Financial Data and Key Metrics Changes - In Q4 2025, the company achieved adjusted earnings per share of $0.14, with a board-declared dividend of $0.05 per share [3][17] - Adjusted EBITDA for Q4 2025 was $37.4 million, down from $40.7 million in Q4 2024 [17] - Daily vessel operating expenses increased by 13% to $5,683 in Q4 2025 compared to $5,047 in Q4 2024 [19] Business Line Data and Key Metrics Changes - The company operated an average of 45 vessels in Q4 2025, earning an average time charter equivalent of $17,050, compared to 45.9 vessels earning $16,521 in Q4 2024 [18] - The company has a revenue backlog of $178 million, supporting debt service and shareholder returns [20] Market Data and Key Metrics Changes - The dry bulk fleet is projected to grow by about 3% in 2026, with the order book at approximately 11.4% of the current fleet [4] - Global dry bulk demand is forecasted to grow by 2%-3% in 2026, with cargo volumes expected to expand by 1%-2% [9][12] Company Strategy and Development Direction - The company maintains a prudent balance between spot and time charter exposure to capture market opportunities while preserving cash flow visibility [3] - The fleet is focused on quality, with approximately 80% being Japanese-built, and an average fleet age of 10.5 years, which is younger than the global average [6][15] Management Comments on Operating Environment and Future Outlook - The management noted increased market volatility in the dry bulk market due to geopolitical reasons, but expressed optimism about the market's recovery [3][9] - The company anticipates that supply growth will marginally match demand for 2026, indicating a balanced market outlook [12] Other Important Information - The company has significant liquidity with $382 million in capital resources and a comfortable leverage of 34% [13][20] - The company has an active share repurchase program of 10 million shares [14] Q&A Session Summary Question: Fleet renewal and Capesize age - Management indicated that second-hand prices are rising, but quality tonnages are scarce, leading to a focus on newbuilds [24][25] Question: Time charter market appetite - Management noted that there is currently no interest in 2-3 year contracts, with the market just starting to improve [26][27]

Financial Data and Key Metrics Changes - For the twelve months of 2025, the company achieved a net income of $10.5 million, a significant increase of 481% compared to a net loss of $3 million in 2024 [3][31] - EBITDA for 2025 was reported at $17 million, up 244% from $7 million in 2024 [3][26] - Voyage revenues decreased by 18% to $34.8 million in 2025 from $42 million in 2024, primarily due to the dry docking of the Aframax tanker [3][22] - The cash balance increased by 19% to $14.9 million at the end of 2025, despite the full payment of $15.1 million for the Eco Spitfire [27][31] Business Line Data and Key Metrics Changes - Voyage costs for 2025 were $12.8 million, down from $14.1 million in 2024, attributed to fewer voyage days due to dry docking [22][24] - Operating expenses for 2025 were $9.2 million, with crew expenses accounting for 50% of total operating costs [24] - The company reported a gain on warrants of $9.2 million for 2025, compared to a loss of $11.1 million in 2024 [26] Market Data and Key Metrics Changes - The global dry bulk market showed resilience in 2025, with iron ore and coal trade remaining significant, although coal shipments were forecasted to decline further in 2026 [4][6] - The handysize category saw global exports of dry bulk commodities increase by 2% year-over-year, reaching 1,798 million tons in 2025 [9] - Aframax spot rates exhibited significant improvements, with the Caribbean-US Gulf route seeing an 88.7% increase in rates [11] Company Strategy and Development Direction - The company aims for disciplined growth through selective acquisitions of quality, non-Chinese-built vessels, focusing on short to medium-term charters and spot voyages [29] - The acquisition of two product tankers, expected to be delivered by Q3 2026, will increase fleet capacity by 387% from inception [20][32] - The strategy emphasizes maintaining a high-quality fleet to reduce operating costs and improve safety, which provides a competitive advantage [28] Management's Comments on Operating Environment and Future Outlook - The management highlighted that elevated freight rates, resilient oil demand, and shifting trade patterns support a bullish outlook for 2026 [31] - The company is fully deleveraged, enhancing financial flexibility, and anticipates continued growth in global seaborne trades driven by various geopolitical factors [31] - The transition from opaque to transparent trade in the oil sector is expected to create demand for compliant tonnage, particularly for Aframax vessels [15] Other Important Information - The company has no bank debt and has repaid all capital expenditure obligations totaling $59.2 million without resorting to bank loans [29][30] - The average age of the C3is Handysize fleet was 14.9 years at the end of December 2025, with a significant portion of the global fleet being over 15 years old [10] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session.

