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Analyst and Investor Day April 9, 2025 Costamare Bulkers Holdings Limited Spin -Off from Costamare Inc.
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Costamare Bulkers Holdings Limited Disclaimer This presentation contains certain “forward-looking statements” (as such term is defined in Section 21E of the Securities Exchan ge Act of 1934, as amended). All statements, other than statements of historical facts, that address activities, events or developments that Costamare Bulkers Holdings Limited (“Costamare Bulkers ” or the “Company”) expects, projects, believes or anticipates will or may occur in the future, including, without limitation, the completion and anticipated benefits of our spin -off from Costamare Inc., future operating or financial results and future revenues and expenses, future, pending or recent acquisitions, general market conditions and shipping industry trends, the financial condition and l iquidity of the Company, cash available for dividend payments, future capital expenditures and expected delivery dates, are forward-looking statements. Although the Company believes that its expectations stated in this presentation are based on reasonable assumptions, actual results may differ from those projected in the forward-looking statements. Important factors that, in our view, could cause actual results to differ materially from the future results discussed in the forward-looking statements include, without limitation, uncertainties regarding the success of our separation and spin -off from Costamare, Inc., including our ability to achieve our expected benefits, global supply and demand for dry bulk vessels, the financial stability of the Company’s counterparties and charterers, global economic weakness, disruptions in world trade, the availability of debt financing, our ability to expand through newbuildings and secondhand acquisitions, rising crew and fuel costs, increases in c apital expenditure requirements or operating costs, a decrease in dry bulk vessel values, fluctuations in interest rates, actions taken by governmental and regulatory authorities, potential liability for future litigation and environmental liabilities, potential disruption of shipping routes due to accidents or political conditions and other risks and uncertainties detailed in the section titled “Risk Factor s" and other sections of the Company’s Form 20-F Registration Statement filed with the Securities and Exchange Commission (“SEC”) and available on the SEC's website at http://www.sec.gov. All forward-looking statements reflect management’s current views with respect to certain future events, and the Company expressly disclaims any obligation to update or revise any of these forward -looking statements, whether because of future events, new information, a change in the Company’s views or expectations, or otherwise. The Company reports its financial results in accordance with generally accepted accounting principles in the United States (“ GAAP”). However, management believes that certain non-GAAP financial measures, including EBITDA, Total voyage revenue adjusted on a cash basis, Time Charter Equivalent (“TCE”) revenue, net debt and leverage, used in managing the business may provide additional meaningful comparisons between current results and results in prior operating periods. Non -GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s reported results prepared in accordance with GAAP. This presentation is for informational purposes only and is not an offer to sell, or a solicitation of an offer to buy or sel l, any securities of Costamare Inc. or, following the spin-off, the Company, and may not be relied upon in connection with the purchase or sale of any such security. Should you wish to invest in the Company, you should do so solely on the basis of information the Company will file with the SEC at or around the time of the spin-off, including the section “Risk Factors” included in the Company’s Form 20 -F Registration Statement filed with the SEC. The information filed with the SEC will be available on the SEC’s website at http://www.sec.gov. 2
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Costamare Bulkers Holdings Limited Section 1 Transaction Overview 5 Section 2 Costamare Bulkers Overview & Strategy 8 Section 3 Financial Considerations 15 Section 4 Industry Dynamics 19 Section 5 Key Investment Highlights 24 Section 6 Appendices 31 Agenda 3
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Costamare Bulkers Holdings Limited Today’s Participants Gregory Zikos Chief Executive Officer & BoD Member Dimitris Pagratis Chief Financial Officer Jens Jacobsen Chief Commercial Officer & BoD Member • CEO and member of the Board of Directors since inception • CFO and member of the Board of Directors of Costamare Inc. • CFO since inception • Finance Director of Costamare Shipping Services • CCO and member of the Board of Directors since inception • Managing Director of Costamare Bulkers Services APS 4
