company. CIEL provided the Company’s vessels, through to April 2013, certain ship management services such as technical support and maintenance, financial and accounting services. From April 2013 until November 2, 2015, CIEL provided services in respect of the Rena wreck. The balance due from CIEL at December 31, 2016 and June 30, 2017 amounted to $606 and $nil, respectively and is included in Due from related parties in the accompanying consolidated balance sheets.

(c) Shanghai Costamare Ship Management Co., Ltd.: Shanghai Costamare is owned (indirectly) 70% by the Company’s Chairman and Chief Executive Officer and 30% (indirectly) by Shanghai Costamare’s General Manager. Shanghai Costamare is a company incorporated in the People’s Republic of China and is not part of the consolidated group of the Company but is a related party. 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 June 30, 2017, Shanghai Costamare provided such services to 14 (15 as of December 31, 2016) of the Company’s containerships. There was no balance due from/to Shanghai Costamare at both December 31, 2016 and June 30, 2017.

4. Other Non-Current Assets:

As of July 16, 2014, Zim Integrated Services (“Zim”) and its creditors, including vessel and container lenders, ship-owners, shipyards, unsecured lenders and bond holders, entered into definitive documentation to restructure its debt. Based on this agreement, the Company received equity securities representing 1.2% of Zim’s equity and $8,229 aggregate principal amount of unsecured interest-bearing Zim notes maturing in 2023 consisting of $1,452 of 3.0% Series 1 Notes due 2023 amortizing subject to available cash flows in accordance with a corporate mechanism and $6,777 of 5.0% Series 2 Notes due 2023 non-amortizing (of the 5% interest, 3% is payable quarterly in cash and 2% 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 $676 in relation to the Series 1 Notes, $3,567 in relation to the Series 2 Notes and $7,802 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 $2,888 was written-off in 2014.

9

COSTAMARE INC.

Notes to Unaudited Condensed Consolidated Financial Statements

June 30, 2016 and 2017

(Expressed in thousands of U.S. dollars, except share and per share data)

The Company accounts on a quarterly basis, for the fair value unwinding of the Series 1 and Series 2 Notes, until the book value of the instruments equals their face value on maturity. During the six-month period ended June 30, 2017, the Company recorded $348 in relation to their fair value unwinding ($321 for the six-month period ended June 30, 2016), which is included in “Interest income” in the consolidated statement of income for the six-month period ended June 30, 2017. The Company has classified such debt and equity securities under other non-current assets, since it has no intention to sell the securities in the near term. During the year ended December 31, 2016, the Company received $46 capital redemption of the Series 1 Notes, reducing the principal to $1,406. The Series 1 and Series 2 Zim Notes are carried at amortized cost in the accompanying consolidated balance sheet as at June 30, 2017, which approximates their fair value as of such date. These financial instruments are not measured at fair value on a recurring basis. As of June 30, 2017, the Company has assessed for other than temporary impairment of its investment in Series 1 and Series 2 Notes and has concluded that no impairment should be recorded.

The Zim equity securities are carried at cost less impairment, which at inception approximates the fair value of the instruments considering that it related to a nonmonetary exchange (as described above). As of December 31, 2016, 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 $4,000 on its investment in equity securities in Zim. The value of the investment in equity securities in Zim is based on management’s best estimate of the realizable value of the investment and involved the use of internal inputs and assumptions (Level 3 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 proceeded within 2016 (Level 3 inputs of the fair value hierarchy). No dividends have been received from Zim since July 16, 2014. As of June 30, 2017, the Company has assessed for other than temporary impairment of its investment in equity securities in Zim and has concluded that no impairment should be recorded.

5. Inventories:

Inventories of $11,415 and $10,360 in the accompanying balance sheets at December 31, 2016 and June 30, 2017, respectively relate to bunkers, lubricants and spare parts.

6. Vessels, net:

The amounts in the accompanying consolidated balance sheets are as follows:

	Vessel Cost			Accumulated Depreciation			Net Book Value
Balance, January 1, 2017	$	2,688,887		$	(1,000,602	)	$	1,688,285
Depreciation		-			(42,215	)		(42,215	)
Vessel acquisitions and other vessels’ costs		54,523			-			54,523
Disposals, transfers and other movements		(96,889	)		40,281			(56,608	)
Balance, June 30, 2017	$	2,646,521		$	(1,002,536	)	$	1,643,985

During the six-month period ended June 30, 2017, the Company acquired the 2014-built, 4,957 TEU secondhand containerships Leonidio and the Kyparissia and the 2005-built, 7,471 TEU secondhand containership Maersk Kowloon.

On June 19, 2017, the Company entered into two financing agreements with a financial institution for Leonidio and Kyparissia (Note 11).

10

COSTAMARE INC.

Notes to Unaudited Condensed Consolidated Financial Statements

June 30, 2016 and 2017

(Expressed in thousands of U.S. dollars, except share and per share data)

During the six-month period ended June 30, 2017, the Company sold for scrap the container vessel Marina at a price of $4,670, delivered to its scrap buyers the container vessel Romanos (ex. MSC Romanos) and recognized a loss of $3,638 in aggregate, which is separately reflected in Loss on sale / disposal of vessels, net in the accompanying 2017 consolidated statement of income. On June 30, 2017, the Company decided to make arrangements to sell the vessel Mandraki (ex. MSC Mandraki). At that date, the Company concluded that all the criteria required by the relevant accounting standard, ASC 360-10-45-9, for the classification of the vessel Mandraki as “held for sale” were met. As at June 30, 2017, the amount of $7,035, separately reflected in Vessel held for sale in the 2017 consolidated balance sheet, represents the fair market value of the vessel based on the vessel’s estimated sale price, net of commissions (Level 2 inputs of the fair value hierarchy). The difference between the estimated fair value less cost to sell the vessel and the vessel’s carrying value (including the unamortized balance of its dry-docking cost), amounting to $2,732, is separately reflected in Loss on vessel held for sale in the 2017 consolidated statement of income.

Forty-six of the Company’s vessels, with a total carrying value of $1,636,384 as of June 30, 2017, have been provided as collateral to secure the long-term debt discussed in Note 10. This excludes the seven vessels under the sale and leaseback transaction described in Note 11.

7. Deferred Charges, net:

Deferred charges, net include the unamortized dry-docking and special survey costs. The amounts in the accompanying consolidated balance sheets are as follows:

	Dry-docking and Special Survey Costs
Balance, January 1, 2017	$	20,367
Additions		1,802
Amortization		(3,911	)
Write-off		(2	)
Balance, June 30, 2017	$	18,256

During the six-month period ended June 30, 2016, six vessels underwent and completed their special survey. During the six-month period ended June 30, 2017, three vessels underwent and completed their special survey. The amortization of the dry-docking and special survey costs is separately reflected in the accompanying consolidated statements of income.

8. Costamare Ventures Inc.:

On May 15, 2013, the Company, along with its wholly-owned subsidiary, Costamare Ventures Inc. (“Costamare Ventures”), entered into a Framework Deed (the “Framework Deed”) with York Capital Management Global Advisors LLC and its affiliate Sparrow Holdings, L.P. (collectively, “York”) to invest jointly in the acquisition and construction of container vessels. Under the Framework Deed, the decisions regarding vessel acquisitions will be made jointly by Costamare Ventures and York and the Company reserves the right to acquire any vessels that York decides not to pursue.

Under the terms of the Framework Deed, York agreed to invest up to $250 million in mutually agreed vessel acquisitions and Costamare Ventures agreed to invest a minimum of $75 million with an option to invest up to $240 million in these transactions. Depending on the amount Costamare Ventures elected to invest, it was expected that it would hold between 25% and 49% of the equity in the entities that would be formed under the Framework Deed and York would hold the balance. The Framework Deed was to terminate on its sixth anniversary or upon the occurrence of certain extraordinary events as described therein.

The Framework Deed was amended and restated by an Amendment and Restatement Deed dated May 18, 2015 (the “Restated Framework Deed”). Pursuant to the Restated Framework Deed, there is no minimum and maximum amount to be invested by Costamare Ventures or York, both Costamare Ventures and York can invest between 25% and 75% in the equity of the entities formed under the Restated Framework Deed, the commitment period has been extended up to May 18, 2020 and the termination of the Restated Framework Deed will occur on May 18, 2024, or upon the occurrence of certain extraordinary events as described therein.

11

COSTAMARE INC.

Notes to Unaudited Condensed Consolidated Financial Statements

June 30, 2016 and 2017

(Expressed in thousands of U.S. dollars, except share and per share data)

On termination and on the occurrence of certain extraordinary events, Costamare Ventures may 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. As at June 30, 2017, the Company holds a range of 25% to 49% of the capital stock of eighteen jointly-owned companies formed pursuant to the Restated Framework Deed with York (Note 9). The Company accounts for the entities formed under the Restated Framework Deed as equity investments.

9. Equity Method Investments:

The companies accounted for as equity method investments, all of which are incorporated in the Marshall Islands, are as follows:

		Participation % June 30,	Date Established /Acquired
Entity	Vessel/Hull	2017
Steadman Maritime Co.	Ensenada	49%	July 1, 2013
Marchant Maritime Co.	Padma	49%	July 8, 2013
Horton Maritime Co.	Petalidi	49%	June 26, 2013
Smales Maritime Co.	Elafonisos	49%	June 6, 2013
Geyer Maritime Co.	Arkadia	49%	May 18, 2015
Goodway Maritime Co.	Monemvasia	49%	September 22, 2015
Kemp Maritime Co.	Cape Akritas	49%	June 6, 2013
Hyde Maritime Co.	Cape Tainaro	49%	June 6, 2013
Skerrett Maritime Co.	Cape Artemisio	49%	December 23, 2013
Ainsley Maritime Co.	Cape Kortia	25%	June 25, 2013
Ambrose Maritime Co.	Cape Sounio	25%	June 25, 2013
Benedict Maritime Co.	Triton	40%	October 16, 2013
Bertrand Maritime Co.	Titan	40%	October 16, 2013
Beardmore Maritime Co.	Talos	40%	December 23, 2013
Schofield Maritime Co.	Taurus	40%	December 23, 2013
Fairbank Maritime Co.	Theseus	40%	December 23, 2013
Platt Maritime Co.	Hull YZJ1206	49%	May 18, 2015
Sykes Maritime Co.	Hull YZJ1207	49%	May 18, 2015

During the year ended December 31, 2016, Costamare Ventures contributed $613 to the equity of Steadman Maritime Co. During the six-month period ended June 30, 2017 Costamare Ventures contributed $693 to the equity of Steadman Maritime Co. During the year ended December 31, 2016, the Company received $613 in the form of a special dividend from Horton Maritime Co. and Marchant Maritime Co. During the six-month period ended June 30, 2017, the Company received $270 in the form of a special dividend from Horton Maritime Co.

During the six-month period ended June 30, 2017, Costamare Ventures contributed $3,130, in the aggregate, to the equity of Kemp Maritime Co. and Hyde Maritime Co. In June 2016, both companies, as joint and several borrowers, signed a loan agreement with a bank for an amount up to $88,000, in aggregate, to partly finance the construction cost of the two newbuild vessels. The Company, Costamare Ventures and York through its affiliate Bluebird Holdings L.P., participate as corporate guarantors (Note 13 (c)).

During the year ended December 31, 2016, Costamare Ventures contributed $4,662, in the aggregate, to the equity of Ainsley Maritime Co. and Ambrose Maritime Co. During the six-month period ended June 30, 2017, Costamare Ventures contributed $498, in the aggregate, to the equity of these two entities. In August 2016, these two companies, as joint and several borrowers, signed a loan agreement with a bank for an amount up to $86,600, in aggregate, to partly finance the construction cost of the two newbuild vessels. The Company, Costamare Ventures and York, through its affiliate Bluebird Holdings L.P., participate as corporate guarantors (Note 13 (c)).

During the year ended December 31, 2016, Costamare Ventures contributed, in aggregate, $25,323 to Benedict Maritime Co., Bertrand Maritime Co., Beardmore Maritime Co., Schofield Maritime Co. and Fairbank Maritime Co.

12

COSTAMARE INC.

Notes to Unaudited Condensed Consolidated Financial Statements

June 30, 2016 and 2017

(Expressed in thousands of U.S. dollars, except share and per share data)

In December 2016, the shareholders of Connell Maritime Co. have decided to dissolve the company. During the year ended December 31, 2016, Costamare Ventures contributed $463 to the equity of Smales Maritime Co.

During the year ended December 31, 2016, Costamare Ventures contributed to Skerrett Maritime Co., in the aggregate, $218. During the six-month period ended June 30, 2017 Costamare Ventures contributed $798, in the aggregate, to the equity of Geyer Maritime Co. and $1,278 to the equity of Skerrett Maritime Co. Costamare Ventures also participated with a 49% interest to the equity of Goodway Maritime Co., for the acquisition of the secondhand vessel Monemvasia, which was delivered in February 2016, by contributing, in the aggregate, $637 during the year ended December 31, 2015 and $2,925 during the year ended December 31, 2016.

During the year ended December 31, 2016, the Company contributed, in the aggregate, the amount of $427 to Platt Maritime Co. and Sykes Maritime Co. During the six-month period ended June 30, 2017, Costamare Ventures contributed $649, in the aggregate, to the equity of these two entities.

For the six-month periods ended June 30, 2016 and 2017, the Company recorded net loss of $405 and net gain of $887, respectively on equity method investments, which are separately reflected as Equity gain / (loss) on investments in the accompanying consolidated statements of income. Costamare Ventures has provided Marchant Maritime Co., Horton Maritime Co. and Steadman Maritime Co. with certain cash advances. As of December 31, 2016 and June 30, 2017, the balance due from these companies amounted to $nil.

The summarized combined financial information of the companies accounted for as equity method investment is as follows:

	December 31, 2016		June 30, 2017
Non-current assets	$	952,458	$	1,091,272
Current assets		35,993		62,546
Total assets	$	988,451	$	1,153,818
Current liabilities	$	39,428	$	54,421

	Six-month periods ended June 30,
	2016			2017
Voyage revenue		10,333			55,065
Net income / (loss)	$	(966	)	$	2,721

13

COSTAMARE INC.

Notes to Unaudited Condensed Consolidated Financial Statements

June 30, 2016 and 2017

(Expressed in thousands of U.S. dollars, except share and per share data)

10. Long-Term Debt:

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

Borrower(s)	December 31, 2016			June 30, 2017
A. Credit Facility	$	406,103		$	361,157
B. Term Loans:
1. Mas Shipping Co.		22,375			18,250
2. Montes Shipping Co. and Kelsen Shipping Co.		54,000			42,000
3. Costamare Inc.		50,313			28,875
4. Costamare Inc.		-			-
5. Undine Shipping Co., Quentin Shipping Co. and Sander Shipping Co.		178,264			170,624
6. Raymond Shipping Co. and Terance Shipping Co.		115,964			110,507
7. Costamare Inc.		53,475			43,127
8. Uriza Shipping S.A.		36,833			34,667
9. Costis Maritime Corporation, Christos Maritime Corporation and Capetanissa Maritime Corporation		109,000			101,000
10. Rena Maritime Corporation, Finch Shipping Co. and Joyner Carriers S.A.		32,000			28,240
		652,224			577,290
Total	$	1,058,327		$	938,447
Less: Deferred financing costs		(3,720	)		(3,004	)
Total long-term debt, net		1,054,607			935,443
Less: Long-term debt current portion		(199,637	)		(182,189	)
Add: Deferred financing costs, current portion		1,360			1,228
Total long-term debt, non-current, net	$	856,330		$	754,482

A. Credit Facility: In July 2008, the Company signed a loan agreement with a consortium of banks, for a $1,000,000 Credit Facility (the “Facility”) for general corporate and working capital purposes. The Facility bears interest at the 3, 6, 9 or 12 months (at the Company’s option) LIBOR plus margin.

On September 28, 2016, the Company entered into a ninth supplemental agreement, which extended the Facility maturity date to June 30, 2021, waived the security requirement covenant of the principal agreement and mortgaged four additional vessels in favor of the lending banks. Under the supplemental agreement, the outstanding balance of the Facility as of June 30, 2017, is repayable in 15 equal, consecutive quarterly installments, of $22,473 each plus a final installment of $24,062.

The Facility, as of June 30, 2017, was secured with, among others, first priority mortgages over 22 of the Company’s vessels, first-priority assignment of vessels’ insurances and earnings, charter party assignments, first-priority pledges over the operating accounts of the vessels and corporate guarantees of 22 ship-owning companies.

The Facility and certain of the term loans described under Note 10.B below include, among others, financial covenants requiring: (i) the ratio of Total Liabilities (after deducting cash and cash equivalents) to Market Value Adjusted Total Assets (after deducting cash and cash equivalents) not to exceed 0.75 to 1.00, (ii) minimum liquidity of the greater of $30,000 or 3% of the total debt of the Company, (iii) the ratio of EBITDA to net interest expense not to be less than 2.50 to 1.00 and (iv) Market Value Adjusted Net Worth, defined as the amount by which the Market Value Adjusted Total Assets exceeds the Total Liabilities, to exceed $500,000. The Company’s other term loans described under Note 10.B below also contain financial covenants requiring the ratio of net funded debt to total net assets ratio not to exceed 80% on a charter inclusive valuation basis as well as financial covenants that are either equal to or less stringent than the aforementioned financial covenants.

B. Term Loans:

1. In January 2008, Mas Shipping Co. entered into a loan agreement with a bank for an amount of up to $75,000 in order to partly finance the acquisition cost of the vessel Maersk Kokura. As at June 30, 2017, the outstanding balance of the loan of $18,250 is repayable in two equal semi-annual installments of $4,125, each from August 2017 to February 2018 and a balloon payment of $10,000 payable together with the last installment.

14

COSTAMARE INC.

Notes to Unaudited Condensed Consolidated Financial Statements

June 30, 2016 and 2017

(Expressed in thousands of U.S. dollars, except share and per share data)

2. 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 Maersk Kure. On January 27, 2016, both companies (each a subsidiary of Costamare) 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. As at June 30, 2017, the outstanding balance of the loan of $42,000 is repayable in six consecutive semi-annual installments of $5,000, each from June 2018 until December 2020 and a balloon payment of $12,000 payable together with the last installment.

3. In November 2010, Costamare entered into a term loan agreement with a consortium of banks for an amount of up to $120,000, which was available for drawing for a period up to 18 months. As of June 30, 2017, the Company had drawn the amount of $38,500 (Tranche A), the amount of $42,000 (Tranche B), the amount of $21,000 (Tranche C), the amount of $7,470 (Tranche D) and the amount of $7,470 (Tranche E) under this term loan agreement in order to finance part of the acquisition cost of the vessels MSC Romanos, MSC Methoni, MSC Ulsan, MSC Koroni and MSC Itea, respectively. As at June 30, 2017, the outstanding balance of the Tranche (B) of the loan of $18,900 is repayable in 10 equal quarterly installments of $1,050 from July 2017 to October 2019 and a balloon payment of $8,400 payable together with the last installment. As at June 30, 2017, the outstanding balance of the Tranche (C) of the loan of $9,975 is repayable in 11 equal quarterly installments of $525 from August 2017 to February 2020 and a balloon payment of $4,200 payable together with the last installment. On May 21, 2014, the then outstanding balance of $4,202 of the Tranche (D) of the loan was fully repaid and on May 29, 2015, the then outstanding balance of $2,334 of the Tranche (E) of the loan was fully repaid. On January 24, 2017, the then outstanding balance of Tranche (A) of the loan of $18,288 was fully repaid.

4. In April 2011, Costamare, as borrower, concluded a credit facility with a bank, for an amount up to $140,000 to finance part of the construction cost of the MSC Athens and the MSC Athos. Through December 31, 2013, the Company had drawn $133,700 in the aggregate for the two vessels, which were delivered in March and April 2013, respectively. On July 6, 2016 and July 15, 2016, the outstanding balance of the loan was fully repaid with the proceeds from the sale and leaseback transaction described in Note 11.

5. In August 2011, 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 $229,200 to finance part of the construction cost of their respective vessels. The facility has been drawn down in three tranches. As at June 30, 2017, the aggregate outstanding balance of tranches (a) and (b) of $112,051 relating to the Valor and the Valiant is each repayable in 12 equal quarterly installments for each tranche of $1,273.4 from July 2017 to June 2020 and a balloon payment for each tranche of $40,744.8 payable together with the last installment. As at June 30, 2017, the outstanding balance of the tranche (c) of $58,572 relating to the Vantage is repayable in 14 equal quarterly installments of $1,273.4 and a balloon payment payable together with the last installment of $40,744.8 from August 2017 to November 2020.

6. In October 2011, Raymond Shipping Co. and Terance Shipping Co., wholly-owned subsidiaries of the Company, concluded a credit facility with a bank, as joint and several borrowers, for an amount of up to $152,800 to finance part of the acquisition cost of their respective vessels. As at June 30, 2017, the outstanding balance of the tranche (a) of $54,571 relating to the Value is repayable in 12 equal quarterly installments of $1,364.3 from September 2017 to June 2020 and a balloon payment of $38,199.6 payable together with the last installment. As at June 30, 2017, the outstanding balance of tranche (b) of the loan of $55,936 relating to the Valence is repayable in 13 equal quarterly installments of $1,364.3 from August 2017 to August 2020 and a balloon payment of $38,199.6 payable together with the last installment.

7. In October 2011, the Company concluded a loan facility with a bank for an amount of up to $120,000, in order to partly finance the aggregate market value of eleven vessels in its fleet. The Company repaid in July 2016 the amount of $3,835 due to the sale of Karmen and in February 2017 the amount of $4,918 due to the sale of Marina. As at June 30, 2017, the outstanding balance of $43,127 is repayable in six equal quarterly installments of $2,715 from September 2017 to December 2018 and a balloon payment of $26,837 payable together with the last installment.

8. 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. As of June 30, 2017, the outstanding balance of $34,667 is repayable in 16 equal quarterly installments of $1,083.3, from August 2017 to May 2021 and a balloon payment of $17,333.3 payable together with the last installment.

15

COSTAMARE INC.

