Core Viewpoint - The company is transitioning from container shipping to gas transportation, having sold 14 out of 15 container vessels over the past 24 months [1] Group 1: Strategic Transition - The company is nearing completion of its multi-year strategic pivot from container ships to gas transportation [1] - Management has opted to retain the final container asset until a sale becomes accretive, supported by a long-term charter through 2033 [1] Group 2: Market Positioning - The company has made an opportunistic acquisition of three latest-technology LNG newbuilds to target projected market undersupply and increased demand toward the end of the decade [1] - Operational focus has expanded into specialized gas markets with the delivery of the world's first 22,000 cubic meter liquid CO2 multi-gas carrier, the Active [1] Group 3: Financial Performance - Performance in Q4 was bolstered by a robust but short-lived upturn in LNG spot rates, which reached $100,000 per day due to U.S. production surges and logistical constraints [1] - Management attributes the widening earnings gap between modern 2-stroke and legacy steam vessels to increasing technological obsolescence and efficiency requirements [1] Group 4: Financial Strategy - The company successfully enhanced balance sheet flexibility through a EUR 250 million bond issuance to refinance debt and fund the ongoing newbuilding program [1]

Financial Data and Key Metrics Changes - Full-year earnings and cash flow increased compared to 2024, with a cash position of $637 million, of which $164 million is restricted [16][17] - Average debt maturity extended to 4.5 years, with a blended cost of debt reduced to 4.49% [17][18] - Leverage reduced from 8.4 times in 2018 to 0.5 times today, with debt decreasing from $950 million at the end of 2022 to under $700 million at the end of 2025 [18] Business Line Data and Key Metrics Changes - The company has over $2.2 billion in forward contracted revenues with 2.7 years of remaining contract cover, having added 52 charters worth $1.26 billion in additional contracted revenues [10][16] - The company has maintained a daily break-even rate of just over $9,800 per vessel per day, which is well below market rates [29] Market Data and Key Metrics Changes - Aggregate global containerized trade increased by 5% in 2025, with U.S. import volumes also growing year-on-year [4] - Demand for mid-size and smaller container ships remains strong, with charter coverage at 99% for 2026 and 81% for 2027 [5][30] Company Strategy and Development Direction - The company focuses on maximizing optionality to mitigate risks and seize value-accretive opportunities, transforming its balance sheet by reducing debt and increasing liquidity [5][8] - Strategic fleet renewal is emphasized, with the acquisition of three high-specification, fuel-efficient container ships at an aggregate price of $90 million [13][14] Management's Comments on Operating Environment and Future Outlook - The geopolitical environment remains volatile, particularly in the Middle East, affecting supply chains and increasing unpredictability [4][20] - The company anticipates that disruptions in the Middle East will lead to increased freight rates once shipping routes are reopened [50] Other Important Information - The company raised its quarterly dividend to $2.50 per share on an annualized basis, reflecting its commitment to returning capital to shareholders [11][31] - The company has a strong credit rating from leading agencies, supporting its financial stability [17] Q&A Session Summary Question: What is the outlook for the convergence of charter and freight rates? - Management noted that while it is difficult to predict, there is still appetite from charterers to lock in charters at attractive rates, with 99% of positions for 2026 already contracted [37][38] Question: How does the company plan to allocate cash in the coming year? - The company emphasized the importance of maintaining cash for opportunities, particularly during market downturns, as demonstrated by the recent acquisition of three ships [39][40] Question: What caused the significant jump in long-term restricted cash? - Management clarified that the increase is due to revenue received in advance, which will be released following the service of the charter [52][56]