Q4 2025 EARNINGS PRESENTATION MV EFROSSINI EEDI-PHASE 3 – IMO NOx TIER III KAMSARMAX DELIVERED APRIL 2025 1 Forward Looking Statements This presentation contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and in Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, the Company's growth strategy and measures to implement such strategy, including expected vessel acquisitions and entering into further time charters. Words ...

Financial Data and Key Metrics Changes - The fleet-wide time charter equivalent was approximately $77,000 per vessel per day, with VLCCs at $92,000 and Suezmax at $53,000 [4] - Adjusted EBITDA for the quarter was $79 million, adjusted net profit was $60 million, and adjusted EPS was $1.78 [4] - Total distributions over the last four quarters amounted to $3.32 per share, representing about 95% of reported net income [5] - Cash at the end of the year was $122.5 million, with total debt at $605 million [8] Business Line Data and Key Metrics Changes - The company achieved a fleet-wide time charter equivalent of about $76,700 per day in Q4, with 100% fleet utilization [15] - The performance of VLCCs outperformed Suezmaxes for the first time since Q2 2024, with VLCCs achieving higher earnings [18] Market Data and Key Metrics Changes - The return of Venezuelan barrels to the compliant fleet and the consolidation of the VLCC market by Sinokor are significant market developments [3][18] - The company noted a structural bullish trend in the tanker market due to fewer ships available for the compliant market [25] Company Strategy and Development Direction - The company is focused on disciplined outperformance and maximizing shareholder returns through dividends and sustainable share price appreciation [3] - The strategy includes maintaining a majority of the fleet in the spot market to capitalize on rising rates [40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong Q1 guidance, with robust fixtures from Q4 flowing into Q1 [18] - The company believes that the current market conditions present significant upside potential, with rates expected to continue rising [33] Other Important Information - The company has executed two opportunistic transactions, acquiring four resale Suezmax newbuildings from Korea [2] - The capital structure has improved, with recent refinancings leading to a margin improvement of about 140 basis points [10] Q&A Session Summary Question: Thoughts on VLCC vs. Suezmax market - Management indicated that Suezmaxes are still outperforming VLCCs on a dollar per metric ton basis, and they see Suezmaxes as versatile assets in the current market [31][32] Question: Interest in selling ships to Sinokor - Management stated that they have not seriously considered selling vessels to Sinokor, emphasizing the upside potential in the current market [33] Question: Changes in capital allocation strategy - Management confirmed that their strategy remains focused on distributing value to shareholders while extracting maximum value from the market [39] Question: Thoughts on moving vessels to term charters - Management reiterated their preference to keep a majority of the fleet in the spot market due to expected upside in spot rates [40] Question: Sinokor's market strategy - Management suggested that Sinokor's strategy involves fixing ships at desired rates to push the market higher, but specifics were deemed better suited for Sinokor to address [48]

Financial Data and Key Metrics Changes - The fleet-wide time charter equivalent was approximately $77,000 per vessel per day, with VLCCs at $92,000 and Suezmaxes at $53,000 [4][15] - Adjusted EBITDA for the quarter was $79 million, adjusted net profit was $60 million, and adjusted EPS was $1.78 [4] - Total distributions over the last four quarters amounted to $3.32 per share, representing about 95% of reported net income [5] - Cash at the end of the year was $122.5 million, with total debt standing at $605 million [8] Business Line Data and Key Metrics Changes - The company executed two opportunistic transactions, acquiring four resale Suezmax new buildings from Korea, with two already delivered [2][3] - The company reported a strong freight market with high asset values, contributing to a consistent increase in NAV [3] Market Data and Key Metrics Changes - The return of Venezuelan barrels to the compliant fleet and the consolidation of the VLCC market by Sinokor are significant market developments [3][26] - The company noted a structural bullish trend in the tanker market due to fewer ships available for the compliant market [25] Company Strategy and Development Direction - The company aims for disciplined outperformance and maximizing shareholder returns through dividends and sustainable share price appreciation [3] - The focus remains on maintaining a fleet primarily exposed to the spot market to capitalize on rising rates [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong Q1 guidance, with robust fixtures from Q4 flowing into Q1 [18] - The company anticipates continued strength in the VLCC and Suezmax markets, with expectations of further rate increases [19][20] Other Important Information - The company has distributed over $461 million in dividends since its IPO, demonstrating a commitment to shareholder value [7] - The capital structure has improved, with recent refinancings leading to a margin improvement of about 140 basis points [10] Q&A Session Summary Question: Insights on VLCC vs. Suezmax market - Management indicated that Suezmaxes are still outperforming VLCCs on a dollar per metric ton basis, and they see Suezmaxes as versatile assets in the current market [31][32] Question: Thoughts on selling ships to Sinokor - Management has not seriously considered selling vessels to Sinokor, emphasizing the potential upside in the current market [33] Question: Changes in capital allocation strategy - Management confirmed that the strategy remains focused on distributing value to shareholders while extracting maximum value from the market [39] Question: Potential for moving vessels to term charters - Management reiterated the preference to keep the majority of the fleet in the spot market due to expected upside in spot rates [40] Question: Sinokor's market strategy - Management suggested that Sinokor's strategy involves fixing ships at desired rates to push the market higher, but specifics are better directed to Sinokor [48] Question: Maximum fleet size for capturing premiums - Management expressed comfort with the current fleet size, indicating it is optimal for continued performance [51]