Notes to Unaudited Condensed Consolidated Financial Statements

June 30, 2016 and 2017

(Expressed in thousands of U.S. dollars, except share and per share data)

9. 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 Sealand New 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. As of June 30, 2017, the outstanding balance of $101,000 is repayable in 17 variable quarterly installments, from August 2017 to August 2021 and a balloon payment of $43,500 payable together with the last installment.

10. 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. As of June 30, 2017, the outstanding balance of $28,240 is repayable in 18 variable quarterly installments, from September 2017 to December 2021 and a balloon payment of $11,680 payable together with the last installment.

The Company considered the provisions of ASC 470-50 Debt: Modifications and Extinguishments for the loans discussed above in A, B.2 and B.9, which were accounted for as loan modifications.

The term loans discussed above bear interest at LIBOR plus a spread 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 (“VMC”) in the range of 80% to 130% and restrictions on dividend payments if an event of default has occurred and is continuing or would occur as a result of the payment of such dividend.

The annual repayments under the Credit Facility and the Term loans after June 30, 2017, are in the aggregate as follows:

Year ending December 31,	Amount
2017	$	84,675
2018		206,866
2019		160,819
2020		352,291
2021		133,796
Total	$	938,447

The interest rate of Costamare’s long-term debt as at December 31, 2016 and June 30, 2017, was in the range of 1.98%-6.04% and 2.20%-6.01%, respectively. The weighted average interest rate as at December 31, 2016 and June 30, 2017, was 4.7% and 4.8%, respectively.

Total interest expense incurred on long-term debt (including the effect of the interest rate swaps discussed in Notes 16 and Note 18) for the six-month periods ended June 30, 2016 and 2017, amounted to $26,613 and $23,606, respectively, and is included in Interest and finance costs in the accompanying consolidated statements of income.

16

COSTAMARE INC.

Notes to Unaudited Condensed Consolidated Financial Statements

June 30, 2016 and 2017

(Expressed in thousands of U.S. dollars, except share and per share data)

C. Financing Costs

The amounts of financing costs included in the loan balances and capital lease obligations (Note 11) are as follows:

	Financing costs
Balance, January 1, 2017	$	7,300
Additions		1,147
Amortization		(1,068	)
Balance, June 30, 2017	$	7,379
Less: Current portion of financing costs		(2,087	)
Financing costs, non-current portion	$	5,292

Financing costs represent legal fees and fees paid to the lenders for the conclusion of the Company’s financing. The amortization of loan financing costs is included in interest and finance costs in the accompanying consolidated statements of income (Note 16).

11. Capital Leased Assets and Capital Lease Obligations:

Between January and April 2014, the Company took delivery of the newbuild vessels MSC Azov, MSC Ajaccio and MSC Amalfi. 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 ten-year sale and leaseback transaction for each vessel. The shipbuilding contracts were novated to the financial institution for an amount of $85,572 each.

On July 6, 2016 and July 15, 2016 the Company agreed with a financial institution to refinance the then outstanding balance of the loans relating to the MSC Athos and the MSC Athens (Note 10.B.4), by entering into a seven-year sale and leaseback transaction for each vessel.

On June 19, 2017, the Company entered into two seven-year sale and leaseback transactions with a financial institution for the Leonidio and Kyparissia (Note 6).

The sale and leaseback transactions were classified as capital leases. As the fair value of each vessel sold was in excess of its carrying amount, the difference between the sale proceeds and the carrying amount was classified as prepaid lease rentals or as unearned revenue. In this respect, in 2016, an aggregate amount of $26,390 (including the net settlements on interest rate swaps qualifying for hedge accounting of $1,076) was transferred to prepaid lease rentals and in 2017, an aggregate amount of $4,481 was transferred to unearned revenue (Note 12.b).

The total value of the vessels, at the inception of the capital lease transactions, was $452,564, in the aggregate. The depreciation charged during the six-month periods ended June 30, 2016 and 2017, amounted to $3,770 and $6,269, respectively, and is included in Depreciation in the accompanying consolidated statements of income. As of December 31, 2016 and June 30, 2017, accumulated depreciation amounted to $23,692 and $29,961, respectively, and is included in Capital leased assets, in the accompanying consolidated balance sheets. As of December 31, 2016 and June 30, 2017, the net book value of the vessels amounted to $384,872 and $422,603, respectively, and is separately reflected as Capital leased assets, in the accompanying consolidated balance sheets.

17

COSTAMARE INC.

Notes to Unaudited Condensed Consolidated Financial Statements

June 30, 2016 and 2017

(Expressed in thousands of U.S. dollars, except share and per share data)

The balance of prepaid lease rentals, as of December 31, 2016 and June 30, 2017, is as follows:

	December 31, 2016			June 30, 2017
Prepaid lease rentals	$	40,811		$	60,422
Additions		26,390			-
Less: Amortization of prepaid lease rentals		(6,779	)		(4,340	)
Prepaid lease rentals	$	60,422		$	56,082
Less: current portion		(8,752	)		(8,752	)
Non-current portion	$	51,670		$	47,330

The capital lease obligations amounting to $392,959 as at June 30, 2017 are scheduled to expire through 2024 and include a bargain purchase option to repurchase the vessels at any time during the charter period. Total interest expenses incurred on capital leases for the six-month periods ended June 30, 2016 and 2017 amounted to $8,177 and $10,538, respectively, and are included in Interest and finance costs in the accompanying consolidated statements of income. Finance lease obligations of MSC Athos and MSC Athens bear interest at LIBOR plus a spread, which is not included in the annual lease payments table below.

The annual lease payments under the capital leases after June 30, 2017, are in the aggregate as follows:

Year ending December 31,	Amount
2017	$	25,096
2018		49,798
2019		49,798
2020		49,895
2021		49,798
2022 and thereafter		253,339
Total	$	477,724
Less: Amount of interest (MSC Azov, MSC Ajaccio, MSC Amalfi, Leonidio and Kyparissia)		(84,765	)
Total lease payments	$	392,959
Less: Financing costs, net		(4,375	)
Total lease payments, net	$	388,584

The total capital lease obligations, net of related financing costs, are presented in the accompanying June 30, 2017, consolidated balance sheet as follows:

Capital lease obligation – current	$	33,210
Less: current portion of financing costs		(859	)
Capital lease obligation – non-current		359,749
Less: non-current portion of financing costs		(3,516	)
Total	$	388,584

12. Accrued Charter Revenue, Current and Non-Current and Unearned Revenue, Current and Non-Current:

(a) Accrued Charter Revenue, Current and Non-Current: The amounts presented as current and non-current accrued charter revenue in the accompanying consolidated balance sheets as of December 31, 2016 and June 30, 2017, reflect revenue earned, but not collected, 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 rates.

18

COSTAMARE INC.

Notes to Unaudited Condensed Consolidated Financial Statements

June 30, 2016 and 2017

(Expressed in thousands of U.S. dollars, except share and per share data)

As at December 31, 2016, the net accrued charter revenue, totaling to ($27,639), comprises $408 separately reflected in Current assets, $185 separately reflected in Non-current assets, and ($28,232) (discussed in (b) below) included in Unearned revenue in current and non-current liabilities in the accompanying 2016 consolidated balance sheet. As at June 30, 2017, the net accrued charter revenue, totaling to ($22,040), comprises $391 separately reflected in Current assets and ($22,431) (discussed in (b) below) included in Unearned revenue in current and non-current liabilities in the accompanying 2017 consolidated balance sheet. The maturities of the net accrued charter revenue as of December 31 of each year presented below are as follows:

Year ending December 31,	Amount
2017	$	(5,714	)
2018		(8,922	)
2019		(6,602	)
2020		(802	)
Total	$	(22,040	)

(b) Unearned Revenue, Current and Non-Current: The amounts presented as current and non-current unearned revenue in the accompanying consolidated balance sheets as of December 31, 2016 and June 30, 2017, reflect: (a) cash received prior to the balance sheet date for which all criteria to recognize as revenue have not been met, (b) any unearned revenue resulting from charter agreements providing for varying annual charter rates over their term, which were accounted for on a straight-line basis at their average rate and (c) the deferred gain from the sale and leaseback transactions discussed in Note 11 above, net of amortization of ($20), which is included in Amortization of prepaid lease rentals, net in the 2017 accompanying statements of income .

	December 31, 2016			June 30, 2017
Hires collected in advance	$	7,924		$	5,143
Deferred gain, net		-			4,461
Charter revenue resulting from varying charter rates		28,232			22,431
Total	$	36,156		$	32,035
Less current portion		(19,668	)		(17,087	)
Non-current portion	$	16,488		$	14,948

13. Commitments and Contingencies:

(a) Time charters: As at June 30, 2017, the Company has entered into time charter arrangements for all of its vessels in operation, with international liner operators. These arrangements as at June 30, 2017, have remaining terms of up to 90 months. After June 30, 2017, future minimum contractual charter revenues assuming 365 revenue days per annum per vessel and the earliest redelivery dates possible, based on vessels’ committed, non-cancelable, time charter contracts, are as follows:

Year ending December 31,	Amount
2017	$	182,557
2018		218,202
2019		138,512
2020		110,092
2021		101,462
2022 and thereafter		164,623
Total	$	915,448

19

COSTAMARE INC.

Notes to Unaudited Condensed Consolidated Financial Statements

June 30, 2016 and 2017

(Expressed in thousands of U.S. dollars, except share and per share data)

(b) Capital Commitments: Pursuant to the Restated Framework Deed the Company has a contractual commitment of approximately $2,137 representing 49% of the remaining construction cost of two vessels under construction (Note 9).

(c) Debt guarantees with respect to entities formed under the Framework Deed: Costamare agreed to guarantee 100% of the debt of Ainsley Maritime Co., Ambrose Maritime Co., Kemp Maritime Co. and Hyde Maritime Co., which were formed under the Framework Deed and own Cape Kortia, Hull NCP0116, Cape Akritas and Cape Tainaro respectively. As at June 30, 2017, Costamare has guaranteed $88,000 of debt relating to Kemp Maritime Co. and Hyde Maritime Co. (Note 9) and $86,600 of the debt relating to Ainsley Maritime Co. and Ambrose Maritime Co. (Note 9). 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 not already own for nominal consideration.

(d) Other: 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 may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company’s vessels. Currently, management is not aware of any such claims not covered by insurance or contingent liabilities, which should be disclosed, or for which a provision has not been established in the accompanying consolidated financial statements.

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 not 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.

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.

14. Common Stock and Additional Paid-In Capital: 

(a) Common Stock: On December 5, 2016, the Company completed a follow-on public equity offering in the United States under the Securities Act. In this respect, 12,000,000 shares at par value $0.0001 were issued at a public offering price of $6.00 per share. The net proceeds of the follow-on offering were $69,037.

During the year ended December 31, 2016, the Company issued 598,400 shares, in aggregate, at par value of $0.0001 to Costamare Services pursuant to the Services Agreement (Note 3). On March 30, 2017 and June 30, 2017 the Company issued 299,200 shares in aggregate at par value of $0.0001 to Costamare Services pursuant to the Services Agreement (Note 3). The fair value of such shares was calculated based on the closing trading price at the date of issuance. There were no share-based payment awards outstanding during the six-month period ended June 30, 2017.

On July 6, 2016, 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 not to participate in the Plan will continue to receive cash dividends, as declared and paid in the usual manner. During the year ended December 31, 2016, the Company issued 2,428,081 shares in aggregate at par value of $0.0001 to its common stockholders, at an average price of $8.043837 per share. During the six-month period ended June 30, 2017, the Company issued 1,766,367 shares at par value of $0.0001 to its common stockholders, at an average price of $6.2117 per share.

On May 31, 2017 the Company completed a follow-on public equity offering in the United States under the Securities Act. In this respect 13,500,000 shares at par value $0.0001 were issued at a public offering price of $7.10 per share, increasing the issued share capital to 105,840,848 shares. The net proceeds of the follow-on offering were $91,675.

As at June 30, 2017, the aggregate issued share capital was 105,990,448 common shares.

20

COSTAMARE INC.

Notes to Unaudited Condensed Consolidated Financial Statements

June 30, 2016 and 2017

(Expressed in thousands of U.S. dollars, except share and per share data)

(b) Additional Paid-in Capital: 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 November 2010 and the offerings in March 2012, October 2012, August 2013, January 2014, May 2015, December 2016 and May 2017 and the net proceeds received from the issuance of such shares, (iii) the difference between the par value and the fair value of the shares issued to Costamare Shipping and Costamare Services (Note 3) and (iv) the difference between the par value of the shares issued under the Plan.

(c) Dividends declared and / or paid: During the six-month period ended June 30, 2016, the Company declared and paid to its common stockholders (i) $21,866 or $0.29 per common share for the fourth quarter of 2015 and (ii) $21,908 or $0.29 per common share for the first quarter of 2016. During the six-month period ended June 30, 2017, the Company declared and paid to its common stockholders $0.10 per common share and, after accounting for shareholders participating in the Plan, the Company paid (i) $3,619 in cash and issued 1,014,550 shares pursuant to the Plan for the fourth quarter of 2016 and (ii) $3,610 in cash and issued 751,817 shares pursuant to the Plan for the first quarter of 2017.

During the six-month period ended June 30, 2016, the Company declared and paid to its holders of Series B Preferred Stock $953 or $0.476563 per share for the period from October 15, 2015 to January 14, 2016 and $953 or $0.476563 per share for the period from January 15, 2016 to April 14, 2016. During the six-month period ended June 30, 2017, the Company declared and paid to its holders of Series B Preferred Stock $953 or $0.476563 per share for the period from October 15, 2016 to January 14, 2017 and $953 or $0.476563 per share for the period from January 15, 2017 to April 14, 2017.

During the six-month period ended June 30, 2016, the Company declared and paid to its holders of Series C Preferred Stock $2,125 or $0.531250 per share for the period from October 15, 2015 to January 14, 2016 and $2,125 or $0.531250 per share for the period from January 15, 2016 to April 14, 2016. During the six-month period ended June 30, 2017, the Company declared and paid to its holders of Series C Preferred Stock $2,125 or $0.531250 per share for the period from October 15, 2016 to January 14, 2017 and $2,125 or $0.531250 per share for the period from January 15, 2017 to April 14, 2017.

During the six-month period ended June 30, 2016, the Company declared and paid to its holders of Series D Preferred Stock $2,188 or $0.546875 per share for the period from October 15, 2015 to January 14, 2016 and $2,188 or $0.546875 per share for the period from January 15, 2016 to April 14, 2016. During the six-month period ended June 30, 2017, the Company declared and paid to its holders of Series D Preferred Stock $2,188 or $0.546875 per share for the period from October 15, 2016 to January 14, 2017 and $2,188 or $0.546875 per share for the period from January 15, 2017 to April 14, 2017.

15. Earnings per share (EPS)

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 and Series D Preferred Stock that should be paid for the period. Dividends paid or accrued on Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock during both the six-month periods ended June 30, 2016 and 2017, amounted to $10,473.

	For the six-month periods ended June 30,
	2016			2017
		Basic EPS			Basic EPS
Net income	$	72,038		$	46,063
Less: paid and accrued earnings allocated to Preferred Stock		(10,473	)		(10,473	)
Net income available to common stockholders		61,565			35,590
Weighted average number of common shares, basic and diluted		75,474,844			93,851,789
Earnings per common share, basic and diluted	$	0.82		$	0.38

21

COSTAMARE INC.

Notes to Unaudited Condensed Consolidated Financial Statements

June 30, 2016 and 2017

(Expressed in thousands of U.S. dollars, except share and per share data)

16. Interest and Finance Costs:

The interest and finance costs in the accompanying consolidated statements of income are as follows:

	For the six-month periods ended June 30,
	2016		2017
Interest expense	$	23,301	$	27,685
Swap effect		11,489		6,459
Amortization and write-off of financing costs		885		1,068
Bank charges and other financing costs		1,001		126
Total	$	36,676	$	35,338

17. Taxes:

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 not subject to tax on international shipping income; however, they are subject to registration and tonnage taxes, which are included in Vessel operating expenses in the accompanying consolidated statements of income.

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 50% of 4% 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 883 of the Internal Revenue Code of 1986, as amended.

18. Derivatives:

(a) Interest rate swaps that meet the criteria for hedge accounting: The Company, according to its long-term strategic plan to maintain stability in its interest rate exposure, has decided to minimize its exposure to floating interest rates by entering into interest rate swap agreements. To this effect, the Company has entered into interest rate swap transactions with varying start and maturity dates, in order to manage its floating rate exposure.

These interest rate swaps are designed to hedge the variability of interest cash flows arising from floating rate debt, attributable to movements in three-month or six-month USD LIBOR. According to the Company’s Risk Management Accounting Policy, after putting in place the formal documentation required by ASC 815 in order to designate these swaps as hedging instruments as from their inception, these interest rate swaps qualified for hedge accounting. Accordingly, only hedge ineffectiveness amounts arising from the differences in the change in fair value of the hedging instrument and the hedged item are recognized in the Company’s earnings. Assessment and measurement of the effectiveness of these interest rate swaps are performed at each reporting period. For qualifying cash flow hedges, the fair value gain or loss associated with the effective portion of the cash flow hedge is recognized initially in “Other comprehensive income” and recognized to the consolidated statement of income in the periods when the hedged item affects profit or loss. Any ineffective portion of the gain or loss on the hedging instrument is recognized in the consolidated statement of income immediately.

At December 31, 2016 and June 30, 2017, the Company had interest rate swap agreements with an outstanding notional amount of $783,403 and $719,750, respectively. The fair value of these interest rate swaps outstanding at December 31, 2016 and June 30, 2017 amounted to a liability of $10,459 and a liability of $5,745, respectively, and these are included in the accompanying consolidated balance sheets. The maturity of these interest rate swaps range between June 2018 and May 2023.

The estimated net amount that is expected to be reclassified within the next 12 months from Accumulated Other Comprehensive Loss to earnings in respect of the settlements on interest rate swaps amounts to $8,601.

22

COSTAMARE INC.

Notes to Unaudited Condensed Consolidated Financial Statements

June 30, 2016 and 2017

(Expressed in thousands of U.S. dollars, except share and per share data)

(b) Interest rate swaps that do not meet the criteria for hedge accounting: As of December 31, 2016 and June 30, 2017, the Company had interest rate swap agreements with an outstanding notional amount of $199,846 and $94,799, respectively, for the purpose of managing risks associated with the variability of changing LIBOR-related interest rates. Such agreements did not meet hedge accounting criteria and, therefore, changes in its fair value are reflected in earnings. The fair value of these interest rate swaps at December 31, 2016 and June 30, 2017, was a liability of $4,855 and a liability of $1,996, respectively, and these are included in Fair value of derivatives in the accompanying consolidated balance sheets. The maturity of these interest rate swaps range between August 2018 and August 2020.

(c) Foreign currency agreements: As of June 30, 2017, the Company was engaged in four Euro/U.S. dollar forward agreements totaling $10,000 at an average forward rate of Euro/U.S. dollar 1.098 expiring in monthly intervals up to October 2017.

As of December 31, 2016, the Company was engaged in three Euro/U.S. dollar forward agreements totaling $9,000 at an average forward rate of Euro/U.S. dollar 1.0653 expiring in monthly intervals up to March 2017.

The total change of forward contracts fair value for the six-month period ended June 30, 2017, was a gain of $501 (loss of $158 for the six-month period ended June 30, 2016) and is included in Loss on derivative instruments, net in the accompanying consolidated statements of income.

The Effect of Derivative Instruments for the six-month periods ended June 30, 2016 and 2017
Derivatives in ASC 815 Cash Flow Hedging Relationships
	Amount of Gain / (Loss) Recognized in Accumulated OCI on Derivative (Effective Portion)						Location of Gain / (Loss) Recognized in Income on Derivative (Ineffective Portion)		Amount of Gain / (Loss) Recognized in Income on Derivative (Ineffective Portion)
	2016			2017					2016		2017
Interest rate swaps	$	(14,550	)	$	(1,364	)		Loss on derivative instruments, net	$	-	$	-
Reclassification to Interest and finance costs		11,489			6,459					-		-
Total	$	(3,061	)	$	5,095				$	-	$	-

Derivatives Not Designated as Hedging Instruments and ineffectiveness of Hedging Instruments under ASC 815
	Location of Gain / (Loss) Recognized in Income on Derivative		Amount of Gain / (Loss) Recognized in Income on Derivative
			2016			2017
Non hedging interest rate swaps		Loss on derivative instruments, net	$	(4,101	)	$	(897	)
Ineffective portion of hedging interest rate swaps		Loss on derivative instruments, net		-			-
Forward contracts		Loss on derivative instruments, net		(158	)		501
Total			$	(4,259	)	$	(396	)

The realized loss on non-hedging interest rate swaps included in “Loss on derivative instruments, net” amounted to $4,343, and $1,625 for the six-month periods ended June 30, 2016 and 2017, respectively.

23

COSTAMARE INC.

Notes to Unaudited Condensed Consolidated Financial Statements

June 30, 2016 and 2017

(Expressed in thousands of U.S. dollars, except share and per share data)

19. Financial Instruments:

(a) Interest rate risk: The Company’s interest rates and loan repayment terms are described in Note 10.

(b) Concentration of credit risk: Financial instruments which potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents, accounts receivable (included in current and non-current assets), equity method investments, equity securities, debt securities and derivative contracts (interest rate swaps and foreign currency contracts). The Company places its cash and cash equivalents, consisting mostly of deposits, with financial institutions of high credit ratings. The Company performs periodic evaluations of the relative credit standing of those financial institutions. The Company is exposed to credit risk in the event of non-performance by the counterparties to its derivative instruments; however, the Company limits its exposure by diversifying among counterparties with high credit ratings. The Company limits its credit risk with accounts receivable, equity method investments and equity and debt securities by performing ongoing credit evaluations of its customers’ and investees’ financial condition and generally does not require collateral for its accounts receivable.

(c) Fair value: The carrying amounts reflected in the accompanying consolidated balance sheet of financial assets and accounts payable approximate their respective fair values due to the short maturity of these instruments. The fair value of long-term bank loans with variable interest rates approximate the recorded values, generally due to their variable interest rates. The fair value of the interest rate swap agreements and the foreign currency agreements discussed in Note 18 above are determined through Level 2 of the fair value hierarchy as defined in FASB guidance for Fair Value Measurements and are derived principally from or corroborated by observable market data, interest rates, yield curves and other items that allow value to be determined.

