# EDGAR Filing Document

**Accession Number:** 0002033535
**File Stem:** 0001171843-25-005203
**Filing Date:** 2025-8
**Character Count:** 31613
**Document Hash:** 82aab72f31827c30d2321de6a39689eb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171843-25-005203.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001171843-25-005203

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250808

**DATE AS OF CHANGE**: 20250808

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Costamare Bulkers Holdings Ltd
- **CENTRAL INDEX KEY:** 0002033535
- **STANDARD INDUSTRIAL CLASSIFICATION:** WATER TRANSPORTATION [4400]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** 1T
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42581
- **FILM NUMBER:** 251196177

**BUSINESS ADDRESS:**
- **STREET 1:** GILDO PASTOR
- **STREET 2:** 7 RUE DU GABIAN
- **CITY:** MONACO
- **STATE:** O9
- **ZIP:** MC 98000
- **BUSINESS PHONE:** 377 92 00 1745

**MAIL ADDRESS:**
- **STREET 1:** GILDO PASTOR
- **STREET 2:** 7 RUE DU GABIAN
- **CITY:** MONACO
- **STATE:** O9
- **ZIP:** MC 98000

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION**<br> **Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR<br> 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of August 2025**

**Commission File Number: 001-42581**

**COSTAMARE BULKERS HOLDINGS LIMITED**<br> (Translation of registrant's name into English)

**7 rue du Gabian, MC 98000 Monaco** <br> (Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

**INCORPORATION BY REFERENCE**

Exhibit 99.2 to this Report on Form 6-K shall be incorporated by reference into our registration statements on Form F-3, as filed with the U.S. Securities and Exchange Commission on May 30, 2025 (File No. 333-287685), to the extent not superseded by information subsequently filed or furnished (to the extent we expressly state that we incorporate such furnished information by reference) by us under the Securities Act of 1933 or the Securities Exchange Act of 1934, in each case as amended.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| [99.1](exh_991.htm) | [Press Release, dated August 8, 2025: Costamare Bulkers Holdings Limited Reports Results for the Six-Month Period Ended June 30, 2025](exh_991.htm) |
| [99.2](exh_992.htm) | [Financial Report for the Six-Month period Ended June 30, 2025](exh_992.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: August 8, 2025

---

| | |
|:---|:---|
| COSTAMARE BULKERS HOLDINGS LIMITED | COSTAMARE BULKERS HOLDINGS LIMITED |
| By: | /s/ Gregory G. Zikos |
| Name: | Gregory G. Zikos |
| Title: | Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](logo.jpg)

**COSTAMARE BULKERS HOLDINGS LIMITED REPORTS RESULTS FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025**

**Monaco, August 8, 2025** – Costamare Bulkers Holdings Limited ("Costamare Bulkers" or the "Company") (NYSE: CMDB) today reported unaudited financial results for the six-month period ended June 30, 2025 ("H1 2025").

Costamare Bulkers had no operating activity during the first half of 2024 and remained a wholly-owned subsidiary of Costamare Inc. ("Costamare"), a New York Stock Exchange (the "NYSE") listed company, until May 6, 2025, when it became an independent, publicly traded company on NYSE through a spin-off from Costamare.

**Starting with the earnings release for the third quarter and the nine-month period ended September 30, 2025, which will reflect the first full quarter of operations, we intend to include additional financial information and management discussion on Costamare Bulkers' performance.**

Costamare Bulkers had nominal operations from January 1, 2025 until late March 2025, when Costamare transferred to it the entities engaged in the dry bulk business, which own, have owned, or were formed with the intention to own dry bulk vessels. The results of these entities are included in Costamare Bulkers' consolidated statement of operations for the six-month period ended June 30, 2025. On May 6, 2025, Costamare Bulkers also acquired from Costamare and a minority shareholder Costamare Bulkers Inc. ("CBI"), a dry bulk operating platform, whose results are included from that date forward. No comparative figures are presented for the six-month period ended June 30, 2024, as Costamare Bulkers had no operations during that time and all amounts would have been nil.

