Financial Performance - For Q1 2025, the company reported net revenues of $7.8 million, a decrease from $10.6 million in Q1 2024, representing a decline of approximately 26.4% [7] - The net loss for Q1 2025 was $4.5 million, compared to a net loss of $1.3 million in Q1 2024, indicating a significant increase in losses [7][9] - Adjusted EBITDA for Q1 2025 was $0.9 million, down from $3.7 million in Q1 2024, reflecting a decrease of about 75.7% [7][9] - The Time Charter Equivalent (TCE) rate for the fleet in Q1 2025 was $9,953 per day, compared to $15,165 in Q1 2024, showing a decline of approximately 34.1% [7][16] Dividend and Shareholder Returns - The company declared a quarterly cash dividend of $0.01 per share for Q1 2025, marking the tenth consecutive quarterly distribution [5][6] - Since initiating its capital return program in November 2022, the company has declared total cash dividends of $1.62 per share, amounting to $12.9 million in aggregate distributions [6] Strategic Developments - The company increased its equity stake in the Energy Construction Vessel (ECV) joint venture to approximately 30%, aiming to diversify earnings and risk exposure [6][12] - The company anticipates concluding the sale of the M/V Gloriuship, its oldest vessel, within Q2 2025, which is currently employed at a daily rate above current market levels [10][11] Market Outlook - The first quarter of 2025 was impacted by a seasonal slowdown in coal and iron ore trade, consistent with typical cyclical patterns [13] - Despite the weaker performance in Q1, the company remains optimistic about the medium and long-term outlook for the dry bulk sector, supported by limited fleet growth and continued demand for key commodities [13][14] - The company has secured approximately 79% of its second quarter days at an average rate of $16,835, with an expected TCE for the full quarter of approximately $15,653 [11][27]