MONACO, Aug. 08, 2025 (GLOBE NEWSWIRE) -- Costamare Bulkers Holdings Limited (“Costamare Bulkers” or the “Company”) (NYSE: CMDB) today reported unaudited financial results for the six-month period ended June 30, 2025 (“H1 2025”).

Costamare Bulkers had no operating activity during the first half of 2024 and remained a wholly-owned subsidiary of Costamare Inc. (“Costamare”), a New York Stock Exchange (the “NYSE”) listed company, until May 6, 2025, when it became an independent, publicly traded company on NYSE through a spin-off from Costamare.

Starting with the earnings release for the third quarter and the nine-month period ended September 30, 2025, which will reflect the first full quarter of operations, we intend to include additional financial information and management discussion on Costamare Bulkers’ performance.

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 six-month period ended June 30, 2025. On May 6, 2025, Costamare Bulkers also acquired from Costamare and a minority shareholder Costamare Bulkers Inc. (“CBI”), a dry bulk operating platform, whose results are included from that date forward. No comparative figures are presented for the six-month period ended June 30, 2024, as Costamare Bulkers had no operations during that time and all amounts would have been nil.

FINANCIAL RESULTS AND LIQUIDITY

  • H1 2025 Net Loss of $26.5 million ($3.15 loss per share).
  • H1 2025 Adjusted Net Loss 1 of $15.8 million ($1.87 adjusted loss per share).
  • H1 2025 Adjusted Net Loss of $15.8 million ($0.65 pro forma adjusted loss per share, which reflects the weighted average number of common shares as if all shares outstanding as of June 30, 2025 had been outstanding from January 1, 2025) 2 .
  • H1 2025 liquidity of $242.3 million 3 .

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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 The weighted average number of shares outstanding for the six-month period ended June 30, 2025, was 8,424,213, reflecting the timing of share issuances throughout the period. On a pro forma basis, assuming that all 24,240,982 common shares outstanding as of June 30, 2025, had been outstanding since January 1, 2025, the weighted average number of shares would have been 24,240,982. The pro forma adjusted loss per share metric is presented for comparability purposes only and does not reflect a GAAP measure.
3 Including margin deposits relating mainly to our forward freight agreements (“FFAs”) and bunker swaps of $26.6 million and $84.7 million of available undrawn funds from one hunting license facility as of June 30, 2025.

Mr. Gregory Zikos, Chief Executive Officer of Costamare Bulkers Holdings Limited, 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 (excluding unrealized gains and losses from derivatives) for the period was $15.8 million ($1.87 adjusted loss per share)
  • 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.”

About Costamare Bulkers Holdings Limited

Costamare Bulkers Holdings Limited is an international owner and operator of dry bulk vessels. Costamare Bulkers’ owned dry bulk fleet consists of 37 vessels with a total carrying capacity of approximately 3,103,000 dwt (including six vessels that we have agreed to sell). Costamare Bulkers also owns a dry bulk operating platform (CBI) which charters in/out dry bulk vessels, enters into contracts of affreightment and forward freight agreements and may also utilize hedging solutions. Costamare Bulkers’ common stock trades on the New York Stock Exchange under the symbol “CMDB”.

Forward-Looking Statements

This earnings release contains “forward-looking statements”. In some cases, you can identify these statements by forward-looking words such as “believe”, “intend”, “anticipate”, “estimate”, “project”, “forecast”, “plan”, “potential”, “may”, “should”, “could”, “expect” and similar expressions. You should not place undue reliance on these statements. These statements are not historical facts but instead represent only the Company’s beliefs regarding future results, many of which, by their nature, are inherently uncertain and outside of the Company’s control. It is possible that actual results may differ, possibly materially, from those anticipated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect future results, see the discussion in the Company’s Registration Statement on Form 20-F (File No. 001-42581).

