Few would see themselves upside down in the in the engine compartment, straining to reach a dislodged pump down in the bilge.

Ahhh, good times. Thats how I started my maiden voyage of 2012, crawling headfirst into a space better suited for a puppy than full-size me.

The good news: After several painful attempts to slide the dislodged bilge pump back into its housing–providing ample practice in truly cursing like a sailor–I was able to slap the sucker back into place. I truly amazed myself by fixing one of several problems that developed over the vessels long winters nap.

This is one of the things they dont tell you in the sales offices where you buy big-ticket items like boats, cars or even houses, for that matter.

When theyre new, everythings great, all cookies and cream.

The vehicles start each time you turn the key and run until you put them away. And neither the roof nor the basement of the house dares to spring a leak.

But let a few years go by, say a decade or so, and stuff just starts to go bad. Especially in a boat, which true skeptics define as a hole in the water into which you dump money.

Others use an unfortunately often-apt acronym to define owning an aging vessel: BOAT–Break Out a Thousand.

The good news: She (no editorial comment here on the use of the feminine pronoun) started the first time and ran like a top. That was truly welcome after a summer last year when she missed as often as hit.

Veteran boat owners–Shouldnt we have our own support group?–have either developed a practical mindset about the frequent problems of aging boats, or theyve simply sold them. The latter is what some say is the second-happiest day of boat ownership, edged out only by the rosy glow of that day when they bought Old (no longer) Faithful.

ATHENS, GREECE, May 08, 2012 (MARKETWIRE via COMTEX) –
Costamare Inc. (“Costamare” or the “Company”)

/quotes/zigman/711629/quotes/nls/cmre CMRE
-3.30%

today
reported unaudited financial results for the first quarter ended
March 31, 2012.

Financial Highlights

— Voyage revenues of $100.0 million for the three months ended March 31,
2012.
— Voyage revenues adjusted on a cash basis of $100.5 million for the
three months ended March 31, 2012.
— Adjusted EBITDA of $67.1 million for the three months ended March 31,
2012.
— Net income of $24.5 million or $0.40 per share for the three months
ended March 31, 2012.
— Adjusted Net Income of $25.2 million or $0.41 per share for the three
months ended March 31, 2012.

New Business Developments

-- Agreed to sell two 1984-built vessels and purchase two 1998-built
vessels. The newer vessels will replace the vessels sold under their
respective charters, and the older vessels will be sold for demolition.
In particular, the Company has agreed the following:
i. To purchase the 1998-built, 3,842 TEU containership Bunga Raya Dua
(to be renamed Koroni)
ii. To purchase the 1998-built, 3,842 TEU containership Bunga Raya Satu
(to be renamed Kyparissia)
iii.To sell the 1984-built, 2,922 TEU containership Gifted
iv. To sell the 1984-built, 2,922 TEU containership Genius I

The total acquisition cost for the two vessels is approximately
$24.9 million and will be partly funded with debt drawn from a
currently committed and undrawn credit facility. The total sale
price for the Gifted and Genius I is approximately $12.3 million.

The newly acquired vessels are expected to be delivered within May
2012 and will replace the Gifted and Genius I in their respective
charter party agreements. At the same time, the Company and the
charterers have agreed to extend these two charters for period of
approximately 18 months, starting from November 2012, at an average
daily rate of approximately $11,150.

-- Entered into an agreement, in March 2012, to time charter the
2010-built, 8,531 TEU containership Hyundai Navarino to Evergreen
Marine (Hong Kong) Ltd. ("Evergreen") for a period of approximately 18
months at a daily rate of $30,950. The vessel commenced its charter
with Evergreen in April 2012.

-- Entered into an agreement to sell the 1984-built, 2,922 TEU
containership Gather for demolition for a sale price of approximately
$6.1 million. The vessel was delivered to its buyers on March 19,
2012. The Company further agreed with Evergreen to substitute the
1992-built, 3,351 TEU containership Marina in the time charter of
containership Gather. In addition, the time charter with Evergreen has
been extended as from November 9, 2012 for a further period of
approximately 6 months at a daily rate of $8,000.

-- Entered into agreements to extend the following three time charters:

i. The time charter agreement with Mediterranean Shipping Company, S.A.
("MSC") for the 1995-built, 1,162 TEU containership Zagora has been
extended as from May 1, 2012 for a further period of approximately
12 months at a daily rate of $5,500;
ii. The time charter agreement with TS Lines Limited (HK) for the 1996-
built, 1,504 TEU containership Prosper has been extended as from
March 15, 2012 for a minimum of two and a maximum of four additional
months at a daily rate of $6,000;
iii.The time charter agreement with Sea Consortium Pte Ltd for the 1991-
built, 3,351 TEU containership Karmen has been extended as from
April 1, 2012 for a minimum of two months and a maximum of four
months, at a daily rate of $6,900.

Follow-On Offering

-- In March 2012, the Company completed a follow-on public offering of
7.5 million shares of its common stock at $14.10 per share. The gross
proceeds from the offering before the underwriting discount and other
offering expenses were approximately $105.8 million. Members of the
Konstantakopoulos family, who in the aggregate own a majority of the
common stock of the Company, agreed to purchase 750,000 shares in the
offering.

Dividend Announcements

-- On April 19, 2012, the Company declared a dividend for the first
quarter ended March 31, 2012, of $0.27 per share, payable on May 9,
2012 to stockholders of record at the close of trading of the
Company's common stock on the New York Stock Exchange on April 30,
2012. This was the Company's sixth consecutive quarterly dividend
since it commenced trading on the New York Stock Exchange.

Mr. Gregory Zikos, Chief Financial Officer of Costamare Inc.,
commented:

"During the first quarter of the year, the Company continued to
deliver positive results.

"Since the beginning of 2012, we have been prudently renewing our
fleet by taking advantage of attractive steel prices and charter-free
values. At the same time, we have reduced our re-chartering risk with
only four vessels coming out of charter during the year, excluding
two vessels for which the charterer has the option to extend. The
charters for those four vessels account for less than 2% of our 2012
contracted revenues.

"In March, we completed a follow-on public equity offering with net
proceeds of approximately $ 100 million. The Konstantakopoulos family
participated by buying 10% of the shares. We will be selective in our
investments, as we have been in the past. We remain returns-oriented
and will not seek growth at unjustified prices by assuming excessive
market risk.

"Finally, on April 19, we declared a dividend for the first quarter
of $ 0.27 per share. Consistent with our dividend policy, we continue
to offer an attractive dividend, which we consider to be sustainable
based on the quality of our charterers and the prudent amortization
of our debt.

"Going forward, we value optionality. Our contracted cash flow,
combined with our conservative capital structure, put us in a
position to execute quickly, should attractive opportunities arise in
a down market, or to remain firm and benefit from the upside of a
healthy market environment."

Financial Summary

Three-month period ended
March 31,
---------------------------
(Expressed in thousands of U.S. dollars, except
share and per share data): 2011 2012
------------- -------------

Voyage revenue $ 85,961 $ 100,031
Accrued charter revenue (1) $ 7,988 $ 505
Voyage revenue adjusted on a cash basis (2) $ 93,949 $ 100,536

Adjusted EBITDA (3) $ 61,305 $ 67,095

Adjusted Net Income (3) $ 22,396 $ 25,178
Weighted Average number of shares 60,300,000 61,124,176
Adjusted Earnings per share (3) $ 0.37 $ 0.41

EBITDA (3) $ 56,857 $ 66,451
Net Income $ 17,948 $ 24,534
Weighted Average number of shares 60,300,000 61,124,176
Earnings per share $ 0.30 $ 0.40

(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.
(2) Voyage revenue adjusted on a cash basis represents Voyage revenue after
adjusting for non-cash "Accrued charter revenue" recorded under charters
with escalating charter rates. However, Voyage revenue adjusted on a
cash basis is not a recognized measurement under U.S. generally accepted
accounting principles, or "GAAP." We believe that the presentation of
Voyage revenue adjusted on a cash basis is useful to investors because
it presents the charter revenue for the relevant period based on the
then current daily charter rates. The increases or decreases in daily
charter rates under our charter party agreements are described in the
notes to the "Fleet List" below.
(3) Adjusted net income, adjusted earnings per share, EBITDA and adjusted
EBITDA are non-GAAP measures. Refer to the reconciliation of net income
to adjusted net income and net income to EBITDA and adjusted EBITDA
below.

