Document And Entity Information
Document And Entity Information | 6 Months Ended |
Jun. 30, 2020 | |
Document Information [Line Items] | |
Entity Registrant Name | Costamare Inc. |
Entity Central Index Key | 0001503584 |
Current Fiscal Year End Date | --12-31 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
CURRENT ASSETS: | ||
Cash and cash equivalents (Note 1) | $ 155,668 | $ 148,928 |
Restricted cash (Note 1) | 6,592 | 6,912 |
Accounts receivable, net | 10,628 | 7,397 |
Inventories (Note 5) | 11,369 | 10,546 |
Due from related parties (Note 3) | 2,328 | 7,576 |
Fair value of derivatives (Notes 18 and 19) | 134 | 748 |
Insurance claims receivable | 992 | 1,607 |
Time charter assumed (Note 12) | 191 | 192 |
Prepayments and other assets | 11,378 | 8,430 |
Vessels held for sale (Note 6) | 27,038 | 4,908 |
Total current assets | 226,318 | 197,244 |
FIXED ASSETS, NET: | ||
Right-of-use assets (Note 11) | 193,243 | 188,429 |
Vessels and advances, net (Note 6) | 2,293,249 | 2,431,830 |
Total fixed assets, net | 2,486,492 | 2,620,259 |
OTHER NON-CURRENT ASSETS: | ||
Equity method investments (Notes 2 and 9) | 78,360 | 111,681 |
Accounts receivable, net, non-current (Note 3) | 5,160 | 8,600 |
Deferred charges, net (Note 7) | 26,743 | 21,983 |
Restricted cash, non-current (Note 1) | 38,837 | 40,031 |
Time charter assumed, non-current (Note 12) | 936 | 1,030 |
Fair value of derivatives, non-current (Notes 18 and 19) | 0 | 605 |
Other non-current assets (Note 4) | 10,301 | 10,525 |
Total assets | 2,873,147 | 3,011,958 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt, net of deferred financing costs (Note 10) | 167,830 | 210,745 |
Accounts payable | 5,008 | 6,215 |
Due to related parties (Note 3) | 339 | 473 |
Finance lease liabilities, net (Note 11) | 16,910 | 16,810 |
Accrued liabilities | 31,395 | 19,417 |
Unearned revenue (Note 12) | 9,544 | 10,387 |
Fair value of derivatives (Notes 18 and 19) | 3,720 | 397 |
Other current liabilities | 2,543 | 2,090 |
Total current liabilities | 237,289 | 266,534 |
NON-CURRENT LIABILITIES: | ||
Long-term debt, net of current portion and deferred financing costs (Note 10) | 1,174,936 | 1,206,405 |
Finance lease liabilities, net of current portion (Note 11) | 111,446 | 119,925 |
Fair value of derivatives, non-current portion (Notes 18 and 19) | 6,297 | 433 |
Unearned revenue, net of current portion (Note 12) | 16,113 | 7,933 |
Total non-current liabilities | 1,308,792 | 1,334,696 |
COMMITMENTS AND CONTINGENCIES (Note 13) | ||
STOCKHOLDERS’ EQUITY: | ||
Preferred stock (Note 14) | 0 | 0 |
Common stock (Note 14) | 12 | 12 |
Additional paid-in capital (Note 14) | 1,358,640 | 1,351,352 |
Retained earnings / (Accumulated deficit) | (22,289) | 60,578 |
Accumulated other comprehensive loss (Notes 18 and 20) | (9,297) | (1,214) |
Total stockholders’ equity | 1,327,066 | 1,410,728 |
Total liabilities and stockholders’ equity | $ 2,873,147 | $ 3,011,958 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
REVENUES: | ||
Voyage revenue | $ 233,273 | $ 230,010 |
EXPENSES: | ||
Voyage expenses | (4,071) | (2,479) |
Voyage expenses-related parties (Note 3) | (3,062) | (1,952) |
Vessels’ operating expenses | (54,758) | (58,164) |
General and administrative expenses | (1,751) | (1,401) |
General and administrative expenses – related parties (Note 3) | (3,515) | (2,795) |
Management fees-related parties (Note 3) | (10,521) | (10,827) |
Amortization of dry-docking and special survey costs (Note 7) | (4,537) | (4,471) |
Depreciation (Notes 6, 11 and 20) | (55,737) | (59,761) |
Gain / (Loss) on sale / disposal of vessels, net (Note 6) | 10 | (18,420) |
Loss on vessels held for sale (Note 6) | (79,197) | 0 |
Vessels impairment loss (Notes 6 and 7) | (31,577) | (3,042) |
Foreign exchange gains / (losses), net | (207) | 17 |
Operating income /(loss) | (15,650) | 66,715 |
OTHER INCOME / (EXPENSES): | ||
Interest income | 1,087 | 1,686 |
Interest and finance costs (Note 16) | (35,367) | (45,316) |
Income from equity method investments (Note 9) | 8,241 | 4,299 |
Other, net | 308 | 327 |
Loss on derivative instruments, net (Note 18) | (2,066) | (575) |
Total other expenses, net | (27,797) | (39,579) |
Net Income / (Loss) | (43,447) | 27,136 |
Earnings allocated to Preferred Stock (Note 15) | (15,461) | (15,547) |
Gain on retirement of Preferred Stock (Note 15) | 619 | 0 |
Net income / (loss) available to Common Stockholders | $ (58,289) | $ 11,589 |
Earnings / (losses) per common share, basic and diluted (Note 15) (in dollars per share) | $ (0.49) | $ 0.10 |
Weighted average number of shares, basic (Note 15) (in shares) | 119,927,560 | 113,540,975 |
Weighted average number of shares, diluted (Note 15) (in shares) | 119,927,560 | 116,490,307 |
Condensed Statements of Compreh
Condensed Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Net income / (loss) for the period | $ (43,447) | $ 27,136 |
Other comprehensive income: | ||
Unrealized loss on cash flow hedges, net (Notes 18 and 20) | (8,114) | (5,736) |
Amounts reclassified from Net settlements on interest rate swaps qualifying for hedge accounting to Depreciation (Note 20) | 31 | 31 |
Other comprehensive loss for the period | (8,083) | (5,705) |
Total comprehensive income / (loss) for the period | $ (51,530) | $ 21,431 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member]Preferred Stock [Member]Series E Preferred Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Preferred Stock [Member]Series D Preferred Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Preferred Stock [Member]Series C Preferred Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Preferred Stock [Member]Series B Preferred Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Preferred Stock [Member]Series E Preferred Stock [Member] | Preferred Stock [Member]Series D Preferred Stock [Member] | Preferred Stock [Member]Series C Preferred Stock [Member] | Preferred Stock [Member]Series B Preferred Stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2018 | 4,600,000 | 4,000,000 | 4,000,000 | 2,000,000 | 112,464,230 | ||||||||||||||
Balance at Dec. 31, 2018 | $ 11 | $ 1,313,840 | $ 4,539 | $ 38,734 | $ 1,357,124 | ||||||||||||||
Net income | 27,136 | 27,136 | |||||||||||||||||
- Issuance of common stock (Notes 3 and 14) (in shares) | 2,036,803 | ||||||||||||||||||
- Issuance of common stock (Notes 3 and 14) | 10,702 | 10,702 | |||||||||||||||||
- Dividends - Common stock (Note 14) | (22,604) | (22,604) | |||||||||||||||||
- Dividends - Preferred stock (Note 14) | (15,634) | (15,634) | |||||||||||||||||
- Other comprehensive income (loss) | (5,705) | (5,705) | |||||||||||||||||
Balance (in shares) at Jun. 30, 2019 | 4,600,000 | 4,000,000 | 4,000,000 | 2,000,000 | 114,501,033 | ||||||||||||||
Balance at Jun. 30, 2019 | $ 11 | 1,324,542 | (1,166) | 27,632 | 1,351,019 | ||||||||||||||
Balance (in shares) at Dec. 31, 2018 | 4,600,000 | 4,000,000 | 4,000,000 | 2,000,000 | 112,464,230 | ||||||||||||||
Balance at Dec. 31, 2018 | $ 11 | 1,313,840 | 4,539 | 38,734 | 1,357,124 | ||||||||||||||
Balance (in shares) at Dec. 31, 2019 | 4,600,000 | 4,000,000 | 4,000,000 | 2,000,000 | 119,132,696 | ||||||||||||||
Balance at Dec. 31, 2019 | $ (543) | $ (543) | $ 12 | 1,351,352 | (1,214) | 60,578 | 1,410,728 | ||||||||||||
Net income | (43,447) | (43,447) | |||||||||||||||||
- Issuance of common stock (Notes 3 and 14) (in shares) | 1,568,644 | ||||||||||||||||||
- Issuance of common stock (Notes 3 and 14) | 9,591 | 9,591 | |||||||||||||||||
- Dividends - Common stock (Note 14) | (23,905) | (23,905) | |||||||||||||||||
- Dividends - Preferred stock (Note 14) | (15,591) | (15,591) | |||||||||||||||||
- Other comprehensive income (loss) | (8,083) | (8,083) | |||||||||||||||||
-Retirement of Preferred Stock (Note 14) (in shares) | (25,900) | (13,458) | (26,865) | (29,351) | (95,574) | ||||||||||||||
-Retirement of Preferred Stock (Note 14) | (2,303) | (1,684) | |||||||||||||||||
-Retirement of Preferred Stock (Note 14) | 619 | ||||||||||||||||||
Balance (in shares) at Jun. 30, 2020 | 4,574,100 | 3,986,542 | 3,973,135 | 1,970,649 | 120,719,340 | ||||||||||||||
Balance at Jun. 30, 2020 | $ 12 | $ 1,358,640 | $ (9,297) | $ (22,289) | $ 1,327,066 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash Flows From Operating Activities: | ||
Net income / (loss): | $ (43,447) | $ 27,136 |
Adjustments to reconcile net income / (loss) to net cash provided by operating activities: | ||
Depreciation | 55,737 | 59,761 |
Amortization of debt discount | (453) | (413) |
Amortization and write-off of financing costs | 1,944 | 1,650 |
Amortization of deferred dry-docking and special survey costs | 4,537 | 4,471 |
Amortization of assumed time charter | 95 | 95 |
Equity based payments | 1,508 | 1,545 |
Loss on derivative instruments, net | 2,066 | 625 |
Loss / (gain) on sale / disposal of vessels, net | (10) | 18,420 |
Loss on vessels held for sale | 79,197 | 0 |
Vessels impairment loss | 31,577 | 3,042 |
Income from equity method investments | (8,241) | (4,299) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 209 | 1,886 |
Due from related parties | 5,248 | 3,806 |
Inventories | (823) | 410 |
Insurance claims receivable | (863) | (2,391) |
Prepayments and other | (2,948) | (679) |
Accounts payable | (1,207) | (2,881) |
Due to related parties | (134) | 7 |
Accrued liabilities | 7,717 | 110 |
Unearned revenue | (384) | 1,068 |
Other current liabilities | 453 | (63) |
Dividend from equity method investees | 9,689 | 0 |
Dry-dockings | (10,023) | (6,280) |
Accrued charter revenue | 7,721 | 191 |
Net Cash provided by Operating Activities | 139,165 | 107,217 |
Cash Flows From Investing Activities: | ||
Equity method investments | 0 | (55) |
Return of capital from equity method investments | 31,873 | 1,360 |
Proceeds from the settlement of insurance claims | 1,478 | 6,382 |
Vessel acquisition and advances/Additions to vessel cost | (39,750) | (10,942) |
Proceeds from the sale of vessels, net | 7,957 | 12,549 |
Net Cash provided by Investing Activities | 1,558 | 9,294 |
Cash Flows From Financing Activities: | ||
Proceeds from long-term debt and finance leases | 240,000 | 136,000 |
Repayment of long-term debt and finance leases | (340,483) | (104,662) |
Payment of financing costs | (1,916) | (1,360) |
Retirement of preferred stock | (1,684) | 0 |
Dividends paid | (31,414) | (29,082) |
Net Cash provided by / (used in) Financing Activities | (135,497) | 896 |
Net increase in cash, cash equivalents and restricted cash | 5,226 | 117,407 |
Cash, cash equivalents and restricted cash at beginning of the period | 195,871 | 166,491 |
Cash, cash equivalents and restricted cash at end of the period | 201,097 | 283,898 |
Supplemental Cash Information: | ||
Cash paid during the period for interest, net of capitalized interest | 33,316 | 44,722 |
Non-Cash Investing and Financing Activities: | ||
Dividend reinvested in common stock of the Company | $ 8,083 | $ 9,157 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and General Information | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. The accompanying consolidated financial statements include the accounts of Costamare Inc. (“Costamare”) and its wholly-owned subsidiaries (collectively, the “Company”). Costamare is organized under the laws of the Republic of the Marshall Islands. On November 4, 2010, 1933, six June 30, 2020, 299,200 3 July 6, 2016, 14 June 30, 2020, 14,245,125 June 30, 2020, 120,719,340 June 30, 2020, 57.6% As of December 31, 2019 June 30, 2020, 60 409,037 411,650 twenty TEU”), respectively, through wholly-owned subsidiaries. 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, 2020, 74 six Revenues for the six June 30, 2019 2020, 10% 2019 2020 A 23 % 21 % B 24 % 22 % C 8 % 12 % D 39 % 35 % Total 94 % 90 % The reconciliation of the cash, cash equivalents and restricted cash at end of six June 30, 2019 2020 2019 2020 Reconciliation of cash, cash equivalents and restricted cash Cash and cash equivalents 98,563 155,668 Restricted cash – current portion 147,292 6,592 Restricted cash – non-current portion 38,043 38,837 Total cash, cash equivalents and restricted cash $ 283,898 $ 201,097 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 20 December 31, 2019, February 26, 2020. 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 June 30, 2020, not December 31, 2020. The outbreak of the COVID- 19 19 Preparation of consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates that affect the amounts reported and disclosed in the financial statements and the accompanying notes. The Company bases its estimates on assumptions, both historical and forward looking, that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. As of June 30, 2020, not As of June 30, 2020, 19 may |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies and Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. A discussion of the Company's significant accounting policies can be found in Note 2 20 December 31, 2019. no six June 30, 2020, New Accounting Pronouncements – Adopted On January 1, 2020, ASU No. 2016 13—Financial 326 ASU 2018 19, 326, not 326 20 842, ASU 2019 04, Codification Improvements to Topic 326, 815, 825 ASU 2019 05, Codification Improvements to Topic 326, 815, 825 the amendments of which provide entities that have certain instruments within the scope of Subtopic 326 20, 825 10, 326. not January 1, 2020 2016 13. $543 not On January 1, 2020, ASU 2018 13, 820 820, 8: 3 not On January 1, 2020, ASU 2018 17, 810 , which improves the accounting for the following areas: (i) applying the variable interest entity (VIE) guidance to private companies under common control and (ii) considering indirect interests held through related parties under common control for determining whether fees paid to decision makers and service providers are variable interests, thereby improving general purpose financial reporting. The Company applied the amendments in this Update retrospectively, as required. The adoption of this new accounting guidance did not New Accounting Pronouncements - Not In March 2020, 2020 04, 848 2020 04 2020 04 March 12, 2020 December 31, 2022. not |
