Costamare Inc. yesterday reported unaudited financial results for the fourth quarter and year ended December 31, 2025.
Discontinued operations as a result of Costamare Bulkers Holdings Limited Spin-Off The financial results for the year ended December 31, 2025 reflect the spin-off of Costamare’s dry bulk business (consisting of Costamare’s dry bulk owned fleet and its dry bulk operating platform, Costamare Bulkers Inc. (“CBI”)) 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.
For the year ended December 31, 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 three-month period ended December 31, 2024 and year of 2024 include the results of discontinued operations of the dry bulk business for the entire periods, respectively. These differences in reporting periods should be taken into account when evaluating the results of discontinued operations between periods.
- PROFITABILITY AND LIQUIDITY • FY 2025 Adjusted Net Income from Continuing operations available to common stockholders1 of $375.6 million ($3.12 per share). • FY 2025 Net Income from Continuing operations available to common stockholders of $371.0 million ($3.09 per share). • Q4 2025 Adjusted Net Income from Continuing operations available to common stockholders1 of $71.8 million ($0.60 per share). • Q4 2025 Net Income from Continuing operations available to common stockholders of $72.6 million ($0.60 per share). • Q4 2025 liquidity of $589.6 million2.
- ENTERED INTO 12 NEW FIXTURES ON A FORWARD BASIS OF UP TO 3 YEARS – INCREMENTAL CONTRACTED REVENUES OF $940 MILLION / FULLY EMPLOYED CONTAINERSHIP FLEET FOR 20263 • 96% and 92% of the containership fleet4 fixed for 2026 and 2027, respectively. • Increase in contracted revenues of approximately $940 million, stemming from forward fixing of: o Five 14,400 TEU-capacity vessels (minimum period of 8 years). o Four 5,000 TEU-capacity vessels (minimum period of approximately 3 years). o Two 9,400 TEU-capacity vessels (minimum period of approximately 3 years). o One 4,200 TEU-capacity vessel (minimum period of 3 years). • For all forward fixtures, a TEU-weighted duration of approximately 6 years. • Contracted revenues for the containership fleet of approximately $3.4 billion with a TEU-weighted duration of 4.5 years5.
- LEASE FINANCING PLATFORM • Controlling interest in Neptune Maritime Leasing Limited (“NML”). • Increased our investment commitment in NML to $247.8 million, of which $182.2 million has been invested to date, representing 73.5% of our total commitment. • Growing leasing platform with 54 shipping assets6 funded or on a commitment status basis, representing total investments and commitments of more than $665.0 million, supported by what we believe is a healthy pipeline.
- DIVIDEND ANNOUNCEMENTS • On January 2, 2026, the Company declared a dividend of $0.115 per share on the common stock, which was paid on February 5, 2026, to holders of record of common stock as of January 20, 2026. • On January 2, 2026, 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 January 15, 2026, to holders of record as of January 14, 2026.
Executing on our strategy of securing long-term cash flows from high-quality counterparties in a healthy market environment, we have forward-chartered 12 vessels, from 4,000 to 14,000 TEUs, all commencing over the next three years, with a TEU weighted average duration of six years. Incremental contracted revenues from the new charters amount to approximately $940 million.
As a consequence, the fleet employment now stands at 96% and 92% for 2026 and 2027, respectively. Total contracted revenues have reached $3.4 billion, with a remaining time charter duration of 4.5 years.
With an idle fleet of less than 1%, the charter market remains strong with continued high demand for tonnage and limited supply of ships available for charter due to the ongoing shortage of prompt ships.
With respect to Neptune Maritime Leasing, in which we hold a controlling interest, 54 shipping assets have been funded or are on a commitment status basis, with total investments and commitments exceeding $665 million.”
Non-GAAP Measures The Company reports its financial results in accordance with U.S. GAAP. However, management believes that certain non-GAAP financial measures used in managing the business may provide users of these financial measures additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. The tables below set out supplemental financial data and corresponding reconciliations to GAAP financial measures for the relevant periods. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, voyage revenue, net income or other measures 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.
