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]