Costamare Inc. Reports Second Quarter Results Above Estimates

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Costamare Inc. reported unaudited financial results for the second quarter and six-month period ended June 30, 2025.

Discontinued operations as a result of Costamare Bulkers Holdings Limited Spin-Off

The financial results for the three- and six-month periods ended June 30, 2025, reflect the spin-off of Costamare’s dry bulk business (consisting of Costamare’s dry bulk owned fleet and its dry bulk operating platform, Costamare Bulkers Inc. (“CBI”)) into a standalone public company, which was completed on May 6, 2025. Accordingly, the results of the dry bulk business are presented as discontinued operations for all periods shown.

For the three- and six-month periods ended June 30, 2025, the results of discontinued operations include the dry bulk business up to May 6, 2025, the effective date of the spin-off. In comparison, the corresponding periods of 2024 include the results of discontinued operations of the dry bulk business for the entire three- and six-month periods, respectively. These differences in reporting periods should be taken into account when evaluating the results of discontinued operations between periods.

PROFITABILITY AND LIQUIDITY

Q2 2025 Net Income from Continuing operations available to common stockholders of $99.6 million ($0.83 per share).
Q2 2025 Adjusted Net Income from Continuing operations available to common stockholders1 of $92.5 million ($0.77 per share).
Q2 2025 liquidity of $524.5 million2.

CONCLUSION OF SHIPBUILDING CONTRACTS AND CHARTERING FOR FOUR 3,100 TEU CONTAINERSHIPS

Conclusion of four newbuilding contracts with a Chinese shipyard.
Delivery of the vessels is expected between Q2 2027 and Q4 2027.
Upon delivery, each vessel will commence an 8-year charter with a leading liner company.
Investment is expected to be financed with cash on hand and debt.

OWNED FLEET CHARTER UPDATE3 – FULLY EMPLOYED CONTAINERSHIP FLEET FOR 2025

100% and 75% of the containership fleet4 fixed for 2025 and 2026, respectively.
Increase in contracted revenues in excess of $310 million, stemming from:
Forward fixing of two containerships for a period ranging from 36 to 37 months, and,
The 8-year charters for the four newbuild containerships.
Contracted revenues for the containership fleet of approximately $2.5 billion with a TEU-weighted duration of 3.2 years5.

NEW DEBT FINANCING

Bilateral commitments, subject to final documentation, from two European financial institutions for the refinancing of four of our 14,424 TEU vessels and two of our 12,690 TEU vessels. More specifically:
Total amount of these bilateral facilities of up to approximately $365.0 million.
Tenor of 5 years.
Costamare has no significant debt maturities until 2027.

LEASE FINANCING PLATFORM

Controlling interest in Neptune Maritime Leasing Limited (“NML”).
Company’s current investment in NML of $182.2 million, representing 91.1% of our total committed investment.
Growing leasing platform with 47 shipping assets6 already funded or on a commitment status basis, representing total investments and commitments of more than $650.0 million, supported by what we believe is a healthy pipeline.

DIVIDEND ANNOUNCEMENTS

On July 1, 2025, the Company declared a dividend of $0.115 per share on the common stock, which will be paid on August 6, 2025, to holders of record of common stock as of July 21, 2025.
On July 1, 2025, the Company declared a dividend of $0.476563 per share on the Series B Preferred Stock, $0.531250 per share on the Series C Preferred Stock and $0.546875 per share on the Series D Preferred Stock, which were all paid on July 15, 2025 to holders of record as of July 14, 2025.

Mr. Gregory Zikos, Chief Financial Officer of Costamare Inc., commented:

“During the second quarter of the year, the Company generated Net Income from Continuing operations of about $99 million.
In May, we successfully completed the spin-off of Costamare Bulkers Holdings Limited, which encompassed Costamare’s owned dry bulk fleet as well as the CBI operating platform at that time. Costamare Inc. remains the sole shareholder of the 68 containerships as well as the controlling shareholder of Neptune Maritime Leasing.

