Full integration of our seven drybulk vessels within Q3 25’ leading to a 36.1% increase of fleet calendar days compared to Q2 25’.

Fleet operational utilization of 88.7% for Q3 25’ versus 65.6% in in Q3 24’.

Operational utilization for Q3 25’ was 92.5% for our drybulk fleet and 84.4% for our tanker fleet.

About 75% of total fleet calendar days in Q3 25’ were dedicated to time charter activity while 25% to spot activity.

Revenues of $41.4 million in Q3 25’ compared to $33.0 million in Q3 24’, representing a 25.5% increase. This is mainly attributed to the increase in average number of vessels in our fleet following the expansion of our drybulk fleet.

Impressive increase of our operating income to $10.3 million in Q3 25’, marking a $4.3 million or 71.7% increase compared to Q3 24’ and a $2.1 million or 25.6% rise compared to Q2 25’.

Net income of $11.0 million in Q3 25’ versus $10.1 million in Q3 24’ and $12.8 million in Q2 25’.

EBITDA⁽¹⁾ of $17.9 million for Q3 25’ versus $12.2 million in Q3 24’ – an increase of 46.7%.

Net income of $35.0 million for 9M 25’, EBITDA of $49.7 million and operating cash flow generation of $57.0 million.

Cash and cash equivalents including time deposits of $99.3 million as of September 30, 2025. Our current cash position as of the date of this release is in the order of $172 million.

Capital raise of $60 million through a registered direct equity offering to institutional investors at a purchase price of $6.30 on December 1, 2025; these proceeds are expected to be utilized for further fleet expansion.

Revenues for the three months ended September 30, 2025 amounted to $41.4 million, an increase of $8.4 million, or 25.5%, compared to revenues of $33.0 million for the three months ended September 30, 2024, primarily due to the increase in the average number of vessels following the expansion of our drybulk fleet along with an improvement in market rates for both tankers and drybulk vessels.

Voyage expenses and vessels’ operating expenses for the three months ended September 30, 2025 were $11.6 million and $10.9 million, respectively, compared to $13.0 million and $7.2 million, respectively, for the three months ended September 30, 2024. The $1.4 million decrease in voyage expenses is mainly attributed to increased time charter activity as five out of our nine tankers and nearly all of our ten dry bulk vessels were under time charter employment during the whole period, leading to a decline in spot employment. The $3.7 million increase in vessels’ operating expenses is primarily due to the increased size of our fleet by an average of 8.6 vessels.

Drydocking costs for the three months ended September 30, 2025 and 2024 were $0.05 million and $0.9 million, respectively. During the three months ended September 30, 2025, no vessel underwent drydocking whereas during the three months ended September 30, 2024 one of our product tankers underwent drydocking.

General and administrative costs for the three months ended September 30, 2025 and 2024 were $1.2 million for each period.

Depreciation for the three months ended September 30, 2025 and 2024 was $7.5 million and $4.3 million, respectively. The change is attributable to the increase in the average number of vessels in our fleet.

Management fees for the three months ended September 30, 2025 and 2024 were $0.8 million and $0.4 million, respectively. The change is attributable to the increase in the average number of vessels in our fleet.

Other operating income for the three months ended September 30, 2025 was $0.9 million and related to the accrued income of an insurance claim in connection with dry-docking repairs undertaken in prior years that is expected to be collected within 2025.

Interest and finance costs for the three months ended September 30, 2025 and 2024 were $0.9 million and $0.1 million, respectively. The $0.9 million of costs for the three months ended September 30, 2025 relate mainly to accrued interest expense – related party in connection with our last seven dry bulk vessel acquisitions for which the purchase agreement allowed payment to take place within one year from the date of entry into the purchase agreement. For accounting purposes, the outstanding balances payable for these seven vessels had to be allocated between principal and imputed interest up until the time of payment, although no interest was contractually charged by the sellers. The final balances, which were paid in full within the third quarter of 2025, remained the same as the originally agreed purchase prices. The $0.1 million of costs for the three months ended September 30, 2024 relate mainly to the accrued interest expense – related party, in connection with the $14.0 million, part of the acquisition price of our bulk carrier, Neptulus, which was fully repaid in the second quarter of 2025.

