Costamare Bulkers Holdings Limited (NYSE: CMDB) reported an adjusted net income of $9.8 million, or $0.40 per share, for the second quarter ended June 30, 2026. The Monaco-headquartered dry bulk carrier generated total voyage revenue of $111.6 million, reflecting strong operational performance amid volatile shipping markets. This profitability underscores the company’s ability to navigate geopolitical uncertainties and rate fluctuations while maintaining a robust net cash position exceeding debt by $108.9 million as of June 30, 2026.

The results are not comparable to the corresponding period in 2025 due to the company’s spin-off from Costamare Inc. on May 6, 2025. GAAP net income stood at $5.2 million ($0.21 per share) for Q2 2026, with adjustments primarily related to non-cash items, deferred charter-in expenses, and losses on derivative instruments. For the six-month period ended June 30, 2026, adjusted net income reached $22.2 million, or $0.92 per share, against GAAP net income of $15.1 million.

Financial Performance and Liquidity

Total voyage revenue for the three-month period ended June 30, 2026, was $111.6 million, comprising $100.5 million from third-party voyages and $11.1 million from related parties. Voyage expenses totaled $30.2 million, while charter-in hire expenses were $38.9 million. Vessels’ operating expenses amounted to $16.4 million, translating to daily operating costs of $6,036 per vessel day. General and administrative expenses were $2.5 million, including a non-cash component of $1.1 million representing shares issued to a related service provider.

Liquidity remained robust at $331.5 million as of June 30, 2026, consisting of $234.8 million in cash and cash equivalents (including restricted cash), $12.0 million in margin deposits for forward freight agreements (FFAs) and bunker swaps, and $84.7 million in available undrawn funds from a hunting license facility. The company’s balance sheet reflects a net cash position, with cash exceeding long-term debt by $108.9 million.

Fleet Operations and Utilization

Costamare Bulkers’ owned fleet consists of 30 dry bulk vessels with a total capacity of approximately 2.7 million DWT. During Q2 2026, the average fleet size was 29.8 vessels, achieving a utilization rate of 99.1%. For the six-month period, utilization stood at 98.3% across an average fleet of 30.1 vessels. The fleet comprises 6 Capesize, 7 Kamsarmax, 9 Ultramax, and 8 Supramax vessels. Twelve period charters are index-linked with an owner’s option to convert to fixed rates based on prevailing FFA curves, while 11 remain on fixed-rate agreements.

The CBI operating platform currently manages 26 third-party owned vessels, primarily Kamsarmax-type, including two Capesize vessels chartered-in under period charters. The company recently completed the transfer of its legacy trading portfolio to Cargill International S.A., reducing balance sheet risk. Management expects the trading platform to be free of remaining legacy positions by year-end.

Strategic Developments and Market Outlook

As part of its fleet renewal program, Costamare Bulkers agreed to sell the Bermondi, a 2009-built Supramax vessel with a capacity of 55,469 DWT. The sale is expected to conclude in Q3 2026. During H1 2026, the company also sold the Clara and Miracle vessels, recording a gain of $7.7 million. Conversely, it took delivery of the Astros (ex-Koushun), a Capesize vessel with a capacity of 60,297 DWT.

Chief Executive Officer Gregory Zikos noted that Q2 2026 was characterized by heightened volatility, particularly in the Capesize segment, driven by geopolitical uncertainty and energy market turbulence. Capesize rates peaked in late May before correcting by nearly $20,000/day through June but have since stabilized at robust levels. The Panamax market benefited from strong Capesize rates and renewed Chinese seaborne coal demand, while the Supramax segment saw gradual upward trends supported by grain volumes and rising Liberian iron ore exports.

What the Numbers Show

The divergence between GAAP net income and adjusted net income highlights the impact of non-operational and non-cash items on reported earnings. In Q2 2026, a loss on derivative instruments of $0.8 million and non-recurring realignment expenses of $0.6 million were added back to arrive at the adjusted figure. Despite these adjustments, the core operational profitability remains strong, evidenced by consistent voyage revenue generation and high fleet utilization rates above 98%. The net cash position provides significant financial flexibility for potential countercyclical investments or debt repayment, positioning the company favorably in a volatile asset value environment.

Costamare Bulkers Holdings Limited has scheduled its 2026 annual meeting of shareholders to be held virtually on October 8, 2026. The Board of Directors has called the meeting to address corporate matters, with voting rights extended to shareholders of record at the close of business on August 13, 2026.

Shareholders eligible to vote at the annual meeting, or any adjournments thereof, will receive the notice of meeting and the proxy statement on or around August 14, 2026. The company manages a dry bulk operating platform, known as CBI, which charters vessels, enters into contracts of affreightment, and utilizes forward freight agreements and hedging solutions.

Corporate Profile

Costamare Bulkers Holdings Limited is an international owner and operator of dry bulk vessels. The company's common stock is listed on the New York Stock Exchange under the symbol "CMDB".

The company's fleet operations and platform activities are central to its business strategy, focusing on the dry bulk shipping sector.