Company: CMDB
Filing Date: 2025-04-07
Form Type: 20FR12B/A
Source: 0001140361-25-012461
Chunk: 193

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-04-07
Form: 20FR12B/A
Chunk 193
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-in hire expenses are expenses relating to chartering-in of third-party dry bulk vessels under charter agreements through CBI. Charter-in expenses increased, year over year, mainly due to CBI’s increased volume of operations during the year ended December 31, 2024 compared to the year ended December 31, 2023.

Voyage Expenses – related parties

Voyage expenses – related parties were $9.4 million and $2.1 million for the years ended December 31, 2024 and 2023, respectively. Voyage expenses – related parties represent (i) fees of 1.25%, in the aggregate, on voyage revenues earned by our owned fleet charged by a related manager and a related service provider and (ii) address commissions on certain charter-out agreements payable to a related agent (since the second quarter of 2024). This commission is subsequently paid in full on a back-to-back basis by the related agent to its respective third-party clients with no benefit for the related agent.

Vessels’ Operating Expenses

Vessels’ operating expenses were $82.3 million and $97.2 million during the years ended December 31, 2024 and 2023, respectively. Daily vessels’ operating expenses were $5,975 and $6,086 for the years ended December 31, 2024 and 2023, respectively. Daily operating expenses are calculated as vessels’ operating expenses for the period over the ownership days of the period.

General and Administrative Expenses

General and administrative expenses were $13.9 million and $9.7 million during the years ended December 31, 2024 and 2023, respectively.

Management and Agency Fees – related parties

Management fees charged by our related managers were $15.0 million and $17.1 million during the years ended December 31, 2024 and 2023, respectively. The amounts charged by our related party managers include amounts paid to third-party sub-managers of $4.2 million and $5.7 million for the years ended December 31, 2024 and 2023, respectively. Furthermore, during the years ended December 31, 2024 and 2023, agency fees of $15.6 million and $11.7 million, respectively, were charged by related agency companies, respectively, in connection with the operations of CBI.

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General and Administrative Expenses – related parties

General and