CMDB Costamare Bulkers Holdings Ltd
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Executive Summary
Costamare Bulkers reported its first standalone quarterly results (Q1 2026) with total voyage revenue of $111.5M and net income of $9.9M, a sharp turnaround from a $13.7M net loss in the predecessor period (Q1 2025). The company ended the quarter with $255.1M in cash and total debt of $141.4M, reflecting a significantly deleveraged balance sheet following the spin-off from Costamare Inc. and the Cargill platform realignment. The results demonstrate the company is now profitable and cash-flow positive as a standalone entity.
Actionable Insight
The company has successfully transitioned to a profitable standalone entity with a strong cash position and reduced leverage. Monitor the dry bulk shipping market for rate trends and the impact of the Middle East conflict on operations. The Cargill platform realignment appears largely complete, reducing operating complexity.
Key Facts
- Total voyage revenue of $111.5M in Q1 2026 vs. $0 in Q1 2025 (predecessor period had no standalone revenue)
- Net income of $9.9M in Q1 2026 vs. net loss of $13.7M in Q1 2025 predecessor period
- Operating income of $13.8M in Q1 2026
- Cash and cash equivalents of $255.1M as of March 31, 2026, up from $211.8M at year-end 2025
- Total long-term debt of $141.4M (net), down from $155.6M at year-end 2025
- Gain on sale of vessels of $7.7M in Q1 2026
- Operating cash flow of $18.9M in Q1 2026
- Fleet of 29 dry bulk vessels as of March 31, 2026
- Members of the Konstantakopoulos family own approximately 65.8% of outstanding shares
- Cargill strategic cooperation agreement transferred majority of operating platform trading book
Financial Impact
Revenue of $111.5M and net income of $9.9M in Q1 2026, compared to predecessor net loss of $13.7M in Q1 2025. Cash balance of $255.1M with net debt of approximately $141.4M.
Risk Factors
- Middle East conflict could disrupt shipping operations and dry bulk market rates
- Dry bulk shipping rates are cyclical and subject to supply/demand imbalances
- Concentration of ownership (65.8% by Konstantakopoulos family) limits public float and liquidity
- Charter-in commitments of approximately $62M for vessels under construction through 2033
- Capital commitment of $20.6M for vessel acquisition
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001171843-26-003860 |
| Exhibit: exh_991.htm | 0001171843-26-003860 |
| Document: f6k_052926.htm | 0001171843-26-003860 |
| Document: 0001171843-26-003860-index-headers.html | 0001171843-26-003860 |
| Document: 0001171843-26-003860-index.html | 0001171843-26-003860 |
| Document: 0001171843-26-003860.txt | 0001171843-26-003860 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 2, 2026
3d ago
|
6-K
| — | awaiting T+5 | — | — |
|
May 13, 2026
23d ago
|
6-K
| $18.90 $17.76 | ▼ −6.03% | ▼ −4.87% | $16.51 (−12.65%) |
|
May 8, 2026
28d ago
|
Press Release
| $19.34 $19.02 | ▼ −1.65% | ▼ −3.12% | $16.51 (−14.63%) |
|
Mar 30, 2026
9w ago
|
Press Release
| $15.47 $17.66 | ▲ +14.16% | ▲ +10.21% | $16.51 (+6.72%) |
US Market Status
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