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 July 2014

Commission File Number: 001-34934

COSTAMARE INC.

(Translation of registrant’s name into English)

60 Zephyrou Street & Syngrou Avenue, 17564 Athens, Greece

(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 statement on Form F-3, as filed with the Securities and Exchange Commission on November 20, 2013 (File No. 333-191833), to the extent not superseded by documents or reports subsequently filed by us under the Securities Act of 1933 or the Securities Exchange Act of 1934, in each case as amended.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, 2014, 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:  July 29, 2014

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

EX-99.1

Exhibit 99.1

COSTAMARE INC.

Consolidated Balance Sheets

As of December 31, 2013 and June 30, 2014

(Expressed in thousands of U.S. dollars

	December 31, 2013 (Audited)			June 30, 2014 (Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	93,379		$	147,800
Restricted cash		9,067			8,786
Accounts receivable, net		16,145			9,257
Inventories (Note 4)		11,005			13,790
Due from related parties (Note 3)		2,679			600
Insurance claims receivable		1,429			1,555
Prepaid lease rentals (Notes 2 and 11)		-			4,982
Accrued charter revenue (Note 12)		409			408
Prepayments and other		2,450			4,630
Total current assets		136,563			191,808
FIXED ASSETS, NET:
Advances for vessel acquisitions (Note 5)		240,871			-
Finance leased assets (Notes 2 and 11)		-			254,369
Vessels, net (Note 6)		2,187,388			2,148,682
Total fixed assets, net		2,428,259			2,403,051
NON-CURRENT ASSETS:
Investment in affiliates (Notes 9)		23,732			72,293
Prepaid lease rentals, non-current (Notes 2 and 11)		-			43,323
Accounts receivable, non-current, net		7,334			7,409
Deferred charges, net (Note 7)		29,864			26,903
Restricted cash		49,826			45,818
Accrued charter revenue, non-current (Note 12)		10,264			10,063
Total assets	$	2,685,842		$	2,800,668
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt (Note 10)	$	206,717		$	195,514
Accounts payable		5,814			6,349
Due to related parties (Note 3)		-			96
Finance lease obligations  (Notes 2 and 11)		-			13,039
Accrued liabilities		14,386			16,634
Unearned revenue (Note 12)		9,601			9,682
Fair value of derivatives (Notes 18 and 19)		55,322			46,199
Other current liabilities		3,140			2,117
Total current liabilities		294,980			289,630
NON-CURRENT LIABILITIES:
Long-term debt, net of current portion (Note 10)		1,660,859			1,427,251
Finance lease obligations, net of current portion (Notes 2 and 11)		-			240,528
Fair value of derivatives, net of current portion (Notes 18 and 19)		47,890			42,378
Unearned revenue, net of current portion (Note 12)		25,164			28,155
Total non-current liabilities		1,733,913			1,738,312
COMMITMENTS AND CONTINGENCIES (Note 13)		-			-
STOCKHOLDERS’ EQUITY:
Preferred stock (Note 14)		-			-
Common stock (Note 14)		8			8
Additional paid-in capital (Note 14)		762,142			858,665
Accumulated deficit		(20,047	)		(19,693	)
Accumulated other comprehensive loss (Notes 18 and 20)		(85,154	)		(66,254	)
Total stockholders’ equity		656,949			772,726
Total liabilities and stockholders’ equity	$	2,685,842		$	2,800,668

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

1

COSTAMARE INC.

Unaudited Consolidated Statements of Income

For the six-month periods ended June 30, 2013 and 2014

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

	2013		2014
REVENUES:
Voyage revenue	$	191,566	$	238,403
EXPENSES:
Voyage expenses		(1,877)		(1,776)
Voyage expenses-related parties (Note 3)		(1,449)		(1,788)
Vessels’ operating expenses		(56,352)		(59,905)
General and administrative expenses		(2,243)		(2,450)
Management fees-related parties (Note 3)		(7,990)		(9,298)
Amortization of dry-docking and special survey costs (Note 7)		(4,029)		(3,796)
Depreciation (Note 6, 11 and 20)		(41,489)		(51,818)
Amortization of prepaid lease rentals (Notes 2 and 11)		-		(1,512)
Gain / (loss) on sale / disposal of vessels, net (Note 6)		6,460		(2,903)
Foreign exchange gains / (losses), net		86		(110)
Operating income		82,683		103,047
OTHER INCOME / (EXPENSES):
Interest income		409		291
Interest and finance costs (Note 16)		(34,108)		(48,362)
Swaps breakage costs (Note 18)		-		(10,192)
Equity loss on investments (Note 9)		-		(2,275)
Other, net		847		2,803
Gain on derivative instruments, net (Note 18)		5,460		1,901
Total other income / (expenses)		(27,392)		(55,834)
Net Income	$	55,291	$	47,213
Earnings allocated to Preferred Stock		-		(5,719)
Net income available to Common Stockholders	$	55,291	$	41,494
Earnings per common share, basic and diluted (Note 15)	$	0.74	$	0.55
Weighted average number of shares, basic and diluted		74,800,000		74,800,000

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

2

COSTAMARE INC.

Unaudited Consolidated Statements of Comprehensive Income

For the six-month periods ended June 30, 2013 and 2014

(Expressed in thousands of U.S. dollars)

	2013		2014
Net income for the period	$	55,291	$	47,213
Other comprehensive income / (loss)
Unrealized gain / (loss) on cash flow hedges, net (Notes 18 and 20)		57,356		12,734
Net settlements on interest rate swaps qualifying for cash flow hedge (Notes 10 and 20)		(1,861)		(489)
Amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to Depreciation (Note 20)		12		51
Amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to Prepaid lease rentals (Notes 2 and 11)		-		6,604
Other comprehensive income for the period	$	55,507	$	18,900
Total comprehensive income for the period	$	110,798	$	66,113

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

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COSTAMARE INC.

Unaudited Consolidated Statements of Stockholder’s Equity

For the six-month periods ended June 30, 2013 and 2014

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

	Preferred Stock (Series C)				Preferred Stock (Series B)				Common Stock				Additional			Accumulated Other			Retained Earnings
	# of shares		Par value		# of shares		Par value		# of shares		Par value		Paid-in Capital			Comprehensive Income/(Loss)			(Accumulated Deficit)			Total
BALANCE, January 1, 2013		-	$	-		-	$	-		74,800,000	$	8	$	714,100		$	(152,842	)	$	(40,814	)	$	520,452
-Net income		-		-		-		-		-		-		-			-			55,291			55,291
-Dividends - Common stock		-		-		-		-		-		-		-			-			(40,392	)		(40,392	)
-Other comprehensive income		-		-		-		-		-		-		-			-			-			55,507
BALANCE, June 30, 2013		-	$	-		-	$	-		74,800,000	$	8	$	714,100		$	(97,335	)	$	(25,915	)	$	590,858
BALANCE, January 1, 2014		-	$	-		2,000,000	$	-		74,800,000	$	8	$	762,142		$	(85,154	)	$	(20,047	)	$	656,949
-Net income		-		-		-		-		-		-		-			-			47,213			47,213
-Preferred stock Series C issuance		4,000,000		-		-		-		-		-		96,850			-			-			96,850
-Preferred stock Series C expenses		-		-		-		-		-		-		(327	)		-			-			(327	)
-Dividends -Common stock		-		-		-		-		-		-		-			-			(41,140	)		(41,140	)
-Dividends -Preferred stock		-		-		-		-		-		-		-			-			(5,719	)		(5,719	)
-Other comprehensive income		-		-		-		-		-		-		-			18,900			-			18,900
BALANCE, June 30, 2014		4,000,000	$	-		2,000,000	$	-		74,800,000	$	8	$	858,665		$	(66,254	)	$	(19,693	)	$	772,726

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

4

COSTAMARE INC.

Unaudited Consolidated Statements of Cash Flows

For the six-month periods ended June 30, 2013 and 2014

(Expressed in thousands of U.S. dollars)

	2013			2014
Cash Flows From Operating Activities:
Net income:	$	55,291		$	47,213
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		41,489			51,818
Amortization of prepaid lease rentals		-			1,512
Amortization and write-off of financing costs		611			3,025
Amortization of deferred dry-docking and special survey		4,029			3,796
Net settlements on interest rate swaps qualifying for cash flow hedge		(1,861	)		(489	)
Gain on derivative instruments, net		(5,460	)		(1,901	)
Loss / (Gain) on sale / disposal of vessels, net		(6,460	)		2,903
Equity loss on investments		-			2,275
Changes in operating assets and liabilities:
Accounts receivable		(10,757	)		6,813
Due from related parties		(1,566	)		2,079
Inventories		(4,987	)		(2,785	)
Insurance claims receivable		35			(126	)
Prepayments and other		(2,969	)		(2,180	)
Accounts payable		4,266			535
Due to related parties		-			96
Accrued liabilities		4,820			417
Unearned revenue		(1,142	)		(1,847	)
Other current liabilities		33			(1,023	)
Dry-dockings		(3,903	)		(2,287	)
Accrued charter revenue		6,634			5,121
Net Cash provided by Operating Activities		78,103			114,965
Cash Flows From Investing Activities:
Investment in affiliates		-			(52,647	)
Dividend from affiliate		-			1,813
Advances for vessel acquisitions		(324,466	)		(59,058	)
Vessels acquisitions / Additions to vessel cost		(47,104	)		(19,840	)
Proceeds from the sale of vessels, net		6,652			6,705
Net Cash used in Investing Activities		(364,918	)		(123,027	)
Cash Flows From Financing Activities:
Finance lease proceeds		-			256,716
Finance lease repayment		-			(3,149	)
Offering proceeds, net of related expenses		-			96,523
Proceeds from long-term debt		251,868			9,000
Repayment of long-term debt		(74,138	)		(253,812	)
Payment of financing costs		(93	)		(2,055	)
Dividends paid		(40,392	)		(45,029	)
(Increase) / Decrease in restricted cash		(5,349	)		4,289
Net Cash provided by Financing Activities		131,896			62,483
Net (decrease) / increase in cash and cash equivalents		(154,919	)		54,421
Cash and cash equivalents at beginning of the period		267,321			93,379
Cash and cash equivalents at end of the period	$	112,402		$	147,800
Supplemental Cash Information:
Cash paid during the period for interest	$	13,961		$	21,378

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

5

COSTAMARE INC.

Notes to Unaudited Consolidated Financial Statements

June 30, 2013 and 2014

(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 was formed on April 21, 2008, under the laws of the Republic of the Marshall Islands.

Costamare was incorporated as part of a reorganization to acquire the ownership interest in 53 ship-owning companies owned by the Konstantakopoulos family (Vasileios Konstantakopoulos and his three sons Messrs. Konstantinos Konstantakopoulos, Achillefs Konstantakopoulos and Christos Konstantakopoulos, together the “Family”). The reorganization was completed in November 2008. 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 and on October 19, 2012, the Company completed two follow-on public offerings in the United States under the Securities Act and issued 7,500,000 shares and 7,000,000 shares, respectively, par value $0.0001, at a public offering price of $14.10 per share and $14.00 per share, respectively, increasing the issued share capital to 74,800,000 shares. At June 30, 2014, members of the Family owned, directly or indirectly, approximately 64.8% of the outstanding common shares, in the aggregate. Furthermore, 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 and 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.

As of December 31, 2013 and June 30, 2014, the Company owned and/or operated a fleet of 52 and 56 container vessels, respectively, with a total carrying capacity of approximately 295,872 TEU and 324,849 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, 2014, Costamare had 87 wholly-owned subsidiaries, all incorporated in the Republic of Liberia, except for one incorporated in the Republic of the Marshall Islands, out of which 56 operate vessels, 29 have sold or disposed their vessels and are dormant, one was established to be used for future vessel acquisitions and one was established to participate in investments (Note 9).

Revenues for the six-month periods ended June 30, 2013 and 2014, derived from significant charterers individually accounting for 10% or more of revenues (in percentages of total revenues) were as follows:

	2013			2014
A		33	%		27	%
B		25	%		28	%
C		17	%		14	%
D		10	%		8	%
E		8	%		19	%
Total		93	%		96	%

6

COSTAMARE INC.

Notes to Unaudited Consolidated Financial Statements

June 30, 2013 and 2014

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

1. Basis of Presentation and General Information - continued:

The accompanying unaudited interim condensed 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, 2013, filed with the SEC on February 21, 2014.

These unaudited interim condensed 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, 2014, are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2014.

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, 2013. There have been no material changes to these policies in the six-month period ended June 30, 2014, however the Company adopted the accounting policies relating to the sale and leaseback transactions and finance leases.

Finance leases: FASB ASC 840 classifies leases as finance or operating. Finance leases are accounted for as the acquisition of an asset and the incurrence of an obligation by the lessee and as a sale or financing by the lessor. All other leases are accounted for as operating leases. The determination of whether an arrangement is (or contains) a capital lease is based on the substance of the arrangement at the inception date and is assessed in accordance with the criteria set in ASC 840-10-25-1.

Finance leases are capitalised at the commencement of the lease at the lower between the fair value of the leased asset and the present value of the minimum lease payments. Lease payments are apportioned between finance charges and reduction of the lease liability. Finance charges are recognised in finance costs in the consolidated statement of income. The lease payments are allocated between liability and finance costs to achieve a constant rate on the capital balance outstanding.  If the lease agreement transfers the ownership of the leased asset to the lessee, then the asset is depreciated over its useful economic life (estimated at 30 years), else it is depreciated over the lease term.

For sale and lease back transactions, whereas the fair value of the asset sold is more than its carrying amount, any indicated loss on the sale is in substance a prepayment of rent and thus, in accordance with ASC 840-40-35-4, the Company defers this prepaid rental and amortizes it over the lease term. In case the fair value of the asset sold is less than its carrying amount, any indicated loss on the sale is recognized in the consolidated statement of income as incurred.

Operating lease payments are recognised as an operating expense in the consolidated statement of income on a straight-line basis over the lease term.

New accounting pronouncements

Revenue from Contracts with Customers: The FASB and the International Accounting Standards Board (IASB) (collectively, the Boards) jointly issued a standard that will supersede virtually all of the existing revenue recognition guidance in US GAAP and IFRS and  is effective for annual periods beginning on or after January 1, 2017. The standard establishes a five-step model that will apply to revenue earned from a contract with a customer (with limited exceptions), regardless of the type of revenue transaction or the industry. The standard’s requirements will also apply to the recognition and measurement of gains and losses on the sale of some non-financial assets that are not an output of the entity’s ordinary activities (e.g., sales of property, plant and equipment or intangibles). Extensive disclosures will be required, including disaggregation of total revenue; information about performance obligations; changes in contract asset and liability account balances between periods and key judgments and estimates. Management is in the process of accessing the impact of the new standard on Company’s financial position and performance.

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COSTAMARE INC.

Notes to Unaudited Consolidated Financial Statements

June 30, 2013 and 2014

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

3. Transactions with Related Parties:

(a) Costamare Shipping Company S.A. (the “Manager” or “Costamare Shipping”): Costamare Shipping is a ship management company wholly-owned by Mr. Konstantinos Konstantakopoulos, the Company’s 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, certain commercial services, director and officer related insurance services and the services of the Company’s officers. Costamare Shipping receives $1,000 annually on a prorated basis for the services of the Company’s officers in aggregate.

Costamare Shipping, itself or through Shanghai Costamare Ship Management Co., Ltd. (“Shanghai Costamare”), which is also controlled by Mr. Konstantakopoulos, or through or together with a third party sub-manager, provides technical, crewing, commercial, provisioning, bunkering, sale and purchase, chartering, accounting, insurance and administrative services in exchange for a daily fee for each containership. Up to April 2013, Costamare Shipping also provided such services through Ciel Shipmanagement S.A. (“CIEL”), another company controlled by Mr. Konstantakopoulos. We refer to Costamare Shipping and Shanghai Costamare and, up to April 2013, CIEL as our “affiliated managers”.

Pursuant to the management agreement, Costamare Shipping receives a daily fee for each containership as follows: (i) for each containership (subject to any charter other than a bareboat charter) it receives a daily fee of $0.919 since January 1, 2014 ($0.884 for 2013 and $0.850 for 2012), prorated for the calendar days the Company owns each containership and for the three-month period following the date of the sale of a vessel, (ii) for each containership subject to a bareboat charter it receives a daily fee of $0.460 since January 1, 2014 ($0.442 for 2013 and $0.425 for 2012), prorated for the calendar days the Company owns each containership and for the three-month period following the date of the sale of a vessel.

The Company also pays to Costamare Shipping (i) a flat fee of $700 for the supervision of the construction of any newbuild vessel contracted by the Company, provided that such flat fee (which is fixed at the time of the ordering of any newbuild and remains constant until its delivery) will be annually adjusted upwards by 4% for any vessels ordered after December 31, 2012, with further annual increases permitted to reflect any strengthening of the Euro against the U.S. dollar and/or material unforeseen cost increases, and (ii) 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.

The initial term of the management agreement expires on December 31, 2015 and will be automatically extended in additional one-year increments until December 31, 2020, at which point it will expire. The daily management fee for each containership was fixed until December 31, 2012 and is thereafter annually adjusted upwards by 4%, with further annual increases permitted to reflect the strengthening of the Euro against the U.S. dollar and/or material unforeseen cost increases. After the initial term which expires on December 31, 2015, the Company will be able to terminate the management agreement, subject to a termination fee, by providing written notice to Costamare Shipping at least 12 months before the end of the subsequent one-year term. The termination fee is equal to (a) the lesser of (i) five and (ii) the number of full years remaining prior to December 31, 2020, times (b) the aggregate fees due and payable to Costamare Shipping during the 12-month period ending on the date of termination; 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 (including all container vessels previously managed by CIEL), 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. Costamare Shipping remains the head manager for all vessels owned by the Company.

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 under the Group Management Agreement. As at June 30, 2014, the Cell provided technical, crewing, provisioning, bunkering, sale and purchase and accounting services, as well as certain commercial management services to 19 of Costamare’s vessels.

Management fees charged by the Manager in the six-month periods ended June 30, 2013 and 2014, amounted to $7,090 and $9,190, respectively, and are included in Management fees-related parties in the accompanying consolidated statements of income. In addition, the Manager charged (i) $1,788 for the six-month period ended June 30, 2014 ($1,449 for the six-month period ended

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COSTAMARE INC.

Notes to Unaudited Consolidated Financial Statements

June 30, 2013 and 2014

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

3. Transactions with Related Parties - continued:

June 30, 2013), representing a fee of 0.75% on all gross revenues, as provided in the management agreements with each subsidiary, which is separately reflected as Voyage expenses-related parties in the accompanying consolidated statements of income for the six-month periods ended June 30, 2014 and 2013, respectively, (ii) $500 for the services of the Company’s officers in aggregate, which is included in General and administrative expenses in the accompanying consolidated statements of income for the six-month period ended June 30, 2014 ($500 for the six-month period ended June 30, 2013) and (iii) $1,050 supervision fees for three newbuild vessels, which were delivered during the six-month period ended June 30, 2014 ($2,450 for seven newbuild vessels which were delivered during the year ended December 31, 2013). Furthermore, in accordance with the management agreement with V.Ships Greece, V.Ships Greece has been provided with the amount of $1,500 as working capital security, of which $75 is included in Accounts receivable, net and $1,425 is included in Accounts receivable, non-current, respectively in the accompanying 2014 consolidated balance sheet.

During the six-month period ended June 30, 2014, the Manager charged in aggregate to the companies established pursuant to the Framework Agreement (Notes 8 and 9) the amount of $689 for services provided in accordance with the respective management agreements.

The balance due from the Manager at December 31, 2013 amounted to $2,076 and the balance due to the Manager at June 30, 2014 amounted to $96, which are included in Due from related parties in the accompanying 2013 consolidated balance sheets and Due to related parties in the accompanying 2014 consolidated balance sheets, respectively.

(b) Ciel Shipmanagement S.A.: CIEL, a company incorporated in the Republic of Liberia, is wholly-owned, effective November 30, 2012, by Mr. Konstantinos Konstantakopoulos, the Company’s Chairman and Chief Executive Officer (prior to November 30, 2012, Mr. Konstantinos Konstantakopoulos owned 50.2% and Mr. Dimitrios Lemonidis owned 49.8% of CIEL). CIEL was not part of the consolidated group of the Company but was an affiliated manager up to April 2013. CIEL, up to April 2013, provided the Company’s vessels certain ship management services such as technical support and maintenance, financial and accounting services, under separate management agreements signed between CIEL and each ship-owning company, in exchange for a daily fixed fee of $0.600 per vessel. CIEL specialized, although not exclusively, in managing containerships of up to 3,500 TEU. As of June 30, 2014, CIEL did not provide technical, crewing, provisioning, bunkering, sale and purchase and accounting services, or other commercial services, to any (nil at December 31, 2013) of the Company’s containerships. Management fees charged by CIEL in the six-month periods ended June 30, 2013 and 2014 amounted to $900 and $108, respectively, and are included in Management fees-related parties in the accompanying consolidated statements of income. The balance due from CIEL at December 31, 2013 and June 30, 2014, amounted to $603 and $600, 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, Mr. Shen Xiao Dong. Shanghai Costamare is a company incorporated in the Peoples’ Republic of China in September 2004 and is not part of the consolidated group of the Company but is an affiliated manager. 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 the Manager to Shanghai Costamare. As of June 30, 2014, Shanghai Costamare provided such services to ten (nine as of December 31, 2013) of the Company’s containerships. There was no balance due from/to Shanghai Costamare at both December 31, 2013 and June 30, 2014.

 4. Inventories:

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

	December 31,  2013		June 30, 2014
Bunkers		303		659
Lubricants		9,044		11,475
Spare parts		1,658		1,656
Total		11,005		13,790

9

COSTAMARE INC.

Notes to Unaudited Consolidated Financial Statements

June 30, 2013 and 2014

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

5. Advances for Vessels Acquisitions:

On September 21, 2010, the Company through its three wholly-owned subsidiaries, Adele Shipping Co., Bastian Shipping Co. and Cadence Shipping Co., contracted with a shipyard for the construction and purchase of three newbuild vessels (Hulls H1068A, H1069A and H1070A), each of approximately 9,403 TEU capacity at a contract price per newbuild vessel of $95,080. The newbuilds MSC Azov (Hull H1068A), MSC Ajaccio (Hull H1069A) and MSC Amalfi (Hull H1070A) were delivered to the Company on January 14, 2014, March 14, 2014 and April 28, 2014, respectively. The Company agreed with a financial institution to refinance the then outstanding balance of the loan relating to MSC Azov, MSC Ajaccio and MSC Amalfi, under a ten-year sale and leaseback transaction. Under the sale and leaseback transaction, the vessels were chartered back to the Company on a bareboat basis and remained on time charter with its initial time charterer (Note 11). Upon their delivery the vessels commenced their ten-year charter party employment.

On January 28, 2011, the Company, through its two wholly-owned subsidiaries Jodie Shipping Co. and Kayley Shipping Co., contracted with a shipyard for the construction and purchase of two newbuild vessels (Hulls S4010 and S4011), each of approximately 8,827 TEU capacity. The Company entered into ten-year charter party agreements from their delivery from the shipyard. The newbuild vessels MSC Athens (Hull S4010) and MSC Athos (Hull S4011) were delivered to the Company on March 14, 2013 and April 8, 2013, respectively, and the amount of $196,675, in aggregate, which included the contract price, capitalized interest and financing costs and other capitalized costs, was transferred to Vessels, net. Upon their delivery, MSC Athens and MSC Athos commenced their ten-year charter party employment.

On April 20, 2011, the Company, through its five wholly-owned subsidiaries Quentin Shipping Co., Raymond Shipping Co., Sander Shipping Co., Terance Shipping Co. and Undine Shipping Co., contracted with a shipyard for the construction and purchase of five newbuild vessels (Hulls S4020, S4021, S4022, S4023 and S4024), each of approximately 8,827 TEU capacity. The newbuild vessels Valor (Hull S4020), Value (Hull S4021), Valiant (Hull S4022), Valence (Hull S4023) and Vantage (Hull S4024) were delivered to the Company on June 3, 2013, June 25, 2013, August 5, 2013, September 2, 2013 and November 8, 2013, respectively and the amount of $492,437, in aggregate, which included the contract price, capitalized interest and financing costs and other capitalized costs, was transferred to Vessels, net. Upon their delivery, Valor, Value, Valiant, Valence and Vantage commenced their long-term charter party employment.

The total aggregate price for all ten newbuild vessels is $953,873, payable in installments until their deliveries, which was fully paid through June 30, 2014 ($572,496 paid during the year ended December 31, 2013, $181,198 paid during the year ended December 31, 2012 and $143,131 paid during the year ended December 31, 2011).

During the six-month period ended June 30, 2014 the costs incurred associated with the construction of MSC Azov, MSC Ajaccio and MSC Amalfi are presented in the table below:

Balance, December 31, 2013	240,871
Pre-delivery installments	57,048
Capitalized interest and finance costs	1,306
Other capitalized costs	704
Sale and leaseback (Note 11)	(299,929	)
Balance, June 30, 2014	-

10

COSTAMARE INC.

Notes to Unaudited Consolidated Financial Statements

June 30, 2013 and 2014

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

6. Vessels, Net:

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

	Vessel Cost			Accumulated  Depreciation			Net Book  Value
Balance, December 31, 2013		2,960,999			(773,611	)		2,187,388
Depreciation		-			(49,420	)		(49,420	)
Vessel acquisitions and other vessels’ costs		19,840			-			19,840
Disposals		(11,250	)		2,124			(9,126	)
Balance, June 30, 2014		2,969,589			(820,907	)		2,148,682

During the six-month period ended June 30, 2014, the Company acquired the two secondhand vessels Neapolis and Areopolis at an aggregate price of $19,540.

