November 24, 2025 09:55 PM GMT Shipping Geopolitics Playbook: Winter 2025 Edition Key geopolitical dynamics in focus: Gaza cease-fire and Red Sea rerouting; Russia-Ukraine war and potential peace deal; US-China trade tensions and supply-chain shifts; and IMO decarbonization. Gaza cease-fire: End to Red Sea rerouting would be a negative for container shipping: The potential end of Red Sea rerouting remains the major overhang on container shipping fundamentals, having eroded ~10% of effective capacity. Oversu ...

Value Driver Pillars Deliver Differentiated Value For Shareholders Fourth Quarter and Fiscal Year 2025 Results November 24, 2025 Cautionary Statement Information in this presentation contains forward-looking statements regarding future events and our future results within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including, but not limited to, to the extent to which we will be successful winning content on the next generation of aircraft and en ...

Core Insights - Three stocks with strong momentum and buy rankings are highlighted for investors: Phibro Animal Health, Seanergy Maritime Holdings, and California BanCorp Company Summaries - **Phibro Animal Health (PAHC)**: A leading global diversified animal health and mineral nutrition company, providing a wide range of products for food animals. The Zacks Consensus Estimate for its current year earnings increased by 7.4% over the last 60 days. The stock gained 33.3% over the last three months, outperforming the S&P 500's gain of 3.8%. The company has a Momentum Score of A [1][2]. - **Seanergy Maritime Holdings (SHIP)**: A prominent pure-play Capesize ship-owner providing marine dry bulk transportation services through a modern fleet. The Zacks Consensus Estimate for its current year earnings increased by 66.7% over the last 60 days. The stock gained 25.9% over the last three months, also outperforming the S&P 500's gain of 3.8%. The company has a Momentum Score of A [2][3]. - **California BanCorp (BCAL)**: A registered bank holding company offering a range of financial products and services to individuals and small to medium-sized businesses. The Zacks Consensus Estimate for its current year earnings increased by 6.3% over the last 60 days. The stock gained 12.7% over the last three months, again outperforming the S&P 500's gain of 3.8%. The company has a Momentum Score of B [3][4].

Core Insights - Okeanis Eco Tankers Corp. has published its 2024 Environmental, Social and Governance (ESG) Report, adhering to Global Reporting Initiative (GRI 2021 Standards) and Sustainability Accounting Standards Board (SASB) for Marine Transportation [1][2] Company Overview - Okeanis Eco Tankers Corp. is a leading international tanker company focused on seaborne transportation of crude oil and refined products, incorporated on April 30, 2018, under the laws of the Republic of the Marshall Islands [2] - The company is listed on the Oslo Stock Exchange under the symbol OET and on the New York Stock Exchange under the symbol ECO [2] - The fleet consists of six modern scrubber-fitted Suezmax tankers and eight modern scrubber-fitted VLCC tankers [2]

Core Insights - Skylands Capital increased its position in Kirby Corporation by 46,750 shares, valued at $8.77 million, reflecting a change of $2.15 million based on quarterly average prices [1] - Kirby Corporation's stock price as of November 5, 2025, was $106.25, down 9.2% over the past year, underperforming the S&P 500 by 26.8 percentage points [2] - Kirby Corporation reported a revenue of $3.31 billion and a net income of $305.58 million for the trailing twelve months [3] Investment Activity - Skylands Capital's investment in Kirby now represents 1.21% of its 13F assets under management, with Kirby being the 23rd largest holding out of 163 total [2][5] - The firm raised its stake in Kirby by 80% in the third quarter of 2025, and the stock was up by 29% from its price at the end of September [5] Company Overview - Kirby Corporation specializes in marine transportation and diesel engine services, focusing on transporting bulk liquid products and providing engine maintenance [4] - The company serves major petrochemical, refining, and agricultural companies primarily in the United States, leveraging a diversified fleet and technical expertise [4] Financial Performance - Kirby's third-quarter sales increased by $40 million year over year, contributing to an expansion in its bottom line, with earnings per share rising by 6% year over year [6] - Power generation revenue surged by 56% year over year, driven by strong demand in data centers, despite challenges in the coastal marine segment [6]

