<SEC-DOCUMENT>0001171843-25-004873.txt : 20250731
<SEC-HEADER>0001171843-25-004873.hdr.sgml : 20250731
<ACCEPTANCE-DATETIME>20250731072916
ACCESSION NUMBER:		0001171843-25-004873
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20250630
FILED AS OF DATE:		20250731
DATE AS OF CHANGE:		20250731

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Costamare Inc.
		CENTRAL INDEX KEY:			0001503584
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34934
		FILM NUMBER:		251169425

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		7 RUE DU GABIAN
		CITY:			MONACO
		PROVINCE COUNTRY:   	O9
		ZIP:			MC98000
		BUSINESS PHONE:		377(93)250940

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		7 RUE DU GABIAN
		CITY:			MONACO
		PROVINCE COUNTRY:   	O9
		ZIP:			MC98000
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<FILENAME>f6k_073025.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNITED
STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FORM
6-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR<BR>
15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>For
the month of July 2025</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Commission
File Number: 001-34934</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COSTAMARE
INC.<BR>
</B>(Translation of registrant&rsquo;s name into English)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7
rue du Gabian, MC 98000 Monaco<BR>
</B> (Address of principal executive office)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
20-F &#9746;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F &#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INCORPORATION
BY REFERENCE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
99.2 to this Report on Form 6-K shall be incorporated by reference into our registration statements on Form F-3, as filed with the U.S.
Securities and Exchange Commission on July 6, 2016 (File No. 333-212415) and March 29, 2024 (File No. 333-278366), to the extent not
superseded by information subsequently filed or furnished (to the extent we expressly state that we incorporate such furnished information
by reference) by us under the Securities Act of 1933 or the Securities Exchange Act of 1934, in each case as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXHIBIT
INDEX</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 7%; padding: 0pt 0.75pt 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="exh_991.htm">99.1</A></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 93%; padding: 0pt 0.75pt 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="exh_991.htm">Press Release, dated July 31, 2025: Costamare Inc. Reports Results for the Second Quarter and Six-Months Ended June 30, 2025</A></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0.75pt"><a href="exh_992.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2</FONT></a></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt"><a href="exh_992.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
    Report for the Second Quarter and Six-Month period Ended June 30, 2025</FONT></a></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNATURES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
July 31, 2025</FONT></P>

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  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">COSTAMARE INC.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Gregory
    G. Zikos</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gregory G. Zikos</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right; text-indent: 0in"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; text-align: center"><B><IMG SRC="logo.jpg" ALT="">&nbsp;</B></P>

<P STYLE="font: 10pt AdvP41064C,serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; border-top: Black 0.5pt solid; text-align: center; border-bottom: Black 0.5pt solid"><B>COSTAMARE
INC. REPORTS RESULTS FOR THE SECOND QUARTER AND SIX-MONTH PERIOD ENDED JUNE 30, 2025</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Monaco &ndash; July 31, 2025</B> &ndash; Costamare
Inc. (&ldquo;Costamare&rdquo; or the &ldquo;Company&rdquo;) (NYSE: CMRE) today reported unaudited financial results for the second quarter
and six-month period ended June 30, 2025.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Discontinued operations as a result of Costamare
Bulkers Holdings Limited Spin-Off</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">The financial results for the three- and six-month
periods ended June 30, 2025, reflect the spin-off of Costamare&rsquo;s dry bulk business (consisting of Costamare&rsquo;s dry bulk owned
fleet and its dry bulk operating platform, Costamare Bulkers Inc. (&ldquo;CBI&rdquo;)) into a standalone public company, which was completed
on May 6, 2025. Accordingly, the results of the dry bulk business are presented as discontinued operations for all periods shown.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">For the three- and six-month periods ended June
30, 2025, the results of discontinued operations include the dry bulk business up to May 6, 2025, the effective date of the spin-off.
In comparison, the corresponding periods of 2024 include the results of discontinued operations of the dry bulk business for the entire
three- and six-month periods, respectively. These differences in reporting periods should be taken into account when evaluating the results
of discontinued operations between periods.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 10pt"><B>I.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>PROFITABILITY AND LIQUIDITY</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0 35.7pt; text-align: justify; text-indent: -17.85pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Q2 2025 Net Income from Continuing operations available
to common stockholders of $99.6 million ($0.83 per share).</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0 35.7pt; text-align: justify; text-indent: -17.85pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Q2 2025 Adjusted Net Income from Continuing operations
available to common stockholders</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; line-height: 115%"><SUP>1</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of $92.5 million ($0.77 per share).</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0 35.7pt; text-align: justify; text-indent: -17.85pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Q2 2025 liquidity of $524.5 million</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; line-height: 115%"><SUP>2</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 35.7pt; text-align: justify; text-indent: -17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 10pt"><B>II.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>CONCLUSION OF SHIPBUILDING CONTRACTS AND CHARTERING FOR FOUR 3,100 TEU
CONTAINERSHIPS</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0 40pt; text-align: justify; text-indent: -21.5pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conclusion of four newbuilding contracts with a Chinese
shipyard. </FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0 40pt; text-align: justify; text-indent: -21.5pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delivery of the vessels is expected between Q2 2027 and
Q4 2027. </FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0 40pt; text-align: justify; text-indent: -21.5pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon delivery, each vessel will commence an 8-year charter
with a leading liner company. </FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0 40pt; text-align: justify; text-indent: -21.5pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment is expected to be financed with cash on hand
and debt.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 40pt; text-align: justify; text-indent: -21.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 10pt"><B>III.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>OWNED FLEET CHARTER UPDATE</B></FONT><B><FONT STYLE="font-size: 11pt; line-height: 115%"><SUP>3</SUP></FONT>
<FONT STYLE="font-size: 10pt">- FULLY EMPLOYED CONTAINERSHIP FLEET FOR 2025</FONT></B></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0 40pt; text-align: justify; text-indent: -21.5pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100% and 75% of the containership fleet</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; line-height: 115%"><SUP>4</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">fixed for 2025 and 2026, respectively.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0 40pt; text-align: justify; text-indent: -21.5pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increase in contracted revenues in excess of $310 million,
stemming from:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forward fixing of two containerships
for a period ranging from 36 to 37 months, and,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The 8-year charters for the
four newbuild containerships.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 15%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%"><SUP>1</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Adjusted Net Income from Continuing operations available to
common stockholders and respective per share figures are non-GAAP measures and should not be used in isolation or as substitutes for
Costamare&rsquo;s financial results presented in accordance with U.S. generally accepted accounting principles (&ldquo;GAAP&rdquo;).
For the definition and reconciliation of these measures to the most directly comparable financial measure calculated and presented in
accordance with GAAP, please refer to Exhibit I.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%"><SUP>2</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Including short term investments in U.S. Treasury Bills amounting
to $18.9 million.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%"><SUP>3
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Please refer to the Containership Fleet List table
in Exhibit 99.2 for additional information on vessel employment details for our containership fleet.</FONT></P>

<P STYLE="margin: 0; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>4</SUP> Calculated
on a TEU basis.</FONT></P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0 40pt; text-align: justify; text-indent: -21.5pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contracted
revenues for the containership fleet of approximately $2.5 billion with a TEU-weighted duration of 3.2 years</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; line-height: 115%"><SUP>5</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 40pt; text-align: justify; text-indent: -21.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 10pt"><B>IV.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>NEW DEBT FINANCING </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0pt 0pt 40pt; text-align: justify; text-indent: -21.5pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bilateral commitments, subject to final documentation,
from two European financial institutions for the refinancing of four of our 14,424 TEU vessels and two of our 12,690 TEU vessels. More
specifically:</FONT></P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total amount of these bilateral
facilities of up to approximately $365.0 million.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tenor of 5 years.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0pt 0pt 40pt; text-align: justify; text-indent: -21.5pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Costamare has no significant debt maturities until 2027.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 40pt; text-align: justify; text-indent: -21.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 10pt"><B>V.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>LEASE FINANCING PLATFORM</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0pt 0pt 40pt; text-align: justify; text-indent: -21.5pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Controlling interest in Neptune Maritime Leasing Limited
(&ldquo;NML&rdquo;).</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0pt 0pt 40pt; text-align: justify; text-indent: -21.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">&bull;
&#8239;&#8239;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company&rsquo;s current investment in NML of
$182.2 million, representing 91.1% of our total committed investment.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0pt 0pt 40pt; text-align: justify; text-indent: -21.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">&bull;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;Growing
leasing platform with 47 shipping assets</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; line-height: 115%"><SUP>6</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">already funded or on a commitment status basis, representing
total investments and commitments of more than $650.0 million, supported by what we believe is a healthy pipeline</FONT></P>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 10pt"><B>VI.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>DIVIDEND ANNOUNCEMENTS </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0 40pt; text-align: justify; text-indent: -21.5pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 1, 2025, the Company declared a dividend of $0.115 per share on the common stock, which will be paid on August 6, 2025, to holders
of record of common stock as of July 21, 2025.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0 40pt; text-align: justify; text-indent: -21.5pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 1, 2025, the Company declared a dividend of $0.476563 per share on the Series B Preferred Stock, $0.531250 per share on the Series
C Preferred Stock and $0.546875 per share on the Series D Preferred Stock, which were all paid on July 15, 2025 to holders of record
as of July 14, 2025.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%"><SUP>5</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">As of July 30, 2025. Includes the contracted revenue of the
four vessels under construction.</FONT></P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>6</SUP>
Includes assets funded as of June 30, 2025 and contractual commitments as of July 30, 2025, but excludes one shipping asset repaid after
the end of Q2 2025.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B></B></P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><B>Mr. Gregory Zikos, Chief Financial Officer
of Costamare Inc., commented:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><B>&ldquo;</B>During the second quarter of the
year, the Company generated Net Income from Continuing operations of about $99 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify">In May, we successfully completed the spin-off
of Costamare Bulkers Holdings Limited, which encompassed Costamare&rsquo;s owned dry bulk fleet as well as the CBI operating platform
at that time. Costamare Inc. remains the sole shareholder of the 68 containerships as well as the controlling shareholder of Neptune Maritime
Leasing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify">In July, we ordered four newbuild containerships
from a Chinese shipyard, each one of approximately 3,100 TEU capacity. The vessels are expected to be delivered between the second and
fourth quarters of 2027. Upon delivery they will commence an 8-year time charter with a first class liner company. At the same time, we
chartered two 6,500 TEU containership vessels for a three-year period and on a forward basis commencing from Q1 and Q2 2026. The above
transactions resulted in an increase in contracted revenues of above $310 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify">Our fleet employment stands at 100% and 75%
for 2025 and 2026, respectively. Total contracted revenues amount to $2.5 billion with a remaining time charter duration of 3.2 years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify">Regarding the market, with less than 1% of
the fleet commercially idle, the containership fleet can be considered fully employed. Current low fixing activity is the result of low
availability of prompt tonnage rather than lack of demand. Charter rates remain healthy across the board and the short supply keeps rates
at robust levels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify">Finally, with regards to Neptune Maritime Leasing,
the growing leasing platform, 47 shipping assets have been funded or are on a commitment status basis and total investments and commitments
are exceeding $650 million.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>