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SECTION 1 Transaction Overview 5
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Costamare Bulkers Holdings Limited Spin -Off Highlights Transaction Costamare Inc. (CMRE) Costamare Bulkers Holdings Limited (CMDB) Containership Fleet ✓ Retained - Neptune Maritime Leasing ✓ Retained - Dry Bulk Vessels - Spun Off ✓ 38 Owned Vessels CBI Platform - Spun Off ✓ 48 Chartered-In Vessels Post-Spin Structure Spin-off creates two players: A global containership owner and a pure-play dry bulk owner / operator Costamare Inc. Container Vessels, Dry Bulk Vessels, Costamare Bulkers Inc. (CBI), Neptune Maritime Leasing Limited Costamare Bulkers Holdings Limited (Costamare Bulkers) Dry Bulk Vessels and CBI Costamare Inc. Container Vessels and Neptune Maritime Leasing Limited Spin Costamare Bulkers Holdings Limited to Existing CMRE Shareholders • Costamare Inc. intends to spin-off its dry bulk business into a standalone company, Costamare Bulkers – Costamare Inc. will remain a global container shipping provider, retaining the owned container vessels and Neptune Maritime Leasing Limited – Costamare Bulkers will be an international owner and operator of dry bulk vessels, holding the owned dry bulk vessels and the CBI operating platform • Costamare Bulkers is expected to trade on the New York Stock Exchange under the ticker CMDB • There can be no assurance that a separation transaction will occur, or if one does occur, of its terms or timing 6
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Costamare Bulkers Holdings Limited Strategic Rationale • Positions the two separate listed companies to pursue distinct operating priorities and strategic initiatives • Enables management of both companies to focus on the unique opportunities presented in each sector • Provides an opportunity for stakeholders to invest in a “pure-play” international dry bulk shipping company • Optimizes capital structure ensuring capital is efficiently deployed based on the characteristics of each business • Simplifies corporate structure to enhance manageability and operational efficiency 7
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SECTION 2 Costamare Bulkers Overview & Strategy 8
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Costamare Bulkers Holdings Limited Costamare Bulkers is Built Upon a Rich History in the Shipping Industry Our History • The Konstantakopoulos family (our sponsor investor) has a long history of operating and investing in the international shipping industry • Over time, Costamare has built strong global relationships with charterers, shipyards, brokers and commercial shipping lenders and has established a reputation for reliable shipping services • Ongoing sponsorship of the Costamare brand will offer unique industry exposure and bolster commercial success 2021 Costamare Inc, Begins Acquiring Dry Bulk Vessels 1974 Konstantakopoulos Family Entry into the Shipping Industry 2008 Costamare Inc. Formed 2010 Costamare Inc. Initial Public Offering – 100% Invested in the Containership Sector 2022 Costamare Inc. Establishes CBI (Dry Bulk Operating Platform) 2025 New Dry Bulk Entity Costamare Bulkers (“CMDB”) to be Spun-Off from Costamare Inc. Greek Shipping Personality of the Year (1) 2021 Ship Operator of the Year 2015 Company of the Year 2014 Bank Debt Deal of the Year 2022 Select Awards 9 Note: 1. Reflects title awarded to Costamare Inc. Chairman and CEO Konstantinos Konstantakopoulos
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Costamare Bulkers Holdings Limited An International Dry Bulk Shipping Owner and Operator Introducing Costamare Bulkers Diverse Range of Cargos Serving Established Blue-Chip Customer Base 2024A Cargo Type Mix and Geographical Distribution (2) (%) 14% 7% 39%4% 5% 8% 23% Africa Asia Australia & New Zealand Europe Middle East & India North America South America 86 Owned and Chartered-In Vessels (1) 6 Global Offices / Agencies 1.1K Shore Staff and Crew 50+ Industrial Customers 70% 5% 14% 3% 8% Iron Ore & Other Ores Grains Coal Bauxite Other Minor Bulks 63% Strong Sponsor Shareholding Ensures Support and Interest Alignment 50+ Years of Costamare Shipping Industry Experience Select Customers 10 Notes: 1. Includes vessels that are chartered in on period charters from third party owners; figures as of March 13, 2025 2. Includes owned fleet and CBI vessels employed on voyage charters