**FINANCIAL RESULTS AND LIQUIDITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· H1 2025 Net Loss of $26.5 million ($3.15 loss per share).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· H1 2025 Adjusted Net Loss<sup>1</sup> of $15.8 million ($1.87 adjusted loss per share).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· H1 2025 Adjusted Net Loss of $15.8 million ($0.65 pro forma adjusted loss
per share, which reflects the weighted average number of common shares as if all shares outstanding as of June 30, 2025 had been outstanding
from January 1, 2025)<sup>2</sup> .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· H1 2025 liquidity of $242.3 million<sup>3</sup>.

___________________

<sup>1</sup> Adjusted Net Loss and respective per share figures are non-GAAP measures and should not be used in isolation or as substitutes for Costamare Bulkers financial results presented in accordance with U.S. generally accepted accounting principles ("GAAP"). For the definition and reconciliation of these measures to the most directly comparable financial measure calculated and presented in accordance with GAAP, please refer to Exhibit I.

<sup>2</sup> The weighted average number of shares outstanding for the six-month period ended June 30, 2025, was 8,424,213, reflecting the timing of share issuances throughout the period. On a pro forma basis, assuming that all 24,240,982 common shares outstanding as of June 30, 2025, had been outstanding since January 1, 2025, the weighted average number of shares would have been 24,240,982. The pro forma adjusted loss per share metric is presented for comparability purposes only and does not reflect a GAAP measure.

<sup>3</sup> Including margin deposits relating mainly to our forward freight agreements ("FFAs") and bunker swaps of $26.6 million and $84.7 million of available undrawn funds from one hunting license facility as of June 30, 2025.

**Mr. Gregory Zikos, Chief Executive Officer of Costamare Bulkers Holdings Limited, commented:**

"As announced on May 7, 2025, Costamare Bulkers debuted as an independent, publicly traded company upon the completion of its separation from Costamare Inc.

The entity currently encompasses the owned dry bulk fleet of Costamare Inc., consisting of 37 vessels as well as the CBI operating platform commercially managing 39 ships on period charters.

For the first quarter of 2025, Costamare Bulkers had nominal operations, at the end of March it acquired the owned dry bulk fleet and on May 6, 2025 it acquired CBI.

&nbsp;&nbsp;&nbsp;&nbsp;· Adjusted
Net Loss (excluding unrealized gains and losses from derivatives) for the period was $15.8 million ($1.87 adjusted loss per share)

&nbsp;&nbsp;&nbsp;&nbsp;· Liquidity was $242 million

Trading losses, partly due to the liquidation of older legacy positions, have contributed to the H1 2025 loss. As those positions are being closed, our goal is to manage a balanced trading book ancillary to the main shipowning business.

With minimal leverage and net debt of approximately $10 million, we are well positioned to grow opportunistically in the dry bulk sector.

We are progressing on our strategy to divest older and smaller tonnage and replacing it with younger and bigger-sized vessels. We recently acquired an additional Capesize vessel and we are proceeding with the disposal of our remaining five Handysize ships.

On the market, the Capesize sector in the second quarter of 2025 was marked by intense volatility. Total Capesize volumes rose, driven by strong Pacific and Brazil-Asia activity. The index hit a high mid-June, before softening by early July as fundamentals softened. The recent rally appears to be driven by positive sentiment, stimulus anticipation from China, real-time vessel tightness and firm Atlantic fronthaul demand.

Regarding the Panamax sector, the market strengthened in early June before declining as of the close of last week. The strength was driven by South America grains delayed corn harvest and freight coverings."

**About Costamare Bulkers Holdings Limited**

Costamare Bulkers Holdings Limited is an international owner and operator of dry bulk vessels. Costamare Bulkers' owned dry bulk fleet consists of 37 vessels with a total carrying capacity of approximately 3,103,000 dwt (including six vessels that we have agreed to sell). Costamare Bulkers also owns a dry bulk operating platform (CBI) which charters in/out dry bulk vessels, enters into contracts of affreightment and forward freight agreements and may also utilize hedging solutions. Costamare Bulkers' common stock trades on the New York Stock Exchange under the symbol "CMDB".

