An aerial view of a cargo ship being loaded with shipping containers at the Port of Baltimore in Baltimore, Maryland, on August 7, 2025.Postal carriers across Europe are planning to suspend some shipments to the U.S. as the nations prepare for the end of a longstanding trade rule.Certain shipments from Germany, Spain, France, Belgium, Sweden, Denmark, Finland, Norway and Switzerland are due to be paused in the coming days and weeks after President Donald Trump signed an executive order ending the century-ol ...

Core Points - A.P. Møller - Mærsk A/S announced a share buy-back program of up to DKK 14.4 billion (approximately USD 2 billion) to be executed over 12 months [2] - The second phase of the share buy-back program will run from 11 August 2025 to 4 February 2026, with a total market value of DKK 7.2 billion (around USD 1.1 billion) for shares to be acquired [2] - The program is executed under EU regulations, specifically the EU Commission Regulation No. 596/2014 and the Commission Delegated Regulation (EU) 2016/1052 [3] Transaction Summary - From 11 to 15 August 2025, the company purchased a total of 3,275 A shares at an average price of DKK 14,194.3692, with a total transaction value of DKK 46,164,140 [3] - The accumulated total for A shares under the program reached 93,744 shares, with a total transaction value of DKK 1,114,229,230 [3][4] - For B shares, the company purchased 16,411 shares during the same period, with a total transaction value of DKK 234,649,265, bringing the accumulated total to 531,023 B shares valued at DKK 6,397,279,963 [3][4] Treasury Shares - Following the transactions, the company holds a total of 93,744 A shares and 635,981 B shares as treasury shares, representing 4.61% of the share capital [4]

NVGS Second Quarter 2025 Earnings Presentation August 13, 2025 Management Report 2025 CONFIDENTIAL Forward Looking Statements 2 This presentation contains certain statements that may be deemed to be "forward - looking statements" within the meaning of applicable federal securities laws . Most forward -looking statements contain words that identify them as forward -looking, such as "may", "plan", "seek", "will", "expect", "intend", "estimate", "anticipate", "believe", "project", "opportunity", "target", "goa ...

Group 1 - Golden Ocean Group (NASDAQ: GOGL) operates a fleet of over 80 ships, positioning itself strategically within the global trade landscape [1] - The company's business model is centered around raising rates in the Baltic Dry Index, which is a key indicator of shipping costs and demand [1]

Core Viewpoint - Intercont (Cayman) Limited reported an increase in total revenues and gross profit for the first half of fiscal 2025, despite a decrease in net income compared to the same period in 2023 [3][4][10]. Financial Performance - Total revenues increased by 8% to approximately $13.4 million for the six months ended December 31, 2024, compared to approximately $12.4 million in the same period of 2023 [3][8]. - Gross profit rose by 14% to approximately $3.8 million for the six months ended December 31, 2024, up from approximately $3.4 million in the same period of 2023 [4][8]. - Net income decreased by 43% to approximately $0.9 million for the six months ended December 31, 2024, down from approximately $1.6 million in the same period of 2023 [10]. Cost and Expenses - Cost of revenues increased by 6% to approximately $9.6 million for the six months ended December 31, 2024, from approximately $9.0 million in the same period of 2023 [4]. - Total operating expenses surged by 101% to approximately $1.7 million for the six months ended December 31, 2024, compared to approximately $0.8 million in the same period of 2023 [5]. - General and administrative expenses increased by approximately $0.7 million, driven by higher professional consulting and legal fees, as well as other operational costs [9]. Other Financial Metrics - Income from operations decreased by 16% to approximately $2.1 million for the six months ended December 31, 2024, down from approximately $2.5 million in the same period of 2023 [6]. - Other expense, net was approximately $1.2 million for the six months ended December 31, 2024, representing an increase of approximately 32% compared to approximately $0.9 million in the same period of 2023 [7][10]. - As of December 31, 2024, the Company had approximately $4.9 million in cash and cash equivalents, an increase from approximately $3.8 million as of June 30, 2024 [8][11]. Recent Developments - The Company completed its IPO on March 28, 2025, raising total gross proceeds of $10.5 million, with net proceeds amounting to $9.5 million [12]. - On April 7, 2025, Kingswood Capital Partners exercised its over-allotment option, resulting in additional net proceeds of $1.1 million [13]. - In April 2025, the Company temporarily deposited approximately $10.2 million with a financial institution to enhance working capital management [14].

