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Performance was driven by a relatively strong charter market and improved earnings from bareboat charter vessels, leading to a significant increase in adjusted EBITDA to $50.3 million.

The company is executing a long-term fleet renewal strategy, having taken delivery of 14 Phase 3 newbuilds over the last five years to maintain a competitive average fleet age of 10.3 years.

Operational efficiency is underpinned by a 22% reduction in carbon intensity achieved through environmental upgrades and the deployment of fuel-efficient Eco vessels.

Management attributes its competitive advantage to 'hands-on' management and high operational standards, being among the few globally to complete the DryBMS audit process.

Strategic positioning involves a 'pure play' dry bulk focus, utilizing period time charters for all seven Capesize vessels to secure a $105 million revenue backlog.

The supply-demand equilibrium remains favorable for 2026, with projected demand growth of 3% outpacing supply growth of 2% in an open Hormuz scenario.

The company has a remaining order book of 10 newbuilds scheduled for delivery through 2029, including two dual-fuel vessels arriving in Q1 2027.

Financial planning assumes that $277 million in remaining CapEx is adequately covered by $343 million in current liquidity and $154 million in contracted revenue backlog.

Management expects Chinese iron ore demand to potentially soften in the second half of 2026 due to increased inventories, despite a projected 3% growth for the full year.

The dual-fuel strategy is designed to allow vessels to operate on fossil fuels until alternative fuels become both available and economically viable.

Future growth and shareholder rewards are supported by an additional borrowing capacity of over $200 million available upon the delivery of the nine remaining newbuilds.

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Geopolitical risk is highlighted through scenario planning for the Straits of Hormuz, where a closure would reduce supply growth to 1% but impact fertilizer and commodity trade.

The aging global dry bulk fleet presents a structural opportunity, as 30% of the fleet is over 15 years old and faces increased maintenance costs and inspection restrictions.

Persistent inflationary pressures and China's policy shift toward agricultural self-sufficiency are identified as potential downside risks to global dry bulk demand.

The company maintains a conservative leverage ratio of 30%, with net debt per vessel standing at approximately $8 million.