Aug 6, 2026 earnings call — Profit, dividends and Kamsarmax deliveries
Company declared a $0.90 per share dividend for the quarter.
Revenue $0.3B (est $0.3B) · EPS $1.21 (est $0.95)
Key quotes
"We continue to actively return capital to shareholders through our policy of distributing 100% of our operating cash flow, subject to maintaining a minimum cash balance of $2.1 million per vessel."
"We took delivery of 3 out of the 8 Kamsarmax newbuilding vessels and expect to take delivery of the 5 remaining during Q3 and Q4 2026."
"Time charter equivalent of $24,486 per day per vessel, combined daily operating expenses and net cash G&A expenses of $6,542 per day per vessel. This results in a daily cash margin of approximately $17,944 per vessel per day before debt service and CapEx."
Analyst Q&A 4
buying ships or holding cash
Q (Omar Nokta · Clarksons): He asked how management is thinking about fleet growth now that cash is high and the stock trades better. He also asked whether Kamsarmax ships are still more attractive than Capes on an ROE basis.
A: Management said they will be cautious and likely conserve cash because asset prices are relatively high. They will consider using shares to grow only if it is accretive, since a cash acquisition today needs a high breakeven to give meaningful returns.
"And as Hami said, to justify a cash acquisition at today's levels, the breakeven rate to produce a meaningful return to equity shareholders is quite high." — Simos Spyrou (CFO)
selling older ships and Panama Canal
Q (Christopher Robertson · Deutsche): He asked whether elevated secondhand prices make it harder to sell older vessels and whether the Panama Canal and El Nino drought could change routing and ton-mile demand.
A: They said they monitor the market every day for chances to sell older ships, but current earnings from those vessels are attractive so they are pacing disposals and may wait for firmer prices. On the Canal, they expect fewer crossings, note water levels are falling with El Nino, and see a likely positive effect for Panamax runs in the U.S. soybean season around September–November.
"We see that the older vessels still command a good premium from the Chinese." — Nicos Rescos (COO)
project ramp and ton-mile growth
Q (Stephanie Benjamin Moore · Jefferies): She asked for timing and expectations for the major project that drives ton-mile growth over the next 12–14 months and for any other projects to watch.
A: They said the project had delays but is ramping this year and is running close to almost 20 million per annum capacity; they expect about 15 million to 20 million by year-end. Longer term, they expect 45 million to 50 million by 2027, further acceleration in 2028 toward about 100 million, and potential full capacity of 120 million by 2029; they also cited other West Africa and Brazil expansions adding more volumes.
"I think the number will be somewhere between 15 million and 20 million by the end of the year, but the pace is ramping up." — Constantinos Simantiras
closing remarks
Q (Petros Pappas): No question — operator closed the Q&A and handed the call back to management.
A: Management gave no further comments and simply closed the call.