Core Insights - Analysts project a 14% revenue growth for the company over the next 12 months, indicating improved performance driven by newer products and services [1] - Pangaea's annualized revenue growth of 9.6% over the last two years is above its five-year trend, suggesting recent demand acceleration [2] - The company reported a 20% increase in Adjusted EBITDA for Q3 2025, supported by strong Arctic trade activity and fleet utilization [4] - Pangaea's Q3 CY2025 sales reached $168.7 million, a 10.2% year-on-year increase, with non-GAAP profit significantly exceeding analysts' expectations [5] Revenue and Growth - Pangaea's sales grew at an 8.2% compounded annual growth rate over the last five years, slightly above the average for industrials companies [3] - The company has managed to maintain a solid operating margin of 10.4% over the past five years, despite a low gross margin [8] - However, Pangaea's operating margin has decreased by 3 percentage points over the last five years, reflecting broader challenges in the Marine Transportation sector [9] Profitability and Earnings - Pangaea's full-year EPS dropped 218% over the last four years, indicating potential issues with profitability despite revenue growth [12] - The company's EPS declined by 42.6% annually over the last two years, suggesting reduced profitability on a per-share basis [13] - In Q3, Pangaea reported adjusted EPS of $0.17, down from $0.25 in the same quarter last year, although it surpassed analysts' estimates [15][16] Market Performance - Following the positive Q3 results, Pangaea's stock traded up 4.9% to $5.16, reflecting market optimism [16] - The company has shown resilience in a challenging environment, with the potential for market share gains and operational efficiencies during downturns [9]

Core Viewpoint - Scorpio Tankers Inc. is strategically enhancing its fleet by selling older MR product tankers and acquiring new scrubber-fitted MR newbuildings, which is expected to improve the fleet's age profile and quality while minimizing capital expenditure [4]. Vessel Sales - The company has agreed to sell four 2014 built scrubber-fitted MR product tankers for $32.0 million each, with the sales expected to close in the first quarter of 2026 [2]. - Each of these vessels has an outstanding debt of $7.3 million, financed through the company's 2023 $225.0 million Revolving Credit Facility [2]. Newbuilding MRs - Scorpio Tankers has committed to purchasing four scrubber-fitted MR newbuildings at a price of $45.0 million each, with deliveries scheduled for 2026 and 2027 [3]. - The expected delivery timeline includes one vessel in the second and third quarters of 2026, and one vessel in the first and second quarters of 2027 [3]. Company Overview - Scorpio Tankers Inc. operates a fleet of 99 product tankers, including 38 LR2 tankers, 47 MR tankers, and 14 Handymax tankers, with an average fleet age of 9.6 years [4]. - The company has also entered into agreements to sell five MR and two LR2 product tankers, with expected closures in the fourth quarter of 2025 and the first quarter of 2026 [4].

