Financial Data and Key Metrics Changes - In Q4 2025, the company achieved adjusted earnings per share of $0.14, compared to $0.15 in Q4 2024 [5][29] - Adjusted EBITDA for Q4 2025 was $37.4 million, down from $40.7 million in Q4 2024 [28] - Daily vessel operating expenses increased by 13% to $5,683 in Q4 2025, compared to $5,047 in Q4 2024 [30] Business Line Data and Key Metrics Changes - The company operated an average of 45 vessels in Q4 2025, earning an average time charter equivalent of $17,050, compared to 45.9 vessels earning $16,521 in Q4 2024 [29] - The company declared a dividend of $0.05 per share, marking the seventeenth consecutive quarterly dividend [23] Market Data and Key Metrics Changes - The dry bulk fleet is projected to grow by about 3% in 2026, with the highest growth in the Panamax and Supermax segments [7] - Global dry bulk demand is forecasted to grow by 2%-3% in 2026, with cargo volumes expected to expand by 1%-2% [13] Company Strategy and Development Direction - The company maintains a balance between spot and time charter exposure to capture market opportunities while preserving cash flow visibility [6] - The company is focusing on fleet renewal with an emphasis on quality tonnage, particularly Japanese-built vessels [12] Management's Comments on Operating Environment and Future Outlook - Management noted increased market volatility in the dry bulk market due to geopolitical reasons, but expressed optimism about the market's recovery [5] - The company highlighted the importance of maintaining a young and technologically advanced fleet to enhance operational performance and regulatory compliance [12] Other Important Information - The company has a strong liquidity position with $382 million in capital resources and a leverage ratio of 34% [23] - The company has a revenue backlog of $178 million, supporting debt service and reinvestment [33] Q&A Session Summary Question: Is there any appetite to renew the Capesize fleet? - Management indicated that second-hand prices are rising, but there is a lack of suitable tonnage available for sale, leading to a focus on newbuilds [36] Question: Have you seen increasing appetite for 2- to 3-year contracts on Kamsarmaxes? - Management noted that there is currently no interest for longer-term contracts, with the market just starting to improve [37][39] Question: Would you favor index-linked exposure or fixed coverage? - Management traditionally prefers fixed rates, especially in a rising market, and noted current rates for one-year deals are around $18,000 to $19,000 per day for Eco Kamsarmaxes [40]

Safe Bulkers (NYSE:SB) Q4 2025 Earnings call February 19, 2026 10:00 AM ET Company ParticipantsCliment Molins - Head of Shipping ResearchKonstantinos Adamopoulos - CFO and TreasurerLoukas Barmparis - President and SecretaryOperatorThank you for standing by, ladies and gentlemen, and welcome to Safe Bulkers conference call for the Q4 2025 financial results. We have with us Mr. Polys Hajioannou, Chairman and Chief Executive Officer, Dr. Loukas Barmparis, President, and Mr. Konstantinos Adamopoulos, Chief Fina ...

