Financial Data and Key Metrics Changes - Adjusted earnings for the full year were $38.8 million or $0.95 per share, while for the fourth quarter, they were $11.6 million or $0.28 per share [11] - The company achieved EBITDAR of $27 million for the quarter and $95 million for the year [13] - Cash breakeven was reported at $11,700 per day, or $10,800 per day excluding CapEx [10][23] Business Line Data and Key Metrics Changes - MR tankers earned $25,300 per day in Q4 and $29,100 per day in Q1 2026, with 50% booked [10] - Chemical tankers earned $19,900 per day in Q4 and $20,800 per day in Q1 2026, with 30% booked [10] - The company maintained a strong spot market exposure of 82% while layering in high-quality time charters [11][29] Market Data and Key Metrics Changes - The company noted a significant increase in voyage lengths due to geopolitical disruptions, particularly with the ban on Russian diesel and changes in trade routes [15][16] - The aging MR fleet is approaching scrapping, which is expected to benefit younger vessels like Ardmore's [18][19] - The global tanker fleet is experiencing tightening supply due to sanctions, with about 30% operating outside mainstream trades [14][16] Company Strategy and Development Direction - Ardmore's strategy focuses on capturing opportunities in refined oil products and complex chemical cargoes, leveraging a fully integrated trading platform [21] - The company emphasizes innovation and performance, with ongoing investments in efficiency upgrades and AI-driven voyage optimization tools [21][24] - Ardmore aims to maintain best-in-class corporate governance and a disciplined capital allocation policy [25][38] Management's Comments on Operating Environment and Future Outlook - Management highlighted favorable underlying market conditions and a robust earnings environment, with TCE performance reflecting continued strength [9] - The geopolitical landscape is reshaping trade flows, reinforcing the importance of flexibility in commercial approaches [55] - The company is committed to maintaining financial flexibility to navigate uncertainty and capitalize on opportunities [55] Other Important Information - Ardmore completed a major dry docking cycle, enhancing fleet performance and reducing future CapEx significantly [11][26] - The company has a strong focus on corporate governance, being recognized as the top-ranked tanker company in governance scorecards [38] Q&A Session Questions and Answers Question: Future capital allocation considering rising asset values - Management indicated a non-binary approach to capital allocation, balancing between growth and maintaining a strong fleet [60] Question: Thoughts on the newbuilding market for MRs - Management has not participated in the newbuilding market since 2013, finding better value in the second-hand market [63] Question: Clarification on AI returns - AI investments are focused on adoption rather than development, ensuring guaranteed returns with minimal CapEx [67]

Financial Data and Key Metrics Changes - Adjusted earnings for the full year were $38.8 million or $0.95 per share, and for the fourth quarter, they were $11.6 million or $0.28 per share [11] - EBITDA for the quarter was $27 million and for the year was $95 million, highlighting strong operating leverage [13] - The cash break-even rate was reported at $11,700 per day, or $10,800 per day excluding CapEx, indicating effective cost management [10][23] Business Line Data and Key Metrics Changes - MR tankers earned $25,300 per day in Q4 and $29,100 per day in Q1 2026, with 50% booked [10] - Chemical tankers earned $19,900 per day in Q4 and $20,800 per day in Q1 2026, with 30% booked [10] - The company maintained a strong spot market exposure of 82% while also securing high-quality fixed-rate time charters [11][29] Market Data and Key Metrics Changes - The dislocation of oil refineries is driving longer voyage lengths and increased ton-mile demand, positively impacting earnings [15] - Geopolitical disruptions, such as sanctions on Russian oil, are reshaping trade routes and benefiting compliant fleets [16] - The aging MR fleet is expected to lead to increased scrapping, providing buoyancy to the market by reducing supply [18] Company Strategy and Development Direction - Ardmore's strategy focuses on capturing opportunities in refined oil products and complex chemical cargoes, leveraging a fully integrated trading platform [21] - The company emphasizes innovation and performance, with ongoing investments in efficiency upgrades and AI-driven voyage optimization tools [22][24] - Ardmore aims to maintain best-in-class corporate governance and a disciplined capital allocation policy to create long-term value [25][38] Management's Comments on Operating Environment and Future Outlook - Management highlighted favorable underlying market conditions and a robust earnings environment, with TCE performance reflecting continued strength [9] - The geopolitical landscape is creating complexities but also opportunities for nimble operators like Ardmore [53] - The company is committed to maintaining financial flexibility to navigate uncertainties and capitalize on market shifts [55] Other Important Information - Ardmore completed a major dry docking cycle with significant performance upgrades, enhancing fleet capabilities [11][26] - The company has declared a quarterly cash dividend of $0.09 per share, consistent with its policy of returning one-third of adjusted earnings to shareholders [11] Q&A Session Summary Question: Future capital allocation considering rising asset values - Management indicated a non-binary approach to capital allocation, balancing between growth and maintaining a strong fleet [60] Question: Thoughts on the new building market for MRs - Management has not participated in the new building market since 2013, focusing instead on the second-hand market for value [63] Question: Clarification on AI returns - AI investments are viewed with caution, focusing on adoption rather than development, ensuring guaranteed returns with minimal CapEx [67]

