Core Viewpoint - The company is experiencing positive momentum, focusing on crew and ship safety, as well as maintaining dividends, while the reduction of the grey/black fleet enhances its market position [1] Financial Performance - The dividend for Q3 2025 is set at $0.13 per share, marking the 113th consecutive quarterly cash dividend, payable on December 22, 2025, to shareholders on record as of December 8, 2025 [2] - The average time charter equivalent (TCE) for the fleet in Q3 2025 was $27,490 per day per ship, with operating costs at $9,000 per day per ship [2] - The adjusted EBITDA for Q3 2025 was $21.4 million, while a net book loss of -$2.8 million was recorded [2] - The company's cash position exceeds $70 million as of the report date [2] Market and Operational Insights - Strong demand for oil persists, with rates holding steady during a slow Q3 compared to Q2, and the fourth quarter is starting positively, allowing for cash accumulation [2] - A preliminary agreement has been made with a South Korean shipyard to construct two new Suezmax tankers for delivery in the second half of 2028, with a firm contract expected to be signed in early 2026 [2] - The fleet currently consists of 20 well-maintained Suezmax tankers [2] - The high quality of the vessels is demonstrated through favorable vetting performance by major oil companies [2] - Emissions have been reduced through careful voyage planning and speed adjustments of the ships [2]

Stable Price Target: The consensus price target for NAT has remained at $3 over the past year, indicating a stable valuation expectation by analysts.Potential for Growth: Jefferies analyst Omar Nokta has set a higher price target of $5, suggesting potential growth beyond the consensus.Strong Buy Rating: NAT's strong buy rating is attributed to its attractive dividend policy and modern fleet, with significant earnings growth potential due to rising spot market dayrates.Nordic American Tankers Limited (NYSE:N ...

Core Viewpoint - Performance Shipping Inc. reported a decline in net income for Q3 2025 compared to the same period in 2024, primarily due to decreased time-charter equivalent rates and reduced available days from vessel drydockings. However, the company remains optimistic about future market conditions supported by strong global demand and strategic fleet management. Financial Performance - The net income for Q3 2025 was $3.9 million, down from $12.4 million in Q3 2024, with earnings per share of $0.28 (basic) and $0.10 (diluted) [1][4] - Revenue for Q3 2025 was $18.5 million, a decrease from $22.9 million in Q3 2024, attributed to lower TCE rates and fewer available days due to drydock [2][3] - For the nine months ended September 30, 2025, net income increased to $42.4 million from $34.0 million in the same period of 2024, with earnings per share of $3.30 (basic) and $1.09 (diluted) [3][4] Operational Highlights - The average TCE rate for Q3 2025 was $29,460, down from $34,307 in Q3 2024, reflecting market conditions [2][13] - The fleet's average age decreased from 13.6 years to 9.2 years, and operating fleet capacity increased by 75% since the end of the previous year [6][11] - The company secured time-charter agreements for new vessels at competitive rates, enhancing cash flow visibility and increasing secured revenue backlog to $330 million [5][11] Market Conditions - Tanker market conditions remained firm in Q3 2025, with Aframax spot rates averaging approximately $37,500 per day, benefiting from increased tonne-mile demand due to geopolitical disruptions [3][9] - Global oil consumption rose to 105.0 million bpd, up 0.7% from the previous quarter, while production increased to 107.6 million bpd, up 2.3% [14] - The tanker fleet supply is projected to grow by 2.3% in 2025 and 4.2% in 2026, with tanker demand expected to remain strong due to seasonal factors and shifting trade flows [11][14] Corporate Developments - The company completed a $100 million Nordic bond issuance, enhancing liquidity with a quarter-end cash position of $212 million [7][11] - Recent acquisitions include two eco-design Suezmax tankers, scheduled for delivery in early 2026, which are expected to strengthen the fleet's competitive position [5][6] - As of November 24, 2025, the company had 12,432,158 common shares outstanding, along with various warrants and preferred stock [8][10]

