Exhibit 99.2

Financial Report

Results of Operations

Three-month period ended June 30, 2021 compared to the three-month period ended June 30, 2020

During the three-month periods ended June 30, 2021 and 2020, we had an average of 71.5 and 60.0 vessels, respectively, in our fleet.

In the three-month period ended June 30, 2021, we accepted delivery of the newbuild container vessel YM Tiptop with a TEU capacity of 12,690, the secondhand container vessels Androusa, Norfolk, Porto Cheli, Porto Kagio and Porto Germeno with an aggregate TEU capacity of 26,705 and we sold the container vessel Prosper with a TEU capacity of 1,504.

Furthermore, in the three-month period ended June 30, 2021, we acquired all of the equity interest of sixteen companies (which owned or had committed to acquire dry bulk vessels) owned by our Chairman and Chief Executive Officer, Konstantinos Konstantakopoulos. We agreed to acquire these companies from Mr. Konstantakopoulos at cost with no mark-up or premium payable to Mr. Konstantakopoulos or his affiliated entities. Mr. Konstantakopoulos will not receive a profit as a result of the acquisition. Three of the dry bulk vessels that were part of the acquisition, the Builder, Pegasus and Adventure (with an aggregate DWT of 171,997), were delivered to us during the three-month period ended June 30, 2021.

In the three-month periods ended June 30, 2021 and 2020, our fleet ownership days totaled 6,509 and 5,460 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 (1)

Segmental Financial Summary (1)

(1) The results of dry bulk vessels are included from June 14, 2021. Prior to that, our results were attributable to container vessels only.

(2) Voyage revenue adjusted on a cash basis is not a recognized measurement under U.S. generally accepted accounting principles (“GAAP”). Refer to “Financial Summary” below for the reconciliation of Voyage revenue adjusted on a cash basis.

Voyage Revenue

Voyage revenue increased by 49.1%, or $54.9 million, to $166.8 million during the three-month period ended June 30, 2021, from $111.9 million during the three-month period ended June 30, 2020. The increase is mainly attributable to (i) revenue earned by five container vessels acquired during the third and fourth quarter of 2020 and fifteen container vessels and three dry bulk vessels acquired during the first half of 2021 and (ii) to increased charter rates in certain of our container vessels; partly off-set by revenue not earned by four container vessels sold during the second half of 2020 and two container vessels sold during the first half of 2021.

Voyage revenue adjusted on a cash basis (which eliminates non-cash “Accrued charter revenue”) increased by 40.8%, or $48.6 million, to $167.6 million during the three-month period ended June 30, 2021, from $119.0 million during the three-month period ended June 30, 2020. Accrued charter revenue for the three-month periods ended June 30, 2021 and 2020 was a positive amount of $1.1 million and $7.0 million, respectively.

Voyage Expenses

Voyage expenses were $2.0 million and $1.6 million for the three-month periods ended June 30, 2021 and 2020, respectively. Voyage expenses mainly include (i) off-hire expenses of our vessels, primarily related to fuel consumption and (ii) third party commissions.

Voyage Expenses – related parties

Voyage expenses – related parties were $2.4 million and $1.5 million for the three-month periods ended June 30, 2021 and 2020, 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 $0.3 million and $0.1 million, in the aggregate, for the three-month periods ended June 30, 2021 and 2020, respectively.

Vessels’ Operating Expenses

Vessels’ operating expenses, which also include the realized gain under derivative contracts entered into in relation to foreign currency exposure, were $37.8 million and $26.9 million during the three-month periods ended June 30, 2021 and 2020, respectively. Daily vessels’ operating expenses were $5,811 and $4,925 for the three-month periods ended June 30, 2021 and 2020, 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 $1.7 million and $2.4 million during the three-month periods ended June 30, 2021 and 2020, 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 $6.3 million and $5.2 million during the three-month periods ended June 30, 2021 and 2020, respectively.

General and Administrative Expenses - non-cash component

General and administrative expenses - non-cash component for the three-month period ended June 30, 2021 amounted to $1.8 million, representing the value of the shares issued to a related party manager on June 30, 2021. General and administrative expenses - non-cash component for the three-month period ended June 30, 2020 amounted to $0.8 million, representing the value of the shares issued to a related party manager on June 30, 2020.

