Core Insights - The company is focused on disciplined capital allocation, balancing shareholder returns with business growth and fleet reinvestment while maintaining low debt levels [1][2][4] - The company has declared its twelfth consecutive dividend and fully redeemed $30 million of preferred shares, which has reduced cash breakeven levels [2][10] - The market for product tankers is experiencing strong demand due to record export volumes and refined products in transit, alongside geopolitical factors affecting supply [5][6][20] Financial Performance - The company reported adjusted earnings of $12.6 million or $0.31 per share for the third quarter, with earnings increasing throughout the quarter [4][10] - The average Time Charter Equivalent (TCE) rates for MRs were $24,700 per day in Q3 and $24,900 so far in Q4, significantly above cash breakeven levels [3][10] - EBITDAR for the third quarter was reported at $27.6 million, indicating strong operational performance [10] Market Dynamics - The product tanker market is characterized by tight supply-demand balances, with 50% of the LR2 fleet now trading in the crude market, a 23% increase over the past year [5][6] - Geopolitical factors have led to 16% of the global tanker fleet being sanctioned, reducing the pool of compliant vessels and limiting available supply [5][6] - The aging fleet and a shrinking order book, with only 13% of the fleet represented in the order book, are expected to create favorable supply dynamics [7][8] Strategic Initiatives - The company is enhancing its trading book through long-term charter contracts, including a recent two-year charter at $21,250 per day with an oil major [2][23] - Capital expenditures for 2025 are projected at $37 million, with a focus on efficiency upgrades and tank coating projects [11][32] - The company is investing in digitalization and AI projects to optimize voyage performance and achieve full fuel compliance by 2025 [12][32] Future Outlook - The company anticipates continued strength in earnings supported by favorable market conditions and strong operational performance [13][20] - The evolving trade flows and long-term demand for product tankers are expected to drive ton-mile demand, particularly as refinery capacities shift towards Asia and the Middle East [7][8][20] - The company remains flexible in capital deployment, considering both shareholder returns and reinvestment opportunities based on market conditions [30][32]

Financial Data and Key Metrics Changes - In Q3 2025, the company generated revenues of $153 million, an increase of 18% compared to the previous quarter and 8% year-over-year [2] - The highest recorded EBITDA was $86 million, with adjusted EBITDA of $77 million, excluding a $13 million book gain from the sale of Navigator Gemini [2][3] - The cash position at the end of the quarter was $216 million, leading to total liquidity of $308 million [3][12] - The net income attributable to stockholders reached $33.2 million, marking the highest quarterly net income on record, with basic earnings per share of $0.50 [12] Business Line Data and Key Metrics Changes - Average time charter equivalent (TCE) rates reached $30,966 per day, a 10-year high, and utilization was at 89.3%, up from 84.2% in Q2 [3][8] - The joint venture ethylene export terminal had a throughput of 271,000 tons, consistent with Q2 but below full capacity [4][36] - The semi-refrigerated vessels achieved a utilization rate of 98%, while ethylene capable vessels averaged around 85% [28] Market Data and Key Metrics Changes - U.S. ethylene exports to Asia have halved, while European imports increased by 30%, indicating a shift in demand dynamics [29] - The U.S. ethylene arbitrage to Europe is currently around $200 per ton, while to Asia it is approximately $250 per ton, affecting export decisions [30] Company Strategy and Development Direction - The company plans to finance newbuilds at attractive margins and aims to enhance earnings through the sale of older vessels [4][43] - A new return of capital policy was announced, increasing the payout to 30% of net income and raising the fixed dividend from $0.05 to $0.07 per share [3][31] - The company is focused on fleet renewal by selling older vessels and acquiring modern tonnage, including ammonia-fueled carriers scheduled for delivery in 2028 [38][40] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about stable market conditions and expects utilization and TCE rates to remain near Q3 levels [5][43] - The geopolitical situation remains a concern, but the company believes it can remain resilient due to its diversified customer base and strong balance sheet [5][6] - The outlook for NGL production in the U.S. is positive, with expected growth in export volumes over the next five years [50] Other Important Information - The company completed a $50 million share repurchase program, repurchasing 3.4 million shares at an average price of $14.68 [16][34] - The company has a low order book for new vessels, which is expected to support charter rates and utilization in the future [43] Q&A Session Summary Question: How does the company view its net debt position over time? - Management believes the current balance sheet is comfortable and sees no need to reach a net debt zero position, as some debt can enhance returns [46][48] Question: What is the outlook for U.S. oil and gas production given low oil prices? - Management is confident in NGL production growth, with most infrastructure projects already under construction and expected to support export volumes [49][50] Question: What drove the increase in the dividend payout? - The increase reflects the company's financial strength and operating cash flow, with a goal of supporting higher payouts in the future [53][54] Question: Is there a mechanism for increasing ownership in the Greater Bay joint venture? - Currently, there is no formal mechanism, but discussions with the partner are ongoing, and the company values the partnership for market access [60] Question: What are the plans for financing the new buildings? - The company is exploring various financing options and aims for a balanced loan-to-value ratio across the new vessels [73]

