Costamare Inc. · NYSE:CMRE
Costamare — Costamare Bulkers Holdings — Merger or Acquisition (April 2025)
38 slides from Costamare's merger presentation, April 2025
Slide 1: Investor Presentation
Investor Presentation Costamare Bulkers Holdings Limited Spin-Off from Costamare Inc. April 2025
Slide 2: Disclaimer
Disclaimer This presentation contains certain “forward-looking statements” (as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended). All statements, other than statements of historical facts, that address activities, events or developments that Costamare Bulkers Ho
Slide 3: Agenda
Agenda Section 1 Transaction Overview 5 Section 2 Costamare Bulkers Overview & Strategy 8 Section 3 Financial Considerations 15 Section 4 Industry Dynamics 19 Section 5 Key Investment Highlights 24 Section 6 Appendices 31 Costamare B ulkers Holdings Limited 3
Slide 4: Today's Participants
Today’s Participants Gregory Zikos • CEO and member of the Board of Directors since inception Chief Executive Officer & • CFO and member of the Board of Directors of Costamare Inc. BoD Member Dimitris Pagratis • CFO since inception Chief Financial Officer • Finance Director of Costamare Shipping Ser
Slide 5: Transaction Overview
SECTION 1 Transaction Overview 5
Slide 6: Spin-Off Highlights
Spin-Off Highlights Transaction Key Transaction Dates Costamare Bulkers Record Date April 29, 2025 Holdings Limited When-Issued Trading of CMDB Shares May 1, 2025 – May 6, 2025 Spin Costamare (Costamare Bulkers) Costamare Inc. Bulkers Distribution Date May 6, 2025 Dry Bulk Vessels and CBI Container
Slide 7: Strategic Rationale
Strategic Rationale • Positions the two separate listed companies to pursue distinct operating priorities and strategic initiatives • Enables management of both companies to focus on the unique opportunities presented in each sector • Provides an opportunity for stakeholders to invest in a “pure-pla
Slide 8: Costamare Bulkers Overview & Strategy
SECTION 2 Costamare Bulkers Overview & Strategy 8
Slide 9: Costamare Bulkers is Built Upon a Rich History in the Shipping Industry
Costamare Bulkers is Built Upon a Rich History in the Shipping Industry Our History • The Konstantakopoulos family (our sponsor investor) has a long history of operating and investing in the international shipping industry 1974 2010 Costamare Inc. Initial • Over time, Costamare has built strong glob
Slide 10: Introducing Costamare Bulkers
Introducing Costamare Bulkers An International Dry Bulk Shipping Owner and Operator 63% Strong Sponsor 86 6 1.1K 50+ Shareholding Ensures Support and Interest Owned and Global Offices / Shore Staff Industrial Chartered-In Vessels (1) Agencies and Crew Customers Alignment Diverse Range of Cargos Serv
Slide 11: Advantages of Our Owner-Operator Model
Advantages of Our Owner-Operator Model Owned Dry Bulk Fleet CBI Operating Platform Strengths of Owner-Operator Model • Diversified, well-maintained fleet • Active commercial strategy ✓ Differentiated and complementary service offering along with an experienced ship setting directional or relative va
Slide 12: Initial Investment in a Low Asset Price Environment – Owned Fleet Development
Initial Investment in a Low Asset Price Environment – Owned Fleet Development 2021 2023–2024 2025 Decision to Invest in the Dry Bulk Sector at an Decision to Migrate Towards Larger-Sized Fleet Ongoing Focus on Optimizing Fleet Composition Opportune Time Through Tactical Timing of Vessel Sales and Ac
Slide 13: History of Investment and New Operating Framework – Positioning CBI for Balanced Growth
