MONACO, Nov. 14, 2025 (GLOBE NEWSWIRE) -- Costamare Bulkers Holdings Limited ("Costamare Bulkers" or the "Company") (NYSE: CMDB) today reported unaudited financial results for the third quarter and nine-month period ended September 30, 2025.
This earnings release focuses on the financial results and management's discussion and analysis for the three-month period ended September 30, 2025, reflecting the Company's performance during its first full quarter as an independent, publicly traded company.
Costamare Bulkers had no operating activity during the nine-month period ended September 30, 2024 and remained a wholly-owned subsidiary of Costamare Inc. ("Costamare"), a New York Stock Exchange (the "NYSE") listed company, until May 6, 2025, when it became an independent, publicly traded company on NYSE through a spin-off from Costamare.
Costamare Bulkers had nominal operations from January 1, 2025 until late March 2025, when Costamare transferred to it the entities engaged in the dry bulk business, which own, have owned, or were formed with the intention to own dry bulk vessels. The results of these entities are included in Costamare Bulkers' consolidated statement of operations for the three- and nine- month period ended September 30, 2025. On May 6, 2025, Costamare Bulkers also acquired from Costamare and a minority shareholder Costamare Bulkers Inc. ("CBI"), a dry bulk operating platform, whose results are included from that date forward. No comparative figures are presented for the three- and nine- month period ended September 30, 2024, as Costamare Bulkers had no operations during that time and all amounts would have been nil.
Financial Highlights and Operational Updates
I. PROFITABILITY - LIQUIDITY - DEBT
-- Q3 2025 Net Income of $7.4 million ($0.30 per share).
-- Q3 2025 Adjusted Net Income1 of $5.4 million ($0.22 per share).
-- Q3 2025 liquidity of $290.5 million2.
-- Debt3 of $159.3 million and Cash4 of $205.8 million, resulting in
negative net debt5 as of the end of Q3.
II. REALIGNMENT OF TRADING PLATFORM AND INTEGRATION WITH OWNED FLEET
-- Entered into a Strategic Cooperation Agreement (the "Cooperation
Agreement") with Cargill International S.A. ("Cargill") (announced on
September 29, 2025), which included among other things:
-- The transfer of the majority of CMDB's trading book as of that
date, including:
-- Chartered-in vessels;
-- Cargo transportation commitments (contracts of
affreightment); and
-- Derivatives positions.
-- The charter-out of four Company-owned Supramax vessels for a
period of four to six months.
-- The above-mentioned transfers are currently in progress with the timing
for completion dependent on, among other things, the agreement of third
parties and the vessels operations' schedule.As of November 13, 2025, the
following transfers have been effected or have been agreed to become
effected:
--
-- Novation or sub-charter to Cargill6 of 19 chartered-in vessels;
-- Novation or relet to Cargill7 of the entire forward cargo book
under the Cooperation Agreement; and
-- Transfer of the entire FFA trading book under the Cooperation
Agreement.
-- In addition to the Cooperation Agreement, we have:
-- Early-redelivered three chartered-in vessels.
-- Chartered-out on long-term period two chartered-in vessels.
-- The remaining chartered-in fleet consists of 128 third-party owned dry
bulk vessels of which:
-- 8 vessels are expected to be redelivered within Q4 2025/Q1 2026.
-- 4 vessels are expected to be redelivered within Q2 2026/Q4 2026.
-- The realigned trading platform will aim to:
-- focus on Kamsarmax-type vessels by building a balanced
cargo-driven portfolio that optimizes earnings and manages
downside exposure while maintaining flexibility through market
cycles, and
-- support the owned fleet through improved market insight and
operational flexibility.
III. OWNED FLEET
-- Costamare Bulkers currently owns a fleet of 319 dry bulk vessels of a
total capacity of approximately 2.8 million DWT, consisting of:
-- 7 Capesize vessels out of which 6 are on period charters.
-- 7 Kamsarmax vessels out of which 5 are on period charters.
-- 8 Ultramax vessels all of which are on period charters.
-- 9 Supramax vessels out of which 7 are on period charters.
-- The majority of the period charters are on index-linked charter
agreements with owner's option to convert to fixed rate based on the
prevailing FFA curve.
IV. SALE AND PURCHASE ACTIVITY
Vessel Disposals
Conclusion of the previously announced sale of the below vessels, generating net sale proceeds after debt prepayment of $44 million:
-- 2010-built, 58,018 DWT capacity dry bulk vessel, Pythias. -- 2011-built, 35,995 DWT capacity dry bulk vessel, Bernis. -- 2011-built, 37,152 DWT capacity dry bulk vessel, Acuity. -- 2012-built, 37,163 DWT capacity dry bulk vessel, Verity. -- 2013-built, 37,071 DWT capacity dry bulk vessel, Equity. -- 2012-built, 37,152 DWT capacity dry bulk vessel, Parity.
