Financial Data and Key Metrics Changes - The company reported adjusted earnings for Q2 2025 of EUR 9 million or EUR 0.02 per share, with TCE rates increasing throughout the year [7] - EBITDAR for Q2 was reported at EUR 22.4 million, with earnings per share of $0.22, reflecting a downward trajectory on cash breakeven [21][26] Business Line Data and Key Metrics Changes - MRs earned $23,500 per day in Q2 and $25,500 so far in Q3, with 50% booked [7] - Chemical tankers earned $20,400 per day in Q2 and $21,700 in Q3, with 65% booked [8] Market Data and Key Metrics Changes - OPEC plus is expected to increase supply by an additional 2.5 million barrels of oil per day by September, driving trading activity [13] - Low diesel inventories in Europe have led to increased crack spreads, incentivizing refinery production [13] Company Strategy and Development Direction - The company executed transactions to acquire three high-quality MR tankers, enhancing performance and earnings power [9] - A comprehensive refinancing was completed, consolidating existing debt into a single revolving credit facility, enhancing financial flexibility [10][20] Management Comments on Operating Environment and Future Outlook - Management noted that market dynamics remain favorable due to stronger refining margins and geopolitical factors [8] - The company is positioned to benefit from shifting trade flows and market volatility, with a focus on maintaining low cash breakeven [36][37] Other Important Information - The company declared its eleventh consecutive dividend since reinitiating its dividend policy in 2022 [12] - The MarineLine project is nearly completed, enhancing trading flexibility and attracting premium cargoes [24] Q&A Session Summary Question: Regarding the acquisition of MR tankers and balance sheet stress - Management emphasized the focus on value and being opportunistic in capital allocation, with no immediate rush to optimize for a specific growth target [31][32] Question: Impact of U.S. pressure on Russia and its effect on the product market - Management indicated that geopolitical shifts create volatility that benefits the product tanker market, with a focus on positioning for changing trade flows [36][37]