Non-GAAP Measures

The Company reports its financial results in accordance with U.S.
generally accepted accounting principles (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. Tables below set out
supplemental financial data and corresponding reconciliations to GAAP
financial measures for the three-month periods ended March 31, 2012
and March 31, 2011. Non-GAAP financial measures should be viewed in
addition to, and not as an alternative for, the Company's reported
results prepared in accordance with GAAP. Non-GAAP financial measures
include (i) Voyage revenue adjusted on a cash basis (reconciled
above), (ii) Adjusted Net Income, (iii) Adjusted earnings per share,
(iv) EBITDA and (v) Adjusted EBITDA.

Reconciliation of Net Income to Adjusted Net Income

Three-month period ended
March 31,
--------------------------
(Expressed in thousands of U.S. dollars, except
share and per share data) 2011 2012
------------ ------------

Net Income $ 17,948 $ 24,534
Accrued charter revenue 7,988 505
Loss on sale/disposal of vessels - 2,801
Realized (Gain) Loss on Euro/USD forward
contracts (6) 368
Gain on derivative instruments (4,731) (3,030)
Initial purchases of consumable stores for newly
acquired vessels 1,197 -

------------ ------------
Adjusted Net income $ 22,396 $ 25,178
============ ============
Adjusted Earnings per Share $ 0.37 $ 0.41
============ ============
Weighted average number of shares 60,300,000 61,124,176
============ ============

Adjusted Net income and Adjusted Earnings per Share represent net
income before gain/(loss) on sale of vessels, non-cash changes in
fair value of derivatives, non-cash "Accrued charter revenue"
recorded under charters with escalating charter rates and the cash of
partial purchases of consumable shares for newly acquired vessels.
"Accrued charter revenue" is attributed to the timing difference
between the revenue recognition and the cash collection. However,
Adjusted Net income and Adjusted Earnings per Share are not
recognized measurements under U.S. generally accepted accounting
principles, or "GAAP." We believe that the presentation of Adjusted
Net income and Adjusted Earnings per Share are useful to investors
because they are frequently used by securities analysts, investors
and other interested parties in the evaluation of companies in our
industry. We also believe that Adjusted Net income and Adjusted
Earnings per Share are useful in evaluating our ability to service
additional debt and make capital expenditures. In addition, we
believe that Adjusted Net income and Adjusted Earnings per Share are
useful in evaluating our operating performance and liquidity position
compared to that of other companies in our industry because the
calculation of Adjusted Net income and Adjusted Earnings per Share
generally eliminates the effects of the accounting effects of capital
expenditures and acquisitions, certain hedging instruments and other
accounting treatments, items which may vary for different companies
for reasons unrelated to overall operating performance and liquidity.
In evaluating Adjusted Net income and Adjusted Earnings per Share,
you should be aware that in the future we may incur expenses that are
the same as or similar to some of the adjustments in this
presentation. Our presentation of Adjusted Net income and Adjusted
Earnings per Share should not be construed as an inference that our
future results will be unaffected by unusual or non-recurring items.

Reconciliation of Net Income to Adjusted EBITDA

Three-month period ended
March 31,
--------------------------
(Expressed in thousands of U.S. dollars) 2011 2012
------------ ------------

Net Income $ 17,948 $ 24,534
Interest and finance costs 18,744 20,240
Interest income (191) (284)
Depreciation 18,445 20,013
Amortization of dry-docking and special survey
costs 1,911 1,948
------------ ------------
EBITDA 56,857 66,451
------------ ------------
Accrued charter revenue 7,988 505
Loss on sale/disposal of vessels - 2,801
Realized (Gain) Loss on Euro/USD forward
contracts (6) 368
Gain on derivative instruments (4,731) (3,030)
Initial purchases of consumable stores for newly
acquired vessels 1,197 -
------------ ------------
Adjusted EBITDA $ 61,305 $ 67,095
============ ============

EBITDA represents net income before interest and finance costs,
interest income, depreciation and amortization of deferred
dry-docking & special survey costs. Adjusted EBITDA represents net
income before interest and finance costs, interest income,
depreciation, amortization of deferred dry-docking & special survey
costs, gain/(loss) on sale of vessels, non-cash changes in fair value
of derivatives, non-cash "Accrued charter revenue" recorded under
charters with escalating charter rates and the cash of partial
purchases of consumable stores for newly acquired vessels. "Accrued
charter revenue" is attributed to the time difference between the
revenue recognition and the cash collection. However, EBITDA and
Adjusted EBITDA are not recognized measurements under U.S. generally
accepted accounting principles, or "GAAP." We believe that the
presentation of EBITDA and Adjusted EBITDA 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 EBITDA and Adjusted EBITDA are useful
in evaluating our ability to service additional debt and make capital
expenditures. In addition, we believe that EBITDA and Adjusted EBITDA
are useful in evaluating our operating performance and liquidity
position compared to that of other companies in our industry because
the calculation of EBITDA and Adjusted EBITDA generally eliminates
the effects of financings, income taxes and the accounting effects of
capital expenditures and acquisitions, items which may vary for
different companies for reasons unrelated to overall operating
performance and liquidity. In evaluating EBITDA and Adjusted EBITDA,
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 EBITDA and Adjusted EBITDA should
not be construed as an inference that our future results will be
unaffected by unusual or non-recurring items.

Note: Items to consider for comparability include gains and charges.
Gains positively impacting net income are reflected as deductions to
net income. Charges negatively impacting net income are reflected as
increases to net income.

Results of Operations

Three-month period ended March 31, 2012 compared to the three-month
period ended March 31, 2011

During the three-month periods ended March 31, 2012 and 2011, we had
an average of 46.5 and 45.5 vessels, respectively, in our fleet. In
the three-month period ended March 31, 2012, we accepted delivery of
the secondhand vessel MSC Ulsan with a TEU capacity of 4,132, and we
sold the vessel Gather, with a TEU capacity of 2,922. In the
three-month period ended March 31, 2011, we accepted delivery of
eight secondhand vessels with an aggregate TEU capacity of 17,458. In
the three-month periods ended March 31, 2012 and 2011, our fleet
ownership days totaled 4,227 and 4,099 days, respectively. Ownership
days are the primary driver 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.

(Expressed in millions of U.S. Three-month period
dollars, ended
except percentages) March 31,
--------------------
Percentage
2011 2012 Change Change
--------- ---------

Voyage revenue $ 86.0 $ 100.0 $ 14.0 16.3%
Voyage expenses (1.1) (0.7) (0.4) (36.4%)
Voyage expenses - related
parties (0.6) (0.7) 0.1 16.7%
Vessels operating expenses (27.5) (27.7) 0.2 0.7%
General and administrative
expenses (1.2) (0.9) (0.3) (25.0%)
Management fees - related
parties (3.5) (3.7) 0.2 5.7%
Amortization of dry-docking
and special survey costs (1.9) (1.9) - -
Depreciation (18.4) (20.0) 1.6 8.7%
Loss on sale/disposal of
vessels - (2.8) 2.8 100.0%
Foreign exchange gains 0.1 0.1 - -
Interest income 0.2 0.2 - -
Interest and finance costs (18.8) (20.3) 1.5 8.0%
Other (0.1) (0.1) - -
Gain on derivative instruments 4.7 3.0 (1.7) (36.2%)
--------- ---------
Net Income $ 17.9 $ 24.5 $ 6.6 36.9%
========= =========

