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Q1 2025 Financial & Operating Results May 23, 2025
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2 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 deemed to be forward-looking statements. For example, words such as “may,” “will,” “should,” “estimates,” “intends,” and similar expressions are intended to identify forward-looking statements. Actual results and the timing of certain events may differ significantly from the results discussed or implied in the forward-looking statements. Among the factors that might cause or contribute to such a discrepancy include, but are not limited to the risk factors described in the Company’s Registration Statement filed with the Securities and Exchange Commission, particularly those describing variations on charter rates and their effect on the Company’s revenues, net income and profitability as well as the value of the Company’s fleet.
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❑ Revenues of $32.1 million in Q1 25’ compared to $41.2 million in Q1 24’- a 22.1% decline as market rates were stronger during Q1 24’. ❑ Net income of $11.3 million in Q1 25’ versus $16.7 million in Q1 24’- driven by increased revenue generation in Q1 24’ as a result of a stronger market at that time. ❑ EBITDA of $14.7 million for Q1 25’. ❑ Q1 25’ when compared to Q4 24’ - Revenues increased by $5.9 million (or 22.5%) while Net Income by $7.4 million (or 188.2%) ❑ Cash and cash equivalents including time deposits of $227.4 million which is c.170% higher than our current market capitalization. ❑ Recurring profitability and debt free capital structure facilitate robust cash flow generation thus cash accumulation. 3 Key Highlights ❑ Fleet operational utilization of 84.2% for Q1 25’ versus 86% in Q4 24’ and 80.6% in Q1 24’. ❑ About 47% of Q1 25’ fleet calendar days were dedicated to time charter activity while 53% to spot activity. ❑ Delivery of the drybulk carrier, Supra Pasha (2012 built) on April 26th 2025; the remaining six drybulk carriers will be delivered in full by June 25’. Financial Operations & Growth Profitability and Cash Accumulation ($ millions) $66.90 $129.70 $199.10 $206.70 $228 $0.00 $50.00 $100.00 $150.00 $200.00 $250.00 3M 24' 6M 24' 9M 24' 12M 24' 3M 25' Cash (incl. time deposits) 27.73 29.93 20.05 17.75 21.64 16.70 19.50 10.10 3.90 11.30 0.00 10.00 20.00 30.00 40.00 Q1 24' Q2 24' Q3 24' Q4 24' Q1 25' TCE Revenues Net Income
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$33,000 $34,800 $38,200 $16,400 $22,200 $25,400 $17,400 $60,400 $39,700 $41,700 $29,400 $30,400 $47,000 $39,000 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 Q4 23’ Q1 24’ Q2 24’ Q3 24’ Q4 24’ Q1 25’ Latest MR Tankers Suezmax Tankers Fleet Employment Status & Rates Fixed Term Contract Period 4 ❑ Customarily our three handysize drybulk vessels are employed on short TCs, while four of our MR tankers are under time charters concluding between May 2025 and August 2027. Daily Tanker Rates ❑ In Q1 25’ rates were stronger than in the 2H’ of 2024. ❑ We did witness a softness in the market the first half of Q1 25’ due to quieter activity in both the Atlantic and Asian market. ❑ The effect of OFAC sanctions imposed in March 2025 tightened capacity and strengthened tanker rates. Source: Jefferies End Date Vessel Name Vessel Type Charter Type Fixed Period May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 1 Supra Pasha Dry Supramax Spot 2 Clean Sanctuary MR Tanker Spot 6 Suez Protopia Suezmax Spot Suezmax Spot 4 3 Aquadisiac MR Tanker Spot SpotMR TankerClean Nirvana 8 Eco Wildfire Dry Handysize TC May 2025 9 Glorieuse Dry Handysize TC June 2025 10 Neptulus Dry Handysize TC June 2025 11 Magic Wand MR Tanker TC Oct 2025 7 Clean Thrasher MR Tanker TC May 2025 5 Suez Enchanted Clean Imperial MR Tanker TC Jan 202612 13 Clean Justice MR Tanker TC Sep 2027 Q2 2026-Aug 20272025 Q1 2026
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5 Tanker Market Source: Jefferies, Gibson January 2025 February 2025 March 2025 April - May 2025 • US announced sanctions on 150 tankers involved in Russian and Iranian oil trade raising sanctioned fleet capacity to 9.5% of the global VLCC fleet, 8.5% of suezmax fleet and 12.5% of aframax/LR2 fleet. • US announced that is imposing a 25% tariff on Canadian and Mexican imports and a 10% tariff on Chinese imports. • Canada announced a 25% corresponding tariff on US imports. • Market expects trade war to have disruptive effect on the tanker and broader shipping market. • US sanctions on fleet involved in Russian oil trade comes into effect on March 12th , 2025 thus constraining broader fleet capacity. • USTR files proposal for port fees on Chinese built vessels (Section 301 port fees). None of our vessels are Chinese built. • OPEC + announced output increase and is returning over 500,000 bpd between April and May. • USTR revised initial proposal and adopts a less aggressive port fee structure on Chinese operators and Chinese built ships thus lessening the impact of this measure on the broader shipping market. • US and China agrees to roll back tariffs for an initial 90 days period. 44% 83% 30% 27% 34% 9% 7% 6% 3% 7% 0% 20% 40% 60% 80% 100% Dry bulk Containers Crude Product LPG Initial USTR proposal Revised USTR proposal % of 2024 port calls subject to USTR port fees