Amortization of Dry-Docking and Special Survey

Amortization of deferred dry-docking and special survey costs was $2.5 million and $2.3 million during the three-month periods ended June 30, 2021 and 2020, respectively. During the three-month period ended June 30, 2021, five vessels underwent and completed their special survey and one vessel was in the process of completing its special survey. During the three-month period ended June 30, 2020, one vessel underwent and completed its special survey.

Depreciation

Depreciation expense for the three-month periods ended June 30, 2021 and 2020 was $31.6 million and $27.6 million, respectively.

Gain on Sale / Disposal of Vessels

During the three-month period ended June 30, 2021, we recorded a gain of $1.7 million from the sale of the container vessel Prosper, which was classified as vessel held for sale as at March 31, 2021.

Loss on Vessels Held for Sale

During the three-month period ended June 30, 2021, the container vessels Zim New York, and Zim Shanghai were classified as vessels held for sale and the container vessel Venetiko continues to be classified as vessel held for sale (initially classified as vessel held for sale as of March 31, 2021). No loss on vessels held for sale was recorded during the second quarter of 2021, since each vessel’s estimated market value exceeded each vessel’s carrying value. During the three-month period ended June 30, 2020, we recorded a loss of $78.7 million on the container vessels Kokura, Kawasaki and Singapore Express that were classified as vessels held for sale as at June 30, 2020, and an additional loss of $0.3 million on the container vessel Zagora that was classified as vessel held for sale as at December 31, 2019, representing the expected loss from their sale during the next twelve-month period.

Vessels’ impairment loss

During the three-month period ended June 30, 2021, no impairment loss was recorded. During the three-month period ended June 30, 2020, we recorded an impairment loss in relation to two of our container vessels in the amount of $28.5 million, in the aggregate.

Interest Income

Interest income amounted to $1.1 million and $0.5 million for the three-month periods ended June 30, 2021 and 2020, respectively.

Interest and Finance Costs

Interest and finance costs were $20.4 million and $16.9 million during the three-month periods ended June 30, 2021 and 2020, respectively. The increase is mainly attributable to the increased average loan balances during the three-month period ended June 30, 2021 compared to the three-month period ended June 30, 2020; partly off-set by decreased financing cost during the three-month period ended June 30, 2021 compared to the three-month period ended June 30, 2020.

Change in Fair Value of Equity securities

Change in fair value of equity securities of $25.1 million for the three-month period ended June 30, 2021, represents the difference between the aggregate fair value of 1,221,800 ordinary shares of ZIM that we own as at June 30, 2021 compared to the fair value of such shares as of March 31, 2021. 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 June 30, 2021, we recorded an income from equity method investments of $1.0 million representing our share of the income in jointly owned companies pursuant to the Framework Deed dated May 15, 2013, as amended and restated (the “Framework Deed”), with York. Since late March 2021, we have held 100% of the equity interest in five previously jointly owned companies with York, and since then these five companies are consolidated in our consolidated financial statements. As of June 30, 2021, six companies are jointly owned with York (of which, five companies currently own container vessels). During the three-month period ended June 30, 2020, we recorded an income from equity method investments of $4.1 million relating to investments under the Framework Deed.

Loss on Derivative Instruments

The fair value of our ten interest rate derivative instruments and our two cross currency rate swaps which were outstanding as of June 30, 2021 equates to the amount that would be paid by us or to us should those instruments be terminated. As of June 30, 2021, the fair value of these ten interest rate derivative instruments and two cross currency rate swaps, in aggregate, amounted to a liability of $11.7 million. The change in the fair value of the interest rate derivative instruments and cross currency rate swaps that qualified for hedge accounting is recorded in “Other Comprehensive Income” (“OCI”) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item while the change in the fair value of the interest rate derivatives, representing hedge components excluded from the assessment of effectiveness are recognized currently in earnings and are presented in Gain/(Loss) on Derivative Instruments. The change in the fair value of the interest rate derivative instruments that did not qualify for hedge accounting is recorded in Gain/(Loss) on Derivative Instruments. For the three-month period ended June 30, 2021, a loss of $3.9 million has been included in OCI and a loss of $0.1 million has been included in Loss on derivative instruments in the consolidated statement of income, resulting from the fair market value change of the interest rate derivative instruments during the three-month period ended June 30, 2021.