Financial Highlights - For the twelve months of 2025, the company achieved a net income of $10.5 million, a significant increase of 481% compared to a net loss of $3 million in 2024 [3][25] - EBITDA for 2025 was reported at $17 million, up 244% from $7 million in 2024 [3][25] - Voyage revenues decreased by 18% to $34.8 million in 2025, primarily due to the dry docking of the Aframax tanker, resulting in 74 non-revenue days [3][21] - Voyage costs for 2025 were $12.8 million, down from $14.1 million in 2024 [22] Business Line Performance - The dry bulk market showed resilience in 2025, with iron ore and coal trade remaining significant, although coal shipments are forecasted to decline further in 2026 [4][6] - The minor bulks category, including bauxite and fertilizers, grew by around 4% in 2025, with expectations of a further 3% increase in 2026 [8] - The global Handysize fleet saw a 2% increase in exports, with the average age of the fleet at 14.9 years [9][10] Market Data - The Aframax sector experienced significant improvements, with spot rates on major trading routes increasing by up to 88.7% [11][12] - The global Aframax fleet consists of 1,198 ships, with 25% over 20 years of age [12] - Changes in trading patterns, particularly increased imports to China and India from the Middle East, have resulted in longer voyages and higher ton-mile demand [14][16] Company Strategy and Industry Competition - The company aims for disciplined growth through selective acquisitions of quality, non-Chinese-built vessels, focusing on short to medium-term charters [28] - The acquisition of two product tankers is expected to increase fleet capacity by 387% from inception [19][32] - The company maintains a high-quality fleet to reduce operating costs and improve safety, with no bank debt [28][29] Management's Comments on Operating Environment and Future Outlook - The company anticipates a bullish outlook for 2026, driven by elevated freight rates, resilient oil demand, and shifting trade patterns [31] - Global seaborne trades are projected to increase, supported by population growth and geopolitical factors [31] - The company has successfully completed the dry docking of its Aframax tanker, enhancing financial flexibility [31] Other Important Information - The company reported a cash balance of $14.9 million at the end of 2025, an increase of 19% from $12.6 million in 2024 [26] - The total paid for acquisitions did not change, with no interest charged on the purchase prices of vessels [29] Q&A Summary Question: What are the expectations for the dry bulk market in 2026? - The dry bulk market is expected to see modest growth in tons but robust growth in ton miles due to longer trade routes and the rising weight of minor bulks [8] Question: How does the company plan to manage its fleet and operations? - The company focuses on maintaining high standards of safety and reliability, with regular inspections and a comprehensive maintenance program for each vessel [28]

C3is (NasdaqCM:CISS) Q4 2025 Earnings call February 19, 2026 10:00 AM ET Company ParticipantsDiamantis Andriotis - CEONina Pyndiah - CFOOperatorGood day, and thank you for standing by. Welcome to the C3is Q4 2025 Financial and Operating Results webcast and conference call. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Dr. Diamantis Andriotis. Please go ahead.Diam ...

Financial Data and Key Metrics Changes - For the twelve months of 2025, the company achieved a net income of $10.5 million, a significant increase of 481% compared to a net loss of $3 million in 2024 [3][31] - EBITDA for 2025 was reported at $17 million, up 244% from $7 million in 2024 [3][26] - Voyage revenues decreased by 18% to $34.8 million in 2025 from $42 million in 2024, primarily due to the dry docking of the Aframax tanker [3][22] - The cash balance increased by 19% to $14.9 million at the end of 2025, despite the full payment of $15.1 million for the Eco Spitfire [27][31] Business Line Data and Key Metrics Changes - Voyage costs for 2025 were $12.8 million, down from $14.1 million in 2024, attributed to fewer voyage days due to dry docking [22][24] - Operating expenses for 2025 were $9.2 million, with crew expenses accounting for 50% of total operating costs [24] - The company reported a gain on warrants of $9.2 million for 2025, compared to a loss of $11.1 million in 2024 [26] Market Data and Key Metrics Changes - The global dry bulk market showed resilience in 2025, with iron ore and coal trade remaining significant, although coal shipments were forecasted to decline further in 2026 [4][6] - The handysize category saw global exports of dry bulk commodities increase by 2% year-over-year, reaching 1,798 million tons in 2025 [9] - Aframax spot rates exhibited significant improvements, with the Caribbean-US Gulf route seeing an 88.7% increase in rates [11] Company Strategy and Development Direction - The company aims for disciplined growth through selective acquisitions of quality, non-Chinese-built vessels, focusing on short to medium-term charters and spot voyages [29] - The acquisition of two product tankers, expected to be delivered by Q3 2026, will increase fleet capacity by 387% from inception [20][32] - The strategy emphasizes maintaining a high-quality fleet to reduce operating costs and improve safety, which provides a competitive advantage [28] Management's Comments on Operating Environment and Future Outlook - The management highlighted that elevated freight rates, resilient oil demand, and shifting trade patterns support a bullish outlook for 2026 [31] - The company is fully deleveraged, enhancing financial flexibility, and anticipates continued growth in global seaborne trades driven by various geopolitical factors [31] - The transition from opaque to transparent trade in the oil sector is expected to create demand for compliant tonnage, particularly for Aframax vessels [15] Other Important Information - The company has no bank debt and has repaid all capital expenditure obligations totaling $59.2 million without resorting to bank loans [29][30] - The average age of the C3is Handysize fleet was 14.9 years at the end of December 2025, with a significant portion of the global fleet being over 15 years old [10] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session.

