Core Insights - The first quarter of 2025 was marked by significant operational and financial developments for Imperial Petroleum, influenced by U.S. tariffs, sanctions on tankers related to Russian oil, and USD port fees on Chinese-built vessels [4] - The geopolitical landscape, particularly the ongoing Russian-Ukraine war, contributed to volatility in tanker rates, with a notable softness in day rates at the beginning of the quarter, followed by a market recovery in March [4] Financial Performance - Despite a challenging start to the year, Imperial Petroleum managed to leverage the market recovery in March, resulting in another profitable quarter [5]

Core Viewpoint - Frontline plc reported its first-quarter results for 2025, indicating stable performance amidst economic and political uncertainties, with improvements in fleet utilization and a strong liquidity position [1][2][3]. Financial Performance - The company achieved a profit of $33.3 million, or $0.15 per share, with an adjusted profit of $40.4 million, or $0.18 per share for Q1 2025 [5]. - Revenues for the first quarter were reported at $427.9 million [5]. - A cash dividend of $0.18 per share was declared for the first quarter of 2025 [5]. Fleet and Operations - Average daily spot time charter equivalent (TCE) earnings for VLCCs, Suezmax tankers, and LR2/Aframax tankers were $37,200, $31,200, and $22,300 respectively in Q1 2025 [5]. - Fleet growth remains slow, with ordering stalling, which supports the long-term fundamentals for tankers [2]. Liquidity and Financing - The company has strengthened its liquidity through refinancings in 2025, with no significant debt maturities until 2030 [3]. - Entered into three senior secured credit facilities in February 2025 for up to $239 million and a senior secured term loan facility in April 2025 for up to $1,286.5 million [5]. Market Outlook - Spot TCEs for the full second quarter of 2025 are expected to be lower than currently contracted due to ballast days [4]. - Utilization on larger ships has improved, and there are healthy developments in activity across segments due to pressure on sanctioned trades [2].

Financial Data and Key Metrics Changes - The company achieved a net income of $8,000,000 for Q1 2025, an increase of 109% from Q1 2024 [3][30] - Net revenues were reported at $5,800,000, a decrease of 41% compared to Q1 2024, primarily due to a decrease in charter rates [3][21] - Cash balance increased by 25% to $15,700,000 from the end of 2024 [4][24] - Adjusted net income decreased by 74% to $1,200,000 compared to Q1 2024 [24] Business Line Data and Key Metrics Changes - The Aframax tanker, Afra Pearl II, contributed approximately 72% to total revenues, with TCE rates 55% lower than Q1 2024 [4][21] - The TCE rates for the entire fleet were 56% lower than the rates for Q1 2024 [4][21] - Voyage costs remained stable at $2,800,000, while vessel operating expenses increased to $2,100,000 from $1,800,000 in Q1 2024 [22] Market Data and Key Metrics Changes - The dry bulk trade is experiencing shifting dynamics influenced by economic trends and environmental pressures, with a forecasted long-term downtrend in the iron ore market [5][6] - Global dry bulk trading ton miles are expected to grow by 1.5% in 2025, lagging behind fleet growth of 3.1% [8] - China's grain imports are expected to slow due to high inventories and policy adjustments [7] Company Strategy and Development Direction - The company aims for disciplined growth through technical assessments and selective acquisitions of non-Chinese built vessels [27][28] - The strategy includes maintaining high-quality fleet standards to reduce operating costs and secure favorable charters [27][28] - The company has no bank debts and has met all CapEx obligations without resorting to bank loans [29][30] Management's Comments on Operating Environment and Future Outlook - The global economic environment in 2025 is characterized by mixed signals, presenting both risks and opportunities for the shipping sector [11][30] - Economic shocks and evolving policy measures are expected to shape the outlook, contributing to a cautious yet dynamic landscape [11][30] - The company is positioned to leverage regional growth drivers and adapt to evolving economic dynamics [31] Other Important Information - The company has increased its fleet by 234% since inception and maintains a focus on high-quality charterers [28][29] - The global Handysize fleet has seen a slight increase, with 3,151 vessels currently in operation [15] - The Aframax LR2 fleet stands at 1,174 vessels, with a significant portion over 20 years of age [17] Q&A Session Summary - No specific questions or answers were documented in the provided content.