During the year ended December 31, 2013, the Company took delivery from the shipyard of the seven newbuild container vessels MSC Athens, MSC Athos, Valor, Value, Valiant, Valence and Vantage at an aggregate cost of $689,112 (Note 5). Furthermore, during the year ended December 31, 2013, the Company acquired the four secondhand container vessels Venetiko,  Petalidi, Ensenada Express  and  X-Press Padma  at an aggregate price of $51,853. On July 12, 2013 pursuant to the Framework Agreement (Notes 8 and 9), York (as defined below) participated with a 51% interest in the share capital of the ship-owning companies of the vessels Petalidi, Ensenada Express  and  X-Press Padma (Note 9).

During the six-month period ended June 30, 2014, the Company sold for scrap the container vessel Konstantina at a price of $7,546 and recognized a loss of $2,903, which is separately reflected in Gain / (Loss) on sale / disposal of vessels, net in the accompanying 2014 consolidated statement of income.

During the six-month period ended June 30, 2013, the Company sold for scrap the container vessel MSC Washington and MSC Austria at an aggregate price of $16,010 and recognized a gain of $6,460, which is separately reflected in Gain / (Loss) on sale / disposal of vessels, net in the accompanying 2013 consolidated statement of income.

As of June 30, 2014, one of the Company’s vessels, having total carrying value of $4,751 was fully depreciated.

Forty-seven of the Company’s vessels, having a total carrying value of $1,990,279 as of June 30, 2014, have been provided as collateral to secure the long-term debt discussed in Note 10.

7. Deferred Charges:

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

	Financing Costs		Dry-docking  and Special  Survey Costs		Total
Balance, December 31, 2013		9,954		19,910		29,864
Additions		2,055		2,287		4,342
Amortization		(1,016)		(3,796)		(4,812)
Write-off		(2,009)		(482)		(2,491)
Balance, June 30, 2014		8,984		17,919		26,903

Financing costs represent fees paid to the lenders for the conclusion of the Company’s financing. The amortization and write off, of loan financing costs is included in interest and finance costs in the accompanying consolidated statements of income and the amortization of the dry-docking and special survey costs is separately reflected in the accompanying consolidated statements of income.

11

COSTAMARE INC.

Notes to Unaudited Consolidated Financial Statements

June 30, 2013 and 2014

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

7. Deferred Charges - continued:

During the six-month periods ended June 30, 2013 and 2014, five vessels and three vessels, respectively, underwent their special surveys. During the six-month period ended June 30, 2014, three vessels completed their works. During the six-month period ended June 30, 2013, four vessels completed their works and one vessel was in process.

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 Agreement”) 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 Agreement 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 Agreement, York has agreed to invest up to $250 million in mutually agreed vessel acquisitions and Costamare Ventures has 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 elects to invest, it is expected that it will hold between 25% and 49% of the equity in the entities that will be formed under the Framework Agreement (the “affiliate ship-owning companies”) and York will hold the balance. Costamare Shipping provides shipmanagement and administrative services to the vessels acquired under the Framework Agreement, with the right to subcontract to V.Ships Greece and/or Shanghai Costamare. The Framework Agreement will terminate on its sixth anniversary or upon the occurrence of certain extraordinary events as described therein. At that time, 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. The Company accounts for the entities formed under the Framework Agreement as equity investments. As at June 30, 2014, the Company holds a range of 25% to 49% of the capital stock of thirteen jointly-owned companies formed pursuant to the Framework Agreement with York (Note 9).

9. Investment in Affiliates:

The affiliate ship-owning companies, all of which are incorporated in the Marshall Islands and are accounted for under the equity method, are as follows:

		Participation %		Date Established
Entity	Vessel/Hull	June 30, 2014		/Acquired
Steadman Maritime Co.	Ensenada Express		49%	July 1, 2013
Marchant Maritime Co.	X-Press Padma		49%	July 8, 2013
Horton Maritime Co.	Petalidi		49%	June 26, 2013
Kemp Maritime Co.	Hull NCP0113		49%	June 6, 2013
Hyde Maritime Co.	Hull NCP0114		49%	June 6, 2013
Ainsley Maritime Co.	Hull NCP0115		25%	June 25, 2013
Ambrose Maritime Co.	Hull NCP0116		25%	June 25, 2013
Benedict Maritime Co.	Hull HN2121		40%	October 16, 2013
Bertrand Maritime Co.	Hull HN2122		40%	October 16, 2013
Beardmore Maritime Co.	Hull HN2123		40%	December 23, 2013
Schofield Maritime Co.	Hull HN2124		40%	December 23, 2013
Fairbank Maritime Co.	Hull HN2125		40%	December 23, 2013
Connell Maritime Co.	n/a		40%	December 18, 2013

On July 12, 2013, in accordance with the Framework Agreement, York contributed $16,044, in the aggregate, in order to acquire a 51% equity interest in the affiliate ship-owning companies Steadman Maritime Co., Marchant Maritime Co. and Horton Maritime Co., and for initial working capital of such affiliate ship-owning companies. There was no difference between (a) the aggregate of the fair value of the consideration received and the fair value of the retained investment, as compared with (b) the carrying amount of the former subsidiaries assets and liabilities, in each case at the date the subsidiaries were deconsolidated.

12

COSTAMARE INC.

Notes to Unaudited Consolidated Financial Statements

June 30, 2013 and 2014

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

9. Investment in Affiliates - continued:

Furthermore, in July 2013, Costamare Ventures participated with 49% in the equity of Kemp Maritime Co. and Hyde Maritime Co. who entered into ship-building contracts for the construction of two 9,000 TEU container vessels, subject to upgrade, by contributing $8,707, in the aggregate up to December 31, 2013 and $8,699, in the aggregate during the six-month period ended June 30, 2014.

During the six-month period ended June 30, 2014, Costamare Ventures participated with 25% in the equity of Ainsley Maritime Co. and Ambrose Maritime Co., who entered into ship-building contracts for the construction of two 11,000 TEU container vessels, by contributing $8,670, in the aggregate. Furthermore, Costamare Ventures participated with 40% in the equity of Benedict Maritime Co., Bertrand Maritime Co., Beardmore Maritime Co., Schofield Maritime Co. and Fairbank Maritime Co., who entered into ship-building contracts for the construction of five 14,000 TEU container vessels, by contributing  $28,610, in the aggregate.

During the six-month period ended June 30, 2014, pursuant to the Framework Agreement, Costamare Ventures participated with 40% in the equity of Connell Maritime Co. by contributing the amount of $6,669.

During the six-month period ended June 30, 2014, the Company recorded a net loss of $2,275, which is separately reflected as Equity loss on investments in the accompanying 2014 consolidated statement of income.

Furthermore, during the six-month period ended June 30, 2014, an affiliate ship-owning company declared a dividend to its shareholders and Costamare Ventures received the amount of $1,813, which is included in Investments in affiliates in the accompanying 2014 consolidated balance sheet.

In addition, the Company received the amount of $1,813, for services rendered, from an affiliate ship-owning company, which is included in Other, net in the 2014 consolidated statement of income.

The summarized financial information of the affiliates is as follows:

	December 31, 2013		June 30, 2014
Non-current assets		49,072		172,189
Current assets		3,184		10,501
		52,256		182,690
Current liabilities		2,196		2,498

	Six-month period ended June 30, 2014
Voyage revenue	5,894
Net loss	(3,272	)

13

COSTAMARE INC.

Notes to Unaudited Consolidated Financial Statements

June 30, 2013 and 2014

(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, 2013			June 30, 2014
	1.	Credit Facility			675,774			630,829
	2.	Term Loans:
		1.	Costis Maritime Corporation and Christos Maritime Corporation		100,500			96,000
		2.	Mas Shipping Co.		47,000			43,000
		3.	Montes Shipping Co. and Kelsen Shipping Co.		90,000			84,000
		4.	Capetanissa Maritime Corporation		55,000			52,500
		5.	Rena Maritime Corporation		52,500			50,000
		6.	Costamare Inc.		90,100			79,423
		7.	Adele Shipping Co., Bastian Shipping Co. and Cadence Shipping Co.		146,295			-
		8.	Costamare Inc.		129,243			124,787
		9.	Undine Shipping Co., Quentin Shipping Co. and Sander Shipping Co.		224,107			216,466
		10.	Raymond Shipping Co. and Terance Shipping Co.		148,707			143,250
		11.	Costamare Inc.		108,350			102,510
					1,191,802			991,936
		Total			1,867,576			1,622,765
		Less-current portion			(206,717	)		(195,514	)
		Long-term portion			1,660,859			1,427,251

1. Credit Facility: On July 22, 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 Company used $631,340 of the proceeds from the Facility to repay the then existing indebtedness. The Facility bears interest at the 3, 6, 9 or 12 months (at the Company’s option) LIBOR plus margin. Following the sale of MSC Antwerp (ex. Sophia Britannia) the Company, on September 30, 2013, repaid $1,500 of the Facility.

The outstanding balance of the Facility as of June 30, 2014, is repayable in 16 equal, consecutive quarterly installments, of $22,473 each plus a balloon payment of $271,261 payable together with the last installment. The quarterly installments were calculated using a formula specified in the agreement, following the amalgamation of the Facility’s compounds on June 30, 2011, as documented in the third supplemental agreement to the Facility that the Company entered into on September 6, 2011.

On December 17, 2012, the Company entered into a fourth supplemental agreement which released two of the Company’s subsidiaries guarantors and the mortgages over their vessels and replaced them with mortgages over two other vessels. On May 28, 2013, the Company entered into a fifth supplemental agreement under which the bank agreed to the change of flags of five of the Company’s vessels and to the transfer of the technical management of two of the Company’s vessels to V.Ships Greece. On August 30, 2013, the Company entered into a sixth supplemental agreement which released one of the Company’s subsidiary guarantor and the mortgage over its vessel and replaced it with mortgages over two other vessels.

The Facility, as of June 30, 2014, was secured with, among others, first priority mortgages over 18 of the Company’s vessels, first priority assignment of vessels’ insurances and earnings, charter party assignments, first priority pledges over the operating accounts and corporate guarantees of 18 ship-owning companies.

The Facility and certain of the term loans described under Note 10.2 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, (iv) Market Value Adjusted Net Worth, defined as the amount by which the Market Value Adjusted Total Assets exceed the Total Liabilities, to exceed $500,000 and (v) the ratio of net funded debt to total net assets ratio not to exceed 80% on a charter inclusive valuation basis. The Company’s other term loans described under Note 10.2 below also contain financial covenants that are either equal to or less stringent than the foregoing financial covenants.

14

COSTAMARE INC.

Notes to Unaudited Consolidated Financial Statements

June 30, 2013 and 2014

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

10. Long-Term Debt -continued:

2. Term loans:

1. 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. As at June 30, 2014, the outstanding balance of the loan of $96,000 is repayable in 8 equal semi-annual installments of $4,500, each from November 2014 to May 2018 and a balloon payment of $60,000 payable together with the last installment.

2. 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 vessel Maersk Kokura. As at June 30, 2014, the outstanding balance of the loan of $43,000 is repayable in 8 variable semi-annual installments from August 2014 to February 2018 and a balloon payment of $10,000 payable together with the last installment.

3. 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. As at June 30, 2014, the outstanding balance of the loan of $84,000 is repayable in 7 equal semi-annual installments of $6,000 each from December 2014 to December 2017 and a balloon payment of $42,000 payable together with the last installment.

4. 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. As at June 30, 2014, the outstanding balance of the loan of $52,500 is repayable in 9 equal semi-annual installments of $2,500 each from August 2014 to August 2018 and a balloon payment of $30,000 payable together with the last installment.

5. 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. As at June 30, 2014, the outstanding balance of the loan of $50,000 is repayable in 8 equal semi-annual installments of $2,500 each from August 2014 to February 2018 and a balloon payment of $30,000 payable together with the last installment.

6. On November 19, 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, 2014, the Company has 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 MSC Romanos,  MSC Methoni,  MSC Ulsan,  MSC Koroni (ex. Koroni)  and  Kyparissia,  respectively. As at June 30, 2014, the outstanding balance of the tranche (a) of the loan of $27,913 is repayable in 21 equal quarterly installments of $962.5 from August 2014 to August 2019 and a balloon payment of $7,700 payable together with the last installment. As at June 30, 2014, the outstanding balance of the tranche (b) of the loan of $31,500 is repayable in 22 equal quarterly installments of $1,050 from July 2014 to October 2019 and a balloon payment of $8,400 payable together with the last installment. As at June 30, 2014, the outstanding balance of the tranche (c) of the loan of $16,275 is repayable in 23 equal quarterly installments of $525 from August 2014 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. As at June 30, 2014, the outstanding balance of the tranche (e) of the loan of $3,735 is repayable in 4 equal quarterly installments of $466.9 from August 2014 to May 2015 and a balloon payment of $1,867.4 payable together with the last installment.

7. On January 14, 2011, Adele Shipping Co., Bastian Shipping Co. and Cadence 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 $203,343 to finance part of the acquisition and construction cost of Hulls H1068A, H1069A and H1070A (Note 5). The drawdown of the facility was made in three tranches, one for each hull. The credit facility was repayable in forty consecutive quarterly installments, the first thirty-nine (1-39) in the amount of $1,412 per tranche each, and a final (fortieth) installment of $12,713 per tranche. As of December 31, 2013, the Company had drawn the amount of $48,765 (tranche (a) - H1068A), $48,765 (tranche (b) - H1069A) and $48,765 (tranche (c) - H1070A), in order to partly finance the second installment and fully finance the third and fourth pre-delivery installment of hulls H1068A, H1069A and H1070A. MSC Azov (Hull H1068A), MSC Ajaccio (Hull H1069A) and MSC Amalfi (Hull H1070A) were delivered to the Company, on January 14, 2014, March 14, 2014 and April 28, 2014, respectively and at the same time the Company agreed the sale and leaseback of such vessels and repaid the then outstanding balance of the three tranches (Note 11).

15

COSTAMARE INC.

Notes to Unaudited Consolidated Financial Statements

June 30, 2013 and 2014

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

10. Long-Term Debt -continued:

8. On April 7, 2011, Costamare, as borrower, concluded a credit facility with a bank, for an amount up to the lesser of $140,000 and 70% of the contract price of the vessels, to finance part of the acquisition and construction cost of Hulls S4010 and S4011 (Note 5). In April 2011, the Company drew down the amount of $26,740 in order to partly refinance the first pre-delivery installment of Hulls S4010 and S4011. During the year ended December 31, 2012, the Company drew down the amount of $26,740, in aggregate, in order to partly finance the second and third pre-delivery installments of Hulls S4010 and S4011. Furthermore, during the year ended December 31, 2013, the Company drew down in aggregate the amount of $80,220, in order to partly finance the final installments of Hulls S4010 (MSC Athens), which was delivered to the Company on March 14, 2013 and S4011 (MSC Athos), which was delivered to the Company on April 8, 2013. As at June 30, 2014, the outstanding balance of the loan of $124,787 is repayable in 14 equal semi-annual installments of $4,456.7 from July 2014 until January 2021 and a balloon payment of $62,392.7 payable together with the last installment.

9. On August 16, 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 acquisition and construction cost of Hulls S4020, S4022 and S4024 (Note 5). The drawdown of the facility was made in three tranches. On August 26, 2011, the Company drew down an amount of $22,920 in order to partly refinance the first pre-delivery installment of Hulls S4020, S4022 and S4024. During the year ended December 31, 2012, the Company drew down in aggregate the amount of $38,200 in order to partly finance the second and the third pre-delivery installments of Hulls S4020, S4022 and S4024. Furthermore, during the year ended December 31, 2013, the Company drew down in aggregate the amount of $168,080 in order to partly finance the third pre-delivery and the delivery final installments of Hulls S4020 (Valor), S4022 (Valiant) and S4024 (Vantage), which were delivered to the Company on June 3, 2013, August 5, 2013 and November 8, 2013, respectively. As at June 30, 2014, the outstanding balance of the tranche (a) of $71,306.4 relating to Hull S4020 (Valor), is repayable in 24 equal quarterly installments of $1,273.4 from July 2014 to April 2020 and a balloon payment of $40,744.8 payable together with the last installment. As at June 30, 2014, the outstanding balance of the tranche (b) of $71,306.4 relating to Hull S4022 (Valiant), is repayable in 24 equal quarterly installments of $1,273.4 from September 2014 to June 2020 and a balloon payment of $40,744.8 payable together with the last installment. As at June 30, 2014, the outstanding balance of the tranche (c) of $73,853.2 relating to Hull S4024 (Vantage) is repayable in 26 equal quarterly installments of $1,273.4 and a balloon payment payable together with the last installment of $40,744.8 from August 2014 to November 2020.

10. On October 12, 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 construction and acquisition cost of Hulls S4021 and S4023 (Note 5). On October 25, 2011, the Company drew down an amount of $15,280 in order to partly refinance the first pre-delivery installment of Hulls S4021 and S4023. During the year ended December 31, 2012, the Company drew down in aggregate the amount of $30,560 in order to partly finance the second and third pre-delivery installments of Hulls S4021 and S4023. Furthermore, during the year ended December 31, 2013 the Company drew down in the aggregate the amount $106,960 in order to partly finance the final installments of Hulls S4021 (Value) and S4023 (Valence), which vessels were delivered to the Company on June 25, 2013, and September 2, 2013, respectively. As at June 30, 2014, the outstanding balance of the tranche (a) of $70,942.8 relating to Hull S4021 (Value), is repayable in 24 equal quarterly installments of $1,364.3 from September 2014 to June 2020 and a balloon payment of $38,199.6 payable together with the last installment. As at June 30, 2014, the outstanding balance of tranche (b) of the loan of $72,307.1 relating to Hull S4023 (Valence) is repayable in 25 equal quarterly installments of $1,364.3 from August 2014 to August 2020 and a balloon payment of $38,199.6 payable together with the last installment.

11. On October 6, 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. In March 2012, the Company drew the amount of $113,700. Furthermore, on June 29, 2012, the Company entered into a supplemental agreement for a further amount of $11,300 to finance the acquisition of the vessel Stadt Luebeck, which was drawn down in August 2012 upon the delivery of the vessel. In April 11, 2014, the Company entered into another supplemental agreement, for a further amount of $9,000 to partly finance the acquisition of the vessel Neapolis, which was drawn down in April 2014 upon the delivery of the vessel. In May 2014, the Company repaid the amount of $6,495 due to the sale of Konstantina (Note 6). As at June 30, 2014, the outstanding balance of $102,510 is repayable in 17 quarterly variable consecutive installments from September 2014 to December 2018 and a balloon payment of $48,205 payable together with the last installment.

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,

16

COSTAMARE INC.

Notes to Unaudited Consolidated Financial Statements

June 30, 2013 and 2014

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

10. Long-Term Debt -continued:

including restrictions as to changes in management and ownership of the vessels, additional indebtedness, mortgaging of vessels, as well as minimum requirements regarding hull Value Maintenance Clauses (“VMC”) in the range of 100% to 125% and restrictions in 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 principal payments required to be made after June 30, 2014, are as follows:

Year ending December 31,	Amount
2014		96,823
2015		192,950
2016		185,259
2017		227,259
2018		563,946
2019 and thereafter		356,528
		1,622,765

The interest rates of Costamare’s long-term debt at December 31, 2013 and June 30, 2014, were in the range of 1.25%-6.75% and 1.03%-6.75%, respectively. The weighted average interest rate as at December 31, 2013 and June 30, 2014 was 4.3% and 4.2% respectively.

Total interest expense incurred on long-term debt (including the effect of the interest rate swaps discussed in Note 18) for the six-month periods ended June 30, 2013 and 2014, amounted to $37,535 and $41,008, respectively and is included in Interest and finance costs in the accompanying consolidated statements of income. Of the above amount incurred in 2013, $5,863 was capitalized and is included (a) in Advances for vessel acquisitions ($4,002) in the accompanying 2013 consolidated balance sheet and (b) in the statement of comprehensive income / (loss) ($1,861), representing net settlements on interest rate swaps qualifying for cash flow hedge. Of the above amount incurred in 2014, $1,795 was capitalized and is included (a) in Advances for vessel acquisitions ($1,306) (Note 5) and (b) in the statement of comprehensive income / (loss) ($489), representing net settlements on interest rate swaps qualifying for cash flow hedge.

11. Finance Leased Assets and Finance Lease Obligations:

The newbuild vessels MSC Azov, MSC Ajaccio and MSC Amalfi were delivered to the Company on January 14, 2014, March 14, 2014 and April 28, 2014, respectively (Note 5). At the same time, the Company agreed with a financial institution to refinance the then outstanding balance of the loans relating to MSC Azov, MSC Ajaccio and MSC Amalfi, by entering into a ten-year sale and leaseback transaction for each vessel upon their respective deliveries. These vessels were sold for an amount of $85,572 each and leased back for a period of ten years.

The sale and leaseback transactions were classified as finance leases. Furthermore, 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 considered as prepaid lease rentals. In this respect, an aggregate amount of $49,817 (including the net settlements on interest rate swaps qualifying for hedge accounting of $6,604) was transferred to prepaid lease rentals.

The total value of the three vessels at the inception of the Finance lease transactions amounted to $256,716. The depreciation charged during the six-month period ended June 30, 2014, amounted to $2,347 and is included in Depreciation in the accompanying 2014 consolidated statement of income. As of June 30, 2014, the net book value of the three vessels amounted to $254,369 and is separately reflected as Finance leased assets, in the accompanying 2014 consolidated balance sheet.

17

COSTAMARE INC.

Notes to Unaudited Consolidated Financial Statements

June 30, 2013 and 2014

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

11. Finance Leased Assets and Finance Lease Obligations - continued:

The balance of prepaid lease rentals, as of June 30, 2014, is analyzed as follows:

	June 30, 2014
Initial recognition of prepaid lease rentals		49,817
Less: Amortization of prepaid lease rentals		(1,512	)
Prepaid lease rentals		48,305
Less: current portion		(4,982	)
Non-current portion		43,323

The finance lease obligations amounting to $253,567, as at June 30, 2014 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 expense incurred on finance leases for the six-month period ended June 30, 2014, amounted to $5,803 and is included in Interest and finance costs in the accompanying 2014 consolidated statement of income.

The annual lease payments in aggregate required under the finance leases after June 30, 2014, are as follows:

Year ending December 31,	Amount
2014		15,419
2015		30,699
2016		30,783
2017		30,698
2018		30,698
2019 and thereafter		238,252
Total		376,549
Less: Amount of interest		(122,982	)
Total lease payments		253,567

The total finance lease obligations are presented in the accompanying June 30, 2014 consolidated balance sheet as follows:

Finance lease obligation - current	13,039
Finance lease obligation – non current	240,528
	253,567

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, 2013 and June 30, 2014, 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, 2013, the net accrued charter revenue, reduced by the allowance for doubtful amounts of $2,208, totaling to $(16,896), comprises $409 separately reflected in Current assets, $10,264 separately reflected in Non-current assets and $27,569 (discussed in (b) below) included in Unearned revenue in current and non-current liabilities in the accompanying 2013 consolidated balance sheet. As at June 30, 2014, the net accrued charter revenue, totaling to $(22,017) comprises $408 separately reflected in Current assets, $10,063 separately reflected in Non-current assets, and $32,488 (discussed in (b) below) included in Unearned revenue in current and non-current liabilities in the accompanying 2014 consolidated balance sheet. The maturities of the net accrued charter revenue as of December 31 of each year are as follows:

18

COSTAMARE INC.

Notes to Unaudited Consolidated Financial Statements

June 30, 2013 and 2014

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

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

Year ending December 31,	Amount
2014		(1,725	)
2015		(4,425	)
2016		(9,431	)
2017		(11,314	)
2018		(3,954	)
2019 and thereafter		8,832
		(22,017	)

(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, 2013 and June 30, 2014, reflect (a) cash received prior to the balance sheet date for which all criteria to recognize as revenue have not been met and, (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.

	2013		2014
Hires collected in advance		7,196		5,349
Charter revenue resulting from varying charter rates		27,569		32,488
Total		34,765		37,837
Less current portion		(9,601)		(9,682)
Non-current portion		25,164		28,155

13. Commitments and Contingencies:

(a) Long-term time charters: As at June 30, 2014, the Company has entered into time charter arrangements on all of its vessels in operation, with the exception of the vessels Karmen and Kyparissia, with international liner operators. These arrangements as at June 30, 2014, have remaining terms of up to 117 months. As of the same date, 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, long-term time charter contracts, are as follows:

Year ending December 31,	Amount
2014		242,551
2015		448,716
2016		417,343
2017		371,709
2018		198,759
2019 and thereafter		433,158
		2,112,236

(b) Pursuant to the Framework Agreement the Company has a contractual commitment of approximately $312,421 representing 49% of the remaining construction cost of two vessels under construction, 40% of the remaining construction cost of five vessels under construction and 25% of the construction cost of two vessels under construction (Note 9).

(c) 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.

19

COSTAMARE INC.

Notes to Unaudited Consolidated Financial Statements

June 30, 2013 and 2014

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

13. Commitments and Contingencies - continued:

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 individual vessels’ actions to the maximum limits as provided by Protection and Indemnity (P&I) Clubs, members of the International Group of P&I Clubs.

14. Common Stock, Preferred Stock and Additional Paid-In Capital:

(a) Common Stock: From inception through July 11, 2010, the authorized common stock of Costamare consisted of 2,000,000 shares with a par value of $0.0001 per share out of which 1,000,000 shares were issued to the Family. On July 12, 2010, the Company’s articles of incorporation were amended. Under the amended articles of incorporation, the Company’s authorized capital stock consists of 1,000,000,000 shares of common stock, par value $0.0001 per share and 100,000,000 preferred shares, par value $0.0001 per share of which no shares were issued. Of these preferred shares, 10,000,000 shares have been designated Series A Participating Preferred Stock in connection with the adoption of a stockholder rights plan. All shares of stock are in registered form.

