Core Viewpoint - Costamare Bulkers Holdings Limited reported its financial results for Q4 2025, showing an adjusted net loss of $1.7 million and total voyage revenue of $218.5 million, reflecting its performance as an independent publicly traded company after its spin-off from Costamare Inc. [2][7][15] Financial Highlights and Operational Updates - The company had a total debt of $155.6 million and cash of $226.3 million, resulting in a negative net debt position of $70.7 million as of the end of Q4 2025 [4][16]. - Total liquidity as of December 31, 2025, was approximately $311.0 million, including cash and undrawn funds [5][54]. - The average number of vessels in the owned fleet during Q4 2025 was 31.1, with ownership days totaling 2,859 [32][33]. Profitability and Revenue - Total voyage revenue for the year ended December 31, 2025, was $597.2 million, with voyage revenue for Q4 2025 at $218.5 million [21][37]. - The company reported voyage expenses of $45.2 million and charter-in hire expenses of $133.4 million for Q4 2025 [39][40]. - The adjusted net loss for the year was $12.2 million, with an adjusted loss per share of $0.74 [21][27]. Fleet and Operations - Costamare Bulkers currently owns a fleet of 31 dry bulk vessels with a total capacity of approximately 2.8 million DWT [59]. - The company has agreed to acquire a 2018-built dry bulk vessel, Koushun, expected to conclude within Q1 - Q2 2026 [10][20]. - The fleet includes various types of vessels, with the majority on period charters, and the average age of the fleet is approximately 13 years [16][19]. Strategic Developments - The company concluded a Strategic Cooperation Agreement with Cargill, transferring a significant portion of its trading portfolio, which included chartered-in vessels and cargo transportation commitments [8][15]. - The operating platform is now focused on Kamsarmax-type vessels, with plans for future acquisitions and fleet renewal [8][20]. Cash Flow and Financial Position - Net cash provided by operating activities for Q4 2025 was $26.4 million, while net cash provided by investing activities was $8.6 million [49][50]. - The company used $3.9 million in financing activities, primarily for debt payments [52]. Market Conditions - The Capesize index has increased due to favorable supply and demand fundamentals, while the Panamax index has benefited from easing US-China tensions [20]. - The Supramax index remains healthy, supported by strong demand for coal and minor bulks [21].

Q4 2025 EARNINGS PRESENTATION MV EFROSSINI EEDI-PHASE 3 – IMO NOx TIER III KAMSARMAX DELIVERED APRIL 2025 1 Forward Looking Statements This presentation contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and in Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, the Company's growth strategy and measures to implement such strategy, including expected vessel acquisitions and entering into further time charters. Words ...

