2025-05-19 11:04Financial Performance & TCE Earnings - Handysize average daily TCE earnings in 1Q25 were $10,940, down 1% year-over-year[21] - Supramax average daily TCE earnings in 1Q25 were $12,210, down 10% year-over-year[21] - Handysize outperformed the index by $2,940 or 37% per day in 1Q25[27] - Supramax outperformed the index by $4,310 or 55% per day in 1Q25[27] - Operating activity generated a margin of $820 per day in 1Q25, up 61% year-over-year[27] - The company covered 77% and 95% of committed days in 2Q25 for Handysize and Supramax core fleet at $11,390 and $12,400 respectively[21] Fleet Management & Strategy - Since 2021, the company has purchased 22 modern second-hand vessels with aggregate capacity of 1.2 million dwt[52] - In 1Q25, the company sold three older, smaller Handysize vessels with an average age of 21 years old[52] - The company has commitment to 20 long-term inward charters, including four newbuildings due to join the fleet in 2025 and 2026[55] - The combined Handysize and Supramax orderbook currently stands at 10.4% of total fleet[38] Market Outlook & Trade Volumes - Total dry bulk trade is expected to grow by 3.2% in 2024, but only 0.1% in 2025[29] - Minor bulk trade volume is expected to increase by about 1.2% in 2025[29] - Iron ore loadings into China dropped 9% in 1Q25[14] - Coal volume to China dropped by 11% in 1Q25[14] - Grain loadings into China reduced sharply by 54% year-over-year[14]