Company: CMDB
Filing Date: 2025-03-31
Form Type: 20FR12B
Source: 0001140361-25-011425
Chunk: 191

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-03-31
Form: 20FR12B
Chunk 191
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 |      |     |                  15,975 |      |     | 13,773 |     | -2,202 |     | -13.8%     |
| Average number of third-party charter-in vessels       |      |     |                    43.1 |      |     |   62.3 |     |   19.2 |     | 44.5%      |
| Number of vessels under dry-docking and special survey |      |     |                       9 |      |     |      4 |     |     -5 |     |            |

| (1) | Accrued charter revenue represents the difference between cash received and revenue recognized during the period under charters with escalating charter rates. For charters with escalating charter rates, Total voyage revenue is recognized on a straight-line basis at the charter’s average rate. In the early years of a charter with escalating charter rates, Total voyage revenue recognized will exceed cash received during the period; in the later years of a charter with escalating charter rates, cash received will exceed Total voyage revenue recognized during the period. |

| (2) | Total voyage revenue adjusted on a cash basis represents Total voyage revenue after adjusting for non-cash “Accrued charter revenue” recorded under charters with escalating charter rates. Total voyage revenue adjusted on a cash basis is not a recognized measurement under U.S. GAAP. We believe that the presentation of Total voyage revenue adjusted on a cash basis is useful to investors because it presents the charter revenue for the relevant period based on the then-current daily charter rates, which allows investors to understand the impact of charters with escalating charter rates on our revenue and cash flow. See “Item 5. Operating and Financial Review and Prospects—A. Operating Results—Non-GAAP Financial Measures” below for more information on our Total voyage revenue adjusted on a cash basis, 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. |

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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)