Company: CMDB
Filing Date: 2025-03-31
Form Type: 20FR12B
Source: 0001140361-25-011425
Chunk: 177

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-03-31
Form: 20FR12B
Chunk 177
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 delivered to their third-party owners. From time to time, CBI may enter into similar vessel charter-in agreements with purchase options. |

| • | Ownership days.We define ownership days as the aggregate number of days in a period during which each vessel in our owned fleet has been owned by us. Ownership days are an indicator of the size of our owned fleet over a period and affect both the amount of revenues and the amount of expenses that we record during a period. |

| • | Available days (owned dry bulk fleet). We define available days as the number of our ownership days of our owned dry bulk fleet during a periodlessthe aggregate number of dry dock days and dry dock ballast days during such period. The shipping industry uses available days to measure the number of days in a period during which vessels should be capable of generating revenues. For more information |

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TABLE OF CONTENTS

regarding how we calculate available days (owned dry bulk fleet), including how we define dry dock days and dry dock ballast days, please see “Item 5. Operating and Financial Review and Prospects—A. Operating Results—Key Operating Measures: Available Days (Owned Dry Bulk Fleet) and Owned Dry Bulk Fleet Utilization”.

| • | Owned Dry Bulk Fleet Utilization. We calculate our owned dry bulk fleet utilization by dividing (i) the aggregate number of our on-hire days and ballast days (excluding dry dock ballast days) in a period of our owned dry bulk fleet by (ii) the number of our available days (owned dry bulk fleet) during such period. The shipping industry uses fleet utilization to measure a company’s efficiency in finding suitable employment for its vessels and minimizing the number of days that its vessels are off-hire. We calculate our owned dry bulk fleet utilization to measure our efficiency in finding suitable employment for our vessels and minimizing the number of days that such vessels are off-hire for reasons other than scheduled repairs or repairs under guarantee, vessel upgrades or special surveys and certain other ordinary vessel operations. If we are unable to efficiently redeploy our vessels to generate revenues, resulting in low utilization, there could be a material adverse effect on our business, results of operations and financial condition. For more information regarding how we calculate owned dry bulk fleet utilization, including how we define on-hire days and ballast days (excluding dry dock ballast days), please see “Item 5. Operating and Financial Review and Prospects—A. Operating Results—Key Operating Measures: Available Days (Owned Dry Bulk Fleet) and Owned