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CMDB

Costamare Bulkers Holdings Ltd

CMDB

Costamare Bulkers Holdings Ltd • NYSE
$16.47 ▲ 0.30% (+0.05)
Market Cap $399.25 M
52w High $17.57
52w Low $8.46
Dividend Yield 0%
P/E -2.27
Volume 11.72K
Outstanding Shares 24.24M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $222.874M ▲ $36.819M ▲ $7.354M ▲ 3.3% ▲ $0.3 ▲ $10.584M ▲
Q2-2025 $77.933M $12.812M $-13.258M -17.011% $-0.55 ▼ $-1.027M
Q1-2025 $77.933M ▼ $12.812M ▼ $-13.258M ▼ -17.011% ▼ $-0.52 ▼ $-1.027M ▼
Q2-2024 $276.054M $19.892M $1.259M 0.456% $0.052 $2.28M
Q1-2024 $276.054M $19.892M $1.259M 0.456% $0.052 $2.28M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $180.807M ▲ $1.067B ▼ $383.656M ▼ $682.906M ▲
Q2-2025 $127.474M ▲ $1.128B ▼ $453.137M ▼ $674.683M ▲
Q4-2024 $49.858M $1.241B $818.979M $422.019M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-28.959M ▼ $18.881M ▲ $40.078M ▲ $81.901M ▲ $149.635M ▲ $13.366M ▲
Q1-2025 $-13.258M ▼ $8.643M ▲ $18.348M ▲ $37.494M ▲ $0 ▼ $6.119M ▲
Q2-2024 $1.259M $-4.467M $10.971M $-3.655M $51.096M ▲ $-4.467M
Q1-2024 $1.259M $-4.467M $10.971M $-3.655M $0 $-4.467M

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the last three years, showing that the business is scaling up, but profits have not followed the same path. After an earlier year of meaningful profitability, the company has since slipped into operating and net losses. This suggests that higher chartering and operating costs, or weaker freight rates, have more than offset the benefit of higher revenue. Margins appear thin and volatile, which is common in shipping but still a clear risk. Overall, the income statement tells a story of a company in expansion mode, but not yet able to turn that growth into consistent, reliable earnings.

Balance Sheet

Balance Sheet The balance sheet shows a business that has grown its asset base, likely reflecting investments in vessels and operating capacity. This growth has been funded largely by more borrowing, while equity has stayed roughly flat and then edged down, pointing to rising leverage and recent losses. Cash on hand is modest relative to total assets, leaving less of a cushion if markets weaken or rates spike. In short, CMDB has built up its platform but now carries more financial risk and depends on that asset base earning enough to comfortably service its debt.

Cash Flow

Cash Flow Cash generation from the underlying business has been negative in the last two years, after being positive earlier, indicating that operations are not yet self-funding. Free cash flow has been consistently negative, driven by both weak operating cash flow and ongoing capital spending on the fleet and related assets. This pattern fits a company in build-out mode, but it also means reliance on external funding, whether debt or equity, to support growth and cover shortfalls. The key question going forward is whether the expanded fleet and platform can flip cash flows into sustained positive territory.

Competitive Edge

Competitive Edge CMDB enters the dry bulk market with clear strengths but also meaningful exposure to a very cyclical industry. On the positive side, it inherits Costamare’s long-standing reputation, relationships, and operating know-how, which can help secure cargoes and manage ships efficiently. Its dedicated dry bulk platform, which actively charters vessels in and out and uses hedging tools, gives it more flexibility than a simple ship owner and can help smooth some of the market swings. A cooperation agreement with a major trader like Cargill further supports cargo access and market insight. On the other hand, CMDB is a relatively new, focused player in a fragmented, globally competitive market where freight rates can move sharply with economic conditions and commodity demand. Its higher leverage heightens sensitivity to downturns. The competitive position is promising but still needs to be proven through a full cycle.

Innovation and R&D

Innovation and R&D While CMDB is not a classic “R&D-heavy” company, its edge is based on operational and digital innovation rather than lab research. It is expected to lean on advanced fleet management tools—such as data-driven route optimization and predictive maintenance—to cut fuel and downtime, which are critical in shipping. The likely focus on a younger, more efficient fleet supports both cost control and compliance with tightening environmental rules. The company appears aligned with industry moves toward digitalization and better connectivity at sea, building on the parent’s experiments with technologies like satellite broadband. Future innovation will likely center on greener vessels, energy-saving upgrades, smarter use of derivatives via its CBI platform, and deeper integration with large cargo owners and traders. The potential is there, but most of these initiatives are still in the execution phase rather than fully realized.

Summary

CMDB looks like a young, scale-up phase dry bulk shipping company: revenue is growing and the asset base has expanded, but profitability and cash flow are not yet stable. The balance sheet has taken on more debt to support this growth, which raises both upside potential and financial risk, especially in a notoriously cyclical industry. The company benefits from experienced management, a flexible chartering and trading platform, and strategic partnerships that can provide cargo and insight. Its focus on operational efficiency, fleet quality, and digital tools aligns well with where the industry is heading. The main things to watch are whether CMDB can convert its larger platform into steady profits, improve cash generation, and manage leverage through the inevitable ups and downs of the dry bulk market.

NEWS

November 14, 2025 · 6:12 AM UTC

Costamare Bulkers Holdings Limited Reports Results for the Third Quarter and Nine-Month Period Ended September 30, 2025

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November 11, 2025 · 6:11 AM UTC

Costamare Bulkers Holdings Limited Sets the Date for Its Third Quarter 2025 Results Release, Conference Call and Webcast

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September 29, 2025 · 7:16 AM UTC

Costamare Bulkers Holdings Limited Announces Strategic Cooperation Agreement with Cargill International SA

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