(Expressed in millions of U.S. Three-month period
dollars, ended
except percentages) March 31,
---------------------
Percentage
2011 2012 Change Change
---------- ----------

Voyage revenue $ 86.0 $ 100.0 $ 14.0 16.3%
Accrued charter revenue 8.0 0.5 (7.5) (93.8%)
---------- ----------
Voyage revenue adjusted on a
cash basis $ 94.0 $ 100.5 $ 6.5 6.9%
========== ==========

Three-month period
ended
Fleet operational data March 31,
---------------------
Percentage
2011 2012 Change Change
---------- ----------

Average number of vessels 45.5 46.5 1.0 2.2%
Ownership days 4,099 4,227 128 3.1%
Number of vessels under dry-
docking 7 2 (5) -

Voyage Revenue

Voyage revenue increased by 16.3%, or $14.0 million, to $100.0
million during the three-month period ended March 31, 2012, from
$86.0 million during the three-month period ended March 31, 2011.
This increase is mainly due to (i) increased average number of
vessels in our fleet during the three-month period ended March 31,
2012 compared to the three-month period ended March 31, 2011 and (ii)
decreased off-hire days of our fleet, resulting from the decreased
number of vessels that were dry-docked during the three-month period
ended March 31, 2012 compared to the three-month period ended March
31, 2011. Voyage revenues adjusted on a cash basis (which eliminates
non-cash "Accrued charter revenue"), increased by 6.9%, or $6.5
million, to $100.5 million during the three-month period ended March
31, 2012, from $94.0 million during the three-month period ended
March 31, 2011. The increase is attributable to the increased
ownership days of our fleet, to the decreased off-hire days,
resulting from the decreased number of vessels that were dry-docked.

Voyage Expenses

Voyage expenses decreased by 36.4%, or $0.4 million, to $0.7 million
during the three-month period ended March 31, 2012, from $1.1 million
during the three-month period ended March 31, 2011. The decrease was
primarily attributable to the decreased off-hire expenses of our
fleet, mainly bunkers consumption, and to the decreased number of
vessels that were dry-docked during the three-month period ended
March 31, 2012 compared to the three-month period ended March 31,
2011.

Voyage Expenses - related parties

Voyage expenses - related parties in the amount of $0.7 million
during the three-month period ended March 31, 2012 and in the amount
of $0.6 million during the three-month period ended March 31, 2011
represent fees of 0.75% on voyage revenues charged to us by Costamare
Shipping Company S.A. as provided under our management agreement
signed on November 4, 2010 (Initial Public Offering completion date).

Vessels' Operating Expenses

Vessels' operating expenses, which also include the realized gain/
(loss) under derivative contracts entered into in relation to foreign
currency exposure, increased by 0.7%, or $0.2 million, to $27.7
million during the three-month period ended March 31, 2012, from
$27.5 million during the three-month period ended March 31, 2011. The
increase is attributable to the increase of 3.1% of the ownership
days of our fleet offset to a great extent by more efficient
logistics achieved in the three-month period ended March 31, 2012
compared to the three-month period ended March 31, 2011.

General and Administrative Expenses

General and administrative expenses decreased by 25.0%, or $0.3
million, to $0.9 million during the three-month period ended March
31, 2012, from $1.2 million during the three-month period ended March
31, 2011. The decrease in the three-month period ended March 31, 2012
was mainly attributable to decreased legal and audit fees charged to
us compared to the three-month period ended March 31, 2011.
Furthermore, general and administrative expenses for the three-month
periods ended March 31, 2012 and March 31, 2011 include $0.25
million, respectively, for the services of the Company's officers in
aggregate charged to us by Costamare Shipping Company S.A. as
provided under our management agreement signed on November 4, 2010
(Initial Public Offering completion date).

Management Fees - related parties

Management fees paid to our managers increased by 5.7%, or $0.2
million, to $3.7 million during the three-month period ended March
31, 2012, from $3.5 million during the three-month period ended March
31, 2011. The increase was primarily attributable to the increased
fleet ownership days for the three-month period ended March 31, 2012,
compared to the three-month period ended March 31, 2011.

Amortization of Dry-docking and Special Survey Costs

Amortization of deferred dry-docking and special survey costs for the
three-month periods ended March 31, 2012 and 2011 was $1.9 million
and $1.9 million, respectively. During the three month periods ended
March 31, 2011 and 2012, 7 vessels and 2 vessels, respectively,
underwent their special survey. During the three month period ended
March 31, 2012, one completed its respective works and one was in
process. As of March 31, 2011 four completed their respective works
and three were in process.

Depreciation

Depreciation expense increased by 8.7%, or $1.6 million, to $20.0
million during the three-month period ended March 31, 2012, from
$18.4 million during the three-month period ended March 31, 2011. The
increase was primarily attributable to the depreciation expense
charged for the ten containerships that were delivered to us during
the year ended December 31, 2011 and to the one containership
delivered to us during the three-month period ended March 31, 2012,
partly offset by the depreciation expense not charged relating to the
eight vessels sold or disposed of during the year ended December 31,
2011 and the three-month period ended March 31, 2012.

Loss on Sale of Vessels

During the three-month period ended March 31, 2012, we recorded a
loss of $2.8 million mainly from the sale of one vessel. During the
three month period ended March 31, 2011, no vessels were sold.

Foreign Exchange Gains

Foreign exchange gains amounted to $0.1 million during the
three-month period ended March 31, 2012 and 2011, respectively.

Interest Income

During the three-month periods ended March 31, 2012 and March 31,
2011, interest income was $0.2 million and $0.2 million,
respectively.

Interest and Finance Costs

Interest and finance costs increased by 8.0%, or $1.5 million, to
$20.3 million during the three-month period ended March 31, 2012,
from $18.8 million during the three-month period ended March 31,
2011. The increase is partly attributable to increased interest
expense, financing costs and commitment fees charged to us mainly in
relation to new credit facilities we entered into with regards to our
newbuilding program partly off-set by the capitalized interest in
relation with our newbuilding program.

Gain (Loss) on Derivative Instruments

The fair value of our 28 interest rate derivative instruments which
were outstanding as of March 31, 2012 equates to the amount that
would be paid by us or to us should those instruments be terminated.
As of March 31, 2012, the fair value of these 28 interest rate
derivative instruments in aggregate amounted to a liability of $160.3
million. Twenty-seven of the 28 interest rate derivative instruments
that were outstanding as at March 31, 2012 qualified for hedge
accounting and the effective portion of the change in their fair
value is recorded in "Comprehensive loss". For the three-month period
ended March 31, 2012, a gain of $8.6 million has been included in
"Comprehensive loss" and a gain of $1.8 million has been included in
"Gain (loss) on derivative instruments" in the consolidated statement
of income, resulting from the fair market value change of the
interest rate derivative instruments during the three-month period
ended March 31, 2012.

Cash Flows

Three-month period ended March 31, 2012 and 2011

Three-month period ended
Condensed cash flows March 31,
--------------------------
(Expressed in millions of U.S. dollars) 2011 2012
------------ ------------
Net Cash Provided by Operating Activities $ 39.4 $ 35.4
Net Cash Used in Investing Activities $ (158.9) $ (44.4)
Net Cash Provided By (Used in) Financing
Activities $ (34.7) $ 184.7

Net Cash Provided by Operating Activities

Net cash flows provided by operating activities for the three-month
period ended March 31, 2012 decreased by $4.0 million to $35.4
million, compared to $39.4 million for the three-month period ended
March 31, 2011. The decrease was primarily attributable to (a)
unfavorable change in working capital position, excluding the current
portion of long-term debt and the accrued charter revenue
(representing the difference between cash received in that period and
revenue recognized on a straight-line basis) of $9.9 million, partly
offset by (b) increased cash from operations of $6.6 million deriving
from increased number of ownership days and escalating charter rates
and (c) decreased dry-docking payments of $2.0 million.

