Financial Data and Key Metrics Changes - The company reported a net profit of $13.5 million for Q4 2025, compared to a net income of $1.1 million for Q4 2024, representing a significant increase [5] - EBITDA for Q4 2025 was $33.3 million, up from $21.3 million in Q4 2024 [5] - Operating revenues increased to $42.1 million in Q4 2025 from $29.6 million in Q4 2024, driven by higher time charter equivalent earnings [5] - Time charter equivalent earnings rose from $27,800 per day in Q4 2024 to $39,600 per day in Q4 2025 [5] - Cash distributions for the quarter totaled $0.30 per share [7] Business Line Data and Key Metrics Changes - The company converted index-linked time charters for 4 vessels to fixed rates at an average of $27,700 per day for the period from January 1 to March 31, 2026 [2] - A new time charter agreement for the Mount Elbrus was established at a fixed rate of $30,000 per day until June 30, 2026, with a subsequent conversion to an index-linked rate [3] Market Data and Key Metrics Changes - The Capesize and Newcastlemax market experienced the best start since 2010, attributed to large iron ore export volumes from Brazil and favorable weather conditions [10][11] - Year-over-year iron ore exports from Brazil and Australia increased by 18% and 9% respectively in Q4 [12] - The ton-mile for Capesize increased by 9% year-over-year, driven by a 21% increase in bauxite from Guinea and a 12% increase in iron ore trades [11] Company Strategy and Development Direction - The preferred commercial strategy is to charter out the majority of vessels on index-linked charters to capture market upside [8] - The company aims to maintain flexibility in converting to fixed rates when advantageous, with a focus on maximizing fleet performance [9] - The fleet of 12 modern Newcastlemaxes is positioned in the top 1% emission rating for large bulk dry carriers, emphasizing sustainability [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the structural changes in the Capesize and Newcastlemax trades, which could drive market growth [11] - The company noted that the current low order book and aging fleet present favorable supply dynamics for the next few years [16] - There is a clear visibility of supply for the next 3-4 years, making it challenging to add significant dry bulk capacity [16] Other Important Information - Cash and cash equivalents stood at $32.4 million at the end of Q4 2025, with a minimum cash requirement of $12.3 million under sale leaseback financing [6] - The outstanding balance on sale leaseback financing was approximately $700 million, down from $707 million at the end of Q3 2025 [6] Q&A Session Summary Question: Pricing power for upcoming renewals and average premium expectations - Management indicated that historically, higher premiums are easier to achieve in lower market conditions, and they are trying to time vessel renewals to capture better premiums in high markets [19][20] Question: Transition to new Capesize benchmark - Management confirmed that they will continue using the old index for now, as it is still linked to current FFAs, but acknowledged that changes may occur over time [21]

Financial Data and Key Metrics Changes - The company reported a net profit of $13.5 million for Q4 2025, compared to a net income of $1.1 million for Q4 2024, representing a significant increase [5] - EBITDA for Q4 2025 was $33.3 million, up from $21.3 million in Q4 2024 [5] - Operating revenues increased to $42.1 million in Q4 2025 from $29.6 million in Q4 2024, driven by higher time charter equivalent earnings [5] - Time charter equivalent earnings rose from $27,800 per day in Q4 2024 to $39,600 per day in Q4 2025 [5] - Cash distributions for the quarter totaled $0.30 per share [7] Business Line Data and Key Metrics Changes - The company converted index-linked time charters for 4 vessels to fixed rates at an average of $27,700 per day for the period from January 1 to March 31, 2026 [2] - A new time charter agreement for the Mount Elbrus was established at a fixed rate of $30,000 per day until June 30, 2026, with a subsequent conversion to an index-linked rate [3] Market Data and Key Metrics Changes - The Capesize market experienced a strong start in 2026, attributed to increased iron ore export volumes from Brazil and a lack of significant weather disruptions [11] - Year-over-year iron ore exports from Brazil and Australia increased by 18% and 9% respectively in Q4 2025 [12] - The ton-mile for Capesize vessels increased by 9% year-over-year, driven by a 21% increase in bauxite from Guinea and a 12% increase in iron ore trades [11] Company Strategy and Development Direction - The company aims to charter out the majority of its vessels on index-linked charters to capture market upside and maintain flexibility [8] - The fleet has traded at an average of 