Financial Data and Key Metrics Changes - In Q1 2025, the company reported total net revenues of $9.2 million, a 26.2% decrease from $14.4 million in Q1 2024, attributed to lower time charter rates and a reduced number of vessels operated [27] - The net loss attributable to controlling shareholders was $3.7 million, compared to a loss of $1.8 million in the same period last year [27] - Adjusted EBITDA for Q1 2025 was a negative $1 million, down from $2.1 million in Q1 2024 [28] - Basic and diluted loss per share attributable to controlling shareholders was $1.35, compared to $0.65 in Q1 2024 [28] Business Line Data and Key Metrics Changes - The fleet consists of 12 vessels with an average age of 13.6 years and a total capacity of approximately 843,000 deadweight tons [9] - Fixed rate coverage for the remainder of the year is approximately 22%, excluding five vessels operating under index-linked charters [10] Market Data and Key Metrics Changes - The dry bulk market has softened in Q1 2025, with average spot rates for Panamax vessels below $8,000 per day and one-year time charter rates around $12,000 per day [10] - By the end of March 2025, spot rates dropped by as much as 28% in the Panamax segment, while one-year time charter rates decreased by 12% [11] - The IMF revised its global GDP growth forecast for 2025 down to 2.8% from 3.3%, reflecting increased downside risks [12] Company Strategy and Development Direction - The company intends to modernize its fleet by selling older vessels and replacing them with younger ones, with plans to take delivery of two newbuilds in 2027 [43] - The company is cautious about the dry bulk sector outlook, monitoring market conditions closely to optimize fleet modernization [26] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the continued weakness in freight markets due to weaker demand and uncertain macroeconomic conditions [11] - The company remains cautious about the dry bulk sector, anticipating a softer market for the remainder of 2025 compared to 2024 [21] Other Important Information - The company has repurchased 334,000 shares totaling $5.3 million as part of a $10 million share repurchase program initiated in August 2022 [6] - The average daily operating expenses increased to $7,304 per vessel per day in Q1 2025, compared to $6,867 in Q1 2024 [30] Q&A Session Summary Question: Will vessel operating expenses continue at the current level? - Management indicated that it is premature to determine future operating expenses based on Q1 results, but they expect to meet their budget, which is 2% higher than last year [38][39] Question: What is the forecast for scheduled off-hire days? - Management expects one drydocking this year and anticipates about 1.5 days of off-hire per quarter [41][42] Question: How is the fleet being managed regarding acquisitions and sales? - The strategy involves selling older vessels and replacing them with younger ones, depending on market conditions [43] Question: Are there opportunities to scrap older vessels? - Currently, there are no immediate candidates for scrapping, but management noted a slight pickup in scrap activity in the market [47][48] Question: What is the status of newbuild payments? - There may be a 10% installment payment due towards the end of the year, with further payments scheduled for 2026 [60] Question: Why was there no stock buyback in Q1? - Limited liquidity and expectations of market improvement were cited as reasons for not executing buybacks in Q1 [61]

Financial Data and Key Metrics Changes - Time charter revenues for Q1 2025 were $54.9 million, a decrease of about 5% compared to $57.6 million in Q1 2024, attributed to a decrease in fleet size and increased drydock days [11] - Adjusted EBITDA decreased to $23.3 million from $24.9 million in Q1 2024, a decrease of 6% [12] - Net income increased to $3 million from $2.1 million in Q1 2024, mainly due to decreased interest and finance charges [12] - Cash reserves decreased to $187.7 million from $207.2 million at the end of 2024 [13] - Long-term debt decreased to $623.9 million from $637.5 million, reflecting a decrease of around 2% [13] Business Line Data and Key Metrics Changes - Fleet utilization reached 99.6% in Q1 2025, up from 99.1% in the same quarter last year [15] - The average time charter equivalent rate was $50,739 per day, an increase of 5% compared to $15,051 per day in Q1 2024 [14] - Daily operating expenses increased by 2% to $5,866 per day compared to $5,775 per day in Q1 2024 [16] Market Data and Key Metrics Changes - The dry bulk market has shown dull performance in 2025, with new