Financial Data and Key Metrics Changes - For Q1 2025, the company reported total net revenues of $56.3 million, a 20.6% increase from $46.7 million in Q1 2024 [35] - Net income for the period was $36.9 million, compared to $20 million in Q1 2024 [36] - Adjusted EBITDA for Q1 2025 was $37.1 million, up from $24.6 million in the same period last year [37] - Basic and diluted earnings per share were $5.31 and $5.29 respectively, compared to $2.89 and $2.87 in Q1 2024 [37] Business Line Data and Key Metrics Changes - The company operated an average of 23.68 vessels in Q1 2025, compared to 19.6 vessels in Q1 2024 [39] - The daily operating expenses were $7,511 per vessel per day, down from $7,963 in the previous year [39] - The cash flow breakeven rate was $13,062 per vessel per day, significantly lower than $17,171 in Q1 2024 [39] Market Data and Key Metrics Changes - The average one-year time charter rate for 2,500 TEU containerships reached approximately $35,000 per day, significantly above historical averages [20] - Average charter rates increased by 10% for future vessels and by 4% for Panamax and post-Panamax vessels compared to Q4 2024 [15] - The idle fleet, excluding vessels under repair, stood at 19 million TEU, representing 6.6% of the global fleet [17] Company Strategy and Development Direction - The company completed a spin-off of Europoading, allowing it to focus on its younger, more efficient fleet and growth strategy [12] - The fleet consists of 22 vessels with an average age of under 13 years, and the company expects to receive two new intermediate containers in Q4 2027 [13] - The company aims to secure long-term charters to enhance cash flow visibility and reduce exposure to market volatility [10] Management's Comments on Operating Environment and Future Outlook - The management highlighted heightened geopolitical risks and shifting global trade dynamics as challenges for 2025 [16] - The company anticipates that the market will remain strong and resilient throughout 2025, despite potential downward pressure on charter rates [29] - The management expressed concerns about energy conditions and their impact on markets, while also noting the increasing demand for eco-efficient vessels [31] Other Important Information - The company declared a quarterly dividend of $0.65 per share for Q1 2025, payable on July 16, 2025 [7] - The company has repurchased 463,000 shares for approximately $10.5 million since initiating its repurchase plan [7] - The net asset value per share was estimated to be between $74 and $75, indicating a significant upside potential compared to the current trading price [43] Q&A Session Summary Question: What is the latest estimate for scheduled hire days for the remainder of the year? - Management indicated that the estimated stoppage time for the vessel undergoing dry dock is 25 days, and no incremental days are expected for the rest of the fleet [51][52] Question: Which assumption has the most bearing on the conclusion regarding downward pressure on charter rates? - Management noted that rerouting of ships is a significant negative factor as it reduces ton miles, while tariffs and global trade drops can also negatively impact the market [54][55] Question: Will total daily vessel operating expenses decline further with the incorporation of new builds? - Management suggested that as the fleet composition becomes more favorable with new builds, the blended average operating expenses might decrease slightly, but a 2% increase in operating expenses is budgeted [58]

Core Viewpoint - Robin Energy Ltd. has announced a securities purchase agreement to sell 860,000 common shares at $5.25 each, aiming for gross proceeds of approximately $4.5 million, which will be used for working capital and general corporate purposes [1][2]. Group 1: Offering Details - The offering is being facilitated by Maxim Group LLC as the sole placement agent [2]. - The expected closing date for the offering is around June 20, 2025, pending customary closing conditions [2]. - The offering is conducted under an effective shelf registration statement on Form F-3, filed with the SEC on April 28, 2025 [3]. Group 2: Company Overview - Robin Energy is an international ship-owning company that provides energy transportation services globally and currently owns one Handysize tanker vessel for carrying petroleum products [5].

Company Overview - Global Ship Lease, Inc. (GSL) is a leading independent owner of containerships with a diversified fleet of mid-sized and smaller containerships [2] - The company commenced operations in December 2007 and was listed on the New York Stock Exchange in August 2008 [2] Fleet and Operations - As of March 31, 2025, GSL's fleet consisted of 69 vessels with an average age weighted by TEU capacity of 17.5 years, including 39 wide-beam Post-Panamax ships [3] - The average remaining term of the company's charters, on a TEU-weighted basis, was 2.3 years, with contracted revenue amounting to $1.87 billion [4] - Including options under charterers' control, the total contracted revenue was $2.37 billion, representing a weighted average remaining term of 3.0 years [4] Recent Corporate Actions - On June 17, 2025, GSL held its 2025 Annual Meeting of Shareholders in Athens, Greece, where shareholders re-elected three directors to serve until the 2028 Annual Meeting [1] - The appointment of PricewaterhouseCoopers S.A. as the independent public accounting firm for the fiscal year ending December 31, 2025, was ratified [1]

