Financial Data and Key Metrics Changes - For Q4 2025, the company reported a net income of $117.3 million and EBITDA of $224.8 million, with earnings per common unit at $3.99. For the full year, net income was $285.3 million and EBITDA was $744.6 million, with earnings per common unit at $9.59 [3][4] - Total revenue for Q4 2025 increased by 10% to $366 million compared to $333 million in Q4 2024, driven by higher fleet combined time charter equivalent (TCE) rates despite lower available days [16][17] - Adjusted EBITDA for Q4 2025 increased by $25 million to $207 million compared to Q4 2024, while adjusted net income increased by $21 million to $100 million [18][19] Business Line Data and Key Metrics Changes - The TCE rate per day for bulkers increased by 15% to $19,588, for tankers by 9% to $29,158, and for containers to $31,316 [17] - The average TCE rate for containers increased by 3% to $31,239, while the dry bulk average TCE rate decreased by approximately 3% to $16,408 [19] Market Data and Key Metrics Changes - The company secured coverage for 71% of its available days for 2026, with contracted revenue exceeding cash operating costs by $172.7 million [8][12] - The tanker market is expected to benefit from a lower order book and an aging fleet, with 50% of the fleet already over 15 years old [28][30] Company Strategy and Development Direction - The company emphasizes diversification as a strength, maintaining a culture of risk management and patience in securing long-term charters [7][10] - The fleet modernization program has resulted in a fleet that is almost 30% younger than the industry average, with a focus on reducing net loan-to-value (LTV) towards a target of 25% [4][5] Management's Comments on Operating Environment and Future Outlook - Management highlighted the unprecedented uncertainties in the industry, including geopolitical risks and evolving trade patterns, while expressing confidence in the company's ability to deliver value through a diversified fleet and disciplined risk management [10][11] - The company is actively pursuing long-term charter opportunities to enhance earning stability, having secured $261 million in new charter commitments in Q4 2025 [9][12] Other Important Information - The company announced a 20% increase in its distribution policy to $0.24 per unit annually, funded primarily through savings from a unit repurchase program [4][9] - The balance sheet remains strong with $580 million in available liquidity and a net LTV of 30.9% [6][10] Q&A Session Summary Question: Changes to accounting of depreciation - Management clarified that the drop in depreciation was due to a one-off adjustment in Q3 related to the termination of certain variable charters [33][34] Question: Expectations for net LTV target and implications for buybacks and dividends - Management indicated that they are balancing challenges and opportunities, with flexibility to reduce LTV and increase liquidity while continuing buybacks and increasing dividends [39][40] Question: Interest in other investment segments - Management stated they are always looking for opportunities but are currently well-positioned with existing container and dry bulk exposure [40]