Financial Data and Key Metrics Changes - For Q4 2025, the company reported revenues of $176 million and an EBITDA-equivalent cash flow of $109 million, with a total EBITDA of $450 million over the past 12 months, indicating strong operational stability [3][12] - The net result for the quarter was a loss of approximately $4.7 million or $0.04 per share, impacted by non-recurring and non-cash items [16] Business Line Data and Key Metrics Changes - Charter revenue from the fleet was approximately $176 million, with the container fleet contributing around $81 million, the car carrier fleet generating approximately $26 million, and the tanker fleet generating about $42 million [14] - The overall utilization of the shipping fleet in Q4 was about 98.6%, with adjusted utilization at 99.8% when accounting for unscheduled technical off-hire [12] Market Data and Key Metrics Changes - The tanker market has seen unprecedented consolidation, with high charter rates expected to positively impact the Suezmax market [8] - The company noted a significant increase in the spot market rates, with the TD20 index rising by 20% in a short period, indicating a strong market outlook [24] Company Strategy and Development Direction - The company aims to build a diversified maritime infrastructure with a high-quality fleet and has secured long-term agreements with strong counterparties [3] - The strategy includes focusing on long-term charters and maintaining a strong charter backlog of approximately $3.7 billion, with two-thirds contracted to investment-grade counterparties [9][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about securing new employment for the Hercules rig, citing recent industry developments that support higher day rates and extended contract durations [9] - The company remains disciplined in capital deployment, focusing on sustainable cash flows and long-term deals, while also being open to opportunities across various segments [27][30] Other Important Information - The company declared its 88th consecutive dividend of $0.20 per share, representing a dividend yield of around 9% [9][17] - The company has a solid liquidity position with cash and cash equivalents totaling approximately $151 million and an additional $46 million available on credit facilities [16][17] Q&A Session Summary Question: Thoughts on Suezmax vessels and long-term contracts - Management finds the Suezmax market interesting and is optimistic about securing long-term charters, while also benefiting from the strong spot market [20][24] Question: Dividend sustainability and market outlook - The board does not provide guidance on dividends but emphasizes the importance of sustainable cash flows and disciplined capital deployment [27][30] Question: Updates on terminated charters and spot market fixtures - Previous contracts had rates around $27,000 per day, and the current spot market is strong, with rates for modern Suezmax tankers expected to be in the high 40s [34][35] Question: Status of Hercules rig and market dynamics - The Hercules rig has been idle since November 2024, but management sees signs of improving market dynamics and potential employment opportunities [42] Question: Long-term revenue mix and strategic direction - The company is not focused on a single segment but aims to position itself as a logistics partner across various shipping segments, including containers and tankers [44][45]

SFL Corporation Ltd. 1 Forward Looking Statements This presentation contains forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including SFL management's examination of historical operating trends, data contained in the Company's records and other data available from third parties. Although SFL believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertai ...

Market Overview - The global dry bulk fleet is aging, with 25% being over 15 years old[8] - Japan accounts for 42% of the global dry bulk fleet[8] - The dry bulk orderbook represents 107% of the existing fleet[8] - Approximately 15% of the dry bulk orderbook will be able to use alternative fuels upon delivery[8] - Global GDP is projected to grow by 31% in 2026 and 32% in 2027[17] - Global inflation is expected to be 37% in 2026 and 34% in 2027[17] - Dry bulk demand is forecasted to increase by 2% in 2026[17] - Supply is expected to increase by 28% in 2026 and 27% in 2027[21] Company Financials - The company declared a quarterly dividend of $005 per share, resulting in a 41% dividend yield[26] - Net revenues for the quarter were $731 million[26]

Core Viewpoint - CMB.TECH reported a profit of USD 17.3 million for Q3 2025, a significant decrease from USD 98.1 million in Q3 2024, while EBITDA increased to USD 238.4 million from USD 177.1 million year-over-year, indicating a recovery in tanker and dry bulk markets after a soft summer [4][5][6]. Financial Highlights - Revenue for Q3 2025 was USD 454.2 million, compared to USD 221.8 million in Q3 2024, with year-to-date revenue reaching USD 1.08 billion, up from USD 714.2 million in the previous year [5][6]. - The company’s contract backlog stands at USD 2.95 billion, reflecting strong future revenue potential [6]. - An interim dividend of USD 0.05 per share is proposed, expected to be paid on or about January 15, 2026 [10]. Fleet Highlights - CMB.TECH took delivery of seven new vessels in Q3 2025, including Super-Eco Newcastlemax and VLCC Atrebates, while selling two older vessels [6][14][15]. - The average daily time charter equivalent (TCE) rates for various vessel types showed mixed results, with Newcastlemax at USD 29,423/day and VLCC at USD 30,486/day for Q3 2025 [11][39]. Corporate Highlights - Changes in the Supervisory Board included the resignation of Mr. Marc Saverys and Mrs. Julie De Nul, with Mr. Carl Steen and Mrs. Gudrun Janssens appointed as new members [12][13]. - The company continues to focus on rejuvenating and decarbonizing its fleet, with ongoing sales and acquisitions of vessels [5][6]. Market & Outlook - The dry bulk market is expected to benefit from increased iron ore imports to China, despite a decrease in domestic steel production, indicating a bullish outlook for seaborne trade [19][20]. - The tanker market is supported by rising global oil supply, with OPEC+ increasing production, which may lead to improved freight rates [26][29]. - The chemical tanker market remains stable, with expectations of modest recovery in volume growth in 2026 [36][37].