The fair value of the interest rate swap agreements discussed in Note 18(a) and (b) equates to the amount that would be paid by the Company to cancel the agreements. As at December 31, 2016 and June 30, 2017, the fair value of these interest rate swaps in aggregate amounted to a liability of $15,314 and $7,741, respectively.

The fair market value of the forward contracts discussed in Note 18(c) determined through Level 2 of the fair value hierarchy as at December 31, 2016 and June 30, 2017, amounted to a liability of $85 and an asset of $416, respectively.

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.

	December 31, 2016			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Unobservable Inputs (Level 3)
Recurring measurements:
Forward contracts-liability position	$	(85	)	$	-	$	(85	)	$	-
Interest rate swaps-liability position		(15,314	)		-		(15,314	)		-
Total	$	(15,399	)	$	-	$	(15,399	)	$	-

	June 30, 2017			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Unobservable Inputs (Level 3)
Recurring measurements:
Forward contracts-asset position	$	416		$	-	$	416		$	-
Interest rate swaps-liability position		(7,741	)		-		(7,741	)		-
Total	$	(7,325	)	$	-	$	(7,325	)	$	-

24

COSTAMARE INC.

Notes to Unaudited Condensed Consolidated Financial Statements

June 30, 2016 and 2017

(Expressed in thousands of U.S. dollars, except share and per share data)

20. Comprehensive Income:

During the six-month period ended June 30, 2016, Other comprehensive income decreased with net losses of $3,010 relating to (i) the change of the fair value of derivatives that qualify for hedge accounting (loss of $14,550), net of the settlements to net income of derivatives that qualify for hedge accounting (gain of $11,489) and, (ii) the amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to depreciation ($51).

During the six-month period ended June 30, 2017, Other comprehensive income increased with net gains of $5,126 relating to (i) the change of the fair value of derivatives that qualify for hedge accounting (loss of $1,364), net of the settlements to net income of derivatives that qualify for hedge accounting (gain of $6,459) and (ii) the amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to depreciation ($31).

As at June 30, 2016 and June 30, 2017, Comprehensive income amounted to $69,028 and $51,189, respectively. The estimated net amount that is expected to be reclassified within the next 12 months from Accumulated Other Comprehensive Loss to earnings in respect of the net settlements on interest rate swaps amounts to $8,601.

21. Subsequent Events:

(a) Declaration and Payment of Dividends (common stock): On July 3, 2017, the Company declared a dividend for the second quarter ended June 30, 2017, of $0.10 per share on its common stock, payable on August 7, 2017, to stockholders of record on July 24, 2017.

(b) Declaration and Payment of Dividends (preferred stock Series B, Series C and Series D): On July 3, 2017, the Company declared a dividend of $0.476563 per share on its Series B Preferred Stock, a dividend of $0.531250 per share on its Series C Preferred Stock and a dividend of $0.546875 per share on its Series D Preferred Stock which were all paid on July 17, 2017 to holders of record on July 14, 2017.

(c) Loan Prepayments: On July 21, 2017 and August 3, 2017, the Company prepaid the amounts of $8,000 and $1,000 in relation to the loans discussed in Note 10.B.9 and Note 10.B.1, respectively.

(d) New Loan Agreement: On August 1, 2017, Nerida Shipping Co., a wholly owned subsidiary of the Company, entered into a loan agreement with a bank for an amount of up to $17,625 for general corporate purposes.

25

XML

Document And Entity Information	6 Months Ended
	Jun. 30, 2017 shares
Document Information [Line Items]
Entity Registrant Name	Costamare Inc.
Entity Central Index Key	0001503584
Trading Symbol	cmre
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)	105,990,448
Document Type	6-K
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q2
Amendment Flag	false

XML

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
CURRENT ASSETS:
Cash and cash equivalents	$ 195,023	$ 164,898
Restricted cash	6,462	6,882
Accounts receivable	3,916	971
Inventories (Notes 2 and 5)	10,360	11,415
Due from related parties (Notes 3 and 9)	3,928	3,447
Fair value of derivatives (Notes 18 and 19)	416	0
Insurance claims receivable	2,722	2,886
Prepaid lease rentals (Note 11)	8,752	8,752
Accrued charter revenue (Note 12)	391	408
Prepayments and other	4,007	3,914
Vessel held for sale (Note 6)	7,035	6,256
Total current assets	243,012	209,829
FIXED ASSETS, NET:
Capital leased assets (Note 11)	422,603	384,872
Vessels, net (Note 6)	1,643,985	1,688,285
Total fixed assets, net	2,066,588	2,073,157
NON-CURRENT ASSETS:
Equity method investments (Notes 2 and 9)	160,789	153,126
Prepaid lease rentals, non-current (Note 11)	47,330	51,670
Accounts receivable, non-current (Note 3)	1,725	1,575
Deferred charges, net (Note 7)	18,256	20,367
Restricted cash	36,480	38,783
Fair value of derivatives, non-current (Notes 18 and 19)	2,186	762
Accrued charter revenue, non-current (Note 12)	0	185
Other non-current assets (Note 4)	9,191	8,970
Total assets	2,585,557	2,558,424
CURRENT LIABILITIES:
Current portion of long-term debt, net of deferred financing costs (Note 10)	180,961	198,277
Accounts payable	4,642	3,848
Due to related parties (Note 3)	218	191
Capital lease obligations, net (Note 11)	32,351	29,059
Accrued liabilities	11,488	11,109
Unearned revenue (Note 12)	17,087	19,668
Fair value of derivatives (Notes 18 and 19)	9,927	16,161
Other current liabilities	1,615	1,673
Total current liabilities	258,289	279,986
NON-CURRENT LIABILITIES:
Long-term debt, net of current portion and deferred financing costs (Note 10)	754,482	856,330
Capital lease obligations, net of current portion (Note 11)	356,233	331,196
Unearned revenue, net of current portion (Note 12)	14,948	16,488
Total non-current liabilities	1,125,663	1,204,014
COMMITMENTS AND CONTINGENCIES (Note 13)	0	0
STOCKHOLDERS’ EQUITY:
Preferred stock (Note 14)	0	0
Common stock (Note 14)	10	9
Additional paid-in capital (Note 14)	1,162,148	1,057,423
Retained earnings	48,745	31,416
Accumulated other comprehensive loss (Notes 18 and 20)	(9,298)	(14,424)
Total stockholders’ equity	1,201,605	1,074,424
Total liabilities and stockholders’ equity	$ 2,585,557	$ 2,558,424

XML

Unaudited Condensed Consolidated Statements of Income - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
REVENUES:
Voyage revenue	$ 210,541	$ 239,799
EXPENSES:
Voyage expenses	(1,573)	(1,040)
Voyage expenses-related parties (Note 3)	(1,579)	(1,798)
Vessels’ operating expenses	(50,847)	(52,459)
General and administrative expenses	(1,554)	(1,618)
General and administrative expenses – related parties (Note 3)	(3,328)	(3,996)
Management fees-related parties (Note 3)	(9,387)	(9,570)
Amortization of dry-docking and special survey costs (Note 7)	(3,911)	(3,940)
Depreciation (Notes 6, 11 and 20)	(48,515)	(50,569)
Amortization of prepaid lease rentals, net (Note 11)	(4,320)	(2,477)
Loss on sale / disposal of vessels, net (Note 6)	(3,638)	0
Loss on vessel held for sale (Note 6)	(2,732)	0
Foreign exchange gains / (losses), net	31	(229)
Operating income	79,188	112,103
OTHER INCOME / (EXPENSES):
Interest income	1,116	737
Interest and finance costs (Note 16)	(35,338)	(36,676)
Equity gain / (loss) on investments (Note 9)	887	(405)
Other, net	606	538
Loss on derivative instruments, net (Note 18)	(396)	(4,259)
Total other expenses	(33,125)	(40,065)
Net Income	46,063	72,038
Earnings allocated to Preferred Stock (Note 15)	(10,473)	(10,473)
Net income available to Common Stockholders	$ 35,590	$ 61,565
Earnings per common share, basic and diluted (Note 15) (in dollars per share)	$ 0.38	$ 0.82
Weighted average number of shares, basic and diluted (in shares)	93,851,789	75,474,844

XML

Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Net income for the period	$ 46,063	$ 72,038
Other comprehensive income / (loss):
Unrealized gain / (loss) on cash flow hedges, net (Notes 18 and 20)	5,095	(3,061)
Amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to Depreciation (Note 20)	31	51
Other comprehensive income / (loss) for the period	5,126	(3,010)
Total comprehensive income for the period	$ 51,189	$ 69,028

XML

Unaudited Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Preferred Stock [Member] Series D Preferred Stock [Member]	Preferred Stock [Member] Series C Preferred Stock [Member]	Preferred Stock [Member] Series B Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance at Jun. 30, 2016				$ 8	$ 966,651	$ (47,659)	$ 61,980	$ 980,980
Balance (in shares) at Dec. 31, 2015	4,000,000	4,000,000	2,000,000	75,398,400
Balance at Dec. 31, 2015				$ 8	963,904	(44,649)	44,247	963,510
Net income:							72,038	72,038
- Issuance of common stock (Notes 3 and 14) (in shares)				299,200
- Issuance of common stock (Notes 3 and 14)					2,747			2,747
- Dividends - Common stock							(43,774)	(43,774)
- Dividends - Preferred stock							(10,531)	(10,531)
- Other comprehensive income (loss)						(3,010)		(3,010)
Balance (in shares) at Jun. 30, 2016	4,000,000	4,000,000	2,000,000	75,697,600
Balance at Dec. 31, 2016				$ 9	1,057,423	(14,424)	31,416	1,074,424
Balance (in shares) at Dec. 31, 2015	4,000,000	4,000,000	2,000,000	75,398,400
Balance at Dec. 31, 2015				$ 8	963,904	(44,649)	44,247	963,510
Balance (in shares) at Dec. 31, 2016	4,000,000	4,000,000	2,000,000	90,424,881
Balance at Jun. 30, 2017				$ 10	1,162,148	(9,298)	48,745	1,201,605
Balance at Dec. 31, 2016				9	1,057,423	(14,424)	31,416	1,074,424
Net income:							46,063	46,063
- Issuance of common stock (Notes 3 and 14) (in shares)				15,565,567
- Issuance of common stock (Notes 3 and 14)				$ 1	105,037			105,038
- Issuance of common stock - expenses (Notes 3 and 14)					(312)			(312)
- Dividends - Common stock							(18,202)	(18,202)
- Dividends - Preferred stock							(10,532)	(10,532)
- Other comprehensive income (loss)						$ 5,126		$ 5,126
Balance (in shares) at Jun. 30, 2017	4,000,000	4,000,000	2,000,000	105,990,448

XML

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash Flows From Operating Activities:
Net income:	$ 46,063	$ 72,038
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	48,515	50,569
Amortization of debt discount	(348)	(321)
Amortization of prepaid lease rentals, net	4,320	2,477
Amortization and write-off of financing costs	1,068	885
Amortization of deferred dry-docking and special survey costs	3,911	3,940
Equity based payments	2,078	2,747
Gain on derivative instruments, net	(1,229)	(84)
Loss on sale / disposal of vessels, net	3,638	0
Loss on vessel held for sale	2,732	0
Equity (gain) / loss on investments	(887)	405
Changes in operating assets and liabilities:
Accounts receivable	(695)	(1,089)
Due from related parties	(481)	2,265
Inventories	1,055	(196)
Insurance claims receivable	164	(2,040)
Prepayments and other	(93)	(641)
Accounts payable	794	1,238
Due to related parties	27	(139)
Accrued liabilities	(1,243)	319
Unearned revenue	(2,781)	(4,595)
Other current liabilities	(58)	(71)
Dry-dockings	(1,802)	(5,868)
Accrued charter revenue	(5,599)	(2,067)
Net Cash provided by Operating Activities	99,149	119,772
Cash Flows From Investing Activities:
Equity method investments	(7,046)	(11,715)
Dividend from equity method investees	270	0
Debt securities capital redemption	0	46
Vessel acquisitions / Additions to vessel cost	(54,523)	(2,563)
Proceeds from the sale of vessels, net	9,942	0
Net Cash used in Investing Activities	(51,357)	(14,232)
Cash Flows From Financing Activities:
Offering proceeds, net of related expenses	91,675	0
Capital lease proceeds	41,600	0
Capital lease repayment	(14,876)	(7,125)
Proceeds from long-term debt		39,000
Repayment of long-term debt	(119,880)	(92,630)
Payment of financing costs	(1,147)	(682)
Dividends paid	(17,762)	(54,305)
Decrease in restricted cash	2,723	9,836
Net Cash used in Financing Activities	(17,667)	(105,906)
Net (decrease) / increase in cash and cash equivalents	30,125	(366)
Cash and cash equivalents at beginning of the period	164,898	100,105
Cash and cash equivalents at end of the period	195,023	99,739
Supplemental Cash Information:
Cash paid during the period for interest	$ 27,923	$ 23,031

XML

Note 1 - Basis of Presentation and General Information

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

1.

Basis of Presentation and General Information:

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.

On

November 4, 2010,

Costamare completed its initial public offering (“Initial Public Offering”) in the United States under the United States Securities Act of

1933,

as amended (the “Securities Act”). On

March 27, 2012,

October 19, 2012,

December 5, 2016

and

May 31, 2017,

the Company completed

four

follow-on public offerings in the United States under the Securities Act and issued

7,500,000

shares,

7,000,000

shares,

12,000,000

shares and

13,500,000

shares, respectively, par value

$0.0001

,

at a public offering price of

$14.10

per share,

$14.00

per share,

$6.00

per share and

$7.10

per share, respectively. During

2015,

the Company issued

448,800

shares to Costamare Shipping Company S.A. and

149,600

to Costamare Shipping Services Ltd. (Note

3

). During

2016,

the Company issued

598,400

shares, in aggregate, to Costamare Shipping Services Ltd. (Note

3

). Additionally, during the

six

-month period ended

June 30, 2017,

the Company issued

299,200

shares to Costamare Shipping Services Ltd. On

July 6, 2016,

the Company implemented a dividend reinvestment plan (the “Plan”) (Note

14

). Under the plan, the Company has issued to its common stockholders

4,194,448

shares, in aggregate. As at

June 30, 2017,

the aggregate issued share capital was

105,990,448

common shares. At

June 30, 2017,

members of the Konstantakopoulos Family owned, directly or indirectly, approximately

53.8%

of the outstanding common shares, in the aggregate. Furthermore, (i) on

August 7, 2013,

the Company completed a public offering of

2,000,000

shares of its

7.625%

Series B Cumulative Redeemable Perpetual Preferred Stock (the “Series B Preferred Stock”), par value

$0.0001,

at a public offering price of

$25.00

per share, (ii) on

January 21, 2014,

the Company completed a public offering of

4,000,000

shares of its

8.50%

Series C Cumulative Redeemable Perpetual Preferred Stock (the “Series C Preferred Stock”), par value

$0.0001,

at a public offering price of

$25.00

per share and (iii) on

May 13, 2015,

the Company completed a public offering of

4,000,000

shares of its

8.75%

Series D Cumulative Redeemable Perpetual Preferred Stock (the “Series D Preferred Stock”), par value

$0.0001,

at a public offering price of

$25.00

per share.

As of

December 31, 2016

and

June 30, 2017,

the Company owned and/or operated a fleet of

53

and

54

container vessels, respectively, with a total carrying capacity of approximately

314,423

and

323,407

twenty

-foot equivalent units (“TEU”), respectively, through wholly-owned subsidiaries incorporated in the Republic of Liberia. The Company provides worldwide marine transportation services by chartering its container vessels to some of the world’s leading liner operators under long-, medium- and short-term time charters.

At

June 30, 2017,

Costamare had

67

wholly-owned subsidiaries, all incorporated in the Republic of Liberia, except

five

incorporated in the Republic of the Marshall Islands.

Revenues for the

six

-month periods ended

June 30, 2016

and

2017,

derived from significant charterers individually accounting for

10%

or more of revenues (in percentages of total revenues) were as follows:

	2016			2017
A		27	%		29	%
B		30	%		29	%
C		13	%		16	%
D		18	%		20	%
Total		88	%		94	%

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and applicable rules and regulations of the Securities and Exchange Commission ("SEC") for interim financial information. Accordingly, they do

not

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

20

-F for the fiscal year ended

December 31, 2016,

filed with the SEC on

March 14, 2017.

These unaudited interim consolidated financial statements have been prepared on the same basis as the Company's annual consolidated financial statements and, in the opinion of management, reflect all adjustments, consisting of only normal recurring adjustments, considered necessary for a fair presentation of the Company's financial position, results of operations and cash flows for the periods presented. Operating results for the

six

-month period ended

June 30, 2017,

are

not

necessarily indicative of the results that might be expected for the fiscal year ending

December 31, 2017.

XML

Note 2 - Significant Accounting Policies and Recent Accounting Pronouncements

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Significant Accounting Policies [Text Block]

2.

Significant Accounting Policies and Recent Accounting Pronouncements:

A discussion of the Company’s significant accounting policies can be found in the Company’s Consolidated Financial Statements included in the Annual Report on Form

20

-F for the year ended

December 31, 2016.

There have been

no

material changes to these policies in the

six

-month period ended

June 30, 2017,

except as discussed below.

On

January 1, 2017,

the Company adopted Accounting Standard Update (“ASU”)

No.

2015

-

11

- Inventory

(Topic

330

)

effective for the fiscal year ending

December 31, 2017

and interim periods within this fiscal year. The adoption of this guidance has had

no

impact on the Company's results of operations, cash flows and net assets for any period.

On

January 1, 2017,

the Company adopted ASU

No.

2016

-

07

- Investments - Equity Method and Joint Ventures

(Topic

323

)

effective for the fiscal year ending

December 31, 2017

and interim periods within this fiscal year. The adoption of this guidance has had

no

impact on the Company's results of operations, cash flows and net assets for any period.

In

May 2014,

the FASB issued ASU

2014

-

09

“Revenue from Contracts with Customers” clarifying the method used to determine the timing and requirements for revenue recognition on the statements of income. Under the new standard, an entity must identify the performance obligations in a contract, the transaction price and allocate the price to specific performance obligations to recognize the revenue when the obligation is completed. The amendments in this update also require disclosure of sufficient information to allow users to understand the nature, amount, timing and uncertainty of revenue and cash flow arising from contracts. The standard will be effective for public entities for annual reporting periods beginning after

December 15, 2017

and interim periods therein. The Company will adopt the standard as of

January 1, 2018

and is in the process of validating aspects of its preliminary assessment of ASU

2014

-

09,

determining the transitional impact and completing other items required for the adoption of ASU

2014

-

09.

  The Company is considering the business assumptions, processes, systems and controls to fully determine revenue recognition and disclosure under the new standard. The Company’s initial assessment

may

change as the Company continues to review the new guidance.

New Accounting Pronouncements

Not

Yet Adopted

In

January 2017,

the FASB issued ASU

2017

-

01

- Business Combinations (

Topic

805

) to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisition (or disposals) of assets or businesses. Under current implementation guidance, the existence of an integrated set of acquired activities (inputs and processes that generate outputs) constitutes an acquisition of business. This ASU provides a screen to determine when a set of assets and activities does

not

constitute a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is

not

a business. This update is effective for public entities with reporting periods beginning after

December 15, 2017,

including interim periods within those years. The amendments of this ASU should be applied prospectively on or after the effective date. Early adoption is permitted, including adoption in an interim period (i) for transactions for which the acquisition date occurs before the issuance date or effective date of the ASU, only when the transaction has

not

been reported in financial statements that have been issued or made available for issuance and (ii) for transactions in which a subsidiary is deconsolidated or a group of assets is derecognized that occur before the issuance date or effective date of the amendments, only when the transaction has

not

been reported in financial statements that have been issued or made available for issuance. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements.

In

January 2017,

the FASB issued ASU

2017

-

03

- Accounting Changes and Error Corrections (

Topic

250

) and Investments-Equity Method and Joint Ventures (

Topic

323

). The ASU amends the Codification for SEC staff announcements made at recent Emerging Issues Task Force (EITF) meetings. The SEC guidance that specifically relates to the Company’s Consolidated Financial Statements was from the

September 2016

meeting, where the SEC staff expressed their expectations about the extent of disclosures registrants should make about the effects of the new FASB guidance as well as any amendments issued prior to adoption, on revenue (ASU

2014

-

09

), leases (ASU

2016

-

02

) and credit losses on financial instruments (ASU

2016

-

13

) in accordance with SAB Topic

11.M.

Registrants are required to disclose the effect that recently issued accounting standards will have on their financial statements when adopted in a future period. In cases where a registrant cannot reasonably estimate the impact of the adoption, then additional qualitative disclosures should be considered. The ASU incorporates these SEC staff views into ASC

250

and adds references to that guidance in the transition paragraphs of each of the

three

new standards. The adoption of this new accounting guidance will

not

have a material effect on the Company’s Consolidated Financial Statements.

XML

Note 3 - Transactions With Related Parties

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

3.

Transactions with Related Parties:

(a)

Costamare Shipping Company S.A.

(“Costamare Shipping”)

and Costamare Shipping Services Ltd. (

“Costamare Services”):

Costamare Shipping is a ship management company wholly-owned by Mr. Konstantinos Konstantakopoulos, the Company’s Chairman and Chief Executive Officer and, as such, is

not

part of the consolidated group of the Company, but is a related party. Costamare Shipping provides the Company with general administrative services and certain commercial services.

Costamare Shipping, itself or through Shanghai Costamare Ship Management Co., Ltd. (“Shanghai Costamare”), or through or together with

third

party sub-managers, provides technical, crewing, commercial, provisioning, bunkering, sale and purchase, chartering, accounting, insurance and administrative services in respect of the Company’s containerships in exchange for a daily fee for each containership.

On

March 3, 2015,

the Company entered into an amended and restated management agreement with Costamare Shipping (the “Group Management Agreement”) which, among other things, extended the term of the agreement such that it automatically renewed for

10

consecutive

one

-year periods until

December 31, 2025 (

rather than

five

consecutive periods until

December 31, 2020),

removed the annual

4%

increase of the fee payable in respect of each containership managed by Costamare Shipping, and in respect of the flat fee for the supervision of each newbuild ordered by the Company beginning in the

first

quarter of

2015,

provided for an annual fee to Costamare Shipping of

$2,500

and

598,400

shares payable quarterly in arrears.

