Company: CMDB
Filing Date: 2025-03-31
Form Type: 20FR12B
Source: 0001140361-25-011425
Chunk: 200

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-03-31
Form: 20FR12B
Chunk 200
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,316 |     |         3,357 |     |        3,343 |
| TCE rate per day of our owned dry bulk fleet                                                   |     |                                                                        $9,010 |     |  $11,258 |     |   $11,336 |     |  $14,017 |     |       $13,097 |     |      $13,081 |

| B. | Liquidity and Capital Resources |

Overview For the years ended December 31, 2023 and 2024, our principal sources of funds were operating cash flows, long term financing in the form of bank borrowings and shareholders’ equity contribution. Our principal uses of funds have been capital expenditures to establish, grow and maintain our owned fleet, comply with international shipping standards, environmental laws and regulations and fund working capital requirements. In monitoring our working capital needs, we project our charter hire income and vessels’ maintenance and running expenses, as well as debt service obligations, and seek to maintain adequate cash reserves in order to address any budget overruns. Our primary short-term liquidity needs relate to completing the funding of our vessel operating expenses and debt repayment. Our long-term liquidity needs primarily relate to additional vessel acquisitions in the dry bulk sector for fleet renewal or expansion, debt repayments and lease payments. We anticipate that our primary sources of funds will be cash from operations, along with borrowings under new credit facilities, finance leases and other financing arrangements that we intend to obtain from time to time in connection with vessel acquisitions. In addition, as a result of the settlement of the intercompany arrangements between Costamare Inc., on the one hand, and Costamare Bulkers Holdings, on the other hand, in connection with the spin-off, and the completion of the Restructuring Transactions, Costamare Inc. will cause us to have cash or cash-equivalents of not less than $ immediately following the completion of the spin-off and the Restructuring Transactions and the repayment of $ of our outstanding bank debt. Prior to the consummation of the restructuring transactions, our bank debt will be reduced by $ through prepayments. Prior to the consummation of the distribution, Costamare Inc. will proceed with a debt forgiveness of the $85.0 million of outstanding related party loans. As of December 31, 2024, we had Cash and cash equivalents of $49.9 million, Restricted cash of $10.2 million and Margin deposits relating to our forward freight agreements, bunker swaps and EUA futures of