Costamare Bulkers delivers $16.6 million Q3 profit

Costamare Bulkers (NYSE:CMDB) reported third-quarter 2026 net income of $16.6 million, with earnings per share rising to $0.68 from $0.30 a year earlier.

Voyage revenue fell to $131.5 million from $222.9 million, while nine-month net income reached $31.7 million, or $1.31 per share.

At September 30, liquidity totaled $358.2 million, including undrawn financing, and cash with margin deposits exceeded debt by $141.7 million.

The company signed $133 million in refinancing commitments, subject to final documentation, and expects lower financing costs and debt maturities extending to Q4 2031–Q1 2032.

Meanwhile, management estimates fixed-rate charter coverage at 80% of owned-fleet available days in Q4 2026 and 52% in Q1 2027.

The Q3 sale of Bermondi generated an approximately $2.5 million gain; owned-fleet utilization fell to 94.8% from 98.4%, while daily vessel operating expenses rose to $6,161 from $5,899.

Costamare Bulkers owns 30 dry bulk vessels with approximately 2.665 million deadweight tonnes of capacity and operates a chartering platform that arranges cargo transportation, forward freight agreements and potential hedging solutions.