Financial Data and Key Metrics Changes - For Q4 2025, the company reported a net income of $117.3 million and EBITDA of $224.8 million, with earnings per common unit at $3.99. For the full year, net income was $285.3 million and EBITDA was $744.6 million, with earnings per common unit at $9.59 [3][18] - Total revenue for Q4 2025 increased by 10% to $366 million compared to $333 million in Q4 2024, driven by higher fleet combined time charter equivalent (TCE) rates despite lower available days [16] - The fleet TCE rate for Q4 2025 increased by 10% to $25,567 per day, while available days decreased by 2% to 13,390 days compared to Q4 2024 [16][17] Business Line Data and Key Metrics Changes - The TCE rate per day for bulkers increased by 15% to $19,588, for tankers by 9% to $29,158, and for containers was $31,239, reflecting strong performance across all segments [17][19] - Contracted revenue for the company reached $3.8 billion, with $1.3 billion from tankers, $0.3 billion from dry bulk, and $2.2 billion from container ships [12][19] Market Data and Key Metrics Changes - The company has secured coverage for 71% of its available days for 2026, with contracted revenue exceeding cash operating costs by $172.7 million, indicating strong revenue visibility [8][12] - The geopolitical landscape is affecting trading routes, with sanctions on Russian, Venezuelan, and Iranian oil impacting market dynamics and increasing demand for compliant vessels [24][29] Company Strategy and Development Direction - The company is focused on fleet modernization, with an average fleet age of 9.6 years compared to the industry average of 13.5 years, and aims to reduce net loan-to-value (LTV) to 25% [4][5] - A 20% increase in the annual distribution policy to $0.24 per unit was announced, funded primarily through savings from a unit repurchase program [3][9] - The company is actively pursuing long-term charter opportunities to enhance earning stability and has a strong backlog of contracted revenue [9][12] Management's Comments on Operating Environment and Future Outlook - Management highlighted the unprecedented uncertainties in the industry, including geopolitical risks and evolving trade patterns, but remains disciplined and focused on delivering value [10][11] - The company believes its diversified fleet and risk management culture position it well to navigate market challenges and capitalize on opportunities [11] Other Important Information - The company has $580 million in available liquidity and a strong balance sheet, with credit ratings of Baa3 from Moody's and BB from Standard & Poor's [6] - The company has executed a return of capital program, reducing units outstanding by 5.3% through a repurchase program, creating value based on analyst estimates of NAV [9][10] Q&A Session Summary Question: Changes to accounting of depreciation - Management clarified that the drop in depreciation was due to a one-off adjustment in Q3 related to the termination of certain variable charters [33][34] Question: Net LTV target and expectations for buybacks and dividends - Management indicated that they are on track to meet their LTV target and will continue to be opportunistic with buybacks and dividends, supported by strong contracted revenue [39] Question: Interest in other investment segments - Management stated they are always looking for opportunities but currently feel well-positioned with their existing exposure across dry bulk, tankers, and containers [40]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported a net income of $117.3 million and EBITDA of $224.8 million, with earnings per common unit at $3.99. For the full year, net income was $285.3 million and EBITDA was $744.6 million, with earnings per common unit at $9.59 [3][18] - Total revenue for Q4 2025 increased by 10% to $366 million compared to $333 million in Q4 2024, driven by a higher fleet combined time charter equivalent (TCE) rate [16] - The fleet TCE rate for Q4 2025 increased by 10% to $25,567 per day, while available days decreased by 2% to 13,390 days compared to Q4 2024 [16][17] Business Line Data and Key Metrics Changes - The TCE rate per day for bulkers increased by 15% to $19,588, for tankers increased by 9% to $29,158, while containers saw a slight increase to $1,316 [17] - For the full year 2025, the average TCE rate for containers increased by 3% to $31,239, while the dry bulk average TCE rate decreased by approximately 3% to $16,408 [19] Market Data and Key Metrics Changes - The company secured coverage for 71% of its available days for 2026, with contracted revenue exceeding cash operating costs by $172.7 million [7] - The overall value of the fleet, including the new building program, is $8.8 billion, with $4.1 billion in net vessel equity value [5] Company Strategy and Development Direction - The company emphasizes diversification as a strength, maintaining a culture of risk management and providing significant optionality in decision-making [6] - The fleet modernization program has resulted in a fleet that is almost 30% younger than the industry average, with a focus on reducing net loan-to-value (LTV) towards a target of 25% [4][5] Management's Comments on Operating Environment and Future Outlook - Management highlighted the unprecedented uncertainties facing the industry, including geopolitical risks and evolving trade patterns, while expressing confidence in the company's disciplined approach and strong execution [9][10] - The company is actively pursuing long-term charter opportunities to enhance earning stability, having secured $261 million in new charter commitments in Q4 2025 [8] Other Important Information - The company announced a 20% increase in its distribution policy to $0.24 per unit annually, funded primarily through savings from a unit repurchase program [3][8] - The company has a strong balance sheet with $580 million in available liquidity and credit ratings of Baa3 from Moody's and BB from Standard & Poor's [5] Q&A Session Summary Question: Changes to accounting of depreciation - Management clarified that there were no changes to the accounting of depreciation, attributing a previous drop to a one-off adjustment related to the termination of certain variable charters [33][34] Question: Expectations for net LTV target and implications for buybacks and dividends - Management indicated that they are on track to meet challenges and opportunities in the market, with flexibility to reduce LTV and increase liquidity while continuing buybacks and increasing dividends [38] Question: Interest in other investment segments - Management stated they are always looking for opportunities but are currently well-positioned with existing container exposure and open days in dry bulk and VLCC [39]

