Core Viewpoint - Star Bulk Carriers Corp. reported a significant decline in financial performance for Q1 2025 compared to Q1 2024, with a net income of $0.5 million and a decrease in voyage revenues, while announcing a new minimum quarterly dividend policy of $0.05 per share [1][4][8]. Financial Performance - Voyage revenues decreased to $230.7 million in Q1 2025 from $259.4 million in Q1 2024 [20]. - Net income fell sharply to $0.5 million in Q1 2025 from $74.9 million in Q1 2024 [18]. - Adjusted net loss for Q1 2025 was $7.7 million, compared to an adjusted net income of $73.2 million in Q1 2024 [18][46]. - EBITDA decreased to $58.0 million in Q1 2025 from $126.3 million in Q1 2024 [19][42]. - Adjusted EBITDA was $49.0 million in Q1 2025, down from $123.0 million in Q1 2024 [19][42]. Operational Metrics - The average number of vessels increased to 150.7 in Q1 2025 from 113.3 in Q1 2024 [34]. - Daily Time Charter Equivalent (TCE) rate dropped to $12,439 per day in Q1 2025 from $19,627 per day in Q1 2024, reflecting weaker market conditions [20][35]. - Daily operating expenses per vessel (as adjusted) were $4,898 in Q1 2025, slightly down from $4,962 in Q1 2024 [22][35]. Dividend and Share Repurchase - The Board declared a quarterly cash dividend of $0.05 per share, marking the 17th consecutive quarter of capital returns [5][8]. - Approximately 1.3 million shares were repurchased at an average price of $15.24 per share during Q1 2025, totaling $19.6 million [9]. Fleet and Asset Management - The company agreed to sell five Supramax vessels as part of its strategy to dispose of older and smaller tonnage [6]. - Following recent vessel sales, the company will have 13 unencumbered vessels and expects to collect total net proceeds of approximately $44.4 million in Q2 2025 [14]. Financial Position - The company reported over $500 million in liquidity and net debt below scrap value [7]. - As of March 31, 2025, total assets were $4.02 billion, with total liabilities of $1.56 billion [32].

Company Overview - Star Bulk Carriers Corp. is a global shipping company specializing in seaborne transportation solutions within the dry bulk sector, transporting major and minor bulk commodities such as iron ore, minerals, grain, bauxite, fertilizers, and steel products [3] - The company was incorporated in the Marshall Islands on December 13, 2006, and has executive offices located in Athens, New York, Stamford, and Singapore [3] - Star Bulk's common stock is traded on the Nasdaq Global Select Market under the symbol "SBLK" [3] Fleet Information - As of the date of the release, Star Bulk owns a fleet of 150 vessels with an aggregate capacity of 14.7 million deadweight tons (dwt) [3] - The fleet composition includes 17 Newcastlemax, 15 Capesize, 1 Mini Capesize, 7 Post Panamax, 44 Kamsarmax, 1 Panamax, 48 Ultramax, and 17 Supramax vessels, with carrying capacities ranging from 55,569 dwt to 209,537 dwt [3] Recent Corporate Actions - The Annual Meeting of Shareholders was held in Cyprus on May 14, 2025, where several proposals were approved [1] - The re-election of Messrs. Petros Pappas, Arne Blystad, and Raffaele Zagari as Class C Directors on the Board of Directors was confirmed [1] - DELOITTE CERTIFIED PUBLIC ACCOUNTANTS S.A. was appointed as the independent auditors for the fiscal year ending December 31, 2025 [2]

Core Viewpoint - Star Bulk Carriers Corp. will release its financial results for Q1 2025 on May 14, 2025, and will host a conference call on May 15, 2025, to discuss these results [1]. Company Overview - Star Bulk is a global shipping company specializing in seaborne transportation solutions in the dry bulk sector, transporting major and minor bulk commodities [5]. - The company was incorporated in the Marshall Islands on December 13, 2006, and has executive offices in Athens, New York, Stamford, and Singapore [5]. - Star Bulk's common stock trades on the Nasdaq Global Select Market under the symbol "SBLK" [5]. - As of the release date, the company owns a fleet of 152 vessels with an aggregate capacity of 14.8 million deadweight tons (dwt), including various types of bulk carriers [5].