Financial Data and Key Metrics Changes - The company reported a net income of $8,000,000 for Q1 2025, an increase of 109% from Q1 2024 [3][24] - Net revenues were $5,800,000, a decrease of 41% compared to Q1 2024, primarily due to a decrease in charter rates [3][21] - Cash balance increased by 25% to $15,700,000 from the end of 2024 [4][24] - Adjusted net income decreased by 74% to $1,200,000 compared to Q1 2024 [24] Business Line Data and Key Metrics Changes - The Aframax tanker, Afra Pearl II, contributed 72% to total revenues, with TCE rates 55% lower than Q1 2024 [4][21] - The TCE rates for the entire fleet were 56% lower than the rates for Q1 2024 [4][21] - Voyage costs remained stable at $2,800,000, while vessel operating expenses increased to $2,100,000 from $1,800,000 in Q1 2024 [22] Market Data and Key Metrics Changes - The dry bulk trade is experiencing shifting dynamics influenced by economic trends and environmental pressures, with a forecasted long-term downtrend in the iron ore market [5][6] - Global dry bulk trading ton miles are expected to grow by 1.5% in 2025, lagging behind fleet growth of 3.1% [8] - China's grain imports are expected to slow due to high inventories and policy adjustments [7] Company Strategy and Development Direction - The company aims for disciplined growth through technical assessments and selective acquisitions of non-Chinese built vessels [27] - The strategy includes maintaining high-quality fleet standards to reduce operating costs and secure favorable charters [26] - The company has no bank debts and has met all CapEx obligations without resorting to bank loans [28][29] Management's Comments on Operating Environment and Future Outlook - The global economic environment in 2025 is characterized by mixed signals, presenting both risks and opportunities for the shipping sector [10][29] - Economic shocks and evolving policy measures are expected to shape the outlook, contributing to a cautious yet dynamic landscape [10][29] - The company is positioned to leverage regional growth drivers and adapt to evolving economic dynamics [30] Other Important Information - The company has increased its fleet by 234% since inception and maintains a focus on short to medium-term charters and spot voyages [27][28] - The global Handysize fleet has seen a slight increase, with 3,151 vessels currently in operation [14] Q&A Session Summary Question: What are the expectations for the dry bulk market in 2025? - The dry bulk market is expected to face lower demand growth due to various uncertainties, but a relatively balanced supply-demand dynamic is anticipated [9] Question: How is the company managing its fleet and operational costs? - The company maintains high standards of safety and reliability, conducting regular inspections and adopting comprehensive maintenance programs [26] Question: What impact do environmental regulations have on the shipping sector? - Environmental regulations are expected to play a significant role in market dynamics, influencing supply-side conditions and operational practices [8][10]

ATHENS, Greece, May 14, 2025 (GLOBE NEWSWIRE) -- Okeanis Eco Tankers Corp. (“OET” or the “Company”) (NYSE: ECO / OSE: OET), announced today that the Company's board of directors (the “Board”) has declared a dividend on its common shares (the “Dividend”). Due to implementation of the Central Securities Depository Regulation (“CSDR”) in Norway, shareholders who hold shares registered in Euronext Securities Oslo, the central securities depository in Norway (“VPS”) should please note the information on the paym ...