**Forward-Looking Statements**

This earnings release contains "forward-looking statements". In some cases, you can identify these statements by forward-looking words such as "believe", "intend", "anticipate", "estimate", "project", "forecast", "plan", "potential", "may", "should", "could", "expect" and similar expressions. You should not place undue reliance on these statements. These statements are not historical facts but instead represent only the Company's beliefs regarding future results, many of which, by their nature, are inherently uncertain and outside of the Company's control. It is possible that actual results may differ, possibly materially, from those anticipated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect future results, see the discussion in the Company's Registration Statement on Form 20-F (File No. 001-42581).

**Company Contacts:**

Gregory Zikos – Chief Executive Officer

Dimitris Pagratis - Chief Financial Officer

Konstantinos Tsakalidis - Business Development

Costamare Bulkers Holdings Limited, Monaco

Tel: (+377) 92 00 1745

Email: ir@costamarebulkers.com

**Reconciliation of Net Loss to Adjusted Net Loss and Adjusted Loss per Share**

---

| | |
|:---|:---|
|  | **Six-month period ended June 30,** |
| (Expressed in thousands of U.S. dollars, except share and per share data) | **2025** |
| **Net Loss** | $(26515) |
| Accrued charter revenue | 1 |
| Deferred charter-in expense | 54 |
| General and administrative expenses - non-cash component | 323 |
| Loss on sale of vessel | 1579 |
| Loss on vessels held for sale | 4990 |
| Non-recurring, non-cash write-off of loan deferred financing costs | 117 |
| Loss on derivative instruments, excluding realized (gain) / loss on derivative instruments (1) | 3667 |
| **Adjusted Net Loss** | $(15784) |
| **Adjusted Loss per Share** | $(1.87) |
| Weighted average number of shares | 8424213 |

---

Adjusted Net Loss and Adjusted Losses per Share represent Net Loss before non-cash "Accrued charter revenue" recorded under charters with escalating or descending charter rates, deferred charter-in expense, loss on vessel held for sale, loss on sale of vessel, non-recurring, non-cash write-off of loan deferred financing costs, general and administrative expenses - non-cash component and loss on derivative instruments, excluding realized (gain)/loss on derivative instruments. "Accrued charter revenue" is attributed to the timing difference between the revenue recognition and the cash collection. However, Adjusted Net Income/ (Loss) and Adjusted Earnings/ (Losses) per Share are not recognized measurements under U.S. GAAP. We believe that the presentation of Adjusted Net Income/ (Loss) and Adjusted Earnings/ (Losses) per Share are useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We also believe that Adjusted Net Income/ (Loss) and Adjusted Earnings/(Losses) per Share are useful in evaluating our ability to service additional debt and make capital expenditures. In addition, we believe that Adjusted Net Income / (Loss) and Adjusted Earnings / (Losses) per Share are useful in evaluating our operating performance and liquidity position compared to that of other companies in our industry because the calculation of Adjusted Net Income/ (Loss) and Adjusted Earnings/ (Losses) per Share generally eliminates the accounting effects of certain hedging instruments and other accounting treatments, items which may vary for different companies for reasons unrelated to overall operating performance and liquidity. In evaluating Adjusted Net Income/ (Loss) and Adjusted Earnings/ (Losses) per Share, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted Net Income/ (Loss) and Adjusted Earnings / (Losses) per Share should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Items to consider for comparability, when prior period figures are presented, include gains and charges.
Gains positively impacting Net Loss are reflected as deductions to Adjusted Net Loss. Charges negatively impacting Net Loss are reflected
as increases to Adjusted Net Loss.

## Exhibit 99.2

**Exhibit 99.2**

**Financial Report**

**Vessels' Operational Data**

---

| | |
|:---|:---|
|  | **Six-month period ended June 30, 2025** |
| Average number of vessels (1) | 36.5 |
| Ownership days (1) | 3320 |
| Average number of third-party charter-in vessels | 51.8 |
| Number of vessels under dry-docking and special survey (1) | 1 |

---

(1) Vessels in our owned fleet

**<u>Owned Vessels Fleet List</u>**

The table below provides information about our owned fleet as of August 7, 2025, including six vessels that we have agreed to sell. Each vessel is owned by one of our subsidiaries.