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Costamare Bulkers Holdings Limited Advantages of Our Owner -Operator Model 48 Chartered-In Vessels 7.8MM DWT Capacity 38 Owned Vessels 3.0MM DWT Capacity Strengths of Owner-Operator Model ✓ Differentiated and complementary service offering ✓ Enhanced commercial flexibility ✓ Commercial and operational synergies ✓ Flexible risk-reward profile ✓ Large tonnage capacity allows the securing of large COAs not accessible to smaller owners / operators ✓ Easier access to cargos leading to higher utilization of the owned fleet ✓ Greater flexibility to optimize fleet positioning and take advantage of potential geographical dislocations and triangulation opportunities ✓ Sharing of hedging, risk management, and research capabilities ✓ De-risking the business overall via increased opportunities to pursue both asset-based strategies and pure trading themes CBI Operating Platform • Diversified, well-maintained fleet along with an experienced ship management team • Low financial leverage facilitating the employment of vessels in the spot market, thus offering increased revenue potential in a rising charter rate environment • Optionality to convert index-linked (ie floating) time charters into fixed rate ones, thereby providing protection in a weak rates environment Owned Dry Bulk Fleet • Active commercial strategy setting directional or relative value positions on dry bulk freight rates • Securing vessels through a mix of short-, medium-, and long-term charters • Employment of vessels via spot / forward voyage charters, contracts of affreightment and time charter relets • Optionality to extend time charters – in via exercising optional periods (1) (1) (1) (1) 38 Owned Vessels 3.0MM DWT Capacity 48 Chartered-In Vessels 7.8MM DWT Capacity 11 Note: 1. Vessel figures as of March 13, 2025
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Costamare Bulkers Holdings Limited Initial Investment in a Low Asset Price Environment – Owned Fleet Development Ongoing Focus on Optimizing Fleet Composition Through Tactical Timing of Vessel Sales and Acquisitions (1) 2021 2023–2024 2025 Decision to Invest in the Dry Bulk Sector at an Opportune Time Decision to Migrate Towards Larger-Sized Fleet 6 2 3 9 4 3 1 11 5 0 10 20 30 5 15 25 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Kamsarmaxes/Panamaxes Purchased Ultramaxes Purchased Supramaxes Purchased Handysizes Purchased 10Y Kamsarmax Value 10Y Ultramax Value 15Y Supramax Value 10Y Handysize Value Diverse Fleet Developed Through Timely Acquisitions Asset Value; $MM Vessels Purchased Actively Managed Fleet and Strategy (2) Fleet Composition by Vessel Count; 2021–2024 6 6 8 8 8 8 17 (7) 10 16 (10) 6 55 (17) 38 Vessels Purchased Vessels Sold Current Fleet Capesize Kamsarmax/Panamax Ultramax Supramax Handysize 2020 2021 2022 Source: Clarksons Research, Company Data 12 Notes: 1. Subject to market conditions 2. Includes one vessel reported as held for sale as of March 13, 2025 2
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Costamare Bulkers Holdings Limited History of Investment and New Operating Framework – Positioning CBI for Balanced Growth OFFICES • Athens: Chartering / Operations / Sale & Purchase / Accounting / Performance Monitoring / Bunkering / IT • Monaco: Derivatives Operations AGENCIES • Singapore: Chartering / Cargo Sourcing / Operations / Bunkering / Research / Performance Monitoring • Hamburg: Chartering / Cargo Sourcing / Operations / Business Analytics • Copenhagen: Chartering / Cargo Sourcing / Sale & Purchase / Operations • Tokyo: Sale & Purchase / Operations 2022 2023 2024 2025 Formation of CBI (Dry Bulk Operating Platform) New Priorities Set: • Balanced Growth • Active Management of Positions • Emphasis on Risks / Rewards Expansion of the Chartered-In Fleet and Cargo Book Change in Management Global Network Athens Monaco CopenhagenHamburg Tokyo Singapore 2 Office Locations 4 Agency Locations 13
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Costamare Bulkers Holdings Limited Two-Pronged Strategy – Key Differentiator vs. Peers Owned Dry Bulk Fleet (Asset Ownership Strategy) CBI Operating Platform (Commercial/Operational Strategy) • Focus on index-linked charters with flexibility to lock in fixed rates and capitalize on favorable market conditions • Focus on balancing the book and on risk management • Efficient cost management • Take market position complementing the long positions of owned ships • Migrate towards larger tonnage by swapping Handysize and Supramax vessels with Ultramax, Panamax and Capesize vessels • Enhance synergies with owned fleet • Capitalize on global access provided by CBI including research, in order to enhance synergies • Market leading in-house research and business analytics capabilities 14
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SECTION 3 Financial Considerations 15
