Company: CMDB
Filing Date: 2025-04-23
Form Type: 20FR12B/A
Source: 0001140361-25-015197
Chunk: 198

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-04-23
Form: 20FR12B/A
Chunk 198
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 revenue is recognized on a straight-line basis at the charter’s average rate. In the early years of a charter with escalating charter rates, Total voyage revenue recognized will exceed cash received during the period; in the later years of a charter with escalating charter rates, cash received will exceed Total voyage revenue recognized during the period. |

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TABLE OF CONTENTS

TCE Revenue, TCE Revenue allocated to our owned dry bulk fleet andTCE rate per day of our owned dry bulk fleet Our TCE revenue is Total voyage revenue from the employment of our owned fleet and our chartered-in vessels after the deduction of Voyage expenses and Voyage expenses - related parties for a relevant period. Voyage expenses primarily consist of port and canal charges, fuel costs and commissions to counterparties or third parties that are unique to a particular charter. We believe that the presentation of TCE revenue is useful to investors because it allows for a uniform comparison of voyage revenues generated under both voyage and time-charter agreements. We believe that the presentation of TCE revenue allocated to our owned dry bulk fleet is useful to investors because it shows investors a uniform comparison of voyage revenues generated under both voyage and time-charter agreements of our owned dry bulk fleet, despite changes in the type of charters on which our owned dry bulk fleet is employed. The tables below set out our TCE revenue and TCE revenue allocated to our owned dry bulk fleet with the corresponding reconciliation to Total voyage revenue for the years ended December 31, 2023 and 2024.

|                                                                                                |     |                     For the year ended 
                           December 31, 
                                   2023 |     |       2024 |
|:-----------------------------------------------------------------------------------------------|:----|---------------------------------------:|:----|-----------:|
|                                                                                                |     | -Expressed in millions of U.S. dollars |     |            |
| Total voyage revenue                                                                           |     |                               $663,115 |     | $1,195,401 |
| Voyage expenses                                                                                |     |                               -266,169 |     |   -342,484 |
| Voyage expenses-related parties                                                                |     |                                 -2,112 |     |     -9,403 |
| TCE revenue                                                                                    |     |                               $394,834 |     |   $843,514 |
| TCE revenue allocated to CBI                                                                   |     |                               -272,825 |     |   -690,261 |
| TCE revenue earned by our owned dry bulk fleet by chartering-out owned dry bulk vessels to CBI |     |