Company Contacts:

Gregory Zikos – Chief Executive Officer
Dimitris Pagratis - Chief Financial Officer
Konstantinos Tsakalidis - Business Development

Costamare Bulkers Holdings Limited, Monaco
Tel: (+377) 92 00 1745
Email: [email protected]

Exhibit I

Reconciliation of Net Loss to Adjusted Net Loss and Adjusted Loss per Share

Six-month period ended
June 30,
(Expressed in thousands of U.S. dollars, except share and per share data) 2025
Net Loss $ (26,515 )
Accrued charter revenue 1
Deferred charter-in expense 54
General and administrative expenses - non-cash component 323
Loss on sale of vessel 1,579
Loss on vessels held for sale 4,990
Non-recurring, non-cash write-off of loan deferred financing costs 117
Loss on derivative instruments, excluding realized (gain) / loss on derivative instruments (1) 3,667
Adjusted Net Loss $ (15,784 )
Adjusted Loss per Share $ (1.87 )
Weighted average number of shares 8,424,213

Adjusted Net Loss and Adjusted Losses per Share represent Net Loss before non-cash “Accrued charter revenue” recorded under charters with escalating or descending charter rates, deferred charter-in expense, loss on vessel held for sale, loss on sale of vessel, non-recurring, non-cash write-off of loan deferred financing costs, general and administrative expenses - non-cash component and loss on derivative instruments, excluding realized (gain)/loss on derivative instruments. “Accrued charter revenue” is attributed to the timing difference between the revenue recognition and the cash collection. However, Adjusted Net Income/ (Loss) and Adjusted Earnings/ (Losses) per Share are not recognized measurements under U.S. GAAP. We believe that the presentation of Adjusted Net Income/ (Loss) and Adjusted Earnings/ (Losses) per Share are useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We also believe that Adjusted Net Income/ (Loss) and Adjusted Earnings/ (Losses) per Share are useful in evaluating our ability to service additional debt and make capital expenditures. In addition, we believe that Adjusted Net Income / (Loss) and Adjusted Earnings / (Losses) per Share are useful in evaluating our operating performance and liquidity position compared to that of other companies in our industry because the calculation of Adjusted Net Income/ (Loss) and Adjusted Earnings/ (Losses) per Share generally eliminates the accounting effects of certain hedging instruments and other accounting treatments, items which may vary for different companies for reasons unrelated to overall operating performance and liquidity. In evaluating Adjusted Net Income/ (Loss) and Adjusted Earnings/ (Losses) per Share, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted Net Income/ (Loss) and Adjusted Earnings /(Losses) per Share should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

(1)  Items to consider for comparability, when prior period figures are presented, include gains and charges. Gains positively impacting Net Loss are reflected as deductions to Adjusted Net Loss. Charges negatively impacting Net Loss are reflected as increases to Adjusted Net Loss.

Exhibit II

Vessels’ Operational Data

Six-month period ended June 30, 2025
Average number of vessels (1) 36.5
Ownership days (1) 3,320
Average number of third-party charter-in vessels 51.8
Number of vessels under dry-docking and special survey (1) 1

(1)  Vessels in our owned fleet

Exhibit III

Owned Vessels Fleet List

The table below provides information about our owned fleet as of August 7, 2025, including six vessels that we have agreed to sell. Each vessel is owned by one of our subsidiaries.

Vessel Name Year
Built 		Capacity
(DWT)
1 FRONTIER 2012 181,415
2 MIRACLE 2011 180,643
3 PROSPER 2012 179,895
4 DORADO 2011 179,842
5 MAGNES 2011 179,546
6 IMPERATOR 2012 176,387
7 ENNA 2011 175,975
8 AEOLIAN 2012 83,478
9 GRENETA 2010 82,166
10 HYDRUS 2011 81,601
11 PHOENIX 2012 81,569
12 BUILDER 2012 81,541
13 FARMER 2012 81,541
14 SAUVAN 2010 79,700
15 GORGO (ex. GORGOYPIKOOS) ( i ) 2005 76,498
16 MERCHIA 2015 63,585
17 DAWN 2018 63,561
18 SEABIRD 2016 63,553
19 ORION 2015 63,473
20 DAMON 2012 63,301
21 ARYA 2013 61,424
22 ALWINE 2014 61,090
23 AUGUST 2015 61,090
24 ATHENA 2012 58,018
25 ERACLE 2012 58,018
26 NORMA 2010 58,018
27 CURACAO 2011 57,937
28 URUGUAY 2011 57,937
29 SERENA 2010 57,266
30 LIBRA 2010 56,701
31 CLARA 2008 56,557
32 BERMONDI 2009 55,469
33 VERITY ( i ) 2012 37,163
34 PARITY ( i ) 2012 37,152
35 ACUITY ( i ) 2011 37,152
36 EQUITY ( i ) 2013 37,071
37 BERNIS ( i ) 2011 35,995


(i)  Denotes vessels we have agreed to sell. Sales are expected to be concluded in Q3 and Q4 2025. Gorgo was initially acquired as part of an en-bloc deal in conjunction with the sale of four Handysize vessels (i.e. Verity, Parity, Acuity and Equity).