<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Financial Summary &ndash; Continuing Operations</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Six-month
    period ended June 30,</FONT></TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Three-month
    period ended June 30,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
    in thousands of U.S. dollars, except share and per share data)</FONT></TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font: 9pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Voyage
    revenue</FONT></TD><TD STYLE="width: 1%; font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="width: 10%; font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">427,323</FONT></TD><TD STYLE="width: 1%; font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="width: 10%; font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">428,078</FONT></TD><TD STYLE="width: 1%; font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="width: 10%; font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">211,767</FONT></TD><TD STYLE="width: 1%; font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="width: 10%; font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">210,898</FONT></TD><TD STYLE="width: 1%; font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued
    charter revenue (1)</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">317</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,763</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,139</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">339</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization
    of time-charter assumed</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(131</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(169</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Voyage
    revenue adjusted on a cash basis (2)</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">427,509</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">426,348</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">210,459</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">211,286</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
    from investments in leaseback vessels</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,419</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,682</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,161</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,997</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjusted
    Net Income available to common stockholders from Continuing operations (3)</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">191,683</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">192,814</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">90,064</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">92,510</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted
    Average number of shares</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">118,902,719</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">120,039,623</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">119,176,547</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">120,118,047</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjusted
    Earnings per share from Continuing operations (3)</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.61</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.61</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.76</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.77</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    Income from Continuing operations</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">201,671</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">218,046</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">98,491</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">106,122</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    Income from Continuing operations available to common stockholders</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">181,672</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">205,754</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">87,127</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99,634</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted
    Average number of shares</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">118,902,719</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">120,039,623</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">119,176,547</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">120,118,047</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Earnings
    per share from Continuing operations</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.53</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.71</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.73</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.83</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(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.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2)
Voyage revenue adjusted on a cash basis represents Voyage revenue after adjusting for non-cash &ldquo;Accrued charter revenue&rdquo;
recorded under charters with escalating or descending 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 &ldquo;Fleet List&rdquo; table
in Exhibit 99.2.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(3)
Adjusted Net Income from Continuing operations available to common stockholders and Adjusted Earnings per Share from Continuing operations
are non-GAAP measures. Refer to the reconciliation of Net Income from Continuing operations to Adjusted Net Income from Continuing operations
and Adjusted Earnings per Share from Continuing operations.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 8.35pt">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Non-GAAP Measures</B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 9pt">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&rsquo;s performance. The tables below set out supplemental financial data and corresponding reconciliations to GAAP financial
measures for the three-month and the six-month periods ended June 30, 2025 and 2024. 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 from Continuing operations available
to common stockholders and (iii) Adjusted Earnings per Share from Continuing operations.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"><B><U>Exhibit I </U></B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Reconciliation of Net Income from Continuing
Operations to Adjusted Net Income from Continuing Operations available to common stockholders and Adjusted Earnings per Share from Continuing
Operations</B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Six-month
    period ended June 30,</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Three-month
    period ended June 30,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed in
    thousands of U.S. dollars, except share and per share data)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font-weight: bold; text-align: left; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    Income from Continuing operations</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">201,671</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">218,046</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">98,491</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">106,122</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Earnings
    allocated to Preferred Stock</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13,028</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10,402</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,358</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,288</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deemed
    dividend of Series E Preferred Stock</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,343</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,214</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-Controlling
    Interest</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,628</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,890</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(792</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,200</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    Income from Continuing operations available to common stockholders</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">181,672</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">205,754</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">87,127</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99,634</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued
    charter revenue</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">317</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,763</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,139</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">339</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
    and administrative expenses - non-cash component</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,156</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,835</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,458</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,363</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization
    of time-charter assumed</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(131</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(169</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Realized
    gain on Euro/USD forward contracts</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(488</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(278</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(49</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(496</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Gain)
    / Loss on derivative instruments, excluding realized (gain) / loss on derivative instruments (1)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,212</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13,767</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">764</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8,379</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    non-cash items</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,945</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,072</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjusted
    Net Income from Continuing operations available to common stockholders</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">191,683</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">192,814</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">90,064</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">92,510</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjusted
    Earnings per Share from Continuing operations</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.61</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.61</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.76</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.77</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted
    average number of shares</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">118,902,719</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">120,039,623</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">119,176,547</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">120,118,047</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 8pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 9pt">Adjusted Net Income
from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations represent Net
Income from continuing operations after earnings from continuing operations allocated to preferred stock, deemed dividend allocated to
continuing operations of Series E Preferred Stock and Non-Controlling Interest, but before non-cash &ldquo;Accrued charter revenue&rdquo;
recorded under charters with escalating or descending charter rates, amortization of time-charter assumed, realized gain on Euro/USD
forward contracts, general and administrative expenses - non-cash component, (gain)/loss on derivative instruments, excluding realized
(gain)/loss on derivative instruments and other non-cash items. &ldquo;Accrued charter revenue&rdquo; is attributed to the timing difference
between the revenue recognition and the cash collection. However, Adjusted Net Income from continuing operations available to common
stockholders and Adjusted Earnings per Share from continuing operations are not recognized measurements under U.S. GAAP. We believe that
the presentation of Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from
continuing operations 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 from continuing operations available
to common stockholders and Adjusted Earnings per Share from continuing operations are useful in evaluating our ability to service additional
debt and make capital expenditures. In addition, we believe that Adjusted Net Income from continuing operations available to common stockholders
and Adjusted Earnings per Share from continuing operations 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 from continuing operations available
to common stockholders and Adjusted Earnings per Share from continuing operations generally eliminates the accounting effects of 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 from continuing operations available to common stockholders and Adjusted
Earnings per Share from continuing operations, 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 from continuing operations available to common
stockholders and Adjusted Earnings per Share from continuing operations should not be construed as an inference that our future results
will be unaffected by unusual or non-recurring items.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>




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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">Items
                                            to consider for comparability include gains and charges. Gains positively impacting Net Income
                                            from continuing operations available to common stockholders are reflected as deductions to
                                            Adjusted Net Income from continuing operations available to common stockholders. Charges
                                            negatively impacting Net Income from continuing operations available to common stockholders
                                            are reflected as increases to Adjusted Net Income from continuing operations available to
                                            common stockholders.</FONT></TD></TR></TABLE>

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<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exh_992.htm
<DESCRIPTION>EXHIBIT 99.2
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<p style="text-align: right; margin: 0"><b>Exhibit 99.2</b></p>

<p style="margin: 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>Financial Report</b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>Results of Continuing Operations </b></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b><i>Three-month period ended June 30, 2025 compared to the three-month
period ended June 30, 2024</i></b></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>Following the spin-off of the dry bulk business (consisting of Costamare&rsquo;s
dry bulk owned fleet and Costamare Bulkers Inc. (&ldquo;CBI&rdquo;)) on May 6, 2025, the results of the dry bulk business are reported as discontinued operations for all periods
presented. The discussion below focuses on the results from continuing operations.</b></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">During the three-month periods ended June 30, 2025 and 2024, we had an
average of 68.0 and 68.0 container vessels, respectively, in our owned fleet.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">As of June 30, 2025,&nbsp;we have&nbsp;invested&nbsp;in Neptune Maritime
Leasing Limited (&ldquo;NML&rdquo;) the amount of&nbsp;$182.2 million.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">In the three-month periods ended June 30, 2025 and 2024, our fleet ownership
days totaled 6,188 and 6,188 days, respectively. Ownership days are one of the primary drivers of voyage revenue and vessels&rsquo; operating
expenses and represent the aggregate number of days in a period during which each vessel in our fleet is owned.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>Consolidated Financial Results from Continuing operations and Vessels&rsquo;
Operational Data<sup>(1), (2)</sup></b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: center">(Expressed in millions of U.S. dollars,</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three-month period ended June 30,</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">Percentage</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: center">except percentages)</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">Change</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">Change</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="15" style="font-size: 10pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; font-size: 10pt; text-align: left">Voyage revenue</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 12%; font-size: 10pt; text-align: right">211.8</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 12%; font-size: 10pt; text-align: right">210.9</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 12%; font-size: 10pt; text-align: right">(0.9</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">)</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 12%; font-size: 10pt; text-align: right">(0.4</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">%)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Income from investments in leaseback vessels</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">6.2</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">7.0</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">0.8</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">12.9</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Voyage expenses</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(6.6</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(13.9</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">7.3</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">n.m.</font></td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Voyage expenses &ndash; related parties</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(3.0</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(2.9</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(0.1</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(3.3</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">%)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Vessels&rsquo; operating expenses</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(40.6</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(40.7</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">0.1</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">0.2</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">General and administrative expenses</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(4.1</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(3.0</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(1.1</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(26.8</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">%)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Management fees &ndash; related parties</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(7.1</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(7.1</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">n.m.</font></td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">General and administrative expenses - non-cash component</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(2.5</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(1.4</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(1.1</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(44.0</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">%)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Amortization of dry-docking and special survey costs</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(4.1</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(4.8</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">0.7</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">17.1</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">Depreciation</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(31.5</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(31.9</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">0.4</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1.3</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Foreign exchange gains / (losses)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(0.4</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2.4</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2.8</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">n.m.</font></td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Interest income</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">8.7</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">5.5</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(3.2</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(36.8</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">%)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Interest and finance costs</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(28.3</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(22.3</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(6.0</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(21.2</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">%)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Income / (loss) from equity method investments</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right"><p style="font-size: 10pt; text-align: right; margin: 0pt 0">n.m.</p></td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt">Other</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">0.8</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(0.1</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(0.9</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">n.m.</font></td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Gain / (Loss) on derivative instruments, net</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(0.8</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">8.4</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">9.2</td><td style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right"><font style="font-size: 10pt">n.m.</font></td><td style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net Income from Continuing operations</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">98.5</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">106.1</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="padding-bottom: 2.5pt; text-align: right">&nbsp;</td><td style="padding-bottom: 2.5pt; white-space: nowrap; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 2.5pt; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  </table>



<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; text-align: center">(Expressed in millions of U.S. dollars,</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="7" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three-month period ended June 30,</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Percentage</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; text-align: center">except percentages)</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Change</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Change</td></tr>
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; font-size: 10pt; text-align: left">Voyage revenue</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 12%; font-size: 10pt; text-align: right">211.8</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 12%; font-size: 10pt; text-align: right">210.9</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 12%; font-size: 10pt; text-align: right">(0.9</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">)</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 12%; font-size: 10pt; text-align: right">(0.4</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">%)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Accrued charter revenue</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(1.1</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">0.3</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1.4</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">n.m.</font></td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Amortization of time-charter assumed</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(0.2</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">0.2</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right"><font style="font-size: 10pt">n.m.</font></td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt"><font style="font-size: 10pt">Voyage revenue adjusted on a cash basis <sup>(1)</sup></font></td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">210.5</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">211.2</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">$</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: right">0.7</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: right">0.3</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">%</td></tr>
  </table>




<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</p>



<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"></p>

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<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold"><font style="font-size: 10pt"><b>Vessels&rsquo; operational data</b> <sup>(2)</sup></font></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="7" style="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three-month period ended June 30,</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Percentage</td></tr>
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Change</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Change</td></tr>
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="white-space: nowrap; font-size: 10pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; font-size: 10pt">Average number of vessels</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 12%; font-size: 10pt; text-align: right">68.0</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 12%; font-size: 10pt; text-align: right">68.0</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 12%; font-size: 10pt; text-align: right">-</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 14%; font-size: 10pt; text-align: right">n.m.</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Ownership days</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">6,188</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">6,188</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">n.m.</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Number of vessels under dry-docking and special survey</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">4</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">3</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(1</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">&nbsp;</td></tr>
  </table>



