Company: CMDB
Filing Date: 2025-04-23
Form Type: 20FR12B/A
Source: 0001140361-25-015197
Chunk: 209

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-04-23
Form: 20FR12B/A
Chunk 209
---
 taking into consideration third-party valuations. Therefore, we have categorized the fair value of the vessels as Level 2 in the fair value hierarchy. The difference between the carrying value of the vessels that failed Step 1 of the impairment analysis and their fair value as calculated in Step 2 of the impairment analysis is recognized in the our accounts as an impairment loss. As of December 31, 2024, our assessment concluded that no impairment loss, on any of our owned vessels should be recorded. As of December 31, 2023, the review of the carrying amounts in connection with the estimated recoverable amount of our owned vessels resulted in an impairment loss of $0.4 million, in aggregate, in relation to two of our vessels. Charter rates are subject to change based on a variety of factors that we cannot control. If, as at December 31, 2023 and 2024, we were to utilize an estimated daily time charter equivalent for our vessels’ unfixed days based on the most recent five year, three year or one year historical average rates without adjusting for inflation (or another growth assumption), the impact would be the following:

|                                |     | December 31, 2023 |     |                    |     | December 31, 2024 |     |                    |
|:-------------------------------|:----|------------------:|:----|-------------------:|:----|:------------------|:----|:-------------------|
|                                |     |   No. of Dry-bulk 
        Vessels(*) |     |             Amount 
 ($ US Million)(**) |     | No. of Dry bulk   
 Vessels(*)        |     | Amount             
 ($ US Million)(**) |
| 5-year historical average rate |     |                 — |     |                  — |     | —                 |     | —                  |
| 3-year historical average rate |     |                 — |     |                  — |     | —                 |     | —                  |
| 1-year historical average rate |     |                 2 |     |                0.8 |     | —                 |     | —                  |

| (*) | Number of dry bulk vessels the carrying value of which would not have been recovered. |

| (**) | Aggregate carrying value that would not have been recovered. |

In addition to the two-step impairment analysis, the Company also conducts a separate internal analysis. This analysis uses a discounted cash flow model utilizing inputs and assumptions based on market observations as of December