Financial Data and Key Metrics Changes - For Q2 2025, the company reported a net loss of $5.3 million, primarily due to a non-cash unrealized loss of $6.4 million on warrants, while adjusted net income was $1.1 million [3][16] - The net income for the first half of 2025 was $2.6 million, with voyage revenues of $10.7 million for Q2 2025, a slight decrease of 1% from $10.8 million in Q2 2024 [13][20] - The cash balance decreased by 82% to $2.3 million from $12.6 million at the end of 2024, attributed to the payment of $15.1 million for the Eco Spitfire and remaining bunkers [16] Business Line Data and Key Metrics Changes - Voyage costs increased to $4.7 million in Q2 2025 from $3.1 million in Q2 2024, due to the addition of the Eco Spitfire [14] - Operating expenses rose to $2.4 million in Q2 2025 from $2 million in Q2 2024, again due to the new vessel [15] - General and administrative expenses increased to $677,000 in Q2 2025 from $603,000 in Q2 2024, mainly due to stock-based compensation [15] Market Data and Key Metrics Changes - The dry bulk market saw a modest decline of approximately 1% in seaborne trade, with a 5% year-on-year drop in Chinese iron imports [4] - Coal and iron ore imports declined significantly, while grain trade experienced increased ton-mile demand due to trade route realignments [5] - The Aframax tanker market faced bearish conditions due to geopolitical tensions, with oil prices spiking in June 2025 but normalizing thereafter [9] Company Strategy and Development Direction - The company aims for disciplined growth through selective acquisitions of quality non-Chinese-built vessels, focusing on short to medium-term charters [18] - The strategy includes maintaining a high-quality fleet to reduce operating costs and improve safety, which provides a competitive advantage [18] - The company has increased its fleet capacity by over 230% since inception without incurring any bank debt, enhancing financial flexibility [20] Management's Comments on Operating Environment and Future Outlook - Management highlighted the resilience of the company amidst geopolitical factors, environmental regulations, and shifting demand patterns [20] - The company is confident in its adaptability to changing market conditions, which will support the development of existing core businesses and exploration of new growth opportunities [21] - The management emphasized the importance of high standards of safety and reliability in maintaining customer relationships [12] Other Important Information - The company successfully completed the dry docking of the Afrapearl II in August 2025 and settled the final balance of $14.6 million for the Eco Spitfire in April 2025 [20] - The fleet consists of three Handysize dry bulk carriers and one Aframax oil tanker, with an average age of 14.5 years [11] Q&A Session Summary - No specific questions or answers were documented in the provided content, indicating that the call may have concluded without a formal Q&A session.