Costamare Bulkers Holdings Limited reported unaudited financial results for the first quarter ended March 31, 2026 (“Q1 2026”).
Financial Highlights1 and Operational Updates
1. PROFITABILITY – LIQUIDITY – DEBT
• Q1 2026 Net Income of $9.9 million ($0.41 earnings per share).
• Q1 2026 Adjusted Net Income2 of $12.4 million ($0.51 earnings per share).
• Q1 2026 liquidity of $353.3 million3.
• Cash exceeding Debt5 by $127.2 million as of the end of Q1 2026.
2. FLEET RENEWAL
Vessel Acquisition
• Conclusion of the purchase of the 2018-built, 60,297 DWT capacity dry bulk vessel, Astros (ex. Koushun).
Long-term Charter-in Agreements
• Delivery of the newbuild, 81,800 DWT capacity dry bulk vessel, Hermes Century:
-Minimum tenor of charter-in period of 5 years. – Company retains extension options and purchase options for the tenor of the charter in period.
– Vessel has been time-chartered out for a period of approximately one year at a rate generating a daily gross profit of approximately $3,600.
• Agreement to charter-in an additional newbuild Kamsarmax vessel under a long‑term period charter with extension and purchase options upon delivery (expected Q2 2027–Q1 2028).
Vessel Disposals
• Conclusion of the sale of the 2011-built, 180,643 DWT capacity dry bulk vessel, Miracle, resulting in capital gains of approximately $7.0 million.
3. OPERATING PLATFORM
• Completion of the transfer of the majority of the trading book8 to Cargill International S.A. (“Cargill”).
• The operating platform is currently focused on Kamsarmax-type vessels and consists of 20 third-party owned dry bulk vessels including:
-Two Capesize vessels chartered-in under period charters (one expected to be redelivered within 2026).
-18 Kamsarmax vessels, 17 of which are chartered-in under short-term period charters or time charter trips.
4. OWNED FLEET
• Costamare Bulkers currently owns a fleet of 30 dry bulk vessels 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, all of which are on period charters.
– 9 Ultramax vessels, out of which 7 are on period charters.
– 8 Supramax vessels, out of which 6 are on period charters.
• The majority of the period charters are on index-linked charter agreements with owner’s option to convert to fixed rate based on the prevailing FFA curve.
Mr. Gregory Zikos, Chief Executive Officer of Costamare Bulkers Holdings Limited, commented:
“During the first quarter of the year Costamare Bulkers generated an adjusted net income of $12.4 million. As of today, we have successfully transferred a majority of the Company’s legacy trading portfolio pursuant to our deal with Cargill, effectively de-risking our balance sheet. We expect that our trading platform will be free of the remaining legacy trades by year end.
As part of our fleet renewal program, we recently concluded the sale of one 2011-built Capesize vessel and the acquisition of one 2018-built Ultramax. At the same time we accepted delivery of one newbuilding Kamsarmax chartered in for a minimum period of 5 years. The vessel has been chartered out at a profitable rate for a minimum period of 11 months.
With total cash of about $270 million and debt of ca.
$140 million, the Company is net cash positive, positioning us favorably to grow countercyclically in a low asset value environment.
Regarding the market, during the first four months of the year the market exhibited elevated volatility relative to historical averages, driven by increased activity and inefficiencies, while geopolitical instability contributed additional uncertainty.
Capesize earnings were supported by robust iron ore and bauxite volumes, coupled with limited fleet growth. Ton-mile demand was further reinforced by the expansion of West Africa–China trade flows across both commodities.
Alongside the firm Capesize market and broadly positive dry bulk sentiment, the Panamax index was further supported by a record soybean harvest in Brazil, as well as the U.S.–China agreement reached at the end of 2025, which drove long-haul soybean shipments during the first quarter.
Finally, the Supramax segment recorded a solid start to the year, as increased grain and minor bulk flows offset the negative impact of the Strait of Hormuz closure, which reduced Persian Gulf export volumes by approximately 50%.”