Vessel Acquisition
-- Conclusion of the acquisition of the 2012-built, 176,387 DWT capacity dry
bulk vessel, Imperator (ex. Imperator Australis).
V. DEBT FINANCING
-- Financed the acquisition of the Imperator through an existing hunting
license facility. Total amount drawn of approximately $15.3 million.
-- Approximately $84.7 million is available through one hunting license
facility for the financing of vessels acquisitions until December 2027.
-- No significant loan maturities until 2029.
______________
(1) Adjusted Net Income and respective per share figures are non-GAAP measures and should not be used in isolation or as substitutes for Costamare Bulkers financial results presented in accordance with U.S. generally accepted accounting principles ("GAAP"). For the definition and reconciliation of these measures to the most directly comparable financial measure calculated and presented in accordance with GAAP, please refer to Exhibit I.
(2) Liquidity includes Cash (as defined in footnote 4) plus $84.7 million of available undrawn funds from one hunting license facility as of September 30, 2025.
(3) Long-term debt including non-current portion.
(4) Cash and cash equivalents (including restricted cash) of $184.5 million plus margin deposits of $21.3 million relating mainly to our forward freight agreements ("FFAs") and bunker swaps.
(5) Net debt is equal to Debt (as defined in footnote 3) minus Cash (as defined in footnote 4).
(6) On back-to-back terms with the original charterparties.
(7) On back-to-back terms with the original agreements.
(8) As of November 13, 2025 and excluding vessels agreed to be novated or sub-chartered on back-to-back terms pursuant to the Cooperation Agreement.
(9) As of November 13, 2025.
Mr. Gregory Zikos, Chief Executive Officer of Costamare Bulkers Holdings Limited, commented:
"This is the first full quarter, during which the Company reports financial results as an independent, publicly traded entity.
During the quarter Costamare Bulkers generated net income of $7.4 million. With total cash of about $206 million and debt of ca. $160 million, the Company is in a net debt negative position, owning a fleet of 31 dry bulk vessels with an average age of approximately 13 years and an average size of ca. 91,700 DWT.
As previously announced, in September we entered into a Strategic Cooperation Agreement with Cargill whereby, among other things, we agreed to gradually transfer to Cargill the majority of our trading book. We have effectively transferred our entire forward cargo book and FFA positions, as well as the majority of the chartered-in vessels. We intend to maintain our operating platform as an integral part of our business mainly focusing on Kamsarmaxes with the goal to optimize earnings and tightly manage downside exposure.
We are progressing on our strategy to divest older and smaller tonnage and replacing it with younger and bigger-sized vessels. During the quarter we concluded the disposals of five Handysize ships and one Supramax vessel and we accepted delivery of one Capesize.
Regarding the market, the Capesize index retreated from late July by the end of August due to excess tonnage and softer Brazil flows, before rebounding in late September on the back of end-of-quarter Australia iron ore and Pacific weather disruptions. In October, China's plan to impose reciprocal port restrictions on US-linked vessels triggered a brief spike in FFAs despite limited physical market impact. However, following the 30 October US--China meeting, the measures were suspended for a year under a trade de-escalation framework, leading Capes FFAs to ease. Panamax rates were lifted as well during October; however as measures were suspended they have since retreated."
Financial Summary
(Expressed in
thousands of U.S. Nine-month period Three-month period
dollars, except share ended September 30, ended September 30,
and per share data) 2025 2025
-------------------- ---------------------
Voyage revenue $265,979 $158,768
Voyage revenue --
related parties $112,761 $64,106
--------------------
Total voyage revenue $378,740 $222,874
Accrued charter
revenue (1) $2 $1
Total voyage revenue
adjusted on a cash
basis (2) $378,742 $222,875
Adjusted Net Income /
(Loss) (3) ($10,423) $5,361
Weighted Average
number of shares 13,754,628 24,241,640
Adjusted Earnings /
(Losses) per share
(3) ($0.76) $0.22
Net Income / (Loss) ($19,161) $7,354
Weighted Average
number of shares 13,754,628 24,241,640
Earnings / (Losses)
per share ($1.39) $0.30
(1) Accrued charter revenue represents the difference between cash received during the period and revenue recognized during the period on a straight-line basis at the charter's average rate. In the early years of a charter with escalating charter rates, voyage revenue will exceed cash received during the period and during the last years of such charter cash received will exceed revenue recognized on a straight-line basis. The reverse is true for charters with descending rates.
(2) Total voyage revenue adjusted on a cash basis represents Total voyage revenue after adjusting for non-cash "Accrued charter revenue" recorded under charters with escalating or descending charter rates. However, Total voyage revenue adjusted on a cash basis is not a recognized measurement under U.S. GAAP. We believe that the presentation of Total 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.
