Highlights of the Fourth Quarter Ended December 31, 2025:
Total vessel revenues from continuing operations: $6.1 million, as compared to $5.2 million for the three months ended December 31, 2024, or a 17.3% increase;
Net income from continuing operations: $1.4 million, as compared to $1.0 million for the three months ended December 31, 2024, or a 40% increase;
Net income: $1.6 million, as compared to $1.0 million for the three months ended December 31, 2024, or a 60% increase;
Earnings/(Loss) per common share, basic, from continuing operations: $0.02 per share, as compared to $(0.01) per share for the three months ended December 31, 2024;
EBITDA(1) from continuing operations: $2.2 million, as compared to $0.2 million for the three months ended December 31, 2024;
Cash of $87.4 million as of December 31, 2025, as compared to $37.2 million as of December 31, 2024;
On October 13, 2025, we and Castor Maritime Inc. ("Castor") agreed to the full redemption of 60,000 shares of Castor's 8.75% Series E Cumulative Perpetual Convertible Preferred Shares issued by Castor in September 2025 (the "Series E Preferred Shares"), for a cash consideration equal to the stated amount of the Series E Preferred Shares of $60.0 million plus 0.523% thereof, including accrued and unpaid distributions; and
On December 5, 2025, we declared a one-time, special dividend of $1.75 per common share, consisting of either cash or our common shares. The dividend was payable to our shareholders of record at the close of business on December 16, 2025 and was paid on January 16, 2026 in the form of approximately $9.3 million in cash and 7,378,575 shares of our common stock.
Highlights of the Year Ended December 31, 2025:
Total vessel revenues from continuing operations: $21.1 million, as compared to $22.4 million for the year ended December 31, 2024, or a 5.8% decrease;
Net income from continuing operations: $5.6 million, as compared to $5.5 million for the year ended December 31, 2024, or a 1.8% increase;
Net income: $5.9 million, as compared to $25.2 million for the year ended December 31, 2024, or a 76.6% decrease;
Earnings/(Loss) per common share, basic, from continuing operations: $0.06 per share, as compared to $(0.04) per share for the year ended December 31, 2024;
EBITDA(1) from continuing operations: $6.0 million, as compared to $1.9 million for the year ended December 31, 2024;
The spin-off of our Handysize tanker segment to a new Nasdaq-listed company, Robin Energy Ltd. ("Robin"), was completed on April 14, 2025 (the "Robin Spin-Off");
On May 5, 2025, the $100.0 million senior term loan facility from Toro to Castor was fully repaid; and
During the year ended December 31, 2025, we completed two vessel acquisitions and two vessel disposals.
(1) EBITDA is not a recognized measure under United States generally accepted accounting principles ("U.S. GAAP"). Please refer to Appendix B for the definition and reconciliation of this measure to Net income, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
Management Commentary:
Mr. Petros Panagiotidis, Chief Executive Officer of the Company, commented:
"We concluded 2025 while continuing our strategic fleet adjustments and aligning our assets with market opportunities. We maintained a steady operational rhythm, contributing to a stable business environment throughout the year.
On January 16, 2026, we successfully completed a dividend distribution that included a scrip option, aligned with our financial discipline. Our financial position remains robust and we remain focused on our long-term financial health."
Earnings Commentary:
Fourth quarter ended December 31, 2025, and 2024 Results
Total vessel revenues from continuing operations increased to $6.1 million for the three months ended December 31, 2025, compared to $5.2 million for the same period in 2024. This $0.9 million increase mainly reflects the higher contractual hire rates for our LPG carrier and MR tanker vessels, partially offset by the decrease in the Available Days (as defined below) of our fleet to 368 days in the three months ended December 31, 2025 from 460 days in the same period in 2024, due to the change in the composition of our fleet. During the three months ended December 31, 2025, our fleet earned an average Daily TCE Rate of $15,635, compared to $10,724 in the same period of 2024, this increase is mainly due to the change in the composition of our fleet. Daily TCE Rate is not a recognized measure under U.S. GAAP. Please refer to Appendix B for the definition and reconciliation of this measure to Total vessel revenues, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
Voyage expenses from continuing operations for our fleet increased to $0.4 million in the three months ended December 31, 2025, from $0.3 million in the same period in 2024. This increase of $0.1 million was mainly associated with the increased related party brokerage commission expenses.
