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) 馃
Highlights:
馃挵Record net income and adjusted net income of $295 million.
馃挵Record adjusted EBITDA of $345 million.
馃挵Record quarterly free cash flow of $261 million.
馃殺Contracted four additional LR1 newbuildings for an aggregate price of $244 million, with deliveries expected in 2028.
馃殺Remaining two LR1 newbuildings from the original six-vessel program expected to deliver in the third quarter of 2026.
馃殺Upon delivery, all ten newbuild vessels are expected to trade into jointly owned, Panamax International Pool, which has historically outperformed the LR1 market.
馃彟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.