Stable Fleet Utilization Rates
Commercial utilization rate was 100% and operational utilization rate was 99.3% in Q3 2025, compared to 100% and 98.5% respectively in Q3 2024.
Significant Liquidity Improvement
Liquidity improved significantly with refinancing and the sale of the Irini vessel, releasing approximately $11 million in cash.
Fleet Expansion Plans
Two Ultramax vessels under construction, expected to expand the fleet to 13 vessels with a total carrying capacity of just under 900,000 deadweight tons by 2027.
Improved Market Conditions
Panamax spot rates increased to around $15,500 per day by early November 2025, reflecting a positive trend in the market.
Increase in Asset Value
The market value for the fleet is estimated at $214 million, approximately $38 million above the book value.