Financial Highlights - The company reported a net profit of $90 million for Q4 2025, bringing the full-year profit to $140 million [4] - EBITDA for Q4 was $322 million, resulting in a total EBITDA of $943 million for the year [4] - Liquidity stood at $560 million, with a remaining CapEx of $1.5 billion as of the end of January [4][3] - The company successfully deleveraged and paid dividends, with an interim dividend declared at $0.16, totaling approximately $45 million [7][8] Business Line Performance - Dry bulk accounted for 60% of the total fair market value of the fleet, with a modern fleet age of 5.9 years [3] - The contract backlog reached $3.05 billion, with $304 million added in Q4 primarily from Capesize and one CSOP [7] - The company secured $420 million in capital gains, with $50 million booked in Q4 and $370 million guaranteed in Q1 and Q2 [8][9] Market Overview - The company remains positive on dry bulk tankers and offshore markets, while cautious on container and chemical sectors [13] - Dry bulk ton-mile growth for iron ore and bauxite is expected to be strong in 2026, with manageable fleet growth [14] - The tanker market is currently supported by sentiment and earnings, despite a muted supply-demand balance [15][26] Company Strategy and Industry Competition - The company aims to maintain a long-term target of 50% loan-to-value (LTV) ratio, currently at approximately 55% [42][43] - The focus is on operational cash flow to support dividends and further deleveraging, with a cautious approach to new builds in the tanker segment [47][56] - The company is strategically positioned to benefit from the aging fleet and limited scrapping in the dry bulk market [20] Management Commentary on Operating Environment and Future Outlook - Management expressed optimism about the dry bulk market, anticipating increased utilization and cash flow in 2026 [22] - The tanker market is expected to remain strong, supported by stockpiling and geopolitical factors [28] - The offshore wind market is projected to see increased demand due to new projects in the North Sea [90] Other Important Information - The company has secured a small investment in a logistics company for ammonia-powered vessels, enhancing control over its supply chain [81][82] - The company is not actively pursuing new tanker builds but remains opportunistic in the market [47] Q&A Session Summary Question: Impact of strong tanker market on Golden Ocean bridge repayment - Management confirmed that the strong tanker market and sales of VLCCs facilitated early repayment of the bridge facility [39][41] Question: Target for LTV reduction - The long-term target is to achieve a 50% LTV, with current estimates suggesting they are close to that level [42][43] Question: Investment opportunities in new builds - Management is currently not pursuing new tanker builds, preferring to capitalize on the spot market [47] Question: Potential sale of older vessels - The company is open to selling older vessels if high prices are offered but is focused on maintaining younger assets [52] Question: Long-term charters and market conditions - Management confirmed confidentiality regarding charter counterparties and rates but indicated a willingness to seek more long-term coverage [60][67] Question: Expectations on regulatory impacts from U.S. Maritime Action Plan - Management noted that while they have limited port calls in the U.S., they are monitoring the situation closely [63] Question: Future prospects in the offshore wind market - Management expressed optimism due to upcoming projects and the ability to transition vessels between oil and gas and wind markets [90]