(3) Adjusted Net Income / (Loss) and Adjusted Earnings / (Losses) per Share are non-GAAP measures. Refer to the reconciliation of Net Income / (Loss) to Adjusted Net Income / (Loss) and Adjusted Earnings / (Losses) per Share.
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 determined in accordance with GAAP. Non-GAAP financial measures include (i) Voyage revenue adjusted on a cash basis (reconciled above), (ii) Adjusted Net Income / (Loss) and (iii) Adjusted Earnings / (Losses) per Share.
Exhibit I
Reconciliation of Net Income / (Loss) to Adjusted Net Income / (Loss) and Adjusted Earnings / (Losses) per Share
Nine-month period Three-month period
ended September ended September
30, 30,
(Expressed in
thousands of
U.S. dollars,
except share
and per share
data) 2025 2025
-------------- --- ------------- ---
Net Income /
(Loss) $ (19,161) $ 7,354
Accrued charter
revenue 2 1
Deferred
charter-in
expense 145 91
General and
administrative
expenses -
non-cash
component 1,192 869
Loss on sale of
vessels 10,399 3,830
Loss on vessel
held for sale 1,058 1,058
Non-recurring,
non-cash
write-off of
loan deferred
financing
costs 274 157
Gain on
derivative
instruments,
excluding
realized (gain)
/ loss on
derivative
instruments
(1) (4,332) (7,999)
--------------
Adjusted Net
Income /
(Loss) $ (10,423) $ 5,361
============== ============= ===
Adjusted
Earnings /
(Losses) per
Share $ (0.76) $ 0.22
==============
Weighted average
number of
shares 13,754,628 24,241,640
============== === ============= ===
Adjusted Net Income / (Loss) and Adjusted Earnings / (Losses) per Share represent Net Income / (Loss) before non-cash "Accrued charter revenue" recorded under charters with escalating or descending charter rates, deferred charter-in expense, loss on vessel held for sale, loss on sale of vessels, non-recurring, non-cash write-off of loan deferred financing costs, general and administrative expenses - non-cash component and gain on derivative instruments, excluding realized (gain)/loss on derivative instruments. "Accrued charter revenue" is attributed to the timing difference between the revenue recognition and the cash collection. However, Adjusted Net Income / (Loss) and Adjusted Earnings / (Losses) per Share are not recognized measurements under U.S. GAAP. We believe that the presentation of Adjusted Net Income / (Loss) and Adjusted Earnings / (Losses) 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 / (Loss) and Adjusted Earnings / (Losses) per Share are useful in evaluating our ability to service additional debt and make capital expenditures. In addition, we believe that Adjusted Net Income / (Loss) and Adjusted Earnings / (Losses) 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 / (Loss) and Adjusted Earnings / (Losses) per Share generally eliminates the effects of 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 / (Loss) and Adjusted Earnings / (Losses) 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 / (Loss) and Adjusted Earnings / (Losses) per Share 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, when prior period figures are presented, include gains and charges. Gains positively impacting Net Income / (Loss) are reflected as deductions to Adjusted Net Income / (Loss). Charges negatively impacting Net Income / (Loss) are reflected as increases to Adjusted Net Income / (Loss).
Exhibit II
Owned Dry Bulk Fleet Utilization((1) ()
Nine-month period
ended September Three-month period
30, ended September 30,
2025 2025
------------------- -------------------
Owned Dry Bulk Fleet
Available Days((*)
() 6,535 3,259
Owned Dry Bulk Fleet
Utilization(*) 98.1% 98.4%
((*) () Since late March 2025, when Costamare transferred to Costamare Bulkers the entities engaged in the dry bulk business.
(1) We calculate utilization of our owned dry bulk fleet (including vessels chartered-in by CBI) by dividing (i) the aggregate number of our on-hire days and ballast days (excluding dry dock ballast days) in a period of our owned dry bulk fleet by (ii) the number of our available days (owned dry bulk fleet) during such period. We use the following definitions in our calculation of utilization of owned dry bulk fleet:
-- On-hire days. We define on-hire days as the total days that a vessel was
on-hire during a period.
-- Ballast days (excluding dry dock ballast days). We define ballast days
(excluding dry dock ballast days) during a period, as the total number of
days that a vessel is not on-hire, but is conducting ordinary ship
operations (other than dry dock ballast days) which includes
repositioning from a discharging port to a loading port, sailing to a
port for the conclusion of a prospective sale of a vessel or a change of
the technical manager of a vessel.