building vessel contracting slumping to only 0.1% of the global fleet [4] - The overall market levels remain historically healthy, but sentiment is lacking despite stable cargo volumes compared to 2024 [4] - Time charter rates for Capesize vessels dropped from $35,000 per day in March 2024 to about $19,000 per day as of May 2025 [22] Company Strategy and Development Direction - The company focuses on staggered medium to long-term charters to avoid clustered maturities, ensuring earnings visibility and resilience against market downturns [10] - The company is modernizing its fleet and has secured improved charter hires, especially in the Capesize segment [5] - A strategic partnership was formed with an 80% equity interest in a joint venture to order new LPG vessels, indicating a diversification strategy [7] Management's Comments on Operating Environment and Future Outlook - Management noted that the market is facing global economic and geopolitical uncertainties, impacting sentiment and performance [4] - Despite negative market conditions, the company believes it is well-positioned with a strong balance sheet and predictable cash flows to navigate through cycles [19] - The company anticipates that current FFA rates are not strong due to market conditions, but it aims to capture market upside through its chartering strategy [19] Other Important Information - The company declared a quarterly cash dividend of $0.01 per common share, totaling approximately $1.2 million [9] - The company has raised $25.6 million from the exercise of warrants under an ongoing program, with potential to raise up to $64.9 million if all warrants are exercised [8] Q&A Session Summary - No specific questions or answers were documented in the provided content, indicating that the Q&A session may have been brief or not included in the records [41][42]

Financial Data and Key Metrics Changes - The adjusted EBITDA for Q1 2025 was $29.4 million, down from $64.3 million in Q1 2024, indicating a significant decline in profitability [19] - Adjusted earnings per share for Q1 2025 were $0.05, compared to $0.20 in Q1 2024, reflecting a decrease in earnings [19] - Average daily time charter equivalent decreased to $14,655 in Q1 2025 from $18,158 in Q1 2024 [19] - Daily vessel operating expenses increased by 6% to $5,765 in Q1 2025 from $5,442 in Q1 2024 [19] Business Line Data and Key Metrics Changes - The company operated an average of 46 vessels in Q1 2025, down from 47.08 vessels in Q1 2024 [19] - Daily vessel earning expenses, excluding dry docking and pre-delivery expenses, increased by 10% to $5,546 in Q1 2025 from $5,038 in Q1 2024 [19] Market Data and Key Metrics Changes - The drybulk fleet is projected to grow by about 2.8% on average in 2025 and 2026, with Panamax vessels comprising the largest share [7] - Global drybulk demand is forecasted to decline by 1% to 0% in 2025, followed by growth of 1.5% to 2.5% in 2026 [12] - China's GDP growth is projected to be 4% in 2025, indicating a slowdown in consumption [13] Company Strategy and Development Direction - The company is focused on maintaining a strong balance sheet, operational excellence, and environmental performance in line with IMO regulations [6] - The company aims to increase shareholder wealth through capital allocation towards newbuilds and improving operational efficiency [6] - The company has a strong emphasis on sustainability, with a commitment to energy-efficient designs and a young fleet [10][17] Management's Comments on Operating Environment and Future Outlook - Management noted a softer charter market due to seasonality, geopolitical uncertainties, and tariff concerns affecting global trade [5] - The company anticipates a continued focus on fleet decarbonization and energy-efficient new buildings as supply growth is expected to outpace demand [11] - Management expressed caution regarding the freight market, indicating that they will not rush into share buybacks until market conditions improve [30] Other Important Information - The company declared a $0.05 per share dividend, marking the fourteenth consecutive quarterly dividend [14] - The company completed a share repurchase program of 3 million common shares [15] - The company maintains a healthy cash position of around $122 million and has $128 million available in committed revolving credit facilities [21] Q&A Session Summary Question: Thoughts on future share buybacks given market conditions - Management indicated that buybacks depend on market conditions and stock price, stating that they believe their stock is undervalued [24][25] Question: Current state of the sale and purchase market for ships - Management noted that S&P values have dropped by around 25% for older ships and 10-15% for modern ships, making it unattractive to buy ships at this time [28] Question: Status of the 3 million share buyback program - Management confirmed that the 3 million share buyback program was completed during the first quarter [32] Question: Appetite for trading Capesize vessels on spot versus time charters - Management stated they prefer to trade in the spot market unless period employment rates exceed $20,000, at which point they would consider long-term contracts [34][35]

