Company: CMDB
Filing Date: 2025-04-07
Form Type: 20FR12B/A
Source: 0001140361-25-012461
Chunk: 197

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-04-07
Form: 20FR12B/A
Chunk 197
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 our available days (owned dry bulk fleet) during such period. We use the following definitions in our calculation of utilization of owned dry bulk fleet:

| • | On-hire days.We define on-hire days as the total days that a vessel was on-hire during a period. |

| • | Ballast days (excluding dry dock ballast days).We define ballast days (excluding dry dock ballast days) during a period, as the total number of days that a vessel is not on-hire, but is conducting ordinary ship operations (other than dry dock ballast days) which includes repositioning from a discharging port to a loading port, sailing to a port for the conclusion of a prospective sale of a vessel or a change of technical manager of a vessel. |

The owned dry bulk fleet utilization for each of the quarters from July 1, 2023 to December 31, 2024 is shown in the below table.

|                                  |     | For the three-month period ended* 
 September 30,                     
 2023                              |     | December 31, 
 2023         |     | March 31, 
 2024      |     | June 30, 
 2024     |     | September 30, 
 2024          |     | December 31, 
 2024         |
|:---------------------------------|:----|:----------------------------------|:----|:-------------|:----|:----------|:----|:---------|:----|:--------------|:----|:-------------|
| Owned Dry Bulk Fleet Utilization |     | 95.9%                             |     | 96.7%        |     | 97.7%     |     | 97.7%    |     | 98.7%         |     | 97.4%        |

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### Non-GAAP Financial Measures
The Company reports its predecessor combined carve-out financial results in accordance with GAAP. However, management believes that certain non-GAAP financial measures, including EBITDA, Adjusted EBITDA, Total voyage revenue adjusted on a cash basis, TCE revenue, TCE revenue allocated to our owned dry bulk fleet and Owned dry bulk fleet TCE rate per day, used in managing the business may provide users of these financial measures additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the