MONACO, Aug. 03, 2026 (GLOBE NEWSWIRE) -- Costamare Bulkers Holdings Limited ("Costamare Bulkers" or the "Company") (NYSE: CMDB) today reported unaudited financial results for the second quarter and six-month period ended June 30, 2026.

Costamare Bulkers became an independent publicly traded company upon its spin-off from Costamare Inc. on May 6, 2025, prior to which it 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.

Financial Highlights and Operational Updates

Profitability, Liquidity, and Debt

• Q2 2026 Adjusted Net Income of $9.8 million ($0.40 per share). Adjusted Net Income and respective per share figures are non-GAAP measures and should not be used in isolation or as substitutes for the Company's financial results presented in accordance with U.S. GAAP.
• Q2 2026 Net Income of $5.2 million ($0.21 per share).
• Q2 2026 liquidity of $331.5 million, which includes Cash and $84.7 million of available undrawn funds from one hunting license facility as of June 30, 2026.
• Cash exceeding Debt by $108.9 million as of the end of Q2 2026. Cash denotes 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. Debt denotes Long-term debt including current and non-current portion.

Vessel Sale

The Company has agreed to sell the 2009-built, 55,469 DWT capacity dry bulk vessel Bermondi. The sale is expected to be concluded in Q3 2026.

Operating Platform

The Company completed the previously announced transaction with Cargill International S.A. ("Cargill"), with no pending transfers of the related trading book. The operating platform is currently focused on Kamsarmax-type vessels and, as of July 31, 2026 (excluding one vessel sub-chartered out to Cargill on back-to-back terms pursuant to the Strategic Cooperation Agreement), 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.

Owned Fleet

As of July 31, 2026, Costamare Bulkers owns a fleet of 30 dry bulk vessels (including the vessel agreed to sell) with a total capacity of approximately 2.7 million DWT, consisting of:

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

Of the period charters, 12 are subject to index-linked charter agreements (with owner's option to convert to fixed rate based on the prevailing FFA curve) while the remaining 11 are fixed-rate agreements. The mix of charter types and vessel classes is relevant to how the Company reports earnings, since it combines owned-vessel employment with charter-in activity, freight derivatives, and related reimbursement items that can affect quarter-to-quarter comparability.

CEO Commentary

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

"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."

Non-GAAP Measures

The Company reports its financial results in accordance with U.S. GAAP. However, management believes that certain non-GAAP financial measures used in managing the business may provide users with additional meaningful comparisons between current results and results in prior operating periods. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, voyage revenue, net income, or other measures determined in accordance with GAAP. Non-GAAP financial measures include (i) Adjusted Net Income and (ii) Adjusted Earnings per Share.

Exhibit I -- Reconciliation of Net Income to Adjusted Net Income and Adjusted Earnings per Share

Adjusted Net Income and Adjusted Earnings per Share represent Net Income before deferred charter-in expense, amortization of time-charter assumed, non-recurring non-cash write-off of loan deferred financing costs, non-recurring expenses for realignment of operating platform, general and administrative expenses -- non-cash component and loss on derivative instruments, excluding realized (gain)/loss on derivative instruments. These are not recognized measurements under U.S. GAAP.

The Company believes that the presentation of Adjusted Net Income and Adjusted Earnings per Share is useful to investors because they are frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in the industry. The Company also believes these measures are useful in evaluating its ability to service additional debt and make capital expenditures, as well as in evaluating operating performance and liquidity position compared to other companies in the industry, because the calculation generally eliminates the effects of certain accounting treatments, hedging instruments, and other items which may vary for different companies for reasons unrelated to overall operating performance.

Previously, the Company's calculation of Adjusted Net Income and Adjusted Earnings per Share included adjustments for any gain/loss incurred in connection with the sale of vessels and for any loss on vessels held for sale. As the Company's fleet management activities may, subject to market and other conditions, periodically include the sale of dry bulk vessels, the Company no longer includes such adjustments beginning with the results for the first quarter ended March 31, 2026. The Company believes this updated methodology provides a more meaningful view of operating performance.

