CMDB Costamare Bulkers Holdings

Dry Bulk Β· Capesize / Kamsarmax / Ultramax / Supramax Β· 60 documents

Costamare Bulkers Holdings' 29-vessel dry bulk fleet β€” 9 Ultramax, 7 Supramax, 7 Kamsarmax and 6 across 1 other class β€” should earn about $25,901 a day in 2026Q3.

Rates in, dividend out 2026Q3

Model Your scenario

Set a rate per vessel class and the statement below re-prices: our model’s figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.

Latest rates

ClassCompany earnedBooked 2026Q3Market now8 weeks
Capesize Β· 6 $14,8272025Q4 Β· fleet avg β€”none printed β€”licensed index only
Kamsarmax Β· 7 $14,8272025Q4 Β· fleet avg β€”none printed β€”licensed index only
Ultramax Β· 9 $14,8272025Q4 Β· fleet avg β€”none printed β€”licensed index only
Supramax Β· 7 $14,8272025Q4 Β· fleet avg β€”none printed β€”licensed index only

Company earned: the issuer’s own reported TCE (linked). Booked: cover the issuer printed for 2026Q3. Market now: the median across the broker route prints we hold for the class β€” a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago. Dry-bulk class rates exist only as licensed Baltic Exchange indices, which this site does not republish.

Your rates every day is at your rate

Capesize 552 open days
Kamsarmax 644 open days
Ultramax 828 open days
Supramax 644 open days

2026Q3 P&L and cash

LineModelYour scenarioΞ”
Vessel-days, days modelled

Ships on the fleet list Γ— the quarter's calendar days for capesize, kamsarmax, supramax, ultramax: no off-hire or drydock days are deducted there.

2,668 2,668
By class
ClassDaysModel $/dayYours $/day
Capesize55247,05047,050
Kamsarmax64421,37521,375
Ultramax82819,95019,950
Supramax64419,95019,950
Fleet TCE, $/day assumed 25,901 25,901
Revenue (TCE basis), $m assumed

Vessel-days Γ— fleet TCE.

69.1 69.1
Vessel opex, $m assumed

2026Q2: $16.4m over 2,760 vessel-days, held per day. Source (2026Q2)

(15.8) (15.8)
G&A, $m assumed

2026Q2: $6.1m over 2,760 vessel-days, held per day. Source (2026Q2)

(5.9) (5.9)
EBITDA, $m assumed 47.3 47.3
Hire for chartered-in ships, $m

Not on file for any quarter (not extracted, or not disclosed).

β€” β€”
Interest expense, $m assumed

2026Q2: $2.1m over 2,760 vessel-days, held per day. Source (2026Q2)

(2.0) (2.0)
Scheduled debt amortisation, $m stated

2026Q2: $4.2m over 2,760 vessel-days, held per day (the issuer’s scheduled principal). Source (2026Q2)

(4.1) (4.1)
Drydock cost, $m

No separate drydock cash line on file.

β€” β€”
Cash break-even, $/day assumed

Ξ£ cash costs above Γ· vessel-days.

10,452 10,452
Cushion vs fleet TCE, $/day 15,449 15,449
Free cash flow to equity, $m assumed

Revenue βˆ’ cash costs: the cash available for distribution.

41.2 41.2
Maintenance capex, $m

Not disclosed as a cash line; not in the model’s cash.

β€”

Dividend policy

No stated payout policy on file.

OutputModelYour scenarioΞ”
Estimated DPS, $/share β€”
Forward yield, run-rate % β€”

Yield annualises the quarter’s DPS Γ— 4 (a run-rate, not a forecast of the year) against the $19.55 close on 2026-10-16.

No dividend is modelled for 2026Q3: the company states no payout policy and no declared distributions are on file.

Showing the model’s own figures. Setting your own rates needs JavaScript.

Why no forward dividend next step: payout behaviour

This page prices a fleet, takes off its cash costs and debt service, and measures what is left against the payout. The step it cannot take today: the company states no payout policy and no declared distributions are on file. A stated payout policy β€” or enough declared distributions to fit one β€” unblocks it.

What is on file:

Every company's position on the modelling chain, and what each page can and cannot answer yet: coverage.

