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 - TC revenue for the nine months reached $172.5 million, with EBITDA close to $125 million and reported net income exceeding $63.5 million [4] - The company achieved near-perfect utilization across the fleet, with VLCCs earning $45,500 and Suezmaxes at $48,200 per day [9] Market Data and Key Metrics Changes - The company reported that 80% of VLCC spot days are 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] - Crude tanker utilization is now at 93%, the highest level in three years, which corresponds to highly attractive rates [25] Company Strategy and Development Direction - The company continues to focus on maximizing shareholder value through dividends, having distributed over 90% of adjusted EPS since 2022 [3][4] - The management emphasized the importance of maintaining a young, eco-friendly fleet, which is fully scrubber-fitted, to outperform in an aging market [17][24] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in a strong Q4, with rates continuing to strengthen and bookings looking promising [11][13] - The tanker market is described as a bull market, with tightening global sanctions restricting the supply of compliant tonnage, which is expected to support freight rates [13][21] Other Important Information - The company has declared purchase options for two vessels, expected to be delivered in mid-2026, and is exploring refinancing options to improve capital structure [7][8] - The management highlighted that over 40% of the global VLCC and Suezmax fleet is over 15 years old, which supports the value of modern vessels [15][16] Q&A Session Summary Question: How do you see time charter opportunities now? - The management noted that the strength of the market has caught charters off guard, and while there are opportunities for time charters, rates need to increase significantly to make sense for owners [30][31] Question: Can you discuss your strategy today regarding investments? - The focus remains on paying dividends, with attractive investments being those that can deliver quickly. The management emphasized the importance of maintaining a strong dividend payout [32][33] Question: Would you want to continue to scale into VLCCs and Suezmaxes? - The management indicated a preference for VLCCs and Suezmaxes, stating that they could grow the fleet to 20 or 25 ships without impacting trading strategies [40][41] Question: Do you plan on continuing trading clean, or will you flip back into the crude fleet? - The management plans to return to trading crude after discharging gas oil, as the crude market remains strong [49] Question: Where else along the capital structure do you see opportunity? - The management highlighted that they have taken advantage of a competitive financing market and continue to explore options to improve their capital structure [51][52]