CMDB's first standalone quarterly report shows a solid net cash position and successful de-risking via the Cargill transfer. With no YoY comparable, the market will focus on the trajectory of voyage revenue and charter-in margins in subsequent quarters. Monitor the Q2 2026 6-K for evidence of earnings momentum and the completion of remaining legacy trade wind-down.
Price Chart
Executive Summary
Costamare Bulkers reported Q1 2026 results with total voyage revenue of $111.5 million and net income of $9.9 million ($0.41 EPS). The company completed the transfer of its legacy trading book to Cargill, de-risking the balance sheet, and maintains a net cash positive position with cash exceeding debt by $127.2 million. No comparative prior-year figures are available as the company had nominal operations in Q1 2025.
Key Facts
- Q1 2026 total voyage revenue of $111.5 million
- Q1 2026 net income of $9.9 million ($0.41 EPS)
- Q1 2026 adjusted net income of $12.4 million ($0.51 adjusted EPS)
- Cash and cash equivalents (including restricted cash) of $258.5 million as of March 31, 2026
- Total liquidity of approximately $353.3 million including undrawn hunting license facility
- Cash exceeding debt by $127.2 million as of Q1 2026 end
- Completed transfer of majority of trading book to Cargill, de-risking balance sheet
- Owned fleet of 30 dry bulk vessels with total capacity of approximately 2.7 million DWT
- Gain on sale of vessels of $7.7 million from sale of Clara and Miracle
- Net cash provided by operating activities of $18.9 million in Q1 2026
Financial Impact
Q1 2026 net income of $9.9 million on $111.5 million total voyage revenue; adjusted net income of $12.4 million; cash position of $258.5 million vs. total debt of approximately $141.4 million
Risk Factors
- Dry bulk shipping market volatility and geopolitical instability could impact charter rates and vessel utilization
- Execution risk on remaining legacy trading portfolio wind-down and newbuilding charter-in commitments
- Non-recurring expenses of $5.1 million for operating platform realignment may recur
- Derivative instruments not qualifying for hedge accounting introduce earnings volatility
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001171843-26-003334 |
| Exhibit: exh_991.htm | 0001171843-26-003334 |
| Document: f6k_051226.htm | 0001171843-26-003334 |
| Document: 0001171843-26-003334-index-headers.html | 0001171843-26-003334 |
| Document: 0001171843-26-003334-index.html | 0001171843-26-003334 |
| Document: 0001171843-26-003334.txt | 0001171843-26-003334 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 8, 2026 19d ago | 6-K | $21.32 | awaiting T+20 | — | $20.23 (−5.11%) |
Aug 18, 2026 10w ago | 6-K | $19.39 $23.44 | ▲ +20.89% | ▲ +22.63% | $20.23 (+4.33%) |
Aug 14, 2026 10w ago | 6-K | $18.23 $24.21 | ▲ +32.80% | ▲ +34.79% | $20.23 (+10.97%) |
Aug 3, 2026 12w ago | Press Release | $20.14 $20.47 | ▲ +1.64% | ▲ +0.40% | $20.23 (+0.45%) |
Jul 31, 2026 12w ago | Press Release | $19.56 $20.52 | ▲ +4.91% | ▲ +1.92% | $20.23 (+3.43%) |
Jul 17, 2026 14w ago | 6-K | $18.81 $18.23 | ▼ −3.08% | ▼ −7.53% | $20.23 (+7.55%) |
Jun 2, 2026 21w ago | 6-K | $16.56 $18.21 | ▲ +9.96% | ▲ +11.53% | $20.23 (+22.16%) |
May 13, 2026 23w ago | 6-K | $18.90 $17.60 | ▼ −6.88% | ▼ −6.27% | $20.23 (+7.04%) |
May 8, 2026 24w ago | Press Release | $19.34 $16.51 | ▼ −14.63% | ▼ −14.66% | $20.23 (+4.60%) |
Mar 30, 2026 30w ago | Press Release | $15.47 $17.00 | ▲ +9.89% | ▲ +0.47% | $20.23 (+30.77%) |
US Market Status
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