-- Available days. We define available days as the number of our ownership
days of our owned dry bulk fleet during a period less the aggregate
number of dry dock days and dry dock ballast days during such period. We
use the following definitions in our calculation of available days (owned
dry bulk fleet):
-- Dry dock days. We define dry dock days as the days during a period
that a vessel underwent scheduled repairs or repairs under
guarantee, vessel upgrades, scheduled dry-docking or special
surveys.
-- Dry dock ballast days. We define dry dock ballast days as the
total days during a period that a vessel spends sailing to and
from a shipyard for scheduled repairs or repairs under guarantee,
vessel upgrades, scheduled dry-docking or special surveys.
Results of Operations
Three-month period ended September 30, 2025
The discussion below reflects the third quarter 2025 consolidated financial results of Costamare Bulkers Holdings Limited ("Costamare Bulkers"). No comparative figures are presented for the prior period, as Costamare Bulkers had no operations during that time and all amounts would have been nil.
During the three-month period ended September 30, 2025, we had an average of 35.5 vessels in our owned fleet. Furthermore, during the three-month period ended September 30, 2025, we chartered-in an average of 44.7 third-party dry bulk vessels.
During the three-month period ended September 30, 2025, we acquired and accepted delivery of the secondhand dry bulk vessels Imperator and Gorgo with an aggregate DWT capacity of 252,885, and we sold the vessels Acuity, Verity, Bernis, Equity, Pythias and Gorgo with an aggregate DWT capacity of 281,897.
During the three-month period ended September 30, 2025, our fleet ownership days totaled 3,270. 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.
Consolidated Financial Results and Vessels' Operational Data(1)
Three-month period
ended September 30,
(Expressed in millions
of U.S. dollars, except
percentages) 2025
Voyage revenue $ 158.8
Voyage revenue --
related parties 64.1
Total voyage revenue 222.9
Voyage expenses (65.8)
Charter-in hire
expenses (117.4)
Voyage expenses --
related parties (3.0)
Vessels' operating
expenses (19.3)
General and
administrative
expenses (3.3)
Management and agency
fees -- related
parties (6.5)
General and
administrative
expenses -- non-cash
component (0.9)
Amortization of
dry-docking and
special survey costs (1.7)
Depreciation (9.3)
Loss on sale of vessels (3.8)
Loss on vessel held for
sale (1.1)
Foreign exchange losses (0.2)
Interest income 1.0
Interest and finance
costs (3.2)
Other, net 0.5
Gain on derivative
instruments, net 18.5
Net Income $ 7.4
============ ========
Three-month period
ended September 30,
(Expressed in millions
of U.S. dollars, except
percentages) 2025
Total voyage revenue $ 222.9
Accrued charter revenue -
Total voyage revenue
adjusted on a cash
basis(1) $ 222.9
============ ========
Vessels' operational
data
Three-month period
ended September 30, 2025
---------------------------------------------
Average number of
vessels(2) 35.5
Ownership days(2) 3,270
Number of vessels under -
dry-docking and
special survey(2)
(1) Total voyage revenue adjusted on a cash basis is not a recognized measurement under U.S. generally accepted accounting principles ("GAAP"). Refer to "Consolidated Financial Results and Vessels' Operational Data" above for the reconciliation of Total voyage revenue adjusted on a cash basis.
(2) Vessels in our owned fleet.
Total Voyage Revenue
Total voyage revenue was $222.9 million during the three-month period ended September 30, 2025, and mainly includes voyage revenue earned by the charter-out activities of both owned and chartered-in vessels and contractual reimbursements from certain of our charterers for EU Emissions Allowances ("EUAs") and Fuel EU Maritime penalties.
Voyage Expenses
Voyage expenses were $65.8 million for the three-month period ended September 30, 2025. Voyage expenses mainly include (i) fuel consumption, (ii) third-party commissions, (iii) port expenses, (iv) canal tolls and (v) EUAs and Fuel EU Maritime expenses; however, a significant portion of EUAs and Fuel EU Maritime expenses are contractually reimbursed by the charterers, as discussed in "Total Voyage Revenue", mitigating the net expenses impact.
Charter-in Hire Expenses
Charter-in hire expenses were $117.4 million for the three-month period ended September 30, 2025, relating to the chartering-in of third-party dry bulk vessels.
Voyage Expenses -- related parties
Voyage expenses -- related parties were $3.0 million for the three-month period ended September 30, 2025. 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) address commissions on certain charter-out agreements payable to a related agent. This commission is subsequently paid in full on a back-to-back basis by the related agent to its respective third-party clients with no benefit for the related agent.
Vessels' Operating Expenses
Vessels' operating expenses were $19.3 million during the three-month period ended September 30, 2025. Daily vessels' operating expenses were $5,899 for the three-month period ended September 30, 2025. 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 $3.3 million during the three-month period ended September 30, 2025 and include an amount of $0.7 million that was paid to a related service provider.