---

| | | | |
|:---|:---|:---|:---|
|  | **Vessel Name** | **Year <br> Built** | **Capacity <br> (DWT)** |
| **1** | FRONTIER | 2012 | 181415 |
| **2** | MIRACLE | 2011 | 180643 |
| **3** | PROSPER | 2012 | 179895 |
| **4** | DORADO | 2011 | 179842 |
| **5** | MAGNES | 2011 | 179546 |
| **6** | IMPERATOR | 2012 | 176387 |
| **7** | ENNA | 2011 | 175975 |
| **8** | AEOLIAN | 2012 | 83478 |
| **9** | GRENETA | 2010 | 82166 |
| **10** | HYDRUS | 2011 | 81601 |
| **11** | PHOENIX | 2012 | 81569 |
| **12** | BUILDER | 2012 | 81541 |
| **13** | FARMER | 2012 | 81541 |
| **14** | SAUVAN | 2010 | 79700 |
| **15** | GORGO (ex. GORGOYPIKOOS) <sup>(i)</sup> | 2005 | 76498 |
| **16** | MERCHIA | 2015 | 63585 |
| **17** | DAWN | 2018 | 63561 |
| **18** | SEABIRD | 2016 | 63553 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Vessel Name** | **Year <br> Built** | **Capacity <br> (DWT)** |
| **19** | ORION | 2015 | 63473 |
| **20** | DAMON | 2012 | 63301 |
| **21** | ARYA | 2013 | 61424 |
| **22** | ALWINE | 2014 | 61090 |
| **23** | AUGUST | 2015 | 61090 |
| **24** | ATHENA | 2012 | 58018 |
| **25** | ERACLE | 2012 | 58018 |
| **26** | NORMA | 2010 | 58018 |
| **27** | CURACAO | 2011 | 57937 |
| **28** | URUGUAY | 2011 | 57937 |
| **29** | SERENA | 2010 | 57266 |
| **30** | LIBRA | 2010 | 56701 |
| **31** | CLARA | 2008 | 56557 |
| **32** | BERMONDI | 2009 | 55469 |
| **33** | VERITY<sup>(i)</sup> | 2012 | 37163 |
| **34** | PARITY<sup>(i)</sup> | 2012 | 37152 |
| **35** | ACUITY<sup>(i)</sup> | 2011 | 37152 |
| **36** | EQUITY<sup>(i)</sup> | 2013 | 37071 |
| **37** | BERNIS<sup>(i)</sup> | 2011 | 35995 |

---

(i) Denotes vessels we have agreed to sell. Sales are expected to be concluded in Q3 and Q4 2025. Gorgo was initially acquired as part of an en-bloc deal in conjunction with the sale of four Handysize vessels (i.e. Verity, Parity, Acuity and Equity).

