Company: CMDB
Filing Date: 2025-03-31
Form Type: 20FR12B
Source: 0001140361-25-011425
Chunk: 297

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-03-31
Form: 20FR12B
Chunk 297
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 acting in the circumstances as a “paying/receiving agent” for CBI. All the economic results of the relevant charter-out arrangements by Local Agency C are passed onto CBI on a back-to-back basis including any address commissions received by Local Agency C. Since April 30, 2024, CBI has charged Local Agency C an amount of $210,087 for chartering-in vessels (all on a voyage charter basis) from CBI which is included in “Voyage revenue – related parties” in the accompanying predecessor combined carve-out statements of operations, and Local Agency C has charged CBI an amount of $6,974 for address commission which is included in “Voyage expenses – related parties” in the accompanying predecessor combined carve-out statements of operations. During the years ended December 31, 2024 and 2023, the Local Agencies charged CBI with aggregate agency fees of $15,674 and $11,689, respectively, which are included in “Management and agency fees-related parties” in the accompanying predecessor combined carve-out statements of operations. The balance due from the four Local Agencies as of December 31, 2023 and 2024 amounted to $1,647 and $7,014 (out of which an amount of $6,299 relates to Local Agency C’s chartering-in vessels activity from CBI) in aggregate and is included in Due from related parties in the accompanying predecessor combined carve-out balance sheets.

(c) Navilands Bulker Management Ltd. (“Navilands”) and Navilands (Shanghai) Bulkers Management Ltd. (“Navilands (Shanghai)”): Navilands and Navilands (Shanghai) are controlled by Costamare’s Chairman and Chief Executive Officer. Starting in February 2024, certain of our vessel-owning subsidiaries appointed Navilands as managers to provide their vessels, together with Costamare Shipping, with technical, crewing, commercial, provisioning, bunkering, sale and purchase, accounting and insurance services pursuant to separate ship-management agreements between the relevant vessel-owning subsidiaries of the Company and Navilands. For certain vessels, Navilands has subcontracted certain services to and has entered into sub-management agreements with Navilands (Shanghai). During the year ended December 31, 2024, Navilands charged management fees of $1,148 in the aggregate, which are included in Management and agency fees-related parties in the 2024 accompanying predecessor combined carve-out statements of operations