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 2015

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F-3, as filed with the Securities and Exchange Commission on November 20, 2013 (File No. 333-191833), to the extent not superseded by information subsequently filed or furnished (to the extent we expressly state that we incorporate such furnished information by reference) by us under the Securities Act of 1933 or the Securities Exchange Act of 1934, in each case as amended.

EXHIBIT INDEX

99.1 Unaudited interim condensed consolidated financial statements of Costamare Inc. for the six-month period ended June 30, 2015, 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, 2015

COSTAMARE INC.
By:	/s/ Gregory G. Zikos
Name:	Gregory G. Zikos

EX-99.1

 Exhibit 99.1

COSTAMARE INC.

Consolidated Balance Sheets

As of December 31, 2014 and June 30, 2015

(Expressed in thousands of U.S. dollars)

	December 31, 2014			June 30, 2015
	(Audited)			(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	113,089		$	159,942
Restricted cash		14,264			14,019
Accounts receivable, net		2,365			1,303
Inventories (Note 5)		11,565			13,658
Due from related parties (Notes 3 and 9)		4,447			6,323
Insurance claims receivable		1,759			2,301
Prepaid lease rentals (Note 11)		4,982			4,989
Accrued charter revenue (Note 12)		511			456
Prepayments and other		4,993			6,165
Total current assets		157,975			209,156
FIXED ASSETS, NET:
Capital leased assets (Note 11)		250,547			246,788
Vessels, net (Note 6)		2,098,820			2,053,710
Total fixed assets, net		2,349,367			2,300,498
NON-CURRENT ASSETS:
Investment in affiliates (Note 9)		73,579			91,128
Prepaid lease rentals, non-current (Note 11)		40,811			38,334
Accounts receivable, non-current, net (Note 3)		1,425			1,425
Deferred charges, net (Note 7)		28,675			26,796
Restricted cash		49,818			46,826
Accrued charter revenue, non-current (Note 12)		1,025			822
Other non-current assets (Note 4)		12,065			12,426
Total assets	$	2,714,740		$	2,727,411
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt (Note 10)	$	192,951		$	186,889
Accounts payable		6,296			7,054
Capital lease obligations  (Note 11)		13,508			14,029
Accrued liabilities		19,119			19,409
Unearned revenue (Note 12)		12,929			14,387
Fair value of derivatives (Notes 18 and 19)		43,287			39,212
Other current liabilities		2,286			2,181
Total current liabilities		290,376			283,161
NON-CURRENT LIABILITIES:
Long-term debt, net of current portion  (Note 10)		1,326,990			1,234,361
Capital lease obligations, net of current portion (Note 11)		233,625			226,499
Fair value of derivatives, net of current portion (Notes 18 and 19)		31,653			26,863
Unearned revenue, net of current portion (Note 12)		29,454			29,012
Total non-current liabilities		1,621,722			1,516,735
COMMITMENTS AND CONTINGENCIES (Note 13)		-			-
STOCKHOLDERS’ EQUITY:
Preferred stock (Note 14)		-			-
Common stock (Note 14)		8			8
Additional paid-in capital (Note 14)		858,665			960,664
Retained earnings		103			20,723
Accumulated other comprehensive loss (Notes 18 and 20)		(56,134	)		(53,880	)
Total stockholders’ equity		802,642			927,515
Total liabilities and stockholders’ equity	$	2,714,740		$	2,727,411

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, 2014 and 2015

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

	Six-month period ended June 30,
	2014			2015
REVENUES:
Voyage revenue	$	238,403		$	244,069
EXPENSES:
Voyage expenses		(1,776	)		(1,028	)
Voyage expenses-related parties (Note 3)		(1,788	)		(1,829	)
Vessels’ operating expenses		(59,905	)		(59,780	)
General and administrative expenses		(1,950	)		(1,432	)
General and administrative expenses – related parties (Note 3)		(500	)		(6,633	)
Management fees-related parties (Note 3)		(9,298	)		(9,690	)
Amortization of dry-docking and special survey costs (Note 7)		(3,796	)		(3,583	)
Depreciation (Notes 6, 11 and 20)		(51,818	)		(50,411	)
Amortization of prepaid lease rentals (Note 11)		(1,512	)		(2,470	)
Loss on sale / disposal of vessels, net (Note 6)		(2,903	)		-
Foreign exchange gains / (losses), net		(110	)		230
Operating income		103,047			107,443
OTHER INCOME / (EXPENSES):
Interest income		291			732
Interest and finance costs (Note 16)		(48,362	)		(49,743	)
Swaps breakage costs (Note 18)		(10,192	)		-
Equity loss on investments (Note 9)		(2,275	)		(47	)
Other, net (Note 9)		2,803			305
Gain on derivative instruments, net (Note 18)		1,901			11,923
Total other expenses		(55,834	)		(36,830	)
Net Income	$	47,213		$	70,613
Earnings allocated to Preferred Stock (Note 15)		(5,719	)		(7,313	)
Net income available to Common Stockholders		41,494			63,300
Earnings per common share, basic and diluted (Note 15)	$	0.55		$	0.85
Weighted average number of shares, basic and diluted		74,800,000			74,876,866

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, 2014 and 2015

(Expressed in thousands of U.S. dollars)

	June 30,
	2014			2015
Net income for the period	$	47,213		$	70,613
Other comprehensive income / (loss)
Unrealized gain on cash flow hedges, net (Notes 18 and 20)		12,734			2,203
Net settlements on interest rate swaps qualifying for cash flow hedge (Notes 10 and 20)		(489	)		-
Amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to Depreciation (Note 20)		51			51
Amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to Prepaid lease rentals (Note 11)		6,604			-
Other comprehensive income for the period	$	18,900		$	2,254
Total comprehensive income for the period	$	66,113		$	72,867

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

3

COSTAMARE INC.

Unaudited Consolidated Statements of Stockholders’ Equity

For the six-month periods ended June 30, 2014 and 2015

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

	Preferred Stock (Series D)				Preferred Stock (Series C)				Preferred Stock (Series B)				Common Stock
	# of shares		Par value		# of shares		Par value		# of shares		Par value		# of shares		Par value		Additional Paid-in Capital			Accumulated Other Comprehensive Loss			Retained Earnings / (Accumulated Deficit)			Total
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
BALANCE,  January 1, 2015		-	$	-		4,000,000	$	-		2,000,000	$	-		74,800,000	$	8	$	858,665		$	(56,134	)	$	103		$	802,642
- Net income		-		-		-		-		-		-		-		-		-			-			70,613			70,613
- Preferred stock Series D issuance		4,000,000		-		-		-		-		-		-		-		96,850			-			-			96,850
- Preferred stock Series D expenses		-		-		-		-		-		-		-		-		(234	)		-			-			(234	)
- Issuance of common stock (Note 3)		-		-		-		-		-		-		299,200		-		5,383			-			-			5,383
- Dividends -Common stock		-		-		-		-		-		-		-		-		-			-			(42,680	)		(42,680	)
- Dividends -Preferred stock		-		-		-		-		-		-		-		-		-			-			(7,313	)		(7,313	)
- Other comprehensive income		-		-		-		-		-		-		-		-		-			2,254			-			2,254
BALANCE,   June 30, 2015		4,000,000	$	-		4,000,000	$	-		2,000,000	$	-		75,099,200	$	8	$	960,664		$	(53,880	)	$	20,723		$	927,515

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, 2014 and 2015

(Expressed in thousands of U.S. dollars)

	June 30,
	2014		2015
Cash Flows From Operating Activities:
Net income:	$	47,213	$	70,613
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		51,818		50,411
Amortization of debt discount		-		(484)
Amortization of prepaid lease rentals		1,512		2,470
Amortization and write-off of financing costs		3,025		946
Amortization of deferred dry-docking and special survey		3,796		3,583
Equity based payments		-		5,383
Net settlements on interest rate swaps qualifying for cash flow hedge		(489)		-
Gain on derivative instruments, net		(1,901)		(11,923)
Loss on sale / disposal of vessels, net		2,903		-
Equity loss on investments		2,275		47
Changes in operating assets and liabilities:
Accounts receivable		6,813		1,062
Due from related parties		2,079		(1,876)
Inventories		(2,785)		(2,093)
Insurance claims receivable		(126)		(542)
Prepayments and other		(2,180)		(1,172)
Accounts payable		535		758
Accrued liabilities		417		4,517
Due to related parties		96		-
Unearned revenue		(1,847)		(112)
Other current liabilities		(1,023)		(105)
Dry-dockings		(2,287)		(2,650)
Accrued charter revenue		5,121		1,386
Net Cash provided by Operating Activities		114,965		120,219
Cash Flows From Investing Activities:
Investment in affiliates		(52,647)		(17,596)
Dividend from affiliate		1,813		-
Advances for vessel acquisitions		(59,058)		-
Vessels acquisitions / Additions to vessel cost		(19,840)		(1,491)
Proceeds from the sale of vessels, net		6,705		-
Net Cash used in Investing Activities		(123,027)		(19,087)
Cash Flows From Financing Activities:
Capital lease proceeds		256,716		-
Capital lease repayment		(3,149)		(6,605)
Offering proceeds, net of related expenses		96,523		96,616
Proceeds from long-term debt		9,000		-
Repayment of long-term debt		(253,812)		(98,691)
Payment of financing costs		(2,055)		-
Dividends paid		(45,029)		(48,836)
Decrease in restricted cash		4,289		3,237
Net Cash provided by / (used in) Financing Activities		62,483		(54,279)
Net  increase in cash and cash equivalents		54,421		46,853
Cash and cash equivalents at beginning of the period		93,379		113,089
Cash and cash equivalents at end of the period	$	147,800	$	159,942
Supplemental Cash Information:
Cash paid during the period for interest	$	21,378	$	22,928

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

5

COSTAMARE INC.

Notes to Unaudited Consolidated Financial Statements

June 30, 2014 and 2015

(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. On March 31, 2015 and on June 30, 2015, the Company issued 149,600 shares and 149,600 shares, respectively, to Costamare Shipping Company S.A. (Note 3) pursuant to the amended and restated group management agreement, increasing the issued share capital to 75,099,200 shares. At June 30, 2015, members of the Family owned, directly or indirectly, approximately 64.9% 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, on January 21, 2014, the Company completed a public offering of 4,000,000 shares of its 8.50% Series C Cumulative Redeemable Perpetual Preferred Stock (the “Series C Preferred Stock”), par value $0.0001, at a public offering price of $25.00 per share and on May 13, 2015, the Company completed a public offering of 4,000,000 shares of its 8.75% Series D Cumulative Redeemable Perpetual Preferred Stock (the “Series D Preferred Stock”), par value $0.0001, at a public offering price of $25.00 per share.

As of December 31, 2014 and June 30, 2015, the Company owned and/or operated a fleet of 55 container vessels with a total carrying capacity of approximately 320,407 TEU, 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, 2015, Costamare had 92 wholly-owned subsidiaries, all incorporated in the Republic of Liberia, except for five incorporated in the Republic of the Marshall Islands.

On October 2, 2014, Costamare Partners LP (the “MLP”), a Marshall Islands limited partnership and a wholly owned subsidiary of the Company,filed a Registration Statement on Form F-1 with the SEC (which registration statement was subsequently amended and re-filed on October 23, 2014, November 12, 2014, January 30, 2015, June 8, 2015 and June 26, 2015) for the initial public offering of common units representing limited partnership interests (the “common units”) in the MLP. The number of common units to be offered and the price range for the offering have not yet been finally determined. The proceeds from the offering are expected to be used principally to reduce indebtedness and for general partnership purposes, with the remainder to be distributed to the Company. If the offering is completed, the Company expects to contribute to the MLP a 100% interest in the entities which own four of the Company’s existing container vessels. Following the offering, the MLP will remain a consolidated subsidiary of the Company as the Company will retain a majority of the MLP’s total equity interests and, through a subsidiary, act as its general partner. Completion of the initial public offering is subject to further authorization of the board of directors of the Company, as well as completion of the SEC review process.

Revenues for the six month periods ended June 30, 2014 and 2015, derived from significant charterers individually accounting for 10% or more of revenues (in percentages of total revenues) were as follows:

	2014	2015
A	27%	25%
B	28%	31%
C	14%	13%
D	19%	18%
Total	88%	87%

6

COSTAMARE INC.

Notes to Unaudited Consolidated Financial Statements

June 30, 2014 and 2015

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

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, 2014, filed with the SEC on March 5, 2015.

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, 2015, are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2015.

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, 2014. There have been no material changes to these policies in the six-month period ended June 30, 2015, except for the re-assessment of the Company’s estimated scrap rate used to calculate the vessels’ salvage value.

Vessels, Net: Vessels are stated at cost, which consists of the contract price and any material expenses incurred upon acquisition (initial repairs, improvements and delivery expenses, interest and on-site supervision costs incurred during the construction periods). Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise these amounts are charged to expense as incurred.

The cost of each of the Company’s vessels is depreciated from the date of acquisition on a straight-line basis over the vessel’s remaining estimated economic useful life, after considering the estimated residual value which is equal to the product of vessels’ lightweight tonnage and estimated scrap rate, which up until December 31, 2014, was estimated to be approximately $0.250 per lightweight ton. In order to align the scrap rate estimates with the current historical average scrap rate, effective from January 1, 2015, the Company adjusted the estimated scrap rate used to calculate the vessels' salvage value from $0.250 to $0.300 per lightweight ton. The impact of the increase in the estimated scrap rate is a decrease in depreciation expense going forward. The effect of this change in accounting estimate, which did not require retrospective adoption as per ASC 250 "Accounting Changes and Error Corrections," was to decrease depreciation expense by $2,692 and increase net income for the six-month period ended June 30, 2015, by $2,692 or $0.04 per common share, basic and diluted.

Management estimates the useful life of the Company’s vessels to be 30 years from the date of initial delivery from the shipyard. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted.

New accounting pronouncements

Debt issuance costs: In April 2015, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03 – Interest – Imputation of Interest to simplify the presentation of debt issuance costs. Current guidance generally requires entities to capitalize costs paid to third parties that are directly related to issuing debt and that otherwise wouldn’t be incurred and present those amounts separately as deferred charges (i.e., assets). However, the discount or premium resulting from the difference between the net proceeds received upon debt issuance and the amount payable at maturity is presented as a direct deduction from or an addition to the face amount of the debt. The new guidance simplifies financial reporting by eliminating the different presentation requirements for debt issuance costs and debt discounts or premiums.

The guidance is effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Upon adoption, an entity must apply the new guidance retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. The Company is planning to apply ASU No. 2015-03 as of January 1, 2016.

7

COSTAMARE INC.

Notes to Unaudited Consolidated Financial Statements

June 30, 2014 and 2015

(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, itself or through Shanghai Costamare Ship Management Co., Ltd. (“Shanghai Costamare”), which is also controlled by Mr. Konstantakopoulos, or through or together with third party sub-managers, provides technical, crewing, commercial, provisioning, bunkering, sale and purchase, chartering, accounting, insurance and administrative services in 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 the Company’s “affiliated managers”.

On March 3, 2015, the Company entered into an amended and restated management agreement with Costamare Shipping (the “Group Management Agreement”)  which, among other things, extends the term of the agreement such that it automatically renews for 10 consecutive one-year periods until December 31, 2025 (rather than five consecutive periods until December 31, 2020), removes the annual 4% increase of the fee payable in respect of each containership managed by Costamare Shipping and in respect of the flat fee for the supervision of each newbuild ordered by the Company and, beginning in the first quarter of 2015, provides for an annual fee to Costamare Shipping of $2,500 and  598,400 shares (which is equal to 0.8% of the issued and outstanding Company common stock as of January 1, 2015) payable quarterly in arrears. No separate payment is made for the services of the Company’s executive officers (prior to 2015, the Company paid Costamare Shipping $1,000 annually for such services).

In 2015, Costamare Shipping is to receive (i) for each containership which is not subject to a bareboat charter a daily fee of $0.956 since January 1, 2015 ($0.919 for 2014) and for each containership subject to a bareboat charter a daily fee of $0.478 since January 1, 2015 ($0.460 for 2014), in each case prorated for the calendar days the Company owned each containership and for the three-month period following the date of the sale of a vessel, (ii) a flat fee of $787.4 for the supervision of the construction of any newbuild vessel contracted by the Company, (iii) a fee of 0.75% on all gross freight, demurrage, charter hire, ballast bonus or other income earned with respect to each containership in the Company’s fleet and, (iv) an annual fee of $2,500 and 598,400 shares as noted above. Fees under (i) and (ii) may be annually adjusted upwards to reflect any strengthening of the Euro against the U.S. dollar and/or material unforeseen cost increases.

After the initial term 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) ten and (ii) the number of full years remaining prior to December 31, 2025, 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, 2015, 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, 2014 and 2015, amounted to $9,190 and $9,582, respectively and are included in Management fees-related parties in the accompanying consolidated statements of income. In addition, the Manager charged (i) $1,829 for the six-month period ended June 30, 2015 ($1,788 for the six-month period ended June 30, 2014), 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 statement of income for the six-month period ended June 30, 2015, (ii) $1,250, which is included in General and administrative expenses – related parties in the accompanying consolidated statements of income for the six-month period ended June 30, 2015 ($500 for the six-month period ended June 30, 2014), (iii) $5,383 representing the fair value of 299,200 shares, which is included in General and administrative expenses - related parties in the accompanying consolidated statements of income for the six-month period ended June 30, 2015 and (iv) $1,050 supervision fees for three newbuild vessels, which were included in Advances for vessels acquisition during 2014. Furthermore, in accordance with the management agreement with V.Ships Greece, V.Ships Greece has been provided with the amount of $1,425 ($75 per vessel) as working capital security, which is included in Accounts receivable, non-current, in the accompanying consolidated balance sheets.

8

COSTAMARE INC.

Notes to Unaudited Consolidated Financial Statements

June 30, 2014 and 2015

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

During the six-month periods ended June 30, 2015 and 2014, the Manager charged in aggregate to the companies established pursuant to the Framework Agreement (Notes 8 and 9) the amount of $837 and $689, respectively for services provided in accordance with the respective management agreements.

The balance due from the Manager at December 31, 2014 and at June 30, 2015 amounted to $576 and $2,490, respectively, which are included in Due from related parties in the accompanying consolidated balance sheets.

(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. For the period from April 28, 2013 to December 31, 2014 and for the six-month period ended June 30, 2015, CIEL did not provide technical, crewing, provisioning, bunkering, sale and purchase and accounting services, or other commercial services, to any of the Company’s containerships. CIEL is currently providing services in respect of the Rena. Management fees charged by CIEL in the six-month periods ended June 30, 2014 and 2015, amounted to $108 and $107, respectively and are included in Management fees-related parties in the accompanying consolidated statements of income. The balance due from CIEL at December 31, 2014 and June 30, 2015, amounted to $593 and $589, 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, 2015, Shanghai Costamare provided such services to eleven (eleven as of December 31, 2014) of the Company’s containerships. There was no balance due from/to Shanghai Costamare at both December 31, 2014 and June 30, 2015.

