The company listed on the New York Stock Exchange announced for the first quarter net profits of $9.9 million, corresponding to earnings of $0.41 per share, while adjusted net profits stood at $12.4 million, or $0.51 per share.
In terms of revenues, the company recorded total revenues of $111.5 million, of which $104 million came from voyage revenues, $1.6 million arose from interest income, while a gain of $7.7 million was recorded from the sale of the bulkers Clara and Miracle.
At the same time, the profitability picture gains greater weight considering the group’s cost structure. Voyage expenses stood at $23 million, while vessel operating expenses amounted to $16.7 million, or $6,094 per vessel per day.
On the liquidity front, Costamare Bulkers’ figures appear particularly positive.
At the end of March, the shipping company held $258.5 million in cash and cash equivalents, as well as $10.1 million in margin deposits mainly related to FFAs. Together with $84.7 million in undrawn available facilities, total liquidity reached $353.3 million.
At the same time, cash and cash equivalents exceeded total debt by $127.2 million, with management emphasizing that the company maintains a net cash position and is therefore able to move dynamically in an environment of low vessel values.
The investment strategy for the quarter had a clear direction towards fleet renewal. The company completed the purchase of the Astros, an ultramax of 60,297 dwt built in 2018, while also taking delivery of the newly built kamsarmax Hermes Century, with a capacity of 81,800 dwt, through a long-term charter-in agreement with a minimum duration of five years.
This particular vessel has already been chartered for approximately one year, while a second long-term charter-in for a newly built kamsarmax was also agreed, with estimated delivery from the second quarter of 2027 to the first quarter of 2028.
Costamare Bulkers also proceeded with divestments, completing the sale of the Miracle, a capesize of 180,643 dwt built in 2011, with a capital gain of approximately $7 million.
This move, together with the sale of the Clara, is linked to the effort to improve the age profile of the fleet.
It is noted that the company currently owns 30 dry bulk vessels, with a total capacity of approximately 2.7 million dwt, of which 6 are capesize, 7 kamsarmax, 9 ultramax and 8 supramax.
Beyond the owned fleet, Costamare Bulkers also maintains a dry bulk operations platform (CBI), with 20 vessels and a primary focus on kamsarmax, following the transfer of the majority of the trading portfolio to Cargill. Management notes that this transfer essentially reduced balance sheet risk.
On an operational level, the owned fleet achieved a utilization rate of 97.4% in the first quarter, while the company had an average of 30.5 owned vessels and 23.8 chartered-in vessels.
Cash flows were also positive: $18.9 million from operating activities and $38.6 million from investing activities.
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Regarding the dry bulk market, CEO Grigoris Zikos highlighted the increased volatility in the first months of the year, while emphasizing that the market moved above historical averages.
In capesize, support came from strong iron ore and bauxite flows, as well as low fleet growth, while ton-miles were boosted by the expansion of flows from West Africa to China.
In panamax, the market was supported by a record soybean harvest in Brazil and the US-China agreement at the end of 2025, which led to longer distances.
Finally, supramax recorded a positive start, as increased grain flows largely offset the negative impact from the closure of the Strait of Hormuz, which reduced exports from the Persian Gulf by approximately 50%.
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