In July, we ordered four newbuild containerships from a Chinese shipyard, each one of approximately 3,100 TEU capacity. The vessels are expected to be delivered between the second and fourth quarters of 2027. Upon delivery they will commence an 8-year time charter with a first class liner company. At the same time, we chartered two 6,500 TEU containership vessels for a three-year period and on a forward basis commencing from Q1 and Q2 2026. The above transactions resulted in an increase in contracted revenues of above $310 million.

Our fleet employment stands at 100% and 75% for 2025 and 2026, respectively. Total contracted revenues amount to $2.5 billion with a remaining time charter duration of 3.2 years.

Regarding the market, with less than 1% of the fleet commercially idle, the containership fleet can be considered fully employed. Current low fixing activity is the result of low availability of prompt tonnage rather than lack of demand. Charter rates remain healthy across the board and the short supply keeps rates at robust levels.

Finally, with regards to Neptune Maritime Leasing, the growing leasing platform, 47 shipping assets have been funded or are on a commitment status basis and total investments and commitments are exceeding $650 million.”

Non-GAAP Measures

The Company reports its financial results in accordance with U.S. GAAP. However, management believes that certain non-GAAP financial measures used in managing the business may provide users of these financial measures additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability.

Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. The tables below set out supplemental financial data and corresponding reconciliations to GAAP financial measures for the three-month and the six-month periods ended June 30, 2025 and 2024. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, voyage revenue or net income as determined in accordance with GAAP. Non-GAAP financial measures include (i) Voyage revenue adjusted on a cash basis (reconciled above), (ii) Adjusted Net Income from Continuing operations available to common stockholders and (iii) Adjusted Earnings per Share from Continuing operations.

Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations represent Net Income from continuing operations after earnings from continuing operations allocated to preferred stock, deemed dividend allocated to continuing operations of Series E Preferred Stock and Non-Controlling Interest, but before non-cash “Accrued charter revenue” recorded under charters with escalating or descending charter rates, amortization of time-charter assumed, realized gain on Euro/USD forward contracts, general and administrative expenses – non-cash component, (gain)/loss on derivative instruments, excluding realized (gain)/loss on derivative instruments and other non-cash items. “Accrued charter revenue” is attributed to the timing difference between the revenue recognition and the cash collection.

However, Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations are not recognized measurements under U.S. GAAP. We believe that the presentation of Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations are useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We also believe that Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations are useful in evaluating our ability to service additional debt and make capital expenditures.

In addition, we believe that Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations are useful in evaluating our operating performance and liquidity position compared to that of other companies in our industry because the calculation of Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations generally eliminates the accounting effects of certain hedging instruments and other accounting treatments, items which may vary for different companies for reasons unrelated to overall operating performance and liquidity. In evaluating Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

Results of Continuing Operations

Three-month period ended June 30, 2025 compared to the three-month period ended June 30, 2024

Following the spin-off of the dry bulk business (consisting of Costamare’s dry bulk owned fleet and CBI) on May 6, 2025, the results of the dry bulk business are reported as discontinued operations for all periods presented. The discussion below focuses on the results from continuing operations.
During the three-month periods ended June 30, 2025 and 2024, we had an average of 68.0 and 68.0 container vessels, respectively, in our owned fleet.

As of June 30, 2025, we have invested in Neptune Maritime Leasing Limited (“NML”) the amount of $182.2 million.

In the three-month periods ended June 30, 2025 and 2024, our fleet ownership days totaled 6,188 and 6,188 days, respectively. Ownership days are one of the primary drivers of voyage revenue and vessels’ operating expenses and represent the aggregate number of days in a period during which each vessel in our fleet is owned.

