Costamere Bulkers Reports Loss, but Solid Fundamentals

Costamare Bulkers has reported its unaudited financial results for the fourth quarter and year ended December 31, 2025, reflecting on 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., a New York Stock Exchange listed company, until May 6, 2025, when it became an independent, publicly traded company 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. On May 6, 2025, the Company acquired Costamare Bulkers Inc. (CBI), a dry bulk operating platform, from Costamare and a minority shareholder.

Costamare Bulkers currently owns a fleet of 31 dry bulk vessels with a total capacity of approximately 2.8 million dwt, consisting of seven Capesize vessels all of which are on period charters, seven Kamsarmax vessels out of which six are on period charters, nine Ultramax vessels out of which seven are on period charters, and eight Supramax vessels out of which seven are on period charters.

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. 91,800dwt.

“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 million 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, 60,297dwt 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.”