MONACO, Feb. 20, 2026 (GLOBE NEWSWIRE) -- Costamare Bulkers Holdings Limited ("Costamare Bulkers" or the "Company") (NYSE: CMDB) today reported unaudited financial results for the fourth quarter ("Q4 2025") and year ended December 31, 2025.

This earnings release focuses on the financial results and management's discussion and analysis for the three-month period ended December 31, 2025, reflecting the Company's performance during its second full quarter as an independent, publicly traded company.

Costamare Bulkers had no operating activity during the year ended December 31, 2024 and remained a wholly-owned subsidiary of Costamare Inc. ("Costamare"), a New York Stock Exchange ("NYSE") listed company, until May 6, 2025, when it became an independent, publicly traded company on NYSE through a spin-off from Costamare.

Costamare Bulkers had nominal operations from January 1, 2025 until late March 2025, when Costamare transferred to it the entities engaged in the dry bulk business, which own, have owned, or were formed with the intention to own dry bulk vessels. The results of these entities are included in Costamare Bulkers' consolidated statement of operations for the three-month period and year ended December 31, 2025. On May 6, 2025, the Company acquired Costamare Bulkers Inc. ("CBI"), a dry bulk operating platform, from Costamare and a minority shareholder, whose results are included from that date forward. No comparative figures are presented for the three-month period and year ended December 31, 2024, as Costamare Bulkers had nominal operations during that time.

Financial Highlights and Operational Updates

I. PROFITABILITY - LIQUIDITY - DEBT

   -- Q4 2025 Adjusted Net Loss1 of $1.7 million ($0.07 loss per share). 
 
   -- Q4 2025 liquidity of $311.0 million2. 
 
   -- Debt3 of $155.6 million and Cash4 of $226.3 million, resulting in 
      negative net debt5 position of $70.7 million as of the end of Q4. 

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1 Adjusted Net Loss and respective per share figures are non-GAAP measures and should not be used in isolation or as substitutes for Costamare Bulkers financial results presented in accordance with U.S. generally accepted accounting principles ("GAAP"). For the definition and reconciliation of these measures to the most directly comparable financial measure calculated and presented in accordance with GAAP, please refer to Exhibit I.

2 Liquidity includes Cash (as defined in footnote 4) plus $84.7 million of available undrawn funds from one hunting license facility as of December 31, 2025.

(3 Long-term debt including current and non-current portion.)

4 Cash and cash equivalents (including restricted cash) of $215.5 million plus margin deposits of $10.8 million relating mainly to our forward freight agreements ("FFAs") and bunker swaps.

5 Net debt is equal to Debt (as defined in footnote 3) minus Cash (as defined in footnote 4).

II. OPERATING PLATFORM - EFFECTIVE CONCLUSION OF AGREEMENT WITH CARGILL

   -- Following the Strategic Cooperation Agreement with Cargill International 
      S.A. ("Cargill") (announced on September 29, 2025), the Company has 
      concluded the transfer of the majority of its trading book6, which 
      included chartered-in vessels7, cargo transportation commitments and 
      derivatives positions. 
 
   -- The operating platform8 is currently focused on Kamsarmax-type vessels 
      consisting of 20 third-party owned dry bulk vessels of which: 
 
          -- 6 Capesize vessels chartered-in under period charters out of which 
             5 are expected to be redelivered within 2026. All such vessels 
             constitute legacy transactions into which the Company entered 
             prior to the Strategic Cooperation Agreement. 
 
          -- 12 Kamsarmax vessels chartered-in under period charters or for 
             time charter trips. Two of the period chartered-in vessels 
             constitute legacy transactions into which the Company entered 
             prior to the Strategic Cooperation Agreement. 
 
          -- 2 newbuild Kamsarmax vessels, which will be chartered-in under 
             period charters with purchase options upon delivery. Delivery of 
             vessels expected in Q2 2026 and Q2 2027 -- Q1 2028 respectively. 

III. FLEET RENEWAL - SALE AND PURCHASE ACTIVITY

Vessel Disposals

   -- Agreement for the sale of the 2011-built, 180,643 DWT capacity dry bulk 
      vessel, Miracle (expected conclusion within Q1 - Q2 2026) with estimated 
      capital gains of approximately $7.0 million on top of a $4.7 million 
      profitability9 since her acquisition in February 202410. 
 