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Costamare Bulkers Holdings Limited Liquidity ($MM) FY2024 Adj. FY2024 As Adj. Cash and Cash Equivalents and Restricted Cash 60 100 160 Hunting License -- 100 100 Total Liquidity 60 200 260 Debt FY2024 Adj. FY2024 As Adj. Bank Debt (4) 336 (164) 172 Related Party Loans 85 (85) -- Total Debt 421 (249) 172 Net Debt(6) (Total Debt - Cash and Cash Equivalents and Restricted Cash) 12 Owned Fleet Charter Free Value (3) 719 Leverage(6) (Net Debt / Owned Fleet Charter Free Value) 1.7% Strong Liquidity with Minimum Financial Leverage • Prior to the completion of the spin-off, Costamare Inc. will: – Contribute $100MM (1) of cash and cash equivalents to the Company – Prepay $150MM of the Company’s total long-term debt – Forgive $85MM of the Company’s related party loans • Costamare Inc. has paid $14MM, since January 1, 2025, in connection with the Company’s scheduled long-term debt repayments and has made one prepayment of the Company’s total long-term debt in connection with the sale of one of its vessels • The Company has a commitment from a European financial institution for a $100MM hunting license facility (2) • The charter free value of the Company’s owned fleet is estimated at $719MM as of March 31, 2025 (3) 16 Notes: 1. In addition to cash and cash equivalents held by the Company as of the spin-off date 2. As of March, 13, 2025; subject to final documentation 3. Charter free market value of $719MM based on management estimates and assumptions, making use of available market data and taking into consideration third-party valuations 4. Bank Debt includes current and non-current portion of long-term debt, net of deferred financing costs 5. $164MM split between (a) $150MM long-term debt prepayments by Costamare Inc. expected to be made prior to completion of the spin-off and (b) $14MM, in aggregate, of scheduled long-term debt repayments as per the terms of the respective loan agreements and one prepayment made in connection with the sale of one of its vessels, that have been made since January 1, 2025 6. This is a non-GAAP measure (5)
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Costamare Bulkers Holdings Limited ($MM) FY2024 Adj. FY2024 As Adj. Vessels Carrying Values (1) 691 28 719 Cash and Cash Equivalents, Restricted Cash and Margin Deposits 105 100 205 Other Assets (4) minus Other Liabilities (5) 47 -- 47 Assets minus Other Liabilities 843 128 971 Total Debt (6) 421 (249) 172 NAV (Assets minus Other Liabilities minus Total Debt) 799 • Costamare Bulkers maintains a diverse and well-maintained fleet, commanding a charter free market value estimated at $719MM (as of March 31, 2025), which is $28MM above the vessels carrying values (1) as of end 2024 • The Company prioritizes robust liquidity via cash reserves and strong operating cash flows • The Company maintains minimum financial leverage, which leads to lower breakeven expenses for the owned fleet Enhanced Value Post Spin -Off 17 Notes: 1. Vessels and advances, net plus deferred charges, net 2. Adjustment reflects difference between FY2024 vessels carrying values of $691MM and estimated charter free market value of $719MM as of March 31, 2025 3. Adjustment reflects $100MM of cash and cash equivalents to be contributed by CMRE prior to completion of the spin-off 4. Includes current and non-current assets, other than vessels and advances, net; deferred charges, net; cash and cash equivalents; restricted cash and margin deposits 5. Includes current and non-current liabilities, other than long-term debt and related party loans 6. Long-term debt (current and non-current portion, net of deferred financing costs) and related party loans 7. $249MM split between (a) $150MM long-term debt prepayments by Costamare Inc. expected to be made prior to completion of the spin-off, (b) $14MM, in aggregate, of scheduled long-term debt repayments as per the terms of the respective loan agreements and one prepayment made in connection with the sale of one of its vessels, that have been made since January 1, 2025 and (c) forgiveness of $85MM of the Company’s related party loans (7) (2) (2) (3)
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Costamare Bulkers Holdings Limited Disciplined Capital Allocation Priorities Invest in the Business for Growth Return Capital to Shareholders • Continue to opportunistically engage in acquisitions or disposals to maximize shareholder value • Variable dividends, subject to Board of Directors discretion 18 • Continue to invest in the CBI platform and capitalize on directional / relative-value strategies to enhance earnings • Payment of dividends will depend, among others, on: - Board of Directors decision on capital allocation and projected capital expenditure - Liquidity levels - Operating cash flows • Focus on balancing shareholder returns with prudent financial management
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SECTION 4 Industry Dynamics 19