Market Overview - The global dry bulk fleet is aging, with 25% being over 15 years old[8] - Japan accounts for 42% of the global dry bulk fleet[8] - The dry bulk orderbook represents 107% of the existing fleet[8] - Approximately 15% of the dry bulk orderbook will be able to use alternative fuels upon delivery[8] - Global GDP is projected to grow by 31% in 2026 and 32% in 2027[17] - Global inflation is expected to be 37% in 2026 and 34% in 2027[17] - Dry bulk demand is forecasted to increase by 2% in 2026[17] - Supply is expected to increase by 28% in 2026 and 27% in 2027[21] Company Financials - The company declared a quarterly dividend of $005 per share, resulting in a 41% dividend yield[26] - Net revenues for the quarter were $731 million[26]

Financial Data and Key Metrics Changes - Time charter revenues for Q3 2025 were $51.9 million, down from $57.5 million in the same quarter last year, reflecting the sale of two vessels earlier this year and one vessel in September 2024 [9] - Adjusted EBITDA decreased to $20.3 million from $23.7 million year-over-year, consistent with a smaller fleet [9] - Net income nearly doubled to $7.2 million from $3.7 million in Q3 2024, driven by lower expenses and a $10.6 million gain from the valuation of the investment in Genco [10] - Cash decreased to $133.9 million as of September 30, 2025, from $207.2 million at the end of 2024, due to strategic investments [10] - Long-term debt increased slightly to $651.1 million as of September 30, 2025, from $637.5 million at year-end 2024 [11] Business Line Data and Key Metrics Changes - Fleet utilization reached 99.5% for Q3 2025, highlighting effective vessel management [4] - Time charter equivalent averaged $15,178 per day, a 1% decrease compared to $15,333 per day in Q3 2024 due to softer charter rates [11] - Vessel operating expenses decreased by 6% to $20 million compared to $21.2 million in Q3 2024, attributed to the smaller fleet size [12] Market Data and Key Metrics Changes - The dry bulk market showed solid performance in Q3, with record Chinese imports reaching nearly 580 million metric tons [3] - The 12-month time charter rate for a typical Cape was around $24,000 a day, up from earlier in the year [17] - The bulk carrier fleet is forecasted to grow by 3.1% this year and by 3.4% in 2026, with the Cape segment projected to increase by only 1.4% in 2025 [24] Company Strategy and Development Direction - The company is focused on a disciplined chartering strategy, securing approximately $149 million in contracted revenues with an average time charter rate of $16,200 per day [7] - Ongoing fleet modernization efforts include the delivery of two methanol dual-fuel new-building Kamsarmax dry bulk vessels expected at the end of 2027 and early 2028 [4] - The company is committed to ESG initiatives, promoting eco-friendly technologies and modernizing the fleet [31] Management's Comments on Operating Environment and Future Outlook - Management noted that the bulk carrier market has weathered geopolitical and trade developments well, with positive sentiment and new building orders appearing [17][18] - The outlook for 2026 appears positive, with potential revenues projected to reach $224.7 million at an average time charter rate of $17,102 per day [15] - Management emphasized the importance of proactive debt management and liquidity actions to provide resilience for future opportunities [16] Other Important Information - The company declared a quarterly cash dividend of $0.01 per common share for Q3 2025, totaling approximately $1.16 million [6] - The average age of the fleet is approximately 12 years, with a total deadweight capacity of about 4.1 million tons [4] Q&A Session Summary Question: What is the company's strategy regarding its stake in Genco? - Management stated that the position in Genco has strategic value, and they are currently observing developments without direct contact with Genco's management [36] Question: What is the current holding in OceanPal? - Management indicated that Diana Shipping's interest in OceanPal is minimal and not material at this stage [38]

