• Dry Bulk Shipping Services: The company provides global maritime transportation for various dry bulk commodities such as iron ore, coal, grains, and other raw materials.

Costamare Bulkers (CMDB) operates in the dry bulk shipping sector, transporting unpackaged raw materials and commodities across oceans. As such, its customers are primarily other companies rather than individuals.

The major customers of Costamare Bulkers would typically include:

• Global Commodity Trading Houses: Large companies that buy, sell, and transport vast quantities of raw materials such as grains, ores, coal, and fertilizers. Examples include:
  • Glencore plc (OTCMKTS: GLNCY, LSE: GLEN)
  • Bunge Global SA (NYSE: BG)
  • Archer Daniels Midland Company (NYSE: ADM)
  • Cargill, Incorporated (Private)
• Major Mining Companies: Companies that produce and export large volumes of iron ore, coal, bauxite, and other minerals, requiring bulk shipping for global distribution. Examples include:
  • BHP Group (NYSE: BHP, ASX: BHP, LSE: BHP)
  • Rio Tinto Group (NYSE: RIO, LSE: RIO, ASX: RIO)
  • Vale S.A. (NYSE: VALE)
• Industrial and Agricultural Giants: Large manufacturers, steel producers, power utilities, and agricultural cooperatives that require the import or export of raw materials for their operations.

Gregory G. Zikos Chief Executive Officer and Director

Mr. Zikos serves as the Chief Executive Officer and a Director of Costamare Bulkers. He also holds the position of Chief Financial Officer and a member of the board of directors of Costamare Inc. Prior to joining Costamare Inc. in 2007, he was the Chief Financial Officer of DryShips, Inc., a public shipping company, from 2006 to 2007. From 2004 to 2006, Mr. Zikos worked at J&P Avax S.A., a real estate investment and construction company, focusing on project and structured finance debt transactions. Between 2000 and 2004, he was with Citigroup (London), global corporate and investment banking group, where he was involved in various European leveraged and acquisition debt financing transactions. Before that, from 1994 to 1998, Mr. Zikos practiced law, advising financial institutions and shipping companies.

Dimitrios Pagratis Chief Financial Officer

Mr. Pagratis is the Chief Financial Officer of Costamare Bulkers and also serves as the Finance Director of Costamare Services. Before joining Costamare Services in 2017, he spent two years as a Senior Relationship Manager with DNB Bank. From 2004 to 2015, Mr. Pagratis was the Corporate Finance and Treasury Manager at Tsakos Shipping Group. His earlier career included roles as an Associate in EFG Finance (investment banking services) and an Analyst with KPMG Financial Advisory Services.

Anastassios Gabrielides General Counsel and Secretary

Mr. Gabrielides is the General Counsel and Secretary for Costamare Bulkers and has held the same role for Costamare Inc. since May 2013. From 2004 to 2011, he served at the Hellenic Capital Markets Commission, Greece's securities regulator, initially as Vice Chairman (2004-2009) and then as Chairman (2009-2011). He was also a member of the board of supervisors of the European Securities and Markets Authority and the Greek Financial Intelligence Unit. Prior to his regulatory roles, Mr. Gabrielides worked for the Alexander S. Onassis Foundation from 1991 to 1999, holding various positions and serving on its Executive Committee.

Dimitrios Sofianopoulos Director

Mr. Sofianopoulos is a member of the board of directors of Costamare Bulkers. He brings over 35 years of experience in the shipping sector, with 18 years dedicated to the Costamare group of companies. Before his tenure at Costamare, he was an equity partner at a prominent international law firm with offices in New York, London, Monaco, and Athens, Greece. His extensive career includes involvement in numerous transactions such as M&A, IPOs, joint ventures, NPL portfolios, commercial lending, leasing, vessel acquisitions (single or fleet), newbuildings, bareboat charters, and contracts of affreightment.

Peter Lund Director

Mr. Lund is a member of the board of directors for Costamare Bulkers and currently serves as the Chief Commercial Officer of Costamare Inc. His experience includes working at A.P. Moller-Maersk, a public shipping company, where he was Vice President and Head of Chartering/S&P/Newbuildings from 2014 to 2023. From 2012 to 2014, Mr. Lund was the commercial director for Costamare Shipping in Singapore. Earlier in his career, from 2008 to 2012, he was the Commercial Director in charge of business development at Ship Finance International, a NYSE-listed shipping company, also based in Singapore.