History of Investment and New Operating Framework – Positioning CBI for Balanced Growth 2022 2023 2024 2025 Formation of CBI Expansion of the Change in Management New Priorities Set: (Dry Bulk Operating Platform) Chartered-In Fleet and Cargo Book • Balanced Growth • Active Management of Positions •
Slide 14: Two-Pronged Strategy – Key Differentiator vs. Peers
Two-Pronged Strategy – Key Differentiator vs. Peers Owned Dry Bulk Fleet CBI Operating Platform (Asset Ownership Strategy) (Commercial/Operational Strategy) • Focus on index-linked charters with flexibility to lock in fixed rates and • Focus on balancing the book and on risk management capitalize on
Slide 15: Financial Considerations
SECTION 3 Financial Considerations 15
Slide 16: Strong Liquidity with Minimum Financial Leverage
Strong Liquidity with Minimum Financial Leverage • Prior to the completion of the spin-off, Costamare Inc. will: Liquidity ($MM) FY2024 Adj. FY2024 As Adj. – Contribute $100MM (1) of cash and cash equivalents to the Cash and Cash Equivalents and Restricted Cash 60 100 160 Company Hunting License --
Slide 17: Enhanced Value Post Spin-Off
Enhanced Value Post Spin-Off ($MM) FY2024 Adj. FY2024 As Adj. • Costamare Bulkers maintains a diverse and well-maintained fleet, commanding a charter free market value estimated at $719MM (as (2) Vessels Carrying Values (1) 691 28 719 of March 31, 2025), which is $28MM above the vessels carrying Cas
Slide 18: Disciplined Capital Allocation Priorities
Disciplined Capital Allocation Priorities Invest in the Business for Growth Return Capital to Shareholders • Variable dividends, subject to Board of Directors discretion • Continue to opportunistically engage in acquisitions or disposals to maximize shareholder value • Payment of dividends will depe
Slide 19: Industry Dynamics
SECTION 4 Industry Dynamics 19
Slide 20: Capesize Exhibits Sustained Demand Above Long-Term Levels
Capesize Exhibits Sustained Demand Above Long- Term Levels 1 Year Timecharter Rates and Fleet Development Vessel Type Asset Prices 100K+ dwt $MM (Newbuild, 5 Year Old) $000s/Day (Timecharter) MM dwt 80 40 Orderbook Delivery Schedule % Share of Orderbook 39% (No. Ships) Global dwt Number MM DWT % Fle
Slide 21: Panamax Well Positioned to Continue Capturing Industrial Tailwinds
Panamax Well Positioned to Continue Capturing Industrial Tailwinds 1 Year Timecharter Rates and Fleet Development Vessel Type Asset Prices 70K–100K dwt $MM (Newbuild, 5 Year Old) $000s/Day (Timecharter) MM dwt 40 40 Orderbook Delivery Schedule % Share of Orderbook 25% (No. Ships) Global dwt Number M
Slide 22: Handymax Demand Driven by Need for Larger Yet Flexible Vessels
Handymax Demand Driven by Need for Larger Yet Flexible Vessels 1 Year Timecharter Rates and Fleet Development Vessel Type Asset Prices 45K–70K dwt $MM (Newbuild, 5 Year Old) $000s/Day (Timecharter) MM dwt 40 40 Orderbook Delivery Schedule % Share of Orderbook 24% (No. Ships) Global dwt Number MM DWT
Slide 23: High Versatility Solidifies Handysize Positioning
High Versatility Solidifies Handysize Positioning 1 Year Timecharter Rates and Fleet Development Vessel Type Asset Prices 10K–45K dwt $MM (Newbuild, 5 Year Old) $000s/Day (Timecharter) MM dwt 40 40 Orderbook Delivery Schedule % Share of Orderbook 12% (No. Ships) Global dwt Number MM DWT % Fleet 2025
Slide 24: Key Investment Highlights
SECTION 5 Key Investment Highlights 24
Slide 25: Sustained Drivers of Costamare Bulkers' Differentiation
Sustained Drivers of Costamare Bulkers’ Differentiation • Attractive Entry Point in the Dry Bulk Sector • Founding Sponsor’s Ownership Above 60%, Fully Aligning Interests with Third Party Investors • Clear Market Strategy Designed to Grow Opportunistically while Maintaining Financial Health • Enhanc
Slide 26: Experienced Leadership Team
