Strong Earnings and TCE Rates
Adjusted earnings for the second quarter were $9 million or $0.22 per share. TCE rates for MRs were $23,500 per day in Q2 and $25,500 in Q3, with chemical tankers earning $20,400 in Q2 and $21,700 in Q3.
Strategic Acquisitions and Refinancing
Acquired three high-quality MR tankers at attractive prices, consolidated existing debt into a single €350 million revolving credit facility, enhancing financial flexibility.
Positive Market Dynamics
Favorable market conditions driven by OPEC+ production increases and low diesel inventories, boosting trading activity.
Improved Fleet Operations
On hire availability was strong at 99% in Q2, and the majority of drydocking work for the year is completed.