Company: CMDB
Filing Date: 2025-04-07
Form Type: 20FR12B/A
Source: 0001140361-25-012461
Chunk: 181

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-04-07
Form: 20FR12B/A
Chunk 181
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 liabilities as well as expenses. Management believes the assumptions underlying our

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#### TABLE OF CONTENTS
predecessor combined carve-out financial statements, including the assumptions regarding the allocation of general corporate expenses from Costamare Inc., are reasonable. Nevertheless, our predecessor combined carve-out financial statements may not include all of the actual expenses that would have been incurred had we operated as a standalone company during the periods presented and may not reflect our predecessor combined carve-out results of operations, financial position and cash flows had we operated as a standalone company during the periods presented. Actual costs that would have been incurred if we had operated as a standalone company would depend on multiple factors, including organizational structure and strategic decisions made in various areas, including information technology and infrastructure.

Although the predecessor combined carve-out financial statements reflect management’s best estimate of all historical costs related to Costamare Inc.’s dry bulk related businesses, this may however not necessarily reflect what the results of operations, financial position or cash flows of Costamare Inc.’s dry bulk related businesses would have been had its dry bulk related businesses been operated as an independent, publicly traded company for the period presented, nor our future actual expenses and results on a standalone basis following the completion of the spin-off.

For further information on the basis of preparation of the predecessor combined carve-out financial statements see Note 2 to our predecessor combined carve-out financial statements included elsewhere in this Form 20-F.

The registrant, Costamare Bulkers Holdings, was formed on September 29, 2023. For the years ended December 31, 2023 and 2024, Costamare Bulkers Holdings only engaged in activities in connection with its formation, the Restructuring Transactions and the spin-off, including the refinancing of certain credit facilities secured by our owned dry bulk vessels in December 2024 in connection with the spin-off, and the only assets and liabilities of Costamare Bulkers Holdings as of December 31, 2023 and 2024 were related thereto. Accordingly, the results of operations and financial condition of Costamare Bulkers Holdings are not discussed in detail in this registration statement. The financial statements of Costamare Bulkers Holdings, and the notes thereto, are included in “Item 17. Financial Statements.”

#### Voyage Revenue
Our voyage revenues are primarily generated from time charter or voyage charter agreements. Voyage revenues are driven primarily by the number of owned and chartered-in vessels in our fleet, the amount of daily charter hire or freight rates that our owned