Core Viewpoint - The Federal Maritime Commission (FMC) has initiated an investigation into whether ocean carriers are unfairly limiting truckers and shippers' ability to select chassis providers, potentially violating the Shipping Act [1][2]. Group 1: Investigation Details - The FMC aims to determine if ocean common carriers are employing practices that prevent truckers and shippers from negotiating with chassis providers, which may violate section 41102(c) of the Shipping Act [2]. - The investigation revisits a significant issue in the intermodal supply chain, following a 2024 ruling that deemed it unreasonable for regulations to mandate the use of only designated chassis providers by ocean common carriers [3]. Group 2: Legal Implications - The FMC has stated that carriers cannot use contract language to bypass their obligations under the Shipping Act or to justify actions that interfere with chassis selection, even when cargo is transported under a service contract [4].

The Philippines indefinitely suspended the entire passenger fleet of Aleson Shipping Lines, operator of a ferry that sank this week off the country’s southern coast which killed more than a dozen. https://t.co/iv8MnXsqcU ...

Core Viewpoint - Pyxis Tankers Inc. has announced significant updates regarding its loan refinancings, shareholder activities, and chartering arrangements, which are expected to strengthen its financial position and support future growth initiatives. Loan Updates - The company refinanced existing secured loans with Alpha Bank S.A. for a total of $33.35 million, with a maturity of 5 years and a reduced interest rate of Term SOFR plus a margin of 1.90% [8] - Amendments to loans with Piraeus Bank S.A. for a total of $42.1 million were completed, extending maturities by six months and reducing the interest rate to Term SOFR + 1.80%, resulting in a margin savings of 58 basis points [8] Financial Position - The company has increased its cash position by $10 million, bringing unrestricted cash to approximately $52 million, along with a loan commitment of up to $45 million for potential fleet expansion [4] - A common share repurchase program has been initiated, with $0.3 million spent to acquire 115,873 shares at an average price of $2.94 per share, leaving $2.7 million remaining under the program [8] Fleet and Chartering - The fleet consists of six eco-vessels, including three MR product tankers and two Kamsarmax bulk carriers, with a focus on expanding the fleet opportunistically [6] - Current bookings for the first quarter of 2026 show that 73% of available days for MR product tankers are booked at an average estimated daily time charter equivalent rate of $23,100 per vessel, while 27% of available days for dry bulkers are booked at $12,000 [8] Market Conditions - Market conditions for both product tankers and dry bulk sectors remain reasonably healthy despite some seasonal softness, influenced by geopolitical developments [5]

Introducing Global Ship Lease Investor Presentation January 2026 January 2026 1 Disclaimer This presentation does not constitute or form part of, and should not be construed as, an offer to sell or an invitation, solicitation, or inducement to purchase or subscribe for securities with respect to any transaction, nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. This presentation does not constitute either advice or a recommendation r ...

Group 1 - CMA CGM has named its 400th fully owned vessel, the CMA CGM Monte Cristo, which is a new-generation, 15,000 twenty-foot equivalent unit, dual-fuel methanol vessel, reflecting the company's long-term fleet strategy and commitment to sustainable shipping solutions [1] - The ceremony for the vessel's naming highlights CMA CGM's strong presence and long-standing commitment in the Asia-Pacific region [2] Group 2 - Golden Island Pte Ltd has completed Singapore's first methanol bunkering operations, following the Maritime and Port Authority of Singapore's award of methanol bunkering licenses effective January 1, 2026 [5] - The Brave Pioneer, a Singapore-flagged dual-fuel dry bulk carrier, received 300 tonnes of methanol during a bunker delivery, showcasing the collaboration between multiple companies in the methanol supply chain [6][7] Group 3 - The Colombo East Container Terminal of the Sri Lanka Ports Authority has commissioned its third berth, marking a significant operational milestone [10] - The terminal aims for an ambitious throughput objective of 1.5 million TEUs within the year, following the completion of jetty construction works scheduled for mid-February [11] - The advancement of the Sri Lanka Ports Authority and other terminal operators is contributing to economic value through foreign exchange earnings, employment generation, and enhanced trade connectivity [12]

Group 1 - Hafnia Limited (NYSE:HAFN) is considered one of the 10 most undervalued industrial stocks, with a Buy rating reaffirmed by analyst Gregory Lewis from BTIG, maintaining a price target of $10, indicating a potential upside of 74.83% from current levels [1] - The company has completed the acquisition of approximately 14.1 million A shares of TORM plc, representing about 13.97% of TORM's issued share capital, following the fulfillment of all terms in its agreement with Oaktree Capital Management [2] - This acquisition enhances Hafnia's strategic position in the global tanker market and allows for future collaboration or corporate actions between Hafnia and TORM, reflecting ongoing consolidation and investment interest in the tanker sector [3] Group 2 - Hafnia Limited operates and owns product tankers in Bermuda, focusing on segments such as Long Range I, Handy size, Long Range II, Medium Range (MR), and Specialized, transporting refined oil products, chemicals, and vegetable oil to various oil and chemical companies [4]