Financial Performance - Ardmore Shipping reported adjusted earnings of $12.6 million, or $0.31 per share[9] - The company's cash breakeven is $11,700, and the operating cash breakeven is $10,800[9] - Adjusted EBITDAR was $27.6 million in 3Q 2025[42] - For 4Q 2025, the MR Combined spot TCE is expected to be $24,900 (40% fixed), and the Chemical spot TCE is expected to be $22,200 (35% fixed)[8,66] Market Dynamics - Refined product export volumes increased by 4% QoQ, reaching record levels[18] - Sanctioned fleet represents 16% of the global tanker fleet[24] - 2025 ordering activity is down 80% YoY[25] Fleet and Operations - The company fully redeemed $30 million preferred shares[9] - The company time chartered-out a 2014-built MR for two years at $21,250 per day[9] - The company estimates 2025 fleet capex of $37 million, including elective capex of $16 million[46] - The company achieved 99% on-hire availability in 3Q 2025[46]

Forward Looking Statements This presentation contains certain statements that may be deemed to be "forward - looking statements" within the meaning of applicable federal securities laws . Most forward -looking statements contain words that identify them as forward -looking, such as "may", "plan", "seek", "will", "expect", "intend", "estimate", "anticipate", "believe", "project", "opportunity", "target", "goal", "growing" and "continue" or other words that relate to future events, as opposed to past or curre ...

Group 1 - Performance Shipping Inc. has scheduled its 2025 annual general meeting of shareholders for December 3, 2025, with a record date of October 27, 2025 [1] - The company specializes in the ownership of tanker vessels and provides global shipping transportation services [2] - The fleet is employed on spot voyages, through pool arrangements, and on time charters [2]

Core Points - Rubico Inc. announced the pricing of its underwritten public offering of 12,315,270 units at a price of $0.609 per unit, each unit consisting of one common share and one Class A warrant [1][3] - The gross proceeds from the offering are expected to be approximately $7.5 million before deducting underwriting discounts and commissions [3] - The offering is expected to close on or about November 6, 2025, subject to customary closing conditions [3] Offering Details - Each warrant will expire one year from issuance and will be immediately exercisable at an initial price of $0.609 per share, with adjustments on the fourth and eighth trading days following the offering [2] - The company has granted underwriters a 45-day option to purchase up to an additional 1,847,290 common shares and/or warrants at the public offering price [4] - A registration statement was filed with the SEC and became effective on November 4, 2025, with a final prospectus to be available on the SEC's website [5] Company Overview - Rubico Inc. is a global provider of shipping transportation services, specializing in the ownership of vessels, and operates two modern, fuel-efficient Suezmax tankers [7] - The company is incorporated in the Republic of the Marshall Islands and has executive offices in Athens, Greece, with its common shares trading on the Nasdaq under the symbol "RUBI" [7]

Core Viewpoint - EuroHoldings Ltd. has signed a Memorandum of Agreement to acquire a medium-range product tanker vessel for $31.83 million, marking a strategic pivot towards the tanker sector [1][2]. Company Overview - EuroHoldings Ltd. was incorporated on March 20, 2024, in the Republic of the Marshall Islands, as a holding company for three vessel-owning subsidiaries of Euroseas Ltd. [3]. - The company operates worldwide ocean-going transportation services and is managed by Eurobulk Ltd., which handles the commercial and technical management of the vessels [4]. - EuroHoldings is listed on the Nasdaq Capital Market under the symbol "EHLD" [5]. Acquisition Details - The acquired vessel has a capacity of 49,997 dwt and was built in 2015 in South Korea, with delivery expected in mid-November 2025 [1]. - The acquisition will be financed through a combination of conventional debt and equity [1]. - Following the delivery of the tanker, EuroHoldings' fleet will consist of three vessels with a total carrying capacity of 90,879 dwt [4]. Strategic Direction - The acquisition represents EuroHoldings' first entry into the tanker sector, which is believed to have strong fundamentals at this time [2]. - The company's board and major shareholders are committed to expanding EuroHoldings into a significant player in the tanker market [2].

