Costamare Bulkers Holdings Limited Q4 2025 Earnings Call - Sells trading book to Cargill, emerges with net cash ~$70m
Summary
Costamare Bulkers posted an adjusted Q4 2025 net loss of $1.7 million, a quarter still weighed by legacy trading positions and one-off expenses tied to the dry bulk platform realignment. The company completed a cooperation agreement with Cargill to largely exit its trading portfolio, a move that is reshaping earnings volatility and the operational footprint.
Balance-sheet optics improved sharply. Cash of about $126 million versus debt below $156 million leaves the company roughly $70 million net cash. The operating platform is now concentrated on a Kamsarmax segment of 20 third-party vessels, while a handful of legacy Capesizes are being wound down. Management also disclosed asset sales and a targeted fleet renewal with the acquisition of a 2018 Ultramax, and noted stronger charter markets across Capesize, Panamax and Supramax during Q4.
Key Takeaways
- Adjusted net loss for Q4 2025 was $1.7 million, or $0.07 per share.
- Company entered a cooperation agreement with Cargill at end-September to largely dispose of its trading portfolio; legacy positions continued to affect Q4 results.
- Total cash around $126 million and total debt below $156 million, resulting in a net cash (negative net debt) position of approximately $70 million.
- Costamare Bulkers reports a fleet of 300 vessels, average age ~13 years and average size ~92,000 dwt (group-level fleet metric disclosed).
- Operating platform refocused on the Kamsarmax segment, currently consisting of 20 third-party-owned dry bulk vessels.
- Six Capesize ships remain as legacy transactions; five of those are expected to be redelivered within the current year, and one charter investor transfer remains to occur within a year.
- Sold 2011-built Capesize Miracle and 2008-built Supramax Clara, realizing total estimated capital gains of about $7.7 million, on top of roughly $8 million of operational profit since acquisition.
- Agreed to acquire the 2018-built, ~60,000 dwt Ultramax vessel Koshun as part of fleet renewal strategy.
- Most owned vessels are employed on indexing period charter agreements, with an option to convert to fixed rates.
- Charter rates strengthened in Q4 and stayed healthy into the new year; Capesize led gains, Panamax benefited from easing U.S.-China tensions and Capesize sentiment spillover, Supramax driven by coal and minor bulks demand.
- Adjusted net loss was mainly driven by an expense tied to the dry bulk platform realignment, not ongoing operational performance.
- New vessel ordering stands at 10.4% (orderbook as a percentage of fleet), signaling modest newbuilding activity.
Full Transcript
Operator: Thank you for standing by, ladies and gentlemen, and welcome to the Costamare Bulkers Holdings Limited conference call on the fourth quarter 2025 financial results. We have with us Mr. Gregory Zikos, Chief Executive Officer of the company. At this time, all participants are on a listen-only mode. There will be a presentation followed by a question-and-answer session, at which time, if you wish to ask a question, please press star then one on your telephone keypad and wait for your name to be announced. I must advise you that this conference is being recorded today, Friday, February 20, 2026. We would like to remind you that this conference call contains forward-looking statements. Please take a moment to read slide number 2 of the presentation, which contains the forward-looking statements. And now I will pass the floor over to your speaker today, Mr. Zikos. Please go ahead, sir.
Gregory Zikos, Chief Executive Officer, Costamare Bulkers Holdings Limited: Thank you, and good morning, ladies and gentlemen. During the second quarter, the second quarter as an independent listed entity, Costamare Bulkers generated an adjusted net loss of $1.7 million. As already announced, at the end of September of last year, we entered into a cooperation agreement with Cargill, including, among other things, the disposal to a large extent of the company’s trading portfolio. This quarter’s results continue to be affected by legacy positions not included in the current transaction, as well as by legacy positions that have been transferred to Cargill gradually over the quarter. With total cash of about $126 million and debt of about $156 million, the company is in a net debt negative position, owning a fleet of 300 vessels with an average age of approximately 13 years and an average size of about 92,000 deadweight.
Building upon solid market fundamentals, we sold the 2011-built Capesize vessel Miracle and the 2008-built Supramax type vessel Clara. Total capital gains amounted to $7.7 million on top of profitable operation of about $8 million since those vessels were initially acquired. At the same time, as part of our fleet renewal strategy, we have agreed to acquire the 2018-built 60,000 deadweight capacity dry bulk vessel Koshun. Regarding the market, favorable supply and demand fundamentals, supported by strong exports and improved sentiment, have pushed the Capesize index higher. On the Panamax size, the easing of the U.S.-China tensions, combined with improved sentiment stemming from a strong Capesize market, helped support the Panamax index. Finally, the Supramax index remained healthy on the back of strong demand for coal and minor bulks, as well as improved sentiment from the larger sizes.
Moving now to the slide presentation. On slide three, you can see our Q4 2025 results. Adjusted net loss, mainly reflecting one of the expenses from the dry bulk platform realignment, was $1.7 million or $0.07 per share. By the end of Q4, total cash was about $126 million, and debt below $156 million, resulting in negative net debt position of about $70 million. Slide four. The transfer of the remaining charter investors pursuant to the cooperation agreement with Cargill has been concluded, save for one ship, which is expected to be transferred within a year. Our operating platform is currently focused on the Kamsarmax segment, consisting of 20 third-party-owned dry bulk vessels. The 6 Capesize ships still remaining on our fleet represent legacy transactions. 5 of these vessels will be redelivered within the current year.
Moving on to the next slide, slide six. On the SAP side, we have concluded the sale of one Supramax vessel and have agreed to sell one of our Capesize ships, with total estimated capital gains of approximately $7.7 million, on top of about $8 million profitability since acquisition. In parallel, as part of our fleet renewal strategy, we have agreed to acquire one 2018-built Ultramax vessel. Slide six. Regarding the owned vessels, most of the fleet is employed on indexing period charter agreements, with the option to convert to fixed rate. Moving to the last slide, slide seven. Charter rates have strengthened during Q4 and remain at healthy levels since the beginning of the year. New vessel ordering stands at 10.4%. With that, we can conclude our presentation, and we can now take questions. Thank you.
Operator, we can take question now.
Operator: Thank you. As a reminder, if you would like to ask a question, please press star then one on your telephone keypad and wait for your name to be announced. If you wish to cancel your request, please press star then two. That’s star then one to ask a question. Seeing no questions, this concludes our question-and-answer session. I would like to turn the conference back over to Mr. Zikos for any closing remarks.
Gregory Zikos, Chief Executive Officer, Costamare Bulkers Holdings Limited: Thank you for dialing in today and for your interest in Costamare Bulkers. We look forward to speaking with you again during the next quarterly results. Thank you. Operator, we can conclude the call now.
Operator: Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.