48% premium to the Baltic Capesize Index since inception, indicating strong commercial performance [9] - The company maintains a clear capital allocation structure and has achieved 27 consecutive monthly dividends [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the structural changes in the Capesize and Newcastlemax trades, which could drive market growth [11] - The company noted that the current Capesize and Newcastlemax fleet is aging, with 50% built between 2009 and 2015, leading to a favorable supply dynamic for the next few years [16] Other Important Information - Cash and cash equivalents stood at $32.4 million at the end of Q4 2025, with a minimum cash requirement of $12.3 million under sale leaseback financing [6] - The outstanding balance on sale leaseback financing decreased to approximately $700 million, down from $707 million in the previous quarter [6] Q&A Session Summary Question: Pricing power for upcoming renewals and average premium expectations - Management acknowledged that premiums tend to be higher in softer markets, and while they expect some discount in a $30,000-$40,000 market, they aim to time vessel renewals strategically [19][20] Question: Transition to new Capesize benchmark - Management confirmed that they will continue using the old index for now, as it is still linked to current FFAs, but acknowledged that a transition to new indexes will occur over time [21]

Financial Data and Key Metrics Changes - The company reported a net profit of $9.5 million for Q3 2025, down from $10.6 million in Q3 2024, with earnings per share decreasing from $0.24 to $0.21 [4] - EBITDA for Q3 2025 was $29.3 million, compared to $30.9 million in the same period last year [4] - Operating revenues decreased to $37.9 million in Q3 2025 from $39.2 million in Q3 2024, attributed to lower time charter equivalent earnings [4] - Vessel operating expenses increased to $7 million in Q3 2025 from $6.5 million in Q3 2024, primarily due to higher costs for spares and repairs [5] - Cash flow from operations was $18.3 million for the third quarter [5] Business Line Data and Key Metrics Changes - The average time charter equivalent earnings decreased from $36,800 per day in Q3 2024 to $35,600 per day in Q3 2025 [4] - The company converted index-linked time charters for four vessels to fixed-rate time charters at an average rate of $35,300 per day from August 1 to September 30, and further to $38,500 from October 1 to December 31 [2][3] Market Data and Key Metrics Changes - The ton-mile for capesize vessels increased by 2% year over year in Q3, driven by a 15% increase in bauxite exports from Guinea and a 3% increase in iron ore [9] - Year-over-year iron ore exports from Brazil and Australia increased by 4% and 2%, respectively, while bauxite exports from Guinea saw an 18% increase [10] - The global iron ore exports have been strong, surpassing the previous four years, with seaborne iron ore imports up more than 7% compared to 2024 [11] Company Strategy and Development Direction - The preferred commercial strategy is to charter out vessels on index-linked time charters to capture market upside and maintain flexibility [7] - The company aims to be 100% exposed to the spot market from 2026, anticipating a strong year ahead [7] - The fleet consists of 12 modern Newcastlemax vessels with dual fuel LNG, achieving top emission ratings [9] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the capesize market's potential to rally, citing strong bulk side volumes and upcoming significant volumes from the Simandou mine [16] - The company believes that the downside risk in the market is less than in the previous year due to reduced coal volumes [16] - Expectations for 2026 and 2027 remain solid, with plans to lock in rates if favorable conditions arise [18] Other Important Information - Total cash distributions for the quarter amounted to $0.24 per share for July, August, and September [6] - The company has declared a dividend of $0.07 for October [3] Q&A Session Summary Question: How does the capesize market compare to the sub-cape market for 2026? - Management indicated that the capesize market has a higher potential for rallying compared to the sub-cape market, supported by strong bulk volumes and upcoming significant shipments [16] Question: Are there plans to cover the fleet for the first quarter of 2026? - Management confirmed that they are not locked in at current levels and are considering locking in rates if they see value on the forward curve, maintaining confidence in future market conditions [18]