Note 3 - Transactions With Rela
Note 3 - Transactions With Related Parties | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 3. (a) Costamare Shipping Company S.A. (“Costamare Shipping”) and Costamare Shipping Services Ltd. (“Costamare Services”): November 2, 2015 January 17, 2020 ( November 2, 2015 ( . Costamare Shipping and Costamare Services are not July 1, 2019, 1.10% 0.60% On November 27, 2015, may Pursuant to the Framework Agreement and the Services Agreement, Costamare Shipping and Costamare Services received (i) for each containership a daily fee of $0.956 $0.478 three $787.4 0.75% June 30, 2019 1.25% July 1, 2019, $2,500 598,400 1 may The Company 12 one December 31, 2025, 12 two 12 In 2013, third two third April 1, 2019, June 30, 2020, 16 Management fees charged by Costamare Shipping in the six June 30, 2019 2020, $10,827 $10,521, $2,881 six June 30, 2020 ( $1,742 six June 30, 2019), 0.75% June 30, 2019 1.25% July 1, 2019, $1,250, six June 30, 2020 ( $1,250 six June 30, 2019) $1,508, 299,200 six June 30, 2020 ( $1,545 six June 30, 2019). third third $75 December 31, 2019 $1,875 2019 June 30, 2020, $1,350 $225 2020 During the six June 30, 2019 2020, 8 9 $2,046 $1,797, The balance due from Costamare Shipping at December 31, 2019 June 30, 2020, $7,576 $2,328, December 31, 2019 June 30, 2020, $473 $339, (b) Shanghai Costamare Ship Management Co., Ltd. Shanghai Costamare”): 70% 30% not June 30, 2020, 17 17 December 31, 2019). no December 31, 2019 June 30, 2020. (c) Blue Net Chartering GmbH & Co. KG (“BNC”) and Blue Net Asia Pte., Ltd. (“BNA”): January 1, 2018, 50% €9,413 December 31, 2019, January 1, 2018, January 1, 2018, €1,281 December 31, 2019 ( €1,139 December 31, 2018). six June 30, 2019 2020, $210 $181, March 31, 2020, 50% 1.25% five six June 30, 2019 2020, nil $68, (d) Other related parties' transactions: July 2020, two one 6,350 ten 50% 50% 6,494 January 2020. not 50% three not may |
Note 4 - Other Non-current Asse
Note 4 - Other Non-current Assets | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Other Noncurrent Assets [Text Block] | 4. In 2014, 1.2% $8,229 2023 $1,452 3.0% 1 2023 $6,777 5.0% 2 2023 5% 3% 2% $676 1 $3,567 2 $7,802 $2,888 2014. The Company accounts on a quarterly basis, for the unwinding of the Series 1 2 six June 30, 2020, $453 $413 six June 30, 2019), no December 31, 2016, $46 1 $1,406. 1 2 June 30, 2020 ( 19 not 326 1 2 $543 January 1, 2020. June 30, 2020, $6,499 $6,723 December 31, 2019). The Zim equity securities are carried at cost less impairment. As of December 31, 2016, $4,000 3 2016 3 No July 16, 2014. June 30, 2020, no December 31, 2019, June 30, 2020, $3,802 |
Note 5 - Inventories
Note 5 - Inventories | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5. Inventories in the accompanying consolidated balance sheets relate to bunkers, lubricants and spare parts on board the vessels. |
Note 6 - Vessels and Advances,
Note 6 - Vessels and Advances, Net | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Vessels and advances, net [Text block] | 6. The amounts in the accompanying consolidated balance sheets are as follows: Vessel Cost Accumulated Net Book Balance, January 1, 2020 $ 3,573,751 $ (1,141,921 ) $ 2,431,830 Depreciation – (52,262 ) (52,262 ) Vessel acquisitions, advances and other vessels' costs 48,609 – 48,609 Transfers and other movements (284,454 ) 149,526 (134,928 ) Balance, June 30, 2020 $ 3,337,906 $ (1,044,657 ) $ 2,293,249 During the year ended December 31, 2019, 11 2014 9,403 MSC Azov MSC Ajaccio MSC Amalfi four December 31, 2019, three 2010 4,258 Volans Vulpecula JPO Vulpecula 2009 4,258TEU Vela fourth JPO Virgo January 2020. During the six June 30, 2020, Neapolis $10, 2020 six June 30, 2020, five $31,577 $693 five 2 19 On December 26 2019 December 31, 2019, Neapolis Zagora 360 10 45 9, two December 31, 2019, $4,908, 2019 2 On May 21, 2020, June 10, 2020 June 29, 2020, Kokura, Kawasaki Singapore Express 360 10 45 9, three As of June 30, 2020, $27,038, Zagora Kokura Kawasaki Singapore Express 2 $79,197 $33 six June 30, 2020, 2020 During the six June 30, 2019, MSC Pylos Piraeus $18,420, which is separately reflected in Gain / (Loss) on sale / disposal of vessels, net in the accompanying 2019 six June 30, 2019, two $3,042 $1,548 2019 Forty- eight $1,583,492 June 30, 2020, three 10. four 11, five five 9 two |
Note 7 - Deferred Charges, Net
Note 7 - Deferred Charges, Net | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Deferred Charges [Text Block] | 7. Deferred charges, net include the unamortized dry-docking and special survey costs. The amounts in the accompanying consolidated balance sheets are as follows: Balance, January 1, 2020 $ 21,983 Additions 10,023 Amortization (4,537 ) Transfers and other movements (726 ) Balance, June 30, 2020 $ 26,743 During the six June 30, 2020, seven six June 30, 2019, six The amortization of the dry-docking and special survey costs is separately reflected in the accompanying consolidated statements of operations. |
Note 8 - Costamare Ventures Inc
Note 8 - Costamare Ventures Inc. | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Costamare Ventures Inc. [Text Block] | 8. On May 18, 2015, June 12, 2018 (the “Framework Deed”) 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 Deed, 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 Pursuant to the Framework Deed, Costamare Ventures and York can invest between 25% 75% May 18, 2020 May 18, 2024, On termination and on the occurrence of certain extraordinary events, Costamare Ventures may As at June 30, 2020, 25% 49% 13 9 |
Note 9 - Equity Method Investme
Note 9 - Equity Method Investments | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 9. The companies accounted for as equity method investments, all of which are incorporated in the Marshall Islands, are as follows: Entity Vessel Participation % Date Steadman Maritime Co. Ensenada 49 % July 1, 2013 Marchant Maritime Co. - 49 % July 8, 2013 Horton Maritime Co. - 49 % June 26, 2013 Smales Maritime Co. - 49 % June 6, 2013 Geyer Maritime Co. Arkadia 49 % May 18, 2015 Goodway Maritime Co. Monemvasia 49 % September 22, 2015 Kemp Maritime Co. Cape Akritas 49 % June 6, 2013 Hyde Maritime Co. Cape Tainaro 49 % June 6, 2013 Skerrett Maritime Co. Cape Artemisio 49 % December 23, 2013 Ainsley Maritime Co. Cape Kortia 25 % June 25, 2013 Ambrose Maritime Co. Cape Sounio 25 % June 25, 2013 Platt Maritime Co. Polar Argentina 49 % May 18, 2015 Sykes Maritime Co. Polar Brasil 49 % May 18, 2015 During the six June 30, 2020 $2,450, December 31, 2019, $55 $2,340 December 31, 2019, Elafonisos $2,940 During the six June 30, 2020 $37,986 December 31, 2019, $13,378 $8,149 $1,372 $1,470 During the six June 30, 2020, $1,126 December 31, 2019, $1,176 On November 12, 2018, five 7.6 six February 8, 2019, 3/A December 19, 2018, $5,171. 805 40% 6 12 On July 17, 2019, 60% five 2016 14,000 July 25, 2019, 2,883,015 $15,130, May 12, 2020, For the six June 30, 2019 2020, $4,299 $8,241, The summarized combined financial information of the companies accounted for as equity method investment is as follows: December 31, 2019 June 30, 2020 Non-current assets $ 531,448 $ 525,326 Current assets 49,787 50,424 Total assets $ 581,235 $ 575,750 Current liabilities $ 94,879 $ 30,745 Six-month period ended June 30, 2019 2020 Voyage revenue 39,945 49,065 Net income $ 11,081 $ 19,897 |
Note 10 - Long-term Debt
Note 10 - Long-term Debt | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 10. The amounts shown in the accompanying consolidated balance sheets consist of the following: Borrower(s) December 31, 2019 June 30, 2020 A. Term Loans: 1. Mas Shipping Co. – – 2. Montes Shipping Co. and Kelsen Shipping Co. 22,000 8,500 3. Undine Shipping Co., Quentin Shipping Co. and Sander Shipping Co. – – 4. Raymond Shipping Co. and Terance Shipping Co. – – 5. Uriza Shipping S.A. 23,833 21,667 6. Costis Maritime Corporation, Christos Maritime Corporation and Capetanissa Maritime Corporation 65,375 – 7. Rena Maritime Corporation, Finch Shipping Co. and Joyner Carriers S.A. 18,080 – 8. Nerida Shipping Co. 13,575 12,675 9. Costamare Inc. 155,195 – 10. Singleton Shipping Co. and Tatum Shipping Co. 44,000 42,400 11. Reddick Shipping Co. and Verandi Shipping Co. 20,120 17,680 12. Costamare. Inc. 36,385 32,385 13. Bastian Shipping Co. and Cadence Shipping Co. 128,400 120,800 14. Adele Shipping Co. 66,500 63,500 15. Raymond Shipping Co., Terance Shipping Co. and Undine Shipping Co. 147,110 141,330 16. Quentin Shipping Co. and Sander Shipping Co. 91,239 85,716 17. Costamare Inc. – 29,222 18. Capetanissa Maritime Corporation et al. – 70,000 19. Caravokyra Maritime Corporation et al. – 70,000 20. Achilleas Maritime Corporation et al. – 70,000 Total Term Loans $ 831,812 $ 785,875 B. Other financing arrangements 594,350 566,154 Total long-term debt $ 1,426,162 $ 1,352,029 Less: Deferred financing costs (9,012 ) (9,263 ) Total long-term debt, net 1,417,150 1,342,766 Less: Long-term debt current portion (213,022 ) (169,951 ) Add: Deferred financing costs, current portion 2,277 2,121 Total long-term debt, non-current, net $ 1,206,405 $ 1,174,936 A. Term Loans: 1. January 2008, $75,000 Kokura August 3, 2017, $1,000 February 16, 2018, $1,000 February 2018 February 2019. During the year ended December 31, 2019, $9,125 2. December 2007, $150,000 $75,000 Maersk Kawasaki Kure January 27, 2016, $66,000 June 19, 2017, $6,000 June 29, 2020, $8,500, Kawasaki Maersk Kawasaki June 30, 2020, $8,500 December 2020. 3. August 2011, $229,200 three July 17, 2019, $48,385 Vantage July 26, 2019, $90,403 Valor Valiant 4. October 2011, $152,800 July 17, 2019, $88,678 Valence Value 5. May 6, 2016, $39,000 May 11, 2016 $39,000. June 30, 2020 , the outstanding balance of $21,667 4 $1,083.3, August 2020 May 2021 $17,333.3 6. May 2008, $150,000 $75,000 York Sealand Washington June 2006, $90,000, Cosco Beijing August 10, 2016, entered into a loan agreement with a bank in order to extend the repayment and amend the repayment profile of the then outstanding loans in the amounts of $116,500 July 21, 2017, $4,000 June 26, 2018, $4,000. May 7, 2020, 10.A.18 7. February 2006, $90,000 Cosco Guangzhou December 22, 2016, entered into a new loan agreement with a bank in order to fully refinance the then outstanding loan of $37,500 . On January 24, 2020, $1,385 Neapolis 6 May 7, 2020, 10.A.18 8. August 1, 2017, $17,625 Maersk Kowloon August 3, 2017 $17,625. June 30, 2020, $12,675 9 $450, August 2020 July 2022 $8,625 9. March 7, 2018, $233,000 two March 23, 2018. May 29, 2018 $4,477 Itea March 22, 2019 $5,805 Piraeus six June 30, 2020, $143,324 two 10.A.19 10.A.20 10. July 17, 2018, $48,000, Megalopolis Marathopolis two July 20, 2018 August 2, 2018. June 30, 2020, $21,200 21 $400, July 2020 June 2025 $12,800 June 30, 2020, $21,200 21 $400, August 2020 July 2025 $12,800 11. October 26, 2018, $25,000, Maersk Kleven Maersk Kotka two October 30, 2018. June 30, 2020, $8,840 4 $610 July 2020 April 2021 $6,400 12. November 27, 2018, $55,000 two $28,000 November 30, 2018 $27,000 December 11, 2018. December 31, 2019 MSC Pylos Sierra II Reunion Namibia II $10,615. June 30, 2020, $16,000 14 August 2020 November 2023. June 30, 2020, $16,385 November 2023. 