Costamare Inc. (Costamare) is an international owner of containerships, chartering the Company�s vessels to liner companies. As of February 22, 2013, it had a fleet of 57 containerships aggregating approximately 332,000 twenty feet equivalent unit (TEU). During the year ended December 31, 2012, its fleet consisted of 47 vessels in the water, aggregating approximately 242,000 TEU. The Company�s containerships operate primarily under multi-year time charters. As of February 22, 2013, the average (weighted by TEU capacity) remaining time-charter duration for its fleet of 57 containerships was 5.1 years. During the year ended December 31, 2012, the Company�s vessels were managed by at least one of Costamare Shipping, CIEL and Shanghai Costamare.