Costamare Inc. Declares Quarterly Dividend on its Preferred and Common Stock

Rhea-AI Summary

Costamare Inc. (NYSE: CMRE) has declared cash dividends on its preferred and common stocks. Preferred stocks will receive dividends of US $0.476563 for Series B, US $0.531250 for Series C, US $0.546875 for Series D, and US $0.554688 for Series E, effective January 15, 2021. The common stock dividend is set at US $0.10 per share for the quarter ending December 31, 2020, payable on February 5, 2021. These dividends are subject to the Board's discretion, influenced by the company’s financial condition and growth strategies.

Positive

• Dividends declared on preferred stocks increase income for shareholders.
• Quarterly common stock dividend of US $0.10 shows company confidence in financial stability.

Negative

• Dividend payments depend on various financial risks and conditions.
• Potential restricted cash availability could impact future dividends.

MONACO, Jan. 04, 2021 (GLOBE NEWSWIRE) -- Costamare Inc. (the “Company”) (NYSE: CMRE) has declared cash dividends of US $0.476563 per share on its 7.625% Series B Cumulative Redeemable Perpetual Preferred Stock (the “Series B Preferred Stock”) (NYSE: CMRE PR B), US $0.531250 per share on its 8.50% Series C Cumulative Redeemable Perpetual Preferred Stock (the “Series C Preferred Stock”) (NYSE: CMRE PR C), US $0.546875 per share on its 8.75% Series D Cumulative Redeemable Perpetual Preferred Stock (the “Series D Preferred Stock”) (NYSE: CMRE PR D) and US $0.554688 per share on its 8.875% Series E Cumulative Redeemable Perpetual Preferred Stock (the “Series E Preferred Stock”) (NYSE: CMRE PR E). The dividend for the Series B Preferred Stock, the Series C Preferred Stock, the Series D Preferred Stock and the Series E Preferred Stock is for the period from October 15, 2020, to January 14, 2021. The dividend will be paid on January 15, 2021 to all holders of record as of January 14, 2021 of Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series E Preferred Stock.

The Company has also declared a quarterly dividend on its common stock of US $0.10 per share for the quarter ended December 31, 2020. The dividend for the common stock is payable on February 5, 2021, to holders of record of common stock as of January 20, 2021.

The declaration of a dividend is subject to the discretion of the Board of Directors of the Company, and accordingly will depend on, among other things, the Company’s earnings, financial condition and cash requirements and availability, the Company’s ability to obtain debt and equity financing on acceptable terms as contemplated by the Company’s growth strategy, the restrictive covenants in the Company’s existing and future debt instruments and global economic conditions.

About Costamare Inc.

Costamare Inc. is one of the world’s leading owners and providers of containerships for charter. The Company has 47 years of history in the international shipping industry and a fleet of 72 containerships, with a total capacity of approximately 529,000 TEU, including two newbuild containerships currently under construction. Ten of our containerships have been acquired pursuant to the Framework Deed with York by vessel-owning joint venture entities in which we hold a minority equity interest. The Company’s common stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series E Preferred Stock trade on the New York Stock Exchange under the symbols “CMRE”, “CMRE PR B”, “CMRE PR C”, “CMRE PR D” and “CMRE PR E”, respectively.

Forward-Looking Statements

This press release contains “forward-looking statements”. In some cases, you can identify these statements by forward-looking words such as “believe”, “intend”, “anticipate”, “estimate”, “project”, “forecast”, “plan”, “potential”, “may”, “should”, “could” and “expect” and similar expressions. These statements are not historical facts but instead represent only the Company’s belief regarding future results, many of which, by their nature, are inherently uncertain and outside of the Company’s control. It is possible that actual results may differ, possibly materially, from those anticipated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect future results, see the discussion in the Company’s Annual Report on Form 20-F (File No. 001-34934) under the caption “Risk Factors” and the Company’s Results for the First Quarter ended March 31, 2020 on Form 6-K (filed on May 11, 2020 with the SEC) under the caption “Risk Factor Update”.

Company Contacts:
Gregory Zikos - Chief Financial Officer
Konstantinos Tsakalidis - Business Development, Investor Relations

Costamare Inc., Monaco
Tel: (+377) 93 25 09 40
Email: ir@costamare.com

FAQ

What are the dividend amounts for Costamare's preferred stocks?

Costamare has declared dividends of US $0.476563 for Series B, US $0.531250 for Series C, US $0.546875 for Series D, and US $0.554688 for Series E.

When will the common stock dividend for CMRE be paid?

The common stock dividend of US $0.10 per share will be paid on February 5, 2021.

What factors influence Costamare's dividend declarations?

Dividends are subject to the discretion of the Board, depending on earnings, financial condition, cash requirements, and market conditions.

What is the dividend payment date for Costamare's preferred stocks?

The preferred stocks' dividends are payable on January 15, 2021.

Are Costamare's dividends sustainable?

The sustainability of dividends depends on the company's financial health and ability to manage risks.