Costamare Bulkers Holdings Ltd (CMDB) 2026 Q1 法說會逐字稿

Thank you for standing by, ladies and Costamare Bulkers Holdings Limited on the first quarter. We will have with us Mr. Gregory Zikos, Chief Executive Officer of the company. (Operator Instructions)

感謝各位稍候，女士們、先生們，歡迎參加 Costamare Bulkers Holdings Limited 第一季電話會議。今天與會的是本公司執行長 Gregory Zikos 先生。(接線員指示)

I must advise you that this conference is being recorded Wednesday, May 13, 2026.

我必須提醒各位，本次會議正在錄音，時間為 2026 年 5 月 13 日（星期三）。

We would like to remind you that this conference call contains forward-looking statements. Please take a moment to read slide number two of the presentation which contains the forward-looking statements.

我們提醒各位，本次電話會議包含前瞻性陳述。請花一點時間閱讀簡報第 2 頁，其中載有前瞻性陳述相關內容。

And I will now pass the floor to your speaker today, Mr. Zikos. Please go ahead.

接下來我將把時間交給今天的講者 Zikos 先生。請開始。

Thank you, and good morning, ladies and gentlemen.

謝謝，各位女士、先生，早安。

During the first quarter of the year, Costamare Bulkers generated an adjusted net income of $12.4 million. As of today, we have successfully transferred a majority of the company's legacy trading portfolio pursuant to our deal with Cargill, effectively decreasing our balance sheet. We expect that our trading platform will be free of the main legacy trades by year end.

在今年第一季，Costamare Bulkers 產生調整後淨利 1,240 萬美元。截至今日，我們已依據與嘉吉（Cargill）的交易，成功移轉公司大部分的既有交易投資組合，從而有效縮減資產負債表規模。我們預期在年底前，我們的交易平台將不再承擔主要的既有交易。

As part of our fleet renewal program, we recently concluded the sale of one 2011-built Capesize vessel and the acquisition of one 2018-built Ultramax. At the same time, we accepted the delivery of one newbuilding Kamsarmax chartered in for a minimum period of five years. The vessel has been charted out at a profitable rate for a minimum period of 11 months.

作為船隊汰舊換新計畫的一部分，我們近期完成出售一艘 2011 年建造的海岬型（Capesize）船舶，並收購一艘 2018 年建造的 Ultramax。同時，我們已接收交付一艘新造 Kamsarmax，並以至少五年的期間租入。該船已以具獲利性的租金水準出租，最短租期為 11 個月。

With total a cost of about $270 million and debt of $140 million, the company has positive, positioning as favorably to grow countercyclically in a low asset value environment.

公司總成本約 2.70 億美元、負債 1.40 億美元，整體處於正向狀態，使我們在資產價值偏低的環境下，具備逆週期成長的有利定位。

Regarding the market, during the first four months of the year, the market exhibited elevated volatility added to historical averages, driven by increased activity and inefficiencies while the political instability contributed additional uncertainty.

就市場而言，今年前四個月市場波動性高於歷史平均，主因為活動增加與效率不彰所致，而政治不穩定亦帶來額外不確定性。

Capesize earnings were supported by robust iron ore and bauxite volumes, coupled with limited fleet growth. Ton-mile demand was further reinforced by the expansion of the West Africa, China trade flows across both commodities.

海岬型（Capesize）運價受強勁的鐵礦石與鋁土礦運量支撐，並且船隊成長有限。兩項商品的西非—中國貿易流量擴大，也進一步強化了噸海里需求。

Alongside the firm Capesize market and broadly positive dry bulk sentiment, the Panamax index was further supported by a record in Brazil, as well as the US, China agreement reached at the end of 2025, which drove long haul soybean shipments during the first quarter.

在海岬型市場堅挺及整體乾散貨情緒普遍正向的背景下，巴拿馬型（Panamax）指數亦獲得支撐，原因包括巴西創紀錄的表現，以及 2025 年底達成的美中協議，帶動第一季長航程大豆運輸。

Finally, the Supramax segment recorded the solid start of the year as increased grade and minor backflows offset the negative impact of the Strait of Hormuz closure, which reduced Persian Gulf export volumes by approximately 50%.

