Costamare Bulkers Holdings Ltd. Q1 FY2026 earnings call

• Balance Sheet De-Risking Progress:

  • The majority of the company's legacy trading portfolio has been transferred to Kaggle per the agreed deal, substantially de-risking the firm's balance sheet.
  • Only a small number of remaining legacy positions are left; management expects all legacy trades to be cleared from the trading platform by the end of 2026.
  • As of Q1 2026, the company holds ~$270 million in cash and ~$140 million in debt, making it net cash positive with $130 million in net cash position.

• Fleet Management and Transactions:

  • Management concluded the sale of one 2011-built KHI Cape-sized vessel, generating approximately $7 million in capital gains.
  • The firm acquired one 2018-built Ultramax vessel, and took delivery of one newbuilding. A second newbuilding is expected to be delivered under a similar long-term charter structure.
  • The delivered newbuilding is chartered-in for a minimum 5-year period (with extension and purchase options), and has already been chartered-out for 11 months at a profitable rate.
  • The company's current focused operating portfolio consists of 20 third-party owned charter-out vessels, concentrated in the dry bulk Capesize segment.

• Market Conditions:

  • Dry bulk shipping markets saw higher-than-average volatility in the first four months of 2026, driven by trading activity inefficiencies and geopolitical instability.
  • Cape-sized vessel earnings were supported by strong iron ore and bauxite shipment volumes, limited fleet capacity growth, and expanded West Africa-China trade flows for both commodities.
  • The Panamax Index was boosted by a record Brazilian soybean harvest and the 2025 U.S.-China trade agreement, which drove increased long-haul soybean shipments in Q1.
  • The Supermax segment had a solid start to 2026, as increased grain and minor bulk shipments offset the negative impact of the Strait of Hormuz closure that cut Persian Gulf export volumes by roughly 50%.

This earning call transcript does not break out financial performance for distinct product segments. Aggregate Q1 2026 results include management income of $12.4 million, reported net income of $9.9 million (equal to $0.41 per share), and adjusted income of $3.4 million (equal to $0.51 per share). No segment-level absolute financial figures or revenue contribution percentages are provided.

• Management expects to fully clear all remaining legacy trading positions from the company's platform by the end of 2026, completing the balance sheet de-risking process.
  • The company's net cash positive position positions it to pursue countercyclical growth amid the current lower dry bulk asset value environment.
  • A second newbuilding is expected to be delivered in the near term under a long-term charter agreement with similar extension and purchase options to the already delivered vessel.
  • No formal full-year financial or operating guidance was provided, and no upward or downward revisions to prior guidance were announced.

• Elevated market volatility relative to historical averages, driven by market activity inefficiencies and ongoing geopolitical instability, creates business uncertainty.
  • The Strait of Hormuz closure reduced Persian Gulf export volumes by approximately 50%, creating negative headwinds for the Supermax dry bulk segment that was only partially offset by other cargo flows.
  • Geopolitical trade disruptions continue to add uncertainty to shipping demand and route dynamics.

No questions were submitted by participants during the question and answer portion of the call.