Core Viewpoint - ZIM Integrated Shipping is positioned favorably due to its asset-light model and strong operational efficiency, while Star Bulk Carriers is benefiting from improving trade relations and fleet expansion, but faces challenges in earnings consistency [2][3][10][12]. Group 1: ZIM Integrated Shipping - ZIM operates an asset-light model focusing on leasing vessels, which allows it to maintain strong pricing power and profitability by avoiding low-margin segments [3]. - The company has a high dividend yield, with a regular dividend of approximately $382 million or $3.17 per share declared in the December quarter, and $89 million or 74 cents per share in the first quarter of 2025, reflecting about 30% of the quarter's net income [4]. - ZIM has consistently beaten earnings expectations, demonstrating resilience despite challenging market conditions [5]. - Ongoing trade tensions, particularly with significant exposure to China and the U.S., pose risks, but ZIM's business model allows it to shift capacity to more profitable routes if needed [6][16]. - Elevated spot and contracted rates are expected to support ZIM's performance in 2025, making it a more attractive investment compared to SBLK [17]. Group 2: Star Bulk Carriers - Star Bulk has grown to be one of the largest dry bulk shipping companies, focusing on operational efficiency and environmental sustainability [9]. - The company declared a dividend of 5 cents per share in March, marking its 17th consecutive quarter of capital returns, and is also active in share buybacks [11]. - Easing U.S.-China trade relations are expected to positively impact the dry bulk market, with strong economic growth in China likely to boost demand for commodities like iron ore and coal [10]. - However, SBLK has not demonstrated a strong earnings surprise history, missing earnings estimates twice in the last four quarters [12]. - SBLK may face significant risks from ongoing trade conflicts, particularly with China, which could lead to lower import demand for key commodities [16].

至收盘时，上证指数报3348.37点，跌幅0.94%，成交额约4686亿元；深证成指报10132.41点，跌幅 0.85%，成交额约6870亿元；创业板指报2021.50点，跌幅1.18%，成交额约3129亿元；北证50指数报 1370.04点，跌幅1.35%，成交额约272亿元。 热点板块 盘面上，贵金属、医药商业、化学制药、可控核聚变、CRO、超导等板块和概念股涨幅居前；港口航 运、游戏、零售、共享单车、算力租赁、云办公等板块和概念股跌幅居前。 机构观点 巨丰投顾：周五市场震荡运行，医疗服务板块涨幅居前。当前，宽松的货币政策以及中长期资金流入资 本市场预期依然较强。在政策刺激下，A股与经济有望同步出现向上的拐点，市场将震荡上行。具体投 资方向上，中线建议关注维持高景气度的半导体、消费电子、人工智能、机器人、低空经济等领域的增 量机会。 国泰海通证券：2024年以来黄金珠宝行业进入了出清与升级并行阶段，龙头企业逐步由开店策略走向单 店提效，品牌方与加盟商形成推广高毛利率产品的"合力"；差异化产品推动黄金珠宝公司由"渠道品 牌"走向"消费品品牌"，全年看黄金珠宝行业的估值提升逻辑仍将持续演绎，看好产品力突出& ...

Financial Data and Key Metrics Changes - The company reported $317 million in free cash as of March 31, 2025, an increase from the previous quarter [10] - Cash flow from operations more than doubled from $24 million to $50.3 million quarter over quarter [10] - The reported adjusted EBITDA for the quarter was $36.6 million [16] Business Line Data and Key Metrics Changes - The Helios Pool earned a TCE per day of $29,800 for its spot and COA voyage in March, reflecting a challenging LPG product environment [13] - Dorian's reported TCE revenue per available day was about $35,300, slightly lower than the prior quarter [14] - Daily operating expenses for the quarter were $11,000, excluding dry docking expenses, which was an increase from the prior quarter [15] Market Data and Key Metrics Changes - U.S. LPG production hit a quarterly record of 5 million tons, despite a drop in exports from 5.6 million tons in January to 4.9 million in February [29] - The quarterly average spot earnings settled around $30,000 per day, reflecting a balanced market [26] - The market saw a significant drop in freight rates due to tariff announcements, with rates collapsing from approximately $40,000 a day [30] Company Strategy and Development Direction - The company is focused on energy efficiency and sustainability, with plans to upgrade vessels to carry ammonia cargo [41][42] - The board is balancing shareholder distributions, debt reduction, and fleet investment in light of market conditions [20] - The company anticipates a favorable supply-demand balance due to limited newbuilding deliveries and terminal capacity expansions [36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals of LPG demand, driven by growing petrochemical and residential consumption, particularly in Asia [8] - The company noted that recent rate fluctuations highlight the various factors affecting the business, including weather and global trade policies [19] - Management remains optimistic about the market outlook for 2025, expecting increased production and exports supported by terminal capacity expansions [36] Other Important Information - The company declared an irregular dividend of $0.50 per share, reflecting a commitment to returning capital to shareholders [6][11] - Total cash interest expense for the quarter was $6.7 million, down sequentially from the prior quarter [16] Q&A Session Summary Question: What is driving the recent strength in the VLGC market? - Management noted that trade flows have altered due to tariffs, with cargoes now going to India and Southeast Asia, contributing to ton miles [49][51] Question: Have there been any noticeable increases in inquiries from Chinese buyers post-trade talks? - Management indicated that while there has been a shift in trade routes, there hasn't been a significant increase in inquiries from Chinese buyers, as many are content to continue selling to India [57] Question: Is there a possibility of a higher dividend given the recent rate improvements? - Management stated that the board made the dividend decision based on the best information available at the time, and future evaluations will consider the improved rate outlook [59][60]

