Monaco, Costamare Bulkers Holdings Limited (“Costamare Bulkers” or the
“Company”) (NYSE: CMDB) today reported unaudited financial results for thefourth quarter (“Q4 2025”) and year ended December 31, 2025.
This earnings release focuses on the financial results and management’s discussion and analysis for the three-month period ended December 31, 2025, reflecting the Company’s performance during its second full quarter as an independent, publicly traded company.
Costamare Bulkers had no operating activity during the year ended December 31, 2024 and remained a wholly-owned subsidiary of Costamare Inc. (“Costamare”), a New York Stock Exchange (“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-month period and year ended December 31, 2025. On May 6, 2025, the Company acquired Costamare Bulkers Inc. (“CBI”), a dry bulk operating platform, from Costamare and a minority shareholder, whose results are included from that date forward. No comparative figures are presented for the three-month period and year ended December 31, 2024, as Costamare Bulkers had nominal operations during that time.
Financial Highlights and Operational Updates
- PROFITABILITY – LIQUIDITY – DEBT
- Q4 2025 Adjusted Net Loss1 of $1.7 million ($0.07 loss per share).
- Q4 2025 liquidity of $311.0 million2
.
- Debt3 of $155.6 million and Cash4 of $226.3 million, resulting in negative net debt5 position
of $70.7 million as of the end of Q4.
1 Adjusted Net Loss 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 December 31, 2025.
3 Long-term debt including current and non-current portion.
4 Cash and cash equivalents (including restricted cash) of $215.5 million plus margin deposits of $10.8 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).
2
- OPERATING PLATFORM – EFFECTIVE CONCLUSION OF AGREEMENT
WITH CARGILL
- Following the Strategic Cooperation Agreement with Cargill International S.A. (“Cargill”)
(announced on September 29, 2025), the Company has concluded the transfer of the majority
of its trading book6
, which included chartered-in vessels7
, cargo transportation commitments
and derivatives positions.
- The operating platform8
is currently focused on Kamsarmax-type vessels consisting of 20
third-party owned dry bulk vessels of which:
6 Capesize vessels chartered-in under period charters out of which 5 are expected to
be redelivered within 2026. All such vessels constitute legacy transactions into
which the Company entered prior to the Strategic Cooperation Agreement.
12 Kamsarmax vessels chartered-in under period charters or for time charter trips.
Two of the period chartered-in vessels constitute legacy transactions into which the
Company entered prior to the Strategic Cooperation Agreement.
2 newbuild Kamsarmax vessels, which will be chartered-in under period charters
with purchase options upon delivery. Delivery of vessels expected in Q2 2026 and
Q2 2027 – Q1 2028 respectively.
III. FLEET RENEWAL – SALE AND PURCHASE ACTIVITY
Vessel Disposals
- Agreement for the sale of the 2011-built, 180,643 DWT capacity dry bulk vessel,
Miracle (expected conclusion within Q1 – Q2 2026) with estimated capital gains of
approximately $7.0 million on top of a $4.7 million profitability9
since her
acquisition in February 2024
- Sale of the 2008-built, 56,557 DWT capacity dry bulk vessel, Clara, with estimated
capital gains of approximately $0.7 million on top of a $3.2 million profitability9
since her acquisition in August 202110
Vessel Acquisition
- Agreement for the purchase of the 2018-built, 60,297 DWT capacity dry bulk
vessel, Koushun (tbr. Astros). Expected conclusion of the acquisition within Q1
Q2 202611
- OWNED FLEET
- Costamare Bulkers currently owns a fleet of 31
12 dry bulk vessels with a total capacity of
approximately 2.8 million DWT, consisting of:
– 7 Capesize vessels all of which are on period charters.
– 7 Kamsarmax vessels out of which 6 are on period charters.
– 9 Ultramax vessels out of which 7 are on period charters.
– 8 Supramax vessels out of which 7 are on period charters.
