Financial Data and Key Metrics Changes - The fleet-wide time charter equivalent was approximately $47,000 per vessel per day, with VLCCs at nearly $46,000 and Suezmaxes at $48,000 [2][4] - Adjusted EBITDA for the quarter was $45.2 million, adjusted net profit was $24.7 million, and adjusted EPS was $0.77 [2][4] - Total distributions over the last four quarters amounted to $2.12 per share, representing about 90% of earnings for the period [3] Business Line Data and Key Metrics Changes - The company reported TC revenue for the nine months at $172.5 million, with EBITDA close to $125 million and reported net income exceeding $63.5 million [4] - The average age of the fleet is six years, with a total of 14 vessels, including six Suezmaxes and eight VLCCs [5] Market Data and Key Metrics Changes - The company achieved near-perfect fleet utilization, with VLCCs earning $45,500 and Suezmaxes at $48,200 per day [9] - As of the call, 80% of VLCC spot days were fixed at $88,100 per day, and 48% of Suezmax days at $60,800 per day, leading to a fleet-wide average of $80,700 per day [11] Company Strategy and Development Direction - The company focuses on maximizing shareholder value through consistent dividend distributions, having declared a dividend of $0.75 per share for the quarter [2][3] - The management emphasized the importance of maintaining a young, eco-friendly fleet to outperform in a tightening market [18][25] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in a strong Q4, with rates continuing to strengthen and a bullish outlook for the tanker market driven by increased cargo flows and tightening sanctions [13][19] - The company noted that the effective supply of compliant crude is manageable, with OPEC Plus underproducing its quota [19][20] Other Important Information - The company has successfully refinanced its vessels, improving margins by 155 basis points since 2023, which translates to an annual benefit of about $8 million at current debt levels [6][39] - The management highlighted that over 40% of the global VLCC and Suezmax fleet is over 15 years old, indicating a shrinking compliant fleet [15][21] Q&A Session Summary Question: How do you see time charter opportunities now? - The management noted that the strength of the market has caught many charters off guard, and while there are opportunities for time charters, rates need to increase significantly for long-term deals to make sense [28][29] Question: Can you discuss your strategy regarding investments in today's market? - The focus remains on paying dividends, with the most attractive investments being assets that can deliver quickly. The management emphasized a cautious approach to selecting opportunities [31][34] Question: What are your thoughts on scaling into VLCCs and Suezmaxes? - The management indicated a preference for VLCCs and Suezmaxes, stating that they could comfortably grow the fleet without impacting trading strategies [33][35] Question: Will you continue trading clean or revert to crude? - The management plans to revert to crude trading after discharging current clean cargoes, as the crude market remains strong [37] Question: What opportunities do you see along the capital structure? - The management highlighted the successful refinancing efforts and the potential for further improvements in capital structure as market conditions remain favorable [39]