Costamare Bulkers signs cooperation agreement with Cargill

Costamare Bulkers Holdings Limited (NYSE: CMDB) announced it has signed a strategic cooperation agreement with Cargill International S.A., according to a company statement.

Under the agreement, Costamare Bulkers will transfer the majority of its trading book to Cargill, including chartered-in vessels, cargo transportation commitments and derivative positions. The company will also charter four Supramax vessels to Cargill for four to six months.

The partnership includes a bunkering services agreement with Seascale Energy, a joint venture between Cargill and Hafnia, covering Costamare Bulkers' owned and operating fleet. The companies will also collaborate on decarbonization and vessel efficiency strategies.

Both companies plan to explore joint investment opportunities in dry bulk assets and other business ventures within the sector.

"The Agreement allows us to reduce our exposure in the volatile trading business and generate more stable and predictable earnings," said Gregory Zikos, Chief Executive Officer of Costamare Bulkers.

Jan Dieleman, President of Cargill Ocean Transportation, stated the partnership will help Cargill better serve customers and grow its current fleet.

Monaco-based Costamare Bulkers operates a dry bulk fleet of 37 vessels with approximately 3.1 million deadweight tons of carrying capacity, including six vessels the company has agreed to sell. The company also operates a dry bulk platform that charters vessels and enters into freight agreements.

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