The decrease in vessel operating expenses from continuing operations by $0.2 million to $2.3 million in the three months ended December 31, 2025, from $2.5 million in the same period in 2024, mainly reflects the decrease in the Ownership Days (as defined below) of our fleet to 368 days in the three months ended December 31, 2025, from 460 days in the corresponding period in 2024, partially offset by the increase in the Daily vessel operating expenses (defined below) of the vessels in our fleet to $6,206 in the three months ended December 31, 2025 from $5,349 in the same period in 2024, mainly due to the change in the composition of our fleet following the addition of the MR tanker vessels which incur higher Daily vessel operating expenses than the LPG carrier vessels.
Management fees from continuing operations decreased to $0.4 million in the three months ended December 31, 2025, from $0.5 million in the corresponding period in 2024. This decrease of $0.1 million reflects the decrease in the Ownership Days of our fleet, offset by the increase in management fees from $1,071 per vessel per day to $1,100 per vessel per day effective July 1, 2025, under the terms of the amended and restated master management agreement between us, our ship owning subsidiaries and Castor Ships S.A.
Depreciation expenses from continuing operations amounted to $1.4 million in the three months ended December 31, 2025, whereas, in the same period of 2024, depreciation expenses amounted to $1.1 million. This increase is mainly due to higher depreciation expenses of M/T Wonder Altair and M/T Wonder Maia, offset by the decrease in the Ownership Days of our fleet in the three months ended December 31, 2025, compared to the same period in 2024. Dry-dock amortization charges from continuing operations amounted to $0.1 million for the three months ended December 31, 2025, compared to a charge of $0.2 million in the three months ended December 31, 2024. For the period of three months ended December 31, 2025, the dry-dock amortization charges are related to LPG Dream Arrax and LPG Dream Vermax which completed their scheduled dry-dock in the second quarter of 2025 and third quarter of 2025, respectively. For the period of three months ended December 31, 2024, the dry-dock amortization charges are related to M/T Wonder Mimosa, which completed its scheduled dry-dock in the third quarter of 2024.
General and administrative expenses from continuing operations in the three months ended December 31, 2025, amounted to $2.5 million, whereas, in the same period of 2024, general and administrative expenses totaled $2.4 million. This increase is mainly associated with the stock-based compensation cost for non-vested shares granted under our Equity Incentive Plan amounting to $1.2 million and $1.0 million for the three months ended December 31, 2025 and 2024 respectively.
Interest and finance costs, net, from continuing operations amounted to $(0.7) million in the three months ended December 31, 2025, whereas, in the same period of 2024, interest and finance costs, net amounted to $(2.1) million. This variation is mainly due to the decrease in interest income we earned from our time and cash deposits due to decreased average cash balances and interest rates during the three months ended December 31, 2025, as compared with the same period of 2024.
Net income and comprehensive income from discontinued operations, net of taxes amounted to $0.2 million in the three months ended December 31, 2025, whereas, in the same period of 2024, net loss and comprehensive loss from discontinued operations, net of taxes amounted to $(0.02) million. This increase is mainly due to recovery of U.S. tax provisions during the three months ended December 31, 2025.
Recent Financial Developments Commentary:
Equity update
On January 15, 2026, we paid to Castor a dividend amounting to $0.4 million on its 1.00% Series A Fixed Rate Cumulative Perpetual Convertible Preferred Shares (the "Series A Preferred Shares") for the period from October 15, 2025 to January 14, 2026.
As of April 15, 2026, we had 28,852,084 common shares issued and outstanding.
Liquidity/ Financing/Cash flow update
Our consolidated cash position increased by $50.2 million, from $37.2 million as of December 31, 2024, to $87.4 million as of December 31, 2025. During the year ended December 31, 2025, this increase was mainly driven by $67.8 million of net cash inflows from investing activities of continuing operations, mainly reflecting proceeds from the repayment of the $100.0 million principal amount plus $0.4 million of related interest of the senior term loan facility by Castor and proceeds from the sale of vessels LPG Dream Syrax and LPG Dream Terrax amounting to $38.0 million, partially offset by the acquisition of M/T Wonder Altair and M/T Wonder Maia amounting to $66.8 million, purchase of equity securities of $1.0 million and the purchase of debt securities amounting to $2.9 million. These above net cash inflows were partially offset by (i) $6.3 million of net operating cash flows used in continuing operations and (ii) $11.3 million of net financing cash flows used in continuing operations, mainly reflecting a $10.4 million capital contribution to Robin in connection with the Robin Spin-Off, payment to Castor of a dividend on the Series A Preferred Shares for the period from October 15, 2024 to October 14, 2025, amounting to $1.4 million, partially offset by cash reimbursement of $0.8 million from Robin relating to the Robin Spin-Off expenses incurred by us on Robin's behalf during 2024 and up to the completion of the Robin Spin-Off.
