Company: CMDB
Filing Date: 2025-04-23
Form Type: 20FR12B/A
Source: 0001140361-25-015197
Chunk: 157

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-04-23
Form: 20FR12B/A
Chunk 157
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, growing from a total carrying capacity of 267 million dwt at the start of 2000 to over one billion dwt by the start of 2024. Growth was particularly rapid through the late 2000s and the early 2010s, with a period of record ordering through 2006-08, as the orderbook as a percentage of fleet capacity hit approximately 80% by late 2008, up from less than 15% in the early 2000s. Fleet capacity growth peaked at 17% in 2010 (and averaged more than 10% per annum across 2007-2013) as the orderbook delivered, and the fleet doubled in size between the start of 2007 and the end of 2013. Fleet growth then subsequently cooled, averaging 3% across 2015-22.

More recently, dry bulk fleet growth has generally remained moderate, with fleet growth of 3.1% recorded in 2023 and 3.0% in 2024, and with current projections being for approximately 3% expansion in 2025, depending in part on a still fairly uncertain outlook for dry bulk vessel demolition.

Dry Bulk Vessel Newbuilding Activity

Dry bulk vessel newbuild ordering (“contracting”) has been moderate by historical standards in recent years, especially when compared to the period of record ordering seen during the dry bulk “super-cycle” in the late 2000s. In total, 698 dry bulk vessels of a combined 52.7 million dwt were contracted during 2023, up from 37.0 million dwt in 2022 and close to 2021’s 8-year high of 51.7 million dwt, though well below the previous highs of more than 100 million dwt in 2007, 2008, 2010 and 2013. 580 vessels of a combined 47.3 million dwt were ordered across 2024, down around 10% year over year. By the start of February 2025, the overall orderbook in the sector to 1,354 vessels of 108.4 million dwt, equivalent to just over 10% of current fleet capacity. This is up slightly from recent lows of approximately 8% in late 2020, and remains moderate by historical standards (October 2008: more than 80%, mid-2014: approximately 25%, ten-year average: approximately 12%). Fuel