Financial Data and Key Metrics Changes - In Q4 2025, the company's revenues reached $51.1 million, a 95% increase compared to the same period in 2024 [5][15] - Operating income for Q4 was $13.7 million, marking a 174% increase year-over-year and a 33% increase compared to Q3 2025 [5] - Net income for Q4 was $15 million, an improvement of $11.1 million compared to the same period last year [5] - For the full year 2025, net income was $50 million, with EBITDA close to $71 million and operating cash flow at $81 million [5][17] Business Line Data and Key Metrics Changes - Net revenue from tankers increased by almost 18% compared to Q3 2025, while dry bulk segment revenues rose by 26% [3] - Operational utilization for tankers was 93.4% and for dry bulk fleet was 90.4% in Q4 2025 [4] - The fleet expanded with the addition of three carriers and one tanker vessel, bringing the total fleet to 20 ships by the end of Q4 2025 [4] Market Data and Key Metrics Changes - Market rates for Suezmax tankers surged to $92,000 per day in Q4, up from $55,000 per day in Q3, and have since increased to about $180,000 per day [16][9] - The tanker market was strong due to OPEC's output adjustments and geopolitical tensions affecting oil supply [10][11] - The dry bulk market saw a positive trend with strong iron ore volumes to China and increased bauxite exports from West Africa [13] Company Strategy and Development Direction - The company aims to grow its fleet to nearly 30 ships by 2026, maintaining a debt-free status during this expansion [4][20] - The commercial strategy focuses on efficient fleet management to minimize idle time and maximize cash flow [7][19] - The company is closely monitoring geopolitical tensions, particularly in the Middle East, which could impact the tanker market [21][22] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the positive impact of the U.S.-Iran conflict on seaborne trade, particularly for tankers, while expressing concerns about potential disruptions to trade patterns [7][21] - The company expects continued strength in both tanker and dry bulk markets, driven by geopolitical factors and market dynamics [11][19] - Future market conditions will be influenced by OPEC's production strategies and the resolution of geopolitical conflicts [11][12] Other Important Information - The company has initiated a $10 million stock repurchase program, having repurchased 251,000 shares for $900,000 to date [6] - As of the end of 2025, the company had $179 million in cash, which has since increased to approximately $198 million [6][17] Summary of Q&A Session - There was no question and answer session during this conference call [1]