Company: CMDB
Filing Date: 2025-04-17
Form Type: 20FR12B/A
Source: 0001140361-25-014307
Chunk: 198

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-04-17
Form: 20FR12B/A
Chunk 198
---
 to our owned dry bulk fleet                                              |     |                               $133,480 |     |   $174,234 |

Our TCE rate per day of our owned dry bulk fleet is TCE revenue allocated to our owned dry bulk fleet (including vessels chartered by CBI) divided by the number of available days of the owned dry bulk fleet during the relevant time period. TCE rate per day is a standard shipping industry performance measure used primarily to compare period to-period changes in a shipping company’s performance despite changes in the mix of charter types (i.e., voyage charters, time charters, bareboat charters and pool arrangements) under which its vessels may be employed between the periods. We believe that the presentation of our TCE rate per day of our owned dry bulk fleet is useful to investors because it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We believe that the presentation of our TCE rate per day for only the owned dry bulk fleet is useful to investors because it shows only the performance of our owned fleet, which is more directly comparable from period to period than our chartered-in fleet because the composition of our chartered-in fleet changes more significantly from period to period. The table below sets out TCE revenue allocated to our owned dry bulk fleet, TCE rate per day of our owned dry bulk fleet with the corresponding reconciliation to Voyage revenue for the each of the three-month periods ended September 30, 2023, December 31, 2023, March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024.

|                                 |     |                                                     Three-month Period ended* 
                                                                     September 
                                                                      30, 2023 |     |  December 
  31, 2023 |     | March 31, 
      2024 |     |  June 30, 
      2024 |     | September 30, 
          2024 |     | December 31, 
         2024 |
|:--------------------------------|:----|------------------------------------------------------------------------------:|:----|----------:|:----|----------:|:----|----------:|:----|--------------:|:----|-------------:|
|                                 |     | -Expressed in thousands of U.S. dollars, except for days and TCE rate per day |     |           |     |           |     |           |     |               |     |