Strong Third Quarter Financial Performance
Net revenue reached approximately $47 million, adjusted EBITDA was $27.5 million, and net income totaled $12.8 million, demonstrating strong earnings capacity and operational leverage.
Fleet Renewal Strategy and Newbuilding Order
Placed a newbuilding order for a 181,000 deadweight Capesize at Hengli shipyard for $75 million, with delivery scheduled for 2027, marking a strategic investment in fleet efficiency and modernization.
Dividend Policy and Shareholder Returns
Declared a cash dividend of $0.13 per share for the quarter, bringing total 2025 distributions to $0.23 per share, reaffirming commitment to regular shareholder returns.
Improved Balance Sheet and Capital Structure
Cash position strengthened to approximately $37 million, with a fleet loan-to-value ratio around 45%, and total debt standing at approximately $292 million.
Capesize Market Strength
Average Capesize rates were about $24,600 per day, driven by a 2% increase in ton-mile demand and only 1.3% growth in available tonnage.