Exhibit 99.2

Financial Report

Results of Operations

Three-month period ended March 31, 2022 compared to the three-month period ended March 31, 2021

During the three-month periods ended March 31, 2022 and 2021, we had an average of 117.4 and 62.7 vessels, respectively, in our fleet.

In the three-month period ended March 31, 2022, we accepted delivery of the secondhand container vessel Dyros (ex. Co Kobe) with a TEU capacity of 4,578 and of the secondhand dry bulk vessels Oracle (ex. Belstar), Libra (ex. Universal Bremen) and Norma (ex. Magda) 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 the three-month period ended March 31, 2021, we accepted delivery of the newbuild container vessel YM Target with a TEU capacity of 12,690, the secondhand container vessels Aries, Argus and Glen Canyon, which have an aggregate TEU capacity of 18,626 and we sold the container vessel Halifax Express with a TEU capacity of 4,890. Furthermore, in the three-month period ended March 31, 2021, we acquired (i) the 75% equity interest held by funds managed and/or advised by York Capital Management Global Advisors LLC (“York”) in each of the 11,010 TEU container vessels Cape Kortia and Cape Sounio and (ii) the 51% equity interest held by funds managed and/or advised by York Capital Management in each of the 11,010 TEU container vessels Cape Tainaro, Cape Artemisio and Cape Akritas and as a result we obtained 100% of the equity interest in each of these five container vessels.

In the three-month periods ended March 31, 2022 and 2021, our fleet ownership days totaled 10,564 and 5,640 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.

Consolidated Financial Results and Vessels’ Operational Data

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 increased by 111.5%, or $141.3 million, to $268.0 million during the three-month period ended March 31, 2022, from $126.7 million during the three-month period ended March 31, 2021. The increase is mainly attributable to (i) revenue earned by one container vessel and two dry bulk vessels acquired during the three-month period ended March 31, 2022, as well as by 16 container vessels and 43 dry bulk vessels acquired during the year ended December 31, 2021 and (ii) increased charter rates in certain of our container vessels, partly off-set by revenue not earned by one container vessel sold during the three-month period ended March 31, 2022 and five container vessels sold during the year ended December 31, 2021.

Voyage revenue adjusted on a cash basis (which eliminates non-cash “Accrued charter revenue”) increased by 112.5%, or $143.7 million, to $271.4 million during the three-month period ended March 31, 2022, from $127.7 million during the three-month period ended March 31, 2021. Accrued charter revenue for the three-month periods ended March 31, 2022 and 2021 was a positive amount of $3.4 million and $1.0 million, respectively.

Voyage Expenses

Voyage expenses were $8.6 million and $1.0 million for the three-month periods ended March 31, 2022 and 2021, respectively. Voyage expenses mainly include (i) off-hire expenses of our vessels, primarily related to fuel consumption and (ii) address and third-party commissions.

Voyage Expenses – related parties

Voyage expenses – related parties were $3.7 million and $1.9 million for the three-month periods ended March 31, 2022 and 2021, respectively. Voyage expenses – related parties represent (i) fees of 1.25%, in the aggregate, on voyage revenues 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 $0.4 million and $0.3 million, in the aggregate, for the three-month periods ended March 31, 2022 and 2021, 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 $65.7 million and $31.8 million during the three-month periods ended March 31, 2022 and 2021, respectively. Daily vessels’ operating expenses were $6,223 and $5,634 for the three-month periods ended March 31, 2022 and 2021, respectively. The increase in the daily operating expenses during the quarter ended March 31, 2022 is mainly attributable to increased crew costs related to COVID-19 pandemic measures. 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 $3.3 million and $2.0 million during the three-month periods ended March 31, 2022 and 2021, respectively, and both include $0.63 million paid to a related manager.

Management Fees – related parties

Management fees paid to our related party managers were $10.9 million and $5.5 million during the three-month periods ended March 31, 2022 and 2021, respectively.

