Financial Performance - Reported revenues for Q2 2025 were $480.1 million[8] - Net profit for Q2 2025 was $77.5 million, or $0.35 per basic and diluted share[10] - Adjusted profit for Q2 2025 was $80.4 million, or $0.36 per basic and diluted share[10] - Declared a cash dividend of $0.36 per share for Q2 2025[8] - Strong liquidity of $844 million in cash and cash equivalents as of June 30, 2025[16] Fleet and Operations - VLCC TCE was $43,100 with 82% contracted[8] - Suezmax TCE was $38,900 with 76% contracted[8] - LR2 / Aframax TCE was $29,300 with 73% contracted[8] - Fleet average cash breakeven rate is $25,900 for the next 12 months[19] - Q2 2025 fleet average opex excluding drydock was $8,100[19] Market Dynamics - Compliant tanker fleet utilization is improving due to compliant oil export growth[30]

Core Viewpoint - The 2025 Marine Cooperation Development Forum aims to strengthen and expand the marine industry in Qingdao through four parallel forums focusing on key sectors such as marine artificial intelligence, port shipping, marine biomedicine, and talent development [1][2][3] Group 1: Marine Artificial Intelligence - The first parallel forum focuses on the integration of marine and artificial intelligence, emphasizing the necessity of this integration to align with national strategies and global trends [1] - Activities include the establishment of a marine AI large model industry alliance and discussions on the development and application of marine AI models, with participation from over 150 experts and industry leaders [1] Group 2: Port Shipping - The second parallel forum addresses the transition of the global shipping market towards intelligence, digitization, and sustainability, with a theme centered on building a sustainable global shipping ecosystem [2] - It will feature over 150 authoritative guests from the maritime industry, discussing green shipping and the integration of the shipping industry into the blue economy [2] Group 3: Marine Biomedicine - The third parallel forum highlights marine biomedicine as a promising sector within emerging marine industries, linking it to national health strategies [2] - Key reports will be presented by industry leaders and experts, aiming to foster collaboration between marine biomedicine companies and local institutions to create a collaborative innovation system [2] Group 4: Marine Youth Talent - The fourth parallel forum focuses on the cooperation and innovation of young talents in the marine sector, promoting talent exchange and collaboration [3]

Company Overview - Genco Shipping & Trading Limited is the largest U.S. headquartered drybulk shipowner focused on global transportation of commodities, operating a fleet of 43 vessels with an average age of 12.6 years and an aggregate capacity of approximately 4,628,000 dwt [6]. Leadership Changes - James G. Dolphin has retired from the Board after 11 years of service, with the decision not stemming from any disagreement regarding the company's strategy or operations [1]. - John C. Wobensmith has been appointed as Chairman of the Board in addition to his role as Chief Executive Officer, while Kathleen C. Haines has been appointed as Lead Independent Director [2]. Board Governance - The creation of the Lead Independent Director role emphasizes the Board's commitment to robust corporate governance, including a strong majority of independent directors and no related party transactions [3]. - Responsibilities of the Lead Independent Director include presiding over executive sessions, serving as a liaison between the Chairman and independent directors, and managing meeting schedules to ensure adequate discussion time [4]. Strategic Vision - The Board expresses confidence in Genco's strategy, highlighting a differentiated drybulk company with a robust balance sheet and a focus on shareholder returns through drybulk cycles [3]. - John C. Wobensmith emphasizes the importance of high governance standards in creating long-term shareholder value and the company's commitment to capitalizing on growth opportunities [3].