Financial Data and Key Metrics Changes - In Q1 2025, market spot rates for Handysize and Supramax vessels averaged $8,000 and $7,900 net per day, respectively, representing a decrease of 24% to 36% compared to the same period in 2024 [3][4] - Average Handysize and Supramax daily time charter equivalent earnings were $10,940 and $12,210 per day, respectively, reflecting a year-on-year decrease of 11% [6][8] - The cash breakeven level for owned Handysize and Supramax vessels is $5,780 and $6,200, respectively, ensuring positive cash flow generation [8] Business Line Data and Key Metrics Changes - Global minor bulk loadings increased by approximately 2% year-on-year, driven by higher loading of bauxite, cement, and clinker [4] - Global grain loadings decreased by 16% year-on-year, primarily due to reduced Chinese demand and harvest delays in Brazil [4][5] - Global coal loadings dropped by 5% year-on-year, with a notable 11% decline in seaborne coal volumes to China [5][6] Market Data and Key Metrics Changes - The Baltic Exchange Forward Freight Agreement average rates for the remainder of 2025 are projected at $9,120 for Handysize and $9,860 for Supramax vessels [3] - Global iron ore loadings declined by 7% year-on-year, primarily due to reduced Australian iron ore loadings caused by cyclones [6][10] - The global dry bulk fleet is projected to grow by 3.4% in 2025, outpacing demand growth [12][18] Company Strategy and Development Direction - The company aims to grow and renew its fleet, maintaining a disciplined approach amidst market uncertainties [19][20] - In Q1 2025, the company added larger and younger vessels to its fleet while selling older vessels as part of its renewal strategy [19] - The company has ordered four dual fuel methanol newbuildings for delivery in 2028 and 2029, aligning with industry decarbonization targets [20][21] Management's Comments on Operating Environment and Future Outlook - The near-term bulk market demand outlook is clouded by uncertainties from increasing trade and geopolitical tensions, but potential shifts in trade flows could provide support [10][11] - The company expects some support from ASEAN countries for coal demand, while iron ore demand may remain under pressure due to reduced Chinese domestic demand [11][15] - Management believes that the versatility of the dry bulk trade could lead to increased tonne mile demand as trade flows shift [17][18] Other Important Information - The company has a solid balance sheet that allows for growth opportunities amidst market uncertainties [23] - The IMO's midterm measures are seen as a positive step for the shipping industry, supporting the company's investments in cleaner technologies [21][63] Q&A Session Summary Question: Market expectations for the rest of the year - Management indicated that the market is expected to remain volatile, with a focus on positioning for potential fluctuations in demand and supply [29][35] Question: Impact of USTR on vessel values - Management noted that 70% of the fleet is Japanese built, which may present opportunities amidst regulatory changes, although the exact impact remains uncertain [40][42] Question: Secondhand prices and buyback program - Management acknowledged a slight improvement in secondhand prices recently and confirmed the continuation of the share buyback program, believing the shares are undervalued [51][52] Question: Trade shifts and M&A opportunities - Management observed a shift in trade patterns due to uncertainties around tariffs, and expressed openness to M&A opportunities while prioritizing organic growth [72][78]

Financial Data and Key Metrics Changes - Net revenue for Q4 2024 was $10.8 million, down from $11.6 million in Q4 2023, with adjusted EBITDA increasing by 11% to $5.1 million [10][26] - Full year net revenue reached $45.4 million, significantly higher than the previous year, while adjusted EBITDA grew to $20.3 million compared to $18.9 million in 2023 [27] - The company recorded a net loss of $3.4 million for the year, compared to a net profit of $200,000 in 2023, largely due to a decrease in profits from vessel sales [27][28] Business Line Data and Key Metrics Changes - The company sold the Oasea and reinvested in the Nisea, which has been employed on a profitable fixed-rate charter [11] - The Gloriuship, the oldest vessel in the fleet, is scheduled for sale, expected to enhance cash position by approximately $7 million [29][50] Market Data and Key Metrics Changes - The dry bulk market experienced a temporary slowdown in coal and iron ore exports, impacting revenue [9] - Capesize and Panamax charter rates softened due to seasonal factors and high inventory levels in China [17][18] - The Capesize order book remains at historical low levels, indicating potential demand for new vessels in the future [21] Company Strategy and Development Direction - The company is focused on building a high-quality dry bulk fleet and has successfully completed its second investment cycle without diluting shareholders [6][36] - United Maritime is optimistic about the long-term fundamentals of the dry bulk market and is exploring opportunities in the offshore sector [15][24] Management's Comments on Operating Environment and Future Outlook - Management remains confident in the company's ability to generate shareholder value despite current market volatility [9] - The company anticipates a rebound in the dry bulk market and expects higher time charter equivalent rates in the following quarters [14][24] Other Important Information - The company declared a total dividend of $0.235 per share for 2024, with a reduced dividend of $0.01 per share for Q4 2024 due to market conditions [7][10] - The company has extended its share repurchase program by 12 months, with $1.9 million remaining available for repurchases [8] Q&A Session Summary Question: What is the scheduled delivery of the offshore vessel and remaining capital commitments? - The scheduled delivery is in Q1 2027, with $3.5 million already paid and another $4.5 million committed to be called in two tranches within 2025 [42] Question: Can you review comments on the US missile strikes and their potential link to the dry bulk market? - The Red Sea remains closed, which disrupts trade routes, but a ceasefire in Ukraine could positively impact the Panamax/Kamsarmax segment [45][46] Question: Regarding the Capesize sale, does the $50 million sales price imply a gain of $7 million? - The net amount after the sale will be around $7 million, considering the outstanding loan and management agreements [50]

