Company: CMDB
Filing Date: 2025-03-31
Form Type: 20FR12B
Source: 0001140361-25-011425
Chunk: 274

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-03-31
Form: 20FR12B
Chunk 274
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 of the Republic of the Marshall Islands in July 2024, (the “Owned Dry Bulk Fleet Business”) and (ii) Costamare Bulkers Inc. (“CBI”), a majority-owned subsidiary of Costamare organized in the Republic of the Marshall Islands in June 2021 operating as a dry bulk operating platform. Entities under the Owned Dry Bulk Fleet Business and CBI are hereinafter referred to as the “Company” in these predecessor combined carve-out financial statements. Please see Table 1 below.

As of December 31, 2024, the Owned Dry Bulk Fleet Business had a fleet of 38 dry bulk vessels with a total carrying capacity of approximately 3,016,855 of dead-weight tonnage (“DWT”). As of December 31, 2023, the Owned Dry Bulk Fleet Business had a fleet of 42 dry bulk vessels with a total carrying capacity of approximately 2,606,209 of DWT. The entities under the Owned Dry Bulk Fleet Business provide worldwide marine transportation services by chartering their dry bulk vessels to a diverse group of charterers.

During the fourth quarter of 2022, Costamare established a dry bulk operating platform under CBI. CBI charters-in and charters-out dry bulk vessels, enters into contracts of affreightment and forward freight agreements (“FFAs”) and also utilizes hedging solutions. As of December 31, 2024, CBI charters-in 50 third-party dry bulk vessels on period time charters (including one dry bulk vessel on a time charter trip). As of December 31, 2023, CBI chartered in 56 third-party dry bulk vessels on period time charters (including two dry bulk vessels on time charter trips).

Costamare Bulkers Holdings Limited (“CMDB”) was organized under the laws of the Republic of the Marshall Islands on September 29, 2023 and on July 11, 2024, Costamare subscribed for and was issued 10,000 shares of the capital stock of CMDB at a price of $0.0001 per share, making Costamare the sole shareholder of CMDB. CMDB was formed to serve as the ultimate holding company of Costamare’s dry bulk related businesses as a new public company by means of a spin-off transaction.

On March 27, 2025, as part of an internal reorganization, Costamare contributed to CMDB the shares of 67 wholly-owned companies, out of which 38