4. Other non-current assets:

As of July 16, 2014, Zim Integrated Services (“Zim”) and its creditors including vessel and container lenders, ship-owners, shipyards, unsecured lenders and bond holders, entered into definitive documentation to restructure its debt. Based on this agreement, the Company received equity securities representing 1.2% of Zim’s equity and $8,229 aggregate principal amount of unsecured interest bearing Zim notes maturing in 2023 consisting of $1,452 of 3.0% Series 1 Notes due 2023 amortizing subject to available cash flow in accordance with a corporate mechanism and $6,777 of 5.0% Series 2 Notes due 2023 non-amortizing (of the 5% interest, 3% is payable quarterly in cash and 2% interest is accrued quarterly with deferred cash payment on maturity) in exchange for amounts owed by Zim to the Company under their charter agreements. The Company calculated the fair value of the instruments received by Zim based on the agreement discussed above, available information on Zim, other similar contracts with similar terms, maturities and interest rates, and recorded at fair value $676 in relation to the Series 1 Notes, $3,567 in relation to the Series 2 Notes and $7,802 in relation to its equity participation in Zim. The difference between the aggregate fair value of the debt and equity securities received from Zim and the then net carrying value of the amounts due from Zim of $2,888 was written-off and was included in General and administrative expenses in the 2014 consolidated statement of income.

On a quarterly basis, the Company will account for the fair value unwinding of the Series 1 and Series 2 Notes, until the book value of the instruments equals their face value on maturity. During the six-month period ended June 30, 2015, the Company recorded $484 in relation to their fair value unwinding, which is included in “Interest income” in the consolidated statement of income for the six-month period ended June 30, 2015. The Company has classified such debt and equity securities under other non-current assets, since it has no intention to sell the securities in the near term. The Series 1 and Series 2 Zim Notes are carried at amortized cost in the accompanying consolidated balance sheet as at June 30, 2015, which approximates their fair value as of such date. These financial instruments are not measured at fair value on a recurring basis. As of June 30, 2015, the Company has assessed for other than temporary impairment of its investment in Zim and has concluded that no impairment existed.

9

COSTAMARE INC.

Notes to Unaudited Consolidated Financial Statements

June 30, 2014 and 2015

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

5. Inventories:

Inventories of $11,565 and $13,658 in the accompanying balance sheets at December 31, 2014 and June 30, 2015, respectively relate to bunkers, lubricants and spare parts.

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, 2014		2,953,440		(854,620	)		2,098,820
Depreciation		-		(46,601	)		(46,601	)
Other vessels’ costs		1,491		-			1,491
Balance, June 30, 2015		2,954,931		(901,221	)		2,053,710

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).

Furthermore, during the year ended December 31, 2014, the Company acquired the three secondhand vessels Neapolis, Areopolis and Lakonia at an aggregate price of $27,740.

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

As of June 30, 2015, one of the Company’s vessels was depreciated to its residual carrying value of $2,963.

Forty-six of the Company’s vessels, with a total carrying value of $1,896,568 as of June 30, 2015, 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, 2014		7,902		20,773		28,675
Additions		-		2,650		2,650
Amortization		(946)		(3,583)		(4,529)
Balance, June 30, 2015		6,956		19,840		26,796

10

COSTAMARE INC.

Notes to Unaudited Consolidated Financial Statements

June 30, 2014 and 2015

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

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

During the six-month periods ended June 30, 2014 and 2015, three and two vessels, respectively completed their special surveys, while one vessel was in the process of undergoing her special survey. The amortization of the dry-docking and special survey costs is separately reflected in the accompanying consolidated statements of income.

8. Costamare Ventures Inc.:

On May 15, 2013, the Company, along with its wholly-owned subsidiary, Costamare Ventures Inc. (“Costamare Ventures”), entered into a Framework Deed (the “Framework 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 agreed to invest up to $250 million in mutually agreed vessel acquisitions and Costamare Ventures agreed to invest a minimum of $75 million with an option to invest up to $240 million in these transactions. Depending on the amount Costamare Ventures 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 would 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 Framework Agreement was amended and restated by an Amendment and Restatement Agreement dated May 18, 2015 (the “Restated Framework Agreement”). Pursuant to the Restated Framework Agreement, there is no minimum and maximum amount to be invested by Costamare Ventures or York, both Costamare Ventures and York can invest between 25% and 75% of the equity in the affiliate ship-owning companies, the commitment period has been extended up to May 18, 2020 and the termination of the Restated Framework Agreement will occur on May 18, 2024 or upon the occurrence of certain extraordinary events as described therein.

The Company accounts for the entities formed under the Framework Agreement as equity investments. As at June 30, 2015, the Company holds a range of 25% to 49% of the capital stock of fifteen jointly-owned companies formed pursuant to the Framework Agreement with York (Note 9).

9. Investment in Affiliates:

The affiliate 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, 2015			/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
Smales Maritime Co.	Elafonisos		49	%	June 6, 2013
Kemp Maritime Co.	Hull NCP0113		49	%	June 6, 2013
Hyde Maritime Co.	Hull NCP0114		49	%	June 6, 2013
Skerrett Maritime Co.	Hull NCP0152		49	%	December 23, 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

11

COSTAMARE INC.

Notes to Unaudited Consolidated Financial Statements

June 30, 2014 and 2015

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

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 a 49% interest 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 $34,709, in the aggregate during the year ended December 31, 2014 and $149 in aggregate during the six-month period ended June 30, 2015.

During the year ended December 31, 2014 and the six-month period ended June 30, 2015, Costamare Ventures participated with a 25% interest 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 $8,767 and $13,047 in the aggregate, respectively.

Furthermore, during the year ended December 31, 2014, Costamare Ventures participated with a 40% interest 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 $30,305, in the aggregate. In December 2014, these five companies novated their ship-building contracts to a financial institution and agreed to lease back the vessels upon their delivery from the shipyard for a period of 12 years. During the six-month period ended June 30, 2015, Costamare Ventures contributed $289 in the aggregate to such companies.

During the year ended December 31, 2014, Costamare Ventures participated with a 40% interest in the equity of Connell Maritime Co. by contributing the amount of $6,669 and with 49% in the equity of Smales Maritime Co. by contributing the amount of $4,654 for the acquisition of the secondhand vessel Elafonisos.

In March 2015, Costamare Ventures participated with a 49% interest in the equity of Skerrett Maritime Co., which entered into a ship-building contract for the construction of an 11,000 TEU container vessel, by contributing the amount of $4,361.

For six-month periods ended June 30, 2014 and 2015, the Company recorded net losses of $2,275 and $47, respectively, which are separately reflected as Equity loss on investments in the accompanying consolidated statements of income.

Furthermore, during the year ended December 31, 2014, eight affiliate ship-owning companies declared dividends to their shareholders and Costamare Ventures received the amount of $31,828, which is included in Investments in affiliates in the accompanying 2014 consolidated balance sheet.

In addition, Costamare Ventures has provided Marchant Maritime Co., Horton Maritime Co. and Steadman Maritime Co. with certain cash advances. As of December 31, 2014 and June 30, 2015, the aggregate balance due from the three companies, amounted to $3,278 and $3,244, respectively and are included in Due from related parties in the accompanying consolidated balance sheets.

The summarized combined financial information of the affiliates is as follows:

	December 31, 2014			June 30, 2015
Non-current assets		177,220			238,541
Current assets		13,267			10,465
		190,487			249,006
Current liabilities		6,283			5,202
	Six-month period ended June 30,
		2014			2015
Voyage revenue		5,894			7,252
Net loss		(3,272	)		(454	)

12

COSTAMARE INC.

Notes to Unaudited Consolidated Financial Statements

June 30, 2014 and 2015

(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, 2014			June 30, 2015
	1.	Credit Facility			585,883			540,938
	2.	Term Loans:
		1.	Costis Maritime Corporation and Christos Maritime Corporation		91,500			87,000
		2.	Mas Shipping Co.		38,875			34,750
		3.	Montes Shipping Co. and Kelsen Shipping Co.		78,000			72,000
		4.	Capetanissa Maritime Corporation		50,000			47,500
		5.	Rena Maritime Corporation		47,500			45,000
		6.	Costamare Inc.		73,414			65,538
		7.	Adele Shipping Co., Bastian Shipping Co. and Cadence Shipping Co.		-			-
		8.	Costamare Inc.		120,330			115,873
		9.	Undine Shipping Co., Quentin Shipping Co. and Sander Shipping Co.		208,826			201,185
		10.	Raymond Shipping Co. and Terance Shipping Co.		137,793			132,336
		11.	Costamare Inc.		87,820			79,130
					934,058			880,312
			Total		1,519,941			1,421,250
			Less-current portion		(192,951	)		(186,889	)
			Long-term portion		1,326,990			1,234,361

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, 2015, is repayable in 12 equal, consecutive quarterly installments, of $22,473 each plus a balloon payment of $271,262 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. On July 2, 2014, contemporaneously with the restructuring with a major charterer discussed above (Note 4), the Company entered into a seventh supplemental agreement which amends the calculation method of the security value maintenance of the original agreement for two of the vessels financed by the Credit Facility which are chartered with the specific charterer.

The Facility, as of June 30, 2015, 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. The Company’s other term loans described under Note 10.2 below also contain financial covenants requiring the ratio of net funded debt to total net assets ratio not to exceed 80% on a charter inclusive valuation basis as well as financial covenants that are either equal to or less stringent than the foregoing financial covenants.

13

COSTAMARE INC.

Notes to Unaudited Consolidated Financial Statements

June 30, 2014 and 2015

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

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, 2015, the outstanding balance of the loan of $87,000 is repayable in 6 equal semi-annual installments of $4,500, each from November 2015 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, 2015, the outstanding balance of the loan of $34,750 is repayable in 6 equal semi-annual installments of $4,125, each from August 2015 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, 2015, the outstanding balance of the loan of $72,000 is repayable in 5 equal semi-annual installments of $6,000 each from December 2015 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, 2015, the outstanding balance of the loan of $47,500 is repayable in 7 equal semi-annual installments of $2,500 each from August 2015 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, 2015, the outstanding balance of the loan of $45,000 is repayable in 6 equal semi-annual installments of $2,500 each from August 2015 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, 2015, the Company had drawn the amount of $38,500 (tranche a), the amount of $42,000 (tranche b), the amount of $21,000 (tranche c), the amount of $7,470 (tranche d) and the amount of $7,470 (tranche e) under this term loan agreement in order to finance part of the acquisition cost of MSC Romanos, MSC Methoni, MSC Ulsan, MSC Koroni (ex. Koroni) and MSC Itea (ex. Kyparissia), respectively. As at June 30, 2015, the outstanding balance of the tranche (a) of the loan of $24,063 is repayable in 17 equal quarterly installments of $962.5 from August 2015 to August 2019 and a balloon payment of $7,700 payable together with the last installment. As at June 30, 2015, the outstanding balance of the tranche (b) of the loan of $27,300 is repayable in 18 equal quarterly installments of $1,050 from July 2015 to October 2019 and a balloon payment of $8,400 payable together with the last installment. As at June 30, 2015, the outstanding balance of the tranche (c) of the loan of $14,175 is repayable in 19 equal quarterly installments of $525 from August 2015 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. On May 29, 2015, the then outstanding balance of $2,334 of the tranche (e) of the loan was fully repaid.

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. 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. 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 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).

14

COSTAMARE INC.

Notes to Unaudited Consolidated Financial Statements

June 30, 2014 and 2015

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

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. 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, 2015, the outstanding balance of the loan of $115,873 is repayable in 12 equal semi-annual installments of $4,456.7 from July 2015 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. 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, 2015, the outstanding balance of the tranche (a) of $66,213 relating to Hull S4020 (Valor), is repayable in 20 equal quarterly installments of $1,273.4 from July 2015 to April 2020 and a balloon payment of $40,744.8 payable together with the last installment. As at June 30, 2015, the outstanding balance of the tranche (b) of $66,213 relating to Hull S4022 (Valiant), is repayable in 20 equal quarterly installments of $1,273.4 from September 2015 to June 2020 and a balloon payment of $40,744.8 payable together with the last installment. As at June 30, 2015, the outstanding balance of the tranche (c) of $68,759 relating to Hull S4024 (Vantage) is repayable in 22 equal quarterly installments of $1,273.4 and a balloon payment payable together with the last installment of $40,744.2 from August 2015 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. 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, 2015, the outstanding balance of the tranche (a) of $65,486 relating to Hull S4021 (Value), is repayable in 20 equal quarterly installments of $1,364.3 from September 2015 to June 2020 and a balloon payment of $38,199.6 payable together with the last installment. As at June 30, 2015, the outstanding balance of tranche (b) of the loan of $66,850 relating to Hull S4023 (Valence) is repayable in 21 equal quarterly installments of $1,364.3 from August 2015 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. Furthermore in September 2014 the Company repaid the amount of $6,000 due to the sale of Akritas. As at June 30, 2015, the outstanding balance of $79,130 is repayable in 14 quarterly variable consecutive installments from September 2015 to December 2018 and a balloon payment of $39,490 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.

15

COSTAMARE INC.

Notes to Unaudited Consolidated Financial Statements

June 30, 2014 and 2015

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

The annual principal payments required to be made after June 30, 2015, are as follows:

Year ending December 31,	Amount
2015		94,259
2016		185,259
2017		227,259
2018		557,946
2019		60,396
2020 and thereafter		296,131
		1,421,250

The interest rates of Costamare’s long-term debt at December 31, 2014 and June 30, 2015, were in the range of 1.03%-6.75% and 1.11%-6.75%, respectively. The weighted average interest rate as at December 31, 2014 and June 30, 2015, was 4.2% and 4.2%, respectively.

Total interest expense incurred on long-term debt (including the effect of the interest rate swaps discussed in Note 16) for the six-month periods ended June 30, 2014 and 2015, amounted to $41,008 and $39,702, respectively and is included in Interest and finance costs in the accompanying consolidated statements of income. Of the above amount incurred in 2014, $1,795 was capitalized and is included (a) in Vessels, net ($1,306) and, (b) in the statement of comprehensive income ($489), representing net settlements on interest rate swaps qualifying for cash flow hedge.

3. Costamare Partners credit facility:

On September 26, 2014, in connection with its proposed initial public offering (Note 1), Costamare Partners LP, as guarantor and each of the vessel owning companies, Capetanissa Maritime Corporation, Jodie Shipping Co., Kayley Shipping Co. and Raymond Shipping Co., as joint and several borrowers, entered into a credit facility with DNB Bank ASA, Citibank, N.A., London Branch and Credit Suisse AG for an amount of up to $180,000 consisting of a term loan facility and a revolving credit facility in order to refinance the loans discussed in Notes 11.2.4, 11.2.8 and 11.2.10 above, and for general corporate purposes. The credit facility was available through March 31, 2015, by which date the facility was not utilized and its availability expired.

On June 8, 2015, in connection with its proposed initial public offering (Note 1), Costamare Partners LP, as guarantor and each of the vessel owning companies, Capetanissa Maritime Corporation, Jodie Shipping Co., Kayley Shipping Co. and Raymond Shipping Co., as joint and several borrowers, entered into a new credit facility (the “Costamare Partners Credit Facility”) with DNB Bank ASA, Citibank, N.A., London Branch and Credit Suisse AG for up to $176,842.

The Costamare Partners Credit Facility consists of:

i.   A term loan, in order to refinance the loans discussed in Notes 11.2.4, 11.2.8 and 11.2.10 above, in an amount equal to the lesser of (i) $124,379 and, (ii) an amount which when aggregated with the amount drawn under the revolving credit facility as of the drawdown date of the term loan facility, does not exceed 50% of the market value of the relevant vessels securing the facility. The term loan is available for a single drawdown through September 30, 2015 and is repayable in 17 equal consecutive quarterly installments in the amount of approximately $2,221 plus a balloon payment at the final maturity date, which will be the earlier of the date falling 54 months after the draw down date or November 30, 2019 (the “Final Maturity Date”).

ii.   A revolving credit facility, for general corporate purposes, in an amount equal to the lesser of (i) $52,463 and (ii) an amount which, when aggregated with the amount actually drawn under the term loan facility, does not exceed 50% of the market value of the relevant vessels securing the facility. The commitment under the revolving credit facility will be reduced in 17 quarterly amounts of $937 starting September 30, 2015.

The Costamare Partners Credit Facility will bear interest at LIBOR plus a spread and will be secured by a first priority mortgage over the vessels the COSCO Beijing, the MSC Athens, the MSC Athos and the Value, as well as assignments and pledges of other assets.

16

COSTAMARE INC.

Notes to Unaudited Consolidated Financial Statements

June 30, 2014 and 2015

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

11. Capital Leased Assets and Capital 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 6). 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. The shipbuilding contracts for these vessels were novated to the financial institution for an amount of $85,572 each which took delivery of the vessels and the vessels were leased back for a period of ten years.

The sale and leaseback transactions were classified as capital 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 capital lease transactions amounted to $256,716. The depreciation charged during the six-month periods ended June 30, 2014 and 2015, amounted to $2,347 and $3,759, respectively, and are included in Depreciation in the accompanying consolidated statements of income. As of June 30, 2015, the net book value of the three vessels amounted to $246,788 and is separately reflected as Capital leased assets, in the accompanying 2015 consolidated balance sheet.

The balance of prepaid lease rentals, as of December 31, 2014 and June 30, 2015, is analyzed as follows:

	December 31, 2014			June 30, 2015
Prepaid lease rentals		49,817			45,793
Less: Amortization of prepaid lease rentals		(4,024	)		(2,470	)
Prepaid lease rentals		45,793			43,323
Less: current portion		(4,982	)		(4,989	)
Non-current portion		40,811			38,334

The capital lease obligations amounting to $240,528 as at June 30, 2015, 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 capital leases for the six-month periods ended June 30, 2014 and 2015, amounted to $5,803 and $8,615, respectively and are included in Interest and finance costs in the accompanying consolidated statements of income.

The annual lease payments in aggregate required under the capital leases after June 30, 2015, are as follows:

Year ending December 31,	Amount
2015		15,419
2016		30,783
2017		30,698
2018		30,698
2019		30,699
2020 and thereafter		207,553
Total		345,850
Less: Amount of interest		(105,322	)
Total lease payments		240,528

The total capital lease obligations are presented in the accompanying June 30, 2015, consolidated balance sheet as follows:

17

COSTAMARE INC.

Notes to Unaudited Consolidated Financial Statements

June 30, 2014 and 2015

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

Capital lease obligation – current	14,029
Capital lease obligation – non current	226,499
	240,528

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, 2014 and June 30, 2015, 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, 2014, the net accrued charter revenue, totaling to ($32,751) comprises $511 separately reflected in Current assets, $1,025 separately reflected in Non-current assets, and ($34,287) (discussed in (b) below) included in Unearned revenue in current and non-current liabilities in the accompanying 2014 consolidated balance sheet. As at June 30, 2015, the net accrued charter revenue, totaling to ($34,137) comprises $456 separately reflected in Current assets, $822 separately reflected in Non-current assets, and ($35,415) (discussed in (b) below) included in Unearned revenue in current and non-current liabilities in the accompanying 2015 consolidated balance sheet. The maturities of the net accrued charter revenue as of December 31 of each year presented below are as follows:

Year ending December 31,	Amount
2015		(3,390	)
2016		(9,430	)
2017		(11,287	)
2018		(7,752	)
2019		(2,278	)
		(34,137	)

(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, 2014 and June 30, 2015, 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.