Management and Agency Fees -- related parties
Management fees charged by our related party managers were $3.9 million during the three-month period ended September 30, 2025. The amounts charged by our related party managers include amounts paid to third party managers of $0.8 million for the three-month period ended September 30, 2025. Furthermore, during the three-month period ended September 30, 2025, agency fees of $2.6 million, in aggregate, were charged by four related agents.
General and Administrative Expenses -- non-cash component
General and administrative expenses - non-cash component for the three-month period ended September 30, 2025 amounted to $0.9 million, representing the value of the shares issued to a related service provider on September 30, 2025.
Amortization of Dry-Docking and Special Survey Costs
Amortization of deferred dry-docking and special survey costs was $1.7 million during the three-month period ended September 30, 2025. During the three-month period ended September 30, 2025, no vessel underwent her dry-docking and special survey.
Depreciation
Depreciation expense for the three-month period ended September 30, 2025 was $9.3 million.
Loss on Sale of Vessels
During the three-month period ended September 30, 2025, we recorded an aggregate loss of $3.8 million from the sale of the dry bulk vessels Acuity, Verity, Equity and Gorgo. Furthermore, we delivered to their new owners the dry-bulk vessels Pythias and Bernis (both vessels were classified as vessels held for sale during the second quarter of 2025).
Loss on Vessel Held for Sale
During the three-month period ended September 30, 2025, the dry bulk vessel Parity was classified as vessel held for sale and we recorded a loss on vessel held for sale of $1.1 million, which resulted from its estimated fair value measurement less costs to sell.
Interest Income
Interest income amounted to $1.0 million for the three-month period ended September 30, 2025.
Interest and Finance Costs
Interest and finance costs were $3.2 million during the three-month period ended September 30, 2025. Interest and finance costs include mainly interest expense on our bank loans, amortization of deferred financing costs and bank charges.
Gain on Derivative Instruments, net
As of September 30, 2025, we hold derivative financial instruments that do not qualify for hedge accounting. The change in the fair value of each derivative instrument that does not qualify for hedge accounting is recorded in the consolidated statements of operations.
As of September 30, 2025, the fair value of these instruments, in aggregate, amounted to a net liability of $1.5 million. During the three-month period ended September 30, 2025, the change in the fair value (fair value as of September 30, 2025 compared to fair value as of June 30, 2025) of the derivative instruments that do not qualify for hedge accounting, including the realized components of such derivative instruments during the period, resulted in a net gain of $18.5 million, which has been included in Gain on Derivative Instruments, net.
Cash Flows
Three-month period ended September 30, 2025
Condensed cash flows
(Expressed in millions of Three-month period ended September
U.S. dollars) 30, 2025
-------------------------------------
Net Cash Provided by Operating
Activities $31.9
Net Cash Provided by Investing
Activities $29.3
Net Cash Used in Financing
Activities $(7.8)
Net Cash Provided by Operating Activities
Net cash flows provided by operating activities for the three-month period ended September 30, 2025 was $31.9 million. Net cash flows are mainly affected by (i) the 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), (ii) the net cash from operations, (iii) the dry-docking and special survey costs and (iv) the interest payments (including interest derivatives net receipts).
Net Cash Provided by Investing Activities
Net cash provided by investing activities was $29.3 million in the three-month period ended September 30, 2025, which mainly consisted of proceeds we received from the sale of the dry bulk vessels Acuity, Verity, Bernis, Equity, Pythias and Gorgo; partly offset by (i) the payments for the acquisition of the secondhand dry bulk vessels Gorgo and Imperator and (ii) payments for upgrades for certain of our dry bulk vessels.
Net Cash Used in Financing Activities
Net cash used in financing activities was $7.8 million in the three-month period ended September 30, 2025, which mainly consisted of $7.7 million net payments relating to our debt financing agreements (including proceeds of $15.3 million we received from one debt financing agreement).
Liquidity
Cash and cash equivalents
As of September 30, 2025, we had Cash and cash equivalents (including restricted cash) of $184.5 million and $21.3 million in margin deposits in relation to our FFAs, bunker swaps and EUA futures. Including the $84.7 million of available undrawn funds from our hunting license facility, our total liquidity as of September 30, 2025 was approximately $290.5 million.
Conference Call details:
On November 14, 2025 at 8:30 a.m. EST, Costamare Bulkers 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: 1-800-860-2442 (from the US), 0808-238-9064 (from the UK) or +1-412-858-4600 (from outside the US and the UK). Please quote "Costamare Bulkers". A replay of the conference call will be available until November 21, 2025. The United States replay number is +1-855-669-9658; the standard international replay number is +1-412-317-0088; and the access code required for the replay is: 5058584.
