HispanicBusiness

Voyage Revenue

Voyage revenue decreased by 6.7%, or $6.8 million, to $95.2 million during the three-month period ended December 31, 2012, from $102.0 million during the three-month period ended December 31, 2011. The decrease in Voyage revenue is mainly due to decreased ownership days of our fleet by 2.7% during the three-month period ended December 31, 2012, compared to the three-month period ended December 31, 2011. Voyage revenue adjusted on a cash basis (which eliminates non-cash "Accrued charter revenue"), decreased by 10.5%, or $11.5 million, to $97.6 million during the three-month period ended December 31, 2012, from $109.1 million during the three-month period ended December 31, 2011. The decrease is mainly attributable to the decreased ownership days of our fleet and the decreased charter hire received in accordance with certain escalation clauses of our charters during the three-month period ended December 31, 2012 compared to the three-month period ended December 31, 2011.

Voyage Expenses

Voyage expenses increased by 66.7%, or $0.6 million, to $1.5 million during the three-month period ended December 31, 2012, from $0.9 million during the three-month period ended December 31, 2011. The increase was primarily attributable to the off-hire expenses, mainly relating to bunkers consumption (i) of three vessels that were dry-docked (ii) of two vessels on their way to their new charters and, (iii) of one vessel on the way to her scrap buyer (delivered for scrap in January 2013) during the three-month period ended December 31, 2012; partly offset by the decreased third party commissions charged to us in the three-month period December 31, 2012, compared to the three-month period ended December 31, 2011.

Voyage Expenses - related parties

Voyage expenses - related parties in the amount of $0.7 million during the three-month period ended December 31, 2012 and in the amount of $0.8 million during the three-month period ended December 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 3, 2010.

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 3.0%, or $0.8 million, to $27.8 million during the three-month period ended December 31, 2012, from $27.0 million during the three-month period ended December 31, 2011. The increase is partly attributable to the increase of the average vessel size of our fleet during the three-month period ended December 31, 2012, compared to the same period of 2011; partly offset by the decreased ownership days of our fleet during the three-month period ended December 31, 2012, compared to the same period of 2011.

General and Administrative Expenses

General and administrative expenses decreased by 28.6%, or $0.4 million, to $1.0 million during the three-month period ended December 31, 2012, from $1.4 million during the three-month period ended December 31, 2011. The decrease in the three-month period ended December 31, 2012, was mainly attributable to decreased public-company related expenses charged to us compared to the three-month period ended December 31, 2011. Furthermore, General and administrative expenses for the three-month period ended December 31, 2012 and 2011, include $0.25 million 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 3, 2010.