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Costamare Bulkers Holdings Limited Capesize Exhibits Sustained Demand Above Long - Term Levels Iron Ore Coal Bauxite Typical Cargos % Share of Global dwt 39% Average Age 11 Main Trade Routes Long-Haul Trade Routes, often into Asia or Cross-Atlantic Supply / Demand Dynamics • Recent demand supported by record Chinese iron ore and coal imports, along with Red Sea disruptions • Robust asset pricing given orderbook constraints Vessel Type 0 10 20 30 40 0 20 40 60 80 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Newbuild 5 Year Old Timecharter 0 100 200 300 400 2000 2005 2010 2015 2020 2025 1 Year Timecharter Rates and Asset Prices $MM (Newbuild, 5 Year Old) $000s/Day (Timecharter) Fleet Development MM dwt100K+ dwt Orderbook Orderbook Delivery Schedule (No. Ships) Number MM DWT % Fleet 2025 2026 2027 2028+ 147 31.5 7.8% 38 51 32 26 Source: Clarksons Research, February 2025 20
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Costamare Bulkers Holdings Limited Panamax Well Positioned to Continue Capturing Industrial Tailwinds Long-Haul and Shorter-Haul. May Transit Panama Canal Coal Grain Bauxite Iron Ore Typical Cargos % Share of Global dwt 25% Average Age 12 Main Trade Routes Supply / Demand Dynamics • Recent demand supported by coal trade and rebounding Ukrainian exports • Panamax fleet growth generally remains moderate in relation to historical levels Vessel Type 1 Year Timecharter Rates and Asset Prices $MM (Newbuild, 5 Year Old) $000s/Day (Timecharter) Fleet Development MM dwt70K–100K dwt Source: Clarksons Research, February 2025 0 10 20 30 40 0 20 40 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Newbuild 5 Year Old Timecharter 0 100 200 300 2000 2005 2010 2015 2020 2025 Orderbook Orderbook Delivery Schedule (No. Ships) Number MM DWT % Fleet 2025 2026 2027 2028+ 434 36.0 13.7% 125 170 108 31 21
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Costamare Bulkers Holdings Limited Source: Clarksons Research, February 2025 Handymax Demand Driven by Need for Larger Yet Flexible Vessels Primarily Medium-Haul and Short-Haul Iron Ore Coal Grain Other Minor Bulks Typical Cargos % Share of Global dwt 24% Average Age 12 Main Trade Routes Supply / Demand Dynamics • Demand driven by flexibility with respect to cargos and ability to serve diverse set of global ports • Less supply constrained than larger vessel types Vessel Type 1 Year Timecharter Rates and Asset Prices $MM (Newbuild, 5 Year Old) $000s/Day (Timecharter) Fleet Development MM dwt45K–70K dwt 0 10 20 30 40 0 20 40 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Newbuild 5 Year Old Timecharter 0 100 200 300 2000 2005 2010 2015 2020 2025 Orderbook Orderbook Delivery Schedule (No. Ships) Number MM DWT % Fleet 2025 2026 2027 2028+ 469 29.7 12.0% 171 165 110 23 22
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Costamare Bulkers Holdings Limited Source: Clarksons Research, February 2025 High Versatility Solidifies Handysize Positioning Primarily Medium- and Short-Haul and Intra Regional Routes Bauxite Steel Products Forest Products Agribulks Scrap Typical Cargos % Share of Global dwt 12% Average Age 14 Main Trade Routes Supply / Demand Dynamics • Demand driven by flexibility with respect to cargos and ability to serve diverse set of global ports • Attractive fleet demographics, combining high average age with modest orderbook Vessel Type 1 Year Timecharter Rates and Asset Prices $MM (Newbuild, 5 Year Old) $000s/Day (Timecharter) Fleet Development MM dwt10K–45K dwt 0 20 40 0 20 40 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Newbuild 5 Year Old Timecharter 0 100 200 2000 2005 2010 2015 2020 2025 Orderbook Orderbook Delivery Schedule (No. Ships) Number MM DWT % Fleet 2025 2026 2027 2028+ 304 11.2 8.8% 156 115 28 5 23
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SECTION 5 Key Investment Highlights 24
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Costamare Bulkers Holdings Limited Sustained Drivers of Costamare Bulkers’ Differentiation • Attractive Entry Point in the Dry Bulk Sector • Founding Sponsor’s Ownership Above 60%, Fully Aligning Interests with Third Party Investors • Clear Market Strategy Designed to Grow Opportunistically while Maintaining Financial Health • Enhanced Market Access and Synergies Offered by the Combination of the Owned Fleet and Operating Platform • Dynamic and Flexible Fleet Employment Strategy • Well-Capitalized with Low Financial Leverage and the Ability to Grow • Diverse and Well-Maintained Fleet • Experienced Team Skilled in Vessel Operations and Fleet Management 25
