Costamare Bulkers Holdings Limited

Thank you for standing by, ladies and gentlemen, and welcome to the Costa Mare Bulkers Holdings Limited conference call on the fourth quarter 2025 financial results. We have with us Mr. Gregory Zikos, Chief Executive Officer of the company. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question and answer session. At which time, if you wish to ask a question, please press star then one on your telephone keypad and wait for your name to be announced. I must advise you that this conference is being recorded today, Friday, February 20th, 2026. 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. And now I will pass the floor over to your speaker today, Mr. Zicos. Please go ahead, sir.

Thank you and good morning, ladies and gentlemen. During the second quarter as an independent listed entity, Osamare Barclay generated an untrustworthy loss of $1.7 million. As already announced, at the end of September of last year, we entered into a cooperation agreement with Cargill, including, among other things, the disposal to a large extent of the company's trading portfolios. This quarter's results continue to be affected by legacy positions not included in the cutting transaction, as well as by legacy positions that have been transferred to cutting gradually over the quarter. With total cash of about 126 million and debt of about 156 million, the company is in a net debt negative position, owning a fleet of 31 labor places with an average sales of approximately 13 years and an average size of about 92,000 debt weight. Building upon solid market fundamentals, we sold the 2011-built Cape Sides vessel Miracle and the 2008-built Supra Max Drive vessel Clara. Total capital gains amounted to $7.7 million on top of profitable operation of about $8 million since those vessels were initially acquired. At the same time, as part of our fleet renewal strategy, we have agreed to acquire the 2018-built 60,000-weight capacity drive-out vessel Koshun. Regarding the market, favorable supply and demand fundamentals supported by strong exports and improved sentiment have pushed the CAPE size index higher. On the Panamax size, the easing of the U.S.-China tensions combined with improved sentiment stemming from a strong CAPE size market helped support the Panamax index. Finally, the Supra Max index remained healthy on the back of strong demand for coal and minor parks, as well as improved sentiment from the larger sizes. Moving now to the slide presentation. On slide three, you can see our Q4 2025 results. Adjusted net loss, mainly reflecting one of expenses from the dry back platform realignment, was 1.7 million, or 7 cents per share. By the end of Q4, total cost was about 126 million, and debt below 156 million, resulting in negative net debt position of about 70 million. Slide four. The transfer of the remaining chartered-in vessels pursuant to the cooperation agreement with Cargill has been concluded, save for one ship which is expected to be transferred within a year. Our operating platform is currently focused on the Kamsomak segment, consisting of 23rd-party-owned drive-out vessels. The six cape-sized ships still remaining on our fleet represent legacy transactions. Five of these vessels will be re-delivered within the current year. Moving on to the next slide. Slide six. On the S&P side, we have concluded the sale of one Supra Max Presser and have agreed to sell one of our CapeSci ships, with total estimated capital gains of approximately 7.7 million, on top of about 8 million profitability since acquisition. In parallel, as part of our fleet renewal strategy, we have agreed to acquire one 2018-grade Ultra Max Presser. Slide 6. Regarding the own vessels, most of the fleet is employed on indefinite period charter agreements with the option to convert to fixed rates. And moving to the last slide, slide 7, charter rates have strengthened during 2004 and remain at just 11 since the beginning of the year. New vessel ordering stands at 10.4%. With that, we can conclude our presentation and we can now take questions. Thank you. Operator, we can take questions now.

Thank you. As a reminder, if you would like to ask a question, please press star then 1 on your telephone keypad and wait for your name to be announced. If you wish to cancel your request, please press star then 2. That's star then 1 to ask a question. Seeing no questions, this concludes our question and answer session. I would like to turn the conference back over to Mr. Zikos for any closing remarks.

Thank you for dialing in today and for your interest in Kostamare Vakas. We look forward to speaking with you again during the next quarterly results. Thank you. Operator, we can conclude it for now.

Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.