Company: CMDB
Filing Date: 2025-04-07
Form Type: 20FR12B/A
Source: 0001140361-25-012461
Chunk: 166

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-04-07
Form: 20FR12B/A
Chunk 166
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 focus on cutting emissions, with the IMO strengthening its long-term targets for the shipping industry in 2023, to aim for net zero emissions by 2050, and in the interim, reducing GHG emissions by at least 20% (striving for 30%) by 2030 compared to the 2008 level, and by at least 70% (striving for 80%) by 2040. Goals have also been set for zero/near-zero emission fuels to account for at least 5% (striving for 10%) of the energy used in international shipping by 2030.

The IMO is also currently exploring a set of “mid-term” measures to deliver on the next phase of shipping’s emissions reduction, with new regulations planned to be approved in 2025 and potentially to come into force in 2027. A basket of measures is under discussion, with the final regulations to include a technical element, namely a “goal-based marine fuel standard” regulating the phased reduction of the GHG intensity of marine fuels, and an economic element, like the maritime GHG emissions pricing mechanism, which could, for example, take the form of a levy on all emissions, pricing of emissions above certain benchmarks and rebates for early adopters of alternative fuels.

#### The Dry Bulk Shipping Markets
Dry Bulk Freight & Charter Markets

Dry bulk vessels are employed in a number of different ways; some cargo interests (e.g. miners, trading companies, energy companies, etc.) directly operate their own vessels to move cargoes, while others may sign COAs with vessel owners in order to move a specified volume of cargo over a given period of time. Often, however, cargo interests in the dry bulk shipping sector will make use of one of a number of liquid freight/charter markets; either spot (voyage), tripcharter or time charter (period). In the spot (voyage charter) market, a cargo interest will pay a fixed sum (usually expressed in dollar per tonne) to a vessel owner to move the cargo from A to B, while in the tripcharter and time charter market, a cargo interest will charter a vessel (for either a defined voyage/trip or a specified period of time respectively), paying a specified daily rate to the owner, as well as voyage-related costs such as fuel bills and port charges.

Freight and hire rates for dry bulk vessels trading under spot (voyage) charters are very sensitive to fluctuating demand for and supply of vessels, and rates can