Financial Performance - Revenues for Q1 2025 were $80.1 million, a decrease from $111.1 million in Q1 2024 [6] - Profit for Q1 2025 was $12.6 million, down from $41.6 million in Q1 2024 [6] - Earnings per share for Q1 2025 were $0.39, compared to $1.29 in Q1 2024 [6] - Cash (including restricted cash) as of March 31, 2025, was $43.0 million, down from $54.3 million as of December 31, 2024 [6] Operational Metrics - Time charter equivalent (TCE) revenue for Q1 2025 was $48.6 million [6] - EBITDA and Adjusted EBITDA for Q1 2025 were $33.8 million and $32.5 million, respectively [6] - Fleetwide daily TCE rate was $38,500 per operating day in Q1 2025, with VLCC and Suezmax TCE rates at $38,000 and $39,200 per operating day, respectively [6] - Daily vessel operating expenses were $9,233 per calendar day in Q1 2025 [6] Dividend Declaration - The board of directors declared a dividend of $0.32 per common share, payable on June 12, 2025, to shareholders of record as of June 3, 2025 [4] - Common shares will be traded ex-dividend on the NYSE from June 3, 2025, and on the Oslo Stock Exchange from June 2, 2025 [4] Market Development - As of Q2 2025 to date, 72% of available VLCC spot days have been booked at an average TCE rate of $46,700 per day, and 64% of available Suezmax spot days have been booked at an average TCE rate of $50,600 per day [6]

Financial Data and Key Metrics Changes - Teekay Tankers reported GAAP net income of $76 million or $2.2 per share and adjusted net income of $42 million or $1.21 per share in the first quarter [5] - The company generated approximately $65 million in free cash flow from operations during the quarter [6] - Teekay Tankers declared a regular quarterly fixed dividend of $0.25 per share and a special dividend of $1 per share, totaling $1.25 per share payable in May [7][8] - Book equity per share increased by over $21 to approximately $53 per share as of March 31, 2025 [8] Business Line Data and Key Metrics Changes - The spot tanker market has strengthened, with rates for Suezmax and Aframax LR2 fleets at $40,400 per day and $36,800 per day, respectively, with approximately 45% of spot days booked [7] - The company has sold six vessels for total gross proceeds of approximately $183 million, with an expected accounting gain of approximately $53 million [6] Market Data and Key Metrics Changes - Midsized tanker spot rates have increased to the highest levels in over twelve months due to increased oil production from The Americas and U.S. sanctions on Russian and Iranian shipping [10] - Suezmax tanker tonne mile demand has benefited from a strong increase in the export of Kazakh crude oil, with record high loadings in March [11] - Aframax loadings from Vancouver have also reached record highs, with a significant increase in direct transits to Asia [12] Company Strategy and Development Direction - Teekay Tankers is focused on reducing exposure to older tankers and opportunistically selling vessels as part of a fleet renewal plan [6] - The company aims to balance cash flow generation with the need to reinvest in new vessels as market conditions change [20] - The management is assessing opportunities in adjacent sectors while maintaining a focus on core operations [45] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the medium-term outlook for the tanker market, despite uncertainties due to geopolitical developments and economic conditions [15][18] - The company is prepared for potential corrections in the market but believes that aging fleet dynamics will support tanker rates [19][57] - There is a potential for counter-seasonal strength in tanker rates due to low oil inventories and the need for restocking [60][62] Other Important Information - The pace of tanker newbuild orders has slowed significantly, with only 2.8 million deadweight tonnes ordered in the first quarter of 2025, the lowest since Q3 of 2022 [19] - The average age of the global tanker fleet is 13.9 years, the highest since February 2001, indicating a need for fleet renewal [19] Q&A Session Summary Question: Market outlook and asset values - Management acknowledged the challenge of balancing a strong market with the need to reinvest in new vessels, indicating that opportunities to reload may arise when market conditions change [24][26] Question: Maintaining critical mass in fleet - Management stated that while there is some room to reduce fleet size, they are cautious about dipping below a certain threshold that could impact commercial performance [35][38] Question: Capital allocation and investment strategy - Management confirmed that they are assessing the attractiveness of investing in TNK shares, given the current liquidity and market conditions [29][31] Question: Strength of tanker rates and geopolitical impacts - Management noted that while current rates are strong, predicting future movements is complex due to various global factors, but they expect some corrections in the market [50][51] Question: Restocking oil inventories and its impact - Management indicated that the current low inventories could lead to increased demand for tankers, potentially supporting rates in the near term [60][62]

