Financial Data and Key Metrics Changes - For the first nine months of 2025, the company achieved a net income of EUR 5.26 million, a significant increase of 281% compared to a net loss of EUR 3 million for the same period in 2024 [3] - EBITDA for the same period was reported at $10 million, up 245% from $3 million in 2024 [4] - Voyage revenues decreased by 24% to $24.2 million compared to $32.9 million in 2024, primarily due to the dry docking of the Haframx II tanker [14] Business Line Data and Key Metrics Changes - The time charter equivalent rates for vessels dropped by 40% compared to the same period in 2024, impacting overall voyage revenues [3][14] - Voyage costs decreased to $9.4 million from $10.4 million in 2024, attributed to fewer voyage days due to the dry docking of the Haframx II tanker [14][15] Market Data and Key Metrics Changes - The dry bulk trade showed resilience, with strong iron ore volumes to China and a potential rebound in coal trade expected in 2026 [4][5] - The grain trade experienced a boom in Q3, driven by increased Brazilian soybean purchases by China, resulting in a 35% decline in US exports by the end of Q3 [5] 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 [18][19] - The strategy includes maintaining a high-quality fleet to reduce operating costs and improve safety, which provides a competitive advantage [18] Management's Comments on Operating Environment and Future Outlook - The management noted that the shipping market remains uncertain due to geopolitical factors, but major economies continue to grow, and trade volumes are rising [20][21] - The company has built resilient foundations adaptable to changing market dynamics and plans to enhance its core businesses while exploring new growth opportunities [21] Other Important Information - The company reported a cash balance of $6.6 million, down 48% from $12.6 million at the end of 2024, primarily due to the settlement of the EcoSpeedFire purchase [17] - A warrant liability of EUR 3.9 million was recorded, a decrease of 63% from the previous year [18] Q&A Session Summary - No specific questions or answers were documented in the provided content, thus this section is not applicable.