Costamare Bulkers Holdings (NYSE:CMDB) reported its first full-year results as an independent entity on Friday, detailing a strategic pivot toward lower volatility following its May 2025 spin-off from Costamare.
The Monaco-based dry bulk specialist posted a net loss for the year but emphasized a "net cash" position and a landmark partnership aimed at stabilizing future earnings.
The company reported total voyage revenue of $597.2 million for 2025.
On the bottom line, Costamare Bulkers recorded a net loss of $37.4 million, though management pointed to an adjusted net loss of $12.2 million for the full year as a more accurate reflection of ongoing operations.
For the fourth quarter, the adjusted net loss narrowed significantly to $1.7 million ($0.07 per share), signaling a stabilizing trend as the firm integrates its fleet and operating platform.
A central theme of the 2025 fiscal year was the "de-risking" of the business model.
In late 2025, the company entered into a Strategic Cooperation Agreement with Cargill International, transferring the majority of its third-party chartered-in trading book to the global commodities giant.
CEO Gregory Zikos noted that the move allows the firm to "reduce exposure to the volatile trading business" while focusing on its core owned fleet of 31 dry bulk vessels.