Market context β€” rates, the dividend, and the price

Fleet rate

Realized fleet TCEModel
forecast →
$0k
$15k
$30k
2025Q2
2025Q3
2025Q4
2026Q1
2026Q2
2026Q3
2026Q4

Reported fleet TCE. This company declares no dividend, so there is nothing to pay out against it.

How we got the number

How to read this page

Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, costs and debt service come off, and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced, and a number that cannot be sourced is withheld rather than filled in. The full method, and the rates behind it β†’

No departure from the method above is recorded for CMDB; the inputs and their basis are listed below.

What drives it β€” fleet TCE, 2026Q3

Expected fleet TCE
$25,901/d
21% MODELLED Β· 24% MODELLED (FFA forward) Β· 55% ASSUMED

Financials & fleet

Latest quarter 2026Q2 2 qtrs old

Fleet
29
Realized TCE
$14,827/d 2025Q4
Declared DPS
β€”
TTM DPS
β€”
Coverage
β€”
Revenue
$111.6M
Opex
$16.4M
Net income
$5.2M

6Γ— capesize Β· 7Γ— kamsarmax Β· 7Γ— supramax Β· 9Γ— ultramax current

Fleet model β€” 2026Q3

Fleet model estimate β€” not issuer guidance.

ClassShipsTCSpot% FixedGuided $/dSpot $/dBlended $/dQTD rev $MModeled Q rev $M
Capesize6β€”β€” β€” β€” β€” 47,050 β€” 26.0
Kamsarmax7β€”β€” β€” β€” β€” 21,375 β€” 13.8
Ultramax9β€”β€” β€” β€” β€” 19,950 β€” 16.5
Supramax7β€”β€” β€” β€” β€” 19,950 β€” 12.8
Total29 25,901 β€” 69.1

Guided rates are issuer-booked cover for 2026Q3 blended with SSY capesize assessments and the Braemar dry-FFA curve for the open days.

Revenue if rates hold
$69.1M

Bear counts booked cover only, with open days at zero; Base is the next-quarter estimate above, which prices the open days; Bull needs a recent peak index, which this fleet's classes do not have.

Expected DPS suppressed: no verbatim payout policy located in the corpus.

Model gaps & assumptions

capesize: SSY Capesize Index SPOT proxy $47,050/day (our mean of 2026Q3's monthly medians across the SSY T/C routes, 3/3 months, 48 weekly print(s); the quarter has ended, so it is priced at its own months; route values are licensed and not shown; no Gibson route for dry class) Β· index realization not applied to the cape classes: fewer than 2 closed quarters with this issuer's own cape TCE on file β€” the open share is priced at the full index, which this issuer has not been shown to capture Β· capesize: no fixed-coverage guidance -> 100% spot proxy Β· kamsarmax: priced off the Panamax FFA curve β€” the board quotes no Kamsarmax line (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class) Β· index realization not applied to the Panamax/Supramax/Handysize families: the Braemar curve began in 2026-09, so there is no history to measure this issuer's capture against β€” their open share is priced at the full curve Β· kamsarmax: no fixed-coverage guidance -> 100% spot proxy Β· ultramax: priced off the Supramax FFA curve β€” the board quotes no Ultramax line (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class) Β· ultramax: no fixed-coverage guidance -> 100% spot proxy Β· supramax: Braemar dry-FFA FORWARD-curve proxy (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class) Β· supramax: no fixed-coverage guidance -> 100% spot proxy Β· estimate base 2025Q4 predates 2026Q2, the quarter before the 2026Q3 forecast Β· one-model DPS not used: fewer than 3 quarters of rate and dividend history, no break-even, or it does not explain the company's own dividends (RΒ² < 0.5) Β· payer OLS fit excludes 3 quarter(s) (2025Q2, 2025Q3, 2025Q4) β€” TCE basis outside the fittable allow-list (Phase 2 triaged MODELLED; owner ruling pending) Β· DPS chain unscoreable β€” missing: payout ratio (no quantified policy, no payout multiple in the quarter files)

Realized fleet TCE

Realized fleet TCE versus benchmark: 3 points, 2025-04-01 to 2025-10-01; Realized fleet TCE latest 14,827.00.

image/svg+xml May Jul Sep 2025 11,500 12,000 12,500 13,000 13,500 14,000 14,500 14,827 Realized fleet TCE USD/day

Benchmark comparison will appear once issuer-printed benchmark data is available.

Guidance & sources

Sources β€” press, filings & documents

Press & filings by quarter

Recent documents