Recent Business Developments Commentary:
On January 15, 2026, we received from Castor a dividend on the Castor Series D Preferred Shares, amounting to $1,250,000 for the dividend period from October 15, 2025 to January 14, 2026.
On January 15, 2026, we received from Robin a dividend on the Robin Series A Preferred Shares, amounting to $125,000 for the dividend period from October 15, 2025 to January 14, 2026.
At the Market ("ATM") Offering Agreement
On November 13, 2025, we entered into an "at-the-market" ("ATM") offering agreement with Maxim Group LLC ("Maxim"). Under the terms of the ATM offering agreement, we may, from time to time, sell our common shares having an aggregate offering value of up to $12.5 million through Maxim, as sales agent. We will determine, at our sole discretion, the timing and number of shares to be sold under the ATM facility. As of April 15, 2026, there were no transactions under the ATM.
Payment of Special Dividend
On December 5, 2025, we declared a one-time, special dividend of $1.75 per common share, consisting of either cash or our common shares. The dividend was paid on January 16, 2026 to shareholders of record as of December 16, 2025. Based on shareholder elections, the dividend was paid in the form of approximately $9.3 million in cash and 7,378,575 shares of the Company's common stock. The number of common shares included for the common share dividend election was calculated based on the 20-day volume weighted average of the trading prices of the Company's common shares on the Nasdaq Stock Market through December 4, 2025, or $3.8386 per share.
New loan facility
On April 2, 2026, we announced the signing of a $60.0 million revolving credit facility (the "Facility") with a leading European Financial Institution. The Facility has a tenor of five years, bears interest at a rate of Term SOFR plus a margin, and will be secured by, among others, a first priority mortgage over four of the Company's vessels. The net proceeds from the Facility are expected to be used for general corporate purposes.
Vessel acquisitions
On May 3, 2025, we entered into an agreement to purchase a 2021-built MR (MR2 class) tanker vessel from an unaffiliated third party for a purchase price of $36.25 million. The M/T Wonder Altair was delivered to us on July 11, 2025.
On September 19, 2025, we, through a wholly owned subsidiary, entered into an agreement with an unaffiliated third-party to acquire a 2014-built MR (MR2 class) tanker vessel for a purchase price of $30.3 million. The M/T Wonder Maia was delivered to us on September 29, 2025.
Following the acquisition of M/T Wonder Maia on September 29, 2025 and considering the tanker vessels' eco-design technical characteristics, we reassessed our segments and as a result, we operated in three reportable segments: (i) the Eco tanker segment (comprising of M/T Wonder Altair), (ii) the Non-Eco tanker segment (comprising of M/T Wonder Maia) and (iii) LPG carrier segment (comprising of LPG Dream Arrax and LPG Dream Vermax), each on a continuing operations basis.
Vessel sales
On July 10, 2025, we entered into an agreement with a wholly owned subsidiary of Robin, for the sale of the LPG carrier Dream Syrax, at a price of $18.0 million. The vessel was delivered to its new owner on September 3, 2025.
On September 16, 2025, we entered into an agreement with a wholly owned subsidiary of Robin, for the sale of the LPG carrier Dream Terrax, at a price of $20.0 million. The vessel was delivered to its new owner on September 25, 2025.
Fleet Employment Status (as of April 15, 2026): During the three months ended December 31, 2025, we operated on average 4.0 vessels earning a Daily TCE Rate(1) of $15,635 as compared to an average of 5.0 vessels earning a Daily TCE Rate(1) of $10,724 during the same period in 2024. Our employment profile as of April 15, 2026 is presented immediately below.