Core Points - Diana Shipping Inc. has entered into a time charter contract with SwissMarine Pte. Ltd. for the Capesize dry bulk vessel m/v Seattle at a gross charter rate of US$24,500 per day, expected to commence on November 26, 2025, and lasting until at least May 1, 2027, up to June 30, 2027 [1][2] - The m/v Seattle is expected to generate approximately US$12.62 million in gross revenue for the minimum scheduled period of the time charter [2] - The company has signed a Memorandum of Agreement to sell the Ultramax dry bulk vessel m/v DSI Drammen for approximately US$26.40 million, with delivery to the buyer by March 31, 2026 [3] - Diana Shipping Inc.'s fleet consists of 36 dry bulk vessels with a combined carrying capacity of approximately 4.1 million dwt and a weighted average age of 11.99 years [4] - The company expects to take delivery of two methanol dual fuel new-building Kamsarmax dry bulk vessels by the second half of 2027 and the first half of 2028 [4] - The company primarily provides shipping transportation services through the ownership and bareboat charter-in of dry bulk vessels, transporting various commodities along global shipping routes [5]

Core Points - Diana Shipping Inc. has entered into a time charter contract with SwissMarine Pte. Ltd. for the Capesize dry bulk vessel m/v Seattle at a gross charter rate of US$24,500 per day, expected to commence on November 26, 2025, and lasting until at least May 1, 2027, up to June 30, 2027 [1] - The m/v Seattle is expected to generate approximately US$12.62 million in gross revenue for the minimum scheduled period of the time charter [2] - The company has signed a Memorandum of Agreement to sell the Ultramax dry bulk vessel m/v DSI Drammen for approximately US$26.40 million, with delivery to the buyer by March 31, 2026 [3] - Diana Shipping Inc.'s fleet consists of 36 dry bulk vessels with a combined carrying capacity of approximately 4.1 million dwt and a weighted average age of 11.99 years [4] - The company is set to take delivery of two methanol dual fuel new-building Kamsarmax dry bulk vessels by the second half of 2027 and the first half of 2028 [4] - Diana Shipping Inc. primarily provides shipping transportation services through the ownership and bareboat charter-in of dry bulk vessels, transporting various commodities along global shipping routes [5]