<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><sup>(1) </sup>Voyage revenue adjusted on a cash basis is not a recognized
measurement under U.S. generally accepted accounting principles (&ldquo;GAAP&rdquo;). Refer to &ldquo;Consolidated Financial Results from
Continuing operations and Vessels&rsquo; Operational Data&rdquo; above for the reconciliation of Voyage revenue adjusted on a cash basis.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><sup>(2) </sup>Vessels that are part of continuing operations.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>Voyage Revenue</i></p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Voyage revenue decreased by 0.4%, or $0.9 million,
to $210.9 million during the three-month period ended June 30, 2025, from $211.8 million during the three-month period ended June 30,
2024. The decrease period over period is mainly attributable to the lower accounting revenue recorded for two of our vessels that are
classified as sale type leases; partly offset by (i) the net increased charter rates in certain of our vessels, (ii) the contractual reimbursements
from certain of our charterers for EU Emissions Allowances (&ldquo;EUAs&rdquo;) and Fuel EU Maritime penalties and (iii) the decreased
idle and off-hire days of our fleet.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Voyage revenue adjusted on a cash basis (which eliminates
non-cash &ldquo;Accrued charter revenue&rdquo;) increased by 0.3%, or $0.7 million, to $211.2 million during the three-month period ended
June 30, 2025, from $210.5 million during the three-month period ended June 30, 2024. Accrued charter revenue for the three-month periods
ended June 30, 2025 and 2024 was a positive amount of $0.3 million and a negative amount of $1.1 million, respectively.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>Income from investments in leaseback vessels</i></p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Income from investments in leaseback vessels was $7.0
million and $6.2 million for the three-month periods ended June 30, 2025 and 2024, respectively. Income from investments in leaseback
vessels increased, period over period, due to the increased volume of NML&rsquo;s operations during the three-month period ended June
30, 2025 compared to the three-month period ended June 30, 2024. NML acquires, owns and bareboat charters out vessels through its wholly-owned
subsidiaries.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>Voyage Expenses</i></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><i>&nbsp;</i></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Voyage expenses were $13.9 million and $6.6 million for the three-month
periods ended June 30, 2025 and 2024, respectively. Voyage expenses increased, period over period, mainly due to the recognition of liabilities
for EUAs, Fuel EU Maritime penalties and relevant expenses. However, a significant portion of these liabilities are contractually reimbursed
by the charterers, as discussed in &ldquo;Voyage Revenue&rdquo;, mitigating the net expenses impact. Voyage expenses mainly include (i)
off-hire expenses of our vessels, primarily related to fuel consumption, (ii) third-party commissions and (iii) EUAs and Fuel EU Maritime
expenses.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>Voyage Expenses &ndash; related parties</i></p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Voyage expenses &ndash; related parties were $2.9 million
and $3.0 million for the three-month periods ended June 30, 2025 and 2024, respectively. Voyage expenses &ndash; 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 related service provider
and (ii) charter brokerage fees 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 June 30, 2025 and 2024, respectively.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>Vessels&rsquo; Operating Expenses</i></p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Vessels&rsquo; operating expenses, which also include
the realized gain/(loss) under derivative contracts entered into in relation to foreign currency exposure, were $40.7 million and $40.6
million during the three-month periods ended June 30, 2025 and 2024, respectively. Daily vessels&rsquo; operating expenses were $6,581
and $6,554 for the three-month periods ended June 30, 2025 and 2024, respectively. Daily operating expenses are calculated as vessels&rsquo;
operating expenses for the period over the ownership days of the period.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"></p>

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<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><i>General and Administrative Expenses</i></p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">General and administrative expenses were $3.0 million
and $4.1 million during the three-month periods ended June 30, 2025 and 2024, respectively, and include amounts of $0.67 million and $0.67
million, respectively, that were paid to a related service provider.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>Management Fees &ndash; related parties</i></p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Management fees charged by our related party managers
were $7.1 million and $7.1 million during the three-month periods ended June 30, 2025 and 2024, respectively. The amounts charged by our
related party managers include amounts paid to third party managers of $1.4 million and $1.4 million for the three-month periods ended
June 30, 2025 and 2024, respectively.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>General and Administrative Expenses - non-cash component</i></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><i>&nbsp;</i></p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">General and administrative expenses - non-cash component
for the three-month period ended June 30, 2025 amounted to $1.4 million, representing the value of the shares issued to a related service
provider on June 30, 2025. General and administrative expenses - non-cash component for the three-month period ended June 30, 2024 amounted
to $2.5 million, representing the value of the shares issued to a related service provider on June 28, 2024.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>Amortization of Dry-Docking and Special Survey Costs</i></p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Amortization of deferred dry-docking and special survey
costs was $4.8 million and $4.1 million during the three-month periods ended June 30, 2025 and 2024, respectively. During the three-month
period ended June 30, 2025, two vessels underwent and completed their 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 June 30, 2024, three vessels underwent and completed
their dry-docking and special survey and one vessel was in the process of completing her dry-docking and special survey.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>Depreciation </i></p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Depreciation expense for the three-month periods ended
June 30, 2025 and 2024 was $31.9 million and $31.5 million, respectively.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>Interest Income</i></p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Interest income amounted to $5.5 million and $8.7 million
for the three-month periods ended June 30, 2025 and 2024, respectively.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>Interest and Finance Costs</i></p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Interest and finance costs were $22.3 million and $28.3
million during the three-month periods ended June 30, 2025 and 2024, respectively. The decrease is mainly attributable to the decreased
interest expense due to a lower average loan balance along with reduced SOFR rates during the three-month period ended June 30, 2025,
compared to the three-month period ended June 30, 2024.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>Gain / (Loss) on Derivative Instruments, net </i></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">As of June 30, 2025, we hold derivative financial instruments
that qualify for hedge accounting and derivative financial instruments that do not qualify for hedge accounting. The change in the fair
value of each derivative instrument that qualifies for hedge accounting is recorded in &ldquo;Other Comprehensive Income&rdquo; (&ldquo;OCI&rdquo;).
The change in the fair value of each derivative instrument that does not qualify for hedge accounting is recorded in the consolidated
statements of income.</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">As of June 30, 2025, the fair value of these instruments,
in aggregate, amounted to a net asset of $13.5 million. During the three-month period ended June 30, 2025, the change in the fair value
(fair value as of June 30, 2025 compared to the fair value as of March 31, 2025) of the derivative instruments that qualify for hedge
accounting resulted in a net loss of $4.6 million, which has been included in OCI. Furthermore, during the three-month period ended June
30, 2025 the change in the fair value (fair value as of June 30, 2025 compared to the fair value as of March 31, 2025) of the derivative
instruments that do not qualify for hedge accounting, including the realized components of such derivative instruments during the quarter,
resulted in a net gain of $8.4 million, which has been included in Gain / (Loss) on Derivative Instruments, net.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0"><b>Cash Flows from Continuing Operations</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b><i>Three-month periods ended June 30, 2025 and 2024</i></b></p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>Following the spin-off of the dry bulk business on May 6, 2025, the
results of the dry bulk business are reported as discontinued operations for all periods presented. The discussion below focuses on the
cash flows from continuing operations.</b></p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold">Condensed cash flows from continuing operations</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="7" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three-month period ended June 30,</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt">(Expressed in millions of U.S. dollars)</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 70%; font-size: 10pt; text-align: left">Net Cash Provided by Operating Activities</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 12%; font-size: 10pt; text-align: right">143.4</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 12%; font-size: 10pt; text-align: right">136.0</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Net Cash Used in Investing Activities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">(26.2</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">(110.3</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Net Cash Used in Financing Activities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">(138.8</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">(373.6</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td></tr>
  </table>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0"></p>

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<p style="margin: 0pt 0; font-size: 10pt"><b><i>Net Cash Provided by Operating Activities</i></b></p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Net cash flows provided by operating activities for
the three-month period ended June 30, 2025, decreased by $7.4 million to $136.0 million, from $143.4 million for the three-month period
ended June 30, 2024. The decrease is mainly attributable to 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), and the decreased net cash from operations during the three-month period ended June 30, 2025 compared
to the three-month period ended June 30, 2024; partly offset by the decrease in interest payments (including interest derivatives net
receipts) during the three-month period ended June 30, 2025 compared to the three-month period ended June 30, 2024 and the decreased dry-docking
and special survey costs during the three-month period ended June 30, 2025 compared to the three-month period ended June 30, 2024.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b><i>Net Cash Used in Investing Activities</i></b></p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Net cash used in investing activities was $110.3 million
in the three-month period ended June 30, 2025, which mainly consisted of payments for upgrades for certain of our container vessels and
payments for net investments into which NML entered.</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Net cash used in investing activities was $26.2 million
in the three-month period ended June 30, 2024, which mainly consisted of payments for upgrades for certain of our container vessels and
payments for net investments into which NML entered.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b><i>&nbsp;</i></b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b><i>Net Cash Used in Financing Activities</i></b></p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Net cash used in financing activities was $373.6 million
in the three-month period ended June 30, 2025, which mainly consisted of (a) $260.0 million of payments relating to our debt financing
agreements and finance lease liability agreement, (b) $100.0 million transferred to the spun-off entities, (c) $13.7 million we paid for
dividends to holders of our common stock for the first quarter of 2025 and (d) $0.9 million we paid for dividends to holders of our 7.625%
Series B Cumulative Redeemable Perpetual Preferred Stock (&ldquo;Series B Preferred Stock&rdquo;), $2.1 million we paid for dividends
to holders of our 8.500% Series C Cumulative Redeemable Perpetual Preferred Stock (&ldquo;Series C Preferred Stock&rdquo;) and $2.2 million
we paid for dividends to holders of our 8.75% Series D Cumulative Redeemable Perpetual Preferred Stock (&ldquo;Series D Preferred Stock&rdquo;)
for the period from January 15, 2025 to April 14, 2025.</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Net cash used in financing activities was $138.8 million
in the three-month period ended June 30, 2024, which mainly consisted of (a) $120.7 million net payments relating to our debt financing
agreements and finance lease liability agreement (including proceeds of $18.5 million we received from one debt financing agreement),
(b) $9.3 million we paid for dividends to holders of our common stock for the first quarter of 2024 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 8.875% Series
E Cumulative Redeemable Perpetual Preferred Stock (&ldquo;Series E Preferred Stock&rdquo;) for the period from January 15, 2024 to April
14, 2024.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>Results of Continuing Operations</b></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b><i>Six-month period ended June 30, 2025 compared to the six-month period
ended June 30, 2024</i></b></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><b><i>&nbsp;</i></b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>Following the spin-off of the dry bulk business (consisting of Costamare&rsquo;s
dry bulk owned fleet and CBI) on May 6, 2025, the results of the dry bulk business are reported as discontinued operations for all periods
presented. The discussion below focuses on the results from continuing operations.</b></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">During the six-month periods ended June 30, 2025 and 2024, we had an average
of 68.0 and 68.0 container vessels, respectively, in our owned fleet.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">As of June 30, 2025,&nbsp;we have&nbsp;invested&nbsp;in NML the amount
of&nbsp;$182.2 million.&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">In the six-month periods ended June 30, 2025 and 2024, our fleet ownership
days totaled 12,308 and 12,376 days, respectively. Ownership days are one of the primary drivers of voyage revenue and vessels&rsquo;
operating expenses and represent the aggregate number of days in a period during which each vessel in our fleet is owned.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"></p>

