Costamare Bulkers Holdings Ltd (NYSE: CMDB)

Costamare Bulkers is an international owner and operator of dry bulk vessels that provides worldwide transportation of dry bulk commodities for a broad range of customers. The company owns a fleet of 31 dry bulk carriers with a total carrying capacity of approximately 2,846,000 dwt and also operates a chartering business that has chartered in 19 third‑party vessels with a combined capacity of about 2,229,000 dwt. Its vessels move major bulks such as iron ore, coal and grain as well as minor bulks including bauxite and other commodities across global shipping routes.

The company generates revenue primarily from charter hire earned on its owned fleet and from freight services provided through its chartering business. Revenue from the owned fleet comes from time charters, voyage charters and index linked charters where customers pay a daily hire rate or a lump sum for the transport of cargo. The chartering business earns revenue by matching customer cargoes with third‑party vessels it has chartered in and by providing spot or forward voyage charters and time charter relets on those vessels.

The company operates through the following segments:

• Owned Fleet: This segment owns and operates dry bulk vessels that transport iron ore, coal, grain, bauxite and other minor bulks worldwide. The fleet is employed mainly on short term time charters and index linked charters, with the ability to convert to fixed rates or adjust the mix of short, medium and long term charters based on market conditions.

• CBI: This segment chars in third‑party dry bulk vessels to supplement the owned fleet and to provide freight services even when owned vessels are unavailable. It focuses on Kamsarmax type vessels, builds a cargo‑driven portfolio and uses spot/forward voyage charters and time charter relets to optimise the trade network and capture freight market fluctuations.

Costamare Bulkers competes in a highly fragmented dry bulk shipping industry where success depends on offering competitive charter rates, maintaining strong customer relationships, demonstrating operating expertise and possessing suitable vessel specifications. While the top ten owner groups control large portions of global fleet capacity, the company differentiates itself through a diversified fleet mix, active chartering strategies supported by data and analytics and a flexible approach that allows it to benefit from rising market conditions without limiting upside potential.

The company serves a varied customer base that includes agricultural producers, mining companies, manufacturers, commodity traders and diversified shipping firms. For the year ended December 31, 2025, approximately 45% of its cargo was loaded in Australia and New Zealand, 21% in South America, 12% in Africa, 10% in North America, 5% in Asia, 5% in the Middle East and India and 2% in Europe. No specific customer names are disclosed in the filing.