Core Insights - United Maritime Corporation reported a net loss of $1.8 million for Q4 2024, compared to a loss of $0.7 million in Q4 2023, indicating a decline in profitability despite an increase in net revenues [4][6][7] - The company declared a quarterly dividend of $0.01 per share for Q4 2024, marking the ninth consecutive quarterly distribution, with total cash dividends of $1.61 per share since November 2022 [5][10] - The fleet's Time Charter Equivalent (TCE) rate decreased to $14,248 per day in Q4 2024 from $15,874 in Q4 2023, reflecting market conditions [6][21] Financial Performance - Q4 2024 net revenues were $10.8 million, down from $11.6 million in Q4 2023, while total revenues for 12M 2024 reached $45.4 million, up from $36.1 million in 12M 2023 [6][7] - Adjusted EBITDA for Q4 2024 was $5.1 million, an increase from $4.6 million in Q4 2023, and for the full year, it rose to $20.3 million from $18.9 million [6][7][23] - The company reported a basic loss per share of $0.21 for Q4 2024, compared to a loss of $0.08 in Q4 2023, and a diluted loss per share of $0.21, compared to a loss of $0.08 in the prior year [6][25] Strategic Developments - The company enhanced its fleet by acquiring a 2016-built Kamsarmax dry bulk vessel and selling its oldest Capesize vessel, the M/V Gloriuship, for approximately $15 million [5][12][33] - United secured $48.3 million in financing during 2024, which supported strategic initiatives and eliminated near-term debt maturities until Q4 2026 [5][13] - The integration of AI-driven solutions into the fleet aims to optimize energy consumption and operational efficiency [34] Market Conditions - The fourth-quarter results were impacted by a seasonal slowdown in coal and iron ore trade, which is typical following strong export volumes earlier in the year [14][15] - Long-term fundamentals of the dry bulk market remain strong, driven by structural shifts in global trade and fleet supply constraints [15][16] - Potential geopolitical developments and trade tariff discussions could create new shipping routes, increasing demand for ton-miles [16][17]