Net Cash Used in Investing Activities

Net cash used in investing activities was $44.4 million in the
three-month period ended March 31, 2012, which consisted of (a) $20.2
million advance payments for the construction and purchase of two
newbuild vessels, (b) $30.0 million in payments for the acquisition
of one secondhand vessel and (c) $5.8 million we received from the
sale of one vessel.

Net cash used in investing activities was $158.9 million in the
three-month period ended March 31, 2011, which consisted of (a) $96.4
million advance payments for the construction and purchase of five
newbuild vessels, (b) $74.9 million in payments for the acquisition
of eight second-hand vessels, (c) $6.3 million of advances we
received for the sale of three vessels and (d) $6.1 million we
received from the sale of governmental bonds.

Net Cash Provided By (Used in) Financing Activities

Net cash provided by financing activities was $184.7 million in the
three-month period ended March 31, 2012, which mainly consisted of
(a) $46.4 million of indebtedness that we repaid, (b) $148.1 million
we drew down from three of our credit facilities, (c) $16.3 million
we paid for dividends to our stockholders for the fourth quarter of
the year ended December 31, 2011 and (d) $100.6 million net proceeds
we received from our follow-on offering in March 2012, net of
underwriting discounts and expenses incurred in the offering.

Net cash used in financing activities was $34.7 million in the
three-month period ended March 31, 2011, which mainly consisted of
(a) $19.4 million of indebtedness that we repaid and (b) $15.1
million we paid for dividends to our stockholders for the fourth
quarter of the year ended December 31, 2010.

Liquidity and Capital Expenditures

Cash and cash equivalents

As of March 31, 2012, we had a total cash liquidity of $320.8
million, consisting of cash, cash equivalents and restricted cash.

Undrawn Credit Facilities

As of March 31, 2012 and May 7, 2012, we had a total of undrawn
credit facilities of $18.5 million.

Debt-free vessels

As of May 7, 2012, the following vessels were free of debt.

Unencumbered Vessels in the water
(refer to fleet list in page 13 for full charter details)

Year TEU
Vessel Name Built Capacity
----------------------- ------------------------ -----------------------
NAVARINO 2010 8,531
AKRITAS 1987 3,152
MSC CHALLENGER 1986 2,633
HORIZON 1991 1,068

Capital commitments

As of May 7, 2012, we had outstanding commitments relating to our
contracted newbuilds aggregating $772.5 million payable in
installments until the vessels are delivered.

Conference Call details

On Wednesday, May 9, 2012 at 8:30 a.m. EDT, Costamare's management
team will hold a conference call to discuss the financial results.

Participants should dial into the call 10 minutes before the
scheduled time using the following numbers: 1(866) 819-7111 (from the
US), 0(800) 953-0329 (from the UK) or +(44) (0) 1452 542 301 (from
outside the US). Please quote "Costamare."

A replay of the conference call will be available until May 18, 2012.
The United States replay number is 1(866) 247-4222; from the UK
0(800) 953-1533; the standard international replay number is (+44)
(0) 1452 550 000 and the access code required for the replay is:
25306424#

Live webcast

There will also be a simultaneous live webcast over the Internet,
through the Costamare Inc. website (
www.costamare.com ) under the
"Investors" section. Participants to the live webcast should register
on the website approximately 10 minutes prior to the start of the
webcast.

About Costamare Inc.

Costamare Inc. is one of the world's leading owners and providers of
containerships for charter. Costamare Inc. has 37 years of history in
the international shipping industry and a fleet of 56 containerships,
with a total capacity of approximately 326,000 TEU, including 10
newbuilds on order. Costamare Inc.'s common shares trade on The New
York Stock Exchange under the symbol "CMRE."

Forward-Looking Statements

This earnings release contains "forward-looking statements." In some
cases, you can identify these statements by forward-looking words
such as "believe", "intend", "anticipate", "estimate", "project",
"forecast", "plan", "potential", "may", "should", "could" and
"expect" and similar expressions. These statements are not historical
facts but instead represent only Costamare's belief regarding future
results, many of which, by their nature, are inherently uncertain and
outside of Costamare's control. It is possible that actual results
may differ, possibly materially, from those anticipated in these
forward-looking statements. For a discussion of some of the risks and
important factors that could affect future results, see the
discussion in Costamare Inc.'s Annual Report on Form 20-F (File No.
001-34934) under the caption "Risk Factors."

Fleet List

The tables below provide additional information, as of May 7, 2012,
about our fleet of 56 containerships, including 10 newbuilds on
order. Each vessel is a cellular containership, meaning it is a
dedicated container vessel.

