Costamare Bulkers Holdings Limited

For Q1 2026, Costamare Bulkers reported net income of $9.9 million, or $0.41 per share, and adjusted net income of $12.4 million, or $0.51 per share. Management said total cash was about $270 million and debt was circa $140 million, leaving the company net cash positive and cash exceeding debt by approximately $127 million at the end of Q1. The company also said it realized capital gains of approximately $7 million from the sale of one Capesize vessel. No next-quarter or full-year financial guidance figures were provided; instead, management said the remaining legacy trading positions are expected to be gone by year-end, and that another newbuilding Kamsarmax is expected under a long-term chartering agreement with similar options.

Gregory Zikos framed the quarter as a step in de-risking the company and repositioning the fleet. He said the Cargill transfer has substantially reduced legacy trading exposure and that the balance sheet is now net cash positive, which should support countercyclical growth in a lower asset-value environment. He also highlighted the move toward newer vessels and longer charter coverage, including the newbuilding Kamsarmax and the profitable chartering of that ship for at least 1 year.

No separate CFO spoke on the call, so the financial commentary came from the CEO. The company emphasized Q1 adjusted net income of $12.4 million, net income of $9.9 million, and cash of about $270 million versus debt of about $140 million. Management also noted cash exceeded debt by roughly $127 million at quarter-end and that the Capesize sale generated about $7 million in capital gains.

There was no analyst Q&A; the operator stated there were no questions at this time. As a result, no additional concerns, clarifications, or follow-up guidance were raised beyond management’s prepared remarks.