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 our 8.875% Series E Cumulative Redeemable Perpetual Preferred Stock (“Series E Preferred Stock”) and Non-Controlling Interest, but before non-cash “Accrued charter revenue” recorded under charters with escalating or descending charter rates, amortization of time-charter assumed, amortization of deferred revenue, realized (gain)/loss on Euro/USD forward contracts, non-recurring, non-cash write-off of loan deferred financing costs, general and administrative expenses – non-cash component, (gain)/loss on derivative instruments, excluding realized (gain)/loss on derivative instruments and other non-cash items.
“Accrued charter revenue” 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.
(1)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.
Results of Continuing Operations Three-month period ended December 31, 2025 compared to the three-month period ended December 31, 2024
Following the spin-off of the dry bulk business (consisting of Costamare’s dry bulk owned fleet and Costamare Bulkers Inc. (“CBI”)) on May 6, 2025, the results of the dry bulk business are reported as discontinued operations for the relevant periods presented. The discussion below focuses on the results from continuing operations.
During the three-month periods ended December 31, 2025 and 2024, we had an average of 69.0 and 68.0 container vessels, respectively, in our owned fleet.
As of December 31, 2025, we have invested in Neptune Maritime Leasing Limited (“NML”) the amount of $182.2 million.
In the three-month periods ended December 31, 2025 and 2024, our fleet ownership days totaled 6,348 and 6,256 days, respectively. Ownership days are one of the primary drivers of voyage revenue and vessels’ operating expenses and represent the aggregate number of days in a period during which each vessel in our fleet is owned.
Voyage Revenue Voyage revenue decreased by 6.9%, or $15.0 million, to $202.7 million during the three-month period ended December 31, 2025, from $217.7 million during the three-month period ended December 31, 2024. The decrease period over period is mainly attributable to (i) the net decreased charter rates in certain of our vessels, (ii) the lower accounting revenue recorded for two of our vessels that are classified as sale type leases and (iii) the increased idle and off-hire days of our fleet (mainly due to scheduled dry-dockings) during the three-month period ended December 31, 2025 compared to the three-month period ended December 31, 2024; partly offset by (i) the contractual reimbursements from certain of our charterers for EU Emissions Allowances (“EUAs”) and Fuel EU Maritime penalties and (ii) the revenue earned by one container vessel acquired during the third quarter of 2025.
Voyage revenue adjusted on a cash basis (which eliminates non-cash “Accrued charter revenue”, amortization of time-charter assumed and amortization of deferred revenue) decreased by 6.3%, or $13.4 million, to $200.2 million during the three-month period ended December 31, 2025, from $213.6 million during the three-month period ended December 31, 2024.
Income from investments in leaseback vessels Income from investments in leaseback vessels was $9.3 million and $6.3 million for the three-month periods ended December 31, 2025 and 2024, respectively. Income from investments in leaseback vessels increased, period over period, due to the increased volume of NML’s operations during the three-month period ended December 31, 2025 compared to the three-month period ended December 31, 2024. NML acquires, owns and bareboat charters out vessels through its wholly-owned subsidiaries.
Voyage Expenses Voyage expenses were $14.2 million and $6.1 million for the three-month periods ended December 31, 2025 and 2024, respectively. Voyage expenses increased, period over period, mainly due to the recognition of costs associated with EUAs, Fuel EU Maritime penalties and an increase in relevant expenses. However, a significant portion of these costs are contractually reimbursed by the charterers, as discussed in “Voyage Revenue”, 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.
Voyage Expenses – related parties Voyage expenses – related parties were $2.6 million and $3.0 million for the three-month periods ended December 31, 2025 and 2024, respectively. Voyage expenses – related parties represent (i) fees of 1.25%, in the aggregate, on voyage revenues earned by our owned fleet charged by a related manager and a related service provider and (ii) charter brokerage fees payable to two related charter brokerage companies for an amount of approximately $0.2 million and $0.4 million, in the aggregate, for the three-month periods ended December 31, 2025 and 2024, respectively.