**<u>Chartered-In Vessels Fleet List</u>**

The table below provides information about our chartered-in fleet as of August 7, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Vessel Name** | **Year <br> Built** | **Capacity <br> (DWT)** | **Charter <br> Hire - In Rate** | **Earliest <br> Redelivery <br> Quarter/ Year** | **Comments** |
| **1** | BERGE ZUGSPITZE | 2016 | 211182 | Index-Linked | Q1 2026 | - |
| **2** | BERGE GROSSGLOCKNER | 2017 | 211171 | Index-Linked | Q1 2026 | - |
| **3** | SHANDONG PROSPERITY | 2021 | 211103 | Index-Linked plus Fixed Amount | Q3 2026 | - |
| **4** | SHANDONG INNOVATION | 2021 | 210989 | Index-Linked plus Fixed Amount | Q4 2026 | - |
| **5** | SHANDONG HAPPINESS | 2021 | 210938 | Index-Linked plus Fixed Amount | Q4 2026 | - |
| **6** | SHANDONG MIGHTINESS | 2021 | 210896 | Index-Linked plus Fixed Amount | Q3 2026 | - |
| **7** | SHANDONG MISSION | 2021 | 210800 | Index-Linked plus Fixed Amount | Q4 2026 | - |
| **8** | SHANDONG RENAISSANCE | 2022 | 210800 | Index-Linked plus Fixed Amount | Q4 2026 | - |
| **9** | BERGE DACHSTEIN | 2020 | 208718 | Index-Linked | Q3 2025 | - |
| **10** | BULK SANTOS | 2020 | 208445 | Index-Linked | Q2 2026 | - |
| **11** | BULK SAO PAULO | 2020 | 208445 | Index-Linked | Q2 2026 | - |
| **12** | TITANSHIP | 2011 | 207855 | Fixed Rate plus Profit Share | Q3 2026 | - |
| **13** | MEISHIP | 2013 | 207851 | Fixed Rate plus Profit Share | Q1 2026 | - |
| **14** | MINERAL CLOUDBREAK | 2012 | 205097 | Index-Linked | Q4 2025 | Converted to Fixed Rate until end 2025 |
| **15** | ICONSHIP | 2013 | 181392 | Index-Linked | Q1 2026 | Converted to Fixed Rate until end 2025 |
| **16** | CAPE PROTEUS | 2011 | 180585 | Fixed Rate | Q1 2026 | CMDB option to extend for 10-14 months |
| **17** | MANDY | 2010 | 180371 | Index-Linked | Q3 2026 | - |
| **18** | MILLIE | 2009 | 180310 | Index-Linked | Q4 2025 | - |
| **19** | TOMINI K2 | 2014 | 179816 | Fixed Rate | Q1 2027 | - |
| **20** | MARIJEANNIE C | 2009 | 179759 | Index-Linked | Q1 2026 | - |
| **21** | SHANDONG HENG CHANG | 2013 | 179713 | Index-Linked plus Fixed Amount | Q4 2025 | - |
| **22** | MILDRED | 2011 | 179678 | Index-Linked | Q1 2026 | - |
| **23** | MARIPERLA | 2009 | 179561 | Index-Linked | Q1 2026 | Converted to Fixed Rate until end 2025 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Vessel Name** | **Year <br> Built** | **Capacity <br> (DWT)** | **Charter <br> Hire - In Rate** | **Earliest <br> Redelivery <br> Quarter/ Year** | **Comments** |
| **24** | NAVIOS FULVIA | 2010 | 179263 | Index-Linked | Q4 2026 | - |
| **25** | NAVIOS ALTAMIRA | 2011 | 179165 | Index-Linked | Q4 2026 | Converted to Fixed Rate until end Q3 2025 |
| **26** | NAVIOS LUZ | 2010 | 179144 | Index-Linked | Q4 2025 | Converted to Fixed Rate until end Q3 2025 |
| **27** | LORDSHIP | 2010 | 178838 | Index-Linked | Q1 2026 | - |
| **28** | CAPE AQUA | 2009 | 178055 | Index-Linked | Q3 2025 | - |
| **29** | MILESTONE | 2010 | 176354 | Index-Linked | Q1 2026 | - |
| **30** | W-SMASH | 2013 | 82742 | Index-Linked | Q4 2025 | - |
| **31** | SAPHIRA | 2021 | 82577 | Fixed Rate | Q2 2026 | - |
| **32** | NAVIOS LIBRA | 2019 | 82011 | Index-Linked | Q1 2026 | Converted to Fixed Rate until end 2025 |
| **33** | AOM MARIA LAURA | 2021 | 81800 | Fixed Rate | Q2 2026 | CMDB option to extend for 10-14 months |
| **34** | W-EMERALD | 2012 | 81709 | Index-Linked | Q3 2025 | - |
| **35** | NAVIOS CITRINE | 2017 | 81626 | Index-Linked | Q1 2026 | Converted to Fixed Rate until end 2025 |
| **36** | AOM BIANCA | 2017 | 81600 | Fixed Rate | Q4 2025 | CMDB option to extend until Nov 2026 – Feb 2027 |
| **37** | KYNOURIA | 2012 | 81354 | Index-Linked | Q4 2026 | - |
| **38** | KROUSSON | 2011 | 81351 | Index-Linked | Q3 2026 | - |
| **39** | GEORGITSI | 2012 | 81309 | Index-Linked | Q3 2026 | - |

