Costamare (CMRE) CMD 2025 summary

Strategic rationale and business structure

• The dry bulk business is being spun off to form Costamare Bulkers Holdings Limited, creating two pure-play entities: one for container ships and one for dry bulk vessels, each with distinct operating priorities and optimized capital structures.

• The spin-off enables shareholders to invest in focused businesses, simplifies the corporate structure, and enhances operational efficiency and management focus.

• Costamare Bulkers will be listed on the NYSE under ticker CMDB, owning 38 dry bulk vessels and chartering in 48 additional ships, with a strong sponsor holding over 60% ownership.

• The company has shifted its fleet focus from smaller vessels to larger Capesize ships since 2023, aiming for healthy growth through acquisitions and active asset management.

• Management change in late 2024 brought new priorities: risk management, balanced growth, and sustainability.

Company overview and business model

• Backed by the Konstantakopoulos family, Costamare Bulkers leverages over 50 years of shipping experience and strong industry relationships.

• Operates 86 vessels (owned and chartered-in) serving over 50 industrial customers globally, with a diverse cargo mix and broad geographic reach.

• Owner-operator model provides commercial flexibility, risk management, and access to large cargo contracts.

• Global network with offices in Athens, Monaco, Singapore, Hamburg, Copenhagen, and Tokyo supports balanced growth and risk/reward management.

• Diverse, well-maintained fleet provides commercial advantage, high utilization, and competitive operating costs.

Financial position and capital allocation

• $100 million in cash contributed, $150 million in long-term debt prepaid, and $85 million in related party loans forgiven, resulting in less than 2% leverage.

• Charter-free value of the owned fleet is estimated at $719 million as of March 31, 2025, with estimated NAV about $800 million.

• Company has a $100 million hunting license facility commitment from a European financial institution.

• Capital allocation focuses on targeted acquisitions, opportunistic disposals, and potential capital returns to shareholders, subject to board approval and liquidity.

• Dividend policy will not be fixed, reflecting the volatile nature of the dry bulk sector; dividends will depend on profitability and cash flow.