Live webcast:
There will also be a simultaneous live webcast over the Internet, through the Costamare Bulkers website (www.costamarebulkers.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
About Costamare Bulkers Holdings Limited
Costamare Bulkers Holdings Limited is an international owner and operator of dry bulk vessels. Costamare Bulkers' owned dry bulk fleet consists of 31 vessels with a total carrying capacity of approximately 2,842,000 DWT. Costamare Bulkers also owns a dry bulk operating platform $(CBI)$ which charters in/out dry bulk vessels, enters into contracts of affreightment, forward freight agreements and may also utilize hedging solutions. Costamare Bulkers' common stock trades on the New York Stock Exchange under the symbol "CMDB".
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", "expect" and similar expressions. You should not place undue reliance on these statements. These statements are not historical facts but instead represent only the Company's beliefs regarding future results, many of which, by their nature, are inherently uncertain and outside of the Company's control. Although the Company believes that its expectations stated in this earnings release are based on reasonable assumptions, 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 the Company's Registration Statement on Form 20-F (File No. 001-42581). All forward-looking statements reflect management's current views with respect to certain future events, and the Company expressly disclaims any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in the Company's views or expectations, or otherwise.
Company Contacts:
Gregory Zikos -- Chief Executive Officer
Dimitris Pagratis - Chief Financial Officer
Konstantinos Tsakalidis - Business Development
Costamare Bulkers Holdings Limited, Monaco
Tel: (+377) 92 00 1745
Email: ir@costamarebulkers.com
Owned Vessels Fleet List
The table below provides information about our owned fleet as of November 13, 2025.
Vessel Name Year Built Capacity $(DWT)$
---- ------------- ------------ ----------------
1 FRONTIER 2012 181,415
2 MIRACLE 2011 180,643
3 PROSPER 2012 179,895
4 DORADO 2011 179,842
5 MAGNES 2011 179,546
6 IMPERATOR 2012 176,387
7 ENNA 2011 175,975
8 AEOLIAN 2012 83,478
9 GRENETA 2010 82,166
10 HYDRUS 2011 81,601
11 PHOENIX 2012 81,569
12 BUILDER 2012 81,541
13 FARMER 2012 81,541
14 SAUVAN 2010 79,700
15 MERCHIA 2015 63,585
16 DAWN 2018 63,561
17 SEABIRD 2016 63,553
---- ------------- ------------ ----------------
18 ORION 2015 63,473
---- ------------- ------------ ----------------
19 DAMON 2012 63,301
---- ------------- ------------ ----------------
20 ARYA 2013 61,424
---- ------------- ------------ ----------------
21 ALWINE 2014 61,090
---- ------------- ------------ ----------------
22 AUGUST 2015 61,090
---- ------------- ------------ ----------------
23 ATHENA 2012 58,018
---- ------------- ------------ ----------------
24 ERACLE 2012 58,018
---- ------------- ------------ ----------------
25 NORMA 2010 58,018
---- ------------- ------------ ----------------
26 CURACAO 2011 57,937
---- ------------- ------------ ----------------
27 URUGUAY 2011 57,937
---- ------------- ------------ ----------------
28 SERENA 2010 57,266
---- ------------- ------------ ----------------
29 LIBRA 2010 56,701
---- ------------- ------------ ----------------
30 CLARA 2008 56,557
---- ------------- ------------ ----------------
31 BERMONDI 2009 55,469
---- ------------- ------------ ----------------
Chartered-In Vessels Fleet List
The table below provides information about our chartered-in fleet as of November 13, 2025.
Earliest
Redelivery to
Vessel Name Year Built Capacity (DWT) Owners
---- ------------------- ------------ ---------------- -------------------
SHANDONG
1 MIGHTINESS 2021 210,896 September 2026
-------------------
SHANDONG
2 MISSION(i) 2021 210,800 November 2026
-------------------
SHANDONG
3 RENAISSANCE(i) 2022 210,800 December 2026
-------------------
4 CAPE PROTEUS 2011 180,585 January 2026
-------------------
5 MILDRED 2011 179,678 February 2026
---- ------------------- ------------ ---------------- -------------------
NAVIOS LUZ(i(i)
6 (i) () 2010 179,144 December 2025
---- ------------------- ------------ ---------------- -------------------
7 MILESTONE 2010 176,354 February 2026
---- ------------------- ------------ ---------------- -------------------
8 GRAMPUS CHARM 2013 82,937 December 2025
---- ------------------- ------------ ---------------- -------------------
NAVIOS LIBRA(i(i)
9 () 2019 82,011 January 2026
---- ------------------- ------------ ---------------- -------------------
NAVIOS
CITRINE((i) (i)
10 () 2017 81,626 January 2026
---- ------------------- ------------ ---------------- -------------------
AOM BIANCA((i)
11 (i) (i) () 2017 81,600 December 2025
---- ------------------- ------------ ---------------- -------------------
GEORGITSI((i) (i)
12 () 2012 81,309 September 2026
---- ------------------- ------------ ---------------- -------------------
(i) Time-chartered out to a large extent for the remaining charter-in period.
