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.