Exhibit 99.2

Financial Report

Results of Operations

Three-month period ended March 31, 2023 compared to the three-month period ended March 31, 2022

During the three-month periods ended March 31, 2023 and 2022, we had an average of 112.7 and 117.4 vessels, respectively, in our owned fleet. In addition, during the three-month period ended March 31, 2023, through our dry-bulk operating platform Costamare Bulkers Inc. (“CBI”) we chartered-in an average of 10.9 third party dry-bulk vessels. As of May 15, 2023, CBI charters-in 39 dry-bulk vessels on period charters.

During the three-month period ended March 31, 2023, we sold the container vessels Maersk Kalamata and Sealand Washington with an aggregate TEU capacity of 13,292 and the dry-bulk vessel Miner with a DWT of 32,300. In the three-month period ended March 31, 2022, we accepted delivery of the secondhand container vessel Dyros with a TEU capacity of 4,578 and of the secondhand dry bulk vessels Oracle, Libra and Norma with an aggregate DWT of 172,717. Furthermore, in the three-month period ended March 31, 2022, we sold the container vessel Messini, with a TEU capacity of 2,458.

In March 2023, we entered into an agreement with Neptune Maritime Leasing Limited (“NML”) pursuant to which we agreed to invest in NML’s ship sale and leaseback business up to $200 million in exchange for up to 40% of its ordinary shares and up to 79.05% of its preferred shares. In addition, we received a special ordinary share in NML which carries 75% of the voting rights of the ordinary shares providing control over NML. NML was established in 2021 to acquire, own and bareboat charter out vessels through its wholly-owned subsidiaries. Up to March 31, 2023, we have invested in NML the amount of $11.1 million. As of March 31, 2023, NML is included in our consolidated financial statements.

In the three-month periods ended March 31, 2023 and 2022, our fleet ownership days totaled 10,143 and 10,564 days, respectively. Ownership days are one of the primary drivers of voyage revenue and vessels’ operating expenses and represent the aggregate number of days in a period during which each vessel in our fleet is owned. Furthermore, during the three-month period ended March 31, 2023, the days of the third-party vessels chartered-in through CBI were 977.

Consolidated Financial Results and Vessels’ Operational Data⁽¹⁾

Segmental Financial Summary

⁽¹⁾ Voyage revenue adjusted on a cash basis is not a recognized measurement under U.S. generally accepted accounting principles (“GAAP”). Refer to “Consolidated Financial Results and Vessels’ Operational Data” above for the reconciliation of Voyage revenue adjusted on a cash basis.

Voyage Revenue

Voyage revenue decreased by 7.2%, or $19.2 million, to $248.8 million during the three-month period ended March 31, 2023, from $268.0 million during the three-month period ended March 31, 2022. The decrease is mainly attributable to (i) decreased charter rates in certain of our dry-bulk vessels, (ii) revenue not earned by four container vessels and one dry bulk vessel sold during the year ended December 31, 2022, and two container vessels and one dry bulk vessel sold during the first quarter of 2023 and (iii) increased off-hire days in the first quarter of 2023 compared to the first quarter of 2022; partly off-set by increased charter rates in certain of our container vessels and revenue earned by CBI.

Voyage revenue adjusted on a cash basis (which eliminates non-cash “Accrued charter revenue”) decreased by 9.2%, or $24.9 million, to $246.5 million during the three-month period ended March 31, 2023, from $271.4 million during the three-month period ended March 31, 2022. Accrued charter revenue for the three-months period ended March 31, 2023 and 2022 was a negative amount of $2.3 million and a positive amount of $3.4 million, respectively.

Voyage Expenses

Voyage expenses were $31.6 million and $8.6 million for the three-month periods ended March 31, 2023 and 2022, respectively. Voyage expenses increased, period over period, partially due to the increased repositioning expenses of certain of our owned dry-bulk vessels and to the operations of CBI which was fully operational during the first quarter of 2023. Voyage expenses mainly include (i) fuel consumption mainly related to dry bulk vessels, (ii) third party commissions, (iii) port expenses and (iv) canal tolls.

