Company: CMDB
Filing Date: 2025-04-23
Form Type: 20FR12B/A
Source: 0001140361-25-015197
Chunk: 274

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-04-23
Form: 20FR12B/A
Chunk 274
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 42 dry bulk vessels with a total carrying capacity of approximately 2,606,209 of DWT. The entities under the Owned Dry Bulk Fleet Business provide worldwide marine transportation services by chartering their dry bulk vessels to a diverse group of charterers.

During the fourth quarter of 2022, Costamare established a dry bulk operating platform under CBI. CBI charters-in and charters-out dry bulk vessels, enters into contracts of affreightment and forward freight agreements (“FFAs”) and also utilizes hedging solutions. As of December 31, 2024, CBI charters-in 50 third-party dry bulk vessels on period time charters (including one dry bulk vessel on a time charter trip). As of December 31, 2023, CBI chartered in 56 third-party dry bulk vessels on period time charters (including two dry bulk vessels on time charter trips).

Costamare Bulkers Holdings Limited (“CMDB”) was organized under the laws of the Republic of the Marshall Islands on September 29, 2023 and on July 11, 2024, Costamare subscribed for and was issued 10,000 shares of the capital stock of CMDB at a price of $0.0001 per share, making Costamare the sole shareholder of CMDB. CMDB was formed to serve as the ultimate holding company of Costamare’s dry bulk related businesses as a new public company by means of a spin-off transaction.

On March 27, 2025, as part of an internal reorganization, Costamare contributed to CMDB the shares of 67 wholly-owned companies, out of which 38 companies own dry bulk vessels, 17 companies have previously owned and sold or have agreed to sell their dry bulk vessels and 12 companies are to be used for future dry bulk vessel acquisitions. On the same date, CMDB further contributed these 67 companies to its wholly-owned subsidiary, CBSI. CMDB intends to acquire CBI pursuant to a purchase agreement with Costamare and an exchange agreement with the minority owner of CBI.

The management of the Company believes the assumptions underlying the predecessor combined carve-out financial statements, including the assumptions regarding the allocation of general corporate expenses from Costamare, are reasonable. Nevertheless, the Company’s predecessor combined carve-out financial statements may not include all of the actual expenses that would have been incurred had the Company operated as a standalone company during the period presented and may not reflect the Company’s predecessor combined carve-out results