Interest income for the three months ended September 30, 2025 was $1.5 million as compared to $2.1 million for the three months ended September 30, 2024. The $0.6 million decrease is mainly attributed to a lower amount of funds placed under time deposits along with a decrease in time deposit rates.

Interest income – related party for the three months ended September 30, 2025 was nil as compared to $0.1 million for the three months ended September 30, 2024. The decrease is mainly attributed to the $0.1 million of accrued interest income – related party for the three months ended September 30, 2024 in connection with the $38.7 million of the sale price of the Aframax tanker Afrapearl II (ex. Stealth Berana). The balance was collected in July 2024.

Foreign exchange (loss)/gain for the three months ended September 30, 2025 was a loss of $0.1 million as compared to a gain of $1.7 million for the three months ended September 30, 2024. The $1.8 million decrease is mainly attributed to the decreased fluctuation of euro dollar foreign exchange rate when compared to the second quarter of 2025 along with the decrease in the amount of funds held in Euro currency.

As a result of the above, for the three months ended September 30, 2025, the Company reported net income of $11.0 million, compared to net income of $10.1 million for the three months ended September 30, 2024. Dividends paid on Series A Preferred Shares amounted to $0.44 million for the three months ended September 30, 2025. The weighted average number of shares of common stock outstanding, basic, for the three months ended September 30, 2025 was 33.7 million. Earnings per share, basic and diluted, for the three months ended September 30, 2025 amounted to $0.30 and $0.29, respectively, compared to earnings per share, basic and diluted, of $0.29 and $0.27, respectively, for the three months ended September 30, 2024.

Adjusted net income¹ was $11.8 million corresponding to an Adjusted EPS¹, basic, of $0.32 for the three months ended September 30, 2025 compared to an Adjusted net income of $10.9 million corresponding to an Adjusted EPS, basic, of $0.32 for the same period of last year.

EBITDA for the three months ended September 30, 2025 amounted to $17.9 million, while Adjusted EBITDA¹ for the three months ended September 30, 2025 amounted to $18.7 million.

An average of 19.0 vessels were owned by the Company during the three months ended September 30, 2025 compared to an average of 10.4 vessels for the same period of 2024.

Revenues for the nine months ended September 30, 2025 amounted to $109.9 million, a decrease of $11.4 million, or 9.4%, compared to revenues of $121.3 million for the nine months ended September 30, 2024, primarily due to stronger tanker rates prevailing in the first half of 2024 compared to the same period of 2025.

Voyage expenses and vessels’ operating expenses for the nine months ended September 30, 2025 were $32.8 million and $26.4 million, respectively, compared to $43.6 million and $19.7 million, respectively, for the nine months ended September 30, 2024. The $10.8 million decrease in voyage expenses is mainly attributed to a decrease in spot days by 28.2% as a result of a rise in time charter activity. The $6.7 million increase in vessels’ operating expenses was primarily due to the increase in the average number of vessels in our fleet.

Drydocking costs for the nine months ended September 30, 2025 and 2024 were $1.7 million and $1.5 million, respectively. During the nine months ended September 30, 2025, one suezmax tanker and one supramax drybulk carrier underwent drydocking while in the same period of last year two tanker vessels underwent drydocking.

General and administrative costs for the nine months ended September 30, 2025 and 2024 were $3.5 million and $3.9 million, respectively. This change is mainly attributed to the decrease in stock-based compensation costs.

Depreciation for the nine months ended September 30, 2025 was $18.3 million, a $5.8 million increase from $12.5 million for the same period of last year, due to the increase in the average number of our vessels.

Other operating income for the nine months ended September 30, 2025 was $0.9 million and related to the accrued income of an insurance claim in connection with dry-docking repairs undertaken in prior years that is expected to be collected within 2025. Other operating income for the nine months ended September 30, 2024 was $1.9 million and related to the collection of an insurance claim in connection with repairs undertaken in prior years.