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<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><b>Consolidated Financial Results from Continuing operations and Vessels&rsquo;
Operational Data<sup>(1),(2)</sup></b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; text-align: center">(Expressed in millions of U.S. dollars,</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="7" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Percentage</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; text-align: center">except percentages)</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Change</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Change</td></tr>
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="15" style="white-space: nowrap; font-size: 10pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; font-size: 10pt; text-align: left">Voyage revenue</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 12%; font-size: 10pt; text-align: right">427.3</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 12%; font-size: 10pt; text-align: right">428.1</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 12%; font-size: 10pt; text-align: right">0.8</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 12%; font-size: 10pt; text-align: right">0.2</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Income from investments in leaseback vessels</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">11.4</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">12.7</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1.3</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">11.4</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Voyage expenses</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(12.2</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(23.4</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">11.2</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">91.8</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Voyage expenses &ndash; related parties</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(6.1</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(5.8</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(0.3</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(4.9</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">%)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Vessels&rsquo; operating expenses</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(78.9</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(79.2</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">0.3</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">0.4</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">General and administrative expenses</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(7.0</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(7.2</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">0.2</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2.9</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Management fees &ndash; related parties</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(14.2</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(14.2</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">n.m.</font></td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">General and administrative expenses - non-cash component</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(4.2</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(2.8</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(1.4</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(33.3</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">%)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Amortization of dry-docking and special survey costs</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(8.3</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(9.5</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1.2</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">14.5</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">Depreciation</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(63.0</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(63.5</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">0.5</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">0.8</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Foreign exchange gains / (losses)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(2.7</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2.5</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">5.2</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">n.m.</font></td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Interest income</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">16.6</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">11.8</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(4.8</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(28.9</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">%)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Interest and finance costs</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(55.1</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(45.2</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(9.9</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(18.0</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">%)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Income / (loss) from equity method investments</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right"><p style="font-size: 10pt; text-align: right; margin: 0pt 0">n.m.</p></td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt">Other</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1.3</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(1.3</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">n.m.</font></td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Gain / (Loss) on derivative instruments, net</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(3.2</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">13.7</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">16.9</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right"><font style="font-size: 10pt">n.m.</font></td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net Income from Continuing operations</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">201.7</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">218.0</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="padding-bottom: 2.5pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  </table>




<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; text-align: center">(Expressed in millions of U.S. dollars, </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="7" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Percentage</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center; white-space: nowrap; font-size: 10pt">except percentages)</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Change</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Change</td></tr>
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; font-size: 10pt; text-align: left">Voyage revenue</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 12%; font-size: 10pt; text-align: right">427.3</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 12%; font-size: 10pt; text-align: right">428.1</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 12%; font-size: 10pt; text-align: right">0.8</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 12%; font-size: 10pt; text-align: right">0.2</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Accrued charter revenue</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">0.3</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(1.8</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(2.1</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">n.m.</font></td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Amortization of time-charter assumed</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(0.1</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">0.1</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right"><font style="font-size: 10pt">n.m.</font></td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt"><font style="font-size: 10pt">Voyage revenue adjusted on a cash basis <sup>(1)</sup></font></td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">427.5</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">426.3</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">$</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: right">(1.2</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: right">(0.3</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">%)</td></tr>
  </table>




<p style="margin: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="7" style="white-space: nowrap; font-size: 10pt; text-align: center">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt; text-align: center">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold"><font style="font-size: 10pt"><b>Vessels&rsquo; operational data</b><sup>(2)</sup></font></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="7" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Percentage</td></tr>
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Change</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Change</td></tr>
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; font-size: 10pt">Average number of vessels</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 12%; font-size: 10pt; text-align: right">68.0</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 12%; font-size: 10pt; text-align: right">68.0</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 12%; font-size: 10pt; text-align: right">-</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 12%; font-size: 10pt; text-align: right"><font style="font-size: 10pt">n.m.</font></td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Ownership days</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">12,376</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">12,308</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(68</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(0.5</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">%)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Number of vessels under dry-docking and special survey</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">4</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">5</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  </table>



<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><sup>(1) </sup>Voyage revenue adjusted on a cash basis is not a recognized
measurement under U.S. generally accepted accounting principles (&ldquo;GAAP&rdquo;). Refer to &ldquo;Consolidated Financial Results from
Continuing operations and Vessels&rsquo; Operational Data&rdquo; above for the reconciliation of Voyage revenue adjusted on a cash basis.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><sup>(2) </sup>Vessels that are part of continuing operations.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>Voyage Revenue</i></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Voyage revenue increased by 0.2%, or $0.8 million, to $428.1 million during
the six-month period ended June 30, 2025, from $427.3 million during the six-month period ended June 30, 2024. The increase period over
period is mainly attributable to (i) the net increased charter rates in certain of our vessels, (ii) the contractual reimbursements from
certain of our charterers for EUAs and Fuel EU Maritime penalties and (iii) the decreased idle days of our fleet; partly offset by lower
accounting revenue recorded for two of our vessels classified as sale type leases and revenue not earned due to the absence of the leap
year day in the current period.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Voyage revenue adjusted on a cash basis (which eliminates
non-cash &ldquo;Accrued charter revenue&rdquo;) decreased by 0.3%, or $1.2 million, to $426.3 million during the six-month period ended
June 30, 2025, from $427.5 million during the six-month period ended June 30, 2024. Accrued charter revenue for the six-month periods
ended June 30, 2025 and 2024 was a negative amount of $1.8 million and a positive amount of $0.3 million, respectively.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>Income from investments in leaseback vessels</i></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><i>&nbsp;</i></p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Income from investments in leaseback vessels was $12.7
million and $11.4 million for the six-month periods ended June 30, 2025 and 2024, respectively. Income from investments in leaseback vessels
increased, period over period, due to the increased volume of NML&rsquo;s operations during the six-month period ended June 30, 2025 compared
to the six-month period ended June 30, 2024. NML acquires, owns and bareboat charters out vessels through its wholly-owned subsidiaries.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"></p>

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<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><i>Voyage Expenses</i></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><i>&nbsp;</i></p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Voyage expenses were $23.4 million and $12.2 million
for the six-month periods ended June 30, 2025 and 2024, respectively. Voyage expenses increased, period over period, mainly due to the
recognition of liabilities for EUAs, Fuel EU Maritime penalties and relevant expenses. However, a significant portion of these liabilities
are contractually reimbursed by the charterers, as discussed in &ldquo;Voyage Revenue&rdquo;, mitigating the net expenses impact. Voyage
expenses mainly include (i) off-hire expenses of our vessels, primarily related to fuel consumption, (ii) third-party commissions and
(iii) EUAs and Fuel EU Maritime expenses.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>Voyage Expenses &ndash; related parties</i></p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Voyage expenses &ndash; related parties were $5.8 million
and $6.1 million for the six-month periods ended June 30, 2025 and 2024, respectively. Voyage expenses &ndash; 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 related service provider
and (ii) charter brokerage fees payable to two related charter brokerage companies for an amount of approximately $0.7 million and $0.7
million, in the aggregate, for the six-month periods ended June 30, 2025 and 2024, respectively.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>&nbsp;</i></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>Vessels&rsquo; Operating Expenses</i></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><i>&nbsp;</i></p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Vessels&rsquo; operating expenses, which also include
the realized gain/(loss) under derivative contracts entered into in relation to foreign currency exposure, were $79.2 million and $78.9
million during the six-month periods ended June 30, 2025 and 2024, respectively. Daily vessels&rsquo; operating expenses were $6,432 and
$6,375 for the six-month periods ended June 30, 2025 and 2024, respectively. Daily operating expenses are calculated as vessels&rsquo;
operating expenses for the period over the ownership days of the period.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>General and Administrative Expenses</i></p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">General and administrative expenses were $7.2 million
and $7.0 million during the six-month periods ended June 30, 2025 and 2024, respectively, and include amounts of $1.33 million and $1.33
million, respectively, that were paid to a related service provider.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>Management Fees &ndash; related parties</i></p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Management fees charged by our related party managers
were $14.2 million and $14.2 million during the six-month periods ended June 30, 2025 and 2024, respectively. The amounts charged by our
related party managers include amounts paid to third party managers of $3.4 million and $2.8 million for the six-month periods ended June
30, 2025 and 2024, respectively.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>General and Administrative Expenses - non-cash component</i></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><i>&nbsp;</i></p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">General and administrative expenses - non-cash component
for the six-month period ended June 30, 2025 amounted to $2.8 million, representing the value of the shares issued to a related service
provider on March 31, 2025 and on June 30, 2025. General and administrative expenses - non-cash component for the six-month period ended
June 30, 2024 amounted to $4.2 million, representing the value of the shares issued to a related service provider on March 29, 2024 and
on June 28, 2024.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>Amortization of Dry-Docking and Special Survey Costs</i></p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Amortization of deferred dry-docking and special survey
costs was $9.5 million and $8.3 million during the six-month periods ended June 30, 2025 and 2024, respectively. During the six-month
period ended June 30, 2025, four vessels underwent and completed their dry-docking and special survey and one vessel was in the process
of completing her dry-docking and special survey. During the six-month period ended June 30, 2024, three vessels underwent and completed
their dry-docking and special survey and one vessel was in the process of completing her dry-docking and special survey.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>&nbsp;</i></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>Depreciation </i></p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Depreciation expense for the six-month periods ended
June 30, 2025 and 2024 was $63.5 million and $63.0 million, respectively.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>Interest Income</i></p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Interest income amounted to $11.8 million and $16.6
million for the six-month periods ended June 30, 2025 and 2024, respectively.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>Interest and Finance Costs</i></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><i>&nbsp;</i></p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Interest and finance costs were $45.2 million and $55.1
million during the six-month periods ended June 30, 2025 and 2024, respectively. The decrease is mainly attributable to the decreased
interest expense due to a lower average loan balance, along with reduced SOFR rates, during the six-month period ended June 30, 2025,
compared to the six-month period ended June 30, 2024.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"></p>

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<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><i>Gain / (Loss) on Derivative Instruments, net</i></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">As of June 30, 2025, we hold derivative financial instruments
that qualify for hedge accounting and derivative financial instruments that do not qualify for hedge accounting. The change in the fair
value of each derivative instrument that qualifies for hedge accounting is recorded in OCI. The change in the fair value of each derivative
instrument that does not qualify for hedge accounting is recorded in the consolidated statements of income.</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">As of June 30, 2025, the fair value of these instruments,
in aggregate, amounted to a net asset of $13.5 million. During the six-month period ended June 30, 2025, the change in the fair value
(fair value as of June 30, 2025 compared to the fair value as of December 31, 2024) of the derivative instruments that qualify for hedge
accounting resulted in a net loss of $12.1 million, which has been included in OCI. Furthermore, during the six-month period ended June
30, 2025 the change in the fair value (fair value as of June 30, 2025 compared to the fair value as of December 31, 2024) of the derivative
instruments that do not qualify for hedge accounting, including the realized components of such derivative instruments during the quarter,
resulted in a net gain of $13.7 million, which has been included in Gain / (Loss) on Derivative Instruments, net.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0"><b>Cash Flows from Continuing Operations</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b><i>Six-month periods ended June 30, 2025 and 2024</i></b></p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>Following the spin-off of the dry bulk business on May 6, 2025, the
results of the dry bulk business (consisting of Costamare&rsquo;s dry bulk owned fleet and CBI) are reported as discontinued operations
for all periods presented. The discussion below focuses on the cash flows from continuing operations.</b></p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold">Condensed cash flows from continuing operations</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="7" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt">(Expressed in millions of U.S. dollars)</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 70%; font-size: 10pt; text-align: left">Net Cash Provided by Operating Activities</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 12%; font-size: 10pt; text-align: right">289.3</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 12%; font-size: 10pt; text-align: right">283.2</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Net Cash Used in Investing Activities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">(39.9</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">(107.8</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Net Cash Used in Financing Activities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">(106.8</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">(389.8</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td></tr>
  </table>