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, while profit-sharing contracts increased the fleet's ability to capture market fit from 44% to 47% [26] - The company has extended or secured new business for 29 out of 62 vessels in the first half of the year [15] Market Data and Key Metrics Changes - The tanker market remains strong, with high demand for both new and older vessels, despite geopolitical uncertainties [10][11] - The company has seen a significant demand for time charter business from energy majors, indicating a robust market environment [17] Company Strategy and Development Direction - The company is focused on fleet renewal, divesting older vessels and replacing them with modern, energy-efficient ships [22] - There is an ongoing strategy to explore opportunities in underrepresented segments like VLCCs and LNG [13][32] - The company aims to maintain a healthy dividend while reducing debt and 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 [9][10] - The underlying market conditions are described as strong, with significant demand for vessels, even older ones [11][12] - The company believes its stock is undervalued compared to its net asset value and future income potential [14][56] Other Important Information - The company has a backlog of approximately $3.7 billion in future contracted revenue [17] - The fleet is transitioning to greener and dual-fuel vessels, with a focus on sustainability [22] Q&A Session Summary Question: What will the second quarter new build cost be? - The second quarter new build cost is expected to be just under $130 million, with additional payments scheduled [36][37] Question: Can you characterize the bid-ask in the S&P market for VLCCs? - The company is actively looking to build ships against clients and is monitoring the market for good quality vessels [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 to enhance cash flow and support dividends [43] Question: What is the outlook for the second half dividend? - While specific guidance cannot be provided, the company hopes to maintain a similar dividend to the first half [44] Question: How can the company close the gap between stock price and NAV? - Management believes that demonstrating the company's industrial model and potential cash flows will help investors understand its value [45][56]

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]

Financial Performance - For Q1 2025, the company reported revenues of $197.1 million and operating income of $60.6 million, with net income reaching $37.7 million and earnings per share of $1.04 [2][28] - EBITDA for the first quarter of 2025 was $103 million, reflecting a solid operational performance [1][28] - Average fleet utilization increased to 97.2% in Q1 2025, up from 91.3% in the same period of 2024, due to fewer vessels in drydock and more days under fixed contracts [2][29] Cost Management - Vessel operating expenses totaled $49.6 million in Q1 2025, remaining consistent with the previous year, resulting in daily operating expenses per vessel of $9,502 [3][29] - Voyage expenses decreased by 14.2% to $36.1 million in Q1 2025, down from $42.0 million in Q1 2024, primarily due to reduced exposure to spot-related trades [4][28] Debt and Cash Position - As of March 31, 2025, the company's bank debt was slightly lower at $1.7 billion compared to the end of 2024, with interest costs at $24.0 million, reflecting a lower debt level and interest rate environment [5][28] - The company maintained solid cash reserves of approximately $350 million, an increase of $1.3 million from the end of 2024 [6][28] Fleet Expansion and Contracts - The company has a robust growth program with 21 new vessels planned, including the recent award to build nine DP2 shuttle tankers for Transpetro/Petrobras, which will enhance its position in the Brazilian offshore sector [9][13] - The total fleet contracted revenue backlog reached approximately $3.7 billion, indicating strong future revenue potential [1][9] Dividend Distribution - The company plans to distribute a semi-annual dividend of $0.60 per share on July 18, 2025, bringing total dividends distributed since its NYSE listing in 2002 to over $900 million [10][28] Market Outlook - The tanker market remains resilient, with strong rates and asset prices supporting profitable operations, despite recent tariffs and port charges [11][12] - The decision to unwind portions of OPEC+ production cuts is expected to positively impact freight rates going forward [12][13]

Core Viewpoint - Performance Shipping Inc. has entered into a long-term time charter contract with Mercuria Energy Trading S.A. for a new LR1 tanker, enhancing revenue visibility and stability for the company [1][2][3]. Group 1: Charter Agreement Details - The vessel will be chartered for a firm period of four years at a daily gross charter rate of US$23,750, with options for three additional one-year extensions [2]. - The daily rate will increase by US$850 for the first two optional years and by US$1,200 for the third optional year, contingent on mutual agreement for the third year [2]. Group 2: Financial Implications - The long-term charter is expected to generate stable earnings above the vessel's free cash flow breakeven level, increasing revenue visibility into 2027 and beyond [3]. - The secured revenue backlog for the company increases by approximately US$35 million, totaling about US$255 million based on the minimum duration of each charter [3]. - The contract enhances fixed charter coverage, reducing the cash flow breakeven rate required on open days, thereby strengthening the company's financial stability in a volatile market [3]. Group 3: Company Overview - Performance Shipping Inc. is a global provider of shipping transportation services, specializing in the ownership of tanker vessels and employing its fleet on spot voyages, pool arrangements, and time charters [4].

