Costamare Bulkers (CMDB) said Monday it has signed a strategic cooperation agreement with Cargill International to be able to generate "more stable and predictable" earnings.

Under the agreement, Costamare said it has agreed to transfer majority of its trading book to Cargill and charter four Supramax vessels to Cargill for four to six months.

The dry bulk company said it will also enter into a bunkering services agreement with Cargill and Hafnia joint venture Seascale Energy.

As part of the agreement, the two parties will also explore investment opportunities in dry bulk assets and other dry bulk business ventures, Costamare said.

Shares of Costamare were up more than 10% in recent premarket activity Monday.