Company: CMDB
Filing Date: 2025-04-23
Form Type: 20FR12B/A
Source: 0001140361-25-015197
Chunk: 298

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-04-23
Form: 20FR12B/A
Chunk 298
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 OF CONTENTS

COSTAMARE BULKERS HOLDINGS LIMITED PREDECESSOR Notes to Combined Carve-out Financial Statements December 31, 2023 and 2024 (Expressed in thousands of U.S. dollars, except share and per share data, unless otherwise stated) On December 14 and 20, 2023, the Company decided to make arrangements to sell the dry bulk vessels Konstantinosand Progress, respectively. On these dates, the Company concluded that all the criteria required by the relevant accounting standard, ASC 360-10-45-9, for the classification of these vessels as “held for sale” were met. As of December 31, 2023, the amount of $20,790, included in Vessels held for sale in the December 31, 2023 predecessor combined carve-out balance sheet, represented the fair market value of the vessels based on the vessels’ estimated sale price, net of commissions (Level 2 inputs of the fair value hierarchy). The difference between the estimated fair value less cost to sell the vessels and the vessels’ carrying value, amounting to $2,305, was recorded in the year ended December 31, 2023, and is separately reflected as Loss on vessels held for sale in the accompanying predecessor combined carve-out statement of operations. Both vessels were delivered to their new owners during the first quarter of 2024. On December 2 and 18, 2023, the Company decided to make arrangements to sell the dry bulk vessels Adventureand Manzanillo, respectively .On these dates, the Company concluded that all the criteria required by the relevant accounting standard, ASC 360-10-45-9, for the classification of these vessels as “held for sale” were met. As of December 31, 2023, the amount of $19,517, included in Vessels held for sale in the December 31, 2023 predecessor combined carve-out balance sheet, represented the aggregate carrying value of Adventureand Manzanilloat the time that held for sale criteria were met on the basis that as of that date each vessel’s fair value less cost to sell exceeded each vessel’s carrying value. Both vessels were delivered to their new owners during the first half of 2024. During the year ended December 31, 2024, the Company did not record any impairment loss in relation to its vessels. During the year ended December 31, 2023, the Company recorded an impairment loss in