Core Viewpoint - The opening of the "Yangpu-Dongying" domestic and foreign trade shipping route enhances trade connectivity between Hainan and Shandong, establishing an efficient maritime channel for economic exchanges [2]. Group 1: Shipping Route Development - The "Yangpu-Dongying" shipping route has officially commenced, allowing for the consolidation and unloading of domestic and foreign trade goods at Xiaochantan Wharf under the supervision of Yangpu Customs [2]. - This route leverages Yangpu Port's strategic position as an international shipping hub in the Western Land-Sea New Corridor, promoting deeper integration of industrial and supply chains between Hainan and Shandong [2]. Group 2: Customs and Regulatory Support - Yangpu Customs has implemented a "one-stop" customs clearance service, significantly reducing time and costs for shipping companies and cargo owners, as noted by a representative from China COSCO Shipping Group [2]. - The opening of the direct shipping line enhances the layout of international container routes at Yangpu Port, with a commitment from customs to improve clearance efficiency and regulatory oversight [2]. Group 3: Future Developments - Currently, Yangpu has established a total of 65 shipping routes, including 35 foreign trade routes, indicating a robust expansion in maritime connectivity [2]. - Future initiatives will focus on optimizing the business environment at the port, innovating regulatory models, and enhancing service quality to support Hainan's Free Trade Port as a higher-level open gateway [2].

Revenue and Volume Growth - High-Trend International Group reported total revenue of approximately US$214.4 million for the fiscal year ended October 31, 2025, marking an increase of approximately US$106.2 million, or 98.2%, compared to US$108.2 million in the previous fiscal year [2] - Ocean freight revenue rose to approximately US$214.0 million in fiscal 2025 from approximately US$105.4 million in fiscal 2024, representing an increase of approximately US$108.6 million, or 103.1% [3] - Total voyage days increased from 3,496 days in fiscal 2024 to 7,470 days in fiscal 2025, indicating expanded fleet deployment and higher customer demand [3] Stronger Cash Position - The company generated net cash provided by operating activities of approximately US$4.6 million in fiscal 2025, a significant improvement from net cash used in operating activities of approximately US$3.3 million in fiscal 2024 [4] - Cash and cash equivalents increased to approximately US$10.1 million as of October 31, 2025, up from approximately US$6.9 million as of October 31, 2024 [4] Net Loss and Non-Cash Items - High-Trend reported a net loss of approximately US$20.1 million for fiscal 2025, an improvement from a net loss of approximately US$21.2 million for fiscal 2024, primarily driven by non-cash expenses such as share-based compensation of approximately US$21.9 million [5] - Non-cash losses related to convertible notes that impacted the prior year did not recur in fiscal 2025, contributing to the improved underlying operating performance despite reported net losses [6] Management Commentary - The Chairman of High-Trend stated that the fiscal 2025 results demonstrate successful scaling of the core shipping business, nearly doubling revenue year-over-year while strengthening cash position and book value per share [7] - The company plans to focus on high-demand trade lanes and disciplined cost management while optimizing capital structure and equity-based incentives to align long-term shareholder value with operational performance [7] Financial Summary - Total revenue for fiscal 2025 was approximately US$214.4 million, with gross profit of approximately US$6.8 million [9] - Operating expenses included share-based compensation of approximately US$21.9 million and total operating expenses of approximately US$26.7 million [9] - The net loss attributable to the company was approximately US$21.5 million, with a loss per share of US$4.18 [9]

Core Viewpoint - Frontline plc has entered into one-year time charter-out agreements for seven of its VLCCs at a rate of $76,900 per day per vessel, with charters commencing between late-January and April 2026 [1][2]. Group 1 - The charter rates of $76,900 per day per vessel represent levels not seen for decades, indicating a significant market opportunity [2]. - The company remains largely spot exposed after these contracts become effective, which allows for potential upside in a volatile market [2].

Core Viewpoint - C3is Inc. is expanding its fleet with the delivery of two MR product tankers expected between Q1 and Q3 of 2026, and management estimates the Company's Net Asset Value (NAV) to be approximately $77.5 million as of September 30, 2025 [1][8]. Fleet Expansion Update - Following the delivery of the two MR product tankers, the Company's fleet will consist of six vessels: one Aframax oil tanker (approximately 115,800 dwt), two MR product tankers (approximately 50,000 dwt each), and three Handysize dry bulk carriers (aggregate capacity of 97,664 dwt), resulting in a total fleet capacity of approximately 310,667 dwt [2][11]. - The fleet's DWT capacity will have increased by 385% from inception without any bank loans [3]. Tanker Fleet Performance - The tanker fleet, including one Aframax and two MR product tankers, is expected to operate in the spot market, which currently shows strong fundamentals. Average daily charter revenues are estimated at approximately $55,000 for Aframax tankers and $25,000 for MR product tankers, indicating substantial cash flow contributions from the tanker fleet [4][11]. Dry Bulk Carriers Performance - The Handysize dry bulk carriers are currently under short-term fixed time charter contracts, generating average daily charter rates of approximately $15,800, which provides stable revenues and contributes to cash flow generation [5][11]. Net Asset Value Estimate - As of September 30, 2025, management estimates the Company's NAV to be approximately $77.5 million on a pro forma basis, accounting for the recent agreements to acquire two MR product tankers [8][9]. - The NAV estimate is based on the current market value of the vessels, cash balances, and less remaining capital expenditures related to the newly acquired MR product tankers [9].