Cash Flows

Three-month periods ended June 30, 2021 and 2020

Net Cash Provided by Operating Activities

Net cash flows provided by operating activities for the three-month period ended June 30, 2021, increased by $32.5 million to $104.0 million, from $71.5 million for the three-month period ended June 30, 2020. The increase is mainly attributable to increased cash from operations of $48.6 million, to the favorable 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 $10.3 million; partly off by increased payments for interest (including swap payments) of $2.4 million during the three-month period ended June 30, 2021 compared to the three-month period ended June 30, 2020 and by increased special survey costs of $5.0 million during the three-month period ended June 30, 2021 compared to the three-month period ended June 30, 2020.

Net Cash Used in Investing Activities

Net cash used in investing activities was $195.1 million in the three-month period ended June 30, 2021, which mainly consisted of (i) net payments for the acquisition of the 51% equity interest in one company, previously jointly owned with York pursuant to the Framework Deed, (ii) payments for the delivery of one newbuild container vessel, four secondhand container vessels and one dry bulk vessel, (iii) advance payments for the acquisition of twelve secondhand dry bulk vessels and (iv) payments for upgrades for certain of our vessels; partly off-set by proceeds we received from the sale of one vessel.

Net cash used in investing activities was $3.1 million in the three-month period ended June 30, 2020, which mainly consisted of payments for upgrades for certain of our container vessels; partly off-set by return of capital we received from nine entities jointly owned with York pursuant to the Framework Deed and advance payments we received from the sale of two container vessels that were classified as vessels held for sale as at June 30, 2020.

Net Cash Provided by / (Used in) Financing Activities

Net cash provided by financing activities was $204.2 million in the three-month period ended June 30, 2021, which mainly consisted of (a) $227.8 million net proceeds relating to our debt financing agreements (including proceeds we received from the issuance of €100.0 million unsecured bond on the Athens Exchange), (b) $9.4 million we paid for dividends to holders of our common stock for the first 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 8.500% 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 January 15, 2021 to April 14, 2021.

Net cash used in financing activities was $104.7 million in the three-month period ended June 30, 2020, which mainly consisted of (a) $85.9 million net payments relating to our debt financing agreements, (b) $9.1 million we paid for dividends to holders of our common stock for the first 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 January 15, 2020 to April 14, 2020.

Six-month period ended June 30, 2021 compared to the six-month period ended June 30, 2020

During the six-month periods ended June 30, 2021 and 2020, we had an average of 67.1 and 60.1 vessels, respectively, in our fleet.

In the six-month period ended June 30, 2021, (i) we accepted delivery of the newbuild container vessels YM Target and YM Tiptop with an aggregate TEU capacity of 25,380, the secondhand container vessels Aries, Argus, Glen Canyon, Androusa, Norfolk, Porto Cheli, Porto Kagio and Porto Germeno with an aggregate TEU capacity of 45,331 and we sold the container vessels Halifax Express and Prosper with an aggregate TEU capacity of 6,394 and (ii) we acquired (a) the 75% equity interest of York Capital Management in each of the 11,010 TEU container vessels Cape Kortia and Cape Sounio and (b) the 51% equity interest of 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 vessels.

Furthermore, in the six-month period ended June 30, 2021, we acquired all of the equity interest of sixteen companies (which owned or had committed to acquire dry bulk vessels) owned by our Chairman and Chief Executive Officer, Konstantinos Konstantakopoulos. We agreed to acquire these companies from Mr. Konstantakopoulos at cost with no mark-up or premium payable to Mr. Konstantakopoulos or his affiliated entities. Mr. Konstantakopoulos will not receive a profit as a result of the acquisition. Three of the dry bulk vessels that were part of the acquisition, the Builder, Pegasus and Adventure (with an aggregate DWT of 171,997), were delivered to us during the six-month period ended June 30, 2021.

In the six-month period ended June 30, 2020, we accepted delivery of the secondhand container vessel JPO Virgo with a TEU capacity of 4,258 and we sold the container vessel Neapolis with a TEU capacity of 1,645.

In the six-month periods ended June 30, 2021 and 2020, our fleet ownership days totaled 12,149 and 10,935 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 (1)

Segmental Financial Summary (1)

(1) The results of dry bulk vessels are included from June 14, 2021. Prior to that, our results were attributable to container vessels only.

(2) Voyage revenue adjusted on a cash basis is not a recognized measurement under U.S. generally accepted accounting principles (“GAAP”). Refer to “Financial Summary” below for the reconciliation of Voyage revenue adjusted on a cash basis.