General and Administrative Expenses - non-cash component

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. General and administrative expenses - non-cash component for the three-month period ended March 31, 2021 amounted to $1.4 million, representing the value of the shares issued to a related party manager on March 31, 2021.

Amortization of Dry-Docking and Special Survey

Amortization of deferred dry-docking and special survey costs was $2.7 million and $2.3 million during the three-month periods ended March 31, 2022 and 2021, respectively. 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. During the three-month period ended March 31, 2021, one vessel underwent and completed her special survey and two vessels were in the process of completing their special survey.

Depreciation

Depreciation expense for the three-month periods ended March 31, 2022 and 2021 was $41.2 million and $27.1 million, respectively. The increase is mainly attributable to the increased average number of vessels we owned during the three-month period ended March 31, 2022 compared to the three-month period ended March 31, 2021.

Gain / (Loss) on Sale of Vessels

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 asset held for sale as at December 31, 2021. During the three-month period ended March 31, 2021, we recorded a loss of $0.3 million from the sale of the container vessel Halifax Express, which was classified as asset held for sale as at December 31, 2020.

Vessels Held for Sale

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 continue 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 sale was recorded during the first quarter of 2022 since each vessel’s estimated fair value exceeded each vessel’s carrying value.

During the three-month period ended March 31, 2021, the container vessels Venetiko and Prosper were classified as vessels held for sale. No loss on vessels held sale was recorded during the first quarter of 2021 since each vessel’s estimated fair value exceeded each vessel’s carrying value.

Interest Income

Interest income amounted to nil and $0.4 million for the three-month periods ended March 31, 2022 and 2021, respectively.

Interest and Finance Costs

Interest and finance costs were $25.1 million and $16.1 million during the three-month periods ended March 31, 2022 and 2021, respectively. The increase is mainly attributable to the increased average loan balances during the three-month period ended March 31, 2022 compared to the three-month period ended March 31, 2021 and by the increased financing cost during the three-month period ended March 31, 2022 compared to the three-month period ended March 31, 2021.

Fair value measurement of equity securities

Fair value measurement of equity securities of $25.9 million for the three-month period ended March 31, 2021, represents the difference between the aggregate fair value of the ordinary shares of ZIM that we owned as at March 31, 2021 of $29.7 million compared to the book value of these shares of $3.8 million as of December 31, 2020. During the fourth quarter of 2021 we sold all the ordinary shares of ZIM we owned. ZIM completed its initial public offering and listing on the New York Stock Exchange of its ordinary shares on January 27, 2021.

Income from Equity Method Investments

During the three-month period ended March 31, 2022, we recorded an income from equity method investments of $0.3 million representing our share of the income in jointly owned companies set up pursuant to the Framework Deed dated May 15, 2013, as amended and restated from time to time (the “Framework Deed”), with York. Since late March 2021, we have held 100% of the equity interest in five previously jointly owned companies pursuant to the Framework Deed, and since then these five companies are consolidated in our consolidated financial statements. As of March 31, 2022, six companies are jointly owned pursuant to the Framework Deed (of which, four companies currently own container vessels). During the three-month period ended March 31, 2021, we recorded an income from equity method investments of $4.0 million relating to investments under the Framework Deed. As of March 31, 2021, eight companies were jointly owned pursuant to the Framework Deed (of which, five companies owned container vessels). The decreased income from equity method investments in the first quarter of 2022 compared to the first quarter of 2021 is mainly attributable to the decreased number of container vessels jointly owned with York during the first quarter of 2022 compared to the first quarter of 2021.

Gain / (loss) on Derivative Instruments

As of March 31, 2022, we hold 17 interest rate derivative instruments 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, 2022, the fair value of these instruments, in aggregate, amounted to a net asset of $9.1 million. During the three-month period ended March 31, 2022, a gain of $21.2 million has been recorded in OCI and a loss of $0.1 million has been recorded in Gain/(loss) on Derivative Instruments.

