Financial Data and Key Metrics Changes - Adjusted EBITDA for Q3 2025 was $36.1 million, down from $41.3 million in Q3 2024, indicating a decrease in profitability [14] - Adjusted earnings per share for Q3 2025 was $0.12, compared to $0.16 in the same period last year [14] - Average time charter equivalent decreased to $15,507 in Q3 2025 from $17,108 in Q3 2024 [15] - Daily vessel running expenses decreased by 4% to $5,104 in Q3 2025 from $5,311 in Q3 2024 [15] Business Line Data and Key Metrics Changes - The company sold two of its oldest vessels as part of its fleet renewal strategy [3] - The fleet now includes 12 phased new vessels delivered from 2022 onwards, with 24 vessels environmentally upgraded [5] Market Data and Key Metrics Changes - The dry bulk fleet is projected to grow by about 3% on average in 2025 and 2026, with asset prices expected to rise in line with the freight market [4] - Global dry bulk demand growth is forecasted at 2% in 2026 and 1.5% in 2027, with grains and minor bulks being the best-performing sectors [7] Company Strategy and Development Direction - The company maintains a strong capital structure, providing flexibility in capital allocation and has declared a dividend of $0.05 per share [3] - Focus on fleet energy efficiency and leveraging the majority Japanese-built fleet advantage [11] Management's Comments on Operating Environment and Future Outlook - The management noted a weaker charter market environment compared to the same period in 2024, with decreased revenues due to lower charter highs [14] - The geopolitical tensions and market fragmentation are expected to increase market volatility [3] Other Important Information - The company has a market cap of $496 million and maintains significant liquidity with $390 million in capital resources [11] - The company achieved zero vessels in D and E carbon intensity CII rating for 2024, reflecting its commitment to sustainability [10] Q&A Session Summary - No questions were raised during the Q&A session, and the management concluded the call without further comments [18][19]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q3 2025 was $36.1 million, down from $41.3 million in Q3 2024, indicating a decrease of approximately 12.5% [15] - Adjusted earnings per share for Q3 2025 was $0.12, compared to $0.16 in the same period last year, reflecting a decline of 25% [15] - Average time charter equivalent (TCE) decreased to $15,507 in Q3 2025 from $17,108 in Q3 2024 [16] - Daily vessel running expenses decreased by 4% to $5,104 in Q3 2025 from $5,311 in Q3 2024 [16] Business Line Data and Key Metrics Changes - The company sold two of its oldest vessels as part of its fleet renewal strategy, which is ongoing [3] - The fleet now includes 12 phased new vessels delivered from 2022 onwards, with 24 vessels having been environmentally upgraded [5] Market Data and Key Metrics Changes - The dry bulk fleet is projected to grow by about 3% on average in 2025 and 2026, with the order book now below 11% of the current fleet [4] - Global dry bulk demand growth is forecasted at 2% in 2026 and 1.5% in 2027, with grains and minor bulks being the best-performing sectors [8] Company Strategy and Development Direction - The company maintains a strong capital structure, providing flexibility in capital allocation, and has declared a dividend of $0.05 per share [3] - Focus on fleet energy efficiency and leveraging the majority Japanese-built fleet advantage [12] Management's Comments on Operating Environment and Future Outlook - Management noted a weaker charter market environment compared to the same period in 2024, with decreased revenues due to lower charter highs [14] - The company anticipates an improving trade market rate due to a trade truce between the US and China [7] Other Important Information - The company has a market cap of $496 million and maintains significant liquidity with $390 million in capital resources [12] - The company achieved zero vessels rated D and E in carbon intensity for 2024, reflecting its commitment to sustainability [11] Q&A Session Summary - No questions were raised during the Q&A session, and the management concluded the call without further comments [19][20]

Core Viewpoint - The International Maritime Organization (IMO) has approved a legally binding net-zero emissions framework for the global shipping industry, which is expected to be formally adopted in October 2025 and come into effect in 2027, significantly expanding the market for green methanol [1][2]. Group 1: IMO Net-Zero Framework - The IMO net-zero framework will focus on "marine fuels" and will impact the entire supply chain, including ship power development, new ship design, construction, green fuel preparation, supply, bunkering, certification, and crew training [2]. - Ships over 5000 GT will be required to calculate their fuel greenhouse gas intensity (GFI) annually and compare it with the framework's requirements, with compliant ships potentially receiving financial rewards [2]. Group 2: Green Methanol Demand and Supply - As of February 2025, there are 50 operational methanol-fueled ships with a total deadweight of approximately 3.04 million tons, and 250 new orders totaling about 22.77 million tons, indicating a significant future demand for methanol fuel [3]. - The global demand for methanol fuel is projected to reach approximately 6.79 million tons with the new ship orders, while the global green methanol production capacity is only expected to be around 700,000 tons in 2024, leading to a potential mismatch in supply and demand [3]. Group 3: Green Methanol Production Capacity - As of August 2025, there are 255 global projects related to renewable and low-carbon methanol, with a projected total capacity of 51.9 million tons by 2030, and China holds a 55% share of these projects [4]. - China is advancing rapidly in green methanol projects, with 173 signed or registered projects and a planned capacity of 53.46 million tons per year, indicating a significant increase in production capacity [4]. Group 4: Investment Opportunities - The continuous growth of global green methanol projects highlights its importance in supporting energy transition and decarbonization in shipping and industrial sectors, with China positioned to lead in green methanol development [5]. - Companies with leading technologies or high certainty of production are recommended for investment to capture early advantages in the market [5][6].