Items to consider for comparability, when prior period figures are presented, include gains and charges. Gains positively impacting Net Income are reflected as deductions to Adjusted Net Income. Charges negatively impacting Net Income are reflected as increases to Adjusted Net Income.

Exhibit II -- Owned Dry Bulk Fleet Utilization

The Company calculates utilization of its owned dry bulk fleet (including vessels chartered-in by CBI) by dividing (i) the aggregate number of on-hire days and ballast days (excluding dry dock ballast days) in a period by (ii) the number of available days during such period.

Key definitions:

• On-hire days: The total days that a vessel was on-hire during a period.
• Ballast days (excluding dry dock ballast days): The total number of days that a vessel is not on-hire but is conducting ordinary ship operations (other than dry dock ballast days), which include repositioning from a discharging port to a loading port, sailing to a port for the conclusion of a prospective sale of a vessel, or a change of the technical manager of a vessel.
• Available days: The number of ownership days of the owned dry bulk fleet during a period less the aggregate number of dry dock days and dry dock ballast days during such period.
• Dry dock days: The days during a period that a vessel underwent scheduled repairs or repairs under guarantee, vessel upgrades, scheduled dry-docking, or special surveys.
• Dry dock ballast days: The total days during a period that a vessel spends sailing to and from a shipyard for scheduled repairs or repairs under guarantee, vessel upgrades, scheduled dry-docking, or special surveys.

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

During the three-month period ended June 30, 2026, the Company 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.

Total Voyage Revenue

Total voyage revenue was $111.6 million, mainly including voyage revenue earned by the charter-out activities of both owned and chartered-in vessels and contractual reimbursements from certain charterers for EU Emissions Allowances ("EUAs") and Fuel EU Maritime penalties.

Voyage Expenses

Voyage expenses were $30.2 million, mainly including (i) fuel consumption and port expenses, primarily relating to the charter-in vessels, (ii) third-party commissions, (iii) canal tolls, and (iv) EUAs and Fuel EU Maritime expenses. A significant portion of EUAs and Fuel EU Maritime expenses is contractually reimbursed by charterers, mitigating the net expense impact.

Charter-in Hire Expenses

Charter-in hire expenses were $38.9 million, relating to the chartering-in of third-party dry bulk vessels.

Voyage Expenses -- Related Parties

Voyage expenses -- related parties were $1.0 million, representing (i) fees of 1.25% in the aggregate on voyage revenues earned by the 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. These commissions are 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 $16.4 million. Daily vessels' operating expenses were $6,036, calculated as vessels' operating expenses for the period over the ownership days of the period.

General and Administrative Expenses

General and administrative expenses were $2.5 million, including $0.7 million paid to a related service provider.

Management and Agency Fees -- Related Parties

Management fees charged by related party managers were $2.8 million, including $0.5 million paid to third-party managers. Agency fees of $0.8 million in aggregate were charged by four related agents.

General and Administrative Expenses -- Non-Cash Component

General and administrative expenses -- non-cash component amounted to $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

Amortization of deferred dry-docking and special survey costs was $1.9 million. No vessels underwent and completed dry-docking and special surveys during the period.

Depreciation

Depreciation expense was $8.9 million.

Vessel Held for Sale

The dry bulk vessel Bermondi was classified as vessel held for sale, but no loss on vessel held for sale was recorded since the vessel's estimated fair value less costs to sell exceeded its carrying value.

Interest Income

Interest income amounted to $1.7 million.

Interest and Finance Costs

Interest and finance costs were $2.1 million, including mainly interest expense on bank loans, amortization of deferred financing costs, bank charges, and other financial expenses.

Other, Net

Other, net amounted to $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 holds derivative financial instruments that do not qualify for hedge accounting. The fair value of these instruments, in aggregate, amounted to a net liability of $1.0 million. The change in fair value (fair value as of June 30, 2026 compared to fair value as of 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 six-month period ended June 30, 2026, the Company 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 dry bulk vessel Astros (ex. Koushun) with a DWT capacity of 60,297 and sold the vessels Clara and Miracle with an aggregate DWT capacity of 237,200. Fleet ownership days totaled 5,457.

