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• Maersk for dry bulk shipping.
• Ryder for massive dry bulk cargo ships.

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• Time Charters: Costamare Bulkers provides its dry bulk vessels to customers for a specific duration, with the charterer responsible for the vessel's operating expenses and fuel.
• Voyage Charters: The company offers the transportation of specific dry bulk commodities for a single journey between designated ports, covering all voyage-related expenses.

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Costamare Bulkers Inc. (CMDB) - Major Customers

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Gregory Zikos Chief Executive Officer and Director

Mr. Zikos has served as the Chief Executive Officer and a member of the Board of Directors of Costamare Bulkers since its inception. He also serves as the Chief Financial Officer and a member of the Board of Directors of Costamare Inc.. Prior to joining Costamare Inc. in 2007, Mr. Zikos was the Chief Financial Officer of DryShips, Inc., a public shipping company, from 2006 to 2007. From 2004 to 2006, he was employed with J&P Avax S.A., a real estate investment and construction company, where he managed project and structured finance debt transactions. From 2000 to 2004, Mr. Zikos worked at Citigroup (London) in their global corporate and investment banking group, where he was involved in European leveraged and acquisition debt financing transactions. He practiced law from 1994 to 1998, advising financial institutions and shipping companies on debt and acquisition transactions.

Dimitris Pagratis Chief Financial Officer

Mr. Pagratis has served as the Chief Financial Officer of Costamare Bulkers since its inception. He also serves as the Finance Director of Costamare Services. Before joining Costamare Services in 2017, Mr. Pagratis spent two years as a Senior Relationship Manager with DNB Bank. From 2004 to 2015, he held the position of Corporate Finance and Treasury Manager at Tsakos Shipping Group. Prior to that, he worked as an Associate in EFG Finance (investment banking services) and as an Analyst with KPMG Financial Advisory Services.

Anastassios Gabrielides General Counsel and Secretary

Mr. Gabrielides serves as General Counsel and Secretary of Costamare Bulkers. He has also served as a director and secretary of Costamare Services since May 2013. From 2004 to 2011, Mr. Gabrielides held roles at the Hellenic Capital Markets Commission, the Greek securities regulator, serving as Vice Chairman from 2004 to 2009 and Chairman from 2009 to 2011. He practiced law in Athens from 1999 to 2004, specializing in securities, banking and finance, and corporate law. From 1991 to 1999, Mr. Gabrielides worked for the Alexander S. Onassis Foundation in various posts and was a member of its Executive Committee.

Jens Jacobsen Chief Commercial Officer and Director

Mr. Jacobsen serves as the Chief Commercial Officer and a member of the Board of Directors of Costamare Bulkers since its inception. He is also the Managing Director of Costamare Bulkers Services APS.

Dimitrios Sofianopoulos Director

Mr. Sofianopoulos is a member of the Board of Directors of Costamare Bulkers and brings over 35 years of experience in the shipping sector, with 18 years dedicated to the Costamare group of companies. He is a qualified Greek and UK lawyer, having studied law in both countries. Before joining Costamare, he was an equity partner of a major international law firm with offices in New York, London, Monaco, and Athens, Greece. His extensive experience includes involvement in numerous transactions such as M&A, IPOs, JVs, NPL portfolios, commercial lending, leasing, single or fleet acquisitions, newbuildings, bareboat charters, and COAs.

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Key Risks to Costamare Bulkers (CMDB)

1. Volatility of Charter and Freight Rates and Vessel Values
   Costamare Bulkers' profitability is highly dependent on the fluctuating charter and freight rates within the international shipping industry, which are driven by macroeconomic factors beyond the company's control. The global supply and demand for dry bulk vessels directly impact these rates. Furthermore, the market value of the company's vessels can fluctuate significantly over time, potentially leading to losses if vessels need to be disposed of during periods of low values. The Capesize sector, in particular, has experienced intense volatility, underscoring this risk.
2. Operational Performance and Profitability Challenges
   Costamare Bulkers' dry bulk operations have experienced losses in recent years, underperforming compared to industry peers. The company reported an operating loss of $27.9 million for the nine-month period ending September 30, 2025, due to significant expenses, including voyage and charter-in hire costs. This raises concerns about the company's ability to consistently achieve peer-level returns and maintain profitability, which could continue to affect its stock valuation.
3. Regulatory and Environmental Compliance Costs
   The international shipping industry faces increasingly stringent regulatory and environmental compliance requirements. New technical and operational measures, such as the Carbon Intensity Indicator (CII), are being implemented to improve the energy efficiency of ships. Additionally, EU environmental regulations mandate that companies with vessels trading in EU ports provide verified data on their emissions and surrender corresponding emissions allowances, starting in 2025. The ongoing revision of the International Maritime Organization's (IMO) strategy on reducing greenhouse gas emissions further highlights the evolving regulatory landscape and the potential for increased compliance costs.