Summary of the Conference Call on Tanker Shipping Industry Industry Overview - **Industry**: Tanker Shipping - **Region**: Asia Pacific - **Current Cycle**: Supply-driven up-cycle with favorable geopolitical dynamics [1][2] Key Points Market Dynamics - **VLCC Spot Market**: The VLCC spot market has reached a multi-year high of approximately US$130,000/day during the peak season of Q4 2025 [2] - **Impact of Geopolitical Events**: The bull cycle was initially delayed due to the Russia-Ukraine war, which saw the emergence of a "dark fleet" engaging in Russian oil shipments, affecting demand for legitimate tankers. However, demand is expected to increase as India reduces crude imports from Russia [2][3] Supply and Demand Factors - **Supply Growth**: Effective tanker capacity is projected to grow by 1.6% in 2025 and 3.3% YoY in 2026, with VLCC capacity increasing by 0.2% YoY in 2025 and 1.9% in 2026 [2] - **OPEC+ Production**: OPEC+ is increasing production, contributing to the demand for tankers [2] - **Longer Shipment Distances**: New non-OPEC+ production is leading to longer shipment distances, further supporting demand [2] Earnings Forecasts and Price Targets - **Earnings Forecasts**: Net profit forecasts for CMES are raised by 10% for 2026 and 6% for 2027, while CSE's forecasts are increased by 12% for 2026 and 13% for 2027 [3] - **Price Target Adjustments**: Price targets for CMES, CSE-A, and CSE-H have been raised significantly, reflecting higher tanker profitability assumptions [3][4] - CSE-H: New price target of HK$13.20 (up from HK$9.90) [4] - CSE-A: New price target of RMB15.20 (up from RMB14.00) [4] - CMES: New price target of RMB10.70 (up from RMB9.10) [4] Valuation Metrics - **Valuation Ratios**: - CSE-H is trading at a 2026 P/E of 9x, while CSE-A is at 11x [4] - Dividend yields for CSE-H, CMES, and CSE-A are estimated at 5.8%, 3.6%, and 4.4% respectively [31] - **Market Premiums**: The A/H premium has narrowed to 30% from approximately 100% at the beginning of the year, but remains above the average market premium of 20% [25] Sensitivity Analysis - **TCE Impact**: A US$10,000/day increase in TCE translates to a pre-tax profit increase of RMB1.0 billion for CSE and RMB1.3 billion for CMES, indicating a potential 12-18% rise in pre-tax earnings [31] Conclusion - The tanker shipping industry is experiencing a favorable up-cycle driven by geopolitical factors and supply constraints. Earnings forecasts and price targets for key companies in the sector have been raised, reflecting improved market conditions and profitability expectations. The overall sentiment remains bullish, with attractive valuations and dividend yields for investors [1][3][4]

