Company: CMDB
Filing Date: 2025-04-23
Form Type: 20FR12B/A
Source: 0001140361-25-015197
Chunk: 35

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-04-23
Form: 20FR12B/A
Chunk 35
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 the supply of dry bulk vessel capacity include:

| • | the availability of financing; |

| • | the price of steel and other raw materials; |

| • | the number of newbuilding orders and deliveries, including slippage in deliveries; |

| • | the cost of newbuildings and the time it takes to construct a newbuild; |

| • | the number of shipyards and ability of shipyards to deliver vessels; |

| • | port and canal congestion; |

| • | scrap prices and the time it takes to scrap a vessel; |

| • | speed of vessel operation; |

| • | costs of bunkers and other operating costs; |

| • | vessel casualties; |

| • | the efficiency and age profile of the existing dry bulk fleet in the market; |

| • | the number of vessels that are out of service, namely those that are laid-up, dry-docked, awaiting repairs or otherwise not available for hire; |

| • | the economics of slow steaming; |

| • | government and industry regulation of maritime transportation practices, particularly environmental protection laws and regulations; and |

| • | sanctions (in particular, sanctions on Iran, Russia and Venezuela, amongst others). |

These factors influencing the supply of and demand for shipping capacity are outside of our control, and we may not be able to correctly assess the nature, timing and degree of changes in industry conditions. Conditions in the international dry bulk shipping market can be volatile and cyclical and have varied significantly over the last decade. During 2022, mainly due to the conflict between Russia and Ukraine, the COVID-19 lockdown policies in China and the emergence of inflationary pressures, demand for seaborne dry bulk trade softened and time charter rates for Capesize, Panamax, Supramax and Handysize vessels (as measured by the BCI, BPI-82, BSI-58 and BHSI-38 Indexes, respectively) dropped on average by 50% compared to 2021 levels. During 2023, the full removal of COVID-19 lockdown policies in China, the increased demand for thermal coal and the reduction of transit flows in the Panama Canal, among other factors resulted in an increase of 57% in time charter rates for the aforementioned categories. During the first quarter of 2024, the Baltic Dry Index (“BDI”) dropped by 13%; however, by the end of the second quarter of 2024, nearly all its losses had

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