Core Viewpoint - Dorian LPG has shown strong stock performance recently, with a return of +9.2% over the past month, significantly outperforming the S&P 500 composite's +1.5% and the Zacks Transportation - Shipping industry's +2.5% [2] Earnings Estimate Revisions - For the current quarter, Dorian LPG is expected to report earnings of $1.40 per share, reflecting a substantial increase of +300% year-over-year, with the consensus estimate remaining unchanged over the last 30 days [5] - The consensus earnings estimate for the current fiscal year stands at $3.91, indicating a year-over-year increase of +72.3%, also unchanged in the last month [5] - For the next fiscal year, the consensus estimate is $2.65, which represents a decrease of -32.2% compared to the previous year, with no changes in the estimate over the past month [6] - Dorian LPG holds a Zacks Rank 1 (Strong Buy), indicating a positive outlook based on earnings estimate revisions [7] Revenue Growth Forecast - The consensus sales estimate for the current quarter is $120.72 million, which indicates a year-over-year increase of +47.8% [11] - For the current fiscal year, the sales estimate is $410.88 million, reflecting a growth of +17.4%, while the next fiscal year's estimate is $349.94 million, indicating a decline of -14.8% [11] Last Reported Results and Surprise History - In the last reported quarter, Dorian LPG generated revenues of $82.87 million, a decrease of -27.5% year-over-year, and reported EPS of $0.27, down from $1.26 a year ago [12] - The company experienced a revenue surprise of -4.14% compared to the Zacks Consensus Estimate and an EPS surprise of -55.74% [12] - Over the last four quarters, Dorian LPG has surpassed consensus EPS estimates multiple times and has also exceeded consensus revenue estimates during this period [13] Valuation - Dorian LPG's valuation is assessed using various multiples, including price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to determine if the stock is fairly valued compared to its historical values and peers [15] - The company has a Zacks Value Style Score of C, indicating it is trading at par with its peers [17]

Financial Data and Key Metrics Changes - The company reported a blended loss of $7,600,000 for Q2, with a profit of $7,700,000 from the old CMB Tech and a loss of $50,000,000 from Golden Ocean exposure [11][42] - The liquidity stands at approximately $400,000,000, with a contract backlog of about $2,900,000,000 [11][10] - The company has $1,860,000,000 in outstanding CapEx commitments, of which $1,600,000,000 is already financed [11][12] Business Line Data and Key Metrics Changes - The dry bulk division, Bossimar, has become the largest division, with 119 ships in operation [6][22] - The time charter equivalent (TCE) for the Newcastle MAXs on the CMB Tech side was $23,000 for Q2, increasing to $28,000 for Q3 to date [23][24] - The Suezmaxes achieved a TCE of $40,000 for both Q2 and Q3 to date [16] Market Data and Key Metrics Changes - The company has a market cap exceeding $2,000,000,000, with a free float of 38% [4] - The order book to fleet ratio for Suezmaxes stands at 19%, while VLCCs are at 14% [20] - Demand indicators for dry bulk are positive, with increased iron ore imports and reduced steel inventories in China [24][28] Company Strategy and Development Direction - The company aims to integrate the fleets from the merger with Golden Ocean and explore opportunities across all five divisions [50][41] - There is a focus on maintaining a modern fleet, with plans for fleet rejuvenation and potential sales of older vessels [66][67] - The company is positive on tankers and dry bulk markets, while remaining cautious on containers and chemicals [41][42] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the tanker markets, anticipating increased oil supply and supportive conditions for the dry bulk sector [19][20] - The company is monitoring the impact of potential U.S. regulations on greenhouse gas emissions, with expectations that it could lead to increased interest in long-term charters [62][63] - The management is confident in the operational leverage and integration of the fleets post-merger, expecting positive outcomes in the coming quarters [75][76] Other Important Information - The company declared an interim dividend of €0.05, with plans to assess future dividends based on financial performance [13][48] - The merger with Golden Ocean has been completed, enhancing the company's position in the maritime sector [42][43] - The company is actively working on the infrastructure for ammonia bunkering for its new vessels [69] Q&A Session Summary Question: What is the interpretation of the dividend payment? - The board decided to initiate dividends, which will be evaluated quarterly based on financial performance and cash flow needs [48][49] Question: What will be the focus for the company post-merger? - The focus will be on integrating the fleet and exploring opportunities across all divisions while maintaining operational efficiency [50][51] Question: Can you provide details on refinancing post-merger? - The refinancing of the Golden Ocean fleet has been completed, with new covenants aligned with banks [56][58] Question: How will the U.S. presidential actions affect greenhouse gas regulations? - The impact is uncertain, but management believes there is still a good chance for the regulations to pass, which could positively influence long-term charter opportunities [60][62] Question: What is the stance on older vessels in the fleet? - The company aims to operate a modern fleet and will consider selling older vessels if good prices are offered [66][67] Question: Will iron ore volumes from Africa replace existing volumes? - It is expected that the new volumes will coexist with existing ones, potentially benefiting the market overall [72][73] Question: Are share buybacks being considered? - Share buybacks are a possibility, but the focus will be on operational performance and integration post-merger before making such decisions [74][75] Question: How does the company view the shadow fleet? - The company hopes for the shadow fleet to disappear, as it competes unfairly with the official market [79][80]