No

separate payment is made for the services of the Company’s executive officers (prior to

2015,

the Company paid Costamare Shipping

$1,000

annually for such services). The Group Management Agreement has been terminated on

November 2, 2015.

On

November 2, 2015,

the Company entered into a Framework Agreement with Costamare Shipping (the “Framework Agreement”) and its vessel-owning subsidiaries entered into a Services Agreement with Costamare Services (the “Services Agreement”), a company controlled by the Company’s Chairman and Chief Executive Officer and members of his family.

On

November 27, 2015,

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

may

receive shares of its common stock as fee compensation under the Group Management Agreement (until

November 2, 2015)

or the Services Agreement.

Pursuant to the Group Management Agreement (which was effective until

November 2, 2015),

the Framework Agreement and the Services Agreement (each of which became effective on

November 2, 2015),

Costamare Shipping and Costamare Services received (i) for each containership which is

not

subject to a bareboat charter a daily fee of

$0.956

since

January 1, 2015,

and for each containership subject to a bareboat charter a daily fee of

$0.478

since

January 1, 2015,

in each case prorated for the calendar days the Company owned each containership and for the

three

-month period following the date of the sale of a vessel, (ii) a flat fee of

$787.4

for the supervision of the construction of any newbuild vessel contracted by the Company, (iii) a fee of

0.75%

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

$2,500

and

598,400

shares as noted above. Fees under (i) and (ii)

may

be annually adjusted upwards to reflect any strengthening of the Euro against the U.S. dollar and/or material unforeseen cost increases.

After the initial term of the Framework Agreement and the Services Agreement, which expired on

December 31, 2015,

the Company is able to terminate both agreements, subject to a termination fee, by providing written notice to Costamare Shipping or Costamare Services, as applicable, at least

12

months before the end of the subsequent

one

-year term. The termination fee is equal to (a) the number of full years remaining prior to

December 31, 2025,

times (b) the aggregate fees due and payable to Costamare Shipping or Costamare Services, as applicable, during the

12

-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

two

times the aggregate fees over the

12

-month period described above.

On

January 7, 2013,

Costamare Shipping entered into a co-operation agreement (the “Co-operation Agreement”) with

third

-party ship managers V.Ships Greece Ltd. (“V.Ships Greece”), pursuant to which the

two

companies established a ship management cell (the “Cell”) under V.Ships Greece. Since

April 2013,

the Cell provides technical, crewing, provisioning, bunkering, sale and purchase and accounting services, as well as certain commercial and insurance services to certain of the Company’s container vessels, pursuant to separate management agreements entered into between V.Ships Greece and the ship-owning company of the respective container vessel, for a daily management fee.

The Cell also offers ship management services to

third

-party owners. Costamare Shipping passes to the Company the net profit, if any, it receives pursuant to the Co-operation Agreement as a refund or reduction of the management fees payable by the Company to Costamare Shipping (i) prior to

November 2, 2015,

under the Group Management Agreement, and (ii) since

November 2, 2015,

under the Framework Agreement. As at

June 30, 2017,

the Cell provided technical, crewing, provisioning, bunkering, sale and purchase and accounting services, as well as certain commercial management services to

21

of Costamare’s vessels.

Management fees charged by Costamare Shipping in the

six

-month periods ended

June 30, 2016

and

2017,

amounted to

$9,570

and

$9,387

respectively and are included in Management fees-related parties in the accompanying consolidated statements of income. In addition, Costamare Shipping and Costamare Services charged (i)

$1,579

for the

six

-month period ended

June 30, 2017 (

$1,798

for the

six

-month period ended

June 30, 2016),

representing a fee of

0.75%

on all gross revenues, as provided in the Group Management Agreement and from

November 2, 2015,

the Framework Agreement and the Services Agreement, as applicable, which is separately reflected as Voyage expenses-related parties in the accompanying consolidated statements of income, (ii)

$1,250,

which is included in General and administrative expenses – related parties in the accompanying consolidated statement of income for the

six

-month period ended

June 30, 2017 (

$1,250

for the

six

-month period ended

June 30, 2016)

and (iii)

$2,078

representing the fair value of

299,200

shares, which is included in General and administrative expenses - related parties in the accompanying consolidated statement of income for the

six

-month period ended

June 30, 2017 (

$2,746

for the

six

-month period ended

June 30, 2016).

Furthermore, in accordance with the management agreement with V.Ships Greece and a

third

-party manager, V.Ships Greece and the

third

-party manager have been provided with the amount of

$1,725

(

$75

per vessel) as working capital security, which is included in Accounts receivable, non-current, in the accompanying consolidated balance sheets.

During the

six

-month periods ended

June 30, 2016

and

2017,

Costamare Shipping charged in aggregate to the companies established pursuant to the Framework Deed (Notes

8

and

9

) the amounts of

$1,242

and

$2,176,

respectively for services provided in accordance with the respective management agreements.

The balance due from Costamare Shipping at

December 31, 2016

and

June 30, 2017,

amounted to

$2,841

and

$3,928,

respectively, and is included in Due from related parties in the accompanying consolidated balance sheets. The balance due to Costamare Services at

December 31, 2016

and

June 30, 2017,

amounted to

$191

and

$202,

respectively, and is reflected as Due to related parties in the accompanying consolidated balance sheets.

(b) Ciel Shipmanagement S.A. (“CIEL”):

CIEL, a company incorporated in the Republic of Liberia, is wholly-owned by the Company’s Chairman and Chief Executive Officer. CIEL is

not

part of the consolidated group of the Company. CIEL provided the Company’s vessels, through to

April 2013,

certain ship management services such as technical support and maintenance, financial and accounting services. From

April 2013

until

November 2, 2015,

CIEL provided services in respect of the

Rena

wreck. The balance due from CIEL at

December 31, 2016

and

June 30, 2017

amounted to

$606

and

$nil,

respectively and is included in Due from related parties in the accompanying consolidated balance sheets.

(c) Shanghai Costamare Ship Management Co., Ltd.:

Shanghai Costamare is owned (indirectly)

70%

by the Company’s Chairman and Chief Executive Officer and

30%

(indirectly) by Shanghai Costamare’s General Manager. Shanghai Costamare is a company incorporated in the People’s Republic of China and is

not

part of the consolidated group of the Company but is a related party. 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

June 30, 2017,

Shanghai Costamare provided such services to

14

(

15

as of

December 31, 2016)

of the Company’s containerships. There was

no

balance due from/to Shanghai Costamare at both

December 31, 2016

and

June 30, 2017.

XML

Note 4 - Other Non-current Assets

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Other Noncurrent Assets [Text Block]

4.

Other Non-Current Assets:

As of

July 16, 2014,

Zim Integrated Services (“Zim”) and its creditors, including vessel and container lenders, ship-owners, shipyards, unsecured lenders and bond holders, entered into definitive documentation to restructure its debt. Based on this agreement, the Company received equity securities representing

1.2%

of Zim’s equity and

$8,229

aggregate principal amount of unsecured interest-bearing Zim notes maturing in

2023

consisting of

$1,452

of

3.0%

Series

1

Notes due

2023

amortizing subject to available cash flows in accordance with a corporate mechanism and

$6,777

of

5.0%

Series

2

Notes due

2023

non-amortizing (of the

5%

interest,

3%

is payable quarterly in cash and

2%

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

$676

in relation to the Series

1

Notes,

$3,567

in relation to the Series

2

Notes and

$7,802

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

$2,888

was written-off in

2014.

The Company accounts on a quarterly basis, for the fair value unwinding of the Series

1

and Series

2

Notes, until the book value of the instruments equals their face value on maturity. During the

six

-month period ended

June 30, 2017,

the Company recorded

$348

in relation to their fair value unwinding (

$321

for the

six

-month period ended

June 30, 2016),

which is included in “Interest income” in the consolidated statement of income for the

six

-month period ended

June 30, 2017.

The Company has classified such debt and equity securities under other non-current assets, since it has

no

intention to sell the securities in the near term. During the year ended

December 31, 2016,

the Company received

$46

capital redemption of the Series

1

Notes, reducing the principal to

$1,406.

The Series

1

and Series

2

Zim Notes are carried at amortized cost in the accompanying consolidated balance sheet as at

June 30, 2017,

which approximates their fair value as of such date. These financial instruments are

not

measured at fair value on a recurring basis. As of

June 30, 2017,

the Company has assessed for other than temporary impairment of its investment in Series

1

and Series

2

Notes and has concluded that

no

impairment should be recorded.

The Zim equity securities are carried at cost less impairment, which at inception approximates the fair value of the instruments considering that it related to a nonmonetary exchange (as described above). As of

December 31, 2016,

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

$4,000

on its investment in equity securities in Zim. The value of the investment in equity securities in Zim is based on management’s best estimate of the realizable value of the investment and involved the use of internal inputs and assumptions (Level

3

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 proceeded within

2016

(Level

3

inputs of the fair value hierarchy).

No

dividends have been received from Zim since

July 16, 2014.

As of

June 30, 2017,

the Company has assessed for other than temporary impairment of its investment in equity securities in Zim and has concluded that

no

impairment should be recorded.

XML

Note 5 - Inventories

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Inventory Disclosure [Text Block]

5.

Inventories:

Inventories of

$11,415

and

$10,360

in the accompanying balance sheets at

December 31, 2016

and

June 30, 2017,

respectively relate to bunkers, lubricants and spare parts.

XML

Note 6 - Vessels, Net

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Vessels, Net [Text Block]

6.

Vessels, net:

The amounts in the accompanying consolidated balance sheets are as follows:

	Vessel Cost			Accumulated Depreciation			Net Book Value
Balance, January 1, 2017	$	2,688,887		$	(1,000,602	)	$	1,688,285
Depreciation		-			(42,215	)		(42,215	)
Vessel acquisitions and other vessels’ costs		54,523			-			54,523
Disposals, transfers and other movements		(96,889	)		40,281			(56,608	)
Balance, June 30, 2017	$	2,646,521		$	(1,002,536	)	$	1,643,985

During the

six

-month period ended

June 30, 2017,

the Company acquired the

2014

-built,

4,957

TEU secondhand containerships

Leonidio

and the

Kyparissia

and the

2005

-built,

7,471

TEU secondhand containership

Maersk Kowloon

.

On

June 19, 2017,

the Company entered into

two

financing agreements with a financial institution for

Leonidio

and

Kyparissia

(Note

11

)

.

During the

six

-month period ended

June 30, 2017,

the Company sold for scrap the container vessel

Marina

at a price of

$4,670,

delivered to its scrap buyers the container vessel

Romanos

(ex.

MSC Romanos

) and recognized a loss of

$3,638

in aggregate, which is separately reflected in Loss on sale / disposal of vessels, net in the accompanying

2017

consolidated statement of income. On

June 30, 2017,

the Company decided to make arrangements to sell the vessel

Mandraki

(ex.

MSC Mandraki

). At that date, the Company concluded that all the criteria required by the relevant accounting standard, ASC

360

-

10

-

45

-

9,

for the classification of the vessel

Mandraki

as “held for sale” were met. As at

June 30, 2017,

the amount of

$7,035,

separately reflected in Vessel held for sale in the

2017

consolidated balance sheet, represents the fair market value of the vessel based on the vessel’s estimated sale price, net of commissions (Level

2

inputs of the fair value hierarchy). The difference between the estimated fair value less cost to sell the vessel and the vessel’s carrying value (including the unamortized balance of its dry-docking cost), amounting to

$2,732,

is separately reflected in Loss on vessel held for sale in the

2017

consolidated statement of income.

Forty-

six

of the Company’s vessels, with a total carrying value of

$1,636,384

as of

June 30, 2017,

have been provided as collateral to secure the long-term debt discussed in Note

10.

This excludes the

seven

vessels under the sale and leaseback transaction described in Note

11.

XML

Note 7 - Deferred Charges, Net

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Deferred Charges [Text Block]

7.

Deferred Charges, net:

Deferred charges, net include the unamortized dry-docking and special survey costs. The amounts in the accompanying consolidated balance sheets are as follows:

	Dry-docking and Special Survey Costs
Balance, January 1, 2017	$	20,367
Additions		1,802
Amortization		(3,911	)
Write-off		(2	)
Balance, June 30, 2017	$	18,256

During the

six

-month period ended

June 30, 2016,

six

vessels underwent and completed their special survey. During the

six

-month period ended

June 30, 2017,

three

vessels underwent and completed their special survey. The amortization of the dry-docking and special survey costs is separately reflected in the accompanying consolidated statements of income.

XML

Note 8 - Costamare Ventures Inc.

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Costamare Ventures Inc. [Text Block]

8.

Costamare Ventures Inc.:

On

May 15, 2013,

the Company, along with its wholly-owned subsidiary, Costamare Ventures Inc. (“Costamare Ventures”), entered into a Framework Deed (the “Framework Deed”) with York Capital Management Global Advisors LLC and its affiliate Sparrow Holdings, L.P. (collectively, “York”) to invest jointly in the acquisition and construction of container vessels. Under the Framework Deed, the decisions regarding vessel acquisitions will be made jointly by Costamare Ventures and York and the Company reserves the right to acquire any vessels that York decides

not

to pursue.

Under the terms of the Framework Deed, York agreed to invest up to

$250

million in mutually agreed vessel acquisitions and Costamare Ventures agreed to invest a minimum of

$75

million with an option to invest up to

$240

million in these transactions. Depending on the amount Costamare Ventures elected to invest, it was expected that it would hold between

25%

and

49%

of the equity in the entities that would be formed under the Framework Deed and York would hold the balance. The Framework Deed was to terminate on its

sixth

anniversary or upon the occurrence of certain extraordinary events as described therein.

The Framework Deed was amended and restated by an Amendment and Restatement Deed dated

May 18, 2015 (

the “Restated Framework Deed”). Pursuant to the Restated Framework Deed, there is

no

minimum and maximum amount to be invested by Costamare Ventures or York, both Costamare Ventures and York can invest between

25%

and

75%

in the equity of the entities formed under the Restated Framework Deed, the commitment period has been extended up to

May 18, 2020

and the termination of the Restated Framework Deed will occur on

May 18, 2024,

or upon the occurrence of certain extraordinary events as described therein.

On termination and on the occurrence of certain extraordinary events, Costamare Ventures

may

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. As at

June 30, 2017,

the Company holds a range of

25%

to

49%

of the capital stock of

eighteen

jointly-owned companies formed pursuant to the Restated Framework Deed with York (Note

9

). The Company accounts for the entities formed under the Restated Framework Deed as equity investments.

XML

Note 9 - Equity Method Investments

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Equity Method Investments and Joint Ventures Disclosure [Text Block]

9.

Equity Method Investments:

The companies accounted for as equity method investments, all of which are incorporated in the Marshall Islands, are as follows:

		Participation % June 30,	Date Established /Acquired
Entity	Vessel/Hull	2017
Steadman Maritime Co.	Ensenada	49%	July 1, 2013
Marchant Maritime Co.	Padma	49%	July 8, 2013
Horton Maritime Co.	Petalidi	49%	June 26, 2013
Smales Maritime Co.	Elafonisos	49%	June 6, 2013
Geyer Maritime Co.	Arkadia	49%	May 18, 2015
Goodway Maritime Co.	Monemvasia	49%	September 22, 2015
Kemp Maritime Co.	Cape Akritas	49%	June 6, 2013
Hyde Maritime Co.	Cape Tainaro	49%	June 6, 2013
Skerrett Maritime Co.	Cape Artemisio	49%	December 23, 2013
Ainsley Maritime Co.	Cape Kortia	25%	June 25, 2013
Ambrose Maritime Co.	Cape Sounio	25%	June 25, 2013
Benedict Maritime Co.	Triton	40%	October 16, 2013
Bertrand Maritime Co.	Titan	40%	October 16, 2013
Beardmore Maritime Co.	Talos	40%	December 23, 2013
Schofield Maritime Co.	Taurus	40%	December 23, 2013
Fairbank Maritime Co.	Theseus	40%	December 23, 2013
Platt Maritime Co.	Hull YZJ1206	49%	May 18, 2015
Sykes Maritime Co.	Hull YZJ1207	49%	May 18, 2015

During the year ended

December 31, 2016,

Costamare Ventures contributed

$613

to the equity of Steadman Maritime Co. During the

six

-month period ended

June 30, 2017

Costamare Ventures contributed

$693

to the equity of Steadman Maritime Co. During the year ended

December 31, 2016,

the Company received

$613

in the form of a special dividend from Horton Maritime Co. and Marchant Maritime Co. During the

six

-month period ended

June 30, 2017,

the Company received

$270

in the form of a special dividend from Horton Maritime Co.

During the

six

-month period ended

June 30, 2017,

Costamare Ventures contributed

$3,130,

in the aggregate, to the equity of Kemp Maritime Co. and Hyde Maritime Co. In

June 2016,

both companies, as joint and several borrowers, signed a loan agreement with a bank for an amount up to

$88,000,

in aggregate, to partly finance the construction cost of the

two

newbuild vessels. The Company, Costamare Ventures and York through its affiliate Bluebird Holdings L.P., participate as corporate guarantors (Note

13

(c)).

During the year ended

December 31, 2016,

Costamare Ventures contributed

$4,662,

in the aggregate, to the equity of Ainsley Maritime Co. and Ambrose Maritime Co. During the

six

-month period ended

June 30, 2017,

Costamare Ventures contributed

$498,

in the aggregate, to the equity of these

two

entities. In

August 2016,

these

two

companies, as joint and several borrowers, signed a loan agreement with a bank for an amount up to

$86,600,

in aggregate, to partly finance the construction cost of the

two

newbuild vessels. The Company, Costamare Ventures and York, through its affiliate Bluebird Holdings L.P., participate as corporate guarantors (Note

13

(c)).

During the year ended

December 31, 2016,

Costamare Ventures contributed, in aggregate,

$25,323

to Benedict Maritime Co., Bertrand Maritime Co., Beardmore Maritime Co., Schofield Maritime Co. and Fairbank Maritime Co.

In

December 2016,

the shareholders of Connell Maritime Co. have decided to dissolve the company. During the year ended

December 31, 2016,

Costamare Ventures contributed

$463

to the equity of Smales Maritime Co.

During the year ended

December 31, 2016,

Costamare Ventures contributed to Skerrett Maritime Co., in the aggregate,

$218.

During the

six

-month period ended

June 30, 2017

Costamare Ventures contributed

$798,

in the aggregate, to the equity of Geyer Maritime Co. and

$1,278

to the equity of Skerrett Maritime Co. Costamare Ventures also participated with a

49%

interest to the equity of Goodway Maritime Co., for the acquisition of the secondhand vessel

Monemvasia

, which was delivered in

February 2016,

by contributing, in the aggregate,

$637

during the year ended

December 31, 2015

and

$2,925

during the year ended

December 31, 2016

.

During the year ended

December 31, 2016,

the Company contributed, in the aggregate, the amount of

$427

to Platt Maritime Co. and Sykes Maritime Co. During the

six

-month period ended

June 30, 2017,

Costamare Ventures contributed

$649,

in the aggregate, to the equity of these

two

entities.

For the

six

-month periods ended

June 30, 2016

and

2017,

the Company recorded net loss of

$405

and net gain of

$887,

respectively on equity method investments, which are separately reflected as Equity gain / (loss) on investments in the accompanying consolidated statements of income. Costamare Ventures has provided Marchant Maritime Co., Horton Maritime Co. and Steadman Maritime Co. with certain cash advances. As of

December 31, 2016

and

June 30, 2017,

the balance due from these companies amounted to

$nil

.

The summarized combined financial information of the companies accounted for as equity method investment is as follows:

	December 31, 2016		June 30, 2017
Non-current assets	$	952,458	$	1,091,272
Current assets		35,993		62,546
Total assets	$	988,451	$	1,153,818
Current liabilities	$	39,428	$	54,421

	Six-month periods ended June 30,
	2016			2017
Voyage revenue		10,333			55,065
Net income / (loss)	$	(966	)	$	2,721

XML

Note 10 - Long-term Debt

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Long-term Debt [Text Block]

10.

Long-Term Debt:

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

Borrower(s)	December 31, 2016			June 30, 2017
A. Credit Facility	$	406,103		$	361,157
B. Term Loans:
1. Mas Shipping Co.		22,375			18,250
2. Montes Shipping Co. and Kelsen Shipping Co.		54,000			42,000
3. Costamare Inc.		50,313			28,875
4. Costamare Inc.		-			-
5. Undine Shipping Co., Quentin Shipping Co. and Sander Shipping Co.		178,264			170,624
6. Raymond Shipping Co. and Terance Shipping Co.		115,964			110,507
7. Costamare Inc.		53,475			43,127
8. Uriza Shipping S.A.		36,833			34,667
9. Costis Maritime Corporation, Christos Maritime Corporation and Capetanissa Maritime Corporation		109,000			101,000
10. Rena Maritime Corporation, Finch Shipping Co. and Joyner Carriers S.A.		32,000			28,240
		652,224			577,290
Total	$	1,058,327		$	938,447
Less: Deferred financing costs		(3,720	)		(3,004	)
Total long-term debt, net		1,054,607			935,443
Less: Long-term debt current portion		(199,637	)		(182,189	)
Add: Deferred financing costs, current portion		1,360			1,228
Total long-term debt, non-current, net	$	856,330		$	754,482

A. Credit Facility:

In

July 2008,

the Company signed a loan agreement with a consortium of banks, for a

$1,000,000

Credit Facility (the “Facility”) for general corporate and working capital purposes. The Facility bears interest at the

3,

6,

9

or

12

months (at the Company’s option) LIBOR plus margin.

On

September 28, 2016,

the Company entered into a

ninth

supplemental agreement, which extended the Facility maturity date to

June 30, 2021,

waived the security requirement covenant of the principal agreement and mortgaged

four

additional vessels in favor of the lending banks. Under the supplemental agreement, the outstanding balance of the Facility as of

June 30, 2017,

is repayable in

15

equal, consecutive quarterly installments, of

$22,473

each plus a final installment of

$24,062.

