Financial Data and Key Metrics Changes - The company reported a net income of $18.5 million and an adjusted net income of $32.4 million, translating to an adjusted income per share of $0.16 [4] - Adjusted EBITDA for the quarter was $87 million [4] - Total cash reached $454 million, while total debt stood at $1.028 billion, with additional liquidity of $115 million from undrawn revolver facilities, resulting in pro forma liquidity exceeding $570 million [4] - The company repurchased 250,000 shares for $4.4 million during the quarter and an additional 360,000 shares for $6.7 million in the fourth quarter to date [4] Business Line Data and Key Metrics Changes - Operating expenses for Q3 2025 were $5,096 per vessel per day, with net cash G&A expenses at $1,325 per vessel per day [9] - The time-charter equivalent (TCE) rate was $16,634 per vessel per day, leading to a TCE less OPEX and CAS G&A of approximately $10,213 per vessel per day [5] Market Data and Key Metrics Changes - Total dry bulk trade volumes increased by 5.1% year over year during Q3, supported by strong iron ore, grain, and minor bulk exports [17] - Chinese dry bulk imports rose by 4.4% year over year in Q3 after a contraction in the first half [18] - The fleet growth for the first ten months of 2025 was 2.6%, with a modest newbuilding order book at 10.9% of the existing fleet [15] Company Strategy and Development Direction - The company is focused on fleet renewal and energy efficiency, with ongoing investments in newbuilding vessels and technology upgrades [13][10] - The capital allocation policy has prioritized returns to shareholders, with a total of $2.8 billion in dividends, share buybacks, and debt repayment since 2021 [6][4] - The company aims to actively manage its scrubber-fitted fleet to capitalize on market opportunities [22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the medium to long-term outlook for the dry bulk market, supported by favorable supply dynamics and stricter environmental regulations [22] - The company noted that global port congestion has eased and is expected to follow seasonal trends, having a relatively neutral impact on effective supply growth [16] - The CEO highlighted the spillover effect from larger vessels contributing to strong demand in the sub-cape segments, driven by improved grain trade and coal performance [33] Other Important Information - The company has completed 51 energy-saving device installations, with plans for nine more in 2025 [10] - The average age of the fleet is 11.9 years, with ongoing efforts to optimize fleet efficiency through selective disposals and acquisitions [11] Q&A Session Summary Question: Expectations around total net change in debt in 2026 - The company has secured financing for the first five newbuilds at $130 million, with discussions ongoing for the last three [26] Question: Planned amortization during 2026 - Amortization is expected to remain around $50 million per quarter, with refinanced older facilities and new facilities having a 17-year amortization profile [27] Question: Dividend policy regarding minimum cash balance per vessel - The dividend policy remains unchanged, with the company maintaining a cash balance significantly above the required level [30][32] Question: Strong rate performance in sub-cape segments - Management attributed the strong performance to both spillover effects from larger vessels and improved demand fundamentals in the sub-cape segment [33] Question: Fleet composition and focus on Kamsarmax vessels - The company is renewing its aging Kamsarmax fleet, taking advantage of early deliveries and favorable pricing [38]