最後，超靈便型（Supramax）板塊今年開局穩健，等級貨與小宗貨回流的增加，抵銷了荷姆茲海峽封鎖的負面影響；該封鎖使波斯灣出口量約減少 50%。

Moving now to the slide presentation. Or slide three, you can see our Q1 results. Net income for the period was $9.9 million or $0.41. Adjusted net income was $12.4 million $0.51 per share. By the end of Q1, total costs exceeded dead by approximately $127 million.

現在進入投影片簡報。在第 3 頁投影片，您可以看到我們第一季的結果。本期淨利為 990 萬美元，或每股 0.41 美元。調整後淨利為 1,240 萬美元，或每股 0.51 美元。截至第一季末，總成本超過債務約 1.27 億美元。

As part of our fleet renewal strategy, we concluded the acquisition of one 2018-built Ultramax vessel and took delivery of a newbuilding Kamsarmax. This newbuilding is chartered in for a minimum five-year period with extension and purchase options and has already been chartered out for one year at profitable levels.Another newbuilding Kamsarmax is expected to be delivered under a long-term chartering agreement with similar options.

作為我們船隊更新策略的一部分，我們完成收購一艘 2018 年建造的 Ultramax 船舶，並接收交付一艘新造 Kamsarmax。該新造船以至少五年的期間租入，並附延長與購買選擇權，且已以具獲利性的水準出租一年。另一艘新造 Kamsarmax 預計將在具類似選擇權的長期租船協議下交付。

Finally, we have concluded the sale of one Capesize vessel with capital gains of approximately $7 million.

最後，我們完成出售一艘海岬型（Capesize）船舶，資本利得約 700 萬美元。

Slide five, the transfer of the credit book to Cargill is substantially complete, with only one vessel remaining to be novated. We have derisked to a large extent our balance sheet and expect that by year-end, we will not have any remaining legacy positions.

第 5 頁，將信用部位（credit book）移轉至嘉吉（Cargill）的作業已大致完成，目前僅剩一艘船舶尚待以更替契約（novation）方式移轉。我們已在很大程度上降低資產負債表風險，並預期到年底將不再保有任何既有部位。

Our operating platform is currently focused on Kamsarmax segment and consists of 20 third-party owned dry bulk vessels.

我們的營運平台目前聚焦於 Kamsarmax 船型，並由 20 艘第三方船東持有的乾散貨船舶組成。

Slide six, regarding the owned vessels, most of the fleet is employed on index-linked time charter agreements with the option to convert to a fixed rate.

第 6 頁，關於自有船舶，我們船隊多數採用與指數連動的定期租船合約，並可選擇轉換為固定費率。

And finally moving to slide seven, charter rates strengthened during Q1 2026 with further upside momentum since April. The new vessel order booked stands at 13.5%.

最後來到第 7 頁，2026 年第一季租船費率走強，自 4 月以來仍有進一步上行動能。新船訂單量占比為 13.5%。

With that, [I] conclude our presentation. We can now take questions. Thank you.

以上為我們的簡報內容。現在可以開始提問。謝謝。

Operator, who can take questions now.

接線員，現在可以開始提問。

(Operator Instructions)

(接線員指示)

There are no questions at this time. I would like to turn the conference back over to Mr. Zikos for any closing remarks.

目前沒有提問。我想把會議交回給 Zikos 先生，請他做任何結語。

Thank you dialing in in today's quarterly results call. We're looking forward to speaking with you again during the second-quarter 2026 results. Thank you.

感謝各位撥冗參加今天的季度業績電話會議。我們期待在 2026 年第二季業績公布時再次與各位交流。謝謝。

Operator, we can close the call.

接線員，我們可以結束通話。

Thank you. This does conclude our conference today. Thank you for all par for participating. You may now disconnect.

謝謝。本次會議到此結束。感謝各位參與。您現在可以掛線。