Company: CMDB
Filing Date: 2025-04-07
Form Type: 20FR12B/A
Source: 0001140361-25-012461
Chunk: 170

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-04-07
Form: 20FR12B/A
Chunk 170
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38.5 |           |     | 64.0 |
| 10 Year Low  |               |     |                         19.5 |              |     | 22.3 |             |     | 24.3 |               |     | 41.8 |           |     |                         9.0 |          |     |      |          |     |  17.8 |          |     |      |           |     | 17.0 |           |     | 35.0 |

As at end of period specified. Source: Clarksons Research, Feb 2025. Note: 1H, Annual, 5, and 10 year averages basis averages of monthly observations. Scrap Prices At the other end of the dry bulk vessel lifecycle, the scrap value of a dry bulk vessel is also determined by a range of factors, notably steel content of the ship and steel prices offered in the key demolition area (the Indian sub-continent); these are influenced by global and regional steel market dynamics, wider shipping market conditions (and hence the number of recycling candidate vessels on the market), etc. With market conditions across many different shipping sectors being fairly positive in recent years, the number of scrap candidate vessels has been fairly limited, lending some support to scrap prices despite generally softening steel pricing in recent years. The guideline scrap value for a Panamax vessel ended 2024 at $470 per light displacement tonnage (“ldt”), which is effectively a measure of the weight of the ship and a close proxy for steel content, down from approximately $560/ldt in 2021 (as global steel prices have softened) but still above the pre-COVID ten-year average of approximately $400/ldt.

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#### TABLE OF CONTENTS
Dry Bulk FFA / Derivatives Markets

The dry bulk shipping sector has an active freight derivatives market, in which financial instruments including forward freight agreements (“FFAs”) are traded. Freight derivatives are often used by dry bulk shipping market players (e.g. shipowners, operators, cargo interests) in order to mitigate risk and hedge against price volatility, but more speculative players (e.g., traders, hedge funds, retail investors) also participate in the derivatives market, adding to overall liquidity.

A FFA is a cash settled contract for difference (CFD) between two counterparties requiring no physical delivery. FFAs are bought and sold for a specified volume at an agreed rate per tonne (on standardised trade routes), timecharter rate