Business Context and Reporting Period
This Form 6-K filing by Costamare Inc. (NYSE: CMRE) covers the month of October 2011, specifically reporting on events occurring on October 25, 2011. Costamare is a leading owner and provider of containerships for charter, operating a fleet of 60 vessels with a total capacity of approximately 333,000 TEU. The company has 36 years of history in the international shipping industry and maintains its principal executive office in Athens, Greece.
Key Financial Metrics
The filing text does not provide specific financial data for revenue, profit, cash flow, margins, debt, or liquidity. This report is a corporate governance announcement rather than a financial results release.
Material Changes
No material financial changes were reported in this filing. The primary corporate action was the election of a new Class I director at the 2011 Annual Meeting of Stockholders.
Guidance, Outlook, and Corporate Actions
- Director Election: Konstantinos Zacharatos, the Company's Secretary and General Counsel, was elected as a Class I director. His term ends at the 2014 annual meeting of stockholders.
- Auditor Ratification: Stockholders ratified the appointment of Ernst & Young (Hellas) Certified Auditors Accountants S.A. as the independent auditors for the fiscal year ending December 31, 2011.
- Fleet Status: The company noted it has 10 newbuilds on order and one secondhand vessel to be delivered.
- Risk Factors: The filing includes standard forward-looking statements, noting that actual results may differ materially from anticipated results due to inherent uncertainties in the shipping industry. Investors are directed to the Form 20-F for a detailed discussion of risk factors.
Key Facts for Investor Verification
- Verify the specific financial performance for the quarter ended September 30, 2011, as this filing contains no financial figures.
- Confirm the delivery schedule for the 10 newbuilds and the one secondhand vessel mentioned in the fleet overview.
- Review the full "Risk Factors" section in the most recent Form 20-F to understand the specific market conditions affecting the shipping sector.
- Monitor the company's charter rate environment and vessel utilization rates, which are critical drivers of profitability not detailed in this document.