Company: CMDB
Filing Date: 2025-04-23
Form Type: 20FR12B/A
Source: 0001140361-25-015197
Chunk: 165

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-04-23
Form: 20FR12B/A
Chunk 165
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 specified daily rate to the owner, as well as voyage-related costs such as fuel bills and port charges.

Freight and hire rates for dry bulk vessels trading under spot (voyage) charters are very sensitive to fluctuating demand for and supply of vessels, and rates can consequently be volatile and changeable. Market levels achievable for a given ship, compared to general market levels, will also be influenced by the location and technical specification of the vessel, and the reputation of the vessel and its manager. Typically, agreed terms are based on standard industry charter parties prepared to streamline the negotiation and documentation processes.

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Figure 13. Clarksons Average Dry Bulk Vessel Earnings Recent Market Trends Dry bulk shipping market conditions, as measured by changing earnings for owners on a $/day basis, can be volatile and cyclical, and have varied significantly over the last decade. Earnings across all segments hit record levels across 2007-08 as the global industrial “super-cycle” significantly boosted demand for dry bulk commodities, and as China’s rapid industrialization added further impetus. Since the global financial crisis, earnings have been more subdued as oversupply and moderating demand growth led to more typical cyclical patterns. In 2021 and 1H 2022, however, rebounding trade after the COVID-19 pandemic, government stimulus, pent-up demand and significant “disruption upside” (e.g., port congestion) pushed earnings in the sector to the highest levels seen since 2008. Markets then normalized in 2H 2022-1H 2023, but remained roughly in line with long-term average levels overall.

| Figure 14. Dry Bulk Vessel 1 Year Timecharter Rates |     | Figure 15. Dry Bulk Vessel 1 Year Timecharter Rates |

In 2024, the dry bulk charter markets were fairly strong, with average sector earnings (which take into account average earnings across the Capesize, Panamax, Handymax and Handysize sectors on a spot/trip charter basis and also take into account higher earnings for scrubber-fitted and/or “eco” ships) at approximately $15,000/day overall, up approximately 22% on 2023 and up approximately 15% on the ten-year average. Firm dry bulk demand growth in the Atlantic lent clear support, as well as record Chinese iron ore and coal imports,

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while the Red Sea and Panama Canal