Voyage Revenue

Voyage revenue increased by 25.8%, or $60.2 million, to $293.5 million during the six-month period ended June 30, 2021, from $233.3 million during the six-month period ended June 30, 2020. The increase is mainly attributable to (i) revenue earned by five container vessels acquired during the second half of 2020, fifteen container vessels and three dry bulk vessels acquired during the first half of 2021, (ii) to decreased idle days of our fleet during the first half of 2021 compared to the first half of 2020, (iii) to increased charter rates in certain of our container vessels during the first half of 2021 compared to the first half of 2020; partly off-set by revenue not earned by five container vessels sold during the year ended December 31, 2020 and two container vessels sold during the first half of 2021.

Voyage revenue adjusted on a cash basis (which eliminates non-cash “Accrued charter revenue”), increased by 22.5%, or $54.2 million, to $295.3 million during the six-month period ended June 30, 2021, from $241.1 million during the six-month period ended June 30, 2020. Accrued charter revenue for the six-month periods ended June 30, 2021 and 2020 was a positive amount of $2.1 million and $7.7 million, respectively.

Voyage Expenses

Voyage expenses were $3.1 million and $4.1 million for the six-month periods ended June 30, 2021 and 2020, respectively. Voyage expenses mainly include (i) off-hire expenses of our vessels, primarily related to fuel consumption and (ii) third party commissions.

Voyage Expenses – related parties

Voyage expenses – related parties were $4.3 million and $3.1 million for the six-month periods ended June 30, 2021 and 2020, 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 $0.6 million and $0.2 million, in the aggregate, for the six-month periods ended June 30, 2021 and 2020, respectively.

Vessels’ Operating Expenses

Vessels’ operating expenses, which also include the realized gain under derivative contracts entered into in relation to foreign currency exposure, were $69.6 million and $54.8 million during the six-month periods ended June 30, 2021 and 2020, respectively. Daily vessels’ operating expenses were $5,729 and $5,008 for the six-month periods ended June 30, 2021 and 2020, 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 $3.7 million and $3.8 million during the six-month periods ended June 30, 2021 and 2020, respectively, and both include $1.3 million paid to a related manager.

Management Fees – related parties

Management fees paid to our related party managers were $11.8 million and $10.5 million during the six-month periods ended June 30, 2021 and 2020, respectively.

General and Administrative Expenses - non-cash component

General and administrative expenses - non-cash component for the six-month period ended June 30, 2021 amounted to $3.2 million, representing the value of the shares issued to a related party manager on March 31, 2021 and on June 30, 2021. General and administrative expenses - non-cash component for the six-month period ended June 30, 2020 amounted to $1.5 million, representing the value of the shares issued to a related party manager on March 30, 2020 and June 30, 2020.

Amortization of Dry-Docking and Special Survey

Amortization of deferred dry-docking and special survey costs was $4.8 million and $4.5 million during the six-month periods ended June 30, 2021 and 2020, respectively. During the six-month period ended June 30, 2021, eight vessels underwent and completed their special survey and one vessel was in the process of completing its special survey. During the six-month period ended June 30, 2020, seven vessels underwent and completed their special survey.

Depreciation

Depreciation expense for the six-month periods ended June 30, 2021 and 2020 was $58.7 million and $55.7 million, respectively.

Gain on Sale / Disposal of Vessels, net

During the six-month period ended June 30, 2021, we recorded a net gain of $1.4 million from the sale of the container vessels Prosper and Halifax Express (asset held for sale as at December 31, 2020). During the six-month period ended June 30, 2020, we recorded a gain of $0.01 million from the sale of the container vessel Neapolis which was classified as asset held for sale as at December 31, 2019.

Loss on vessels held for sale

During the six-month period ended June 30, 2021, the container vessels Venetiko, Zim New York and Zim Shanghai were classified as vessels held for sale. No loss on vessels held for sale was recorded during the six-month period ended June 30, 2021 since each vessel’s estimated market value exceeded each vessel’s carrying value. During the six-month period ended June 30, 2020, we recorded a loss of $78.7 million on the container vessels Kokura, Kawasaki and Singapore Express that were classified as vessels held for sale as at June 30, 2020 and an additional loss of $0.5 million on the container vessel Zagora that was classified as vessel held for sale as at December 31, 2019, representing the expected loss from their sale during the next twelve-month period.

