Core Viewpoint - Costamare Inc. is set to release its third-quarter financial results on November 4, 2025, before the market opens in New York [1] Conference Call Details - A conference call will be held on November 4, 2025, at 8:30 a.m. ET to discuss the financial results, with participants advised to dial in 10 minutes early [2] - The replay of the conference call will be available until November 11, 2025, with specific numbers provided for both US and international participants [3] Live Webcast - A live webcast of the conference call will be available on the Costamare Inc. website, with registration recommended 10 minutes prior to the start [4] Company Overview - Costamare Inc. is a leading owner and provider of containerships for charter, with a history of 51 years in the international shipping industry and a fleet of 68 containerships totaling approximately 513,000 TEU capacity [5] - The company has four newbuild containerships under construction with a total capacity of 12,400 TEU and also participates in a leasing business [5] - The company's common stock and preferred stocks trade on the New York Stock Exchange under various symbols [5]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Industrials and Shipping - **Focus**: Trade flows amid changing US tariffs on China, including shipping, shipbuilding, ports, international freight flights, and land transportation [2][3][4] Core Insights 1. **Container Throughput Decline**: - Container throughput at key ports in China decreased by 8% week-over-week (WoW) and increased by 2% year-over-year (YoY) [3][6] - Port of Los Angeles reported an 11% decrease in import volume WoW, with flat YoY growth for week 45, following a 13% YoY increase in week 44 [3][9] 2. **Freight Rate Trends**: - The Shanghai Containerized Freight Index (SCFI) increased by 7% WoW, marking the highest level since early September [4][13] - Specific rates for Shanghai to US West Coast and East Coast increased by 11% and 6% respectively [4][13] 3. **Chartering Market Dynamics**: - Containership charter rates remain firm, with demand outpacing available tonnage, particularly in the 2,500-4,200 TEU range [4][29] - The Asia feeder ship availability index decreased by 1% WoW, indicating tighter supply [4][33] 4. **Port Congestion and Fees**: - Port congestion persists, with an average vessel waiting time of approximately 3.4 days at the Port of Antwerp [5][31] - 4% of container ship port calls in the US since mid-October may have incurred additional fees, down from 7% in Q1 [5] 5. **International Freight Flights**: - The number of international freight flights increased by 11% YoY last week, indicating a recovery in air freight capacity [3][35] 6. **Railway Express Volumes**: - Outbound volume for the China-Europe and China-Asia Railway Express recorded a decline of 7% and an increase of 31% YoY respectively in September [3][27] Additional Important Insights - **Trade Flow Monitoring**: The report utilizes high-frequency data from various sources, including UBS Evidence Lab and the Ministry of Transport, to track trade flows and shipping dynamics [2][4] - **Macroeconomic Risks**: Investment downsizing at the macroeconomic level poses a risk for China's industrial sector, with potential impacts on demand for industrial goods and import/export volumes [43] - **Future Outlook**: The report suggests that if preferential policies for high-tech companies are canceled, it could negatively affect earnings, alongside intense competition impacting market share [43] This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the current state and outlook of the China industrial and shipping sectors.

Core Insights - Global Ship Lease, Inc. (GSL) is highlighted as a potentially undervalued stock in the shipping sector, benefiting from long-term, fixed-rate contracts that provide stable cash flows [1][11] Business Overview - GSL is headquartered in London and owns a diversified fleet of mid-sized and smaller containerships, chartering them on long-term contracts to leading liner companies, which offers multi-year revenue visibility and protection from spot-rate volatility [2] - The company is positioned to compound value through fleet expansion and vessel acquisitions during market downturns [2] Valuation Metrics - GSL's Intrinsic Value to Price (IV/P) is 1.70, indicating its intrinsic value is approximately 70% higher than its current market price, suggesting strong potential undervaluation [3][11] - The market capitalization of GSL is around $1.017 billion, with an enterprise value of approximately $1.288 billion [4] - GSL generates about $142 million in free cash flow, resulting in an 11% free cash flow yield and an Acquirer's Multiple of 3.3, reflecting strong cash generation relative to its valuation [4] Revenue & Profitability - GSL has maintained robust profitability supported by long-term charters that secure high-margin contracts, even as freight markets have cooled [5] - The company reported a revenue of $730 million and an operating income of $381 million, with an operating margin of approximately 52% [9] Balance Sheet Strength - GSL possesses a solid balance sheet with strong equity backing and sufficient liquidity relative to its vessel commitments, allowing for future fleet expansion and shareholder returns [6] - The company has total debt of approximately $684 million and net debt of about $533 million, with shareholder equity around $1.46 billion [9] Capital Returns - GSL continues to return capital to shareholders through a growing dividend while also reinvesting in its fleet, demonstrating disciplined capital allocation [10] - The dividend yield is estimated to be between 6% and 7%, with total dividends paid amounting to approximately $76 million [9] Conclusion - GSL represents a compelling deep-value opportunity in the transportation sector, characterized by strong earnings visibility, high cash generation, and shareholder-friendly capital returns [12]