Financial Data and Key Metrics Changes - The company reported a net income of $18.5 million, with an adjusted net income of $32.4 million, translating to an adjusted income per share of $0.16. Adjusted EBITDA for the quarter was $87 million [4] - Total cash reached $454 million, while total debt stood at $1.028 billion. Pro forma liquidity, including undrawn revolver facilities, exceeded $570 million [4] - The company repurchased 250,000 shares for $4.4 million during the third quarter and an additional 360,000 shares for $6.7 million in the fourth quarter to date [4] Business Line Data and Key Metrics Changes - Operating expenses for Q3 2025 were reported at $5,096 per vessel per day, with net cash G&A expenses at $1,325 per vessel per day [9] - The time-charter equivalent (TCE) rate was $16,634 per vessel per day, resulting in a TCE less OpEx and CAS G&A of approximately $10,213 per vessel per day [5] Market Data and Key Metrics Changes - Total dry bulk trade volumes increased by 5.1% year-over-year during Q3, supported by strong iron ore, grain, and minor bulk exports [17] - Chinese dry bulk imports rose by 4.4% year-over-year in Q3 after a contraction in the first half of the year [18] - The fleet growth for the first ten months of 2025 was 2.6%, with a modest newbuilding order book at 10.9% of the existing fleet [15] Company Strategy and Development Direction - The company is focused on fleet renewal and energy efficiency, with ongoing investments in green technologies and compliance with environmental regulations [13] - The strategy includes selective disposals and acquisitions to optimize fleet efficiency, with a focus on Kamsarmax vessels due to their favorable economics compared to Capesize vessels [38][39] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the medium to long-term outlook for the dry bulk market, supported by a favorable supply outlook and easing trade tensions [22] - The company anticipates a gradual normalization of trade activity in 2026, particularly in light of recent geopolitical developments [18] Other Important Information - The company has completed 51 energy-saving device installations, with plans for additional upgrades in 2025 [10] - The board declared a dividend of $0.11 per share for the quarter, payable on December 18, 2025 [4] Q&A Session Summary Question: Expectations around total net change in debt in 2026 - The company secured financing for five newbuilds at $130 million and is in discussions for the remaining three, with amortization expected to remain around $50 million per quarter [26][27] Question: Dividend policy and cash balance calculations - The dividend policy is based on maintaining a cash balance above $2.1 million per vessel, which is currently well covered by the company's cash reserves [30][32] Question: Strong rate performance in sub-cape segments - Management attributed the strong performance to spillover effects from larger vessels and improved demand fundamentals in the grain and coal markets [33] Question: Fleet composition and Kamsarmax focus - The company is renewing its aging Kamsarmax fleet and taking advantage of favorable pricing and early delivery schedules for newbuilds [38][39] Question: Opportunities in the Capesize market - Management noted that finding Capesize vessels at reasonable prices is challenging, and current market conditions favor investments in Kamsarmax vessels [44]

Core Insights - The event "What Investors Want: Driving Growth Through Purpose and Performance" focuses on how ESG performance influences investment decisions, highlighting the increasing expectations from investors regarding sustainability [1][2]. Event Details - The event is scheduled for November 25, 2025, at TELUS Harbour in Toronto, with registration starting at 8:00 a.m. ET and the program running from 8:45 a.m. to 12:00 p.m. ET [2]. - The event is organized by the UN Global Compact Network Canada in collaboration with the Principles for Responsible Investment (PRI) [1][2]. Participants and Speakers - Notable speakers include Jane Ambachtsheer from BNP Paribas Asset Management, Wendy Berman from the Canadian Sustainability Standards Board, and Anna Murray from the Ontario Teachers' Pension Plan, among others [4]. Initiative Background - Canada Climate Week Xchange (CCWX) is a five-year initiative aimed at addressing climate-related challenges in Canada, encouraging collaboration among various organizations and individuals [5].

