Shares rallied 13.7% following the quarter, driven by substantially stronger-than-expected spot rates and solid contract coverage that underpin a notably improved earnings outlook.
- Achieved a Q1 net profit of $27.5 million (adjusted $26.8 million), up significantly from $19.2 million in Q1 2025, with a 50.5% income margin.
- Daily spot rate surged to $32,264 in Q1, 53% higher year-over-year and 90% higher than Q4 2025, supporting strong revenue.
- Contract coverage for Q2 stands at 81% with a blended TCE above $33,000/day, suggesting an "extremely profitable quarter" ahead.
- Fleet size adjusted to 28 vessels post-sale; 10 newbuilds under construction to increase capacity to ~35 vessels by 2029.
- Net financial position remains healthy at $25.8 million net debt versus $1.2 billion fleet market value, maintaining a low leverage ratio of 2%.
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