(1) Daily TCE Rate is not a recognized measure under U.S. GAAP. Please refer to Appendix B for the definition and reconciliation of this measure to Total vessel revenues, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
LPG Carriers
Name
Type
DWT
YearBuilt
Country of Construction
Type of Employment
Gross Charter Rate
Estimated Redelivery Date
Earliest
Latest
Dream Arrax
LPG carrier 5,000 cbm
4,753
2015
Japan
Time Charter period(1)
$335,000 per month
Apr-26
May-26
Dream Vermax
LPG carrier 5,000 cbm
5,155
2015
Japan
Time Charter period(2)
$354,500 per month (until Mar-21 2026) and $362,000 per month (from Mar-22 2026)
Mar - 27
Apr-27
Eco Tankers
Name
Type
DWT
YearBuilt
Country of Construction
Type of Employment
Gross Charter Rate
Estimated Redelivery Date
Earliest
Latest
M/T Wonder Altair
MR2
50,303
2021
China
Time Charter period
$20,600 per day
Dec-26
March-27
Non-Eco Tankers
Name
Type
DWT
YearBuilt
Country of Construction
Type of Employment
Gross Charter Rate
Estimated Redelivery Date
Earliest
Latest
M/T Wonder Maia
MR2
50,880
2014
South Korea
Time Charter period
$22,800 per day
Apr-26
May-26
(1) The vessel has been fixed under a time charter period contract of twelve months starting from May 2024, at $323,000 per month plus twelve months at $335,000 per month at the charterer's option. The charterer exercised this option, effective from May 14, 2025.(2) The vessel has been fixed under a time charter period contract of twelve months starting from March 2025, at $354,500 per month plus twelve months at the charterer's option at a rate to be mutually agreed between us and the charterer. On January 23, 2026, it was agreed between us and the charterer that from March 22, 2026 until March 22, 2027 (plus or minus twenty days in charterer's option), the rate will be increased to $362,000 per month, plus twelve months at the charterer's option (plus or minus twenty days in charterer's option). The rate for the optional period will be mutually agreed between us and the charterer.
Financial Results (Continuing Operations) Overview:
Set forth below are selected financial and operational data of our fleet (continuing operations) for each of the three months and year ended December 31, 2025 and 2024, respectively:
Three Months Ended
Year Ended
(Expressed in U.S. dollars)
December 31, 2025(unaudited)
December 31, 2024(unaudited)
December 31, 2025(unaudited)
December 31, 2024(unaudited)
Total vessel revenues
$
6,107,563
$
5,228,802
$
21,081,840
$
22,394,283
Operating loss
$
(945,304
)
$
(1,733,481
)
$
(4,649,781
)
$
(5,557,155
)
Net income and comprehensive income
$
1,430,284
$
997,459
$
5,613,058
$
5,511,535
EBITDA(1)
$
2,248,723
$
248,084
$
6,031,060
$
1,924,499
Earnings/(Loss) per common share, basic and diluted
$
0.02
$
(0.01
)
$
0.06
$
(0.04
)
(1) EBITDA is not a recognized measure under U.S. GAAP. Please refer to Appendix B of this release for the definition and reconciliation of this measure to Net income, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
Consolidated Fleet Selected Financial and Operational Data (Continuing Operations):
Set forth below are selected financial and operational data of our fleet (continuing operations) for each of the three months and year ended December 31, 2025 and 2024, respectively, that we believe are useful in analyzing trends in our results of operations.
Three Months EndedDecember 31,
Year EndedDecember 31,
(Expressed in U.S. dollars except for operational data)
2025
2024
2025
2024
Ownership Days(1)(7)
368
460
1,613
1,830
Available Days(2)(7)
368
460
1,527
1,790
Operating Days(3)(7)
366
460
1,525
1,790
Daily TCE Rate(4)
$
15,635
$
10,724
$
12,950
$
11,620
Fleet Utilization(5)
99%
100%
100%
100%
Daily vessel operating expenses(6)
$
6,206
$
5,349
$
5,629
$
5,082
(1) Ownership Days are the total number of calendar days in a period during which we owned a vessel. (2) Available Days are the Ownership Days in a period less the aggregate number of days our vessels are off-hire due to scheduled repairs, dry-dockings or special or intermediate surveys.(3) Operating Days are the Available Days in a period after subtracting unscheduled off-hire and idle days.(4) Daily TCE Rate is not a recognized measure under U.S. GAAP. Please refer to Appendix B for the definition and reconciliation of this measure to Total vessel revenues, the most directly comparable financial measure ...
