Costamare Bulkers Holdings Limited Reports Second Quarter Adjusted Net Income of $10 Million

Costamare Bulkers Holdings Limited, a dry bulk shipping company that transports major commodities such as iron ore, coal, and grain, has released its unaudited financial results for the second quarter and the six-month period ended June 30, 2026. The company became an independent publicly traded entity through its spin-off from Costamare Inc., a container ship owner, on May 6, 2025, making these the first full quarterly results reported under the new corporate structure.

Financial Highlights and Operational Updates

Profitability, Liquidity, and Debt

• Q2 2026 Adjusted Net Income: $9.8 million ($0.40 per share)
• Q2 2026 Net Income: $5.2 million ($0.21 per share)
• Q2 2026 Liquidity: $331.5 million
• Net Cash Position: Cash exceeded debt by $108.9 million as of the end of Q2 2026

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

Liquidity includes cash (Cash and cash equivalents, including restricted cash, of $234.8 million, plus margin deposits of $12.0 million relating mainly to forward freight agreements ("FFAs") and bunker swaps) and $84.7 million of available undrawn funds from one hunting license facility as of June 30, 2026. Debt denotes long-term debt, including the current and non-current portion.

Vessel Sale

Costamare Bulkers has reached an agreement for the sale of the Bermondi, a 2009-built dry bulk vessel with a capacity of 55,469 DWT. The sale, expected to be concluded in Q3 2026, is part of the company's fleet renewal program to divest older, less efficient tonnage — a common practice among dry bulk operators managing vessel age profiles and regulatory compliance costs.

Operating Platform

The company completed the previously announced transaction with Cargill International S.A. ("Cargill"), one of the world's largest agricultural and commodities trading firms, with no pending transfers of the related trading book. As of July 31, 2026 (excluding one vessel sub-chartered out to Cargill on back-to-back terms pursuant to the Strategic Cooperation Agreement), the operating platform is focused on Kamsarmax-type vessels and consists of 26 third-party owned dry bulk vessels, including:

• Two Capesize vessels chartered-in under period charters (one expected to be redelivered within 2026)
• 24 Kamsarmax/Panamax vessels, 23 of which are chartered-in primarily under short-term period charters or time charter trips

The Strategic Cooperation Agreement with Cargill, under which Costamare Bulkers manages and operates third-party vessels, represents a platform-based business model that generates fee income without requiring the company to own the underlying assets.

Prior to the spin-off from Costamare Inc. on May 6, 2025, Costamare Bulkers did not operate as a separate legal entity. Accordingly, results for the three- and six-month periods ended June 30, 2026 are not comparable to the corresponding periods of 2025, and comparative figures are not presented.

Owned Fleet

Costamare Bulkers currently owns a fleet of 30 dry bulk vessels (including the vessel agreed for sale) with a total capacity of approximately 2.7 million DWT, consisting of:

• 6 Capesize vessels, all on period charters
• 7 Kamsarmax vessels, 5 of which are on period charters
• 9 Ultramax vessels, 8 of which are on period charters
• 8 Supramax vessels, 4 of which are on period charters

Of the period charters, 12 are subject to index-linked charter agreements (with the owner's option to convert to a fixed rate based on the prevailing FFA curve), while the remaining 11 are fixed-rate agreements. This hybrid charter strategy allows the company to balance exposure to spot market rate fluctuations with fixed-rate income stability — an approach widely used in the dry bulk sector to manage the industry's inherent cyclicality.

CEO Commentary

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

"During the second quarter of the year Costamare Bulkers generated an adjusted net income of $10 million. We finalized the transfer of the Company's entire legacy trading portfolio that was earmarked for Cargill, effectively reducing the risk on our balance sheet. We expect that our trading platform will be free of the three remaining legacy positions by year end. As part of our fleet renewal program, we recently agreed to sell our 2009-built Supramax vessel, which is expected to be delivered within the third quarter.

With total cash exceeding debt by approximately $110 million, the Company is net cash positive, positioning us favorably to grow countercyclically should a low asset value environment arise.

Regarding the market, this quarter has been characterized by heightened volatility, particularly in the Capesize segment, largely driven by geopolitical uncertainty, energy market turbulence, and weather-related disruptions. Capesize rates peaked in late May before correcting by nearly $20,000/day through the end of June but have since held at robust levels.

The Panamax market remained supported by strong Capesize rates and the return of Chinese seaborne coal demand.

Unlike the larger vessel segments, the Supramax market was on a gradual upward trend throughout the period, supported by firmer grain and minor bulk volumes, as well as rising Liberian iron ore exports, which strengthened Atlantic market conditions."

Results of Operations — Three-Month Period Ended June 30, 2026

During Q2 2026, Costamare Bulkers had an average of 29.8 vessels in its owned fleet and chartered-in an average of 23.1 third-party dry bulk vessels. The company took delivery of the dry bulk vessel Astros (ex. Koushun) with a DWT capacity of 60,297. Fleet ownership days totaled 2,715 for the quarter.

