Costamare Bulkers Holdings Limited Reports Third Quarter Net Income of $17 Million

Costamare Bulkers Holdings Limited disclosed unaudited financial results for Q3 2026 and the nine-month period (9M 2026) ended September 30, 2026. The company reported a net income of approximately $17 million for Q3 2026, following the transfer of its previous trading portfolio to Cargill. The company is now operating a Kamsarmax-focused trading platform, employing 32 vessels predominantly under short-term fixed rate charters.

The company's fleet consists of 29 owned vessels, 24 of which are on period charters. Of these, 12 vessels are under index-linked charter agreements, providing the option to convert to fixed rates based on prevailing FFA curves. Additionally, five vessels are under short-term time charter trips. The dry bulk operating platform comprises 32 third-party chartered-in dry bulk vessels, primarily Kamsarmax/Panamax, with a focus on shorter-duration employment to maintain flexibility in adjusting chartering strategies according to market conditions.

In Q3 2026, the company completed the sale of the 2009-built Supramax Bermondi, realizing a gain of around $2.5 million. This sale released capital, allowing for financial flexibility in future opportunities. Moreover, the company signed commitments for new loan facilities totaling $133 million, which are expected to lower financing costs and extend debt maturities from Q4 2029 to between Q4 2031 and Q1 2032. Upon completion, the company's unencumbered fleet is projected to increase from 3 to 11 vessels.

Mr. Gregory Zikos, Chief Executive Officer of Costamare Bulkers Holdings Limited, noted the company's net income of about $17 million for Q3 2026. The company is now operating a Kamsarmax-focused trading platform, with 32 vessels chartered-in on short-term fixed rate charters. The fleet renewal program includes the sale of the 2009-built Supramax Bermondi, generating a capital gain of approximately $2.5 million.

The company has strong cash reserves, surpassing debt by approximately $142 million, positioning it favorably for growth during low asset value periods.