Financial Data and Key Metrics Changes - In the third quarter of 2025, the company reported a profit of $40.3 million, or $0.18 per share, with an adjusted profit of $42.5 million, or $0.19 per share. This adjusted profit decreased by $37.8 million compared to the previous quarter, primarily due to a decline in time charter earnings from $283 million to $248 million [4][5] - Ship operating expenses increased by $3.1 million from the previous quarter, attributed to a decrease in supply rate and costs related to a change in ship management for seven LR2 tankers [5] - The company has strong liquidity with $819 million in cash and cash equivalents as of September 30, 2025, and no meaningful debt maturities until 2030 [6][7] Business Line Data and Key Metrics Changes - The company achieved $83,300 per day on VLCC fleet, $60,600 per day on Suezmax fleet, and $42,200 per day on LR2/Aframax fleet for the third quarter of 2025, showing significant increases compared to the previous year [3] - The average cash-based breakeven rates for the next 12 months are estimated at approximately $26,000 per day for VLCCs, $23,300 for Suezmax tankers, and $23,600 for LR2 tankers [8] Market Data and Key Metrics Changes - Oil in transit has reached record highs, with year-on-year increases in export volumes, particularly from the Americas and the Atlantic Basin [10] - The company noted logistical challenges around the trade of sanctioned export oil, which has been amplified by sanctions on companies like Lukoil and Rosneft [11] - The demand for compliant crudes, especially in the Middle East, has increased, leading to higher crude price levels [12] Company Strategy and Development Direction - The company is focused on maintaining a strong balance sheet while generating cash flow, with a strategy that emphasizes efficient fleet management and capitalizing on market opportunities [6][20] - The management highlighted a shift back to a VLCC-centric trade pattern, driven by positive export numbers from Brazil, Guyana, and Canada [12][20] - The company is cautious about expanding its fleet due to the current market dynamics and is considering focusing on VLCCs for future growth [55] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the tanker market, citing high utilization rates, strong oil exports, and limited growth in the compliant tanker fleet [20] - The company anticipates a prolonged period of tight physical shipping markets, with key fundamentals supporting continued demand [66] - Management acknowledged the volatility of the market but indicated that current conditions suggest a strong outlook for Q1 2026 [66] Other Important Information - The company has converted existing credit facilities into revolving reducing credit facilities, allowing for greater financial flexibility [7] - The average age of the fleet is seven years, consisting entirely of ECO vessels, with 56% fitted with scrubbers [7] Q&A Session Summary Question: Will the company focus on deleveraging the balance sheet while maintaining dividends? - Management indicated that they are different from peers and prefer not to operate with low loan-to-value ratios, focusing instead on generating cash quickly without aggressive debt reduction [24][25] Question: How do older ships become less efficient without being scrapped? - Management explained that older ships face high insurance costs and limited trading options, making them less efficient in the compliant oil market, which could lead to a wall of scrapping in the future [26][30] Question: What is the outlook for the dark fleet and its impact on the market? - Management noted an increase in vessels sitting idle and discussed potential solutions for recycling sanctioned vessels, indicating that the dark fleet's dynamics are complex and evolving [34][36] Question: How does the current market environment affect vessel demand? - Management highlighted that the current contango in oil pricing could extend trade lanes, positively impacting vessel demand, although they noted that floating storage is not currently a commercial strategy [41][62] Question: What is the outlook for Q1 2026 compared to Q4 2025? - Management expressed confidence that Q1 2026 could sustain strong rates due to favorable market conditions and key drivers that were not present in Q4 of the previous year [66]

Third Quarter Presentation Nov 2025 Forward Looking Statements MATTERS DISCUSSED IN THIS DOCUMENT MAY CONSTITUTE FORWARD-LOOKING STATEMENTS. THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 PROVIDES SAFE HARBOR PROTECTIONS FOR FORWARD-LOOKING STATEMENTS IN ORDER TO ENCOURAGE COMPANIES TO PROVIDE PROSPECTIVE INFORMATION ABOUT THEIR BUSINESS. FORWARD-LOOKING STATEMENTS INCLUDE STATEMENTS CONCERNING PLANS, OBJECTIVES, GOALS, STRATEGIES, FUTURE EVENTS OR PERFORMANCE, AND UNDERLYING ASSUMPTIONS AND OTHER STA ...

Core Viewpoint - Okeanis Eco Tankers Corp. successfully raised approximately USD 115 million through the offering of 3,239,436 new common shares at a price of USD 35.50 per share [1] Group 1: Offering Details - The Offer Shares will be available for trading on the New York Stock Exchange on or around November 21, 2025, and can also be transferred to Euronext Securities Oslo for trading [2] - Following the issuance of the Offer Shares, the total number of common shares issued by the Company will be 36,129,436, with 35,433,544 shares deemed outstanding [2] - The Offer Shares are entitled to receive a cash dividend of USD 0.75 per common share, increasing the total dividend amount to be paid by the Company [3] Group 2: Management and Legal Counsel - Fearnley Securities AS acted as global coordinator and joint bookrunner, while Clarksons Securities AS served as joint bookrunner for the Offering [4] - Legal counsel for the Company included Advokatfirmaet BAHR AS in Norway and Watson Farley & Williams LLP in the US, while the Managers were advised by Advokatfirmaet Thommessen AS and Seward & Kissel LLP [4] Group 3: Regulatory and Filing Information - The Offer Shares were sold under a shelf registration statement on Form F-3, previously filed with the SEC, and the Offering was made via a prospectus [5] - A final prospectus supplement and accompanying prospectus were filed with the SEC on November 20, 2025, and can be obtained from the SEC's website [5]