Core Insights - FedEx (FDX) and United Parcel Service (UPS) are leading global package delivery companies, each offering a variety of shipping services and logistics solutions [1][2] - The analysis aims to determine which company currently holds a competitive edge and represents a smarter investment opportunity [2] FedEx (FDX) Overview - FDX is focusing on cost-cutting measures due to declining package volumes, influenced by geopolitical uncertainties, tariffs, and high inflation [3][4] - The company has shelved its revenue and earnings forecast for fiscal 2026, following three consecutive quarters of lowered outlooks for fiscal 2025 [4] - FDX's DRIVE initiatives have resulted in savings of $2.2 billion in fiscal 2025 and $1.8 billion in fiscal 2024, with an expectation of $1 billion in transformation-related savings for fiscal 2026 [5] - In June 2025, FDX increased its quarterly dividend by 5.1% to $1.45 per share, and repurchased $3 billion worth of shares in fiscal 2025, returning a total of $4.3 billion to shareholders [6] - FDX's liquidity position is strong, with a current ratio of 1.19 at the end of fiscal 2025, indicating sufficient assets to cover short-term obligations [7] United Parcel Service (UPS) Overview - UPS is experiencing a decline in package volumes due to economic uncertainty and high labor costs, prompting the company to implement cost-cutting measures [8][9] - UPS plans to reduce its workforce by 20,000, approximately 4% of its global workforce, and shut down 73 facilities to streamline operations [10] - The company has agreed to reduce its business with Amazon by over 50% by June 2026, as Amazon was not its most profitable customer [12] - UPS announced a 0.6% increase in its quarterly dividend to $1.64 per share, but concerns about the sustainability of this dividend arise due to an elevated payout ratio of 84% [13] - UPS's long-term debt burden was $19.5 billion at the end of Q1 2025, with a long-term debt-to-capitalization ratio of 55.4%, higher than the industry average [14] Comparative Analysis - Year-to-date, UPS shares have declined by 18.8%, while FDX shares have decreased by 15.2%, indicating better performance for FDX [16] - In terms of valuation, UPS has a forward P/E ratio of 13.66, compared to FDX's 12.76, suggesting that UPS is more expensive relative to its earnings [19] - The Zacks Consensus Estimate predicts a 4.2% decline in UPS's 2025 sales and a 9.2% drop in earnings, while FDX is expected to see a 1.6% increase in revenues and a 1.3% growth in earnings for fiscal 2026 [23][24] - FDX is projected to have a higher earnings growth rate of 10.4% over the next five years compared to UPS's 7.4% [26] - Overall, FDX appears to be a more attractive investment option than UPS based on valuation, price performance, and financial leverage [26]