Vessels’ impairment loss

During the six-month period ended June 30, 2021 no impairment loss was recorded. During the six-month period ended June 30, 2020, we recorded an impairment loss in relation to five of our container vessels in the amount of $31.6 million, in the aggregate.

Interest Income

Interest income amounted to $1.5 million and $1.2 million for the six-month periods ended June 30, 2021 and 2020, respectively.

Interest and Finance Costs

Interest and finance costs were $36.5 million and $35.4 million during the six-month periods ended June 30, 2021 and 2020, respectively. The increase is mainly attributable to the increased average loan balances during the six-month period ended June 30, 2021 compared to the six-month period ended June 30, 2020; partly off-set by the decreased financing cost during the six-month period ended June 30, 2021 compared to the six-month period ended June 30, 2020.

Fair value measurement of equity securities

Fair value measurement of equity securities of $51.1 million for the six-month period ended June 30, 2021, represents the difference between the aggregate fair value of 1,221,800 ordinary shares of ZIM that we own as at June 30, 2021 of $54.9 million compared to the book value of these shares of $3.8 million as of December 31, 2020. 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 six-month period ended June 30, 2021, we recorded an income from equity method investments of $5.0 million representing our share of the income in jointly owned companies pursuant to the Framework Deed dated May 15, 2013, as amended and restated (the “Framework Deed”), with York. Since late March 2021, we have held 100% of the equity interest in five previously jointly owned companies with York, and since then these five companies are consolidated in our consolidated financial statements. As of June 30, 2021, six companies are jointly owned with York (of which, five companies currently own container vessels). During the six-month period ended June 30, 2020, we recorded an income from equity method investments of $8.2 million relating to investments under the Framework Deed.

Loss on Derivative Instruments

The fair value of our ten interest rate derivative instruments and our two cross currency rate swaps which were outstanding as of June 30, 2021 equates to the amount that would be paid by us or to us should those instruments be terminated. As of June 30, 2021, the fair value of these twelve interest rate derivative instruments, in aggregate, amounted to a liability of $11.7 million. The change in the fair value of the interest rate derivative instruments and cross currency rate swaps that qualified for hedge accounting is recorded in “Other Comprehensive Income” (“OCI”) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item while the change in the fair value of the interest rate derivatives representing hedge components excluded from the assessment of effectiveness are recognized currently in earnings and are presented in Gain/(Loss) on Derivative Instruments. The change in the fair value of the interest rate derivative instruments that did not qualify for hedge accounting is recorded in Gain/(Loss) on Derivative Instruments. For the six-month period ended June 30, 2021, a loss of $1.0 million has been included in OCI and a loss of $0.2 million has been included in Loss on derivative instruments in the consolidated statement of income, resulting from the fair market value change of the interest rate derivative instruments during the six-month period ended June 30, 2021.

Cash Flows

Six-month periods ended June 30, 2021 and 2020

Net Cash Provided by Operating Activities

Net cash flows provided by operating activities for the six-month period ended June 30, 2021, increased by $36.0 million to $175.2 million, from $139.2 million for the six-month period ended June 30, 2020. The increase is mainly attributable to increased cash from operations of $54.2 million, to the favorable 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 $8.6 million; partly off-set by increased payments for interest (including swap payments) of $1.4 million during the six-month period ended June 30, 2021 compared to the six-month period ended June 30, 2020 and by increased special survey costs of $2.4 million during the six-month period ended June 30, 2021 compared to the six-month period ended June 30, 2020.

Net Cash Provided by / (Used in) Investing Activities

Net cash used in investing activities was $281.5 million in the six-month period ended June 30, 2021, which mainly consisted of (i) net payments for the acquisition of the 75% equity interest in two companies and of the 51% equity interest in three companies, previously jointly owned with York pursuant to the Framework Deed, (ii) payments for the delivery of two newbuild container vessels, eight secondhand container vessels and one dry bulk vessel, (iii) advance payments for the acquisition of two secondhand container vessels and twelve secondhand dry bulk vessels and (iv) payments for upgrades for certain of our vessels; partly off-set by proceeds we received from the sale of two container vessels.

Net cash provided by investing activities was $1.6 million in the six-month period ended June 30, 2020, which mainly consisted of return of capital we received from nine entities jointly owned with York pursuant to the Framework Deed, the proceeds we received from the sale of one container vessel and advance payments we received from the sale of two container vessels that were classified as vessels held for sale as at June 30, 2020; partly off-set by payments for upgrades for certain of our container vessels and payment for the acquisition of one container secondhand vessel.

