Shipping Revenues : $467.287M
Voyage Expenses : $33.100M
Time charter equivalent revenues: $434,187M
Net income : $294.925M
Adjusted Net Income : $294.968M
Adjusted EBITDA : $345.217M
Free cash flow : $260.664M
Dividend declared : $5.05 per share (payable September 2026) 🤑
Highlights:
💰Record net income and adjusted net income of $295 million.
💰Record adjusted EBITDA of $345 million.
💰Record quarterly free cash flow of $261 million.
🚢Contracted four additional LR1 newbuildings for an aggregate price of $244 million, with deliveries expected in 2028.
🚢Remaining two LR1 newbuildings from the original six-vessel program expected to deliver in the third quarter of 2026.
🚢Upon delivery, all ten newbuild vessels are expected to trade into jointly owned, Panamax International Pool, which has historically outperformed the LR1 market.
🏦Total liquidity was approximately $935 million as of June 30, 2026, including cash (including short-term investments) of $409 million and $526 million undrawn revolving credit capacity.