Monaco-based dry bulk owner and operator Costamare Bulkers Holdings reported net income of $16.6 million, or $0.68 per share, for the third quarter of 2026. This compares with $7.4 million in the same period of 2025 and $5.2 million in the second quarter.
Total voyage revenue fell to $131.5 million from $222.9 million a year earlier. The company attributed the lower revenue and improved earnings partly to the downsizing of its operating platform fleet.
That downsizing followed the transfer of its trading book to Cargill International, agreed at the end of the third quarter of 2025, together with measures to cut the platform's operating expenses.
Adjusted net income was $12.4 million, or $0.51 per share. Reported net income included a gain of about $2.5 million on the sale of the 2009-built supramax Bermondi and $7.7 million in net derivative gains.
Owned-fleet time charter equivalent (TCE) earnings averaged $17,550 per day, up from $14,016 per day a year earlier. Utilisation slipped to 94.8 per cent from 98.4 per cent, with four vessels completing dry-docking or special surveys during the quarter.
The company has signed commitments for $133 million in new loan facilities, secured by 18 vessels, to refinance all of its existing debt. The commitments remain subject to final documentation.
The company expects the facilities to lower financing margins and move maturities from the fourth quarter of 2029 to between the fourth quarter of 2031 and the first quarter of 2032. The number of unencumbered vessels is expected to rise from three to 11.
"With total cash exceeding debt by approximately $142 million, the company is net cash positive, positioning us favorably to grow countercyclically in a low asset value environment," said CEO Gregory Zikos.
As of November 10, the company owned 29 vessels totalling about 2.6 million DWT. Its CBI trading platform operated 32 chartered-in vessels, primarily Kamsarmax and Panamax bulk carriers. Management estimates that about 80 per cent of owned-fleet available days in the fourth quarter are covered at fixed rates.
Costamare Bulkers was spun off from Costamare in May 2025.
