记者从航旅纵横大数据平台了解到，海口、三亚、昆明作为热门避寒游目的地，春节机票预订量实现稳 定增长。 2月22日至23日，海口至上海航线经济舱已全部售罄，仅余少量全价公务舱，最高票价达11560元（不含 税费）。海口、三亚至杭州航线经济舱已全部售罄，只剩少量公务舱票价近万元（不含税）。 春节假期的未来几天，海南出岛交通将迎来返程高峰。目前，机票、轮渡车票均已出现紧张态势。其中 琼州海峡过海出岛车票已全部售罄，部分航线机票告急。 "我们通过内部系统实时监控票价波动，确保春运期间票价处于合理区间。"海南航空工作人员表示，高 峰时段的机票价格相对稳定，所有国内航班经济舱票价均严格按备案价格体系执行。 | 三亚一杭州 ▼ | | | | | --- | --- | --- | --- | | 公务/头等舱 1成人 | | | | | 周六体 周一体 | 周日休 | 周二 | 周三 | | 21 02-23 | 22 | 24 | 25 | | 筛选 1 下午出发 | 只看直飞 | | 机场 ▼ 大型机 | | 高性价比 | | | | | 06:45 | 成都转 | 21:50 | 少量 ¥6980¥6925 | | ...

Financial Data and Key Metrics Changes - In Q4 2025, the company achieved revenues on a TCE basis of $118 million and adjusted EBITDA of $95 million, with net income at $66 million, equating to $0.41 per share [3][4] - For the full year 2025, revenues on a TCE basis reached $369 million, with adjusted EBITDA of $278 million and net income of $211 million, or $1.31 per share [4][5] - The company reported a total liquidity of $189 million at the end of Q4, consisting of $79 million in cash and $110.5 million available under revolving credit facilities [5][6] Business Line Data and Key Metrics Changes - Vessels trading in the spot market earned an average of $69,500 per day, while those on time charters achieved $49,400 per day, leading to an average combined TCE of $60,300 per day for the quarter [4] - The company generated $95.3 million in EBITDA from operations, with $28.9 million distributed to shareholders as cash dividends [6] Market Data and Key Metrics Changes - The current sailing VLCC fleet is estimated at 897 ships, with 46% expected to be older than 15 years by the end of the year [13] - The sanctioned VLCC fleet counts 151 vessels, with 105 older than 20 years, indicating a significant aging fleet [13][14] Company Strategy and Development Direction - The company plans to modernize its fleet by divesting older vessels and replacing them with new builds, with four new vessels expected to enter the fleet in the first half of the year [7][8] - The company is increasing its spot market exposure by reducing fixed income contracts, aiming to participate more in rewarding spot markets [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed a positive outlook for 2026, citing strong demand, geopolitical volatility, and a rapidly aging global fleet as key factors [18] - The company is well-positioned to benefit from market dynamics, with a solid fleet and a clear mandate to return earnings to shareholders [18] Other Important Information - The board approved a dividend of $0.41 per share for Q4 2025, marking the 64th consecutive quarterly cash dividend [10] - The estimated spot cash break-even for 2026 is projected at $17,500 per day, reflecting the sale of older vessels and scheduled surveys [10] Q&A Session Summary Question: Can you help reconcile the commentary about consolidation and the stronger time charter market? - Management confirmed that end users are actively seeking time charters, with rates above previous terms, indicating a strong demand for reliability in the market [22][23] Question: What is the outlook on global oil demand growth? - Management noted that while global oil demand growth is stabilizing around 1%, seaborne crude oil transportation demand is expected to grow at approximately 2.5% [25][26] Question: How does the company view the consolidation of the fleet? - Management believes that the consolidation of the fleet will change market dynamics, particularly in pricing behavior and information flow among ship owners [35][36] Question: What is the company's stance on newbuild prices and potential investments? - Management indicated that while there is interest in modern ships, current market conditions make it challenging to find meaningful investments at attractive prices [69][70]

