FINANCIAL RESULTS Q4 2025 February 2026 1 Q4 Financial Highlights Forward-Looking Statements This presentation contains certain forward-looking statements. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may include statements concerning the Company's plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, ...

ATHENS, Greece, Feb. 25, 2026 (GLOBE NEWSWIRE) -- Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (Nasdaq: SBLK), a global shipping company focusing on the transportation of dry bulk cargoes, today announced its unaudited financial and operating results for the fourth quarter of 2025 and the year ended December 31, 2025. Unless otherwise indicated or unless the context requires otherwise, all references in this press release to "we," "us," "our," or similar references, mean Star Bulk Carriers Corp. ...

Earnings Presentation Quarter Ended December 31, 2025 1 February 20, 2026 38 – 138 – 222 22 – 90 – 144 149 – 55 – 53 192 – 0 – 0 217 – 217 – 217 This presentation shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful under the securities laws of such jurisdiction. 2 38 – 138 – 222 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 Forward/Looking Statement ...

Financial Data and Key Metrics Changes - Genco Shipping recorded a net income of $15.4 million or $0.35 per share for Q4 2025, with adjusted net income at $17.3 million or $0.40 per share, excluding certain expenses [18] - Adjusted EBITDA for Q4 totaled $42 million, a 94% increase compared to Q3 2025, bringing the full year 2025 total to $85.9 million [18] - The company ended Q4 2025 with cash of $55.5 million and debt of $200 million, with an undrawn revolver availability of $400 million [18] Business Line Data and Key Metrics Changes - Genco declared its 26th consecutive dividend, representing an annualized yield of 9% on the current share price, marking the highest dividend level since Q4 2022 [7] - The company generated the highest levels of EBITDA and TCE for the year at $42 million and $20,064 per day, respectively [7][8] - Estimated Q1 2026 TCE is approximately $18,000 per day for 80% of the quarter, which is over 50% higher than Q1 2025 levels [9][22] Market Data and Key Metrics Changes - The dry bulk freight rate environment improved significantly in the second half of 2025, with the Baltic Capesize Index averaging nearly $29,000 per day in Q4 [24] - China's iron ore imports rose by 7% year-over-year in Q4, contributing to the strong demand for dry bulk shipping [24] - Brazilian iron ore shipments increased by 26% in the second half of 2025 compared to the first half, indicating a positive trend for the Capesize sector [25] Company Strategy and Development Direction - Genco's comprehensive value strategy focuses on dividends, financial deleveraging, and opportunistic fleet growth, with notable success in achieving these objectives over the past five years [5][6] - The company aims to transform into a low-leverage, high-dividend entity while maintaining flexibility for fleet growth [5] - Genco plans to continue capital allocation towards dividends and fleet renewal, cycling out older vessels for more modern, fuel-efficient ships [36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's performance and future prospects, highlighting a strong balance sheet and significant operating leverage [28] - The company anticipates a higher dividend in Q1 2026 compared to the previous year, supported by strong TCE levels and a favorable market environment [9][21] - Management noted that the current market conditions provide a solid foundation for a positive outlook in the dry bulk sector, despite potential volatility [27] Other Important Information - Genco has invested $347 million in high-quality vessels and distributed $270 million in dividends since the implementation of its value strategy [6] - The company has a low cash flow breakeven rate of under $10,000 per day, which is a key differentiator compared to peers [10][20] - Genco's corporate governance practices are highlighted as a core part of its identity, with a diverse and independent board and no related party transactions [16][17] Q&A Session Summary Question: Strategic outlook for Genco considering asset values - Management emphasized that dividends and the value strategy remain top priorities, with plans to cycle out older vessels and invest in modern ships as asset values rise [36] Question: Insights on term charter markets - Management noted that there has not been as much liquidity in the dry bulk TC market compared to tankers, with owners hesitant to lock in rates due to optimistic market conditions [40] Question: Activity of Chinese buyers in the S&P market - Management confirmed that Chinese buyers remain active, particularly in acquiring older assets, which reflects confidence in the market's future [57] Question: Impact of geopolitical disruptions on dry bulk shipping - Management indicated that a resolution to the Russia-Ukraine situation could positively impact grain and iron ore shipments, while disruptions in the Red Sea have minimal effect on dry bulk operations [60] Question: Operating costs and chartered-in fleet strategy - Management acknowledged operating cost inflation but emphasized a focus on maintaining low break-even costs and being opportunistic with chartered-in vessels [71]

