Company: CMDB
Filing Date: 2025-04-23
Form Type: 20FR12B/A
Source: 0001140361-25-015197
Chunk: 185

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-04-23
Form: 20FR12B/A
Chunk 185
---
'>91</div>

#### TABLE OF CONTENTS
renewal expenses) are deferred and amortized on a straight-line basis over the period through the date the next special survey and dry-docking is scheduled to become due. If a special survey and dry-docking is performed prior to the scheduled date, the remaining unamortized balances are immediately written off. Unamortized balances of owned vessels that are sold are written off and included in the calculation of the resulting gain or loss in the period of the vessel’s sale.

#### Depreciation
We depreciate our owned vessels on a straight-line basis over their estimated remaining useful economic lives. The estimated useful lives of our owned dry bulk vessels are 25 years from their initial delivery from the shipyard. Depreciation is based on cost, less the estimated scrap value of the vessels.

#### Gain / (Loss) on Sale of Vessels
The gain or loss on the sale of an owned vessel is presented in a separate line item in our predecessor combined carve-out statements of operations. In each of the years ended December 31, 2023 and 2024, we sold six and ten vessels, respectively.

#### Foreign Exchange Gains / (Losses)
Our functional currency is the U.S. dollar because our vessels operate in international shipping markets, and therefore transact business mainly in U.S. dollars. Our books of accounts are maintained in U.S. dollars. Transactions involving other currencies are converted into U.S. dollars using the exchange rates in effect at the time of the transactions. The gain or loss derives from the different foreign currency exchange rates between the time that a cost is recorded in our books and the time that the cost is paid. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are translated into U.S. dollars at the period/year-end exchange rates.

Resulting gains or losses are reflected as foreign exchange gains / (losses) in our predecessor combined carve-out statements of operations.

#### Other, Net
Other expenses represent primarily non-recurring items that are not classified under the other categories of our predecessor combined carve-out statements of operations. Such expenses may, for instance, result from various potential claims against Costamare Bulkers Holdings, or from payments we are effecting on behalf of charterers that cannot meet their obligations.

#### Interest Income, Interest and Finance Costs
We expect to incur interest expense on outstanding indebtedness under credit facilities which we will include in interest expense. Finance costs will also include