Maersk saw pre-tax earnings fall to a loss in the fourth quarter as downward pressure on freight rates offset strong volume growth. The world’s second-biggest container carrier on Thursday said  earnings before interest and taxes (EBIT) fell to a loss of $153 million as weaker rates offset “strong” container volume growth of 8%, down from $567 million in the previous quarter and $1.6 billion in the fourth quarter of 2024. Revenue totaled $13.33 billion from $14.59 billion a year ago. For the year, ocean ...

Financial Data and Key Metrics Changes - In Q4 2025, the company achieved revenues on a TCE basis of $118 million and adjusted EBITDA of $95 million, with net income at $66 million, equating to $0.41 per share [3][4] - For the full year 2025, revenues on a TCE basis reached $369 million, with adjusted EBITDA of $278 million and net income of $211 million, or $1.31 per share [4][5] - The company reported a total liquidity of $189 million at the end of Q4, consisting of $79 million in cash and $110.5 million available under revolving credit facilities [5][6] Business Line Data and Key Metrics Changes - Vessels trading in the spot market earned an average of $69,500 per day, while those on time charters achieved $49,400 per day, leading to an average combined TCE of $60,300 per day for the quarter [4] - The company generated $95.3 million in EBITDA from operations, with $28.9 million distributed to shareholders as cash dividends [6] Market Data and Key Metrics Changes - The current sailing VLCC fleet is estimated at 897 ships, with 46% expected to be older than 15 years by the end of the year [13] - The sanctioned VLCC fleet counts 151 vessels, with 105 older than 20 years, indicating a significant aging fleet [13][14] Company Strategy and Development Direction - The company plans to modernize its fleet by divesting older vessels and replacing them with new builds, with four new vessels expected to enter the fleet in the first half of the year [7][8] - The company is increasing its spot market exposure by reducing fixed income contracts, aiming to participate more in rewarding spot markets [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed a positive outlook for 2026, citing strong demand, geopolitical volatility, and a rapidly aging global fleet as key factors [18] - The company is well-positioned to benefit from market dynamics, with a solid fleet and a clear mandate to return earnings to shareholders [18] Other Important Information - The board approved a dividend of $0.41 per share for Q4 2025, marking the 64th consecutive quarterly cash dividend [10] - The estimated spot cash break-even for 2026 is projected at $17,500 per day, reflecting the sale of older vessels and scheduled surveys [10] Q&A Session Summary Question: Can you help reconcile the commentary about consolidation and the stronger time charter market? - Management confirmed that end users are actively seeking time charters, with rates above previous terms, indicating a strong demand for reliability in the market [22][23] Question: What is the outlook on global oil demand growth? - Management noted that while global oil demand growth is stabilizing around 1%, seaborne crude oil transportation demand is expected to grow at approximately 2.5% [25][26] Question: How does the company view the consolidation of the fleet? - Management believes that the consolidation of the fleet will change market dynamics, particularly in pricing behavior and information flow among ship owners [35][36] Question: What is the company's stance on newbuild prices and potential investments? - Management indicated that while there is interest in modern ships, current market conditions make it challenging to find meaningful investments at attractive prices [69][70]

