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Achieved a 10% TCE premium over market indices by balancing fleet positioning to capture stronger demand in Asia and arbitrage opportunities in backhaul trades.

Generated significant operating leverage as adjusted EBITDA grew by nearly $20 million year-over-year, supported by a 50% increase in TCE rates.

Expanded the onshore logistics platform with new operations at the Port of Tampa, deepening customer integration and providing recurring, non-ocean freight revenue.

Executed fleet renewal by selling the 2006-built Bulk Xaymaca for $9.6 million, avoiding upcoming dry dock capital expenditures while improving overall fleet efficiency.

Actively managed fuel market volatility through a combination of strategic hedging and specific contract terms to protect margins.

Capitalized on broad-based dry bulk demand momentum in the first half of the year, particularly within the minor bulk trades central to the company's cargo book.

Anticipate a strong second half of 2026 driven by seasonal tailwinds from the specialized ice-class fleet during the Arctic summer trading season.

Expect moderate global fleet growth to be offset by ton-mile demand increases resulting from continued trade route disruptions and lengthening.

Project approximately $3 million in incremental annual EBITDA from the growing terminal and stevedoring operations.

Maintain a disciplined approach to fleet expansion, focusing on modern, high-quality vessels that fit the commercial model only when returns are clear.

Plan to refinance a $24 million balloon payment associated with a joint venture debt facility in the coming months.

Reported a significant unrealized loss on bunker fuel derivatives in Q2 due to declining fuel prices, which essentially offset unrealized gains from Q1.

Increased quarterly dividend to $0.10 per share, reflecting strengthened fundamentals and a commitment to disciplined capital allocation.

General and administrative expenses rose 25% to $9 million, primarily due to higher incentive compensation and increased headcount to support growth.

Identified 9 scheduled dry dockings for the second half of 2026 with an estimated cost of $14 million.

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Management clarified this is not a permanent strategy shift but an opportunistic response to better returns and market disruptions in the Pacific.

The company intends to grow in the region as fleet scale increases, though markets have recently begun rebalancing back toward the Atlantic.

Management intends to refinance the upcoming $24 million balloon payment rather than using cash, citing competitive rates and well-priced debt availability.

Maintaining a high cash balance ($105 million) is prioritized to remain nimble and opportunistic for secondhand vessel acquisitions.

The S&P market is described as 'absolutely firm' with high asset values, prompting the sale of older ships facing expensive special surveys.

Management is substituting owned-fleet growth with increased charter-in activity while waiting for attractive price points on modern secondhand tonnage.