On July 20, 2010, pursuant to a rights offering authorized by the Board of Directors on July 14, 2010, the Company issued 24,000,000 shares of common stock in exchange of $2,400, increasing the issued share capital of the Company to 25,000,000 shares of common stock.

On October 19, 2010, within the context of the Initial Public Offering completed in November 2010, the Company effected a dividend of 0.88 shares for each share of common stock outstanding on the record date of August 27, 2010 (the “Stock Split”). As a result of this dividend, the Company issued 22,000,000 additional shares in respect of its 25,000,000 shares of the then outstanding common stock.

On November 4, 2010, the Company completed its Initial Public Offering in the United States under the Securities Act. In this respect 13,300,000 common shares at par value $0.0001 were issued at a public offering price of $12.00 per share, increasing the issued share capital to 60,300,000 shares. The net proceeds of the Initial Public Offering were $145,543.

On March 27, 2012, the Company completed a follow-on public equity offering in the United States under the Securities Act. In this respect 7,500,000 shares at par value $0.0001 were issued at a public offering price of $14.10 per share, increasing the issued share capital to 67,800,000 shares. The net proceeds of the follow-on offering were $100,584.

On October 19, 2012, the Company completed a follow-on public equity offering in the United States under the Securities Act. In this respect 7,000,000 shares at par value $0.0001 were issued at a public offering price of $14.00 per share, increasing the issued share capital to 74,800,000 shares. The net proceeds of the follow-on offering were $93,547.

(b) Preferred Stock: On August 7, 2013, the Company issued 2,000,000, Series B Cumulative Redeemable Perpetual Preferred Stock (the “Series B Preferred Stock”) in the United States under the Securities Act, which pay dividends of 7.625% per annum in arrears on a quarterly basis (equal to $1.90625 per annum per share) at $25 per share. At any time after August 6, 2018, the Series B Preferred Stock may be redeemed, at Company’s election at a price of $25 of liquidation preference per share. The net proceeds from the offering were $48,042.

On January 22, 2014, the Company issued 4,000,000, Series C Cumulative Redeemable Perpetual Preferred Stock (the “Series C Preferred Stock”) in the United States under the Securities Act, which pay dividends of 8.50% per annum in arrears on a quarterly basis (equal to $2.125 per annum per share) at $25 per share. At any time after January 21, 2019, the Series C Preferred Stock may be redeemed, at Company’s election at a price of $25 of liquidation preference per share. The net proceeds from the offering were $96,523.

(c) 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) advances for working capital purposes and (iii) 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 and January 2014 and the net proceeds obtained for those shares.

20

COSTAMARE INC.

Notes to Unaudited Consolidated Financial Statements

June 30, 2013 and 2014

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

14. Common Stock, Preferred Stock and Additional Paid-In Capital - continued:

(d) Dividends declared and / or paid: During the six-month period ended June 30, 2013, the Company declared and paid, to its common stockholders, (i) the amount of $20,196 or $0.27 per common share for the fourth quarter of 2012 and (ii) the amount of $20,196 or $0.27 per common share for the first quarter of 2013. During the six-month period ended June 30, 2014, the Company declared and paid to its common stockholders, (i) the amount of $20,196 or $0.27per common share for the fourth quarter of 2013 and (ii) the amount of $20,944 or $0.28 per common share for the first quarter of 2014. During the six-month period ended June 30, 2014, the Company declared and paid to its holders of Series B Preferred Stock, (i) the amount of $953 or $0.476563 per share for the period from October 14, 2013 to January 14, 2014 and (ii) the amount of $953 or $0.476563 per share for the period from January 15, 2014 to April 14, 2014. During the six-month period ended June 30, 2014, the Company declared and paid to its holders of Series C Preferred Stock, the amount of $1,983 or $0.495833 per share for the period from January 22, 2014 to April 14, 2014.

15. Earnings / (Loss) per share (EPS)

All common shares issued are Costamare common stock and have equal rights to vote and participate in dividends. In August 2013, the Company issued Series B Preferred Stock, receiving an annual dividend of 7.625% in arrears on the 15th day of January, April, July and October of each year. Furthermore, in January 2014 the Company issued Series C Preferred Stock, receiving an annual dividend of 8.50% in arrears on the 15th day of January, April, July and October of each year. Profit or loss attributable to common equity holders is adjusted by the contractual amount of dividends on Series B Preferred Stock and Series C Preferred Stock that should be paid for the period. Dividends paid and accrued on Series B Preferred Stock and Series C Preferred Stock during the six-month periods ended June 30, 2013 and 2014, amounted to nil and $5,719, respectively.

	2013		2014
	Basic EPS		Basic EPS
Net income	$	55,291	$	47,213
Less: paid and accrued earnings allocated to Preferred Stock		-		(5,719)
Net income available to common stockholders		55,291		41,494
Weighted average number of common shares, basic		74,800,000		74,800,000
Earnings per common share	$	0.74	$	0.55

16. Interest and Finance Costs:

The amounts in the accompanying consolidated statements of income are analyzed as follows:

	2013		2014
Interest expense		14,841		22,427
Interest capitalized		(5,863)		(1,795)
Swap effect		22,694		24,384
Amortization and write-off of financing costs		611		3,025
Commitment fees		1,691		161
Bank charges and other		134		160
		34,108		48,362

17. Taxes:

Under the laws of the countries of the companies’ incorporation and/or vessels’ registration, 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.

21

COSTAMARE INC.

Notes to Unaudited Consolidated Financial Statements

June 30, 2013 and 2014

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

17. Taxes - continued:

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 because they satisfy the relevant requirements, namely that (i) the related vessel owning companies are incorporated in a jurisdiction granting an equivalent exemption to U.S. corporations and (ii) over 50% of the ultimate stockholders of the vessel owning companies are residents of a country granting an equivalent exemption to U.S. persons.

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 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 proactively and efficiently 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, since that time, 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 prospective and retrospective effectiveness for these interest rate swaps are being performed on a quarterly basis. 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 stockholders’ equity 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.

22

COSTAMARE INC.

Notes to Unaudited Consolidated Financial Statements

June 30, 2013 and 2014

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

18. Derivatives - continued:

The interest rate swap agreements designed as hedging instruments, as of December 31, 2013 and June 30, 2014, were as follows:

Effective  date	Termination  date	Notional  amount  on  effective  date		Fixed rate  (Costamare  pays)	Floating rate  (Costamare  receives)	Fair  value Dec. 31,  2013			Fair  value Jun. 30,  2014
30/6/2008	30/6/2015		425,000	4.03%p.a.	USD LIBOR 3M BBA		(8,916	)		(5,254	)
30/6/2008	30/6/2015		75,000	4.03%p.a.	USD LIBOR 3M BBA		(1,573	)		(927	)
30/9/2008	30/6/2015		100,000	4.09%p.a.	USD LIBOR 3M BBA		(2,132	)		(1,256	)
30/9/2008	30/6/2015		250,000	4.02%p.a.	USD LIBOR 3M BBA		(5,231	)		(3,080	)
16/5/2008	16/5/2014		75,000	3.88%p.a.	USD LIBOR 6M BBA		(880	)		-
16/5/2008	16/5/2014		75,000	3.88%p.a.	USD LIBOR 6M BBA		(880	)		-
17/6/2008	17/6/2013		73,000	3.57%p.a.	USD LIBOR 6M BBA		-			-
17/6/2008	17/6/2013		73,000	3.57%p.a.	USD LIBOR 6M BBA		-			-
21/2/2007	21/2/2017		85,000	Zero cost Interest rate Collar (i)			(7,771	)		(6,625	)
4/8/2008	5/8/2013		74,000	3.60%p.a.	USD LIBOR 6M BBA		-			-
30/6/2011	29/6/2018		50,000	3.45%p.a.	USD LIBOR 3M BBA		(12,933	)		(12,438	)
30/9/2011	29/6/2018		20,000	4.05%p.a.	USD LIBOR 3M BBA		(21,125	)		(22,146	)
28/9/2012	29/6/2018		40,000	3.60%p.a.	USD LIBOR 3M BBA		(3,737	)		(3,564	)
22/8/2011	22/8/2018		65,000	2.79%p.a.	USD LIBOR 6M BBA		(3,015	)		(2,884	)
31/1/2013	29/01/2021		133,700	3.51%p.a.	USD LIBOR 6M BBA		(9,981	)		(11,120	)
15/1/2014 (ii)	15/1/2021		67,781	2.94%p.a.	USD LIBOR 3M BBA		(2,603	)		-
15/2/2014 (iii)	15/2/2021		67,781	2.99%p.a.	USD LIBOR 3M BBA		(2,595	)		-
15/3/2014 (iv)	15/3/2021		67,781	3.03%p.a.	USD LIBOR 3M BBA		(2,555	)		-
5/4/2013	6/4/2020		30,000	2.39%p.a.	USD LIBOR 3M BBA		(754	)		(985	)
17/6/2013	15/6/2020		30,000	2.49%p.a.	USD LIBOR 3M BBA		(728	)		(976	)
15/8/2013	17/8/2020		30,000	2.58%p.a.	USD LIBOR 3M BBA		(878	)		(1,145	)
15/8/2013	17/8/2020		30,000	2.41%p.a.	USD LIBOR 3M BBA		(606	)		(927	)
5/4/2013	6/4/2020		30,000	2.24%p.a.	USD LIBOR 3M BBA		(522	)		(800	)
17/6/2013	15/6/2020		30,000	2.32%p.a.	USD LIBOR 3M BBA		(467	)		(769	)
15/8/2013	17/8/2020		16,400	2.46%p.a.	USD LIBOR 3M BBA		(374	)		(540	)
17/6/2013	15/6/2020		16,400	2.38%p.a.	USD LIBOR 3M BBA		(304	)		(459	)
5/4/2013	6/4/2020		16,400	2.29%p.a.	USD LIBOR 3M BBA		(325	)		(469	)
28/6/2013	23/6/2020		76,400	1.53%p.a.	USD LIBOR 3M BBA		1,587			659
28/8/2013	28/8/2020		76,400	1.60%p.a.	USD LIBOR 3M BBA		1,492			512
					Total fair value		(87,806	)		(75,193	)

(i)	Notional amount $85,000 amortizing zero-cost collar (2.23%-6.00%) with knock-in floor sold at 2.23% and struck at 6.00%, as a 10-year forward hedge, covering the period from February 2007 to February 2017. The agreement guarantees that the interest rate payable on the Company’s loans throughout the 10-year period will always remain between 2.23% and 6.00% excluding margin.
(ii)	This swap was terminated on January 14, 2014.
(iii)	This swap was terminated on March 14, 2014.
(iv)	This swap was terminated on April 28, 2014.

The interest rate swaps included in the table above are designated for the Credit Facility discussed in Note 10 and the term loans discussed in Notes 10.2.1, 10.2.4, 10.2.5, 10.2.7, 10.2.8, 10.2.9, and 10.2.10.

23

COSTAMARE INC.

Notes to Unaudited Consolidated Financial Statements

June 30, 2013 and 2014

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

18. Derivatives – continued:

In the six-month periods ended June 30, 2013 and 2014, the realized ineffectiveness on the interest rate swaps discussed under (a) above was nil and a loss of $121, respectively, and is included in Gain on derivative instruments, net in the accompanying 2014 consolidated statement of income.

During the six-month period ended June 30, 2014, the Company terminated three interest rate derivative instruments and paid the counterparty breakage costs of $10,192, in aggregate and is separately reflected in the Swaps breakage costs in the accompanying 2014 consolidated statement of income.

(b) Interest rate swaps that do not meet the criteria for hedge accounting: As of both December 31, 2013 and June 30, 2014, the Company had one interest rate swap agreement outstanding for the purpose of managing risks associated with the variability of changing LIBOR-related interest rates. Such agreement did not meet hedge accounting criteria and, therefore, changes in its fair value are reflected in earnings. More specifically, the swap has a notional amount of $100,000 non-amortizing zero-cost collar (1.37%-6.00%) with a knock-in floor sold at 1.37% and struck at 6.00%, as a nine-year forward hedge, covering the period from September 2008 to March 2017. At December 31, 2013 and June 30, 2014, the fair value of this swap was a liability of $15,406 and $13,384, respectively and is included in Fair value of derivatives in the accompanying consolidated balance sheets.

The total change of forward contracts fair value for the six-month period ended June 30, 2013, was a loss of $125 and is included in Gain on derivative instruments, net in the 2013 accompanying consolidated statement of income.

	The Effect of Derivative Instruments for the six-month periods ended June 30, 2013 and 2014
	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	Amount of Gain / (Loss)  Recognized in Income on  Derivative  (Ineffective Portion)
		2013	2014	Derivative (Ineffective Portion)		2013	2014
Interest rate swaps		37,326	(8,862)	Gain on derivative instruments, net		-	(121)
Reclassification to Interest and finance costs		20,030	21,596			-	-
Total		57,356	12,734			-	(121)

Derivatives Not Designated as Hedging Instruments  under ASC 815
	Location of Gain / (Loss)  Recognized on  Derivative	Amount of Gain / (Loss)  Recognized in Income  on Derivative
			2013	2014
Interest rate swaps	Gain on derivative instruments, net		5,585	2,022
Realized ineffectiveness	Gain on derivative instruments, net		-	(121)
Forward contracts	Gain on derivative instruments, net		(125)	-
Total			5,460	1,901

24

COSTAMARE INC.

Notes to Unaudited Consolidated Financial Statements

June 30, 2013 and 2014

(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 consist principally of cash, trade accounts receivable, investments and derivatives. The Company places its temporary cash investments, consisting mostly of deposits, primarily with high credit rated financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company’s investment strategy. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its accounts receivable and does not have any agreements to mitigate credit risk. The Company limits the exposure of non-performance by counterparties to derivative instruments by diversifying among counterparties with high credit ratings and performing periodic evaluations of the relative credit standing of the counterparties.

(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 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, 2013 and June 30, 2014, the fair value of these interest rate swaps in aggregate amounted to a liability of $103,212 and $88,577, 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,  2013		Quoted Prices in  Active Markets for  Identical Assets  (Level 1)		Significant  Other  Observable  Inputs  (Level 2)		Unobservable  Inputs  (Level 3)
Recurring measurements:
Interest rate swaps-liability position		(103,212)		-		(103,212)		-
Total		(103,212)		-		(103,212)		-

	June 30,  2014		Quoted Prices in  Active Markets for  Identical Assets  (Level 1)		Significant  Other  Observable  Inputs  (Level 2)		Unobservable  Inputs  (Level 3)
Recurring measurements:
Interest rate swaps-liability position		(88,577)		-		(88,577)		-
Total		(88,577)		-		(88,577)		-

20. Comprehensive Income / (Loss):

During the six-month period ended June 30, 2013, Other comprehensive income / (loss) increased with net gains of $55,507 relating to (i) the change of the fair value of derivatives that qualify for hedge accounting (gain of $37,326), net of the settlements to net income of derivatives that qualify for hedge accounting (gain of $20,030), (ii) the Net settlements on interest rate swaps qualifying for cash flow hedge associated with vessels under construction ($1,861) and (iii) the amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to depreciation ($12). During the six-month period ended June 30, 2014, Other comprehensive income / (loss) increased with net gains of $18,900 relating to (i) the change of the fair value of derivatives that qualify for hedge accounting (loss of $8,862), net of the settlements to net income of derivatives that qualify for hedge accounting (gain of $21,596), (ii) the Net settlements on interest rate swaps qualifying for cash flow hedge associated with vessels under construction ($489), (iii) the amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to depreciation ($51) and (iv) the amounts reclassified from net settlements on interest rate swaps qualifying for hedge

25

COSTAMARE INC.

Notes to Unaudited Consolidated Financial Statements

June 30, 2013 and 2014

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

20. Comprehensive Income / (Loss) - continued:

accounting to Prepaid lease rentals ($6,604). As at June 30, 2013 and 2014, Comprehensive income / (loss) amounted to $110,798 and $66,113, respectively.

21. Subsequent Events:

(a) Declaration and payment of Dividends (preferred stock Series B and preferred stock Series C): On July 3, 2014, the Company declared a dividend of $953 or $0.476563 per share on its 7.625% Series B Preferred Stock and a dividend of $2,125 or $0.531250 per share on its 8.50% Series C Preferred Stock, for the period from April 15, 2014 to July 14, 2014, both paid on July 15, 2014.

(b)Vessel disposal: On July 8, 2014, the Company agreed to sell for scrap the 1981-built, 3,876 TEU containership MSC Kyoto, at a price of $9,483. The vessel was delivered to her buyers on July 17, 2014.

(c) Declaration and payment of Dividends (common stock): On July 8, 2014, the Company declared a dividend of $0.28 per share for the second quarter ended June 30, 2014, which is payable on August 6, 2014, to stockholders of record at the close of trading of the Company’s common stock on the New York Stock Exchange on July 23, 2014.

(d) Restructuring of Zim Integrated Shipping Services (“ZIM”): One of the Company’s charterers, Zim Integrated Shipping Services (“ZIM”), was engaged in ongoing discussions with its creditors, including vessel and container lenders, ship-owners, shipyards, unsecured lenders and bond holders, to restructure its debt. Costamare was participating in these discussions. On July 16, 2014, ZIM, finalized the terms of its comprehensive financial restructuring plan with its shareholders and its creditors, including vessel and container lenders, ship-owners, shipyards, unsecured lenders and bond holders. Based on this agreement, the Company has been granted charter extensions and has been issued equity securities representing 1.2% of ZIM’s equity and approximately $8.2 million in interest bearing notes maturing in 2023.

26

XML

Interest and Finance Costs (Tables)

6 Months Ended

Jun. 30, 2014

Interest and Finance Costs [Abstract]:

Interest And Finance Costs [Table Text Block]

	2013			2014
Interest expense		14,841			22,427
Interest capitalized		(5,863	)		(1,795	)
Swap effect		22,694			24,384
Amortization and write-off of financing costs		611			3,025
Commitment fees		1,691			161
Bank charges and other		134			160
		34,108			48,362

XML

Costamare Ventures Inc.-Additional information (Details)	6 Months Ended
	Jun. 30, 2014
Costamare Ventures Disclosure [Abstarct]:
Date of entry into Agreement	2013-05-15
Subsidiary involved into agreement	Costamare Ventures Inc.
Counterparty involved into the agreement	Sparrow Holdings LP (York)
Range of participation of Costamare Ventures	between 25% and 49%
Term of the agreement in years	6
Number of jointly owned companies	13
Maximum investment amount by York (in millions of USD)	up to $250 million
Minimum investment amount by Costamare Ventures (in millions of USD)	$75 million
Option for maximum investment amount by Costamare Ventures (in millions of USD)	up to $240 million

XML

Advances for Vessels Acquisitions-Additional Information (Details) (USD $) In Thousands, unless otherwise specified	9 Months Ended	1 Months Ended	12 Months Ended			6 Months Ended			3 Months Ended	12 Months Ended						6 Months Ended	12 Months Ended
	Sep. 21, 2010 Adele Shipping Co, Bastian Shipping Co Cadence Shipping Co [Member]	Jan. 28, 2011 Jodie Shipping Co (S4010), Kayley Shipping Co (S4011) [Member]	Dec. 31, 2013 Jodie Shipping Co. (S4010) - MSC Athens (Hull 4010) [Member]	Dec. 31, 2013 Kayley Shipping Co. (S4011) - MSC Athos (Hull 4011) [Member]	Dec. 31, 2013 MSC Athens (Hull S4010) and MSC Athos (Hull S4011) [Member]	Jun. 30, 2014 Adele Shipping Co. - MSC Azov (Hull 1068A) [Member]	Jun. 30, 2014 Bastian Shipping Co. - MSC Ajaccio (Hull 1069A) [Member]	Jun. 30, 2014 Cadence Shipping Co. - MSC Amalfi (Hull 1070A) [Member]	Apr. 20, 2011 Undine Shipping Co, Terance Shipping Co, Quentin Shipping Co, Raymond Shipping Co, Sander Shipping Co [Member]	Dec. 31, 2013 Quentin Shipping Co. - Valor (Hull S4020) [Member]	Dec. 31, 2013 Raymond Shipping Co. - Value (Hull S4021) [Member]	Dec. 31, 2013 Sander Shipping Co. - Valiant (Hull S4022) [Member]	Dec. 31, 2013 Terance Shipping Co. - Valence (Hull S4023) [Member]	Dec. 31, 2013 Undine Shipping Co. - Vantage (Hull S4024) [Member]	Dec. 31, 2013 Valor, Value, Valiant, Valence and Vantage [Member]	Jun. 30, 2014 Ten newbuild vessels [Member]	Dec. 31, 2013 Ten newbuild vessels [Member]	Dec. 31, 2012 Ten newbuild vessels [Member]	Dec. 31, 2011 Ten newbuild vessels [Member]
Capacity of Vessels	9,403	8,827							8,827
Vessels under construction cost	$ 95,080															$ 953,873
Contracted time charter period	10 years	10 years
Delivery date			March 14, 2013	April 8, 2013		January 14, 2014	March 14, 2014	April 28, 2014		June 3, 2013	June 25, 2013	August 5, 2013	September 2, 2013	November 8, 2013
Transferred to Vessels, net					196,675										492,437
Number of future contracted acquisitions	3	2							5
Pre-delivery installments paid during the reporting period																	$ 572,496	$ 181,198	$ 143,131

XML

Commitments and Contitngencies - Long-Term Time Charters (Table) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014
Unbilled Receivables not Billable at Balance Sheet Date [Abstract]
2014	$ 242,551
2015	448,716
2016	417,343
2017	371,709
2018	198,759
2019 and thereafter	433,158
Total	$ 2,112,236

XML

Investments In Affiliate - Jointly owned companies (Table) (Details)	6 Months Ended
	Jun. 30, 2014
Steadman Maritime Co. [Member]
Affiliate jointly - owned companies [Line Items]
Vessel name or hull name	Ensenada Express
Participation percentage of Costamare Ventures	49.00%
Year of establishment or acquisition	2013-07-01
Marchant Maritime Co. [Member]
Affiliate jointly - owned companies [Line Items]
Vessel name or hull name	X-Press Padma
Participation percentage of Costamare Ventures	49.00%
Year of establishment or acquisition	2013-07-08
Horton Maritime Co. [Member]
Affiliate jointly - owned companies [Line Items]
Vessel name or hull name	Petalidi
Participation percentage of Costamare Ventures	49.00%
Year of establishment or acquisition	2013-06-26
Kemp Maritime Co. [Member]
Affiliate jointly - owned companies [Line Items]
Vessel name or hull name	Hull NCP0113
Participation percentage of Costamare Ventures	49.00%
Year of establishment or acquisition	2013-06-06
Hyde Maritime Co. [Member]
Affiliate jointly - owned companies [Line Items]
Vessel name or hull name	Hull NCP0114
Participation percentage of Costamare Ventures	49.00%
Year of establishment or acquisition	2013-06-06
Ainsley Maritime Co. [Member]
Affiliate jointly - owned companies [Line Items]
Vessel name or hull name	Hull NCP0115
Participation percentage of Costamare Ventures	25.00%
Year of establishment or acquisition	2013-06-25
Ambrose Maritime Co. [Member]
Affiliate jointly - owned companies [Line Items]
Vessel name or hull name	Hull NCP0116
Participation percentage of Costamare Ventures	25.00%
Year of establishment or acquisition	2013-06-25
Benedict Maritime Co. [Member]
Affiliate jointly - owned companies [Line Items]
Vessel name or hull name	Hull HN2121
Participation percentage of Costamare Ventures	40.00%
Year of establishment or acquisition	2013-10-16
Bertrand Maritime Co. [Member]
Affiliate jointly - owned companies [Line Items]
Vessel name or hull name	Hull HN2122
Participation percentage of Costamare Ventures	40.00%
Year of establishment or acquisition	2013-10-16
Beardmore Maritime Co. [Member]
Affiliate jointly - owned companies [Line Items]
Vessel name or hull name	Hull HN2123
Participation percentage of Costamare Ventures	40.00%
Year of establishment or acquisition	2013-12-23
Schofield Maritime Co. [Member]
Affiliate jointly - owned companies [Line Items]
Vessel name or hull name	Hull HN2124
Participation percentage of Costamare Ventures	40.00%
Year of establishment or acquisition	2013-12-23
Fairbank Maritime Co. [Member]
Affiliate jointly - owned companies [Line Items]
Vessel name or hull name	Hull HN2125
Participation percentage of Costamare Ventures	40.00%
Year of establishment or acquisition	2013-12-23
Connell Maritime Co. [Member]
Affiliate jointly - owned companies [Line Items]
Vessel name or hull name	n/a
Participation percentage of Costamare Ventures	40.00%
Year of establishment or acquisition	2013-12-18

XML

Derivatives-Interest Rate Swap Agreements (Parenthetical) (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014
Interest Rate Swap nine [Member]
Derivative [Line Items]
Notional Amount	$ 85,000
Interest rate range	2.23%-6.00%
Knock-in floor	2.23%
Struck	6.00%
Types of Interest Rate Derivatives Used	ten-year zero cost collar agreement
Period covering	February 2007 to February 2017
Interest Rate Swap sixteen [Member]
Derivative [Line Items]
Termination date	2014-01-14
Interest Rate Swap seventeen [Member]
Derivative [Line Items]
Termination date	2014-03-14
Interest Rate Swap eighteen [Member]
Derivative [Line Items]
Termination date	2014-04-28