Vessels’ Operating Expenses Vessels’ operating expenses, which also include the realized gain/(loss) under derivative contracts entered into in relation to foreign currency exposure, were $42.4 million and $39.2 million during the three-month periods ended December 31, 2025 and 2024, respectively. Daily vessels’ operating expenses were $6,676 and $6,263 for the three-month periods ended December 31, 2025 and 2024, respectively. Daily operating expenses are calculated as vessels’ operating expenses for the period over the ownership days of the period.
General and Administrative Expenses General and administrative expenses were $3.6 million and $4.2 million during the three-month periods ended December 31, 2025 and 2024, respectively, and include amounts of $0.67 million and $0.67 million, respectively, that were paid to a related service provider.
Management Fees – related parties Management fees charged by our related party managers were $7.4 million and $7.2 million during the three-month periods ended December 31, 2025 and 2024, respectively. The amounts charged by our related party managers include amounts paid to third party managers of $1.5 million and $1.4 million for the three-month periods ended December 31, 2025 and 2024, respectively.
General and Administrative Expenses – non-cash component General and administrative expenses – non-cash component for the three-month period ended December 31, 2025 amounted to $2.4 million, representing the value of the shares issued to a related service provider on December 30, 2025. General and administrative expenses – non-cash component for the three-month period ended December 31, 2024 amounted to $1.9 million, representing the value of the shares issued to a related service provider on December 30, 2024.
Amortization of Dry-Docking and Special Survey Costs Amortization of deferred dry-docking and special survey costs was $5.3 million and $4.6 million during the three-month periods ended December 31, 2025 and 2024, respectively. During the three-month period ended December 31, 2025, four vessels underwent and completed their special surveys, and two vessels were in the process of completing their special surveys. During the three-month period ended December 31, 2024, one vessel underwent and completed her special survey, and one vessel was in the process of completing her special survey.
Depreciation Depreciation expense for the three-month periods ended December 31, 2025 and 2024 was $33.4 million and $31.9 million, respectively.
Interest Income Interest income amounted to $3.8 million and $6.8 million for the three-month periods ended December 31, 2025 and 2024, respectively.
Interest and Finance Costs Interest and finance costs were $24.5 million and $27.6 million during the three-month periods ended December 31, 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 December 31, 2025, compared to the three-month period ended December 31, 2024.
Loss on Derivative Instruments, net As of December 31, 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 “Other Comprehensive Income” (“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.
As of December 31, 2025, the fair value of these instruments, in aggregate, amounted to a net asset of $14.6 million. During the three-month period ended December 31, 2025, the change in the fair value (fair value as of December 31, 2025 compared to the fair value as of September 30, 2025) of the derivative instruments that qualify for hedge accounting resulted in a net loss of $1.8 million, which has been included in OCI. Furthermore, during the three-month period ended December 31, 2025 the change in the fair value (fair value as of December 31, 2025 compared to the fair value as of September 30, 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 loss of $1.1 million, which has been included in Loss on Derivative Instruments, net.
Cash Flows from Continuing Operations Three-month periods ended December 31, 2025 and 2024 Following the spin-off of the dry bulk business on May 6, 2025, the cash flows of the dry bulk business are reported as discontinued operations for the relevant periods presented. The discussion below focuses on the cash flows from continuing operations.
Net Cash Provided by Operating Activities Net cash flows provided by operating activities for the three-month period ended December 31, 2025 decreased by $27.3 million to $118.1 million, from $145.4 million for the three-month period ended December 31, 2024. The decrease is mainly attributable to decreased net cash from operations during the three-month period ended December 31, 2025 compared to the three-month period ended December 31, 2024 and the increased special survey costs during the three-month period ended December 31, 2025 compared to the three-month period ended December 31, 2024; partly offset by the favorable change in working capital position, excluding the current portion of long-term debt and the accrued charter revenue (representing the difference between cash received in that period and revenue recognized on a straight-line basis) and by the decrease in interest payments (including interest derivatives net receipts) during the three-month period ended December 31, 2025 compared to the three-month period ended December 31, 2024.