Financial Data and Key Metrics Changes - For the nine months of 2025, the company generated $577 million in gross revenues and an operating income of $171 million, which included $12.5 million of capital gains from the sale of four older vessels [23][28] - The net income for the third quarter of 2025 was $38.3 million, translating to $1.05 in earnings per share, with adjusted EBITDA at about $96 million [32] - The fleet time charter equivalent rate for the first nine months of 2025 was $30,703, while the third quarter rate was $30,601 [24][30] Business Line Data and Key Metrics Changes - The fleet utilization increased from 92.2% to 96.2% during the nine months of 2025, and from 92.8% to 94.8% in the third quarter [24][28] - The number of vessels on fixed time charters and time charters with profit sharing increased by 12%, while spot market exposure declined by 32% [22][23] - Operating expenses per ship per day averaged $9,797 for the nine months and $9,904 for the third quarter, reflecting efficient management [25][31] Market Data and Key Metrics Changes - The tanker market has shown strong fundamentals, with a significant increase in demand for vessels, particularly in the VLCC segment [10][20] - The company has a backlog of approximately $4 billion in minimum fleet contracted revenue, indicating strong market positioning [12][19] Company Strategy and Development Direction - The company is focused on a record 20 vessel new building program, with deliveries starting in Q1 2026, aimed at maintaining a young and modern fleet [6][19] - The strategy includes selling older vessels to finance new builds and enhance fleet efficiency, with plans to divest from first-generation conventional tankers [19][46] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the market, noting a 50% increase in spot market rates since September and a strong demand for vessels [9][10] - The geopolitical landscape and supply chain disruptions have created opportunities for the company to capitalize on its chartering strategy [35] Other Important Information - The company declared an additional $1 per share dividend, following a $0.60 interim dividend, reflecting a total annual dividend yield of over 4% [7][8] - The fair market value of the operating fleet is approximately $4 billion against $1.9 billion in debt, with a net debt to capital ratio of around 47% [19][27] Q&A Session Summary Question: Clarification on the employment terms for the DS1 and Ulysses vessels - Management noted a significant increase in profit sharing arrangements and a strong appetite for vessels, with further details to be provided later [38] Question: Plans for the Maria Energy vessel after its current contract - The vessel is fixed back to a long-term employment with no downtime expected between contracts [39] Question: Expectations for MR new builds delivering in early 2026 - Management indicated a strong appetite for these vessels, with ongoing negotiations for long-term contracts [40][41] Question: Future asset sales and fleet renewal plans - The company is negotiating the sale of five first-generation vessels, anticipating significant cash release to support the new building program [46]