Company Overview - Tsakos Energy Navigation ("TEN") is a well-established public shipping company, founded in 1993, celebrating 32 years as a public entity [7] - The company operates a diversified energy fleet consisting of 82 vessels, including various types of tankers and carriers, totaling approximately 11 million deadweight tonnage (dwt) [7] Philanthropic Contributions - Dr. Nikolas P. Tsakos, the Founder & CEO of TEN, was honored for his contributions to the maritime industry and philanthropy at the "Chrysanthemum Ball" Gala in New York [2][3] - The Tsakos family established the Maria Tsakos Public Benefit Foundation in 2010, which focuses on maritime research and education [4] - The Foundation has financed the education of over 500 students across Greece, South America, and West Africa, and opened the Tsakos Merchant Marine Academy in September 2024, the first non-state, non-profit merchant marine academy in Greece [5]

Financial Performance & Highlights - Net income from continuing operations for Q3 2025 was $23.1 million[7] - The company has an average remaining charter duration of 6.9 years[7] with 100% charter coverage for 2025 and 79% for 2026[7] - Contracted revenue backlog exceeds $3.0 billion[7], with 93% or $2.8 billion from gas assets[7, 20] - Cash position is solid with $332.3 million[13, 46] (including restricted cash) as of September 30, 2025[23, 46] - Q3 2025 dividend is $0.15 per share[7] Strategic Updates - Secured employment of up to 10 years for one newbuilding LNG/Cs[7] - Financing completed for all DF MGCs and LCO2/multi-gas carriers[7] - Completed the sale of a 13,300 TEU container carrier in October 2025[7, 13] - The LNG time charter book has a contracted backlog of 93 years at an average TCE of $87,006[17], or approximately $2.8 billion of LNG/C charter revenue[17] LNG Market Dynamics - There has been a surge of Final Investment Decisions (FIDs) in 2025, with three new FIDs in Q3 and seven in total year-to-date[25] - The EU is moving towards a full ban on Russian LNG imports, potentially benefiting shipping as Russian LNG is rerouted to China and US LNG fills the gap in Europe[28, 30] - The EU imported about 17.8 million tons of Russian LNG in 2024[30] - Assuming Russian flows to China travel via Suez in winter and the Northern Sea Route in summer, the split is roughly 50:50, global LNG shipping could gain around 2% on 2024's total ton-miles[30]