Stock Performance & Recommendation - Euroseas (ESA) stock has soared nearly 70% in the last 3 months, reaching a new 52-week peak of $65 per share [2] - Zacks ranks Euroseas as a number one strong buy, suggesting potential upside due to its cheap PE valuation and positive EPS revisions [10] - While taking profits is reasonable, Euroseas' shareholder-friendly approach, particularly its generous dividend, makes it desirable to keep in a portfolio [10] Operational Excellence & Charter Rates - Euroseas' stock performance is attributed to operational excellence, capitalizing on high charter rates, earning $29,420 per day per vessel during Q2 [3] - 90% of Euroseas' fleet operates under profitable long-term charters, with feeder and intermediate container ships in high demand and short supply [4] - Euroseas focuses on fleet efficiency, timely investments, and cyclical market opportunities, differentiating itself from peers [4] Earnings & Estimates - Euroseas exceeded Q2 EPS expectations, reporting $420 compared to estimates of $387 [5] - Fiscal year 2025 EPS estimates have risen 7% in the last 30 days, from $1547 per share to $1661 [5] - Annual earnings are expected to increase roughly 12% in fiscal year 2025 and are projected to rise another 7% in fiscal year 2026 to $1774 per share [6] - In the last year, EPS revisions have skyrocketed more than 112% [6] Dividend & Valuation - Euroseas increased its quarterly dividend by 7%, from 65 cents a share to 70 cents [7] - Euroseas' dividend yield is currently at 419%, topping the Transportation shipping industry average of 374% and the S&P 500's 115% average [8] - Euroseas stock trades at just 37 times forward earnings, beneath its industry average of 74 times and the S&P 500's 246 times [9] - Euroseas also trades under the preferred level of less than two times for sales [9]

Financial Data and Key Metrics Changes - The company reported a blended loss of $7,600,000 for Q2, with a profit of $7,700,000 from the old CMB Tech and a loss of $50,000,000 from Golden Ocean exposure [12][43] - EBITDA for the quarter was €224,000,000, and the liquidity stood at approximately $400,000,000 [14][12] - The contract backlog remained stable at around $2,900,000,000, thanks to additional long-term charters from Golden Ocean [11][12] Business Line Data and Key Metrics Changes - The dry bulk division, Bossimar, has become the largest division, with 119 ships in operation [6][24] - The time charter equivalent (TCE) for the Newcastle MAXs was $18,500 per day in Q2, increasing to $23,500 in Q3 to date [25] - The chemical tanker fleet consists of six vessels, with expectations for higher rates in Q3 compared to July's $22,000 [36] Market Data and Key Metrics Changes - The tanker market is expected to benefit from OPEC+ cuts being reversed, potentially increasing oil supply and supporting tanker rates [21][22] - In the dry bulk market, indicators show positive trends with increased steel mill utilization and declining iron ore inventories [26][29] - The order book for Suezmax and VLCC stands at 19% and 14% respectively, indicating a low supply of new vessels [22] Company Strategy and Development Direction - The company aims to integrate the fleets from the merger with Golden Ocean while exploring opportunities across all five divisions [51][42] - There is a focus on maintaining a modern fleet, with plans to sell older vessels if favorable prices are available [68] - The company is positive on tankers and dry bulk markets, while remaining cautious on containers and chemicals [42][44] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the tanker and dry bulk markets, citing strong demand and limited supply [42][44] - Concerns were raised about the potential impact of U.S. political actions on greenhouse gas regulations, but management remains hopeful for the passage of IMO regulations [61][63] - The company is focused on operational integration and optimizing costs post-merger [60][44] Other Important Information - The company has a significant CapEx commitment of $1,900,000,000, with $1,600,000,000 already financed [3][12] - An interim dividend of €0.05 was declared, with plans to assess future dividends based on financial performance [14][50] Q&A Session Summary Question: What is the interpretation of the dividend payment? - Management indicated that the dividend is a discretionary policy and will be evaluated quarterly based on financial health and investment needs [49][50] Question: What will be the focus for the company post-merger? - The focus will be on integrating the fleet and exploring opportunities across all divisions while maintaining operational efficiency [51][52] Question: Can you provide details on refinancing post-merger? - The refinancing of the Golden Ocean fleet has been completed, with new covenants aligned with banks [58][59] Question: How will the U.S. presidential actions affect greenhouse gas regulations? - Management believes there is still a good chance for the regulations to pass, which could positively impact long-term charter opportunities [61][63] Question: What is the stance on older vessels in the fleet? - The company aims to operate a modern fleet and will consider selling older vessels if market conditions are favorable [68][70] Question: Will iron ore volumes from Africa replace existing volumes? - Management expects that increased iron ore volumes will be net positive for the market, although competition with existing volumes is possible [75] Question: Are share buybacks being considered? - Share buybacks are a potential tool for rewarding shareholders, but the focus will be on operational performance and integration for the next few quarters [76][77] Question: How does the company view the shadow fleet? - The company hopes for the shadow fleet to disappear due to maintenance and operational challenges, which would benefit the market [82][84]

