Company: CMDB
Filing Date: 2025-04-17
Form Type: 20FR12B/A
Source: 0001140361-25-014307
Chunk: 199

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-04-17
Form: 20FR12B/A
Chunk 199
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 |        5,126 |
| TCE revenue allocated to our owned dry bulk fleet                                              |     |                                                                       $35,175 |     |  $45,368 |     |   $40,060 |     |  $46,479 |     |       $43,966 |     |      $43,729 |
| Available days (owned dry bulk fleet)                                                          |     |                                                                         3,904 |     |    4,030 |     |     3,534 |     |    3,316 |     |         3,357 |     |        3,343 |
| TCE rate per day of our owned dry bulk fleet                                                   |     |                                                                        $9,010 |     |  $11,258 |     |   $11,336 |     |  $14,017 |     |       $13,097 |     |      $13,081 |

| B. | Liquidity and Capital Resources |

Overview For the years ended December 31, 2023 and 2024, our principal sources of funds were operating cash flows, long term financing in the form of bank borrowings and shareholders’ equity contribution. Our principal uses of funds have been capital expenditures to establish, grow and maintain our owned fleet, comply with international shipping standards, environmental laws and regulations and fund working capital requirements. In monitoring our working capital needs, we project our charter hire income and vessels’ maintenance and running expenses, as well as debt service obligations, and seek to maintain adequate cash reserves in order to address any budget overruns. Our primary short-term liquidity needs relate to completing the funding of our vessel operating expenses and debt repayment. Our long-term liquidity needs primarily relate to additional vessel acquisitions in the dry bulk sector for fleet renewal or expansion, debt repayments and lease payments. We anticipate that our primary sources of funds will be cash from operations, along with borrowings under new credit facilities, finance leases and other financing arrangements that we intend to obtain from time to time in connection with vessel acquisitions. In connection with the Restructuring Transactions, Costamare Inc. will contribute $100 million of cash to Costamare Bulkers Holdings. As a result, immediately following completion of the spin-off and the Restructuring Transactions, we expect to have cash or cash equivalents of not less than $100 million. Prior to the consummation of the Restructuring Transactions, Costmare Inc. will prepay $150 million of our bank debt. Prior to the consummation of