Financial Performance - Q2 2025 revenues were $36.3 million, a 22.8% decrease compared to $47.0 million in Q2 2024 due to stronger market rates in the previous year[5] - Net income for Q2 2025 was $12.8 million, compared to $19.5 million in Q2 2024, but higher than $11.3 million in Q1 2025[5] - EBITDA for Q2 2025 was $17.1 million[5] - For the first half of 2025, net income was $24.1 million, EBITDA was $31.8 million, and operating cash flow generation was $42.0 million[9] Fleet and Operations - Fleet operational utilization was 83.1% in Q2 2025, compared to 80.9% in Q2 2024[9] - Approximately 60% of fleet calendar days were dedicated to time charter activity, while about 37% were dedicated to spot activity[9] - The company's fleet book value increased by 54.4% to over $350 million within a single quarter[9] - The company took delivery of two kamsarmax and five supramax drybulk carriers in Q2 2025, operating a fleet of 19 non-Chinese vessels[9] Liquidity and Valuation - Cash and cash equivalents, including time deposits, were $212.2 million as of June 30, 2025, which is about 80% higher than the current market capitalization of approximately $120 million[9] - Net Asset Value (NAV) was estimated at $13.5 per share as of June 30, 2025, while the current share price was approximately $3.5[9] Market Trends - Drybulk trade volumes have increased by 2% year-over-year since July 2025[27] - Since the start of 2025, 302 bulkers (2.1% of fleet) have been delivered[27] - Orderbook is 9% for panamax/kamsarmax vessels, 6% for handysizes and 11% for supramax/ultramax bulk carriers[27]

Financial Data and Key Metrics Changes - The company reported gross revenue of $197.1 million for Q1 2025, slightly down from $220.1 million in Q1 2024 [27] - Net income for Q1 2025 was $37.7 million, leading to earnings per share of $1.04, compared to $60.1 million in Q1 2024 [28] - Adjusted EBITDA for Q1 2025 was $99.3 million, almost identical to $100.5 million in the previous year [29] - Total debt was reduced to approximately $1.7 billion, with a debt-to-capital ratio of 40.6% [29] Business Line Data and Key Metrics Changes - The fleet operated 62 vessels in Q1 2025, with 80% of fleet employment towards secure revenue contracts, up from 73% in Q1 2024 [25][26] - The fleet's pure spot exposure decreased from 19% to 18% year-over-year [26] - 29 vessels have been extended or secured new business within the first six months of the year, indicating strong demand [16] Market Data and Key Metrics Changes - The company noted a strong demand for older ships, with some vessels being chartered for up to 15 years [12] - The tanker market remains robust, with energy majors approaching the company for time charter business [18] - Global oil demand continues to grow, positively affecting the tanker market and freight rates [24] Company Strategy and Development Direction - The company is focusing on fleet renewal, having sold 14 older vessels and replaced them with 30 contracted new buildings [23] - There is an ongoing strategy to explore opportunities in underrepresented segments like VLCCs and LNG [14][32] - The company aims to maintain a healthy dividend and reduce debt while growing its business [29][44] Management's Comments on Operating Environment and Future Outlook - Management highlighted the challenges posed by geopolitical events but emphasized the company's ability to navigate these turbulent waters profitably [10][11] - The underlying market conditions are strong, with a significant demand for vessels despite uncertainties [11][32] - The company believes its stock is undervalued compared to its net asset value, which is estimated to be over $60 [15][46] Other Important Information - The company has a backlog of contracted revenue amounting to approximately $3.7 billion [18] - The fleet is transitioning to greener and dual-fuel vessels, with six LNG-powered tankers in operation [23] - The company has a strong balance sheet with cash reserves and a fair market value of the fleet at $3.6 billion [22] Q&A Session Summary Question: What will the second quarter new build cost be? - The cost for the second quarter is expected to be just under $130 million for one DP2 vessel, with additional payments for new buildings scheduled [37][38] Question: Can you characterize the bid-ask in the S&P market for VLCCs? - The company is looking to build ships against clients and is monitoring the market for good quality Korean or Japanese ships [41][42] Question: Will the company continue to sell older assets? - The company plans to sell at least half a dozen ships by the end of the year, which will enhance cash flow and support dividend payments [43] Question: What is the outlook for the second half dividend? - The company hopes to maintain at least a similar dividend to the first half, with discussions taking place in October [44] Question: How to close the gap between stock price and NAV? - Management believes that demonstrating the company's value through consistent dividends and operational performance is key, rather than focusing solely on NAV [46][56]