Chartered-In Vessels Fleet List

The table below provides information about our chartered-in fleet as of August 7, 2025.

Vessel Name Year
Built 		Capacity
(DWT) 		Charter
Hire -In Rate 		Earliest
Redelivery
Quarter/ Year 		Comments
1 BERGE ZUGSPITZE 2016 211,182 Index-Linked Q1 2026 -
2 BERGE GROSSGLOCKNER 2017 211,171 Index-Linked Q1 2026 -
3 SHANDONG PROSPERITY 2021 211,103 Index-Linked plus Fixed Amount Q3 2026 -
4 SHANDONG INNOVATION 2021 210,989 Index-Linked plus Fixed Amount Q4 2026 -
5 SHANDONG HAPPINESS 2021 210,938 Index-Linked plus Fixed Amount Q4 2026 -
6 SHANDONG MIGHTINESS 2021 210,896 Index-Linked plus Fixed Amount Q3 2026 -
7 SHANDONG MISSION 2021 210,800 Index-Linked plus Fixed Amount Q4 2026 -
8 SHANDONG RENAISSANCE 2022 210,800 Index-Linked plus Fixed Amount Q4 2026 -
9 BERGE DACHSTEIN 2020 208,718 Index-Linked Q3 2025 -
10 BULK SANTOS 2020 208,445 Index-Linked Q2 2026 -
11 BULK SAO PAULO 2020 208,445 Index-Linked Q2 2026 -
12 TITANSHIP 2011 207,855 Fixed Rate plus Profit Share Q3 2026 -
13 MEISHIP 2013 207,851 Fixed Rate plus Profit Share Q1 2026 -
14 MINERAL CLOUDBREAK 2012 205,097 Index-Linked Q4 2025 Converted to Fixed Rate until end 2025
15 ICONSHIP 2013 181,392 Index-Linked Q1 2026 Converted to Fixed Rate until end 2025
16 CAPE PROTEUS 2011 180,585 Fixed Rate Q1 2026 CMDB option to extend for 10-14 months
17 MANDY 2010 180,371 Index-Linked Q3 2026 -
18 MILLIE 2009 180,310 Index-Linked Q4 2025 -
19 TOMINI K2 2014 179,816 Fixed Rate Q1 2027 -
20 MARIJEANNIE C 2009 179,759 Index-Linked Q1 2026 -
21 SHANDONG HENG CHANG 2013 179,713 Index-Linked plus Fixed Amount Q4 2025 -
22 MILDRED 2011 179,678 Index-Linked Q1 2026 -
23 MARIPERLA 2009 179,561 Index-Linked Q1 2026 Converted to Fixed Rate until end 2025
24 NAVIOS FULVIA 2010 179,263 Index-Linked Q4 2026 -
25 NAVIOS ALTAMIRA 2011 179,165 Index-Linked Q4 2026 Converted to Fixed Rate until end Q3 2025
26 NAVIOS LUZ 2010 179,144 Index-Linked Q4 2025 Converted to Fixed Rate until end Q3 2025
27 LORDSHIP 2010 178,838 Index-Linked Q1 2026 -
28 CAPE AQUA 2009 178,055 Index-Linked Q3 2025 -
29 MILESTONE 2010 176,354 Index-Linked Q1 2026 -
30 W-SMASH 2013 82,742 Index-Linked Q4 2025 -
31 SAPHIRA 2021 82,577 Fixed Rate Q2 2026 -
32 NAVIOS LIBRA 2019 82,011 Index-Linked Q1 2026 Converted to Fixed Rate until end 2025
33 AOM MARIA LAURA 2021 81,800 Fixed Rate Q2 2026 CMDB option to extend for 10-14 months
34 W-EMERALD 2012 81,709 Index-Linked Q3 2025 -
35 NAVIOS CITRINE 2017 81,626 Index-Linked Q1 2026 Converted to Fixed Rate until end 2025
36 AOM BIANCA 2017 81,600 Fixed Rate Q4 2025 CMDB option to extend until
Nov 2026-Feb 2027
37 KYNOURIA 2012 81,354 Index-Linked Q4 2026 -
38 KROUSSON 2011 81,351 Index-Linked Q3 2026 -
39 GEORGITSI 2012 81,309 Index-Linked Q3 2026 -