FINANCIAL RESULTS Q3 2025 November 2025 Forward-Looking Statements This presentation contains certain forward-looking statements. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may include statements concerning the Company's plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, identified by words such a ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is committed to gradually improving the sustainable disclosure system for listed companies, emphasizing high-quality development and effective implementation of policies [2][4]. Group 1: Sustainable Disclosure System - Over the past five years, there has been significant progress in sustainable disclosure among listed companies, with a focus on high-quality development [2]. - The CSRC has developed a structured and distinctive sustainable disclosure rule system, which includes mandatory guidelines for sustainable development reports [4][5]. - The first mandatory rules for sustainable disclosure were established by the CSRC in collaboration with stock exchanges, effective from April 2024 [4]. Group 2: Implementation and Impact - As of 2025, 1,869 listed companies disclosed their sustainable reports, representing approximately 70% of the total market capitalization, with a disclosure rate of 34.7%, an increase of nearly nine times since the end of the 13th Five-Year Plan [7]. - High-quality disclosures have enhanced the international image of Chinese listed companies, with 36.8% of MSCI China A-share index constituents seeing improvements in their ESG ratings [7][8]. - The number of companies focusing on new energy and environmental protection has reached 516, with a market value of 9.43 trillion yuan, reflecting significant growth since the end of the 13th Five-Year Plan [9]. Group 3: Future Directions - The CSRC aims to guide companies in not only telling their sustainability stories but also in achieving tangible results, fostering a cycle of governance and development [8]. - The sustainable investment scale has grown significantly, with sustainable index products reaching approximately 125 billion yuan by October 2025, more than doubling since the end of 2020 [9].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is committed to gradually improving the sustainable disclosure system for listed companies, emphasizing high-quality development and effective implementation of policies [1][2]. Group 1: Sustainable Disclosure System - The CSRC has established a systematic and distinctive sustainable disclosure rule framework for listed companies, which aligns with international standards [2][3]. - In April 2024, the CSRC guided the Shanghai and Shenzhen Stock Exchanges to create mandatory guidelines for sustainable development reporting, marking the first comprehensive regulatory framework in China [2]. - The CSRC is enhancing the adaptability and operability of disclosure rules by addressing practical challenges and providing detailed guidance for companies [3]. Group 2: Quality and Coverage of Disclosure - In 2025, 1,869 listed companies published sustainable reports, representing approximately 70% of the total market capitalization, with a disclosure rate of 34.7%, an increase of nearly nine times since the end of the 13th Five-Year Plan [4][5]. - 99.3% of companies included quantitative indicators in their reports, with over 80% disclosing more than 25 indicators [5]. - The disclosure of climate-related risks and opportunities has improved, with 62.1% of companies reporting on these aspects, and 65.9% disclosing greenhouse gas emissions, a significant increase from the previous year [5]. Group 3: Impact on Corporate Governance and Investment - High-quality disclosures have enhanced the international image of Chinese listed companies, with 36.8% of MSCI China A-share index constituents seeing an improvement in ESG ratings [5]. - The number of companies with leading ESG ratings (AAA, AA) rose from 7.2% at the end of 2024 to 14%, marking the largest increase in recent years [5]. - Companies are increasingly aligning with national strategies such as the "dual carbon" goals, with 516 companies in strategic emerging industries, achieving a market value of 9.43 trillion yuan, representing growth of 88% and 126% since the end of the 13th Five-Year Plan [6]. Group 4: Growth of Sustainable Investment - The scale of sustainable investment has significantly increased, with the combined size of the China Securities and National Securities sustainable indices reaching approximately 125 billion yuan by the end of October 2025, more than doubling since the end of 2020 [6]. - There is a growing interest from foreign institutional investors in sustainable investments, particularly in the Asia region, including China [6].

Core Insights - The conference aimed to enhance understanding and recognition of listed companies by domestic and foreign institutions, promoting corporate mission fulfillment and social responsibility [1][2] - There has been significant progress in the sustainable development practices of listed companies, with a clearer path towards high-quality development [2] Group 1: Conference Objectives and Participants - The conference was organized by the China Listed Companies Association and attended by over 500 representatives from listed companies and relevant professional institutions [1] - The event focused on sharing experiences from exemplary listed companies and expert discussions to foster value creation and enhance sustainable development capabilities [1] Group 2: Key Statements and Trends - Listed companies have shown resilience and vitality in a complex global market, with a stronger foundation for high-quality development and clearer sustainable development paths [2] - The China Securities Regulatory Commission noted substantial progress in sustainable disclosure practices among listed companies, leading to more determined steps towards sustainable development [2] - OECD highlighted trends such as expanding coverage of corporate sustainability disclosures, convergence of disclosure standards, and enhanced board supervision as essential for a resilient and sustainable future [2] Group 3: Research Reports and Best Practices - Four research reports were released during the conference, focusing on ESG development, industry analysis, value accounting, and ESG ratings for listed companies [3] - The conference also presented 210 best practice cases for sustainable development among listed companies for 2025 [3]