Financial Data and Key Metrics Changes - Genco Shipping reported a net income of $15.4 million for Q4 2025, translating to 35 cents per share, with adjusted net income at $17.3 million or 40 cents per share, excluding certain expenses [18] - Adjusted EBITDA for Q4 reached $42 million, a 94% increase compared to Q3, contributing to a full-year total of $85.9 million for 2025 [18] - The company ended 2025 with cash and debt positions of $55.5 million and $200 million, respectively, and had $400 million in undrawn revolver availability [18] Business Line Data and Key Metrics Changes - Genco declared its 26th consecutive dividend, marking an annualized yield of 9% on the current share price, the highest level since Q4 2022 [7] - The company achieved its highest levels of EBITDA and Time Charter Equivalent (TCE) for the year at $42 million and $20,064 per day, respectively [7][8] - The estimated Q1 2026 TCE is projected to be approximately $18,000 per day, over 50% higher than Q1 2025 levels [9] Market Data and Key Metrics Changes - The dry bulk freight rate environment improved significantly in the second half of 2025, with the Baltic Capesize Index averaging nearly $29,000 per day in Q4 [24] - China's iron ore imports rose by 7% year-over-year in Q4, contributing to a strong demand for dry bulk shipping [24] - Brazilian iron ore shipments increased by 26% in the second half of 2025 compared to the first half, indicating robust supply growth [25] Company Strategy and Development Direction - Genco's comprehensive value strategy focuses on dividends, financial deleveraging, and opportunistic fleet growth, with notable success in achieving these objectives over the past five years [5][6] - The company plans to continue capital allocation towards dividends and fleet modernization, cycling out older vessels for more fuel-efficient ships [36] - Genco aims to maintain a balanced fleet composition, with a focus on high-specification, premium-earning vessels, particularly in the Capesize sector [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's performance and future prospects, highlighting a strong balance sheet and significant operating leverage [28] - The company anticipates a higher dividend in Q1 2026 compared to the previous year, supported by strong cash flow and TCE levels [9][21] - Management noted that the current market conditions are favorable, with low supply growth and increasing demand expected to drive future earnings [25][27] Other Important Information - Genco has invested $347 million in modern vessels and distributed $270 million in dividends since the implementation of its value strategy [6] - The company has a low cash flow breakeven rate of under $10,000 per day, providing a competitive advantage in various market conditions [20] - Genco's corporate governance practices are highlighted as a differentiator, with a diverse and independent board and no related party transactions [16][17] Q&A Session Summary Question: Strategic outlook for Genco considering asset values - Management indicated that capital allocation will prioritize dividends and fleet modernization, with a focus on replacing older vessels with modern, fuel-efficient ships [36] Question: Insights on term charter markets and deployment of ships - Management noted that there has not been as much liquidity in the dry bulk time charter market, with owners hesitant to lock in rates due to positive market sentiment [40] Question: Activity of Chinese buyers in the S&P market - Management confirmed that Chinese buyers remain active, particularly in acquiring older assets, which reflects confidence in the market [57] Question: Impact of geopolitical disruptions on dry bulk shipping - Management stated that a resolution to the Russia-Ukraine situation could lead to increased grain shipments, which would be beneficial for dry bulk shipping [60] Question: Operating costs and chartered-in fleet strategy - Management emphasized a focus on larger ships for growth and noted that chartering-in is opportunistic, with no plans for speculative long-term charters [70]

Genco Shipping & Trading (NYSE:GNK) Q4 2025 Earnings call February 18, 2026 08:30 AM ET Speaker5Good morning, ladies and gentlemen, and welcome to the Genco Shipping & Trading Limited fourth quarter 2025 earnings conference call and presentation. Before we begin, please note that there will be a slide presentation accompanying today's conference call. That presentation can be obtained from Genco's website at www.gencoshipping.com. To inform everyone, today's conference is being recorded and is now being web ...