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Costamare Bulkers Holdings Limited Experienced Leadership Team Other Current Experience: Chief Commercial Officer, Costamare Inc Past Experience: VP and Head of Chartering/S&P/Newbuildings, A.P. Moller-Maersk; Commercial Director; Ship Finance International Peter Lund Position: Class II Director (Non-Executive) Other Experience: Head of Shipping Greece and Member of Greek Executive Committee, HSBC Continental Europe; Shipping Relationship Manager, Laiki Bank (Hellas) S.A. Other Board Experience: Non-Executive Director, Neptune Maritime Leasing Limited Katerina Eleftheriou Position: Class III Director (Non-Executive) Other Current Experience: Head of London, Shipping and Member of Lending Services UK Management Team, Managing Director, ING Bank N.V. Past Experience: Head of Shipping, Offshore & Logistics EMEA, DNB Bank; Director in Structured Finance, RBS; Ship Finance, Berliner Bank AG David Grant Position: Class II Director (Non-Executive) Other Current Experience: CFO, Costamare Inc. Other Board Experience: Board Member, Costamare Inc. Past Experience: CFO DryShips, Inc. Gregory Zikos Position: Chief Executive Officer & Class III Director Other Current Experience: Board Member of CBI; Managing Director, Costamare Bulkers Services APS Other Board Experience: Board Member, Oldendorff Carriers, GmbH & Co. KG Past Experience: Executive Director, Oldendorff Carriers, GmbH; Competitive Shipbroker at Arrow Shipbroking Group and Maersk Broker K/S Jens Jacobsen Position: Chief Commercial Officer & Class I Director Other Current Experience: Finance Director, Costamare Services Past Experience: Senior Relationship Manager, DNB Bank; Corporate Finance and Treasury Manager, Tsakos Shipping Group Dimitris Pagratis Position: Chief Financial Officer Other Current Experience: General Counsel and Secretary, Costamare Inc Past Experience: Chairman, Hellenic Capital Markets Commission; Executive Committee, Alexander S. Onassis Foundation Anastassios Gabrielides Position: General Counsel and Secretary Director Management 26
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Costamare Bulkers Holdings Limited Diverse and Well -Maintained Fleet Provides Commercial Advantage High Quality Fleet Reduces Operating Costs, Improves Safety and Quality, and Provides a Competitive Advantage in Employing Ou r Vessels Dry Bulk Carrier Vessel Category Owned Fleet Count (1) CBI Fleet Count (2) Total Fleet Count Total Owned Capacity (000s dwt) (1) Average Owned Age (1) Total CBI Capacity (000s dwt) (2) Average CBI Age (2) Newcastlemax / Capesize 6 34 (3) 40 1,078 14 6,616 (3) 10 (3) Kamsarmax / Panamax 8 14 (4) 22 648 14 1,146 (4) 8 (4) Ultramax 8 - 8 501 10 - - Supramax 10 - 10 574 15 - - Handysize 6 - 6 216 14 - - Total 38 48 86 3,017 13 7,762 10 27 Notes: 1. Includes one vessel that we have agreed to sell, as of March 13, 2025 2. Includes one vessel not yet delivered to CBI, excludes two Kamsarmax vessels currently under construction that CBI has agreed to charter-in and excludes five vessels chartered-in from our owned fleet, as of March 13, 2025 3. Excludes four vessels chartered-in from our owned fleet, as of March 13, 2025 4. Excludes one vessel chartered-in from our owned fleet , as of March 13, 2025
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Costamare Bulkers Holdings Limited Owned Fleet Commercial Operations • Vessel utilization close to 100% reflecting: ‒ Strong chartering performance ‒ Efficient technical maintenance of the fleet • As of December 31, 2024, Owned Fleet employed primarily on short- and medium-term charters, essentially being exposed to the fluctuations of the spot freight market • Since the beginning of 2025, spot exposure actively monitored. More specifically, as of March 13, 2025, 9 of our 19 vessels which were employed under index linked charters have been converted to fixed rates • As of March 13, 2025, 28% of our owned fleet available days until the end of Q2 2025 have been secured at fixed rates. Owned Dry Bulk Fleet Utilization (%) (1) 96% 97% 98% 98% 99% 97% Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 28 Notes: 1. Fleet Utilization represents the number of days our vessels are employed divided by Available Days and includes owned vessels which are chartered out to CBI
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Costamare Bulkers Holdings Limited Key Vessel Initiatives Commitment to Sustainability and Energy Management Strong Commercial Approach with Commitment to Sustainability • We are dedicated to exploring solutions to mitigate our environmental footprint and actively participate in the creation of a more sustainable future and maritime industry • Via fleet renewal, asset design optimization, performance monitoring and best practice operational management, we seek to improve our overall efficiency • We continuously work towards improving the environmental performance of the fleet to best position ourselves in the commercial landscape • We have established our own sustainability department which investigates and evaluates decarbonization efforts for the benefit of the environment, customers and generations to come Memberships and Awards: Getting to Zero Coalition Hellenic Marine Environment Protection Association (HELMEPA) The Maritime Anti-Corruption Network (MACN) The International Maritime Employers’ Council (IMEC) 29 Vessel trim optimization analysis to improve ship’s performance and reduce energy consumption Utilization of an automatic performance assessment system to monitor vessel fuel consumption and promptly correct issues Active screening of the market for retrofit solutions to improve the energy efficiency of the existing fleet✓ ✓ ✓