Average
Daily
Charter
Rate
Until
Earliest
Expiry
Current of
Daily Charter
Time Charter Expiration (U.S.
Vessel Year Capacity Charter Hire (U.S. of dollars)
Name Charterer Built (TEU) Term(1) dollars) Charter(1) (2)
-------------------------------------------------------------------------
1 COSCO December
GUANGZHOU COSCO 2006 9,469 12 years 36,400 2017 36,400
----------------------------------------------------------------------------
2 COSCO January
NINGBO COSCO 2006 9,469 12 years 36,400 2018 36,400
----------------------------------------------------------------------------
3 COSCO February
YANTIAN COSCO 2006 9,469 12 years 36,400 2018 36,400
----------------------------------------------------------------------------
4 COSCO
BEIJING COSCO 2006 9,469 12 years 36,400 April 2018 36,400
----------------------------------------------------------------------------
5 COSCO
HELLAS COSCO 2006 9,469 12 years 37,519 May 2018 37,519
----------------------------------------------------------------------------
1.5 September
6 NAVARINO Evergreen 2010 8,531 years 30,950 2013 30,950
----------------------------------------------------------------------------
A.P.
7 MAERSK Moller- December
KAWASAKI(i) Maersk 1997 7,403 10 years 37,000 2017 37,000
----------------------------------------------------------------------------
A.P.
8 MAERSK Moller- December
KURE(i) Maersk 1996 7,403 10 years 37,000 2017 37,000
----------------------------------------------------------------------------
A.P.
9 MAERSK Moller- February
KOKURA(i) Maersk 1997 7,403 10 years 37,000 2018 37,000
----------------------------------------------------------------------------
10 MSC September
METHONI MSC 2003 6,724 10 years 29,000 2021 29,000
----------------------------------------------------------------------------
A.P.
11 SEALAND Moller-
NEW YORK Maersk 2000 6,648 11 years 30,375(3) March 2018 27,566
----------------------------------------------------------------------------
A.P.
12 MAERSK Moller-
KOBE Maersk 2000 6,648 11 years 38,179(4) May 2018 30,434
----------------------------------------------------------------------------
A.P.
13 SEALAND Moller-
WASHINGTON Maersk 2000 6,648 11 years 30,375(5) June 2018 27,701
----------------------------------------------------------------------------
A.P.
14 SEALAND Moller-
MICHIGAN Maersk 2000 6,648 11 years 25,375(6) August 2018 25,817
----------------------------------------------------------------------------
A.P.
15 SEALAND Moller- October
ILLINOIS Maersk 2000 6,648 11 years 30,375(7) 2018 27,818
----------------------------------------------------------------------------
A.P.
16 MAERSK Moller- November
KOLKATA Maersk 2003 6,644 11 years 38,490(8) 2019 32,171
----------------------------------------------------------------------------
A.P.
17 MAERSK Moller- February
KINGSTON Maersk 2003 6,644 11 years 38,461(9) 2020 32,391
----------------------------------------------------------------------------
A.P.
18 MAERSK Moller-
KALAMATA Maersk 2003 6,644 11 years 38,418(10) April 2020 32,461
----------------------------------------------------------------------------
5.3 November
19 MSC ROMANOS MSC 2003 5,050 years 28,000 2016 28,000
----------------------------------------------------------------------------
20 ZIM NEW
YORK ZIM 2002 4,992 10 years 16,205(11) July 2012 123,534
----------------------------------------------------------------------------
21 ZIM August
SHANGHAI ZIM 2002 4,992 10 years 16,205(12) 2012 80,837
----------------------------------------------------------------------------
22 ZIM PIRAEUS
(ii) ZIM 2004 4,992 10 years 18,150(13) March 2014 28,218
----------------------------------------------------------------------------
23 OAKLAND Hapag September
EXPRESS Lloyd 2000 4,890 8 years 30,500 2016 30,500
----------------------------------------------------------------------------
24 HALIFAX Hapag October
EXPRESS Lloyd 2000 4,890 8 years 30,500 2016 30,500
----------------------------------------------------------------------------
25 SINGAPORE Hapag
EXPRESS Lloyd 2000 4,890 8 years 30,500 July 2016 30,500
----------------------------------------------------------------------------
26 MSC 7.8
MANDRAKI MSC 1988 4,828 years 20,000 August 2017 20,000
----------------------------------------------------------------------------
8.2 September
27 MSC MYKONOS MSC 1988 4,828 years 20,000 2017 20,000
----------------------------------------------------------------------------
5.3
28 MSC ULSAN MSC 2002 4,132 years 16,500 March 2017 16,500
----------------------------------------------------------------------------
4.3
29 MSC ANTWERP MSC 1993 3,883 years 17,500 August 2013 17,500
----------------------------------------------------------------------------
30 MSC 3.2 February
WASHINGTON MSC 1984 3,876 years 17,250 2013 17,250
----------------------------------------------------------------------------
3.1
31 MSC KYOTO MSC 1981 3,876 years 17,250 June 2013 17,250
----------------------------------------------------------------------------
32 MSC 9.5 September
AUSTRIA MSC 1984 3,584 years 17,250(14) 2018 13,789
----------------------------------------------------------------------------
Sea 1.2
33 KARMEN Consortium 1991 3,351 years 6,900 June 2012 6,900
----------------------------------------------------------------------------
1.1
34 MARINA Evergreen 1992 3,351 years 15,200(15) April 2013 11,974
----------------------------------------------------------------------------
35 Sea
KONSTANTINA Consortium 1992 3,351 1 year 7,100 May 2012 7,100
----------------------------------------------------------------------------
Hapag
36 AKRITAS Lloyd 1987 3,152 4 years 12,500 August 2014 12,500
----------------------------------------------------------------------------
37 GIFTED November
(iii) Evergreen 1984 2,922 5 years 15,200 2012 15,200
----------------------------------------------------------------------------
38 GENIUS 3.3 November
I(iv) Evergreen 1984 2,922 years 15,200 2012 15,200
----------------------------------------------------------------------------
39 MSC 4.8
CHALLENGER MSC 1986 2,633 years 10,000 July 2015 10,000
----------------------------------------------------------------------------
40 MSC
REUNION MSC 1992 2,024 6 years 12,000(16) June 2014 11,552
----------------------------------------------------------------------------
41 MSC 6.8
NAMIBIA II MSC 1991 2,023 years 11,500 July 2014 11,500
----------------------------------------------------------------------------
42 MSC SIERRA 5.7
II MSC 1991 2,023 years 11,250(17) June 2014 11,482
----------------------------------------------------------------------------
January
43 MSC PYLOS MSC 1991 2,020 3 years 11,500 2014 11,500
----------------------------------------------------------------------------
1.2
44 PROSPER TS Lines 1996 1,504 years 6,000 May 2012 6,000
----------------------------------------------------------------------------
1.7
45 ZAGORA MSC 1995 1,162 years 5,500 April 2013 5,500
----------------------------------------------------------------------------
7.1
46 HORIZON OACL 1991 1,068 years 10,050 May 2012 10,050
----------------------------------------------------------------------------

Newbuilds

Approximate
Expected Capacity
Vessel Name Shipyard Charterer Delivery (TEU)
----------------------------------------------------------------------------
1 Hull S4010 Sungdong MSC 4th Quarter 9,000
Shipbuilding 2012
----------------------------------------------------------------------------
2 Hull S4011 Sungdong MSC 4th Quarter 9,000
Shipbuilding 2012
----------------------------------------------------------------------------
3 Hull S4020 Sungdong Evergreen 1st Quarter 8,800
Shipbuilding 2013
----------------------------------------------------------------------------
4 Hull S4021 Sungdong Evergreen 1st Quarter 8,800
Shipbuilding 2013
----------------------------------------------------------------------------
5 Hull S4022 Sungdong Evergreen 2nd Quarter 8,800
Shipbuilding 2013
----------------------------------------------------------------------------
6 Hull S4023 Sungdong Evergreen 2nd Quarter 8,800
Shipbuilding 2013
----------------------------------------------------------------------------
7 Hull S4024 Sungdong Evergreen 3rd Quarter 8,800
Shipbuilding 2013
----------------------------------------------------------------------------
8 H1068A Jiangnan MSC November 2013 9,000
Changxing
----------------------------------------------------------------------------
9 H1069A Jiangnan MSC December 2013 9,000
Changxing
----------------------------------------------------------------------------
10 H1070A Jiangnan MSC January 2014 9,000
Changxing
----------------------------------------------------------------------------

(1) Charter terms and expiration dates are based on the earliest date
charters could expire.
(2) This average rate is calculated based on contracted charter rates for
the days remaining between May 7, 2012 and the earliest expiration of
each charter. Certain of our charter rates change until their earliest
expiration dates, as indicated in the footnotes below.
(3) This charter rate changes on May 8, 2014 to $26,100 per day until the
earliest redelivery date.
(4) This charter rate changes on June 30, 2014 to $26,100 per day until
the earliest redelivery date.
(5) This charter rate changes on August 24, 2014 to $26,100 per day until
the earliest redelivery date.
(6) This charter rate changes on October 20, 2014 to $26,100 per day until
the earliest redelivery date.
(7) This charter rate changes on December 4, 2014 to $26,100 per day until
the earliest redelivery date.
(8) This charter rate changes on January 13, 2016 to $26,100 per day until
the earliest redelivery date.
(9) This charter rate changes on April 28, 2016 to $26,100 per day until
the earliest redelivery date.
(10) This charter rate changes on June 11, 2016 to $26,100 per day until
the earliest redelivery date.
(11) This charter rate changes on July 1, 2012 to $23,150 per day until the
earliest redelivery date. In addition, if the charterer does not
exercise its unilateral option to make a one-time payment at the
earliest redelivery date of the charter of approximately $6.9 million,
the charter will be extended for a period of approximately 3 years at
a minimum rate of $23,150.
(12) This charter rate changes on July 1, 2012 to $23,150 per day until the
earliest redelivery date. In addition, if the charterer does not
exercise its unilateral option to make a one-time payment at the
earliest redelivery date of the charter of approximately $6.9 million,
the charter will be extended for a period of approximately 3 years at
a minimum rate of $23,150.
(13) This charter rate changes on May 8, 2012 to $18,274 per day and on
January 1, 2013 to $22,150 per day until the earliest redelivery date.
In addition, the charterer is required to pay approximately $5.0
million no later than July 2016, representing accrued charter hire,
the payment of which was deferred.
(14) This charter rate changes on December 29, 2011 to $17,250 per day
until the earliest redelivery date. As from December 1, 2012 until
redelivery, the charter rate is to be a minimum of $13,500 per day
plus 50% of the difference between the market rate and the charter
rate of $13,500. The market rate is to be determined annually based on
the Hamburg ConTex type 3500 TEU index published on October 1 of each
year until redelivery.
(15) This charter rate changes in November 2012 to $8,000 per day until the
earliest redelivery date.
(16) This charter rate changes on July 27, 2012 to $11,500 per day until
the earliest redelivery date.
(17) This charter rate changes on July 1, 2012 to $11,500 per day until the
earliest redelivery date.