Financial Performance - Danaos Corporation reported operating revenues of $266.3 million for the three months ended December 31, 2025, a 3.1% increase from $258.2 million in the same period of 2024 [28] - The net income for the same period was $117.9 million, or $6.42 per diluted share, compared to $90.4 million, or $4.70 per diluted share, in the prior year [26] - Adjusted net income for the three months ended December 31, 2025 was $131.2 million, or $7.14 per diluted share, slightly down from $133.3 million, or $6.93 per diluted share, in the previous year [21][50] Segment Performance - The container vessels segment generated adjusted net income of $123.6 million for the three months ended December 31, 2025, compared to $128.7 million in the same period of 2024 [22] - The drybulk vessels segment saw adjusted net income increase to $7.2 million for the three months ended December 31, 2025, up from $2.3 million in the previous year [23] Operating Metrics - Fleet utilization for container vessels was 99.3% in Q4 2025, up from 96.4% in Q4 2024, while drybulk vessels utilization improved to 99.8% from 84.2% [20] - The average number of container vessels increased to 74.6 in Q4 2025 from 72.9 in Q4 2024, while the average number of drybulk vessels remained at 10 [20] Financial Position - As of December 31, 2025, total cash liquidity and marketable securities reached $1.4 billion, compared to $806.7 million in the previous year [3] - Gross debt increased to $1.177 billion from $744.5 million year-over-year, primarily due to the issuance of a $500 million senior unsecured bond [67] Revenue Growth - For the year ended December 31, 2025, operating revenues increased by 2.8% to $1.042 billion from $1.014 billion in 2024 [56] - The container vessels segment's operating revenues rose by 2.0% to $955.4 million, while the drybulk vessels segment's revenues increased by 13.0% to $87.0 million [56] Cost Management - Vessel operating expenses increased to $208.8 million for the year ended December 31, 2025, up from $185.7 million in 2024, attributed to a larger fleet and higher daily operating costs [57] - General and administrative expenses rose to $64.4 million from $54.2 million, driven by a one-off discretionary cash bonus and increased management fees [62] Strategic Developments - The company entered a strategic partnership with Glenfarne Group for the Alaska LNG project, involving a $50 million equity investment and becoming the preferred tonnage provider for LNG carriers [11] - Danaos has secured long-term charters for several new vessels, contributing to a total contracted revenue backlog of $4.3 billion [16]

Summary of Diana Shipping Inc. Conference Call Company Overview - **Company Name**: Diana Shipping Inc. - **Industry**: Shipping transportation services, specifically dry bulk vessels - **Ticker Symbol**: DSX (listed on the New York Stock Exchange) - **Founded**: Predecessors established in 1972, public since 2005 - **Current Fleet**: 36 vessels with an average age of 12.17 years and a carrying capacity above 4 million deadweight tons [1][6][7] Key Financial Highlights - **Revenue**: Secured $168+ million in revenues as of the latest update [8] - **Cash Position**: Approximately $134 million at the end of Q3 2025 [8] - **Share Repurchase**: Repurchased 11.5 million shares for $22.9 million in 2025 [9] - **Debt Profile**: Net debt to fleet value at 53%, with no debt maturities before 2029 [7][15][33] - **Dividend**: Consistent quarterly dividends since 2021, totaling $2.69 per common share [18] Strategic Developments - **Acquisition of Genco Shipping**: Proposal to acquire all outstanding shares at $20.6 per share, rejected by Genco's board [11][35] - **New Vessel Orders**: Two methanol dual fuel propulsion Kamsarmax vessels expected for delivery in late 2027 to early 2028 [6] - **Chartering Strategy**: Focus on medium to long-term charters, with an average daily rate of $17,700 for 2026 [14] Market Outlook - **2025 Performance**: Mixed results with a strong recovery in the second half, despite initial demand slowdowns [24][25] - **2026 Projections**: Global GDP growth expected at 3.3%, with stable dry bulk trade supported by iron ore and bauxite shipments [26][27] - **Supply Dynamics**: Controlled supply growth with low scrapping rates; fleet size at over 14,500 ships [28] ESG Commitment - **Sustainability Focus**: Strong emphasis on ESG practices, with a published 2024 ESG report highlighting commitment to sustainable operations [20][48] - **Decarbonization Strategy**: Includes operational measures and fleet renewal to improve efficiency by nearly 15% over the past few years [45][46] Management Team - **Key Executives**: - Ioannis Zafirakis (CEO) - Maria Dede (Co-CFO) - Margarita Veniou (Chief Corporate Development Officer) - Evangelos Sfakiotakis (Chief Technical Investment Officer) - Dave van der Linden (Chief Commercial Officer) [4][5] Additional Insights - **Geopolitical Risks**: Ongoing uncertainties in global trade policies and geopolitical tensions affecting the shipping industry [29][30] - **Market Strategy**: Non-speculative and disciplined approach to chartering, maintaining a solid balance sheet and cash position [21][22] This summary encapsulates the key points discussed during the conference call, providing a comprehensive overview of Diana Shipping Inc.'s current status, strategic initiatives, and market outlook.

