Financial Data and Key Metrics Changes - For the nine months of 2025, the company generated $577 million in gross revenues and an operating income of $171 million, which included $12.5 million of capital gains from the sale of four older vessels [23][28] - The net income for the third quarter of 2025 was $38.3 million, translating to $1.05 in earnings per share, with adjusted EBITDA at about $96 million [32] - The fleet time charter equivalent rate for the first nine months of 2025 was $30,703, while the third quarter rate was $30,601 [24][30] Business Line Data and Key Metrics Changes - The fleet utilization increased from 92.2% to 96.2% during the nine months of 2025, and from 92.8% to 94.8% in the third quarter [24][28] - The number of vessels on fixed time charters and time charters with profit sharing increased by 12%, while spot market exposure declined by 32% [22][23] - Operating expenses per ship per day averaged $9,797 for the nine months and $9,904 for the third quarter, reflecting efficient management [25][31] Market Data and Key Metrics Changes - The tanker market has shown strong fundamentals, with a significant increase in demand for vessels, particularly in the VLCC segment [10][20] - The company has a backlog of approximately $4 billion in minimum fleet contracted revenue, indicating strong market positioning [12][19] Company Strategy and Development Direction - The company is focused on a record 20 vessel new building program, with deliveries starting in Q1 2026, aimed at maintaining a young and modern fleet [6][19] - The strategy includes selling older vessels to finance new builds and enhance fleet efficiency, with plans to divest from first-generation conventional tankers [19][46] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the market, noting a 50% increase in spot market rates since September and a strong demand for vessels [9][10] - The geopolitical landscape and supply chain disruptions have created opportunities for the company to capitalize on its chartering strategy [35] Other Important Information - The company declared an additional $1 per share dividend, following a $0.60 interim dividend, reflecting a total annual dividend yield of over 4% [7][8] - The fair market value of the operating fleet is approximately $4 billion against $1.9 billion in debt, with a net debt to capital ratio of around 47% [19][27] Q&A Session Summary Question: Clarification on the employment terms for the DS1 and Ulysses vessels - Management noted a significant increase in profit sharing arrangements and a strong appetite for vessels, with further details to be provided later [38] Question: Plans for the Maria Energy vessel after its current contract - The vessel is fixed back to a long-term employment with no downtime expected between contracts [39] Question: Expectations for MR new builds delivering in early 2026 - Management indicated a strong appetite for these vessels, with ongoing negotiations for long-term contracts [40][41] Question: Future asset sales and fleet renewal plans - The company is negotiating the sale of five first-generation vessels, anticipating significant cash release to support the new building program [46]