Costamare Bulkers report third quarter financial results
Published by Alfie Lloyd-Perks,
Assistant Editor
Dry Bulk,
Costamare Bulkers reported Q3 2025 net income of US$7.4 million (US$0.30/share) and adjusted net income of US$5.4 million (US$0.22/share). Total liquidity reached US$290.5 million, including US$205.8 million in cash, against US$159.3 million of debt – placing the company in a net debt negative position.
Strategic Realignment & Cargill Cooperation
The company advanced the transition of its trading platform under the Strategic Cooperation Agreement with Cargill, transferring:
- 19 chartered-in vessels,
- the entire forward cargo book, and
- the entire FFA trading book.
Three chartered-in vessels were early redelivered, two fixed on long-term period charters, and 128 chartered-in vessels remain, with 12 expected to redeliver through 2026. The realigned platform will focus on Kamsarmax exposure.
Owned fleet
Costamare Bulkers owns 31 dry bulk vessels totaling about 2.8 million DWT, including Capesize, Kamsarmax, Ultramax, and Supramax units – most on index-linked period charters with optional conversion to fixed rates.
Asset sales & acquisition
The company completed the sale of six Handysize/Supramax vessels, generating US$44 million in net proceeds after debt repayment.
It also completed the acquisition of the 2012-built Capesize Imperator (176 387 DWT).
Financing
- The Imperator was partly funded via an existing hunting license facility with US$15.3 million drawn.
- US$84.7 million remains available for future acquisitions through 2027.
- No major debt maturities before 2029.
Q3 operating metrics
- Total voyage revenue: US$222.9 million
- Charter-in hire: US$117.4 million
- Operating expenses: US$19.3 million (daily OPEX approx. US$5899)
- Gain on derivatives: US$18.5 million
- Net cash from operations: US$31.9 million
- Owned fleet utilisation: 98.4% in Q3.
CEO Comment
CEO Gregory Zikos highlighted the strong liquidity position, fleet renewal strategy (selling older/smaller vessels and adding larger ships), and the significant progress made on transferring trading activity to Cargill. He noted Q3 market volatility in Capesize and Panamax segments driven by shifting iron ore flows and temporary US-China trade tensions.
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