Costamare Bulkers Holdings Limited Reports Results for the Third Quarter and Nine-Month Period Ended September 30, 2025

Core Insights - Costamare Bulkers Holdings Limited reported its financial results for Q3 2025, marking its first full quarter as an independent publicly traded company after a spin-off from Costamare Inc. [2][3][15] Financial Performance - Q3 2025 net income was $7.4 million, translating to $0.30 per share, while adjusted net income was $5.4 million or $0.22 per share [5][21][22] - Total voyage revenue for Q3 2025 reached $222.9 million, with voyage revenue from related parties contributing $64.1 million [21][40] - The company had liquidity of $290.5 million, consisting of cash of $205.8 million and debt of $159.3 million, resulting in a negative net debt position [5][61] Operational Updates - The company owns a fleet of 31 dry bulk vessels with a total capacity of approximately 2.8 million DWT, with an average age of about 13 years [9][16][64] - Costamare Bulkers entered into a Strategic Cooperation Agreement with Cargill, which involves transferring the majority of its trading book, including chartered-in vessels and cargo transportation commitments [5][17] - The company aims to focus on Kamsarmax-type vessels to optimize earnings and manage downside exposure while maintaining operational flexibility [9][17] Vessel Activity - During Q3 2025, the company disposed of five Handysize ships and one Supramax vessel, generating net sale proceeds of $44 million after debt prepayment [7][18] - The company accepted delivery of the secondhand dry bulk vessel Imperator, while also selling several older vessels [34][50] Debt Financing - The acquisition of the Imperator was financed through an existing hunting license facility, with approximately $15.3 million drawn [11] - As of September 30, 2025, the company had no significant loan maturities until 2029, with $84.7 million available through a hunting license facility for future vessel acquisitions [11][61] Market Insights - The Capesize index experienced fluctuations due to market conditions, including excess tonnage and geopolitical factors affecting trade routes [19] - Panamax rates increased in October but retreated following the suspension of certain trade measures [19]