Financial Data and Key Metrics Changes - Adjusted earnings for the full year were $38.8 million or $0.95 per share, and for the fourth quarter, they were $11.6 million or $0.28 per share [11] - EBITDA for the quarter was $27 million and for the year was $95 million, highlighting strong operating leverage [13] - The cash break-even rate was reported at $11,700 per day, or $10,800 per day excluding CapEx, indicating effective cost management [10][22] Business Line Data and Key Metrics Changes - MR tankers earned $25,300 per day in Q4 and $29,100 per day in Q1 2026, while chemical tankers earned $19,900 per day in Q4 and $20,800 per day in Q1 2026 [10] - The company maintained a strong spot market exposure of 82% while also securing high-quality fixed-rate time charters [11][29] Market Data and Key Metrics Changes - The dislocation of oil refineries is a continuing trend, with refining capacity shifting east and tightening regional supply in the West, leading to increased voyage lengths and ton miles [14] - The global tanker fleet is facing sanctions, with over 16% currently subjected to them, tightening supply and benefiting compliant fleets like Ardmore's [15] Company Strategy and Development Direction - Ardmore's strategy focuses on capturing opportunities in refined oil products and complex chemical cargoes, supported by a fully integrated trading platform [19] - The company emphasizes asset flexibility, allowing it to adapt quickly to changing market conditions and capture value across cycles [21] - Ardmore's capital allocation policy remains aligned with its long-term strategy, focusing on performance and innovation [24] Management's Comments on Operating Environment and Future Outlook - Management highlighted that geopolitical risks and supply chain disruptions are reshaping trade flows, reinforcing the importance of flexibility in operations [53] - The company is committed to maintaining financial flexibility to navigate uncertainties and capitalize on opportunities [54] Other Important Information - Ardmore completed a major dry docking cycle, enhancing fleet performance and reducing future CapEx significantly [25] - The company has been recognized for its strong corporate governance, ranking as the top tanker company in Weber's Corporate Governance Scorecard [38] Q&A Session Summary Question: Future capital allocation considering rising asset values - Management indicated a non-binary approach to capital allocation, balancing between growth and maintaining a strong fleet, while observing market conditions closely [58] Question: Thoughts on the new building market for MRs - Management has not participated in the new building market since 2013, finding better value in the second-hand market, and remains vigilant about market opportunities [60] Question: Clarification on AI returns - The response clarified that the focus is on ensuring that AI investments meet ambitious return expectations, emphasizing a strategy of adopting rather than developing AI [66]