XML

Transactions with Related Parties-Shanghai Costamare Ship Management Co Ltd (Details)	Jun. 30, 2014
Company's Chairman and CEO [Member]
Related Party Transaction [Line Items]
Percentage of ownership	70.00%
SCSC CEO [Member]
Related Party Transaction [Line Items]
Percentage of ownership	30.00%

XML

Investements in affiliate (Tables)

6 Months Ended

Jun. 30, 2014

Investments in affiliate [Abstract]:

Schedule of Investments In Affiliate - Jointly owned companies additional information [Table Text Block]

		Participation %	Date Established
Entity	Vessel/Hull	June 30, 2014	/Acquired
Steadman Maritime Co.	Ensenada Express	49%	July 1, 2013
Marchant Maritime Co.	X-Press Padma	49%	July 8, 2013
Horton Maritime Co.	Petalidi	49%	June 26, 2013
Kemp Maritime Co.	Hull NCP0113	49%	June 6, 2013
Hyde Maritime Co.	Hull NCP0114	49%	June 6, 2013
Ainsley Maritime Co.	Hull NCP0115	25%	June 25, 2013
Ambrose Maritime Co.	Hull NCP0116	25%	June 25, 2013
Benedict Maritime Co.	Hull HN2121	40%	October 16, 2013
Bertrand Maritime Co.	Hull HN2122	40%	October 16, 2013
Beardmore Maritime Co.	Hull HN2123	40%	December 23, 2013
Schofield Maritime Co.	Hull HN2124	40%	December 23, 2013
Fairbank Maritime Co.	Hull HN2125	40%	December 23, 2013
Connell Maritime Co.	n/a	40%	December 18, 2013

Schedule of Investments In Affiliate - Summarized financial information of the affiliates [Table Text Block]

	December 31, 2013		June 30, 2014
Non-current assets		49,072	172,189
Current assets		3,184	10,501
		52,256	182,690
Current liabilities		2,196	2,498

	Six-month period ended June 30, 2014
Voyage revenue	5,894
Net loss	(3,272)

XML

Derivatives not Designated as Hedging Instruments-Additional Information (Details) (Interest rate swaps that do not meet the criteria for hedge accounting [Member], USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Interest rate swaps that do not meet the criteria for hedge accounting [Member]
Derivative [Line Items]
Notional Amount	$ 100,000
Interest rate range	1.37%-6.00%
Knock-in floor	1.37%
Struck	6.00%
Nine-Year Forward Hedging Period	September 2008 to March 2017
Fair value as at the period end	$ 13,384	$ 15,406

XML

Earnings/ (Loss) per share - Additional information (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended		12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Earnings per share, Basic [Abstract]:
Issuance date of Series B preferred stock			August 2013
Issuance Date Of Series C preferred Stock	January 2014
Preferred stock dividend rate series B			7.625%
Preferred stock dividend rate series C	8.50%
Preferred Stock, Dividend Payment Terms	For Series B: Annual dividend of 7.625% in arrears on the 15th day of January, April, July and October of each year. Profit or loss attributable to common equity holders is adjusted by the contractual amount of dividends on Series B Preferred Stock that should be paid for the period. For Series C: Annual dividend of 8.500% in arrears on the 15th day of January, April, July and October of each year. Profit or loss attributable to common equity holders is adjusted by the contractual amount of dividends on Series B Preferred Stock that should be paid for the period.
Dividends paid and accrued during period	$ 5,719	$ 0

XML

Investments In Affiliate - Summarized financial information of the affiliates (Table) (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended				6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013 December 31, 2013 [Member]	Jun. 30, 2014 June 30, 2014 [Member]	Jun. 30, 2014 Six month period ended June 30, 2014 [Member]
Affiliate jointly - owned companies - summarized financial information [Line Items]
Non-current assets			$ 49,072	$ 172,189
Current assets			3,184	10,501
Total assets of affiliates			52,256	182,690
Current liabilities			2,196	2,498
Voyage revenue	238,403	191,566			5,894
Net loss					$ (3,272)

XML

Taxes-Additional Information (Details)	6 Months Ended
	Jun. 30, 2014
Income Tax Disclosure [Abstract]:
Applicable Tax	4.00%
US related gross transportation income that tax applies	50.00%
Ownership Income Tax Percentage	50.00%

XML

Comprehensive Income (Loss)-Additional Information (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Comprehensive Income (Loss) Disclosure [Abstract]
Other comprehensive income / (loss) for the period	$ 18,900	$ 55,507
Comprehensive income (loss)	66,113	110,798
Interest rate swaps	(8,862)	37,326
Reclassification to Net Income	21,596	20,030
Net settlements on interest rate swaps qualifying for cash flow hedge	(489)	(1,861)
Amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to Depreciation	(51)	(12)
Amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to Prepaid lease rentals	$ (6,604)	$ 0

XML

Derivatives - Foreign currency agreements-Additional Information (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]:
Gain (Loss) on derivative instruments from forward contracts	$ 0	$ (125)

XML

Subsequent Events-Additional Information (Table) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	6 Months Ended
	Jun. 30, 2014
July 8, 2014, Dividend declared for second quarter of 2014 [Member]
Subsequent Event [Line Items]
Dividends payable, per share	$ 0.28
Date of payment of dividends	Aug. 06, 2014
Dividends date of record	Jul. 23, 2014
July 3, 2014, Series B Preferred Stock Dividend declared for period April 15, 2014 to July 14, 2014 [Member]
Subsequent Event [Line Items]
Dividends payable, per share	$ 0.476563
Dividends Payable	$ 953
Date of payment of dividends	Jul. 15, 2014
Dividends date of record	Jul. 14, 2014
Preferred stock dividend rate	7.625%
July 3, 2014, Series C Preferred Stock Dividend declared for period April 15, 2014 to July 14, 2014 [Member]
Subsequent Event [Line Items]
Dividends payable, per share	$ 0.53125
Dividends Payable	2,125
Date of payment of dividends	Jul. 15, 2014
Dividends date of record	Jul. 14, 2014
Preferred stock dividend rate	8.50%
July 8, 2014, Agreement for the disposal of 1981-built, 3,876 TEU containership MSC Kyoto [Member]
Subsequent Event [Line Items]
Disposal contracted price	$ 9,483
Disposal Date	July 18, 2014
Restructuring of Zim Intergrated Shipping Services ("ZIM") [Member]
Subsequent Event [Line Items]
Information on ZIM restructuring plan	One of the Company s charterers, Zim Integrated Shipping Services (ZIM), was engaged in ongoing discussions with its creditors, including vessel and container lenders, ship-owners, shipyards, unsecured lenders and bond holders, to restructure its debt. Costamare was participating in these discussions. On July 16, 2014, ZIM, finalized the terms of its comprehensive financial restructuring plan with its shareholders and its creditors, including vessel and container lenders, ship-owners, shipyards, unsecured lenders and bond holders. Based on this agreement, the Company has been granted charter extensions and has been issued equity securities representing 1.2% of ZIM s equity and approximately $8.2 million in interest bearing notes maturing in 2023.

XML

Derivatives - Interest Rate Swap Agreements (Table) (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Derivative [Line Items]
Fair value of financial instruments	$ (75,193)	$ (87,806)
Interest rate swap agreement 1 [member]
Derivative [Line Items]
Effective date	Jun. 30, 2008
Termination date	Jun. 30, 2015
Notional Amount	425,000
Fixed rate	4.03%
Floating rate	USD LIBOR 3M BBA
Fair value of financial instruments	(5,254)	(8,916)
Interest rate swap agreement 2 [Member]
Derivative [Line Items]
Effective date	Jun. 30, 2008
Termination date	Jun. 30, 2015
Notional Amount	75,000
Fixed rate	4.03%
Floating rate	USD LIBOR 3M BBA
Fair value of financial instruments	(927)	(1,573)
Interest rate swap agreement 3 [Member]
Derivative [Line Items]
Effective date	Sep. 30, 2008
Termination date	Jun. 30, 2015
Notional Amount	100,000
Fixed rate	4.09%
Floating rate	USD LIBOR 3M BBA
Fair value of financial instruments	(1,256)	(2,132)
Interest rate swap agreement 4 [Member]
Derivative [Line Items]
Effective date	Sep. 30, 2008
Termination date	Jun. 30, 2015
Notional Amount	250,000
Fixed rate	4.02%
Floating rate	USD LIBOR 3M BBA
Fair value of financial instruments	(3,080)	(5,231)
Interest rate swap agreement 5 [Member]
Derivative [Line Items]
Effective date	May 16, 2008
Termination date	May 16, 2014
Notional Amount	75,000
Fixed rate	3.88%
Floating rate	USD LIBOR 6M BBA
Fair value of financial instruments	0	(880)
Interest rate swap agreement 6 [Member]
Derivative [Line Items]
Effective date	May 16, 2008
Termination date	May 16, 2014
Notional Amount	75,000
Fixed rate	3.88%
Floating rate	USD LIBOR 6M BBA
Fair value of financial instruments	0	(880)
Interest rate swap agreement 7 [Member]
Derivative [Line Items]
Effective date	Jun. 17, 2008
Termination date	Jun. 17, 2013
Notional Amount	73,000
Fixed rate	3.57%
Floating rate	USD LIBOR 6M BBA
Fair value of financial instruments	0	0
Interest rate swap agreement 8 [Member]
Derivative [Line Items]
Effective date	Jun. 17, 2008
Termination date	Jun. 17, 2013
Notional Amount	73,000
Fixed rate	3.57%
Floating rate	USD LIBOR 6M BBA
Fair value of financial instruments	0	0
Interest rate swap agreement 9 [Member]
Derivative [Line Items]
Effective date	Feb. 21, 2007
Termination date	Feb. 21, 2017
Notional Amount	85,000
Fair value of financial instruments	(6,625)	(7,771)
Interest rate swap agreement 10 [Member]
Derivative [Line Items]
Effective date	Aug. 04, 2008
Termination date	Aug. 05, 2013
Notional Amount	74,000
Fixed rate	3.60%
Floating rate	USD LIBOR 6M BBA
Fair value of financial instruments	0	0
Interest rate swap agreement 11 [Member]
Derivative [Line Items]
Effective date	Jun. 30, 2011
Termination date	Jun. 29, 2018
Notional Amount	50,000
Fixed rate	3.45%
Floating rate	USD LIBOR 3M BBA
Fair value of financial instruments	(12,438)	(12,933)
Interest rate swap agreement 12 [Member]
Derivative [Line Items]
Effective date	Sep. 30, 2011
Termination date	Jun. 29, 2018
Notional Amount	20,000
Fixed rate	4.05%
Floating rate	USD LIBOR 3M BBA
Fair value of financial instruments	(22,146)	(21,125)
Interest rate swap agreement 13 [Member]
Derivative [Line Items]
Effective date	Sep. 28, 2012
Termination date	Jun. 29, 2018
Notional Amount	40,000
Fixed rate	3.60%
Floating rate	USD LIBOR 3M BBA
Fair value of financial instruments	(3,564)	(3,737)
Interest rate swap agreement 14 [Member]
Derivative [Line Items]
Effective date	Aug. 22, 2011
Termination date	Aug. 22, 2018
Notional Amount	65,000
Fixed rate	2.79%
Floating rate	USD LIBOR 6M BBA
Fair value of financial instruments	(2,884)	(3,015)
Interest rate swap agreement 15 [Member]
Derivative [Line Items]
Effective date	Jan. 31, 2013
Termination date	Jan. 29, 2021
Notional Amount	133,700
Fixed rate	3.51%
Floating rate	USD LIBOR 6M BBA
Fair value of financial instruments	(11,120)	(9,981)
Interest rate swap agreement 16 [Member]
Derivative [Line Items]
Effective date	Jan. 15, 2014
Termination date	Jan. 15, 2021
Notional Amount	67,781
Fixed rate	2.94%
Floating rate	USD LIBOR 3M BBA
Fair value of financial instruments	0	(2,603)
Interest rate swap agreement 17 [Member]
Derivative [Line Items]
Effective date	Feb. 15, 2014
Termination date	Feb. 15, 2021
Notional Amount	67,781
Fixed rate	2.99%
Floating rate	USD LIBOR 3M BBA
Fair value of financial instruments	0	(2,595)
Interest rate swap agreement 18 [Member]
Derivative [Line Items]
Effective date	Mar. 15, 2014
Termination date	Mar. 15, 2021
Notional Amount	67,781
Fixed rate	3.03%
Floating rate	USD LIBOR 3M BBA
Fair value of financial instruments	0	(2,555)
Interest rate swap agreement 19 [Member]
Derivative [Line Items]
Effective date	Apr. 05, 2013
Termination date	Apr. 06, 2020
Notional Amount	30,000
Fixed rate	2.39%
Floating rate	USD LIBOR 3M BBA
Fair value of financial instruments	(985)	(754)
Interest rate swap agreement 20 [Member]
Derivative [Line Items]
Effective date	Jun. 17, 2013
Termination date	Jun. 15, 2020
Notional Amount	30,000
Fixed rate	2.49%
Floating rate	USD LIBOR 3M BBA
Fair value of financial instruments	(976)	(728)
Interest rate swap agreement 21 [Member]
Derivative [Line Items]
Effective date	Aug. 15, 2013
Termination date	Aug. 17, 2020
Notional Amount	30,000
Fixed rate	2.58%
Floating rate	USD LIBOR 3M BBA
Fair value of financial instruments	(1,145)	(878)
Interest rate swap agreement 22 [Member]
Derivative [Line Items]
Effective date	Aug. 15, 2013
Termination date	Aug. 17, 2020
Notional Amount	30,000
Fixed rate	2.41%
Floating rate	USD LIBOR 3M BBA
Fair value of financial instruments	(927)	(606)
Interest rate swap agreement 23 [Member]
Derivative [Line Items]
Effective date	Apr. 05, 2013
Termination date	Apr. 06, 2020
Notional Amount	30,000
Fixed rate	2.24%
Floating rate	USD LIBOR 3M BBA
Fair value of financial instruments	(800)	(522)
Interest rate swap agreement 24 [Member]
Derivative [Line Items]
Effective date	Jun. 17, 2013
Termination date	Jun. 15, 2020
Notional Amount	30,000
Fixed rate	2.32%
Floating rate	USD LIBOR 3M BBA
Fair value of financial instruments	(769)	(467)
Interest rate swap agreement 25 [Member]
Derivative [Line Items]
Effective date	Aug. 15, 2013
Termination date	Aug. 17, 2020
Notional Amount	16,400
Fixed rate	2.46%
Floating rate	USD LIBOR 3M BBA
Fair value of financial instruments	(540)	(374)
Interest rate swap agreement 26 [Member]
Derivative [Line Items]
Effective date	Jun. 17, 2013
Termination date	Jun. 15, 2020
Notional Amount	16,400
Fixed rate	2.38%
Floating rate	USD LIBOR 3M BBA
Fair value of financial instruments	(459)	(304)
Interest rate swap agreement 27 [member]
Derivative [Line Items]
Effective date	Apr. 05, 2013
Termination date	Apr. 06, 2020
Notional Amount	16,400
Fixed rate	2.29%
Floating rate	USD LIBOR 3M BBA
Fair value of financial instruments	(469)	(325)
Interest rate swap agreement 28 [member]
Derivative [Line Items]
Effective date	Jun. 28, 2013
Termination date	Jun. 23, 2020
Notional Amount	76,400
Fixed rate	1.53%
Floating rate	USD LIBOR 3M BBA
Fair value of financial instruments	659	1,587
Interest rate swap agreement 29 [member]
Derivative [Line Items]
Effective date	Aug. 28, 2013
Termination date	Aug. 28, 2020
Notional Amount	76,400
Fixed rate	1.60%
Floating rate	USD LIBOR 3M BBA
Fair value of financial instruments	512	1,492
Fair value of Company's interest rate swap agreements designed as hedging instruments [Member]
Derivative [Line Items]
Fair value of financial instruments	$ (75,193)	$ (87,806)

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Commitments and Contingencies - Vessels Under Construction-Additional Information (Details) (Newbuild vessels [Member], USD $) In Thousands, unless otherwise specified	Jun. 30, 2014
Newbuild vessels [Member]
Contractual obligation on JV newbuilds	$ 312,421
Number of JV newbuilds owned 49%	2
Number of JV newbuilds owned 25%	2
Number of JV newbuilds owned 40%	5

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Financial Instruments

6 Months Ended

Jun. 30, 2014

Fair Value Disclosure [Abstract]:

Financial Instruments [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 consist principally of cash, trade accounts receivable, investments and derivatives. The Company places its temporary cash investments, consisting mostly of deposits, primarily with high credit rated financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company's investment strategy. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers' financial condition and generally does not require collateral for its accounts receivable and does not have any agreements to mitigate credit risk. The Company limits the exposure of non-performance by counterparties to derivative instruments by diversifying among counterparties with high credit ratings and performing periodic evaluations of the relative credit standing of the counterparties.

 (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 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, 2013 and June 30, 2014, the fair value of these interest rate swaps in aggregate amounted to a liability of $103,212 and $88,577, 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,  2013			Quoted Prices in  Active Markets for  Identical Assets  (Level 1)		Significant  Other  Observable  Inputs  (Level 2)			Unobservable  Inputs  (Level 3)
Recurring measurements:
Interest rate swaps-liability position		(103,212	)		-		(103,212	)		-
Total		(103,212)			-		(103,212)			-

	June 30,  2014			Quoted Prices in  Active Markets for  Identical Assets  (Level 1)		Significant  Other  Observable  Inputs  (Level 2)			Unobservable  Inputs  (Level 3)
Recurring measurements:
Interest rate swaps-liability position		(88,577	)		-		(88,577	)		-
Total		(88,577)			-		(88,577)			-

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Vessels, Net (Table) (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Balance December 31, 2013	$ 2,187,388
Depreciation	(51,818)	(41,489)
Balance June 30, 2014	2,148,682
Vessel Cost [Member]
Balance December 31, 2013	2,960,999
Vessel acquisitions and other vessels costs	19,840
Disposals	(11,250)
Balance June 30, 2014	2,969,589
Accumulated Depreciation [Member]
Balance December 31, 2013	(773,611)
Depreciation	(49,420)
Disposals	2,124
Balance June 30, 2014	(820,907)
Net Book Value [Member]
Balance December 31, 2013	2,187,388
Depreciation	(49,420)
Vessel acquisitions and other vessels costs	19,840
Disposals	(9,126)
Balance June 30, 2014	$ 2,148,682

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Basis of Presentation and General Information-Additional Information (Details) (USD $)	3 Months Ended	10 Months Ended	7 Months Ended	1 Months Ended	6 Months Ended
	Mar. 27, 2012 Follow on offering [Member]	Oct. 19, 2012 Second follow-on offering [Member]	Aug. 07, 2013 Public offering of Series B Cumulative Redeemable Perpetual Preferred Stock [Member]	Jan. 21, 2014 Public Offering of Series C Cumulative Redeemable Perpetual Preferred Stock [Member]	Jun. 30, 2014 Costamare Inc [Member]	Jun. 30, 2014 Fleet information [Member]	Dec. 31, 2013 Fleet information [Member]	Jun. 30, 2014 Number of Subsidiaries [Member]
Entity Incorporation State Country Name					Republic of Marshall Islands
Entity Incorporation Date Of Incorporation					Apr. 21, 2008
Number of shipowning companies acquired during the entity's reorganization					53
Date of reorganization completion					November 2008
Date of IPO completion					November 4, 2010
Preferred stock dividend rate			7.625%	8.50%
Stock Issued During Period Shares New Issues	7,500,000	7,000,000	2,000,000	4,000,000
Common Stock Par Or Stated Value Per Share	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Sale of Stock, Price Per Share	$ 14.1	$ 14	$ 25	$ 25
Balance of shares as at period end					74,800,000
Percentage of outstanding common shares owned by the Family					64.80%
Number of vessels at period end						56	52
Carrying capacity of vessels at period end (TEU)						324,849	295,872
Number of wholly owned subsidiaries with vessels								56
Number of wholly owned subsidiaries that sold or disposed their vessels and became dormant								29
Number of wholly owned subsidiaries established for future acquisitions or investments								2
Total wholly owned subsidiaries as at period end								87

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Interest and Finance Costs (Table) (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Interest and Debt Expense [Abstract]
Interest expense	$ 22,427	$ 14,841
Interest capitalized	(1,795)	(5,863)
Swap effect	24,384	22,694
Amortization and write off of financing costs	3,025	611
Commitment fees	161	1,691
Bank charges and other	160	134
Total	$ 48,362	$ 34,108

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Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2014

Commitments and Contingencies Disclosure [Abstract]:

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

Year ending December 31,	Amount
2014	242,551
2015	448,716
2016	417,343
2017	371,709
2018	198,759
2019 and thereafter	433,158
	2,112,236

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Deferred Charges (Table) (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014
Balance at beginning of the period	$ 29,864
Additions	4,342
Amortization	(4,812)
Write-off	(2,491)
Balance at the end of the period	26,903
Financing Costs [Member]
Balance at beginning of the period	9,954
Additions	2,055
Amortization	(1,016)
Write-off	(2,009)
Balance at the end of the period	8,984
Dry-docking and Special Survey Costs [Member]
Balance at beginning of the period	19,910
Additions	2,287
Amortization	(3,796)
Write-off	(482)
Balance at the end of the period	$ 17,919

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Accrued Charter Revenue, Current and Non-Current and Unearned Revenue, Current and Non-Current (Table) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Net accrued charter revenue by maturities [Abstract]
2014	$ (1,725)
2015	(4,425)
2016	(9,431)
2017	(11,314)
2018	(3,954)
2019 and thereafter	8,832
Total	$ (22,017)	$ (16,896)

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Long-term debt-Principal payments (Table) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Long Term Debt by Maturity [Abstract]
2014	$ 96,823
2015	192,950
2016	185,259
2017	227,259
2018	563,946
2019 and thereafter	356,528
Total	$ 1,622,765	$ 1,867,576

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Inventories (Table) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Inventory Disclosure [Abstract]:
Inventories, Bunkers	$ 659	$ 303
Inventories, Lubricants	11,475	9,044
Inventories, Spare parts	1,656	1,658
Total	$ 13,790	$ 11,005

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Related Party Transactions

6 Months Ended

Jun. 30, 2014

Related Party Transactions [Abstract]:

Transactions with Related Parties [Text Block]

3. Transactions with Related Parties:

(a) Costamare Shipping Company S.A. (the “Manager” or “Costamare Shipping”): Costamare Shipping is a ship management company wholly-owned by Mr. Konstantinos Konstantakopoulos, the Company's 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, certain commercial services, director and officer related insurance services and the services of the Company's officers. Costamare Shipping receives $1,000 annually on a prorated basis for the services of the Company's officers in aggregate.

Costamare Shipping, itself or through Shanghai Costamare Ship Management Co., Ltd. (“Shanghai Costamare”), which is also controlled by Mr. Konstantakopoulos, or through or together with a third party sub-manager, provides technical, crewing, commercial, provisioning, bunkering, sale and purchase, chartering, accounting, insurance and administrative services in exchange for a daily fee for each containership. Up to April 2013, Costamare Shipping also provided such services through Ciel Shipmanagement S.A. (“CIEL”), another company controlled by Mr. Konstantakopoulos. We refer to Costamare Shipping and Shanghai Costamare and, up to April 2013, CIEL as our “affiliated managers”.

Pursuant to the management agreement, Costamare Shipping receives a daily fee for each containership as follows: (i) for each containership (subject to any charter other than a bareboat charter) it receives a daily fee of $0.919 since January 1, 2014 ($0.884 for 2013 and $0.850 for 2012), prorated for the calendar days the Company owns each containership and for the three-month period following the date of the sale of a vessel, (ii) for each containership subject to a bareboat charter it receives a daily fee of $0.460 since January 1, 2014 ($0.442 for 2013 and $0.425 for 2012), prorated for the calendar days the Company owns each containership and for the three-month period following the date of the sale of a vessel.

The Company also pays to Costamare Shipping (i) a flat fee of $700 for the supervision of the construction of any newbuild vessel contracted by the Company, provided that such flat fee (which is fixed at the time of the ordering of any newbuild and remains constant until its delivery) will be annually adjusted upwards by 4% for any vessels ordered after December 31, 2012, with further annual increases permitted to reflect any strengthening of the Euro against the U.S. dollar and/or material unforeseen cost increases, and (ii) 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.

The initial term of the management agreement expires on December 31, 2015 and will be automatically extended in additional one-year increments until December 31, 2020, at which point it will expire. The daily management fee for each containership was fixed until December 31, 2012 and is thereafter annually adjusted upwards by 4%, with further annual increases permitted to reflect the strengthening of the Euro against the U.S. dollar and/or material unforeseen cost increases. After the initial term which expires on December 31, 2015, the Company will be able to terminate the management agreement, subject to a termination fee, by providing written notice to Costamare Shipping at least 12 months before the end of the subsequent one-year term. The termination fee is equal to (a) the lesser of (i) five and (ii) the number of full years remaining prior to December 31, 2020, times (b) the aggregate fees due and payable to Costamare Shipping during the 12-month period ending on the date of termination; 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 (including all container vessels previously managed by CIEL), 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. Costamare Shipping remains the head manager for all vessels owned by the Company.

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 under the Group Management Agreement. As at June 30, 2014, the Cell provided technical, crewing, provisioning, bunkering, sale and purchase and accounting services, as well as certain commercial management services to 19 of Costamare's vessels.