	December 31, 2014		June 30, 2015
Hires collected in advance		8,096		7,984
Charter revenue resulting from varying charter rates		34,287		35,415
Total		42,383		43,399
Less current portion		(12,929)		(14,387)
Non-current portion		29,454		29,012

13. Commitments and Contingencies:

(a) Long-term time charters:As at June 30, 2015, the Company has entered into time charter arrangements on all of its vessels in operation with international liner operators. These arrangements as at June 30, 2015, have remaining terms of up to 105 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:

18

COSTAMARE INC.

Notes to Unaudited Consolidated Financial Statements

June 30, 2014 and 2015

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

Year ending December 31,	Amount
2015		238,280
2016		429,002
2017		371,984
2018		198,759
2019		122,306
2020 and thereafter		310,852
		1,671,183

(b) Pursuant to the Framework Agreement the Company has a contractual commitment of approximately $122,587 representing 49% of the remaining construction cost of three 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.

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.

19

COSTAMARE INC.

Notes to Unaudited Consolidated Financial Statements

June 30, 2014 and 2015

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

On March 31, 2015 and June 30, 2015, the Company issued 149,600 shares and 149,600 shares, respectively, at par value $0.0001 to Costamare Shipping pursuant to the Group Management Agreement (Note 3).

(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 the 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 the Company’s election at a price of $25 of liquidation preference per share. The net proceeds from the offering were $96,523.

On May 13, 2015, the Company issued 4,000,000, Series D Cumulative Redeemable Perpetual Preferred Stock (the “Series D Preferred Stock”) in the United States under the Securities Act, which pay dividends of 8.75% per annum in arrears on a quarterly basis (equal to $2.1875 per annum per share) at $25 per share. At any time after May 13, 2020, the Series D Preferred Stock may be redeemed, at the Company’s election at a price of $25 of liquidation preference per share. The net proceeds from the offering were $96,616.

(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, (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, January 2014, May 2015 and the net proceeds received from the issuance of such shares and (iv) the difference between the par value and the fair value of the shares issued to Costamare Shipping (Note 3).

(d) Dividends declared and / or paid: During the six-month period ended June 30, 2014, the Company declared and paid to its common stockholders (i) $20,196 or $0.27per common share for the fourth quarter of 2013 and (ii) $20,944 or $0.28per common share for the first quarter of 2014. During the six-month period ended June 30, 2015, the Company declared and paid to its common stockholders (i) $20,944 or $0.28per common share for the fourth quarter of 2014 and (ii) $21,736 or $0.28per common share for the first quarter of 2015. During the six-month period ended June 30, 2014, the Company declared and paid to its holders of Series B Preferred Stock $953 or $0.476563 per share for the period from October 15, 2013 to January 14, 2014 and $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, 2015 the Company declared and paid to its holders of Series B Preferred Stock $953 or $0.476563 per share for the period from October 15, 2014 to January 14, 2015 and $953 or $0.476563 per share for the period from January 15, 2015 to April 14, 2015. During the six-month period ended June 30, 2014, the Company declared and paid to its holders of Series C Preferred Stock $1,983 or $0.495833 per share for the period from January 22, 2014 to April 14, 2014. During the six-month period ended June 30, 2015, the Company declared and paid to its holders of Series C Preferred Stock $2,125 or $0.531250 per share for the period from October 15, 2014 to January 14, 2015 and $2,125 or $0.531250 per share for the period from January 15, 2015 to April 14, 2015.

15. Earnings 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. 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. Additionally, in May 2015, the Company issued Series D Preferred Stock, receiving an annual dividend of 8.75% 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, Series C Preferred Stock and Series D Preferred Stock that should be paid for the period. Dividends paid or accrued on Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock during the six-month periods ended June 30, 2014 and 2015, amounted to $5,719, and $7,313, respectively.

20

COSTAMARE INC.

Notes to Unaudited Consolidated Financial Statements

June 30, 2014 and 2015

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

	June 30, 2014			June 30, 2015
	Basic EPS			Basic EPS
Net income	$	47,213		$	70,613
Less: paid and accrued earnings allocated to Preferred Stock		(5,719	)		(7,313	)
Net income available to common stockholders		41,494			63,300
Weighted average number of common shares, basic and diluted		74,800,000			74,876,866
Earnings per common share, basic and diluted	$	0.55		$	0.85

16.  Interest and Finance Costs:

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

	June 30, 2014			June 30, 2015
Interest expense		22,427			22,667
Interest capitalized		(1,795	)		-
Swap effect		24,384			25,650
Amortization and write-off of financing costs		3,025			946
Commitment fees		161			349
Bank charges and other		160			131
		48,362			49,743

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.

18. Derivatives:

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

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

21

COSTAMARE INC.

Notes to Unaudited Consolidated Financial Statements

June 30, 2014 and 2015

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

At December 31, 2014 and June 30, 2015, the Company had interest rate swap agreements with an outstanding notional amount of $1,030,642 and $968,135, respectively. The fair value of these interest rate swaps outstanding at December 31, 2014 and June 30, 2015, amounted to a liability of $55,422 and a liability of $49,436, respectively and these are included in the accompanying consolidated balance sheets. The maturity of these interest rate swaps range between June 2018 and January 2021.

During the six-month periods ended June 30, 2014 and 2015, the realized ineffectiveness on the interest rate swaps discussed under (a) above was a loss of $121 and a loss of $60, respectively and are included in Gain on derivative instruments, net in the accompanying consolidated statements 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 reflected in the Swaps breakage costs in the accompanying 2014 consolidated statement of income.

The estimated net amount that is expected to be reclassified within the next 12 months from Accumulated Other Comprehensive Loss to earnings in respect of the settlements on interest rate swaps amounts to $27,181.

(b) Interest rate swaps that do not meet the criteria for hedge accounting: As of December 31, 2014 and June 30, 2015, the Company had interest rate swap agreements with an outstanding notional amount of $217,533 and $212,486, respectively for the purpose of managing risks associated with the variability of changing LIBOR-related interest rates. Such agreements did not meet hedge accounting criteria and, therefore, changes in its fair value are reflected in earnings. The fair value of these interest rate swaps at December 31, 2014 and June 30, 2015, was a liability of $18,509 and a liability of $16,149, respectively and these are included in Fair value of derivatives in the accompanying consolidated balance sheets. The maturity of these interest rate swaps range between February 2017 and August 2020.

(c) Foreign currency agreements: As of June 30, 2015, the Company was engaged in sixteen Euro/U.S. dollar forward agreements totaling $23,000 at an average forward rate of Euro/U.S. dollar 1.112 expiring in monthly intervals up to February 2016.

As of December 31, 2014, the Company was engaged in nine Euro/U.S. dollar forward agreements totaling $22,500 at an average forward rate of Euro/U.S. dollar 1.273 expiring in monthly intervals up to September 2015.

The total change of forward contracts fair value for the six-month period ended June 30, 2015, was a loss of $519 ($nil for the six-month period ended June 30, 2014) and is included in Gain on derivative instruments, net in the accompanying 2015 consolidated statement of income.

The Effect of Derivative Instruments for the six-month periods ended June 30, 2014 and 2015

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)
		2014	2015	Derivative (Ineffective Portion)	2014	2015
Interest rate swaps		(8,862)	(15,574)	Gain on derivative instruments, net	(121)	(60)
Reclassification to Interest and finance costs		21,596	17,777		-	-
Total		12,734	2,203		(121)	(60)

22

COSTAMARE INC.

Notes to Unaudited Consolidated Financial Statements

June 30, 2014 and 2015

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

Derivatives Not Designated as Hedging Instruments and ineffectiveness of Hedging Instruments under ASC 815
	Location of Gain / (Loss) Recognized in Income on Derivative	Amount of Gain / (Loss) Recognized in Income on Derivative
		2014	2015
Non hedging interest rate swaps	Gain on derivative instruments, net	2,022	11,464
Ineffective portion of hedging interest rate swaps	Gain on derivative instruments, net	(121)	(60)
Forward contracts	Gain on derivative instruments, net	-	519
Total		1,901	11,923

19. Financial Instruments:

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

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

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

The fair value of the interest rate swap agreements discussed in Note 18(a) and (b) equates to the amount that would be paid by the Company to cancel the agreements. As at December 31, 2014 and June 30, 2015, the fair value of these interest rate swaps in aggregate amounted to a liability of $73,931 and $65,585, respectively.

The fair market value of the forward contracts discussed in Note 18(c) determined through Level 2 of the fair value hierarchy as at December 31, 2014 and June 30, 2015, amounted to a liability of $1,009 and a liability of $490, 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.

23

COSTAMARE INC.

Notes to Unaudited Consolidated Financial Statements

June 30, 2014 and 2015

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

	December 31, 2014		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
Recurring measurements:
Forward contracts-liability position		(1,009)		-		(1,009)		-
Interest rate swaps-liability position		(73,931)		-		(73,931)		-
Total		(74,940)		-		(74,940)		-

	June 30, 2015		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
Recurring measurements:
Forward contracts-liability position		(490)		-		(490)		-
Interest rate swaps-liability position		(65,585)		-		(65,585)		-
Total		(66,075)		-		(66,075)		-

20. Comprehensive Income:

During the six month period ended June 30, 2014, Other comprehensive income 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). During the six-month period ended June 30, 2015, Other comprehensive income increased with net gains of $2,254 relating to (i) the change of the fair value of derivatives that qualify for hedge accounting (loss of $15,574), net of the settlements to net income of derivatives that qualify for hedge accounting (gain of $17,777) and, (ii) the amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to depreciation ($51). During the six-month periods ended June 30, 2014 and 2015, Comprehensive income amounted to $66,113 and $72,867, respectively.

21. Subsequent Events:

(a)   Declaration of Dividends (common stock): On July 2, 2015, the Company declared a dividend for the second quarter ended June 30, 2015, of $0.29 per share on our common stock, payable on August 5, 2015, to stockholders of record on July 22, 2015.

(b)   Declaration and Payment of Dividends (preferred stock Series B, Series C and Series D): On July 2, 2015, the Company declared a cash dividend of $953 or $0.476563 per share on its Series B Preferred Stock, a cash dividend of $2,125 or $0.531250 per share on its Series C Preferred Stock and a cash dividend of $1,507 or $0.376736 per share on its Series D Preferred Stock, to holders of record on July 14, 2015.

24

XML

Derivatives (Tables)

6 Months Ended

Jun. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

The Effect of Derivative Instruments for the six-month periods ended June 30, 2014 and 2015

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)
		2014	2015	Derivative (Ineffective Portion)	2014	2015
Interest rate swaps		(8,862)	(15,574)	Gain on derivative instruments, net	(121)	(60)
Reclassification to Interest and finance costs		21,596	17,777		-	-
Total		12,734	2,203		(121)	(60)

Schedule of Derivatives Not Designated as Hedging Instruments under ASC 815

Derivatives Not Designated as Hedging Instruments and ineffectiveness of Hedging Instruments under ASC 815
	Location of Gain / (Loss) Recognized in Income on Derivative	Amount of Gain / (Loss) Recognized in Income on Derivative
		2014	2015
Non hedging interest rate swaps	Gain on derivative instruments, net	2,022	11,464
Ineffective portion of hedging interest rate swaps	Gain on derivative instruments, net	(121)	(60)
Forward contracts	Gain on derivative instruments, net	-	519
Total		1,901	11,923

XML

Investments In Affiliate - Summarized financial information of the affiliates (Table) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Affiliate jointly - owned companies - summarized financial information [Line Items]
Voyage revenue	$ 244,069	$ 238,403
Net loss	(454)	(3,272)
Affiliates balance sheet date [Member]
Affiliate jointly - owned companies - summarized financial information [Line Items]
Non-current assets			$ 177,220
Current assets			13,267
Total assets of affiliates			190,487
Current liabilities			$ 6,283
Voyage revenue	7,252	5,894
Net loss	(454)	$ (3,272)
Affiliates balance sheet date new [Member]
Affiliate jointly - owned companies - summarized financial information [Line Items]
Non-current assets	238,541
Current assets	10,465
Total assets of affiliates	249,006
Current liabilities	$ 5,202

XML

Inventories (Table) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Inventory Disclosure [Abstract]
Inventories	$ 13,658	$ 11,565

XML

Commitments and Contingencies - Vessels Under Construction-Additional Information (Details) - Jun. 30, 2015 - New Build vessels [Member] $ in Thousands	USD ($)
Contractual obligation on JV newbuilds	$ 122,587
Number of JV newbuilds owned 49%	3
Number of JV newbuilds owned 25%	2
Number of JV newbuilds owned 40%	5

XML

Investments In Affiliate (Table) (Details) - USD ($) $ in Thousands	6 Months Ended			12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jul. 12, 2013	Dec. 31, 2014
Affiliate jointly - owned companies [Line Items]
Equity loss on investments	$ (47)	$ (2,275)
Due from related parties	$ 3,244			$ 3,278
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]
Affiliate jointly - owned companies [Line Items]
Percentage of participation	40.00%			40.00%
Aggregate contributing amount	$ 289			$ 30,305
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]
Affiliate jointly - owned companies [Line Items]
Percentage of participation	25.00%
Aggregate contributing amount	$ 13,047			$ 8,767
Costamare Ventures Inc. [Member]
Affiliate jointly - owned companies [Line Items]
Equity loss on investments	$ (2,275)
Costamare Ventures participation in the share capital of Connell Maritime Co. [Member]
Affiliate jointly - owned companies [Line Items]
Percentage of participation				40.00%
Aggregate contributing amount				$ 6,669
Costamare Ventures participation in the share capital of Smales Maritime Co. [Member]
Affiliate jointly - owned companies [Line Items]
Percentage of participation				49.00%
Aggregate contributing amount				$ 4,654
Costamare Ventures participation in the share capital of Skerrett Maritime Co., for the construction of one 11,000 TEU containership [Member]
Affiliate jointly - owned companies [Line Items]
Percentage of participation	49.00%
Aggregate contributing amount	$ 4,361
Amounts received from affiliated companies [Member]
Affiliate jointly - owned companies [Line Items]
Amounts received from affiliate				31,828
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]
Affiliate jointly - owned companies [Line Items]
Percentage of participation	49.00%
Aggregate contributing amount	$ 149			34,709
York participation in the share capital of Steadman Maritime Co., Marchant Maritime Co. and Horton Maritime Co. [Member]
Affiliate jointly - owned companies [Line Items]
Percentage of participation			51.00%
Aggregate contributing amount	$ 3,244		$ 16,044	$ 3,278

XML

Derivatives in ASC 815 Cash Flow Hedging Relationships (Table) (Details) - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Derivative [Line Items]

Interest rate swaps

$ (15,574)

$ (8,862)

Reclassification to Interest and Finance Costs

17,777

21,596

Total

2,203

12,734

Amount of Gain (Loss) Recognized in Accumulated OCI on Derivative (Effective Portion) [Member]

Derivative [Line Items]

Interest rate swaps

(15,574)

(8,862)

Reclassification to Interest and Finance Costs

17,777

21,596

Total

2,203

12,734

Amount Gain (Loss) recognized in income derivative Ineffective Portion [Member]

Derivative [Line Items]

Interest rate swaps

(60)

(121)

Reclassification to Interest and Finance Costs

0

0

Total

$ (60)

$ (121)

Location 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

XML

Transactions with Related Parties-Shanghai Costamare Ship Management Co Ltd (Details)	Jun. 30, 2015
SCSC CEO [Member]
Related Party Transaction [Line Items]
Percentage of ownership	30.00%
SCSC Chairman and CEO [Member]
Related Party Transaction [Line Items]
Percentage of ownership	70.00%

XML

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2015

Long-term Debt, Unclassified [Abstract]

Schedule of Debt

Borrower(s)				December 31, 2014			June 30, 2015
	1.	Credit Facility			585,883			540,938
	2.	Term Loans:
		1.	Costis Maritime Corporation and Christos Maritime Corporation		91,500			87,000
		2.	Mas Shipping Co.		38,875			34,750
		3.	Montes Shipping Co. and Kelsen Shipping Co.		78,000			72,000
		4.	Capetanissa Maritime Corporation		50,000			47,500
		5.	Rena Maritime Corporation		47,500			45,000
		6.	Costamare Inc.		73,414			65,538
		7.	Adele Shipping Co., Bastian Shipping Co. and Cadence Shipping Co.		-			-
		8.	Costamare Inc.		120,330			115,873
		9.	Undine Shipping Co., Quentin Shipping Co. and Sander Shipping Co.		208,826			201,185
		10.	Raymond Shipping Co. and Terance Shipping Co.		137,793			132,336
		11.	Costamare Inc.		87,820			79,130
					934,058			880,312
			Total		1,519,941			1,421,250
			Less-current portion		(192,951	)		(186,889	)
			Long-term portion		1,326,990			1,234,361

Schedule of Maturities of Long-Term Debt

Year ending December 31,	Amount
2015		94,259
2016		185,259
2017		227,259
2018		557,946
2019		60,396
2020 and thereafter		296,131
		1,421,250

XML

Derivatives - Not Designated as Hedging Instruments under ASC 815 (Table) (Details) - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Derivative [Line Items]

Forward contracts

$ 519

$ 0

Gain on derivative instruments, net

$ 11,923

1,901

Location 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 Gain (Loss) recognized in income on derivative [Member]

Derivative [Line Items]

Non hedging interest rate swaps

$ 11,464

2,022

Ineffective portion of hedging interest rate swaps

(60)

(121)

Forward contracts

519

0

Gain on derivative instruments, net

$ 11,923

$ 1,901

XML

Earnings/ (Loss) per share - Basic and Diluted (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Earnings per share, Basic EPS [Abstract]:
Net income	$ 70,613	$ 47,213
Less paid and accrued earnings allocated to Preferred Stock	(7,313)	(5,719)
Net income available to common stockholders	$ 63,300	$ 41,494
Weighted average number of common shares, basic and diluted	74,876,866	74,800,000
Earnings per common share, basic and diluted	$ 0.85	$ 0.55

XML

Long-term debt-Principal payments (Table) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Long-term Debt, Fiscal Year Maturity [Abstract]
2015	$ 94,259
2016	185,259
2017	227,259
2018	557,946
2019	60,396
2020 and thereafter	296,131
Total	$ 1,421,250	$ 1,519,941

XML

Derivatives - Interest Rate Swaps-Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Notional amount outstanding	$ 968,135		$ 1,030,642
Interest Rate Fair Value Hedge Derivative at Fair Value Net	49,436		55,422
Realized ineffectiveness of interest rate swaps	$ 60	$ 121
Swaps breakage cost		$ 10,192
Maturity of interest rate swaps qualifying for cash flow hedge	The maturity of these interest rate swaps range between June 2018 and January 2021.
Accumulated Other Comprehensive Loss to settlements on interest rate swaps	$ 27,181
Notional amount outstanding	212,486		217,533
Interest Rate Derivative Instruments Not Designated As Hedging Instruments Liability At Fair Value	$ 16,149		$ 18,509
Maturity of interest rate swaps that do not qualify for cash flow hedge	The maturity of these interest rate swaps range between February 2017 and August 2020.

