Core Insights - Azul S.A. reported a loss of $2.18 per share in Q1 2025, significantly missing the Zacks Consensus Estimate of earnings of 4 cents per share, compared to a loss of 57 cents per share in Q1 2024 [1] Financial Performance - Total revenues for Q1 2025 were $920 million, slightly below the Zacks Consensus Estimate of $925 million, with passenger revenues, which account for 93% of total revenues, increasing by 15.2% year over year due to strong demand [2] - Cargo revenues and other sources grew by 17.3% year over year, with international cargo revenues experiencing a substantial 62% year-over-year growth, contributing to a healthy EBITDA that more than doubled year over year [3] Operational Metrics - Consolidated traffic, measured in revenue passenger kilometers (RPKs), rose by 19.4% year over year, with domestic traffic increasing by 14.7% and international traffic surging by 38.3% [4] - Consolidated available seat kilometers (ASK) increased by 15.6% year over year, with domestic capacity rising by 10.2% and international capacity by 39.2%, leading to a load factor increase of 2.6 percentage points to 81.5% [4] Cost and Expenses - Total revenues per ASK (RASK) were R$42.14 cents, down 0.2% year over year, while passenger revenues per ASK (PRASK) decreased by 0.4% year over year [5] - Cost per ASK (CASK) increased by 7.6% year over year, influenced by an 18% depreciation of the Brazilian real against the US dollar, 5.5% inflation, and higher costs associated with international operations [6] - Operating expenses reached R$4.82 billion, up 24.4% year over year, driven by increased capacity and fuel prices, although offset by productivity improvements and cost-reduction initiatives [7] Liquidity and Debt - At the end of Q1 2025, Azul had total liquidity of R$6.66 billion, down from R$7.49 billion at the end of the previous quarter, while gross debt rose to R$34.6 billion from R$33.6 billion [8]

Financial Results Announcement - Golden Ocean Group Limited will publish its financial results for the first quarter of 2025 on May 21, 2025 [1] - A conference call and webcast will be held on the same day at 3:00 P.M. CET (9:00 A.M. New York Time) [1] Conference Call and Webcast Details - The presentation will be available for download from the Investor Relations section of the Company's website prior to the conference call/webcast [1] - Participants can listen to the presentation via webcast or conference call, with registration required for the latter [2] - A Q&A session will follow the conference call/webcast, with instructions for submitting questions provided at the beginning of the session [2] Regulatory Compliance - The information is subject to the disclosure requirements of section 5-12 of the Norwegian Securities Trading Act [3]

ZIM Integrated Shipping Services Ltd. ZIM will release its first-quarter earnings results before the opening bell on Monday, May 19.Analysts expect the Haifa, Israel-based company to report quarterly earnings at $1.96 per share, up from 75 cents per share in the year-ago period. According to data from Benzinga Pro, ZIM Integrated Shipping projects quarterly revenue at $1.84 billion, compared to $1.56 billion a year earlier.On March 12, ZIM Integrated Shipping reported a fourth-quarter sales increase of 80% ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Main shipping companies have issued price increase notices for June, and the 06 contract should focus on the final implementation of price increases, while the 08 contract faces a game between weak reality and price increase expectations. Given the high capacity in June, it is recommended to conduct arbitrage operations recently [3][4] - The US tariff policy adjustment has led to significant changes in the US routes. Some shipping capacity has overflowed to European routes, but the US routes' capacity has rebounded in June, which may ease the pressure on European routes [3][4] 3. Summary by Relevant Catalogs Futures Prices - As of May 15, 2025, the total open interest of all contracts of the container shipping index European route futures was 123,385 lots, and the single - day trading volume was 248,496 lots. The closing prices of EC2602, EC2604, EC2506, EC2508, EC2510, and EC2512 contracts were 1449.00, 1273.20, 1787.30, 2359.30, 1464.70, and 1611.20 respectively [4][5] Spot Prices - On May 9, the SCFI (Shanghai - Europe route) price was 1161.00 US dollars/TEU, the SCFI (Shanghai - US West route) price was 2347.00 US dollars/FEU, and the SCFI (Shanghai - US East) price was 3335.00 US dollars/FEU. On May 12, the SCFIS (Shanghai - Europe) was 1302.62 points, and the SCFIS (Shanghai - US West) was 1455.31 points [5] Container Ship Capacity Supply - In 2025, it is still a big year for container ship deliveries. As of May 1, 2025, 93 container ships have been delivered, with a total capacity of 724,600 TEU. Among them, 30 ships of 12,000 - 16,999 TEU have been delivered, with a total of 451,300 TEU, and 3 ships of over 17,000 TEU have been delivered, with a total of 70,872 TEU [5] - In June, the capacity on the European routes is relatively high, and the monthly average weekly capacity of the Shanghai - US East and West routes has increased significantly compared to May. The average weekly capacity in June is about 280,000 TEU, and the average weekly capacity of the Shanghai - US East and West routes in June is 294,000 TEU, compared with 243,400 TEU in May [2] Supply Chain - Geopolitically, Hamas is in direct talks with the US to reach an agreement to end the Gaza conflict. If a permanent cease - fire is achieved, Hamas can hand over control of the Gaza Strip [1] Demand and European Economy - Not elaborated in detail in the content, but factors such as the US tariff policy adjustment and the situation of the Gaza conflict may have an impact on demand and the European economy [1][3][4]