Financial Performance - The company achieved an average TCE of $69,900 per day in 2Q25 [7] - Total operating revenues remained steady at $85.5 million in 2Q25 [7, 11] - Adjusted EBITDA increased to $56.5 million for 2Q25 [7, 11] - Net income for 2Q25 was $11.9 million, including unrealized mark-to-market losses on interest rate swaps of $3.6 million [7, 8] Backlog and Charters - The company's backlog is approximately $1.54 billion, with $0.9 billion being firm [7] - The average charter term is 4.3 years, with the longest charter extending to 2041 [10] - As of June 30, 2025, the company has ~$907 million of firm and floating backlog, averaging ~2.4 years per vessel [30] Market Outlook and Strategy - LNG supply is expected to increase by 23% from 2024 levels by the end of 2026 and by 39% by the end of 2028 [13] - The company has repurchased 858,689 shares at an average price of $5.77 per share as of August 22, 2025 [7, 8] - The company has ~$25 million in cumulative interest rate swap gains since inception in mid-2022 [43]

Financial Performance - CMB.TECH reported a net loss of $7.6 million in Q2 2025 [32, 122] - EBITDA for Q2 2025 was $224.1 million [32] - The company has a contract backlog of $2.93 billion [7, 23, 32, 122] Fleet and Operations - The merger with Golden Ocean was completed [32, 122], adding 89 dry-bulk vessels to the fleet [28, 31] - The company has 206 modern eco vessels on the water and 44 newbuilding vessels [7, 122] - The average age of the fleet is 5.8 years [7] - The fair market value of the fleet is $10.8 billion [7] Market Outlook and Strategy - The company is listed on NYSE (CMBT), EURONEXT Brussels (CMBT), and EURONEXT Oslo (CMBTO) [32, 122] - The company declared an interim dividend of $0.05 per share, payable around October 9 [32, 122] - The company is focused on decarbonization, with the first dual-fuel NH3 Newcastlemax to be delivered by Q1 2026 [122] - The company has a large exposure to favorable tanker and dry bulk fundamentals [122]

Corporate Highlights - CMB.TECH completed its merger with Golden Ocean on August 20, 2025, significantly expanding its fleet to approximately 250 vessels, including 89 dry bulk vessels [4][6][18] - The company has declared an interim dividend of USD 0.05, payable on or about October 9, 2025 [9][10] - The Supervisory Board has undergone changes, with Mr. Marc Saverys resigning and Mr. Patrick de Brabandere appointed as chairman [6][21][22] Financial Highlights - For Q2 2025, CMB.TECH reported a net loss of USD 7.6 million, compared to a net gain of USD 184.4 million in Q2 2024 [3][6] - Revenue for Q2 2025 was USD 387.8 million, up from USD 252 million in Q2 2024, while year-to-date revenue reached USD 622.9 million compared to USD 492.4 million in the previous year [5][6] - EBITDA for Q2 2025 was USD 224.1 million, down from USD 261.2 million in Q2 2024 [3][8] Fleet Highlights - The company has a contract backlog of approximately USD 2.93 billion, providing solid revenue visibility [6][27] - CMB.TECH's fleet includes a diverse range of vessels, with over 80 hydrogen- and ammonia-ready vessels, and an estimated fair market value of approximately USD 11.1 billion [27] - The average age of the fleet is 6.1 years, indicating a young and fuel-efficient fleet [27] Market & Outlook - The tanker markets experienced volatility in Q2 2025, with average earnings reaching a five-month low in mid-June but rebounding sharply to USD 47,519/day by June 20 [30] - China's crude oil imports showed a decline in Q2 2025, reflecting a shift in the country's energy demand profile, which may have lasting implications for global oil trade [31][32] - The Capesize market remains supported by strong iron ore demand, particularly from China, which accounted for 76.4% of total seaborne iron ore volumes in H1 2025 [37]