Costamare Bulkers Holdings Limited reported unaudited financial results for the fourth 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

I. PROFITABILITY – LIQUIDITY – DEBT

Q4 2025 Adjusted Net Loss1 of $1.7 million ($0.07 loss per share).
Q4 2025 liquidity of $311.0 million.
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.

II. 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 202410.
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.

IV. OWNED FLEET

Costamare Bulkers currently owns a fleet of 3112 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.
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.

Mr. Gregory Zikos, Chief Executive Officer of Costamare Bulkers Holdings Limited, commented:

“During its second quarter as an independent listed entity Costamare Bulkers generated an adjusted net loss of $1.7 million. As already announced, at the end of September of last year we entered into a cooperation agreement with Cargill, which included, among other things, the transfer to a large extent of the Company’s trading portfolio.

This quarter’s results continue to be affected by legacy positions not included in the Cargill transaction as well as by legacy positions that have been transferred to Cargill gradually over the quarter.

With total cash of about $226 million and debt of ca. $156 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. 91,800 DWT.

Building upon solid market fundamentals we agreed to sell the 2011-built, Capesize vessel, Miracle, and sold the 2008-built, Supramax vessel, Clara. Total capital gains amounted to $7.7 million on top of profitable operation of $7.9 million9 since these vessels were initially acquired prior to the spin-off from Costamare Inc. At the same time, as part of our fleet renewal strategy, we have agreed to acquire the 2018-built, 60,297 DWT capacity dry bulk vessel, Koushun.

Regarding the market, favorable supply and demand fundamentals supported by strong exports and improved sentiment have pushed the Capesize index higher.

On the Panamax size, the easing of US-China tensions, combined with improved sentiment stemming from a strong Capesize market, helped support the Panamax index.

Finally, the Supramax index remained healthy on the back of strong demand for coal and minor bulks, as well as improved sentiment from the larger sizes.”
Source: Costamare Bulkers Holdings