The bank revealed a reduced stake of 6.62% in a filing to the SEC this week.
Its 4,671,981 shares give it a near $90m slice of the New York-listed company based on its present trading price.
This is down from the 5,697,414 shares, equal to a 7.62% slice, it had previously disclosed.
Morgan Stanley has been a long-term investor in Costamare and is one of the banks involved in the potential listing of MLP, Costamare Partners.
Costamare