13. June 18, 2019, $136,000, MSC Ajaccio MSC Amalfi 11 two two June 24, 2019. June 30, 2020, two $120,800 28 September 2020 June 2027 $14,400 14. June 24, 2019, $68,000, MSC Azov 11 July 12, 2019. June 30, 2020, $63,500 25 $1,500, July 2020 June 2026 $26,000 15. June 28, 2019, $150,000, 10.A.3 10.A.4 three July 15, 2019. June 30, 2020, $47,110, 21 $963.3 July 2020 July 2025 $26,880, 16. July 18, 2019, $94,000, 10.A.3 two July 26, 2019. June 30, 2020, $42,858, 21 July 2020 July 2025 $21,364 17. February 13, 2020, $30,000 Volans Vulpecula Vela JPO Virgo 6 February 18, 2020, $30,000 four June 30, 2020, $15,107 15 $194 $199, August 2020 February 2024 $4,646 $4,566, June 30, 2020, $14,115 15 $190 $195, August 2020 February 2024 $4,210 $4,130, 18. April 24, 2020, $70,000, 10.A.6 10.A.7 The facility was drawn down on May 6, 2020. June 30, 2020, $70,000 20 $2,250 August 2020 May 2025 $25,000 19. May 29, 2020, $70,000, 10.A.9 The facility was drawn down on June 4, 2020. June 30, 2020, $70,000 20 September 2020 June 2025 $29,200 20. June 11, 2020, $70,000, 10.A.9 The facility was drawn down on June 17, 2020. June 30, 2020, $70,000 16 $2,690.6 September 2020 June 2024 $21,895.6 June 30, 2020, Zagora Singapore Express 6 $5,055 2020 The term loans discussed above bear interest at LIBOR plus a spread and are secured by, inter alia, (a) first first may 105% 125%, may B. Other Financing Arrangements 1. August 2018, five five five 6 606, not six June 30, 2020 $1,954 $2,459 December 31, 2019), 2020 121 2. November 12, 2018, 6 9 five 18 606 840 480 835 30 May 12, 2020, June 30, 2020, five from July 2020 October 2028 five $32,022, six June 30, 2020, $14,050 $15,813 six June 30, 2019), As of June 30, 2020, 1 2 $566,154. The annual repayments under the Term Loans and Other Financing Arrangements after June 30, 2020, Year ending December 31, Amount 2020 $ 77,630 2021 151,044 2022 123,760 2023 132,341 2024 143,707 2025 and thereafter 723,547 Total $ 1,352,029 The interest rate of Costamare's long-term debt as at December 31, 2019 June 30, 2020, 3.75% 6.34% 2.20% 6.34%, December 31, 2019 June 30, 2020, 4.8% 4.1%, Total interest expense incurred on long-term debt including the effect of the hedging interest rate swaps (discussed in Notes 16 18 six June 30, 2019 2020, $35,195 $32,077, $34,401 $30,123, six June 30, 2019 2020, 2019 $794 December 31, 2019. 2020, $1,954 June 30, 2020. C. Financing Costs The amounts of financing costs included in the loan balances and finance lease liabilities (Note 11 Balance, January 1, 2020 $ 10,874 Additions 1,916 Amortization and write-off (1,944 ) Balance, June 30, 2020 $ 10,846 Less: Current portion of financing costs (2,652 ) Financing costs, non-current portion $ 8,194 Financing costs represent legal fees and fees paid to the lenders for the conclusion of the Company's financing. The amortization and write-off of loan financing costs is included in interest and finance costs in the accompanying consolidated statements of operations (Note 16 |
Note 11 - Right-of-use Assets a
Note 11 - Right-of-use Assets and Finance Lease Liabilities | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Lessee, Finance Leases [Text Block] | 11. Between January April 2014, MSC Azov MSC Ajaccio MSC Amalfi ten $85,572 June 18, 2019, MSC Ajaccio MSC Amalfi 10.A.13 July 12, 2019 July 15, 2019, two two On June 24, 2019, MSC Azov 10.A.14 July 12, 2019, $68,000 July 18, 2019 On July 6, 2016 July 15, 2016, MSC Athos MSC Athens seven May 2019, $12,000 MSC Athens MSC Athos On June 19, 2017, two seven Leonidio Kyparissia 6 The sale and leaseback transactions were classified as finance leases. 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 classified as prepaid lease rentals or as unearned revenue. At January 1, 2019, 842 $42,919 $3,557, The total value of the vessels, at the inception of the finance lease transactions, was $452,564, six June 30, 2019 2020, $6,825 $3,444, December 31, 2019, June 30, 2020, $20,635 $24,079, December 31, 2019, June 30, 2020, $188,429 $193,243, The finance lease liabilities amounting to $129,939 June 30, 2020 2024 16 18 six June 30, 2019 2020, $9,879 $3,057, MSC Athos MSC Athens not The annual lease payments under the finance leases after June 30, 2020, Year ending December 31, Amount 2020 $ 9,570 2021 19,099 2022 19,099 2023 64,387 2024 23,781 Total $ 135,936 Less: Amount of interest ( Leonidio Kyparissia (5,997 ) Total lease payments $ 129,939 Less: Financing costs, net (1,583 ) Total lease payments, net $ 128,356 The total finance lease liabilities, net of related financing costs, are presented in the accompanying December 31, 2019 June 30, 2020 December 31, 2019 June 30, 2020 Finance lease liabilities – current $ 17,372 $ 17,441 Less: current portion of financing costs (562 ) (531 ) Finance lease liabilities – non-current 121,225 112,498 Less: non-current portion of financing costs (1,300 ) (1,052 ) Total $ 136,735 $ 128,356 |
Note 12 - Accrued Charter Reven
Note 12 - Accrued Charter Revenue, Current and Non-current, Unearned Revenue, Current and Non-current and Time Charter Assumed, Current and Non-current | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Accrued Charter Revenue, Current and Non-Current and Unearned Revenue, Current and Non-Current [Text Block] | 12. (a) Accrued Charter Revenue, Current and Non-Current: December 31, 2019 June 30, 2020, not As at December 31, 2019, $13,034 June 30, 2020, $20,755 December 31 Year ending December 31, Amount 2020 $ (2,330 ) 2021 (4,657 ) 2022 (2,893 ) 2023 (3,903 ) 2024 (4,786 ) 2025 and thereafter (2,186 ) Total $ (20,755 ) (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, 2019 June 30, 2020, not December 31, 2019 June 30, 2020 Hires collected in advance $ 5,286 $ 4,902 Charter revenue resulting from varying charter rates 13,034 20,755 Total $ 18,320 $ 25,657 Less current portion (10,387 ) (9,544 ) Non-current portion $ 7,933 $ 16,113 (c) Time Charter Assumed, Current and Non-Current: November 12, 2018, 60% Triton Titan Talos Taurus Theseus 6 7.4 December 31, 2019, June 30, 2020, $1,222 $1,127, six June 30, 2019 2020, $95 $95, |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 13. (a) Time charters: As at June 30, 2020, five eight June 30, 2020, 129 June 30, 2020, 365 Year ending December 31, Amount 2020 $ 190,924 2021 343,479 2022 311,823 2023 304,895 2024 304,863 2025 and thereafter 637,098 Total $ 2,093,082 (b) Capital Commitments: June 30, 2020 $36,058, five 6, $0.4 10.B ten $9,134 five 10.A 13, 10.A.14 11 (c) Debt guarantees with respect to entities formed under the Framework Deed: 100% Cape Kortia Cape Sounio Cape Akritas Cape Tainaro Cape Artemisio, June 30, 2020, $63,607 $66,325 $63,750 $62,833 $63,917 9 not (d) Other: may not not not 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 The Company is covered for liabilities associated with the vessels' operations up to the customary limits provided by the Protection and Indemnity (“P&I”) Clubs, members of the International Group of P&I Clubs. |
Note 14 - Common Stock and Addi
Note 14 - Common Stock and Additional Paid-in Capital | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 14. (a) Common Stock: six June 30, 2019 2020, 299,200 $0.0001 3 no six June 30, 2020. On July 6, 2016, not December 31, 2019, 3,187,051 $0.0001 $5.8056 six June 30, 2020 1,287,444 $0.0001 $6.2786 On July 25, 2019, 2,883,015 at par value of $0.0001 9 As of June 30, 2020, 120,719,340 $0.0001. (b) Preferred Stock: six June 30, 2020, 95,574 $17.63 15 (c) Additional Paid-in Capital: November 2010 March 2012, October 2012, August 2013, January 2014, May 2015, December 2016, May 2017 January 2018 six June 30, 2020, ( 3 (d) Dividends declared and / or paid six June 30, 2019, $0.10 $6,580 961,656 fourth 2018 $6,867 775,947 first 2019. six June 30, 2020, $0.10 $6,762 649,928 fourth 2019 $9,061 637,516 first 2020. During the six June 30, 2019, $953 $0.476563 October 15, 2018 January 14, 2019 $953 $0.476563 January 15, 2019 April 14, 2019. six June 30, 2020, $953 $0.476563 October 15, 2019 January 14, 2020 $953 $0.476563 January 15, 2020 April 14, 2020. During the six June 30, 2019, $2,125 $0.531250 October 15, 2018 January 14, 2019 $2,125 $0.531250 January 15, 2019 April 14, 2019. six June 30, 2020, $2,125 $0.531250 October 15, 2019 January 14, 2020 $2,125 $0.531250 January 15, 2020 April 14, 2020. During the six June 30, 2019, $2,188 $0.546875 October 15, 2018 January 14, 2019 $2,188 $0.546875 January 15, 2019 April 14, 2019. six June 30, 2020, $2,188 $0.546875 October 15, 2019 January 14, 2020 $2,188 $0.546875 January 15, 2020 April 14, 2020. During the six June 30, 2019, $2,551 $0.554688 October 15, 2018 January 14, 2019 $2,551 $0.554688 January 15, 2019 April 14, 2019. six June 30, 2020, $2,551 $0.554688 October 15, 2019 January 14, 2020 $2,551 $0.554688 January 15, 2020 April 14, 2020. |
Note 15 - Earnings (Losses) Per
Note 15 - Earnings (Losses) Per Share | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 15. All common shares issued are Costamare common stock and have equal rights to vote and participate in dividends. 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, Series D Preferred Stock and Series E Preferred Stock that should be paid for the period and the gain which resulted from the repurchase of the preferred shares within the period. Dividends paid or accrued on Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series E Preferred Stock during the six June 30, 2019 2020, $15,547 $15,461, Six-month period ended June 30, 2019 2020 Basic EPS Basic LPS Net income / (loss) $ 27,136 $ (43,447 ) Less: paid and accrued earnings allocated to Preferred Stock (15,547 ) (15,461 ) Add: gain from retirement of Preferred Stock – 619 Net income / (loss) available to common stockholders 11,589 (58,289 ) Weighted average number of common shares, basic 113,540,975 119,927,560 Weighted average number of common shares, diluted 116,490,307 119,927,560 Earnings / (losses) per common share, basic and diluted $ 0.10 $ (0.49 ) |
Note 16 - Interest and Finance
Note 16 - Interest and Finance Costs | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Interest Finance Costs [Text Block] | 16. The interest and finance costs in the accompanying consolidated statements of operations are as follows: Six-month period ended June 30, 2019 2020 Interest expense $ 45,782 $ 35,121 Interest capitalized (794 ) (1,954 ) Swap effect (1,502 ) 13 Amortization and write-off of financing costs 1,650 1,944 Bank charges and other financing costs 180 243 Total $ 45,316 $ 35,367 |
Note 17 - Taxes
Note 17 - Taxes | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 17. Under the laws of the countries of incorporation for the vessel-owning companies and/or of the countries of registration of the vessels, the companies are not 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% 4% 883 1986, |
Note 18 - Derivatives
Note 18 - Derivatives | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 18. (a) Interest rate swaps that meet the criteria for hedge accounting: The Company manages its exposure to floating interest rates by entering into interest rate swap agreements with varying start and maturity dates. These interest rate swaps are designed to hedge the variability of interest cash flows arising from floating rate debt, attributable to movements in three six 815, 2017 12, not At December 31, 2019 June 30, 2020, $149,672 $368,013, December 31, 2019 June 30, 2020 $399 $10,017, February 2022 July 2025. During the year ended December 31, 2019, two $46,000, 815. six June 30, 2020, five $227,046, 815 zero The estimated net amount that is expected to be reclassified within the next 12 $3,720. (b) Interest rate swaps that do not December 31, 2019, three not December 31, 2019, not not During the six June 30, 2020, five $227,046. not $2,193, not six June 30, 2020. June 30, 2020, not not (c) Foreign currency agreements: June 30, 2020, three $6,000 1.0967, September 2020. As of December 31, 2019, three $6,000 1.1037, March 2020. The total change of forward contracts fair value for the six June 30, 2020, $8 $2 six June 30, 2019) The Effect of Derivative Instruments for the six-month periods ended June 30, 2019 and 2020 Derivatives in ASC 815 Cash Flow Hedging Relationships Amount of Gain / (Loss) Location of Gain / (Loss) Amount of Gain / (Loss) 2019 2020 2019 2020 Interest rate swaps $ (4,234 ) $ (8,127 ) Loss on derivative instruments, net $ – $ – Reclassification to Interest and finance costs (1,502 ) 13 Loss on derivative instruments, net – – Total $ (5,736 ) $ (8,114 ) $ – $ – Derivatives Not Designated as Hedging Instruments Location of Gain / (Loss) Amount of Gain / (Loss) 2019 2020 Non-hedging interest rate swaps Loss on derivative instruments, net $ (577 ) $ (2,074 ) Forward contracts Loss on derivative instruments, net 2 8 Total $ (575 ) $ (2,066 ) The realized loss on non-hedging interest rate swaps included in “ ” amounted to ( $50 nil six June 30, 2019 2020, |
Note 19 - Financial Instruments
Note 19 - Financial Instruments | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | 19. (a) Interest rate risk: 10. (b) Concentration of credit risk: not (c) Fair value: June 30, 2020, $3,957 2 4 10.B, 18 2 no The fair value of the interest rate swap agreements discussed in Note 18 December 31, 2019 June 30, 2020, $399 $10,017, The fair value of the forward contracts discussed in Note 18 2 December 31, 2019 June 30, 2020, $124 $134, 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, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Recurring measurements: Forward contracts-asset position $ 124 $ – $ 124 $ – Interest rate swaps-asset position 1,229 – 1,229 – Interest rate swaps-liability position (830 ) – (830 ) – Total $ 523 $ – $ 523 $ – June 30, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Recurring measurements: Forward contracts-asset position $ 134 $ – $ 134 $ – Interest rate swaps-liability position (10,017 ) – (10,017 ) – Total $ (9,883 ) $ – $ (9,883 ) $ – Assets measured at fair value on a non-recurring basis: At June 30, 2020, five five $30,500 2 |