Charter-in Hire Expenses

Charter-in hire expenses were $12.4 million and nil for the three-month periods ended March 31, 2023 and 2022, respectively. Charter-in hire expenses are expenses relating to chartering-in of third-party dry bulk vessels under time charter agreements through CBI.

Voyage Expenses – related parties

Voyage expenses – related parties were $3.2 million and $3.7 million for the three-month periods ended March 31, 2023 and 2022, respectively. Voyage expenses – related parties represent (i) fees of 1.25%, in the aggregate, on voyage revenues earned by our owned fleet charged by a related manager and a service provider and (ii) charter brokerage fees (in respect of our container vessels) payable to two related charter brokerage companies for an amount of approximately $0.3 million and $0.4 million, in the aggregate, for the three-month periods ended March 31, 2023 and 2022, respectively.

Vessels’ Operating Expenses

Vessels’ operating expenses, which also include the realized gain/(loss) under derivative contracts entered into in relation to foreign currency exposure, were $67.7 million and $65.7 million during the three-month periods ended March 31, 2023 and 2022, respectively. Daily vessels’ operating expenses were $6,672 and $6,223 for the three-month periods ended March 31, 2023 and 2022, respectively. Daily operating expenses are calculated as vessels’ operating expenses for the period over the ownership days of the period.

General and Administrative Expenses

General and administrative expenses were $4.4 million and $3.3 million during the three-month periods ended March 31, 2023 and 2022, respectively, and include amounts of $0.67 million and $0.63 million, respectively, that were paid to a related manager.

Management and Agency Fees – related parties

Management fees charged by our related party managers were $10.6 million and $10.9 million during the three-month periods ended March 31, 2023 and 2022, respectively. Furthermore, during the three-month period ended March 31, 2023, agency fees of $4.6 million, in aggregate, were charged by three related agents in connection with the operations of CBI.

General and Administrative Expenses - non-cash component

General and administrative expenses - non-cash component for the three-month period ended March 31, 2023 amounted to $1.4 million, representing the value of the shares issued to a related party manager on March 30, 2023. General and administrative expenses - non-cash component for the three-month period ended March 31, 2022 amounted to $2.6 million, representing the value of the shares issued to a related party manager on March 30, 2022.

Amortization of Dry-Docking and Special Survey Costs

Amortization of deferred dry-docking and special survey costs was $4.7 million and $2.7 million during the three-month periods ended March 31, 2023 and 2022, respectively. During the three-month period ended March 31, 2023, six vessels underwent and completed their dry-docking and special survey and three vessels were in the process of completing their dry-docking and special survey. During the three-month period ended March 31, 2022, one vessel underwent and completed her dry-docking and special survey and one vessel was in the process of completing her dry-docking and special survey.

Depreciation

Depreciation expense for the three-month periods ended March 31, 2023 and 2022 was $41.1 million and $41.2 million, respectively.

Gain on Sale of Vessels, net

During the three-month period ended March 31, 2023, we recorded a net gain of $89.1 million from the sale of the container vessels Maersk Kalamata and Sealand Washington, which were classified as vessels held for sale as of December 31, 2022 (initially classified as vessels held for sale as of March 31, 2022) and the sale of the dry-bulk vessel Miner. During the three-month period ended March 31, 2022, we recorded a gain of $17.8 million from the sale of the container vessel Messini, which was classified as an asset held for sale as of December 31, 2021.

Loss on Vessels Held for Sale

During the three-month period ended March 31, 2023, the dry-bulk vessel Taibo was classified as a vessel held for sale and we recorded a loss on vessel held for sale of $2.4 million, which resulted from its estimated fair value measurement less costs to sell. During the three-month period ended March 31, 2022, the container vessels Sealand Washington, Maersk Kalamata and the dry bulk vessel Thunder were classified as vessels held for sale. Furthermore, as of March 31, 2022, the container vessels Sealand Illinois, Sealand Michigan and York continued to be classified as vessels held for sale (initially classified as vessels held for sale as of December 31, 2021). No loss on vessels held for sale was recorded during the first quarter of 2022 since each vessel’s estimated fair value exceeded each vessel’s carrying value.

