Company: CMDB
Filing Date: 2025-03-31
Form Type: 20FR12B
Source: 0001140361-25-011425
Chunk: 181

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-03-31
Form: 20FR12B
Chunk 181
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, financial position and cash flows had we operated as a standalone company during the periods presented. Actual costs that would have been incurred if we had operated as a standalone company would depend on multiple factors, including organizational structure and strategic decisions made in various areas, including information technology and infrastructure.

Although the predecessor combined carve-out financial statements reflect management’s best estimate of all historical costs related to Costamare Inc.’s dry bulk related businesses, this may however not necessarily reflect what the results of operations, financial position or cash flows of Costamare Inc.’s dry bulk related businesses would have been had its dry bulk related businesses been operated as an independent, publicly traded company for the period presented, nor our future actual expenses and results on a standalone basis following the completion of the spin-off.

For further information on the basis of preparation of the predecessor combined carve-out financial statements see Note 2 to our predecessor combined carve-out financial statements included elsewhere in this Form 20-F.

The registrant, Costamare Bulkers Holdings, was formed on September 29, 2023. For the years ended December 31, 2023 and 2024, Costamare Bulkers Holdings only engaged in activities in connection with its formation, the Restructuring Transactions and the spin-off, including the refinancing of certain credit facilities secured by our owned dry bulk vessels in December 2024 in connection with the spin-off, and the only assets and liabilities of Costamare Bulkers Holdings as of December 31, 2023 and 2024 were related thereto. Accordingly, the results of operations and financial condition of Costamare Bulkers Holdings are not discussed in detail in this registration statement. The financial statements of Costamare Bulkers Holdings, and the notes thereto, are included in “Item 17. Financial Statements.”

#### Voyage Revenue
Our voyage revenues are primarily generated from time charter or voyage charter agreements. Voyage revenues are driven primarily by the number of owned and chartered-in vessels in our fleet, the amount of daily charter hire or freight rates that our owned and chartered-in vessels earn under time or voyage charter agreements and the number of operating days during which our owned and chartered-in vessels generate revenues. These factors are, in turn, affected by our decisions relating to vessel acquisitions and dispositions, the number of vessels that we charter-in, the amount of time that we spend positioning our vessels, the amount of time that our vessels spend dry-docked undergoing repairs, maintenance and upgrade work, the age, condition and specifications