Core Insights - d'Amico International Shipping S.A. is focusing on capital allocation, fleet renewal, and earnings visibility amidst strengthening product tanker markets and geopolitical disruptions [1] Financial Foundation - The company operates a fleet of 29 product tankers, primarily MR2s, with an average vessel age of 9.6 years; 27 of these vessels are owned [2] - As of September 2025, the net financial position to fleet market value ratio was approximately 7% [2] - d'Amico reported net profits of $63 million for the first nine months of 2025, with average daily spot earnings rising from $21,150 in Q1 to $25,500 in Q3 [2] Fleet Renewal Strategy - The fleet renewal program includes orders for four LR1s in 2024, two MR1s in late 2025, and two MR2s in early 2026, totaling an investment of nearly $419 million, with $374 million still payable [3] - New MR2s are expected to achieve about 17% fuel savings compared to existing vessels, while new MR1s are projected to save around 20% [3] - Eco vessels command a daily premium of $1,500-$2,000 over conventional ships, with super Eco newbuilds attracting an additional $1,000 premium [3] Shareholder Returns - The company aims for a 40% payout ratio from 2024 results, expected to be confirmed for 2025 [4] Earnings Visibility - 42% of available days in 2026 are covered at an average rate of $23,300 per day, with 16% of 2027 covered at $22,200 per day; management anticipates increasing 2026 coverage to around 50% in the coming months [5] Geopolitical Impact - Recent sanctions on Russia have created obstacles for exports, leading to increased oil on water due to inefficient practices like ship-to-ship transfers [6] - A potential peace agreement between Ukraine and Russia may not lead to immediate sanction removals, and normalization of Russian trade flows could accelerate the scrapping of older vessels, aiding market rebalancing [7]

Ardmore Shipping Fourth Quarter and Full Year 2025 & Investor Day 2026 To Submit Questions for the Q&A Session 2 Disclaimer This presentation contains certain statements that may be deemed to be "forward-looking statements" within the meaning of applicable U.S. federal securities laws. All statements, other than statements of historical facts, that address activities, events or developments that Ardmore Shipping Corporation ("Ardmore" or the "Company") expects, projects, believes or anticipates will, should ...

Core Insights - The logistics sector has seen significant engagement from investors, particularly in the ASEAN and US markets, highlighting its growth potential and diversification opportunities [1] Investment Focus - The company has diversified its investments across various sectors including banking, telecommunications, logistics, and hotels, indicating a strategic approach to portfolio management [1] - The entry into the US market in 2020 reflects a growing interest in international investment opportunities, particularly in sectors like banks, hotels, and shipping [1] Market Trends - The popularity of insurance companies in the Philippines since 2014 suggests a shift in investment preferences among local investors, moving towards more diversified financial products [1] - The trend of using platforms like Seeking Alpha for analysis indicates a growing reliance on data-driven investment strategies among investors in both the ASEAN and US markets [1]

Core Viewpoint - Diana Shipping Inc. has entered into a time charter contract for its Post-Panamax dry bulk vessel, m/v Phaidra, with Nippon Yusen Kabushiki Kaisha, which is expected to enhance the company's revenue stream significantly [1][2]. Group 1: Charter Agreement Details - The gross charter rate for the m/v Phaidra is set at US$14,500 per day, with a 5.00% commission deducted for third parties, for a period extending from February 24, 2026, to a minimum of February 20, 2027, and a maximum of April 20, 2027 [1]. - The m/v Phaidra is currently under a different charter at a gross rate of US$9,750 per day, also subject to a 5.00% commission [1]. Group 2: Revenue Generation - The employment of the m/v Phaidra is projected to generate approximately US$5.18 million in gross revenue for the minimum scheduled period of the time charter [2]. Group 3: Fleet Composition - Diana Shipping Inc. currently operates a fleet of 36 dry bulk vessels, including various classes such as Newcastlemax, Capesize, Post-Panamax, Kamsarmax, Panamax, and Ultramax [3]. - The total carrying capacity of the fleet, excluding two vessels yet to be delivered, is approximately 4.1 million dwt, with a weighted average age of 12.22 years [3]. - The company anticipates the delivery of two new methanol dual fuel Kamsarmax dry bulk vessels by the second half of 2027 and the first half of 2028 [3]. Group 4: Company Overview - Diana Shipping Inc. specializes in shipping transportation services through the ownership and bareboat charter-in of dry bulk vessels, primarily engaging in short to medium-term time charters [4]. - The vessels transport a variety of dry bulk cargoes, including iron ore, coal, and grain, along global shipping routes [4].

