Costamare Inc. Announces Fleet Renewal and New Chartering Arrangements
News Release
Costamare Inc.
April 27, 2012
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<DIV><BR clear=all>ATHENS, GREECE - April 26, 2012 - Costamare Inc. (the
"Company") (NYSE: CMRE) announced today that it has agreed to sell two
1984-built vessels for demolition. At the same time, the Company has agreed to
purchase two 1998-built vessels, which will replace the vessels sold in their
respective charters. <BR clear=all><BR clear=all>In particular, the Company has
agreed the following: <BR clear=all><BR clear=all>(a) To purchase the
1998-built, 3,842 TEU container vessel Bunga Raya Dua (to be renamed Koroni) <BR
clear=all>(b) To purchase the 1998-built, 3,842 TEU container vessel Bunga Raya
Satu (to be renamed Kyparissia) <BR clear=all>(c) To sell the 1984-built, 2,922
TEU container vessel Gifted <BR clear=all>(d) To sell the 1984-built, 2,922 TEU
container vessel Genius I <BR clear=all><BR clear=all>The total acquisition cost
for the two vessels is approximately US $24.9 million and will be partly funded
with debt drawn from a currently committed and undrawn credit facility. The
total sale price for the Gifted and Genius I is approximately US $12.3 million.
<BR clear=all><BR clear=all>The newly acquired vessels are expected to be
delivered within May 2012 and will replace the Gifted and Genius I in their
respective charter party agreements. At the same time, the Company has agreed to
extend these two charters for period of approximately 18 months, starting from
November 2012, at an average daily rate of approximately US $11,150. <BR
clear=all><BR clear=all>Management Commentary <BR clear=all><BR
clear=all>Gregory Zikos, Chief Financial Officer of the Company said: "We
continue to deliver on our fleet renewal program by taking advantage of
attractive steel prices and second-hand, charter-free ship values." <BR
clear=all><BR clear=all>"With an incremental cost of only approximately US $6.3
million per vessel, we are extending the useful life of older assets by
substituting them for vessels that are 14 years younger, larger and with better
specifications. The transaction enhances our earnings potential and
re-chartering upside. We expect to realize book gains of approximately US $4.4
million in aggregate from the above disposals." <BR clear=all><BR
clear=all></DIV></BODY></HTML>
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<DIV><BR clear=all>ATHENS, GREECE - April 26, 2012 - Costamare Inc. (the
"Company") (NYSE: CMRE) announced today that it has agreed to sell two
1984-built vessels for demolition. At the same time, the Company has agreed to
purchase two 1998-built vessels, which will replace the vessels sold in their
respective charters. <BR clear=all><BR clear=all>In particular, the Company has
agreed the following: <BR clear=all><BR clear=all>(a) To purchase the
1998-built, 3,842 TEU container vessel Bunga Raya Dua (to be renamed Koroni) <BR
clear=all>(b) To purchase the 1998-built, 3,842 TEU container vessel Bunga Raya
Satu (to be renamed Kyparissia) <BR clear=all>(c) To sell the 1984-built, 2,922
TEU container vessel Gifted <BR clear=all>(d) To sell the 1984-built, 2,922 TEU
container vessel Genius I <BR clear=all><BR clear=all>The total acquisition cost
for the two vessels is approximately US $24.9 million and will be partly funded
with debt drawn from a currently committed and undrawn credit facility. The
total sale price for the Gifted and Genius I is approximately US $12.3 million.
<BR clear=all><BR clear=all>The newly acquired vessels are expected to be
delivered within May 2012 and will replace the Gifted and Genius I in their
respective charter party agreements. At the same time, the Company has agreed to
extend these two charters for period of approximately 18 months, starting from
November 2012, at an average daily rate of approximately US $11,150. <BR
clear=all><BR clear=all>Management Commentary <BR clear=all><BR
clear=all>Gregory Zikos, Chief Financial Officer of the Company said: "We
continue to deliver on our fleet renewal program by taking advantage of
attractive steel prices and second-hand, charter-free ship values." <BR
clear=all><BR clear=all>"With an incremental cost of only approximately US $6.3
million per vessel, we are extending the useful life of older assets by
substituting them for vessels that are 14 years younger, larger and with better
specifications. The transaction enhances our earnings potential and
re-chartering upside. We expect to realize book gains of approximately US $4.4
million in aggregate from the above disposals." <BR clear=all><BR
clear=all></DIV></BODY></HTML>