XML

Financial Instruments - Fair value-Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Interest rate swaps-liability position, at fair value	$ (65,585)	$ (73,931)
Forward contracts-liability position	$ (490)	$ (1,009)

XML

Derivatives - Foreign currency agreements-Additional Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)	Dec. 31, 2014 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Forward Rate Contract Expiration Frequency	Monthly intervals up to February 2016	Monthly intervals up to September 2015
Foreign currency agreements value	$ 23,000		$ 22,500
Gain (Loss) on derivative instruments from forward contracts	$ 519	$ 0
Number of foreign currency agreements (Euro/US dollar contracts)	16		9
Average forward rate	1.112		1.273

XML

Common stock Preferred stock and additional paid in capital-Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended			7 Months Ended		10 Months Ended
	May. 13, 2015	Jan. 22, 2014	Apr. 13, 2015	Mar. 27, 2012	Jun. 30, 2015	Jun. 30, 2014	Jul. 11, 2010	Aug. 07, 2013	Jul. 20, 2010	Oct. 19, 2012	Nov. 04, 2010	Oct. 19, 2010	Mar. 31, 2015	Jul. 12, 2010
Preferred Stock Shares Issued						6,000,000
Common Stock, Preferred Stock Issuance, value					$ 5,383
Common stock shares issued					149,600								149,600
Common stock shares par value					$ 0.0001								$ 0.0001
Dividends paid					$ (48,836)	$ (45,029)
Issuance of four million Series C Cumulative Redeemable Perpetual Preferred Stock [Member]
Dividend per share		$ 2.125
Preferred Stock Shares Issued		4,000,000
Preferred stock dividend rate		8.50%
Preferred Stock, Redemption Terms		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.
Public offering per share price		$ 25
Follow-on offering proceeds, net		$ 96,523
Follow-on offering completion [Member]
Common stock shares issued during period				7,500,000
Common stock shares issued				67,800,000
Common stock shares par value				$ 0.0001
Public offering per share price				$ 14.1
Follow-on offering proceeds, net				$ 100,584
October fifteen to January fourteen Series B Preferred Dividends paid [Member]
Dividends paid						$ 953
Dividends paid, per common share						$ 0.476563
January fifteen to April fourteen cy Series B Preferred Dividends paid [member]
Dividends paid						$ 953
Dividends paid, per common share						$ 0.476563
January to April cy Series C Preferred Dividends paid [Member]
Dividends paid					$ 2,125	$ 1,983
Dividends paid, per common share					$ 0.531250	$ 0.495833
October fifteen to January fourteen Series B Preferred Dividends paid [Member]
Dividends paid					$ 953
Dividends paid, per common share					$ 0.476563
October to January cy Series C Preferred Dividends paid [Member]
Dividends paid					$ 2,125
Dividends paid, per common share					$ 0.531250
First Quarter Cy Dividends paid [Member]
Dividends paid					$ 21,736	$ 20,944
Dividends paid, per common share					$ 0.28	$ 0.28
Fourth Quarter Py Dividends paid [Member]
Dividends paid					$ 20,944	$ 20,196
Dividends paid, per common share					$ 0.28	$ 0.27
January to April cy Series B Preferred Dividends paid [Member]
Dividends paid			$ 953
Dividends paid, per common share			$ 0.476563
Companys authorized capital stock [Member]
Common stock authorization date									July 14, 2010
Common stock shares authorized							2,000,000
Stock split date												August 27, 2010
Common stock shares issued during period							1,000,000		24,000,000			22,000,000
Dividend per share												$ 0.88
Common Stock, Preferred Stock Issuance, value									$ 2,400
Common stock shares issued									25,000,000
Common stock shares par value							$ 0.0001
Issuance of two million Series B Cumulative Redeemable Perpetual Preferred Stock [Member]
Dividend per share								$ 1.90625
Preferred Stock Shares Issued								2,000,000
Preferred stock dividend rate								7.625%
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.
Public offering per share price								$ 25
Follow-on offering proceeds, net								$ 48,042
Second follow-on offering completion [Member]
Common stock shares issued during period										7,000,000
Common stock shares issued										74,800,000
Common stock shares par value										$ 0.0001
Public offering per share price										$ 14
Follow-on offering proceeds, net										$ 93,547
Companys Ipo completion [Member]
Common stock shares issued during period											13,300,000
Common stock shares issued											60,300,000
Common stock shares par value											$ 0.0001
Public offering per share price											$ 12
Initial Public offering proceeds, net											$ 145,543
Authorized capital stock (amended articles incorporation) [Member]
Common stock shares authorized														1,000,000,000
Common stock shares par value														$ 0.0001
Preferred Stock, Shares Authorized														100,000,000
Preferred stock shares designated as Series A Participating Preferred Stock														10,000,000
Preferred stock shares par value														$ 0.0001
Series D Preferred Stock [Member]
Dividend per share	$ 2.1875
Preferred Stock Shares Issued	4,000,000
Preferred stock dividend rate	8.75%
Preferred Stock, Redemption Terms	At any time after May 13, 2020, the Series D Preferred Stock may be redeemed, at the Company’s election at a price of $25 of liquidation preference per share.
Public offering per share price	$ 25
Follow-on offering proceeds, net	$ 96,616

XML

Financial Instruments

6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Financial Instruments

19. Financial Instruments:

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

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

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

The fair value of the interest rate swap agreements discussed in Note 18(a) and (b) equates to the amount that would be paid by the Company to cancel the agreements. As at December 31, 2014 and June 30, 2015, the fair value of these interest rate swaps in aggregate amounted to a liability of $73,931 and $65,585, respectively.

The fair market value of the forward contracts discussed in Note 18(c) determined through Level 2 of the fair value hierarchy as at December 31, 2014 and June 30, 2015, amounted to a liability of $1,009 and a liability of $490, 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, 2014		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
Recurring measurements:
Forward contracts-liability position		(1,009)		-		(1,009)		-
Interest rate swaps-liability position		(73,931)		-		(73,931)		-
Total		(74,940)		-		(74,940)		-

	June 30, 2015		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
Recurring measurements:
Forward contracts-liability position		(490)		-		(490)		-
Interest rate swaps-liability position		(65,585)		-		(65,585)		-
Total		(66,075)		-		(66,075)		-

XML

Vessels, Net-Additional Information (Details) $ in Thousands	1 Months Ended	6 Months Ended		12 Months Ended
	Sep. 21, 2010 USD ($) Teutonic	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)	Dec. 31, 2014 USD ($)
Gain on sale of vessel			$ 2,903
MSC Azov (Hull H1068A) [Member]
Capacity of each Vessels | Teutonic	9,403
Vessels' cost	$ 95,080
Vessels' Delivered on	January 14, 2014
MSC Ajaccio (Hull H1069A) [Member]
Capacity of each Vessels | Teutonic	9,403
Vessels' cost	$ 95,080
Vessels' Delivered on	March 14, 2014
MSC Amalfi (Hull H1070A) [Member]
Capacity of each Vessels | Teutonic	9,403
Vessels' cost	$ 95,080
Vessels' Delivered on	April 28, 2014
Neapolis, Areopolis and Lakonia acquisition [Member]
Cost of acquisition of three secondhand vessels				$ 27,740
Konstantina disposal [Member]
Vessels' disposal price			7,546
Gain on sale of vessel			$ (2,903)
Vessels, Net, Additional Information [Member]
Carrying value of fully depreciated vessels		$ 2,963
Number of fully depreciated vessels		1
Carrying value of vessels provided as collaterals to secure loans		$ 1,896,568
Number of vessels provided as collaterals to secure loans		46

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Basis of Presentation and General information (Table) (Details)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Concentration Risk [Line Items]
Concentration risk percentage	87.00%	88.00%
Major customer A [member]
Concentration Risk [Line Items]
Concentration risk percentage	25.00%	27.00%
Major customer B [member]
Concentration Risk [Line Items]
Concentration risk percentage	31.00%	28.00%
Major customer C [Member]
Concentration Risk [Line Items]
Concentration risk percentage	13.00%	14.00%
Major customer D [Member]
Concentration Risk [Line Items]
Concentration risk percentage	18.00%	19.00%

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Taxes-Additional Information (Details) - Jun. 30, 2015	Total
Income Tax Disclosure [Abstract]
Applicable Tax	4.00%
US related gross transportation income that tax applies	50.00%
Ownership Income Tax Percentage	50.00%

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

6 Months Ended

Jun. 30, 2015

Earnings Per Share, Basic [Abstract]

Schedule Of Earnings per share, Basic and Diluted

	June 30, 2014			June 30, 2015
	Basic EPS			Basic EPS
Net income	$	47,213		$	70,613
Less: paid and accrued earnings allocated to Preferred Stock		(5,719	)		(7,313	)
Net income available to common stockholders		41,494			63,300
Weighted average number of common shares, basic and diluted		74,800,000			74,876,866
Earnings per common share, basic and diluted	$	0.55		$	0.85

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Costamare Ventures Inc.-Additional information (Details) - Jun. 30, 2015	Total
Costamare Ventures Disclosure [Abstarct]:
Date of entry into Agreement	May 15, 2013
Subsidiary involved into agreement	Costamare Ventures Inc.
Range of participation of Costamare Ventures	between 25% and 75%
Term of the agreement in years	6
Number of jointly owned companies	15
Maximum investment amount by York (in millions of USD)	up to $250 million
Minimum investment amount by Costamare Ventures (in millions of USD)	minimum of $75 million
Option for maximum investment amount by Costamare Ventures (in millions of USD)	up to $240 million
Date of Restated Framework Agreement	May 18, 2015
Restated Framework agreement, commitment period	May 18, 2020
Restated Framework agreement, termination date	May 18, 2024 or upon the occurrence of certain extraordinary events.

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Unearned Revenue, Current and Non-current (Table) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Unearned Revenue, Current and Non-Current [Abstract]
Hires collected in advance	$ 7,984	$ 8,096
Charter revenue resulting from varying charter rates	35,415	34,287
Total deferred revenue	43,399	42,383
Less current portion	(14,387)	(12,929)
Non-current portion	$ 29,012	$ 29,454

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Capital Leased Assets and Capital Lease Obligations (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Finance leased assets [Abstract]:
Vessel's sale and leaseback price	$ 85,572
Prepaid lease rentals	$ 45,793		$ 49,817
Net settlements of interest rate swaps qualifying for cash flow hedge		$ 6,604
Capital leased assets	$ 256,716
Capital leased assets, depreciation	3,759	2,347
Capital leased assets, net	246,788		$ 250,547
Finance lease obligation [Abstract]:
Finance lease obligations, Gross	$ 240,528
Finance lease obligation maturity	2024
Interest expense incurred on finance leases	$ 8,615	$ 5,803

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Other non-current assets - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Jul. 16, 2014	Jun. 30, 2015
Zim Integrated Services [Member]
Equity securities received, percentage	1.20%
Aggregate principal amount of unsecured interest	$ 8,229
Equity securities received, Maturity date	Dec. 31, 2023
Fair value of equity securities	$ 7,802
Difference between aggregate fair value of debt and equity securities	$ 2,888
Series 1 Notes [Member]
Equity securities received, percentage	3.00%
Aggregate principal amount of unsecured interest	$ 1,452
Equity securities received, Maturity date	Dec. 31, 2023
Fair value of equity securities	$ 676
Fair value unwinding		$ 484
Series 2 Notes [Member]
Equity securities received, percentage	5.00%
Aggregate principal amount of unsecured interest	$ 6,777
Equity securities received, Maturity date	Dec. 31, 2023
Fair value of equity securities	$ 3,567
Fair value unwinding		$ 484

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Related Party Transactions

6 Months Ended

Jun. 30, 2015

Related Party Transactions [Abstract]

Transactions with Related Parties

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, itself or through Shanghai Costamare Ship Management Co., Ltd. (“Shanghai Costamare”), which is also controlled by Mr. Konstantakopoulos, or through or together with third party sub-managers, provides technical, crewing, commercial, provisioning, bunkering, sale and purchase, chartering, accounting, insurance and administrative services in 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 the Company’s “affiliated managers”.

On March 3, 2015, the Company entered into an amended and restated management agreement with Costamare Shipping (the “Group Management Agreement”)  which, among other things, extends the term of the agreement such that it automatically renews for 10 consecutive one-year periods until December 31, 2025 (rather than five consecutive periods until December 31, 2020), removes the annual 4% increase of the fee payable in respect of each containership managed by Costamare Shipping and in respect of the flat fee for the supervision of each newbuild ordered by the Company and, beginning in the first quarter of 2015, provides for an annual fee to Costamare Shipping of $2,500 and  598,400 shares (which is equal to 0.8% of the issued and outstanding Company common stock as of January 1, 2015) payable quarterly in arrears. No separate payment is made for the services of the Company’s executive officers (prior to 2015, the Company paid Costamare Shipping $1,000 annually for such services).

In 2015, Costamare Shipping is to receive (i) for each containership which is not subject to a bareboat charter a daily fee of $0.956 since January 1, 2015 ($0.919 for 2014) and for each containership subject to a bareboat charter a daily fee of $0.478 since January 1, 2015 ($0.460 for 2014), in each case prorated for the calendar days the Company owned each containership and for the three-month period following the date of the sale of a vessel, (ii) a flat fee of $787.4 for the supervision of the construction of any newbuild vessel contracted by the Company, (iii) a fee of 0.75% on all gross freight, demurrage, charter hire, ballast bonus or other income earned with respect to each containership in the Company’s fleet and, (iv) an annual fee of $2,500 and 598,400 shares as noted above. Fees under (i) and (ii) may be annually adjusted upwards to reflect any strengthening of the Euro against the U.S. dollar and/or material unforeseen cost increases.

After the initial term 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) ten and (ii) the number of full years remaining prior to December 31, 2025, 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, 2015, 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, 2014 and 2015, amounted to $9,190 and $9,582, respectively and are included in Management fees-related parties in the accompanying consolidated statements of income. In addition, the Manager charged (i) $1,829 for the six-month period ended June 30, 2015 ($1,788 for the six-month period ended June 30, 2014), 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 statement of income for the six-month period ended June 30, 2015, (ii) $1,250, which is included in General and administrative expenses – related parties in the accompanying consolidated statements of income for the six-month period ended June 30, 2015 ($500 for the six-month period ended June 30, 2014), (iii) $5,383 representing the fair value of 299,200 shares, which is included in General and administrative expenses - related parties in the accompanying consolidated statements of income for the six-month period ended June 30, 2015 and (iv) $1,050 supervision fees for three newbuild vessels, which were included in Advances for vessels acquisition during 2014. Furthermore, in accordance with the management agreement with V.Ships Greece, V.Ships Greece has been provided with the amount of $1,425 ($75 per vessel) as working capital security, which is included in Accounts receivable, non-current, in the accompanying consolidated balance sheets.

During the six-month periods ended June 30, 2015 and 2014, the Manager charged in aggregate to the companies established pursuant to the Framework Agreement (Notes 8 and 9) the amount of $837 and $689, respectively for services provided in accordance with the respective management agreements.

The balance due from the Manager at December 31, 2014 and at June 30, 2015 amounted to $576 and $2,490, respectively, which are included in Due from related parties in the accompanying consolidated balance sheets.

(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. For the period from April 28, 2013 to December 31, 2014 and for the six-month period ended June 30, 2015, CIEL did not provide technical, crewing, provisioning, bunkering, sale and purchase and accounting services, or other commercial services, to any of the Company’s containerships. CIEL is currently providing services in respect of the Rena. Management fees charged by CIEL in the six-month periods ended June 30, 2014 and 2015, amounted to $108 and $107, respectively and are included in Management fees-related parties in the accompanying consolidated statements of income. The balance due from CIEL at December 31, 2014 and June 30, 2015, amounted to $593 and $589, 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, 2015, Shanghai Costamare provided such services to eleven (eleven as of December 31, 2014) of the Company’s containerships. There was no balance due from/to Shanghai Costamare at both December 31, 2014 and June 30, 2015.

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Prepaid lease rentals (Table) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Prepaid lease rentals [Abstract]:
Prepaid lease rentals	$ 45,793	$ 49,817
Less: Amortization of prepaid lease rentals	(2,470)	(4,024)
Prepaid lease rentals	43,323	45,793
Less: Current portion	(4,989)	(4,982)
Non-current portion	$ 38,334	$ 40,811

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Significant Accounting Policies-Addittional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Significant Accounting Policies_Vessels, Net [Abstract]
Estimated scrap rate	$0.300 per lightweight ton	Approximately $0.250 per light weight ton
Estimated useful life	30 years
Decrease in depreciation expense	$ 2,692
Increase in net income	$ 2,692
Increase in per common share, basic and diluted	$ 0.04

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Organization Consolidation and Presentation of Financial Statements (Tables)

6 Months Ended

Jun. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Revenue by Major Customers by Reporting Segments

	2014	2015
A	27%	25%
B	28%	31%
C	14%	13%
D	19%	18%
Total	88%	87%

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Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2015

Accounting Policies [Abstract]

Vessels, net

Vessels, Net: Vessels are stated at cost, which consists of the contract price and any material expenses incurred upon acquisition (initial repairs, improvements and delivery expenses, interest and on-site supervision costs incurred during the construction periods). Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise these amounts are charged to expense as incurred.

The cost of each of the Company’s vessels is depreciated from the date of acquisition on a straight-line basis over the vessel’s remaining estimated economic useful life, after considering the estimated residual value which is equal to the product of vessels’ lightweight tonnage and estimated scrap rate, which up until December 31, 2014, was estimated to be approximately $0.250 per lightweight ton. In order to align the scrap rate estimates with the current historical average scrap rate, effective from January 1, 2015, the Company adjusted the estimated scrap rate used to calculate the vessels' salvage value from $0.250 to $0.300 per lightweight ton. The impact of the increase in the estimated scrap rate is a decrease in depreciation expense going forward. The effect of this change in accounting estimate, which did not require retrospective adoption as per ASC 250 "Accounting Changes and Error Corrections," was to decrease depreciation expense by $2,692 and increase net income for the six-month period ended June 30, 2015, by $2,692 or $0.04 per common share, basic and diluted.

Management estimates the useful life of the Company’s vessels to be 30 years from the date of initial delivery from the shipyard. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted.

New accounting pronouncements

New accounting pronouncements

 Debt issuance costs: In April 2015, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03 – Interest – Imputation of Interest to simplify the presentation of debt issuance costs. Current guidance generally requires entities to capitalize costs paid to third parties that are directly related to issuing debt and that otherwise wouldn’t be incurred and present those amounts separately as deferred charges (i.e., assets). However, the discount or premium resulting from the difference between the net proceeds received upon debt issuance and the amount payable at maturity is presented as a direct deduction from or an addition to the face amount of the debt. The new guidance simplifies financial reporting by eliminating the different presentation requirements for debt issuance costs and debt discounts or premiums.

The guidance is effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Upon adoption, an entity must apply the new guidance retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. The Company is planning to apply ASU No. 2015-03 as of January 1, 2016.