Total Voyage Revenue: $111.6 million, primarily comprising voyage revenue from charter-out activities of both owned and chartered-in vessels, along with contractual reimbursements from certain charterers for EU Emissions Allowances ("EUAs") and Fuel EU Maritime penalties. EUAs are permits required under the EU Emissions Trading System, which was extended to cover maritime emissions starting in 2024, while Fuel EU Maritime is a separate EU regulation that sets limits on the carbon intensity of energy used by ships calling at EU ports.

Voyage Expenses: $30.2 million, including fuel consumption and port expenses (primarily for charter-in vessels), third-party commissions, canal tolls, and EUAs and Fuel EU Maritime expenses. A significant portion of EUA and Fuel EU Maritime expenses was contractually reimbursed by charterers, mitigating the net expense impact.

Charter-in Hire Expenses: $38.9 million, related to the chartering-in of third-party dry bulk vessels.

Voyage Expenses — Related Parties: $1.0 million, representing fees of 1.25% on voyage revenues earned by the owned fleet (charged by a related manager and service provider) and address commissions on certain charter-out agreements payable to a related agent. These commissions are subsequently paid in full on a back-to-back basis by the related agent to its third-party clients, with no benefit to the related agent.

Vessels' Operating Expenses: $16.4 million. Daily vessels' operating expenses were $6,036 for the quarter.

General and Administrative Expenses: $2.5 million, including $0.7 million paid to a related service provider.

Management and Agency Fees — Related Parties: Management fees of $2.8 million (including $0.5 million paid to third-party managers) and agency fees of $0.8 million charged by four related agents.

General and Administrative Expenses — Non-Cash Component: $1.1 million, representing the value of shares issued to a related service provider on June 30, 2026.

Amortization of Dry-Docking and Special Survey Costs: $1.9 million. No vessels underwent or completed dry-docking and special surveys during the quarter.

Depreciation: $8.9 million.

Vessel Held for Sale: The dry bulk vessel Bermondi was classified as vessel held for sale. No loss was recorded, as the vessel's estimated fair value less costs to sell exceeded its carrying value.

Interest Income: $1.7 million.

Interest and Finance Costs: $2.1 million, including interest expense on bank loans, amortization of deferred financing costs, bank charges, and other financial expenses.

Other, Net: $0.8 million, mainly related to certain non-recurring expenses in connection with the realignment of the operating platform.

Loss on Derivative Instruments, Net: As of June 30, 2026, the company held derivative financial instruments that do not qualify for hedge accounting, with an aggregate fair value amounting to a net liability of $1.0 million. The change in fair value (compared to March 31, 2026), including realized components during the period, resulted in a net loss of $0.8 million.

Results of Operations — Six-Month Period Ended June 30, 2026

During the first half of 2026, Costamare Bulkers had an average of 30.1 vessels in its owned fleet and chartered-in an average of 23.5 third-party dry bulk vessels. The company took delivery of the Astros (ex. Koushun, 60,297 DWT) and sold the vessels Clara and Miracle with an aggregate DWT capacity of 237,200. Fleet ownership days totaled 5,457.

Total Voyage Revenue: $223.1 million.

Voyage Expenses: $53.2 million.

Charter-in Hire Expenses: $84.8 million.

Voyage Expenses — Related Parties: $1.8 million.

Vessels' Operating Expenses: $33.1 million. Daily vessels' operating expenses were $6,065 for the six-month period.

General and Administrative Expenses: $4.8 million, including $1.3 million paid to a related service provider.

Management and Agency Fees — Related Parties: Management fees of $5.7 million (including $1.1 million paid to third-party managers) and agency fees of $3.3 million charged by four related agents.

General and Administrative Expenses — Non-Cash Component: $2.0 million, representing the value of shares issued to a related service provider on March 30, 2026 and June 30, 2026.

Amortization of Dry-Docking and Special Survey Costs: $3.5 million. Three vessels completed their dry-docking and special surveys during the period.

Depreciation: $17.5 million.

Vessel Held for Sale: The Bermondi was classified as vessel held for sale with no loss recorded.

Gain on Sale of Vessels: $7.7 million aggregate gain from the sale of the Clara and Miracle.

Interest Income: $3.3 million.

Interest and Finance Costs: $4.7 million.

Other, Net: $6.0 million, mainly related to non-recurring expenses in connection with the realignment of the operating platform.

Gain on Derivative Instruments, Net: The change in fair value (compared to December 31, 2025), including realized components during the period, resulted in a net gain of $1.5 million.

Liquidity and Unencumbered Vessels

As of June 30, 2026, Costamare Bulkers held Cash and cash equivalents (including restricted cash) of $234.8 million and $12.0 million in margin deposits related to FFAs, bunker swaps, and EUA futures. Including the $84.7 million of available undrawn funds from its hunting license facility, total liquidity was approximately $331.5 million. As of July 31, 2026, certain vessels were free of debt.

The company's net cash positive position — with cash exceeding debt by approximately $109 million — is notable in the shipping industry, where vessel acquisitions are typically financed with significant leverage. This balance sheet profile provides flexibility for counter cyclical fleet expansion if secondhand vessel prices decline.

Source: Costamare Bulkers Holdings Limited