Financial Data and Key Metrics Changes - For the first nine months of 2025, the company achieved a net income of EUR 5.26 million compared to a net loss of EUR 3 million for the same period in 2024, an increase of 281% [3] - EBITDA for the same period was reported at $10 million, up from $3 million in 2024, reflecting a 245% increase [4] - Voyage revenues decreased by 24% to $24.2 million compared to $32.9 million in 2024, primarily due to the dry docking of the Haframx II tanker [14] Business Line Data and Key Metrics Changes - The time charter equivalent rates of vessels dropped by 40% compared to the same period in 2024 [3] - Voyage costs for the first nine months of 2025 were $9.4 million, down from $10.4 million in 2024, attributed to fewer voyage days due to dry docking [15] Market Data and Key Metrics Changes - The dry bulk trade showed resilience, with strong iron ore volumes to China and a moderate rebound expected in coal trade for 2026 [4][5] - The grain trade boomed in Q3, driven by high volumes of Brazilian soybeans purchased by China, resulting in a 35% decline in US exports by the end of Q3 [5] Company Strategy and Development Direction - The company aims for disciplined growth with a focus on acquiring quality non-Chinese-built vessels and maintaining a high-quality fleet to reduce operating costs and improve safety [20][21] - The strategy includes chartering to high-quality clients such as commodity traders and oil producers, with a focus on short to medium-term charters [21] Management's Comments on Operating Environment and Future Outlook - The management noted that despite geopolitical uncertainties, major economies are still growing, and trade volumes are rising across sectors [23] - The company has built resilient foundations adaptable to changing market dynamics and will continue to explore new growth opportunities [24] Other Important Information - The company reported a cash balance of $6.6 million, a decrease of 48% from $12.6 million at the end of 2024, due to the settlement of the purchase price for the EcoSpeedFire [19] - A warrant liability of EUR 3.9 million was recorded, a drop of 63% from the year-end balance of 2024 [20] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session.