Financial Data and Key Metrics Changes - In Q4 2025, the company generated net revenues of $6.6 million and EBITDA of $1.5 million, reflecting a decline compared to the same period last year due to a reduction in fleet and softer market conditions [3][13] - For the full year 2025, net revenue totaled $37.8 million, adjusted EBITDA was $12.9 million, and the net loss reached $6.2 million [13] - Daily operating expenses were successfully reduced to approximately $6,300 per day [14] - The cash position at year-end stood at $14.6 million, with total assets amounting to $138 million and stockholders' equity at $56 million [14][15] Business Line Data and Key Metrics Changes - The company executed strategic initiatives to enhance earnings, including divesting lower-returning assets and redeploying proceeds into higher-earning Capesize exposure [4] - The fleet utilization remained high at 97.6%, with a fourth quarter TCE of $14,129, consistent with the same period in 2024 [6] Market Data and Key Metrics Changes - The Baltic Kamsarmax Index averaged about $14,800 in early 2026, up from $9,600 during the same period in 2025, while the Baltic Capesize Index averaged about $23,000, compared to $13,000 last year [9] - The Panamax market showed strong growth in grain and minor bulk ton-miles, while coal trade has moderated [10] Company Strategy and Development Direction - The company is focused on disciplined capital reallocation, divesting lower-returning assets, and enhancing cash flow visibility through fixed-rate charters [4][5] - The acquisition of two Capesize vessels is expected to produce meaningful returns on capital, with a total investment of approximately $62 million [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining competitive distributions while pursuing growth opportunities, despite the geopolitical crisis adding uncertainty to the global outlook [4][10] - The company anticipates a daily time charter equivalent of approximately $15,230 for Q1 2026, with 92% of available days already fixed [7] Other Important Information - The company declared its thirteenth consecutive quarterly dividend, reflecting a commitment to capital returns [3] - The company has engaged in extensive share repurchases as part of its capital returns strategy [19] Q&A Session Summary Question: Regarding the dividend policy and future payouts - Management intends to establish a clear formula for dividends, emphasizing a commitment to generous shareholder returns [22] Question: Details on the acquisition of the Squireship - The fixed rate for the Squireship is approximately $28,000, with a financing strategy aiming for a leverage ratio of around 60%-65% [24] Question: Implications of coal trade flows due to geopolitical disruptions - Management expects increased coal trade as a response to disruptions in LNG trade, particularly in regions reliant on Persian Gulf natural gas [25][26] Question: Clarification on the portion of the global fleet in the Gulf area - Approximately 2% of the global fleet is in the general area, affecting tonnage availability and market dynamics [27]