Company: CMDB
Filing Date: 2025-03-31
Form Type: 20FR12B
Source: 0001140361-25-011425
Chunk: 163

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-03-31
Form: 20FR12B
Chunk 163
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 |     |    0.5 |     |    91 |     |    5.4 |
| 2024              |     |            5 |     |    0.8 |     |            21 |     |    1.5 |     |            18 |     |    0.8 |     |            22 |     |    0.5 |     |    66 |     |    3.8 |
| 2024 avg demo age |     |         22.6 |     |        |     |          28.5 |     |        |     |          29.8 |     |        |     |          28.9 |     |        |     |  28.5 |     |        |

Source: Clarksons Research, February 2025. Vessel Operating Speeds Following the downturn in dry bulk trade and dry bulk shipping earnings after the financial crisis, and alongside rising bunker prices, one way in which dry bulk vessel owners sought to reduce fuel bills was to reduce operating speeds. By 2013, average operating speeds were 15% lower than in 2008; helping to significantly reduce fuel bills for owners (a 15% reduction in speed equates to a fuel saving of as much as approximately 30%+). Alongside cutting fuel bills for owners, this also had the effect of reducing surplus capacity, by reducing the overall productivity of the fleet. While the sharpest reductions in speed were seen in the years immediately following the financial crisis, steady pressure on dry bulk vessel operating speeds has persisted in more recent years too, with periods of soft market conditions, newer generations of vessels optimised for running at slower operating speeds, and (increasingly) efforts to reduce carbon emissions in the sector all helping to keep operating speeds down. Even periods of strong market conditions have seen much less pronounced upticks in vessel speeds recently; for example, 2021 saw the firmest dry bulk markets since 2008 but speeds increased by only approximately 2% from 2020s lows and remained approximately 16% below 2008 levels. Across 2024, dry bulk vessel speeds were on average 0.8% below 2023 levels, slipping to a new annual low, and standing 20% below average 2008 levels.

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Figure 10. Dry Bulk Vessel Speed Trends

Alternative Fuels and Environmental Technology Trends

The dry