Group 1 - The focus has shifted towards offshore drilling, supply industry, and shipping, including tankers, containers, and dry bulk [1] - The fuel cell industry is being monitored as it is still in its early stages of development [1] Group 2 - The individual has extensive experience in auditing and trading, having navigated significant market events such as the dotcom bubble and the subprime crisis [2] - The research provided aims to maintain high quality despite language barriers [2]

Core Viewpoint - The launch of the "Yuanhai Kou" vessel marks a significant advancement in China's automotive shipping capabilities, particularly for electric vehicles, enhancing the efficiency of transportation to countries involved in the Belt and Road Initiative [1][2]. Group 1: Vessel Specifications and Features - The "Yuanhai Kou" vessel is the largest dual-fuel automotive transport ship in China, with a total length of 199.9 meters and a gross tonnage of 68,252 tons [2]. - It has a carrying capacity of 7,000 standard car spaces, accommodating various vehicle types including passenger cars, engineering vehicles, and buses [2]. - The vessel is equipped with an advanced LNG dual-fuel main engine, achieving a carbon reduction rate of over 24% upon operation [2]. - It features a distributed solar photovoltaic system with a peak power of 302.8 kilowatts, which is the largest installed on similar vessels [2]. - The design includes a container for growing fresh vegetables, creating a self-sufficient "green garden" on board [2]. Group 2: Operational Impact and Market Reach - The "Yuanhai Kou" vessel's inaugural route significantly reduces transportation time by nearly one-third compared to standard routes, benefiting automotive companies [1]. - The vessel operates on the "China-Mediterranean" liner route, utilizing Piraeus Port as a hub, which allows coverage of multiple European countries, major North African nations, and Black Sea region ports [1]. - It carries approximately 4,000 vehicles from Chinese brands, with over 90% being new energy vehicles, destined for countries such as Greece, Turkey, Italy, and Tunisia [1].

