Financial Data and Key Metrics Changes - Net income for Q3 2025 was $71 million, or $1.42 per diluted share, with adjusted net income of $57 million, or $1.15 per diluted share, and adjusted EBITDA of $108 million [5][15] - The company announced a combined dividend of $0.86 per share, marking the fifth consecutive quarter with a payout ratio of at least 75% [5][6] - Total liquidity at the end of Q3 was $985 million, with $413 million in cash and $572 million in undrawn revolver capacity [10][18] Business Line Data and Key Metrics Changes - The Lightering business generated approximately $9 million in revenue in Q3, contributing nearly $1 million in EBITDA [16] - TCE revenues from crude and products have been evenly balanced over the past year, with no fresh charters executed in Q3 [15][8] Market Data and Key Metrics Changes - Oil demand growth remains healthy at 1 million barrels per day for this year and next, with OPEC+ increasing production [11][12] - Tankers on order represent 14% of the fleet, with a significant number of removal candidates expected as the fleet ages [13][14] Company Strategy and Development Direction - The company continues to execute a balanced capital allocation strategy, focusing on fleet renewal and returning cash to shareholders [6][24] - The company aims to maintain a healthy balance sheet while adapting to industry conditions, with nearly $600 million in undrawn credit capacity [24][25] Management Comments on Operating Environment and Future Outlook - Management expressed a constructive outlook for seaborne transportation, with solid demand fundamentals supporting the tanker market [10][11] - The geopolitical intensity affecting tankers remains strong, with sanctions impacting trade routes and cargo flows [12][11] Other Important Information - The company sold five vessels in Q3 for proceeds of $67 million and plans to sell three more in Q4 for about $37 million [7][8] - The company has a strong financial position with net debt under $400 million, representing a low net loan to value of 13% [10][19] Q&A Session Summary Question: Market conditions and VLCCs - The fourth quarter has shown stronger rates, with VLCCs leading the way, benefiting midsize tankers as they return to normal trading patterns [30][31] Question: Crude and product rates - MR performance has been strong, with earnings of $29,000 per day in Q4, attributed to geopolitical factors and reduced diesel exports from Russia [32][34] Question: Crude inventory levels and offshore storage - Current oil on the water is high, but onshore inventories are not yet elevated, with a flat forward oil curve indicating limited offshore storage incentives [39] Question: S&P market and asset divestment - The company is seeing increased asset values and will continue to judiciously upgrade the fleet while divesting older vessels [40]