Core Insights - The primary purpose of a business is to generate profits for reinvestment or shareholder rewards, with net profit margin being a key metric for measuring profitability [1][3] - A higher net profit margin indicates a company's efficiency in converting sales into actual profits and reflects operational management [2][4] Net Profit Margin Analysis - Net profit margin is calculated as Net Profit/Sales * 100, representing the amount retained after all expenses [3] - Companies like Natural Gas Services Group, Ardmore Shipping, Adtalem Global Education, and RGC Resources exhibit strong net profit margins, indicating solid profitability [2][9] Investment Criteria - A healthy net profit margin and solid earnings per share (EPS) growth are essential for a robust business model [7] - Screening parameters include a net margin of at least 0%, positive EPS growth, and a broker rating of 1, indicating strong bullish sentiment [8] Company Performance - Natural Gas Services (NGS) has a Zacks Rank of 1 and a VGM Score of A, with a revised earnings estimate of $1.40 per share for 2025, reflecting an 18.6% upward revision [12][11] - Ardmore Shipping (ASC) also holds a Zacks Rank of 1, with a revised earnings estimate of $1.36 per share, showing a 5.2% average surprise in earnings [13][14] - Adtalem Global Education (ATGE) has a Zacks Rank of 2 and a revised earnings estimate of $6.52 per share, with an 18.4% average surprise [15] - RGC Resources has a Zacks Rank of 2, with a revised earnings estimate of $1.25 per share and a 34.9% average surprise [16]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints No clear core viewpoints are presented in the given content. 3. Summary by Relevant Catalogs EC Futures Contracts - EC2506 had a closing price of 1888.5 with a 0.04% increase, a basis of 234.7, a trading volume of 225, an open interest of 2053, and a decrease of 78 in open interest [2]. - EC2508 had a closing price of 1761.4 with a 2.42% decrease, a basis of 361.8, a trading volume of 32689, an open interest of 39228, and an increase of 168 in open interest [2]. - EC2510 had a closing price of 1339.0 with a 0.99% increase, a basis of 784.2, a trading volume of 10051, an open interest of 30121, and an increase of 401 in open interest [2]. - EC2512 had a closing price of 1500.0 with a 0.33% increase, a basis of 623.2, a trading volume of 1654, an open interest of 5827, and a decrease of 1339 in open interest [2]. - EC2602 had a closing price of 1307.8 with a 0.71% decrease, a basis of 815.4, a trading volume of 564, an open interest of 3757, and a decrease of 101 in open interest [2]. - EC2604 had a closing price of 1169.8 with a 0.07% decrease, a basis of 953.4, a trading volume of 928, an open interest of 5529, and a decrease of 42 in open interest [2]. Month - to - Month Spreads - The spread between EC2506 - 2508 was 127.1 (previous day), 82.7 (two days ago), 126.0 currently, with a month - on - month change of 44.4 and a week - on - week change of 11.0 [2]. - The spread between EC2508 - 2510 was 422.4 (previous day), 479.1 (two days ago), 434.3 currently, with a month - on - month change of - 56.7 and a week - on - week change of - 45.0 [2]. - The spread between EC2506 - 2510 was 561.8 (two days ago), 560.3 currently, with a month - on - month change of - 12.3 and a week - on - week change of - 34.0 [2]. - The spread between EC2510 - 2512 was - 161.0 (previous day), - 169.1 (two days ago), - 163.5 currently, with a month - on - month change of 8.1 and a week - on - week change of - 8.1 [2]. - The spread between EC2512 - 2602 was 192.2 (previous day), 177.8 (two days ago), 171.7 currently, with a month - on - month change of 14.4 and a week - on - week change of 41.3 [2]. Shipping Indexes - SCHIS was updated weekly, with a value of 2123.24 on 2025/6/30, a previous value of 1937.14, and an increase of 9.61% [2]. - SCFI was updated hourly, with a value of 2030 on 2025/6/27, a previous value of 1835, and an increase of 10.63% [2]. - CCFI was updated hourly, with a value of 1640.72 on 2025/6/27, a previous value of 1578.6, and an increase of 3.94% [2]. - NCFI was updated weekly, with a value of 1442.95 on 2025/6/27, a previous value of 1299.58, and an increase of 11.03% [2]. - TCI was updated daily, with a value of 957.21 on 2025/6/30, a previous value of 937.12, and an increase of 2.14% [2]. Capacity Arrangement - In July and August 2025 (tentatively), the average weekly capacity was 299,000 TEU and 305,000 TEU respectively. The first week of July had good cargo intake but no over - booking. The capacity in the second and fourth weeks was neutral, while the third week was high, which could suppress freight rates. In week 33, there was one new blank sailing, and there were ship delays for PA & MSC [2]. Recent European Line Quotations - Shipping companies announced price increases for July. MSK opened at $3400, and others were mostly between $3500 - $4000. In the first week, some shipping companies reduced prices, and MSK dropped to $3100, with the final average price of shipping companies at $3400 (equivalent to 2400 points on the futures market). In the second week, MSK opened at $2900, and the current average quotation of shipping companies was equivalent to 2300 points on the futures market [3]. News - On June 30, the Qatari Foreign Ministry stated that the cease - fire negotiation in the Gaza Strip had not restarted, and relevant parties were in contact to determine the schedule and plan for the new round of negotiation. Qatar was pressuring relevant parties to decouple the cease - fire negotiation from the provision of humanitarian aid to the Gaza Strip and accused Israel of preventing humanitarian aid from entering the Gaza Strip [4]. - On June 30, the Iranian Armed Forces stated that they were ready to respond to any new acts of aggression [4].