Net Cash Used in Investing Activities Net cash used in investing activities was $26.7 million in the three-month period ended December 31, 2025, which mainly consisted of (i) advance payments for the construction of two newbuild container vessels, (ii) payments for upgrades for certain of our container vessels and (iii) payments for the purchase of short-term investments in U.S. Treasury Bills; partly offset by net receipts for net investments into which NML entered.
Net cash used in investing activities was $6.9 million in the three-month period ended December 31, 2024, which mainly consisted of net payments for net investments into which NML entered and payments for upgrades for certain of our container vessels.
Net Cash Used in Financing Activities Net cash used in financing activities was $90.7 million in the three-month period ended December 31, 2025, which mainly consisted of (i) $68.7 million of net payments relating to our debt financing agreements (including proceeds of $372.0 million we received from three debt financing agreements), (ii) $13.8 million we paid for dividends to holders of our common stock for the third quarter of 2025 and (iii) $0.9 million we paid for dividends to holders of our 7.625% Series B Cumulative Redeemable Perpetual Preferred Stock (“Series B Preferred Stock”), $2.1 million we paid for dividends to holders of our 8.500% Series C Cumulative Redeemable Perpetual Preferred Stock (“Series C Preferred Stock”) and $2.2 million we paid for dividends to holders of our 8.75% Series D Cumulative Redeemable Perpetual Preferred Stock (“Series D Preferred Stock”) for the period from July 15, 2025 to October 14, 2025.
Net cash used in financing activities was $269.5 million in the three-month period ended December 31, 2024, which mainly consisted of (i) $144.4 million net payments relating to our debt financing agreements and finance lease liability agreement (including proceeds of $21.4 million we received from four debt financing agreements), (ii) $105.0 million we paid for the full prepayment of our unsecured bond loan, (iii) $13.7 million we paid for dividends to holders of our common stock for the third quarter of 2024 and (iv) $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 and $2.2 million we paid for dividends to holders of our Series D Preferred Stock for the period from July 15, 2024 to October 14, 2024.
Results of Continuing Operations Year ended December 31, 2025 compared to the year ended December 31, 2024 Following the spin-off of the dry bulk business (consisting of Costamare’s dry bulk owned fleet and CBI) on May 6, 2025, the cash flows of the dry bulk business are reported as discontinued operations for the relevant periods presented. The discussion below focuses on the results from continuing operations.
During the years ended December 31, 2025 and 2024, we had an average of 68.3 and 68.0 container vessels, respectively, in our owned fleet.
During the year ended December 31, 2025, we acquired and accepted delivery of the secondhand container vessel Maersk Puelo with a capacity of 6,541 TEU.
As of December 31, 2025, we have invested in NML the amount of $182.2 million.
In the years ended December 31, 2025 and 2024, our fleet ownership days totaled 24,934 and 24,888 days, respectively. Ownership days are one of the primary drivers of voyage revenue and vessels’ operating expenses and represent the aggregate number of days in a period during which each vessel in our fleet is owned.
Voyage Revenue Voyage revenue decreased by 2.1%, or $17.8 million, to $846.7 million during the year ended December 31, 2025, from $864.5 million during the year ended December 31, 2024. The decrease period over period is mainly attributable to (i) the lower accounting revenue recorded for two of our vessels classified as sale type leases and (ii) the net decreased charter rates in certain of our vessels; partly offset by (i) the contractual reimbursements from certain of our charterers for EUAs and Fuel EU Maritime penalties and (ii) the revenue earned by one container vessel acquired during the third quarter of 2025.
Voyage revenue adjusted on a cash basis (which eliminates non-cash “Accrued charter revenue”, amortization of time-charter assumed and amortization of deferred revenue) decreased by 1.5%, or $12.5 million, to $845.7 million during the year ended December 31, 2025, from $858.2 million during the year ended December 31, 2024.