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Long-Term Debt (Table) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Long-term Debt, Unclassified [Abstract]
Credit Facility	$ 540,938	$ 585,883
Term Loans [Abstract]:
Costis Maritime Corporation and Christos Maritime Corporation	87,000	91,500
Mas Shipping Co	34,750	38,875
Montes Shipping Co and Kelsen Shipping Co	72,000	78,000
Capetanissa Maritime Corporation	47,500	50,000
Rena Maritime Corporation	45,000	47,500
Costamare Inc.	65,538	73,414
Costamare Inc.	115,873	120,330
Undine Shipping Co., Quentin Shipping Co. and Sander Shipping Co.	201,185	208,826
Raymond Shipping Co. and Terance Shipping Co.	132,336	137,793
Costamare Inc.	79,130	87,820
Total Term Loans	880,312	934,058
Total	1,421,250	1,519,941
Less-current portion	(186,889)	(192,951)
Long-term Portion	$ 1,234,361	$ 1,326,990

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Transactions with Related Parties (Details) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2015 USD ($) shares	Jun. 30, 2014 USD ($)	Dec. 31, 2014 USD ($)
Related Party Transaction [Line Items]
Management fees charged during the period	$ 9,690	$ 9,298
Commission charged on charter hire agreements during period	1,829	1,788
Due From Related Parties, Current	$ 6,323		$ 4,447
Costamare Shipping Company Sa New [Member]
Related Party Transaction [Line Items]
Number Of Vessels Under Ship Management Cell	19
Management fee per day per vessel (in U.S. dollars)	$ 956	919
Management fee per day per vessel under bareboat charter (in U.S. dollars)	478		$ 460
Officers Compensation Charged	$ 1,250	500
Annual fees for management services	$2,500 and 598,400 shares		$1,000
Fair value of shares issued to the Manager	$ 5,383
Number of shares issued to the Manager | shares	299,200
Management agreement expiration date	DECEMBER 31, 2025
Management agreement automatic extention expiration date	DECEMBER 31, 2025
Months required for cancellation written notice for management agreement	12
Management fees calculated on the sale of a vessel	3 months
Annual adjustment on supervisory fees after December 31, 2012	4.00%
Construction supervisory fee	$ 787
Construction supervisory fee, paid			$ 1,050
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) ten and (ii) the number of full years remaining prior to December 31, 2025, 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	$ 1,425
Working capital security, per vessel	75
Total charges by the manager to Company's affiliates	837	689
Management fees charged during the period	9,582	9,190
Due From Related Parties, Current	2,490		576
Ciel shipmanagement SA [Member]
Related Party Transaction [Line Items]
Management fees charged during the period	107	$ 108
Due From Related Parties, Current	$ 589		$ 593
Shanghai Costamare Ship Management Co Ltd [Member]
Related Party Transaction [Line Items]
Number of vessels managed	11		11

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Vessels, Net (Tables)

6 Months Ended

Jun. 30, 2015

Property, Plant and Equipment [Abstract]

Schedule of Vessels, Net

	Vessel Cost		Accumulated  Depreciation			Net Book  Value
Balance, December 31, 2014		2,953,440		(854,620	)		2,098,820
Depreciation		-		(46,601	)		(46,601	)
Other vessels’ costs		1,491		-			1,491
Balance, June 30, 2015		2,954,931		(901,221	)		2,053,710

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Deferred Charges (Tables)

6 Months Ended

Jun. 30, 2015

Deferred Charges Disclosure [Abstract]:

Schedule of deferred charges

	Financing Costs		Dry-docking and Special Survey Costs		Total
Balance, December 31, 2014		7,902		20,773		28,675
Additions		-		2,650		2,650
Amortization		(946)		(3,583)		(4,529)
Balance, June 30, 2015		6,956		19,840		26,796

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Significant Accounting Policies

6 Months Ended

Jun. 30, 2015

Accounting Policies [Abstract]

Significant Accounting Policies and Recent Accounting Pronouncements

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, 2014. There have been no material changes to these policies in the six-month period ended June 30, 2015, except for the re-assessment of the Company’s estimated scrap rate used to calculate the vessels’ salvage value.

Vessels, Net: Vessels are stated at cost, which consists of the contract price and any material expenses incurred upon acquisition (initial repairs, improvements and delivery expenses, interest and on-site supervision costs incurred during the construction periods). Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise these amounts are charged to expense as incurred.

The cost of each of the Company’s vessels is depreciated from the date of acquisition on a straight-line basis over the vessel’s remaining estimated economic useful life, after considering the estimated residual value which is equal to the product of vessels’ lightweight tonnage and estimated scrap rate, which up until December 31, 2014, was estimated to be approximately $0.250 per lightweight ton. In order to align the scrap rate estimates with the current historical average scrap rate, effective from January 1, 2015, the Company adjusted the estimated scrap rate used to calculate the vessels' salvage value from $0.250 to $0.300 per lightweight ton. The impact of the increase in the estimated scrap rate is a decrease in depreciation expense going forward. The effect of this change in accounting estimate, which did not require retrospective adoption as per ASC 250 "Accounting Changes and Error Corrections," was to decrease depreciation expense by $2,692 and increase net income for the six-month period ended June 30, 2015, by $2,692 or $0.04 per common share, basic and diluted.

Management estimates the useful life of the Company’s vessels to be 30 years from the date of initial delivery from the shipyard. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted.

New accounting pronouncements

Debt issuance costs: In April 2015, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03 – Interest – Imputation of Interest to simplify the presentation of debt issuance costs. Current guidance generally requires entities to capitalize costs paid to third parties that are directly related to issuing debt and that otherwise wouldn’t be incurred and present those amounts separately as deferred charges (i.e., assets). However, the discount or premium resulting from the difference between the net proceeds received upon debt issuance and the amount payable at maturity is presented as a direct deduction from or an addition to the face amount of the debt. The new guidance simplifies financial reporting by eliminating the different presentation requirements for debt issuance costs and debt discounts or premiums.

The guidance is effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Upon adoption, an entity must apply the new guidance retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. The Company is planning to apply ASU No. 2015-03 as of January 1, 2016.

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Investements in affiliate (Tables)

6 Months Ended

Jun. 30, 2015

Investments in affiliate [Abstract]:

Schedule of Investments In Affiliate - Jointly owned companies additional information

		Participation %			Date Established
Entity	Vessel/Hull	June 30, 2015			/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
Smales Maritime Co.	Elafonisos		49	%	June 6, 2013
Kemp Maritime Co.	Hull NCP0113		49	%	June 6, 2013
Hyde Maritime Co.	Hull NCP0114		49	%	June 6, 2013
Skerrett Maritime Co.	Hull NCP0152		49	%	December 23, 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

	December 31, 2014			June 30, 2015
Non-current assets		177,220			238,541
Current assets		13,267			10,465
		190,487			249,006
Current liabilities		6,283			5,202
	Six-month period ended June 30,
		2014			2015
Voyage revenue		5,894			7,252
Net loss		(3,272	)		(454	)

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Subsequent Events-Additional Information (Table) (Details) - Jun. 30, 2015 - USD ($) $ / shares in Units, $ in Thousands	Total
Common Stock [Member]
Subsequent Event [Line Items]
Dividends payable, per share	$ 0.29
Dividend, declaration date	Jul. 02, 2015
Date of payment of dividends	Aug. 05, 2015
Dividends date of record	Jul. 22, 2015
Preferred stock series B dividends declared [Member]
Subsequent Event [Line Items]
Dividends payable, per share	$ 0.476563
Dividends Payable	$ 953
Dividend, declaration date	Jul. 02, 2015
Dividends date of record	Jul. 14, 2015
Preferred stock series C dividends declared [Member]
Subsequent Event [Line Items]
Dividends payable, per share	$ 0.531250
Dividends Payable	$ 2,125
Dividend, declaration date	Jul. 02, 2015
Dividends date of record	Jul. 14, 2015
Preferred stock series D dividends declared [Member]
Subsequent Event [Line Items]
Dividends payable, per share	$ 0.376736
Dividends Payable	$ 1,507
Dividend, declaration date	Jul. 02, 2015
Dividends date of record	Jul. 14, 2015

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Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value, Liabilities Measured on Recurring Basis

	December 31, 2014		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
Recurring measurements:
Forward contracts-liability position		(1,009)		-		(1,009)		-
Interest rate swaps-liability position		(73,931)		-		(73,931)		-
Total		(74,940)		-		(74,940)		-

Fair value liabilities of the current reporting period measured on recurring basis

	June 30, 2015		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
Recurring measurements:
Forward contracts-liability position		(490)		-		(490)		-
Interest rate swaps-liability position		(65,585)		-		(65,585)		-
Total		(66,075)		-		(66,075)		-

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Investments In Affiliate - Jointly owned companies (Table) (Details) - Jun. 30, 2015	Total
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	July 1, 2013
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	July 8, 2013
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	June 26, 2013
Smales Maritime Co. [Member]
Affiliate jointly - owned companies [Line Items]
Vessel name or hull name	Elafonisos
Participation percentage of Costamare Ventures	49.00%
Year of establishment or acquisition	June 6, 2013
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	June 6, 2013
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	June 6, 2013
Skerrett Maritime Co. [Member]
Affiliate jointly - owned companies [Line Items]
Vessel name or hull name	Hull NCP0152
Participation percentage of Costamare Ventures	49.00%
Year of establishment or acquisition	December 23, 2013
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	June 25, 2013
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	June 25, 2013
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	October 16, 2013
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	October 16, 2013
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	December 23, 2013
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	December 23, 2013
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	December 23, 2013
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	December 18, 2013

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Earnings/ (Loss) per share - Additional information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share, Basic [Abstract]
Issuance date of Series B preferred stock	August 2013
Issuance Date Of Series C preferred Stock	January 2014
Issuance Date Of Series D preferred Stock	May 2015
Preferred stock dividend rate series B	7.625%
Preferred stock dividend rate series C	8.50%
Preferred stock dividend rate series D	8.75%
Dividends paid and accrued during period	$ 7,313	$ 5,719

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Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
CURRENT ASSETS:
Cash and cash equivalents	$ 159,942	$ 113,089
Restricted cash	14,019	14,264
Accounts receivable, net	1,303	2,365
Inventories (Note 5)	13,658	11,565
Due from related parties (Notes 3 and 9)	6,323	4,447
Insurance claims receivable	2,301	1,759
Prepaid lease rentals (Note 11)	4,989	4,982
Accrued charter revenue (Note 12)	456	511
Prepayments and other	6,165	4,993
Total current assets	209,156	157,975
FIXED ASSETS, NET:
Capital leased assets (Note 11)	246,788	250,547
Vessels, net (Note 6)	2,053,710	2,098,820
Total fixed assets, net	2,300,498	2,349,367
NON-CURRENT ASSETS:
Investment in affiliates (Note 9)	91,128	73,579
Prepaid lease rentals, non-current (Note 11)	38,334	40,811
Accounts receivable, non-current, net (Note 3)	1,425	1,425
Deferred charges, net (Note 7)	26,796	28,675
Restricted cash	46,826	49,818
Accrued charter revenue, non-current (Note 12)	822	1,025
Other non-current assets (Note 4)	12,426	12,065
Total assets	2,727,411	2,714,740
CURRENT LIABILITIES:
Current portion of long-term debt (Note 10)	186,889	192,951
Accounts payable	7,054	6,296
Capital lease obligations (Note 11)	14,029	13,508
Accrued liabilities	19,409	19,119
Unearned revenue (Note 12)	14,387	12,929
Fair value of derivatives (Notes 18 and 19)	39,212	43,287
Other current liabilities	2,181	2,286
Total current liabilities	283,161	290,376
NON-CURRENT LIABILITIES:
Long-term debt, net of current portion (Note 10)	1,234,361	1,326,990
Capital lease obligations, net of current portion (Note 11)	226,499	233,625
Fair value of derivatives, net of current portion (Notes 18 and 19)	26,863	31,653
Unearned revenue, net of current portion (Note 12)	29,012	29,454
Total non-current liabilities	$ 1,516,735	$ 1,621,722
COMMITMENTS AND CONTINGENCIES (Note 13)
STOCKHOLDERS' EQUITY:
Preferred stock (Note 14)
Common stock (Note 14)	$ 8	$ 8
Additional paid-in capital (Note 14)	960,664	858,665
Retained earnings	20,723	103
Accumulated other comprehensive loss (Notes 18 and 20)	(53,880)	(56,134)
Total stockholders' equity	927,515	802,642
Total liabilities and stockholders' equity	$ 2,727,411	$ 2,714,740

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Transactions with Related Parties-Ciel Shipmanagement SA (Details)	Jun. 30, 2015	Nov. 29, 2012
Ciel 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	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash Flows From Operating Activities:
Net income:	$ 70,613	$ 47,213
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	50,411	$ 51,818
Amortization of debt discount	(484)
Amortization of prepaid lease rentals	2,470	$ 1,512
Amortization and write-off of financing costs	946	3,025
Amortization of deferred dry-docking and special survey	3,583	$ 3,796
Equity based payments	$ 5,383
Net settlements on interest rate swaps qualifying for cash flow hedge		$ (489)
Gain on derivative instruments, net	$ (11,923)	(1,901)
Loss on sale / disposal of vessels, net		2,903
Equity loss on investments	$ 47	2,275
Changes in operating assets and liabilities:
Accounts receivable	1,062	6,813
Due from related parties	(1,876)	2,079
Inventories	(2,093)	(2,785)
Insurance claims receivable	(542)	(126)
Prepayments and other	(1,172)	(2,180)
Accounts payable	758	535
Accrued liabilities	$ 4,517	417
Due to related parties		96
Unearned revenue	$ (112)	(1,847)
Other current liabilities	(105)	(1,023)
Dry-dockings	(2,650)	(2,287)
Accrued charter revenue	1,386	5,121
Net Cash provided by Operating Activities	120,219	114,965
Cash Flows From Investing Activities:
Investment in affiliates	$ (17,596)	(52,647)
Dividend from affiliate		1,813
Advances for vessel acquisitions		(59,058)
Vessels acquisitions / Additions to vessel cost	$ (1,491)	(19,840)
Proceeds from the sale of vessels, net		6,705
Net cash used in Investing Activities	$ (19,087)	(123,027)
Cash Flows From Financing Activities:
Capital lease proceeds		256,716
Capital lease repayment	$ (6,605)	(3,149)
Offering proceeds, net of related expenses	$ 96,616	96,523
Proceeds from long-term debt		9,000
Repayment of long-term debt	$ (98,691)	(253,812)
Payment of financing costs		(2,055)
Dividends paid	$ (48,836)	(45,029)
Decrease in restricted cash	3,237	4,289
Net Cash provided by / (used in) Financing Activities	(54,279)	62,483
Net increase in cash and cash equivalents	46,853	54,421
Cash and cash equivalents at beginning of the period	113,089	93,379
Cash and cash equivalents at end of the period	159,942	147,800
Supplemental Cash Information:
Cash paid during the period for interest	$ 22,928	$ 21,378