Core Points - The 12th Corporate Social Responsibility (CSR) Award Ceremony was held by the China-EU Chamber of Commerce in Nanjing, recognizing 16 leading companies for their outstanding CSR practices [1][2] - The event featured a keynote speech on "New Trends in China-EU ESG Rules" by Dr. Bu Maoliang, providing forward-looking industry insights [1] - The awards covered key areas of CSR and sustainability, including supply chain, decarbonization, and gender equality, promoting deeper communication and cooperation between Chinese and European enterprises [2] Award Highlights - Companies such as Deka, Bosch Home Appliances, DSV, and Arkema received the "Corporate Social Responsibility and Sustainable Development Leadership Award" [2] - The "Green Impact Pioneer Award" was awarded to Gaillard and BASF Shanghai Coatings [2] - Ericsson Nanjing, Airbus, and Schaeffler were recognized with the "Climate Action Leader Award" [2] - Ernst & Young and Dittop received the "Gender Equality and Empowerment Excellence Award" [2] - Siemens, Vitas, and BMW were honored with the "Employee Development and Engagement Award" [2] - Susphor won the "Sustainable Supply Chain Award" [2] - Netspring received the "Social Innovation Excellence Award" [2]

Core Insights - The quality of disclosure has significantly improved the international image of Chinese listed companies, with 36.8% of MSCI China A-share index constituents seeing an upgrade in their ESG ratings, and the number of companies rated AAA or AA rising from 7.2% at the end of last year to 14% [1][2] Group 1: Sustainable Disclosure Framework - The new "National Nine Articles" emphasizes the establishment of a sustainable information disclosure system for listed companies, leading to a systematic planning of rules and pathways for sustainable disclosure [2][3] - The China Securities Regulatory Commission (CSRC) has guided the Shanghai, Shenzhen, and Beijing stock exchanges to develop mandatory rules for sustainable development reporting, marking the first comprehensive regulations in this area [2][3] - A total of 1,869 listed companies disclosed their 2024 sustainability reports, covering approximately 70% of the market's total market capitalization, with a disclosure rate of 34.7%, an increase of nearly nine times since the end of the 13th Five-Year Plan [3][4] Group 2: Governance and Strategic Alignment - 67.3% of companies that disclosed sustainability reports have established governance structures, while 63.9% disclosed strategic information, and 44.0% set and disclosed quantitative sustainability-related goals [4] - The number of listed companies focusing on strategic emerging industries such as new energy and environmental protection has reached 516, with a market value of 9.43 trillion yuan, representing increases of 88% and 126% respectively since the end of the 13th Five-Year Plan [4] Group 3: Growth in Sustainable Investment - The scale of sustainable investment has been continuously growing, with the combined scale of the CSI and National Sustainable Index products reaching approximately 125 billion yuan, more than doubling since the end of 2020 [4] - Foreign institutional investors are increasingly investing in the sustainable sector, particularly in Asia, with China being a focal point [5]

Core Viewpoint - The enhancement of ESG ratings among listed companies in China reflects significant progress in sustainable development and high-quality growth, with a notable increase in the number of companies achieving top ESG ratings [1][4]. Group 1: ESG Ratings Improvement - 36.8% of MSCI China A-share index constituents have seen an improvement in their ESG ratings, with the proportion of companies rated AAA and AA rising from 7.2% at the end of last year to 14%, marking the largest increase in recent years [1][4]. - The number of companies with leading ESG ratings has grown from 2 at the end of the 13th Five-Year Plan to 54 [1][4]. Group 2: Sustainable Disclosure System - The China Securities Regulatory Commission (CSRC) is committed to gradually improving the sustainable disclosure system, aiming to enhance policy implementation and guide high-quality disclosures [2][6]. - A comprehensive and distinctive sustainable disclosure rule system has been established, with mandatory guidelines for listed companies to publish sustainability reports starting from April 12, 2024 [2][3]. Group 3: Quality of Disclosure - In 2024, 1,869 listed companies disclosed sustainability reports, representing about 70% of the total market capitalization, with a disclosure rate of 34.7%, an increase of nearly nine times since the end of the 13th Five-Year Plan [4]. - 67.3% of companies that disclosed reports have established governance structures, while 63.9% have disclosed strategic information, and 44.0% have set and disclosed quantitative sustainability-related goals [4]. Group 4: Growth of Sustainable Investment - The scale of sustainable investment continues to grow, with the combined scale of the CSI and Guozheng sustainable index products reaching approximately 125 billion yuan, more than doubling since the end of 2020 [5]. - Foreign institutional investors are increasingly investing in sustainable sectors, particularly in Asia, with a focus on China [5].