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Costamare Bulkers Holdings Limited Questions? 30
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APPENDIX Supplemental Materials 31
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Costamare Bulkers Holdings Limited Current Owned Fleet # Vessel Name Type Size (dwt) Year Built Employment Type/Earliest Redelivery for Period Time Charters Rate Type 1 FRONTIER (a) Capesize 181,415 2012 Period Time Charter/June 2025 Index-Linked 2 MIRACLE (b) Capesize 180,643 2011 Period Time Charter/December 2025 Index-Linked 3 PROSPER (a) Capesize 179,895 2012 Period Time Charter/June 2025 Index-Linked 4 DORADO (a) Capesize 179,842 2011 Period Time Charter/July 2025 Index-Linked 5 MAGNES (a) Capesize 179,546 2011 Period Time Charter/June 2025 Index-Linked 6 ENNA (b) Capesize 175,975 2011 Period Time Charter/December 2025 Index-Linked 7 AEOLIAN (b) Kamsarmax 83,478 2012 Period Time Charter/November 2025 Index-Linked 8 GRENETA Kamsarmax 82,166 2010 Time Charter Trip (Current); Period Time Charter/December 2025 (Future) Fixed (Current); Index-Linked (Future) 9 HYDRUS Kamsarmax 81,601 2011 Time Charter Trip Fixed 10 PHOENIX (a) Kamsarmax 81,569 2012 Period Time Charter/July 2025 Index-Linked 11 BUILDER Kamsarmax 81,541 2012 Period Time Charter/August 2025 Fixed 12 FARMER (b) Kamsarmax 81,541 2012 Period Time Charter/December 2025 Index-Linked 13 SAUVAN Kamsarmax 79,700 2010 Time Charter Trip Fixed 14 ROSE (c) Panamax 76,619 2008 Time Charter Trip Fixed 15 MERCHIA Ultramax 63,585 2015 Dry-Dock (Current); Period Time Charter/March 2026 (Future) Index-Linked (Future) 16 DAWN Ultramax 63,561 2018 Period Time Charter/February 2026 Fixed 17 SEABIRD Ultramax 63,553 2016 Period Time Charter/September 2025 Fixed 18 ORION Ultramax 63,473 2015 Dry-Dock (Current); Period Time Charter/January 2026 (Future) Index-Linked (Future) 32 Notes: a. Denotes vessels that are chartered-out to CBI, as of March 13, 2025 b. Although charter hire rate is index-linked, we have exercised our option and have converted the rate to fixed for a certain period, as of March 13, 2025 c. Denotes vessel that we have agreed to sell, as of March 13, 2025
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Costamare Bulkers Holdings Limited Current Owned Fleet (Cont’d) # Vessel Name Type Size (dwt) Year Built Employment Type/Earliest Redelivery for Period Time Charters Rate Type 19 DAMON Ultramax 63,301 2012 Period Time Charter/March 2025 (Current); Time Charter Trip (Future) Fixed (Current + Future) 20 ARYA Ultramax 61,424 2013 Period Time Charter/February 2026 Index-Linked 21 ALWINE Ultramax 61,090 2014 Open/Vessel currently in Dry-Dock - 22 AUGUST Ultramax 61,090 2015 Open/Vessel currently in Dry-Dock - 23 ATHENA Supramax 58,018 2012 Operated by Third-Party Pool - 24 ERACLE Supramax 58,018 2012 Time Charter Trip Fixed 25 PYTHIAS Supramax 58,018 2010 Time Charter Trip Fixed 26 NORMA Supramax 58,018 2010 Time Charter Trip Fixed 27 URUGUAY (b) Supramax 57,937 2011 Period Time Charter/June 2026 Index-Linked 28 CURACAO (b) Supramax 57,937 2011 Period Time Charter/June 2026 Index-Linked 29 SERENA Supramax 57,266 2010 Time Charter Trip Fixed 30 LIBRA Supramax 56,701 2010 Period Time Charter/March 2025 Fixed 31 CLARA (b) Supramax 56,557 2008 Period Time Charter/October 2025 Index-Linked 32 BERMONDI Supramax 55,469 2009 Time Charter Trip Fixed 33 VERITY (b) Handysize 37,163 2012 Period Time Charter/November 2025 Index-Linked 34 PARITY Handysize 37,152 2012 Period Time Charter/May 2025 Fixed 35 ACUITY Handysize 37,152 2011 Period Time Charter/April 2025 Index-Linked 36 EQUITY (b) Handysize 37,071 2013 Period Time Charter/November 2025 Index-Linked 37 BERNIS Handysize 35,995 2011 Time Charter Trip Fixed 38 RESOURCE Handysize 31,775 2010 Time Charter Trip Fixed 33 Note: b. Although charter hire rate is index-linked, we have exercised our option and have converted the rate to fixed for a certain period, as of March 13, 2025
