Highlights of the First Quarter Ended March 31, 2026:
Total vessel revenues from continuing operations: $6.0 million, as compared to $5.5 million for the three months ended March 31, 2025, or a 9.1% increase;
Net income from continuing operations: $0.5 million, as compared to $1.5 million for the three months ended March 31, 2025, or a 66.7% decrease;
Net income: $0.5 million, as compared to $1.6 million for the three months ended March 31, 2025, or a 68.8% decrease;
(Loss)/Earnings per common share, basic, from continuing operations: $(0.023) per share, as compared to $0.019 per share for the three months ended March 31, 2025;
EBITDA(1) from continuing operations: $1.3 million, as compared to $1.0 million for the three months ended March 31, 2025;
Cash of $81.6 million as of March 31, 2026, as compared to $87.4 million as of December 31, 2025;
On December 5, 2025, we declared a 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 $9.3 million in cash and 7,378,575 shares of our common stock.
On March 30, 2026, we entered into an up to $60.0 million revolving credit facility with a leading European financial institution which was partially drawn down on April 2, 2026.
(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:
"In the first quarter of 2026, we delivered solid operational performance across our fleet, reflecting both disciplined execution and full charter coverage. Our strong balance sheet and the recently signed revolving credit facility of up to $60.0 million, provide us with significant financial flexibility and strategic optionality. We remain focused on executing our strategy, pursuing accretive opportunities, and creating sustainable long-term value for our shareholders."
Earnings Commentary:
First quarter ended March 31, 2026, and 2025 Results
Total vessel revenues from continuing operations increased to $6.0 million for the three months ended March 31, 2026, compared to $5.5 million for the same period in 2025. This $0.5 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 360 days in the three months ended March 31, 2026 from 446 days in the same period in 2025, due to the change in the composition of our fleet. During the three months ended March 31, 2026, our fleet earned an average Daily TCE Rate of $15,531, compared to $11,480 in the same period of 2025, 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 decreased to $0.37 million for the three months ended March 31, 2026, compared to $0.42 million for the same period in 2025. This decrease in voyage expenses was mainly a result of the decrease by $0.08 million in port and other expenses due to the lower costs of European Union Allowances ("EUAs").
The decrease in vessel operating expenses from continuing operations by $0.3 million to $2.3 million in the three months ended March 31, 2026, from $2.6 million in the same period in 2025, mainly reflects the decrease in the Ownership Days (as defined below) of our fleet to 360 days in the three months ended March 31, 2026, from 450 days in the corresponding period in 2025, partially offset by the increase in the Daily vessel operating expenses (defined below) of the vessels in our fleet to $6,479 in the three months ended March 31, 2026 from $5,715 in the same period in 2025, mainly due to the change in the composition of our fleet following the addition in the third quarter of 2025 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 March 31, 2026, from $0.5 million in the corresponding period in 2025. 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 $1.3 million in the three months ended March 31, 2026, whereas, in the same period of 2025, 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 March 31, 2026, compared to the same period in 2025. Dry-dock amortization charges from continuing operations amounted to $0.1 million for the three months ended March 31, 2026, compared to a charge of $0.2 million in the three months ended March 31, 2025. For the period of three months ended March 31, 2026, 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 three months ended March 31, 2025, 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 March 31, 2026, amounted to $2.9 million, whereas, in the same period of 2025, 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 Plans amounting to $1.7 million and $0.9 million for the three months ended March 31, 2026 and 2025, respectively.
Interest and finance costs, net, from continuing operations amounted to $(0.7) million in the three months ended March 31, 2026, whereas, in the same period of 2025, interest and finance costs, net amounted to $(1.8) million. This variation is mainly due to the decrease in interest income from Castor Maritime Inc. ("Castor") we earned for the period of three months ended March 31, 2025, as compared with the same period of 2026, as a result of the full repayment by Castor of the $100.0 million senior term loan facility on May 5, 2025.
Recent Financial Developments Commentary:
Equity update
On April 15, 2026, we paid to Castor a dividend amounting to $0.4 million on our 1.00% Series A Fixed Rate Cumulative Perpetual Convertible Preferred Shares (the "Series A Preferred Shares") for the period from January 15, 2026 to April 14, 2026.
As of May 28, 2026, we had 28,852,084 common shares issued and outstanding.
