$14,064 - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Handysize Market Spot Rates (BHSI) 38k dwt (tonnage adjusted^) US$/day net* 3Q25 Average: $11,602 1%YoY $15,093 - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Supramax Market Spot Rates (BSI) 58k dwt US$/day net* 3Q25 Average: $14,345 4%YoY 2023 2024 2025 2025 (FFA) FFA Average* FFA Average* $13,090 $14,140 Data as at 10 October 20 ...

摘要 欧盟碳排放交易体系(EU ETS)和 FuelEU Maritime 法规生效，对船舶 碳排放征税，并扩展至燃料全生命周期，纳入二氧化碳、甲烷和一氧化 二氮等温室气体，显著增加船舶运营成本，促使船运行业转向绿色替代 燃料。 FuelEU Maritime 法规从燃料全生命周期角度考核，而 EU ETS 关注船 端排放。国际海事组织(IMO)正讨论 IMO 净零框架公约，预计 2028 年 实施，将从燃料全生命周期考核温室气体排放，推动船舶绿色转型。 IMO 净零框架公约通过 GFI 值评估船舶合规性，设定不同排放目标和罚 款标准。使用传统化石燃油或 LNG 可能面临罚款，而生物质甲醇能满足 GFI 要求，减少成本并符合法规。 LNG 燃料在短期内具有一定合规优势，但长期来看仍面临罚款风险。生 物质甲醇作为燃料，其经济性受排放强度因子影响，需降低价格至 600- 800 美元/吨才具竞争力。 为降低 GFI 或总运营成本，船舶需考虑使用生物燃油或生物质燃料，这 些替代燃料的运营成本比传统化石燃料 VLSFO 要低一些。 Q&A 欧盟碳排法案和 IMO 净零排放框架对船运行业的燃料成本及运营成本有哪些 影响 ...

Financial Data and Key Metrics Changes - The company reported a net profit of $1,100,000 for Q2 2025, down from $6,900,000 in Q2 2024, with earnings per share decreasing from $0.16 to $0.02 [8] - Adjusted EBITDA for Q2 2025 was $20,900,000, compared to $24,000,000 in the same period last year [8] - Operating revenues decreased to $29,900,000 in Q2 2025 from $31,200,000 in Q2 2024, primarily due to lower time charter equivalent earnings [8] - Time charter equivalent earnings fell from $34,600 in Q2 2024 to $28,400 in Q2 2025, despite an increase of 157 operational days [8][9] - Vessel operating expenses increased to $7,100,000 in Q2 2025 from $5,600,000 in Q2 2024, attributed to a full fleet operation [9] - Interest expenses rose to $12,800,000 in Q2 2025, an increase of $1,800,000 compared to Q2 2024 [10] - Cash and cash equivalents at the end of Q2 2025 were $24,700,000, with an outstanding balance on sale leaseback financing of $714,000,000 [10] Business Line Data and Key Metrics Changes - The company’s preferred strategy is to charter out its 12 vessels on index-linked charters, with six vessels on fixed rates at $34,100 per day for August and September [12] - For Q4, two vessels are fixed at $31,800 per day, while the remaining ten ships will operate in the spot market [12] Market Data and Key Metrics Changes - The tonne mile for Capesize vessels in Q2 2025 was close to record levels, with a marginal decrease of 1.3% compared to Q2 2024 [18] - Bauxite exports from Guinea increased by 27% year-over-year, while iron ore exports from Brazil rose by 4% [22] - Chinese total imports were up 3%, indicating a healthy demand scenario for iron ore as inventories decreased by approximately 10% year-over-year [22] Company Strategy and Development Direction - The company aims to capture upside during market rises through index-linked charters and has flexibility to convert to fixed rates when advantageous [12] - The company is positioned to benefit from upcoming emission regulations, with dual fuel LNG vessels providing a competitive edge [16] - The management emphasizes a focus on shareholder returns, with all free cash flow after debt service targeted for dividends [18] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the market, anticipating a strong end to 2025 and an even stronger 2026 due to increased demand for iron ore and bauxite [12][36] - The company sees potential for higher demand driven by new sources like the Simandou mine and increased imports from India [36] - Management believes that the current market dynamics and regulatory environment will favor modern, greener vessels, enhancing the company's competitive position [37] Other Important Information - The company successfully completed its uplisting from Euronext Expand to the main list on the Oslo Stock Exchange [6] - Total cash distributions for the quarter were $0.105 per share for April to June 2025 [11] Q&A Session Summary Question: What is driving the recent strength in the Capesize spot market? - Management noted that the strength is due to increased demand from the Panamax market and a seasonal uptick in iron ore shipments from Australia [32] Question: How does the company plan to navigate the seasonally weaker Q1 next year? - Management indicated it is too early to secure fixed cover but remains optimistic about capturing potential spikes in the market [34] Question: Will 2026 be better than 2025 in terms of demand? - Management believes 2026 will be better due to increased demand from new sources and a recovering coal market [36] Question: How will the company approach renewing floating charters in light of new regulations? - Management expects a higher willingness among charterers to secure modern, greener vessels, which positions the company favorably [37]