(i) The charterer has a unilateral option to extend the charter of the
vessel for two periods of 30 months each +/-90 days on the final
period performed, at a rate of $41,700 per day.
(ii) The charterer has a unilateral option to extend the charter of the
vessel for a period of 12 months +/-60 days at a rate of $27,500 per
day.
(iii) The vessel will be substituted by the 3,842 TEU vessel Kyparissia,
which we have agreed to acquire. The Company has agreed to extend the
charter for a period of approximately 18 months, starting from
November 2012. The charter rate will change on November 2012 to
$10,500 per day and will escalate to $11,500 per day, starting from
May 2013 until the earliest redelivery date.
(iv) The vessel will be substituted by the 3,842 TEU vessel Koroni, which
we have agreed to acquire. The Company has agreed to extend the
charter for a period of approximately 18 months, starting from
November 2012. The charter rate will change on November 2012 to
$10,500 per day and will escalate to $11,500 per day, starting from
May 2013 until the earliest redelivery date.

COSTAMARE INC.
Consolidated Statements of Income

Three-month period ended
March 31,
--------------------------
(Expressed in thousands of U.S. dollars, except
share and per share data) 2011 2012
------------ ------------

(Unaudited)
REVENUES:
Voyage revenue $ 85,961 $ 100,031

EXPENSES:
Voyage expenses (1,098) (691)
Voyage expenses - related parties (646) (741)
Vessels' operating expenses (27,503) (27,692)
General and administrative expenses (1,181) (925)
Management fees - related parties (3,483) (3,749)
Amortization of dry-docking and special survey
costs (1,911) (1,948)

Depreciation (18,445) (20,013)
Loss on sale/disposal of vessels - (2,801)
Foreign exchange gains 90 112
------------ ------------
Operating income $ 31,784 $ 41,583
------------ ------------

OTHER INCOME (EXPENSES):
Interest income $ 191 $ 284
Interest and finance costs (18,744) (20,240)
Other (14) (123)
Gain on derivative instruments 4,731 3,030
------------ ------------
Total other income (expenses) $ (13,836) $ (17,049)
------------ ------------
Net Income $ 17,948 $ 24,534
============ ============

Earnings per common share, basic and diluted $ 0.30 $ 0.40
============ ============
Weighted average number of shares, basic and
diluted 60,300,000 61,124,176
============ ============

COSTAMARE INC.
Consolidated Balance Sheets

As of As of
December 31, March 31,
------------- -------------
(Expressed in thousands of U.S. dollars) 2011 2012
------------- -------------
(Audited) (Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 97,996 $ 273,708
Restricted cash 7,371 5,832
Receivables 2,150 9,746
Inventories 9,335 13,825
Due from related parties 3,585 1,736
Fair value of derivatives - 230
Insurance claims receivable 3,076 3,114
Accrued charter revenue 13,428 13,122
Prepayments and other 1,910 3,948
------------- -------------
Total current assets $ 138,851 $ 325,261
------------- -------------
FIXED ASSETS, NET:
Advances for vessels acquisitions $ 148,373 $ 168,536
Vessels, net 1,618,887 1,620,833
------------- -------------
Total fixed assets, net $ 1,767,260 $ 1,789,369
------------- -------------
NON-CURRENT ASSETS:
Deferred charges, net $ 32,641 $ 32,323
Restricted cash 38,707 41,225
Accrued charter revenue 5,086 5,327
------------- -------------
Total assets $ 1,982,545 $ 2,193,505
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt $ 153,176 $ 170,899
Accounts payable 4,057 7,873
Accrued liabilities 13,455 14,478
Unearned revenue 6,901 6,920
Fair value of derivatives 46,481 55,096
Other current liabilities 2,519 2,077
------------- -------------
Total current liabilities $ 226,589 $ 257,343
------------- -------------
NON-CURRENT LIABILITIES
Long-term debt, net of current portion $ 1,290,244 $ 1,374,176
Fair value of derivatives, net of current
portion 125,194 105,175
Unearned revenue, net of current portion 10,532 10,178
------------- -------------
Total non-current liabilities $ 1,425,970 $ 1,489,529
------------- -------------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Common stock $ 6 $ 7
Additional paid-in capital 519,971 620,554
Accumulated deficit (48,854) (40,601)
Accumulated other comprehensive loss (141,137) (133,327)

------------- -------------
Total stockholders' equity $ 329,986 $ 446,633
------------- -------------
Total liabilities and stockholders' equity $ 1,982,545 $ 2,193,505

============= =============

Contacts

Company Contact:
Gregory Zikos
Chief Financial Officer
Konstantinos Tsakalidis - Business Development
Costamare Inc., Athens, Greece
Tel: (+30) 210-949-0000
Email: ir@costamare.com

www.costamare.com
Investor Relations Advisor/ Media Contact:
Nicolas Bornozis
President
Capital Link, Inc.
230 Park Avenue, Suite 1536
Tel: 212-661-7566
Email: costamare@capitallink.com

SOURCE: Costamare Inc.

mailto:ir@costamare.com

http://www.costamare.com/ mailto:costamare@capitallink.com

Copyright 2012 Marketwire, Inc., All rights reserved.

/quotes/zigman/711629/quotes/nls/cmre

Add to portfolio

CMRE

Costamare Inc.

US

: U.S.: NYSE

$
12.61

-0.43
-3.30%

Volume: 257,304
May 18, 2012 4:04p

P/E Ratio8.18
Dividend Yield8.56%

Market Cap$760.38 million
Rev. per Employee$183,438

Financial Glossary

Words used in this article:

ATTENDING a small village school does not necessarily narrow pupils horizons.

Weasenham Primary School has just 45 children but older pupils recently travelled to France for five days with youngsters from their partner school, Rudham Primary School, and nearby Litcham Primary School.

The youngsters climbed the Eiffel Tower and took in the sights and smells of a French market. They viewed the Bayeux Tapestry, especially the scene where King Harold is felled by an arrow in the eye, and stood where German soldiers lay in wait for Allied forces on a D-Day beach.

They ordered “le chocolat chaud” like natives and even sampled snails.

The French trip takes place biannually and alternates with a visit to another part of the UK. Assistant headteacher Belinda Allen said: “It’s wonderful to see the children out of the school environment and for them to see the teachers outside school.”

Patrick Unick-Wagg, 9, said: “When we went to the French market, there were live chickens and ducks and goslings.

“The fish smelled and the crabs and lobsters were still alive.”

Jordyn Sturman, 11, enjoyed the honey man’s stall. “He made candles in the shape of angels, hearts, dogs, cats and the Eiffel Tower,” she said.

Both were brave enough to taste-test some typical French delicacies. Patrick said: “I tried to eat a snail but I had to spit it out again.”

Jordyn said: “I tried frog’s legs. They tasted of dry chicken and rubber.”

Marisa Cruise, 11, remembered her outing to Mont St Michel and said: “There were stairs between the houses.”

Pupils are introduced to French, German and Italian at the school.

Mrs Allen said: “We are very fortunate because within our partnership we have members of staff who are German-speaking, French-speaking and Italian-speaking.”

Year 3 and 4 children had their chance to go on a residential trip when they went to the Hilltop Outdoor Centre at Sheringham. They were challenged by activities including a zip wire, “leap of faith” and Jacob’s Ladder.

Mrs Allen said: “They go slightly outside their comfort zone.”

The school’s youngest children have been letting their imaginations run free, working on a topic about space. Bobby Ramm, 6, invented his own planet – named Bob.

He said: “It’s purple and red and there are aliens with 27 eyes and 189 tails who like to chase and eat humans.”

Mrs Allen said the school was particularly proud of its music and art provision, which won an Arts Mark Gold Award in 2011.

“We are fortunate to have staff members who are also musicians,” she said. Pupils learn the violin, guitar and recorder and visiting teacher Pippa Cook gives keyboard lessons.

“For a very small school, we have a huge amount to offer,” said Mrs Allen.

Pupils take turns to serve on the school council and enjoy the responsibility.