Financial Data and Key Metrics Changes - In Q4 2025, the company achieved revenues on a TCE basis of $118 million and adjusted EBITDA of $95 million, with net income at $66 million, or $0.41 per share [3][4] - For the full year 2025, revenues on a TCE basis were $369 million, adjusted EBITDA was $278 million, and net income was $211 million, or $1.31 per share [4] - The company reported a total liquidity of $189 million at the end of Q4, with financial leverage at 17.6% [5] Business Line Data and Key Metrics Changes - Vessels trading in the spot market earned an average of $69,500 per day, while those on time charters achieved $49,400 per day, leading to an average combined TCE of $60,300 per day for the quarter [4] - The company generated $95.3 million in EBITDA from operations, with $28.9 million distributed to shareholders as cash dividends [6] Market Data and Key Metrics Changes - The current sailing VLCC fleet consists of 897 ships, with 46% expected to be older than 15 years by the end of the year [13] - The sanctioned VLCC fleet counts 151 vessels, with 105 older than 20 years, indicating a potential supply squeeze in the market [14][15] Company Strategy and Development Direction - The company plans to modernize its fleet by divesting older vessels and replacing them with newbuildings, with four new vessels expected to enter the fleet in the first half of the year [7][8] - The company aims to increase its spot market exposure to approximately 75% of its capacity by Q2 2026, allowing for greater participation in rewarding spot markets [17] Management's Comments on Operating Environment and Future Outlook - Management expressed a positive outlook for 2026, citing strong demand, geopolitical volatility, and a rapidly aging global fleet as key factors [18] - The company is well-positioned to benefit from market dynamics, with a solid fleet and a clear mandate to return earnings to shareholders [18] Other Important Information - The board approved a dividend of $0.41 per share for Q4 2025, marking the 64th consecutive quarterly cash dividend [10] - The company expects a cash break-even of $17,500 per day for 2026, reflecting the sale of older vessels and scheduled surveys [11] Q&A Session Summary Question: Can you help reconcile the commentary about consolidation and increasing spot exposure? - Management confirmed that end users are actively seeking time charters, with rates above previous terms, indicating a stronger time charter market [21][22] Question: What is the outlook on global oil demand growth? - Management noted that while global oil demand growth is stabilizing around 1%, seaborne crude oil transportation demand is expected to grow at approximately 2.5% [24][25] Question: How does the consolidation of the fleet impact market dynamics? - Management indicated that the consolidation of older vessels could lead to different pricing behavior and improved information flow in the market [36] Question: Are there further willing buyers for ships at current values? - Management stated that there are still buyers for older vessels, and competition for modern second-hand ships remains strong [39] Question: What is the status of demolition protocols for the non-compliant fleet? - Management mentioned that one of the largest cash buyers in the demolition market is seeking approvals to transact with sanctioned counterparties for ship demolition [74][75]

February 5, 2026 DISCLAIMER Forward Looking Statements This presentation contains certain forward-looking statements and information relating to the Company that are based on beliefs of the Company's management as well as assumptions, expectations, projections, intentions and beliefs about future events, in particular regarding dividends (including our dividend plans, timing and the amount and growth of any dividends), daily charter rates, vessel utilization, the future number of newbuilding deliveries, oil ...

Core Viewpoint - Global Ship Lease (GSL) has seen a significant increase in share price, rising by more than 80% since the initiation of coverage, indicating strong market performance and investor interest [1]. Group 1 - The company has highlighted a potential for long-term investment opportunities in the shipping sector, particularly for buy-side hedge professionals focusing on fundamental and income-oriented analysis [1]. - The positive performance of GSL shares suggests a favorable outlook for the company within the shipping industry [1].

Core Viewpoint - Dorian LPG Ltd. reported its financial results for the three months ended December 31, 2025, highlighting a significant dividend declaration of approximately $29.9 million, or $0.70 per share, to be distributed to shareholders [1]. Financial Performance - The company declared an irregular dividend totaling approximately $29.9 million [1]. - The dividend amount per share is set at $0.70 [1]. - The payment date for the dividend is scheduled for on or about February 24, 2026 [1]. - The record date for shareholders eligible to receive the dividend is February 9, 2026 [1].

It is Thursday the fifth. Good morning. On today's agenda, the tech selloff expands.The shiny stuff slumps again and it's another blockbuster earnings day. Okay, Tom, let's talk about the volatility we're seeing. It continues in some so many asset classes and you wonder whether or not this starts to connect, whether or not the overall volatility story becomes a problem for markets.So it was down 11% completely, reversing some of the positions we saw earlier on in the week as we bounced back. Bitcoin's appro ...