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Long-term debt-Term loans-Additional Information (Details) $ in Thousands		1 Months Ended			6 Months Ended		11 Months Ended	12 Months Ended
	Jan. 14, 2011 USD ($)	Apr. 30, 2014	Mar. 31, 2014	Jan. 31, 2014	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)	Nov. 19, 2010 USD ($)	Dec. 31, 2014	Apr. 11, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)	Jun. 29, 2012 USD ($)	Dec. 31, 2011 USD ($)	Oct. 12, 2011 USD ($)	Oct. 06, 2011 USD ($)	Aug. 26, 2011 USD ($)	Aug. 16, 2011 USD ($)	Apr. 07, 2011 USD ($)
Long term debt term loans [Line Items]
Interest costs capitalized					$ 0	$ (1,795)
Net Settlements on Interest Rate Swaps Qualifying for Cash Flow Hedge						489
Loan for acquisition construction (three tranches - one for each hull) [Member]
Long term debt term loans [Line Items]
Line of Credit Facility Remaining Borrowing Capacity	$ 203,343
Number of outstanding installments	40
Line of Credit Facility Frequency of Payments	quarterly
Line of Credit Periodic Payment of Principal	$ 1,412
Line of Credit Final Payment of Principal	$ 12,713
Loan for acquisition construction [Member]
Long term debt term loans [Line Items]
Line of Credit Facility Initiation Date					April 2011
Line of Credit Facility Remaining Borrowing Capacity																		$ 140,000
Percentage of the vessels contract price available for draw down					70.00%
Draw down amount up to the end of the period										$ 80,220	$ 26,740
Debt Instrument Carrying Amount					$ 115,873
Number of outstanding installments					12
Line of Credit Facility Frequency of Payments					semi-annual
Line of Credit Periodic Payment of Principal					$ 4,457
Balloon payment					$ 62,393
Line of Credit Payment of Principal remaining period					July 2015 to January 2021
Loan for acquisition vessel Cosco Beijing [Member]
Long term debt term loans [Line Items]
Maximum Borrowing Capacity					$ 90,000
Line of Credit Facility Initiation Date					June 2006
Debt Instrument Carrying Amount					$ 47,500
Number of outstanding installments					7
Line of Credit Facility Frequency of Payments					semiannual
Line of Credit Periodic Payment of Principal					$ 2,500
Balloon payment					$ 30,000
Line of Credit Payment of Principal remaining period					August 2015 to August 2018
Loan for acquisition vessel Cosco Guangzhou [Member]
Long term debt term loans [Line Items]
Maximum Borrowing Capacity					$ 90,000
Line of Credit Facility Initiation Date					February 2006
Debt Instrument Carrying Amount					$ 45,000
Number of outstanding installments					6
Line of Credit Facility Frequency of Payments					semiannual
Line of Credit Periodic Payment of Principal					$ 2,500
Balloon payment					$ 30,000
Line of Credit Payment of Principal remaining period					August 2015 to February 2018
Loan for acquisition vessels Maersk Kawasaki Maersk Kure [Member]
Long term debt term loans [Line Items]
Maximum Borrowing Capacity					$ 150,000
Line of Credit Facility Initiation Date					December 2007
Maximum borrowing capacity per vessel					$ 75,000
Debt Instrument Carrying Amount					$ 72,000
Number of outstanding installments					5
Line of Credit Facility Frequency of Payments					semiannual
Line of Credit Periodic Payment of Principal					$ 6,000
Balloon payment					$ 42,000
Line of Credit Payment of Principal remaining period					December 2015 to December 2017
Loan for acquisition vessel Maersk Kokura [Member]
Long term debt term loans [Line Items]
Maximum Borrowing Capacity					$ 75,000
Line of Credit Facility Initiation Date					January 2008
Debt Instrument Carrying Amount					$ 34,750
Number of outstanding installments					6
Line of Credit Facility Frequency of Payments					semiannual
Line of Credit Periodic Payment of Principal					$ 4,125
Balloon payment					$ 10,000
Line of Credit Payment of Principal remaining period					August 2015 to February 2018
Loan for acquisition vessels Msc Romanos (tranche) [Member]
Long term debt term loans [Line Items]
Maximum Borrowing Capacity					$ 38,500
Line of Credit Facility Initiation Date					November 2010
Debt Instrument Carrying Amount					$ 24,063
Number of outstanding installments					17
Line of Credit Facility Frequency of Payments					quarterly
Line of Credit Periodic Payment of Principal					$ 962
Balloon payment					$ 7,700
Line of Credit Payment of Principal remaining period					August 2015 to August 2019
Loan for acquisition vessels Msc Methoni (tranche b) [Member]
Long term debt term loans [Line Items]
Maximum Borrowing Capacity					$ 42,000
Line of Credit Facility Initiation Date					November 2010
Debt Instrument Carrying Amount					$ 27,300
Number of outstanding installments					18
Line of Credit Facility Frequency of Payments					quarterly
Line of Credit Periodic Payment of Principal					$ 1,050
Balloon payment					$ 8,400
Line of Credit Payment of Principal remaining period					July 2015 to October 2019
Loan for acquisition vessels MSC Ulsan (tranche c) [Member]
Long term debt term loans [Line Items]
Maximum Borrowing Capacity					$ 21,000
Line of Credit Facility Initiation Date					November 2010
Debt Instrument Carrying Amount					$ 14,175
Number of outstanding installments					19
Line of Credit Facility Frequency of Payments					quarterly
Line of Credit Periodic Payment of Principal					$ 525
Balloon payment					$ 4,200
Line of Credit Payment of Principal remaining period					August 2015 to February 2020
Loan for acquisition vessel Koroni (tranche d) [Member]
Long term debt term loans [Line Items]
Maximum Borrowing Capacity					$ 7,470
Date of loan repayment					May 21, 2014
Debt Instrument Carrying Amount					$ 0
Amount of full debt repayment					4,202
Loan for acquisition vessel Kyparissia (tranche e) [Member]
Long term debt term loans [Line Items]
Maximum Borrowing Capacity					$ 7,470
Date of loan repayment					May 29, 2015
Debt Instrument Carrying Amount					$ 0
Amount of full debt repayment					$ 2,334
Loan for acquisition and construction of Three hulls - Valor [Member]
Long term debt term loans [Line Items]
Line of Credit Facility Initiation Date					August 2011
Delivery date					June 3, 2013
Debt Instrument Carrying Amount					$ 66,213
Number of outstanding installments					20
Line of Credit Facility Frequency of Payments					quarterly
Line of Credit Periodic Payment of Principal					$ 1,273
Balloon payment					$ 40,745
Line of Credit Payment of Principal remaining period					July 2015 to April 2020
Loan for acquisition and construction of Three hulls - Valiant [Member]
Long term debt term loans [Line Items]
Line of Credit Facility Initiation Date					August 2011
Delivery date					August 5, 2013
Debt Instrument Carrying Amount					$ 66,213
Number of outstanding installments					20
Line of Credit Facility Frequency of Payments					quarterly
Line of Credit Periodic Payment of Principal					$ 1,273
Balloon payment					$ 40,745
Line of Credit Payment of Principal remaining period					September 2015 to June 2020
Loan for acquisition and construction of Three hulls - Vantage [Member]
Long term debt term loans [Line Items]
Line of Credit Facility Initiation Date					August 2011
Delivery date					November 8, 2013
Debt Instrument Carrying Amount					$ 68,759
Number of outstanding installments					22
Line of Credit Facility Frequency of Payments					quarterly
Line of Credit Periodic Payment of Principal					$ 1,273
Balloon payment					$ 40,744
Line of Credit Payment of Principal remaining period					August 2015 to November 2020
Loan for acquisition and construction of Two S hulls - Value [Member]
Long term debt term loans [Line Items]
Line of Credit Facility Initiation Date					October 2011
Delivery date					June 25, 2013
Debt Instrument Carrying Amount					$ 65,486
Number of outstanding installments					20
Line of Credit Facility Frequency of Payments					quarterly
Line of Credit Periodic Payment of Principal					$ 1,364
Balloon payment					$ 38,199
Line of Credit Payment of Principal remaining period					September 2015 to June 2020
Loan for acquisition and construction of Two S hulls - Valence [Member]
Long term debt term loans [Line Items]
Line of Credit Facility Initiation Date					October 2011
Delivery date					September 2, 2013
Debt Instrument Carrying Amount					$ 66,850
Number of outstanding installments					21
Line of Credit Facility Frequency of Payments					quarterly
Line of Credit Periodic Payment of Principal					$ 1,364
Balloon payment					$ 38,199
Line of Credit Payment of Principal remaining period					August 2015 to August 2020
Loan to partly finance agreegate market value eleven vessels [Member]
Long term debt term loans [Line Items]
Line of Credit Facility Remaining Borrowing Capacity															$ 120,000
Draw down amount up to the end of the period															$ 113,700
Debt Instrument Carrying Amount					$ 79,130
Number of outstanding installments					14
Line of Credit Facility Frequency of Payments					quarterly
Balloon payment					$ 39,490
Line of Credit Payment of Principal remaining period					September 2015 to December 2018
Interest expense (including swap interest interest capitalized) [Member]
Long term debt term loans [Line Items]
Interest expense excluding amortization					$ 39,702	41,008
Interest costs capitalized						1,795
Interest capitalized Advances for vessel acquisitions						(1,306)
Net Settlements on Interest Rate Swaps Qualifying for Cash Flow Hedge						$ (489)
Long-term debt [Member]
Long term debt term loans [Line Items]
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					1.11%-6.75%			1.03%-6.75%
Weighted average interest rates					4.20%			4.20%
Loan for acquisition vessels Sealand New York Sealand Washington [Member]
Long term debt term loans [Line Items]
Maximum Borrowing Capacity					$ 150,000
Line of Credit Facility Initiation Date					May 2008
Maximum borrowing capacity per vessel					$ 75,000
Debt Instrument Carrying Amount					$ 87,000
Number of outstanding installments					6
Line of Credit Facility Frequency of Payments					semiannual
Line of Credit Periodic Payment of Principal					$ 4,500
Balloon payment					$ 60,000
Line of Credit Payment of Principal remaining period					November 2015 to May 2018
Loan available for draw down [Member]
Long term debt term loans [Line Items]
Line of Credit Facility Remaining Borrowing Capacity							$ 120,000
Available period for draw down							18 months
Loan To Partly Finance Acquisition Of Eleven Vessels And Sale Of Konstantina [Member ]
Long term debt term loans [Line Items]
Loan repayment due to sale of vessels					$ 6,495
Loan To Partly Finance Acquisition Of Eleven Vessels And Sale Of Akritas [Member ]
Long term debt term loans [Line Items]
Loan repayment due to sale of vessels					$ 6,000
Supplemental agreement for loan to partly finance acquisition of eleven vessels and partly finance acquisition of vessel Neapolis [Member]
Long term debt term loans [Line Items]
Line of Credit Facility Remaining Borrowing Capacity									$ 9,000
Draw down amount up to the end of the period									$ 9,000
Loan for acquisition and construction of three h hulls first hull tranche [Member]
Long term debt term loans [Line Items]
Draw down amount up to the end of the period										48,765
Delivery date				January 14, 2014
Loan for acquisition and construction of three H hulls second hull tranche b [Member]
Long term debt term loans [Line Items]
Draw down amount up to the end of the period										48,765
Delivery date			March 14, 2014
Loan for acquisition and construction of three H hulls first hull tranche c [Member]
Long term debt term loans [Line Items]
Draw down amount up to the end of the period										48,765
Delivery date		April 28, 2014
Loan for acquisition and construction of Two S hulls - Drawdowns [Member]
Long term debt term loans [Line Items]
Draw down amount up to the end of the period										106,960	30,560
Loan for acquisition and construction of Three hulls - Drawdowns [Member]
Long term debt term loans [Line Items]
Draw down amount up to the end of the period										$ 168,080	$ 38,200
Supplemental agreement for Loan to partly finance agreegate market value eleven vessels partly finance acquisition Stadt Luebeck [Member]
Long term debt term loans [Line Items]
Line of Credit Facility Remaining Borrowing Capacity												$ 11,300
Draw down amount up to the end of the period												$ 11,300
Loan for acquisition construction (first drawdown) [Member]
Long term debt term loans [Line Items]
Draw down amount up to the end of the period													$ 26,740
Loan for acquisition construction (two tranches one for each hull) [Member]
Long term debt term loans [Line Items]
Line of Credit Facility Remaining Borrowing Capacity														$ 152,800
Draw down amount up to the end of the period													$ 15,280
Loan for acquisition construction new (three tranches one for each hull) [Member]
Long term debt term loans [Line Items]
Line of Credit Facility Remaining Borrowing Capacity																	$ 229,200
Draw down amount up to the end of the period																$ 22,920

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

6 Months Ended

Jun. 30, 2015

Accrued Charter Revenue and Unearned Revenue Disclosure [Abstract]

Schedule of the maturities of the net accrued charter revenue

Year ending December 31,	Amount
2015		(3,390	)
2016		(9,430	)
2017		(11,287	)
2018		(7,752	)
2019		(2,278	)
		(34,137	)

Schedule of Unearned Revenue, Current and Non-Current

	December 31, 2014		June 30, 2015
Hires collected in advance		8,096		7,984
Charter revenue resulting from varying charter rates		34,287		35,415
Total		42,383		43,399
Less current portion		(12,929)		(14,387)
Non-current portion		29,454		29,012

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Accrued charter revenue, current and non-current-Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Accrued Charter Revenue Current and Non-Current [Abstract]
Accrued charter revenue, net	$ (34,137)	$ (32,751)
Accrued charter revenue	456	511
Accrued charter revenue, non-current	822	1,025
Charter revenue resulting from varying charter rates	$ 35,415	$ 34,287

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Interest and Finance Costs

6 Months Ended

Jun. 30, 2015

Interest and Finance Costs [Abstract]:

Interest and Finance Costs

16.  Interest and Finance Costs:

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

	June 30, 2014			June 30, 2015
Interest expense		22,427			22,667
Interest capitalized		(1,795	)		-
Swap effect		24,384			25,650
Amortization and write-off of financing costs		3,025			946
Commitment fees		161			349
Bank charges and other		160			131
		48,362			49,743

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Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

Schedule of Non Cancelable Long-Term Time Charter Contracts

Year ending December 31,	Amount
2015		238,280
2016		429,002
2017		371,984
2018		198,759
2019		122,306
2020 and thereafter		310,852
		1,671,183

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Derivatives

6 Months Ended

Jun. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

18. Derivatives:

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

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

At December 31, 2014 and June 30, 2015, the Company had interest rate swap agreements with an outstanding notional amount of $1,030,642 and $968,135, respectively. The fair value of these interest rate swaps outstanding at December 31, 2014 and June 30, 2015, amounted to a liability of $55,422 and a liability of $49,436, respectively and these are included in the accompanying consolidated balance sheets. The maturity of these interest rate swaps range between June 2018 and January 2021.

During the six-month periods ended June 30, 2014 and 2015, the realized ineffectiveness on the interest rate swaps discussed under (a) above was a loss of $121 and a loss of $60, respectively and are included in Gain on derivative instruments, net in the accompanying consolidated statements 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 reflected in the Swaps breakage costs in the accompanying 2014 consolidated statement of income.

The estimated net amount that is expected to be reclassified within the next 12 months from Accumulated Other Comprehensive Loss to earnings in respect of the settlements on interest rate swaps amounts to $27,181.

(b) Interest rate swaps that do not meet the criteria for hedge accounting: As of December 31, 2014 and June 30, 2015, the Company had interest rate swap agreements with an outstanding notional amount of $217,533 and $212,486, respectively for the purpose of managing risks associated with the variability of changing LIBOR-related interest rates. Such agreements did not meet hedge accounting criteria and, therefore, changes in its fair value are reflected in earnings. The fair value of these interest rate swaps at December 31, 2014 and June 30, 2015, was a liability of $18,509 and a liability of $16,149, respectively and these are included in Fair value of derivatives in the accompanying consolidated balance sheets. The maturity of these interest rate swaps range between February 2017 and August 2020.

(c) Foreign currency agreements: As of June 30, 2015, the Company was engaged in sixteen Euro/U.S. dollar forward agreements totaling $23,000 at an average forward rate of Euro/U.S. dollar 1.112 expiring in monthly intervals up to February 2016.

As of December 31, 2014, the Company was engaged in nine Euro/U.S. dollar forward agreements totaling $22,500 at an average forward rate of Euro/U.S. dollar 1.273 expiring in monthly intervals up to September 2015.

The total change of forward contracts fair value for the six-month period ended June 30, 2015, was a loss of $519 ($nil for the six-month period ended June 30, 2014) and is included in Gain on derivative instruments, net in the accompanying 2015 consolidated statement of income.

The Effect of Derivative Instruments for the six-month periods ended June 30, 2014 and 2015

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)
		2014	2015	Derivative (Ineffective Portion)	2014	2015
Interest rate swaps		(8,862)	(15,574)	Gain on derivative instruments, net	(121)	(60)
Reclassification to Interest and finance costs		21,596	17,777		-	-
Total		12,734	2,203		(121)	(60)

Derivatives Not Designated as Hedging Instruments and ineffectiveness of Hedging Instruments under ASC 815
	Location of Gain / (Loss) Recognized in Income on Derivative	Amount of Gain / (Loss) Recognized in Income on Derivative
		2014	2015
Non hedging interest rate swaps	Gain on derivative instruments, net	2,022	11,464
Ineffective portion of hedging interest rate swaps	Gain on derivative instruments, net	(121)	(60)
Forward contracts	Gain on derivative instruments, net	-	519
Total		1,901	11,923

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Commitments and Contitngencies - Long-Term Time Charters-Additional Information (Details) - Long-term time charters (including charter agreements vessels under construction) [Member]

6 Months Ended

Jun. 30, 2015

Time charter arrangements remaining terms period

up to 105 months

Revenue days per annum

365 Days

Redelivery dates

earliest possible redelivery dates

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Organization Consolidation and Presentation of Financial Statements

6 Months Ended

Jun. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and General Information

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. On March 31, 2015 and on June 30, 2015, the Company issued 149,600 shares and 149,600 shares, respectively, to Costamare Shipping Company S.A. (Note 3) pursuant to the amended and restated group management agreement, increasing the issued share capital to 75,099,200 shares. At June 30, 2015, members of the Family owned, directly or indirectly, approximately 64.9% 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, on January 21, 2014, the Company completed a public offering of 4,000,000 shares of its 8.50% Series C Cumulative Redeemable Perpetual Preferred Stock (the “Series C Preferred Stock”), par value $0.0001, at a public offering price of $25.00 per share and on May 13, 2015, the Company completed a public offering of 4,000,000 shares of its 8.75% Series D Cumulative Redeemable Perpetual Preferred Stock (the “Series D Preferred Stock”), par value $0.0001, at a public offering price of $25.00 per share.

As of December 31, 2014 and June 30, 2015, the Company owned and/or operated a fleet of 55 container vessels with a total carrying capacity of approximately 320,407 TEU, 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, 2015, Costamare had 92 wholly-owned subsidiaries, all incorporated in the Republic of Liberia, except for five incorporated in the Republic of the Marshall Islands.

On October 2, 2014, Costamare Partners LP (the “MLP”), a Marshall Islands limited partnership and a wholly owned subsidiary of the Company, filed a Registration Statement on Form F-1 with the SEC (which registration statement was subsequently amended and re-filed on October 23, 2014, November 12, 2014, January 30, 2015, June 8, 2015 and June 26, 2015) for the initial public offering of common units representing limited partnership interests (the “common units”) in the MLP. The number of common units to be offered and the price range for the offering have not yet been finally determined. The proceeds from the offering are expected to be used principally to reduce indebtedness and for general partnership purposes, with the remainder to be distributed to the Company. If the offering is completed, the Company expects to contribute to the MLP a 100% interest in the entities which own four of the Company’s existing container vessels. Following the offering, the MLP will remain a consolidated subsidiary of the Company as the Company will retain a majority of the MLP’s total equity interests and, through a subsidiary, act as its general partner. Completion of the initial public offering is subject to further authorization of the board of directors of the Company, as well as completion of the SEC review process.

Revenues for the six month periods ended June 30, 2014 and 2015, derived from significant charterers individually accounting for 10% or more of revenues (in percentages of total revenues) were as follows:

	2014	2015
A	27%	25%
B	28%	31%
C	14%	13%
D	19%	18%
Total	88%	87%

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, 2014, filed with the SEC on March 5, 2015.

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, 2015, are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2015.

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Unaudited Consolidated Statements of Income - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
REVENUES:
Voyage revenue	$ 244,069	$ 238,403
EXPENSES:
Voyage expenses	(1,028)	(1,776)
Voyage expenses-related parties (Note 3)	(1,829)	(1,788)
Vessels' operating expenses	(59,780)	(59,905)
General and administrative expenses	(1,432)	(1,950)
General and administrative expenses - related parties (Note 3)	(6,633)	(500)
Management fees-related parties (Note 3)	(9,690)	(9,298)
Amortization of dry-docking and special survey costs (Note 7)	(3,583)	(3,796)
Depreciation (Notes 6, 11 and 20)	(50,411)	(51,818)
Amortization of prepaid lease rentals (Note 11)	$ (2,470)	(1,512)
Loss on sale / disposal of vessels, net (Note 6)		(2,903)
Foreign exchange gains / (losses), net	$ 230	(110)
Operating income	107,443	103,047
OTHER INCOME / (EXPENSES):
Interest income	732	291
Interest and finance costs (Note 16)	$ (49,743)	(48,362)
Swaps breakage costs (Note 18)		(10,192)
Equity loss on investments (Note 9)	$ (47)	(2,275)
Other, net (Note 9)	305	2,803
Gain on derivative instruments, net (Note 18)	11,923	1,901
Total other expenses	(36,830)	(55,834)
Net Income	70,613	47,213
Earnings allocated to Preferred Stock (Note 15)	(7,313)	(5,719)
Net income available to Common Stockholders	$ 63,300	$ 41,494
Earnings per common share, basic and diluted (Note 15)	$ 0.85	$ 0.55
Weighted average number of shares, basic and diluted	74,876,866	74,800,000

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Capital Leased Assets and Capital Lease Obligations

6 Months Ended

Jun. 30, 2015

Capital Leased Assets And Capital Lease Obligations

Capital Leased Assets and Capital Lease Obligations

11. Capital Leased Assets and Capital 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 6). 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. The shipbuilding contracts for these vessels were novated to the financial institution for an amount of $85,572 each which took delivery of the vessels and the vessels were leased back for a period of ten years.

The sale and leaseback transactions were classified as capital 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 capital lease transactions amounted to $256,716. The depreciation charged during the six-month periods ended June 30, 2014 and 2015, amounted to $2,347 and $3,759, respectively, and are included in Depreciation in the accompanying consolidated statements of income. As of June 30, 2015, the net book value of the three vessels amounted to $246,788 and is separately reflected as Capital leased assets, in the accompanying 2015 consolidated balance sheet.

