Company: CMDB
Filing Date: 2025-03-31
Form Type: 20FR12B
Source: 0001140361-25-011425
Chunk: 176

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-03-31
Form: 20FR12B
Chunk 176
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 and restated to allow each Local Agency to provide its services to any dry bulk subsidiary of Costamare Inc., in addition to CBI. CBI may also charter out its vessels to Local Agency C, as shippers in Asia and the Australia-Pacific region prefer to deal with a chartering company based in Singapore. Local Agency C does not receive any commissions whatsoever for such arrangements as it is acting in the circumstances as a “paying/receiving agent” for CBI. All the economic results of the relevant charter-out arrangements by Local Agency C are passed onto CBI on a back-to-back basis, including any address commissions received by Local Agency C. Local Agency A, Local Agency B and Local Agency D are controlled by our largest shareholder, Konstantinos Konstantakopoulos, and Local Agency C is controlled by our chief executive officer, Gregory Zikos. Our chief commercial officer, Jens Jacobsen, is the managing director of Local Agency B. During the years ended December 31, 2023 and December 31, 2024 the Agency Companies charged CBI for services provided, in the aggregate, $11.7 million and $15.7 million, respectively.

| A. | Operating Results |

Factors Affecting Our Results of Operations Our financial results are largely driven by the following factors:

| • | Number of Vessels in Our Fleet. The number of vessels in our fleet is a key factor in determining the level of our revenues. Aggregate expenses also increase as the size of our fleet increases. Vessel acquisitions and dispositions give rise to gains and losses and other one-time items. Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the ownership days each vessel was part of our fleet during the period divided by the number of calendar days in that period. As of March 13, 2025, our owned fleet consisted of 38 dry bulk vessels (including one vessel that we have agreed to sell). As of March 13, 2025, the dry bulk operating platform has chartered-in for a period, 53 vessels with a total carrying capacity of approximately 8,564,000 dwt (including five vessels chartered-in from our owned fleet), all of which have been delivered (except for one vessel) and are or will be employed under voyage charters or sub time charters. Furthermore, CBI has contracted to charter-in two Kamsarmax vessels, which are currently under construction, once they are