Income from investments in leaseback vessels Income from investments in leaseback vessels was $31.2 million and $23.9 million for the years ended December 31, 2025 and 2024, respectively. Income from investments in leaseback vessels increased, period over period, due to the increased volume of NML’s operations during the year ended December 31, 2025 compared to the year ended December 31, 2024. NML acquires, owns and bareboat charters out vessels through its wholly-owned subsidiaries.
Voyage Expenses Voyage expenses were $52.0 million and $25.8 million for the years ended December 31, 2025 and 2024, respectively. Voyage expenses increased, period over period, mainly due to the recognition of costs associated with EUAs, Fuel EU Maritime penalties and an increase in relevant expenses. However, a significant portion of these costs are contractually reimbursed by the charterers, as discussed in “Voyage Revenue”, 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.
Voyage Expenses – related parties Voyage expenses – related parties were $11.3 million and $12.2 million for the year ended December 31, 2025 and 2024, respectively. Voyage expenses – related parties represent (i) fees of 1.25%, in the aggregate, on voyage revenues earned by our owned fleet charged by a related manager and a related service provider and (ii) charter brokerage fees payable to two related charter brokerage companies for an amount of approximately $1.2 million and $1.5 million, in the aggregate, for the years ended December 31, 2025 and 2024, respectively.
Vessels’ Operating Expenses Vessels’ operating expenses, which also include the realized gain/(loss) under derivative contracts entered into in relation to foreign currency exposure, were $162.5 million and $157.9 million during the years ended December 31, 2025 and 2024, respectively. Daily vessels’ operating expenses were $6,516 and $6,345 for the years ended December 31, 2025 and 2024, respectively. Daily operating expenses are calculated as vessels’ operating expenses for the period over the ownership days of the period.
General and Administrative Expenses General and administrative expenses were $13.0 million and $16.3 million during the years ended December 31, 2025 and 2024, respectively, and include amounts of $2.7 million and $2.7 million, respectively, that were paid to a related service provider.
Management Fees – related parties Management fees charged by our related party managers were $28.9 million and $28.6 million during the years ended December 31, 2025 and 2024, respectively. The amounts charged by our related party managers include amounts paid to third party managers of $5.7 million and $6.3 million for the years ended December 31, 2025 and 2024, respectively.
General and Administrative Expenses – non-cash component General and administrative expenses – non-cash component for the year ended December 31, 2025 amounted to $7.0 million, representing the value of the shares issued to a related service provider on March 31, 2025, on June 30, 2025, on September 30, 2025 and on December 30, 2025. General and administrative expenses – non-cash component for the year ended December 31, 2024 amounted to $8.4 million, representing the value of the shares issued to a related service provider on March 29, 2024, on June 28, 2024, on September 30, 2024 and on December 30, 2024.
Amortization of Dry-Docking and Special Survey Costs Amortization of deferred dry-docking and special survey costs was $19.8 million and $17.3 million during the years ended December 31, 2025 and 2024, respectively. During the year ended December 31, 2025, 12 vessels underwent and completed their special surveys, and two vessels were in the process of completing their special surveys. During the year ended December 31, 2024, seven vessels underwent and completed their special surveys, and one vessel was in the process of completing her special survey.
Depreciation Depreciation expense for the years ended December 31, 2025 and 2024 was $129.5 million and $126.8 million, respectively.
Interest Income Interest income amounted to $19.3 million and $31.7 million for the years ended December 31, 2025 and 2024, respectively.
Interest and Finance Costs Interest and finance costs were $91.4 million and $109.6 million during the years ended December 31, 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 year ended December 31, 2025, compared to the year ended December 31, 2024.
Gain / (Loss) on Derivative Instruments, net As of December 31, 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.
As of December 31, 2025, the fair value of these instruments, in aggregate, amounted to a net asset of $14.6 million. During the year ended December 31, 2025, the change in the fair value (fair value as of December 31, 2025 compared to the fair value as of December 31, 2024) of the derivative instruments that qualify for hedge accounting resulted in a loss of $17.6 million, which has been included in OCI. Furthermore, during the year ended December 31, 2025, the change in the fair value (fair value as of December 31, 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 year, resulted in a net gain of $11.4 million, which has been included in Gain / (Loss) on Derivative Instruments, net.