Core Viewpoint - FedEx Corporation (FDX) is expected to report its fourth-quarter fiscal 2025 results on June 24, 2025, with earnings estimated at $5.94 per share, reflecting a 9.8% increase year-over-year, while revenues are projected at $21.7 billion, indicating a 1.9% decline from the previous year [1][2][8]. Earnings Performance - The Zacks Consensus Estimate for FDX's fourth-quarter earnings has been revised downward by 1.5% in the past 60 days [2]. - FDX has a mixed earnings surprise history, with an average surprise of -5.79% across recent quarters [3][4]. Revenue and Demand Factors - Average daily shipments are expected to be negatively impacted by weak demand, adverse weather conditions, and recession fears due to tariff-related tensions [5]. - The Express unit, FDX's largest segment, is projected to see a revenue decline of 3.2% compared to the fourth quarter of fiscal 2024 [6][8]. Cost Management Initiatives - Cost-reduction initiatives under the DRIVE program are anticipated to lower salary and operating expenses by 2.1% and 4.4%, respectively, compared to the previous year [7][8]. - The DRIVE program aims for $4 billion in cost savings by fiscal 2025 through improved efficiencies and technology-focused consolidation [16]. Stock Performance and Valuation - FDX shares have declined 17.1% in the fourth quarter of fiscal 2025, slightly underperforming the Zacks Transportation—Air Freight and Cargo industry's decline of 16.9% [11]. - FDX is trading at a discount based on forward 12-month Price/Sales (P/S) compared to the industry average and UPS, with a Value Score of B [13]. Shareholder Returns - In June 2025, FedEx raised its quarterly dividend by 5.1% to $1.45 per share, indicating a commitment to rewarding shareholders despite current challenges [17]. Long-term Outlook - The company has a long-term earnings growth rate of 10.7%, which is higher than the industry's 9.1%, suggesting strong potential despite current market uncertainties [18].

Core Viewpoint - The company emphasizes a long-term growth trajectory while maintaining a focus on dividends as a key objective [1][3]. Financial Performance - The dividend for Q1 2025 is set at $0.07 per share, marking the 111th consecutive quarterly cash dividend, payable on June 26, 2025, to shareholders on record as of June 12, 2025 [3]. - In the first five months of 2025, the company acquired two vessels built in 2016 for a total of $132 million and sold two vessels built in 2003-2004 for $45 million, with a cash position of $103 million as of March 31, 2025 [3]. Market Dynamics - Increased pressure on sanctioned oil trades and higher OPEC volumes are expected to boost demand for the company's ships, with the "shadow fleet" being pushed further into obscurity, which is favorable for the company [3]. - The average time charter equivalent (TCE) for the fleet in Q1 2025 was $24,714 per day per ship, with operating costs at $9,000 per unit, resulting in a net profit of $4.2 million for the quarter [3]. Environmental Initiatives - The company is actively reducing emissions from its vessels through careful voyage planning and speed adjustments [3]. Fleet Quality - The high quality of the company's vessels is validated by the vetting performance conducted by major oil companies, which utilize approximately 50% of the fleet [3].