Company: CMDB
Filing Date: 2025-03-31
Form Type: 20FR12B
Source: 0001140361-25-011425
Chunk: 53

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-03-31
Form: 20FR12B
Chunk 53
---
 |

| • | the level of capital requirements of our dry bulk operating platform; |

| • | the level of charter hire or freight payments to owners of chartered-in vessels; |

| • | our debt service requirements, including fluctuations in interest rates, and restrictions on distributions contained in our debt instruments; |

| • | fluctuations in our working capital needs; |

| • | our ability to make, and the level of, working capital borrowings; |

| • | changes in the basis of taxation of our activities in various jurisdictions; |

| • | modification or revocation of our dividend policy by our board of directors; |

| • | the ability of our subsidiaries to pay dividends and make distributions to us; and |

| • | the amount of any cash reserves established by our board of directors. |

The amount of cash we generate from our operations may differ materially from our net income or loss for the period, which will be affected by non-cash items. We may incur other expenses or liabilities that could reduce or eliminate the cash available for distribution as dividends. In addition, our credit facilities prohibit the payment of dividends if an event of default has occurred and is continuing or would occur as a result of the payment of such dividends. For more information regarding our financing arrangements, please read “Item 5. Operating and Financial Review and Prospects”.

13

#### TABLE OF CONTENTS
**Our managers may be unable to attract and retain qualified, skilled crews on our behalf necessary to operate our business or may pay rising crew wages and other vessel operating costs, which may have the effect of increasing costs or reducing our owned fleet utilization which could have a material adverse effect on our business, results of operations and financial condition.

Acquiring and renewing time charters depends on a number of factors, including our ability to man our owned vessels with suitably experienced, high-quality masters, officers and crews. Our success will depend in large part on our managers’ ability to attract, hire, train and retain suitably skilled and qualified personnel. In recent years, the limited supply of and the increased demand for well-qualified crew, due to the increase in the size of the global shipping fleet, has created upward pressure on crewing costs, which we bear under our time charters. Changing conditions in the home country of our seafarers, such as increases in the local general living standards or changes in taxation, may make serving at sea less appealing and thus further reduce the supply of crew and/or increase the cost of hiring competent crew. Unless we