Core Viewpoint - Euroholdings Ltd reported improved financial results for the third quarter of 2025, with a focus on growth in the tanker sector following a strategic shift after a change in shareholder base [4][5]. Financial Highlights Third Quarter 2025 Financial Highlights - Total net revenues were $3.0 million, a 29.4% decrease from $4.2 million in Q3 2024, attributed to a reduction in the average number of vessels operating [9]. - Net income for the quarter was $1.5 million, or $0.55 earnings per share, compared to $1.0 million or $0.34 per share in Q3 2024 [12][13]. - Adjusted EBITDA was $1.4 million, up from $1.0 million in the same quarter of the previous year [9][13]. Nine Months 2025 Financial Highlights - Total net revenues for the first nine months were $8.7 million, a 27.4% decrease from $12.1 million in the same period of 2024 [15]. - Net income for the nine-month period was $13.4 million, compared to $4.7 million in the first nine months of 2024 [22]. - Adjusted EBITDA for the nine months was $3.1 million, down from $4.8 million in the same period of 2024 [23]. Recent Developments - On November 3, 2025, Euroholdings signed a Memorandum of Agreement to acquire a medium-range product tanker vessel for $31.83 million, with delivery expected in mid-November 2025 [4]. - The company formed an independent committee to evaluate the acquisition, and on November 14, 2025, signed a loan agreement for $20.0 million to finance part of the purchase [4]. - The company declared a quarterly dividend of $0.14 per share for Q3 2025, maintaining an annualized yield of about 8% [4]. Operational Insights - The average time charter equivalent rate for vessels in Q3 2025 was $16,580 per day, a 17.7% increase from $14,087 in Q3 2024 [7]. - Average daily vessel operating expenses increased to $7,902 per vessel per day in Q3 2025 from $7,431 in Q3 2024, primarily due to higher general and administrative expenses [8]. - The fleet profile includes two feeder container carriers and one product tanker, with a total carrying capacity of 90,879 dwt after the acquisition of M/V Hellas Avatar [26].

Financial Data and Key Metrics Changes - The fleet-wide time charter equivalent was approximately $47,000 per vessel per day, with VLCCs at nearly $46,000 and Suezmaxes at $48,000 [2][4] - Adjusted EBITDA for the quarter was $45.2 million, adjusted net profit was $24.7 million, and adjusted EPS was $0.77 [2][4] - Total distributions over the last four quarters amounted to $2.12 per share, representing about 90% of earnings for the period [3] Business Line Data and Key Metrics Changes - The company reported TC revenue for the nine months at $172.5 million, with EBITDA close to $125 million and reported net income exceeding $63.5 million [4] - The average age of the fleet is six years, with a total of 14 vessels, including six Suezmaxes and eight VLCCs [5] Market Data and Key Metrics Changes - The company achieved near-perfect fleet utilization, with VLCCs earning $45,500 and Suezmaxes at $48,200 per day [9] - As of the call, 80% of VLCC spot days were fixed at $88,100 per day, and 48% of Suezmax days at $60,800 per day, leading to a fleet-wide average of $80,700 per day [11] Company Strategy and Development Direction - The company focuses on maximizing shareholder value through consistent dividend distributions, having declared a dividend of $0.75 per share for the quarter [2][3] - The management emphasized the importance of maintaining a young, eco-friendly fleet to outperform in a tightening market [18][25] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in a strong Q4, with rates continuing to strengthen and a bullish outlook for the tanker market driven by increased cargo flows and tightening sanctions [13][19] - The company noted that the effective supply of compliant crude is manageable, with OPEC Plus underproducing its quota [19][20] Other Important Information - The company has successfully refinanced its vessels, improving margins by 155 basis points since 2023, which translates to an annual benefit of about $8 million at current debt levels [6][39] - The management highlighted that over 40% of the global VLCC and Suezmax fleet is over 15 years old, indicating a shrinking compliant fleet [15][21] Q&A Session Summary Question: How do you see time charter opportunities now? - The management noted that the strength of the market has caught many charters off guard, and while there are opportunities for time charters, rates need to increase significantly for long-term deals to make sense [28][29] Question: Can you discuss your strategy regarding investments in today's market? - The focus remains on paying dividends, with the most attractive investments being assets that can deliver quickly. The management emphasized a cautious approach to selecting opportunities [31][34] Question: What are your thoughts on scaling into VLCCs and Suezmaxes? - The management indicated a preference for VLCCs and Suezmaxes, stating that they could comfortably grow the fleet without impacting trading strategies [33][35] Question: Will you continue trading clean or revert to crude? - The management plans to revert to crude trading after discharging current clean cargoes, as the crude market remains strong [37] Question: What opportunities do you see along the capital structure? - The management highlighted the successful refinancing efforts and the potential for further improvements in capital structure as market conditions remain favorable [39]