Financial Data and Key Metrics Changes - Net income for Q1 2025 was $50 million or $1 per diluted share, with adjusted net income at $40 million or $0.80 per diluted share, and adjusted EBITDA at $91 million, consistent with the previous quarter [5][14] - Total liquidity at the end of Q1 2025 was $673 million, including nearly $550 million of undrawn revolver capacity, with gross debt of over $600 million, resulting in a net loan to value of about 15% [6][18] Business Line Data and Key Metrics Changes - The lightering business generated over $8 million in revenue during the quarter, contributing approximately $2 million in EBITDA [15] - The company increased time charter exposure, securing a one-year time charter on a Suezmax vessel, expected to generate $295 million in fixed revenue over the next two years [7] Market Data and Key Metrics Changes - Oil production is expected to increase by over 1 million barrels per day in 2025 and 2026, with non-sanctioned OPEC plus reinforcing output increases, supporting VLCC trade [9] - OECD inventories have drawn down 100 million barrels since August 2024, which has muted tanker markets in the short term [10] Company Strategy and Development Direction - The company aims to maintain a balanced capital allocation strategy, returning 75% of adjusted net income to shareholders through dividends, while also investing in fleet renewal [8][24] - The company is positioned to capitalize on market conditions, with a focus on reducing breakeven costs and enhancing financial flexibility for growth [19][25] Management Comments on Operating Environment and Future Outlook - Management noted that the current geopolitical environment introduces uncertainty, but changes in tanker routing may support the industry [11][12] - The company anticipates continued strong performance in the tanker market, with expectations of significant free cash flows in Q2 2025 [22] Other Important Information - The company has a repurchase program of up to $50 million and has returned over $300 million to shareholders in consecutive years [8][24] - The average age of the fleet is about 10 years, which is considered optimal for tanker investments [24] Q&A Session Summary Question: Financing for LR1s and undrawn capacity - Management is evaluating options for financing the remaining installments for LR1s, with the undrawn capacity providing flexibility [28][30] Question: Impact of refinancing on breakeven rates - Refinancing the lease facility could reduce breakeven rates by several hundred dollars per day, providing savings on interest [32][35] Question: OPEC plus production impact on charters - There is a lag in the impact of OPEC plus production increases on charter conversations, with expectations for increased listings in the next quarter [39] Question: Leverage targets - The company aims to maintain leverage below 20%, with current net loan to value under 15%, allowing for additional leverage when appropriate [42][43] Question: LR2 market outlook - The aging profile of the LR2 fleet and strong growth in ton miles are expected to influence trading dynamics positively [49][51] Question: Opportunities for fleet renewal - The company is actively seeking opportunities to lower the average age of its fleet and remains vigilant in the market [61]

