Costamare Bulkers

What Costamare Bulkers does

Costamare Bulkers Holdings Limited is an international owner and operator of dry bulk vessels, headquartered in Monaco and listed on the NYSE under the ticker CMDB following its May 2025 spin-off from Costamare Inc. The company owns a fleet of 30 dry bulk vessels totaling approximately 2,665,000 deadweight tons (DWT), spanning Capesize, Kamsarmax, Ultramax, and Supramax classes ranging from 55,000 to 181,000 DWT. It serves a horizontal customer base of industrial users, traders, and producers transporting major bulks (iron ore, coal, grains) and minor bulks (bauxite, phosphate fertilizers, steel products) across global trade routes.

The company's core operations consist of two integrated offerings: (1) time charter services from the owned vessel fleet, and (2) the CBI (Costamare Bulkers Inc.) operating platform, which charters vessels in and out, executes contracts of affreightment, and historically traded forward freight agreements (FFAs) prior to the September 2025 strategic cooperation agreement with Cargill International S.A. Fleet technical management is delivered by Costamare Shipping Company S.A. (founded 1975) and Navilands entities in Greece and Shanghai, operating under ISO 9001, ISO 14001, ISM Code, and MLC 2006 certifications.

Revenue is generated through three mechanisms: recurring time charter hire on owned vessels, transaction-based revenue from CBI charter-in/out and contract of affreightment operations, and one-time capital gains from vessel disposals as part of fleet renewal (e.g., the 2011-built Capesize Miracle sold for approximately $7.0 million in capital gains). The company reports a Q1 2026 owned fleet utilization rate of 97.4%, a net cash position of $127.2 million against $353.3 million in liquidity, and a market capitalization of approximately $422 million on 24.18 million shares as of June 28, 2026. Customer acquisition is direct B2B with no intermediaries, supported by investor relations channels and SEC filings for capital markets engagement.

Name

Costamare Bulkers

Legal name

Costamare Bulkers Holdings Limited

Website

https://costamarebulkers.com

Company type

Public

Founded year

2025

Operating status

Operating

Headcount range

11–50 employees

Short description

Costamare Bulkers Holdings Limited is an international owner and operator of dry bulk vessels, owning 30 vessels totaling approximately 2,665,000 DWT and operating the CBI charter-in/out platform to transport commodities for industrial users, traders, and producers worldwide.

Ownership category

akta.pro rank

Product category

Dry Bulk Shipping

NAICS

Deep Sea Freight Transportation (483111)

SIC

Deep Sea Foreign Transportation Of Freight (4412)

akta.pro primary industry

Bulk Dry Cargo Carriers (Capesize/Panamax/Supramax/Handysize) (TLADABAC)

akta.pro secondary industries

Dry Bulk Ocean Shipping (Capesize/Panamax/Handysize) (TLADAKAA), Bulk & Commodity Freight Brokerage (Dry Bulk) (TLADAMAK)

Keywords

• Dry bulk shipping
• Maritime transportation
• Vessel chartering
• Ocean freight services
• Ship management

Headquarters

HQ city

Monaco

HQ country

Germany

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Others

Revenue model

1. Owned Fleet Time Charter: Revenue generated from time charter services of the company's 30 owned dry bulk vessels (approximately 2,665,000 DWT capacity) providing transportation of dry bulk commodities for customers worldwide. Vessels range from 55,000 to 181,000 DWT including Capesize, Kamsarmax, Ultramax, and Supramax classes.
2. CBI Charter Operations: The CBI (Costamare Bulkers Inc.) operating platform generates revenue through chartering in and out dry bulk vessels, entering into contracts of affreightment, and utilizing forward freight agreements and derivative instruments as hedging solutions and market positions.
3. Vessel Sales (Capital Gains): The company generates one-time gains from the sale of vessels as part of its fleet renewal strategy, such as the sale of the 2011-built Capesize Miracle generating approximately $7.0 million in capital gains and the conclusion of vessel sales generating approximately $7.7 million in aggregate gains.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Costamare Bulkers is an international owner and operator of dry bulk vessels providing worldwide transportation of major bulks (iron ore, coal, grains) and minor bulks (bauxite, phosphate fertilizers, steel products). The company operates an owned fleet of 30 dry bulk vessels totaling approximately 2,665,000 DWT (Capesize, Kamsarmax, Ultramax, and Supramax classes) and runs the CBI dry bulk operating platform that charters in/out vessels, executes contracts of affreightment, and utilizes forward freight agreements as hedging solutions.