Experienced Leadership Team Gregory Zikos Jens Jacobsen Peter Lund Katerina Eleftheriou David Grant Position: Chief Executive Position: Chief Commercial Officer & Position: Class II Director Position: Class III Director Position: Class II Director Officer & Class III Director Class I Director (Non-E
Slide 27: Diverse and Well-Maintained Fleet Provides Commercial Advantage
Diverse and Well-Maintained Fleet Provides Commercial Advantage Total Owned Total CBI Owned CBI Total Capacity Average Capacity Average Dry Bulk Carrier Vessel Category Fleet Count (1) Fleet Count (2) Fleet Count (000s dwt) (1) Owned Age (1) (000s dwt) (2) CBI Age (2) Newcastlemax / 6 34 (3) 40 1,07
Slide 28: Owned Fleet Commercial Operations
Owned Fleet Commercial Operations Owned Dry Bulk Fleet Utilization (%) (1) • Vessel utilization close to 100% reflecting: 99% ‒ Strong chartering performance 97% 98% 98% 97% 96% ‒ Efficient technical maintenance of the fleet • As of December 31, 2024, Owned Fleet employed primarily on short- and med
Slide 29: Strong Commercial Approach with Commitment to Sustainability
Strong Commercial Approach with Commitment to Sustainability Key Vessel Initiatives Commitment to Sustainability and Energy Management Active screening of the market for retrofit solutions to improve the • We are dedicated to exploring solutions to mitigate our ✓ energy efficiency of the existing fl
Slide 30: Questions?
Questions? Costamare B ulkers Holdings Limited 30
Slide 31: Supplemental Materials
APPENDIX Supplemental Materials 31
Slide 32: Current Owned Fleet
Current Owned Fleet # Vessel Name Type Size (dwt) Year Built Employment Type/Earliest Redelivery for Period Time Charters Rate Type 1 FRONTIER (a) Capesize 181,415 2012 Period Time Charter/June 2025 Index-Linked 2 MIRACLE (b) Capesize 180,643 2011 Period Time Charter/December 2025 Index-Linked 3 PRO
Slide 33: Current Owned Fleet (Cont'd)
Current Owned Fleet (Cont’d) # Vessel Name Type Size (dwt) Year Built Employment Type/Earliest Redelivery for Period Time Charters Rate Type 19 DAMON Ultramax 63,301 2012 Period Time Charter/March 2025 (Current); Time Charter Trip (Future) Fixed (Current + Future) 20 ARYA Ultramax 61,424 2013 Period
Slide 34: Current CBI Fleet
Current CBI Fleet # Vessel Name Type Size (dwt) Year Built Earliest Expiry of Charter-In Rate Type of Charter-In 1 BERGE ZUGSPITZE Newcastlemax 211,182 2016 January 2026 Index-Linked 2 BERGE GROSSGLOCKNER Newcastlemax 211,171 2017 January 2026 Index-Linked 3 SHANDONG PROSPERITY Newcastlemax 211,103
Slide 35: Current CBI Fleet (Cont'd)
Current CBI Fleet (Cont’d) # Vessel Name Type Size (dwt) Year Built Earliest Expiry of Charter-In Rate Type of Charter-In 20 CAPE PROTEUS Capesize 180,585 2011 January 2026 Fixed 21 MANDY Capesize 180,371 2010 August 2026 Index-Linked 22 MILLIE Capesize 180,310 2009 July 2025 Index-Linked 23 MILLICE
Slide 36: Current CBI Fleet (Cont'd)
Current CBI Fleet (Cont’d) # Vessel Name Type Size (dwt) Year Built Earliest Expiry of Charter-In Rate Type of Charter-In 39 W-SMASH Kamsarmax 82,742 2013 November 2025 Index-Linked 40 SAPHIRA Kamsarmax 82,577 2021 April 2026 Fixed 41 DAISY GLORY Kamsarmax 82,058 2019 April 2025 Fixed 42 TRIKERI Kam
Slide 37: Timeline for Planned Spin-off
Timeline for Planned Spin-off 1 • Record Date – April 29, 2025 Pre-Close • Each Costamare Inc. shareholder will receive one Costamare Bulkers common share for every five Costamare Inc. common shares they hold as of the close of business on April 29, 2025, the record date for the distribution 2 • Whe
Slide 38: Costamare Bulkers Holdings Limited
Costamare B ulkers Holdings Limited 38
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