Interest Income

Interest income amounted to $6.7 million and nil for the three-month periods ended March 31, 2023 and 2022, respectively.

Interest and Finance Costs

Interest and finance costs were $36.9 million and $25.1 million during the three-month periods ended March 31, 2023 and 2022, respectively. The increase is mainly attributable to the increased interest expense due to increased financing costs during the three-month period ended March 31, 2023 compared to the three-month period ended March 31, 2022.

Income / (Loss) from Equity Method Investments

Loss from equity method investments for the three-month period ended March 31, 2023 was $1.4 million (Income of $0.3 million for the three-month period ended March 31, 2022) representing our share of the loss in jointly owned companies set up pursuant to the Framework Deed. As of March 31, 2023 and 2022 five and six companies, respectively, were jointly owned pursuant to the Framework Deed out of which four and four companies, respectively, owned container vessels.

Gain on Derivative Instruments

As of March 31, 2023, we hold 24 interest rate derivatives and two cross currency rate swaps, all of which qualify for hedge accounting. As a result, the change in the fair value of each instrument is recorded in “Other Comprehensive Income” (“OCI”). As of March 31, 2023, the fair value of these instruments, in aggregate, amounted to a net asset of $25.9 million. During the three-month period ended March 31, 2023, a loss of $20.7 million has been included in OCI and a gain of $10.1 million has been included in Gain on Derivative Instruments.

Furthermore, as of March 31, 2023, we hold a series of Forward Freight Agreements (“FFAs”) and Bunker Swap agreements, none of which qualify for hedge accounting. As a result, the change in the fair value of such instruments is recorded in the consolidated statements of income. As of March 31, 2023, the fair value of these instruments, in aggregate, amounted to a net asset of $11.3 million. During the three-month period ended March 31, 2023, a net gain of $11.5 million was included in Gain on Derivative Instruments.

Cash Flows

Three-month periods ended March 31, 2023 and 2022

Net Cash Provided by Operating Activities

Net cash flows provided by operating activities for the three-month period ended March 31, 2023, decreased by $117.0 million to $37.3 million, from $154.3 million for the three-month period ended March 31, 2022. The decrease is mainly attributable to the decreased cash from operations of $24.9 million, by the increased payments for interest (including swap net receipts) of $13.0 million during the three-month period ended March 31, 2023 compared to the three-month period ended March 31, 2022, by the increased dry-docking and special survey costs of $10.6 million during the three-month period ended March 31, 2023 compared to the three-month period ended March 31, 2022 and by the unfavorable change in working capital position, excluding the current portion of long-term debt and the accrued charter revenue (representing the difference between cash received in that period and revenue recognized on a straight-line basis) of $46.7 million.

Net Cash Provided by / (Used in) Investing Activities

Net cash provided by investing activities was $191.3 million in the three-month period ended March 31, 2023, which mainly consisted of proceeds we received from (i) the sale of the container vessels Sealand Washington and Maersk Kalamata and the dry bulk vessel Miner, (ii) the maturity of part of our short-term investments in US Treasury Bills; partly off-set by payments for the purchase of short-term investments in US Treasury Bills and payments for upgrades for certain of our container and dry bulk vessels.

Net cash used in investing activities was $46.8 million in the three-month period ended March 31, 2022, which mainly consisted of (i) payments for the acquisition of two secondhand dry bulk vessels, (ii) settlement payment for the delivery of one secondhand dry bulk vessel, (iii) payment for the purchase of short-term investments and (iv) payments for upgrades for certain of our container and dry bulk vessels; partly off-set by proceeds we received from the sale of the container vessel Messini.