Financial Data and Key Metrics Changes - Time charter revenues for Q3 2025 were $51.9 million, down from $57.5 million in the same quarter last year, reflecting the sale of two vessels earlier this year [10] - Adjusted EBITDA decreased to $20.3 million from $23.7 million year-over-year, consistent with a smaller fleet [10] - Net income nearly doubled to $7.2 million from $3.7 million in Q3 2024, driven by lower expenses and a $10.6 million gain from the valuation of the investment in Genco [10] - Cash decreased to $133.9 million as of September 30, 2025, from $207.2 million at the end of 2024, due to strategic investments [11] - Long-term debt increased slightly to $651.1 million as of September 30, 2025, from $637.5 million at year-end 2024 [12] Business Line Data and Key Metrics Changes - Fleet utilization reached 99.5% for Q3 2025, indicating effective vessel management [4] - Time charter equivalent averaged $15,178 per day, a 1% decrease compared to $15,333 per day in Q3 2024 [12] - Daily operating expenses rose 1% to $6,014 compared to $5,964 last year, mainly due to higher crew costs [13] Market Data and Key Metrics Changes - The dry bulk market showed solid performance in Q3, with record Chinese imports reaching nearly 580 million metric tons [3] - The 12-month time charter rate for a typical Capesize stood at around $24,000 a day, with rates for Campermax and Ultramax at $15,600 and $15,900 respectively, all up from earlier in the year [18] - The Baltic Capesize Index was at 3,636, and the Baltic Panamax Index at 1,895 as of November 19 [18] Company Strategy and Development Direction - The company is focused on fleet modernization and sustainability, with plans to deliver two methanol dual-fuel new-building Campermax vessels by early 2028 [4] - A disciplined chartering strategy has secured approximately $149 million in contracted revenues, ensuring earnings visibility and resilience against market downturns [8] - The company is committed to promoting eco-friendly technologies and transparency in emissions data as part of its ESG initiatives [32] Management Comments on Operating Environment and Future Outlook - Management noted that the bulk carrier market has weathered geopolitical and trade developments well, with positive sentiment and new building orders appearing [18] - The outlook for 2026 appears positive, with projected revenues supporting a return to cash flow profitability despite potential challenges in 2025 [15] - The company is observing developments in Genco Shipping and Trading Limited, considering its strategic stake [33] Other Important Information - The company declared a quarterly cash dividend of $0.01 per common share for Q3 2025, totaling approximately $1.16 million [6] - The average age of the fleet is approximately 12 years, with ongoing efforts to modernize [14] Q&A Session Summary Question: How should we think about your significant stake in Genco now? - Management stated that the position in Genco has strategic value, and they are currently observing developments without direct contact with Genco's management [33] Question: Can you comment on the recent development in Ocean Chow? - Management indicated that Diana Shipping's interest in Ocean Chow is minimal and not material at this stage [34]