Note 20 - Comprehensive Income
Note 20 - Comprehensive Income | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 20. During the six June 30, 2019, $5,705 $4,234 $1,502 $31 During the six June 30, 2020, $8,083 $8,127 $13 $31 As at June 30, 2019 2020, $21,431 $51,530, |
Note 21 - Subsequent Events
Note 21 - Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 21. (a) July 1, 2020 June 30, 2020, $0.10 August 7, 2020 July 22, 2020 (b) Declaration and payment of dividends (preferred stock Series B, Series C, Series D and Series E): July 1, 2020 $0.476563 $0.531250 $0.546875 $0.554688 July 15, 2020 July 14, 2020 (c) Sale of vessels: On July 3, 2020 July 7, 2020, Kawasaki Kokura 6 (d) Delivery of newbuild vessel: July 24, 2020, 12,690 YM Triumph Hull Nr YZJ2015 2057 first five May 2018. July 25, 2020, ten (e) Vessel acquisition: August 4, 2020, JPO Scorpius 2007 2,500 50% 3 JPO Scorpius |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements – Adopted On January 1, 2020, ASU No. 2016 13—Financial 326 ASU 2018 19, 326, not 326 20 842, ASU 2019 04, Codification Improvements to Topic 326, 815, 825 ASU 2019 05, Codification Improvements to Topic 326, 815, 825 the amendments of which provide entities that have certain instruments within the scope of Subtopic 326 20, 825 10, 326. not January 1, 2020 2016 13. $543 not On January 1, 2020, ASU 2018 13, 820 820, 8: 3 not On January 1, 2020, ASU 2018 17, 810 , which improves the accounting for the following areas: (i) applying the variable interest entity (VIE) guidance to private companies under common control and (ii) considering indirect interests held through related parties under common control for determining whether fees paid to decision makers and service providers are variable interests, thereby improving general purpose financial reporting. The Company applied the amendments in this Update retrospectively, as required. The adoption of this new accounting guidance did not New Accounting Pronouncements - Not In March 2020, 2020 04, 848 2020 04 2020 04 March 12, 2020 December 31, 2022. not |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation and General Information (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | 2019 2020 A 23 % 21 % B 24 % 22 % C 8 % 12 % D 39 % 35 % Total 94 % 90 % |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Table Text Block] | 2019 2020 Reconciliation of cash, cash equivalents and restricted cash Cash and cash equivalents 98,563 155,668 Restricted cash – current portion 147,292 6,592 Restricted cash – non-current portion 38,043 38,837 Total cash, cash equivalents and restricted cash $ 283,898 $ 201,097 |
Note 6 - Vessels and Advances_2
Note 6 - Vessels and Advances, Net (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule Vessels and Advances, Net [Table Text Block] | Vessel Cost Accumulated Net Book Balance, January 1, 2020 $ 3,573,751 $ (1,141,921 ) $ 2,431,830 Depreciation – (52,262 ) (52,262 ) Vessel acquisitions, advances and other vessels' costs 48,609 – 48,609 Transfers and other movements (284,454 ) 149,526 (134,928 ) Balance, June 30, 2020 $ 3,337,906 $ (1,044,657 ) $ 2,293,249 |
Note 7 - Deferred Charges, Net
Note 7 - Deferred Charges, Net (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Deferred Charges [Table Text Block] | Balance, January 1, 2020 $ 21,983 Additions 10,023 Amortization (4,537 ) Transfers and other movements (726 ) Balance, June 30, 2020 $ 26,743 |
Note 9 - Equity Method Invest_2
Note 9 - Equity Method Investments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Entity Vessel Participation % Date Steadman Maritime Co. Ensenada 49 % July 1, 2013 Marchant Maritime Co. - 49 % July 8, 2013 Horton Maritime Co. - 49 % June 26, 2013 Smales Maritime Co. - 49 % June 6, 2013 Geyer Maritime Co. Arkadia 49 % May 18, 2015 Goodway Maritime Co. Monemvasia 49 % September 22, 2015 Kemp Maritime Co. Cape Akritas 49 % June 6, 2013 Hyde Maritime Co. Cape Tainaro 49 % June 6, 2013 Skerrett Maritime Co. Cape Artemisio 49 % December 23, 2013 Ainsley Maritime Co. Cape Kortia 25 % June 25, 2013 Ambrose Maritime Co. Cape Sounio 25 % June 25, 2013 Platt Maritime Co. Polar Argentina 49 % May 18, 2015 Sykes Maritime Co. Polar Brasil 49 % May 18, 2015 |
Equity Method Investments Summarized Financial Information [Table Text Block] | December 31, 2019 June 30, 2020 Non-current assets $ 531,448 $ 525,326 Current assets 49,787 50,424 Total assets $ 581,235 $ 575,750 Current liabilities $ 94,879 $ 30,745 Six-month period ended June 30, 2019 2020 Voyage revenue 39,945 49,065 Net income $ 11,081 $ 19,897 |
Note 10 - Long-term Debt (Table
Note 10 - Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Borrower(s) December 31, 2019 June 30, 2020 A. Term Loans: 1. Mas Shipping Co. – – 2. Montes Shipping Co. and Kelsen Shipping Co. 22,000 8,500 3. Undine Shipping Co., Quentin Shipping Co. and Sander Shipping Co. – – 4. Raymond Shipping Co. and Terance Shipping Co. – – 5. Uriza Shipping S.A. 23,833 21,667 6. Costis Maritime Corporation, Christos Maritime Corporation and Capetanissa Maritime Corporation 65,375 – 7. Rena Maritime Corporation, Finch Shipping Co. and Joyner Carriers S.A. 18,080 – 8. Nerida Shipping Co. 13,575 12,675 9. Costamare Inc. 155,195 – 10. Singleton Shipping Co. and Tatum Shipping Co. 44,000 42,400 11. Reddick Shipping Co. and Verandi Shipping Co. 20,120 17,680 12. Costamare. Inc. 36,385 32,385 13. Bastian Shipping Co. and Cadence Shipping Co. 128,400 120,800 14. Adele Shipping Co. 66,500 63,500 15. Raymond Shipping Co., Terance Shipping Co. and Undine Shipping Co. 147,110 141,330 16. Quentin Shipping Co. and Sander Shipping Co. 91,239 85,716 17. Costamare Inc. – 29,222 18. Capetanissa Maritime Corporation et al. – 70,000 19. Caravokyra Maritime Corporation et al. – 70,000 20. Achilleas Maritime Corporation et al. – 70,000 Total Term Loans $ 831,812 $ 785,875 B. Other financing arrangements 594,350 566,154 Total long-term debt $ 1,426,162 $ 1,352,029 Less: Deferred financing costs (9,012 ) (9,263 ) Total long-term debt, net 1,417,150 1,342,766 Less: Long-term debt current portion (213,022 ) (169,951 ) Add: Deferred financing costs, current portion 2,277 2,121 Total long-term debt, non-current, net $ 1,206,405 $ 1,174,936 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Year ending December 31, Amount 2020 $ 77,630 2021 151,044 2022 123,760 2023 132,341 2024 143,707 2025 and thereafter 723,547 Total $ 1,352,029 |
Schedule of Financing Costs [Table Text Block] | Balance, January 1, 2020 $ 10,874 Additions 1,916 Amortization and write-off (1,944 ) Balance, June 30, 2020 $ 10,846 Less: Current portion of financing costs (2,652 ) Financing costs, non-current portion $ 8,194 |
Note 11 - Right-of-use Assets_2
Note 11 - Right-of-use Assets and Finance Lease Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Finance Lease, Liability, Fiscal Year Maturity [Table Text Block] | Year ending December 31, Amount 2020 $ 9,570 2021 19,099 2022 19,099 2023 64,387 2024 23,781 Total $ 135,936 Less: Amount of interest ( Leonidio Kyparissia (5,997 ) Total lease payments $ 129,939 Less: Financing costs, net (1,583 ) Total lease payments, net $ 128,356 |
Finance Lease Obligations Current and Non-Current [Table Text Block] | December 31, 2019 June 30, 2020 Finance lease liabilities – current $ 17,372 $ 17,441 Less: current portion of financing costs (562 ) (531 ) Finance lease liabilities – non-current 121,225 112,498 Less: non-current portion of financing costs (1,300 ) (1,052 ) Total $ 136,735 $ 128,356 |
Note 12 - Accrued Charter Rev_2
Note 12 - Accrued Charter Revenue, Current and Non-current, Unearned Revenue, Current and Non-current and Time Charter Assumed, Current and Non-current (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Unbilled Receivables, Not Billable at Balance Sheet Date [Table Text Block] | Year ending December 31, Amount 2020 $ (2,330 ) 2021 (4,657 ) 2022 (2,893 ) 2023 (3,903 ) 2024 (4,786 ) 2025 and thereafter (2,186 ) Total $ (20,755 ) |
Deferred Revenue, by Arrangement, Disclosure [Table Text Block] | December 31, 2019 June 30, 2020 Hires collected in advance $ 5,286 $ 4,902 Charter revenue resulting from varying charter rates 13,034 20,755 Total $ 18,320 $ 25,657 Less current portion (10,387 ) (9,544 ) Non-current portion $ 7,933 $ 16,113 |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Non Cancelable Long-Term Time Charter Contracts [Table Text Block] | Year ending December 31, Amount 2020 $ 190,924 2021 343,479 2022 311,823 2023 304,895 2024 304,863 2025 and thereafter 637,098 Total $ 2,093,082 |
Note 15 - Earnings (Losses) P_2
Note 15 - Earnings (Losses) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Six-month period ended June 30, 2019 2020 Basic EPS Basic LPS Net income / (loss) $ 27,136 $ (43,447 ) Less: paid and accrued earnings allocated to Preferred Stock (15,547 ) (15,461 ) Add: gain from retirement of Preferred Stock – 619 Net income / (loss) available to common stockholders 11,589 (58,289 ) Weighted average number of common shares, basic 113,540,975 119,927,560 Weighted average number of common shares, diluted 116,490,307 119,927,560 Earnings / (losses) per common share, basic and diluted $ 0.10 $ (0.49 ) |
Note 16 - Interest and Financ_2
Note 16 - Interest and Finance Costs (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Interest Finance Costs [Table Text Block] | Six-month period ended June 30, 2019 2020 Interest expense $ 45,782 $ 35,121 Interest capitalized (794 ) (1,954 ) Swap effect (1,502 ) 13 Amortization and write-off of financing costs 1,650 1,944 Bank charges and other financing costs 180 243 Total $ 45,316 $ 35,367 |
Note 18 - Derivatives (Tables)
Note 18 - Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Derivatives In ASC 815 Cash Flow Hedging Relationships [Table Text Block] | The Effect of Derivative Instruments for the six-month periods ended June 30, 2019 and 2020 Derivatives in ASC 815 Cash Flow Hedging Relationships Amount of Gain / (Loss) Location of Gain / (Loss) Amount of Gain / (Loss) 2019 2020 2019 2020 Interest rate swaps $ (4,234 ) $ (8,127 ) Loss on derivative instruments, net $ – $ – Reclassification to Interest and finance costs (1,502 ) 13 Loss on derivative instruments, net – – Total $ (5,736 ) $ (8,114 ) $ – $ – |
Schedule of Derivatives Not Designated as Hedging Instruments under ASC 815 [Table Text Block] | Derivatives Not Designated as Hedging Instruments Location of Gain / (Loss) Amount of Gain / (Loss) 2019 2020 Non-hedging interest rate swaps Loss on derivative instruments, net $ (577 ) $ (2,074 ) Forward contracts Loss on derivative instruments, net 2 8 Total $ (575 ) $ (2,066 ) |
Note 19 - Financial Instrumen_2
Note 19 - Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Derivative Assets and Liabilities at Fair Value [Table Text Block] | December 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Recurring measurements: Forward contracts-asset position $ 124 $ – $ 124 $ – Interest rate swaps-asset position 1,229 – 1,229 – Interest rate swaps-liability position (830 ) – (830 ) – Total $ 523 $ – $ 523 $ – June 30, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Recurring measurements: Forward contracts-asset position $ 134 $ – $ 134 $ – Interest rate swaps-liability position (10,017 ) – (10,017 ) – Total $ (9,883 ) $ – $ (9,883 ) $ – |
Note 1 - Basis of Presentatio_3
Note 1 - Basis of Presentation and General Information (Details Textual) | 6 Months Ended | 48 Months Ended | |
Jun. 30, 2020shares | Jun. 30, 2020shares | Dec. 31, 2019 | |
Stock Issued During Period, Shares, Dividend Reinvestment Plan (in shares) | 14,245,125 | ||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 120,719,340 | 120,719,340 | |
Number of Vessels | 60 | 60 | 60 |
Carrying Capacity of Vessels at Period End (TEU) | 411,650 | 411,650 | 409,037 |
Number of Subsidiaries Incorporated in the Republic of Liberia | 74 | 74 | |
Konstantakopoulos Family [Member] | |||
Percentage Ownership | 57.60% | 57.60% | |
Common Stock Issued to Costamare Shipping Services Ltd. [Member] | |||
Stock Issued During Period, Shares, New Issues (in shares) | 299,200 |
Note 1 - Basis of Presentatio_4
Note 1 - Basis of Presentation and General Information - Revenues from Significant Charterers (Details) - Customer Concentration Risk (Details) - Customer Concentration Risk [Member] - Revenue from Contract with Customer Benchmark [Member] | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Concentration risk percentage | 90.00% | 94.00% |
Major Customer A [Member] | ||
Concentration risk percentage | 21.00% | 23.00% |
Major Customer B [Member] | ||
Concentration risk percentage | 22.00% | 24.00% |
Major Customer C [Member] | ||
Concentration risk percentage | 12.00% | 8.00% |
Major Customer D [Member | ||
Concentration risk percentage | 35.00% | 39.00% |
Note 1 - Basis of Presentatio_5
Note 1 - Basis of Presentation and General Information - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Cash and cash equivalents | $ 155,668 | $ 148,928 | $ 98,563 |
Restricted cash – current portion | 6,592 | 6,912 | 147,292 |