Financial Data and Key Metrics Changes - Time charter revenues for Q3 2025 were $51.9 million, down from $57.5 million in the same quarter last year, reflecting the sale of two vessels earlier this year and one vessel in September 2024 [9] - Adjusted EBITDA decreased to $20.3 million from $23.7 million year-over-year, consistent with a smaller fleet [9] - Net income nearly doubled to $7.2 million from $3.7 million in Q3 2024, driven by lower expenses and a $10.6 million gain from the valuation of the investment in Genco [10] - Cash decreased to $133.9 million as of September 30, 2025, from $207.2 million at the end of 2024, due to strategic investments [10] - Long-term debt increased slightly to $651.1 million as of September 30, 2025, from $637.5 million at year-end 2024 [11] Business Line Data and Key Metrics Changes - Fleet utilization reached 99.5% for Q3 2025, highlighting effective vessel management [4] - Time charter equivalent averaged $15,178 per day, a 1% decrease compared to $15,333 per day in Q3 2024 due to softer charter rates [11] - Vessel operating expenses decreased by 6% to $20 million compared to $21.2 million in Q3 2024, attributed to the smaller fleet size [12] Market Data and Key Metrics Changes - The dry bulk market showed solid performance in Q3, with record Chinese imports reaching nearly 580 million metric tons [3] - The 12-month time charter rate for a typical Cape was around $24,000 a day, up from earlier in the year [17] - The bulk carrier fleet is forecasted to grow by 3.1% this year and by 3.4% in 2026, with the Cape segment projected to increase by only 1.4% in 2025 [24] Company Strategy and Development Direction - The company is focused on a disciplined chartering strategy, securing approximately $149 million in contracted revenues with an average time charter rate of $16,200 per day [7] - Ongoing fleet modernization efforts include the delivery of two methanol dual-fuel new-building Kamsarmax dry bulk vessels expected at the end of 2027 and early 2028 [4] - The company is committed to ESG initiatives, promoting eco-friendly technologies and modernizing the fleet [31] Management's Comments on Operating Environment and Future Outlook - Management noted that the bulk carrier market has weathered geopolitical and trade developments well, with positive sentiment and new building orders appearing [17][18] - The outlook for 2026 appears positive, with potential revenues projected to reach $224.7 million at an average time charter rate of $17,102 per day [15] - Management emphasized the importance of proactive debt management and liquidity actions to provide resilience for future opportunities [16] Other Important Information - The company declared a quarterly cash dividend of $0.01 per common share for Q3 2025, totaling approximately $1.16 million [6] - The average age of the fleet is approximately 12 years, with a total deadweight capacity of about 4.1 million tons [4] Q&A Session Summary Question: What is the company's strategy regarding its stake in Genco? - Management stated that the position in Genco has strategic value, and they are currently observing developments without direct contact with Genco's management [36] Question: What is the current holding in OceanPal? - Management indicated that Diana Shipping's interest in OceanPal is minimal and not material at this stage [38]

Financial Performance & Fleet Overview - Navios Maritime Partners L.P. reported a vessel value of $6.3 billion and net vessel equity value of $3.8 billion[7] - The company's fleet consists of 171 vessels, including 65 dry bulk vessels (8.6 million dwt), 51 containerships (287,243 TEU), and 55 tankers (6.4 million dwt)[6] - The average age of the fleet is approximately 9.7 years, which is younger than the industry average of 13.5 years[7] - Adjusted EBITDA for Q3 2025 LTM was $702 million, with available liquidity of $412 million, including $382 million in cash[7] Contracted Revenue & Chartering Strategy - The company has $3.7 billion in contracted revenue[7] - Contracted revenue is diversified across segments, with containerships accounting for 59% ($2.2 billion), tankers for 35% ($1.3 billion), and dry bulk for 6% ($0.2 billion)[43] - For Q4 2025E, 88% of available days are fixed at an average net daily rate of $24,871[107] Capital Allocation & Risk Management - The company is focused on chartering, allocating capital, and strengthening the balance sheet[9] - Key balance sheet targets include maintaining a net Loan-to-Value (LTV) and minimum cash per vessel[10] - The company has a risk management culture with continuous risk assessment and monitoring[12] Fleet Modernization & Expansion - The company is modernizing its fleet through a $1.9 billion newbuilding program, including $0.9 billion for containerships and $1.0 billion for tankers[38] - Sales YTD 2025 include $71.3 million gross proceeds from dry bulk vessels, $84.0 million from containerships, and $80.6 million from tankers[38] Return of Capital to Unitholders - The company has returned $42.2 million to unitholders YTD 2025, including $4.5 million in dividends and $37.7 million in common unit repurchases[17] - A $100 million common unit repurchase program is in place[18] Industry Outlook - The dry bulk shipping market plays a crucial role in global trade, with demand driven by worldwide economic growth[74] - The tanker fleet is aging rapidly, with the orderbook remaining muted at 16% of the sailing fleet[82] - The container market has seen significant ordering activity in larger sizes, while Navios is mainly exposed to sub 10,000 TEU size segments with lower orderbooks[101]