Costamare Plans Spin-Off of Dry Bulk Business by 2025

Costamare Inc. has officially announced it will spin off its dry bulk business, forming a new independent entity called Costamare Bulkers Holdings Limited, which will own a fleet of 38 dry bulk vessels. The spin-off will be executed via a pro rata distribution, granting Costamare shareholders one share of Costamare Bulkers (CMDB) for every five shares of Costamare Inc. (CMRE) owned as of the record date, April 29, 2025. Trading of Costamare Bulkers shares will begin on a 'when-issued' basis on May 1, 2025, with regular trading set to start on May 7, 2025, under the ticker symbol CMDB, following regulatory and NYSE approval. The move aims to separate the company’s container and dry bulk operations, allowing each entity to focus on its core markets and potentially unlocking greater value for investors. Costamare Inc. will continue its containership operations, while the newly formed Costamare Bulkers will specialize in dry bulk shipping and chartering. Financial analysts view Costamare's fundamentals positively but note short-term technical headwinds and market risks in the dry bulk sector.