<p style="font-size: 10pt; margin: 0pt 0"><b><i>&nbsp;</i></b></p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0"><b><i>Net Cash Provided by Operating Activities </i></b></p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Net cash flows provided by operating activities for
the six-month period ended June 30, 2025, decreased by $6.1 million to $283.2 million, from $289.3 million for the six-month period ended
June 30, 2024. The decrease is mainly attributable to 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) and the decreased net cash from operations during the six-month period ended June 30, 2025 compared to the six-month
period ended June 30, 2024; partly offset by the decrease in interest payments (including interest derivatives net receipts) during the
six-month period ended June 30, 2025 compared to the six-month period ended June 30, 2024 and the decreased dry-docking and special survey
costs during the six-month period ended June 30, 2025 compared to the six-month period ended June 30, 2024.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b><i>&nbsp;</i></b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b><i>Net Cash Used in Investing Activities</i></b></p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Net cash used in investing activities was $107.8 million
in the six-month period ended June 30, 2025, which mainly consisted of payments for upgrades for certain of our container vessels and
payments for net investments into which NML entered.</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Net cash used in investing activities was $39.9 million
in the six-month period ended June 30, 2024, which mainly consisted of payments for upgrades for certain of our container vessels and
payments for net investments into which NML entered.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b><i>&nbsp;</i></b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"></p>

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<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><b><i>Net Cash Used in Financing Activities </i></b></p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Net cash used in financing activities was $389.8 million
in the six-month period ended June 30, 2025, which mainly consisted of (a) $255.7 million net payments relating to our debt financing
agreements and finance lease liability agreement (including proceeds of $55.1 million we received from three debt financing agreements),
(b) $100.0 million transferred to the spun-off entities, (c) $27.4 million we paid for dividends to holders of our common stock for the
fourth quarter of 2024 and the first quarter of 2025 and (d) $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 and $4.4 million we paid for dividends to holders of our
Series D Preferred Stock for the periods from October 15, 2024 to January 14, 2025 and January 15, 2025 to April 14, 2025.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Net cash used in financing activities was $106.8 million
in the six-month period ended June 30, 2024, which mainly consisted of (a) $70.6 million net payments relating to our debt financing agreements
and finance lease liability agreement (including proceeds of $113.6 million we received from eight debt financing agreements), (b) $18.6
million we paid for dividends to holders of our common stock for the fourth quarter of 2023 and the first quarter of 2024 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 periods from October 15, 2023 to January 14, 2024 and January 15, 2024 to April 14,
2024.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>Liquidity and Unencumbered Vessels </b></p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><b>Cash and cash equivalents </b></p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">As of June 30, 2025, we had Cash and cash equivalents
(including restricted cash) of $505.6 million and $18.9 million invested in short-dated US Treasury Bills (short-term investments).</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><b><i>Debt-free vessels</i></b></p>

<p style="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">As of July 30, 2025, the following vessels were free of debt.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">&nbsp;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b><u>Unencumbered Vessels</u></b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><i>(Refer to Fleet list for full details)</i></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><i>&nbsp;</i></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Vessel Name</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year<BR> Built</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">TEU <BR> Capacity</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 70%; font-size: 10pt">KURE</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 14%; font-size: 10pt; text-align: center">1996</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 14%; font-size: 10pt; text-align: center">7,403</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">MAERSK KOWLOON</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center">2005</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center">7,471</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt">ETOILE</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center">2005</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center">2,556</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">MICHIGAN</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center">2008</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center">1,300</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt">ARKADIA</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center">2001</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center">1,550</td></tr>
  </table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0"><b>Conference Call details: </b></p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">On Thursday, July 31, 2025 at 8:30 a.m. ET, Costamare&rsquo;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 &ldquo;Costamare&rdquo;. A replay of the conference call will be available until August 7, 2025. 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: 9398439.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>Live webcast:</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">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.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>About Costamare Inc.</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Costamare Inc. is one of the world&rsquo;s leading owners and providers
of containerships for charter. The Company has 51 years of history in the international shipping industry and a fleet of 68 containerships
in the water, with a total capacity of approximately 513,000 TEU. The Company also has four newbuild containerships under construction
with a total capacity of 12,400 TEU. The Company participates in a lease financing business. The Company&rsquo;s common stock, Series
B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock trade on the New York Stock Exchange under the symbols &ldquo;CMRE&rdquo;,
&ldquo;CMRE PR B&rdquo;, &ldquo;CMRE PR C&rdquo; and &ldquo;CMRE PR D&rdquo;, respectively.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"></p>

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<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><b>Forward-Looking Statements</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">This earnings release contains &ldquo;forward-looking statements&rdquo;.
In some cases, you can identify these statements by forward-looking words such as &ldquo;believe&rdquo;, &ldquo;intend&rdquo;, &ldquo;anticipate&rdquo;,
&ldquo;estimate&rdquo;, &ldquo;project&rdquo;, &ldquo;forecast&rdquo;, &ldquo;plan&rdquo;, &ldquo;potential&rdquo;, &ldquo;may&rdquo;,
&ldquo;should&rdquo;, &ldquo;could&rdquo;, &ldquo;expect&rdquo; and similar expressions. These statements are not historical facts but
instead represent only Costamare&rsquo;s belief regarding future results, many of which, by their nature, are inherently uncertain and
outside of Costamare&rsquo;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&rsquo;s Annual Report on Form 20-F (File No. 001-34934) under the caption &ldquo;Risk Factors&rdquo;.</p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>Company Contacts:<br>
<br>
</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><font style="font-size: 10pt">Gregory Zikos &ndash; Chief Financial Officer </font><br>
<font style="font-size: 10pt">Konstantinos Tsakalidis &ndash; Business Development</font><br>
<br>
</p>

<p style="font-size: 10pt; margin: 0pt 0">Costamare Inc., Monaco<br>
Tel: (+377) 93 25 09 40</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Email: ir@costamare.com</p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b><u>Containership Fleet List</u></b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">The table below provides additional information, as of July 30, 2025, about
our fleet of containerships, including the vessels under construction, and those vessels subject to sale and leaseback agreements. Each
vessel is a cellular containership, meaning it is a dedicated container vessel.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 8pt">
  <tr>
    <td style="width: 7%; border-top: Black 2.25pt solid; border-bottom: Black 1pt solid"><p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>
    <p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p></td>
    <td style="width: 28%; border-top: Black 2.25pt solid; border-bottom: Black 1pt solid"><b>Vessel Name</b></td>
    <td style="width: 17%; border-top: Black 2.25pt solid; border-bottom: Black 1pt solid; text-align: center"><b>Charterer</b></td>
    <td style="width: 6%; border-top: Black 2.25pt solid; border-bottom: Black 1pt solid; text-align: center"><b>Year Built</b></td>
    <td style="width: 9%; border-top: Black 2.25pt solid; border-bottom: Black 1pt solid; text-align: center"><b>Capacity (TEU)</b></td>
    <td style="width: 15%; border-top: Black 2.25pt solid; border-bottom: Black 1pt solid; text-align: center"><b>Current Daily Charter
    Rate<sup>(1)</sup> (U.S.&nbsp;dollars)</b></td>
    <td style="width: 18%; border-top: Black 2.25pt solid; border-bottom: Black 1pt solid; text-align: center"><b>Expiration of Charter<sup>(2)</sup></b></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>1</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">TRITON</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">Evergreen</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2016</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">14,424</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">March 2026</td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>2</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">TITAN<sup>(i)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">Evergreen</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2016</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">14,424</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">April 2026</td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>3</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">TALOS<sup>(i)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">Evergreen</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2016</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">14,424</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">July 2026</td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>4</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">TAURUS<sup>(i)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">Evergreen</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2016</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">14,424</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">August 2026</td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>5</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">THESEUS<sup>(i)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">Evergreen</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2016</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">14,424</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">August 2026</td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>6</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">YM TRIUMPH<sup>(i)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">Yang Ming</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2020</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">12,690</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">May 2030</td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>7</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">YM TRUTH<sup>(i)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">Yang Ming</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2020</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">12,690</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">May 2030</td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>8</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">YM TOTALITY<sup>(i)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">Yang Ming</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2020</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">12,690</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">July 2030</td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>9</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">YM TARGET<sup>(i)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">Yang Ming</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2021</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">12,690</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">November 2030</td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>10</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">YM TIPTOP<sup>(i)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">Yang Ming</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2021</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">12,690</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">March 2031</td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>11</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">CAPE AKRITAS</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">MSC</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2016</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">11,010</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">33,000</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><sup>&nbsp;</sup>August 2031 </td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>12</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">CAPE TAINARO</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">MSC</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2017</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">11,010</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">33,000</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">April 2031</td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>13</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">CAPE KORTIA</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">MSC</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2017</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">11,010</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">33,000</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">August 2031</td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>14</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">CAPE SOUNIO</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">MSC</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2017</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">11,010</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">33,000</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">April 2031</td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>15</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">CAPE ARTEMISIO</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">Hapag Lloyd/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2017</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">11,010</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">36,650/<sup>(*) </sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">August 2030<sup>(3)</sup></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>16</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">SHANGHAI (ex. ZIM SHANGHAI)</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">ZIM/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2006</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">9,469</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">&nbsp;72,700/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">August 2028<sup>(4)</sup></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>17</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">YANTIAN I </td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">ZIM/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2006</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">9,469</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">&nbsp;72,700/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">July 2028<sup>(5)</sup></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>18</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">YANTIAN</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">COSCO/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2006</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">9,469</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><sup>(*)</sup>/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">May 2028<sup>(6)</sup></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>19</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">COSCO HELLAS</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">COSCO/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2006</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">9,469</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><sup>(*)</sup>/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">August 2028<sup>(7)</sup></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>20</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">BEIJING </td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">COSCO/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2006</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">9,469</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><sup>(*)</sup>/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">July 2028<sup>(8)</sup></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>21</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">MSC AZOV</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">MSC/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2014</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">9,403</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">35,300/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">December 2029<sup>(9)</sup></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>22</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">MSC AMALFI</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">MSC</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2014</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">9,403</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">35,300</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">March 2027</td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>23</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">MSC AJACCIO</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">MSC</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2014</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">9,403</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">35,300</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">February 2027</td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>24</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">MSC ATHENS</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">MSC/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2013</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">8,827</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">35,300/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">January 2029<sup>(10)</sup></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>25</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">MSC ATHOS</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">MSC/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2013</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">8,827</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">35,300/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">February 2029<sup>(11)</sup></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>26</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">VALOR</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2013</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">8,827</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">May 2030</td></tr>
</table>

<p style="margin: 0">&nbsp;</p>

<p style="margin: 0"></p>

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<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 8pt">
<tr>
    <td style="border-top: Black 2.25pt solid; border-bottom: Black 1pt solid; width: 7%"><p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>
    <p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p></td>
    <td style="border-top: Black 2.25pt solid; border-bottom: Black 1pt solid; width: 28%"><b>Vessel Name</b></td>
    <td style="border-top: Black 2.25pt solid; border-bottom: Black 1pt solid; text-align: center; width: 17%"><b>Charterer</b></td>
    <td style="border-top: Black 2.25pt solid; border-bottom: Black 1pt solid; text-align: center; width: 6%"><b>Year Built</b></td>
    <td style="border-top: Black 2.25pt solid; border-bottom: Black 1pt solid; text-align: center; width: 9%"><b>Capacity (TEU)</b></td>
    <td style="border-top: Black 2.25pt solid; border-bottom: Black 1pt solid; text-align: center; width: 15%"><b>Current Daily Charter
    Rate<sup>(1)</sup> (U.S.&nbsp;dollars)</b></td>
    <td style="border-top: Black 2.25pt solid; border-bottom: Black 1pt solid; text-align: center; width: 18%"><b>Expiration of Charter<sup>(2)</sup></b></td></tr>

<tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; width: 7%"><b>27</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; width: 28%">VALUE</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; width: 17%"><sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; width: 6%">2013</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; width: 9%">8,827</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; width: 15%"><font style="color: red">&nbsp;</font><sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; width: 18%">June 2030</td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>28</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">VALIANT</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">Hapag Lloyd/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2013</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">8,827</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><font style="color: red">&nbsp;</font>32,400/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">August 2030<sup>(12)</sup></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>29</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">VALENCE</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">Hapag Lloyd/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2013</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">8,827</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">32,400/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">August 2030<sup>(13)</sup></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>30</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">VANTAGE</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">Hapag Lloyd/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2013</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">8,827</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">32,400/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">September 2030<sup>(14)</sup></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>31</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">NAVARINO</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">&nbsp;MSC</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2010</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">8,531</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">March 2029 </td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>32</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">KLEVEN</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">MSC/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">1996</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">8,044</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">41,500/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">April 2028<sup>(15)</sup></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>33</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">KOTKA</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">MSC/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">1996</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">8,044</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">41,500/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">September 2028<sup>(16) </sup></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>34</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">MAERSK KOWLOON</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">Maersk/MSC</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2005</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">7,471</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">18,500/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">October 2028<sup>(17)</sup></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>35</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">KURE</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">MSC/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">1996</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">7,403</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">41,500/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">August 2028<sup>(18)</sup></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>36</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">METHONI</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">Maersk</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2003</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">6,724</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">47,453 </td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">August 2026</td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>37</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">PORTO CHELI</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">Maersk</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2001</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">6,712</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">30,075</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">June 2026</td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>38</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;TAMPA I </td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">ZIM/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2000</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">6,648</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">45,000/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">September 2025 / July 2028<sup>(19)</sup></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>39</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">ZIM VIETNAM </td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">ZIM</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2003</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">6,644</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">38,500</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">December 2028<sup>(20)</sup></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>40</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">ZIM AMERICA </td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">ZIM</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2003</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">6,644</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">38,500</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">December 2028 <sup>(21)</sup></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>41</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">ARIES</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><sup>(*)</sup>/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2004</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">6,492</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">58,500/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">March 2029 <sup>(22)</sup></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>42</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">ARGUS</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><sup>(*)</sup>/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2004</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">6,492</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">58,500/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">May 2029 <sup>(23)</sup></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>43</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">PORTO KAGIO</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">Maersk</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2002</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">5,908</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">28,822</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">July 2026</td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>44</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">GLEN CANYON</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">ZIM/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2006</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">5,642</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">62,500/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">September 2025/ July 2028<sup>(24)</sup></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>45</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">PORTO GERMENO</td>
    <td style="border-bottom: Black 1pt solid; text-align: center">Maersk</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2002</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">5,570</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">28,822</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">August 2026</td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>46</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">LEONIDIO</td>
    <td style="border-bottom: Black 1pt solid; text-align: center">Maersk</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2014</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">4,957</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">18,018</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">October 2026</td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>47</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">KYPARISSIA</td>
    <td style="border-bottom: Black 1pt solid; text-align: center">Maersk</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2014</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">4,957</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">18,118</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">October 2026</td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>48</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">MEGALOPOLIS</td>
    <td style="border-bottom: Black 1pt solid; text-align: center">Maersk</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2013</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">4,957</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">14,500</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">July 2027</td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>49</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">MARATHOPOLIS</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">Maersk</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2013</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">4,957</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">14,500</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">July 2027</td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>50</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">GIALOVA</td>
    <td style="border-bottom: Black 1pt solid; text-align: center"><sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2009</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">4,578</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">March 2026</td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>51</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">DYROS</td>
    <td style="border-bottom: Black 1pt solid; text-align: center">Maersk</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2008</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">4,578</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">35,500</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">April 2027</td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>52</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">NORFOLK</td>
    <td style="border-bottom: Black 1pt solid; text-align: center"><sup>&nbsp;(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2009</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">4,259</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">March 2028</td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>53</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">VULPECULA</td>
    <td style="border-bottom: Black 1pt solid; text-align: center">ZIM</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2010</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">4,258</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">10,000/8,000</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">May 2026 / May 2028<sup>(25)</sup></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>54</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">VOLANS</td>
    <td style="border-bottom: Black 1pt solid; text-align: center"><sup>&nbsp;(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2010</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">4,258</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><sup>&nbsp;(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">July 2027</td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>55</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">VIRGO</td>
    <td style="border-bottom: Black 1pt solid; text-align: center">Maersk</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2009</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">4,258</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">35,500</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">April 2027</td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>56</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">VELA</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">ZIM</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2009</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">4,258</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">10,000/8,000</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">April 2026 / April 2028<sup>(26)</sup></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>57</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">ANDROUSA</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2010</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">4,256</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">March 2026</td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>58</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">NEOKASTRO</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">CMA CGM</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2011</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">4,178</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">39,000</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">February 2027</td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>59</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">ULSAN</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">Maersk</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2002</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">4,132</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">34,730</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">January 2026</td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>60</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">POLAR BRASIL &nbsp;&nbsp;</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">Maersk</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2018</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">3,800</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">21,000</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">March 2026<sup>(27)</sup></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>61</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">LAKONIA</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">COSCO</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2004</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2,586</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">23,500</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">February 2027</td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>62</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">SCORPIUS</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">Hapag Lloyd</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2007</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2,572</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">16,500</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">February 2026</td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>63</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">ETOILE </td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><sup>(*)</sup>/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2005</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2,556</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><sup>&nbsp;(*)</sup>/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">July 2028<sup>(28)</sup></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>64</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">AREOPOLIS</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">COSCO</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2000</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2,474</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">23,500</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">March 2027</td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>65</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">ARKADIA</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2001</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">1,550</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">October 2026</td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>66</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">MICHIGAN</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><sup>(*)</sup>/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2008</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">1,300</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><sup>(*)</sup>/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">October 2027<sup>(29)</sup></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid"><b>67</b></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">TRADER</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><sup>(*)</sup>/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2008</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">1,300</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><sup>&nbsp;(*)</sup>/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">October 2028<sup>(30)</sup></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; border-bottom: Black 2.25pt solid"><b>68</b></td>
    <td style="white-space: nowrap; border-bottom: Black 2.25pt solid">LUEBECK</td>
    <td style="white-space: nowrap; border-bottom: Black 2.25pt solid; text-align: center"><sup>(*)</sup>/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 2.25pt solid; text-align: center">2001</td>
    <td style="white-space: nowrap; border-bottom: Black 2.25pt solid; text-align: center">1,078</td>
    <td style="white-space: nowrap; border-bottom: Black 2.25pt solid; text-align: center"><sup>&nbsp;(*)</sup>/<sup>(*)</sup></td>
    <td style="white-space: nowrap; border-bottom: Black 2.25pt solid; text-align: center">April 2028 <sup>(31)</sup></td></tr>
  </table>
<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-indent: 28.35pt; margin: 0pt 0"><b><u>Containerships under construction</u></b></p>

<p style="font-size: 10pt; text-indent: 28.35pt; margin: 0pt 0"><b>&nbsp;</b></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 8pt">
  <tr>
    <td style="width: 6%; border-top: Black 2.25pt solid; border-bottom: Black 1pt solid"><p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>
    <p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p></td>
    <td style="vertical-align: top; width: 16%; border-top: Black 2.25pt solid; border-bottom: Black 1pt solid; text-align: center"><b>Vessel</b></td>
    <td style="width: 17%; border-top: Black 2.25pt solid; border-bottom: Black 1pt solid; text-align: center"><b>Vessel Capacity (TEU)</b></td>
    <td style="width: 10%; border-top: Black 2.25pt solid; border-bottom: Black 1pt solid; text-align: center"><b>Estimated Delivery</b><sup>(32)</sup></td>
    <td style="vertical-align: top; width: 51%; border-top: Black 2.25pt solid; border-bottom: Black 1pt solid; text-align: center"><b>Employment</b></td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; text-align: center"><b>1</b></td>
    <td style="border-bottom: Black 1pt solid; text-align: center">Newbuilding 1 </td>
    <td style="border-bottom: Black 1pt solid; text-align: center">3,100</td>
    <td style="border-bottom: Black 1pt solid; text-align: center">Q2 2027</td>
    <td style="border-bottom: Black 1pt solid; text-align: center">Long Term Employment upon delivery from shipyard</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; text-align: center"><b>2</b></td>
    <td style="border-bottom: Black 1pt solid; text-align: center">Newbuilding 2</td>
    <td style="border-bottom: Black 1pt solid; text-align: center">3,100</td>
    <td style="border-bottom: Black 1pt solid; text-align: center">Q3 2027</td>
    <td style="border-bottom: Black 1pt solid; text-align: center">Long Term Employment upon delivery from shipyard</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; text-align: center"><b>3</b></td>
    <td style="border-bottom: Black 1pt solid; text-align: center">Newbuilding 3</td>
    <td style="border-bottom: Black 1pt solid; text-align: center">3,100</td>
    <td style="border-bottom: Black 1pt solid; text-align: center">Q4 2027</td>
    <td style="border-bottom: Black 1pt solid; text-align: center">Long Term Employment upon delivery from shipyard</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; text-align: center"><b>4</b></td>
    <td style="border-bottom: Black 1pt solid; text-align: center">Newbuilding 4</td>
    <td style="border-bottom: Black 1pt solid; text-align: center">3,100</td>
    <td style="border-bottom: Black 1pt solid; text-align: center">Q4 2027</td>
    <td style="border-bottom: Black 1pt solid; text-align: center">Long Term Employment upon delivery from shipyard</td></tr>
  </table>
<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"></p>