Core Insights - Capital Clean Energy Carriers Corp. (CCEC) reported a strategic shift towards gas transportation, focusing on LNG and new commodities related to energy transition, alongside the acquisition of new vessels and divestment of container vessels [3][4][26]. Financial Performance - For Q3 2025, CCEC's revenues were $99.5 million, a decrease of 2.8% from $102.4 million in Q3 2024. Expenses increased by 5.5% to $49.5 million from $46.9 million [6][17]. - Net income for Q3 2025 was $23.1 million, up 43.5% from $16.1 million in Q3 2024 [6][16]. - Interest expense and finance costs decreased by 30.7% to $26.9 million from $38.8 million year-over-year [6][19]. Strategic Developments - CCEC has secured long-term employment for an LNG carrier under construction, contributing to a total contract backlog of 6.9 years and $3.0 billion in contracted revenues [8][15]. - The company completed the sale of 13 container vessels since December 2023, generating gross proceeds of approximately $694.2 million [26]. Fleet and Operations - The current fleet includes 14 vessels, with 12 being the latest generation LNG carriers and two Neo-Panamax container vessels [4][48]. - CCEC's under-construction fleet consists of six LNG carriers and additional gas carriers, with expected capital expenditures totaling $1,767.1 million [27][29]. Market Context - The LNG shipping market is evolving, with modern two-stroke vessels commanding higher earnings compared to older steam turbine vessels. CCEC's fleet is insulated from spot market conditions until Q3 2026 [38][39]. - The global LNG fleet supply is tightening, with a low orderbook to fleet ratio of 41.2%, indicating a favorable environment for modern LNG carriers [39][41]. Corporate Governance - Recent changes in the Board of Directors include the retirement of Abel Rasterhoff and the appointment of Martin Houston, who brings extensive experience in the LNG market [11][42]. Dividend and Shareholder Engagement - CCEC declared a cash dividend of $0.15 per share for Q3 2025, payable on November 13, 2025 [9][37]. - The company has implemented a Dividend Reinvestment Plan, allowing shareholders to reinvest dividends into common shares [36]. Financing Activities - CCEC secured financing for its under-construction fleet, including a $310.1 million arrangement for six dual-fuel medium gas carriers and a $101.7 million agreement for two LCO2 carriers [31][32]. - As of September 30, 2025, total cash amounted to $332.3 million, with total debt at $2,440.8 million [20][22].

Core Viewpoint - Scorpio Tankers Inc. reported a net income of $84.5 million for Q3 2025, a significant decrease from $158.7 million in Q3 2024, attributed to lower Time Charter Equivalent (TCE) revenue and changes in market conditions [2][4][39]. Financial Performance - For the three months ended September 30, 2025, the company had a net income of $84.5 million, translating to $1.81 basic and $1.73 diluted earnings per share [2][4]. - Adjusted net income for the same period was $72.7 million, or $1.56 basic and $1.49 diluted earnings per share, excluding a fair value gain and a loss on debt extinguishment [3]. - In comparison, for Q3 2024, the company reported a net income of $158.7 million, or $3.31 basic and $3.16 diluted earnings per share [4]. Revenue and Expenses - TCE revenue for Q3 2025 was $232.9 million, down from $258.2 million in Q3 2024, reflecting a decrease of $25.3 million [39]. - Average daily TCE revenue decreased to $26,231 per vessel in Q3 2025 from $28,488 per vessel in Q3 2024 [39]. - Vessel operating costs decreased to $74.3 million in Q3 2025 from $80.9 million in Q3 2024, driven by a reduction in the average number of vessels [39]. Dividend Declaration - The Board of Directors declared a quarterly cash dividend of $0.42 per common share, with a payment date set for December 5, 2025 [10]. Debt and Liquidity - As of October 28, 2025, the company had $626.7 million in unrestricted cash and cash equivalents, along with $788.3 million of undrawn revolver capacity [20]. - The company reached agreements for unscheduled prepayments totaling $154.6 million on certain secured credit facilities, expected to occur in Q4 2025 [33]. Recent Transactions - The company entered into a time charter-out agreement for an LR2 product tanker at a rate of $35,000 per day and sold two scrubber-fitted LR2 product tankers for $61.2 million each [14]. - The company sold 4,778,000 common shares of DHT Holdings Inc. at an average price of $12.50 per share during Q3 2025 [14].

Core Viewpoint - Dorian LPG Ltd. will announce its financial results for the second quarter ended September 30, 2025, on November 6, 2025, prior to market opening, and will not provide pre-release numbers based on investor feedback [1]. Financial Results Announcement - The financial results will cover the second quarter ended September 30, 2025 [1]. - A conference call will be held to discuss the results following the announcement [1].

Washington will delay discussions with Beijing over the roll-out of higher port fees on Chinese ships visiting the US, a move that was aimed at challenging the Asian nation’s shipbuilding dominance https://t.co/pHtq3yepWA ...

Core Points - Dynagas LNG Partners LP has scheduled its 2025 Annual Meeting of Limited Partners for November 26, 2025, at 4:00 p.m. local time in Athens, Greece [1] - The record date for determining Limited Partners entitled to vote at the Meeting is set for October 27, 2025 [1] - The Notice of the Meeting and Proxy Statement will be mailed to Limited Partners on or about October 29, 2025, and will also be available on the U.S. Securities and Exchange Commission's website [2]