Exhibit IV

COSTAMARE BULKERS HOLDINGS LIMITED
Consolidated Statement of Operations
Six-month periods ended June 30,
(Expressed in thousands of U.S. dollars, except share and per share amounts)
2024
2025
(Unaudited) (Unaudited)
REVENUES:
Voyage revenue $ - $ 107,211
Voyage revenue – related parties - 48,655
Total voyage revenue - 155,866
EXPENSES:
Voyage expenses - (50,420 )
Charter-in hire expenses - (74,767 )
Voyage expenses – related parties - (2,228 )
Vessels’ operating expenses - (19,500 )
General and administrative expenses - (2,159 )
Management and agency fees – related parties - (6,690 )
General and administrative expenses – non-cash component - (323 )
Amortization of dry-docking and special survey costs - (1,833 )
Depreciation - (9,886 )
Loss on sale of vessels - (1,579 )
Loss on vessels held for sale - (4,990 )
Foreign exchange gains - 4
Operating loss $ - $ (18,505 )
OTHER INCOME / (EXPENSES):
Interest income $ - $ 778
Interest and finance costs - (3,675 )
Other, net - 115
Loss on derivative instruments, net - (5,228 )
Total other expenses, net $ - $ (8,010 )
Net loss $ - $ (26,515 )
Losses per common share, basic and diluted $ - $ (3.15 )
Weighted average number of shares, basic and diluted - 8,424,213


COSTAMARE BULKERS HOLDINGS LIMITED
Consolidated Balance Sheets
(Expressed in thousands of U.S. dollars) As of December 31, 2024
As of June 30, 2025
ASSETS (Audited) (Unaudited)
CURRENT ASSETS:
Cash and cash equivalents $ 4 $ 127,474
Restricted cash 2,100 -
Margin deposits - 26,550
Accounts receivable 2 35,388
Inventories - 34,657
Due from related parties - 5,326
Insurance claims receivable - 3,681
Vessels held for sale - 19,453
Prepayments and other - 31,940
Total current assets $ 2,106 $ 284,469
FIXED ASSETS, NET:
Vessels and advances, net $ - $ 609,593
Total fixed assets, net $ - $ 609,593
NON-CURRENT ASSETS:
Deferred charges, net $ - $ 20,520
Operating leases, right-of-use assets - 207,203
Accounts receivable, non-current - 1,460
Due from related parties, non-current - 975
Restricted cash - 3,600
Total assets $ 2,106 $ 1,127,820
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt $ - $ 19,400
Operating lease liabilities, current portion - 166,888
Accounts payable - 28,996
Due to related parties 2,100 13,805
Accrued liabilities - 10,480
Unearned revenue - 15,718
Fair value of derivatives - 9,227
Other current liabilities - 6,196
Total current liabilities $ 2,100 $ 270,710
NON-CURRENT LIABILITIES
Long-term debt, net of current portion $ - $ 147,367
Operating lease liabilities, non-current portion - 33,456
Fair value of derivatives, net of current portion - 263
Other non-current liabilities - 1,341
Total non-current liabilities $ - $ 182,427
COMMITMENTS AND CONTINGENCIES - -
STOCKHOLDERS’ EQUITY:
Common stock $ - $ 2
Additional paid-in capital - 701,190
Retained earnings / (Accumulated deficit) 6 (26,509 )
Total stockholders’ equity 6 674,683
Total liabilities and stockholders’ equity $ 2,106 $ 1,127,820


COSTAMARE BULKERS HOLDINGS LIMITED
Condensed Consolidated Statements of Cash Flows
(Expressed in thousands of U.S. dollars) For the six-month periods ended June 30,
2024
2025
Net cash provided by: (Unaudited) (Unaudited)
Operating activities $ - $ 17,287
Investing activities - 36,695
Financing activities - 74,988
Net increase in cash, cash equivalents and restricted cash $ - $ 128,970
Cash, cash equivalents and restricted cash at beginning of the period - 2,104
Cash, cash equivalents and restricted cash at end of the period $ - $ 131,074

Exhibit V 4

COSTAMARE BULKERS HOLDINGS LIMITED PREDECESSOR
Combined Carve-out Statements of Operations
(Expressed in thousands of U.S. dollars)