Product overview

Costamare Bulkers Holdings Limited operates as an international owner and operator of dry bulk vessels, consisting of two interconnected core offerings: (1) an owned fleet of 30 dry bulk vessels totaling approximately 2,665,000 DWT capacity, comprising Capesize, Kamsarmax, Ultramax, and Supramax vessel classes, and (2) the CBI (Costamare Bulkers Inc.) operating platform that provides charter-in/out services, contracts of affreightment, and forward freight agreements. The company provides worldwide transportation of dry bulk commodities including iron ore, coal, grains, and minor bulks through time charter services, while the CBI platform offers complementary hedging and market positioning capabilities.

Differentiator

Problem solved

Functional benefit

Products and services

• Dry Bulk Time Charter Transportation Services Time charter services transporting major bulks (iron ore, coal, grains) and minor bulks (bauxite, phosphate fertilizers, steel products) on owned dry bulk vessels for industrial users, traders, and producers of dry bulk commodities worldwide.
• CBI Dry Bulk Operating Platform Services Dry bulk operating platform that charters in/out dry bulk vessels, enters into contracts of affreightment, utilizes forward freight agreements (FFAs) and other derivative instruments as hedging solutions and to take positions on the market, handling customer cargoes with chartered-in vessels.

Quantifiable outcome

• 97.4% owned fleet utilization rate in Q1 2026
• +1 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Cargill International S.A.coreStrategic or Co-development Partner · 29 September 2025Strategic cooperation agreement announced September 29, 2025, transferring Costamare Bulkers' FFA positions, forward cargo book, and certain chartered-in vessels to Cargill International S.A. The transfer simplifies the business model by removing the volatile trading portfolio, allowing focus on core vessel operations. This aligns with the company's strategic shift following its spin-off from Costamare Inc. in May 2025.

Scale indicators7 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Navios Maritime Partners L.P. Navios Maritime Partners owns a diversified fleet of dry bulk, container, and containership vessels with a similar size profile to Costamare Bulkers, competing in time charter markets and pursuing similar vessel acquisition strategies in dry bulk.
• Pacific Basin Shipping Limited: Pacific Basin Shipping is one of the world's leading Handysize and Supramax/Ultramax dry bulk owners with strong Asia-Pacific trade lane exposure; it competes directly with Costamare Bulkers in minor bulk and intra-Asia grain/coal flows.
• Golden Ocean Group Limited: Golden Ocean Group is a leading Bermuda-based dry bulk shipping company (sponsored by John Fredriksen) operating Capesize and Panamax vessels, and is one of the larger-scale direct competitors to Costamare Bulkers in global dry bulk transportation.
• Genco Shipping & Trading Limited: Genco Shipping owns and charters-in a diversified dry bulk fleet of Ultramax and Supramax vessels, competing head-to-head with Costamare Bulkers for time charter contracts from industrial users and commodity traders.
• Diana Shipping Inc. Diana Shipping is a global owner of dry bulk vessels (Capesize, Kamsarmax, Panamax) and offers time charter services plus a recent container pivot; it competes directly with Costamare Bulkers for the same B2B charter customers in major and minor bulks.
• Safe Bulkers Inc. Safe Bulkers is a pure-play international dry bulk vessel owner-operator operating Panamax, Kamsarmax, Post-Panamax, and Capesize vessels, providing direct competition to Costamare Bulkers in serving coal, grain, and iron ore customers worldwide.
• Star Bulk Carriers Corp. Star Bulk Carriers is one of the largest publicly listed global owner-operators of dry bulk vessels, with a fleet of Newcastlemax, Capesize, Kamsarmax, Ultramax, and Supramax vessels directly comparable to Costamare Bulkers' fleet mix across the same commodities and global trade routes.
• Eagle Bulk Shipping Inc. Eagle Bulk is a focused Ultramax/Supramax dry bulk operator acquired by Star Bulk in 2023, representing a directly comparable vessel class and customer segment to Costamare Bulkers' Ultramax/Supramax capacity.
• Himalaya Shipping Ltd. Himalaya Shipping is a John Fredriksen-sponsored pure-play Newcastlemax dry bulk operator with a modern fleet, competing for the same long-haul major bulk charter business that Costamare Bulkers pursues through its Capesize and Kamsarmax tonnage.
• Grindrod Shipping Holdings Ltd. Grindrod Shipping operated a smaller dry bulk and tanker fleet focusing on Handysize, Supramax, and small tanker tonnage, providing a smaller-scale comparable to Costamare Bulkers' Supramax/Ultramax offerings before ceasing operations.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key highlights7 records

Customer concentration

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Costamare Bulkers