Management fees charged by the Manager in the six-month periods ended June 30, 2013 and 2014, amounted to $7,090 and $9,190, respectively, and are included in Management fees-related parties in the accompanying consolidated statements of income. In addition, the Manager charged (i) $1,788 for the six-month period ended June 30, 2014 ($1,449 for the six-month period ended June 30, 2013), representing a fee of 0.75% on all gross revenues, as provided in the management agreements with each subsidiary, which is separately reflected as Voyage expenses-related parties in the accompanying consolidated statements of income for the six-month periods ended June 30, 2014 and 2013, respectively, (ii) $500 for the services of the Company's officers in aggregate, which is included in General and administrative expenses in the accompanying consolidated statements of income for the six-month period ended June 30, 2014 ($500 for the six-month period ended June 30, 2013) and (iii) $1,050 supervision fees for three newbuild vessels, which were delivered during the six-month period ended June 30, 2014 ($2,450 for seven newbuild vessels which were delivered during the year ended December 31, 2013). Furthermore, in accordance with the management agreement with V.Ships Greece, V.Ships Greece has been provided with the amount of $1,500 as working capital security, of which $75 is included in Accounts receivable, net and $1,425 is included in Accounts receivable, non-current, respectively in the accompanying 2014 consolidated balance sheet.

During the six-month period ended June 30, 2014, the Manager charged in aggregate to the companies established pursuant to the Framework Agreement (Notes 8 and 9) the amount of $689 for services provided in accordance with the respective management agreements.

The balance due from the Manager at December 31, 2013 amounted to $2,076 and the balance due to the Manager at June 30, 2014 amounted to $96, which are included in Due from related parties in the accompanying 2013 consolidated balance sheets and Due to related parties in the accompanying 2014 consolidated balance sheets, respectively.

(b) Ciel Shipmanagement S.A.: CIEL, a company incorporated in the Republic of Liberia, is wholly-owned, effective November 30, 2012, by Mr. Konstantinos Konstantakopoulos, the Company's Chairman and Chief Executive Officer (prior to November 30, 2012, Mr. Konstantinos Konstantakopoulos owned 50.2% and Mr. Dimitrios Lemonidis owned 49.8% of CIEL). CIEL was not part of the consolidated group of the Company but was an affiliated manager up to April 2013. CIEL, up to April 2013, provided the Company's vessels certain ship management services such as technical support and maintenance, financial and accounting services, under separate management agreements signed between CIEL and each ship-owning company, in exchange for a daily fixed fee of $0.600 per vessel. CIEL specialized, although not exclusively, in managing containerships of up to 3,500 TEU. As of June 30, 2014, CIEL did not provide technical, crewing, provisioning, bunkering, sale and purchase and accounting services, or other commercial services, to any (nil at December 31, 2013) of the Company's containerships. Management fees charged by CIEL in the six-month periods ended June 30, 2013 and 2014 amounted to $900 and $108, respectively, and are included in Management fees-related parties in the accompanying consolidated statements of income. The balance due from CIEL at December 31, 2013 and June 30, 2014, amounted to $603 and $600, 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, Mr. Shen Xiao Dong. Shanghai Costamare is a company incorporated in the Peoples' Republic of China in September 2004 and is not part of the consolidated group of the Company but is an affiliated manager. 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 the Manager to Shanghai Costamare. As of June 30, 2014, Shanghai Costamare provided such services to ten (nine as of December 31, 2013) of the Company's containerships. There was no balance due from/to Shanghai Costamare at both December 31, 2013 and June 30, 2014.

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Finance Leased Assets and Finance Lease Obligations (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Finance lease obligation [Abstract]:
Finance lease obligations, Gross	$ 253,567
Finance lease obligation maturity	2024
Interest expense incurred on finance leases	5,803
Finance leased assets [Abstract]:
Vessel's sale and leaseback price	85,572
Prepaid lease rentals	49,817
Net settlements of interest rate swaps qualifying for cash flow hedge	6,604	0
Finance leased assets	256,716
Finance leased assets, depreciation	2,347
Finance leased assets, net	$ 254,369		$ 0

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Basis of Presentation and General information (Table) (Details)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Concentration Risk [Line Items]
Concentration risk percentage	96.00%	93.00%
Major customer A [member]
Concentration Risk [Line Items]
Concentration risk percentage	27.00%	33.00%
Major customer B [member]
Concentration Risk [Line Items]
Concentration risk percentage	28.00%	25.00%
Major customer C [Member]
Concentration Risk [Line Items]
Concentration risk percentage	14.00%	17.00%
Major customer D [Member]
Concentration Risk [Line Items]
Concentration risk percentage	8.00%	10.00%
Major customer E [Member]
Concentration Risk [Line Items]
Concentration risk percentage	19.00%	8.00%

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Inventories (Tables)

6 Months Ended

Jun. 30, 2014

Inventory Disclosure [Abstract]:

Schedule of Inventory, Current [Table Text Block]

	December 31, 2013		June 30, 2014
Bunkers		303		659
Lubricants		9,044		11,475
Spare parts		1,658		1,656
Total		11,005		13,790

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Organization Consolidation and Presentation of Financial Statements (Tables)

6 Months Ended

Jun. 30, 2014

Organization Consolidation and Presentation of Financial Statements [Abstract]:

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

	2013	2014
A	33%	27%
B	25%	28%
C	17%	14%
D	10%	8%
E	8%	19%
Total	93%	96%

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Investments In Affiliate (Table) (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended				12 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jul. 12, 2013 York participation in the share capital of Steadman Maritime Co., Marchant Maritime Co. and Horton Maritime Co. [Member]	Jun. 30, 2014 Costamare Ventures participation in the share capital of Kemp Maritime Co. and Hyde Maritime Co. for the construction of two 9000 TEU containerships, subject to upgrade [Member]	Dec. 31, 2013 Costamare Ventures participation in the share capital of Kemp Maritime Co. and Hyde Maritime Co. for the construction of two 9000 TEU containerships, subject to upgrade [Member]	Jun. 30, 2014 Costamare Ventures participation in the share capital of Ainsley Maritime Co. and Ambrose Maritime Co. for the construction of two 11,000 TEU containerships [Member]	Jun. 30, 2014 Costamare Ventures participation in the share capital of Benedict Maritime Co., Bertrand Maritime Co., Beardmore Maritime Co., Schofield Maritime Co. and Fairbank Maritime Co. for the construction of five 14,000 TEU containerships [Member]	Jun. 30, 2014 Costamare Ventures participation in the share capital of Connell Maritime Co. [Member]	Jun. 30, 2014 Amounts received from affiliated company [Member]	Jun. 30, 2014 Costamare Ventures Inc. [Member]
Affiliate jointly - owned companies [Line Items]
Percentage of participation			51.00%	49.00%		25.00%	40.00%	40.00%
Aggregate contributing amount			$ 16,044	$ 8,699	$ 8,707	$ 8,670	$ 28,610	$ 6,669
Dividend received from affiliate	1,813	0							1,813
Amounts received from affiliate									1,813
Equity loss on investments	$ (2,275)	$ 0								$ (2,275)

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Transactions with Related Parties (Details) (USD $)	6 Months Ended		12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013	Dec. 31, 2012
Related Party Transaction [Line Items]
Management fees charged during the period	$ 9,298,000	$ 7,990,000
Commission charged on charter hire agreements during period	1,788,000	1,449,000
Due From Related Parties, Current	600,000		2,679,000
Due to Related Parties, Current	96,000		0
Costamare Shipping Company SA [Member]
Related Party Transaction [Line Items]
Management fee per day per vessel	919		884	850
Management fee per day per vessel under bareboat charter	460		442	425
Annual fee for Company's officers	1,000,000
Portion of annual fee for Company's officers charged during the period	500,000	500,000
Management Agreement Expiration Date	December 31, 2015
Management agreement's automatic extention expiration date	December 31, 2020
Annual adjustment on management fees after December 31, 2012	4.00%
Months required for cancellation written notice for management agreement	12
Management fees calculated on the sale of a vessel	3 months
Construction supervisory fee	700,000
Annual adjustment on supervisory fees after December 31, 2012	4.00%
Construction supervisory fee, paid	1,050,000		2,450,000
Commission charged on charter hire agreements	0.75%
Management agreement date with V-Ships Greece Ltd.	January 7, 2013
Termination fee, description	The termination fee is equal to (a) the lesser of (i) five and (ii) the number of full years remaining prior to December 31, 2020, times (b) the aggregate fees due and payable to Costamare Shipping during the 12-month period ending on the date of termination; provided that the termination fee will always be at least two times the aggregate fees over the 12-month period described above
Date the Cell commenced	April 2013
Working capital security	1,500,000
Working capital security current	1,425,000
Working capital security non-current	75,000
Number of vessels under the Cell	19
Total charges by the manager to Company's affiliates	689,000
Management fees charged during the period	9,190,000	7,090,000
Commission charged on charter hire agreements during period	1,788,000	1,449,000
Due From Related Parties, Current			2,076,000
Due to Related Parties, Current	96,000
Ciel shipmanagement SA [Member]
Related Party Transaction [Line Items]
Management fee per day per vessel	600
Date when the services provided stopped	April 2013
Management fees charged during the period	108,000	900,000
Due From Related Parties, Current	600,000		603,000
Number of vessels managed	0		0
Shanghai Costamare Ship Management Co Ltd [Member]
Related Party Transaction [Line Items]
Due From Related Parties, Current	0		0
Due to Related Parties, Current	$ 0		$ 0
Number of vessels managed	10		9

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Advances For Vessels Acquisitions (Tables)

6 Months Ended

Jun. 30, 2014

Advances for Vessel Acquisitions Disclosure [Abstract]

Schedule of Advances for Vessels Acquisitions [Table Text Block]

Balance, December 31, 2013	240,871
Pre-delivery installments	57,048
Capitalized interest and finance costs	1,306
Other capitalized costs	704
Sale and leaseback (Note 11)	(299,929	)
Balance, June 30, 2014	-

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Vessels, Net (Tables)

6 Months Ended

Jun. 30, 2014

Property Plant and Equipment [Abstract]:

Schedule of Vessels, Net [Table Text Block]

	Vessel Cost			Accumulated  Depreciation			Net Book  Value
Balance, December 31, 2013		2,960,999			(773,611)			2,187,388
Depreciation		-			(49,420	)		(49,420	)
Vessel acquisitions and other vessels' costs		19,840			-			19,840
Disposals		(11,250	)		2,124			(9,126	)
Balance, June 30, 2014		2,969,589			(820,907)			2,148,682

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Significant Accounting Policies

6 Months Ended

Jun. 30, 2014

Significant Accounting Policies [Abstract]:

Significant Accounting Policies and Recent Accounting Pronouncements [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, 2013. There have been no material changes to these policies in the six-month period ended June 30, 2014, however the Company adopted the accounting policies relating to the sale and leaseback transactions and finance leases.

Finance leases: FASB ASC 840 classifies leases as finance or operating. Finance leases are accounted for as the acquisition of an asset and the incurrence of an obligation by the lessee and as a sale or financing by the lessor. All other leases are accounted for as operating leases. The determination of whether an arrangement is (or contains) a capital lease is based on the substance of the arrangement at the inception date and is assessed in accordance with the criteria set in ASC 840-10-25-1.

Finance leases are capitalised at the commencement of the lease at the lower between the fair value of the leased asset and the present value of the minimum lease payments. Lease payments are apportioned between finance charges and reduction of the lease liability. Finance charges are recognised in finance costs in the consolidated statement of income. The lease payments are allocated between liability and finance costs to achieve a constant rate on the capital balance outstanding.  If the lease agreement transfers the ownership of the leased asset to the lessee, then the asset is depreciated over its useful economic life (estimated at 30 years), else it is depreciated over the lease term.

For sale and lease back transactions, whereas the fair value of the asset sold is more than its carrying amount, any indicated loss on the sale is in substance a prepayment of rent and thus, in accordance with ASC 840-40-35-4, the Company defers this prepaid rental and amortizes it over the lease term. In case the fair value of the asset sold is less than its carrying amount, any indicated loss on the sale is recognized in the consolidated statement of income as incurred.

Operating lease payments are recognised as an operating expense in the consolidated statement of income on a straight-line basis over the lease term.

New accounting pronouncements

Revenue from Contracts with Customers: The FASB and the International Accounting Standards Board (IASB) (collectively, the Boards) jointly issued a standard that will supersede virtually all of the existing revenue recognition guidance in US GAAP and IFRS and  is effective for annual periods beginning on or after January 1, 2017. The standard establishes a five-step model that will apply to revenue earned from a contract with a customer (with limited exceptions), regardless of the type of revenue transaction or the industry. The standard's requirements will also apply to the recognition and measurement of gains and losses on the sale of some non-financial assets that are not an output of the entity's ordinary activities (e.g., sales of property, plant and equipment or intangibles). Extensive disclosures will be required, including disaggregation of total revenue; information about performance obligations; changes in contract asset and liability account balances between periods and key judgments and estimates. Management is in the process of accessing the impact of the new standard on Company's financial position and performance.

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Deferred Charges (Tables)

6 Months Ended

Jun. 30, 2014

Deferred Charges Disclosure [Abstract]:

Schedule of deferred charges [table text block]

	Financing Costs			Dry-docking  and Special  Survey Costs			Total
Balance, December 31, 2013		9,954			19,910			29,864
Additions		2,055			2,287			4,342
Amortization		(1,016	)		(3,796	)		(4,812	)
Write-off		(2,009	)		(482	)		(2,491	)
Balance, June 30, 2014		8,984			17,919			26,903

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Derivatives - Not Designated as Hedging Instruments under ASC 815 (Table) (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Derivative [Line Items]
Forward contracts	$ 0	$ (125)
Gain on derivative instruments, net	1,901	5,460
Location of Gain (Loss) recognized on derivative [Member]
Derivative [Line Items]
Description of Location of Gain (Loss) on Interest Rate Derivative on Income Statement	Gain on derivative instruments, net
Description of Location of Gain (Loss) on Cash Flow Hedge Ineffectiveness in Financial Statements	Gain on derivative instruments, net
Description of Location of Gain (Loss) on Foreign Currency Derivative in Financial Statements	Gain on derivative instruments, net
Amount of Gain (Loss) recognized in income on derivative [Member]
Derivative [Line Items]
Interest rate swaps	2,022	5,585
Realized ineffectiveness	(121)	0
Forward contracts	0	(125)
Gain on derivative instruments, net	$ 1,901	$ 5,460

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Derivatives (Tables)

6 Months Ended

Jun. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]:

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

Effective  date	Termination  date	Notional  amount  on  effective  date	Fixed rate  (Costamare  pays)	Floating rate  (Costamare  receives)	Fair  value Dec. 31,  2013		Fair  value Jun. 30,  2014
30/6/2008	30/6/2015	425,000	4.03%p.a.	USD LIBOR 3M BBA	(8,916	)	(5,254	)
30/6/2008	30/6/2015	75,000	4.03%p.a.	USD LIBOR 3M BBA	(1,573	)	(927	)
30/9/2008	30/6/2015	100,000	4.09%p.a.	USD LIBOR 3M BBA	(2,132	)	(1,256	)
30/9/2008	30/6/2015	250,000	4.02%p.a.	USD LIBOR 3M BBA	(5,231	)	(3,080	)
16/5/2008	16/5/2014	75,000	3.88%p.a.	USD LIBOR 6M BBA	(880	)	-
16/5/2008	16/5/2014	75,000	3.88%p.a.	USD LIBOR 6M BBA	(880	)	-
17/6/2008	17/6/2013	73,000	3.57%p.a.	USD LIBOR 6M BBA	-		-
17/6/2008	17/6/2013	73,000	3.57%p.a.	USD LIBOR 6M BBA	-		-
21/2/2007	21/2/2017	85,000	Zero cost Interest rate Collar (i)		(7,771	)	(6,625	)
4/8/2008	5/8/2013	74,000	3.60%p.a.	USD LIBOR 6M BBA	-		-
30/6/2011	29/6/2018	50,000	3.45%p.a.	USD LIBOR 3M BBA	(12,933	)	(12,438	)
30/9/2011	29/6/2018	20,000	4.05%p.a.	USD LIBOR 3M BBA	(21,125	)	(22,146	)
28/9/2012	29/6/2018	40,000	3.60%p.a.	USD LIBOR 3M BBA	(3,737	)	(3,564	)
22/8/2011	22/8/2018	65,000	2.79%p.a.	USD LIBOR 6M BBA	(3,015	)	(2,884	)
31/1/2013	29/01/2021	133,700	3.51%p.a.	USD LIBOR 6M BBA	(9,981	)	(11,120	)
15/1/2014 (ii)	15/1/2021	67,781	2.94%p.a.	USD LIBOR 3M BBA	(2,603	)	-
15/2/2014 (iii)	15/2/2021	67,781	2.99%p.a.	USD LIBOR 3M BBA	(2,595	)	-
15/3/2014 (iv)	15/3/2021	67,781	3.03%p.a.	USD LIBOR 3M BBA	(2,555	)	-
5/4/2013	6/4/2020	30,000	2.39%p.a.	USD LIBOR 3M BBA	(754	)	(985	)
17/6/2013	15/6/2020	30,000	2.49%p.a.	USD LIBOR 3M BBA	(728	)	(976	)
15/8/2013	17/8/2020	30,000	2.58%p.a.	USD LIBOR 3M BBA	(878	)	(1,145	)
15/8/2013	17/8/2020	30,000	2.41%p.a.	USD LIBOR 3M BBA	(606	)	(927	)
5/4/2013	6/4/2020	30,000	2.24%p.a.	USD LIBOR 3M BBA	(522	)	(800	)
17/6/2013	15/6/2020	30,000	2.32%p.a.	USD LIBOR 3M BBA	(467	)	(769	)
15/8/2013	17/8/2020	16,400	2.46%p.a.	USD LIBOR 3M BBA	(374	)	(540	)
17/6/2013	15/6/2020	16,400	2.38%p.a.	USD LIBOR 3M BBA	(304	)	(459	)
5/4/2013	6/4/2020	16,400	2.29%p.a.	USD LIBOR 3M BBA	(325	)	(469	)
28/6/2013	23/6/2020	76,400	1.53%p.a.	USD LIBOR 3M BBA	1,587		659
28/8/2013	28/8/2020	76,400	1.60%p.a.	USD LIBOR 3M BBA	1,492		512
				Total fair value	(87,806)		(75,193)

(i)	Notional amount $85,000 amortizing zero-cost collar (2.23%-6.00%) with knock-in floor sold at 2.23% and struck at 6.00%, as a 10-year forward hedge, covering the period from February 2007 to February 2017. The agreement guarantees that the interest rate payable on the Company's loans throughout the 10-year period will always remain between 2.23% and 6.00% excluding margin.
(ii)	This swap was terminated on January 14, 2014.
(iii)	This swap was terminated on March 14, 2014.
(iv)	This swap was terminated on April 28, 2014.

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, 2013 and 2014
	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	Amount of Gain / (Loss)  Recognized in Income on  Derivative  (Ineffective Portion)
		2013	2014		Derivative (Ineffective Portion)		2013	2014
Interest rate swaps		37,326	(8,862	)	Gain on derivative instruments, net		-	(121	)
Reclassification to Interest and finance costs		20,030	21,596				- -	-
Total		57,356	12,734				-	(121)

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

Derivatives Not Designated as Hedging Instruments  under ASC 815
	Location of Gain / (Loss)  Recognized on  Derivative	Amount of Gain / (Loss)  Recognized in Income  on Derivative
			2013		2014
Interest rate swaps	Gain on derivative instruments, net		5,585		2,022
Realized ineffectiveness	Gain on derivative instruments, net		-		(121	)
Forward contracts	Gain on derivative instruments, net		(125	)	-
Total			5,460		1,901

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Deferred Charges-Additional Information (Details)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Deferred Charges Disclosure [Abstract]:
Number of vessels underwent DD during the period	3	5
Number of vessels completed DD during the period	3	4
Number of vessels that their DD was in process at the end of the period	0	1

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Common stock Preferred stock and additional paid in capital-Additional Information (Details) (USD $) In Thousands, except Share data, unless otherwise specified	6 Months Ended				10 Months Ended		10 Months Ended	3 Months Ended	10 Months Ended	7 Months Ended	1 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jul. 11, 2010 Company's authorized capital stock [Member]	Jul. 20, 2010 Company's authorized capital stock [Member]	Oct. 19, 2010 Company's authorized capital stock [Member]	Jul. 12, 2010 Authorized capital stock (amended articles of incorporation) [Member]	Nov. 04, 2010 Company's IPO completion [Member]	Mar. 27, 2012 Follow-on offering completion [Member]	Oct. 19, 2012 Second follow-on offering completion [Member]	Aug. 07, 2013 Issuance of two million Series B Cumulative Redeemable Perpetual Preferred Stock [Member]	Jan. 22, 2014 Issuance of four million Series C Cumulative Redeemable Perpetual Preferred Stock [Member]	Jun. 30, 2013 Q4 2012 Dividends paid [Member]	Jun. 30, 2013 Q1 2013 Dividends paid [Member]	Jun. 30, 2014 Q4 2013 Dividends paid [Member]	Jun. 30, 2014 Q1 2014 Dividends paid [Member]	Jun. 30, 2014 October 14, 2013 to January 14, 2014 Series B Preferred Dividends paid [Member]	Jun. 30, 2014 January 15, 2014 to April 14, 2014 Series B Preferred Dividends paid [Member]	Jun. 30, 2014 January 22, 2014 to April 14, 2014 Seiries C Preferred Dividends paid [Member]
Common stock authorization date				July 14, 2010
Common stock shares authorized			2,000,000			1,000,000,000
Stock split date					August 27, 2010
Common stock shares issued			1,000,000	24,000,000	22,000,000		13,300,000	7,500,000	7,000,000
Dividend per share					$ 0.88					$ 1.90625	$ 2.125
Preferred Stock Shares Issued	6,000,000									2,000,000	4,000,000
Preferred stock dividend rate										7.625%	8.50%
Preferred Stock, Redemption Terms										At any time after August 6, 2018, the Series B Preferred Stock may be redeemed, at Company's election at a price of $25 of liquidation preference per share.	At any time after January 21, 2019, the Series C Preferred Stock may be redeemed, at Company's election at a price of $25 of liquidation preference per share.
Common Stock, Preferred Stock Issuance, value				$ 2,400
Total Common stock shares issued as at period end.				25,000,000			60,300,000	67,800,000	74,800,000
Common stock shares par value			$ 0.0001			$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Public offering per share price							$ 12	$ 14.1	$ 14	$ 25	$ 25
Preferred Stock, Shares Authorized						100,000,000
Initial Public offering proceeds, net							145,543
Follow-on offering proceeds, net								100,584	93,547	48,042	96,523
Preferred stock shares designated as Series A Participating Preferred Stock						10,000,000
Preferred stock shares par value						$ 0.0001
Dividends paid	$ (45,029)	$ (40,392)										$ 20,196	$ 20,196	$ 20,196	$ 20,944	$ 953	$ 953	$ 1,983
Dividends paid, per common share												$ 0.27	$ 0.27	$ 0.27	$ 0.28	$ 0.476563	$ 0.476563	$ 0.495833

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Consolidated Balance Sheets As of December 31, 2013 and June 30, 2014 (Unaudited) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
CURRENT ASSETS [Abstract]:
Cash and cash equivalents	$ 147,800	$ 93,379
Restricted cash	8,786	9,067
Accounts receivable, net	9,257	16,145
Inventories	13,790	11,005
Due from related parties	600	2,679
Insurance claims receivable	1,555	1,429
Prepaid lease rentals	4,982	0
Accrued charter revenue	408	409
Prepayments and other	4,630	2,450
Total current assets	191,808	136,563
FIXED ASSETS, NET [Abstract]:
Advances for vessel acquisitions	0	240,871
Finance leased assets	254,369	0
Vessels, Net	2,148,682	2,187,388
Total fixed assets, net	2,403,051	2,428,259
NON-CURRENT ASSETS [Abstract]:
Investment in affiliates	72,293	23,732
Prepaid lease rentals, non-current	43,323	0
Accounts receivable, non-current, net	7,409	7,334
Deferred charges, net	26,903	29,864
Restricted cash	45,818	49,826
Accrued charter revenue, non-current	10,063	10,264
Total assets	2,800,668	2,685,842
CURRENT LIABILITIES [Abstract]:
Current portion of long-term debt	195,514	206,717
Accounts payable	6,349	5,814
Due to related parties	96	0
Finance lease obligations	13,039	0
Accrued liabilities	16,634	14,386
Unearned revenue	9,682	9,601
Fair value of derivatives	46,199	55,322
Other current liabilities	2,117	3,140
Total current liabilities	289,630	294,980
NON-CURRENT LIABILITIES [Abstract]:
Long-term debt, net of current portion	1,427,251	1,660,859
Finance lease obligations, net of current portion	240,528	0
Fair value of derivatives, net of current portion	42,378	47,890
Unearned revenue, net of current portion	28,155	25,164
Total non-current liabilities	1,738,312	1,733,913
COMMITMENTS AND CONTINGENCIES	0	0
STOCKHOLDERS' EQUITY [Abstract]:
Preferred stock	0	0
Common Stock	8	8
Additional paid-in capital	858,665	762,142
Accumulated deficit	(19,693)	(20,047)
Accumulated other comprehensive loss	(66,254)	(85,154)
Total stockholders' equity	772,726	656,949
Total liabilities and stockholders' equity	$ 2,800,668	$ 2,685,842

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Transactions with Related Parties-Ciel Shipmanagement SA (Details)	Jun. 30, 2014	Nov. 29, 2012
Company's Chairman and CEO [Member]
Related Party Transaction [Line Items]
Percentage of ownership	100.00%	50.20%
Ciel CEO [Member]
Related Party Transaction [Line Items]
Percentage of ownership		49.80%