---

**COSTAMARE BULKERS HOLDINGS LIMITED**

**Consolidated Statement of Operations**

---

| | | |
|:---|:---|:---|
|  | **Six-month periods ended June 30,** | **Six-month periods ended June 30,** |
| (Expressed in thousands of U.S. dollars, except share and per share amounts) | **2024** | **2025** |
|  | (Unaudited) | (Unaudited) |
| **REVENUES:** |  |  |
| Voyage revenue | $**-** | $107211 |
| Voyage revenue – related parties | **-** | 48655 |
| **Total voyage revenue** | - | **155866** |
| **EXPENSES:** |  |  |
| Voyage expenses | **-** | (50420) |
| Charter-in hire expenses | **-** | (74767) |
| Voyage expenses – related parties | **-** | (2228) |
| Vessels' operating expenses | **-** | (19500) |
| General and administrative expenses | **-** | (2159) |
| Management and agency fees – related parties | **-** | (6690) |
| General and administrative expenses – non-cash component | **-** | (323) |
| Amortization of dry-docking and special survey costs | **-** | (1833) |
| Depreciation | **-** | (9886) |
| Loss on sale of vessels | **-** | (1579) |
| Loss on vessels held for sale | **-** | (4990) |
| Foreign exchange gains | **-** | 4 |
| **Operating loss** | $**-** | $**(18505)** |
| **OTHER INCOME / (EXPENSES):** |  |  |
| Interest income | $- | $778 |
| Interest and finance costs | **-** | (3675) |
| Other, net | **-** | 115 |
| Loss on derivative instruments, net | **-** | (5228) |
| **Total other expenses, net** | $**-** | $**(8010)** |
| **Net loss** | $**-** | $**(26515)** |
| Losses per common share, basic and diluted | $**-** | $(3.15) |
| Weighted average number of shares, basic and diluted | **--** | 8424213 |

---

**COSTAMARE BULKERS HOLDINGS LIMITED**

**Consolidated Balance Sheets**

---

| | | |
|:---|:---|:---|
| (Expressed in thousands of U.S. dollars) | **As of December 31, 2024** | **As of June 30, 2025** |
| **<u>ASSETS</u>** | (Audited) | (Unaudited) |
| **CURRENT ASSETS:** |  |  |
| Cash and cash equivalents | $4 | $127474 |
| Restricted cash | 2100 |  |
| Margin deposits |  | 26550 |
| Accounts receivable | 2 | 35388 |
| Inventories |  | 34657 |
| Due from related parties |  | 5326 |
| Insurance claims receivable |  | 3681 |
| Vessels held for sale |  | 19453 |
| Prepayments and other | - | 31940 |
| **Total current assets** | $**2106** | $**284469** |
| **FIXED ASSETS, NET:** |  |  |
| Vessels and advances, net | $- | $609593 |
| **Total fixed assets, net** | $**-** | $**609593** |
| **NON-CURRENT ASSETS:** |  |  |
| Deferred charges, net | $- | $20520 |
| Operating leases, right-of-use assets |  | 207203 |
| Accounts receivable, non-current |  | 1460 |
| Due from related parties, non-current |  | 975 |
| Restricted cash | - | 3600 |
| **Total assets** | $**2106** | $**1127820** |
| **<u>LIABILITIES AND STOCKHOLDERS' EQUITY</u>** |  |  |
| **CURRENT LIABILITIES:** |  |  |
| Current portion of long-term debt | $- | $19400 |
| Operating lease liabilities, current portion |  | 166888 |
| Accounts payable |  | 28996 |
| Due to related parties | 2100 | 13805 |
| Accrued liabilities |  | 10480 |
| Unearned revenue |  | 15718 |
| Fair value of derivatives |  | 9227 |
| Other current liabilities | - | 6196 |
| **Total current liabilities** | $**2100** | $**270710** |
| **NON-CURRENT LIABILITIES** |  |  |
| Long-term debt, net of current portion | $- | $147367 |
| Operating lease liabilities, non-current portion |  | 33456 |
| Fair value of derivatives, net of current portion |  | 263 |
| Other non-current liabilities | **-** | 1341 |
| **Total non-current liabilities** | $**-** | $**182427** |
| **COMMITMENTS AND CONTINGENCIES** |  |  |
| **STOCKHOLDERS' EQUITY:** |  |  |
| Common stock | $- | $2 |
| Additional paid-in capital |  | 701190 |
| Retained earnings / (Accumulated deficit) | 6 | (26509) |
| **Total stockholders' equity** | **6** | **674683** |
| **Total liabilities and stockholders' equity** | $**2106** | $**1127820** |