Core Points - Globus Maritime Limited filed its annual report on Form 20-F with the Securities and Exchange Commission, which includes audited financial statements for the fiscal year ended December 31, 2024 [1] - The company operates a fleet of ten dry bulk vessels with a total carrying capacity of 734,249 dead weight tons and an average age of 8 years as of March 14, 2025 [2] Company Overview - Globus Maritime Limited is an integrated dry bulk shipping company providing marine transportation services globally [2] - The company's fleet transports various dry bulk cargoes including iron ore, coal, grain, steel products, cement, and alumina [2]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 2024 was $69.9 million, down from $124.4 million in Q3 2024 [4] - Net income for Q4 2024 was $39 million, compared to $56.3 million in Q3 2024, with earnings per share decreasing from $0.28 to $0.20 [4] - Full-year 2024 net profit increased to $223.2 million from $112.3 million in 2023 [5] - Total fleet-wide TCE rate decreased to $20,800 in Q4 from $23,700 in Q3 [8] Business Line Data and Key Metrics Changes - Drydocking costs in Q4 were $34.3 million for thirteen vessels, significantly higher than $9.7 million for five vessels in Q3 [6] - Net revenues fell to $174.9 million in Q4 from $206.6 million in Q3 [10] - Operating expenses (OPEX) increased to $95.6 million from $69.4 million in Q3, primarily due to drydocking and ballast water treatment system upgrades [11] Market Data and Key Metrics Changes - Brazilian iron ore volumes decreased by 13% quarter on quarter, while annual export volumes increased by 3% [19] - Guinea bauxite volumes grew by 14% year on year, averaging over 13.5 million tons per month in Q4, up from 10.5 million tons in Q3 [21] - China accounted for 74% of iron ore volumes and 85% of bauxite volumes in 2024, indicating strong demand from the region [22] Company Strategy and Development Direction - The company is focusing on an intensive drydocking period for its Capesize fleet, with nearly half of the fleet undergoing special surveys over nine months [17] - The company maintains its position as the largest listed owner in the Capesize and Newcastle Max segment, which represents over 80% of its deadweight tonnage [18] - A strategy to reward shareholders through dividends and share buybacks continues, with a declared dividend of $0.15 per share for Q4 2024 [7][44] Management's Comments on Operating Environment and Future Outlook - Management noted a rebound in sentiment due to improved weather conditions in Australia and a boost in Panamax rates, which have positively impacted Capesize rates [48][50] - The company remains fundamentally positive on the market outlook despite near-term volatility and geopolitical uncertainties [45] - Analysts expect that new high-grade iron ore deposits will replace lower-quality Chinese domestic production, positively impacting demand for Capesize vessels [34] Other Important Information - The company has secured a net TCE of about $15,100 per day for 77% of Capesize days in Q1 2025 [7] - Cash flow from operations decreased to $71.7 million in Q4 from $100.8 million in Q3 [14] - The company has $150 million of undrawn available credit facilities at the end of Q4 [16] Q&A Session Summary Question: What is the outlook for the Cape market? - Management indicated a rebound in sentiment driven by improved weather conditions in Australia and a boost in Panamax rates, although volumes from Brazil remain muted [48][50] Question: What are the budget expectations for dry docks in the first half of 2025? - Management stated that costs for drydocking have increased due to regulatory requirements and the need for high-performing vessels, with the average costs in Q4 being higher than usual [52][53] Question: What opportunities are there for sales and purchases of vessels? - Management expressed a preference for being sellers rather than buyers at the moment, focusing on maintaining capacity in the Cape and Newcastle Max segments [58][59] Question: What impact could potential port fees on Chinese-built vessels have? - Management noted that the proposed policies are still in the early stages and that the US is not a major player in dry bulk, suggesting that any increased costs could be passed on to consumers [70][72]

Financial Performance - Golden Ocean's adjusted EBITDA for Q4 2024 was $69.9 million, a decrease compared to $124.4 million in Q3 2024[12] - Net income for Q4 2024 was $39.0 million, with earnings per share of $0.20, down from $56.3 million and $0.28 per share in Q3 2024[12] - Full year 2024 net income reached $223.2 million, with earnings per share of $1.12[12] - TCE rates for Capesize vessels were $24,656 per day, and Panamax vessels $14,771 per day, resulting in an overall fleet TCE rate of $20,809 per day for Q4 2024[12] - A dividend of $0.15 per share was announced for Q4 2024[12] Fleet and Operations - $34.3 million was spent on drydocking expenses in Q4 2024 for 13 vessels, compared to $9.7 million for five drydockings in Q3 2024[12] - The company exercised a purchase option for eight vessels chartered from SFL for $112 million, partially financed by a new $90 million credit facility[12] - Estimated TCE rates for Q1 2025 are approximately $15,100 per day for 77% of Capesize available days and $9,900 per day for 81% of Panamax available days[12] - Estimated TCE rates for Q2 2025 are approximately $20,900 per day for 16% of Capesize available days and $14,200 per day for 10% of Panamax available days[12] Market Dynamics - Dry bulk volumes increased by 5.4% in 2024, with growth across all commodities[29] - Asia now represents 60% of drybulk volumes versus 50% in 2017, driven by growth in China, Southeast Asia, and India[38]

TABLE OF CONTENTS As filed with the U.S. Securities and Exchange Commission on March 29, 2023. Registration No. 333-270337 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 4 to FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Himalaya Shipping Ltd. (Exact name of Registrant as specified in its charter) Bermuda 4412 N/A (State or other jurisdiction of (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification Number) S.E. Pear ...