Liquidity/Financing/Cash flow update
Our consolidated cash position decreased by $5.8 million, from $87.4 million as of December 31, 2025, to $81.6 million as of March 31, 2026. During the three months ended March 31, 2026, this decrease was mainly driven by (i) $9.6 million of net financing cash flows used in continuing operations, mainly reflecting a $9.3 million payment of special dividend on January 16, 2026 and (ii) $0.4 million of net investing cash flows used in continuing operations, which relates to purchase of debt securities of $0.6 million partially offset by the proceeds from sale of equity securities of $0.4 million. These above net cash outflows were partially offset by (i) $3.8 million of net operating cash flows provided by continuing operations and (iii) $0.4 million of net cash provided by discontinued operations reflecting the decrease in due from related parties.
Recent Business Developments Commentary:
On April 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 January 15, 2026 to April 14, 2026.
On April 15, 2026, we received from Robin a dividend on the Robin Series A Preferred Shares, amounting to $125,000 for the dividend period from January 15, 2026 to April 14, 2026.
Payment of Special Dividend of $1.75 per common share
On December 5, 2025, we declared a 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 $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 our common shares on the Nasdaq Stock Market through December 4, 2025, or $3.8386 per share.
New loan facility
On March 30, 2026, we entered into an up to $60.0 million revolving credit facility (the "Facility") with a leading European financial institution which was partially drawn down of $15.0 million on April 2, 2026. The Facility has a tenor of five years, bears interest at a rate of Term SOFR plus a margin, and is secured by, among others, a first priority mortgage over all of the Company's vessels. The net proceeds from the Facility are expected to be used for general corporate purposes.
Declaration of Special Dividend of $0.90 per common share
On April 22, 2026, we declared a special dividend of $0.90 per common share, consisting of either cash or our common shares. The dividend is payable to our shareholders of record at the close of business on May 4, 2026 and is expected to be paid on June 5, 2026. 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 April 21, 2026, or $3.8821 per share. We reserve the right to determine, at any time up to midnight on June 4, 2026, to pay the dividend entirely in cash, notwithstanding any elections we have received and without prior notice to shareholders.
Fleet Employment Status (as of May 28, 2026): During the three months ended March 31, 2026, we operated on average 4.0 vessels earning a Daily TCE Rate(1) of $15,531 as compared to an average of 5.0 vessels earning a Daily TCE Rate(1) of $11,480 during the same period in 2025. Our employment profile as of May 28, 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
Year Built
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)
$371,500 per month
Nov-26
Dec-26
Dream Vermax
LPG carrier 5,000 cbm
5,155
2015
Japan
Time Charter period(2)
$362,000 per month
Mar- 27
Apr-27
Eco Tankers
Name
Type
DWT
Year Built
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
Mar-27
Non-Eco Tankers
Name
Type
DWT
Year Built
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
$34,000 per day
Apr-27
Jun-27
(1)
On May 21, 2026, the vessel has been fixed under a new time charter period contract of six months (plus or minus fifteen days in charterer's option) at $371,500 per day, plus six months at the charterer's option (plus or minus fifteen days in charterer's option). The rate for the optional period will be mutually agreed between us and the charterer.
(2)
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 is $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 ended March 31, 2026 and 2025, respectively:
Three Months Ended
(Expressed in U.S. dollars)
March 31, 2026 (unaudited)
March 31, 2025 (unaudited)
Total vessel revenues
$
5,963,021
$
5,538,912
Operating loss
$
(1,478,720
)
$
(1,600,497)
Net income and comprehensive income
$
529,409
$
1,482,736
EBITDA(1)
$
1,315,311
$
955,627
(Loss)/Earnings per common share, basic
$
(0.023
)
$
0.019
(Loss)/Earnings per common share, diluted
$
(0.023
)
0.017
(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 ended March 31, 2026 and 2025, respectively, that we believe are useful in analyzing trends in our results of operations.
Three Months Ended March 31,
(Expressed in U.S. dollars except for operational data)
2026
2025
Ownership Days(1)(7)
360
450
Available Days(2)(7)
360
446
Operating Days(3)(7)
360
446
Daily TCE Rate(4)
$
15,531
$
11,480
Fleet Utilization(5)(7)
100%
100%
Daily vessel operating expenses(6)
$
6,479
$
5,715
(1)
Ownership Days are the total number of calendar days in a period during which we owned a ...