---

**COSTAMARE BULKERS HOLDINGS LIMITED**

**Condensed Consolidated Statements of Cash Flows**

---

| | | |
|:---|:---|:---|
| (Expressed in thousands of U.S. dollars) | **For the six-month periods ended June 30,** | **For the six-month periods ended June 30,** |
|  | **2024** | **2025** |
| **<u>Net cash provided by:</u>** | (Unaudited) | (Unaudited) |
| &nbsp;&nbsp;&nbsp;Operating activities | $- | $17287 |
| &nbsp;&nbsp;&nbsp;Investing activities |  | 36695 |
| &nbsp;&nbsp;&nbsp;Financing activities | - | 74988 |
| **Net increase in cash, cash equivalents and restricted cash** | $- | $**128970** |
| **Cash, cash equivalents and restricted cash at beginning of the period** | - | 2104 |
| **Cash, cash equivalents and restricted cash at end of the period** | $**-** | $**131074** |

---

**COSTAMARE BULKERS HOLDINGS LIMITED PREDECESSOR**

**Combined Carve-out Statements of Operations<sup>1</sup>**

---

| | | |
|:---|:---|:---|
| (Expressed in thousands of U.S. dollars) | **For the six-month period <br> ended June 30, 2024** | **For the period from <br> January 1, 2025 to May 6, 2025** |
| **REVENUES:** | (Unaudited) | (Unaudited) |
| Voyage revenue | $520332 | $239719 |
| Voyage revenue – related parties | 31776 | 87683 |
| **Total voyage revenue** | **552108** | **327402** |
| **EXPENSES:** |  |  |
| Voyage expenses | (169467) | (107383) |
| Charter-in hire expenses | (308557) | (166506) |
| Voyage expenses-related parties | (2203) | (3765) |
| Vessels' operating expenses | (41372) | (27165) |
| General and administrative expenses | (6374) | (10832) |
| General and administrative expenses – related parties | (1488) | (528) |
| Management and agency fees - related parties | (15102) | (10760) |
| Amortization of dry-docking and special survey costs | (2984) | (2337) |
| Depreciation | (17980) | (14044) |
| Gain / (loss) on sale of vessels, net | 3422 | (4669) |
| Loss on vessels held for sale | (2308) | (1579) |
| Vessel's impairment loss |  | (179) |
| Foreign exchange gains | 46 | 219 |
| **Operating loss** | **(12259)** | **(22126)** |
| **OTHER INCOME / (EXPENSES):** |  |  |
| Interest income | 1021 | 236 |
| Interest and finance costs, net | (11889) | (7313) |
| Interest expense – related parties | (219) | (815) |
| Other, net | 868 | (47) |
| Gain / (loss) on derivative instruments, net | 24996 | (710) |
| **Total other income / (expenses), net** | **14777** | **(8649)** |
| **Net income / (loss)** | $**2518** | $**(30775)** |

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____________________

<sup>1</sup> This statement includes combined carve-out financial information for Costamare Bulkers Holdings Limited Predecessor, prepared in accordance with the same accounting principles as disclosed in Costamare Bulkers' Registration Statement on Form 20-F (File No. 001-42581).