Restricted cash – non-current portion | 38,837 | $ 40,031 | 38,043 |
Total cash, cash equivalents and restricted cash | $ 201,097 | $ 283,898 |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies and Recent Accounting Pronouncements (Details Textual) - USD ($) $ in Thousands | Jan. 01, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Retained Earnings (Accumulated Deficit), Ending Balance | $ (22,289) | $ 60,578 | |
Debt Securities [Member] | |||
Other than Temporary Impairment Losses, Investments, Total | $ 543 | ||
Accounting Standards Update 2016-13 [Member] | Debt Securities [Member] | Zim 3.0% Series 1 Notes Due 2023 [Member] | |||
Other than Temporary Impairment Losses, Investments, Total | 543 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Retained Earnings (Accumulated Deficit), Ending Balance | $ (543) |
Note 3 - Transactions With Re_2
Note 3 - Transactions With Related Parties (Details Textual) € in Thousands | Jul. 01, 2019 | Jun. 30, 2020USD ($)shares | Jun. 30, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Jul. 31, 2020 | Dec. 31, 2019USD ($) |
Management Fees Related Parties | $ 10,521,000 | $ 10,827,000 | |||||
Voyage Expenses Related Parties | 3,062,000 | $ 1,952,000 | |||||
Due from Related Parties, Current, Total | 2,328,000 | $ 7,576,000 | |||||
Due to Related Parties, Current, Total | 339,000 | 473,000 | |||||
Costamare Shipping Company SA and Costamare Shipping Services Ltd. [Member] | |||||||
Fees Paid By Vessel-Owning Subsidiary, Percentage | 1.10% | 0.60% | |||||
Management Fee Per Day, Per Vessel | 956 | ||||||
Management Fee Per Day, Per Vessel Under Bareboat Charter | 478 | ||||||
Construction Supervisory Fee | 787,400 | ||||||
Commission Charged on Charter Hire Agreements | 1.25% | 0.75% | |||||
Annual Fee to Related Parties | $ 2,500,000 | ||||||
Annual Fee to Related Parties, Shares (in shares) | shares | 598,400 | ||||||
Management Fees Related Parties | $ 10,521,000 | $ 10,827,000 | |||||
Voyage Expenses Related Parties | 2,881,000 | $ 1,742,000 | |||||
Management Fees Expressed as Gross Revenue | 0.75% | ||||||
Fair Value of Shares Issued to Manager | $ 1,508,000 | $ 1,545,000 | |||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 299,200 | ||||||
Working Capital Security Per Vessel | $ 75,000 | ||||||
Total Charges by Manager to Companys Affiliates | 1,797,000 | 2,046,000 | |||||
Due from Related Parties, Current, Total | 2,328,000 | 7,576,000 | |||||
Due to Related Parties, Current, Total | 339,000 | 473,000 | |||||
Costamare Shipping Company SA and Costamare Shipping Services Ltd. [Member] | Accounts Receivable, Net, Noncurrent [Member] | |||||||
Working Capital Security | 1,350,000 | $ 1,875,000 | |||||
Costamare Shipping Company SA and Costamare Shipping Services Ltd. [Member] | Accounts Receivable, Net [Member] | |||||||
Working Capital Security | 225,000 | ||||||
Costamare Shipping Company SA and Costamare Shipping Services Ltd. [Member] | General and Administrative Expense [Member] | |||||||
Officers Compensation Charged, Period End | $ 1,250,000 | 1,250,000 | |||||
V.Ships Greece Ltd. [Member] | |||||||
Number Vessels Managed | 16 | ||||||
SCSC Chairman and CEO [Member] | |||||||
Percentage Ownership | 70.00% | ||||||
SCSC GM [Member] | |||||||
Percentage Ownership | 30.00% | ||||||
Shanghai Costamare Ship Management Co Ltd [Member] | |||||||
Number Vessels Managed | 17 | 17 | |||||
Due to Related Parties, Current, Total | $ 0 | $ 0 | |||||
Blue Net Chartering GmbH & Co. KG [Member] | |||||||
Annual Fee to Related Parties | € | € 9,413 | ||||||
Voyage Expenses Related Parties | $ 181,000 | 210,000 | |||||
Percentage Ownership | 50.00% | ||||||
Annual Fee to Related Parties, Chartered in Current Period | € | € 1,281 | € 1,139 | |||||
Blue Net Asia Pte., Ltd. (“BNA”) [Member] | |||||||
Commission Charged on Charter Hire Agreements | 1.25% | ||||||
Voyage Expenses Related Parties | $ 68,000 | $ 0 | |||||
Percentage Ownership | 50.00% | ||||||
Vessels Under Time Charter | 5 | ||||||
Two Ship Owning Companies [Member] | Subsequent Event [Member] | Chairman and Chief Executive Officer, Konstantinos Konstantakopoulos [Member] | |||||||
Percentage Ownership | 50.00% | ||||||
Two Ship Owning Companies [Member] | Subsequent Event [Member] | Co-investors [Member] | |||||||
Percentage Ownership | 50.00% |
Note 4 - Other Non-current As_2
Note 4 - Other Non-current Assets (Details Textual) - USD ($) $ in Thousands | Jan. 01, 2020 | Jul. 16, 2014 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2014 | Dec. 31, 2016 | Jun. 30, 2020 | Dec. 31, 2019 |
Write-off Deriving from Fair Value Measurement | $ 2,888 | |||||||
Amortization of Debt Discount (Premium) | $ (453) | $ (413) | ||||||
Equity Securities without Readily Determinable Fair Value, Amount | 3,802 | $ 3,802 | $ 3,802 | |||||
Zim Integrated Services [Member] | The 3.0% Series 1 Notes Due 2023 [Member] | ||||||||
Investment Stated Interest Rate | 3.00% | |||||||
Zim Integrated Services [Member] | The 5.0% Series 2 Notes Due 2023 [Member] | ||||||||
Investment Stated Interest Rate | 5.00% | |||||||
Investment Stated Interest Rate, Payable Quarterly | 3.00% | |||||||
Investment Interest Rate, Stated Percentage, Deferred Accrual | 2.00% | |||||||
Equity Securities [Member] | ||||||||
Held-to-Maturity Securities, Equity Interest Acquired | 1.20% | |||||||
Equity Securities, FV-NI | $ 7,802 | |||||||
Other than Temporary Impairment Losses, Investments, Total | 0 | |||||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Total | $ 4,000 | |||||||
Proceeds from Dividends Received | 0 | |||||||
Debt Securities [Member] | ||||||||
Debt Securities, Held-to-maturity, Total | 8,229 | |||||||
Debt Securities, Held-to-maturity, Fair Value, Total | 6,499 | $ 6,499 | $ 6,723 | |||||
Amortization of Debt Discount (Premium) | $ 453 | $ 413 | ||||||
Other than Temporary Impairment Losses, Investments, Total | $ 543 | |||||||
Debt Securities [Member] | Zim 3.0% Series 1 Notes Due 2023 [Member] | ||||||||
Debt Securities, Held-to-maturity, Total | 1,452 | 1,406 | ||||||
Debt Securities, Held-to-maturity, Fair Value, Total | 676 | |||||||
Proceeds from Maturities, Prepayments and Calls of Held-to-maturity Securities | $ 46 | |||||||
Debt Securities [Member] | Zim 5.0% Series 2 Notes Due 2023 [Member] | ||||||||
Debt Securities, Held-to-maturity, Total | 6,777 | |||||||
Debt Securities, Held-to-maturity, Fair Value, Total | $ 3,567 |
Note 6 - Vessels and Advances_3
Note 6 - Vessels and Advances, Net (Details Textual) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Number of Vessels Agreed to Acquire | 4 | ||
Number of Vessels Delivered | 3 | ||
Gain (Loss) on Sale Vessels | $ 10 | $ (18,420) | |
Number of Vessels Write-down | 5 | ||
Vessels Impairment Loss | $ 31,577 | 3,042 | |
Impairment Loss Transferred From Deferred Charges | 693 | 1,548 | |
Vessel Held For Sale | 27,038 | $ 4,908 | |
Gain (Loss) on Assets Held for Sale | $ (79,197) | 0 | |
Number of Vessels Provided as Collaterals to Secure Loans | 48 | ||
Carrying Value of Vessels Provided as Collaterals to Secure Loans | $ 1,583,492 | ||
Number of Vessels Under Sale and Leaseback Transactions | 4 | ||
Number of Vessels Under Share Purchase Agreement | 5 | ||
Number of Unencumbered Vessels | 2 | ||
MSC Azov, MSC Ajaccio and MSC Amalfi [Member] | |||
Twenty-foot Equivalent Units Measured on Each Vessel Acquired | 9,403 | ||
Volans and Vulpecula [Member] | |||
Twenty-foot Equivalent Units Measured on Each Vessel Acquired | 4,258 | ||
Vela [Member] | |||
Twenty-foot Equivalent Units Measured on Each Vessel Acquired | 4,258 | ||
Neapolis [Member] | |||
Gain (Loss) on Sale Vessels | $ 10 | ||
Neapolis and Zagora [Member] | |||
Number of Vessels Held for Sale | 2 | ||
Kokura, Kawasaki and Singapore Express [Member] | |||
Number of Vessels Held for Sale | 3 | ||
Zagora, Kokura, Kawasaki and Singapore Express [Member] | |||
Vessel Held For Sale | $ 27,038 | ||
Gain (Loss) on Assets Held for Sale | 79,197 | ||
Loss on Vessels Held for Sale Transferred From Deferred Charges | $ 33 | ||
MSC Pylos and Piraeus [Member] | |||
Gain (Loss) on Assets Held for Sale | $ (18,420) |
Note 6 - Vessels and Advances_4
Note 6 - Vessels and Advances, Net - Summary of Vessels (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Balance, Vessel Cost at beginning of the period | $ 3,573,751 |
Balance, Accumulated Depreciation at beginning of the period | (1,141,921) |
Balance, Net Book Value at beginning of the period | 2,431,830 |
Depreciation | (52,262) |
Vessel acquisitions, advances and other vessels' costs | 48,609 |
Transfers and other movements, vessel cost | (284,454) |
Transfers and other movements | 149,526 |
Transfers and other movements, net book value | (134,928) |
Balance, Vessel Cost at end of the period | 3,337,906 |
Balance, Accumulated Depreciation at end of the period | (1,044,657) |
Balance, Net Book Value at end of the period | $ 2,293,249 |
Note 7 - Deferred Charges, Ne_2
Note 7 - Deferred Charges, Net (Details Textual) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Number Vessels Underwent DD During Period | 7 | 6 |
Note 7 - Deferred Charges, Ne_3
Note 7 - Deferred Charges, Net - Schedule of Deferred Charges, Net (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Balance, at beginning of the period | $ 21,983 |
Additions | 10,023 |
Amortization | (4,537) |
Transfers and other movements | (726) |
Balance, at end of the period | $ 26,743 |
Note 8 - Costamare Ventures I_2
Note 8 - Costamare Ventures Inc. (Details Textual) | 6 Months Ended | |
Jun. 30, 2020 | Nov. 12, 2018 | |
Number of Jointly Owned Companies | 13 | 5 |
Minimum [Member] | ||
Participation After Restatement | 25.00% | |
Participation of Company's Wholly Owned Subsidiary | 25.00% | |
Maximum [Member] | ||
Participation After Restatement | 75.00% | |
Participation of Company's Wholly Owned Subsidiary | 49.00% |
Note 9 - Equity Method Invest_3
Note 9 - Equity Method Investments (Details Textual) $ in Thousands | Jul. 25, 2019USD ($)shares | Jul. 17, 2019 | Nov. 12, 2018USD ($)shares | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) |
Number of Jointly Owned Companies | 5 | 13 | ||||
Income (Loss) from Equity Method Investments, Total | $ 8,241 | $ 4,299 | ||||
York [Member] | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 7,600,000 | |||||
Excess Amount of Acquisition | $ 5,171 | |||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 40.00% | |||||
Purchase from York [Member] | York [Member] | ||||||
Asset Acquisition, Percentage of Assets | 60.00% | |||||
Number of Vessels Acquired | 5 | |||||
Twenty-foot Equivalent Units Measured on Each Vessel Acquired | 14,000 | |||||
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Shares Issued (in shares) | shares | 2,883,015 | |||||
Noncash or Part Noncash Acquisition, Net Nonmonetary Assets Acquired (Liabilities Assumed), Total | $ 15,130 | |||||
Steadman Maritime Co., Geyer Maritime Co. and Goodway Maritime Co. [Member] | ||||||
Proceeds from Dividends Received | 2,450 | |||||
Marchant Maritime Co. [Member] | Costamare Ventures [Member] | ||||||
Payments to Acquire Equity Method Investments | $ 55 | |||||
Horton Maritime Co. and Steadman Maritime Co. [Member] | Costamare Ventures [Member] | ||||||
Proceeds from Dividends Received | 2,340 | |||||
Smales Maritime Co. [Member] | Costamare Ventures [Member] | ||||||
Proceeds from Dividends Received | 2,940 | |||||
Kemp Maritime Co., Hyde Maritime Co., Ainsley Maritime Co., Ambrose Maritime Co. and Skerrett Maritime Co. [Member] | ||||||
Proceeds from Dividends Received | 37,986 | |||||
Kemp Maritime Co. and Hyde Maritime Co. [Member] | ||||||
Proceeds from Dividends Received | 13,378 | |||||
Ainsley Maritime Co. and Ambrose Maritime Co. [Member] | ||||||
Proceeds from Dividends Received | 8,149 | |||||
Skerrett Maritme Co. [Member] | ||||||
Proceeds from Dividends Received | 1,372 | |||||
Geyer Maritime Co. [Member] | ||||||
Proceeds from Dividends Received | 1,470 | |||||
Platt Maritime Co. and Sykes Maritime Co. [Member] | ||||||
Proceeds from Dividends Received | $ 1,126 | $ 1,176 |
Note 9 - Equity Method Invest_4
Note 9 - Equity Method Investments - Companies Accounted for as Equity Method Investments (Details) | 6 Months Ended |
Jun. 30, 2020 | |
Steadman Maritime Co. [Member] | |
Vessel name or hull name | Ensenada |
Participation percentage | 49.00% |
Date of establishment | Jul. 1, 2013 |
Marchant Maritime Co. [Member] | |
Participation percentage | 49.00% |
Date of establishment | Jul. 8, 2013 |
Horton Maritime Co. [Member] | |
Participation percentage | 49.00% |
Date of establishment | Jun. 26, 2013 |
Smales Maritime Co. [Member] | |
Participation percentage | 49.00% |
Date of establishment | Jun. 6, 2013 |
Geyer Maritime Co. [Member] | |
Vessel name or hull name | Arkadia |
Participation percentage | 49.00% |
Date of establishment | May 18, 2015 |
Goodway Maritime Co. [Member] | |
Vessel name or hull name | Monemvasia |
Participation percentage | 49.00% |
Date of establishment | Sep. 22, 2015 |
Kemp Maritime Co. [Member] | |
Vessel name or hull name | Cape Akritas |
Participation percentage | 49.00% |
