Industry Transformation - China's state-owned oil majors are accelerating their energy transition [1] - Companies are shifting operations away from loss-making gasoline and diesel [1] - Companies are focusing on alternative fuels and fine chemicals [1]

Financial Data and Key Metrics Changes - The adjusted EBITDA for Q1 2025 was $29.4 million, down from $64.3 million in Q1 2024 [20] - Adjusted earnings per share for Q1 2025 were $0.05, compared to $0.20 in Q1 2024 [20] - Average daily time charter equivalent decreased to $14,655 in Q1 2025 from $18,158 in Q1 2024 [21] - Daily vessel operating expenses increased by 6% to $5,765 in Q1 2025 from $5,442 in Q1 2024 [21] Business Line Data and Key Metrics Changes - The company operated an average of 46 vessels in Q1 2025, down from 47.08 vessels in Q1 2024 [21] - Daily vessel earning expenses, excluding dry docking and pre-delivery expenses, increased by 10% to $5,546 in Q1 2025 from $5,038 in Q1 2024 [21] Market Data and Key Metrics Changes - The drybulk fleet is projected to grow by about 2.8% on average in 2025 and 2026, with Panamax vessels comprising the largest share [7] - Global drybulk demand is forecasted to decline by 1% to 0% in 2025, followed by growth of 1.5% to 2.5% in 2026 [12] - China's GDP growth is projected at 4% for 2025 and 2026, while India is expected to grow at 6.2% during the same period [13] Company Strategy and Development Direction - The company is focused on operational excellence, environmental performance, and long-term value creation for shareholders [6] - The company plans to continue its newbuild program and improve operational efficiency while maintaining a strong capital structure and liquidity [6] - The company has a strong emphasis on energy-efficient designs and compliance with new environmental regulations [10] Management's Comments on Operating Environment and Future Outlook - The management noted a softer charter market due to seasonality, geopolitical uncertainties, and tariff concerns affecting global trade [5] - There is an expectation of a softer freight rate market as supply grows faster than demand, leading to pressure on freight rates [11] - The management remains cautious about the macroeconomic environment but is optimistic about future opportunities for share repurchases when market conditions improve [26][30] Other Important Information - The company declared a $0.05 per share dividend, marking the fourteenth consecutive quarterly dividend [14] - The company completed a share repurchase program of 3 million common shares [15] - The company maintains a healthy cash position of around $122 million and has $128 million available in committed revolving credit facilities [22] Q&A Session Summary Question: Thoughts on future share buybacks given market conditions - Management indicated that buybacks depend on market conditions and stock price, with a focus on buying back shares in profitable markets [26][27] Question: Current state of the sale and purchase market for ships - Management noted that S&P values have dropped by around 25% for older ships and 10-15% for modern ships, making it unattractive to buy ships at this time [29] Question: Status of Capesize vessels and future chartering plans - Management stated that they prefer to trade in the spot market unless period employment above $20,000 is available, with plans to reassess as contracts come open [37][38]

Financial Data and Key Metrics Changes - The adjusted EBITDA for Q1 2025 was $29.4 million, down from $64.3 million in Q1 2024, indicating a significant decline in profitability [18] - Adjusted earnings per share for Q1 2025 were $0.05, compared to $0.20 in the same period last year [18] - Average daily time charter equivalent decreased to $14,655 in Q1 2025 from $18,158 in Q1 2024 [19] - Daily vessel operating expenses increased by 6% to $5,765 in Q1 2025, up from $5,442 in Q1 2024 [19] Business Line Data and Key Metrics Changes - The company operated an average of 46 vessels in Q1 2025, compared to 47 vessels in Q1 2024 [19] - The charter market for Capesize vessels is currently weaker, with average rates around $23,000, compared to $16,000 on the spot market [13] Market Data and Key Metrics Changes - The global drybulk demand is forecasted to decline by 1% to 0% in 2025, with a potential recovery of 1.5% to 2.5% in 2026 [11] - China's GDP growth is projected at 4% for 2025 and 2026, while India is expected to grow at 6.2% during the same period, impacting drybulk demand [12] Company Strategy and Development Direction - The company is focused on maintaining a strong balance sheet, operational excellence, and environmental performance in line with IMO regulations [5] - The fleet renewal strategy includes taking delivery of six newbuilds by Q1 2027, which are positioned to meet stringent greenhouse gas targets [9] - The company aims to leverage its majority Japanese-built fleet for energy efficiency and lower CO2 taxation [17] Management's Comments on Operating Environment and Future Outlook - The management noted a softer charter market due to seasonality, geopolitical uncertainties, and tariff concerns affecting global trade [4] - There is an expectation of continued supply growth outpacing demand, which may pressure freight rates [12] - The management remains cautious about further share repurchases, indicating that market conditions will dictate future actions [24][28] Other Important Information - The company declared a $0.05 dividend per share, marking the fourteenth consecutive quarterly dividend [13] - The company completed a share repurchase program of 3 million shares, maintaining a healthy cash position of around $122 million [20] Q&A Session Summary Question: Thoughts on future share buybacks given market conditions - Management indicated that buybacks depend on market conditions and stock price, suggesting they may initiate buybacks if the stock price remains depressed [24][25] Question: Current state of the sale and purchase market for ships - Management noted that S&P values for older ships have dropped around 25% and 10-15% for modern ships, making it unattractive to buy ships at this time [27] Question: Status of Capesize vessels and future chartering strategy - Management stated that they prefer to trade in the spot market unless period employment rates exceed $20,000, indicating a cautious approach to chartering [34][35]

Core Viewpoint - Cielo Waste Solutions Corp. is initiating a non-brokered private placement to raise gross proceeds of up to C $3,000,000 through the issuance of up to 60,000,000 units at a price of $0.05 per unit, aimed at funding the development of a waste-to-hydrogen facility in British Columbia and other working capital needs [1][3]. Group 1: Offering Details - Each unit consists of one common share and one whole common share purchase warrant, with the warrant allowing the purchase of one common share at a price of $0.07 for two years [2]. - The net proceeds from the offering will be used for the development and early-stage engineering of the proposed waste-to-hydrogen facility, regulatory applications, and general working capital, including a payment of approximately $750,000 under a Settlement Agreement [3]. Group 2: Project and Market Positioning - The BC Facility aims to provide a sustainable disposal solution for scrap railway ties while generating hydrogen, aligning with regulatory requirements and clean energy funding programs [7]. - Cielo is strategically positioning itself in the growing hydrogen market, driven by increasing demand for alternative fuels and energy security, indicating a deliberate entry into a sector expected to experience substantial growth [5][6]. Group 3: Management Perspective - The CEO of Cielo emphasized that while the offering may cause some dilution, the anticipated cancellation of approximately 40,000,000 shares from an unrelated transaction will help mitigate the impact on the company's capital structure and support shareholder value [5]. - The company is committed to generating environmental and economic value from waste, aiming to be a leader in the wood waste to usable products industry through sustainable technologies [10].