Costamare Inc. announced that its Board of Directors has approved the spin-off of its dry bulk business into a standalone company, Costamare Bulkers Holdings Limited (“Costamare Bulkers”).
The transaction, structured as a pro rata distribution to Costamare Inc. shareholders, is expected to be completed on May 6, 2025.
The spin-off timeline includes the following key dates:
-April 29, 2025: Record date for the distribution, with “due-bill” trading of Costamare Inc. shares beginning.
-May 1, 2025: “When-issued” trading of Costamare Bulkers shares under the ticker “CMDB WI” and “ex-distribution” trading of Costamare Inc. shares under “CMRE WI” are expected to begin.
-May 6, 2025: Distribution of Costamare Bulkers shares to Costamare Inc. shareholders, marking the end of “due-bill,” “when-issued,” and “ex-distribution” trading.
-May 7, 2025: Regular-way trading of Costamare Bulkers shares begins on the NYSE under the ticker “CMDB.”
On the record date of April 29, 2025, Costamare Inc. will distribute all Costamare Bulkers shares it holds to its shareholders on a pro rata basis.
On the distribution date of May 6, 2025, at 5:00 p.m. New York City time, shareholders will receive one Costamare Bulkers share for every five Costamare Inc. shares held, with cash paid for aggregated fractional shares.
The spin-off is subject to conditions, including the SEC declaring the Registration Statement effective and NYSE approval for listing Costamare Bulkers shares.
Costamare Inc. is a global owner and provider of containerships for charter, headquartered in Monaco. With 51 years of history in the international shipping industry, the company operates a fleet of 68 owned containerships with a total capacity of approximately 513,000 TEU. Costamare Inc. also engages in a leasing business through Neptune Maritime Leasing Limited.
Costamare Bulkers Holdings Limited is a newly formed entity set to become an independent, publicly traded company following its spin-off from Costamare Inc. It will operate as an international owner and operator of dry bulk vessels, managing a fleet of 38 vessels with a total carrying capacity of approximately 3,017,000 deadweight tons (dwt), including one vessel with a capacity of 76,600 dwt that it has agreed to sell. The company will also own the CBI operating platform, which charters in and out dry bulk vessels, enters into contracts of affreightment, forward freight agreements, and may utilize hedging solutions.