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Costamare Bulkers
Costamare Bulkers (CMDB) investor relations material
Costamare Bulkers Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
First full quarter as an independent public company, reporting Q3 2025 net income of $7.4 million ($0.30/share) and adjusted net income of $5.4 million ($0.22/share).
Strategic cooperation agreement with Cargill executed, transferring the majority of the trading book, FFA positions, and 19 chartered-in vessels.
Ongoing fleet optimization strategy: sale of six older/smaller vessels generating $44 million in net proceeds and acquisition of a 2012-built Capesize vessel.
Realignment and integration of trading platform and owned fleet to enhance market intelligence and flexibility.
Maintained strong liquidity and negative net debt position.
Financial highlights
Q3 2025 net income: $7.4 million ($0.30/share); adjusted net income: $5.4 million ($0.22/share); total voyage revenue: $222.9 million.
Liquidity at quarter-end: $290.5 million; cash and cash equivalents: $184.5 million; debt: $159.3 million; negative net debt.
Q3 operating cash flow: $31.9 million; investing cash flow: $29.3 million; financing cash flow: $(7.8) million.
No major debt maturities until 2029.
Q3 2025 daily vessel operating expenses: $5,899; depreciation: $9.3 million; interest and finance costs: $3.2 million.
Outlook and guidance
FFA curve and Baltic indices indicate positive momentum for 2026, with Capesize fundamentals supported by recovering volumes and long-haul trades.
Panamax demand underpinned by grain trades and global supply recovery, though net fleet growth is at its highest since 2013.
Focus on Kamsarmax vessels and a balanced, cargo-driven portfolio to optimize earnings and manage downside risk.
Legacy CBI positions and related market exposure expected to be eliminated by end of Q1 2026.
No significant loan maturities until 2029; $84.7 million available for vessel acquisitions until December 2027.
How will the operating platform evolve post-Cargill
Future Cape-sized fleet expansion strategy
When will dividend policy be decided?
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Next Costamare Bulkers earnings date
Q4 202531 Mar, 2026
Costamare Bulkers
Next Costamare Bulkers earnings date
Q4 202531 Mar, 2026
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