Financial performance of the Third Quarter Ended September 30, 2025
Revenues of $90.6 million in Q3 2025, compared to $84.9 million in Q3 2024.
Profit of $24.1 million in Q3 2025, compared to $14.5 million in Q3 2024.
Vessel operating expenses of $11.7 million in Q3 2025, compared to $11.5 million in Q3 2024.
Earnings per share of $0.75 in Q3 2025, compared to $0.45 in Q3 2024.
Cash (including restricted cash) of $58.2 million as of September 30, 2025, compared to $56.0 million as of September 30, 2024.
Financial performance of the Nine Months Ended September 30, 2025
Revenues of $264.7 million in 9M 2025, compared to $308.0 million in 9M 2024.
Profit of $63.5 million in 9M 2025, compared to $95.7 million in 9M 2024.
Vessel operating expenses of $33.8 million in 9M 2025, compared to $32.9 million in 9M 2024.
Earnings per share of $1.97 in 9M 2025, compared to $2.97 in 9M 2024.
Alternative performance metrics and market development
Time charter equivalent* ("TCE", a non-IFRS measure*) revenue of $59.9 million in Q3 2025.
EBITDA* and Adjusted EBITDA* (each non-IFRS measures*) of $44.9 million and $45.2 million, respectively, in Q3 2025.
Adjusted profit* and Adjusted earnings per share* (each non-IFRS measures*) of $24.7 million or $0.77 per basic and diluted share in Q3 2025.
Fleetwide daily TCE rate* of $46,600 per operating day in Q3 2025; VLCC and Suezmax TCE rates of $45,500 and $48,200 per operating day, respectively, in Q3 2025.
Daily vessel operating expenses* ("Daily Opex", a non-IFRS measure*) of $10,014 per calendar day, including management fees, in Q3 2025.
In Q4 2025 to date, 80% of the available VLCC spot days have been booked at an average TCE rate of $88,100 per day and 48% of the available Suezmax spot days have ...