The balance of prepaid lease rentals, as of December 31, 2014 and June 30, 2015, is analyzed as follows:

	December 31, 2014			June 30, 2015
Prepaid lease rentals		49,817			45,793
Less: Amortization of prepaid lease rentals		(4,024	)		(2,470	)
Prepaid lease rentals		45,793			43,323
Less: current portion		(4,982	)		(4,989	)
Non-current portion		40,811			38,334

The capital lease obligations amounting to $240,528 as at June 30, 2015, 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 capital leases for the six-month periods ended June 30, 2014 and 2015, amounted to $5,803 and $8,615, respectively and are included in Interest and finance costs in the accompanying consolidated statements of income.

The annual lease payments in aggregate required under the capital leases after June 30, 2015, are as follows:

Year ending December 31,	Amount
2015		15,419
2016		30,783
2017		30,698
2018		30,698
2019		30,699
2020 and thereafter		207,553
Total		345,850
Less: Amount of interest		(105,322	)
Total lease payments		240,528

The total capital lease obligations are presented in the accompanying June 30, 2015, consolidated balance sheet as follows:

Capital lease obligation – current	14,029
Capital lease obligation – non current	226,499
	240,528

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Document and Entity Information - Jun. 30, 2015 - shares	Total
Document and Entity Information [Abstract]
Entity Registrant Name	Costamare Inc.
Entity Central Index Key	0001503584
Document Type	6-K
Document Period End Date	Jun. 30, 2015
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Well Known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Preferred Stock, Shares Outstanding	10,000,000
Entity Common Stock Shares Outstanding	75,099,200
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2015

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Accrued Charter Revenue and Unearned Revenue

6 Months Ended

Jun. 30, 2015

Accrued Charter Revenue and Unearned Revenue Disclosure [Abstract]

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

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, 2014 and June 30, 2015, 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, 2014, the net accrued charter revenue, totaling to ($32,751) comprises $511 separately reflected in Current assets, $1,025 separately reflected in Non-current assets, and ($34,287) (discussed in (b) below) included in Unearned revenue in current and non-current liabilities in the accompanying 2014 consolidated balance sheet. As at June 30, 2015, the net accrued charter revenue, totaling to ($34,137) comprises $456 separately reflected in Current assets, $822 separately reflected in Non-current assets, and ($35,415) (discussed in (b) below) included in Unearned revenue in current and non-current liabilities in the accompanying 2015 consolidated balance sheet. The maturities of the net accrued charter revenue as of December 31 of each year presented below are as follows:

Year ending December 31,	Amount
2015		(3,390	)
2016		(9,430	)
2017		(11,287	)
2018		(7,752	)
2019		(2,278	)
		(34,137	)

(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, 2014 and June 30, 2015, 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.

	December 31, 2014		June 30, 2015
Hires collected in advance		8,096		7,984
Charter revenue resulting from varying charter rates		34,287		35,415
Total		42,383		43,399
Less current portion		(12,929)		(14,387)
Non-current portion		29,454		29,012

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Financial Instruments - Fair value of Assets and Liabilities (Table) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Forward contracts-liability position	$ (490)	$ (1,009)
Interest rate swaps-liability position	(65,585)	(73,931)
Total	(66,075)	(74,940)
Interest rate swaps-liability position	65,585	73,931
Fair Value Inputs Level 1 [Member]
Derivatives, Fair Value [Line Items]
Forward contracts-liability position	0	0
Interest rate swaps-liability position	0	0
Total	0	0
Interest rate swaps-liability position	0	0
Fair Value Inputs Level 2 [Member]
Derivatives, Fair Value [Line Items]
Forward contracts-liability position	(490)	(1,009)
Interest rate swaps-liability position	(65,585)	(73,931)
Total	(66,075)	(74,940)
Interest rate swaps-liability position	65,585	73,931
Fair Value Inputs Level 3 [Member]
Derivatives, Fair Value [Line Items]
Forward contracts-liability position	0	0
Interest rate swaps-liability position	0	0
Total	0	0
Interest rate swaps-liability position	$ 0	$ 0

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Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income for the period	$ 70,613	$ 47,213
Other comprehensive income / (loss)
Unrealized gain on cash flow hedges, net (Notes 18 and 20)	$ 2,203	12,734
Net settlements on interest rate swaps qualifying for cash flow hedge (Notes 10 and 20)		(489)
Amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to Depreciation (Note 20)	$ 51	51
Amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to Prepaid lease rentals (Note 11)		6,604
Other comprehensive income for the period	$ 2,254	18,900
Total comprehensive income for the period	$ 72,867	$ 66,113

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Vessels

6 Months Ended

Jun. 30, 2015

Property, Plant and Equipment [Abstract]

Vessels, Net

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, 2014		2,953,440		(854,620	)		2,098,820
Depreciation		-		(46,601	)		(46,601	)
Other vessels’ costs		1,491		-			1,491
Balance, June 30, 2015		2,954,931		(901,221	)		2,053,710

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).

Furthermore, during the year ended December 31, 2014, the Company acquired the three secondhand vessels Neapolis, Areopolis and Lakonia at an aggregate price of $27,740.

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

As of June 30, 2015, one of the Company’s vessels was depreciated to its residual carrying value of $2,963.

Forty-six of the Company’s vessels, with a total carrying value of $1,896,568 as of June 30, 2015, have been provided as collateral to secure the long-term debt discussed in Note 10. 

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Inventories

6 Months Ended

Jun. 30, 2015

Inventory Disclosure [Abstract]

Inventories

5. Inventories:

Inventories of $11,565 and $13,658 in the accompanying balance sheets at December 31, 2014 and June 30, 2015, respectively relate to bunkers, lubricants and spare parts.

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Taxes

6 Months Ended

Jun. 30, 2015

Income Tax Disclosure [Abstract]

Taxes

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, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

13. Commitments and Contingencies:

(a) Long-term time charters: As at June 30, 2015, the Company has entered into time charter arrangements on all of its vessels in operation with international liner operators. These arrangements as at June 30, 2015, have remaining terms of up to 105 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
2015		238,280
2016		429,002
2017		371,984
2018		198,759
2019		122,306
2020 and thereafter		310,852
		1,671,183

(b) Pursuant to the Framework Agreement the Company has a contractual commitment of approximately $122,587 representing 49% of the remaining construction cost of three 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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Investments in affiliate

6 Months Ended

Jun. 30, 2015

Investments in affiliate [Abstract]:

Investments in affiliate

9. Investment in Affiliates:

The affiliate 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, 2015			/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
Smales Maritime Co.	Elafonisos		49	%	June 6, 2013
Kemp Maritime Co.	Hull NCP0113		49	%	June 6, 2013
Hyde Maritime Co.	Hull NCP0114		49	%	June 6, 2013
Skerrett Maritime Co.	Hull NCP0152		49	%	December 23, 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 a 49% interest 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 $34,709, in the aggregate during the year ended December 31, 2014 and $149 in aggregate during the six-month period ended June 30, 2015.

During the year ended December 31, 2014 and the six-month period ended June 30, 2015, Costamare Ventures participated with a 25% interest 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 $8,767 and $13,047 in the aggregate, respectively.

Furthermore, during the year ended December 31, 2014, Costamare Ventures participated with a 40% interest 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 $30,305, in the aggregate. In December 2014, these five companies novated their ship-building contracts to a financial institution and agreed to lease back the vessels upon their delivery from the shipyard for a period of 12 years. During the six-month period ended June 30, 2015, Costamare Ventures contributed $289 in the aggregate to such companies.

During the year ended December 31, 2014, Costamare Ventures participated with a 40% interest in the equity of Connell Maritime Co. by contributing the amount of $6,669 and with 49% in the equity of Smales Maritime Co. by contributing the amount of $4,654 for the acquisition of the secondhand vessel Elafonisos.

In March 2015, Costamare Ventures participated with a 49% interest in the equity of Skerrett Maritime Co., which entered into a ship-building contract for the construction of an 11,000 TEU container vessel, by contributing the amount of $4,361.

For six-month periods ended June 30, 2014 and 2015, the Company recorded net losses of $2,275 and $47, respectively, which are separately reflected as Equity loss on investments in the accompanying consolidated statements of income.

Furthermore, during the year ended December 31, 2014, eight affiliate ship-owning companies declared dividends to their shareholders and Costamare Ventures received the amount of $31,828, which is included in Investments in affiliates in the accompanying 2014 consolidated balance sheet.

In addition, Costamare Ventures has provided Marchant Maritime Co., Horton Maritime Co. and Steadman Maritime Co. with certain cash advances. As of December 31, 2014 and June 30, 2015, the aggregate balance due from the three companies, amounted to $3,278 and $3,244, respectively and are included in Due from related parties in the accompanying consolidated balance sheets.

The summarized combined financial information of the affiliates is as follows:

	December 31, 2014			June 30, 2015
Non-current assets		177,220			238,541
Current assets		13,267			10,465
		190,487			249,006
Current liabilities		6,283			5,202
	Six-month period ended June 30,
		2014			2015
Voyage revenue		5,894			7,252
Net loss		(3,272	)		(454	)

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Long-term debt-Costamare Partners credit facility-Additional Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2015 USD ($)	Jun. 08, 2015 USD ($)	Sep. 26, 2014 USD ($)
Revolving credit facility [Member]
Debt Instrument Carrying Amount	$ 52,463
Line of Credit Periodic Payment of Principal	$ 937
Number of outstanding installments	17
Term loan [Member]
Debt Instrument Carrying Amount	$ 124,379
Line of Credit Periodic Payment of Principal	$ 2,221
Number of outstanding installments	17
Costamare Partners credit facility [Member]
Maximum Borrowing Capacity			$ 180,000
Costamare Partners credit facility one [Member]
Maximum Borrowing Capacity		$ 176,842

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Deferred Charges

6 Months Ended

Jun. 30, 2015

Deferred Charges Disclosure [Abstract]:

Deferred Charges

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, 2014		7,902		20,773		28,675
Additions		-		2,650		2,650
Amortization		(946)		(3,583)		(4,529)
Balance, June 30, 2015		6,956		19,840		26,796

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

During the six-month periods ended June 30, 2014 and 2015, three and two vessels, respectively completed their special surveys, while one vessel was in the process of undergoing her special survey. The amortization of the dry-docking and special survey costs is separately reflected in the accompanying consolidated statements of income.

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Costamare Ventures Inc.

6 Months Ended

Jun. 30, 2015

Costamare Ventures Inc. [Abstract]:

Costamare Ventures Inc.

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 agreed to invest up to $250 million in mutually agreed vessel acquisitions and Costamare Ventures agreed to invest a minimum of $75 million with an option to invest up to $240 million in these transactions. Depending on the amount Costamare Ventures 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 would 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 Framework Agreement was amended and restated by an Amendment and Restatement Agreement dated May 18, 2015 (the “Restated Framework Agreement”). Pursuant to the Restated Framework Agreement, there is no minimum and maximum amount to be invested by Costamare Ventures or York, both Costamare Ventures and York can invest between 25% and 75% of the equity in the affiliate ship-owning companies, the commitment period has been extended up to May 18, 2020 and the termination of the Restated Framework Agreement will occur on May 18, 2024 or upon the occurrence of certain extraordinary events as described therein.

The Company accounts for the entities formed under the Framework Agreement as equity investments. As at June 30, 2015, the Company holds a range of 25% to 49% of the capital stock of fifteen 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, 2015

Long-term Debt, Unclassified [Abstract]

Long-Term Debt

10. Long-Term Debt:

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

Borrower(s)				December 31, 2014			June 30, 2015
	1.	Credit Facility			585,883			540,938
	2.	Term Loans:
		1.	Costis Maritime Corporation and Christos Maritime Corporation		91,500			87,000
		2.	Mas Shipping Co.		38,875			34,750
		3.	Montes Shipping Co. and Kelsen Shipping Co.		78,000			72,000
		4.	Capetanissa Maritime Corporation		50,000			47,500
		5.	Rena Maritime Corporation		47,500			45,000
		6.	Costamare Inc.		73,414			65,538
		7.	Adele Shipping Co., Bastian Shipping Co. and Cadence Shipping Co.		-			-
		8.	Costamare Inc.		120,330			115,873
		9.	Undine Shipping Co., Quentin Shipping Co. and Sander Shipping Co.		208,826			201,185
		10.	Raymond Shipping Co. and Terance Shipping Co.		137,793			132,336
		11.	Costamare Inc.		87,820			79,130
					934,058			880,312
			Total		1,519,941			1,421,250
			Less-current portion		(192,951	)		(186,889	)
			Long-term portion		1,326,990			1,234,361

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, 2015, is repayable in 12 equal, consecutive quarterly installments, of $22,473 each plus a balloon payment of $271,262 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. On July 2, 2014, contemporaneously with the restructuring with a major charterer discussed above (Note 4), the Company entered into a seventh supplemental agreement which amends the calculation method of the security value maintenance of the original agreement for two of the vessels financed by the Credit Facility which are chartered with the specific charterer.

The Facility, as of June 30, 2015, 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. The Company’s other term loans described under Note 10.2 below also contain financial covenants requiring the ratio of net funded debt to total net assets ratio not to exceed 80% on a charter inclusive valuation basis as well as financial covenants that are either equal to or less stringent than the 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, 2015, the outstanding balance of the loan of $87,000 is repayable in 6 equal semi-annual installments of $4,500, each from November 2015 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, 2015, the outstanding balance of the loan of $34,750 is repayable in 6 equal semi-annual installments of $4,125, each from August 2015 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, 2015, the outstanding balance of the loan of $72,000 is repayable in 5 equal semi-annual installments of $6,000 each from December 2015 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, 2015, the outstanding balance of the loan of $47,500 is repayable in 7 equal semi-annual installments of $2,500 each from August 2015 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, 2015, the outstanding balance of the loan of $45,000 is repayable in 6 equal semi-annual installments of $2,500 each from August 2015 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, 2015, the Company had drawn the amount of $38,500 (tranche a), the amount of $42,000 (tranche b), the amount of $21,000 (tranche c), the amount of $7,470 (tranche d) and the amount of $7,470 (tranche e) under this term loan agreement in order to finance part of the acquisition cost of MSC Romanos, MSC Methoni, MSC Ulsan, MSC Koroni (ex. Koroni) and MSC Itea (ex. Kyparissia), respectively. As at June 30, 2015, the outstanding balance of the tranche (a) of the loan of $24,063 is repayable in 17 equal quarterly installments of $962.5 from August 2015 to August 2019 and a balloon payment of $7,700 payable together with the last installment. As at June 30, 2015, the outstanding balance of the tranche (b) of the loan of $27,300 is repayable in 18 equal quarterly installments of $1,050 from July 2015 to October 2019 and a balloon payment of $8,400 payable together with the last installment. As at June 30, 2015, the outstanding balance of the tranche (c) of the loan of $14,175 is repayable in 19 equal quarterly installments of $525 from August 2015 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. On May 29, 2015, the then outstanding balance of $2,334 of the tranche (e) of the loan was fully repaid.

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. 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. 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 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. 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, 2015, the outstanding balance of the loan of $115,873 is repayable in 12 equal semi-annual installments of $4,456.7 from July 2015 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. 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, 2015, the outstanding balance of the tranche (a) of $66,213 relating to Hull S4020 (Valor), is repayable in 20 equal quarterly installments of $1,273.4 from July 2015 to April 2020 and a balloon payment of $40,744.8 payable together with the last installment. As at June 30, 2015, the outstanding balance of the tranche (b) of $66,213 relating to Hull S4022 (Valiant), is repayable in 20 equal quarterly installments of $1,273.4 from September 2015 to June 2020 and a balloon payment of $40,744.8 payable together with the last installment. As at June 30, 2015, the outstanding balance of the tranche (c) of $68,759 relating to Hull S4024 (Vantage) is repayable in 22 equal quarterly installments of $1,273.4 and a balloon payment payable together with the last installment of $40,744.2 from August 2015 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. 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, 2015, the outstanding balance of the tranche (a) of $65,486 relating to Hull S4021 (Value), is repayable in 20 equal quarterly installments of $1,364.3 from September 2015 to June 2020 and a balloon payment of $38,199.6 payable together with the last installment. As at June 30, 2015, the outstanding balance of tranche (b) of the loan of $66,850 relating to Hull S4023 (Valence) is repayable in 21 equal quarterly installments of $1,364.3 from August 2015 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. Furthermore in September 2014 the Company repaid the amount of $6,000 due to the sale of Akritas. As at June 30, 2015, the outstanding balance of $79,130 is repayable in 14 quarterly variable consecutive installments from September 2015 to December 2018 and a balloon payment of $39,490 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, 2015, are as follows:

Year ending December 31,	Amount
2015		94,259
2016		185,259
2017		227,259
2018		557,946
2019		60,396
2020 and thereafter		296,131
		1,421,250

The interest rates of Costamare’s long-term debt at December 31, 2014 and June 30, 2015, were in the range of 1.03%-6.75% and 1.11%-6.75%, respectively. The weighted average interest rate as at December 31, 2014 and June 30, 2015, was 4.2% and 4.2%, respectively.

Total interest expense incurred on long-term debt (including the effect of the interest rate swaps discussed in Note 16) for the six-month periods ended June 30, 2014 and 2015, amounted to $41,008 and $39,702, respectively and is included in Interest and finance costs in the accompanying consolidated statements of income. Of the above amount incurred in 2014, $1,795 was capitalized and is included (a) in Vessels, net ($1,306) and, (b) in the statement of comprehensive income ($489), representing net settlements on interest rate swaps qualifying for cash flow hedge.

3. Costamare Partners credit facility:

On September 26, 2014, in connection with its proposed initial public offering (Note 1), Costamare Partners LP, as guarantor and each of the vessel owning companies, Capetanissa Maritime Corporation, Jodie Shipping Co., Kayley Shipping Co. and Raymond Shipping Co., as joint and several borrowers, entered into a credit facility with DNB Bank ASA, Citibank, N.A., London Branch and Credit Suisse AG for an amount of up to $180,000 consisting of a term loan facility and a revolving credit facility in order to refinance the loans discussed in Notes 11.2.4, 11.2.8 and 11.2.10 above, and for general corporate purposes. The credit facility was available through March 31, 2015, by which date the facility was not utilized and its availability expired.

On June 8, 2015, in connection with its proposed initial public offering (Note 1), Costamare Partners LP, as guarantor and each of the vessel owning companies, Capetanissa Maritime Corporation, Jodie Shipping Co., Kayley Shipping Co. and Raymond Shipping Co., as joint and several borrowers, entered into a new credit facility (the “Costamare Partners Credit Facility”) with DNB Bank ASA, Citibank, N.A., London Branch and Credit Suisse AG for up to $176,842.

The Costamare Partners Credit Facility consists of:

i.

A term loan, in order to refinance the loans discussed in Notes 11.2.4, 11.2.8 and 11.2.10 above, in an amount equal to the lesser of (i) $124,379 and, (ii) an amount which when aggregated with the amount drawn under the revolving credit facility as of the drawdown date of the term loan facility, does not exceed 50% of the market value of the relevant vessels securing the facility. The term loan is available for a single drawdown through September 30, 2015 and is repayable in 17 equal consecutive quarterly installments in the amount of approximately $2,221 plus a balloon payment at the final maturity date, which will be the earlier of the date falling 54 months after the draw down date or November 30, 2019 (the “Final Maturity Date”).

ii.