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Unaudited Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES [Abstract]:
Net income	$ 47,213	$ 55,291
Adjustments to reconcile net income to net cash provided by operating activities [Abstract]:
Depreciation	51,818	41,489
Amortization of prepaid lease rentals	1,512	0
Amortization and write off of financing costs	3,025	611
Amortization of deferred drydocking and special survey	3,796	4,029
Net settlements on interest rate swaps qualifying for cash flow hedge	(489)	(1,861)
Gain on derivative instruments, net	(1,901)	(5,460)
Loss / (Gain) on sale / disposal of vessels, net	2,903	(6,460)
Equity loss on investments	2,275	0
Changes in Operating Assets and Liabilities [Abstract]:
Accounts receivable	6,813	(10,757)
Due from related parties	2,079	(1,566)
Inventories	(2,785)	(4,987)
Insurance claims receivable	(126)	35
Prepayments and other	(2,180)	(2,969)
Accounts payable	535	4,266
Due to related parties	96	0
Accrued liabilities	417	4,820
Unearned revenue	(1,847)	(1,142)
Other current liabilities	(1,023)	33
Drydockings	(2,287)	(3,903)
Accrued charter revenue	5,121	6,634
Net Cash provided by Operating Activities	114,965	78,103
CASH FLOWS FROM INVESTING ACTIVITIES [Abstract]:
Investment in affiliates	(52,647)	0
Dividend from affiliate	1,813	0
Advances for vessel acquisitions	(59,058)	(324,466)
Vessels acquisitions / Additions to vessel cost	(19,840)	(47,104)
Proceeds from the sale of vessels, net	6,705	6,652
Net cash used in Investing Activities	(123,027)	(364,918)
CASH FLOWS FROM FINANCING ACTIVITIES [Abstract]:
Finance lease proceeds	256,716	0
Finance lease repayment	(3,149)	0
Offering proceeds, net of related expenses	96,523	0
Proceeds from long-term debt	9,000	251,868
Repayment of long-term debt	(253,812)	(74,138)
Payment of financing costs	(2,055)	(93)
Dividends paid	(45,029)	(40,392)
(Increase) / Decrease in restricted cash	4,289	(5,349)
Net cash provided by Financing Activities	62,483	131,896
Net increase / (decrease) in cash and cash equivalents	54,421	(154,919)
Cash and cash equivalents at beginning of the period	93,379	267,321
Cash and cash equivalents at end of the period	147,800	112,402
SUPPLEMENTAL CASH INFORMATION [Abstract]:
Cash paid during the period for interest	$ 21,378	$ 13,961

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Long-term debt-Credit facility-Additional Information (Details) (USD $)	6 Months Ended	8 Months Ended		6 Months Ended		9 Months Ended	5 Months Ended
	Jun. 30, 2014 Credit facility [Member]	Aug. 22, 2008 Credit facility [Member]	Jul. 22, 2008 Credit facility [Member]	Jun. 30, 2014 Credit facility and certain term loans [Member]	Dec. 17, 2012 Fourth supplemental agreement [Member]	Sep. 30, 2013 MSC Antwerp (ex Sophia Britannia) disposal [Member]	May 28, 2013 Fifth supplemental agreement [Member]	Aug. 30, 2013 Sixth supplemental agreement [Member]
Debt Instrument [Line Items]
Maximum Borrowing Capacity			$ 1,000,000,000
Portion of the Facility used to repay existing indebtness			631,340,000
Line of Credit Facility Frequency of Payments		quarterly
Facility repayments due to sale of vessel						1,500,000
Line of Credit number of outstanding periodic payments of principal	16
Line of Credit Periodic Payment of Principal	22,473,000
Balloon payment	271,261,000
Loan facility amalgamation date	June 30, 2011
Third supplemental agreement date	September 6,2011
Minimum liquidity ratio				3.00%
Maximum ratio of Total Liabilities to Market Value Adjusted Total Assets				0.75:1
Number of vessels secured the Facility with First priority Mortgages	18
Number of ship owning companies as corporate guarantees	18
Number of vessels replaced existing vessels with first priority mortgage(s)					2			2
Number of vessels changed their flag							5
Maximum net funded debt to total net assets ratio				80.00%
Minimum liquidity amount				30,000,000
Minimum Ratio of EBITDA to net interest expense				2.50:1
Minimum Market Value Adjusted Net Worth				$ 500,000,000

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Finance Leased Assets and Finance Lease Obligations (Tables)

6 Months Ended

Jun. 30, 2014

Finance Leased Assets and Finance Lease Obligations [Abstract]:

Prepaid lease rentals [Table Text Block]

	June 30, 2014
Initial recognition of prepaid lease rentals	49,817
Less: Amortization of prepaid lease rentals	(1,512	)
Prepaid lease rentals	48,305
Less: current portion	(4,982	)
Non-current portion	43,323

Finance lease obligations [Table Text Block]

Year ending December 31,	Amount
2014	15,419
2015	30,699
2016	30,783
2017	30,698
2018	30,698
2019 and thereafter	238,252
Total	376,549
Less: Amount of interest	(122,982	)
Total lease payments	253,567

Finance lease obligations current and non-current [Table Text Block]

Finance lease obligation - current	13,039
Finance lease obligation - non current	240,528
	253,567

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Finance lease obligations - Additional Information (Table) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Capital lease obligations [Abstract]:
Finance lease obligations	$ 13,039	$ 0
Finance lease obligations, net of current portion	240,528	0
Total	$ 253,567

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Interest and Finance Costs

6 Months Ended

Jun. 30, 2014

Interest and Finance Costs [Abstract]:

Interest and Finance Costs [Text Block]

16. Interest and Finance Costs:

The amounts in the accompanying consolidated statements of income are analyzed as follows:

	2013			2014
Interest expense		14,841			22,427
Interest capitalized		(5,863	)		(1,795	)
Swap effect		22,694			24,384
Amortization and write-off of financing costs		611			3,025
Commitment fees		1,691			161
Bank charges and other		134			160
		34,108			48,362

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

6 Months Ended

Jun. 30, 2014

Accrued Charter Revenue and Unearned Revenue Disclosure [Abstract]

Schedule of the maturities of the net accrued charter revenue [Table Text Block]

Year ending  December 31,	Amount
2014		(1,725	)
2015		(4,425	)
2016		(9,431	)
2017		(11,314	)
2018		(3,954	)
2019 and thereafter		8,832
		(22,017)

Schedule of Unearned Revenue, Current and Non-Current [Table Text Block]

	2013			2014
Hires collected in advance		7,196			5,349
Charter revenue resulting from varying charter rates		27,569			32,488
Total		34,765			37,837
Less current portion		(9,601	)		(9,682	)
Non-current portion		25,164			28,155

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Derivatives

6 Months Ended

Jun. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]:

Derivatives [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 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 proactively and efficiently 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, since that time, 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 prospective and retrospective effectiveness for these interest rate swaps are being performed on a quarterly basis. 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 stockholders' equity 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.

The interest rate swap agreements designed as hedging instruments, as of December 31, 2013 and June 30, 2014, were as follows:

Effective  date	Termination  date	Notional  amount  on  effective  date	Fixed rate  (Costamare  pays)	Floating rate  (Costamare  receives)	Fair  value Dec. 31,  2013		Fair  value Jun. 30,  2014
30/6/2008	30/6/2015	425,000	4.03%p.a.	USD LIBOR 3M BBA	(8,916	)	(5,254	)
30/6/2008	30/6/2015	75,000	4.03%p.a.	USD LIBOR 3M BBA	(1,573	)	(927	)
30/9/2008	30/6/2015	100,000	4.09%p.a.	USD LIBOR 3M BBA	(2,132	)	(1,256	)
30/9/2008	30/6/2015	250,000	4.02%p.a.	USD LIBOR 3M BBA	(5,231	)	(3,080	)
16/5/2008	16/5/2014	75,000	3.88%p.a.	USD LIBOR 6M BBA	(880	)	-
16/5/2008	16/5/2014	75,000	3.88%p.a.	USD LIBOR 6M BBA	(880	)	-
17/6/2008	17/6/2013	73,000	3.57%p.a.	USD LIBOR 6M BBA	-		-
17/6/2008	17/6/2013	73,000	3.57%p.a.	USD LIBOR 6M BBA	-		-
21/2/2007	21/2/2017	85,000	Zero cost Interest rate Collar (i)		(7,771	)	(6,625	)
4/8/2008	5/8/2013	74,000	3.60%p.a.	USD LIBOR 6M BBA	-		-
30/6/2011	29/6/2018	50,000	3.45%p.a.	USD LIBOR 3M BBA	(12,933	)	(12,438	)
30/9/2011	29/6/2018	20,000	4.05%p.a.	USD LIBOR 3M BBA	(21,125	)	(22,146	)
28/9/2012	29/6/2018	40,000	3.60%p.a.	USD LIBOR 3M BBA	(3,737	)	(3,564	)
22/8/2011	22/8/2018	65,000	2.79%p.a.	USD LIBOR 6M BBA	(3,015	)	(2,884	)
31/1/2013	29/01/2021	133,700	3.51%p.a.	USD LIBOR 6M BBA	(9,981	)	(11,120	)
15/1/2014 (ii)	15/1/2021	67,781	2.94%p.a.	USD LIBOR 3M BBA	(2,603	)	-
15/2/2014 (iii)	15/2/2021	67,781	2.99%p.a.	USD LIBOR 3M BBA	(2,595	)	-
15/3/2014 (iv)	15/3/2021	67,781	3.03%p.a.	USD LIBOR 3M BBA	(2,555	)	-
5/4/2013	6/4/2020	30,000	2.39%p.a.	USD LIBOR 3M BBA	(754	)	(985	)
17/6/2013	15/6/2020	30,000	2.49%p.a.	USD LIBOR 3M BBA	(728	)	(976	)
15/8/2013	17/8/2020	30,000	2.58%p.a.	USD LIBOR 3M BBA	(878	)	(1,145	)
15/8/2013	17/8/2020	30,000	2.41%p.a.	USD LIBOR 3M BBA	(606	)	(927	)
5/4/2013	6/4/2020	30,000	2.24%p.a.	USD LIBOR 3M BBA	(522	)	(800	)
17/6/2013	15/6/2020	30,000	2.32%p.a.	USD LIBOR 3M BBA	(467	)	(769	)
15/8/2013	17/8/2020	16,400	2.46%p.a.	USD LIBOR 3M BBA	(374	)	(540	)
17/6/2013	15/6/2020	16,400	2.38%p.a.	USD LIBOR 3M BBA	(304	)	(459	)
5/4/2013	6/4/2020	16,400	2.29%p.a.	USD LIBOR 3M BBA	(325	)	(469	)
28/6/2013	23/6/2020	76,400	1.53%p.a.	USD LIBOR 3M BBA	1,587		659
28/8/2013	28/8/2020	76,400	1.60%p.a.	USD LIBOR 3M BBA	1,492		512
				Total fair value	(87,806)		(75,193)

(i)	Notional amount $85,000 amortizing zero-cost collar (2.23%-6.00%) with knock-in floor sold at 2.23% and struck at 6.00%, as a 10-year forward hedge, covering the period from February 2007 to February 2017. The agreement guarantees that the interest rate payable on the Company's loans throughout the 10-year period will always remain between 2.23% and 6.00% excluding margin.
(ii)	This swap was terminated on January 14, 2014.
(iii)	This swap was terminated on March 14, 2014.
(iv)	This swap was terminated on April 28, 2014.

The interest rate swaps included in the table above are designated for the Credit Facility discussed in Note 10 and the term loans discussed in Notes 10.2.1, 10.2.4, 10.2.5, 10.2.7, 10.2.8, 10.2.9, and 10.2.10.

In the six-month periods ended June 30, 2013 and 2014, the realized ineffectiveness on the interest rate swaps discussed under (a) above was nil and a loss of $121, respectively, and is included in Gain on derivative instruments, net in the accompanying 2014 consolidated statement of income.

During the six-month period ended June 30, 2014, the Company terminated three interest rate derivative instruments and paid the counterparty breakage costs of $10,192, in aggregate and is separately reflected in the Swaps breakage costs in the accompanying 2014 consolidated statement of income.

(b) Interest rate swaps that do not meet the criteria for hedge accounting: As of both December 31, 2013 and June 30, 2014, the Company had one interest rate swap agreement outstanding for the purpose of managing risks associated with the variability of changing LIBOR-related interest rates. Such agreement did not meet hedge accounting criteria and, therefore, changes in its fair value are reflected in earnings. More specifically, the swap has a notional amount of $100,000 non-amortizing zero-cost collar (1.37%-6.00%) with a knock-in floor sold at 1.37% and struck at 6.00%, as a nine-year forward hedge, covering the period from September 2008 to March 2017. At December 31, 2013 and June 30, 2014, the fair value of this swap was a liability of $15,406 and $13,384, respectively and is included in Fair value of derivatives in the accompanying consolidated balance sheets.

The total change of forward contracts fair value for the six-month period ended June 30, 2013, was a loss of $125 and is included in Gain on derivative instruments, net in the 2013 accompanying consolidated statement of income.

	The Effect of Derivative Instruments for the six-month periods ended June 30, 2013 and 2014
	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	Amount of Gain / (Loss)  Recognized in Income on  Derivative  (Ineffective Portion)
		2013	2014		Derivative (Ineffective Portion)		2013	2014
Interest rate swaps		37,326	(8,862	)	Gain on derivative instruments, net		-	(121	)
Reclassification to Interest and finance costs		20,030	21,596				- -	-
Total		57,356	12,734				-	(121)

Derivatives Not Designated as Hedging Instruments  under ASC 815
	Location of Gain / (Loss)  Recognized on  Derivative	Amount of Gain / (Loss)  Recognized in Income  on Derivative
			2013		2014
Interest rate swaps	Gain on derivative instruments, net		5,585		2,022
Realized ineffectiveness	Gain on derivative instruments, net		-		(121	)
Forward contracts	Gain on derivative instruments, net		(125	)	-
Total			5,460		1,901

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Unearned Revenue, Current and Non-current (Table) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Unearned Revenue, Current and Non-Current [Abstract]
Hires collected in advance	$ 5,349	$ 7,196
Charter revenue resulting from varying charter rates	32,488	27,569
Total deferred revenue	37,837	34,765
Less current portion	(9,682)	(9,601)
Non-current portion	$ 28,155	$ 25,164

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Organization Consolidation and Presentation of Financial Statements

6 Months Ended

Jun. 30, 2014

Organization Consolidation and Presentation of Financial Statements [Abstract]:

Basis of Presentation and General Information [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 was formed on April 21, 2008, under the laws of the Republic of the Marshall Islands.

Costamare was incorporated as part of a reorganization to acquire the ownership interest in 53 ship-owning companies owned by the Konstantakopoulos family (Vasileios Konstantakopoulos and his three sons Messrs. Konstantinos Konstantakopoulos, Achillefs Konstantakopoulos and Christos Konstantakopoulos, together the “Family”). The reorganization was completed in November 2008. 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 and on October 19, 2012, the Company completed two follow-on public offerings in the United States under the Securities Act and issued 7,500,000 shares and 7,000,000 shares, respectively, par value $0.0001, at a public offering price of $14.10 per share and $14.00 per share, respectively, increasing the issued share capital to 74,800,000 shares. At June 30, 2014, members of the Family owned, directly or indirectly, approximately 64.8% of the outstanding common shares, in the aggregate. Furthermore, 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 and 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.

As of December 31, 2013 and June 30, 2014, the Company owned and/or operated a fleet of 52 and 56 container vessels, respectively, with a total carrying capacity of approximately 295,872 TEU and 324,849 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, 2014, Costamare had 87 wholly-owned subsidiaries, all incorporated in the Republic of Liberia, except for one incorporated in the Republic of the Marshall Islands, out of which 56 operate vessels, 29 have sold or disposed their vessels and are dormant, one was established to be used for future vessel acquisitions and one was established to participate in investments (Note 9).

Revenues for the six-month periods ended June 30, 2013 and 2014, derived from significant charterers individually accounting for 10% or more of revenues (in percentages of total revenues) were as follows:

	2013	2014
A	33%	27%
B	25%	28%
C	17%	14%
D	10%	8%
E	8%	19%
Total	93%	96%

The accompanying unaudited interim condensed 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, 2013, filed with the SEC on February 21, 2014.

These unaudited interim condensed 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, 2014, are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2014.

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Unaudited Consolidated Statements of Income (USD $) In Thousands, except Share data, unless otherwise specified	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
REVENUES [Abstract]:
Voyage revenue	$ 238,403	$ 191,566
EXPENSES [Abstract]:
Voyage expenses	(1,776)	(1,877)
Voyage expenses-related parties	(1,788)	(1,449)
Vessels' operating expenses	(59,905)	(56,352)
General and administrative expenses	(2,450)	(2,243)
Management fees-related parties	(9,298)	(7,990)
Amortization of drydocking and special survey costs	(3,796)	(4,029)
Depreciation	(51,818)	(41,489)
Amortization of prepaid lease rentals	(1,512)	0
Gain/ (Loss) on sale/disposal of vessels, net	(2,903)	6,460
Foreign exchange gains / (losses), net	(110)	86
Operating income	103,047	82,683
OTHER INCOME / (EXPENSES) [Abstract]:
Interest income	291	409
Interest and finance costs	(48,362)	(34,108)
Swaps breakage costs	(10,192)	0
Equity loss on investments	(2,275)	0
Other, net	2,803	847
Gain on derivative instruments, net	1,901	5,460
Total other income / (expenses)	(55,834)	(27,392)
Net Income	47,213	55,291
Earnings allocated to Preferred Stock	(5,719)	0
Net income available to Common Stockholders	$ 41,494	$ 55,291
Earnings per common share, basic and diluted	$ 0.55	$ 0.74
Weighted average number of shares, basic and diluted	74,800,000	74,800,000

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Finance Leased Assets and Finance Lease Obligations

6 Months Ended

Jun. 30, 2014

Finance Leased Assets and Finance Lease Obligations [Abstract]:

Finance Leased Assets and Finance Lease Obligations [Text Block]

11. Finance Leased Assets and Finance Lease Obligations:

The newbuild vessels MSC Azov, MSC Ajaccio and MSC Amalfi were delivered to the Company on January 14, 2014, March 14, 2014 and April 28, 2014, respectively (Note 5). At the same time, the Company agreed with a financial institution to refinance the then outstanding balance of the loans relating to MSC Azov, MSC Ajaccio and MSC Amalfi, by entering into a ten-year sale and leaseback transaction for each vessel upon their respective deliveries. These vessels were sold for an amount of $85,572 each and leased back for a period of ten years.

The sale and leaseback transactions were classified as finance leases. Furthermore, 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 considered as prepaid lease rentals. In this respect, an aggregate amount of $49,817 (including the net settlements on interest rate swaps qualifying for hedge accounting of $6,604) was transferred to prepaid lease rentals.

The total value of the three vessels at the inception of the Finance lease transactions amounted to $256,716. The depreciation charged during the six-month period ended June 30, 2014, amounted to $2,347 and is included in Depreciation in the accompanying 2014 consolidated statement of income. As of June 30, 2014, the net book value of the three vessels amounted to $254,369 and is separately reflected as Finance leased assets, in the accompanying 2014 consolidated balance sheet.

The balance of prepaid lease rentals, as of June 30, 2014, is analyzed as follows:

	June 30, 2014
Initial recognition of prepaid lease rentals	49,817
Less: Amortization of prepaid lease rentals	(1,512	)
Prepaid lease rentals	48,305
Less: current portion	(4,982	)
Non-current portion	43,323

The finance lease obligations amounting to $253,567, as at June 30, 2014 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 expense incurred on finance leases for the six-month period ended June 30, 2014, amounted to $5,803 and is included in Interest and finance costs in the accompanying 2014 consolidated statement of income.

The annual lease payments in aggregate required under the finance leases after June 30, 2014, are as follows:

Year ending December 31,	Amount
2014	15,419
2015	30,699
2016	30,783
2017	30,698
2018	30,698
2019 and thereafter	238,252
Total	376,549
Less: Amount of interest	(122,982	)
Total lease payments	253,567

The total finance lease obligations are presented in the accompanying June 30, 2014 consolidated balance sheet as follows:

Finance lease obligation - current	13,039
Finance lease obligation - non current	240,528
	253,567

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Document and Entity Information	6 Months Ended
	Jun. 30, 2014
Document and Entity Information [Abstract]
Document Type	6-K
Document Period End Date	Jun. 30, 2014
Amendment Flag	false
Entity Registrant Name	Costamare Inc.
Entity Central Index Key	0001503584
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Well Known Seasoned Issuer	No
Entity Common Stock Shares Outstanding	74,800,000
Preferred Shares issued	6,000,000
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q2

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Accrued Charter Revenue and Unearned Revenue

6 Months Ended

Jun. 30, 2014

Accrued Charter Revenue and Unearned Revenue Disclosure [Abstract]

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, 2013 and June 30, 2014, 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, 2013, the net accrued charter revenue, reduced by the allowance for doubtful amounts of $2,208, totaling to $(16,896), comprises $409 separately reflected in Current assets, $10,264 separately reflected in Non-current assets and $27,569 (discussed in (b) below) included in Unearned revenue in current and non-current liabilities in the accompanying 2013 consolidated balance sheet. As at June 30, 2014, the net accrued charter revenue, totaling to $(22,017) comprises $408 separately reflected in Current assets, $10,063 separately reflected in Non-current assets, and $32,488 (discussed in (b) below) included in Unearned revenue in current and non-current liabilities in the accompanying 2014 consolidated balance sheet. The maturities of the net accrued charter revenue as of December 31 of each year are as follows:

Year ending  December 31,	Amount
2014		(1,725	)
2015		(4,425	)
2016		(9,431	)
2017		(11,314	)
2018		(3,954	)
2019 and thereafter		8,832
		(22,017)

(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, 2013 and June 30, 2014, reflect (a) cash received prior to the balance sheet date for which all criteria to recognize as revenue have not been met and, (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.

	2013			2014
Hires collected in advance		7,196			5,349
Charter revenue resulting from varying charter rates		27,569			32,488
Total		34,765			37,837
Less current portion		(9,601	)		(9,682	)
Non-current portion		25,164			28,155

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Derivatives - Interest Rate Swaps-Additional Information (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Interest Rate Derivatives [Abstract]
Realized ineffectiveness of interest rate swaps	$ (121)	$ 0
Breakage costs	$ 10,192	$ 0

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Unaudited Consolidated Statements of Comprehensive Income (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Net income for the period [Abstract]
Net income for the period	$ 47,213	$ 55,291
Other comprehensive income/ (loss) [Abstract]
Unrealized gain /(loss) on cash flow hedges, net	12,734	57,356
Net settlements on interest rate swaps qualifying for cash flow hedge	(489)	(1,861)
Amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to Depreciation	51	12
Amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to Prepaid lease rentals	6,604	0
Other comprehensive income for the period	18,900	55,507
Total comprehensive income for the period	$ 66,113	$ 110,798

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Vessels

6 Months Ended

Jun. 30, 2014

Property Plant and Equipment [Abstract]:

Vessels, Net [Text Block]

6. Vessels, Net:

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

	Vessel Cost			Accumulated  Depreciation			Net Book  Value
Balance, December 31, 2013		2,960,999			(773,611)			2,187,388
Depreciation		-			(49,420	)		(49,420	)
Vessel acquisitions and other vessels' costs		19,840			-			19,840
Disposals		(11,250	)		2,124			(9,126	)
Balance, June 30, 2014		2,969,589			(820,907)			2,148,682

During the six-month period ended June 30, 2014, the Company acquired the two secondhand vessels Neapolis and Areopolis at an aggregate price of $19,540.

During the year ended December 31, 2013, the Company took delivery from the shipyard of the seven newbuild container vessels MSC Athens, MSC Athos, Valor, Value, Valiant, Valence and Vantage at an aggregate cost of $689,112 (Note 5). Furthermore, during the year ended December 31, 2013, the Company acquired the four secondhand container vessels Venetiko,  Petalidi, Ensenada Express  and  X-Press Padma  at an aggregate price of $51,853. On July 12, 2013 pursuant to the Framework Agreement (Notes 8 and 9), York (as defined below) participated with a 51% interest in the share capital of the ship-owning companies of the vessels Petalidi, Ensenada Express  and  X-Press Padma (Note 9).

During the six-month period ended June 30, 2014, the Company sold for scrap the container vessel Konstantina at a price of $7,546 and recognized a loss of $2,903, which is separately reflected in Gain / (Loss) on sale / disposal of vessels, net in the accompanying 2014 consolidated statement of income.

During the six-month period ended June 30, 2013, the Company sold for scrap the container vessel MSC Washington and MSC Austria at an aggregate price of $16,010 and recognized a gain of $6,460, which is separately reflected in Gain / (Loss) on sale / disposal of vessels, net in the accompanying 2013 consolidated statement of income.

As of June 30, 2014, one of the Company's vessels, having total carrying value of $4,751 was fully depreciated.

Forty-seven of the Company's vessels, having a total carrying value of $1,990,279 as of June 30, 2014, have been provided as collateral to secure the long-term debt discussed in Note 10.

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Advances for Vessel Acquisitions

6 Months Ended

Jun. 30, 2014

Advances for Vessel Acquisitions Disclosure [Abstract]

Advances for Vessel Acquisitions [Text Block]

5. Advances for Vessels Acquisitions:

On September 21, 2010, the Company through its three wholly-owned subsidiaries, Adele Shipping Co., Bastian Shipping Co. and Cadence Shipping Co., contracted with a shipyard for the construction and purchase of three newbuild vessels (Hulls H1068A, H1069A and H1070A), each of approximately 9,403 TEU capacity at a contract price per newbuild vessel of $95,080. The newbuilds MSC Azov (Hull H1068A), MSC Ajaccio (Hull H1069A) and MSC Amalfi (Hull H1070A) were delivered to the Company on January 14, 2014, March 14, 2014 and April 28, 2014, respectively. The Company agreed with a financial institution to refinance the then outstanding balance of the loan relating to MSC Azov, MSC Ajaccio and MSC Amalfi, under a ten-year sale and leaseback transaction. Under the sale and leaseback transaction, the vessels were chartered back to the Company on a bareboat basis and remained on time charter with its initial time charterer (Note 11). Upon their delivery the vessels commenced their ten-year charter party employment.