Core Viewpoint - CMB.TECH NV has successfully held its General Meeting of Shareholders, where the annual accounts for the year ended December 31, 2024, were approved along with other resolutions proposed by the Supervisory Board [1] Group 1: Shareholder Meeting Outcomes - The General Meeting reappointed independent director Julie De Nul to the Supervisory Board [1] - The resignation of Mr. Patrick Molis as an independent member of the Supervisory Board was approved, and Compagnie Nationale de Navigation S.A.S., represented by Mr. Patrick Molis, was appointed as an independent member [1] Group 2: Company Overview - CMB.TECH is a diversified maritime group operating over 160 seagoing vessels, including crude oil tankers, dry bulk vessels, container ships, chemical tankers, offshore wind vessels, tugboats, and ferries [2] - The company also provides hydrogen and ammonia fuel to customers through its own production or third-party producers [2] - CMB.TECH is headquartered in Antwerp, Belgium, with offices across Europe, Asia, and Africa, and is listed on Euronext Brussels and the NYSE under the ticker symbol CMBT [3]

Financial Performance - For Q1 2025, the company reported net revenues of $7.8 million, a decrease from $10.6 million in Q1 2024, representing a decline of approximately 26.4% [7] - The net loss for Q1 2025 was $4.5 million, compared to a net loss of $1.3 million in Q1 2024, indicating a significant increase in losses [7][9] - Adjusted EBITDA for Q1 2025 was $0.9 million, down from $3.7 million in Q1 2024, reflecting a decrease of about 75.7% [7][9] - The Time Charter Equivalent (TCE) rate for the fleet in Q1 2025 was $9,953 per day, compared to $15,165 in Q1 2024, showing a decline of approximately 34.1% [7][16] Dividend and Shareholder Returns - The company declared a quarterly cash dividend of $0.01 per share for Q1 2025, marking the tenth consecutive quarterly distribution [5][6] - Since initiating its capital return program in November 2022, the company has declared total cash dividends of $1.62 per share, amounting to $12.9 million in aggregate distributions [6] Strategic Developments - The company increased its equity stake in the Energy Construction Vessel (ECV) joint venture to approximately 30%, aiming to diversify earnings and risk exposure [6][12] - The company anticipates concluding the sale of the M/V Gloriuship, its oldest vessel, within Q2 2025, which is currently employed at a daily rate above current market levels [10][11] Market Outlook - The first quarter of 2025 was impacted by a seasonal slowdown in coal and iron ore trade, consistent with typical cyclical patterns [13] - Despite the weaker performance in Q1, the company remains optimistic about the medium and long-term outlook for the dry bulk sector, supported by limited fleet growth and continued demand for key commodities [13][14] - The company has secured approximately 79% of its second quarter days at an average rate of $16,835, with an expected TCE for the full quarter of approximately $15,653 [11][27]

Core Viewpoint - Seanergy Maritime Holdings Corp. is set to release its financial results for the first quarter ended March 31, 2025, on May 27, 2025, before the market opens in New York [1]. Group 1: Financial Results Announcement - The financial results will be announced prior to the market opening on May 27, 2025 [1]. - A conference call and simultaneous Internet webcast will be held on the same day at 09:00 a.m. Eastern Time to review these results [2]. Group 2: Company Overview - Seanergy Maritime Holdings Corp. is a prominent pure-play Capesize shipping company publicly listed in the U.S. [5]. - The company operates a modern fleet consisting of 21 vessels, including 2 Newcastlemax and 19 Capesize vessels, with an average age of approximately 13.9 years and a total cargo carrying capacity of about 3,803,918 dwt [5]. - The company is incorporated in the Republic of the Marshall Islands and has executive offices in Glyfada, Greece, with its common shares trading on the Nasdaq Capital market under the symbol "SHIP" [6].