(ii) Time-chartered out for the whole remaining charter-in period.
(iii) To be redelivered upon completion of her current voyage within Q4 2025.
Chartered-In Newbuilding Vessels
Vessel Capacity (DWT) Estimated Delivery
--- --------------- ---------------- --------------------
1 Newbuilding 1 81,800 Q2 2026
--- --------------- ---------------- --------------------
2 Newbuilding 2 82,400 Q2 2027 -- Q1 2028
--- --------------- ---------------- --------------------
COSTAMARE BULKERS HOLDINGS LIMITED
Consolidated Statement of Operations
Nine-month period Three-month period
ended September 30, ended September 30,
(Expressed in
thousands of
U.S. dollars,
except share
and per share
amounts) 2024 2025 2024 2025
----------- ---------- ----------- ----------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
REVENUES:
Voyage revenue $ - $ 265,979 $ - $ 158,768
Voyage revenue
-- related
parties - 112,761 - 64,106
Total voyage
revenue - 378,740 - 222,874
----------- ----------- ----------
EXPENSES:
Voyage expenses - (116,201) - (65,781)
Charter-in hire
expenses - (192,144) - (117,377)
Voyage expenses
-- related
parties - (5,237) - (3,009)
Vessels'
operating
expenses - (38,791) - (19,291)
General and
administrative
expenses - (5,470) - (3,311)
Management and
agency fees --
related
parties - (13,174) - (6,484)
General and
administrative
expenses --
non-cash
component - (1,192) - (869)
Amortization of
dry-docking
and special
survey costs - (3,557) - (1,724)
Depreciation - (19,216) - (9,330)
Loss on sale of
vessels - (10,399) - (3,830)
Loss on vessel
held for sale - (1,058) - (1,058)
Foreign
exchange
losses - (248) - (252)
Operating loss $ - $ (27,947) $ - $ (9,442)
----------- ---------- ----------- ----------
OTHER INCOME /
(EXPENSES):
Interest income $ - $ 1,797 $ - $ 1,019
Interest and
finance costs - (6,905) - (3,230)
Other, net - 631 - 516
Gain on
derivative
instruments,
net - 13,263 - 18,491
Total other
income, net $ - $ 8,786 $ - $ 16,796
----------- ---------- ----------- ----------
Net income/
(loss) $ - $ (19,161) $ - $ 7,354
=========== ========== =========== ==========
Earnings /
(Losses) per
common share,
basic and
diluted $ - $ (1.39) $ - $ 0.30
Weighted
average number
of shares,
basic and
diluted - 13,754,628 - 24,241,640
----------- ---------- ----------- ----------
COSTAMARE BULKERS HOLDINGS LIMITED
Consolidated Balance Sheets
(Expressed in
thousands of U.S. As of December 31,
dollars) 2024 As of September 30, 2025
--------------------- -------------------------
ASSETS (Audited) (Unaudited)
----------------------
CURRENT ASSETS:
Cash and cash
equivalents $ 4 $ 180,807
Margin deposits - 21,270
Accounts receivable 2 32,278
Inventories - 32,559
Due from related
parties - 6,148
Insurance claims
receivable - 3,918
Vessels held for sale - 11,250
Prepayments and other - 26,120
Total current assets $ 6 $ 314,350
--------------------- ---------------------
FIXED ASSETS, NET:
Vessels and advances,
net $ - $ 574,290
Total fixed assets,
net $ - $ 574,290
--------------------- ---------------------
NON-CURRENT ASSETS:
Deferred charges, net $ - $ 17,431
Operating leases,
right-of-use assets - 151,449
Accounts receivable,
non-current - 4,235
Due from related
parties, non-current - 1,050
Restricted cash 2,100 3,650
Fair value of
derivatives,
non-current - 107
Total assets $ 2,106 $ 1,066,562
===================== =====================
LIABILITIES AND
STOCKHOLDERS' EQUITY
----------------------
CURRENT LIABILITIES:
Current portion of
long-term debt $ - $ 15,013
Operating lease
liabilities, current
portion - 136,806
Accounts payable - 24,984
Due to related parties 2,100 15,756
Accrued liabilities - 12,958
Unearned revenue - 18,105
Fair value of
derivatives - 1,596
Other current
liabilities - 4,598
Total current
liabilities $ 2,100 $ 229,816
--------------------- ---------------------
NON-CURRENT
LIABILITIES:
Long-term debt, net of
current portion $ - $ 144,306
Operating lease
liabilities,
non-current portion - 8,931
Other non-current
liabilities - 603
Total non-current
liabilities $ - $ 153,840
--------------------- ---------------------
COMMITMENTS AND
CONTINGENCIES - -
STOCKHOLDERS' EQUITY:
Common stock $ - $ 2
