International Seaways Inc. Third Quarter 2025 Earnings Presentation November 6, 2025 Disclaimer Forward-Looking Statements During the course of this presentation, the Company (International Seaways, Inc. (INSW)) may make forward-looking statements or provide forward-looking information. All statements other than statements of historical facts should be considered forward-looking statements. Some of these statements include words such as ''outlook,'' ''believe,'' ''expect,'' ''potential,'' ''continue,'' "gui ...

Core Insights - Heidmar Maritime Holdings Corp. is enhancing its market position by adding super-eco vessels to its fleet under management agreements [1][3] - A new super-eco LR2 tanker from a leading Chinese shipyard is set to join Heidmar's fleet in December 2025, complementing a previously announced sister vessel [2] - The addition of these vessels reflects Heidmar's competitive advantage in providing comprehensive services to shipowners, promoting efficiency and streamlined operations [3] Company Overview - Heidmar, celebrating its 40th anniversary, is a commercial and pool management business focused on the crude and product tanker market, with a commitment to safety, performance, and transparency [4] - The company operates in multiple global locations, including Athens, London, Singapore, Chennai, Hong Kong, and Dubai, and aims to maximize profitability for its customers [4] - Heidmar's unique business model and extensive maritime experience enable it to offer a "one stop" solution for all maritime services in the crude oil and refined petroleum products shipping sectors [4]

Financial Performance - Teekay Tankers reported GAAP net income of $92.1 million and adjusted net income of $53.3 million[6] - GAAP EPS was $2.66, while adjusted EPS was $1.54[6] - Free cash flow (FCF) was $68.7 million, and cash reserves stood at $775 million as of September 30, 2025[6] Spot Rate and Market Dynamics - Q3 2025 spot rates for VLCC, Suezmax, and Aframax/LR2 were $30,900, $31,500, and $33,400 respectively[8] - Q4 2025 to-date spot rates are $37,200 for VLCC, $45,500 for Suezmax, and $35,200 for Aframax/LR2, with 52%, 47%, and 54% of days booked respectively[10] - The company out-chartered one Suezmax vessel for $42,500 per day for one year and two Aframax-sized vessels for an average of $33,275 per day for 12-18 months[11] Strategic Transactions and Capital Allocation - Teekay Tankers completed the acquisitions of the Suezmax Ulsan Spirit and the VLCC Singapore Spirit[11] - Four vessel sales were completed in Q3-25 and Q4-25 to-date, with total gross proceeds of $158.5 million and estimated gains of approximately $47.5 million[11] - A fixed quarterly dividend of $0.25 per share was declared, payable in November 2025[11] Market Outlook and Fundamentals - Seaborne crude oil trade volumes are at their highest since 2020 and are expected to increase further in Q4-25[16] - Global oil demand growth is forecast at 1.1 million barrels per day in 2026, with non-OPEC+ supply growth forecast at 1.2 million barrels per day[31] - The orderbook is stable at 16% of the existing fleet size, and the average fleet age is at a 30+ year high of 13.2 years[31] Teekay Tankers' Value Proposition - The company's free cash flow break-even is approximately $11,300 per day[38] - Every $5,000 increase in spot rates above the FCF break-even is expected to increase annual FCF yield by 2.8% or generate $1.66 of annual FCF per share[38] - Teekay Corporation paid a one-time cash special dividend of $1.00 per common share, totaling $85.3 million in July 2025[43]

Group 1 - The analyst has a diverse professional background across multiple industries, including logistics, construction, and retail, which provides a unique perspective on investing [1] - The investment strategy focuses on cyclical industries, aiming for significant returns during economic recovery and growth, while also maintaining a diversified portfolio that includes bonds, commodities, and forex [1] - The importance of balancing risk is acknowledged, leading to the incorporation of fixed-income investments in the overall strategy [1]

Core Viewpoint - Hafnia (HAFN) is identified as a strong leveraged investment opportunity, particularly benefiting from the anticipated rebound in tanker rates, supported by the company's utilization of $311.3 million in leverage [1]. Company Analysis - Hafnia is positioned to capitalize on the recovery of tanker rates, indicating a positive outlook for the company's financial performance [1]. Investment Strategy - The article suggests that Hafnia represents a solid investment choice for those looking to leverage the potential increase in tanker rates, highlighting the company's strategic financial decisions [1].

Core Viewpoint - Hafnia (HAFN) is identified as a strong leveraged investment opportunity, particularly benefiting from the anticipated rebound in tanker rates, supported by the company's strategic use of $311.3 million in leverage [1]. Company Analysis - Hafnia is positioned to capitalize on the recovery of tanker rates, indicating a positive outlook for the company's financial performance in the near future [1]. Investment Strategy - The article suggests that investing in Hafnia could yield market-beating returns, reflecting confidence in the company's growth potential and market dynamics [1].

