Strategic Performance and Operational Context

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• Performance improvement was driven by a stronger charter market environment and higher charter hires compared to the prior year, resulting in an EPS increase to $0.18.

• Management attributes market volatility primarily to geopolitical factors, specifically citing the impact of the Persian Gulf situation on global supply-demand equilibrium.

• The company is executing a fleet renewal strategy, focusing on Phase 3 newbuilds and selling older Kamsarmax and Post-Panamax vessels to maintain a competitive age profile.

• Strategic positioning is anchored by a high concentration of Japanese-built vessels (80% of fleet), which management believes offers superior durability, resale value, and fuel efficiency.

• The parallel listing on Euronext Athens is intended to diversify the shareholder base by providing European institutional and retail investors direct access to the company.

• Operational competitiveness is being bolstered by environmental upgrades across 21 vessels and the integration of Eco-vessels to mitigate rising carbon intensity limits.

Outlook and Strategic Assumptions

• Management expects to comprise 45% Phase 3 vessels by 2029, positioning the fleet to compete specifically on fuel efficiency and lower CO2 taxation.

• Supply-side projections assume a 2% growth in 2026 under an 'Open Hormuz' scenario, while demand is expected to grow by 3%, maintaining a favorable equilibrium.

• The company anticipates potential downside risks to dry bulk demand from China's policy push toward self-sufficiency in grains and reduced soya meal usage.

• Guidance assumes that while shipbuilding capacity remains constrained, the company's existing order book of 11 newbuilds provides a clear path for growth through 2027.

• Management expects coal demand to remain resilient in the short term due to LNG disruptions, with Indian Ocean regions serving as key growth pockets.

Strategic Developments and Risk Factors

• The dividend was increased to $0.06 per share, reflecting management's confidence in sustainable cash flow generation despite market fluctuations.

• Approximately 1% of global dry bulk capacity is currently trapped in the Persian Gulf, a factor management is monitoring for its impact on supply tightening.

• The company maintains a $10 million active share repurchase program as part of its capital allocation strategy.

• Management noted the postponement of global fuel standards by the IMO may lead to more 'pragmatic' decarbonization solutions in the near term.