Company: CMDB
Filing Date: 2025-04-23
Form Type: 20FR12B/A
Source: 0001140361-25-015197
Chunk: 174

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-04-23
Form: 20FR12B/A
Chunk 174
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 on the 30 thday of the last month of each quarter or (B) 0.25% of our issued and outstanding shares immediately following the distribution and the completion of the Restructuring Transactions. The fee structures under the Framework Agreement and Services Agreement are substantially similar to the fee structures that were in place for Costamare Inc. pursuant to the CMRE Framework Agreement and the CMRE Services Agreement prior to the spin-off. For the CBI fleet, CBI appointed Local Agency A, Local Agency B and Local Agency C on November 14, 2022, and Local Agency D on November 20, 2023, on an exclusive basis to provide chartering and other services on a cost basis (including all expenses related to the provision of the services) plus a mark-up (currently set at 11%), with the Agency Agreements to continue until terminated by either party. On December 16, 2024, the Agency Agreements were amended and restated to allow each Local Agency to provide its services to any dry bulk subsidiary of Costamare Inc., in addition to CBI. CBI may also charter out its vessels to Local Agency C, as shippers in Asia and the Australia-Pacific region prefer to deal with a chartering company based in Singapore. Local Agency C does not receive any commissions whatsoever for such arrangements as it is acting in the circumstances as a “paying/receiving agent” for CBI. All the economic results of the relevant charter-out arrangements by Local Agency C are passed onto CBI on a back-to-back basis, including any address commissions received by Local Agency C. Local Agency A, Local Agency B and Local Agency D are controlled by our largest shareholder, Konstantinos Konstantakopoulos, and Local Agency C is controlled by our chief executive officer, Gregory Zikos. Our chief commercial officer, Jens Jacobsen, is the managing director of Local Agency B. During the years ended December 31, 2023 and December 31, 2024 the Agency Companies charged CBI for services provided, in the aggregate, $11.7 million and $15.7 million, respectively.

| A. | Operating Results |

Factors Affecting Our Results of Operations Our financial results are largely driven by the following factors:

| • | Number of Vessels in Our Fleet. The number of vessels in our fleet is a key factor in determining the level of our revenues. Aggregate expenses also increase as the size of our fleet increases. Vessel acquisitions and dispositions give