Costamare Bulkers logs first profit after Cargill deal removes most legacy trading

(Posted on 14/05/26)

Costamare Bulkers Holdings Limited has reported unaudited financial results for the first quarter ended March 31, 2026.

Costamare Bulkers owns 30 dry bulk vessels with a total capacity of approximately 2,665,000 DWT. Our dry bulk vessels range in size from 55,000 to 181,000 DWT.

Highlights include Q1 2026 Net Income of $9.9 million ($0.41 earnings per share), the conclusion of the purchase of the 2018-built, 60,297 DWT capacity dry bulk vessel, Astros (ex. Koushun) and the delivery of the newbuild, 81,800 DWT capacity dry bulk vessel, Hermes Century.  

Mr. Gregory Zikos, Chief Executive Officer of Costamare Bulkers Holdings Limited, commented, “During the first quarter of the year Costamare Bulkers generated an adjusted net income of $12.4 million.

We have successfully transferred a majority of the Company’s legacy trading portfolio pursuant to our deal with Cargill, effectively de-risking our balance sheet. We expect that our trading platform will be free of the remaining legacy trades by year end.

As part of our fleet renewal programme, we recently concluded the sale of one 2011-built Capesize vessel and the acquisition of one 2018-built Ultramax. At the same time we accepted delivery of one newbuilding Kamsarmax chartered in for a minimum period of 5 years. The vessel has been chartered out at a profitable rate for a minimum period of 11 months.

With total cash of about $270 million and debt of ca. $140 million, the Company is net cash positive, positioning us favourably to grow countercyclically in a low asset value environment.

Regarding the market, during the first four months of the year the market exhibited elevated volatility relative to historical averages, driven by increased activity and inefficiencies, while geopolitical instability contributed additional uncertainty. Capesize earnings were supported by robust iron ore and bauxite volumes, coupled with limited fleet growth. Ton-mile demand was further reinforced by the expansion of West Africa–China trade flows across both commodities.

Alongside the firm Capesize market and broadly positive dry bulk sentiment, the Panamax index was further supported by a record soybean harvest in Brazil, as well as the U.S.–China agreement reached at the end of 2025, which drove long-haul soybean shipments during the first quarter.

Finally, the Supramax segment recorded a solid start to the year, as increased grain and minor bulk flows offset the negative impact of the Strait of Hormuz closure, which reduced Persian Gulf export volumes by approximately 50%.”

Costamare Bulkers’ dry bulk vessels transport a broad range of major bulks such as iron ore, coal and grains as well as minor bulks such as bauxite, phosphate fertilizers and steel products.

The Company operates a dry bulk operating platformme, Costamare Bulkers Inc. ("CBI"), which charters in/out dry bulk vessels, enters into contracts of affreightment and utilises forward freight agreements and other derivative instruments as hedging solutions and to take a position on the market.

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