Costamare Bulkers Q3 Net Income Rises to $16.6 Million as Revenue Falls

Costamare Bulkers Holdings Limited posted third-quarter net income of $16.6 million, more than double a year earlier, even as voyage revenue fell, while it signed $133 million in refinancing commitments.

The dry-bulk operator earned $0.68 per share for the quarter ended Sept. 30, compared with $7.4 million in net income, or $0.30 per share, a year earlier. Total voyage revenue declined to $131.5 million from $222.9 million. The company released its results before the market opened Thursday, Nov. 12.

Quarterly net income included a $2.5 million gain from the sale of the dry-bulk vessel Bermondi and a $7.7 million net gain on derivative instruments. The derivative gain included $4.7 million in unrealized gains.

Costamare Bulkers reduced its operating platform after a transaction with Cargill International S.A. and took steps to lower operating expenses. “We are now operating a Kamsarmax-focused trading platform,” CEO Gregory Zikos said. The platform employed 32 third-party chartered-in dry-bulk vessels, primarily Kamsarmax and Panamax ships.

The company signed commitments for loan facilities totaling $133 million, secured by 18 vessels, to refinance existing loan obligations. The commitments remain subject to final documentation. Costamare Bulkers expects the facilities to lower financing costs and extend maturities from as early as the fourth quarter of 2029 to between the fourth quarter of 2031 and the first quarter of 2032.

Costamare Bulkers became independent through a May 2025 spin-off from Costamare Inc., which posted separate third-quarter results.