The Facility, as of

June 30, 2017,

was secured with, among others,

first

priority mortgages over

22

of the Company’s vessels,

first

-priority assignment of vessels’ insurances and earnings, charter party assignments,

first

-priority pledges over the operating accounts of the vessels and corporate guarantees of

22

ship-owning companies.

The Facility and certain of the term loans described under Note

10.B

below include, among others, financial covenants requiring: (i) the ratio of Total Liabilities (after deducting cash and cash equivalents) to Market Value Adjusted Total Assets (after deducting cash and cash equivalents)

not

to exceed

0.75

to

1.00,

(ii) minimum liquidity of the greater of

$30,000

or

3%

of the total debt of the Company, (iii) the ratio of EBITDA to net interest expense

not

to be less than

2.50

to

1.00

and (iv) Market Value Adjusted Net Worth, defined as the amount by which the Market Value Adjusted Total Assets exceeds the Total Liabilities, to exceed

$500,000.

The Company’s other term loans described under Note

10.B

below also contain financial covenants requiring the ratio of net funded debt to total net assets ratio

not

to exceed

80%

on a charter inclusive valuation basis as well as financial covenants that are either equal to or less stringent than the aforementioned financial covenants.

B. Term Loans:

1.

In

January 2008,

Mas Shipping Co. entered into a loan agreement with a bank for an amount of up to

$75,000

in order to partly finance the acquisition cost of the vessel

Maersk Kokura

. As at

June 30, 2017,

the outstanding balance of the loan of

$18,250

is repayable in

two

equal semi-annual installments of

$4,125,

each from

August 2017

to

February 2018

and a balloon payment of

$10,000

payable together with the last installment.

2.

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

Maersk Kure

. On

January 27, 2016,

both companies (each a subsidiary of Costamare) 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. As at

June 30, 2017,

the outstanding balance of the loan of

$42,000

is repayable in

six

consecutive semi-annual installments of

$5,000,

each from

June 2018

until

December 2020

and a balloon payment of

$12,000

payable together with the last installment.

3.

In

November 2010,

Costamare entered into a term loan agreement with a consortium of banks for an amount of up to

$120,000,

which was available for drawing for a period up to

18

months. As of

June 30, 2017,

the Company had drawn the amount of

$38,500

(Tranche A), the amount of

$42,000

(Tranche B), the amount of

$21,000

(Tranche C), the amount of

$7,470

(Tranche D) and the amount of

$7,470

(Tranche E) under this term loan agreement in order to finance part of the acquisition cost of the vessels

MSC Romanos

,

MSC Methoni

,

MSC Ulsan

,

MSC Koroni

and

MSC Itea

, respectively. As at

June 30, 2017,

the outstanding balance of the Tranche (B) of the loan of

$18,900

is repayable in

10

equal quarterly installments of

$1,050

from

July 2017

to

October 2019

and a balloon payment of

$8,400

payable together with the last installment. As at

June 30, 2017,

the outstanding balance of the Tranche (C) of the loan of

$9,975

is repayable in

11

equal quarterly installments of

$525

from

August 2017

to

February 2020

and a balloon payment of

$4,200

payable together with the last installment. On

May 21, 2014,

the then outstanding balance of

$

4,202

of the Tranche (D) of the loan was fully repaid and on

May 29, 2015,

the then outstanding balance of

$2,334

of the Tranche (E) of the loan was fully repaid. On

January 24, 2017,

the then outstanding balance of Tranche (A) of the loan of

$18,288

was fully repaid.

4.

In

April 2011,

Costamare, as borrower, concluded a credit facility with a bank, for an amount up to

$140,000

to finance part of the construction cost of the

MSC Athens

and the

MSC Athos

. Through

December 31, 2013,

the Company had drawn

$

133,700

in the aggregate for the

two

vessels, which were delivered in

March

and

April 2013,

respectively. On

July 6, 2016

and

July 15, 2016,

the outstanding balance of the loan was fully repaid with the proceeds from the sale and leaseback transaction described in Note

11.

5.

In

August 2011,

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

$229,200

to finance part of the construction cost of their respective vessels. The facility has been drawn down in

three

tranches. As at

June 30, 2017,

the aggregate outstanding balance of tranches (a) and (b) of

$112,051

relating to the

Valor

and the

Valiant

is each repayable in

12

equal quarterly installments for each tranche of

$1,273.4

from

July 2017

to

June 2020

and a balloon payment for each tranche of

$40,744.8

payable together with the last installment. As at

June 30, 2017,

the outstanding balance of the tranche (c) of

$58,572

relating to the

Vantage

is repayable in

14

equal quarterly installments of

$1,273.4

and a balloon payment payable together with the last installment of

$40,744.8

from

August 2017

to

November 2020.

6.

In

October 2011,

Raymond Shipping Co. and Terance Shipping Co., wholly-owned subsidiaries of the Company, concluded a credit facility with a bank, as joint and several borrowers, for an amount of up to

$152,800

to finance part of the acquisition cost of their respective vessels. As at

June 30, 2017,

the outstanding balance of the tranche (a) of

$54,571

relating to the

Value

is repayable in

12

equal quarterly installments of

$1,364.3

from

September 2017

to

June 2020

and a balloon payment of

$38,199.6

payable together with the last installment. As at

June 30, 2017,

the outstanding balance of tranche (b) of the loan of

$55,936

relating to the

Valence

is repayable in

13

equal quarterly installments of

$1,364.3

from

August 2017

to

August 

2020

and a balloon payment of

$38,199.6

payable together with the last installment.

7.

In

October 2011,

the Company concluded a loan facility with a bank for an amount of up to

$120,000,

in order to partly finance the aggregate market value of

eleven

vessels in its fleet. The Company repaid in

July 2016

the amount of

$3,835

due to the sale of

Karmen

and in

February 2017

the amount of

$4,918

due to the sale of

Marina

. As at

June 30, 2017,

the outstanding balance of

$43,127

is repayable in

six

equal quarterly installments of

$2,715

from

September 2017

to

December 2018

and a balloon payment of

$26,837

payable together with the last installment.

8.

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.

As of

June 30, 2017,

the outstanding balance of

$34,667

is repayable in

16

equal quarterly installments of

$1,083.3,

from

August 2017

to

May 2021

and a balloon payment of

$17,333.3

payable together with the last installment.

9.

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

Sealand New 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. As of

June 30, 2017,

the outstanding balance of

$101,000

is repayable in

17

variable quarterly installments, from

August 2017

to

August 2021

and a balloon payment of

$43,500

payable together with the last installment.

10.

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. As of

June 30, 2017,

the outstanding balance of

$28,240

is repayable in

18

variable quarterly installments, from

September 2017

to

December 2021

and a balloon payment of

$11,680

payable together with the last installment.

The Company considered the provisions of ASC

470

-

50

Debt: Modifications and Extinguishments

for the loans discussed above in A,

B.2

and

B.9,

which were accounted for as loan modifications.

The term loans discussed above bear interest at LIBOR plus a spread 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 (“VMC”) in the range of

80%

to

130%

and restrictions on dividend payments if an event of default has occurred and is continuing or would occur as a result of the payment of such dividend.

The annual repayments under the Credit Facility and the Term loans after

June 30, 2017,

are in the aggregate as follows:

Year ending December 31,	Amount
2017	$	84,675
2018		206,866
2019		160,819
2020		352,291
2021		133,796
Total	$	938,447

The interest rate of Costamare’s long-term debt as at

December 31, 2016

and

June 30, 2017,

was in the range of

1.98%

-

6.04%

and

2.20%

-

6.01%,

respectively. The weighted average interest rate as at

December 31, 2016

and

June 30, 2017,

was

4.7%

and

4.8%,

respectively.

Total interest expense incurred on long-term debt (including the effect of the interest rate swaps discussed in Notes

16

and Note

18

) for the

six

-month periods ended

June 30, 2016

and

2017,

amounted to

$26,613

and

$23,606,

respectively, and is included in Interest and finance costs in the accompanying consolidated statements of income.

C. Financing Costs

The amounts of financing costs included in the loan balances and capital lease obligations (Note

11

) are as follows:

	Financing costs
Balance, January 1, 2017	$	7,300
Additions		1,147
Amortization		(1,068	)
Balance, June 30, 2017	$	7,379
Less: Current portion of financing costs		(2,087	)
Financing costs, non-current portion	$	5,292

Financing costs represent legal fees and fees paid to the lenders for the conclusion of the Company’s financing. The amortization of loan financing costs is included in interest and finance costs in the accompanying consolidated statements of income (Note

16

).

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Note 11 - Capital Leased Assets and Capital Lease Obligations

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Debt and Capital Leases Disclosures [Text Block]

11.

Capital Leased Assets and Capital Lease Obligations:

Between

January

and

April 2014,

the Company took delivery of the newbuild vessels

MSC Azov

,

MSC Ajaccio

and

MSC Amalfi

. 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

ten

-year sale and leaseback transaction for each vessel. The shipbuilding contracts were novated to the financial institution for an amount of

$85,572

each.

On

July 6, 2016

and

July 15, 2016

the Company agreed with a financial institution to refinance the then outstanding balance of the loans relating to the

MSC Athos

and the

MSC Athens

(Note

10.B.4

), by entering into a

seven

-year sale and leaseback transaction for each vessel.

On

June 19, 2017,

the Company entered into

two seven

-year sale and leaseback transactions with a financial institution for the

Leonidio

and

Kyparissia

(Note

6

).

The sale and leaseback transactions were classified as capital leases. As the fair value of each vessel sold was in excess of its carrying amount, the difference between the sale proceeds and the carrying amount was classified as prepaid lease rentals or as unearned revenue. In this respect, in

2016,

an aggregate amount of

$26,390

(including the net settlements on interest rate swaps qualifying for hedge accounting of

$1,076

) was transferred to prepaid lease rentals and in

2017,

an aggregate amount of

$4,481

was transferred to unearned revenue (Note

12.b

).

The total value of the vessels, at the inception of the capital lease transactions, was

$452,564,

in the aggregate. The depreciation charged during the

six

-month periods ended

June 30, 2016

and

2017,

amounted to

$3,770

and

$6,269,

respectively, and is included in Depreciation in the accompanying consolidated statements of income. As of

December 31, 2016

and

June 30, 2017,

accumulated depreciation amounted to

$23,692

and

$29,961,

respectively, and is included in Capital leased assets, in the accompanying consolidated balance sheets. As of

December 31, 2016

and

June 30, 2017,

the net book value of the vessels amounted to

$384,872

and

$422,603,

respectively, and is separately reflected as Capital leased assets, in the accompanying consolidated balance sheets.

The balance of prepaid lease rentals, as of

December 31, 2016

and

June 30, 2017,

is as follows:

	December 31, 2016			June 30, 2017
Prepaid lease rentals	$	40,811		$	60,422
Additions		26,390			-
Less: Amortization of prepaid lease rentals		(6,779	)		(4,340	)
Prepaid lease rentals	$	60,422		$	56,082
Less: current portion		(8,752	)		(8,752	)
Non-current portion	$	51,670		$	47,330

The capital lease obligations amounting to

$392,959

as at

June 30, 2017

are scheduled to expire through

2024

and include a bargain purchase option to repurchase the vessels at any time during the charter period. Total interest expenses incurred on capital leases for the

six

-month periods ended

June 30, 2016

and

2017

amounted to

$8,177

and

$10,538,

respectively, and are included in Interest and finance costs in the accompanying consolidated statements of income. Finance lease obligations of

MSC Athos

and

MSC Athens

bear interest at LIBOR plus a spread, which is

not

included in the annual lease payments table below.

The annual lease payments under the capital leases after

June 30, 2017,

are in the aggregate as follows:

Year ending December 31,	Amount
2017	$	25,096
2018		49,798
2019		49,798
2020		49,895
2021		49,798
2022 and thereafter		253,339
Total	$	477,724
Less: Amount of interest ( MSC Azov , MSC Ajaccio , MSC Amalfi , Leonidio and Kyparissia )		(84,765	)
Total lease payments	$	392,959
Less: Financing costs, net		(4,375	)
Total lease payments, net	$	388,584

The total capital lease obligations, net of related financing costs, are presented in the accompanying

June 30, 2017,

consolidated balance sheet as follows:

Capital lease obligation – current	$	33,210
Less: current portion of financing costs		(859	)
Capital lease obligation – non-current		359,749
Less: non-current portion of financing costs		(3,516	)
Total	$	388,584

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Note 12 - Accrued Charter Revenue, Current and Non-current and Unearned Revenue, Current and Non-current

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Accrued Charter Revenue, Current and Non-Current and Unearned Revenue, Current and Non-Current [Text Block]

12.

Accrued Charter Revenue, Current and Non-Current and Unearned Revenue, Current and Non-Current:

(a) Accrued Charter Revenue, Current and Non-Current:

The amounts presented as current and non-current accrued charter revenue in the accompanying consolidated balance sheets as of

December 31, 2016

and

June 30, 2017,

reflect revenue earned, but

not

collected, 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 rates.

As at

December 31, 2016,

the net accrued charter revenue, totaling to (

$27,639

), comprises

$408

separately reflected in Current assets,

$185

separately reflected in Non-current assets, and (

$28,232

) (discussed in (b) below) included in Unearned revenue in current and non-current liabilities in the accompanying

2016

consolidated balance sheet. As at

June 30, 2017,

the net accrued charter revenue, totaling to (

$22,040

), comprises

$391

separately reflected in Current assets and (

$22,431

) (discussed in (b) below) included in Unearned revenue in current and non-current liabilities in the accompanying

2017

consolidated balance sheet. The maturities of the net accrued charter revenue as of

December 31

of each year presented below are as follows:

Year ending December 31,	Amount
2017	$	(5,714	)
2018		(8,922	)
2019		(6,602	)
2020		(802	)
Total	$	(22,040	)

(b) Unearned Revenue, Current and Non-Current:

The amounts presented as current and non-current unearned revenue in the accompanying consolidated balance sheets as of

December 31, 2016

and

June 30, 2017,

reflect: (a) cash received prior to the balance sheet date for which all criteria to recognize as revenue have

not

been met, (b) any unearned revenue resulting from charter agreements providing for varying annual charter rates over their term, which were accounted for on a straight-line basis at their average rate and (c) the deferred gain from the sale and leaseback transactions discussed in Note

11

above, net of amortization of (

$20

), which is included in Amortization of prepaid lease rentals, net in the

2017

accompanying statements of income .

	December 31, 2016			June 30, 2017
Hires collected in advance	$	7,924		$	5,143
Deferred gain, net		-			4,461
Charter revenue resulting from varying charter rates		28,232			22,431
Total	$	36,156		$	32,035
Less current portion		(19,668	)		(17,087	)
Non-current portion	$	16,488		$	14,948

XML

Note 13 - Commitments and Contingencies

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

13.

Commitments and Contingencies:

(a) Time charters:

As at

June 30, 2017,

the Company has entered into time charter arrangements for all of its vessels in operation, with international liner operators. These arrangements as at

June 30, 2017,

have remaining terms of up to

90

months. After

June 30, 2017,

future minimum contractual charter revenues assuming

365

revenue days per annum per vessel and the earliest redelivery dates possible, based on vessels’ committed, non-cancelable, time charter contracts, are as follows:

Year ending December 31,	Amount
2017	$	182,557
2018		218,202
2019		138,512
2020		110,092
2021		101,462
2022 and thereafter		164,623
Total	$	915,448

(b) Capital Commitments:

Pursuant to the Restated Framework Deed the Company has a contractual commitment of approximately

$2,137

representing

49%

of the remaining construction cost of

two

vessels under construction (Note

9

).

(c) Debt guarantees with respect to entities formed under the Framework Deed:

Costamare agreed to guarantee

100%

of the debt of Ainsley Maritime Co., Ambrose Maritime Co., Kemp Maritime Co. and Hyde Maritime Co., which were formed under the Framework Deed and own

Cape Kortia

, Hull

NCP0116,

Cape Akritas

and

Cape Tainaro

respectively. As at

June 30, 2017,

Costamare has guaranteed

$88,000

of debt relating to Kemp Maritime Co. and Hyde Maritime Co. (Note

9

) and

$86,600

of the debt relating to Ainsley Maritime Co. and Ambrose Maritime Co. (Note

9

). 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

not

already own for nominal consideration.

(d) Other:

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

may

arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company’s vessels. Currently, management is

not

aware of any such claims

not

covered by insurance or contingent liabilities, which should be disclosed, or for which a provision has

not

been established in the accompanying consolidated financial statements.

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

not

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.

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.

XML

Note 14 - Common Stock and Additional Paid-in Capital

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

14.

Common Stock and Additional Paid-In Capital:

 

(a) Common Stock:

On

December 5, 2016,

the Company completed a follow-on public equity offering in the United States under the Securities Act. In this respect,

12,000,000

shares at par value

$0.0001

were issued at a public offering price of

$6.00

per share. The net proceeds of the follow-on offering were

$69,037.

During the year ended

December 31, 2016,

the Company issued

598,400

shares, in aggregate, at par value of

$0.0001

to Costamare Services pursuant to the Services Agreement (Note

3

). On

March 30, 2017

and

June 30, 2017

the Company issued

299,200

shares in aggregate at par value of

$0.0001

to Costamare Services pursuant to the Services Agreement (Note

3

). The fair value of such shares was calculated based on the closing trading price at the date of issuance. There were

no

share-based payment awards outstanding during the

six

-month period ended

June 30, 2017.

On

July 6, 2016,

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

not

to participate in the Plan will continue to receive cash dividends, as declared and paid in the usual manner. During the year ended

December 31, 2016,

the Company issued

2,428,081

shares in aggregate at par value of

$0.0001

to its common stockholders, at an average price of

$8.043837

per share. During the

six

-month period ended

June 30, 2017,

the Company issued

1,766,367

shares at par value of

$0.0001

to its common stockholders, at an average price of

$6.2117

per share.

On

May 31, 2017

the Company completed a follow-on public equity offering in the United States under the Securities Act. In this respect

13,500,000

shares at par value

$0.0001

were issued at a public offering price of

$7.10

per share, increasing the issued share capital to

105,840,848

shares. The net proceeds of the follow-on offering were

$91,675.

As at

June 30, 2017,

the aggregate issued share capital was

105,990,448

common shares.

(b) Additional Paid-in Capital:

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

November 2010

and the offerings in

March 2012,

October 2012,

August 2013,

January 2014,

May 2015,

December 2016

and

May 2017

and the net proceeds received from the issuance of such shares, (iii) the difference between the par value and the fair value of the shares issued to Costamare Shipping and Costamare Services (Note

3

) and (iv) the difference between the par value of the shares issued under the Plan.

(c) Dividends declared and / or paid

: During the

six

-month period ended

June 30, 2016,

the Company declared and paid to its common stockholders (i)

$21,866

or

$0.29

per common share for the

fourth

quarter of

2015

and (ii)

$21,908

or

$0.29

per common share for the

first

quarter of

2016.

During the

six

-month period ended

June 30, 2017,

the Company declared and paid to its common stockholders

$0.10

per common share and, after accounting for shareholders participating in the Plan, the Company paid (i)

$3,619

in cash and issued

1,014,550

shares pursuant to the Plan for the

fourth

quarter of

2016

and (ii)

$3,610

in cash and issued

751,817

shares pursuant to the Plan for the

first

quarter of

2017.

During the

six

-month period ended

June 30, 2016,

the Company declared and paid to its holders of Series B Preferred Stock

$953

or

$0.476563

per share for the period from

October 15, 2015

to

January 14, 2016

and

$953

or

$0.476563

per share for the period from

January 15, 2016

to

April 14, 2016.

During the

six

-month period ended

June 30, 2017,

the Company declared and paid to its holders of Series B Preferred Stock

$953

or

$0.476563

per share for the period from

October 15, 2016

to

January 14, 2017

and

$953

or

$0.476563

per share for the period from

January 15, 2017

to

April 14, 2017.

During the

six

-month period ended

June 30, 2016,

the Company declared and paid to its holders of Series C Preferred Stock

$2,125

or

$0.531250

per share for the period from

October 15, 2015

to

January 14, 2016

and

$2,125

or

$0.531250

per share for the period from

January 15, 2016

to

April 14, 2016.

During the

six

-month period ended

June 30, 2017,

the Company declared and paid to its holders of Series C Preferred Stock

$2,125

or

$0.531250

per share for the period from

October 15, 2016

to

January 14, 2017

and

$2,125

or

$0.531250

per share for the period from

January 15, 2017

to

April 14, 2017.

During the

six

-month period ended

June 30, 2016,

the Company declared and paid to its holders of Series D Preferred Stock

$2,188

or

$0.546875

per share for the period from

October 15, 2015

to

January 14, 2016

and

$2,188

or

$0.546875

per share for the period from

January 15, 2016

to

April 14, 2016.

During the

six

-month period ended

June 30, 2017,

the Company declared and paid to its holders of Series D Preferred Stock

$2,188

or

$0.546875

per share for the period from

October 15, 2016

to

January 14, 2017

and

$2,188

or

$0.546875

per share for the period from

January 15, 2017

to

April 14, 2017.

XML

Note 15 - Earnings Per Share (EPS)

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Earnings Per Share [Text Block]

15.

Earnings per share (EPS)

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 and Series D Preferred Stock that should be paid for the period. Dividends paid or accrued on Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock during both the

six

-month periods ended

June 30, 2016

and

2017,

amounted to

$10,473

.

	For the six-month periods ended June 30,
	2016			2017
		Basic EPS			Basic EPS
Net income	$	72,038		$	46,063
Less: paid and accrued earnings allocated to Preferred Stock		(10,473	)		(10,473	)
Net income available to common stockholders		61,565			35,590
Weighted average number of common shares, basic and diluted		75,474,844			93,851,789
Earnings per common share, basic and diluted	$	0.82		$	0.38

XML

Note 16 - Interest and Finance Costs

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Interest Finance Costs [Text Block]

16.

Interest and Finance Costs:

The interest and finance costs in the accompanying consolidated statements of income are as follows:

	For the six-month periods ended June 30,
	2016		2017
Interest expense	$	23,301	$	27,685
Swap effect		11,489		6,459
Amortization and write-off of financing costs		885		1,068
Bank charges and other financing costs		1,001		126
Total	$	36,676	$	35,338

XML

Note 17 - Taxes

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Income Tax Disclosure [Text Block]

17.

