Costamare, Cargill team up to expand bulker business and pursue joint investments

The two companies disclosed on 29 September that they had signed a “strategic cooperation agreement.” Under the deal, Costamare Bulkers will transfer to Cargill the majority of its trading book, which includes chartered-in vessels, cargo transportation commitments, and derivative positions.

Costamare Bulkers’ dry bulk operating platform currently lists 39 chartered-in vessels, alongside an owned fleet of 37 bulk carriers. As part of the partnership, the Greek owner has also agreed to charter four Supramaxes to Cargill for four to six months.

The agreement further provides for Costamare Bulkers to enter a bunkering services arrangement with Seascale Energy, the Cargill–Hafnia joint venture, covering both its owned and operating fleet. The two companies will also cooperate on decarbonisation initiatives and vessel efficiency strategies.

Looking ahead, Costamare Bulkers and Cargill plan to explore joint investments in dry bulk assets and other ventures across the sector.

Investment opportunities

“We look forward to pursuing further cooperation and co-investment opportunities,” said Costamare Bulkers chief executive Gregory Zikos. “The agreement allows us to reduce our exposure in the volatile trading business and generate more stable and predictable earnings.”

Cargill Ocean Transportation president Jan Dieleman said the deal will strengthen Cargill’s service offering while supporting fleet growth. “We look forward to building a strategic partnership with Costamare and continuing to grow together,” he added.

H1 loss

The move comes as Costamare Bulkers reported a net loss of US$26.5M for the first half of 2025. Mr Zikos previously attributed the result partly to trading losses linked to the liquidation of older legacy positions. “As those positions are being closed, our goal is to manage a balanced trading book ancillary to the main shipowning business,” he said at the time.

The container shipping specialist first entered the bulk carrier sector in 2021 through secondhand acquisitions. Earlier this year, with its dry bulk fleet expanding, Costamare split its US-listed operations into two separate entities.