Core Viewpoint - The international dry bulk freight market experienced a decline followed by a recovery in April, with the Baltic Dry Index (BDI) reporting a decrease of 13.48% compared to the beginning of the month, but showing signs of recovery towards the end of the month [1] Market Performance - As of April 25, the BDI stood at 1373 points, with a monthly average of 1357.53 points, reflecting a month-on-month decrease of 11.36% and a year-on-year decrease of 21.59% [1] - The BCI dropped from 2465 points at the beginning of the month to 1889 points by the end, a decline of 22.58%, with a monthly average of 1924.76 points, down 23.26% month-on-month and 20.32% year-on-year [1] - The BPI decreased from 1501 points to 1392 points, a drop of 7.14%, with a monthly average of 1317.29 points, showing a month-on-month increase of 3.9% but a year-on-year decrease of 26.53% [1] - The BSI fell slightly from 988 points to 977 points, a decrease of 0.61%, with a monthly average of 958.18 points, reflecting a month-on-month increase of 1.79% and a year-on-year decrease of 29.08% [1] Supply Side Analysis - As of April 2025, the global dry bulk fleet consists of 14,273 vessels with a total capacity of approximately 104.4 million DWT, representing a month-on-month increase of 0.27% and a year-on-year increase of 2.93% [1] - In March 2025, 41 new dry bulk vessels were delivered, adding approximately 2.97 million DWT, which accounts for 0.28% of the existing fleet capacity [1] - There were 4 new orders for dry bulk vessels in March, adding approximately 500,000 DWT, while 4 vessels were scrapped, totaling about 150,000 DWT [1] - As of April 2025, there are 1,324 vessels on order, representing a total capacity of approximately 10.7 million DWT, which is 10.27% of the existing fleet capacity [1] Demand and Future Outlook - The demand for transportation was insufficient in early April, leading to a decline in freight rates, but a brief rebound occurred mid-month due to easing policies [1] - The overall freight rates remained weak due to excess capacity and lack of demand growth, although there was an increase in transportation demand towards the end of the month [1] - Expectations for May indicate a continued improvement in transportation demand, particularly with rising iron ore production and decreasing domestic port inventories [1] - Coal demand is in the off-season with high terminal inventories, while Brazilian soybean shipments are expected to perform well [1] - The international dry bulk freight market is anticipated to continue its recovery and warming trend in May, with short-term freight rates expected to fluctuate positively [1]

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $40.7 million for Q4 2024, down from $50.7 million in Q4 2023, indicating a decrease of approximately 19.7% [29] - Adjusted earnings per share for Q4 2024 was $0.15, compared to $0.25 in the same period of 2023, reflecting a decline of 40% [30] - Net income for Q4 2024 was $19.4 million, down from $27.6 million in Q4 2023, representing a decrease of about 29.7% [31] Business Line Data and Key Metrics Changes - The average daily charter rate for Capes was $22,000, while the Panamax charter market stood at $9,000, indicating a softening in the charter market [7] - The company operated an average of 45.9 vessels in Q4 2024, earning an average TCE of $16,521, compared to 45.93 vessels and an average TCE of $18,321 in Q4 2023 [31] Market Data and Key Metrics Changes - The Cape market segment has been declining throughout Q4 2024, impacting revenues and profitability [6] - Global dry market demand is forecasted to fall by 1% in 2025, with a subsequent growth of 2.5% in 2026, indicating a challenging market environment [11] - China's GDP growth is projected at 4.6% in 2025, which may hinder demand for dry bulk commodities [13] Company Strategy and Development Direction - The company is focused on capital allocation towards its new build program and improving operational