Strong Third Quarter Results
Delivered TCE rates averaging 10% above the market for Panamax, Supramax, and Handysize indices, with a 22% increase in shipping days and an adjusted EBITDA of $28.9 million, a 20% increase from last year.
Expansion of Integrated Service Platform
Commenced operations at the Port of Pascagoula in Mississippi and at the Port of Aransas in Texas, with plans to start operations in Lake Charles, Louisiana.
Fleet Renewal and Strategic Sales
Completed the sale of strategic endeavor and entered into an agreement to sell the 2005-built Bulk Freedom for $9.6 million, focusing on improving fleet efficiency and emissions performance.
Strong Balance Sheet
Ended the quarter with $94 million in unrestricted cash and maintained a disciplined approach to capital allocation, including a $0.05 quarterly dividend and share repurchases totaling approximately $3 million.