1 Disclaimer Forward-Looking Statements This presentation contains "forward-looking statements." Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," "projects," "forecasts," "may," "will," "should," and similar expressions are forward-looking statements. These statements are not historical facts but instead represent only the Company's current expectations and ...

Financial Performance - The company's fleet TCE (Time Charter Equivalent) / Operating Day was $51,156[7] - Spot TCE / Operating Day reached $52,464[7] - Fleet OpEx (excluding drydock) / Calendar Day was $10,094[7] - Net income for the three months ended June 30, 2023, was $51.72 million, compared to $24.85 million for the same period in 2022[24] - Net cash provided by operating activities was $63.27 million, compared to $34.09 million in the same period last year[24] Fleet Statistics - Fleet utilization was 98%[7] - Spot fleet utilization was 97.9%[7] Cash and Debt - Total cash and investments amounted to $155.6 million as of June 30, 2023[8] - Total debt obligations were $650.3 million[9] Market Trends - Global liftings increased by 8% Q/Q and 15% in 1H23[15] - U.S. waterborne exports increased by 2% Q/Q and 11% in 1H23[18] - Middle East waterborne exports increased by 15% Q/Q and 15% in 1H23[18] Environmental Initiatives - Scrubber vessel daily savings for calendar 2Q23 stood at $2,740/day net of all scrubber OPEX[23] - Average fuel differential for the last quarter was about $169.3/metric ton more for each ton of VLSFO vs each ton of HSFO supplied[23]