Core Insights - Ardmore Shipping Corporation reported increased earnings driven by record volumes of refined products and strategic acquisitions of modern MR tankers [3][4] - The company declared its twelfth consecutive dividend while redeeming all outstanding preferred shares, reflecting a strong capital allocation policy [3][4][9] - Freight markets remain robust due to long-term sectoral trends, healthy refining margins, and geopolitical factors impacting supply and demand [3][15][16] Financial Performance - For Q3 2025, Ardmore reported adjusted earnings of $12.6 million, down from $23.3 million in Q3 2024, with earnings per share decreasing from $0.55 to $0.30 [4][18] - For the nine months ended September 30, 2025, adjusted earnings were $27.2 million compared to $109.3 million for the same period in 2024, with earnings per share dropping from $2.62 to $0.67 [4][19] - Revenue for Q3 2025 was $81.2 million, a decrease of $14.9 million from $96.1 million in Q3 2024, attributed to fewer spot revenue days and lower spot rates [20] Fleet Operations - As of September 30, 2025, the company operated 27 vessels, including 21 MR tankers and 6 chemical tankers [5] - The average spot TCE rate for MR tankers was $24,697 per day in Q3 2025, with a projected rate of $24,900 for Q4 2025 [6] - The company took delivery of three modern MR tankers during Q3 2025, enhancing fleet quality and reducing average fleet age [10] Expenses and Costs - Voyage expenses decreased to $28.5 million in Q3 2025 from $34.6 million in Q3 2024, primarily due to lower bunker costs [23] - Vessel operating expenses increased to $16.4 million in Q3 2025, reflecting the addition of three vessels to the fleet [25] - Total charter hire expense was $4.6 million for Q3 2025, down from $5.9 million in Q3 2024, due to the redelivery of chartered-in vessels [26] Liquidity and Financing - As of September 30, 2025, Ardmore had $296.0 million in liquidity, including $47.1 million in cash and cash equivalents [34] - The company closed a $350 million revolving credit facility in July 2025, secured by 20 owned vessels, maturing in 2031 [12] Geopolitical Impact - Ongoing geopolitical conflicts, including the Russia-Ukraine conflict and tensions in the Middle East, have disrupted energy supply chains and contributed to increased spot tanker rates [15][16][17]

Core Insights - Matson, the largest U.S. ocean container carrier, experienced a stock increase due to improved shipping prospects from China, despite reporting lower earnings in Q4 [1][2] - The company reported a net income of $134.7 million, or $4.24 per diluted share, down from $199.1 million, or $5.89 per diluted share, year-over-year [1] - Consolidated revenue for the quarter was $880.1 million, a decrease from $962 million in the previous quarter [1] Financial Performance - Operating income fell to $147.4 million from $226.9 million a year ago, with margins decreasing from 28.4% to 20.5% [3] - Logistics operating income declined year-over-year primarily due to reduced contributions from freight forwarding, transportation brokerage, and supply chain management [3] Market Trends - Domestic volumes for Hawaii increased by 0.3% and for Alaska by 4.1% year-over-year, while Guam's volume decreased by 4.2% [2] - The China business saw a significant decline of 12.1% due to tariffs and trade issues [2] Future Outlook - The company anticipates that customers in China will be cautious regarding inventory levels in Q4 2025, but expects a more stable trading environment due to reduced uncertainty from tariffs and geopolitical factors following a recent U.S.-China trade deal [4]

Core Insights - Scorpio Tankers (STNG) reported mixed results for Q3 2025, with a decline in profitability but a stronger balance sheet than ever before [1] - The company is actively reducing debt, accumulating cash, and increasing liquidity, indicating a focus on financial stability [1] - Capital expenditures (CAPEX) appear to be moderate, suggesting a cautious approach to investment [1] Financial Performance - Profitability decreased in Q3 2025 compared to previous periods, raising concerns about operational efficiency [1] - The balance sheet has improved significantly, reflecting effective financial management and strategic planning [1] Strategic Focus - The company is prioritizing aggressive debt reduction, which may enhance its long-term financial health [1] - Increased liquidity and cash reserves position the company well for future opportunities and challenges [1] - Moderate CAPEX indicates a strategic approach to growth, balancing investment with financial prudence [1]