Slide 1: Q3' & 9M 2025 Financial & Operating Results
Q3’ & 9M 2025 Financial & Operating Results December 11, 2025
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements within the meaning of applicable federal securities laws. Such statements are based upon current expectations that involve risks and uncertainties. Any statements contained herein that are not statements of historical fact may be deeme
Slide 3: Key Highlights
Key Highlights Operations & Growth ❑ Full integration of our seven drybulk vessels delivered within Q3 25’ leading to a 36.1% increase of fleet calendar days. ❑ Fleet operational utilization of 88.7% for Q3 25’ versus 65.6% in Q3 24’. ❑ Looking at our fleet sub-segments, operational utilization for
Slide 4: Fleet Employment Status
Fleet Employment Status ❑ About 75% of our fleet is currently under time charter employment; as customarily all of our drybulk vessels are on short TCs. ❑ We employ three product tankers and our suezmaxes in the spot market; the remaining four product tankers are under period employment ranging from
Slide 5: Charter Rates
Charter Rates ❑ Within Q3 25’ market rates strengthened in both tanker and drybulk segments. ❑ Rates for suezmax tankers gained momentum mainly at the back of OPEC+ output increase which resulted in the VLCC rates more than doubling and trickling down this positive momentum to suezmax rates. ❑ Produ
Slide 6: Tanker Market
Tanker Market • Within Q3’ 2025 the set up for the tanker market was strong. We witnessed a rebound of refining margins, higher than expected oil demand and a generous Long Term Global Oil Demand (mb/d) reversal of prior OPEC+ cuts. • The crude tankers exerted a strong performance within the third q
Slide 7: Drybulk Market
Drybulk Market • Following a softer 1H 25’ the drybulk market took an upturn in Q3 25’. Bulk Carrier Tonne- Mile Growth • Rates for both kamsarmax and supramax vessels moved from $12K/day to about $ 16K/day. 6.00% 5.20% 5.60% 4.50% • Indeed Q3 25’ was a stronger period for seaborne coal trade with c
Slide 8: Financial Results Q3 24' & Q3 25'
Financial Results Q3 24’ & Q3 25’ Income Statement Q3 Q3 9M 9M Q3 25’ Vs Q3 24’ (Amounts in USD'000s) 2024 2025 2024 2025 ❑ Revenues of $41.4 million up by 25.5% mainly due to our Voyage revenues 33,023 41,420 121,268 109,860 recent drybulk vessel additions, along with an improvement of Voyage costs
Slide 9: Financial Results 12M 24' & 9M 25'
Financial Results 12M 24’ & 9M 25’ Balance Sheet (Amounts in #039;000s) 12M 2024 9M 2025 ❑ Free cash (incl. time deposits) as of September 30, 2025 of about $100 million. Assets Cash & cash equivalents 67,784 2,859 ❑ Our current cash base is about $172 million. Time deposits 138,948 96,463 Other assets
Slide 10: Financial Snapshot
Financial Snapshot Liquidity and Gearing Profitability, Growth and Values Market Considerations TCE for Q3 25’ per How will geopolitical c.$100 million of fleet voyage day pressures unravel? cash as of September c. $23,000 for tankers Will Russia- Ukrainian 30, 2025 c. $11,800 for drybulk conflict e
Slide 11: Financial Snapshot
Financial Snapshot Capital Commitments 2026 Strategic Focus Company Operational Strengths c. $ 52 million for the High quality fleet; all agreed acquisitions of 3 Further fleet vessels are Japanese drybulk vessels expansion or Korean built (to be paid within Q2-Q3 26’) Active employment c. 14 millio