“They raise money and choose what they would like to buy. It makes them realise the value of money and if they want something they can’t afford they have to save up or organise another fundraising activity,” said Mrs Allen

Staff value pupils’ opinions and the children are asked to complete a questionnaire about what lessons they enjoy and what aspects of school they like.

“We do listen to what they say,” said Mrs Allen.

The school is backing a campaign in Weasenham for a reduction in the 60mph speed limit on the A1065 through the village.

As a church school, pupils like to visit both Weasenham All Saints and neighbouring Weasenham St Peter’s.

The main road separates the school from Weasenham All Saints Church and Mrs Allen said: “The path to St Peter’s is very narrow. Lorries speed past and you really feel the back wind as they go by. We also need better signage because drivers don’t realise the school is here.”

O CLICK WHERE SHOWN TO SEE MORE PICTURES

Kimora Lee Simmons is launching a new skin care line, Shinto Clinical, from noon to 6 pmThursday at Ron Robinson at Fred Segal, 8118 Melrose Ave., Los Angeles.

Unique shopping

Unique LAs Fourth Annual Spring Show, featuring more than 325 designers and artists, is scheduled this weekend. Billed as the nations largest independent design show, the event gives shoppers the opportunity to meet and buy directly from designers and artists, with all goods made in the US There will also be free do-it-yourself workshops, a photo booth, a cafe and free non-alcoholic drinks.The event takes place from 11 am to 6 pm Saturday and Sunday at the California Market Center, 110 E. Ninth St., Los Angeles.Tickets are $10 for adults, children 10 and under free, and may be purchased at the door or online at Uniques website up to an hour before the event begins.

Mini Shop

The Mini Shop boutique, which offers lifestyle pieces for women and children,is celebrating its opening with a day of shopping and ice cream from noon to 5 pm Saturday in the courtyard of the Barry Building, 11973 San Vicente Blvd., Los Angeles.

Jewelry

Decades boutique owner and vintage fashion expert Cameron Silver will host a cocktail party on Thursday at the Swarovski boutique at The Grove to demonstrate how to incorporate the latest jewelry trends into current spring wardrobes. He will also show off some vintage finds. The event is open to the public. Hours are 6 to 8 pm Thursday, at Swarovski at the Grove, 189The Grove Drive, Los Angeles (next to Nordstrom).

Sample Sale

Current Elliott, Equipment and Joie have a joint sample sale scheduled from 9 am to 8 pm June 8 and from 9 am to 4 pm June 9 and June 10. [Updated to change dates. The sale originally had been scheduled for this coming weekend.] Prices are up to 75% off retail on merchandise from last season.Cash or credit card accepted. No handbags or strollers allowed. The sale will be at 1050 N. Orange Drive, Hollywood. [Udated to change the address; organizers moved the location.]

Ever New

Australian-based womenswearbrand Ever New has opened its first store in the United States at Westfield Santa Anita. The store name reflects its ethos, with new merchandise arriving weekly. Items include clothing made of high quality fabrics, shoes, handbags and vintage-inspired jewelry. Its located on the first level near Nordstrom at Westfield Santa Anita, 400 S. Baldwin Ave., Arcadia,10 am to 9 pm Monday-Saturday, 11 am to 7 pm Sunday.

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– Susan Denley

Photo: Items from the Shinto Clinical line. Courtesy: Shinto Clinical and Kimora Lee Simmons

HONG KONG — When Cameron Dueck set sail to the Canadian Arctic to witness what he calls “the front line of climate change”, he did so knowing he would have to brave seas that have killed scores of sailors and reduced men to cannibals.

For 450 years before the first successful voyage in 1906, people sought the Northwest Passage, a potentially lucrative shipping route linking Europe to Asia that would cut out the lengthy journey around the horn of South America.

Many died trying to find it, including Sir John Franklin whose HMS Erebus and HMS Terror attempted the fabled Passage in 1845 but sank without a trace. Their 129 men died eating each other on the unforgiving ice.

But by the time Dueck set off on his voyage more than 100 years later in June 2009, 35 sailing yachts had made the trip. The majority of those took place after 1990, made possible by a stark reality: the ice was now melting fast.

“I wanted to see something very few people have seen,” Hong Kong-based journalist and sailor Dueck told AFP at the launch of his book about the voyage, “The New Northwest Passage” at the Royal Hong Kong Yacht Club last week.

“It was about finding out what climate change looked like for real. Not just in terms of what we’re told by politicians, or what corporations say in their mission statements,” he said.

The extent to which Arctic ice is breaking up is an illustration of the growing impact of climate change in the Poles, where temperatures are rising more quickly than the rest of the world.

“There has been no ice for up to a month in the last several years during the summer,” Peter Semotiuk, a long term resident of the Canadian Arctic and an expert on sailing conditions in the area, told AFP by email.

Semotiuk said the 2011 season featured the highest number of yachts ever to complete the Passage, with 16 making it through — more than double the previous year’s seven.

“I do see the effect of less ice cover through the Northwest Passage route,” Semotiuk said, adding that commercial shipping is also on the increase as the ice melts. “It seems the whole Arctic ice pack is affected.”

Dueck and his three crewmates sailed the 40 foot Silent Sound 8,000 nautical miles — or 15,000 kilometres — from Victoria in British Columbia, up to Dutch Harbor in Alaska, through the Bering Straight, down into the Beaufort Sea before hitting the Davis Strait between Canada and Greenland.

What they found was startling.

While the loss of Arctic sea ice threatens wildlife such as polar bears, seals and walruses that depend on it as a platform for hunting, mating and migration, the human cost is less well charted, said Dueck.

He met Alaskan fishermen who sail the Bering Sea for fish and crabs, and who are increasingly joining the dots between disappearing ice, warmer temperatures and their own changing fortunes.

Then there is the Inuit — who have been forced to change their lives due to the impact of climate change, from harvesting berries a month earlier than they used to, to ancestral hunting knowledge being reduced to irrelevance by the swiftly warming environment.

“They used to be able to read the ice — look at wind, temperatures, the moon phase and understand when it was safe to be on the ice and when it was time to pack up and head to shore,” said Dueck.

“But these days, they no longer trust the ice, or their traditional ways of reading the ice, because it is breaking up sooner and no longer according to the patterns they know.”

While Dueck admits such anecdotal evidence has not been fully processed scientifically, “when every hunter you meet is saying the same thing, that tells you all you need to know”.

Then there is a sociological impact. With climate change reducing the scope for traditional Inuit customs, younger generations face an identity crisis in a community already struggling with alcohol and other issues.

“They need to know who they are and why they are living there. Without that connection to the land they lose their identity, their pride,” said Dueck. “The hunting is a kind of safety net and when that’s eroded, the communities go astray.”

While the ice is a life-giver for the Arctic and its inhabitants, for Dueck it was a constant threat capable of crushing the hull of his boat and putting his crew into the water.

The dangerous voyage has been made by far fewer people than have climbed Mount Everest, but numbers have been rising each year since 2007, when the Passage was open water from East to West for the first time in living memory.

Dueck and his crew spent four months and four days at sea — and getting on with each other was as much a challenge as navigating through unpredictable ice patterns.

“When you’re on a 40 foot boat at sea, there’s not much you can do if you don’t like each other,” said Dueck.

One of the crew did jump ship after a month as the pressures — from on-deck showers using buckets of freezing water to the exhaustion of sailing through constantly moving ice — took their toll.

“You don’t stop, you keep going 24 hours a day,” said Dueck. The crew took three-hour shifts at the helm, averaging a total of 8 hours on deck a day in freezing rain, fog and punishing winds.

“In early summer the midnight sun was still high enough that we could see. As summer progressed it got darker and darker.

“For the last half of our time above the Arctic Circle we were sailing through dark nights, so we had the terror of knowing that if you strike ice you’re likely to end up in your lifeboat. That is terrifying, especially during storms.”

Perhaps equally challenging is the re-entry into society at the end.

