Company: CMDB
Filing Date: 2025-04-23
Form Type: 20FR12B/A
Source: 0001140361-25-015197
Chunk: 268

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-04-23
Form: 20FR12B/A
Chunk 268
---
 forward rates of $5,000 would increase the fair value of our outstanding freight derivatives by $43.5 million and vice versa, as of December 31, 2024. In 2024, we recorded a net loss on our freight derivatives of $47.7 million.

Bunker Swap Agreements

From time to time, we may enter into bunker swap agreements to manage our exposure to fluctuations of bunker prices associated with the consumption of bunkers by our vessels. Bunker swaps are agreements between two parties to exchange cash flows at a fixed price on bunkers, where volume, time period and price are agreed in advance. If we take positions in bunker swaps or other derivative instruments we could suffer losses in the settling or termination of these agreements. This could adversely affect our results of operations and cash flow.

During the year ended December 31, 2024, we entered into a series of bunker swaps. We use bunker swaps as an economic hedge to reduce the risk on bunker price differentials. Our bunker swaps do not qualify as cash flow hedges for accounting purposes and as a result changes in the fair value of such instruments are recorded in earnings in the period in which those fair value changes have occurred. Bunker swaps are treated as assets/liabilities until they are settled.

<div align='center'>147</div>

TABLE OF CONTENTS

As of December 31, 2024, the fair value of our outstanding bunker swap agreements was a net liability of $0.4 million. An increase in the daily forward prices of $100 would increase the fair value of our outstanding bunker derivatives by $4.6 million and vice versa, as of December 31, 2024. In 2024, we recorded a net gain of $3.8 million on our bunker swaps. EUA futures agreements From time to time, we enter into EUA futures agreements to manage our exposure to emissions. We use EUA futures as an economic hedge to reduce the risk on EUAs price differentials. Our EUA futures agreements do not qualify as cash flow hedges for accounting purposes and, as a result, changes in the fair value of such instruments are recorded in earnings in the period in which those fair value changes have occurred. EUA futures agreements are treated as assets/liabilities until they are settled. During the year ended December 31, 2024, we entered into a series of EUA futures agreements. As of December 31, 2024, the fair value of our outstanding EUA futures agreements was