Cash Flows

Three-month periods ended March 31, 2022 and 2021

Net Cash Provided by Operating Activities

Net cash flows provided by operating activities for the three-month period ended March 31, 2022, increased by $83.1 million to $154.3 million, from $71.2 million for the three-month period ended March 31, 2021. The increase is mainly attributable to increased cash from operations of $143.7 million; partly off-set 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 $2.4 million, by the increased payments for interest (including swap payments) of $4.1 million during the three-month period ended March 31, 2022 compared to the three-month period ended March 31, 2021 and by the increased dry-docking and special survey costs of $0.4 million during the three-month period ended March 31, 2022 compared to the three-month period ended March 31, 2021.

Net Cash Used in Investing Activities

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 used in investing activities was $86.4 million in the three-month period ended March 31, 2021, which mainly consisted of (i) net payments for the acquisition of the 75% equity interest in two companies and the 51% equity interest held by funds managed and/or advised by York in two companies, originally set up pursuant to the Framework Deed , (ii) payments for the delivery of one newbuild and three secondhand container vessels, (iii) advance payments for the acquisition of three secondhand container vessels and (iv) payments for upgrades for certain of our container vessels; partly off-set by proceeds we received from the sale of one container vessel.

Net Cash Provided by Financing Activities

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 7.625% Series B Cumulative Redeemable Perpetual Preferred Stock (“Series B Preferred Stock”), $2.1 million we paid for dividends to holders of our 8.50% 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, 2021 to January 14, 2022.

Net cash provided by financing activities was $59.1 million in the three-month period ended March 31, 2021, which mainly consisted of (a) $81.6 million net proceeds relating to our debt financing agreements, (b) $9.4 million we paid for dividends to holders of our common stock for the fourth quarter of 2020 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, 2020 to January 14, 2021.

Liquidity and Unencumbered Vessels

Cash and cash equivalents

As of March 31, 2022, we had Cash and cash equivalents of $487.9 million, consisting of cash, cash equivalents and restricted cash. Furthermore, as of March 31, 2022, we had liquidity of $491.1 million (including our share of cash amounting to $3.2 million held in joint venture companies set up pursuant to the Framework Deed), which coupled with the $152.5 million of undrawn funds from our two hunting license facilities (adjusted for the $67.5 million already drawn in 2022), amounted to $643.6 million.

Debt-free vessels

As of May 5, 2022, the following vessels were free of debt.

Unencumbered Vessels

(Refer to Fleet list for full details)

(*) Vessels acquired pursuant to the Framework Deed with York.

Conference Call details:

On Thursday, May 5, 2022 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 12, 2022. 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: 4315854.

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 for charter. The Company has 48 years of history in the international shipping industry and a fleet of 76 containerships in the water, with a total capacity of approximately 557,000 TEU (including 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 vessel that we have agreed to sell). 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. We also have six newbuild containerships under contract of a total capacity of approximately 85,000 TEU, which are scheduled to be delivered to us in 2024. 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 tables below provide additional information, as of May 5, 2022, about our fleet of containerships, including the vessels we have agreed to sell, the vessels under construction, 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.

Container Vessels under construction

(*) 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 tables below provide additional information, as of May 5, 2022, about our fleet of dry bulk vessels, including one vessel that we have agreed to sell.

(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 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.

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-month periods ended March 31, 2022 and 2021. 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 gain on retirement of preferred stock, but before non-cash “Accrued charter revenue” recorded under charters with escalating or descending charter rates, amortization of time charter assumed, realized (gain)/loss on Euro/USD forward contracts, (gain)/loss on sale of vessels, fair value measurement of equity securities, non-recurring, non-cash write-off of loan deferred financing costs, general and administrative expenses - non-cash component, non-cash changes in fair value of derivatives and other non-recurring, non-cash items. “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.

15