**COSTAMARE BULKERS HOLDINGS LIMITED PREDECESSOR**

**Combined Carve-out Balance Sheet<sup>2</sup>**

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| | |
|:---|:---|
| (Expressed in thousands of U.S. dollars) |  |
|  | **December 31, 2024** |
| **ASSETS** | (Audited) |
| **CURRENT ASSETS:** |  |
| Cash and cash equivalents | $49858 |
| Restricted cash | 941 |
| Margin deposits | 45221 |
| Accounts receivable, net | 39648 |
| Inventories | 44500 |
| Due from related parties | 7014 |
| Fair value of derivatives | 197 |
| Insurance claims receivable | 2842 |
| Prepayments and other assets | 49796 |
| **Total current assets** | **240017** |
| **FIXED ASSETS, NET:** |  |
| Vessels and advances, net | 671844 |
| **Total fixed assets, net** | **671844** |
| **OTHER NON-CURRENT ASSETS:** |  |
| Accounts receivable, net, non-current | 1610 |
| Deferred charges, net | 19119 |
| Due from related parties, non-current | 1050 |
| Fair value of derivatives, non-current | 147 |
| Restricted cash, non-current | 9236 |
| Operating leases, right-of-use assets | 297975 |
| **Total assets** | $**1240998** |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |
| **CURRENT LIABILITIES:** |  |
| Current portion of long-term debt, net of deferred financing costs | $30505 |
| Related party loans | 85000 |
| Accounts payable | 41477 |
| Due to related parties | 5319 |
| Operating lease liabilities, current portion | 205172 |
| Accrued liabilities | 11906 |
| Unearned revenue | 22911 |
| Fair value of derivatives | 14465 |
| Other current liabilities | 3902 |
| **Total current liabilities** | **420657** |
| **NON-CURRENT LIABILITIES:** |  |
| Long-term debt, net of current portion and deferred financing costs | 305724 |
| Operating lease liabilities, non-current portion | 87424 |
| Fair value of derivatives, non-current portion | 5174 |
| **Total non-current liabilities** | **398322** |
| **COMMITMENTS AND CONTINGENCIES** | - |
| **SHAREHOLDERS' EQUITY:** |  |
| Common shares | 250 |
| Additional paid-in capital | 207284 |
| Net Parent Investment | 312546 |
| Accumulated deficit | (98061) |
| **Total shareholders' equity** | **422019** |
| **Total liabilities and shareholders' equity** | $**1240998** |

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**____________________**

<sup>2</sup> This statement includes combined carve-out financial information for Costamare Bulkers Holdings Limited Predecessor, prepared in accordance with the same accounting principles as disclosed in Costamare Bulkers' Registration Statement on Form 20-F (File No. 001-42581).

**COSTAMARE BULKERS HOLDINGS LIMITED PREDECESSOR**

**Condensed Combined Carve-out Statements of Cash Flows<sup>3</sup>**

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| | | |
|:---|:---|:---|
|  | **For the six-month period <br> ended June 30, 2024** | **For the period from <br> January 1, 2025 to May 6, 2025** |
| (Expressed in thousands of U.S. dollars) |  |  |
| **<u>Net cash provided by/ (used in):</u>** | (Unaudited) | (Unaudited) |
| &nbsp;&nbsp;&nbsp;Operating activities | $(8934) | $3938 |
| &nbsp;&nbsp;&nbsp;Investing activities | 21942 | 9995 |
| &nbsp;&nbsp;&nbsp;Financing activities | (7311) | (42174) |
| **Net increase / (decrease) in cash, cash equivalents and restricted cash** | $**5697** | $**(28241)** |
| **Cash, cash equivalents and restricted cash at beginning of the period** | 45399 | 60035 |
| **Cash, cash equivalents and restricted cash at end of the period** | $**51096** | $**31794** |

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**Forward-Looking Statements**

This financial report contains "forward-looking statements". In some cases, you can identify these statements by forward-looking words such as "believe", "intend", "anticipate", "estimate", "project", "forecast", "plan", "potential", "may", "should", "could", "expect" and similar expressions. You should not place undue reliance on these statements. These statements are not historical facts but instead represent only the Company's beliefs regarding future results, many of which, by their nature, are inherently uncertain and outside of the Company's control. It is possible that actual results may differ, possibly materially, from those anticipated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect future results, see the discussion in the Company's Registration Statement on Form 20-F (File No. 001-42581).

____________________

<sup>3</sup> This statement includes combined carve-out financial information for Costamare Bulkers Holdings Limited Predecessor, prepared in accordance with the same accounting principles as disclosed in Costamare Bulkers' Registration Statement on Form 20-F (File No. 001-42581).