   -- Sale of the 2008-built, 56,557 DWT capacity dry bulk vessel, Clara, with 
      estimated capital gains of approximately $0.7 million on top of a $3.2 
      million profitability9 since her acquisition in August 202110. 

Vessel Acquisition

   -- Agreement for the purchase of the 2018-built, 60,297 DWT capacity dry 
      bulk vessel, Koushun (tbr. Astros). Expected conclusion of the 
      acquisition within Q1 - Q2 202611. 

IV. OWNED FLEET

   -- Costamare Bulkers currently owns a fleet of 3112 dry bulk vessels with a 
      total capacity of approximately 2.8 million DWT, consisting of: 
 
          -- 7 Capesize vessels all of which are on period charters. 
 
          -- 7 Kamsarmax vessels out of which 6 are on period charters. 
 
          -- 9 Ultramax vessels out of which 7 are on period charters. 
 
          -- 8 Supramax vessels out of which 7 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. 

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(6 As of September 29, 2025.)

(7 One additional chartered-in vessel is expected to be novated in Q2/Q3 2026, in accordance with the Strategic Cooperation Agreement.)

(8 As of February 19, 2026, and excluding the vessel in Footnote 7 and two vessels sub-chartered out to Cargill on back to back terms pursuant to the Strategic Cooperation Agreement.)

(9 Amount represents the Total voyage revenue less any expenses and fees owed by the respective ship-owning company, for the period starting from each vessel acquisition date and until December 31, 2025, as extracted from the consolidated financial statements of Costamare Inc. and Costamare Bulkers Holdings Limited.)

(10 Vessel initially acquired by Costamare Inc. and transferred to the Company pursuant to the spin-off.)

11 The vessel is currently on time charter, expiring in February 2027 (at the earliest) with charterers' option to extend until June 2028.

(12 As of February 19, 2026, including one vessel that we have agreed to sell and one vessel that we have agreed to acquire.)

Mr. Gregory Zikos, Chief Executive Officer of Costamare Bulkers Holdings Limited, commented:

"During its second quarter as an independent listed entity Costamare Bulkers generated an adjusted net loss of $1.7 million. As already announced, at the end of September of last year we entered into a cooperation agreement with Cargill, which included, among other things, the transfer to a large extent of the Company's trading portfolio.

This quarter's results continue to be affected by legacy positions not included in the Cargill transaction as well as by legacy positions that have been transferred to Cargill gradually over the quarter.

With total cash of about $226 million and debt of ca. $156 million, the Company is in a net debt negative position, owning a fleet of 31 dry bulk vessels with an average age of approximately 13 years and an average size of ca. 91,800 DWT.

Building upon solid market fundamentals we agreed to sell the 2011-built, Capesize vessel, Miracle, and sold the 2008-built, Supramax vessel, Clara. Total capital gains amounted to $7.7 million on top of profitable operation of $7.9 million(9) since these vessels were initially acquired prior to the spin-off from Costamare Inc. At the same time, as part of our fleet renewal strategy, we have agreed to acquire the 2018-built, 60,297 DWT capacity dry bulk vessel, Koushun.

Regarding the market, favorable supply and demand fundamentals supported by strong exports and improved sentiment have pushed the Capesize index higher.

On the Panamax size, the easing of US-China tensions, combined with improved sentiment stemming from a strong Capesize market, helped support the Panamax index.

Finally, the Supramax index remained healthy on the back of strong demand for coal and minor bulks, as well as improved sentiment from the larger sizes."

 
 
                           Financial Summary 
 
(Expressed in 
thousands of U.S. 
dollars, except 
share and per share         Year ended        Three-month period ended 
data)                    December 31, 2025        December 31, 2025 
                       --------------------  --------------------------- 
 
Voyage revenue          $          437,457    $              171,478 
Voyage revenue -- 
 related parties        $          159,766    $               47,005 
Total voyage revenue    $          597,223    $              218,483 
Accrued charter 
 revenue (1)            $                2    $                    - 
Total voyage revenue 
 adjusted on a cash 
 basis (2)              $          597,225    $              218,483 
Adjusted Net Loss (3)   $          (12,166)   $               (1,743) 
Weighted Average 
 number of shares               16,374,555                24,148,902 
Adjusted Losses per 
 share (3)              $            (0.74)   $                (0.07) 
Net Loss                $          (37,352)   $              (18,192) 
Weighted Average 
 number of shares               16,374,555                24,148,902 
Losses per share        $            (2.28)   $                (0.75) 
 
 

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