Core Insights - Kirby Corporation (KEX) reported Q3 2025 earnings of $1.65 per share, exceeding the Zacks Consensus Estimate of $1.60, and reflecting a 6.5% year-over-year increase. Total revenues reached $871.2 million, which fell short of the Zacks Consensus Estimate of $888.3 million but showed a 4.8% year-over-year improvement [1][11]. Q3 Segmental Performance - Marine transportation revenues for Q3 2025 were $484.9 million, a slight decline of 0.2% year over year. Operating income decreased to $88.6 million from $99.5 million in the previous year, with segment operating margin dropping to 18.3% from 20.5% [3][4]. - In the inland market, average barge utilization was in the mid-80% range, with average spot market rates declining in the low-to-mid single digits. The inland market contributed 80% of segment revenues, and its operating margin was in the high teens [4]. - Coastal market conditions remained strong, with barge utilization in the mid to high-90% range. Coastal revenues grew by 13% year over year due to increased pricing, accounting for 20% of marine transportation segment revenues, with an operating margin around 20% [5]. - Distribution and services revenues increased by 11.9% year over year to $386.2 million, with operating income rising to $42.7 million and operating margin improving to 11% from 8.8% [6]. - Power generation revenues surged by 56%, and operating income rose by 96% year over year, driven by strong execution on backlog, accounting for nearly 45% of segment revenues [7]. - In the commercial and industrial market, revenues grew by 4%, and operating income increased by 12% year over year, supported by steady marine repair work [8]. - Oil and gas market revenues declined by 38% year over year due to reduced conventional oilfield activity, although operating income increased by 5% [9]. Balance Sheet Highlights & Cash Flow - As of September 30, 2025, Kirby had cash and cash equivalents of $47.02 million, down from $68.38 million at the end of the previous quarter [10]. - The company generated $227.5 million in net cash from operating activities during the quarter, with capital expenditures of $67.2 million. Kirby repurchased 1,314,009 shares for $120 million in Q3 and an additional 428,955 shares for $36 million in Q4 [11][12]. 2025 Outlook - For inland marine, market conditions are expected to remain stable with signs of improvement. Inland revenues and margins are anticipated to improve modestly in Q4, assuming tighter barge availability [13]. - Coastal marine fundamentals are favorable, with steady demand and barge utilization expected to remain high. Coastal revenues and operating margins are projected to be comparable to Q3 levels [14]. - In distribution and services, strength is expected in growing markets, particularly in power generation and commercial and industrial sectors. Full-year revenues are anticipated to increase in the mid-single digits, with operating margins in the high-single digits [15]. - Net cash flow from operating activities is projected to be between $620 million and $720 million, with capital expenditures expected to be between $260 million and $290 million [16].

Core Insights - SEACOR Marine Holdings Inc. reported a net income of $9.0 million for Q3 2025, a significant recovery from a net loss of $16.3 million in Q3 2024 and a loss of $6.7 million in Q2 2025 [3][2][8] Financial Performance - Consolidated operating revenues for Q3 2025 were $59.2 million, down 14.1% from $68.9 million in Q3 2024, but slightly up from $60.8 million in Q2 2025 [2][8] - Operating income for Q3 2025 was $18.1 million, compared to an operating loss of $6.5 million in Q3 2024 and an operating income of $6.1 million in Q2 2025 [2][8] - Direct vessel profit (DVP) for Q3 2025 was $11.5 million, compared to $16.0 million in Q3 2024 and $11.3 million in Q2 2025 [2][8] Operational Highlights - The average day rate for the fleet was $19,490, a 3.2% increase from Q3 2024 but a 1.2% decrease from Q2 2025 [8] - Fleet utilization was 66%, down from 67% in Q3 2024 and 68% in Q2 2025 [8] - The platform supply vessel (PSV) fleet achieved a DVP margin of 24.8%, despite soft market conditions in the North Sea [7][8] Strategic Developments - The company completed the sale of two 335' class liftboats for total proceeds of $76.0 million, resulting in a gain of $30.5 million [8][4] - SEACOR Marine is focusing on a strategic shift away from high volatility markets and plans to utilize improved liquidity to fund a newbuild PSV program [8][9] Segment Performance - The fast supply vessel (FSV) fleet saw improved utilization and dayrate performance, with two of three previously cold-stacked FSVs reactivated [6][8] - Multi-year contracts were awarded in Brazil for two large hybrid-powered PSVs, set to commence in Q1 2026, which will reduce the company's presence in the North Sea [7][8]

Core Viewpoint - Teekay Corporation Ltd. has provided an update on its financial performance for the three months ending September 30, 2025, indicating ongoing operations in the marine transportation sector [1]. Company Overview - Teekay is a prominent provider of international crude oil marine transportation and related marine services, operating through its controlling interest in Teekay Tankers Ltd. [2] - Teekay Tankers manages approximately 55 conventional tankers and other marine assets, including vessels operated for the Australian Government, showcasing its extensive operational capacity [2]. - The company has a global presence with offices in 8 countries and around 2,200 seagoing and shore-based employees, serving leading energy companies worldwide [2]. Stock Information - Teekay's common stock is traded on the New York Stock Exchange under the symbol "TK" [3].