Voyage Revenue

Voyage revenue decreased by 0.4%, or $0.9 million, to $210.9 million during the three-month period ended June 30, 2025, from $211.8 million during the three-month period ended June 30, 2024. The decrease period over period is mainly attributable to the lower accounting revenue recorded for two of our vessels that are classified as sale type leases; partly offset by (i) the net increased charter rates in certain of our vessels, (ii) the contractual reimbursements from certain of our charterers for EU Emissions Allowances (“EUAs”) and Fuel EU Maritime penalties and (iii) the decreased idle and off-hire days of our fleet.

Voyage revenue adjusted on a cash basis (which eliminates non-cash “Accrued charter revenue”) increased by 0.3%, or $0.7 million, to $211.2 million during the three-month period ended June 30, 2025, from $210.5 million during the three-month period ended June 30, 2024. Accrued charter revenue for the three-month periods ended June 30, 2025 and 2024 was a positive amount of $0.3 million and a negative amount of $1.1 million, respectively.

Income from investments in leaseback vessels

Income from investments in leaseback vessels was $7.0 million and $6.2 million for the three-month periods ended June 30, 2025 and 2024, respectively. Income from investments in leaseback vessels increased, period over period, due to the increased volume of NML’s operations during the three-month period ended June 30, 2025 compared to the three-month period ended June 30, 2024. NML acquires, owns and bareboat charters out vessels through its wholly-owned subsidiaries.

Voyage Expenses

Voyage expenses were $13.9 million and $6.6 million for the three-month periods ended June 30, 2025 and 2024, respectively. Voyage expenses increased, period over period, mainly due to the recognition of liabilities for EUAs, Fuel EU Maritime penalties and relevant expenses. However, a significant portion of these liabilities are contractually reimbursed by the charterers, as discussed in “Voyage Revenue”, mitigating the net expenses impact. Voyage expenses mainly include (i) off-hire expenses of our vessels, primarily related to fuel consumption, (ii) third-party commissions and (iii) EUAs and Fuel EU Maritime expenses.

Voyage Expenses – related parties

Voyage expenses – related parties were $2.9 million and $3.0 million for the three-month periods ended June 30, 2025 and 2024, respectively. Voyage expenses – related parties represent (i) fees of 1.25%, in the aggregate, on voyage revenues earned by our owned fleet charged by a related manager and a related service provider and (ii) charter brokerage fees payable to two related charter brokerage companies for an amount of approximately $0.3 million and $0.4 million, in the aggregate, for the three-month periods ended June 30, 2025 and 2024, respectively.

Vessels’ Operating Expenses

Vessels’ operating expenses, which also include the realized gain/(loss) under derivative contracts entered into in relation to foreign currency exposure, were $40.7 million and $40.6 million during the three-month periods ended June 30, 2025 and 2024, respectively. Daily vessels’ operating expenses were $6,581 and $6,554 for the three-month periods ended June 30, 2025 and 2024, respectively. Daily operating expenses are calculated as vessels’ operating expenses for the period over the ownership days of the period.

General and Administrative Expenses

General and administrative expenses were $3.0 million and $4.1 million during the three-month periods ended June 30, 2025 and 2024, respectively, and include amounts of $0.67 million and $0.67 million, respectively, that were paid to a related service provider.

Management Fees – related parties
Management fees charged by our related party managers were $7.1 million and $7.1 million during the three-month periods ended June 30, 2025 and 2024, respectively. The amounts charged by our related party managers include amounts paid to third party managers of $1.4 million and $1.4 million for the three-month periods ended June 30, 2025 and 2024, respectively.

General and Administrative Expenses – non-cash component

General and administrative expenses – non-cash component for the three-month period ended June 30, 2025 amounted to $1.4 million, representing the value of the shares issued to a related service provider on June 30, 2025. General and administrative expenses – non-cash component for the three-month period ended June 30, 2024 amounted to $2.5 million, representing the value of the shares issued to a related service provider on June 28, 2024.