Net Cash Provided by / (Used in) Financing Activities

Net cash used in financing activities was $94.6 million in the three-month period ended March 31, 2023, which mainly consisted of (a) $74.2 million net payments relating to our debt financing agreements (including proceeds of $322.8 million we received from one debt financing agreement), (b) $10.3 million we paid for dividends to holders of our common stock for the fourth quarter of 2022 and (c) $0.9 million we paid for dividends to holders of our 7.625% Series B Cumulative Redeemable Perpetual Preferred Stock (“Series B Preferred Stock”), $2.1 million we paid for dividends to holders of our 8.500% Series C Cumulative Redeemable Perpetual Preferred Stock (“Series C Preferred Stock”), $2.2 million we paid for dividends to holders of our 8.75% Series D Cumulative Redeemable Perpetual Preferred Stock (“Series D Preferred Stock”) and $2.5 million we paid for dividends to holders of our 8.875% Series E Cumulative Redeemable Perpetual Preferred Stock (“Series E Preferred Stock”) for the period from October 15, 2022 to January 14, 2023.

Net cash provided by financing activities was $26.9 million in the three-month period ended March 31, 2022, which mainly consisted of (a) $47.9 million net proceeds relating to our debt financing agreements (including proceeds of $219.1 million we received from our debt financing agreements), (b) $10.7 million we paid for dividends to holders of our common stock for the fourth quarter of 2021 and (c) $0.9 million we paid for dividends to holders of our Series B Preferred Stock, $2.1 million we paid for dividends to holders of our Series C Preferred Stock, $2.2 million we paid for dividends to holders of our Series D Preferred Stock and $2.5 million we paid for dividends to holders of our Series E Preferred Stock for the period from October 15, 2021 to January 14, 2022.

Liquidity and Unencumbered Vessels

Cash and cash equivalents

As of March 31, 2023, we had Cash and cash equivalents (including restricted cash) of $945.6 million, $76.7 million invested in short-dated US Treasury Bills (Short-term investments) and $12.6 million margin deposits in relation to our FFAs. Furthermore, as of March 31, 2023, our liquidity stood at $1,076.0 million including (a) our share of cash amounting to $4.0 million held in joint venture companies set up pursuant to the Framework Deed and (b) $37.1 million of available undrawn funds from one hunting license facility.

Debt-free vessels

As of May 15, 2023, the following vessels were free of debt.

Unencumbered Vessels

(Refer to Fleet list for full details)

Conference Call details:

On Monday, May 15, 2023 at 8:30 a.m. EST, Costamare’s management team will hold a conference call to discuss the financial results. Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1-844-887-9405 (from the US), 0808-238-9064 (from the UK) or +1-412-317-9258 (from outside the US and the UK). Please quote “Costamare”. A replay of the conference call will be available until May 22, 2023. The United States replay number is +1-877-344-7529; the standard international replay number is +1-412-317-0088; and the access code required for the replay is: 6519880.

Live webcast:

There will also be a simultaneous live webcast over the Internet, through the Costamare Inc. website (www.costamare.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

About Costamare Inc.

Costamare Inc. is one of the world’s leading owners and providers of containerships and dry bulk vessels for charter. The Company has 49 years of history in the international shipping industry and a fleet of 71 containerships, with a total capacity of approximately 524,000 TEU and 43 dry bulk vessels with a total capacity of approximately 2,369,000 DWT (including one vessel that we have agreed to sell). The Company also has a dry bulk operating platform which charters in/out dry bulk vessels, enters into contracts of affreightment, forward freight agreements and may also utilize hedging solutions. The Company participates in a leasing business that provides financing to third party owners. Four of our containerships have been acquired pursuant to the Framework Deed with York by vessel-owning joint venture companies 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 earnings 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”, “expect” and similar expressions. These statements are not historical facts but instead represent only Costamare’s belief regarding future results, many of which, by their nature, are inherently uncertain and outside of Costamare’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

Costamare Inc., Monaco
Tel: (+377) 93 25 09 40

Email: ir@costamare.com

Containership Fleet List

The table below provides additional information, as of May 15, 2023, about our fleet of containerships, the vessels acquired pursuant to the Framework Deed and those vessels subject to sale and leaseback agreements. Each vessel is a cellular containership, meaning it is a dedicated container vessel.

