Strong Financial Performance
Reported revenue for Q3 2025 was $346.9 million and $978.6 million for the first 9 months. EBITDA was $193.9 million for the quarter and $519.8 million for the 9 months, with a net income of $56.3 million for the quarter.
Fleet Modernization and Growth
The company's fleet has an average age of 9.7 years compared to an industry average of 13.5 years. A total of 171 vessels across 3 segments are valued at $6.3 billion in gross value.
Strong Liquidity and Credit Rating
The company has $412 million available liquidity and a strong credit rating of Ba3 by Moody's and BB by S&P.
Successful Bond Issuance
Issued a $300 million senior secured bond in the Norwegian market at a coupon rate of 7.75%, replacing floating rate debt with fixed interest rate debt.
Long-Term Revenue Contracts
Added $745 million of long-term contracted revenue during the quarter, bringing the net revenue backlog to $3.7 billion.
Positive Market Outlook
The tanker and dry bulk markets are expected to be positive, with low order books and aging fleets. The container market is also positioned well with long-term employment and high-quality charters.