Cash Flows from Continuing Operations Years ended December 31, 2025 and 2024 Following the spin-off of the dry bulk business on May 6, 2025, the cash flows of the dry bulk business (consisting of Costamare’s dry bulk owned fleet and CBI) are reported as discontinued operations for the relevant periods presented. The discussion below focuses on the cash flows from continuing operations.
Net Cash Provided by Operating Activities Net cash flows provided by operating activities for the year ended December 31, 2025 decreased by $50.0 million to $536.9 million, from $586.9 million for the year ended December 31, 2024. The decrease is mainly attributable to the decreased net cash from operations during the year ended December 31, 2025 compared to the year ended December 31, 2024, 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 increased special survey costs during the year ended December 31, 2025 compared to the year ended December 31, 2024; partly offset by the decrease in interest payments (including interest derivatives net receipts) during the year ended December 31, 2025 compared to the year ended December 31, 2024.
Net Cash Used in Investing Activities Net cash used in investing activities was $179.0 million in the year ended December 31, 2025, which mainly consisted of (i) advance payments for the construction of six newbuild container vessels, (ii) the payment for the acquisition of the secondhand container vessel Maersk Puelo, (iii) payments for upgrades for certain of our container vessels and (iv) payments for net investments into which NML entered.
Net cash used in investing activities was $32.8 million in the year ended December 31, 2024, which mainly consisted of (i) payments for upgrades for certain of our container vessels and (ii) payments for net investments into which NML entered.
Net Cash Used in Financing Activities Net cash used in financing activities was $507.6 million in the year ended December 31, 2025, which mainly consisted of (i) $331.4 million net payments relating to our debt financing agreements and finance lease liability agreement (including proceeds of $507.2 million we received from seven debt financing agreements), (ii) $100.0 million transferred to the spun-off entities, (iii) $55.0 million we paid for dividends to holders of our common stock for the fourth quarter of 2024, the first quarter of 2025, the second quarter of 2025 and the third quarter of 2025 and (iv) $3.8 million we paid for dividends to holders of our Series B Preferred Stock, $8.4 million we paid for dividends to holders of our Series C Preferred Stock and $8.7 million we paid for dividends to holders of our Series D Preferred Stock for the periods from October 15, 2024 to January 14, 2025, January 15, 2025 to April 14, 2025, April 15, 2025 to July 14, 2025 and July 15, 2025 to October 14, 2025.
Net cash used in financing activities was $613.9 million in the year ended December 31, 2024, which mainly consisted of (i) $319.5 million net payments relating to our debt financing agreements and finance lease liability agreement (including proceeds of $135.0 million we received from 12 debt financing agreements), (ii) $116.0 million we paid, in aggregate, for the full redemption of our 8.875% Series E Cumulative Redeemable Perpetual Preferred Stock (“Series E Preferred Stock”), (iii) $105.0 million we paid, for the full prepayment of our unsecured bond loan, (iv) $43.6 million we paid for dividends to holders of our common stock for the fourth quarter of 2023, the first quarter of 2024, the second quarter of 2024 and the third quarter of 2024 and (v) $3.8 million we paid for dividends to holders of our Series B Preferred Stock, $8.5 million we paid for dividends to holders of our Series C Preferred Stock, $8.7 million we paid for dividends to holders of our Series D Preferred Stock for the periods from October 15, 2023 to January 14, 2024, January 15, 2024 to April 14, 2024, April 15, 2024 to July 14, 2024 and July 15, 2024 to October 14, 2024 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.
Liquidity and Unencumbered Vessels Cash and cash equivalents As of December 31, 2025, we had Cash and cash equivalents (including restricted cash) of $570.3 million and $19.3 million invested in short-dated U.S. Treasury Bills (short-term investments).
Debt-free vessels As of February 17, 2026, the following vessels were free of debt. Source: Costamare Inc.