Amortization of Dry-Docking and Special Survey Costs

Amortization of deferred dry-docking and special survey costs was $4.8 million and $4.1 million during the three-month periods ended June 30, 2025 and 2024, respectively. During the three-month period ended June 30, 2025, two vessels underwent and completed their dry-docking and special survey and one vessel was in the process of completing her dry-docking and special survey. During the three-month period ended June 30, 2024, three vessels underwent and completed their dry-docking and special survey and one vessel was in the process of completing her dry-docking and special survey.

Depreciation

Depreciation expense for the three-month periods ended June 30, 2025 and 2024 was $31.9 million and $31.5 million, respectively.

Interest Income

Interest income amounted to $5.5 million and $8.7 million for the three-month periods ended June 30, 2025 and 2024, respectively.

Interest and Finance Costs

Interest and finance costs were $22.3 million and $28.3 million during the three-month periods ended June 30, 2025 and 2024, respectively. The decrease is mainly attributable to the decreased interest expense due to a lower average loan balance along with reduced SOFR rates during the three-month period ended June 30, 2025, compared to the three-month period ended June 30, 2024.

Gain / (Loss) on Derivative Instruments, net

As of June 30, 2025, we hold derivative financial instruments that qualify for hedge accounting and derivative financial instruments that do not qualify for hedge accounting. The change in the fair value of each derivative instrument that qualifies for hedge accounting is recorded in “Other Comprehensive Income” (“OCI”). The change in the fair value of each derivative instrument that does not qualify for hedge accounting is recorded in the consolidated statements of income.

As of June 30, 2025, the fair value of these instruments, in aggregate, amounted to a net asset of $13.5 million. During the three-month period ended June 30, 2025, the change in the fair value (fair value as of June 30, 2025 compared to the fair value as of March 31, 2025) of the derivative instruments that qualify for hedge accounting resulted in a net loss of $4.6 million, which has been included in OCI. Furthermore, during the three-month period ended June 30, 2025 the change in the fair value (fair value as of June 30, 2025 compared to the fair value as of March 31, 2025) of the derivative instruments that do not qualify for hedge accounting, including the realized components of such derivative instruments during the quarter, resulted in a net gain of $8.4 million, which has been included in Gain / (Loss) on Derivative Instruments, net.

Cash Flows from Continuing Operations

Three-month periods ended June 30, 2025 and 2024

Following the spin-off of the dry bulk business on May 6, 2025, the results of the dry bulk business are reported as discontinued operations for all periods presented. The discussion below focuses on the cash flows from continuing operations.

Net Cash Provided by Operating Activities

Net cash flows provided by operating activities for the three-month period ended June 30, 2025, decreased by $7.4 million to $136.0 million, from $143.4 million for the three-month period ended June 30, 2024. The decrease is mainly attributable to the unfavorable change in working capital position, excluding the current portion of long-term debt and the accrued charter revenue (representing the difference between cash received in that period and revenue recognized on a straight-line basis), and the decreased net cash from operations during the three-month period ended June 30, 2025 compared to the three-month period ended June 30, 2024; partly offset by the decrease in interest payments (including interest derivatives net receipts) during the three-month period ended June 30, 2025 compared to the three-month period ended June 30, 2024 and the decreased dry-docking and special survey costs during the three-month period ended June 30, 2025 compared to the three-month period ended June 30, 2024.

Net Cash Used in Investing Activities

Net cash used in investing activities was $110.3 million in the three-month period ended June 30, 2025, which mainly consisted of payments for upgrades for certain of our container vessels and payments for net investments into which NML entered.

Net cash used in investing activities was $26.2 million in the three-month period ended June 30, 2024, which mainly consisted of payments for upgrades for certain of our container vessels and payments for net investments into which NML entered.