efficiency, with a strong emphasis on environmental sustainability [5][20] - The fleet renewal strategy includes investments in older vessels and the acquisition of new eco-ships, aiming to maintain a competitive edge in the market [21][22] - The company has an order book of seven more Phase 3 vessels, which are expected to enhance its competitive position [20] Management's Comments on Operating Environment and Future Outlook - Management anticipates a relatively softer trade market in the coming quarters due to supply growth outpacing demand [9] - The company maintains a strong capital structure with a leverage of about 35% and a liquidity position of approximately $276 million [5][28] - Management expressed confidence in the company's ability to navigate the current market challenges and achieve long-term growth [32] Other Important Information - The company declared a dividend of $0.05 per share, rewarding common shareholders despite the challenging market conditions [5][31] - The consolidated debt stood at $545 million, with a comfortable leverage ratio and adequate room for capital spending [23] Q&A Session Summary Question: Regarding the share buyback program - Management indicated that share buyback programs are evaluated based on market conditions and may be paused if the market is underperforming [37][38] Question: On asset values in the current market - Management noted that older ships have seen a price drop of about 25%, while younger ships have decreased by around 15%, but buying power remains in the market [44][45]

Financial Data and Key Metrics Changes - The company generated adjusted net income of approximately $82 million in Q4 2024 [3] - Total liquidity stands at around $940 million after repaying a fixed-rate bond of $100 million and redeeming Series EBITDA stock of $115 million [3][9] - Annual net income was above $290 million, with adjusted net income around $330 million [5][6] Business Line Data and Key Metrics Changes - In the container ship sector, the company charted 12 containerships with an average time charter duration of about 2.5 years, resulting in estimated contracted revenues of close to $330 million [4][6] - The contingency fleet employment stands at 96% for 2025 and 69% for 2026, with total contracted revenues amounting to $2.4 billion and a remaining time charter duration of about 3.4 years [4][6] - Charter rates in the dry bulk market dropped to their lowest levels in 2024 during the last quarter, continuing into 2025 [4][11] Market Data and Key Metrics Changes - The idle fleet remains low at around 0.6%, while the order book starts at approximately 11% of the total fleet [10][11] - The easing of congestion and pressures in the China steel market have resulted in tonnage oversupply in the dry bulk sector [4] Company Strategy and Development Direction - The company aims to renew its owned fleet and increase its average size, having acquired one Capesize and two Ultramax vessels while disposing of one Handysize and agreeing to sell one Panamax vessel [4][5] - The company views vessel owning and trading as complementary activities and maintains a long-term commitment to the sector [5] Management's Comments on Operating Environment and Future Outlook - Management noted that the current dry bulk market is weak, with expectations for a better market in the future based on the forward curve [14][15] - The company plans to maintain a balanced book in its CBI operations, taking long or short positions based on market conditions [16][20] Other Important Information - The company has secured financing of approximately $340 million for 36 of the 38 dry bulk vessels it currently owns, improving funding costs and extending maturities [8] - The Neptune maritime leasing platform continues to grow, with total investments and commitments exceeding $500 million [5][9] Q&A Session Summary Question: Contribution from CBI in Q4 and future profit expectations - Management indicated that the contribution from CBI would be detailed in upcoming segmental reporting, and the dry bulk market's current softness may affect future contributions [13][17][18] Question: Chartering discussions on container ships and effects on rates - Management stated that discussions for the 12 chartering agreements occurred before recent announcements, and currently, there is no pressure on charter rates [23][24][25] Question: Pipeline and future investments in Neptune maritime leasing - Management confirmed a healthy pipeline for Neptune, with future investments dependent on the leverage received and the attractiveness of potential transactions [26][28]