Company: CMDB
Filing Date: 2025-04-17
Form Type: 20FR12B/A
Source: 0001140361-25-014307
Chunk: 189

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-04-17
Form: 20FR12B/A
Chunk 189
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, including a definition of Total voyage revenue adjusted on a cash basis and a reconciliation of our Total voyage revenue adjusted on a cash basis to our Total voyage revenue.

Total Voyage Revenue

Total voyage revenue increased by 80.3%, or $532.3 million, to $1,195.4 million during the year ended December 31, 2024, from $663.1 million during the year ended December 31, 2023. The increase is mainly attributable to (i) increased revenue earned by CBI due to the increased volume of its operations year over year, (ii) increased charter rates in certain of our owned dry bulk vessels and (iii) revenue earned by three dry bulk vessels acquired during the third quarter of 2023 and six dry bulk vessels acquired during the year ended December 31, 2024; partly offset by revenue not earned by six dry bulk vessels sold during the year ended December 31, 2023 and ten dry bulk vessels sold during the year ended December 31, 2024.

Total voyage revenue adjusted on a cash basis (which eliminates non-cash “Accrued charter revenue”) increased by 79.7%, or $529.5 million, to $1,193.8 million during the year ended December 31, 2024, from $664.3 million during the year ended December 31, 2023. Accrued charter revenue for the years ended December 31, 2024 and 2023 was a positive amount of $1.2 million and a negative amount of $1.4 million, respectively.

Voyage Expenses

Voyage expenses were $342.5 million and $266.2 million for the years ended December 31, 2024 and 2023, respectively. Voyage expenses increased, year over year, mainly due to CBI’s increased volume of operations during the year ended December 31, 2024 compared to the year ended December 31, 2023. Voyage expenses attributed to voyage charters were $305.2 million and $227.7 million and voyage expenses attributed to time charters were $37.3 million and $38.5 million for the years ended December 31, 2024 and 2023. Voyage expenses mainly include (i) fuel consumption mainly related to dry bulk vessels, (ii) third-party commissions, (iii) port expenses and (iv) canal tolls.

Charter-in Hire Expenses

Charter-in hire expenses were $