Date of establishment | Jun. 6, 2013 |
Hyde Maritime Co. [Member] | |
Vessel name or hull name | Cape Tainaro |
Participation percentage | 49.00% |
Date of establishment | Jun. 6, 2013 |
Skerrett Maritime Co. [Member] | |
Vessel name or hull name | Cape Artemisio |
Participation percentage | 49.00% |
Date of establishment | Dec. 23, 2013 |
Ainsley Maritime Co. [Member] | |
Vessel name or hull name | Cape Kortia |
Participation percentage | 25.00% |
Date of establishment | Jun. 25, 2013 |
Ambrose Maritime Co. [Member] | |
Vessel name or hull name | Cape Sounio |
Participation percentage | 25.00% |
Date of establishment | Jun. 25, 2013 |
Platt Maritime Co. [Member] | |
Vessel name or hull name | Polar Argentina |
Participation percentage | 49.00% |
Date of establishment | May 18, 2015 |
Sykes Maritime Co. [Member] | |
Vessel name or hull name | Polar Brasil |
Participation percentage | 49.00% |
Date of establishment | May 18, 2015 |
Note 9 - Equity Method Invest_5
Note 9 - Equity Method Investments - Summarized Financial Information on Equity Method Investments (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Current assets | $ 226,318 | $ 197,244 | |
Total assets | 2,873,147 | 3,011,958 | |
Current liabilities | 237,289 | 266,534 | |
Net income | (43,447) | $ 27,136 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | |||
Non-current assets | 525,326 | 531,448 | |
Current assets | 50,424 | 49,787 | |
Total assets | 575,750 | 581,235 | |
Current liabilities | 30,745 | $ 94,879 | |
Voyage revenue | 49,065 | 39,945 | |
Net income | $ 19,897 | $ 11,081 |
Note 10 - Long-term Debt (Detai
Note 10 - Long-term Debt (Details Textual) - USD ($) | Jun. 29, 2020 | Feb. 18, 2020 | Jan. 24, 2020 | Jul. 26, 2019 | Jul. 17, 2019 | Jul. 12, 2019 | Mar. 22, 2019 | Dec. 11, 2018 | Nov. 30, 2018 | Jun. 26, 2018 | May 29, 2018 | Aug. 03, 2017 | Jul. 21, 2017 | Jun. 19, 2017 | Feb. 28, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Jun. 11, 2020 | May 29, 2020 | Apr. 24, 2020 | Feb. 13, 2020 | Jul. 18, 2019 | Jun. 28, 2019 | Jun. 24, 2019 | Jun. 18, 2019 | Nov. 27, 2018 | Oct. 26, 2018 | Jul. 17, 2018 | Mar. 07, 2018 | Aug. 01, 2017 | Dec. 22, 2016 | Aug. 10, 2016 | May 11, 2016 | May 06, 2016 | Jan. 27, 2016 | Oct. 31, 2011 | Aug. 30, 2011 | May 30, 2008 | Jan. 31, 2008 | Dec. 31, 2007 | Jun. 30, 2006 | Feb. 28, 2006 |
Long-term Debt, Gross | $ 1,352,029,000 | $ 1,426,162,000 | |||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Current Maturities, Total | 167,830,000 | 210,745,000 | |||||||||||||||||||||||||||||||||||||||||
Interest Expense, Total | 35,121,000 | $ 45,782,000 | |||||||||||||||||||||||||||||||||||||||||
Other Long-term Debt, Total | 566,154,000 | 594,350,000 | |||||||||||||||||||||||||||||||||||||||||
Interest Costs Incurred, Total | 32,077,000 | 35,195,000 | |||||||||||||||||||||||||||||||||||||||||
Interest Costs Capitalized | 1,954,000 | 794,000 | |||||||||||||||||||||||||||||||||||||||||
Interest and Finance Costs [Member] | |||||||||||||||||||||||||||||||||||||||||||
Interest Expense, Debt, Total | $ 30,123,000 | 34,401,000 | |||||||||||||||||||||||||||||||||||||||||
Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||
Term Loan, Value Maintenance Clauses | 105.00% | ||||||||||||||||||||||||||||||||||||||||||
Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||
Term Loan, Value Maintenance Clauses | 125.00% | ||||||||||||||||||||||||||||||||||||||||||
Five Pre- and Post-delivery Financial Agreements [Member] | |||||||||||||||||||||||||||||||||||||||||||
Interest Costs Capitalized to Vessels and Advances, Net | $ 1,954,000 | $ 2,459,000 | |||||||||||||||||||||||||||||||||||||||||
Financial Arrangement, Share Purchase Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 32,022,000 | ||||||||||||||||||||||||||||||||||||||||||
Interest Expense, Total | 14,050,000 | $ 15,813,000 | |||||||||||||||||||||||||||||||||||||||||
Financing Arrangements [Member] | |||||||||||||||||||||||||||||||||||||||||||
Other Long-term Debt, Total | $ 566,154,000 | ||||||||||||||||||||||||||||||||||||||||||
Term Loan and Other Financing Arrangements [Member] | |||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.10% | 4.80% | |||||||||||||||||||||||||||||||||||||||||
Term Loan and Other Financing Arrangements [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate During Period | 2.20% | 3.75% | |||||||||||||||||||||||||||||||||||||||||
Term Loan and Other Financing Arrangements [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate During Period | 6.34% | 6.34% | |||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | |||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | $ 785,875,000 | $ 831,812,000 | |||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Mas Shipping Co. Term Loan [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 75,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Prepaid Payment on Principal | $ 1,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Repayments of Long-term Debt, Total | $ 1,000,000 | 9,125,000 | |||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Montes Shipping Co. and Kelsen Shipping Co. Term Loans [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 150,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Prepaid Payment on Principal | $ 8,500,000 | $ 6,000,000 | |||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 8,500,000 | 22,000,000 | $ 66,000,000 | ||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Montes Shipping Co. Term Loan [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 75,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Kelsen Shipping Co. Term Loan [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 75,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Undine Shipping Co., Quentin Shipping Co. and Sander Shipping Co. [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 229,200,000 | ||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Undine Shipping Co., Quentin Shipping Co. and Sander Shipping Co. Repayment [Member] | |||||||||||||||||||||||||||||||||||||||||||
Repayments of Long-term Debt, Total | $ 90,403,000 | $ 48,385,000 | |||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Raymond Shipping Co. and Terance Shipping Co. Term Loans [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 152,800,000 | ||||||||||||||||||||||||||||||||||||||||||
Repayments of Long-term Debt, Total | $ 88,678,000 | ||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Uriza Shipping Co. Term Loan [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 39,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 21,667,000 | 23,833,000 | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Amout Available to be Drawn | $ 39,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | 1,083,300 | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 17,333,300 | ||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Costis Maritime Co. and Christos Maritime Co. Term Loans [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 150,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Costis Maritime Co. Term Loan [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 75,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Christos Maritime Co. Term Loan [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 75,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Capetanissa Maritime Co. Term Loan [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 90,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Costis Maritime Co., Christos Maritime Co. and Capetanissa Maritime Co. [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Prepaid Payment on Principal | $ 4,000,000 | $ 4,000,000 | |||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 0 | 65,375,000 | $ 116,500,000 | ||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Rena Maritime Co. Term Loan [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 90,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Rena Maritime Co., Finch Shipping Co. and Joyner Carriers S.A. [Member] | |||||||||||||||||||||||||||||||||||||||||||
Repayments of Long-term Debt, Total | $ 1,385,000 | ||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 0 | 18,080,000 | $ 37,500,000 | ||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Nerida Shipping Company Term Loan [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 17,625,000 | ||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 12,675,000 | 13,575,000 | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 8,625,000 | ||||||||||||||||||||||||||||||||||||||||||
Debt Agreement, Maximum Borrowing Capacity | $ 17,625,000 | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Total | 450,000 | ||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Costamare Inc. 3 [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 233,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Prepaid Payment on Principal | $ 5,805,000 | $ 4,477,000 | |||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 29,222,000 | 0 | |||||||||||||||||||||||||||||||||||||||||
Balance Refinanced During the Period | 143,324,000 | ||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Loan Agreement to Partially Finance the Acquisition of Megalopolis and Marathopolis [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 48,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Loan Agreement to Partially Finance the Acquisition of Megalopolis and Marathopolis, Tranche A [Member] | |||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 21,200,000 | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 12,800,000 | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Total | 400,000 | ||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Loan Agreement to Partially Finance the Acquisition of Megalopolis and Marathopolis, Tranche B [Member] | |||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 21,200,000 | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 12,800,000 | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Total | 400,000 | ||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Reddick Shipping Co. and Verandi Shipping Co.Term Loan [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Agreement, Maximum Borrowing Capacity | $ 25,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Reddick Shipping Co. and Verandi Shipping Co. Term Loan, per Tranche Information [Member] | |||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 8,840,000 | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 6,400,000 | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Total | 610,000 | ||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Costamare Inc. 4 [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 55,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Prepaid Payment on Principal | 10,615,000 | ||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Costamare Inc. 4 [Member] | Tranche A [Member] | |||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 16,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 28,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Costamare Inc. 4 [Member] | Tranche B [Member] | |||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 16,385,000 | ||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 27,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Bastian Shipping Co and Cadence Shipping Co Loan Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 136,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 120,800,000 | 128,400,000 | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 14,400,000 | ||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Adele Shipping Co Loan Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 68,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 63,500,000 | $ 66,500,000 | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 26,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Total | 1,500,000 | ||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 68,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Costamare Inc. 5 [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 150,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Costamare Inc. 5 [Member] | Three Tranches Per Tranche Info [Member] | |||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 47,110,000 | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 26,880,000 | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Total | 963,300 | ||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Loan Agreement to Partially Refinance Term Loan [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 94,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Loan Agreement to Partially Refinance Term Loan [Member] | Two Tranches Per Tranche Info [Member] | |||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 42,858,000 | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 21,364,000 | ||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Loan Agreement to Purchase Volans, Vulpecula, Vela and JPO Virgo [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 30,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 