Achieved the second-highest adjusted net income in company history at $65.6 million for 2025, driven by consistently high LPG charter rates over the last four years.

Completed a multi-year strategic deleveraging program, repaying $350 million since 2023 to become one of the only debt-free quoted shipping companies.

Experienced a fourth-quarter performance dip due to idle time on larger vessels and the continued out-of-action status of one Medium Gas Carrier (MGC).

Strategically positioned over two-thirds of the fleet in Northern Europe and the Mediterranean to capture premium rates, avoiding lower-earning Asian markets.

Maintained a disciplined capital allocation strategy, pausing share buybacks in the fourth quarter as the share price appreciated.

Managed the ongoing impact of the Eco Wizard incident, which remains under technical assessment in Latvia with no P&L effect due to insurance coverage.

Secured $104 million in contracted revenues through 2029, with 48% of fleet calendar days already fixed through March 2026.

Anticipates a cash position boost of approximately $29 million in early 2026 from the finalized sales of the Eco Universe and Eco Invictus.

Expects to navigate potential market volatility stemming from Middle East tensions, noting that historical conflicts often lead to significant shipping rate increases.

Plans to utilize the current debt-free balance sheet as leverage for future fleet expansion, specifically targeting newer and larger tonnage to replace older vessels.

Projects a low cash flow breakeven of $6,500 to $7,000 per vessel daily, providing a significant safety margin against potential market downturns.

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Impaired the book value of the Eco Wizard following a July incident, though management notes this is currently neutral to profit and loss due to insurance.

Identified a doubling of voyage expenses in 2025, totaling a $10.9 million increase, primarily due to higher port and bunker costs associated with increased spot market exposure.

Flagged potential trade disruptions in the Strait of Hormuz as a critical risk factor that could violently spike rates or block vital LPG navigation routes.

Noted a reduction in joint venture earnings by $10.5 million year-over-year, attributed to a one-time vessel sale profit recorded in the prior year period.

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