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Costamare Bulkers Holdings Limited Current CBI Fleet # Vessel Name Type Size (dwt) Year Built Earliest Expiry of Charter-In Rate Type of Charter-In 1 BERGE ZUGSPITZE Newcastlemax 211,182 2016 January 2026 Index-Linked 2 BERGE GROSSGLOCKNER Newcastlemax 211,171 2017 January 2026 Index-Linked 3 SHANDONG PROSPERITY Newcastlemax 211,103 2021 September 2026 Index-Linked 4 SHANDONG INNOVATION Newcastlemax 210,989 2021 December 2026 Index-Linked 5 SHANDONG HAPPINESS Newcastlemax 210,938 2021 November 2026 Index-Linked 6 ARISTOMENIS Newcastlemax 210,914 2021 April 2025 Index-Linked 7 SHANDONG MIGHTINESS Newcastlemax 210,896 2021 September 2026 Index-Linked 8 SHANDONG MISSION Newcastlemax 210,800 2021 November 2026 Index-Linked 9 SHANDONG RENAISSANCE Newcastlemax 210,800 2022 December 2026 Index-Linked 10 ALPHA TREASURE Newcastlemax 209,260 2022 March 2025 Index-Linked 11 ALPHA TROPHY Newcastlemax 209,130 2022 March 2025 Index-Linked 12 BERGE DACHSTEIN Newcastlemax 208,718 2020 June 2025 Index-Linked 13 BULK SANTOS Newcastlemax 208,445 2020 April 2025 Index-Linked 14 BULK SAO PAULO Newcastlemax 208,445 2020 April 2025 Index-Linked 15 TITANSHIP Newcastlemax 207,855 2011 September 2026 Index-Linked 16 MEISHIP Newcastlemax 207,851 2013 March 2026 Index-Linked 17 MINERAL CLOUDBREAK (a) Newcastlemax 205,097 2012 December 2025 Index-Linked 18 FRONTIER (b) Capesize 181,415 2012 June 2025 Index-Linked 19 ICONSHIP (a) Capesize 181,392 2013 February 2026 Index-Linked 34 Notes: a. Although charter hire rate is index-linked, owners have exercised their option and have converted the rate to fixed for a certain period, as of March 13, 2025 b. Denotes vessels that are chartered-in from our owned fleet, as of March 13, 2025
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Costamare Bulkers Holdings Limited Current CBI Fleet (Cont’d) # Vessel Name Type Size (dwt) Year Built Earliest Expiry of Charter-In Rate Type of Charter-In 20 CAPE PROTEUS Capesize 180,585 2011 January 2026 Fixed 21 MANDY Capesize 180,371 2010 August 2026 Index-Linked 22 MILLIE Capesize 180,310 2009 July 2025 Index-Linked 23 MILLICENT Capesize 180,223 2011 April 2025 Index-Linked 24 ATHENS Capesize 180,012 2012 June 2025 Index-Linked 25 PROSPER (b) Capesize 179,895 2012 June 2025 Index-Linked 26 DORADO (b) Capesize 179,842 2011 July 2025 Index-Linked 27 TOMINI K2 Capesize 179,816 2014 January 2027 Fixed 28 MARIJEANNIE C Capesize 179,759 2009 January 2026 Index-Linked 29 SHANDONG HENG CHANG Capesize 179,713 2013 December 2025 Index-Linked 30 MILDRED Capesize 179,678 2011 February 2026 Index-Linked 31 MARIPERLA Capesize 179,561 2009 January 2026 Index-Linked 32 MAGNES (b) Capesize 179,545 2011 June 2025 Index-Linked 33 NAVIOS FULVIA (c) Capesize 179,263 2010 October 2026 Index-Linked 34 NAVIOS ALTAMIRA Capesize 179,165 2011 October 2026 Index-Linked 35 NAVIOS LUZ (a) Capesize 179,144 2010 October 2025 Index-Linked 36 LORDSHIP Capesize 178,838 2010 January 2026 Index-Linked 37 CAPE AQUA Capesize 178,055 2009 July 2025 Index-Linked 38 MILESTONE Capesize 176,354 2010 February 2026 Index-Linked 35 Notes: a. Although charter hire rate is index-linked, owners have exercised their option and have converted the rate to fixed for a certain period, as of March 13, 2025 b. Denotes vessels that are chartered-in from our owned fleet, as of March 13, 2025 c. Denotes vessels not yet delivered to CBI, as of March 13, 2025
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Costamare Bulkers Holdings Limited Current CBI Fleet (Cont’d) # Vessel Name Type Size (dwt) Year Built Earliest Expiry of Charter-In Rate Type of Charter-In 39 W-SMASH Kamsarmax 82,742 2013 November 2025 Index-Linked 40 SAPHIRA Kamsarmax 82,577 2021 April 2026 Fixed 41 DAISY GLORY Kamsarmax 82,058 2019 April 2025 Fixed 42 TRIKERI Kamsarmax 82,016 2023 April 2025 Index-Linked 43 NAVIOS LIBRA (a) Kamsarmax 82,011 2019 January 2026 Index-Linked 44 MINIMATA Kamsarmax 82,000 2023 June 2025 Index-Linked 45 AOM MARIA LAURA Kamsarmax 81,800 2021 April 2026 Fixed 46 W-EMERALD Kamsarmax 81,709 2012 August 2025 Index-Linked 47 ASL JUPITER Kamsarmax 81,641 2012 March 2025 Fixed 48 NAVIOS CITRINE (a) Kamsarmax 81,626 2017 January 2026 Index-Linked 49 AOM BIANCA Kamsarmax 81,600 2017 November 2025 Fixed 50 PHOENIX (b) Kamsarmax 81,569 2012 July 2025 Index-Linked 51 KYNOURIA Kamsarmax 81,354 2012 November 2026 Index-Linked 52 KROUSSON Kamsarmax 81,351 2011 July 2026 Index-Linked 53 GEORGITSI Kamsarmax 81,309 2012 September 2026 Index-Linked 36 Notes: a. Although charter hire rate is index-linked, owners have exercised their option and have converted the rate to fixed for a certain period, as of March 13, 2025 b. Denotes vessels that are chartered-in from our owned fleet, as of March 13, 2025
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Costamare Bulkers Holdings Limited Overview of When -Issued Trading • Record Date • If you owned Costamare Inc. shares at 5:00 p.m. New York City time on the record date, you would be entitled to our shares distributed pursuant to the distribution • Record Date to be Announced at a Later Date • When-Issued Trading • When-issued trading will begin approximately three trading days before the distribution date • Distribution Date • On the distribution date, regular-way trading is expected to begin 1 2 3 Pre-Close Post-Close 37
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