Company Overview - Seanergy Maritime Holdings Corp. is a prominent pure-play Capesize shipping company publicly listed in the U.S. [5] - The company provides marine dry bulk transportation services through a modern fleet of Capesize vessels, consisting of 20 vessels (2 Newcastlemax and 18 Capesize) with an average age of approximately 14.6 years and an aggregate cargo carrying capacity of approximately 3,633,861 dwt [5]. Financial Results Announcement - The company will release its financial results for the fourth quarter and year ended December 31, 2025, prior to the market open in New York on February 17, 2026 [1]. - A conference call and simultaneous Internet webcast will be conducted to review these results on February 17, 2026, at 10:00 a.m. Eastern Time [2]. Webcast and Presentation Details - There will be a live and archived webcast of the conference call and accompanying slides available through the company's website [3]. - Participants are encouraged to register approximately 10 minutes prior to the start of the webcast [3].

Core Insights - Scorpio Tankers reported quarterly earnings of $1.62 per share, exceeding the Zacks Consensus Estimate of $1.37 per share, and showing a significant increase from $0.63 per share a year ago, resulting in an earnings surprise of +18.21% [1] - The company achieved revenues of $241.42 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 9.21% and increasing from $192.15 million year-over-year [2] Financial Performance - Over the last four quarters, Scorpio Tankers has consistently surpassed consensus EPS estimates, achieving this four times [2] - The stock has appreciated approximately 37.5% since the beginning of the year, significantly outperforming the S&P 500's gain of 1.4% [3] Future Outlook - The company's earnings outlook will be crucial for determining the sustainability of its stock price movement, with current consensus EPS estimates at $1.08 for the upcoming quarter and $4.37 for the current fiscal year [7] - The Zacks Rank for Scorpio Tankers is currently 4 (Sell), indicating expectations of underperformance in the near future due to unfavorable estimate revisions prior to the earnings release [6] Industry Context - The Transportation - Shipping industry, to which Scorpio Tankers belongs, is currently ranked in the top 32% of over 250 Zacks industries, suggesting a favorable environment for stocks within this sector [8] - Another company in the same industry, Star Bulk Carriers, is expected to report quarterly earnings of $0.59 per share, reflecting a year-over-year increase of +73.5% [9]

Core Viewpoint Scorpio Tankers Inc. reported strong financial results for the fourth quarter and the full year of 2025, with significant increases in net income and earnings per share compared to the previous year, alongside a declared quarterly cash dividend. Financial Performance - For the three months ended December 31, 2025, the company achieved a net income of $128.1 million, translating to $2.72 basic and $2.59 diluted earnings per share, compared to a net income of $68.6 million for the same period in 2024 [2][4]. - Adjusted net income for Q4 2025 was $80.0 million, or $1.70 basic and $1.62 diluted earnings per share, excluding certain gains and losses [3]. - For the full year 2025, net income was $344.3 million, or $7.40 basic and $7.03 diluted earnings per share, down from $668.8 million in 2024 [6][8]. - Adjusted net income for the year 2025 was $269.5 million, or $5.79 basic and $5.51 diluted earnings per share [7]. Revenue and Operating Metrics - Total vessel revenue for Q4 2025 was $252.7 million, up from $204.0 million in Q4 2024, with Time Charter Equivalent (TCE) revenue increasing to $241.4 million from $192.1 million [38]. - Average daily TCE revenue rose to $28,066 per vessel in Q4 2025, compared to $21,978 in Q4 2024, despite a decrease in the average number of vessels [38]. - Vessel operating costs decreased to $74.2 million in Q4 2025 from $80.8 million in Q4 2024, attributed to a reduction in the average number of vessels [38]. Dividend Declaration - The Board of Directors declared a quarterly cash dividend of $0.45 per common share, with a payment date set for March 20, 2026 [10]. Vessel Transactions and Newbuildings - The company entered into agreements to purchase two scrubber-fitted LR2 newbuilding product tankers for $68.5 million each, with expected deliveries in 2029 [12]. - In December 2025, the company sold several vessels, including the scrubber-fitted LR2 product tanker STI Kingsway for $57.5 million and STI Gallantry for $52.3 million, with expected closings in early 2026 [19][21]. - The company has commitments for constructing additional vessels, including four scrubber-fitted MR newbuilding product tankers with deliveries expected in 2026 and 2027 [32]. Current Liquidity and Debt - As of February 10, 2026, the company reported $937.1 million in unrestricted cash and cash equivalents, along with $767.0 million of undrawn revolver capacity [20]. - The total outstanding gross debt was $628.2 million as of February 10, 2026, with a net debt position of $(308.9) million [22].