Financial Data and Key Metrics Changes - The company reported a net income of $500,000 with an adjusted net loss of $7,800,000 or $0.07 adjusted loss per share for Q1 2025 [4] - Adjusted EBITDA for the quarter was $49,000,000 [4] - Pro forma total cash stands at $437,000,000, while pro forma total debt is $1,200,000,000 [5] - The average net debt per vessel decreased from $11,600,000 to $5,400,000 since 2021, a reduction of over 50% [7] Business Line Data and Key Metrics Changes - The time charter equivalent (TCE) rate was $12,439 per vessel per day, with combined daily operating expenses and net cash G&A expenses per vessel at $6,217 [5] - Operating expenses for Q1 2025 were $4,898 per vessel per day, with net cash G&A expenses at $13.19 per vessel per day [12] Market Data and Key Metrics Changes - Total dry bulk trade is projected to contract by 1.2% in tons and 0.4% in ton miles during 2025 [22] - Chinese dry bulk imports contracted by 8.3% year on year during Q1 2025, driven by elevated inventories and rising domestic production [26] - Iron ore trade is projected to contract by 1.3% in tons and 0.6% in ton miles during 2025 [28] Company Strategy and Development Direction - The company continues to prioritize returns to shareholders through dividends and share buybacks, having taken actions totaling $2,600,000,000 since 2021 [6] - The integration of the Eagle Bulk transaction has resulted in almost $40,000,000 in synergies since its completion [5][10] - The company plans to invest in energy-saving technologies and fleet upgrades to comply with IMO carbon reduction regulations [14] Management Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the medium-term outlook for the dry bulk market, citing favorable supply conditions and stricter environmental regulations [34] - The geopolitical landscape and potential reconstruction efforts in conflict areas could positively impact trade and demand [40] - However, challenges such as reduced coal imports from China and uncertainties in global trade dynamics were noted as potential negatives [44] Other Important Information - The company has completed 42 installations of energy-saving technologies, with another 21 planned for 2025 [14] - The average steaming speed of the fleet has reached a record low of 10.8 knots, influenced by soft freight rates and environmental regulations [21] Q&A Session Summary Question: Market outlook and asset values - Management acknowledged the current holding pattern in dry bulk rates and the stability of asset values, indicating that something must give in the market [36][38] Question: Timing for asset sales and cash flow - The company confirmed that proceeds from announced vessel sales will be received in the second and early third quarters of 2025, totaling approximately $38,500,000 [51] Question: Use of sales proceeds - The priority for the use of sales proceeds will be share buybacks as long as shares trade at a significant discount to net asset value [53] Question: Future demolition rates - Management indicated that environmental regulations could lead to increased demolition rates in the future, particularly for older, less efficient vessels [61] Question: Buyers' intentions for older ships - The company noted that buyers are not scrapping older vessels as long as they are not making a loss, and the return on investment for these vessels is not sufficient for the company [59]

Financial Data and Key Metrics Changes - The company reported a net income of $500,000 with an adjusted net loss of $7,800,000 or $0.07 adjusted loss per share for Q1 2025 [4] - Adjusted EBITDA for the quarter was $49,000,000 [4] - Pro forma total cash stands at $437,000,000, while pro forma total debt is $1,200,000,000 [5] - The average net debt per vessel decreased from $11,600,000 to $5,400,000 since 2021, a reduction of over 50% [7] Business Line Data and Key Metrics Changes - The time charter equivalent (TCE) rate was $12,439 per vessel per day, with combined daily operating expenses and net cash G&A expenses per vessel at $6,217 [5] - Operating expenses for Q1 2025 were $4,898 per vessel per day, with net cash G&A expenses at $13.19 per vessel per day [12] Market Data and Key Metrics Changes - Total dry bulk trade is projected to contract by 1.2% in tons and 0.4% in ton miles during 2025 [22] - Chinese dry bulk imports contracted by 8.3% year on year during Q1 2025, driven by elevated inventories and rising domestic production [25] - The average steaming speed of the fleet reached a new record low of 10.8 knots in February due to soft freight rates and environmental regulations [21] Company Strategy and Development Direction - The company continues to prioritize returns to shareholders, having taken actions totaling $2,600,000,000 in dividends, share buybacks, and debt repayments since 2021 [6] - The integration of the Eagle Bulk transaction has resulted in almost $40,000,000 in cumulative cost synergies [11] - The company plans to invest in energy-saving technologies and upgrade its fleet to comply with IMO carbon reduction regulations [14] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the medium-term outlook for the dry bulk market, citing favorable supply conditions and stricter environmental regulations [34] - The geopolitical landscape and macroeconomic factors are seen as potential positives, while challenges include reduced coal imports from China and uncertainties in global trade [40][44] - The company anticipates a moderate year with potential upward movement if geopolitical tensions ease [46] Other Important Information - The company has completed the integration process of the Eagle Bulk transaction across all departments [5] - The expected drydock expense schedule for the remainder of 2025 is estimated at $47,000,000 for 38 vessels [13] Q&A Session Summary Question: Market outlook and asset values - Management noted that while rates are stable, asset values are holding up well, and the market may see gradual progress in the coming quarters [36][38] Question: Timing for asset sales and cash inflow - The company confirmed that proceeds from announced vessel sales will be received in the second and early third quarters of 2025, totaling approximately $38,500,000 [51] Question: Use of sales proceeds - The priority for the use of sales proceeds will be share buybacks as long as shares trade at a significant discount to NAV [52] Question: Demolition rates and future outlook - Management indicated that environmental regulations could lead to increased scrapping of older vessels, but the immediate effect will be on operational speeds and drydock delays [60][62] Question: Buyers' intentions for older ships - The company explained that as long as vessels are not making a loss, they are not scrapped, and buyers may have different return expectations [58]

