Costamare Bulkers (CMDB) Q3 2025 earnings summary

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.