“Any time you come back from sea it’s astounding how loud and how busy life on land is, said Dueck. “That was something you’d cherish in the Arctic. Time at sea to reflect. Time to think.”

Copyright © 2012 AFP. All rights reserved.
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SHOPPING for a mortgage online can save borrowers a lot of time, and possibly money if they find the right deal. But working with these so-called online marketplaces can also be overwhelming for some people, especially as the various lender offers start pouring in.

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Peter Carroll, the acting assistant director for mortgage markets at the newly formed Consumer Financial Protection Bureau, suggests that borrowers begin the process by reading the fine print of each site they choose to work with. “Understand the terms of use and privacy policies,” Mr. Carroll said.

If you are shopping for loan rates on sites like Bankrate.com or LendingTree, also be sure to read their “frequently asked questions” section, industry experts say — and recognize, too, that these sites are businesses that make money by working with lenders, via a pay-per-click formula or by generating leads.

If you provide personal information, including your credit score, find out how widely that material will be circulated. As Mr. Carroll put it, “Understand that many lenders may be contacting you.”

At Zillow Mortgage Marketplace, the average number of rate quotes customers receive is 20, while at LendingTree it is 3 to 5, according to both companies.

Most sites provide rates and other information only from lenders that are signed on as their customers. One exception is Bankrate.com, which offers one table that includes its lending clients as well as the five largest banks and other lenders in some 600 local or metropolitan areas.

The online mortgage marketplace has become increasingly popular for borrowers researching loan rates and options. Some 1,200 mortgage-related Web sites are tracked by Experian Hitwise, and the top seven sites drew more than 22 million total domestic visits in April, up 24 percent from a year earlier and 74 percent from April 2010. The numbers are expected to grow with the wider use of smartphones and other devices.

Doug Lebda, the chief executive and founder of LendingTree.com, noted that for the last three years, the difference between the highest and lowest rates available was “wider than it has been in recent history,” making comparison-shopping even more important. But he also pointed out that the advertised rates are “indicative rates but they’re certainly not offers.”

Mr. Lebda suggested that borrowers also consider the mortgage initiation fee and closing costs.

As they navigate through online mortgage sites, borrowers will need to find out the sites’ criteria for matching them up with lenders, and whether lenders can pay for higher placement. That’s where reading the fine print may come in.

“Make sure you feel you’re in control,” said Erin Lantz, the director of Zillow Mortgage Marketplace. That way you can give your personal information out to lenders of your choice.

And if a credit report is pulled by lenders, Mr. Carroll added, find out “what rights do they have to that information besides evaluating that loan request?”

Borrowers will also want to learn about quality control at the sites they visit. Bankrate.com, for example, has a 40-person quality-control department that investigates consumer complaints and does what is known as “mystery shop” on various sites. LendingTree says it relies partly on consumer ratings and reviews, as does Zillow Mortgage Marketplace. It has more than 10,000 reviews to date, Ms. Lantz said, adding that the reviews are also vetted to ensure they are not from any lenders.

Mortgage shopping sites will often advertise that they are making comparisons easier and faster for borrowers, but that could be counterproductive, said Sue Berkowitz, the director of the South Carolina Appleseed Legal Justice Center, which advocates for greater disclosures by these companies. “It should be time-consuming, and done with analysis.”

Moving on, sunglasses and handbagslike a black leather Marc Jacobs top-handle bag priced at $379.99are all marked at additional 30% off. If you are shopping for mom, there are Jonathan Adler ceramic vases, mugs and coasters for an additional 40% off, colorful scarves priced at $99.99 plus a whopping 60% off or, for the deep-pocketed among us, Puccis colorful silk scarves for $179.99.

If you come up empty-handed after perusing Off 5th, stroll over to Neiman Marcus Last Call right next door. Through Tuesday, theyre having a big sale on accessories, which are marked at additional 30% off. If youre shopping this weekend, you should know that they just received a fresh new shipment of designer shoes from the Neiman Marcus store. Roll call: Manolo Blahnik (who needs to go to the big sale in NY?), Tom Ford, Lanvin, Alexander Wang, Chanel, Jimmy Choo, Givenchy. We spotted Lanvin leather burgundy pumps for $445, Manolo pink suede kitten heels for $290, Manolo aqua shimmer criss-cross sandals for $389, Alexander Wang black leather sandals for $211, Stella McCartney two-tone strappy shoes for $353, Manolo bronze sandals with peacock feathers for $389, Tom Ford black suede and patent pumps for $337, Tom Ford pink tie sandals for $805 (orig. $1790), Charlotte Olympia piano pumps for $398 (orig. $885), Chanel sandals with a split wedge for $945 (orig. $2100) and Chloe brown leather boots for $357 (orig. $795). Whew.

On the contemporary side, there were Rag Bone natural leather open toe wedges for $169, Elizabeth James sandals for $168 and Loeffler Randall copper metallic flat sandals for$165. Oh and by the way, ALL the shoes mentioned above were an additional 30% off the marked price!

Mega-bargain hunters will also find past-season shoes in clearance that are color-coded for additional discount of 30% to 65% off (not counting the aforementioned extra 30% off). We found Elizabeth James, LAMB and Dolce Vita sandals all marked with 65% off stickers, plus 30% off.

Jewelry and handbagsby Juicy Couture, Nanette Lepore, Charles Jourdan, and morewere additional 30% off.

Lastly, and new to the Outlets at Orange, is Nordstrom Rack. We didnt find any special sales or markdowns here, but there was a pretty solid selection of clothes, such as T Alexander Wang (tops ran $39.97, skirts $69.97, pants $139.97); Michael Kors colorful dresses ($76.97); Cynthia Vincent dresses ($119.97), and Elizabeth James (dresses $119.97, blouses $69.97).

Of course, we had to check out the shoe situation, where we found Tory Burch (espadrilles $99.90, leather sandals $199.90, jelly flats $79.97), Donald Pliner beaded driving shoes for $119.90 and DVF heels for $149.90. Other brands we spotted included Coach, Hunter, Cole Haan, Via Spiga, Vera Wang Lavender and Badgley Mischka, all priced from $99to $199.

If youve never even been to the Outlets at Orange, now would be a great time to visit and its only about 30 miles from Los Angeles.Ruthie Cwik
Outlets at Orange Get a Nordstrom Rack; Dior Digital Mag Launch [Racked]
Desert Hills and Camarillo Outlets Plan Big Memorial Day Sales [Racked]

Mr Davies said the fourth crew member was referred to by some witnesses as either a mechanic or the real captain of the vessel, who disembarked onto a smaller boat that had been following the main vessel, before it arrived off Christmas Island.

Some of the passengers described Rasjid taking over as skipper after the fourth man left, while Supriyadi and Hans helped run the boat by bailing out water from the engine room and taking turns steering.

Mr Davies said conditions were squalid, with very little food and enough water to last the journey.

Witnesses would describe how Rasjid ordered them, just before the SIEV 221 arrived off Christmas Island, to rip up their passports and throw the pieces overboard, along with their mobile phones and navigation equipment – including a global positioning system (GPS) – used on the voyage.

Mr Davies said everyone on board knew they were going to Australia, and each of the three crew had been offered 20 million rupiah – just over $2000 at the time – with a 1 million rupiah cash advance to cover expenses.

He said they knew they were doing something illegal and were told they might be sent to jail in Australia, but would only be locked up for three months.

(Rasjid) thought three months was worth it for 20 million rupiah, Mr Davies told the jury.

Defence lawyer George Christou told the jury there was no issue Rasjid was on the boat, nor that his client knew the passengers had paid between $US3500 and $US6000 for the journey, but that should not be enough to satisfy them he had facilitated their trip to Australia.

He said Rasjid had no idea of where he was being asked to pilot the boat, as he set a course almost due south, and that there was no evidence he had organised the trip or outfitted the vessel.

Mr Rasjid was not a people smuggler, Mr Christou said.

The trial continues before Justice Philip McCann.