Net Cash Used in Financing Activities

Net cash used in financing activities was $373.6 million in the three-month period ended June 30, 2025, which mainly consisted of (a) $260.0 million of payments relating to our debt financing agreements and finance lease liability agreement, (b) $100.0 million transferred to the spun-off entities, (c) $13.7 million we paid for dividends to holders of our common stock for the first quarter of 2025 and (d) $0.9 million we paid for dividends to holders of our 7.625% Series B Cumulative Redeemable Perpetual Preferred Stock (“Series B Preferred Stock”), $2.1 million we paid for dividends to holders of our 8.500% Series C Cumulative Redeemable Perpetual Preferred Stock (“Series C Preferred Stock”) and $2.2 million we paid for dividends to holders of our 8.75% Series D Cumulative Redeemable Perpetual Preferred Stock (“Series D Preferred Stock”) for the period from January 15, 2025 to April 14, 2025.

Net cash used in financing activities was $138.8 million in the three-month period ended June 30, 2024, which mainly consisted of (a) $120.7 million net payments relating to our debt financing agreements and finance lease liability agreement (including proceeds of $18.5 million we received from one debt financing agreement), (b) $9.3 million we paid for dividends to holders of our common stock for the first quarter of 2024 and (c) $0.9 million we paid for dividends to holders of our Series B Preferred Stock, $2.1 million we paid for dividends to holders of our Series C Preferred Stock, $2.2 million we paid for dividends to holders of our Series D Preferred Stock and $2.5 million we paid for dividends to holders of our 8.875% Series E Cumulative Redeemable Perpetual Preferred Stock (“Series E Preferred Stock”) for the period from January 15, 2024 to April 14, 2024.

Results of Continuing Operations

Six-month period ended June 30, 2025 compared to the six-month period ended June 30, 2024

During the six-month periods ended June 30, 2025 and 2024, we had an average of 68.0 and 68.0 container vessels, respectively, in our owned fleet.

As of June 30, 2025, we have invested in NML the amount of $182.2 million.

In the six-month periods ended June 30, 2025 and 2024, our fleet ownership days totaled 12,308 and 12,376 days, respectively. Ownership days are one of the primary drivers of voyage revenue and vessels’ operating expenses and represent the aggregate number of days in a period during which each vessel in our fleet is owned.

Voyage Revenue

Voyage revenue increased by 0.2%, or $0.8 million, to $428.1 million during the six-month period ended June 30, 2025, from $427.3 million during the six-month period ended June 30, 2024. The increase period over period is mainly attributable to (i) the net increased charter rates in certain of our vessels, (ii) the contractual reimbursements from certain of our charterers for EUAs and Fuel EU Maritime penalties and (iii) the decreased idle days of our fleet; partly offset by lower accounting revenue recorded for two of our vessels classified as sale type leases and revenue not earned due to the absence of the leap year day in the current period.

Voyage revenue adjusted on a cash basis (which eliminates non-cash “Accrued charter revenue”) decreased by 0.3%, or $1.2 million, to $426.3 million during the six-month period ended June 30, 2025, from $427.5 million during the six-month period ended June 30, 2024. Accrued charter revenue for the six-month periods ended June 30, 2025 and 2024 was a negative amount of $1.8 million and a positive amount of $0.3 million, respectively.

Income from investments in leaseback vessels

Income from investments in leaseback vessels was $12.7 million and $11.4 million for the six-month periods ended June 30, 2025 and 2024, respectively. Income from investments in leaseback vessels increased, period over period, due to the increased volume of NML’s operations during the six-month period ended June 30, 2025 compared to the six-month period ended June 30, 2024. NML acquires, owns and bareboat charters out vessels through its wholly-owned subsidiaries.

Voyage Expenses

Voyage expenses were $23.4 million and $12.2 million for the six-month periods ended June 30, 2025 and 2024, respectively. Voyage expenses increased, period over period, mainly due to the recognition of liabilities for EUAs, Fuel EU Maritime penalties and relevant expenses. However, a significant portion of these liabilities are contractually reimbursed by the charterers, as discussed in “Voyage Revenue”, mitigating the net expenses impact. Voyage expenses mainly include (i) off-hire expenses of our vessels, primarily related to fuel consumption, (ii) third-party commissions and (iii) EUAs and Fuel EU Maritime expenses.