 On January 28, 2011, the Company, through its two wholly-owned subsidiaries Jodie Shipping Co. and Kayley Shipping Co., contracted with a shipyard for the construction and purchase of two newbuild vessels (Hulls S4010 and S4011), each of approximately 8,827 TEU capacity. The Company entered into ten-year charter party agreements from their delivery from the shipyard. The newbuild vessels MSC Athens (Hull S4010) and MSC Athos (Hull S4011) were delivered to the Company on March 14, 2013 and April 8, 2013, respectively, and the amount of $196,675, in aggregate, which included the contract price, capitalized interest and financing costs and other capitalized costs, was transferred to Vessels, net. Upon their delivery, MSC Athens and MSC Athos commenced their ten-year charter party employment.

On April 20, 2011, the Company, through its five wholly-owned subsidiaries Quentin Shipping Co., Raymond Shipping Co., Sander Shipping Co., Terance Shipping Co. and Undine Shipping Co., contracted with a shipyard for the construction and purchase of five newbuild vessels (Hulls S4020, S4021, S4022, S4023 and S4024), each of approximately 8,827 TEU capacity. The newbuild vessels Valor (Hull S4020), Value (Hull S4021), Valiant (Hull S4022), Valence (Hull S4023) and Vantage (Hull S4024) were delivered to the Company on June 3, 2013, June 25, 2013, August 5, 2013, September 2, 2013 and November 8, 2013, respectively and the amount of $492,437, in aggregate, which included the contract price, capitalized interest and financing costs and other capitalized costs, was transferred to Vessels, net. Upon their delivery, Valor, Value, Valiant, Valence and Vantage commenced their long-term charter party employment.

The total aggregate price for all ten newbuild vessels is $953,873, payable in installments until their deliveries, which was fully paid through June 30, 2014 ($572,496 paid during the year ended December 31, 2013, $181,198 paid during the year ended December 31, 2012 and $143,131 paid during the year ended December 31, 2011).

During the six-month period ended June 30, 2014 the costs incurred associated with the construction of MSC Azov, MSC Ajaccio and MSC Amalfi are presented in the table below:

Balance, December 31, 2013	240,871
Pre-delivery installments	57,048
Capitalized interest and finance costs	1,306
Other capitalized costs	704
Sale and leaseback (Note 11)	(299,929	)
Balance, June 30, 2014	-

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Taxes

6 Months Ended

Jun. 30, 2014

Income Tax Disclosure [Abstract]:

Taxes [Text Block]

17. Taxes:

Under the laws of the countries of the companies' incorporation and/or vessels' registration, 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 because they satisfy the relevant requirements, namely that (i) the related vessel owning companies are incorporated in a jurisdiction granting an equivalent exemption to U.S. corporations and (ii) over 50% of the ultimate stockholders of the vessel owning companies are residents of a country granting an equivalent exemption to U.S. persons.

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2014

Commitments and Contingencies Disclosure [Abstract]:

Commitments and Contingencies [Text Block]

13. Commitments and Contingencies:

(a) Long-term time charters: As at June 30, 2014, the Company has entered into time charter arrangements on all of its vessels in operation, with the exception of the vessels Karmen and Kyparissia, with international liner operators. These arrangements as at June 30, 2014, have remaining terms of up to 117 months. As of the same date, 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, long-term time charter contracts, are as follows:

Year ending December 31,	Amount
2014	242,551
2015	448,716
2016	417,343
2017	371,709
2018	198,759
2019 and thereafter	433,158
	2,112,236

(b) Pursuant to the Framework Agreement the Company has a contractual commitment of approximately $312,421 representing 49% of the remaining construction cost of two vessels under construction, 40% of the remaining construction cost of five vessels under construction and 25% of the construction cost of two vessels under construction (Note 9).

(c) 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 individual vessels' actions to the maximum limits as provided by Protection and Indemnity (P&I) Clubs, members of the International Group of P&I Clubs.

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Financial Instruments - Fair value-Additional Information (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Fair Value Disclosure [Abstract]:
Interest rate swaps-liability position, at fair value	$ 88,577	$ 103,212

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Investments in affiliate

6 Months Ended

Jun. 30, 2014

Investments in affiliate [Abstract]:

Investments in affiliate [Text Block]

9. Investment in Affiliates:

The affiliate ship-owning companies, all of which are incorporated in the Marshall Islands and are accounted for under the equity method, are as follows:

		Participation %	Date Established
Entity	Vessel/Hull	June 30, 2014	/Acquired
Steadman Maritime Co.	Ensenada Express	49%	July 1, 2013
Marchant Maritime Co.	X-Press Padma	49%	July 8, 2013
Horton Maritime Co.	Petalidi	49%	June 26, 2013
Kemp Maritime Co.	Hull NCP0113	49%	June 6, 2013
Hyde Maritime Co.	Hull NCP0114	49%	June 6, 2013
Ainsley Maritime Co.	Hull NCP0115	25%	June 25, 2013
Ambrose Maritime Co.	Hull NCP0116	25%	June 25, 2013
Benedict Maritime Co.	Hull HN2121	40%	October 16, 2013
Bertrand Maritime Co.	Hull HN2122	40%	October 16, 2013
Beardmore Maritime Co.	Hull HN2123	40%	December 23, 2013
Schofield Maritime Co.	Hull HN2124	40%	December 23, 2013
Fairbank Maritime Co.	Hull HN2125	40%	December 23, 2013
Connell Maritime Co.	n/a	40%	December 18, 2013

On July 12, 2013, in accordance with the Framework Agreement, York contributed $16,044, in the aggregate, in order to acquire a 51% equity interest in the affiliate ship-owning companies Steadman Maritime Co., Marchant Maritime Co. and Horton Maritime Co., and for initial working capital of such affiliate ship-owning companies. There was no difference between (a) the aggregate of the fair value of the consideration received and the fair value of the retained investment, as compared with (b) the carrying amount of the former subsidiaries assets and liabilities, in each case at the date the subsidiaries were deconsolidated.

Furthermore, in July 2013, Costamare Ventures participated with 49% in the equity of Kemp Maritime Co. and Hyde Maritime Co. who entered into ship-building contracts for the construction of two 9,000 TEU container vessels, subject to upgrade, by contributing $8,707, in the aggregate up to December 31, 2013 and $8,699, in the aggregate during the six-month period ended June 30, 2014.

During the six-month period ended June 30, 2014, Costamare Ventures participated with 25% in the equity of Ainsley Maritime Co. and Ambrose Maritime Co., who entered into ship-building contracts for the construction of two 11,000 TEU container vessels, by contributing $8,670, in the aggregate. Furthermore, Costamare Ventures participated with 40% in the equity of Benedict Maritime Co., Bertrand Maritime Co., Beardmore Maritime Co., Schofield Maritime Co. and Fairbank Maritime Co., who entered into ship-building contracts for the construction of five 14,000 TEU container vessels, by contributing  $28,610, in the aggregate.  

During the six-month period ended June 30, 2014, pursuant to the Framework Agreement, Costamare Ventures participated with 40% in the equity of Connell Maritime Co. by contributing the amount of $6,669.

During the six-month period ended June 30, 2014, the Company recorded a net loss of $2,275, which is separately reflected as Equity loss on investments in the accompanying 2014 consolidated statement of income.

Furthermore, during the six-month period ended June 30, 2014, an affiliate ship-owning company declared a dividend to its shareholders and Costamare Ventures received the amount of $1,813, which is included in Investments in affiliates in the accompanying 2014 consolidated balance sheet.

In addition, the Company received the amount of $1,813, for services rendered, from an affiliate ship-owning company, which is included in Other, net in the 2014 consolidated statement of income.

The summarized financial information of the affiliates is as follows:

	December 31, 2013		June 30, 2014
Non-current assets		49,072	172,189
Current assets		3,184	10,501
		52,256	182,690
Current liabilities		2,196	2,498

	Six-month period ended June 30, 2014
Voyage revenue	5,894
Net loss	(3,272)

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Long-term debt-Term loans-Additional Information (Details) (USD $)	6 Months Ended							11 Months Ended	6 Months Ended					0 Months Ended	12 Months Ended			3 Months Ended	6 Months Ended			12 Months Ended	6 Months Ended		7 Months Ended			6 Months Ended			12 Months Ended				6 Months Ended			9 Months Ended	3 Months Ended	6 Months Ended			12 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014 Loan for the acquisition of the vessels Sealand New York and Sealand Washington [Member]	Jun. 30, 2014 Loan for the acquisition of the vessel Maersk Kokura [Member]	Jun. 30, 2014 Loan for the acquisition of the vessels Maersk Kawasaki and Maersk Kure [Member]	Jun. 30, 2014 Loan for the acquisition of the vessel Cosco Beijing [Member]	Jun. 30, 2014 Loan for the acquisition of the vessel Cosco Guangzhou [Member]	Nov. 19, 2010 Loan available for draw down (Vessels: MSC Romanos, MSC Methoni, MSC Ulsan, Koroni and Kyparissia) [Member]	Jun. 30, 2014 Loan for the acquisition of the vessels MSC Romanos (tranche a) [Member]	Jun. 30, 2014 Loan for the acquisition of the vessels MSC Methoni (tranche b) [Member]	Jun. 30, 2014 Loan for the acquisition of the vessels MSC Ulsan (tranche c) [Member]	Jun. 30, 2014 Loan for the acquisition of the vessel MSC Koroni (ex.Koroni) (tranche d) [Member]	Jun. 30, 2014 Loan for the acquisition of the vessel Kyparissia (tranche e) [Member]	Jan. 14, 2011 Loan for the acquisition and construction of H1068A, H1069A and H1070A (three tranches - one for each hull) [Member]	Dec. 31, 2013 Loan for the acquisition and construction of H1068A, H1069A and H1070A - MSC Azov Hull H1068A (tranche a)	Dec. 31, 2013 Loan for the acquisition and construction of H1068A, H1069A and H1070A - MSC Ajaccio Hull H1069A (tranche b)	Dec. 31, 2013 Loan for the acquisition and construction of H1068A, H1069A and H1070A - MSC Amalfi Hull H1070A (tranche c)	Apr. 07, 2011 Loan for the acquisition and construction of S4010 and S4011 [Member]	Jun. 30, 2014 Loan for the acquisition and construction of S4010 and S4011 [Member]	Dec. 31, 2013 Loan for the acquisition and construction of S4010 and S4011 [Member]	Dec. 31, 2012 Loan for the acquisition and construction of S4010 and S4011 [Member]	Dec. 31, 2011 Loan for the acquisition and construction of S4010 and S4011 (first drawdown) [Member]	Jun. 30, 2014 Loan for acquisition and construction of two hulls - MSC Athens [Member]	Jun. 30, 2014 Loan for the acquisition and construction of S4010 and S4011 - MSC Athos (S4011) [Member]	Aug. 16, 2011 Loan for the acquisition and construction of S4020 S4022 and S4024 (three tranches one for each hull) [Member]	Dec. 31, 2013 Loan for the acquisition and construction of S4020, S4022 and S4024 (Drawdowns) [Member]	Dec. 31, 2012 Loan for the acquisition and construction of S4020, S4022 and S4024 (Drawdowns) [Member]	Jun. 30, 2014 Loan for the acquisition and construction of S4020, S4022 and S4024 - Valor (S4020) tranche a [Member]	Jun. 30, 2014 Loan for the acquisition and construction of S4020, S4022 and S4024 - Valor (S4020) tranche b [Member]	Jun. 30, 2014 Loan for the acquisition and construction of S4020, S4022 and S4024 - Valor (S4020) tranche c [Member]	Dec. 31, 2011 Loan for the acquisition and construction of S4021 and S4023 (two tranches one for each hull) [Member]	Oct. 12, 2011 Loan for the acquisition and construction of S4021 and S4023 (two tranches one for each hull) [Member]	Dec. 31, 2013 Loan for the acquisition and construction of S4021 and S4023 (Drawdowns) [Member]	Dec. 31, 2012 Loan for the acquisition and construction of S4021 and S4023 (Drawdowns) [Member]	Jun. 30, 2014 Loan for the acquisition and construction of S4021 and S4023 - Value [Member]	Jun. 30, 2014 Loan for the acquisition and construction of S4021 and S4023 - Valence [Member]	Jun. 30, 2014 Loan to partly finance the agreegate market value of eleven vessels [Member]	Oct. 06, 2011 Loan to partly finance the agreegate market value of eleven vessels [Member]	Apr. 11, 2014 Supplemental agreement for the Loan to partly finance the agreegate market value of eleven vessels and partly finance the acquisition of the vessel Neapolis. [Member]	Jun. 29, 2012 Supplemental agreement for the Loan to partly finance the agreegate market value of eleven vessels and partly finance the acquisition of the Stadt Luebeck [Member]	Jun. 30, 2014 Loan to partly finance the agreegate market value of eleven vessels - Sale of Konstantina [Member]	Jun. 30, 2014 Long-term debt [Member]	Dec. 31, 2013 Long-term debt [Member]	Jun. 30, 2014 Interest expense (including swap interest and interest capitalized) [Member]	Jun. 30, 2013 Interest expense (including swap interest and interest capitalized) [Member]
Long term debt term loans [Line Items]
Maximum Borrowing Capacity			$ 150,000,000	$ 75,000,000	$ 150,000,000	$ 90,000,000	$ 90,000,000		$ 38,500,000	$ 42,000,000	$ 21,000,000	$ 7,470,000	$ 7,470,000
Line of Credit Facility Initiation Date			May 2008	January 2008	December 2007	June 2006	February 2006
Line of Credit Facility Remaining Borrowing Capacity								120,000,000						203,343,000				140,000,000							229,200,000							152,800,000						120,000,000	9,000,000	11,300,000
Percentage of the vessels contract price available for draw down																		70.00%
Draw down amount up to the end of the period															48,765,000	48,765,000	48,765,000			80,220,000	26,740,000	26,740,000			22,920,000	168,080,000	38,200,000				15,280,000		106,960,000	30,560,000				113,700,000	9,000,000	11,300,000
Draw down date																						April 2011			August 26, 2011						October 25, 2011							March 2012	April 2014	August 2012
Delivery date															January 14, 2014	March 14, 2014	April 28, 2014						March 14, 2013	April 8, 2013				June 3, 2013	August 5, 2013	November 8, 2013					June 25, 2013	September 2, 2013
Date of loan repayment												May 21, 2014																													May 2014
Maximum borrowing capacity per vessel			75,000,000		75,000,000
Debt Instrument Carrying Amount			96,000,000	43,000,000	84,000,000	52,500,000	50,000,000		27,913,000	31,500,000	16,275,000	0	3,735,000						124,787,000									71,306,400	71,306,400	73,853,200					70,942,800	72,307,100	102,510,000
Loan repayment due to sale of vessels																																									6,495,000
Amount of full debt repayment												4,202,000
Available period for draw down								18 months
Number of outstanding installments			8	8	7	9	8		21	22	23		4	40					14									24	24	26					24	25	17
Line of Credit Facility Frequency of Payments			semiannual	semiannual	semiannual	semiannual	semiannual		quarterly	quarterly	quarterly		quarterly	quarterly					semi-annual									quarterly	quarterly	quarterly					quarterly	quarterly	quarterly
Line of Credit Periodic Payment of Principal			4,500,000		6,000,000	2,500,000	2,500,000		962,500	1,050,000	525,000		466,900	1,412,000					4,456,700									1,273,400	1,273,400	1,273,400					1,364,300	1,364,300
Balloon payment			60,000,000	10,000,000	42,000,000	30,000,000	30,000,000		7,700,000	8,400,000	4,200,000		1,867,400						62,392,700									40,744,800	40,744,800	40,744,800					38,199,600	38,199,600	48,205,000
Line of Credit Final Payment of Principal														12,713,000
Line of Credit Payment of Principal remaining period			November 2014 to May 2018	August 2014 to February 2018	December 2014 to December 2017	August 2014 to August 2018	August 2014 to February 2018		August 2014 to August 2019	July 2014 to October 2019	August 2014 to February 2020		August 2014 to May 2015						July 2014 to January 2021									July 2014 to April 2020	September 2014 to June 2020	August 2014 to November 2020					September 2014 to June 2020	August 2014 to August 2020	September 2014 to December 2018
Term loans additional information																																										The term loans 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, additional indebtedness, mortgaging of vessels, as well as minimum requirements regarding hull Value Maintenance Clauses (?VMC?) in the range of 100% to 125% and dividend payments if an event of default has occurred and is continuing or would occur as a result of the payment of such dividend.
Loan interest rates range																																										1.03%-6.75%	1.25%-6.75%
Weighted average interest rates																																										4.20%	4.30%
Interest expense excluding amortization																																												41,008,000	37,535,000
Interest costs capitalized	(1,795,000)	(5,863,000)																																										1,795,000	5,863,000
Interest capitalized Advances for vessel acquisitions																																												(1,306,000)	(4,002,000)
Net Settlements on Interest Rate Swaps Qualifying for Cash Flow Hedge	$ 489,000	$ 1,861,000																																										$ (489,000)	$ (1,861,000)

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Deferred Charges

6 Months Ended

Jun. 30, 2014

Deferred Charges Disclosure [Abstract]:

Deferred Charges [Text Block]

7. Deferred Charges:

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

	Financing Costs			Dry-docking  and Special  Survey Costs			Total
Balance, December 31, 2013		9,954			19,910			29,864
Additions		2,055			2,287			4,342
Amortization		(1,016	)		(3,796	)		(4,812	)
Write-off		(2,009	)		(482	)		(2,491	)
Balance, June 30, 2014		8,984			17,919			26,903

Financing costs represent fees paid to the lenders for the conclusion of the Company's financing. The amortization and write off, of loan financing costs is included in interest and finance costs in the accompanying consolidated statements of income and the amortization of the dry-docking and special survey costs is separately reflected in the accompanying consolidated statements of income.

During the six-month periods ended June 30, 2013 and 2014, five vessels and three vessels, respectively, underwent their special surveys. During the six-month period ended June 30, 2014, three vessels completed their works. During the six-month period ended June 30, 2013, four vessels completed their works and one vessel was in process.

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Costamare Ventures Inc.

6 Months Ended

Jun. 30, 2014

Costamare Ventures Inc. [Abstract]:

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 Agreement”) 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 Agreement 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 Agreement, York has agreed to invest up to $250 million in mutually agreed vessel acquisitions and Costamare Ventures has 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 elects to invest, it is expected that it will hold between 25% and 49% of the equity in the entities that will be formed under the Framework Agreement (the “affiliate ship-owning companies”) and York will hold the balance. Costamare Shipping provides shipmanagement and administrative services to the vessels acquired under the Framework Agreement, with the right to subcontract to V.Ships Greece and/or Shanghai Costamare. The Framework Agreement will terminate on its sixth anniversary or upon the occurrence of certain extraordinary events as described therein. At that time, 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. The Company accounts for the entities formed under the Framework Agreement as equity investments. As at June 30, 2014, the Company holds a range of 25% to 49% of the capital stock of thirteen jointly-owned companies formed pursuant to the Framework Agreement with York (Note 9).

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Long-Term Debt

6 Months Ended

Jun. 30, 2014

Long-Term Debt [Abstract]:

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, 2013		June 30, 2014
1.	Credit Facility	675,774		630,829
2.	Term Loans:
	1.  Costis Maritime Corporation and Christos Maritime Corporation	100,500		96,000
	2.  Mas Shipping Co.	47,000		43,000
	3.  Montes Shipping Co. and Kelsen Shipping Co.	90,000		84,000
	4.  Capetanissa Maritime Corporation	55,000		52,500
	5.  Rena Maritime Corporation	52,500		50,000
	6.  Costamare Inc.	90,100		79,423
	7.  Adele Shipping Co., Bastian Shipping Co. and Cadence Shipping Co.	146,295		-
	8.  Costamare Inc.	129,243		124,787
	9.  Undine Shipping Co., Quentin Shipping Co. and Sander Shipping Co.	224,107		216,466
	10. Raymond Shipping Co. and Terance Shipping Co.	148,707		143,250
	11. Costamare Inc.	108,350		102,510
		1,191,802		991,936
	Total	1,867,576		1,622,765
	Less-current portion	(206,717	)	(195,514	)
	Long-term portion	1,660,859		1,427,251

1. Credit Facility: On July 22, 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 Company used $631,340 of the proceeds from the Facility to repay the then existing indebtedness. The Facility bears interest at the 3, 6, 9 or 12 months (at the Company's option) LIBOR plus margin. Following the sale of MSC Antwerp (ex. Sophia Britannia) the Company, on September 30, 2013, repaid $1,500 of the Facility.

The outstanding balance of the Facility as of June 30, 2014, is repayable in 16 equal, consecutive quarterly installments, of $22,473 each plus a balloon payment of $271,261 payable together with the last installment. The quarterly installments were calculated using a formula specified in the agreement, following the amalgamation of the Facility's compounds on June 30, 2011, as documented in the third supplemental agreement to the Facility that the Company entered into on September 6, 2011.

On December 17, 2012, the Company entered into a fourth supplemental agreement which released two of the Company's subsidiaries guarantors and the mortgages over their vessels and replaced them with mortgages over two other vessels. On May 28, 2013, the Company entered into a fifth supplemental agreement under which the bank agreed to the change of flags of five of the Company's vessels and to the transfer of the technical management of two of the Company's vessels to V.Ships Greece. On August 30, 2013, the Company entered into a sixth supplemental agreement which released one of the Company's subsidiary guarantor and the mortgage over its vessel and replaced it with mortgages over two other vessels.

The Facility, as of June 30, 2014, was secured with, among others, first priority mortgages over 18 of the Company's vessels, first priority assignment of vessels' insurances and earnings, charter party assignments, first priority pledges over the operating accounts and corporate guarantees of 18 ship-owning companies.

The Facility and certain of the term loans described under Note 10.2 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, (iv) Market Value Adjusted Net Worth, defined as the amount by which the Market Value Adjusted Total Assets exceed the Total Liabilities, to exceed $500,000 and (v) the ratio of net funded debt to total net assets ratio not to exceed 80% on a charter inclusive valuation basis. The Company's other term loans described under Note 10.2 below also contain financial covenants that are either equal to or less stringent than the foregoing financial covenants.

2. Term loans:

1. 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. As at June 30, 2014, the outstanding balance of the loan of $96,000 is repayable in 8 equal semi-annual installments of $4,500, each from November 2014 to May 2018 and a balloon payment of $60,000 payable together with the last installment.

2. 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 vessel Maersk Kokura. As at June 30, 2014, the outstanding balance of the loan of $43,000 is repayable in 8 variable semi-annual installments from August 2014 to February 2018 and a balloon payment of $10,000 payable together with the last installment.

3. 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. As at June 30, 2014, the outstanding balance of the loan of $84,000 is repayable in 7 equal semi-annual installments of $6,000 each from December 2014 to December 2017 and a balloon payment of $42,000 payable together with the last installment.

4. 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. As at June 30, 2014, the outstanding balance of the loan of $52,500 is repayable in 9 equal semi-annual installments of $2,500 each from August 2014 to August 2018 and a balloon payment of $30,000 payable together with the last installment.

5. 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. As at June 30, 2014, the outstanding balance of the loan of $50,000 is repayable in 8 equal semi-annual installments of $2,500 each from August 2014 to February 2018 and a balloon payment of $30,000 payable together with the last installment.

6. On November 19, 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, 2014, the Company has 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 MSC Romanos,  MSC Methoni,  MSC Ulsan,  MSC Koroni (ex. Koroni)  and  Kyparissia,  respectively. As at June 30, 2014, the outstanding balance of the tranche (a) of the loan of $27,913 is repayable in 21 equal quarterly installments of $962.5 from August 2014 to August 2019 and a balloon payment of $7,700 payable together with the last installment. As at June 30, 2014, the outstanding balance of the tranche (b) of the loan of $31,500 is repayable in 22 equal quarterly installments of $1,050 from July 2014 to October 2019 and a balloon payment of $8,400 payable together with the last installment. As at June 30, 2014, the outstanding balance of the tranche (c) of the loan of $16,275 is repayable in 23 equal quarterly installments of $525 from August 2014 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. As at June 30, 2014, the outstanding balance of the tranche (e) of the loan of $3,735 is repayable in 4 equal quarterly installments of $466.9 from August 2014 to May 2015 and a balloon payment of $1,867.4 payable together with the last installment.

7. On January 14, 2011, Adele Shipping Co., Bastian Shipping Co. and Cadence 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 $203,343 to finance part of the acquisition and construction cost of Hulls H1068A, H1069A and H1070A (Note 5). The drawdown of the facility was made in three tranches, one for each hull. The credit facility was repayable in forty consecutive quarterly installments, the first thirty-nine (1-39) in the amount of $1,412 per tranche each, and a final (fortieth) installment of $12,713 per tranche. As of December 31, 2013, the Company had drawn the amount of $48,765 (tranche (a) - H1068A), $48,765 (tranche (b) - H1069A) and $48,765 (tranche (c) - H1070A), in order to partly finance the second installment and fully finance the third and fourth pre-delivery installment of hulls H1068A, H1069A and H1070A. MSC Azov (Hull H1068A), MSC Ajaccio (Hull H1069A) and MSC Amalfi (Hull H1070A) were delivered to the Company, on January 14, 2014, March 14, 2014 and April 28, 2014, respectively and at the same time the Company agreed the sale and leaseback of such vessels and repaid the then outstanding balance of the three tranches (Note 11).

