Company: CMDB
Filing Date: 2025-03-31
Form Type: 20FR12B
Source: 0001140361-25-011425
Chunk: 169

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-03-31
Form: 20FR12B
Chunk 169
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 price assessment for a 5 year old Capesize vessel standing at $62 million by the end of January 2025, up from $35.5 million at the start of 2021.

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TABLE OF CONTENTS

Newbuild Prices Newbuilding prices in the dry bulk shipping sector are influenced by a wide range of factors, including vessel design, the balance of demand for newbuild vessels (including outside of the dry bulk shipping sector) and supply of build slots at shipyards, labour costs, global steel price trends, and specification options such as choice of fuel, environmental equipment, fitment of cranes or derricks, etc. Economies of scale mean that the cost per dwt is generally lower for larger vessels. While interest in newbuild dry bulk vessel contracting remains modest by historical standards, firm contracting in a number of other shipping sectors in recent years (notably containerships, gas carriers, car carriers and recently an increase in tanker ordering) has significantly reduced yard slot availability, including for dry bulk vessel orders, and has helped to drive an increase in dry bulk vessel newbuilding costs, alongside some increases in labour and raw materials costs in recent years. By the end of Q3 2024, our overall dry bulk vessel newbuilding price index stood at the highest level (in nominal terms) since early 2009, and was up over 40% from levels at the start of 2021, before easing back marginally since. The benchmark newbuilding price for a standard (approximately 180,000 dwt) Capesize was assessed at $74 million by the start of February 2025, up from $67.75 million at the start of 2024 and $46.5 million at the start of 2021, while the price for an Ultramax (approximately 61-64,000 dwt) rose from $24 million at the start of 2021 to $34.5 million over the same period. Figure 17. Dry Bulk Vessel Guideline Asset Prices

| US$m, end    |               |     | Benchmark Newbuilding Prices |              |     |      |             |     |      |               |     |      |           |     | Benchmark 5 Year Old Prices |          |     |      |          |     |       |          |     |      |           |     |      |           |     |      |
|              | Handysize 38- 
 40k dw t      |