Aug 13, 2026 earnings call — Quarterly results and fleet expansion plans
Company declared a quarterly dividend of $0.80 per share.
Revenue $0.1B (est $0.1B) · EPS $4.70 (est $4.09)
Key quotes
"This conviction has driven our decision to expand our order book expansion to 12 vessels."
"Our chartering coverage stands at 96% for 2026, 81% for 2027, and 47% for 2028 at highly attractive average daily rates of approximately $30,900 per day for 2026, $31,700 for 2027, and $32,300 for 2028."
"Container shipping markets continued their upward trajectory through the whole of Q2 and Q3 to date, driven by robust mainlane demand and supply disruptions tied to the Middle East geopolitical tensions."
Analyst Q&A 4
newbuild funding and old ships plan
Q (Mark La Reichman · NOBLE): He asked how much more equity is needed for the newbuild program through first quarter 2029. He also asked whether they will keep or sell older vessels as the newbuilds arrive and how to reconcile the 20.8 vs 21 vessels, plus how they will use cash and debt.
A: They said the newbuilding program cost is about $560 million and they plan to finance it about 60% with debt, so equity needs are roughly $230 million of which $74 million have been made. They are not planning to sell vessels now because older ships are earning good charters and most are fixed for at least 2 years; one older ship, EM Corfu, was modeled as a potential sale but is being negotiated for a recharter and is likely to be extended. On capital use, they called it a balancing act: they have $160 million now, expect to pay another $160 million for newbuilds over the next couple years, expect to generate similar cash, and said dividends, buybacks or other investments are all on the table and decided by the Board.
"So I think on the top of my head, the overall cost of our newbuilding program is around $560 million, and we plan to finance it about 60% debt." — Aristides Pittas (CEO·CHAIR)
delivery timing and charter contract approach
Q (Tate Sullivan · Maxim Group): He asked if busy shipyards could cause delays to delivery schedules for ships under construction. He also asked whether their contracting strategy will still seek multiyear fixed charters or move to floors/upsides.
A: They said they do not foresee any delays now and that shipyards seem to be keeping delivery schedules, though final confirmation comes closer to delivery. On contracting, their idea is to fix longer-term charters when possible, but it is early; they fixed 4 intermediate ships and are waiting to see if they can get better rates for the remaining 8, and they have not seen contract structures move to floors and caps.
"The idea is to fix longer-term charters if we can." — Aristides Pittas (CEO·CHAIR)
dry docks and short-term investments
Q (Poe Fratt · Alliance Global Partners): He asked why the 20-F shows 6 dry docks while the slide shows 2 and whether more dry docking is ahead in 2026. He also asked about the nature and risk profile of the equity investments.
A: They said there are 3 dry dockings remaining in the rest of 2026; the other 3 you saw may be in-water items with minimal delay and cost, and the 3 big dry docks are for the Evridiki, EM Corfu, and Jonathan P. For the investments, they said these are bond funds investing in investment-grade bonds and one capital-protected structured fund, meant as cash management that is safe, liquid, and can be easily liquidated if needed; they are not investing in individual companies with higher risk.
"These are bond funds investing in investment-grade bonds." — Aristides Pittas (CEO·CHAIR)
forward fixing older ships and cascading risk
Q (Climent Molins · Value Investors Edge): He asked whether forward fixing older vessels is widely available and how much discount older ships face versus modern ships. He also asked if larger ships cascading down could cannibalize routes of smaller vessels.
A: They said there is a lack of available vessels now, so older ships opening in 3–6 months can be fixed easily at decent rates with very small discounts versus modern ships, and they expect to fix the 3 ships opening this year likely toward the end of the year or within a month. On cascading, they said lines are currently unable to optimize schedules because of geopolitical instability, so cascading is not happening now; cascading could occur later if and when things normalize, but present data and Slide 14 show size groups are relatively balanced, so the risk is less acute for their fleet.
"But overall, the market is very tight, and that is why we expect we will be able to fix our 3 ships that open up within this year, later towards the end of the year." — Aristides Pittas (CEO·CHAIR)