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The rapid emergence of economically viable low-emission and zero-emission dry bulk shipping fleets among competitors, driven by escalating environmental regulations and strong charterer demand for decarbonized supply chains, threatens to render Costamare Bulkers' conventionally-fueled vessels less competitive and potentially accelerate their obsolescence.

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Costamare Bulkers (CMDB) operates primarily in the global dry bulk shipping market. Its main services involve the worldwide transportation of dry bulk commodities, including major bulks such as iron ore, coal, and grains, as well as minor bulks like bauxite, phosphate fertilizers, and steel products. The company also manages a dry bulk operating platform (CBI) for chartering vessels and engaging in freight agreements.

The global dry bulk shipping market size was valued at approximately USD 4.68 billion in 2024 and is projected to reach USD 6.73 billion by 2033, growing at a compound annual growth rate (CAGR) of 4.1% during the forecast period (2026–2033). Other estimates indicate the market was valued at USD 4.368 billion in 2024 and is projected to grow to USD 6.724 billion by 2035 at a CAGR of 4.0%. Another source states the dry bulk shipping market size is expected to grow from USD 11.36 billion in 2024 to USD 12 billion in 2025, with a projected growth to USD 15.26 billion in 2029 at a CAGR of 6.2%. In 2023, the market was valued at USD 162.6 billion, with a projected CAGR of over 4% between 2024 and 2032.

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Here are 3-5 expected drivers of future revenue growth for Costamare Bulkers (CMDB) over the next 2-3 years:

1. Strategic Fleet Realignment Towards Larger Vessels: Costamare Bulkers is actively pursuing a strategy of divesting older, smaller vessels and acquiring younger, larger vessels, such as Cape-sized ships. This strategic shift aims to enhance operational efficiency and capitalize on anticipated market trends, particularly in the Cape-sized segment.
2. Favorable Dry Bulk Market Conditions: The company anticipates positive market momentum for 2026, with resilient performance expected in Cape-sized trades and continued support for the Panamax market driven by grain trades.
3. Strategic Cooperation Agreement with Cargill International SA: Costamare Bulkers has executed a strategic cooperation agreement with Cargill International SA, which involved transferring the majority of its trading book and chartered-in vessels. This agreement is expected to enhance market intelligence and flexibility, supporting optimized earnings.
4. Financial Capacity for Opportunistic Acquisitions: With a strong cash position, a net negative debt position, and access to an $84.7 million undrawn financing facility for vessel acquisitions, Costamare Bulkers possesses significant financial flexibility to opportunistically grow its fleet. The company has no major debt maturities until 2029, supporting further investment.
5. Optimization of the Dry Bulk Operating Platform (CBI): The ongoing realignment and integration of its dry bulk operating platform (CBI) with the owned fleet are designed to improve market intelligence and operational flexibility. This includes focusing on a balanced, cargo-driven portfolio to optimize earnings and manage downside risk, with legacy trading positions expected to be eliminated by the end of Q1 2026.

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Share Issuance

• Costamare Bulkers (CMDB) shares were issued to Costamare Inc. (CMRE) shareholders as part of a spin-off completed on May 6, 2025, with one CMDB share distributed for every five CMRE shares held.
• On October 15, 2025, Konstantinos Konstantakopoulos purchased 235 shares of a new, high-vote, non-economic Series B Preferred Stock for an aggregate of $235 to consolidate voting control in non-U.S. hands.

Outbound Investments

• In September 2025, Costamare Bulkers entered into a strategic cooperation agreement with Cargill International SA, planning to explore joint investments in dry bulk assets and other ventures within the sector.

Capital Expenditures

• For the six-month period ended June 30, 2025, Costamare Bulkers reported capital expenditures of $55.7 million.
• As of September 30, 2025, the company had $84.7 million in available undrawn funds from a hunting license facility, which can be utilized for future capital expenditures.
• The primary focus of capital expenditures includes divesting older, smaller vessels and acquiring younger, larger vessels, such as a recent Capesize vessel acquisition.