Taxes:

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

not

subject to tax on international shipping income; however, they are subject to registration and tonnage taxes, which are included in Vessel operating expenses in the accompanying consolidated statements of income.

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

50%

of

4%

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

883

of the Internal Revenue Code of

1986,

as amended.

XML

Note 18 - Derivatives

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Derivative Instruments and Hedging Activities Disclosure [Text Block]

18.

Derivatives:

(a) Interest rate swaps that meet the criteria for hedge accounting:

The Company, according to its long-term strategic plan to maintain stability in its interest rate exposure, has decided to minimize its exposure to floating interest rates by entering into interest rate swap agreements. To this effect, the Company has entered into interest rate swap transactions with varying start and maturity dates, in order to manage its floating rate exposure.

These interest rate swaps are designed to hedge the variability of interest cash flows arising from floating rate debt, attributable to movements in

three

-month or

six

-month USD LIBOR. According to the Company’s Risk Management Accounting Policy, after putting in place the formal documentation required by ASC

815

in order to designate these swaps as hedging instruments as from their inception, these interest rate swaps qualified for hedge accounting. Accordingly, only hedge ineffectiveness amounts arising from the differences in the change in fair value of the hedging instrument and the hedged item are recognized in the Company’s earnings. Assessment and measurement of the effectiveness of these interest rate swaps are performed at each reporting period. For qualifying cash flow hedges, the fair value gain or loss associated with the effective portion of the cash flow hedge is recognized initially in “Other comprehensive income” and recognized to the consolidated statement of income in the periods when the hedged item affects profit or loss. Any ineffective portion of the gain or loss on the hedging instrument is recognized in the consolidated statement of income immediately.

At

December 31, 2016

and

June 30, 2017,

the Company had interest rate swap agreements with an outstanding notional amount of

$783,403

and

$719,750,

respectively. The fair value of these interest rate swaps outstanding at

December 31, 2016

and

June 30, 2017

amounted to a liability of

$10,459

and a liability of

$5,745,

respectively, and these are included in the accompanying consolidated balance sheets. The maturity of these interest rate swaps range between

June 2018

and

May 2023.

The estimated net amount that is expected to be reclassified within the next

12

months from Accumulated Other Comprehensive Loss to earnings in respect of the settlements on interest rate swaps amounts to

$8,601.

(b) Interest rate swaps that do

not

meet the criteria for hedge accounting:

As of

December 31, 2016

and

June 30, 2017,

the Company had interest rate swap agreements with an outstanding notional amount of

$199,846

and

$94,799,

respectively, for the purpose of managing risks associated with the variability of changing LIBOR-related interest rates. Such agreements did

not

meet hedge accounting criteria and, therefore, changes in its fair value are reflected in earnings. The fair value of these interest rate swaps at

December 31, 2016

and

June 30, 2017,

was a liability of

$4,855

and a liability of

$1,996,

respectively, and these are included in Fair value of derivatives in the accompanying consolidated balance sheets. The maturity of these interest rate swaps range between

August 2018

and

August 2020.

(c) Foreign currency agreements:

As of

June 30, 2017,

the Company was engaged in

four

Euro/U.S. dollar forward agreements totaling

$10,000

at an average forward rate of Euro/U.S. dollar

1.098

expiring in monthly intervals up to

October 2017.

As of

December 31, 2016,

the Company was engaged in

three

Euro/U.S. dollar forward agreements totaling

$9,000

at an average forward rate of Euro/U.S. dollar

1.0653

expiring in monthly intervals up to

March 2017.

The total change of forward contracts fair value for the

six

-month period ended

June 30, 2017,

was a gain of

$501

(loss of

$158

for the

six

-month period ended

June 30, 2016)

and is included in Loss on derivative instruments, net in the accompanying consolidated statements of income.

The Effect of Derivative Instruments for the six-month periods ended June 30, 2016 and 2017
Derivatives in ASC 815 Cash Flow Hedging Relationships
	Amount of Gain / (Loss) Recognized in Accumulated OCI on Derivative (Effective Portion)						Location of Gain / (Loss) Recognized in Income on Derivative (Ineffective Portion)		Amount of Gain / (Loss) Recognized in Income on Derivative (Ineffective Portion)
	2016			2017					2016		2017
Interest rate swaps	$	(14,550	)	$	(1,364	)		Loss on derivative instruments, net	$	-	$	-
Reclassification to Interest and finance costs		11,489			6,459					-		-
Total	$	(3,061	)	$	5,095				$	-	$	-

Derivatives Not Designated as Hedging Instruments and ineffectiveness of Hedging Instruments under ASC 815
	Location of Gain / (Loss) Recognized in Income on Derivative		Amount of Gain / (Loss) Recognized in Income on Derivative
			2016			2017
Non hedging interest rate swaps		Loss on derivative instruments, net	$	(4,101	)	$	(897	)
Ineffective portion of hedging interest rate swaps		Loss on derivative instruments, net		-			-
Forward contracts		Loss on derivative instruments, net		(158	)		501
Total			$	(4,259	)	$	(396	)

The realized loss on non-hedging interest rate swaps included in “Loss on derivative instruments, net” amounted to

$4,343,

and

$1,625

for the

six

-month periods ended

June 30, 2016

and

2017,

respectively.

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Note 19 - Financial Instruments

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Financial Instruments Disclosure [Text Block]

19.

Financial Instruments:

(a) Interest rate risk:

The Company’s interest rates and loan repayment terms are described in Note

10.

(b) Concentration of credit risk:

Financial instruments which potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents, accounts receivable (included in current and non-current assets), equity method investments, equity securities, debt securities and derivative contracts (interest rate swaps and foreign currency contracts). The Company places its cash and cash equivalents, consisting mostly of deposits, with financial institutions of high credit ratings. The Company performs periodic evaluations of the relative credit standing of those financial institutions. The Company is exposed to credit risk in the event of non-performance by the counterparties to its derivative instruments; however, the Company limits its exposure by diversifying among counterparties with high credit ratings. The Company limits its credit risk with accounts receivable, equity method investments and equity and debt securities by performing ongoing credit evaluations of its customers’ and investees’ financial condition and generally does

not

require collateral for its accounts receivable.

(c) Fair value:

The carrying amounts reflected in the accompanying consolidated balance sheet of financial assets and accounts payable approximate their respective fair values due to the short maturity of these instruments. The fair value of long-term bank loans with variable interest rates approximate the recorded values, generally due to their variable interest rates. The fair value of the interest rate swap agreements and the foreign currency agreements discussed in Note

18

above are determined through Level

2

of the fair value hierarchy as defined in FASB guidance for Fair Value Measurements and are derived principally from or corroborated by observable market data, interest rates, yield curves and other items that allow value to be determined.

The fair value of the interest rate swap agreements discussed in Note

18

(a) and (b) equates to the amount that would be paid by the Company to cancel the agreements. As at

December 31, 2016

and

June 30, 2017,

the fair value of these interest rate swaps in aggregate amounted to a liability of

$15,314

and

$7,741,

respectively.

The fair market value of the forward contracts discussed in Note

18

(c) determined through Level

2

of the fair value hierarchy as at

December 31, 2016

and

June 30, 2017,

amounted to a liability of

$85

and an asset of

$416,

respectively.

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.

	December 31, 2016			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Unobservable Inputs (Level 3)
Recurring measurements:
Forward contracts-liability position	$	(85	)	$	-	$	(85	)	$	-
Interest rate swaps-liability position		(15,314	)		-		(15,314	)		-
Total	$	(15,399	)	$	-	$	(15,399	)	$	-

	June 30, 2017			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Unobservable Inputs (Level 3)
Recurring measurements:
Forward contracts-asset position	$	416		$	-	$	416		$	-
Interest rate swaps-liability position		(7,741	)		-		(7,741	)		-
Total	$	(7,325	)	$	-	$	(7,325	)	$	-

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Note 20 - Comprehensive Income

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Comprehensive Income (Loss) Note [Text Block]

20.

Comprehensive Income:

During the

six

-month period ended

June 30, 2016,

Other comprehensive income decreased with net losses of

$3,010

relating to (i) the change of the fair value of derivatives that qualify for hedge accounting (loss of

$14,550

), net of the settlements to net income of derivatives that qualify for hedge accounting (gain of

$11,489

) and, (ii) the amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to depreciation (

$51

).

During the

six

-month period ended

June 30, 2017,

Other comprehensive income increased with net gains of

$5,126

relating to (i) the change of the fair value of derivatives that qualify for hedge accounting (loss of

$1,364

), net of the settlements to net income of derivatives that qualify for hedge accounting (gain of

$6,459

) and (ii) the amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to depreciation (

$31

).

As at

June 30, 2016

and

June 30, 2017,

Comprehensive income amounted to

$69,028

and

$51,189,

respectively. The estimated net amount that is expected to be reclassified within the next

12

months from Accumulated Other Comprehensive Loss to earnings in respect of the net settlements on interest rate swaps amounts to

$8,601.

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Note 21 - Subsequent Events

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Subsequent Events [Text Block]

21.

Subsequent Events:

(a) Declaration and Payment of Dividends (common stock): On July 3, 2017 , the Company declared a dividend for the second quarter ended June 30, 2017, of $0.10 per share on its common stock, payable on August 7, 2017 , to stockholders of record on July 24, 2017 .

(b) Declaration and Payment of Dividends (preferred stock Series B, Series C and Series D): On July 3, 2017 , the Company declared a dividend of $0.476563 per share on its Series B Preferred Stock, a dividend of $0.531250 per share on its Series C Preferred Stock and a dividend of $0.546875 per share on its Series D Preferred Stock which were all paid on July 17, 2017 to holders of record on July 14, 2017 .

(c) Loan Prepayments: On July 21, 2017 and August 3, 2017, the Company prepaid the amounts of $8,000 and $1,000 in relation to the loans discussed in Note 10.B.9 and Note 10.B.1, respectively.

(d) New Loan Agreement: On August 1, 2017, Nerida Shipping Co., a wholly owned subsidiary of the Company, entered into a loan agreement with a bank for an amount of up to $17,625 for general corporate purposes .

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Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2017

Accounting Policies [Abstract]

New Accounting Pronouncements, Policy [Policy Text Block]

New Accounting Pronouncements

Not

Yet Adopted

In

January 2017,

the FASB issued ASU

2017

-

01

- Business Combinations (

Topic

805

) to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisition (or disposals) of assets or businesses. Under current implementation guidance, the existence of an integrated set of acquired activities (inputs and processes that generate outputs) constitutes an acquisition of business. This ASU provides a screen to determine when a set of assets and activities does

not

constitute a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is

not

a business. This update is effective for public entities with reporting periods beginning after

December 15, 2017,

including interim periods within those years. The amendments of this ASU should be applied prospectively on or after the effective date. Early adoption is permitted, including adoption in an interim period (i) for transactions for which the acquisition date occurs before the issuance date or effective date of the ASU, only when the transaction has

not

been reported in financial statements that have been issued or made available for issuance and (ii) for transactions in which a subsidiary is deconsolidated or a group of assets is derecognized that occur before the issuance date or effective date of the amendments, only when the transaction has

not

been reported in financial statements that have been issued or made available for issuance. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements.

In

January 2017,

the FASB issued ASU

2017

-

03

- Accounting Changes and Error Corrections (

Topic

250

) and Investments-Equity Method and Joint Ventures (

Topic

323

). The ASU amends the Codification for SEC staff announcements made at recent Emerging Issues Task Force (EITF) meetings. The SEC guidance that specifically relates to the Company’s Consolidated Financial Statements was from the

September 2016

meeting, where the SEC staff expressed their expectations about the extent of disclosures registrants should make about the effects of the new FASB guidance as well as any amendments issued prior to adoption, on revenue (ASU

2014

-

09

), leases (ASU

2016

-

02

) and credit losses on financial instruments (ASU

2016

-

13

) in accordance with SAB Topic

11.M.

Registrants are required to disclose the effect that recently issued accounting standards will have on their financial statements when adopted in a future period. In cases where a registrant cannot reasonably estimate the impact of the adoption, then additional qualitative disclosures should be considered. The ASU incorporates these SEC staff views into ASC

250

and adds references to that guidance in the transition paragraphs of each of the

three

new standards. The adoption of this new accounting guidance will

not

have a material effect on the Company’s Consolidated Financial Statements.

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Note 1 - Basis of Presentation and General Information (Tables)

6 Months Ended

Jun. 30, 2017

Notes Tables

Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block]

	2016			2017
A		27	%		29	%
B		30	%		29	%
C		13	%		16	%
D		18	%		20	%
Total		88	%		94	%

XML

Note 6 - Vessels, Net (Tables)

6 Months Ended

Jun. 30, 2017

Notes Tables

Schedule Vessels, Net [Table Text Block]

	Vessel Cost			Accumulated Depreciation			Net Book Value
Balance, January 1, 2017	$	2,688,887		$	(1,000,602	)	$	1,688,285
Depreciation		-			(42,215	)		(42,215	)
Vessel acquisitions and other vessels’ costs		54,523			-			54,523
Disposals, transfers and other movements		(96,889	)		40,281			(56,608	)
Balance, June 30, 2017	$	2,646,521		$	(1,002,536	)	$	1,643,985

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Note 7 - Deferred Charges, Net (Tables)

6 Months Ended

Jun. 30, 2017

Notes Tables

Schedule of Deferred Charges [Table Text Block]

	Dry-docking and Special Survey Costs
Balance, January 1, 2017	$	20,367
Additions		1,802
Amortization		(3,911	)
Write-off		(2	)
Balance, June 30, 2017	$	18,256

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Note 9 - Equity Method Investments (Tables)

6 Months Ended

Jun. 30, 2017

Notes Tables

Equity Method Investments [Table Text Block]

		Participation % June 30,	Date Established /Acquired
Entity	Vessel/Hull	2017
Steadman Maritime Co.	Ensenada	49%	July 1, 2013
Marchant Maritime Co.	Padma	49%	July 8, 2013
Horton Maritime Co.	Petalidi	49%	June 26, 2013
Smales Maritime Co.	Elafonisos	49%	June 6, 2013
Geyer Maritime Co.	Arkadia	49%	May 18, 2015
Goodway Maritime Co.	Monemvasia	49%	September 22, 2015
Kemp Maritime Co.	Cape Akritas	49%	June 6, 2013
Hyde Maritime Co.	Cape Tainaro	49%	June 6, 2013
Skerrett Maritime Co.	Cape Artemisio	49%	December 23, 2013
Ainsley Maritime Co.	Cape Kortia	25%	June 25, 2013
Ambrose Maritime Co.	Cape Sounio	25%	June 25, 2013
Benedict Maritime Co.	Triton	40%	October 16, 2013
Bertrand Maritime Co.	Titan	40%	October 16, 2013
Beardmore Maritime Co.	Talos	40%	December 23, 2013
Schofield Maritime Co.	Taurus	40%	December 23, 2013
Fairbank Maritime Co.	Theseus	40%	December 23, 2013
Platt Maritime Co.	Hull YZJ1206	49%	May 18, 2015
Sykes Maritime Co.	Hull YZJ1207	49%	May 18, 2015

Equity Method Investments Summarized Financial Information [Table Text Block]

	December 31, 2016		June 30, 2017
Non-current assets	$	952,458	$	1,091,272
Current assets		35,993		62,546
Total assets	$	988,451	$	1,153,818
Current liabilities	$	39,428	$	54,421

	Six-month periods ended June 30,
	2016			2017
Voyage revenue		10,333			55,065
Net income / (loss)	$	(966	)	$	2,721

XML

Note 10 - Long-term Debt (Tables)

6 Months Ended

Jun. 30, 2017

Notes Tables

Schedule of Debt [Table Text Block]

Borrower(s)	December 31, 2016			June 30, 2017
A. Credit Facility	$	406,103		$	361,157
B. Term Loans:
1. Mas Shipping Co.		22,375			18,250
2. Montes Shipping Co. and Kelsen Shipping Co.		54,000			42,000
3. Costamare Inc.		50,313			28,875
4. Costamare Inc.		-			-
5. Undine Shipping Co., Quentin Shipping Co. and Sander Shipping Co.		178,264			170,624
6. Raymond Shipping Co. and Terance Shipping Co.		115,964			110,507
7. Costamare Inc.		53,475			43,127
8. Uriza Shipping S.A.		36,833			34,667
9. Costis Maritime Corporation, Christos Maritime Corporation and Capetanissa Maritime Corporation		109,000			101,000
10. Rena Maritime Corporation, Finch Shipping Co. and Joyner Carriers S.A.		32,000			28,240
		652,224			577,290
Total	$	1,058,327		$	938,447
Less: Deferred financing costs		(3,720	)		(3,004	)
Total long-term debt, net		1,054,607			935,443
Less: Long-term debt current portion		(199,637	)		(182,189	)
Add: Deferred financing costs, current portion		1,360			1,228
Total long-term debt, non-current, net	$	856,330		$	754,482

Schedule of Maturities of Long-term Debt [Table Text Block]

Year ending December 31,	Amount
2017	$	84,675
2018		206,866
2019		160,819
2020		352,291
2021		133,796
Total	$	938,447

Schedule of Financing Costs [Table Text Block]

	Financing costs
Balance, January 1, 2017	$	7,300
Additions		1,147
Amortization		(1,068	)
Balance, June 30, 2017	$	7,379
Less: Current portion of financing costs		(2,087	)
Financing costs, non-current portion	$	5,292

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Note 11 - Capital Leased Assets and Capital Lease Obligations (Tables)

6 Months Ended

Jun. 30, 2017

Notes Tables

Prepaid Lease Rentals [Table Text Block]

	December 31, 2016			June 30, 2017
Prepaid lease rentals	$	40,811		$	60,422
Additions		26,390			-
Less: Amortization of prepaid lease rentals		(6,779	)		(4,340	)
Prepaid lease rentals	$	60,422		$	56,082
Less: current portion		(8,752	)		(8,752	)
Non-current portion	$	51,670		$	47,330

Finance Lease Obligations [Table Text Block]

Year ending December 31,	Amount
2017	$	25,096
2018		49,798
2019		49,798
2020		49,895
2021		49,798
2022 and thereafter		253,339
Total	$	477,724
Less: Amount of interest ( MSC Azov , MSC Ajaccio , MSC Amalfi , Leonidio and Kyparissia )		(84,765	)
Total lease payments	$	392,959
Less: Financing costs, net		(4,375	)
Total lease payments, net	$	388,584

Finance Lease Obligations Current and Non-Current [Table Text Block]

Capital lease obligation – current	$	33,210
Less: current portion of financing costs		(859	)
Capital lease obligation – non-current		359,749
Less: non-current portion of financing costs		(3,516	)
Total	$	388,584

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Note 12 - Accrued Charter Revenue, Current and Non-current and Unearned Revenue, Current and Non-current (Tables)

6 Months Ended

Jun. 30, 2017

Notes Tables

Schedule of Unbilled Receivables, Not Billable at Balance Sheet Date [Table Text Block]

Year ending December 31,	Amount
2017	$	(5,714	)
2018		(8,922	)
2019		(6,602	)
2020		(802	)
Total	$	(22,040	)

Deferred Revenue, by Arrangement, Disclosure [Table Text Block]

	December 31, 2016			June 30, 2017
Hires collected in advance	$	7,924		$	5,143
Deferred gain, net		-			4,461
Charter revenue resulting from varying charter rates		28,232			22,431
Total	$	36,156		$	32,035
Less current portion		(19,668	)		(17,087	)
Non-current portion	$	16,488		$	14,948

XML

Note 13 - Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2017

Notes Tables

Schedule of Non Cancelable Long-Term Time Charter Contracts [Table Text Block]

Year ending December 31,	Amount
2017	$	182,557
2018		218,202
2019		138,512
2020		110,092
2021		101,462
2022 and thereafter		164,623
Total	$	915,448

XML

Note 15 - Earnings Per Share (EPS) (Tables)

6 Months Ended

Jun. 30, 2017

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	For the six-month periods ended June 30,
	2016			2017
		Basic EPS			Basic EPS
Net income	$	72,038		$	46,063
Less: paid and accrued earnings allocated to Preferred Stock		(10,473	)		(10,473	)
Net income available to common stockholders		61,565			35,590
Weighted average number of common shares, basic and diluted		75,474,844			93,851,789
Earnings per common share, basic and diluted	$	0.82		$	0.38

XML

Note 16 - Interest and Finance Costs (Tables)

6 Months Ended

Jun. 30, 2017

Notes Tables

Interest Finance Costs [Table Text Block]

	For the six-month periods ended June 30,
	2016		2017
Interest expense	$	23,301	$	27,685
Swap effect		11,489		6,459
Amortization and write-off of financing costs		885		1,068
Bank charges and other financing costs		1,001		126
Total	$	36,676	$	35,338

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Note 18 - Derivatives (Tables)

6 Months Ended

Jun. 30, 2017

Notes Tables

Schedule of Derivatives In ASC 815 Cash Flow Hedging Relationships [Table Text Block]

The Effect of Derivative Instruments for the six-month periods ended June 30, 2016 and 2017
Derivatives in ASC 815 Cash Flow Hedging Relationships
	Amount of Gain / (Loss) Recognized in Accumulated OCI on Derivative (Effective Portion)						Location of Gain / (Loss) Recognized in Income on Derivative (Ineffective Portion)		Amount of Gain / (Loss) Recognized in Income on Derivative (Ineffective Portion)
	2016			2017					2016		2017
Interest rate swaps	$	(14,550	)	$	(1,364	)		Loss on derivative instruments, net	$	-	$	-
Reclassification to Interest and finance costs		11,489			6,459					-		-
Total	$	(3,061	)	$	5,095				$	-	$	-

Schedule of Derivatives Not Designated as Hedging Instruments under ASC 815 [Table Text Block]

Derivatives Not Designated as Hedging Instruments and ineffectiveness of Hedging Instruments under ASC 815
	Location of Gain / (Loss) Recognized in Income on Derivative		Amount of Gain / (Loss) Recognized in Income on Derivative
			2016			2017
Non hedging interest rate swaps		Loss on derivative instruments, net	$	(4,101	)	$	(897	)
Ineffective portion of hedging interest rate swaps		Loss on derivative instruments, net		-			-
Forward contracts		Loss on derivative instruments, net		(158	)		501
Total			$	(4,259	)	$	(396	)