8. On April 7, 2011, Costamare, as borrower, concluded a credit facility with a bank, for an amount up to the lesser of $140,000 and 70% of the contract price of the vessels, to finance part of the acquisition and construction cost of Hulls S4010 and S4011 (Note 5). In April 2011, the Company drew down the amount of $26,740 in order to partly refinance the first pre-delivery installment of Hulls S4010 and S4011. During the year ended December 31, 2012, the Company drew down the amount of $26,740, in aggregate, in order to partly finance the second and third pre-delivery installments of Hulls S4010 and S4011. Furthermore, during the year ended December 31, 2013, the Company drew down in aggregate the amount of $80,220, in order to partly finance the final installments of Hulls S4010 (MSC Athens), which was delivered to the Company on March 14, 2013 and S4011 (MSC Athos), which was delivered to the Company on April 8, 2013. As at June 30, 2014, the outstanding balance of the loan of $124,787 is repayable in 14 equal semi-annual installments of $4,456.7 from July 2014 until January 2021 and a balloon payment of $62,392.7 payable together with the last installment.

9. On August 16, 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 acquisition and construction cost of Hulls S4020, S4022 and S4024 (Note 5). The drawdown of the facility was made in three tranches. On August 26, 2011, the Company drew down an amount of $22,920 in order to partly refinance the first pre-delivery installment of Hulls S4020, S4022 and S4024. During the year ended December 31, 2012, the Company drew down in aggregate the amount of $38,200 in order to partly finance the second and the third pre-delivery installments of Hulls S4020, S4022 and S4024. Furthermore, during the year ended December 31, 2013, the Company drew down in aggregate the amount of $168,080 in order to partly finance the third pre-delivery and the delivery final installments of Hulls S4020 (Valor), S4022 (Valiant) and S4024 (Vantage), which were delivered to the Company on June 3, 2013, August 5, 2013 and November 8, 2013, respectively. As at June 30, 2014, the outstanding balance of the tranche (a) of $71,306.4 relating to Hull S4020 (Valor), is repayable in 24 equal quarterly installments of $1,273.4 from July 2014 to April 2020 and a balloon payment of $40,744.8 payable together with the last installment. As at June 30, 2014, the outstanding balance of the tranche (b) of $71,306.4 relating to Hull S4022 (Valiant), is repayable in 24 equal quarterly installments of $1,273.4 from September 2014 to June 2020 and a balloon payment of $40,744.8 payable together with the last installment. As at June 30, 2014, the outstanding balance of the tranche (c) of $73,853.2 relating to Hull S4024 (Vantage) is repayable in 26 equal quarterly installments of $1,273.4 and a balloon payment payable together with the last installment of $40,744.8 from August 2014 to November 2020.

10. On October 12, 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 construction and acquisition cost of Hulls S4021 and S4023 (Note 5). On October 25, 2011, the Company drew down an amount of $15,280 in order to partly refinance the first pre-delivery installment of Hulls S4021 and S4023. During the year ended December 31, 2012, the Company drew down in aggregate the amount of $30,560 in order to partly finance the second and third pre-delivery installments of Hulls S4021 and S4023. Furthermore, during the year ended December 31, 2013 the Company drew down in the aggregate the amount $106,960 in order to partly finance the final installments of Hulls S4021 (Value) and S4023 (Valence), which vessels were delivered to the Company on June 25, 2013, and September 2, 2013, respectively. As at June 30, 2014, the outstanding balance of the tranche (a) of $70,942.8 relating to Hull S4021 (Value), is repayable in 24 equal quarterly installments of $1,364.3 from September 2014 to June 2020 and a balloon payment of $38,199.6 payable together with the last installment. As at June 30, 2014, the outstanding balance of tranche (b) of the loan of $72,307.1 relating to Hull S4023 (Valence) is repayable in 25 equal quarterly installments of $1,364.3 from August 2014 to August 2020 and a balloon payment of $38,199.6 payable together with the last installment.

11. On October 6, 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. In March 2012, the Company drew the amount of $113,700. Furthermore, on June 29, 2012, the Company entered into a supplemental agreement for a further amount of $11,300 to finance the acquisition of the vessel Stadt Luebeck, which was drawn down in August 2012 upon the delivery of the vessel. In April 11, 2014, the Company entered into another supplemental agreement, for a further amount of $9,000 to partly finance the acquisition of the vessel Neapolis, which was drawn down in April 2014 upon the delivery of the vessel. In May 2014, the Company repaid the amount of $6,495 due to the sale of Konstantina (Note 6). As at June 30, 2014, the outstanding balance of $102,510 is repayable in 17 quarterly variable consecutive installments from September 2014 to December 2018 and a balloon payment of $48,205 payable together with the last installment.

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, additional indebtedness, mortgaging of vessels, as well as minimum requirements regarding hull Value Maintenance Clauses (“VMC”) in the range of 100% to 125% and restrictions in 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 principal payments required to be made after June 30, 2014, are as follows:

Year ending December 31,	Amount
2014		96,823
2015		192,950
2016		185,259
2017		227,259
2018		563,946
2019 and thereafter		356,528
		1,622,765

The interest rates of Costamare's long-term debt at December 31, 2013 and June 30, 2014, were in the range of 1.25%-6.75% and 1.03%-6.75%, respectively. The weighted average interest rate as at December 31, 2013 and June 30, 2014 was 4.3% and 4.2% respectively.

Total interest expense incurred on long-term debt (including the effect of the interest rate swaps discussed in Note 18) for the six-month periods ended June 30, 2013 and 2014, amounted to $37,535 and $41,008, respectively and is included in Interest and finance costs in the accompanying consolidated statements of income. Of the above amount incurred in 2013, $5,863 was capitalized and is included (a) in Advances for vessel acquisitions ($4,002) in the accompanying 2013 consolidated balance sheet and (b) in the statement of comprehensive income / (loss) ($1,861), representing net settlements on interest rate swaps qualifying for cash flow hedge. Of the above amount incurred in 2014, $1,795 was capitalized and is included (a) in Advances for vessel acquisitions ($1,306) (Note 5) and (b) in the statement of comprehensive income / (loss) ($489), representing net settlements on interest rate swaps qualifying for cash flow hedge.

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Finance lease obligations (Table) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014
Capital lease obligations by maturity [Abstract]:
2014	$ 15,419
2015	30,699
2016	30,783
2017	30,698
2018	30,698
2019 and thereafter	238,252
Total	376,549
Less: amount of interest	(122,982)
Total lease payments	$ 253,567

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Financial Instruments - Fair value of Assets and Liabilities (Table) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Derivatives Fair Value [Line Items]
Interest rate swaps-liability position	$ (88,577)	$ (103,212)
Total	(88,577)	(103,212)
Quoted Prices Active Markets for Identical Assets (Level 1) [Member]
Derivatives Fair Value [Line Items]
Interest rate swaps-liability position	0	0
Total	0	0
Significant Other Observable Inputs (Level 2) [Member]
Derivatives Fair Value [Line Items]
Interest rate swaps-liability position	(88,577)	(103,212)
Total	(88,577)	(103,212)
Unobservable Inputs (Level 3) [Member]
Derivatives Fair Value [Line Items]
Interest rate swaps-liability position	0	0
Total	$ 0	$ 0

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Accrued charter revenue, current and non-current-Additional Information (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Accrued Charter Revenue Current and Non-Current [Abstract]
Accrued charter revenue, net	$ (22,017)	$ (16,896)
Accrued charter revenue	408	409
Accrued charter revenue, non-current	10,063	10,264
Accrued charter revenue reductions	0	2,208
Charter revenue resulting from varying charter rates	$ 32,488	$ 27,569

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Prepaid lease rentals (Table) (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Prepaid lease rentals [Abstract]:
Initial recognition of prepaid lease rentals	$ 49,817
Less: Amortization of prepaid lease rentals	(1,512)	0
Prepaid lease rentals	48,305
Less: Current portion	(4,982)		0
Non-current portion	$ 43,323		$ 0

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Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2014

Long-Term Debt [Abstract]:

Schedule of Debt [Table Text Block]

Borrower(s)		December 31, 2013		June 30, 2014
1.	Credit Facility	675,774		630,829
2.	Term Loans:
	1.  Costis Maritime Corporation and Christos Maritime Corporation	100,500		96,000
	2.  Mas Shipping Co.	47,000		43,000
	3.  Montes Shipping Co. and Kelsen Shipping Co.	90,000		84,000
	4.  Capetanissa Maritime Corporation	55,000		52,500
	5.  Rena Maritime Corporation	52,500		50,000
	6.  Costamare Inc.	90,100		79,423
	7.  Adele Shipping Co., Bastian Shipping Co. and Cadence Shipping Co.	146,295		-
	8.  Costamare Inc.	129,243		124,787
	9.  Undine Shipping Co., Quentin Shipping Co. and Sander Shipping Co.	224,107		216,466
	10. Raymond Shipping Co. and Terance Shipping Co.	148,707		143,250
	11. Costamare Inc.	108,350		102,510
		1,191,802		991,936
	Total	1,867,576		1,622,765
	Less-current portion	(206,717	)	(195,514	)
	Long-term portion	1,660,859		1,427,251

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

Year ending December 31,	Amount
2014		96,823
2015		192,950
2016		185,259
2017		227,259
2018		563,946
2019 and thereafter		356,528
		1,622,765

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Vessels, Net-Additional Information (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended		12 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013 MSC Athens, MSC Athos, Valor, Value, Valiant, Valence and Vantage [Member]	Dec. 31, 2013 Venetiko, Petalidi, Ensenada Express and X-Press Padma [Member]	Jul. 12, 2013 Petalidi, Ensenada Express and X-Press Padma under Framework Agreement with York [Member]	Jun. 30, 2014 Neapolis and Areopolis acquisition [Member]	Jun. 30, 2013 MSC Washington and MSC Austria disposal [Member]	Jun. 30, 2014 Konstantina disposal [Member]	Jun. 30, 2014 Vessels, Net, Additional Information [Member]
Vessels' cost			$ 689,112	$ 51,853		$ 19,540
Vessels' disposal price							16,010	7,546
Gain on sale of vessel	2,903	(6,460)					6,460	(2,903)
Participation in the share capital of shipowning companies by counter party					51.00%
Carrying value of fully depreciated vessels									4,751
Number of fully depreciated vessels									1
Carrying value of vessels provided as collaterals to secure loans									$ 1,990,279
Number of vessels provided as collaterals to secure loans									47

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Earnings/ (Loss) per share

6 Months Ended

Jun. 30, 2014

Earnings per share, Basic [Abstract]:

Earnings per share [Text Block]

15. Earnings / (Loss) per share (EPS)

All common shares issued are Costamare common stock and have equal rights to vote and participate in dividends. In August 2013, the Company issued Series B Preferred Stock, receiving an annual dividend of 7.625% in arrears on the 15th day of January, April, July and October of each year. Furthermore, in January 2014 the Company issued Series C Preferred Stock, receiving an annual dividend of 8.50% in arrears on the 15th day of January, April, July and October of each year. Profit or loss attributable to common equity holders is adjusted by the contractual amount of dividends on Series B Preferred Stock and Series C Preferred Stock that should be paid for the period. Dividends paid and accrued on Series B Preferred Stock and Series C Preferred Stock during the six-month periods ended June 30, 2013 and 2014, amounted to nil and $5,719, respectively.

	2013		2014
	Basic EPS		Basic EPS
Net income	$	55,291	$	47,213
Less: paid and accrued earnings allocated to Preferred Stock		-		(5,719	)
Net income available to common stockholders		55,291		41,494
Weighted average number of common shares, basic		74,800,000		74,800,000
Earnings per common share	$	0.74	$	0.55

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Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2014

Comprehensive Income (Loss) Disclosure [Abstract]

Comprehensive income (loss) [Text Block]

20. Comprehensive Income / (Loss):

During the six-month period ended June 30, 2013, Other comprehensive income / (loss) increased with net gains of $55,507 relating to (i) the change of the fair value of derivatives that qualify for hedge accounting (gain of $37,326), net of the settlements to net income of derivatives that qualify for hedge accounting (gain of $20,030), (ii) the Net settlements on interest rate swaps qualifying for cash flow hedge associated with vessels under construction ($1,861) and (iii) the amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to depreciation ($12). During the six-month period ended June 30, 2014, Other comprehensive income / (loss) increased with net gains of $18,900 relating to (i) the change of the fair value of derivatives that qualify for hedge accounting (loss of $8,862), net of the settlements to net income of derivatives that qualify for hedge accounting (gain of $21,596), (ii) the Net settlements on interest rate swaps qualifying for cash flow hedge associated with vessels under construction ($489), (iii) the amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to depreciation ($51) and (iv) the amounts reclassified from net settlements on interest rate swaps qualifying for hedge accounting to Prepaid lease rentals ($6,604). As at June 30, 2013 and 2014, Comprehensive income / (loss) amounted to $110,798 and $66,113, respectively.

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Advances for Vessels Acquisitions (Table) (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014
Advances for Vessel Acquisitions Disclosure [Abstract]
Balance 31 December, 2013	$ 240,871
Pre-delivery installments	57,048
Capitalized interest and finance costs	1,306
Other capitalized costs	704
Sale and leaseback	(299,929)
Balance June 30, 2014	$ 0

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Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2014

Fair Value Disclosure [Abstract]:

Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]

	December 31,  2013			Quoted Prices in  Active Markets for  Identical Assets  (Level 1)		Significant  Other  Observable  Inputs  (Level 2)			Unobservable  Inputs  (Level 3)
Recurring measurements:
Interest rate swaps-liability position		(103,212	)		-		(103,212	)		-
Total		(103,212)			-		(103,212)			-

Fair value liabilities of the current reporting period measured on recurring basis [Table Text Block]

	June 30,  2014			Quoted Prices in  Active Markets for  Identical Assets  (Level 1)		Significant  Other  Observable  Inputs  (Level 2)			Unobservable  Inputs  (Level 3)
Recurring measurements:
Interest rate swaps-liability position		(88,577	)		-		(88,577	)		-
Total		(88,577)			-		(88,577)			-

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Unaudited Consolidated Statements of Stockholders' Equity (USD $) In Thousands, except Share data	Total	Preferred Stock (Series C) [Member]	Preferred Stock (Series B) [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income / (Loss) [Member]	Retained Earnings (Accumulated Deficit) [Member]
Balance as of, Value at Dec. 31, 2012	$ 520,452	$ 0	$ 0	$ 8	$ 714,100	$ (152,842)	$ (40,814)
Balance as of, Shares at Dec. 31, 2012		0	0	74,800,000
Net income	55,291						55,291
Dividends - Common stock	(40,392)						(40,392)
Other Comprehensive Income	55,507					55,507
Balance as of, value at Jun. 30, 2013	590,858	0	0	8	714,100	(97,335)	(25,915)
Balance as of, shares at Jun. 30, 2013		0	0	74,800,000
Balance as of, Value at Dec. 31, 2013	656,949	0	0	8	762,142	(85,154)	(20,047)
Balance as of, Shares at Dec. 31, 2013		0	2,000,000	74,800,000
Net income	47,213						47,213
Preferred stock Series C issuance, value	96,850	0			96,850
Preferred stock Series C issuance, shares		4,000,000
Preferred stock Series C expenses	(327)				(327)
Dividends - Common stock	(41,140)						(41,140)
Dividends - Preferred stock	(5,719)						(5,719)
Other Comprehensive Income	18,900					18,900
Balance as of, value at Jun. 30, 2014	$ 772,726	$ 0	$ 0	$ 8	$ 858,665	$ (66,254)	$ (19,693)
Balance as of, shares at Jun. 30, 2014		4,000,000	2,000,000	74,800,000

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Inventories

6 Months Ended

Jun. 30, 2014

Inventory Disclosure [Abstract]:

Inventories [Text Block]

4. Inventories:

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

	December 31, 2013		June 30, 2014
Bunkers		303		659
Lubricants		9,044		11,475
Spare parts		1,658		1,656
Total		11,005		13,790

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Long-Term Debt (Table) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Long-Term Debt [Abstract]:
Credit Facility	$ 630,829	$ 675,774
Term Loans [Abstract]:
Costis Maritime Corporation and Christos Maritime Corporation	96,000	100,500
Mas Shipping Co	43,000	47,000
Montes Shipping Co and Kelsen Shipping Co	84,000	90,000
Capetanissa Maritime Corporation	52,500	55,000
Rena Maritime Corporation	50,000	52,500
Costamare Inc.	79,423	90,100
Adele Shipping Co., Bastian Shipping Co. and Cadence Shipping Co.	0	146,295
Costamare Inc.	124,787	129,243
Undine Shipping Co., Quentin Shipping Co. and Sander Shipping Co.	216,466	224,107
Raymond Shipping Co. and Terance Shipping Co.	143,250	148,707
Costamare Inc.	102,510	108,350
Total Term Loans	991,936	1,191,802
Total	1,622,765	1,867,576
Less-current portion	(195,514)	(206,717)
Long-term Portion	$ 1,427,251	$ 1,660,859

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Derivatives in ASC 815 Cash Flow Hedging Relationships (Table) (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Derivative [Line Items]
Interest rate swaps	$ (8,862)	$ 37,326
Reclassification to Interest and Finance Costs	21,596	20,030
Total	12,734	57,356
Amount of Gain (Loss) Recognized in Accumulated OCI on Derivative (Effective Portion) [Member]
Derivative [Line Items]
Interest rate swaps	(8,862)	37,326
Reclassification to Interest and Finance Costs	21,596	20,030
Total	12,734	57,356
Location of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) [Member]
Derivative [Line Items]
Description of Location of Gain (Loss) on Interest Rate Derivative on Income Statement	Gain on derivative instruments, net
Amount of Gain (Loss) recognized in income of derivative Ineffective Portion [Member]
Derivative [Line Items]
Interest rate swaps	(121)	0
Total	$ (121)	$ 0

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Commitments and Contitngencies - Long-Term Time Charters-Additional Information (Details)	6 Months Ended
	Jun. 30, 2014
Long-term time charters (including the charter agreements of vessels under construction) [Member]
Time charter arrangements remaining terms period	up to 117 months
Number of unchartered vessels	2
Future minimum contractual charter revenues assumptions [Member]
Revenue days per annum	365 days
Redelivery dates	earliest possible redelivery dates

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Subsequent Events

6 Months Ended

Jun. 30, 2014

Subsequent Events [Abstract]:

Subsequent Events [Text Block]

21. Subsequent Events:

(a) Declaration and payment of Dividends (preferred stock Series B and preferred stock Series C): On July 3, 2014, the Company declared a dividend of $953 or $0.476563 per share on its 7.625% Series B Preferred Stock and a dividend of $2,125 or $0.531250 per share on its 8.50% Series C Preferred Stock, for the period from April 15, 2014 to July 14, 2014, both paid on July 15, 2014.

(b)Vessel disposal: On July 8, 2014, the Company agreed to sell for scrap the 1981-built, 3,876 TEU containership MSC Kyoto, at a price of $9,483. The vessel was delivered to her buyers on July 17, 2014.

(c) Declaration and payment of Dividends (common stock): On July 8, 2014, the Company declared a dividend of $0.28 per share for the second quarter ended June 30, 2014, which is payable on August 6, 2014, to stockholders of record at the close of trading of the Company's common stock on the New York Stock Exchange on July 23, 2014.

(d) Restructuring of Zim Integrated Shipping Services (“ZIM”): One of the Company's charterers, Zim Integrated Shipping Services (“ZIM”), was engaged in ongoing discussions with its creditors, including vessel and container lenders, ship-owners, shipyards, unsecured lenders and bond holders, to restructure its debt. Costamare was participating in these discussions. On July 16, 2014, ZIM, finalized the terms of its comprehensive financial restructuring plan with its shareholders and its creditors, including vessel and container lenders, ship-owners, shipyards, unsecured lenders and bond holders. Based on this agreement, the Company has been granted charter extensions and has been issued equity securities representing 1.2% of ZIM's equity and approximately $8.2 million in interest bearing notes maturing in 2023.

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Earnings/ (Loss) per share - Basic and Diluted (Table) (Details) (USD $) In Thousands, except Share data, unless otherwise specified	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Earnings per share, Basic EPS [Abstract]:
Net income	$ 47,213	$ 55,291
Less paid and accrued earnings allocated to Preferred Stock	(5,719)	0
Net income available to common stockholders	$ 41,494	$ 55,291
Weighted average number of shares, basic	74,800,000	74,800,000
Earnings per common share	$ 0.55	$ 0.74

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Earnings/ (Loss) per share - Basic and Diluted (Tables)

6 Months Ended

Jun. 30, 2014

Earnings per share, Basic [Abstract]:

Schedule Of Earnings per share, Basic and Diluted [Table TextBlock]

	2013		2014
	Basic EPS		Basic EPS
Net income	$	55,291	$	47,213
Less: paid and accrued earnings allocated to Preferred Stock		-		(5,719	)
Net income available to common stockholders		55,291		41,494
Weighted average number of common shares, basic		74,800,000		74,800,000
Earnings per common share	$	0.74	$	0.55

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Common Stock, Preferred stock and Additional Paid-In Capital

6 Months Ended

Jun. 30, 2014

Stockholders Equity Note [Abstract]:

Common Stock, Preferred stock and additional paid-in Capital [Text Block]

14. Common Stock, Preferred Stock and Additional Paid-In Capital: 

(a) Common Stock: From inception through July 11, 2010, the authorized common stock of Costamare consisted of 2,000,000 shares with a par value of $0.0001 per share out of which 1,000,000 shares were issued to the Family. On July 12, 2010, the Company's articles of incorporation were amended. Under the amended articles of incorporation, the Company's authorized capital stock consists of 1,000,000,000 shares of common stock, par value $0.0001 per share and 100,000,000 preferred shares, par value $0.0001 per share of which no shares were issued. Of these preferred shares, 10,000,000 shares have been designated Series A Participating Preferred Stock in connection with the adoption of a stockholder rights plan. All shares of stock are in registered form.

On July 20, 2010, pursuant to a rights offering authorized by the Board of Directors on July 14, 2010, the Company issued 24,000,000 shares of common stock in exchange of $2,400, increasing the issued share capital of the Company to 25,000,000 shares of common stock.

On October 19, 2010, within the context of the Initial Public Offering completed in November 2010, the Company effected a dividend of 0.88 shares for each share of common stock outstanding on the record date of August 27, 2010 (the “Stock Split”). As a result of this dividend, the Company issued 22,000,000 additional shares in respect of its 25,000,000 shares of the then outstanding common stock.

On November 4, 2010, the Company completed its Initial Public Offering in the United States under the Securities Act. In this respect 13,300,000 common shares at par value $0.0001 were issued at a public offering price of $12.00 per share, increasing the issued share capital to 60,300,000 shares. The net proceeds of the Initial Public Offering were $145,543.

On March 27, 2012, the Company completed a follow-on public equity offering in the United States under the Securities Act. In this respect 7,500,000 shares at par value $0.0001 were issued at a public offering price of $14.10 per share, increasing the issued share capital to 67,800,000 shares. The net proceeds of the follow-on offering were $100,584.

On October 19, 2012, the Company completed a follow-on public equity offering in the United States under the Securities Act. In this respect 7,000,000 shares at par value $0.0001 were issued at a public offering price of $14.00 per share, increasing the issued share capital to 74,800,000 shares. The net proceeds of the follow-on offering were $93,547.

(b) Preferred Stock: On August 7, 2013, the Company issued 2,000,000, Series B Cumulative Redeemable Perpetual Preferred Stock (the “Series B Preferred Stock”) in the United States under the Securities Act, which pay dividends of 7.625% per annum in arrears on a quarterly basis (equal to $1.90625 per annum per share) at $25 per share. At any time after August 6, 2018, the Series B Preferred Stock may be redeemed, at Company's election at a price of $25 of liquidation preference per share. The net proceeds from the offering were $48,042.

On January 22, 2014, the Company issued 4,000,000, Series C Cumulative Redeemable Perpetual Preferred Stock (the “Series C Preferred Stock”) in the United States under the Securities Act, which pay dividends of 8.50% per annum in arrears on a quarterly basis (equal to $2.125 per annum per share) at $25 per share. At any time after January 21, 2019, the Series C Preferred Stock may be redeemed, at Company's election at a price of $25 of liquidation preference per share. The net proceeds from the offering were $96,523.

(c) 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) advances for working capital purposes and (iii) 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 and January 2014 and the net proceeds obtained for those shares.

(d) Dividends declared and / or paid: During the six-month period ended June 30, 2013, the Company declared and paid, to its common stockholders, (i) the amount of $20,196 or $0.27 per common share for the fourth quarter of 2012 and (ii) the amount of $20,196 or $0.27 per common share for the first quarter of 2013. During the six-month period ended June 30, 2014, the Company declared and paid to its common stockholders, (i) the amount of $20,196 or $0.27 per common share for the fourth quarter of 2013 and (ii) the amount of $20,944 or $0.28 per common share for the first quarter of 2014. During the six-month period ended June 30, 2014, the Company declared and paid to its holders of Series B Preferred Stock, (i) the amount of $953 or $0.476563 per share for the period from October 14, 2013 to January 14, 2014 and (ii) the amount of $953 or $0.476563 per share for the period from January 15, 2014 to April 14, 2014. During the six-month period ended June 30, 2014, the Company declared and paid to its holders of Series C Preferred Stock, the amount of $1,983 or $0.495833 per share for the period from January 22, 2014 to April 14, 2014.