A revolving credit facility, for general corporate purposes, in an amount equal to the lesser of (i) $52,463 and (ii) an amount which, when aggregated with the amount actually drawn under the term loan facility, does not exceed 50% of the market value of the relevant vessels securing the facility. The commitment under the revolving credit facility will be reduced in 17 quarterly amounts of $937 starting September 30, 2015.

The Costamare Partners Credit Facility will bear interest at LIBOR plus a spread and will be secured by a first priority mortgage over the vessels the COSCO Beijing, the MSC Athens, the MSC Athos and the Value, as well as assignments and pledges of other assets.

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Finance lease obligations - Additional Information (Table) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Capital Lease Obligations [Abstract]
Capital lease obligation - current	$ 14,029	$ 13,508
Capital lease obligation - non current	226,499	$ 233,625
Total	$ 240,528

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Accrued Charter Revenue, Current and Non-Current and Unearned Revenue, Current and Non-Current (Table) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Net accrued charter revenue by maturities [Abstract]
2015	$ (3,390)
2016	(9,430)
2017	(11,287)
2018	(7,752)
2019	(2,278)
Total	$ (34,137)	$ (32,751)

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Finance lease obligations (Table) (Details) $ in Thousands	Jun. 30, 2015 USD ($)
Capital lease obligations by maturity [Abstract]:
2015	$ 15,419
2016	30,783
2017	30,698
2018	30,698
2019	30,699
2020 and thereafter	207,553
Total	345,850
Less: amount of interest	(105,322)
Total lease payments	$ 240,528

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Finance Leased Assets and Finance Lease Obligations (Tables)

6 Months Ended

Jun. 30, 2015

Capital Leased Assets And Capital Lease Obligations

Prepaid lease rentals

	December 31, 2014			June 30, 2015
Prepaid lease rentals		49,817			45,793
Less: Amortization of prepaid lease rentals		(4,024	)		(2,470	)
Prepaid lease rentals		45,793			43,323
Less: current portion		(4,982	)		(4,989	)
Non-current portion		40,811			38,334

Finance lease obligations

Year ending December 31,	Amount
2015		15,419
2016		30,783
2017		30,698
2018		30,698
2019		30,699
2020 and thereafter		207,553
Total		345,850
Less: Amount of interest		(105,322	)
Total lease payments		240,528

Finance lease obligations current and non-current

Capital lease obligation – current	14,029
Capital lease obligation – non current	226,499
	240,528

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Deferred Charges (Table) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2015 USD ($)
Balance at beginning of the period	$ 28,675
Additions	2,650
Amortization	(4,529)
Balance at the end of the period	26,796
Financing Costs [Member]
Balance at beginning of the period	$ 7,902
Additions
Amortization	$ (946)
Balance at the end of the period	6,956
Drydocking Special Survey Costs [Member]
Balance at beginning of the period	20,773
Additions	2,650
Amortization	(3,583)
Balance at the end of the period	$ 19,840

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Earnings/ (Loss) per share

6 Months Ended

Jun. 30, 2015

Earnings Per Share, Basic [Abstract]

Earnings per share

15. Earnings 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. 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. Additionally, in May 2015, the Company issued Series D Preferred Stock, receiving an annual dividend of 8.75% 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, Series C Preferred Stock and Series D Preferred Stock that should be paid for the period. Dividends paid or accrued on Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock during the six-month periods ended June 30, 2014 and 2015, amounted to $5,719, and $7,313, respectively.

	June 30, 2014			June 30, 2015
	Basic EPS			Basic EPS
Net income	$	47,213		$	70,613
Less: paid and accrued earnings allocated to Preferred Stock		(5,719	)		(7,313	)
Net income available to common stockholders		41,494			63,300
Weighted average number of common shares, basic and diluted		74,800,000			74,876,866
Earnings per common share, basic and diluted	$	0.55		$	0.85

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Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2015

Comprehensive Income (Loss) Disclosure [Abstract]

Comprehensive income (loss)

20. Comprehensive Income:

During the six month period ended June 30, 2014, Other comprehensive income 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). During the six-month period ended June 30, 2015, Other comprehensive income increased with net gains of $2,254 relating to (i) the change of the fair value of derivatives that qualify for hedge accounting (loss of $15,574), net of the settlements to net income of derivatives that qualify for hedge accounting (gain of $17,777) and, (ii) the amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to depreciation ($51). During the six-month periods ended June 30, 2014 and 2015, Comprehensive income amounted to $66,113 and $72,867, respectively.

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Vessels, Net (Table) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Balance December 31, 2014	$ 2,098,820
Depreciation	(50,411)	$ (51,818)
Balance June 30, 2015	2,053,710
Vessel Cost [Member]
Balance December 31, 2014	$ 2,953,440
Depreciation
Other vessels' costs	$ 1,491
Balance June 30, 2015	2,954,931
Accumulated Depreciation Vessel [Member]
Balance December 31, 2014	(854,620)
Depreciation	$ (46,601)
Other vessels' costs
Balance June 30, 2015	$ (901,221)
Net Book Value Vessel [Member]
Balance December 31, 2014	2,098,820
Depreciation	(46,601)
Other vessels' costs	1,491
Balance June 30, 2015	$ 2,053,710

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Basis of Presentation and General Information-Additional Information (Details)		1 Months Ended			3 Months Ended	6 Months Ended	7 Months Ended	10 Months Ended
	May. 13, 2015 $ / shares shares	Jun. 30, 2015 Teutonic $ / shares shares	Mar. 31, 2015 $ / shares shares	Jan. 21, 2014 $ / shares shares	Mar. 27, 2012 $ / shares shares	Jun. 30, 2015 Teutonic $ / shares shares	Aug. 07, 2013 $ / shares shares	Oct. 19, 2012 $ / shares shares	Dec. 31, 2014 Teutonic
Common Stock Par Or Stated Value Per Share		$ 0.0001	$ 0.0001			$ 0.0001
Public offering of Series C Cumulative Redeemable Perpetual Preferred Stock [Member]
Preferred stock dividend rate	8.75%			8.50%
Stock Issued During Period Shares New Issues | shares	4,000,000			4,000,000
Common Stock Par Or Stated Value Per Share	$ 0.0001			$ 0.0001
Sale of Stock, Price Per Share	$ 25			$ 25
Follow on offering [Member]
Stock Issued During Period Shares New Issues | shares					7,500,000
Common Stock Par Or Stated Value Per Share					$ 0.0001
Sale of Stock, Price Per Share					$ 14.1
Costamare Inc [Member]
Entity Incorporation State Country Name						Republic of the 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
Balance of shares as at period end | shares		75,099,200				75,099,200
Percentage of outstanding common shares owned by the Family		64.90%				64.90%
MLP offering						On October 2, 2014, Costamare Partners LP (the “MLP”), a Marshall Islands limited partnership and a wholly owned subsidiary of the Company, filed a Registration Statement on Form F-1 with the SEC (which registration statement was subsequently amended and re-filed on October 23, 2014, November 12, 2014, January 30, 2015, June 8, 2015 and June 26, 2015) for the initial public offering of common units representing limited partnership interests (the “common units”) in the MLP. The number of common units to be offered and the price range for the offering have not yet been finally determined. The proceeds from the offering are expected to be used principally to reduce indebtedness and for general partnership purposes, with the remainder to be distributed to the Company. If the offering is completed, the Company expects to contribute to the MLP a 100% interest in the entities which own four of the Company’s existing container vessels. Following the offering, the MLP will remain a consolidated subsidiary of the Company as the Company will retain a majority of the MLP’s total equity interests and, through a subsidiary, act as its general partner. Completion of the initial public offering is subject to further authorization of the board of directors of the Company, as well as completion of the SEC review process.
Public offering of Series B Cumulative Redeemable Perpetual Preferred Stock [Member]
Preferred stock dividend rate							7.625%
Stock Issued During Period Shares New Issues | shares							2,000,000
Common Stock Par Or Stated Value Per Share							$ 0.0001
Sale of Stock, Price Per Share							$ 25
Second follow-on offering [Member]
Stock Issued During Period Shares New Issues | shares								7,000,000
Common Stock Par Or Stated Value Per Share								$ 0.0001
Sale of Stock, Price Per Share								$ 14
Fleet information [Member]
Number of vessels at period end		55				55			55
Carrying capacity of vessels at period end (TEU) | Teutonic		320,407				320,407			320,407
Number Subsidiaries [Member]
Number of subsidiaries incorporated in Marchall Islands		5				5
Total wholly owned subsidiaries as at period end		92				92
Common stock issued to Costamare Shipping [Member]
Stock Issued During Period Shares New Issues | shares		149,600	149,600

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Unaudited Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Preferred Stock (Series D)	Preferred Stock (Series C)	Preferred Stock (Series B)	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings / (Accumulated Deficit)	Total
Balance as of, Value at Dec. 31, 2013				$ 8	$ 762,142	$ (85,154)	$ (20,047)	$ 656,949
Balance as of, Shares at Dec. 31, 2013			2,000,000	74,800,000
Net income							$ 47,213	47,213
Preferred stock Series C issuance, value					$ 96,850			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, shares at Jun. 30, 2014		4,000,000	2,000,000	74,800,000
Balance as of, value at Jun. 30, 2014				$ 8	$ 858,665	(66,254)	$ (19,693)	772,726
Balance as of, Value at Dec. 31, 2014				$ 8	$ 858,665	$ (56,134)	103	802,642
Balance as of, Shares at Dec. 31, 2014		4,000,000	2,000,000	74,800,000
Net income							$ 70,613	70,613
Preferred stock Series D issuance, value					$ 96,850			96,850
Preferred stock Series D issuance, shares	4,000,000
Preferred stock Series D expenses					(234)			(234)
Issuance of common stock, value					$ 5,383			5,383
Issuance of common stock, shares				299,200
Dividends - Common stock							$ (42,680)	(42,680)
Dividends - Preferred stock							$ (7,313)	(7,313)
Other Comprehensive Income						$ 2,254		2,254
Balance as of, shares at Jun. 30, 2015	4,000,000	4,000,000	2,000,000	75,099,200
Balance as of, value at Jun. 30, 2015				$ 8	$ 960,664	$ (53,880)	$ 20,723	$ 927,515

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Other Non-current Assets

6 Months Ended

Jun. 30, 2015

Other Assets, Noncurrent [Abstract]

Investments

4. Other non-current assets:

As of July 16, 2014, Zim Integrated Services (“Zim”) and its creditors including vessel and container lenders, ship-owners, shipyards, unsecured lenders and bond holders, entered into definitive documentation to restructure its debt. Based on this agreement, the Company received equity securities representing 1.2% of Zim’s equity and $8,229 aggregate principal amount of unsecured interest bearing Zim notes maturing in 2023 consisting of $1,452 of 3.0% Series 1 Notes due 2023 amortizing subject to available cash flow in accordance with a corporate mechanism and $6,777 of 5.0% Series 2 Notes due 2023 non-amortizing (of the 5% interest, 3% is payable quarterly in cash and 2% interest is accrued quarterly with deferred cash payment on maturity) in exchange for amounts owed by Zim to the Company under their charter agreements. The Company calculated the fair value of the instruments received by Zim based on the agreement discussed above, available information on Zim, other similar contracts with similar terms, maturities and interest rates, and recorded at fair value $676 in relation to the Series 1 Notes, $3,567 in relation to the Series 2 Notes and $7,802 in relation to its equity participation in Zim. The difference between the aggregate fair value of the debt and equity securities received from Zim and the then net carrying value of the amounts due from Zim of $2,888 was written-off and was included in General and administrative expenses in the 2014 consolidated statement of income.

On a quarterly basis, the Company will account for the fair value unwinding of the Series 1 and Series 2 Notes, until the book value of the instruments equals their face value on maturity. During the six-month period ended June 30, 2015, the Company recorded $484 in relation to their fair value unwinding, which is included in “Interest income” in the consolidated statement of income for the six-month period ended June 30, 2015. The Company has classified such debt and equity securities under other non-current assets, since it has no intention to sell the securities in the near term. The Series 1 and Series 2 Zim Notes are carried at amortized cost in the accompanying consolidated balance sheet as at June 30, 2015, which approximates their fair value as of such date. These financial instruments are not measured at fair value on a recurring basis. As of June 30, 2015, the Company has assessed for other than temporary impairment of its investment in Zim and has concluded that no impairment existed.

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Long-term debt-Credit facility-Additional Information (Details) $ in Thousands	5 Months Ended	6 Months Ended	8 Months Ended	9 Months Ended
	May. 28, 2013	Jun. 30, 2015 USD ($)	Aug. 22, 2008	Sep. 30, 2013 USD ($)	Aug. 30, 2013	Dec. 17, 2012	Jul. 22, 2008 USD ($)
Fifth supplemental agreement [Member]
Debt Instrument [Line Items]
Number of vessels changed their flag	5
Credit facility [Member]
Debt Instrument [Line Items]
Maximum Borrowing Capacity							$ 1,000,000
Portion of the Facility used to repay existing indebtness							$ 631,340
Line of Credit Facility Frequency of Payments			quarterly
Line of Credit number of outstanding periodic payments of principal		12
Line of Credit Periodic Payment of Principal		$ 22,473
Balloon payment		$ 271,262
Loan facility amalgamation date		June 30, 2011
Third supplemental agreement date		September 6,2011
Number of vessels secured the Facility with First priority Mortgages		18
Number of ship owning companies as corporate guarantees		18
Credit facility certain term loans [Member]
Debt Instrument [Line Items]
Minimum liquidity ratio		3.00%
Maximum ratio of Total Liabilities to Market Value Adjusted Total Assets		0.75:1
Maximum net funded debt to total net assets ratio		80.00%
Minimum liquidity amount		$ 30,000
Minimum Ratio of EBITDA to net interest expense		2.50:1
Minimum Market Value Adjusted Net Worth		$ 500,000
MSC Antwerp (ex Sophia Britannia) disposal [Member]
Debt Instrument [Line Items]
Facility repayments due to sale of vessel				$ 1,500
Sixth supplemental agreement [Member]
Debt Instrument [Line Items]
Number of vessels replaced existing vessels with first priority mortgage(s)					2
Fourth supplemental agreement [Member]
Debt Instrument [Line Items]
Number of vessels replaced existing vessels with first priority mortgage(s)						2

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Comprehensive Income (Loss)-Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Comprehensive Income (Loss) Disclosure [Abstract]
Other comprehensive income / (loss) for the period	$ 2,254	$ 18,900
Comprehensive income (loss)	72,867	66,113
Interest rate swaps	(15,574)	(8,862)
Reclassification to Net Income	$ 17,777	21,596
Net settlements on interest rate swaps qualifying for cash flow hedge		(489)
Amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to Depreciation	$ (51)	(51)
Amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to Prepaid lease rentals		$ (6,604)

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Commitments and Contitngencies - Long-Term Time Charters (Table) (Details) $ in Thousands	Jun. 30, 2015 USD ($)
Unbilled Receivables, Not Billable, Fiscal Year Maturity [Abstract]
2015	$ 238,280
2016	429,002
2017	371,984
2018	198,759
2019	122,306
2020 and thereafter	310,852
Total	$ 1,671,183

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Subsequent Events

6 Months Ended

Jun. 30, 2015

Subsequent Events [Abstract]

Subsequent Events

21. Subsequent Events:

(a)   Declaration of Dividends (common stock): On July 2, 2015, the Company declared a dividend for the second quarter ended June 30, 2015, of $0.29 per share on our common stock, payable on August 5, 2015, to stockholders of record on July 22, 2015.

(b)   Declaration and Payment of Dividends (preferred stock Series B, Series C and Series D): On July 2, 2015, the Company declared a cash dividend of $953 or $0.476563 per share on its Series B Preferred Stock, a cash dividend of $2,125 or $0.531250 per share on its Series C Preferred Stock and a cash dividend of $1,507 or $0.376736 per share on its Series D Preferred Stock, to holders of record on July 14, 2015.

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Interest and Finance Costs (Table) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Interest and Debt Expense [Abstract]
Interest expense	$ 22,667	$ 22,427
Interest capitalized	0	(1,795)
Swap effect	25,650	24,384
Amortization and write off of financing costs	946	3,025
Commitment fees	349	161
Bank charges and other	131	160
Total	$ 49,743	$ 48,362

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Interest and Finance Costs (Tables)

6 Months Ended

Jun. 30, 2015

Interest and Finance Costs [Abstract]:

Interest And Finance Costs

	June 30, 2014			June 30, 2015
Interest expense		22,427			22,667
Interest capitalized		(1,795	)		-
Swap effect		24,384			25,650
Amortization and write-off of financing costs		3,025			946
Commitment fees		161			349
Bank charges and other		160			131
		48,362			49,743

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Common Stock, Preferred stock and Additional Paid-In Capital

6 Months Ended

Jun. 30, 2015

Stockholders' Equity Note [Abstract]

Common Stock, Preferred stock and additional paid-in Capital

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.

On March 31, 2015 and June 30, 2015, the Company issued 149,600 shares and 149,600 shares, respectively, at par value $0.0001 to Costamare Shipping pursuant to the Group Management Agreement (Note 3).

(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 the 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 the Company’s election at a price of $25 of liquidation preference per share. The net proceeds from the offering were $96,523.

On May 13, 2015, the Company issued 4,000,000, Series D Cumulative Redeemable Perpetual Preferred Stock (the “Series D Preferred Stock”) in the United States under the Securities Act, which pay dividends of 8.75% per annum in arrears on a quarterly basis (equal to $2.1875 per annum per share) at $25 per share. At any time after May 13, 2020, the Series D Preferred Stock may be redeemed, at the Company’s election at a price of $25 of liquidation preference per share. The net proceeds from the offering were $96,616.

(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, (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, January 2014, May 2015 and the net proceeds received from the issuance of such shares and (iv) the difference between the par value and the fair value of the shares issued to Costamare Shipping (Note 3).

(d) Dividends declared and / or paid: During the six-month period ended June 30, 2014, the Company declared and paid to its common stockholders (i) $20,196 or $0.27 per common share for the fourth quarter of 2013 and (ii) $20,944 or $0.28 per common share for the first quarter of 2014. During the six-month period ended June 30, 2015, the Company declared and paid to its common stockholders (i) $20,944 or $0.28 per common share for the fourth quarter of 2014 and (ii) $21,736 or $0.28 per common share for the first quarter of 2015. During the six-month period ended June 30, 2014, the Company declared and paid to its holders of Series B Preferred Stock $953 or $0.476563 per share for the period from October 15, 2013 to January 14, 2014 and $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, 2015 the Company declared and paid to its holders of Series B Preferred Stock $953 or $0.476563 per share for the period from October 15, 2014 to January 14, 2015 and $953 or $0.476563 per share for the period from January 15, 2015 to April 14, 2015. During the six-month period ended June 30, 2014, the Company declared and paid to its holders of Series C Preferred Stock $1,983 or $0.495833 per share for the period from January 22, 2014 to April 14, 2014. During the six-month period ended June 30, 2015, the Company declared and paid to its holders of Series C Preferred Stock $2,125 or $0.531250 per share for the period from October 15, 2014 to January 14, 2015 and $2,125 or $0.531250 per share for the period from January 15, 2015 to April 14, 2015.