Additional paid-in
capital - 702,059
Retained earnings /
(Accumulated
deficit) 6 (19,155)
Total stockholders'
equity 6 682,906
--------------------- ---------------------
Total liabilities and
stockholders' equity $ 2,106 $ 1,066,562
===================== =====================
Exhibit III(10)
COSTAMARE BULKERS HOLDINGS LIMITED PREDECESSOR
Combined Carve-out Statements of Operations
(Expressed in For the nine-month For the period from
thousands of U.S. period ended September January 1, 2025 to May
dollars) 30, 2024 6, 2025
---------------------- -----------------------
REVENUES: (Unaudited) (Unaudited)
Voyage revenue $ 759,876 $ 239,719
Voyage revenue --
related parties 111,128 87,683
----- -------- ----- ----- --------- -----
Total voyage
revenue 871,004 327,402
----- -------- ----- ----- --------- -----
EXPENSES:
Voyage expenses (255,367) (107,383)
Charter-in hire
expenses (521,431) (166,506)
Voyage
expenses-related
parties (5,585) (3,765)
Vessels' operating
expenses (61,805) (27,165)
General and
administrative
expenses (11,045) (10,832)
General and
administrative
expenses --
related parties (2,320) (528)
Management and
agency fees -
related parties (23,839) (10,760)
Amortization of
dry-docking and
special survey
costs (4,585) (2,337)
Depreciation (27,586) (14,044)
Gain / (loss) on
sale of vessels,
net 3,348 (4,669)
Loss on vessels
held for sale - (1,579)
Vessel's impairment
loss - (179)
Foreign exchange
gains 153 219
----- -------- ----- ----- --------- -----
Operating loss (39,058) (22,126)
----- -------- ---- ----- --------- ----
OTHER INCOME /
(EXPENSES):
Interest income 1,346 236
Interest and
finance costs,
net (17,839) (7,313)
Interest expense --
related parties (540) (815)
Other, net 944 (47)
Gain / (loss) on
derivative
instruments, net 22,357 (710)
----- -------- ----- ----- --------- ----
Total other income
/ (expenses), net 6,268 (8,649)
----- -------- ----- ----- --------- ----
Net loss $ (32,790) $ (30,775)
===== ======== ==== ===== ========= ====
______________
(10) This exhibit includes combined carve-out financial information for Costamare Bulkers Holdings Limited Predecessor, prepared in accordance with the same accounting principles as disclosed in Costamare Bulkers' Registration Statement on Form 20-F (File No. 001-42581).
COSTAMARE BULKERS HOLDINGS LIMITED PREDECESSOR
Combined Carve-out Balance Sheet
December 31, 2024
(Expressed in thousands of U.S. dollars)
ASSETS (Audited)
CURRENT ASSETS:
Cash and cash equivalents $ 49,858
Restricted cash 941
Margin deposits 45,221
Accounts receivable, net 39,648
Inventories 44,500
Due from related parties 7,014
Fair value of derivatives 197
Insurance claims receivable 2,842
Prepayments and other assets 49,796
Total current assets 240,017
---- ------------
FIXED ASSETS, NET:
Vessels and advances, net 671,844
Total fixed assets, net 671,844
OTHER NON-CURRENT ASSETS:
Accounts receivable, net, non-current 1,610
Deferred charges, net 19,119
Due from related parties, non-current 1,050
Fair value of derivatives, non-current 147
Restricted cash, non-current 9,236
Operating leases, right-of-use assets 297,975
Total assets $ 1,240,998
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt, net of deferred
financing costs $ 30,505
Related party loans 85,000
Accounts payable 41,477
Due to related parties 5,319
Operating lease liabilities, current portion 205,172
Accrued liabilities 11,906
Unearned revenue 22,911
Fair value of derivatives 14,465
Other current liabilities 3,902
Total current liabilities 420,657
NON-CURRENT LIABILITIES:
Long-term debt, net of current portion and deferred
financing costs 305,724
Operating lease liabilities, non-current portion 87,424
Fair value of derivatives, non-current portion 5,174
Total non-current liabilities 398,322
---- ------------
COMMITMENTS AND CONTINGENCIES -
SHAREHOLDERS' EQUITY:
Common shares 250
Additional paid-in capital 207,284
Net Parent Investment 312,546
Accumulated deficit (98,061)
Total shareholders' equity 422,019
---- ------------
Total liabilities and shareholders' equity $ 1,240,998
(END) Dow Jones Newswires
November 14, 2025 06:12 ET (11:12 GMT)
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