Company: CMDB
Filing Date: 2025-04-07
Form Type: 20FR12B/A
Source: 0001140361-25-012461
Chunk: 273

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-04-07
Form: 20FR12B/A
Chunk 273
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 the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young (Hellas) Certified Auditors Accountants S.A.

We have served as the Company’s auditor since 2024.

Athens, Greece

March 31, 2025

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TABLE OF CONTENTS

COSTAMARE BULKERS HOLDINGS LIMITED PREDECESSOR Combined Carve-Out Balance Sheets As of December 31, 2023 and 2024 (Expressed in thousands of U.S. dollars)

|                                                                              |     | December 31, 2023 |     | December 31, 2024 |
|:-----------------------------------------------------------------------------|:----|------------------:|:----|------------------:|
| ASSETS                                                                       |     |                   |     |                   |
| CURRENT ASSETS:                                                              |     |                   |     |                   |
| Cash and cash equivalents (Note 2(e))                                        |     |           $33,682 |     |           $49,858 |
| Restricted cash (Note 2(e))                                                  |     |             3,115 |     |               941 |
| Margin deposits (Note 15(c))                                                 |     |            13,748 |     |            45,221 |
| Accounts receivable, net (Note 3)                                            |     |            42,194 |     |            39,648 |
| Inventories (Note 4)                                                         |     |            47,644 |     |            44,500 |
| Due from related parties (Note 3)                                            |     |             1,647 |     |             7,014 |
| Fair value of derivatives (Notes 15 and 16)                                  |     |            13,750 |     |               197 |
| Insurance claims receivable                                                  |     |             3,303 |     |             2,842 |
| Accrued charter revenue (Note 9