Costamare Bulkers Holdings Ltd

Dry-bulk owner/operator with a strong balance sheet but a loss year and negative operating returns amid spot-market exposure.

Strengths

• Healthy liquidity: current ratio 2.4 (78th pct), low debt/equity 0.21 (13th pct), cash $212M
• Sizeable owned-plus-chartered fleet with scrubber-fitted vessels

Risks

• Negative ROE (-5.6%), ROA (-4.0%) and operating margin (-5%); interest coverage negative
• Net income collapsed (5th pct) on weak/volatile charter rates
• Heavy short-term/index-linked charter exposure to a cyclical spot market

Notable findings

• No interest coverageInterest coverage -3.76 (cannot cover interest)
• Net lossNet loss (net margin -6.3%)
• Strong balance sheetStrong balance sheet — $212M cash & investments