Financial Performance & Liquidity - Cash and restricted cash totaled $317 million as of March 31, 2025 [7] - Total debt obligations amounted to $5574 million [8] - Net income for the three months ended March 31, 2025, was $809 million, compared to $7924 million for the same period in 2024 [25] - Net cash provided by operating activities for the three months ended March 31, 2025, was $5019 million, a decrease from $15424 million in the same period of 2024 [25] Fleet & Operations - Helios Pool TCE was $33247 per available day [9] - Fleet TCE was $35324 per available day [9] - Fleet OpEx (excluding drydock) was $11001 per calendar day [9] - The Helios LPG Pool currently comprises 28 vessels, with 25 from Dorian LPG [10] Market Trends - Global liftings increased by 2% quarter-over-quarter and 6% year-over-year [15] - U S waterborne exports decreased by 2% quarter-over-quarter but increased by 5% year-over-year [19] - Middle East waterborne exports increased by 3% quarter-over-quarter and 6% year-over-year [19] Environmental & Sustainability - The company's fleet exceeds IMO's EEXI/CII regulations [23] - Scrubber vessel daily savings for calendar 1Q25 stood at $1174 per calendar day net of all scrubber OPEX [24]

Group 1 - Costamare Bulkers Holdings Limited (NYSE: CMDB) is facing selling pressure due to Costamare (CMRE) shareholders' lack of interest in drybulk operations, leading to a significant decline in stock value [1] - The stock price has dropped to one third of its net asset value (NAV), indicating a substantial undervaluation in the market [1] Group 2 - The article highlights the diverse background of the author, emphasizing experience across various industries such as logistics, construction, and retail, which contributes to a comprehensive investment perspective [1] - The author has been actively investing for over a decade, focusing on cyclical industries and maintaining a diversified portfolio that includes bonds, commodities, and forex [1]

Core Points - Inmarsat Maritime has signed an agreement with Mitsui O.S.K. Lines, Ltd. (MOL) to upgrade their fleet from Fleet Xpress to Inmarsat's NexusWave, enhancing digitalisation and connectivity for MOL's vessels [1][3] - The NexusWave service provides multi-layered satellite communications, delivering high speeds, reliability, unlimited data, and global coverage, which are essential for transforming vessels into floating offices and homes [2][3] - Recent tests of NexusWave showed download speeds of 330–340 Mbps and upload speeds of 70–80 Mbps, with network availability exceeding 99.9% [3] Company Overview - Inmarsat Maritime, a Viasat company, has over 40 years of experience in providing reliable and innovative maritime solutions, enabling ship owners to enhance operational efficiency and crew welfare [4] - Mitsui O.S.K. Lines, Ltd. (MOL) is one of the world's largest shipping companies with a fleet of over 900 vessels, offering diverse maritime transportation services and developing social infrastructure businesses [7][8] - JSAT MOBILE Communications is a joint venture that provides maritime satellite communication services, supporting safe and efficient maritime operations and contributing to the digital transformation of the industry [9]

Core Viewpoint - Seaboard Corporation has announced a share repurchase program authorizing the repurchase of up to $100 million of its outstanding shares through December 31, 2027, which can be modified or terminated at the company's discretion [1][2]. Company Overview - Seaboard Corporation is a diversified international agribusiness, energy, and transportation company, primarily engaged in domestic pork processing, biofuel production, and cargo shipping. It also operates in commodity merchandising, flour and feed milling, produce farming, electric power generation, and sugar and alcohol production overseas [4]. Share Repurchase Program Details - The share repurchase program allows the company to repurchase shares through various means, including open-market purchases, block trades, and privately negotiated purchases, in compliance with federal securities laws [1]. - The program does not obligate the company to acquire a minimum amount of shares and can be modified, suspended, or terminated at any time [2]. - Repurchased shares will be retired and will resume the status of authorized and unissued shares [2]. Reporting and Compliance - Information regarding share repurchases will be disclosed in the company's periodic reports on Form 10-Q and Form 10-K filed with the SEC as required by applicable rules [2].