Quarter ended: March 31, 2026
Reported: May 2026
Financial Highlights
Voyage revenues: $11.6 million, up 34% year-over-year.
Adjusted EBITDA: $6.9 million, up approximately 130% year-over-year.
Adjusted net income: $5.5 million, up 358% year-over-year.
GAAP net income: $3.2 million.
Cash balance: approximately $27 million at quarter end.
Bank debt: None reported.
Operational Highlights
Fleet utilization was 89.4%.
Revenue growth was driven primarily by stronger charter rates and fleet expansion.
The company continued adding vessels to its fleet, strengthening its operating base.
Key Takeaways
Revenue, EBITDA, and net income all showed strong year-over-year growth.
The balance sheet remains strong with substantial cash and no bank debt.
Fleet expansion and favorable tanker market conditions supported profitability.
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