42346306 2025-01-01 2025-12-31 42346306 2025-01-01 2025-12-31 1 42346306 2025-01-01 2025-12-31 1 42346306 2025-01-01 2025-12-31 1 42346306 2025-01-01 2025-12-31 2 42346306 2025-01-01 2025-12-31 3 42346306 2024-01-01 2024-12-31 42346306 2025-12-31 42346306 2024-12-31 42346306 2024-12-31 fsa:ContributedCapitalMember 42346306 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 42346306 2024-12-31 fsa:RetainedEarningsMember 42346306 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 42346306 2025-01-01 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 42346306 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 42346306 2025-12-31 fsa:ContributedCapitalMember 42346306 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 42346306 2025-12-31 fsa:RetainedEarningsMember iso4217:USD xbrli:pure Anders Schandorff Clipper Bulk Star ApS Sundkrogsgade 19 2100 Copenhagen 42346306 Copenhagen Weidekampsgade 6 2300 Copenhagen S The Board of Directors and the Executive Board have today considered and approved the annual report of Clipper Bulk Star ApS for the financial period 01.01.2025 – 31.12.2025. The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2025 and of the results of its operations and equity and notes for the financial period 01.01.2025 – 31.12.2025. We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. We recommend the annual report for adoption at the Annual General Meeting. Copenhagen, Amrit Peter Kalsi Thomas Martinussen Amrit Peter Kalsi Thomas Outrup Jarde To the shareholders of Clipper Bulk Star ApS Opinion We have audited the financial statements of Clipper Bulk Star ApS for the financial year 01.01.2025 - 31.12.2025, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2025 and of the results of its operations for the financial year 01.01.2025 - 31.12.2025 in accordance with the Danish Financial Statements Act. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor’s responsibilities for the audit of the financial statements" section of this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management's responsibilities for the financial statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entity’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. • Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Entity to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the notes, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Statement on the management commentary Management is responsible for the management commentary. Our opinion on the financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required by relevant law and regulations. Based on the work we have performed, we conclude that the management commentary is in accordance with the financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material mi sstatement of the management commentary. Copenhagen, DeloitteStatsautoriseret Revisionspartnerselskab 33963556 Martin Pieper State Authorised Public Accountant mne44063 Primary activities Clipper Bulk Star ApS acts as an agent entity for three pool entities in order to consolidate earnings. All earnings received and cash held in Clipper Bulk Star ApS less relevant costs is payable to the pool entities. Revenue recognized in Clipper Bulk Star ApS relates to fees for acting as agent.Clipper Bulk Star ApS distribute results from pool operations to the technical manager and lessor on behalf of the vessel owner. Events after the balance sheet date No events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. -33303 -9596 488716 1331784 7751 7119 447662 1315069 47662 15069 400000 1300000 447662 1315069 507519 1347974 24179021 21329040 24686540 22677014 24686540 22677014 6524 6524 400000 1300000 90126 42463 496650 1348988 24189890 21328026 24189890 21328026 24189890 21328026 24686540 22677014 6524 1300000 42464 1348988 0 1300000 0 1300000 0 400000 47662 447662 6524 400000 90126 496650 0 0 Contingent liabilities The company is part of a Danish joint taxation and with Clipper Group Ltd. as a management company. The company is therefore liable in accordance with the rules of the Corporation Tax Act for income taxes etc. for the jointly taxed companies and also for any obligations to withhold tax on interest, royalties and dividends for the jointly taxed companies. true true Basis of preparation As the Company’s functional currency is USD, the annual report has been presented using USD as the reporting currency. The exchange rate used for DKK against USD is 6 .35 at December 31, 2025 (2024: 7.21). Recognition and measurement Assets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement.Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial period. Income statementGross profit or loss With reference to section 32 of the Danish Financial Statements Act, gross profit is calculated as a summary of other revenue and other external expenses. Other external expenses Other external expenses include expenses relating to the Entity’s ordinary activities, including expenses for consultants etc. Financial income and expenses Financial income and financial expenses comprise interest, realized and unrealized exchange rate adjustments. Income tax Tax for the year is recognized in the income statement by the portion attributable to the profit for the year and recognized directly in equity by the portion attributable to entries directly in equity. The company is included in joint taxation. The current Danish corporation tax is distributed between the jointly taxed companies in proportion to their taxable income (full distribution with refund regarding tax losses). Balance sheet Due from related parties Due from related parties are measured at amortised cost, usually equaling nominal value less write-downs for bad and doubtful debts. Cash and cash equivalents Cash and cash equivalents comprise cash and deposits at banks. Equity Dividend Dividend is recognized as a liability at the time of adoption at the general meeting. Proposed dividend for the financial year is disclosed as a separate item in equity. Other payables Other payables comprising trade payables, are measured at amortised cost, which is usually equivalent to nominal value. It further relates to the payables to vessel owners, which consists of the part of the cash that legally belong to pool members in the underlying pool entities. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2025-01-01 2025-12-31 2024-01-01 2024-12-31 2026-04-08 Reporting class B 2026-04-08 42346306 CLIPPER BULK A/S Sundkrogsgade 19 2100 København Ø Opinion Basis for Opinion 2026-04-08