Core Viewpoint - Diana Shipping Inc. intends to nominate six independent director candidates to Genco's Board of Directors, citing the current Board's failure to engage with Diana regarding its acquisition proposal and the need for meaningful change to maximize shareholder value [1][2][4]. Group 1: Acquisition Proposal - Diana proposed to acquire all outstanding shares of Genco not owned by it for $20.60 per share in cash, which represents an attractive premium for Genco shareholders [2][16]. - The current Genco Board took over six weeks to respond to Diana's proposal and did not engage in discussions regarding its financial or structural elements [2][3]. - Diana's offer is backed by a financing letter from two leading shipping banks, indicating strong financial support for the acquisition [2]. Group 2: Board Nomination - Diana believes that Genco shareholders would benefit from electing directors who are open to exploring strategic alternatives, including a serious consideration of Diana's acquisition proposal [2][4]. - The nominated candidates possess extensive experience in shipping, finance, mergers and acquisitions, and corporate governance, which Diana believes will enhance the Board's effectiveness [1][4][10][16]. - Notable nominees include Gustave Brun-Lie, Chao Sih Hing Francois, and Paul Cornell, each bringing decades of relevant industry experience [4][10][5]. Group 3: Company Background - Diana Shipping Inc. specializes in the ownership and bareboat charter-in of dry bulk vessels, primarily transporting commodities such as iron ore, coal, and grain [7]. - The company currently owns approximately 14.8% of Genco's outstanding shares, making it the largest shareholder [1][16].

Core Insights - The webinar featured key executives from major companies in the dry bulk shipping sector, discussing market dynamics and strategic considerations [1] Group 1: Company Strategies - Wah Kwong Maritime Services employs a strategy that balances spot and time charters based on market views and risk management [2] - EuroDry focuses on mid-sized dry bulk segments, avoiding smaller Handysize and larger Capesize vessels, and emphasizes a balanced fleet post-merger with Eagle Bulk Shipping [3] - Pangaea Logistics Solutions prioritizes customer needs, utilizing voyage charter contracts and long-term COAs while mixing spot market activity with contracted cargoes [4] Group 2: Financial Management - EuroDry advocates for a medium leverage strategy targeting approximately 50% loan-to-value to enhance equity returns while remaining resilient during downturns [5] - Pangaea's debt to fair market value is around 40-45%, indicating a comfortable leverage level, while Star Bulk focuses on using cash flow for stock buybacks rather than increasing leverage [6] Group 3: Market Outlook - The dry bulk shipping market experienced volatility, with a weak first half of the year followed by a stronger second half, leading to cautious optimism among executives [7] - Forecasts suggest a modest market correction, with geopolitical factors becoming increasingly significant in influencing freight rates, which are expected to remain stable with a potential variance of 20%-25% [8] - Optimism remains regarding strong volumes for coal, grain, and minor bulks, despite concerns over coal demand due to warm weather [9][10] Group 4: Fleet and Order Book - The newbuild order book is considered manageable, with Kamsarmax at approximately 14% and Ultramax at 11.5%, well within historical norms [11] - Shifts in Chinese demand, particularly in steel exports and power demand from AI data centers, are creating beneficial long-haul shipping demand for raw materials and finished steel [12]