Voyage Expenses – related parties

Voyage expenses – related parties were $5.8 million and $6.1 million for the six-month periods ended June 30, 2025 and 2024, respectively. Voyage expenses – related parties represent (i) fees of 1.25%, in the aggregate, on voyage revenues earned by our owned fleet charged by a related manager and a related service provider and (ii) charter brokerage fees payable to two related charter brokerage companies for an amount of approximately $0.7 million and $0.7 million, in the aggregate, for the six-month periods ended June 30, 2025 and 2024, respectively.

Vessels’ Operating Expenses

Vessels’ operating expenses, which also include the realized gain/(loss) under derivative contracts entered into in relation to foreign currency exposure, were $79.2 million and $78.9 million during the six-month periods ended June 30, 2025 and 2024, respectively.

Daily vessels’ operating expenses were $6,432 and $6,375 for the six-month periods ended June 30, 2025 and 2024, respectively.

Daily operating expenses are calculated as vessels’ operating expenses for the period over the ownership days of the period.

General and Administrative Expenses

General and administrative expenses were $7.2 million and $7.0 million during the six-month periods ended June 30, 2025 and 2024, respectively, and include amounts of $1.33 million and $1.33 million, respectively, that were paid to a related service provider.

Management Fees – related parties

Management fees charged by our related party managers were $14.2 million and $14.2 million during the six-month periods ended June 30, 2025 and 2024, respectively. The amounts charged by our related party managers include amounts paid to third party managers of $3.4 million and $2.8 million for the six-month periods ended June 30, 2025 and 2024, respectively.

General and Administrative Expenses – non-cash component

General and administrative expenses – non-cash component for the six-month period ended June 30, 2025 amounted to $2.8 million, representing the value of the shares issued to a related service provider on March 31, 2025 and on June 30, 2025. General and administrative expenses – non-cash component for the six-month period ended June 30, 2024 amounted to $4.2 million, representing the value of the shares issued to a related service provider on March 29, 2024 and on June 28, 2024.

Amortization of Dry-Docking and Special Survey Costs

Amortization of deferred dry-docking and special survey costs was $9.5 million and $8.3 million during the six-month periods ended June 30, 2025 and 2024, respectively. During the six-month period ended June 30, 2025, four vessels underwent and completed their dry-docking and special survey and one vessel was in the process of completing her dry-docking and special survey. During the six-month period ended June 30, 2024, three vessels underwent and completed their dry-docking and special survey and one vessel was in the process of completing her dry-docking and special survey.

Depreciation

Depreciation expense for the six-month periods ended June 30, 2025 and 2024 was $63.5 million and $63.0 million, respectively.

Interest Income

Interest income amounted to $11.8 million and $16.6 million for the six-month periods ended June 30, 2025 and 2024, respectively.

Interest and Finance Costs

Interest and finance costs were $45.2 million and $55.1 million during the six-month periods ended June 30, 2025 and 2024, respectively. The decrease is mainly attributable to the decreased interest expense due to a lower average loan balance, along with reduced SOFR rates, during the six-month period ended June 30, 2025, compared to the six-month period ended June 30, 2024.

Gain / (Loss) on Derivative Instruments, net

As of June 30, 2025, we hold derivative financial instruments that qualify for hedge accounting and derivative financial instruments that do not qualify for hedge accounting. The change in the fair value of each derivative instrument that qualifies for hedge accounting is recorded in OCI. The change in the fair value of each derivative instrument that does not qualify for hedge accounting is recorded in the consolidated statements of income.

