Consistent Dividend Record
Declared a dividend of $0.15 per share, marking 25 consecutive quarters of dividends, the longest in their drybulk peer group.
Strong Q4 Performance Expectations
Estimated Q4 TCE to be up more than 25%, achieving over $20,000 per day fleet-wide, with Capesize vessels at $27,000 per day and minor bulk fleet at $16,000 per day.
Fleet and Growth Strategy
Completed 90% of drydocking for the year, acquired a 2020-built Capesize vessel, marking the fourth such acquisition since Q4 2023, with strong fundamentals in place.
Financial Health and Leverage
Achieved an industry low cash flow breakeven rate, maintained a low net loan-to-value ratio, and $430 million in undrawn revolver availability.
Improved Industry Fundamentals
Record Brazilian iron ore shipments and increased Chinese demand for coal have boosted freight rates, with a significant improvement noted in Q3.