Financial Data and Key Metrics Changes - The fleet-wide time charter equivalent was approximately $77,000 per vessel per day, with VLCCs at $92,000 and Suezmaxes at $53,000 [4] - Adjusted EBITDA for the quarter was $79 million, with an adjusted net profit of $60 million and adjusted EPS of $1.78 [4] - Total distributions over the last four quarters amounted to $3.32 per share, representing about 95% of reported net income for the period [5] - The company ended the year with $122.5 million in cash and $605 million in balance sheet debt [7] Business Line Data and Key Metrics Changes - The company achieved a 100% utilization rate across its fleet during Q4 [13] - The average age of the fleet is only 6 years, with 16 vessels currently on the water, consisting of 8 Suezmaxes and 8 VLCCs [8] Market Data and Key Metrics Changes - The large crude tanker market has seen a significant uptick, with Venezuelan barrels returning to the compliant fleet and new trade flows emerging [3][20] - The company reported a cumulative outperformance of approximately $235 million versus peers since Q4 2019, reflecting a 22% outperformance on VLCCs and 39% on Suezmaxes over a 5.5-year period [20] Company Strategy and Development Direction - The company is focused on disciplined outperformance and maximizing shareholder returns through dividends and sustainable share price appreciation [3] - The management emphasized the importance of maintaining a fleet that is fully operational and positioned to capitalize on market opportunities [2][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong Q1 guidance, citing robust fixtures from Q4 flowing into Q1 and a favorable structural setup in the crude tanker market [17] - The management noted that the consolidation in the VLCC market by Sinokor is a significant development that could positively impact freight rates [26] Other Important Information - The company executed two opportunistic transactions, raising a total of $245 million in gross proceeds for vessel acquisitions [5][10] - The debt financing market remains open and competitive, with expectations for further reductions in financing costs [9] Q&A Session Summary Question: How does the company view the VLCC market versus Suezmaxes going forward? - Management indicated that while Suezmaxes are still outperforming VLCCs on a dollar per metric ton basis, they see Suezmaxes as versatile assets that can capitalize on various trading opportunities as the VLCC market tightens [30][32] Question: Is there any consideration to sell vessels to Sinokor? - Management stated that they have not seriously considered selling vessels to Sinokor, emphasizing the potential upside in the current market [33] Question: Will the capital allocation strategy change given the strong cash generation? - Management confirmed that the strategy remains focused on distributing value to shareholders while extracting maximum value from the market [38] Question: Is there any thought to move vessels to term charters? - Management reiterated that they prefer to keep a majority of the fleet in the spot market to capitalize on expected upside in spot rates [40]

Core Viewpoint - C3is Inc. reported strong financial results for Q4 and the full year 2025, with significant increases in net income and EBITDA, driven by operational efficiency and fleet expansion strategies [14]. Operational and Financial Highlights Fourth Quarter 2025 Results - The company achieved revenues of $10.6 million in Q4 2025, up from $9.4 million in Q4 2024, with a daily Time Charter Equivalent (TCE) rate increase of 24% to $19,469 [4][9]. - Fleet operational utilization improved to 93.5% in Q4 2025 from 90.2% in Q4 2024, attributed to fewer idle days [4][9]. - Net income for Q4 2025 was $5.2 million, with an EBITDA of $6.7 million and earnings per share (EPS) of $5.82, compared to a loss of $51.51 per share in Q4 2024 [4][9][14]. - The company maintained a cash balance of $14.9 million as of December 31, 2025, despite significant capital expenditures [4][14]. Twelve Months 2025 Results - Total voyage revenues for 2025 were $34.8 million, down from $42.3 million in 2024, primarily due to increased idle days and drydocking of the Aframax tanker [9][10]. - Net income for the year was $10.5 million, a 481% increase from 2024, with EBITDA rising 244% to $17 million [14]. - The average number of vessels owned increased to 4.0 in 2025 from 3.6 in 2024, contributing to operational efficiency [11][14]. - The company reported a significant decrease in interest and finance costs from $2.5 million in 2024 to $0.4 million in 2025, reflecting the repayment of previous loans [13][14]. Fleet and Market Position - C3is Inc. operates a fleet of four vessels, including three Handysize dry bulk carriers and one Aframax tanker, with a total capacity of 213,464 deadweight tons (dwt) [18]. - The company has agreements to acquire two additional product tankers, which will expand fleet capacity by 387% from inception [16][18]. - The operational strategy focuses on capitalizing on strong market fundamentals, including elevated freight rates and resilient oil demand, with expectations for continued growth in global seaborne trade [15][16].