As of June 30, 2025, the fair value of these instruments, in aggregate, amounted to a net asset of $13.5 million. During the six-month period ended June 30, 2025, the change in the fair value (fair value as of June 30, 2025 compared to the fair value as of December 31, 2024) of the derivative instruments that qualify for hedge accounting resulted in a net loss of $12.1 million, which has been included in OCI. Furthermore, during the six-month period ended June 30, 2025 the change in the fair value (fair value as of June 30, 2025 compared to the fair value as of December 31, 2024) of the derivative instruments that do not qualify for hedge accounting, including the realized components of such derivative instruments during the quarter, resulted in a net gain of $13.7 million, which has been included in Gain / (Loss) on Derivative Instruments, net.

Cash Flows from Continuing Operations

Six-month periods ended June 30, 2025 and 2024

Following the spin-off of the dry bulk business on May 6, 2025, the results of the dry bulk business (consisting of Costamare’s dry bulk owned fleet and CBI) are reported as discontinued operations for all periods presented. The discussion below focuses on the cash flows from continuing operations.

Net cash flows provided by operating activities for the six-month period ended June 30, 2025, decreased by $6.1 million to $283.2 million, from $289.3 million for the six-month period ended June 30, 2024. The decrease is mainly attributable to the unfavorable change in working capital position, excluding the current portion of long-term debt and the accrued charter revenue (representing the difference between cash received in that period and revenue recognized on a straight-line basis) and the decreased net cash from operations during the six-month period ended June 30, 2025 compared to the six-month period ended June 30, 2024; partly offset by the decrease in interest payments (including interest derivatives net receipts) during the six-month period ended June 30, 2025 compared to the six-month period ended June 30, 2024 and the decreased dry-docking and special survey costs during the six-month period ended June 30, 2025 compared to the six-month period ended June 30, 2024.

Net Cash Used in Investing Activities

Net cash used in investing activities was $107.8 million in the six-month period ended June 30, 2025, which mainly consisted of payments for upgrades for certain of our container vessels and payments for net investments into which NML entered.

Net cash used in investing activities was $39.9 million in the six-month period ended June 30, 2024, which mainly consisted of payments for upgrades for certain of our container vessels and payments for net investments into which NML entered.

Net Cash Used in Financing Activities

Net cash used in financing activities was $389.8 million in the six-month period ended June 30, 2025, which mainly consisted of (a) $255.7 million net payments relating to our debt financing agreements and finance lease liability agreement (including proceeds of $55.1 million we received from three debt financing agreements), (b) $100.0 million transferred to the spun-off entities, (c) $27.4 million we paid for dividends to holders of our common stock for the fourth quarter of 2024 and the first quarter of 2025 and (d) $1.9 million we paid for dividends to holders of our Series B Preferred Stock, $4.2 million we paid for dividends to holders of our Series C Preferred Stock and $4.4 million we paid for dividends to holders of our Series D Preferred Stock for the periods from October 15, 2024 to January 14, 2025 and January 15, 2025 to April 14, 2025.

Net cash used in financing activities was $106.8 million in the six-month period ended June 30, 2024, which mainly consisted of (a) $70.6 million net payments relating to our debt financing agreements and finance lease liability agreement (including proceeds of $113.6 million we received from eight debt financing agreements), (b) $18.6 million we paid for dividends to holders of our common stock for the fourth quarter of 2023 and the first quarter of 2024 and (c) $1.9 million we paid for dividends to holders of our Series B Preferred Stock, $4.2 million we paid for dividends to holders of our Series C Preferred Stock, $4.4 million we paid for dividends to holders of our Series D Preferred Stock and $5.1 million we paid for dividends to holders of our Series E Preferred Stock for the periods from October 15, 2023 to January 14, 2024 and January 15, 2024 to April 14, 2024.

Liquidity and Unencumbered Vessels

Cash and cash equivalents

As of June 30, 2025, we had Cash and cash equivalents (including restricted cash) of $505.6 million and $18.9 million invested in short-dated US Treasury Bills (short-term investments).

Debt-free vessels

As of July 30, 2025, the following vessels were free of debt.

Full Report

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