Financial Data and Key Metrics Changes - For Q1 2025, the company reported a net income of $500,000 with an adjusted net loss of $7,800,000, equating to an adjusted loss per share of $0.07. Adjusted EBITDA was $49,000,000 for the quarter [4][5] - The company repurchased 1,300,000 shares for a total consideration of $19,600,000 and declared a dividend of $0.05 per share [4][5] - Pro forma total cash stands at $437,000,000, while pro forma total debt is $1,200,000,000, resulting in pro forma liquidity of almost $500,000,000 [5][6] Business Line Data and Key Metrics Changes - The time charter equivalent (TCE) rate was $12,439 per vessel per day, with combined daily operating expenses and net cash G&A expenses per vessel at $6,217, leading to a TCE less OpEx and cash G&A of approximately $6,220 per day per vessel [5] - Operating expenses for Q1 2025 were $4,898 per vessel per day, with net cash G&A expenses at $13.19 per vessel per day [12] Market Data and Key Metrics Changes - The dry bulk trade is projected to contract by 1.2% in tons and 0.4% in ton miles during 2025, with the IMF revising its global economic growth forecast to 2.8% [22][24] - Total dry bulk volumes were up year on year in Q1, supported by strong bauxite and minor bulk shipments, while iron ore, coal, and grains volumes combined declined by 3.5% year on year [24][25] Company Strategy and Development Direction - The company continues to focus on capital allocation to strengthen its position, having taken actions totaling $2,600,000,000 in dividends, share buybacks, and debt repayments since 2021 [6] - The company is investing in energy-saving technologies and fleet upgrades to comply with IMO carbon reduction regulations, with 42 installations completed and another 21 planned for 2025 [14] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the medium-term outlook for the dry bulk market, citing favorable supply conditions and stricter environmental regulations as potential positives [33] - The geopolitical landscape and macroeconomic factors were highlighted as influencing market conditions, with potential reconstruction efforts in conflict areas seen as a positive catalyst for trade [40][41] Other Important Information - The company has completed the integration of the Eagle Bulk transaction, achieving almost $40,000,000 in cumulative cost synergies since its completion [10][11] - The average age of the fleet is 11.9 years, with plans to dispose of non-eco vessels to improve overall fleet efficiency [15] Q&A Session Summary Question: Market outlook and asset values - Management acknowledged the current holding pattern in dry bulk rates and asset values, indicating that something must give in the future [36][37] Question: Timing for asset sales and cash inflow - The company confirmed that proceeds from announced vessel sales will be fully received in the second and early third quarters of 2025 [52] Question: Use of sales proceeds - The priority for the use of sales proceeds will be on share buybacks as long as shares trade at a meaningful discount to NAV [53] Question: Future demolition rates - Management indicated that environmental regulations could lead to increased demolition rates in the future, particularly for older, less efficient vessels [62]

Financial Performance - Net income for Q1 2025 was $8 million, a 109% increase compared to Q1 2024[7] - Net revenues for Q1 2025 were $5.6 million, a 43% decrease compared to Q1 2024[7] - Adjusted EBITDA for Q1 2025 was $2.8 million, a 56% decrease compared to Q1 2024[7] Fleet and TCE Rates - The company's vessels NBV (Net Book Value) is $82.5 million[7] - The company's cash balance is $15.7 million[7] - Q1 2025 TCE rates for the C3is fleet were 56% lower than Q1 2024 and 21% lower than the full year 2024[7] - Q1 2025 TCE rates for the Aframax tanker were 55% lower than Q1 2024 and 25% lower than the full year 2024[7] Fleet Composition and Strategy - The company's fleet consists of three Handysize drybulk carriers and one Aframax oil tanker[41] - The average age of the fleet is 14.3 years as of March 31, 2025[7, 43] - CAPEX repayments of $59.2 million have been made from July 2023 to April 2025 without resorting to bank loans[7, 49]