Financial Data and Key Metrics Changes - Full-year earnings and cash flow increased compared to 2024, with a cash position of $637 million, of which $164 million is restricted [14][15] - The average debt maturity was pushed to 4.5 years, and the blended cost of debt decreased to 4.49% [15][16] - The company reduced leverage from 8.4 times in 2018 to 0.5 times today, maintaining low break-even rates through multiple years of inflation [16] Business Line Data and Key Metrics Changes - The company has over $2.2 billion in forward contracted revenues with 2.7 years of remaining contract cover, having added 52 charters for $1.26 billion in additional contracted revenues [9][14] - The company acquired three high-specification, fuel-efficient container ships for $90 million, enhancing fleet quality and size [12][13] Market Data and Key Metrics Changes - Aggregate global containerized trade increased by 5% in 2025, with strong demand for mid-size and smaller container ships [4][5] - The charter market remains robust, with charterers willing to lock in contracts at attractive rates, despite geopolitical uncertainties [36][38] Company Strategy and Development Direction - The company focuses on maximizing optionality to manage risks and seize opportunities in a cyclical industry [5][7] - Strategic fleet renewal is prioritized, with a disciplined approach to investments and capital allocation [10][11] Management's Comments on Operating Environment and Future Outlook - The geopolitical environment remains volatile, particularly in the Middle East, impacting supply chains and trade patterns [18][20] - The company anticipates that disruptions will lead to increased freight rates once shipping routes stabilize [51] Other Important Information - The company raised its quarterly dividend to $2.50 per share on an annualized basis, reflecting confidence in cash flow and financial stability [6][30] - The company has transformed its balance sheet, reducing debt and increasing liquidity to enhance resilience [5][14] Q&A Session Summary Question: Will charter and freight rates converge? - Management noted that while it's difficult to predict, there is still appetite from charterers to lock in charters at high rates for meaningful durations [36][37] Question: How will cash be allocated this year or next year? - The company emphasized the importance of holding cash to capitalize on opportunities, particularly during market downturns [39][40] Question: What caused the jump in SG&A expenses? - Management clarified that the increase was due to the valuation of the incentive plan, which is a non-cash item [41] Question: What is the impact of the geopolitical situation on container shipping? - Management indicated that while only a small percentage of containers flow through the Persian Gulf, the implications for liner companies' networks are significant, leading to increased demand for ships [48][50]

4 th Quarter 2025 Results Presentation | 4Q 2025 Results 1 | 4Q 2025 Results 2 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 re ...

Core Insights - ZIM Integrated Shipping Services is expected to report a fourth-quarter loss of $1.01 per share, a significant decline from the EPS of $4.66 reported in the same quarter last year [1][7] - Quarterly revenues are estimated at $1.41 billion, reflecting a year-over-year decrease of 34.9% due to lower freight rates and carried volume [1][7] - For the full year 2025, ZIM's revenues are projected to be $6.83 billion, indicating an 18.9% contraction year over year, with EPS expected to decline by 85.1% to $2.65 [2] Earnings Estimates - The Zacks Consensus Estimate for the upcoming quarter has remained stable at a loss of $1.01 per share over the past 60 days, with no revisions made during this period [1][2] - The company's Earnings ESP stands at 0.00%, and it currently holds a Zacks Rank of 3 (Hold), indicating low expectations for an earnings beat [4] Factors Influencing Performance - ZIM's bottom-line performance is likely impacted by increased voyage operating costs and high labor expenses, alongside geopolitical risks that pose operational challenges [5][7] - A decrease in freight rates and carried volume is expected to have negatively affected revenues in the upcoming quarter, although fleet expansion initiatives may provide some support [8] Recent Developments - ZIM is expected to discuss tariff concerns related to potential new port charges on Chinese-made vessels during the upcoming conference call, as a significant portion of its fleet is built in China [6] - The company has entered into a merger agreement with Hapag-Lloyd, which will acquire ZIM for $35.00 per share in cash, a topic likely to be addressed in the conference call [6] Historical Performance - In the trailing four quarters, ZIM's earnings surpassed estimates in two instances, with an average miss of 15.6% [3] - The company reported disappointing third-quarter results, with earnings of $1.02 per share falling short of the Zacks Consensus Estimate of $1.67, marking an 89.1% decline year over year [9] Stock Performance - Over the past year, ZIM's shares have gained over 45%, but this performance lags behind the broader Zacks Transportation - Shipping industry and specific competitors like Seanergy Maritime Holdings and Euroseas, which have seen triple-digit gains [10]

