Costamare Bulkers Holdings Limited ended 2025 with strong liquidity, marking its second full quarter as an independent, publicly traded company following its spin-off from Costamare Inc.
At the end of the fourth quarter of 2025, the company had liquidity of 311 million dollars, with cash on hand of 226.3 million and total debt of 155.6 million. The adjusted net loss for the quarter (1.7 million) primarily reflects the transition phase and platform restructuring, during a period in which the company is strategically repositioning itself to its core business.
A key development was the completion of the transfer of the majority of the trading book, within the framework of the Strategic Cooperation Agreement with Cargill International S.A.
With this move, Costamare Bulkers limited its exposure to high-risk activities (cargo, derivatives, chartered-in tonnage) and focused on a more targeted, asset-based approach, with an emphasis on Kamsarmax. The new operational platform includes 20 third-party vessels, mainly Kamsarmax and a selective presence in Capesize, while it has already secured two Kamsarmax newbuildings with purchase rights, enhancing its medium-term growth visibility.
According to the company’s CEO Gregory Zikos, “despite the transitional impact of these items, the balance sheet remains particularly strong. With cash on hand of approximately 226 million dollars and debt of approximately 156 million, the company maintains a negative net debt position, which gives it flexibility in a highly cyclical industry. The privately owned fleet consists of 31 dry bulk carriers, with an average age of approximately 13 years and an average size of approximately 91,800 dwt.”
Referring to the market, Zikos underlined that favorable supply and demand fundamentals, combined with strong exports and improving climate, pushed the Capesize index higher. In the Panamax category, the de-escalation of US-China tensions, combined with positive momentum from the larger sizes, supported the respective index. Finally, the Supramax index remained at healthy levels, supported by demand for coal and minor bulks, as well as improved market sentiment in the larger categories.
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