Total Voyage Revenue

Total voyage revenue was $223.1 million, mainly including voyage revenue earned by the charter-out activities of both owned and chartered-in vessels and contractual reimbursements from certain charterers for EU Emissions Allowances ("EUAs") and Fuel EU Maritime penalties.

Voyage Expenses

Voyage expenses were $53.2 million, mainly including (i) fuel consumption and port expenses, primarily relating to the charter-in vessels, (ii) third-party commissions, (iii) canal tolls, and (iv) EUAs and Fuel EU Maritime expenses. A significant portion of EUAs and Fuel EU Maritime expenses is contractually reimbursed by charterers, mitigating the net expense impact.

Charter-in Hire Expenses

Charter-in hire expenses were $84.8 million, relating to the chartering-in of third-party dry bulk vessels.

Voyage Expenses -- Related Parties

Voyage expenses -- related parties were $1.8 million, representing (i) fees of 1.25% in the aggregate on voyage revenues earned by the 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. These commissions are 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 $33.1 million. Daily vessels' operating expenses were $6,065.

General and Administrative Expenses

General and administrative expenses were $4.8 million, including $1.3 million paid to a related service provider.

Management and Agency Fees -- Related Parties

Management fees charged by related party managers were $5.7 million, including $1.1 million paid to third-party managers. Agency fees of $3.3 million in aggregate were charged by four related agents.

General and Administrative Expenses -- Non-Cash Component

General and administrative expenses -- non-cash component amounted to $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

Amortization of deferred dry-docking and special survey costs was $3.5 million. Three vessels underwent and completed dry-docking and special surveys during the period.

Depreciation

Depreciation expense was $17.5 million.

Vessel Held for Sale

The dry bulk vessel Bermondi was classified as vessel held for sale, but no loss on vessel held for sale was recorded since the vessel's estimated fair value less costs to sell exceeded its carrying value.

Gain on Sale of Vessels

The Company recorded an aggregate gain of $7.7 million from the sale of the dry bulk vessels Clara and Miracle.

Interest Income

Interest income amounted to $3.3 million.

Interest and Finance Costs

Interest and finance costs were $4.7 million.

Other, Net

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

Gain on Derivative Instruments, Net

As of June 30, 2026, the fair value of derivative instruments that do not qualify for hedge accounting amounted to a net liability of $1.0 million. The change in fair value (fair value as of June 30, 2026 compared to fair value as of 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, the Company had Cash and cash equivalents (including restricted cash) of $234.8 million and $12.0 million in margin deposits in relation to FFAs, bunker swaps, and EUA futures. Including $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.

About Costamare Bulkers Holdings Limited

Costamare Bulkers Holdings Limited is an international owner and operator of dry bulk vessels. The owned dry bulk fleet consists of 30 vessels (including one vessel the Company has agreed to sell) with a total carrying capacity of approximately 2,665,000 DWT. Costamare Bulkers also owns a dry bulk operating platform (CBI) which charters in/out dry bulk vessels, enters into contracts of affreightment, forward freight agreements, and may also utilize hedging solutions. The Company's common stock trades on the New York Stock Exchange under the symbol "CMDB".

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. The results of these entities are included, from their transfer date forward, in the consolidated statement of operations for the six-month period ended June 30, 2025. On May 6, 2025, Costamare Bulkers acquired the Costamare Bulkers Inc. operating platform business, whose results are included from that date forward. Accordingly, the results for the six-month period ended June 30, 2026 are not comparable to the corresponding period in 2025.

Forward-Looking Statements

This earnings release contains "forward-looking statements." In some cases, these statements can be identified by forward-looking words such as "believe", "intend", "anticipate", "estimate", "project", "forecast", "plan", "potential", "may", "should", "could", "expect", and similar expressions. 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. Although the Company believes that its expectations are based on reasonable assumptions, actual results may differ, possibly materially, from those anticipated. For a discussion of some of the risks and important factors that could affect future results, see the discussion in the Company's Annual Report on Form 20-F (File No. 001-42581). All forward-looking statements reflect management's current views with respect to certain future events, and the Company expressly disclaims any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in the Company's views or expectations, or otherwise.

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: [email protected]

Source: GlobeNewswire