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Note 19 - Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2017

Notes Tables

Schedule of Derivative Assets and Liabilities at Fair Value [Table Text Block]

	December 31, 2016			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Unobservable Inputs (Level 3)
Recurring measurements:
Forward contracts-liability position	$	(85	)	$	-	$	(85	)	$	-
Interest rate swaps-liability position		(15,314	)		-		(15,314	)		-
Total	$	(15,399	)	$	-	$	(15,399	)	$	-

	June 30, 2017			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Unobservable Inputs (Level 3)
Recurring measurements:
Forward contracts-asset position	$	416		$	-	$	416		$	-
Interest rate swaps-liability position		(7,741	)		-		(7,741	)		-
Total	$	(7,325	)	$	-	$	(7,325	)	$	-

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Note 1 - Basis of Presentation and General Information (Details Textual)								6 Months Ended	12 Months Ended
	May 31, 2017 $ / shares shares	Dec. 05, 2016 $ / shares shares	May 13, 2015 $ / shares shares	Jan. 21, 2014 $ / shares shares	Aug. 07, 2013 $ / shares shares	Oct. 19, 2012 $ / shares shares	Mar. 27, 2012 $ / shares shares	Jun. 30, 2017 $ / shares shares	Jun. 30, 2017 $ / shares shares	Dec. 31, 2016 $ / shares shares	Dec. 31, 2015 shares
Number of Vessels								54	54	53
Carrying Capacity of Vessels at Period End (TEU)								323,407	323,407	314,423
Number of Subsidiaries								67	67
Common Stock, Shares, Outstanding | shares	105,840,848							105,990,448	105,990,448
MARSHALL ISLANDS
Number of Subsidiaries								5	5
Konstantakopoulos Family [Member]
Percentage Ownership								53.80%	53.80%
Common Stock Issued to Costamare Shipping Company S.A. [Member]
Stock Issued During Period, Shares, New Issues | shares											448,800
Common Stock Issued to Costamare Shipping Services Ltd. [Member]
Stock Issued During Period, Shares, New Issues | shares								299,200		598,400	149,600
Common Stock Issued for Dividend Reinvestment Plan [Member]
Common Stock, Par or Stated Value Per Share								$ 0.0001	$ 0.0001	$ 0.0001
Stock Issued During Period, Shares, New Issues | shares								1,766,367	4,194,448	2,428,081
Series B Preferred Stock [Member]
Preferred Stock, Shares Issued | shares					2,000,000
Preferred Stock, Dividend Rate, Percentage					7.625%
Preferred Stock, Par or Stated Value Per Share					$ 0.0001
Sale of Stock, Price Per Share					$ 25
Series C Preferred Stock [Member]
Preferred Stock, Shares Issued | shares				4,000,000
Preferred Stock, Dividend Rate, Percentage				8.50%
Preferred Stock, Par or Stated Value Per Share				$ 0.0001
Sale of Stock, Price Per Share				$ 25
Series D Preferred Stock [Member]
Preferred Stock, Shares Issued | shares			4,000,000
Preferred Stock, Dividend Rate, Percentage			8.75%
Preferred Stock, Par or Stated Value Per Share			$ 0.0001
Sale of Stock, Price Per Share			$ 25
Follow On Offering [Member]
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001				$ 0.0001	$ 0.0001
Sale of Stock, Price Per Share	$ 7.10	$ 6				$ 14	$ 14.10
Stock Issued During Period, Shares, New Issues | shares	13,500,000	12,000,000				7,000,000	7,500,000

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Note 1 - Basis of Presentation and General Information - Revenues from Significant Charterers (Details) - Customer Concentration Risk [Member] - Sales Revenue, Net [Member]	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Concentration risk percentage	94.00%	88.00%
Major Customer A [Member]
Concentration risk percentage	29.00%	27.00%
Major Customer B [Member]
Concentration risk percentage	29.00%	30.00%
Major Customer C [Member]
Concentration risk percentage	16.00%	13.00%
Major Customer D [Member
Concentration risk percentage	20.00%	18.00%

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Note 3 - Transactions With Related Parties (Details Textual)		6 Months Ended
	Mar. 03, 2015 USD ($)	Jun. 30, 2017 USD ($) Rate shares	Jun. 30, 2016 USD ($)	Dec. 31, 2016 USD ($)
Management Fees Related Parties		$ 9,387,000	$ 9,570,000
Voyage Expenses Related Parties		1,579,000	1,798,000
Due to Related Parties, Current		218,000		$ 191,000
Due from Related Parties, Current		3,928,000		3,447,000
Costamare Shipping Company SA and Costamare Shipping Services Ltd. [Member]
Annual Fee to Related Parties		$ 2,500,000
Annual Fee to Related Parties, Shares | shares		598,400
Management Fee Per Day, Per Vessel | Rate		95600.00%
Management Fee Per Day, Per Vessel Under Bareboat Charter | Rate		47800.00%
Construction Supervisory Fee		$ 787,400
Commission Charged on Charter Hire Agreements		0.75%
Number of Vessels Under Ship Management Cell		21
Management Fees Related Parties		$ 9,387,000	9,570,000
Voyage Expenses Related Parties		$ 1,579,000	1,798,000
Management Fees Expressed as Gross Revenue		0.75%
Officers Compensation Charged, Period End	$ 1,000,000
Stock Issued During Period, Shares, New Issues | shares		299,200
Fair Value of Shares Issued to Manager		$ 2,078,000	2,746,000
Working Capital Security		$ 1,725,000
Working Capital Security Per Vessel | Rate		7500000.00%
Total Charges by Manager to Companys Affiliates		$ 2,176,000	1,242,000
Due to Related Parties, Current		202,000		191,000
Annual Increase on Fees Payable, Removed	4.00%
Due from Related Parties, Current		3,928,000		2,841,000
Costamare Shipping Company SA and Costamare Shipping Services Ltd. [Member] | General and Administrative Expense [Member]
Officers Compensation Charged, Period End		1,250,000	$ 1,250,000
Ciel Shipmanagement SA [Member]
Due from Related Parties, Current		$ 0		$ 606,000
SCSC Chairman and CEO [Member]
Percentage Ownership		70.00%
SCSC GM [Member]
Percentage Ownership		30.00%
Shanghai Costamare Ship Management Co Ltd [Member]
Number Vessels Managed		14		15
Due to Related Parties, Current		$ 0		$ 0
Due from Related Parties, Current		$ 0		$ 0

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Note 4 - Other Non-current Assets (Details Textual) - USD ($) $ in Thousands		6 Months Ended			12 Months Ended	36 Months Ended
	Jul. 16, 2014	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2014	Dec. 31, 2016	Jun. 30, 2017
Proceeds from Equity Method Investment, Distribution		$ 270	$ 0
Zim Integrated Services [Member] | The 3.0% Series 1 Notes Due 2023 [Member]
Debt Instrument, Interest Rate, Stated Percentage	3.00%
Zim Integrated Services [Member] | The 5.0% Series 2 Notes Due 2023 [Member]
Debt Instrument, Interest Rate, Stated Percentage	5.00%
Debt Instrument, Interest Rate, Stated Percentage, Payable Quarterly	3.00%
Debt Instrument, Interest Rate, Stated Percentage, Deferred Accrual	2.00%
Zim Investments [Member]
Write-off Deriving from Fair Value Measurement				$ 2,888
Fair Value Unwinding		348	$ 321
Equity Securities [Member] | Zim Investments [Member]
Held-to-Maturity Securities, Equity Interest Acquired	1.20%
Held-to-maturity Securities, Fair Value	$ 7,802
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net		0			$ 4,000
Proceeds from Equity Method Investment, Distribution						$ 0
Debt Securities [Member] | Zim Investments [Member]
Held-to-maturity Securities	8,229
Debt Securities [Member] | Zim Investments [Member] | Zim 3.0% Series 1 Notes Due 2023 [Member]
Proceeds from Maturities, Prepayments and Calls of Held-to-maturity Securities					46
Held-to-maturity Securities	1,452				$ 1,406
Held-to-maturity Securities, Fair Value	676
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net		0
Debt Securities [Member] | Zim Investments [Member] | Zim 5.0% Series 2 Notes Due 2023 [Member]
Held-to-maturity Securities	6,777
Held-to-maturity Securities, Fair Value	$ 3,567
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net		$ 0

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Note 5 - Inventories (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Inventory, Net	$ 10,360	$ 11,415

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Note 6 - Vessels, Net (Details Textual) $ in Thousands	6 Months Ended
	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)	Dec. 31, 2016 USD ($)
Gain (Loss) on Sale Vessels	$ (3,638)	$ 0
Vessel Held For Sale	7,035		$ 6,256
Gain (Loss) on Assets Held for Sale	$ (2,732)	$ 0
Number of Vessels Provided as Collaterals to Secure Loans	46
Carrying Value of Vessels Provided as Collaterals to Secure Loans	$ 1,636,384
Number of Vessels Under Sale and Leaseback Transactions	7
Marina Vessel [Member]
Vessels, Disposal Price	$ 4,670
Gain (Loss) on Sale Vessels	(3,638)
MSC Mandraki [Member]
Vessel Held For Sale	7,035
Gain (Loss) on Assets Held for Sale	$ (2,732)

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Note 6 - Vessels, Net - Summary of Vessels (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2017 USD ($)
Cost at the beginning of the period	$ 2,688,887
Accumulated depreciation at the beginning of the period	1,000,602
Net book value at the beginning of the period	1,688,285
Depreciation	(42,215)
Vessel acquisitions and other vessels’ costs	54,523
Disposals, transfers and other movements	(96,889)
Accumulated depreciaiton disposals, transfers and other movements	40,281
Net book value at the end of the period	1,643,985
Net book value, disposals, transfers and other movements	(56,608)
Cost at the end of the period	2,646,521
Accumulated depreciation at the end of the period	$ 1,002,536

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Note 7 - Deferred Charges, Net (Details Textual)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Number Vessels Underwent DD During Period	3	6

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Note 7 - Deferred Charges, Net - Schedule of Deferred Charges, Net (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2017 USD ($)
Balance, January 1, 2017	$ 20,367
Additions	1,802
Amortization	(3,911)
Write-off	(2)
Balance, June 30, 2017	$ 18,256

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Note 8 - Costamare Ventures Inc. (Details Textual) $ in Millions	6 Months Ended
	Jun. 30, 2017 USD ($)
Maximum Investment Amount by Counterparty	$ 250
Minimum Investment Amount by Wholly Owned Subsidiary	75
Option for Maximum Investment Amount by Wholly Owned Subsidiary	$ 240
TermOfAgreement	6 years
Number of Jointly Owned Companies	18
Minimum [Member]
Participation of Company's Wholly Owned Subsidiary	25.00%
Participation After Restatement	25.00%
Maximum [Member]
Participation of Company's Wholly Owned Subsidiary	49.00%
Participation After Restatement	75.00%

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Note 9 - Equity Method Investments (Details Textual) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2015	Aug. 31, 2016	Feb. 29, 2016
Income (Loss) from Equity Method Investments	$ 887	$ (405)
Due from Related Parties, Current	3,928		$ 3,447
Costamare Ventures [Member]
Due from Related Parties, Current	0		0
Kemp Maritime Co. and Hyde Maritime Co. [Member]
Line of Credit Facility, Maximum Borrowing Capacity	88,000	$ 88,000
Ainsley Maritime Co. and Ambrose Maritime Co. [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 86,600				$ 86,600
Steadman Maritime Co. [Member]
Equity Method Investment, Ownership Percentage	49.00%
Steadman Maritime Co. [Member] | Costamare Ventures [Member]
Payments to Acquire Equity Method Investments	$ 693		613
Horton Maritime Co. [Member]
Equity Method Investment, Ownership Percentage	49.00%
Proceeds from Dividends Received	$ 270		613
Kemp Maritime Co. and Hyde Maritime Co. [Member] | Costamare Ventures [Member]
Payments to Acquire Equity Method Investments	3,130
Ainsley Maritime Co. and Ambrose Maritime Co. [Member] | Costamare Ventures [Member]
Payments to Acquire Equity Method Investments	$ 498		4,662
Benedict, Bertrand, Beardmore, Schofield, and Fairbank Maritime Co. [Member] | Costamare Ventures [Member]
Payments to Acquire Equity Method Investments			25,323
Smales Maritime Co. [Member]
Equity Method Investment, Ownership Percentage	49.00%
Smales Maritime Co. [Member] | Costamare Ventures [Member]
Payments to Acquire Equity Method Investments			463
Skerrett Maritime Co. [Member]
Equity Method Investment, Ownership Percentage	49.00%
Skerrett Maritime Co. [Member] | Costamare Ventures [Member]
Payments to Acquire Equity Method Investments	$ 1,278		218
Geyer Maritime Co. [Member]
Equity Method Investment, Ownership Percentage	49.00%
Geyer Maritime Co. [Member] | Costamare Ventures [Member]
Payments to Acquire Equity Method Investments	$ 798
Goodway Maritime Co. [Member]
Equity Method Investment, Ownership Percentage	49.00%
Goodway Maritime Co. [Member] | Costamare Ventures [Member]
Equity Method Investment, Ownership Percentage						49.00%
Payments to Acquire Equity Method Investments			2,925	$ 637
Platt Maritime Co. and Sykes Maritime Co. [Member]
Payments to Acquire Equity Method Investments	$ 649		$ 427

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Note 9 - Equity Method Investments - Companies Accounted For as Equity Method Investments (Details)	6 Months Ended
	Jun. 30, 2017
Steadman Maritime Co. [Member]
Date of establishment	Jul. 01, 2013
Vessel name or hull name	Ensenada
Participation percentage	49.00%
Marchant Maritime Co. [Member]
Date of establishment	Jul. 08, 2013
Vessel name or hull name	Padma
Participation percentage	49.00%
Horton Maritime Co. [Member]
Date of establishment	Jun. 26, 2013
Vessel name or hull name	Petalidi
Participation percentage	49.00%
Smales Maritime Co. [Member]
Date of establishment	Jun. 06, 2013
Vessel name or hull name	Elafonisos
Participation percentage	49.00%
Geyer Maritime Co. [Member]
Date of establishment	May 18, 2015
Vessel name or hull name	Arkadia
Participation percentage	49.00%
Goodway Maritime Co. [Member]
Date of establishment	Sep. 22, 2015
Vessel name or hull name	Monemvasia
Participation percentage	49.00%
Kemp Maritime Co. [Member]
Date of establishment	Jun. 06, 2013
Vessel name or hull name	Cape Akritas
Participation percentage	49.00%
Hyde Maritime Co. [Member]
Date of establishment	Jun. 06, 2013
Vessel name or hull name	Cape Tainaro
Participation percentage	49.00%
Skerrett Maritime Co. [Member]
Date of establishment	Dec. 23, 2013
Vessel name or hull name	Cape Artemisio
Participation percentage	49.00%
Ainsley Maritime Co. [Member]
Date of establishment	Jun. 25, 2013
Vessel name or hull name	Cape Kortia
Participation percentage	25.00%
Ambrose Maritime Co. [Member]
Date of establishment	Jun. 25, 2013
Vessel name or hull name	Cape Sounio
Participation percentage	25.00%
Benedict Maritime Co. [Member]
Date of establishment	Oct. 16, 2013
Vessel name or hull name	Triton
Participation percentage	40.00%
Bertrand Maritime Co. [Member]
Date of establishment	Oct. 16, 2013
Vessel name or hull name	Titan
Participation percentage	40.00%
Beardmore Maritime Co. [Member]
Date of establishment	Dec. 23, 2013
Vessel name or hull name	Talos
Participation percentage	40.00%
Schofield Maritime Co. [Member]
Date of establishment	Dec. 23, 2013
Vessel name or hull name	Taurus
Participation percentage	40.00%
Fairbank Maritime Co. [Member]
Date of establishment	Dec. 23, 2013
Vessel name or hull name	Theseus
Participation percentage	40.00%
Platt Maritime Co. [Member]
Date of establishment	May 18, 2015
Vessel name or hull name	Hull YZJ1206
Participation percentage	49.00%
Sykes Maritime Co. [Member]
Date of establishment	May 18, 2015
Vessel name or hull name	Hull YZJ1207
Participation percentage	49.00%

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Note 9 - Equity Method Investments - Summarized Financial Information on Equity Method Investments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Non-current assets	$ 1,091,272		$ 952,458
Current assets	62,546		35,993
Total assets	1,153,818		988,451
Current liabilities	54,421		$ 39,428
Voyage revenue	55,065	$ 10,333
Net income / (loss)	$ 2,721	$ (966)

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Note 10 - Long-term Debt (Details Textual) - USD ($)					1 Months Ended		6 Months Ended		12 Months Ended
	Jun. 19, 2017	Jan. 24, 2017	Jul. 15, 2016	May 21, 2014	Feb. 28, 2017	Jul. 31, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Dec. 22, 2016	Aug. 10, 2016	May 11, 2016	Jan. 27, 2016	May 29, 2015	Dec. 31, 2013	Oct. 31, 2011	Aug. 30, 2011	Apr. 11, 2011	Nov. 30, 2010	Jul. 31, 2008	May 30, 2008	Jan. 31, 2008	Dec. 31, 2007	Jun. 30, 2006	Feb. 28, 2006
Debt Instrument, Covenant Terms, Net Funded Debt to Net Assets							80.00%
Long-term Debt, Weighted Average Interest Rate, at Point in Time							4.80%		4.70%
Interest Expense, Debt							$ 23,606,000	$ 26,613,000
Long-term Debt, Gross							938,447,000		$ 1,058,327,000
Repayments of Long-term Debt							$ 119,880,000	$ 92,630,000
Minimum [Member]
Term Loan, Value Maintenance Clauses							80.00%
Debt Instrument, Interest Rate During Period							2.20%		1.98%
Maximum [Member]
Term Loan, Value Maintenance Clauses							130.00%
Debt Instrument, Interest Rate During Period							6.01%		6.04%
Loans Payable [Member]
Debt Instrument, Face Amount																			$ 120,000,000
Long-term Debt, Gross							$ 577,290,000		$ 652,224,000
Loans Payable [Member] | Mas Shipping Co. Term Loan [Member]
Debt Instrument, Face Amount																						$ 75,000,000
Long-term Debt, Gross							18,250,000		22,375,000
Debt Instrument, Periodic Payment, Principal							4,125,000
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid							10,000,000
Loans Payable [Member] | Montes Shipping Co. and Kelsen Shipping Co. Term Loans [Member]
Debt Instrument, Prepaid Payment on Principal	$ 6,000,000
Debt Instrument, Face Amount																							$ 150,000,000
Long-term Debt, Gross							42,000,000		54,000,000				$ 66,000,000
Debt Instrument, Periodic Payment, Principal							5,000,000
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid							12,000,000
Loans Payable [Member] | Montes Shipping Co. Term Loan [Member]
Debt Instrument, Face Amount																							75,000,000
Loans Payable [Member] | Christos Maritime Co. Term Loan [Member]
Debt Instrument, Face Amount																					$ 75,000,000
Loans Payable [Member] | Tranche A Term Loan [Member]
Debt Instrument, Face Amount							38,500,000
Repayments of Long-term Debt		$ 18,288,000
Loans Payable [Member] | Tranche B Term Loan [Member]
Debt Instrument, Face Amount							42,000,000
Long-term Debt, Gross							18,900,000
Debt Instrument, Periodic Payment, Principal							1,050,000
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid							8,400,000
Loans Payable [Member] | Tranche C Term Loan [Member]
Debt Instrument, Face Amount							21,000,000
Long-term Debt, Gross							9,975,000
Debt Instrument, Periodic Payment, Principal							525,000
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid							4,200,000
Loans Payable [Member] | Tranche D Term Loan [Member]
Debt Instrument, Face Amount							7,470,000
Long-term Debt, Gross				$ 4,202,000
Repayments of Long-term Debt				$ 4,202,000
Loans Payable [Member] | Tranche E Term Loan [Member]
Debt Instrument, Face Amount							7,470,000
Long-term Debt, Gross														$ 2,334,000
Loans Payable [Member] | Undine Shipping Co., Quentin Shipping Co. and Sander Shipping Co. [Member]
Debt Instrument, Face Amount																	$ 229,200,000
Long-term Debt, Gross							170,624,000		178,264,000
Loans Payable [Member] | Undine, Quentin and Sander Shipping Co. Tranche A and B [Member]
Long-term Debt, Gross							112,051,000
Debt Instrument, Periodic Payment, Principal							1,273,400
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid							40,744,800
Loans Payable [Member] | Undine, Quentin and Sander Shipping Co. Tranche C [Member]
Long-term Debt, Gross							58,572,000
Debt Instrument, Periodic Payment, Principal							1,273,400
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid							40,744,800
Loans Payable [Member] | Raymond Shipping Co. and Terance Shipping Co. Term Loans [Member]
Debt Instrument, Face Amount																$ 152,800,000
Long-term Debt, Gross							110,507,000		115,964,000
Loans Payable [Member] | Raymond Shipping Co. and Terance Shipping Co. Term Loans Tranche A [Member]
Long-term Debt, Gross							54,571,000
Debt Instrument, Periodic Payment, Principal							1,364,300
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid							38,199,600
Loans Payable [Member] | Raymond Shipping Co. and Terance Shipping Co. Term Loans Trache B [Member]
Long-term Debt, Gross							55,936,000
Debt Instrument, Periodic Payment, Principal							1,364,300
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid							38,199,600
Loans Payable [Member] | Uriza Shipping Co. Term Loan [Member]
Debt Instrument, Face Amount												$ 39,000,000
Long-term Debt, Gross							34,667,000		36,833,000
Debt Instrument, Periodic Payment, Principal							1,083,300
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid							17,333,300
Loans Payable [Member] | Costis Maritime Co. and Christos Maritime Co. Term Loans [Member]
Debt Instrument, Face Amount																					150,000,000
Loans Payable [Member] | Costis Maritime Co. Term Loan [Member]
Debt Instrument, Face Amount																					$ 75,000,000
Loans Payable [Member] | Capetanissa Maritime Co. Term Loan [Member]
Debt Instrument, Face Amount																								$ 90,000,000
Loans Payable [Member] | Costis Maritime Co., Christos Maritime Co. and Capetanissa Maritime Co. [Member]
Long-term Debt, Gross							101,000,000		109,000,000		$ 116,500,000
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid							43,500,000
Loans Payable [Member] | Rena Maritime Co. Term Loan [Member]
Debt Instrument, Face Amount																									$ 90,000,000
Loans Payable [Member] | Rena Maritime Co., Finch Shipping Co. and Joyner Carriers S.A. [Member]
Long-term Debt, Gross							28,240,000		$ 32,000,000	$ 37,500,000
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid							11,680,000
Loans Payable [Member] | Kelsen Shipping Co. Term Loan [Member]
Debt Instrument, Face Amount																							$ 75,000,000
Loan Facility to Finance Vessels in Fleet [Member]
Debt Instrument, Face Amount																$ 120,000,000
Long-term Debt, Gross							43,127,000
Repayments of Long-term Debt					$ 4,918,000	$ 3,835,000
Debt Instrument, Periodic Payment, Principal							2,715,000
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid							26,837,000
Credit Facility [Member]
Line of Credit Facility, Covenant Terms, Market Value Adjusted Net Worth							500,000,000
Line of Credit Facility, Maximum Borrowing Capacity																				$ 1,000,000,000
Line of Credit Facility, Periodic Payment, Principal							22,473,000
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid							$ 24,062,000
Line of Credit Facility, Number of Vessels Used Pledged							22
Line of Credit Facility, Number of Corporate Guarantees							22
Line of Credit Facility, Covenant Terms, Total Liabilities to Market Valued Total Assets							75.00%
Line of Credit Facility, Covenant Terms, Minimum Required Liquidation Preference							$ 30,000,000
Line of Credit Facility, Covenant Terms, Minimum Required Liquidation Percent of Debt							3.00%
Line of Credit Facility, Covenant Terms, EBITDA							250.00%
MSC Athens and MSC Athos Funding Facility [Member]
Long-term Line of Credit															$ 133,700,000
Line of Credit Facility, Maximum Borrowing Capacity																		$ 140,000,000
Proceeds from (Repayments of) Lines of Credit			$ (133,700,000)