Company Overview - Globus Maritime Limited operates a fleet of nine dry bulk carriers, including six Kamsarmax and three Ultramax vessels, with a total carrying capacity of 680,622 deadweight tons and a weighted average age of 7.5 years as of June 16, 2025 [2][28]. Financial Performance - For Q1 2025, the company reported revenue of $8.6 million, an increase from $7.7 million in Q1 2024, representing a 13% growth attributed to an increase in the average number of vessels from 6.7 to 9.8 [8][15]. - The net loss for Q1 2025 was $1.5 million, compared to a net loss of $0.3 million in Q1 2024, resulting in a basic and diluted loss per share of $0.07 [13][14]. - Adjusted EBITDA for Q1 2025 was $2 million, consistent with Q1 2024 [8][13]. Fleet Deployment and Operations - All vessels are currently operating on short-term time charters, generally considered as spot charters, which are below one year in duration [4]. - The fleet utilization rate was 100% in Q1 2025, compared to 98.5% in Q1 2024 [18]. Management Insights - The first quarter of 2025 was characterized as weak due to seasonal factors and geopolitical issues, but the company is focused on maintaining a younger, more fuel-efficient fleet to control costs [5]. - The company is preparing for upcoming environmental regulations and aims to leverage its modern fleet to adapt to the new regulatory environment [6]. Recent Developments - The company successfully completed its first test voyage using biofuel, which reduced lifecycle CO₂ emissions compared to conventional marine fuel, marking a significant step towards compliance with future environmental regulations [9][10]. - On February 4, 2025, the company entered into an agreement to sell the 2007-built River Globe for a gross price of $8.55 million, with the vessel delivered to new owners on March 17, 2025 [12]. Financial Position - As of March 31, 2025, total assets were $315.99 million, with total equity of $174.92 million and total debt of $133.12 million [27].

Company Overview - Navigator Holdings Ltd. operates the world's largest fleet of handysize liquefied gas carriers and is a global leader in the transportation of petrochemical gases, including ethylene, ethane, liquefied petroleum gas (LPG), and ammonia [2] - The company owns a 50% share in an ethylene export marine terminal at Morgan's Point, Texas, located on the Houston Ship Channel [2] - Navigator Gas' fleet consists of 58 semi- or fully-refrigerated liquefied gas carriers, with 27 capable of transporting ethylene and ethane [2] Recent Developments - The 2025 Annual General Meeting of Shareholders was held on June 16, 2025, where key proposals were approved [1] - The board of directors was elected, including Dag von Appen, Dr. Heiko Fischer, Janette Marx, Dr. Anita Odedra, Peter Stokes, and Florian Weidinger, to serve until the 2026 Annual General Meeting [5] - PricewaterhouseCoopers LLP was ratified as the independent public accounting firm for the fiscal year ending December 31, 2025 [5]

Financial Performance - Time charter equivalent revenues were $84 million, a 174% decrease compared to Q1 2024[5] - Net income was $08 million, resulting in $007 EPS (basic and diluted)[5] - Adjusted EBITDA was $35 million, down $25 million from Q1 2024[5] Fleet and Chartering - In Q1 2025, the fleet TCE was $18,692, with MR2 tankers reporting an average daily TCE of $23,593 and bulkers at $13,013[5] - As of May 20, 2025, 100% of available MR days for Q2 were booked at an estimated average TCE rate of $21,600/day, and 62% of Q2 days for dry-bulk carriers were booked at an estimated average TCE rate of $12,300/day[5] - Approximately 38% of the remaining days of 2025 are covered by existing charters[6] Market Conditions and Outlook - Increasing pace of scheduled new build deliveries starting in the second half of the year through 2026 is expected to lead to significant supply growth, potentially offset by scrapping of older vessels[5] - Major regional conflicts have contributed to constructive chartering conditions worldwide, despite moderating cargo shipments[5] - The IMF lowered its forecast for annual global GDP growth to an average of 29% for 2025-26[12] - Drewry forecasts total dry bulk demand growth of 24% for 2025, with a compounded annual growth rate (CAGR) for 2024-30 of 25%[19]