For the six-month period ended June 30, 2024 For the period from January 1, 2025 to May 6, 2025
REVENUES: (Unaudited) (Unaudited)
Voyage revenue $ 520,332 $ 239,719
Voyage revenue – related parties 31,776 87,683
Total voyage revenue 552,108 327,402
EXPENSES:
Voyage expenses (169,467 ) (107,383 )
Charter-in hire expenses (308,557 ) (166,506 )
Voyage expenses-related parties (2,203 ) (3,765 )
Vessels’ operating expenses (41,372 ) (27,165 )
General and administrative expenses (6,374 ) (10,832 )
General and administrative expenses – related parties (1,488 ) (528 )
Management and agency fees - related parties (15,102 ) (10,760 )
Amortization of dry-docking and special survey costs (2,984 ) (2,337 )
Depreciation (17,980 ) (14,044 )
Gain / (loss) on sale of vessels, net 3,422 (4,669 )
Loss on vessels held for sale (2,308 ) (1,579 )
Vessel’s impairment loss - (179 )
Foreign exchange gains 46 219
Operating loss (12,259 ) (22,126 )
OTHER INCOME / (EXPENSES):
Interest income 1,021 236
Interest and finance costs, net (11,889 ) (7,313 )
Interest expense – related parties (219 ) (815 )
Other, net 868 (47 )
Gain / (loss) on derivative instruments, net 24,996 (710 )
Total other income / (expenses), net 14,777 (8,649 )
Net income / (loss) $ 2,518 $ (30,775 )

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4 This exhibit includes combined carve-out financial information for Costamare Bulkers Holdings Limited Predecessor, prepared in accordance with the same accounting principles as disclosed in Costamare Bulkers’ Registration Statement on Form 20-F (File No. 001-42581).


COSTAMARE BULKERS HOLDINGS LIMITED PREDECESSOR
Combined Carve-out Balance Sheet
(Expressed in thousands of U.S. dollars)
December 31, 2024
ASSETS (Audited)
CURRENT ASSETS:
Cash and cash equivalents $ 49,858
Restricted cash 941
Margin deposits 45,221
Accounts receivable, net 39,648
Inventories 44,500
Due from related parties 7,014
Fair value of derivatives 197
Insurance claims receivable 2,842
Prepayments and other assets 49,796
Total current assets 240,017
FIXED ASSETS, NET:
Vessels and advances, net 671,844
Total fixed assets, net 671,844
OTHER NON-CURRENT ASSETS:
Accounts receivable, net, non-current 1,610
Deferred charges, net 19,119
Due from related parties, non-current 1,050
Fair value of derivatives, non-current 147
Restricted cash, non-current 9,236
Operating leases, right-of-use assets 297,975
Total assets $ 1,240,998
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt, net of deferred financing costs $ 30,505
Related party loans 85,000
Accounts payable 41,477
Due to related parties 5,319
Operating lease liabilities, current portion 205,172
Accrued liabilities 11,906
Unearned revenue 22,911
Fair value of derivatives 14,465
Other current liabilities 3,902
Total current liabilities 420,657
NON-CURRENT LIABILITIES:
Long-term debt, net of current portion and deferred financing costs 305,724
Operating lease liabilities, non-current portion 87,424
Fair value of derivatives, non-current portion 5,174
Total non-current liabilities 398,322
COMMITMENTS AND CONTINGENCIES -
SHAREHOLDERS’ EQUITY:
Common shares 250
Additional paid-in capital 207,284
Net Parent Investment 312,546
Accumulated deficit (98,061 )
Total shareholders’ equity 422,019
Total liabilities and shareholders’ equity $ 1,240,998


COSTAMARE BULKERS HOLDINGS LIMITED PREDECESSOR
Condensed Combined Carve-out Statements of Cash Flows
(Expressed in thousands of U.S. dollars)

For the six-month period ended June 30, 2024
For the period from January 1, 2025 to May 6, 2025
Net cash provided by/ (used in): (Unaudited) (Unaudited)
Operating activities $ (8,934 ) $ 3,938
Investing activities
21,942 9,995
Financing activities (7,311 ) (42,174 )
Net increase / (decrease) in cash, cash equivalents and restricted cash $ 5,697 $ (28,241 )
Cash, cash equivalents and restricted cash at beginning of the period 45,399 60,035
Cash, cash equivalents and restricted cash at end of the period $ 51,096 $ 31,794