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

Rhea-AI Summary

Costamare Inc. (NYSE: CMRE) has declared cash dividends for its preferred stocks: $0.476563 (Series B), $0.531250 (Series C), $0.546875 (Series D), and $0.554688 (Series E), payable on April 18, 2022. The common stock will receive a quarterly dividend of $0.115, alongside a special dividend of $0.50, both payable on May 5, 2022. The decision for future dividends will depend on the Company’s earnings and financial condition, amidst global economic circumstances.

Positive

• Regular dividends of $0.115 per common share and a special dividend of $0.50 increase shareholder returns.
• The declared preferred stock dividends signify stability in cash flow.
• Company's strong fleet of 82 containerships underlines operational strength and capacity.

Negative

• Future dividends are at the discretion of the Board, highlighting dependency on financial health and market conditions.
• Potential uncertainties in global economic conditions may affect future payouts.

MONACO, April 01, 2022 (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 January 15, 2022, to April 14, 2022. The dividend will be paid on April 18, 2022 to all holders of record as of April 14, 2022 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 $0.115 per share for the quarter ended March 31, 2022. The dividend for the common stock is payable on May 5, 2022, to holders of record of common stock as of April 19, 2022.

Additionally, as previously announced in the Company’s Press Release dated March 9, 2022, the Company has decided to declare a special dividend on its common stock of US $0.50 per share. The special dividend will be in addition to the regular first quarter 2022 dividend and will be also payable on May 5, 2022 to holders of record of common stock as of April 19, 2022.

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 48 years of history in the international shipping industry and a fleet of 82 containerships, with a total capacity of approximately 643,000 TEU (including six newbuild vessels on order and five vessels that we have agreed to sell) and 46 dry bulk vessels with a total capacity of approximately 2,493,500 DWT (including one secondhand vessel that we have agreed to acquire). Four 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”.

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 is the dividend amount for Costamare's preferred stocks (CMRE)?

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

When will the dividends for Costamare's common stock be paid?

The common stock dividend of $0.115 and the special dividend of $0.50 will be paid on May 5, 2022.

What factors affect Costamare's future dividend declarations?

Future dividends depend on the Company's earnings, financial condition, cash requirements, and global economic conditions.

Who are the contacts for investor relations at Costamare?

Gregory Zikos (CFO) and Konstantinos Tsakalidis (Business Development, Investor Relations) are the main contacts.

What is the significance of Costamare's fleet capacity?

Costamare operates a fleet of 82 containerships with a total capacity of approximately 643,000 TEU, indicating strong operational capabilities.