Company: CMDB
Filing Date: 2025-04-23
Form Type: 20FR12B/A
Source: 0001140361-25-015197
Chunk: 153

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-04-23
Form: 20FR12B/A
Chunk 153
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 Dry Bulk Demand Trends Dry bulk shipping demand is principally a product of the amount of dry bulk commodities traded and transported by sea and the distance over which this cargo is transported. Trade in dry bulk commodities is in turn affected by global and regional economic conditions, including industrial production trends globally, and primarily in Asia, particularly China. Other factors that influence demand include changes to seaborne transportation patterns and regional raw material price variations, while some commodities also see specific seasonal demand variations – notably grain trade, which is impacted by harvest timings, and coal trade which is sometimes supported by increased demand for heating/air conditioning during the winter and summer months in key demand centres. Key Dry Bulk Trade Routes by Commodity Seaborne iron ore trade is the largest single component of seaborne dry bulk trade, totalling 1.6 billion tonnes in 2024 and accounting for nearly 30% of total dry bulk trade (over 5.7 billion tonnes) and around 13% of total global seaborne trade across all shipping sectors. Of this, China accounts for around three quarters of total imports (over 1.2 billion tonnes in 2024), while Australia (over 900 megatonnes or 56% of global in 2024) and Brazil (386 megatonnes or 24% of global in 2024) dominate the supply side. Seaborne iron ore trade flows (and also Capesize demand) are dominated by two large trade flows; Australia-China and Brazil-China; the much longer distance of the Brazil-China route means that this route requires more vessels per tonne of cargo, and so has an outsized impact on vessel demand. Other key iron ore trade routes include exports from Brazil and Australia to other east Asian economies (e.g., Japan, Korea), exports from Brazil and Canada into Europe, and exports from South Africa to both Europe and Asia. Seaborne coal trade , which totaled almost 1.4 billion tonnes in 2024, can be divided into two parts: steam coal trade and coking coal trade. Steam coal trade (approximately 1.1 billion tonnes in 2024) accounts for a larger overall volume than coking coal trade (approximately 285 megatonnes in 2024), while both are comprised

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of a very wide range of trade flows, with many countries and regions importing significant volumes, though there is a smaller selection of major exporters. Indonesia (565 megatonnes in 2024), Australia (362 meg