Reports Q2 revenue $156.7M, consensus $129.24M. “Our focused execution and flexible business model continued to deliver premium TCE returns during the second quarter,” stated CEO Mark Filanowski. “Even as market rates remained pressured by macroeconomic uncertainty, we leveraged our expanded fleet and differentiated chartered-in strategy to navigate the current environment. The global trade environment remains highly dynamic, with uncertainty around tariffs and port fees slowing long-term commitments from shippers. Q2 ended with an uptick of market rates from seasonal demand in South America. As we enter Q3 and the peak of our arctic trade season, we see some signs of stabilization and increased activity, especially in our panamax and supramax segments. Quarter-to-date in the third quarter, we’ve executed 3,671 shipping days at an average TCE of $14,272 per day, supported by our niche ice class fleet and seasonal summer arctic trade. During the quarter, we repurchased over 200,000 shares under our existing authorization, reflecting our continued focus on returning capital to shareholders. In addition, we began the process of financing two of our vessels and completed the opportunistic sale of Strategic Endeavor, consistent with our fleet renewal efforts”.
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