Financial Data and Key Metrics Changes - The company reported adjusted EPS for Q3 2025 of $6.75 per share, compared to $6.5 per share in Q3 2024, indicating a slight increase in profitability [9] - Adjusted net income decreased by $2.7 million to $124.1 million in Q3 2025 from $126.8 million in Q3 2024, primarily due to increased operating costs and lower dividend income [10] - Adjusted EBITDA increased by 1.5% to $181.6 million in Q3 2025 from $178.9 million in Q3 2024 [13] Business Line Data and Key Metrics Changes - Vessel operating expenses increased by $2.4 million to $52.3 million in Q3 2025, attributed to a higher average number of vessels in the fleet [11] - Daily operating costs slightly increased to $6,927 per vessel per day in Q3 2025 from $6,860 in Q3 2024 [11] - The container segment experienced a $4.3 million decrease in revenues due to lower contracted charter rates [10] Market Data and Key Metrics Changes - The charter market remains robust with an all-time low idle fleet, and demand for mid-size and larger vessels continues unabated [4][5] - The company has secured new charters for vessels extending as far out as early 2028, indicating strong future demand [5] Company Strategy and Development Direction - The company is selectively extending its new building program at below-market prices and has secured multi-year employment for new orders, enhancing its contracted revenue backlog [5] - The company is also investing in the dry bulk cape-sized market segment, expecting outsized returns due to supply constraints [8] Management's Comments on Operating Environment and Future Outlook - The management noted that the war in Ukraine and Middle East tensions continue to impact operations, but trade has resumed unhindered between the U.S. and China [4] - The management expressed optimism about the demand for mid-sized ships and the overall market dynamics, although predicting the strength of 2026 remains challenging [22][23] Other Important Information - The company completed a $500 million unsecured seven-year bond offering with a 6.85% coupon, enhancing its financial flexibility [6] - The quarterly dividend was increased to $0.90 per share, reflecting a commitment to returning value to shareholders [8][14] Q&A Session Summary Question: Insights on container shipping chartering activity and future demand - Management noted that despite lower trade and tariffs, demand for charters remains high due to global production capacity and market dynamics outside traditional Western areas [20][22] Question: Update on Cape-sized vessel investment and future plans - The company aims to grow its investment in the dry bulk market selectively, focusing on high-quality second-hand vessels rather than new builds [25] Question: Share repurchase program activity - Management confirmed that the share buyback program continues, albeit at a smaller pace, as they believe the stock is undervalued [26][27]