30,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Loan Agreement to Purchase Volans, Vulpecula, Vela and JPO Virgo Tranche A & B [Member] | |||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 15,107,000 | ||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Loan Agreement to Purchase Volans, Vulpecula, Vela and JPO Virgo Tranche A [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 4,646,000 | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Total | 194,000 | ||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Loan Agreement to Purchase Volans, Vulpecula, Vela and JPO Virgo Tranche B [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 4,566,000 | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Total | 199,000 | ||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Loan Agreement to Purchase Volans, Vulpecula, Vela and JPO Virgo Tranche C & D [Member] | |||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 14,115,000 | ||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Loan Agreement to Purchase Volans, Vulpecula, Vela and JPO Virgo Tranche C [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 4,210,000 | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Total | 190,000 | ||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Loan Agreement to Purchase Volans, Vulpecula, Vela and JPO Virgo Tranche D [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 4,130,000 | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Total | 195,000 | ||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Loan Agreement to Refinance Costis Maritime Co., Christos Maritime Co., Capetanissa Maritime Co., Rena Maritime Corporation, and Joyner Carriers S.A. Loans [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 70,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 70,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 25,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Total | 2,250,000 | ||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Loan Agreement to Refinance Costamare Inc. 3 [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 70,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 70,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 29,200,000 | ||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | Second Loan Agreement to Refinance Costamare Inc. 3 [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 70,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 70,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 21,895,600 | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Total | 2,690,600 | ||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Current Maturities, Total | $ 5,055,000 |
Note 10 - Long-term Debt - Sche
Note 10 - Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 22, 2016 | Aug. 10, 2016 | Jan. 27, 2016 |
Long-term debt | $ 1,352,029,000 | $ 1,426,162,000 | |||
Other financing arrangements | 566,154,000 | 594,350,000 | |||
Less: Deferred financing costs | (9,263,000) | (9,012,000) | |||
Total long-term debt, net | 1,342,766,000 | 1,417,150,000 | |||
Less: Long-term debt current portion | (169,951,000) | (213,022,000) | |||
Add: Deferred financing costs, current portion | 2,121,000 | 2,277,000 | |||
Total long-term debt, non-current, net | 1,174,936,000 | 1,206,405,000 | |||
Loans Payable [Member] | |||||
Long-term debt | 785,875,000 | 831,812,000 | |||
Loans Payable [Member] | Mas Shipping Co. Term Loan [Member] | |||||
Long-term debt | 0 | 0 | |||
Loans Payable [Member] | Montes Shipping Co. and Kelsen Shipping Co. Term Loans [Member] | |||||
Long-term debt | 8,500,000 | 22,000,000 | $ 66,000,000 | ||
Loans Payable [Member] | Undine Shipping Co., Quentin Shipping Co. and Sander Shipping Co. [Member] | |||||
Long-term debt | 0 | 0 | |||
Loans Payable [Member] | Raymond Shipping Co. and Terance Shipping Co. Term Loans [Member] | |||||
Long-term debt | 0 | 0 | |||
Loans Payable [Member] | Uriza Shipping Co. Term Loan [Member] | |||||
Long-term debt | 21,667,000 | 23,833,000 | |||
Loans Payable [Member] | Costis Maritime Co., Christos Maritime Co. and Capetanissa Maritime Co. [Member] | |||||
Long-term debt | 0 | 65,375,000 | $ 116,500,000 | ||
Loans Payable [Member] | Rena Maritime Co., Finch Shipping Co. and Joyner Carriers S.A. [Member] | |||||
Long-term debt | 0 | 18,080,000 | $ 37,500,000 | ||
Loans Payable [Member] | Nerida Shipping Company Term Loan [Member] | |||||
Long-term debt | 12,675,000 | 13,575,000 | |||
Loans Payable [Member] | Costamare Inc. 1 [Member] | |||||
Long-term debt | 0 | 155,195,000 | |||
Loans Payable [Member] | Singleton Shipping Co. and Tatum Shipping Co. Term Loan [Member] | |||||
Long-term debt | 42,400,000 | 44,000,000 | |||
Loans Payable [Member] | Reddick Shipping Co. and Verandi Shipping Co. [Member] | |||||
Long-term debt | 17,680,000 | 20,120,000 | |||
Loans Payable [Member] | Costamare Inc. 2 [Member] | |||||
Long-term debt | 32,385,000 | 36,385,000 | |||
Loans Payable [Member] | Bastian Shipping Co and Cadence Shipping Co Loan Agreement [Member] | |||||
Long-term debt | 120,800,000 | 128,400,000 | |||
Loans Payable [Member] | Adele Shipping Co Loan Agreement [Member] | |||||
Long-term debt | 63,500,000 | 66,500,000 | |||
Loans Payable [Member] | Raymond Shipping Co., Terance Shipping Co. and Undine Shipping Co. Term Loans [Member] | |||||
Long-term debt | 141,330,000 | 147,110,000 | |||
Loans Payable [Member] | Quentin Shipping Co. and Sander Shipping Co. Term Loans [Member] | |||||
Long-term debt | 85,716,000 | 91,239,000 | |||
Loans Payable [Member] | Costamare Inc. 3 [Member] | |||||
Long-term debt | 29,222,000 | 0 | |||
Loans Payable [Member] | Capetanissa Maritime Corporation et al. [Member] | |||||
Long-term debt | 70,000,000 | 0 | |||
Loans Payable [Member] | Caravokyra Maritime Corporation et al. [Member] | |||||
Long-term debt | 70,000,000 | 0 | |||
Loans Payable [Member] | Achilleas Maritime Corporation et al. [Member] | |||||
Long-term debt | $ 70,000,000 | $ 0 |
Note 10 - Long-term Debt - Annu
Note 10 - Long-term Debt - Annual Repayments Under Credit Facilities and Term Loans (Details) $ in Thousands | Jun. 30, 2020USD ($) |
2020 | $ 77,630 |
2021 | 151,044 |
2022 | 123,760 |
2023 | 132,341 |
2024 | 143,707 |
2025 and thereafter | 723,547 |
Total | $ 1,352,029 |
Note 10 - Long-term Debt - Fina
Note 10 - Long-term Debt - Financing Costs Included in Loan Balances (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Balance, at beginning of the period | $ 10,874 |
Additions | 1,916 |
Amortization and write-off | (1,944) |
Balance, at end of the period | 10,846 |
Less: Current portion of financing costs | (2,652) |
Financing costs, non-current portion | $ 8,194 |
Note 11 - Right-of-use Assets_3
Note 11 - Right-of-use Assets and Finance Lease Liabilities (Details Textual) - USD ($) $ in Thousands | Jul. 12, 2019 | Jan. 01, 2019 | Jun. 19, 2017 | Jul. 15, 2016 | Apr. 30, 2014 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | May 31, 2019 |
Sale Leaseback Transaction, Historical Cost | $ 452,564 | ||||||||
Finance Lease, Right-of-Use Asset, Amortization | 3,444 | $ 6,825 | |||||||
Sale Leaseback Transaction, Accumulated Depreciation | 24,079 | $ 20,635 | |||||||
Sale Leaseback Transaction, Net Book Value, Total | 193,243 | $ 188,429 | |||||||
Finance Lease Liability, Excluding Financing Costs | 129,939 | ||||||||
Finance Lease, Interest Expense | $ 3,057 | $ 9,879 | |||||||
Reclassification from Prepaid Lease Rentals to Right-of-use Assets [Member] | |||||||||
Current Period Reclassification Adjustment | $ 42,919 | ||||||||
Reclassification from Deferred Gain, Net to Right-of-use Assets [Member] | |||||||||
Current Period Reclassification Adjustment | $ 3,557 | ||||||||
Adele Shipping Co Loan Agreement [Member] | Loans Payable [Member] | |||||||||
Proceeds from Issuance of Debt | $ 68,000 | ||||||||
Sale Leaseback Transactions Regarding the Vessels MSC Azov, MSC Ajaccio and MSC Amalfi [Member] | |||||||||
Sale Leaseback Transaction, Term (Year) | 10 years | ||||||||
Vessel's sale and leaseback price | $ 85,572 | ||||||||
Sale Leaseback Transactions Regarding Vessels MSC Athens and MSC Athos [Member] | |||||||||
Sale Leaseback Transaction, Term (Year) | 7 years | ||||||||
Sale and Leaseback Transaction, Additional Amount | $ 12,000 | ||||||||
Sale Leaseback Transactions Regarding the Vessels Leonidio and Kyparissia [Member] | |||||||||
Sale Leaseback Transaction, Term (Year) | 7 years |
Note 11 - Right-of-Use Assets_4
Note 11 - Right-of-Use Assets and Finance Lease Liabilities - Annual Lease Payments (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Capital lease payments 2020 | $ 9,570 | |
Capital lease payments 2021 | 19,099 | |
Capital lease payments 2022 | 19,099 | |
Capital lease payments 2023 | 64,387 | |
Capital lease payments 2024 | 23,781 | |
Capital lease payments Total | 135,936 | |
Less: Amount of interest (Leonidio and Kyparissia) | (5,997) | |
Total lease payments | 129,939 | |
Less: Financing costs, net | (1,583) | |
Total lease payments, net | $ 128,356 | $ 136,735 |
Note 11 - Right-of-Use Assets_5
Note 11 - Right-of-Use Assets and Finance Lease Liabilities - Finance Lease Obligations (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Finance lease liabilities – current | $ 17,441 | $ 17,372 |
Less: current portion of financing costs | (531) | (562) |
Finance lease liabilities – non-current | 112,498 | 121,225 |
Less: non-current portion of financing costs | (1,052) | (1,300) |
Total lease payments, net | $ 128,356 | $ 136,735 |
Note 12 - Accrued Charter Rev_3
Note 12 - Accrued Charter Revenue, Current and Non-current, Unearned Revenue, Current and Non-current and Time Charter Assumed, Current and Non-current (Details Textual) - USD ($) $ in Thousands | Nov. 12, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 |
Accrued Revenue, Net | $ (20,755) | $ (13,034) | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 7 years 146 days | |||
Amortization of Intangible Assets, Total | 95 | $ 95 | ||
Companies Owning Triton, Titan, Talos, Taurus and Theseus [Member] | York [Member] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 60.00% | |||
Finite-Lived Intangible Assets, Net, Ending Balance | $ 1,127 | $ 1,222 |
Note 12 - Accrued Charter Rev_4
Note 12 - Accrued Charter Revenue, Current and Non-current, Unearned Revenue, Current and Non-current and Time Charter Assumed, Current and Non-current - Schedule of Accrued Revenue (Details) $ in Thousands | Jun. 30, 2020USD ($) |
2020 | $ (2,330) |
2021 | (4,657) |
2022 | (2,893) |
2023 | (3,903) |
2024 | (4,786) |
2025 and thereafter | (2,186) |
Total | $ (20,755) |
Note 12 - Accrued Charter Rev_5
Note 12 - Accrued Charter Revenue, Current and Non-current, Unearned Revenue, Current and Non-current and Time Charter Assumed. Current and Non-current - Schedule of Unearned Revenue (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Unearned Revenue | $ 25,657 | $ 18,320 |
Less current portion | (9,544) | (10,387) |
Non-current portion | 16,113 | 7,933 |
Unearned Revenues Regarding Hires Collected in Advance [Member] | ||
Unearned Revenue | 4,902 | 5,286 |
Unearned Revenues Regarding Charter Revenues Resulting from Varying Charter Rates [Member] | ||
Unearned Revenue | $ 20,755 | $ 13,034 |
Note 13 - Commitments and Con_3
Note 13 - Commitments and Contingencies (Details Textual) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Total Capital Commitments at Period End | $ 36,058 |
Number of Vessels Ordered | 5 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 400,000 |
Construction and Installation of Scrubbers, Number of Existing Vessels for Which Amounts are Payable | 10 |
Construction and Installation of Scrubbers, Amount Financed | $ 9,134 |
Construction and Installation of Scrubbers, Number of Vessels Financed | 5 |
Ainsley Maritime Co. [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 63,607 |
Ambrose Maritime Co. [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | 66,325 |
Kemp Maritime Co. [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | 63,750 |
Hyde Maritime Co. [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | 62,833 |
Skerrett Maritime Co. [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 63,917 |
Ainsley Maritime Co., Ambrose Maritime Co., Kemp Maritime Co. and Hyde Maritime Co.and Skerrett Maritime Co. [Member] | |
Debt Guarantee Percentage | 100.00% |
Future Minimum Contractual Charter Revenues Assumptions [Member] | |
Time Charter Arrangements Remaining Terms Period (Month) | 10 years 270 days |
Revenue Days Per Annum (Day) | 1 year |
Note 13 - Commitments and Con_4
Note 13 - Commitments and Contingencies - Schedule of Time Charter Arrangements (Details) $ in Thousands | Jun. 30, 2020USD ($) |
2020 | $ 190,924 |
2021 | 343,479 |
2022 | 311,823 |
2023 | 304,895 |
2024 | 304,863 |
2025 and thereafter | 637,098 |
Total | $ 2,093,082 |
Note 14 - Common Stock and Ad_2
Note 14 - Common Stock and Additional Paid-in Capital (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jul. 25, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 0 | |||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 120,719,340 | |||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.10 | $ 0.10 | ||