Financial Data and Key Metrics Changes - The company reported revenue of $304.1 million for Q1 2025, a decrease of 4.6% compared to $319 million in Q1 2024 [18] - EBITDA for the quarter was $147.6 million, with adjusted EBITDA decreasing by $11 million to $154 million compared to Q1 2024 [19][20] - Net income for Q1 2025 was $41.7 million, down from $71 million in Q1 2024, reflecting a decrease in adjusted net income by $24 million [20] - Earnings per common unit were $1.38 for the quarter [5] Business Line Data and Key Metrics Changes - The fleet time charter equivalent (TCE) rate decreased by 1.1% to $21,271 per day [19] - TCE rates for the container fleet increased by 2.2% to $30,501 per day, while TCE rates for dry bulk and tanker fleets decreased by 10.5% and 7.1% respectively [19] - The company sold three vessels with an average age of 19.1 years for approximately $35 million [10][17] Market Data and Key Metrics Changes - The global trade environment has been affected by U.S. tariffs, with 3.7% of global trade subject to declared tariffs [23] - Tariffs on Chinese imports rose to 145%, impacting container and car trades significantly [24] - The dry bulk trade is expected to decline by 1.2% in 2025, while ton miles are projected to decrease by 0.4% [29] Company Strategy and Development Direction - The company has a contract backlog of $3.4 billion, providing revenue visibility in uncertain markets [8][12] - Focus on deleveraging has reduced net loan-to-value (LTV) from 45% at the end of 2022 to 35.2% at the end of Q1 2025 [14] - The company is actively managing interest rate risk, with 30% of long-term debt fixed at an average rate of 5.5% [8][22] Management's Comments on Operating Environment and Future Outlook - The management expressed concerns over the geopolitical environment, particularly the wars in Ukraine and the Middle East, and their impact on global trade [6][49] - Despite uncertainties, the management noted that the spot rate market has remained generally healthy [7] - The company is focused on maintaining liquidity and flexibility in its operations, with $340 million in cash on the balance sheet [49] Other Important Information - The company has a strong backlog of contracted revenue, with $1.4 billion related to the tanker fleet, $200 million for dry bulk, and $1.8 billion for containerships [12][17] - The company repurchased 423,984 common units for $16.1 million in 2025, returning a total of $17.6 million to shareholders [11] Q&A Session Summary Question: Changes in capital allocation approach - The management emphasized the importance of patience in navigating the current uncertain environment and highlighted the focus on liquidity and balance sheet optimization [46][49] Question: Opportunities for fleet renewal and acquisitions - The management noted that while long-term charter deals are currently scarce due to uncertainty, they remain open to new opportunities as the market evolves [54][55] Question: Asset values across business segments - The management indicated that tanker values remain strong, while dry bulk has shown healthy levels despite uncertainties, and the spot market has been resilient [58][60]

Financial Data and Key Metrics Changes - The company reported revenue of $304.1 million for Q1 2025, a decrease of 4.6% compared to $319 million in Q1 2024 [18] - EBITDA for the quarter was $147.6 million, with adjusted EBITDA decreasing by $11 million to $154 million compared to Q1 2024 [19][20] - Net income for Q1 2025 was $41.7 million, down from $71 million in Q1 2024, reflecting a decrease in adjusted net income by $24 million [20] - Earnings per common unit were $1.38 for the quarter [5] Business Line Data and Key Metrics Changes - The fleet time charter equivalent (TCE) rate decreased by 1.1% to $21,271 per day [19] - The TCE rate for the container fleet increased by 2.2% to $30,501 per day, while the TCE rates for dry bulk and tanker fleets decreased by 10.5% and 7.1% respectively [19] - The company sold three vessels with an average age of 19.1 years for approximately $35 million [10][17] Market Data and Key Metrics Changes - The global trade environment has been affected by U.S. tariffs, with 3.7% of global trade subject to declared tariffs [24] - Tariffs on Chinese imports rose to 145%, impacting container and car trades significantly [25] - The dry bulk trade is expected to decline by 1.2% in 2025, while ton miles are projected to decrease by 0.4% [30] Company Strategy and Development Direction - The company has a contract backlog of $3.4 billion, providing revenue stability amid market uncertainties [8][12] - Focus on modernizing the fleet and reducing carbon footprint through newer technologies [16] - The company aims to maintain flexibility in capital allocation, balancing between share repurchases and fleet renewal [49][50] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns over the geopolitical environment, particularly the U.S. tariffs and ongoing wars, which create significant uncertainty [6][47] - Despite challenges, management noted that the spot rate market has remained generally healthy [7] - The company is actively managing interest rate risk, with 30% of long-term debt fixed at an average rate of 5.5% [8][22] Other Important Information - The company ended Q1 2025 with $343 million in cash on the balance sheet [9] - The net loan-to-value (LTV) ratio improved to 35.2% from 45% at the end of 2022 [14] - The company has a strong backlog of contracted revenue, with $1.4 billion related to the tanker fleet, $200 million to dry bulk, and $1.8 billion to containerships [12][17] Q&A Session Summary Question: Changes in capital allocation approach - Management emphasized the importance of patience in navigating the current uncertain environment, focusing on liquidity and contracted revenue [47][48] Question: Opportunities for fleet renewal and acquisitions - Management noted that long-term charter deals are currently scarce due to uncertainty, but they remain open to new opportunities as the market evolves [55][56] Question: Asset values across business segments - Management indicated that tanker values remain strong, while dry bulk shows healthy levels despite uncertainties, and the spot market has been resilient [59][60]