COSTAMARE BULKERS HOLDINGS LIMITED REPORTS RESULTS FOR THE SECOND QUARTER AND SIX-MONTH PERIOD ENDED JUNE 30, 2026
Monaco, Costamare Bulkers Holdings Limited (“Costamare Bulkers” or the “Company”) (NYSE: CMDB) today reported unaudited financial results for the second quarter and six-month period ended June 30, 2026. Financial Highlights1 and Operational Updates I. PROFITABILITY – LIQUIDITY – DEBT • Q2 2026 Adjusted Net Income2 of $9.8 million ($0.40 per share). • Q2 2026 Net Income of $5.2 million ($0.21 per share). • Q2 2026 liquidity of $331.5 million3 . • Cash4 exceeding Debt5 by $108.9 million as of the end of Q2 2026. II. VESSEL SALE • Agreement for the sale of the 2009-built, 55,469 DWT capacity dry bulk vessel, Bermondi. • Sale is expected to be concluded in Q3 2026. III. OPERATING PLATFORM • Completion of the previously announced transaction with Cargill International S.A. (“Cargill”), with no pending transfers of the related trading book. • The operating platform6 is currently focused on Kamsarmax-type vessels and consists of 26 third-party owned dry bulk vessels including: 1 This earnings release focuses on the financial results and management’s discussion and analysis of Costamare Bulkers for the threemonth and six-month periods ended June 30, 2026. Costamare Bulkers became an independent publicly traded company upon its spinoff from Costamare Inc. on May 6, 2025, prior to which it did not operate as a separate legal entity. Accordingly, the results for the three- and six-month periods ended June 30, 2026 are not comparable to the corresponding periods of 2025, and comparative figures for the three- and six-month periods ended June 30, 2025 are not presented. 2 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. 3 Liquidity includes Cash (as defined in footnote 4) and $84.7 million of available undrawn funds from one hunting license facility as of June 30, 2026. 4 Cash denotes Cash and cash equivalents (including restricted cash) of $234.8 million plus margin deposits of $12.0 million relating mainly to our forward freight agreements (“FFAs”) and bunker swaps. 5 Debt denotes Long-term debt including current and non-current portion. 6 As of July 31, 2026, and excluding one vessel sub-chartered out to Cargill on back to back terms pursuant to the Strategic Cooperation Agreement. 2 Two Capesize vessels chartered-in under period charters (one expected to be redelivered within 2026). 24 Kamsarmax/Panamax vessels, 23 of which are chartered-in primarily under shortterm period charters or time charter trips. IV. OWNED FLEET7 • Costamare Bulkers currently owns a fleet of 30 dry bulk vessels (including the vessel we have agreed to sell) with a total capacity of approximately 2.7 million DWT, consisting of: – 6 Capesize vessels, all of which are on period charters. – 7 Kamsarmax vessels, out of which 5 are on period charters. – 9 Ultramax vessels, out of which 8 are on period charters. – 8 Supramax vessels, out of which 4 are on period charters. • 12 of the period charters are subject to index-linked charter agreements (with owner’s option to convert to fixed rate based on the prevailing FFA curve) while the remaining 11 are fixed-rate agreements. Mr. Gregory Zikos, Chief Executive Officer of Costamare Bulkers Holdings Limited, commented: “During the second quarter of the year Costamare Bulkers generated an adjusted net income of $10 million. We finalized the transfer of the Company’s entire legacy trading portfolio that was earmarked for Cargill, effectively reducing the risk on our balance sheet. We expect that our trading platform will be free of the three remaining legacy positions by year end. As part of our fleet renewal program, we recently agreed to sell our 2009-built Supramax vessel, which is expected to be delivered within the third quarter. With total cash exceeding debt by approximately $110 million, the Company is net cash positive, positioning us favorably to grow countercyclically should a low asset value environment arise. Regarding the market, this quarter has been characterized by heightened volatility, particularly in the Capesize segment, largely driven by geopolitical uncertainty, energy market turbulence, and weatherrelated disruptions. Capesize rates peaked in late May before correcting by nearly $20,000/day through the end of June but have since held at robust levels. The Panamax market remained supported by strong Capesize rates and the return of Chinese seaborne coal demand. Unlike the larger vessel segments, the Supramax market was on a gradual upward trend throughout the period, supported by firmer grain and minor bulk volumes, as well as rising Liberian iron ore exports, which strengthened Atlantic market conditions.”
Please read more http://Link:https://costamarebulkers.com/images/news/CMDB_Q2_2026_Earnings_Release.pdf