Dividends, Preferred Stock, Cash | $ 15,591 | $ 15,634 | ||
Fourth Quarter 2018 Dividends [Member] | ||||
Dividends, Common Stock, Cash | $ 6,580 | |||
Common Stock Dividends, Shares (in shares) | 961,656 | |||
First Quarter 2019 Dividends [Member] | ||||
Dividends, Common Stock, Cash | $ 6,867 | |||
Common Stock Dividends, Shares (in shares) | 775,947 | |||
Fourth Quarter of 2019 [Member] | ||||
Dividends, Common Stock, Cash | $ 6,762 | |||
Common Stock Dividends, Shares (in shares) | 649,928 | |||
First Quarter of 2020 [Member] | ||||
Dividends, Common Stock, Cash | $ 9,061 | |||
Common Stock Dividends, Shares (in shares) | 637,516 | |||
Preferred Stock [Member] | ||||
Stock Repurchased and Retired During Period, Shares (in shares) | 95,574 | |||
Stock Repurchased and Retired During Period, Average Price Per Share (in dollars per share) | $ 17.63 | |||
York [Member] | ||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | |||
Purchase from York [Member] | York [Member] | ||||
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Shares Issued (in shares) | 2,883,015 | |||
Common Stock Issued for the Services Agreement [Member] | ||||
Stock Issued During Period, Shares, New Issues (in shares) | 299,200 | 299,200 | ||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | ||
Common Stock Issued for Dividend Reinvestment Plan [Member] | ||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,287,444 | 3,187,051 | ||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | ||
Shares Issued, Price Per Share (in dollars per share) | $ 6.2786 | $ 5.8056 | ||
Series B Preferred Stock [Member] | October 15, 2018 to January 14, 2019 Dividends [Member] | ||||
Dividends, Preferred Stock, Cash | $ 953 | |||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.476563 | |||
Series B Preferred Stock [Member] | January 15, 2019 to April 14, 2019 Dividends [Member] | ||||
Dividends, Preferred Stock, Cash | $ 953 | |||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.476563 | |||
Series B Preferred Stock [Member] | October 15, 2019 to January 14, 2020 Dividends [Member] | ||||
Dividends, Preferred Stock, Cash | $ 953 | |||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.476563 | |||
Series B Preferred Stock [Member] | January 15, 2020 to April 14, 2020 Dividends [Member] | ||||
Dividends, Preferred Stock, Cash | $ 953 | |||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.476563 | |||
Series B Preferred Stock [Member] | Preferred Stock [Member] | ||||
Stock Repurchased and Retired During Period, Shares (in shares) | 29,351 | |||
Series C Preferred Stock [Member] | October 15, 2018 to January 14, 2019 Dividends [Member] | ||||
Dividends, Preferred Stock, Cash | $ 2,125 | |||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.53125 | |||
Series C Preferred Stock [Member] | January 15, 2019 to April 14, 2019 Dividends [Member] | ||||
Dividends, Preferred Stock, Cash | $ 2,125 | |||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.53125 | |||
Series C Preferred Stock [Member] | October 15, 2019 to January 14, 2020 Dividends [Member] | ||||
Dividends, Preferred Stock, Cash | $ 2,125 | |||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.53125 | |||
Series C Preferred Stock [Member] | January 15, 2020 to April 14, 2020 Dividends [Member] | ||||
Dividends, Preferred Stock, Cash | $ 2,125 | |||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.53125 | |||
Series C Preferred Stock [Member] | Preferred Stock [Member] | ||||
Stock Repurchased and Retired During Period, Shares (in shares) | 26,865 | |||
Series D Preferred Stock [Member] | October 15, 2018 to January 14, 2019 Dividends [Member] | ||||
Dividends, Preferred Stock, Cash | $ 2,188 | |||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.546875 | |||
Series D Preferred Stock [Member] | January 15, 2019 to April 14, 2019 Dividends [Member] | ||||
Dividends, Preferred Stock, Cash | $ 2,188 | |||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.546875 | |||
Series D Preferred Stock [Member] | October 15, 2019 to January 14, 2020 Dividends [Member] | ||||
Dividends, Preferred Stock, Cash | $ 2,188 | |||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.546875 | |||
Series D Preferred Stock [Member] | January 15, 2020 to April 14, 2020 Dividends [Member] | ||||
Dividends, Preferred Stock, Cash | $ 2,188 | |||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.546875 | |||
Series D Preferred Stock [Member] | Preferred Stock [Member] | ||||
Stock Repurchased and Retired During Period, Shares (in shares) | 13,458 | |||
Series E Preferred Stock [Member] | October 15, 2018 to January 14, 2019 Dividends [Member] | ||||
Dividends, Preferred Stock, Cash | $ 2,551 | |||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.554688 | |||
Series E Preferred Stock [Member] | January 15, 2019 to April 14, 2019 Dividends [Member] | ||||
Dividends, Preferred Stock, Cash | $ 2,551 | |||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.554688 | |||
Series E Preferred Stock [Member] | October 15, 2019 to January 14, 2020 Dividends [Member] | ||||
Dividends, Preferred Stock, Cash | $ 2,551 | |||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.554688 | |||
Series E Preferred Stock [Member] | January 15, 2020 to April 14, 2020 Dividends [Member] | ||||
Dividends, Preferred Stock, Cash | $ 2,551 | |||
Preferred Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.554688 | |||
Series E Preferred Stock [Member] | Preferred Stock [Member] | ||||
Stock Repurchased and Retired During Period, Shares (in shares) | 25,900 |
Note 15 - Earnings (Losses) P_3
Note 15 - Earnings (Losses) Per Share (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Preferred Stock Dividends and Other Adjustments, Total | $ 15,461 | $ 15,547 |
Note 15 - Earnings (Losses) P_4
Note 15 - Earnings (Losses) Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Net income / (loss) | $ (43,447) | $ 27,136 |
Less: paid and accrued earnings allocated to Preferred Stock | (15,461) | (15,547) |
Add: gain from retirement of Preferred Stock | 619 | 0 |
Net income / (loss) available to common stockholders | $ (58,289) | $ 11,589 |
Weighted average number of common shares, basic (in shares) | 119,927,560 | 113,540,975 |
Weighted average number of common shares, diluted (in shares) | 119,927,560 | 116,490,307 |
Earnings / (losses) per common share, basic and diluted (in dollars per share) | $ (0.49) | $ 0.10 |
Note 16 - Interest and Financ_3
Note 16 - Interest and Finance Costs - Schedule of Income Statement Related Costs (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Interest expense | $ 35,121 | $ 45,782 |
Interest capitalized | (1,954) | (794) |
Swap effect | 13 | (1,502) |
Amortization and write-off of financing costs | 1,944 | 1,650 |
Bank charges and other financing costs | 243 | 180 |
Total | $ 35,367 | $ 45,316 |
Note 17 - Taxes (Details Textua
Note 17 - Taxes (Details Textual) | 6 Months Ended |
Jun. 30, 2020 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 50.00% |
US Related Gross Transportation Income That Tax Applies | 4.00% |
Note 18 - Derivatives (Details
Note 18 - Derivatives (Details Textual) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2020USD ($)€ / $ | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($)€ / $ | |
Number of Foreign Currency Derivatives Held | 3 | 3 | |
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net, Total | $ 6,000 | $ 6,000 | |
Derivative, Average Forward Exchange Rate (in EUR per USD) | € / $ | 1.0967 | 1.1037 | |
Gain (Loss) on Foreign Currency Fair Value Hedge Derivatives | $ 8 | $ 2 | |
Realized Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | 0 | $ (50) | |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative, Notional Amount | 368,013 | $ 149,672 | |
Interest Rate Fair Value Hedge Derivative at Fair Value, Net, Total | (10,017) | 399 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 3,720 | ||
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative, Notional Amount | 227,046 | ||
Derivative, Gain (Loss) on Derivative, Net, Total | (2,193) | ||
New Swap Agreements [Member] | Designated as Hedging Instrument [Member] | |||
Derivative, Notional Amount | $ 227,046 | $ 46,000 |
Note 18 - Derivatives - Effect
Note 18 - Derivatives - Effect of Derivative Instruments (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Reclassification to Interest and finance costs, effective portion | $ 13 | $ (1,502) |
Reclassification to Interest and finance costs, ineffective portion | 0 | 0 |
Total, effective portion | (8,114) | (5,736) |
Total, ineffective portion | 0 | 0 |
Interest Rate Swap [Member] | ||
Interest rate swaps, effective portion | (8,127) | (4,234) |
Interest rate swaps, ineffective portion | $ 0 | $ 0 |
Note 18 - Derivatives - Derivat
Note 18 - Derivatives - Derivatives Not Designated as Hedging Instruments and Ineffectiveness of Hedging Instruments (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Non-hedging interest rate swaps | $ (2,074) | $ (577) |
Forward contracts | 8 | 2 |
Total | $ (2,066) | $ (575) |
Note 19 - Financial Instrumen_3
Note 19 - Financial Instruments (Details Textual) $ in Thousands | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Fair Value, Total | $ 3,957 | |
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | $ 134 | $ 124 |
Number of Vessels | 60 | 60 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Number of Vessels | 5 | |
Fair Value of Vessels at Reporting Period | $ 30,500 | |
Interest Rate Swap [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net, Total | $ (10,017) | $ 399 |
Note 19 - Financial Instrumen_4
Note 19 - Financial Instruments - Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Forward contracts-asset position | $ 134 | $ 124 |
Fair Value, Recurring [Member] | ||
Forward contracts-asset position | 134 | 124 |
Interest rate swaps-asset position | 1,229 | |
Interest rate swaps-liability position | (10,017) | (830) |
Total | (9,883) | 523 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Forward contracts-asset position | 0 | 0 |
Interest rate swaps-asset position | 0 | |
Interest rate swaps-liability position | 0 | 0 |
Total | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Forward contracts-asset position | 134 | 124 |
Interest rate swaps-asset position | 1,229 | |
Interest rate swaps-liability position | (10,017) | (830) |
Total | (9,883) | 523 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Forward contracts-asset position | 0 | 0 |
Interest rate swaps-asset position | 0 | |
Interest rate swaps-liability position | 0 | 0 |
Total | $ 0 | $ 0 |
Note 20 - Comprehensive Income
Note 20 - Comprehensive Income (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Other Comprehensive Income (Loss), Net of Tax, Total | $ (8,083) | $ (5,705) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (8,127) | (4,234) |
Swap Interest Expense, Net | 13 | (1,502) |
Amounts Reclassified From Net Settlements on Interest Rate Swaps Qualifying for Hedge Accounting to Depreciation | (31) | (31) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total | $ (51,530) | $ 21,431 |
Note 21 - Subsequent Events (De
Note 21 - Subsequent Events (Details Textual) - Subsequent Event [Member] | Aug. 04, 2020 | Jul. 24, 2020 | Jul. 01, 2020$ / shares |
YM Triumph [Member] | |||
Twenty-foot Equivalent Units Measured on Each Vessel Acquired | 12,690 | ||
Time Charter Duration (Year) | 10 years | ||
Scorpius [Member] | |||
Twenty-foot Equivalent Units Measured on Each Vessel Acquired | 2,500 | ||
Scorpius [Member] | Chairman and Chief Executive Officer, Konstantinos Konstantakopoulos [Member] | |||
Percentage Ownership | 50.00% | ||
Series E Preferred Stock [Member] | |||
Dividends Payable, Date Declared | Jul. 1, 2020 | ||
Dividends Payable, Amount Per Share (in dollars per share) | $ 0.554688 | ||
Dividends Payable, Date to be Paid | Jul. 15, 2020 | ||
Dividends Payable, Date of Record | Jul. 14, 2020 | ||
Series D Preferred Stock [Member] | |||
Dividends Payable, Date Declared | Jul. 1, 2020 | ||
Dividends Payable, Amount Per Share (in dollars per share) | $ 0.546875 | ||
Dividends Payable, Date to be Paid | Jul. 15, 2020 | ||
Dividends Payable, Date of Record | Jul. 14, 2020 | ||
Series B Preferred Stock [Member] | |||
Dividends Payable, Date Declared | Jul. 1, 2020 | ||
Dividends Payable, Amount Per Share (in dollars per share) | $ 0.476563 | ||
Dividends Payable, Date to be Paid | Jul. 15, 2020 | ||
Dividends Payable, Date of Record | Jul. 14, 2020 | ||
Series C Preferred Stock [Member] | |||
Dividends Payable, Date Declared | Jul. 1, 2020 | ||
Dividends Payable, Amount Per Share (in dollars per share) | $ 0.53125 | ||
Dividends Payable, Date to be Paid | Jul. 15, 2020 | ||
Dividends Payable, Date of Record | Jul. 14, 2020 | ||
Common Stock [Member] | |||
Dividends Payable, Date Declared | Jul. 1, 2020 | ||
Dividends Payable, Amount Per Share (in dollars per share) | $ 0.10 | ||
Dividends Payable, Date to be Paid | Aug. 7, 2020 | ||
Dividends Payable, Date of Record | Jul. 22, 2020 |