Strategic Positioning and Operational Context - The performance in Q4 2025 was driven by a slightly improved charter market environment compared to the prior year, resulting in higher charter hires [5] - The company attributes its competitive advantage to a high-quality fleet, with 80% of vessels being Japanese-built, compared to a 40% global average [5] - A deliberate balance between spot market exposure and time charters is maintained to capture upside while ensuring cash flow stability [5] - Operational expenses increased by 13% year-over-year, influenced by costs associated with maintaining an aging global dry bulk fleet and higher inspection requirements [5] - The strategic fleet renewal includes Phase 3 vessels and a remaining order book of 8 Phase II vessels to meet tightening carbon intensity limits and fuel regulations through 2030 [5] - The company has supported 17 consecutive quarters of free cash flow generation despite market fluctuations, highlighting a resilient business model [5] Market Outlook and Guidance Assumptions - Supply growth is expected to match demand in 2026, with both projected to grow between 2% and 3%, supporting a balanced freight market [5] - The company anticipates taking delivery of 8 remaining Phase II vessels through Q1 2029, which is expected to strengthen its competitive position in fuel efficiency [5] - Demand projections assume a 3% global GDP growth for 2026 and 2027, although China's weak property sector and self-sufficiency policies pose key downside risks [5] - Recycling volumes are expected to rise as the global fleet ages, with 5% of the dry bulk fleet now exceeding 15 years [5] - Revenue visibility is supported by a $178 million contracted backlog, including $130 million from Capesize vessels with an average remaining duration of 1.8 years [5] - Geopolitical tensions and trade barriers, particularly between the U.S. and China, are identified as primary sources of global economic uncertainty [5] - High Chinese port inventories, which are up 11% year-on-year, may soften iron ore import demand in the first half of 2026 [5] Industry Trends - Coal shipments are projected to decline by 1% to 2% in 2026 as the global energy transition reduces thermal coal trade [6]

Core Insights - The performance was significantly driven by the second-highest fourth-quarter spot tanker rates in 15 years, supported by high spot exposure and a reduced free cash flow breakeven of $11,300 per day [1] - Stricter enforcement of sanctions against Russia, Iran, and Venezuela has created trading inefficiencies that favor compliant fleets by shifting volumes away from the 'dark fleet' [1] - The U.S. naval blockade of Venezuela has redirected approximately 550,000 barrels per day from long-haul China routes to shorter-haul U.S. Gulf and European routes, primarily utilizing Aframax and Suezmax vessels [1] Operational Performance - Operational outperformance was marked by a fleet availability of 99.8% and the successful divestment of the Ardmore investment, which yielded a 14% gross return [1] - Management attributes the current market strength to a combination of unwinding OPEC+ supply cuts and rising non-OPEC+ production, particularly from the Americas [1] Strategic Positioning - The company is strategically focused on 'drip-feeding' fleet renewal, having sold 14 older vessels for $500 million while acquiring 6 more modern vessels for $300 million to reduce the average fleet age [1]

Core Viewpoint - EuroHoldings Ltd. will release its financial results for the fourth quarter ended December 31, 2025, on February 24, 2026, after market closes in New York [1] Group 1: Financial Results Announcement - The financial results will be discussed in a conference call and webcast on February 25, 2026, at 9:00 a.m. Eastern Time [2] - Participants can join the call by dialing in 10 minutes before the scheduled time using specific numbers [3] - An audio webcast of the conference call will be available live and archived on the company's website [5] Group 2: Company Overview - EuroHoldings Ltd. was incorporated on March 20, 2024, as a holding company for vessel-owning subsidiaries of Euroseas Ltd. [7] - The company began trading on NASDAQ Capital Market under the ticker EHLD on March 18, 2025 [7] - EuroHoldings operates a fleet of three vessels with a total carrying capacity of 90,879 dwt, including two feeder containerships and one product tanker [8]