Financial Data and Key Metrics Changes - For Q3 2025, the company reported total net revenues of $2.96 million and net income of $1.5 million, translating to earnings of $0.55 per share [5][24] - Adjusted EBITDA for the quarter was $1.44 million, with total net revenues for the first nine months of 2025 amounting to $8.75 million and net income of $13.4 million [24][25] - The company declared a quarterly dividend of $0.14 per share, marking the third consecutive dividend at this level, representing an annualized yield of approximately 8% [6][24] Business Line Data and Key Metrics Changes - The company is transitioning from container ships to tankers, with an investment in a medium-range product tanker, HELLAS AVATAR, for $31.83 million [7][4] - The current fleet consists of two feeder container ships with a combined capacity of 3,170 TEU, and after the delivery of HELLAS AVATAR, the total carrying capacity will be approximately 91,000 deadweight [8][9] Market Data and Key Metrics Changes - The feeder container ship market remains strong, with time charter rates for vessels at $28,700 per day, significantly above the 10-year average of $16,800 per day [12][11] - The medium-range product tanker market shows stable charter rates, with one-year rates at approximately $23,750 per day, in line with historical averages [13][14] Company Strategy and Development Direction - The company aims to expand its fleet, supported by cash flows from existing assets and potential capital raised in financial markets [8][7] - The strategic shift towards tankers is seen as a response to market fundamentals, with a focus on operational continuity while capitalizing on new opportunities [4][5] Management's Comments on Operating Environment and Future Outlook - Management highlighted the uncertainties in the market, including geopolitical developments and environmental regulations, which could impact fleet supply and demand [21][22] - There is an expectation of increased demand for product tankers in 2026, driven by global oil demand growth and refinery capacity developments [19][20] Other Important Information - The company has a cash break-even profile of approximately $9,500 per day for its container ship fleet, indicating strong operational performance [25][26] - As of September 30, 2025, the company held cash and other assets of $17.5 million, with a book equity position of roughly $19 million [27][26] Q&A Session Summary Question: Clarification on acquisition review process - Management confirmed that the CEO was not excluded from the acquisition review and led the committee due to no personal interest in the vessel being acquired [32] Question: Dry dock schedule and charter prospects for Joanna - Negotiations for extending the charter of the vessel Joanna are ongoing, with maintenance planned before the next scheduled special service in 2027 [33][34] Question: Chartering strategy for MR - The company is currently leveraging the spot market for the MR vessel but may consider longer-term charters depending on expansion plans [36][37] Question: Market conditions for acquiring additional MRs - Management noted that prices in the S&P market are stable, not too high or low, and are softer than a year ago, indicating a cautious approach to future acquisitions [40][41]

Financial Data and Key Metrics Changes - The company reported a solid second quarter with key performance indicators exceeding expectations, with same store revenue growth down 0.5% year-over-year and average occupancy at 90.6%, down 80 basis points [13][14] - Funds from Operations (FFO) per share was reported at $0.65, at the high end of guidance [15] - Net debt to EBITDA ratio remained strong at 4.7 times [16] Business Line Data and Key Metrics Changes - Same store operating expenses grew by 1.2% year-over-year, indicating effective expense control [14] - The company added 30 stores to its third-party management platform, bringing the total to 873 stores [15] Market Data and Key Metrics Changes - Urban markets along the Acela Corridor and stores in Chicago were top performers, while Sunbelt markets, particularly Florida and Arizona, lagged due to reliance on housing mobility [10][11] - The New York MSA showed solid sequential acceleration in net rental income, with boroughs leading the way due to reduced new supply [11][24] Company Strategy and Development Direction - The company expects occupancy and move-in rates to approach parity by the end of the year, with a focus on stabilizing operational trends [11] - The management is cautious about the potential volatility in consumer behavior due to ongoing governmental and monetary policy decisions [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued improvement in operational trends through 2025, setting a positive outlook for 2026 [11][12] - The company acknowledged risks related to the housing market and the impact of new supply on performance [7][11] Other Important Information - The company is actively monitoring the market for long-term unsecured debt issuance as it prepares for the maturity of $300 million in senior unsecured notes [16] - The management highlighted the importance of expense efficiencies, particularly in insurance and property tax appeals, contributing to improved guidance [18][75] Q&A Session Summary Question: Revenue guidance adjustments - Management adjusted the top end of revenue guidance down due to lower expected demand levels, while raising the midpoint [20][21] Question: New York market performance - Positive trends in net rental income were noted, with some deceleration in growth, particularly in Northern New Jersey [22][24] Question: Customer turnover and recovery pace - The 5% monthly customer turnover impacts the pace of recovery, with improvements expected to take time to reflect in revenue [29][31] Question: Transaction market activity - The transaction market is seeing increased deal volume, but the company remains cautious about pricing and risk-adjusted returns [33][36] Question: Operating trends in Sunbelt markets - Sunbelt markets are expected to recover more slowly due to high supply levels, despite some positive trends emerging [40][42] Question: Impact of economic uncertainty on revenue management - The company will continue to monitor existing customer health and adjust strategies as needed, but remains optimistic about demand [43][44] Question: Expected deceleration in same store revenue - The deceleration is attributed to timing issues related to fee adjustments and the flow-through of rate increases [48][49] Question: Visibility on third-party management churn - Limited visibility on churn from third-party management, but the company is onboarding new stores to mitigate losses [50][52] Question: Construction starts and supply dynamics - No significant increase in construction starts is expected due to high costs and challenges in the market [58][60] Question: Update on Texas JV performance - The integration of the Texas JV portfolio is performing as expected, complementing existing assets [63][64] Question: Same store expense guidance - Expected acceleration in same store expenses is due to timing and inflationary pressures, with some favorable insurance renewals [72][75] Question: Customer acquisition and AI impact - Most traffic still comes from traditional searches, with AI tools not yet significantly impacting customer acquisition [77][78] Question: Credit rating comparison - The company acknowledges the disconnect in credit ratings compared to peers and is aware of the implications for investors [86][89]