Company: CMDB
Filing Date: 2025-04-17
Form Type: 20FR12B/A
Source: 0001140361-25-014307
Chunk: 188

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-04-17
Form: 20FR12B/A
Chunk 188
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’ operational data                              | 2023 |     | Year ended December 31, | 2024 |     |        |     | Change |     | Percentage 
 Change     |
|:-------------------------------------------------------|:-----|:----|------------------------:|:-----|:----|-------:|:----|-------:|:----|:-----------|
| Average number of vessels                              |      |     |                    43.8 |      |     |   37.6 |     |   -6.2 |     | -14.2%     |
| Ownership days                                         |      |     |                  15,975 |      |     | 13,773 |     | -2,202 |     | -13.8%     |
| Average number of third-party charter-in vessels       |      |     |                    43.1 |      |     |   62.3 |     |   19.2 |     | 44.5%      |
| Number of vessels under dry-docking and special survey |      |     |                       9 |      |     |      4 |     |     -5 |     |            |

| (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. |

| (2) | 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. Total voyage revenue adjusted on a cash basis is not a recognized measurement under U.S. GAAP. 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 |

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the impact of charters with escalating charter rates on our revenue and cash flow. See “Item 5. Operating and Financial Review and Prospects—A. Operating Results—Non-GAAP Financial Measures” below for more information on our Total voyage revenue adjusted on a cash basis