The key risks to Costamare Bulkers (CMDB) primarily revolve around the inherent volatility of the dry bulk shipping market, management's capital allocation decisions, and operational reliance on third-party vessels.

1. Volatility in Dry Bulk Shipping Rates and Global Economic Conditions: As an international owner and operator of dry bulk vessels, Costamare Bulkers' profitability is highly sensitive to fluctuations in dry bulk freight rates. A downturn in these rates, driven by global economic weakness or disruptions in world trade, could significantly reduce the company's earnings and cash flow, potentially impacting shareholder distributions.
2. Management's Capital Allocation Strategy and Shareholder Returns: Analysts have highlighted a lack of a clear capital allocation and shareholder return policy as a significant risk for Costamare Bulkers. There is concern that management might prioritize new ventures or vessel acquisitions, potentially incurring debt and utilizing cash balances without adequately distributing returns to shareholders, similar to past actions of its former parent company.
3. Reliance on Third-Party Vessels and Charter-in Expenses: The company's business model involves an operating platform (CBI) that charters in and charters out dry bulk vessels. A high charter-in hire expense suggests a significant reliance on third-party vessels, which could expose Costamare Bulkers to additional operational risks and impact overall profitability and flexibility.

• The global dry bulk shipping market size was estimated at approximately **USD 168.5 billion in 2025**. This market is projected to grow to about **USD 174 billion in 2026**.
• Another report indicated the global dry bulk shipping market was valued at **USD 144.86 billion in 2025** and is projected to reach **USD 181.57 billion in 2026**.

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

1. Strategic Fleet Renewal and Expansion towards Larger, More Efficient Vessels: Costamare Bulkers is actively engaged in a strategic fleet realignment and renewal program. This involves divesting older, smaller vessels and acquiring newer, larger, and more efficient dry bulk vessels, including Ultramax and Cape-sized vessels. This strategy aims to enhance operational efficiency and increase carrying capacity, directly contributing to higher revenue generation. The company also focuses on transitioning to a more specialized fleet, particularly emphasizing the Kamsarmax segment.
2. Favorable Dry Bulk Market Conditions and Strong Charter Rates: The company anticipates resilient performance in Cape-sized trades and expects support for the Panamax market from grain trades. Overall, charter rates have strengthened and remain at healthy levels, indicating a positive pricing environment for the company's services. Costamare Bulkers' strategy of employing most of its fleet on index-linked period charter agreements positions it to benefit from these strong market conditions.
3. Financial Capacity for Future Acquisitions and Fleet Growth: Costamare Bulkers possesses a strong liquidity position and has access to an $85 million financing facility for future vessel acquisitions. With no major debt maturities until 2029, this financial flexibility allows the company to pursue opportunistic expansions of its fleet, directly increasing its asset base and, consequently, its revenue-generating potential.

Share Issuance

• In October 2025, Costamare Bulkers Holdings Limited entered into a Stock Subscription Agreement with Konstantinos Konstantakopoulos for the purchase of 235 shares of a new, high-vote, non-economic Series B Preferred Stock for an aggregate of $235.
• Each Series B Preferred Share carries 50,000 votes on shareholder matters but has no dividend or distribution rights and only par value upon liquidation.
• This issuance was primarily a governance-focused transaction to consolidate voting control in non-U.S. hands, raising the Konstantakopoulos family's voting stake to approximately 76.4% from about 65%, and was not a capital raise.

Outbound Investments

• Costamare Bulkers entered into a Strategic Cooperation Agreement with Cargill International S.A., announced in September 2025, and subsequently concluded the transfer of the majority of its trading book to Cargill.
• This transfer included chartered-in vessels, cargo transportation commitments, and derivative positions, with the aim of reducing exposure to the volatile trading business and supporting more stable and predictable earnings.
• The agreement also includes exploring opportunities for joint investment in dry bulk assets and other dry-bulk business ventures.

Capital Expenditures

• The company is actively pursuing a fleet renewal strategy, involving both the acquisition and sale of dry bulk vessels.
• In the fourth quarter of 2025, Costamare Bulkers agreed to acquire the 2018-built 60,000 deadweight capacity dry bulk vessel, Koushun (to be renamed Astros), with delivery expected in Q1-Q2 2026.
• As part of its fleet renewal, the company concluded the sale of one Supramax vessel and agreed to sell one Capesize ship (the Miracle), generating estimated capital gains of approximately $7.7 million in total from these sales, with the sale of the Miracle expected to conclude in Q1-Q2 2026.