EuroDry Ltd. Conference Call Summary Company Overview - EuroDry Ltd. operates ocean-going vessels that transport dry bulk commodities, including major bulks like iron ore, coal, and grains, as well as minor bulks such as steel products and fertilizers [3][4] - The company focuses on mid-sized dry bulk carriers, specifically Supramax to Kamsarmax vessels, ranging from 50,000 to 85,000 deadweight tons [3] - Currently, EuroDry owns 12 vessels, with plans to reduce this to 11 due to the sale of one vessel [4] Fleet and Growth Strategy - The fleet consists of two clusters: a modern/new building cluster and an older Panamax cluster, with a focus on renewing the fleet by replacing older vessels with more fuel-efficient new builds [6][7] - Two new vessels are under construction, expected to be delivered in 2027, with a total cost of approximately $70 million [23] - The company aims to fund growth through a combination of operational cash flow, debt, and equity, while avoiding dilutive share issuances [8][9] Market Insights - The dry bulk market has experienced significant fluctuations, with historical rates exceeding $70,000 for Panamax vessels, followed by a decline post-financial crisis and a recent recovery [10][11] - The fleet under construction has remained low, hovering around 10%, indicating limited supply growth, which could lead to increased charter rates if demand rises [10][12] - China plays a crucial role in the dry bulk market, with its imports of iron ore and grains significantly impacting demand [13][14] Financial Performance and Outlook - EuroDry's current cash flow break-even level is approximately $12,000, with positive cash flow generated when market rates exceed $13,000 [18][21] - The company has about $98 million in debt, with a leverage ratio of roughly 50% [18] - The estimated net asset value (NAV) of the fleet is around $35 to $36 per share, while shares currently trade at $12.5, indicating a significant discount [19][20] Risks and Considerations - The outlook for 2026 is cautiously optimistic, with potential demand growth linked to global reconstruction efforts, particularly in China [29][30] - Risks include geopolitical tensions, environmental regulations, and the potential for increased vessel scrapping due to new regulations [30][31] - The company is actively monitoring market conditions and may consider selling older vessels to enhance liquidity if necessary [27][28] Conclusion - EuroDry Ltd. presents a potential investment opportunity given its current trading discount relative to NAV and the expected recovery in the dry bulk market [20][31]

Financial Data and Key Metrics Changes - In Q2 2025, the company achieved net revenues of $12.5 million, EBITDA of $5.9 million, and net income of approximately $1 million, marking a significant improvement from Q1 2025 [4][16] - The net daily time charter equivalent increased to $15,400, reflecting a rebound in the dry bulk market [4] - For the first half of 2025, net revenue totaled $20.2 million, which is $2.8 million lower than the same period last year, indicating softer time charter equivalent rates [16] Business Line Data and Key Metrics Changes - The strategic consolidation of offshore new building investments contributed significantly to net income this quarter [4] - The company sold two older Capesize vessels, generating approximately $17.9 million in net liquidity after debt repayments, with an anticipated book profit of about $1.5 million from one sale in Q3 [6][16] Market Data and Key Metrics Changes - The Baltic Camsamax Index averaged about 11,800 in Q2 2025, up from 9,600 in Q1 2025, while the Baltic Capesize Index averaged about 18,600, up from 13,000 in Q1 2025, indicating a significant recovery in charter rates [9] - The Panamax market faced challenges due to a 7% decline in seaborne coal volume, but recent government actions in China have led to a rebound in coal prices and increased seaborne imports [10] Company Strategy and Development Direction - The company is focused on fleet renewal and has increased its stake in a newbuilding energy construction vessel project, reflecting confidence in the commercial prospects of this investment [7][13] - The company aims to optimize fleet composition and enhance liquidity through strategic divestments and capital returns to shareholders [5][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the dry bulk market and the company's ability to capitalize on favorable market conditions, with expectations for higher charter rates due to low vessel supply growth [13] - The company anticipates a significant cash inflow in Q3 2025 from the sale of a tradership, which is part of its strategy to optimize fleet composition [18] Other Important Information - The company declared a $0.03 per share cash dividend for Q2 2025, consistent with its capital return policy, and has maintained a record of over $1.6 per share in cash dividend payments since 2023 [5] - The total assets at the end of 2025 amounted to €161 million, with stockholders' equity at €60 million and outstanding debt totaling €86 million [18] Q&A Session Summary Question: What is the current capital commitment for the offshore vessels? - The company increased its commitment to approximately $10.5 million, with one last payment of $2 million due in November [24] Question: Are the lending terms for the offshore vessel financing similar to previous terms? - The company expects similar terms to previous financings, with advances between 65% to 75% of the contract price [26]