Financial Data and Key Metrics Changes - Net income from continued operations for Q4 2025 was reported at $28.4 million, with a fixed distribution of $0.15 dividends per share, maintaining a record of cash dividends for every quarter since March 2007 [6][8] - The company closed the year with a solid cash position of $296 million and a net leverage ratio just short of 49% [9] Business Line Data and Key Metrics Changes - The company has pivoted to gas transportation, selling the Buenaventura Express and classifying it under discontinued operations, leaving only one container vessel in operation [7][8] - The LNG fleet has a contracted backlog of 90 years at an average TCE of approximately $86,800 per day, representing $2.7 billion of contracted revenue [10] Market Data and Key Metrics Changes - The LNG shipping spot market experienced a robust upturn in Q4, with freight rates reaching $100,000 per day, driven by unexpected LNG production surges and logistical constraints [5][17] - Spot rates for LNG carriers have seen significant increases, with rates rising from approximately $40,000 to around $300,000 per day for March and April loadings [27] Company Strategy and Development Direction - The company continues to focus on sustainability and has gained accreditation from the CDP, emphasizing its commitment to governance and environmental responsibility [5] - A strategy of disciplined capital recycling is in place, with ongoing discussions for financing the delivery of nine LNG carriers [9][12] Management's Comments on Operating Environment and Future Outlook - Management is aware of the geopolitical risks in the Middle East affecting LNG and gas shipping sectors, with potential implications for global LNG supply and pricing [17][24] - The company anticipates that the LNG shipping market will reach an inflection point in late 2027 or early 2028, with demand expected to outpace vessel supply [23] Other Important Information - The company successfully raised EUR 250 million through a newly issued unsecured bond, which will be used for refinancing and financing new builds [15] - The company has welcomed the Active, the world's first 22,000 cubic meter Liquid CO2 multi-gas carrier, into its fleet [5][14] Q&A Session Summary Question: Implications of Middle Eastern supply shutdown on the carrier market - Management indicated that the supply from the Middle East primarily serves Asian markets, and unlike previous disruptions, there is no easy replacement for Qatari volumes, which could lead to increased prices and a tighter market [30][31] Question: Timeline for disposal of the last container vessel - The company remains opportunistic regarding the sale of the last container vessel, with no specific timeline but will consider attractive offers as they arise [33][34] Question: Impact of current market conditions on new builds and charter rates - Management noted that while the current market is tight, there is potential for term positions to be secured at higher rates as companies seek to lock in shipping capacity [40][41] Question: Status of vessels affected by the Middle East conflict - Management confirmed that none of their vessels are currently affected by the conflict, and all charters continue as planned [58] Question: Remaining newbuild CapEx and financing - The company has financed all MGCs and LCO2s and is in advanced discussions for financing the remaining LNG carriers, with updates expected in the next quarter [59]

Core Viewpoint - Genco Shipping & Trading Limited has taken delivery of the Genco Stars and Stripes, a Newcastlemax vessel, and expects to receive a second vessel by the end of March 2026, positioning the company to capitalize on a strengthening drybulk market [1][2]. Group 1: Company Developments - The Genco Stars and Stripes is one of two 2020-built Newcastlemax vessels acquired in November 2025, enhancing Genco's fleet and earnings potential [1]. - The company’s fleet will consist of 45 vessels with an average age of 12.8 years and an aggregate capacity of approximately 5,044,000 dwt following the expected delivery of the second Newcastlemax vessel [4]. Group 2: Market Position and Strategy - Genco's strategy focuses on premium earning assets, allowing the company to earn significant premiums in the current firm spot market due to the high specifications and larger carrying capacity of its vessels [2]. - The company aims to increase its earnings and dividend capacity in 2026 and beyond through a spot-focused commercial strategy and significant operating leverage [2].

Q4 2025 EARNINGS PRESENTATION March 5, 2026 capitalcleanenergycarriers.com Important Notice This presentation contains forward-looking statements (as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended). These statements can be identified by the fact that they do not relate only to historical or current facts. In particular, forward-looking statements include all statements that express forecasts, expectations, plans, outlook, objectives and projections with respect to fut ...