Net Cash Provided by / (Used in) Financing Activities

Net cash provided by financing activities was $263.3 million in the six-month period ended June 30, 2021, which mainly consisted of (a) $309.4 million net proceeds relating to our debt financing agreements (including proceeds we received from the issuance of €100.0 million unsecured bond on the Athens Exchange), (b) $18.6 million we paid for dividends to holders of our common stock for the fourth quarter of 2020 and the first quarter of 2021 and (c) $1.9 million we paid for dividends to holders of our Series B Preferred Stock, $4.2 million we paid for dividends to holders of our Series C Preferred Stock, $4.4 million we paid for dividends to holders of our Series D Preferred Stock and $5.1 million we paid for dividends to holders of our Series E Preferred Stock for the period from October 15, 2020 to January 14, 2021 and January 15, 2021 to April 14, 2021.

Net cash used in financing activities was $135.5 million in the six-month period ended June 30, 2020, which mainly consisted of (a) $100.5 million net payments relating to our debt financing agreements, (b) $15.8 million we paid for dividends to holders of our common stock for the fourth quarter of 2019 and the first quarter of 2020 and (c) $1.9 million we paid for dividends to holders of our Series B Preferred Stock, $4.2 million we paid for dividends to holders of our Series C Preferred Stock, $4.4 million we paid for dividends to holders of our Series D Preferred Stock and $5.1 million we paid for dividends to holders of our Series E Preferred Stock for the period from October 15, 2019 to January 14, 2020 and January 15, 2020 to April 14, 2020.

Liquidity and Unencumbered Vessels

Cash and cash equivalents

As of June 30, 2021, we had a total cash liquidity of $348.9 million, consisting of cash, cash equivalents and restricted cash.

Debt-free vessels

As of July 28, 2021, 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.

Risk Factor Update

The operation of dry bulk vessels entails certain unique operational risks.

The operation of certain ship types, such as dry bulk vessels, has certain unique risks. With a dry bulk vessel, the cargo itself and its interaction with the ship can be a risk factor. By their nature, dry bulk cargoes are often heavy, dense, easily shifted, and react badly to water exposure. In addition, dry bulk vessels are often subjected to battering treatment during unloading operations with grabs, jackhammers (to pry encrusted cargoes out of the hold), and small bulldozers. This treatment may cause damage to the vessel. Vessels damaged due to treatment during unloading procedures may be more susceptible to breach at sea. Furthermore, any defects or flaws in the design of a dry bulk vessel may contribute to vessel damage. Hull breaches in dry bulk vessels may lead to the flooding of the vessels holds. If a dry bulk vessel suffers flooding in its holds, the bulk cargo may become so dense and waterlogged that its pressure may buckle the vessel's bulkheads, leading to the loss of the vessel. If we are unable to adequately maintain our vessels, we may be unable to prevent these events.

Any of these circumstances or events could negatively impact our business, financial condition, results of operations and our ability to pay dividends, if any, in the future. In addition, the loss of any of our dry bulk vessels could harm our reputation as a safe and reliable vessel owner and operator.

Conference Call details:

On Wednesday, 28, 2021 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 August 4, 2021. 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: 10159093.

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 47 years of history in the international shipping industry and a fleet of 81 containerships, with a total capacity of approximately 581,000 TEU (including two secondhand vessels that we have agreed to acquire and two vessels that we have agreed to sell) and 37 dry bulk vessels with a total capacity of approximately 1,910,000 DWT (including 23 secondhand vessels that we have agreed to acquire). Five 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 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

Fleet List

The tables below provide additional information, as of July 28, 2021, about our fleet of containerships, including the vessels that we have agreed to acquire, the vessels we have agreed to sell, 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.

Containerships agreed to be acquired within 2021

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

The tables below provide additional information, as of July 28, 2021, about our fleet of dry bulk vessels, including the vessels that we have agreed to acquire.

Dry Bulk vessels agreed to be acquired within 2021

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.

(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. generally accepted accounting principles (“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” 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 and the six-month periods ended June 30, 2021 and 2020. 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 charter rates, realized gain on Euro/USD forward contracts, vessels’ impairment loss, gain on sale / disposal of vessels, net, loss on vessels held for sale, fair value measurement of equity securities / change in fair value 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.

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