Company: CMDB
Filing Date: 2025-04-23
Form Type: 20FR12B/A
Source: 0001140361-25-015197
Chunk: 197

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-04-23
Form: 20FR12B/A
Chunk 197
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 618 |
| General and administrative expenses – non-cash component           |     |                                   2,299 |     |      2,991 |
| Adjusted EBITDA                                                    |     |                               $(74,631) |     |   $(1,008) |

| (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. |

Total Voyage Revenue Adjusted on a Cash Basis 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. 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 or de-escalating charter rates on our revenue and cash flow. The table below sets out our Total voyage revenue adjusted on a cash basis and the corresponding reconciliation to Total voyage revenue for the years ended December 31, 2023 and 2024.

|                                               |     |                     For the year ended 
                           December 31, 
                                   2023 |     |     2024 |
|:----------------------------------------------|:----|---------------------------------------:|:----|---------:|
|                                               |     | -Expressed in millions of U.S. dollars |     |          |
| Total voyage revenue                          |     |                                 $663.1 |     | $1,195.4 |
| Accrued charter revenue(1)                    |     |                                    1.2 |     |     -1.4 |
| Amortization of time-charter assumed          |     |                                      — |     |     -0.2 |
| Total voyage revenue adjusted on a cash basis |     |                                 $664.3 |     | $1,193.8 |

| (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