(*) Denotes charterer’s identity and/or current daily charter rates and/or charter expiration dates, which are treated as confidential.

Dry Bulk Vessel Fleet List

The table below provides information, as of May 15, 2023, about our fleet of dry bulk vessels.

(i) Denotes vessel that we have agreed to sell.

Consolidated Statements of Income

COSTAMARE INC.

Consolidated Balance Sheets

Financial Summary

(1) Accrued charter revenue represents the difference between cash received during the period and revenue recognized on a straight-line basis. In the early years of a charter with escalating charter rates, voyage revenue will exceed cash received during the period and during the last years of such charter cash received will exceed revenue recognized on a straight-line basis. The reverse is true for charters with descending rates.

(2) Voyage revenue adjusted on a cash basis represents Voyage revenue after adjusting for non-cash “Accrued charter revenue” recorded under charters with escalating charter rates. However, Voyage revenue adjusted on a cash basis is not a recognized measurement under U.S. GAAP. We believe that the presentation of Voyage revenue adjusted on a cash basis is useful to investors because it presents the charter revenue for the relevant period based on the then current daily charter rates. The increases or decreases in daily charter rates under our charter party agreements of our fleet are described in the notes to the “Fleet List” tables above.

(3) Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are non-GAAP measures. Refer to the reconciliation of Net Income to Adjusted Net Income and Adjusted Earnings per Share.

Non-GAAP Measures

The Company reports its financial results in accordance with U.S. GAAP. However, management believes that certain non-GAAP financial measures used in managing the business may provide users of these financial measures additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. The tables below set out supplemental financial data and corresponding reconciliations to GAAP financial measures for the three-months ended March 31, 2023 and 2022. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, voyage revenue or net income as determined in accordance with GAAP. Non-GAAP financial measures include (i) Voyage revenue adjusted on a cash basis (reconciled above), (ii) Adjusted Net Income available to common stockholders and (iii) Adjusted Earnings per Share.

Reconciliation of Net Income to Adjusted Net Income available to common stockholders and Adjusted Earnings per Share

Adjusted Net Income available to common stockholders and Adjusted Earnings per Share represent Net Income after earnings allocated to preferred stock and Non-Controlling Interest, but before non-cash “Accrued charter revenue” recorded under charters with escalating or descending charter rates, amortization of time-charter assumed, realized loss on Euro/USD forward contracts, gain on sale of vessels, net, loss on vessel held for sale, loss on vessel held for sale by a jointly owned company with York included in equity loss on investments, non-recurring, non-cash write-off of loan deferred financing costs, general and administrative expenses - non-cash component and non-cash changes in fair value of derivatives. “Accrued charter revenue” is attributed to the timing difference between the revenue recognition and the cash collection. However, Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are not recognized measurements under U.S. GAAP. We believe that the presentation of Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We also believe that Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are useful in evaluating our ability to service additional debt and make capital expenditures. In addition, we believe that Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are useful in evaluating our operating performance and liquidity position compared to that of other companies in our industry because the calculation of Adjusted Net Income available to common stockholders and Adjusted Earnings per Share generally eliminates the effects of the accounting effects of capital expenditures and acquisitions, certain hedging instruments and other accounting treatments, items which may vary for different companies for reasons unrelated to overall operating performance and liquidity. In evaluating Adjusted Net Income available to common stockholders and Adjusted Earnings per Share, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted Net Income available to common stockholders and Adjusted Earnings per Share should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

(1) Items to consider for comparability include gains and charges. Gains positively impacting Net Income available to common stockholders are reflected as deductions to Adjusted Net Income available to common stockholders. Charges negatively impacting Net Income available to common stockholders are reflected as increases to Adjusted Net Income available to common stockholders.

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