Summary of COSCO Shipping Energy Transport Management Update Call Company Overview - **Company**: COSCO Shipping Energy Transport (CSET) - **Date of Call**: 16 October 2025 - **Stock Codes**: 1138.HK / 600026.SH Key Industry Insights - **Tanker Cycle Outlook**: Management expressed a positive outlook on the tanker cycle, driven by: 1. **Demand Recovery**: Supported by OPEC's steady output recovery and China's Strategic Petroleum Reserve restocking [2][32] 2. **Supply Constraints**: Effective supply tightening due to India's shift towards compliant Middle-East and Latin-American crude, extreme weather, gray-fleet retirements, and shipyard congestion [2][32] 3. **Policy Drivers**: Introduction of port fees on US-linked vessels in China, escalating US-China trade tensions, and participation in Brazil through a joint venture with CNOOC [2][32] 4. **Shareholder Returns**: Plans to resume dividends and buybacks post-restrictions [2][32] Financial Performance and Forecasts - **3Q25 Revenue Forecast**: Expected to be Rmb4.95 billion, a decrease of 5% YoY and 16% QoQ [4] - **3Q25 NPAT Forecast**: Expected to be Rmb976 million, an increase of 26% YoY but a decrease of 16% QoQ [4] - **4Q Earnings Rebound**: Anticipated due to strong spot rates, with average TD3C rates around US$72k/day since September [4] Supply and Demand Dynamics - **OPEC+ Production Increase**: OPEC+ has increased production by approximately 2.47 million barrels per day since April, providing substantial cargo volumes for long-haul shipments [8] - **VLCC Market Trends**: The VLCC market has shown volatility, with rates fluctuating significantly due to geopolitical events and market sentiment [8][12] - **Impact of Sanctions**: US sanctions and China's reciprocal port fees have created a bullish environment for compliant tonnage, with high TCEs expected to persist [8][12] Strategic Initiatives - **Decarbonization Efforts**: CSET is testing methanol-dual-fuel VLCCs and exploring new energy solutions, aligning with long-term carbon reduction goals [18] - **Expansion in Brazil**: CSET is increasing its presence in Brazil through a joint venture with CNOOC, capitalizing on growing Brazilian crude output [18] Valuation and Investment Thesis - **Price Target**: CSET-H target price set at HK$12, reflecting a potential upside of 25% [34][39] - **Investment Thesis**: CSET is rated Overweight based on: 1. Industry recovery signals post-2025 2. Scrapping of older vessels and tightening supply discipline 3. Diversified fleet mix and strong market positioning 4. Limited exposure to geopolitical risks [33][43] Risks and Considerations - **Downside Risks**: Include slower-than-expected recovery in tanker demand, regulatory cost pressures, and geopolitical uncertainties [45] Conclusion - CSET is positioned favorably within the tanker market, with strong fundamentals and a clear strategy for navigating current challenges, making it an attractive investment opportunity as the market tightens into 2026 [32][38]

As filed with the Securities and Exchange Commission on October 15, 2025. Registration No. 333-290426 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 2 to Form F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Rubico Inc. (Exact name of Registrant as specified in its charter) Republic of the Marshall Islands (State or other jurisdiction of incorporation or organization) 4412 (Primary Standard Industrial Classification Code Number) N/A (I.R.S. Employer Identifi ...

Core Points - DHT Holdings, Inc. will release its third quarter 2025 results after market close on October 29, 2025 [1] - A conference call and webcast will be held on October 30, 2025, at 8:00 a.m. EST to discuss the quarterly results [1] - Participants must register in advance to access the conference call [1] Company Overview - DHT Holdings, Inc. is an independent crude oil tanker company operating internationally with a fleet in the VLCC segment [2] - The company emphasizes first-rate operations, customer service, and a prudent capital structure to ensure stability through business cycles [2] - DHT's disciplined capital allocation strategy includes cash dividends, vessel investments, debt prepayments, and share buybacks [2]

Core Viewpoint - Performance Shipping Inc. is expanding its fleet by acquiring two eco-friendly Suezmax tankers, enhancing its operational profile and aligning with its strategy for modernization and growth in the midsize tanker segment [1][2]. Company Overview - Performance Shipping Inc. is a global provider of shipping transportation services, specializing in the ownership of tanker vessels, and employs its fleet on spot voyages, pool arrangements, and time charters [3]. Fleet Expansion Details - The company has entered into agreements to purchase the M/T Eco Bel Air and M/T Eco Beverly Hills, both built in 2019, for a total price of USD 75,438,000 per vessel, with delivery expected between December 2025 and January 2026 [1][2]. - The new vessels are equipped with energy-efficient technologies, including lower consumption electronic engines and scrubbers, which contribute to their eco-design [1]. Financial Strategy - Following a USD 100 million bond issue in July, the company is considering a moderate amount of debt to maintain flexibility for future acquisitions while having sufficient cash on hand for the current purchase [2].