Financial Data and Key Metrics Changes - Net income for Q1 2025 was $50 million or $1 per diluted share, with adjusted net income at $40 million or $0.80 per diluted share, and adjusted EBITDA at $91 million, consistent with the previous quarter [5][15][6] - Total liquidity at the end of Q1 2025 was $673 million, including nearly $550 million of undrawn revolver capacity, with gross debt of over $600 million, resulting in a net loan to value of about 15% [6][20][21] Business Line Data and Key Metrics Changes - The lightering business generated over $8 million in revenue, contributing approximately $2 million in EBITDA for the quarter [17] - The company increased time charter exposure, securing a one-year time charter on a Suezmax vessel, expected to generate $295 million in fixed revenue over the next two years [8] Market Data and Key Metrics Changes - Oil production is projected to increase by over 1 million barrels per day in 2025 and 2026, with non-sanctioned OPEC plus countries reinforcing output increases, which supports VLCC trade [9][10] - OECD inventories have drawn down by 100 million barrels since August 2024, which has muted tanker markets in the short term [11] Company Strategy and Development Direction - The company aims to maintain a balanced capital allocation strategy, returning 75% of adjusted net income to shareholders through dividends, while also executing a repurchase program of up to $50 million [8][9] - The company is focused on renewing its fleet, with an average vessel age of about 10 years, and plans to capitalize on market conditions with a strong balance sheet [25][14] Management's Comments on Operating Environment and Future Outlook - Management noted that the current geopolitical environment introduces uncertainty, but changes in tanker routing and increased demand for long-haul trades are supportive for the industry [11][12] - The company anticipates continued strong performance in the tanker market, with expectations of significant free cash flows in Q2 2025 [23][24] Other Important Information - The company has a strong financial position with cash and liquidity remaining robust at $673 million, and plans to repay debt while maintaining financial flexibility for growth [20][21] - The company has 34 unencumbered vessels and aims to keep its net debt under 15% of the fleet's current value [26] Q&A Session Summary Question: Financing for LR1s and undrawn capacity - Management is evaluating options for financing remaining installments for LR1s, with the undrawn revolver providing flexibility [29][31] Question: Impact of lease refinancing on breakeven - Refinancing the lease could reduce breakeven costs by several hundred dollars per day, with expectations of lower interest rates [32][35] Question: OPEC plus production impact on charters - Management indicated a lag in the impact of OPEC plus production increases on charter conversations, with expectations of increased listings in the next quarter [39][40] Question: Leverage targets - The company aims to maintain leverage levels broadly below 20%, with a current net loan to value below 15%, allowing for additional leverage when appropriate [41][42] Question: LR2 market outlook - Management discussed the aging profile of the LR2 fleet and the potential for older vessels to trade dirty, while modern vessels tend to trade clean [49][50] Question: Opportunities for fleet renewal - The company is actively seeking opportunities to lower the age of its fleet and remains vigilant in identifying potential acquisitions [61]

Financial Highlights - Teekay Tankers reported GAAP Net Income of $76 million, translating to $2.20 per share in Q1 2025[5] - Adjusted Net Income for Teekay Tankers was $41.8 million, or $1.21 per share[5] - Teekay Tankers generated Free Cash Flow (FCF) of $65.4 million in Q1 2025[5] - Teekay Corporation (TK) declared a special dividend of $1.00 per share, payable in July 2025[9] - Teekay Corporation's sum-of-the-parts (SOTP) value is $8.01 per share, based on a TNK investment of $492 million and a net cash position of $177 million[38] Fleet and Market Dynamics - Teekay Group sold six vessels with an average age of 17 years since the start of 2025, generating approximately $183 million in gross proceeds and an estimated $53 million in gains[9] - Spot rates for Suezmax and Aframax/LR2 vessels have increased since the beginning of the year, reaching the highest level since Q1 2024[10] - Q1 2025 spot rates for Suezmax vessels averaged $48,800, and Aframax/LR2 vessels averaged $27,800[5] - Q2 2025 to-date spot rates for Suezmax vessels averaged $43,600, and Aframax/LR2 vessels averaged $36,800, with 48% and 41% of days booked, respectively[8] - The company anticipates 1,844 Suezmax and 1,575 Aframax / LR2 spot ship days available for Q2-25[51] Future Outlook - Teekay Tankers anticipates a decrease of approximately $2.5 million in charter hire expenses for Q2 2025, primarily due to the redelivery of one in-chartered tanker in Q1 2025[51] - Teekay Tankers expects a decrease of approximately $1.5 million in depreciation and amortization for Q2 2025, mainly due to vessel sales[51] - The company's low fleet FCF break-even is approximately $13,200 per day[31]