Core Insights - Pyxis Tankers reported solid financial results for 2025, with a focus on strategic opportunities despite geopolitical uncertainties [4][8][10] Financial Performance - For Q4 2025, net revenues were $10.5 million, a decrease of 12.4% from $12.0 million in Q4 2024, while net income attributable to common shareholders was $2.0 million compared to a net loss of $2.4 million in the same period of 2024 [2][12][19] - The adjusted EBITDA for Q4 2025 was $5.2 million, an increase of $1.9 million from $3.3 million in Q4 2024 [2][12] - For the full year 2025, net revenues totaled $39.0 million, down 24.3% from $51.5 million in 2024, with adjusted EBITDA declining to $14.1 million from $24.0 million [4][14][30] Operational Highlights - The company achieved an average TCE rate of $20,766 per day for MR tankers in Q4 2025, a decline of 6.0% from Q4 2024, while dry-bulk carriers saw an average TCE rate of $16,766, up 44.8% from the same period last year [5][19] - In 2025, 95% of revenues were derived from short-term time charters, reflecting a strategic shift to generate more predictable cash flows [4][15] Debt and Financing - The company refinanced existing secured loans with Alpha Bank, resulting in a total of $33.35 million in loans with a reduced interest rate of SOFR plus a margin of 1.90% [3][26] - As of December 31, 2025, the total funded debt was $87.2 million, with a cash position of approximately $54 million, providing a solid foundation for future growth [7][45][46] Market Outlook - The chartering environment for both product tankers and dry-bulk carriers is expected to remain firm in 2026, with modest growth in global demand for seaborne cargoes anticipated [8][9] - The dry-bulk market has shown improvement, with the Baltic Dry Index rising by 52% from June 30, 2025, to March 3, 2026, indicating better market conditions [6][9] Strategic Initiatives - The company plans to maintain a disciplined approach to operational and financial management, with a focus on capital allocation and fleet expansion opportunities [10][45] - The ongoing geopolitical tensions and macroeconomic conditions are being monitored closely, with the company prepared to adapt its strategies accordingly [8][10]

Core Insights - Global Ship Lease, Inc. reported significant year-over-year increases in earnings, cash flow, and return of capital to shareholders, with a focus on maximizing strategic optionality in a volatile market environment [1][14]. Financial Performance - For Q4 2025, operating revenue reached $190.9 million, a 4.7% increase from $182.4 million in Q4 2024. Full-year operating revenue was $766.5 million, up 7.8% from $711.1 million in 2024 [3][18]. - Net income available to common shareholders for Q4 2025 was $100.2 million, translating to $2.79 Earnings per Share (EPS), an increase of 9.8% from $90.2 million or $2.54 EPS in Q4 2024. For the full year, net income was $406.9 million, or $11.40 EPS, up 17.0% from $344.1 million or $9.74 EPS in 2024 [3][42][43][44]. - Adjusted EBITDA for Q4 2025 was $124.7 million, slightly up from $123.7 million in Q4 2024. For the full year, Adjusted EBITDA was $521.4 million, an increase of 5.4% from $494.7 million in 2024 [4][33]. Revenue and Contracted Revenues - The company added $1.26 billion in contracted revenues during 2025 and early 2026, bringing total contracted revenues to $2.24 billion as of December 31, 2025, with a weighted average remaining duration of 2.7 years [5]. - As of December 31, 2025, 99% of open positions were covered for 2026 and 81% for 2027, indicating strong forward visibility [1][13]. Fleet and Acquisitions - The company acquired three 8,600 TEU containerships for $90 million, which have attached charters with a leading liner company [7]. - As of December 31, 2025, the fleet consisted of 71 containerships, including the newly acquired vessels [50]. Operational Efficiency - Vessel operating expenses for Q4 2025 were $55.9 million, a 12.7% increase from $49.6 million in Q4 2024, primarily due to the addition of new vessels and inflationary pressures [22]. - The average cost per ownership day increased to $8,877 in Q4 2025, up from $7,871 in the prior year [22]. Market Position and Strategy - The company emphasized its ability to adapt to changing market dynamics, including geopolitical instability and shifting trade patterns, which have increased the demand for flexible mid-size and smaller containerships [12][14]. - The company has reduced financial leverage to 0.5x and lowered average breakeven rates per vessel, enhancing resilience during challenging market phases [14].