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Note 10 - Long-term Debt - Schedule of Long-term Debt (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016	Dec. 22, 2016	Aug. 10, 2016	Jan. 27, 2016
Long-term debt	$ 938,447,000	$ 1,058,327,000
Less: Deferred financing costs	(3,004,000)	(3,720,000)
Total long-term debt, net	935,443,000	1,054,607,000
Less: Long-term debt current portion	(182,189,000)	(199,637,000)
Add: Deferred financing costs, current portion	1,228,000	1,360,000
Total long-term debt, non-current, net	754,482,000	856,330,000
Credit Facility [Member]
Long-term debt	361,157,000	406,103,000
Loans Payable [Member]
Long-term debt	577,290,000	652,224,000
Loans Payable [Member] | Mas Shipping Co. Term Loan [Member]
Long-term debt	18,250,000	22,375,000
Loans Payable [Member] | Montes Shipping Co. and Kelsen Shipping Co. Term Loans [Member]
Long-term debt	42,000,000	54,000,000			$ 66,000,000
Loans Payable [Member] | Costamares Inc. Term Loans [Member]
Long-term debt	28,875,000	50,313,000
Loans Payable [Member] | Undine Shipping Co., Quentin Shipping Co. and Sander Shipping Co. [Member]
Long-term debt	170,624,000	178,264,000
Loans Payable [Member] | Raymond Shipping Co. and Terance Shipping Co. Term Loans [Member]
Long-term debt	110,507,000	115,964,000
Loans Payable [Member] | Costamare Inc. Term Loan 2 [Member]
Long-term debt	43,127,000	53,475,000
Loans Payable [Member] | Uriza Shipping Co. Term Loan [Member]
Long-term debt	34,667,000	36,833,000
Loans Payable [Member] | Costis Maritime Co., Christos Maritime Co. and Capetanissa Maritime Co. [Member]
Long-term debt	101,000,000	109,000,000		$ 116,500,000
Loans Payable [Member] | Rena Maritime Co., Finch Shipping Co. and Joyner Carriers S.A. [Member]
Long-term debt	$ 28,240,000	$ 32,000,000	$ 37,500,000

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Note 10 - Long-term Debt - Annual Repayments Under Credit Facilities and Term Loans (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Annual repayment for 2017	$ 84,675
Annual repayment for 2018	206,866
Annual repayment for 2019	160,819
Annual repayment for 2020	352,291
Annual repayment for 2021	133,796
Total	$ 938,447	$ 1,058,327

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Note 10 - Long-term Debt - Financing Costs Included in Loan Balances (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2017 USD ($)
Balance, January 1, 2017	$ 7,300
Additions	1,147
Amortization	(1,068)
Balance, June 30, 2017	7,379
Less: Current portion of financing costs	(2,087)
Financing costs, non-current portion	$ 5,292

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Note 11 - Capital Leased Assets and Capital Lease Obligations (Details Textual) - USD ($) $ in Thousands				4 Months Ended	6 Months Ended		12 Months Ended
	Jun. 19, 2017	Jul. 15, 2016	Jun. 06, 2016	Apr. 30, 2014	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Amounts Reclassified From Net Settlements On Interest Rate Swaps Qualifying For Hedge Accounting To Prepaid Lease Rentals							$ 1,076
Additions to Unearned Revenue					$ 4,481
Additions To Capital Leased Assets					452,564
Amortization of Leased Asset					6,269	$ 3,770
Sale Leaseback Transaction, Accumulated Depreciation					29,961		23,692
Finance Leased Assets, Net					422,603		384,872
Capital Leases, Future Minimum Payments, Net Minimum Payments					392,959
Capital Leases, Income Statement, Interest Expense					10,538	$ 8,177
Additions Of Prepaid Lease Rentals							$ 26,390
Sale Leaseback Transactions Regarding the Vessels MSC Azov, MSC Ajaccio and MSC Amalfi [Member]
Vessel's sale and leaseback price				$ 85,572
Sale Leaseback Transaction, Term				10 years
Sale Leaseback Transactions Regarding the Vessel MSC Athos [Member]
Sale Leaseback Transaction, Term			7 years
Sale Leaseback Transactions Regarding the Vessel Leonidio [Member]
Sale Leaseback Transaction, Term	7 years
Sale Leaseback Transactions Regarding the Vessel MSC Athens [Member]
Sale Leaseback Transaction, Term		7 years
Sale Leaseback Transactions Regarding the Vessel Kyparissia [Member]
Sale Leaseback Transaction, Term	7 years

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Note 11 - Capital Leased Assets and Capital Lease Obligations - Schedule of Prepaid Lease Rentals (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Prepaid lease rentals	$ 60,422	$ 40,811
Additions		26,390
Less: Amortization of prepaid lease rentals	(4,340)	(6,779)
Prepaid lease rentals	56,082	60,422
Less: current portion	(8,752)	(8,752)
Non-current portion	$ 47,330	$ 51,670

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Note 11 - Capital Leased Assets and Capital Lease Obligations - Annual Lease Payments (Details) $ in Thousands	Jun. 30, 2017 USD ($)
Capital lease payments 2017	$ 25,096
Capital lease payments 2018	49,798
Capital lease payments 2019	49,798
Capital lease payments 2020	49,895
Capital lease payments 2021	49,798
Capital lease payments 2022 and thereafter	253,339
Capital lease payments Total	477,724
Less: Amount of interest (MSC Azov, MSC Ajaccio, MSC Amalfi, Leonidio and Kyparissia)	(84,765)
Total lease payments	392,959
Less: Financing costs, net	(4,375)
Total lease payments, net	$ 388,584

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Note 11 - Capital Leased Assets and Capital Lease Obligations - Capital Lease Obligations (Details) $ in Thousands	Jun. 30, 2017 USD ($)
Capital lease obligation – current	$ 33,210
Less: current portion of financing costs	(859)
Capital lease obligation – non-current	359,749
Less: non-current portion of financing costs	(3,516)
Total	$ 388,584

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Note 12 - Accrued Charter Revenue, Current and Non-current and Unearned Revenue, Current and Non-current (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Accrued Revenue, Net	$ 22,040	$ 27,639
Accrued Revenue Receivable	391	408
Accrued Revenue Receivable Non Current	0	185
Deferred Revenue	32,035	36,156
Amortization of Deferred Gain	20
Unearned Revenues Regarding Charter Revenues Resulting from Varying Charter Rates [Member]
Deferred Revenue	$ 22,431	$ 28,232

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Note 12 - Accrued Charter Revenue, Current and Non-current and Unearned Revenue, Current and Non-current - Schedule of Accrued Revenue (Details) $ in Thousands	Jun. 30, 2017 USD ($)
Accrued Revenue for 2017	$ (5,714)
Accrued Revenue for 2018	(8,922)
Accrued Revenue for 2019	(6,602)
Accrued Revenue for 2020	(802)
Total	$ (22,040)

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Note 12 - Accrued Charter Revenue, Current and Non-current and Unearned Revenue, Current and Non-current - Schedule of Unearned Revenue (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Unearned Revenue	$ 32,035	$ 36,156
Less current portion	(17,087)	(19,668)
Non-current portion	14,948	16,488
Unearned Revenues Regarding Hires Collected in Advance [Member]
Unearned Revenue	5,143	7,924
Unearned Revenues Regarding Net Deferred Gains [Member]
Unearned Revenue	4,461
Unearned Revenues Regarding Charter Revenues Resulting from Varying Charter Rates [Member]
Unearned Revenue	$ 22,431	$ 28,232

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Note 13 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Aug. 31, 2016	Jun. 30, 2016
Contractual Obligation On JV Newbuilds	$ 2,137
Number of JV Newbuild Vessels Owned at Fourty-Nine Percent	2
Remaining Contractual Commitments	49.00%
Kemp Maritime Co. and Hyde Maritime Co. [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 88,000		$ 88,000
Ainsley Maritime Co. and Ambrose Maritime Co. [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 86,600	$ 86,600
Ainsley Maritime Co., Ambrose Maritime Co., Kemp Maritime Co. and Hyde Maritime Co. [Member]
Debt Guarantee Percentage	100.00%
Long-term Time Charters (Including Charter Agreements Vessels Under Construction) [Member]
Time Charter Arrangements Remaining Terms Period	7 years 180 days
Future Minimum Contractual Charter Revenues Assumptions [Member]
Revenue Days Per Annum	1 year

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Note 13 - Commitments and Contingencies - Schedule of Time Charter Arrangements (Details) $ in Thousands	Jun. 30, 2017 USD ($)
Minimum Contractual Charter for 2017	$ 182,557
Minimum Contractual Charter for 2018	218,202
Minimum Contractual Charter for 2019	138,512
Minimum Contractual Charter for 2020	110,092
Minimum Contractual Charter for 2021	101,462
Minimum Contractual Charter for 2022 and thereafter	164,623
Total	$ 915,448

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Note 14 - Common Stock and Additional Paid-in Capital (Details Textual) - USD ($) $ / shares in Units, $ in Thousands					6 Months Ended		12 Months Ended
	May 31, 2017	Dec. 05, 2016	Oct. 19, 2012	Mar. 27, 2012	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Dec. 31, 2016	Dec. 31, 2015	May 13, 2015	Jan. 21, 2014	Aug. 07, 2013
Dividends, Preferred Stock, Cash					$ 10,532	$ 10,531
Common Stock, Shares, Outstanding	105,840,848				105,990,448		105,990,448
Fourth Quarter 2015 Dividends [Member]
Common Stock, Dividends, Per Share, Cash Paid						$ 0.29
Dividends, Common Stock, Cash						$ 21,866
First Quarter 2016 Dividends [Member]
Common Stock, Dividends, Per Share, Cash Paid						$ 0.29
Dividends, Common Stock, Cash						$ 21,908
Fourth Quarter 2016 Dividends [Member]
Dividends, Common Stock, Cash					$ 3,619
Common Stock Dividends, Shares					1,014,550
First Quarter 2017 Dividends [Member]
Dividends, Common Stock, Cash					$ 3,610
Common Stock Dividends, Shares					751,817
Common Stock [Member]
Shares, Outstanding					105,990,448	75,697,600	105,990,448	90,424,881	75,398,400
Dividends, Preferred Stock, Cash
Stock Issued During Period, Shares, New Issues					15,565,567	299,200
Common Stock Issued for the Services Agreement [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized					$ 0		$ 0
Stock Issued During Period, Shares, New Issues					299,200			598,400
Common Stock, Par or Stated Value Per Share					$ 0.0001		$ 0.0001	$ 0.0001
Common Stock Issued for Dividend Reinvestment Plan [Member]
Common Stock, Dividends, Per Share, Cash Paid					$ 0.10
Stock Issued During Period, Shares, New Issues					1,766,367		4,194,448	2,428,081
Common Stock, Par or Stated Value Per Share					$ 0.0001		$ 0.0001	$ 0.0001
Shares Issued, Price Per Share					$ 6.2117		$ 6.2117	$ 8.043837
Series B Preferred Stock [Member]
Sale of Stock, Price Per Share												$ 25
Series B Preferred Stock [Member] | October 15, 2015 to January 14, 2016 Dividends [Member]
Dividends, Preferred Stock, Cash						$ 953
Preferred Stock, Dividends, Per Share, Cash Paid						$ 0.476563
Series B Preferred Stock [Member] | January 15, 2016 to April 14, 2016 Dividends [Member]
Dividends, Preferred Stock, Cash						$ 953
Preferred Stock, Dividends, Per Share, Cash Paid						$ 0.476563
Series B Preferred Stock [Member] | October 15, 2016 to January 14, 2017 Dividends [Member]
Dividends, Preferred Stock, Cash					$ 953
Preferred Stock, Dividends, Per Share, Cash Paid					$ 0.476563
Series B Preferred Stock [Member] | January 15, 2017 to April 14, 2017 Dividends [Member]
Dividends, Preferred Stock, Cash					$ 953
Preferred Stock, Dividends, Per Share, Cash Paid					$ 0.476563
Series C Preferred Stock [Member]
Sale of Stock, Price Per Share											$ 25
Series C Preferred Stock [Member] | October 15, 2015 to January 14, 2016 Dividends [Member]
Dividends, Preferred Stock, Cash						$ 2,125
Preferred Stock, Dividends, Per Share, Cash Paid						$ 0.53125
Series C Preferred Stock [Member] | January 15, 2016 to April 14, 2016 Dividends [Member]
Dividends, Preferred Stock, Cash						$ 2,125
Preferred Stock, Dividends, Per Share, Cash Paid						$ 0.53125
Series C Preferred Stock [Member] | October 15, 2016 to January 14, 2017 Dividends [Member]
Dividends, Preferred Stock, Cash					$ 2,125
Preferred Stock, Dividends, Per Share, Cash Paid					$ 0.53125
Series C Preferred Stock [Member] | January 15, 2017 to April 14, 2017 Dividends [Member]
Dividends, Preferred Stock, Cash					$ 2,125
Preferred Stock, Dividends, Per Share, Cash Paid					$ 0.53125
Series D Preferred Stock [Member]
Sale of Stock, Price Per Share										$ 25
Series D Preferred Stock [Member] | October 15, 2015 to January 14, 2016 Dividends [Member]
Dividends, Preferred Stock, Cash						$ 2,188
Preferred Stock, Dividends, Per Share, Cash Paid						$ 0.546875
Series D Preferred Stock [Member] | January 15, 2016 to April 14, 2016 Dividends [Member]
Dividends, Preferred Stock, Cash						$ 2,188
Preferred Stock, Dividends, Per Share, Cash Paid						$ 0.546875
Series D Preferred Stock [Member] | October 15, 2016 to January 14, 2017 Dividends [Member]
Dividends, Preferred Stock, Cash					$ 2,188
Preferred Stock, Dividends, Per Share, Cash Paid					$ 0.546875
Series D Preferred Stock [Member] | January 15, 2017 to April 14, 2017 Dividends [Member]
Dividends, Preferred Stock, Cash					$ 2,188
Preferred Stock, Dividends, Per Share, Cash Paid					$ 0.546875
Follow On Offering [Member]
Stock Issued During Period, Shares, New Issues	13,500,000	12,000,000	7,000,000	7,500,000
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Shares Issued, Price Per Share	7.10
Sale of Stock, Price Per Share	$ 7.10	$ 6	$ 14	$ 14.10
Proceeds from Issuance of Common Stock	$ 91,675	$ 69,037

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Note 15 - Earnings Per Share (EPS) (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Dividends, Preferred Stock	$ 10,473	$ 10,473

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Note 15 - Earnings Per Share (EPS) - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Net income:	$ 46,063	$ 72,038
Earnings allocated to Preferred Stock (Note 15)	(10,473)	(10,473)
Net income available to common stockholders	$ 35,590	$ 61,565
Weighted average number of shares, basic and diluted (in shares)	93,851,789	75,474,844
Earnings per common share, basic and diluted (Note 15) (in dollars per share)	$ 0.38	$ 0.82

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Note 16 - Interest and Finance Costs - Schedule of Income Statement Related Costs (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Interest expense	$ 27,685	$ 23,301
Swap effect	6,459	11,489
Amortization and write-off of financing costs	1,068	885
Bank charges and other financing costs	126	1,001
Total	$ 35,338	$ 36,676

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Note 17 - Taxes (Details Textual)	6 Months Ended
	Jun. 30, 2017
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	50.00%
US Related Gross Transportation Income That Tax Applies	4.00%

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Note 18 - Derivatives (Details Textual) $ in Thousands	6 Months Ended
	Jun. 30, 2017 USD ($) € / $	Jun. 30, 2016 USD ($)	Dec. 31, 2016 USD ($) € / $
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net	$ 10,000		$ 9,000
Derivative, Average Forward Exchange Rate | € / $	1.0653		1.098
Number of Foreign Currency Derivatives Held	4		3
Gain (Loss) on Foreign Currency Fair Value Hedge Derivatives	$ 501	$ (158)
Realized Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments	(4,343)	$ (1,625)
Interest Rate Swaps That Meet the Criteria for Hedge Accounting [Member]
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net	8,601
Derivative Liability, Notional Amount	719,750		$ 783,403
Interest Rate Fair Value Hedge Derivative at Fair Value, Net	5,745		10,459
Interest Rate Swaps That Do Not Meet the Criteria For Hedge Accounting [Member]
Derivative Liability, Notional Amount	94,799		199,846
Interest Rate Fair Value Hedge Derivative at Fair Value, Net	$ 1,996		$ 4,855

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Note 18 - Derivatives - Effect of Derivative Instruments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Interest rate swaps, effective portion	$ (1,364)	$ (14,550)
Interest rate swaps, ineffective portion	0	0
Reclassification to Interest and finance costs, effective portion	6,459	11,489
Reclassification to Interest and finance costs, ineffective portion	0	0
Total, effective portion	5,095	(3,061)
Total, ineffective portion	$ 0	$ 0

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Note 18 - Derivatives - Derivitives Not Designated as Hedging Instruments and Ineffectiveness of Hedging Instruments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Non hedging interest rate swaps	$ (897)	$ (4,101)
Ineffective portion of hedging interest rate swaps	0	0
Forward contracts	501	(158)
Total	$ (396)	$ (4,259)

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Note 19 - Financial Instruments (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Interest Rate Derivative Liabilities, at Fair Value	$ 7,741	$ 15,314
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value		$ 85
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value	$ 416

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Note 19 - Financial Instruments - Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Forward contracts-liability position		$ (85)
Forward contracts-asset position	$ 416
Interest rate swaps-liability position	(7,741)	(15,314)
Total	(7,325)	(15,399)
Fair Value, Inputs, Level 1 [Member]
Forward contracts-liability position		0
Forward contracts-asset position	0
Interest rate swaps-liability position	0	0
Total	0	0
Fair Value, Inputs, Level 2 [Member]
Forward contracts-liability position		(85)
Forward contracts-asset position	416
Interest rate swaps-liability position	(7,741)	(15,314)
Total	(7,325)	(15,399)
Fair Value, Inputs, Level 3 [Member]
Forward contracts-liability position		0
Forward contracts-asset position	0
Interest rate swaps-liability position	0	0
Total	$ 0	$ 0

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Note 20 - Comprehensive Income (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Other Comprehensive Income (Loss), Net of Tax	$ 5,126	$ (3,010)
Derivative Instruments, Loss Recognized in Other Comprehensive Income (Loss), Effective Portion	1,364	14,550
Derivative Instruments, Gain Recognized in Other Comprehensive Income (Loss), Effective Portion	6,459	11,489
Amounts Reclassified From Net Settlements on Interest Rate Swaps Qualifying for Hedge Accounting to Depreciation	(31)	(51)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	51,189	$ 69,028
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	$ 8,601

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Note 21 - Subsequent Events (Details Textual) - Subsequent Event [Member] - USD ($)	Aug. 03, 2017	Jul. 21, 2017	Jul. 03, 2017	Aug. 01, 2017
Payments for Loans	$ 1,000,000	$ 8,000,000
Unspecified Bank [Member] | Nerida Shipping Company [Member]
Debt Agreement, Maximum Borrowing Capacity				$ 17,625
Common Stock [Member]
Dividends Payable, Date to be Paid			Aug. 07, 2017
Dividends Payable, Date of Record			Jul. 24, 2017
Dividends Payable, Amount Per Share			$ 0.10
Series D Preferred Stock [Member]
Dividends Payable, Date to be Paid			Jul. 17, 2017
Dividends Payable, Date of Record			Jul. 14, 2017
Dividends Payable, Date Declared			Jul. 03, 2017
Dividends Payable, Amount Per Share			$ 0.546875
Series C Preferred Stock [Member]
Dividends Payable, Date to be Paid			Jul. 17, 2017
Dividends Payable, Date of Record			Jul. 14, 2017
Dividends Payable, Date Declared			Jul. 03, 2017
Dividends Payable, Amount Per Share			$ 0.53125
Series B Preferred Stock [Member]
Dividends Payable, Date to be Paid			Jul. 17, 2017
Dividends Payable, Date of Record			Jul. 14, 2017
Dividends Payable, Date Declared			Jul. 03, 2017
Dividends Payable, Amount Per Share			$ 0.476563