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<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 21.3pt">(1)</td><td style="text-align: justify">Daily charter rates are gross, unless stated otherwise. Amounts set out for current daily charter rate
are the amounts contained in the charter contracts.</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 21.3pt">(2)</td><td style="text-align: justify">Charter terms and expiration dates are based on the earliest date charters (unless otherwise noted) could
expire.</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 21.3pt">(3)</td><td style="text-align: justify"><i>Cape Artemisio</i> is currently chartered to <i>Hapag Lloyd</i> at a daily rate of $36,650 until August
2025 (earliest redelivery) - September 2025 (latest redelivery). Upon redelivery of the vessel from <i>Hapag Lloyd</i>, the vessel will
commence a new charter with a leading liner company for a period of 60 to 64 months at an undisclosed rate.</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 21.3pt">(4)</td><td style="text-align: justify"><i>Shanghai </i>(ex. <i>Zim Shanghai</i>) is currently chartered to <i>ZIM</i> at a daily rate of $72,700
and it is expected to be redelivered on about October 2, 2025. Upon redelivery of the vessel from <i>ZIM</i>, the vessel will commence
a new charter with a leading liner company for a period of 34 to 36 months at an undisclosed rate.</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 21.3pt">(5)</td><td style="text-align: justify"><i>Yantian I</i> is currently chartered to <i>ZIM</i> at a daily rate of $72,700 until September 3, 2025,
at the earliest. Upon redelivery of the vessel from <i>ZIM</i>, the vessel will commence a new charter with a leading liner company for
a period of 34 to 36 months at an undisclosed rate.</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 21.3pt">(6)</td><td style="text-align: justify"><i>Yantian</i> is currently chartered to <i>COSCO</i> at an undisclosed rate until May 1, 2026, at the
earliest. Following the aforementioned date, the vessel will be employed with a leading liner company for a period of 24 to 26 months
at an undisclosed rate.</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 21.3pt">(7)</td><td style="text-align: justify"><i>Cosco Hellas</i> is currently chartered to <i>COSCO</i> at an undisclosed rate until August 1, 2026,
at the earliest. Following the aforementioned date, the vessel will be employed with a leading liner company for a period of 24 to 26
months at an undisclosed rate.</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 21.3pt">(8)</td><td style="text-align: justify"><i>Beijing </i>is currently chartered to <i>COSCO</i> at an undisclosed rate until July 1, 2026, at the
earliest. Following the aforementioned date, the vessel will be employed with a leading liner company for a period of 24 to 26 months
at an undisclosed rate.</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 21.3pt">(9)</td><td style="text-align: justify"><i>MSC Azov </i>is currently chartered to <i>MSC</i> at a daily rate of $35,300 until December 2026 (earliest
redelivery) - January 2027 (latest redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a new
charter with a leading liner company until December 2029 (earliest redelivery) - February 2030 (latest redelivery) at an undisclosed rate.</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 21.3pt">(10)</td><td style="text-align: justify"><i>MSC Athens </i>is currently chartered to <i>MSC</i> at a daily rate of $35,300 until January 2026 (earliest
redelivery) - March 2026 (latest redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a new
charter with a leading liner company until January 2029 (earliest redelivery) - March 2029 (latest redelivery) at an undisclosed rate.</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 21.3pt">(11)</td><td style="text-align: justify"><i>MSC Athos </i>is currently chartered to <i>MSC</i> at a daily rate of $35,300 until February 2026 (earliest
redelivery) - April 2026 (latest redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a new
charter with a leading liner company until February 2029 (earliest redelivery) - April 2029 (latest redelivery) at an undisclosed rate.</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 21.3pt">(12)</td><td style="text-align: justify"><i>Valiant</i> is currently chartered to <i>Hapag Lloyd</i> at a daily rate of $32,400 until August 3,
2025, at the earliest. Upon redelivery of the vessel from <i>Hapag Lloyd</i>, the vessel will commence a new charter with a leading liner
company for a period of 60 to 64 months at an undisclosed rate.</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 21.3pt">(13)</td><td style="text-align: justify"><i>Valence </i>is currently chartered to <i>Hapag Lloyd</i> at a daily rate of $32,400 until August 30,
2025, at the earliest. Upon redelivery of the vessel from <i>Hapag Lloyd</i>, the vessel will commence a new charter with a leading liner
company for a period of 60 to 64 months at an undisclosed rate.</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 21.3pt">(14)</td><td style="text-align: justify"><i>Vantage </i>is currently chartered to <i>Hapag Lloyd</i> at a daily rate of $32,400 until September
8, 2025, at the earliest. Upon redelivery of the vessel from <i>Hapag Lloyd</i>, the vessel will commence a new charter with a leading
liner company for a period of 60 to 64 months at an undisclosed rate.</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 21.3pt">(15)</td><td style="text-align: justify"><i>Kleven </i>is currently chartered to <i>MSC</i> at a daily rate of $41,500 until November 2026 (earliest
redelivery) - January 2027 (latest redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a new
charter with a leading liner company until April 2028 (earliest redelivery) - June 2028 (latest redelivery) at an undisclosed rate.</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 21.3pt">(16)</td><td style="text-align: justify"><i>Kotka </i>is currently chartered to <i>MSC</i> at a daily rate of $41,500 until December 2026 (earliest
redelivery) - February 2027 (latest redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a
new charter with a leading liner company until September 2028 (earliest redelivery) - November 2028 (latest redelivery) at an undisclosed
rate.</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 21.3pt">(17)</td><td style="text-align: justify"><i>Maersk Kowloon </i>is currently chartered to <i>Maersk</i> at a daily rate of $18,500 until October
2025 (earliest redelivery) - January 2026 (latest redelivery). Upon redelivery of the vessel from <i>Maersk</i>, the vessel will commence
a new charter with <i>MSC</i> for a period of 36 to 38 months at an undisclosed rate.</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 21.3pt">(18)</td><td style="text-align: justify"><i>Kure </i>is currently chartered to <i>MSC</i> at a daily rate of $41,500 until July 2026 (earliest
redelivery) - September 2026 (latest redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a
new charter with a leading liner company until August 2028 (earliest redelivery) - October 2028 (latest redelivery) at an undisclosed
rate.</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 21.3pt">(19)</td><td style="text-align: justify"><i>Tampa I </i>is currently chartered to <i>ZIM</i> at a daily rate of $45,000 until September 2025, at
the earliest. Upon redelivery of the vessel from <i>ZIM</i>, the vessel will commence a new charter with a leading liner company for a
period of 34 to 36 months at an undisclosed rate.</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 21.3pt">(20)</td><td style="text-align: justify"><i>ZIM Vietnam</i> is currently chartered at a daily rate of $53,000 until October 17, 2025. From such
date and until the expiration of the charter the new daily rate will be $38,500.</td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<p style="margin-top: 0; margin-bottom: 0"></p>

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<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 21.3pt">(21)</td><td><i>ZIM America</i> is currently chartered at a daily rate of $53,000 until October 3, 2025. From such date and until the expiration
of the charter the new daily rate will be $38,500.</td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 21.3pt">(22)</td><td><i>Aries</i> is currently chartered at a daily rate of $58,500 until March 2026 (earliest redelivery) - July 2026 (latest redelivery).
Upon redelivery of the vessel from its current charterer, the vessel will commence a new charter with a leading liner company for a period
of 36 to 40 months at an undisclosed rate.</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 21.3pt">(23)</td><td style="text-align: justify"><i>Argus</i> is currently chartered at a daily rate of $58,500 until April 2026 (earliest redelivery)
- August 2026 (latest redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a new charter with
a leading liner company for a period of 37 to 40 months at an undisclosed rate.</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 21.3pt">(24)</td><td style="text-align: justify"><i>Glen Canyon</i> is currently chartered to <i>ZIM</i> at a daily rate of $62,500 until September 2025,
at the earliest. Upon redelivery of the vessel from <i>ZIM</i>, the vessel will commence a new charter with a leading liner company for
a period of 34 to 36 months at an undisclosed rate.</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 21.3pt">(25)</td><td style="text-align: justify"><i>Vulpecula</i> is currently chartered to <i>ZIM </i>at a daily rate of $10,000 until May 8, 2026. From
such date and for the remaining duration of the charter the new daily rate will be $8,000.</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 21.3pt">(26)</td><td style="text-align: justify"><i>Vela</i> is currently chartered to <i>ZIM </i>at a daily rate of $10,000 until April 6, 2026. From
such date and for the remaining duration of the charter the new daily rate will be $8,000.</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 21.3pt">(27)</td><td style="text-align: justify">Charterer has the option to extend the current time charter for two additional one-year periods at the
same daily rate of $21,000.</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 21.3pt">(28)</td><td style="text-align: justify"><i>Etoile</i> is currently chartered until August 2026 (earliest redelivery) - September 2026 (latest
redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a new charter with a leading liner company
until July 2028 (earliest redelivery) - August 2028 (latest redelivery) at an undisclosed rate.</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 21.3pt">(29)</td><td style="text-align: justify"><i>Michigan</i> is currently chartered until October 2025 (earliest redelivery) - December 2025 (latest
redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a new charter with a leading liner company
until October 2027 (earliest redelivery) - December 2027 (latest redelivery) at an undisclosed rate.</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 21.3pt">(30)</td><td style="text-align: justify"><i>Trader</i> is currently chartered until October 2026 (earliest redelivery) - December 2026 (latest
redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a new charter with a leading liner company
until October 2028 (earliest redelivery) - December 2028 (latest redelivery) at an undisclosed rate.</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 21.3pt">(31)</td><td style="text-align: justify"><i>Luebeck</i> is currently chartered until April 2026 (earliest redelivery) - June 2026 (latest redelivery).
Upon redelivery of the vessel from its current charterer, the vessel will commence a new charter with a leading liner company until April
2028 (earliest redelivery) - June 2028 (latest redelivery) at an undisclosed rate.</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 21.3pt">(32)</td><td style="text-align: justify">Based on the shipbuilding contract, subject to change.</td></tr></table>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 21.3pt">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 25.1pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 21.3pt">(i)</td><td style="text-align: justify">Denotes vessels subject to a sale and leaseback transaction.</td></tr></table>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">(*) Denotes charterer&rsquo;s identity and/or daily charter rates
and/or charter expiration dates, which are treated as confidential.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&nbsp;</b></p>

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<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>COSTAMARE INC.</b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>Consolidated Statements of Income</b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>&nbsp;</b></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="7" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-months ended June 30,</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="7" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three-months ended June 30,</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt">(Expressed in thousands of U.S. dollars, except share and per share amounts)</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td></tr>
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="7" style="white-space: nowrap; font-size: 10pt; text-align: center">(Unaudited)</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="7" style="white-space: nowrap; font-size: 10pt; text-align: center">(Unaudited)</td></tr>
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; font-size: 10pt; font-weight: bold">REVENUES:</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 48%; font-size: 10pt; text-align: left">Voyage revenue</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">427,323</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">428,078</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">211,767</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">210,898</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Income from investments in leaseback vessels</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">11,419</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">12,682</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">6,161</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">6,997</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total revenues</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">438,742</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">440,760</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">217,928</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">217,895</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; font-weight: bold">EXPENSES:</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Voyage expenses</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(12,172</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(23,383</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(6,642</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(13,870</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Voyage expenses &ndash; related parties</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(6,073</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(5,819</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(3,011</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(2,891</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Vessels&rsquo; operating expenses</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(78,896</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(79,171</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(40,555</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(40,721</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">General and administrative expenses</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(7,017</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(7,240</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(4,080</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(3,036</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Management fees &ndash; related parties</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(14,241</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(14,178</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(7,123</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(7,135</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">General and administrative expenses &ndash; non-cash component</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(4,156</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(2,835</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(2,458</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(1,363</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Amortization of dry-docking and special survey costs</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(8,280</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(9,530</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(4,098</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(4,845</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt">Depreciation</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(63,064</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(63,492</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(31,532</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(31,888</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Foreign exchange gains / (losses)</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,700</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,571</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(392</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,461</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Operating income</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">242,143</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">237,683</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">118,037</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">114,607</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; font-weight: bold; text-align: left">OTHER INCOME / (EXPENSES):</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Interest income</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">16,546</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">11,779</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">8,666</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">5,478</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Interest and finance costs</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(55,097</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(45,210</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(28,246</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(22,256</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Income / (Loss) from equity method investments</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">42</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt">Other</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1,249</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">27</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">796</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(86</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Gain / (loss) on derivative instruments, net</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(3,212</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">13,767</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(764</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">8,379</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total other expenses, net</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(40,472</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(19,637</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(19,546</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(8,485</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net Income from continuing operations</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">201,671</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">218,046</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">98,491</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">106,122</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net Income / (Loss) from discontinued operations</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">3,876</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">(27,547</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">)</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">4,384</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">(16,466</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net Income</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">205,547</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">190,499</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">102,875</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">89,656</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Earnings allocated to Preferred Stock</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(13,278</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(10,402</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(5,597</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(5,288</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Deemed dividend to Series E Preferred Stock</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(5,446</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(5,446</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Net Gain / (Loss) attributable to the non-controlling interest</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,351</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,677</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(540</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(962</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net Income available to common stockholders</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">185,472</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">178,420</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">91,292</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">83,406</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Earnings per common share, basic and diluted - Total</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">1.56</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">1.49</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">0.77</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">0.69</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Earnings per common share, basic and diluted &ndash; Continuing operations</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">1.53</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">1.71</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">0.73</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">0.83</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Earnings / (losses) per common share, basic and diluted &ndash; Discontinued operations</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">0.03</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(0.23</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">0.04</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(0.14</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; padding-bottom: 2.5pt">Weighted average number of shares, basic and diluted</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">118,902,719</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">120,039,623</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">119,176,547</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">120,118,047</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b></b></p>