Group 1 - European stocks are expected to open flat to lower, with the U.K.'s FTSE and Germany's DAX projected to decline by 0.25% [1] - A busy day of earnings reports in Europe includes major companies such as Shell, BBVA, BNP Paribas, and BMW among others [2] - The European Central Bank and Bank of England are set to publish their monetary policy decisions, with no changes expected to current interest rates [2] Group 2 - Global markets have faced turbulence, with Wall Street experiencing a second consecutive day of losses, particularly in software stocks [3] - S&P 500 futures rose following corporate earnings reports, including results from Alphabet, with Amazon's quarterly results expected soon [3] - In Asia-Pacific markets, South Korean stocks led declines, reflecting the tech sell-off trends from Wall Street [3] Group 3 - Data releases in Europe include German factory orders, French industrial production, and EU retail sales [4]

Key Takeaways from the Tanker Market Expert Call Industry Overview - The discussion focused on the tanker market, particularly crude and clean tankers, as part of the Energy Symposium Week hosted by Goldman Sachs on February 3, 2026. The expert from Oil Brokerage Ltd (OB) expressed a generally positive outlook for the total tanker market, projecting a net demand increase of +3.6 percentage points by 2026 [1][4]. Core Insights Crude Tanker Market - **Demand Growth**: OB forecasts a +5.8% year-over-year (YoY) growth in crude tanker demand for 2026, driven by: - Stockpiling due to sustained increases in crude production, which is expected to outpace demand growth. - Enhanced long-haul shipping demand from rising crude oil output in the Atlantic Basin [4]. - **Supply Dynamics**: The effective fleet supply is projected to grow by +2% YoY, leading to a net demand increase of +3.8% for crude tankers in 2026. However, demand growth is expected to slow to +2.1% YoY in 2027, with supply growth at +3% YoY, resulting in a -0.9% net supply for that year [4][5]. Clean Tanker Market - **Demand Forecast**: Clean tanker demand is also expected to grow, with projections of +5% and +3% YoY growth for 2026 and 2027, respectively. This growth is supported by elevated refinery margins due to tight capacity and healthy demand [4]. - **Supply Concerns**: Despite the demand growth, supply for clean tankers is anticipated to increase by +4% and +6% YoY in 2026 and 2027, respectively, leading to a +1% net demand in 2026 and a -3% net supply in 2027 [4]. Aging Fleet and Orderbook - The orderbook for uncoated tankers has reached approximately 91% of the trading fleet over 20 years old as of January 2026. OB believes that deliveries will not be sufficient to replace aging ships, which may exit the market through scrapping or being absorbed into a shadow fleet [5]. Geopolitical Impacts - OB anticipates a shift in trade volumes towards compliant vessels, which would positively impact Very Large Crude Carrier (VLCC) demand if restrictions on Venezuelan or Iranian oil are lifted. Specifically, the removal of sanctions on Venezuelan oil could necessitate an additional 44 VLCCs and 19 Aframax tankers [5]. - Conversely, a reopening of the Suez Canal could negatively affect clean tanker demand, particularly for LR2 vessels [5]. Additional Insights - The expert highlighted that the return on investment (RoI) for crude tankers has improved, leading to an increase in ordering frequency for uncoated tankers in the fourth quarter of 2025 [5]. - The expert expressed skepticism regarding constructive dialogue between the US and Iran, suggesting that disruptions in the Middle East are more likely than a resolution [5]. This summary encapsulates the key points discussed during the expert call, providing insights into the current and future state of the tanker market, including demand forecasts, supply dynamics, and geopolitical influences.

Group 1 - The analyst team has a proven track record of outperforming across all market conditions, achieving an annualized return of almost 40% over the past decade with a long-only model portfolio return of over 23x [1] - The focus is on income-oriented investments, particularly in lower-risk firms that provide steady dividend payouts [1] - The company specializes in providing research in the energy, shipping, and offshore markets, indicating a strong expertise in these sectors [1] Group 2 - Enphase Energy, Inc. has been previously covered, and this article serves as an update on the company's status [2] - The analyst has a historical focus on tech stocks but has expanded coverage to include the offshore drilling and supply industry, as well as the shipping industry [3] - The analyst has significant experience in navigating various market crises, including the dotcom bubble and the subprime crisis, which adds credibility to the research provided [3]