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6 Tanker Market-Fleet Fundamentals Source: Allied ❑ Tanker supply outlook remains favorable for both suezmax and MR tankers. ❑ Aging fleet outweighs the impact of current orderbook. Age Distribution Orderbook Vs Older Vessels 0.0% 10.0% 20.0% 30.0% MR Tankers (44-50K dwt) Suezmax Tankers (155-162K dwt ) 19.7% 14.9% 8.3% 12.1% Above 20 years of age Orderbook (2025-2026) 12.3% 21.2% 22.1% 24.6% 14.4% 5.3% 14.4% 28.9% 23.4% 18.4% 11.9% 2.9% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% <5 years 5-10 years 10-15 years 15-20 years 20-25 years > 25 years MR Tankers (44-50K dwt) Suezmax Tankers (155-162K dwt )
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7 Drybulk Vessels Addition ❑ Total addition of seven drybulk carriers – 5 supramaxes and 2 kamsarmaxes – to be delivered by June 25’. ❑ With these deliveries fleet size will increase by 60% both in terms of number of vessels and dwt capacity. 19 vessels 1.2 million dwt ❑ Debt free acquisitions allowing to preserve a low breakeven. ❑ Typical employment on short time charters producing steady earnings. ❑ Low opex base. ❑ Every $2,000 increase in daily TC rates for these newly acquired drybulk vessels will add $5 million to annual operating cash flow. ❑ Drybulk carriers have a less volatile market cycle than tankers thus adding a conservative element of diversification to our fleet. ❑ Daily rates for these vessels are currently soft. ❑ Total capital commitment for these acquisitions is $129 million to be paid within Q3 25’. 10 drybulk vessels 9 tanker vessels & Imperial Petroleum Full Fleet Following Dry Vessels Delivery Daily Spot Rates Rates ($) 14,900 15,200 14,300 9,100 9,800 0 5,000 10,000 15,000 20,000 Q1 24' Q2 24' Q3 24' Q4 24' Q1 25' Supramax ❑ In March 2025 a one year TC rate for a kamsarmax vessel was estimated at around $14,100 per day while spot day rates for supramax vessels were close to $10,000. Source: Jefferies, Bancosta
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8 Financial Results Q1 24’ & Q1 25’ Q1 24’ Vs Q1 25’ ❑ Revenues of $32.1 million down 22.1% due to lower market rates. ❑ Voyage Costs down by 22% mainly due to increased time charter activity leading to a 16% decline in spot days. ❑ Running Costs up by $1.1 million as our fleet increased by an average of 2 vessels. ❑ Strong income from time deposits of $2.2 million. ❑ EBITDA of c. $14.7 million in Q1 25’. ❑Net Income of c. $11.3 million in Q1 25’ a solid performance in spite of the lower market rates compared to Q1 24’. Income Statement (Amounts in USD'000s) Q1 2024 Q1 2025 Voyage revenues 41,203 32,092 Voyage costs (13,478) (10,456) Net revenues 27,725 21,636% annual change Running costs (6,034) (7,120) Management fees (394) (471) Drydocking Costs (625) G&A (1,207) (1,218) Depreciation (4,027) (5,003) Impairment loss Other operating Income Net gain/ (loss) of sale of vessels Income from operations 15,438 7,823 Interest and finance costs (4) Interest expense related party (2) (603) Interest Income 1,035 2,184 Interest Income related party 751 Dividend Income from related party 190 188 Foreign exchange (loss)/gain (757) 1,702 Net income/(Loss) 16,655 11,291 Adjusted Net Income/(Loss) 17,513 12,180 EBITDA 18,898 14,716 Adjusted EBITDA 19,757 15,605 Average Number of Vessels 10.0 12.0
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9 Financial Results 12M 24 & 3M 25 ❑ Free cash (incl. time deposits) as of March 31, 2025 of c. $227.4 million. ❑ Ample liquidity to cover all capital commitments for fleet expansion without the need for bank debt. ❑ 12M 24’ 3M 25’: ➢ c. $20.7 million or 10% increase in available cash within one quarter ➢ c. 9% increase in fleet book value as a result of fleet expansion ❑ Flexible capital structure governed by high liquidity, zero debt and minimum liabilities. Balance Sheet (Amounts in $'000s) 12M 2024 3M 2025 Assets Cash & cash equivalents 67,784 126,520 Time deposits 138,948 100,901 Other assets 21,745 15,815 Vessel, net 208,230 227,015 Investment in Related Party 12,799 12,794 Total Assets 449,505 483,045 Liabilities & Stockholders Equity Payable to related party 18,726 39,233 Trade accounts payable 5,244 5,923 Other liabilties 4,868 5,477 Total stockholders' equity 420,668 432,412 Total Liabilities & Stockholders Equity 449,505 483,045
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10 Financial Snapshot Liquidity and Gearing c.$227.4 million of cash as of March 31, 2025 Profitability, Growth and Values Considerations Going Forward Will the US trade war continue? How will it impact the shipping market? c.$20.5 million of operating cash flow for Q1 25’ Will USTR port fees affect the values and rates of Non- Chinese built vessels? c. $9,000 daily cash flow breakeven per vessel 35.1% Net Income Margin for Q1 25’ How will geopolitical pressures unravel? Zero Debt c. $20,500 TCE for Q1 25’ per fleet voyage day Values for older tankers are falling while values for dry vessels are stabilizing Will OPEC+ announce further output increases? $2.2 million of income from time deposits for Q1 25’
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11 Investment Highlights Track record of cost-efficient vessel operations along with maintaining a healthy capital structure 4 3 5 2 1 6 Giving value back to shareholders through timely share buybacks and warrant repurchases Active employment of vessels based on charter market developments Experienced management and board of directors Own a high-quality fleet of crude oil, product tankers and dry bulk carriers; all vessels are Japanese or Korean built Debt free company with ample liquidity and recurring profitability, trading at a heavy discount to NAV