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<p style="margin: 0pt 0; font-size: 10pt; text-align: center"><b>COSTAMARE INC.</b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>Consolidated Balance Sheets</b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>&nbsp;</b></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt">(Expressed in thousands of U.S. dollars)</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><p style="margin-top: 0; margin-bottom: 0">As of December 31,</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">2024</p></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><p style="margin-top: 0; margin-bottom: 0">As of June 30,</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">2025</p></td></tr>
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; font-size: 10pt; font-weight: bold"><u>ASSETS</u></td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt; text-align: center">(Unaudited)</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt; text-align: center">(Unaudited)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; font-weight: bold; text-align: left">CURRENT ASSETS:</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 74%; font-size: 10pt; text-align: left">Cash and cash equivalents</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">656,880</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">442,703</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Restricted cash</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">17,203</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">20,523</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Short-term investments</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">18,499</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">18,891</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Investment in leaseback vessels, current</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">30,561</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">49,076</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Net investment in sales type lease (Vessels), current</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">12,748</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Accounts receivable</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">5,863</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">5,177</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">Inventories</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">13,156</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">14,132</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Due from related parties</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">6,885</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">Fair value of derivatives</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">10,410</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">9,742</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Insurance claims receivable</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">8,039</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">7,553</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Time-charter assumed</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">195</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">164</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Accrued charter revenue</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">11,929</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">9,262</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Prepayments and other</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">16,823</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">34,817</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt"><b>Total current assets of continuing operations</b></td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><b>802,306</b></td><td style="border-top: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><b>618,925</b></td><td style="border-top: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Current assets of discontinued operations</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">237,910</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total current assets</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,040,216</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">618,925</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; font-weight: bold; text-align: left">FIXED ASSETS, NET:</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Vessels, net</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2,715,168</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2,696,520</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Fixed assets of discontinued operations</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">671,844</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total fixed assets, net</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">3,387,012</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,696,520</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; font-weight: bold; text-align: left">NON-CURRENT ASSETS:</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Investment in leaseback vessels, non-current</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">222,088</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">305,230</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Deferred charges, net</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">52,688</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">48,857</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Finance leases, right-of-use assets (Vessels)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">37,818</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Net investment in sales type lease (Vessels), non-current</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">6,734</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">8,098</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Accounts receivable, non-current</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1,950</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1,950</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Due from related parties, non-current</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1,125</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1,125</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Restricted cash</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">45,922</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">42,356</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">Fair value of derivatives, non-current</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">21,235</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">11,551</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Accrued charter revenue, non-current</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2,688</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">4,482</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Time-charter assumed, non-current</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">74</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">7</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left"><b>Total non-current assets of continuing operations</b></td><td style="font-size: 10pt">&nbsp;</td>
    <td style="border-top: Black 1pt solid; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="border-top: Black 1pt solid; font-size: 10pt; text-align: right; border-bottom: Black 1pt solid"><b>392,322</b></td><td style="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="border-top: Black 1pt solid; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="border-top: Black 1pt solid; font-size: 10pt; text-align: right; border-bottom: Black 1pt solid"><b>423,656</b></td><td style="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Non-current assets of discontinued operations</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">329,137</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total assets</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">5,148,687</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">3,739,101</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; font-weight: bold; text-decoration: underline; text-align: left">LIABILITIES AND STOCKHOLDERS&rsquo; EQUITY</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; font-weight: bold; text-align: left">CURRENT LIABILITIES:</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Current portion of long-term debt</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">287,360</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">282,229</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Finance lease liability</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">23,877</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Accounts payable</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">7,948</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">10,609</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Due to related parties</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1,514</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">5,354</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Accrued liabilities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">20,672</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">17,408</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Unearned revenue</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">24,902</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">25,554</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">Fair value of derivatives</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">19,756</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">7,679</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Other current liabilities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">24,564</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">20,346</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left"><b>Total current liabilities of continuing operations</b></td><td style="font-size: 10pt">&nbsp;</td>
    <td style="border-top: Black 1pt solid; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="border-top: Black 1pt solid; font-size: 10pt; text-align: right; border-bottom: Black 1pt solid"><b>410,593</b></td><td style="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="border-top: Black 1pt solid; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="border-top: Black 1pt solid; font-size: 10pt; text-align: right; border-bottom: Black 1pt solid"><b>369,179</b></td><td style="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><b>&nbsp;</b></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Current liabilities of discontinued operations</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">334,967</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total current liabilities</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">745,560</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">369,179</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; font-weight: bold; text-align: left">NON-CURRENT LIABILITIES</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Long-term debt, net of current portion</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">1,410,480</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">1,306,520</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Fair value of derivatives, net of current portion</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">157</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Unearned revenue, net of current portion</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">14,620</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">12,018</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Other non-current liabilities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">11,099</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">32,107</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt"><b>Total non-current liabilities of continuing operations</b></td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><b>1,436,199</b></td><td style="border-top: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><b>1,350,802</b></td><td style="border-top: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Non-current liabilities of discontinued operations</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">398,322</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total non-current liabilities</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,834,521</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,350,802</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">COMMITMENTS AND CONTINGENCIES</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Temporary equity &ndash; Redeemable non-controlling interest in subsidiary</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(2,453</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">-</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; font-weight: bold; text-align: left">STOCKHOLDERS&rsquo; EQUITY:</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Preferred stock</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">-</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">-</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Common stock</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">13</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">13</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Treasury stock</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(120,095</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(120,095</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Additional paid-in capital</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1,336,646</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1,329,535</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Retained earnings</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1,279,605</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">731,120</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Accumulated other comprehensive income</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">17,345</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">7,475</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total Costamare Inc. stockholders&rsquo; equity</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,513,514</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,948,048</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Non-controlling interest</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">57,545</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">71,072</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total stockholders&rsquo; equity</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,571,059</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,019,120</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total liabilities and stockholders&rsquo; equity</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">5,148,687</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">3,739,101</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><b></b></p>

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<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>Financial Summary &ndash; Continuing Operations</b></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: center"><b>&nbsp;</b></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="7" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="7" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three-month period ended June 30,</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt">(Expressed in thousands of U.S. dollars, except share and per share data)</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td></tr>
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="7" style="white-space: nowrap; font-size: 10pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 48%; font-size: 10pt; text-align: left">Voyage revenue</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">427,323</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">428,078</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">211,767</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">210,898</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Accrued charter revenue (1)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">317</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">(1,763</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">(1,139</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">339</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Amortization of time-charter assumed</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">(131</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">33</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">(169</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">49</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Voyage revenue adjusted on a cash basis (2)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">427,509</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">426,348</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">210,459</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">211,286</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Income from investments in leaseback vessels</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">11,419</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">12,682</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">6,161</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">6,997</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Adjusted Net Income available to common stockholders from Continuing operations (3)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">191,683</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">192,814</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">90,064</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">92,510</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">Weighted Average number of shares </td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">118,902,719</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">120,039,623</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">119,176,547</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">120,118,047</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Adjusted Earnings per share from Continuing operations (3)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">1.61</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">1.61</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">0.76</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">0.77</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Net Income from Continuing operations</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">201,671</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">218,046</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">98,491</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">106,122</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Net Income from Continuing operations available to common stockholders</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">181,672</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">205,754</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">87,127</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">99,634</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt">Weighted Average number of shares</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">118,902,719</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">120,039,623</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">119,176,547</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">120,118,047</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Earnings per share from Continuing operations</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">1.53</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">1.71</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">0.73</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">0.83</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">(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.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">(2) Voyage revenue adjusted on a cash basis represents Voyage revenue after
adjusting for non-cash &ldquo;Accrued charter revenue&rdquo; recorded under charters with escalating or descending 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 &ldquo;Fleet List&rdquo; table above.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">(3) Adjusted Net Income from Continuing operations available to common
stockholders and Adjusted Earnings per Share from Continuing operations are non-GAAP measures. Refer to the reconciliation of Net Income
from Continuing operations to Adjusted Net Income from Continuing operations and Adjusted Earnings per Share from Continuing operations.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>Non-GAAP Measures</b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">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&rsquo;s performance. The tables below set
out supplemental financial data and corresponding reconciliations to GAAP financial measures for the three-month and the six-month periods
ended June 30, 2025 and 2024. 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 from Continuing operations available to common stockholders and (iii) Adjusted Earnings per Share from
Continuing operations.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"></p>

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<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><b>Reconciliation of Net Income from Continuing Operations to Adjusted
Net Income from Continuing Operations available to common stockholders and Adjusted Earnings per Share from Continuing Operations</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="7" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six-month period ended June 30,</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="7" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three-month period ended June 30,</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt">(Expressed in thousands of U.S. dollars, except share and per share data)</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td></tr>
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="white-space: nowrap; font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="11" style="white-space: nowrap; font-size: 10pt">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 48%; font-size: 10pt; font-weight: bold; text-align: left">Net Income from Continuing operations</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">201,671</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">218,046</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">98,491</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">106,122</td><td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Earnings allocated to Preferred Stock</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(13,028</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(10,402</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(5,358</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(5,288</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Deemed dividend of Series E Preferred Stock</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(5,343</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(5,214</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Non-Controlling Interest</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,628</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,890</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(792</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,200</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Net Income from Continuing operations available to common stockholders</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">181,672</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">205,754</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">87,127</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">99,634</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Accrued charter revenue</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">317</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(1,763</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(1,139</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">339</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">General and administrative expenses - non-cash component</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">4,156</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2,835</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2,458</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1,363</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Amortization of time-charter assumed</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(131</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">33</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(169</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">49</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Realized gain on Euro/USD forward contracts</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(488</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(278</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(49</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(496</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">(Gain) / Loss on derivative instruments, excluding realized (gain) / loss on derivative instruments (1)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">3,212</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(13,767</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">764</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(8,379</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other non-cash items</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,945</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,072</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Adjusted Net Income from Continuing operations available to common stockholders</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">191,683</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">192,814</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">90,064</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">92,510</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Adjusted Earnings per Share from Continuing operations</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">1.61</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">1.61</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">0.76</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">0.77</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; padding-bottom: 2.5pt">Weighted average number of shares</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">118,902,719</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">120,039,623</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">119,176,547</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">120,118,047</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Adjusted Net Income from continuing operations available to common stockholders
and Adjusted Earnings per Share from continuing operations represent Net Income from continuing operations after earnings from continuing
operations allocated to preferred stock, deemed dividend allocated to continuing operations of Series E Preferred Stock and Non-Controlling
Interest, but before non-cash &ldquo;Accrued charter revenue&rdquo; recorded under charters with escalating or descending charter rates,
amortization of time-charter assumed, realized gain on Euro/USD forward contracts, general and administrative expenses - non-cash component,
(gain)/loss on derivative instruments, excluding realized (gain)/loss on derivative instruments and other non-cash items. &ldquo;Accrued
charter revenue&rdquo; is attributed to the timing difference between the revenue recognition and the cash collection. However, Adjusted
Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations are
not recognized measurements under U.S. GAAP. We believe that the presentation of Adjusted Net Income from continuing operations available
to common stockholders and Adjusted Earnings per Share from continuing operations 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 from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations
are useful in evaluating our ability to service additional debt and make capital expenditures. In addition, we believe that Adjusted Net
Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations 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 from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations
generally eliminates the accounting effects of 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 from continuing operations
available to common stockholders and Adjusted Earnings per Share from continuing operations, 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
from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations should not be construed
as an inference that our future results will be unaffected by unusual or non-recurring items.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">(1)</td><td style="text-align: justify">Items to consider for comparability include gains and charges. Gains positively impacting Net Income from
continuing operations available to common stockholders are reflected as deductions to Adjusted Net Income from continuing operations available
to common stockholders. Charges negatively impacting Net Income from continuing operations available to common stockholders are reflected
as increases to Adjusted Net Income from continuing operations available to common stockholders.</td></tr></table>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">16</p>

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<p style="margin: 0pt 0; font-size: 10pt; text-align: center"></p>

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