Costamare Inc. Announces New Acquisition and New Chartering Arrangements

News Release Costamare Inc. August 28, 2012

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ATHENS, GREECE - August 27, 2012 - Costamare Inc. (the
"Company") (NYSE: CMRE) announced today that it has agreed to purchase the
1997-built container vessel Messini (ex. Pembroke) and to charter the vessel for
a period of approximately 18 months. The Company has also agreed to charter the
existing vessel Konstantina. In particular, the
Company has agreed the following: (a) To purchase
the 1997-built, 2,458 TEU container vessel Messini (ex. Pembroke) for
$6.8million. The vessel was delivered on August 2, 2012. The acquisition has
been entirely financed with equity. The Company also agreed to charter the
vessel with Evergreen for a period of approximately 18 months at a daily rate of
$8,100. The vessel is expected to be delivered to her charterers by September
23, 2012. (b) To charter the 1992-built, 3,351 TEU
container vessel Konstantina with Evergreen for a period of approximately one
year at a daily rate of $ 7,550. The vessel is expected to be delivered to her
charterers in October 2012. Management Commentary
 Gregory Zikos, Chief Financial Officer of the
Company commented: "We continue to execute on our
strategy by taking advantage of attractive asset values. The purchase price for
the Messini, which is close to her estimated scrap value, together with the time
charter arranged, allow us to generate healthy returns and eliminate residual
value risk." "At the same time we fixed two vessels
at favorable rates considering previous fixtures and the current market
environment. We have reduced our re-chartering risk for the coming years. The
charters for the vessels coming out of employment during the remainder of 2012
and 2013 account for 1.6% and 4.2% of our 2012 and 2013 contracted revenues
respectively." About Costamare Inc. Costamare Inc.
is one of the world's leading owners and providers of containerships for
charter. The Company has 37 years of history in the international shipping
industry and a fleet of 58 containerships, with a total capacity of
approximately 330,000 TEU, including 10 newbuilds on order. Costamare Inc.'s
common shares trade on the New York Stock Exchange under the symbol "CMRE." </DIV></BODY></HTML>