CMDB News & Events

Costamare Bulkers has signed a Strategic Cooperation Agreement with Cargill International. Under the Agreement, the Company has agreed to: Transfer to Cargill the majority of its trading book comprising of chartered-in vessels, cargo transportation commitments as well as derivative positions; Charter to Cargill four Supramax vessels for a period of four to six months; Enter into a bunkering services agreement with Seascale Energy, covering the owned and operating fleet; Enter into an agreement in respect of decarbonisation and vessel efficiency strategies and implementing decarbonisation projects; Explore opportunities to jointly invest in dry bulk assets and other dry-bulk business ventures, as well as other potential business opportunities in the dry bulk sector.

Reports 1H revenue $155.9M. Costamare Bulkers had no operating activity during the first half of 2024 and remained a wholly-owned subsidiary of Costamare, a New York Stock Exchange listed company, until May 6, 2025, when it became an independent, publicly traded company on NYSE through a spin-off from Costamare. Gregory Zikos, CEO, commented: "As announced on May 7, 2025, Costamare Bulkers debuted as an independent, publicly traded company upon the completion of its separation from Costamare Inc. The entity currently encompasses the owned dry bulk fleet of Costamare Inc., consisting of 37 vessels as well as the CBI operating platform commercially managing 39 ships on period charters. For the first quarter of 2025, Costamare Bulkers had nominal operations, at the end of March it acquired the owned dry bulk fleet and on May 6, 2025 it acquired CBI. Adjusted Net Loss for the period was $15.8 million; Liquidity was $242 million. Trading losses, partly due to the liquidation of older legacy positions, have contributed to the H1 2025 loss. As those positions are being closed, our goal is to manage a balanced trading book ancillary to the main shipowning business. With minimal leverage and net debt of approximately $10 million, we are well positioned to grow opportunistically in the dry bulk sector. We are progressing on our strategy to divest older and smaller tonnage and replacing it with younger and bigger-sized vessels. We recently acquired an additional Capesize vessel and we are proceeding with the disposal of our remaining five Handysize ships. On the market, the Capesize sector in the second quarter of 2025 was marked by intense volatility. Total Capesize volumes rose, driven by strong Pacific and Brazil-Asia activity. The index hit a high mid-June, before softening by early July as fundamentals softened. The recent rally appears to be driven by positive sentiment, stimulus anticipation from China, real-time vessel tightness and firm Atlantic fronthaul demand. Regarding the Panamax sector, the market strengthened in early June before declining as of the close of last week. The strength was driven by South America grains delayed corn harvest and freight coverings."