Interest and finance costs for the nine months ended September 30, 2025 and 2024 were $2.3 million and $0.1 million, respectively. The $2.3 million of costs for the nine months ended September 30, 2025 relate mainly to accrued interest expense – related party in connection with our last nine vessel acquisitions for which the purchase agreement allowed payment to take place within one year from the date of entry into the purchase agreement. For accounting purposes, the outstanding balances payable for these nine vessels had to be allocated between principal and imputed interest up until the time of payment, although no interest was contractually charged by the sellers. The final balances, which were repaid in full within the nine months of 2025, remained the same as the originally agreed purchase prices.

Interest income for the nine months ended September 30, 2025 and 2024 was $6.0 million and $4.4 million, respectively. The increase is mainly attributed to a higher amount of funds placed under time deposits.

Foreign exchange gain for the nine months ended September 30, 2025 was $4.6 million as compared to $0.6 million for the nine months ended September 30, 2024. The $4.0 million increase in foreign exchange gain for the nine months ended September 30, 2025 is mainly attributed the strengthening of the euro currency against the dollar at the end of the nine months ended September 30, 2025 when compared to the respective currency values at the end the same period of last year.

As a result of the above, the Company reported net income for the nine months ended September 30, 2025 of $35.0 million, compared to net income of $46.2 million for the nine months ended September 30, 2024. The weighted average number of shares outstanding, basic, for the nine months ended September 30, 2025 was 33.3 million. Earnings per share, basic and diluted, for the nine months ended September 30, 2025 amounted to $0.98 and $0.93, respectively, compared to earnings per share, basic and diluted, for the nine months ended September 30, 2024 of $1.47 and $1.32, respectively.

Adjusted Net Income was $37.4 million corresponding to an Adjusted EPS, basic, of $1.04 for the nine months ended September 30, 2025 compared to adjusted net income of $50.6 million, or $1.61 Adjusted EPS, basic, for the same period of last year.

EBITDA for the nine months ended September 30, 2025 amounted to $49.7 million while Adjusted EBITDA for the nine months ended September 30, 2025 amounted to $52.0 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.

An average of 15.0 vessels were owned by the Company during the nine months ended September 30, 2025 compared to an average of 10.2 vessels for the same period of 2024.

As of September 30, 2025, cash and cash equivalents including time deposits amounted to $99.3 million and total debt amounted to nil.

EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-GAAP measures. Refer to the reconciliation of these measures to the most directly comparable financial measure in accordance with GAAP set forth later in this release. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.

Tankers

Magic Wand

Clean Thrasher

Clean Sanctuary (ex. Falcon Maryam)

Clean Nirvana

Clean Justice

Aquadisiac

Clean Imperial

Suez Enchanted

Suez Protopia

Drybulk Carriers(2)

Eco Wildfire

Glorieuse

Neptulus

Supra Pasha

Supra Monarch

Supra Baron

Supra Sovereign

Supra Duke

Eco Sikousis

Eco Czar

Fleet Total

Earliest date charters could expire.

We have contracted to acquire three Japanese-built drybulk carriers, with a total capacity of approximately 164,400 dwt and an average age of approximately 12.5 years, which are expected to be delivered to us between the first quarter of 2026 and August 2026.

FLEET DATA

Average number of vessels (1)

Period end number of owned vessels in fleet

Total calendar days for fleet (2)

Total voyage days for fleet (3)

Fleet utilization (4)

Total charter days for fleet (5)

Total spot market days for fleet (6)

Fleet operational utilization (7)

Average number of vessels is the number of owned vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.

Total calendar days for fleet are the total days the vessels we operated were in our possession for the relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys.

Total voyage days for fleet reflect the total days the vessels we operated were in our possession for the relevant period net of off-hire days associated with major repairs, drydockings or special or intermediate surveys.

Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.

Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period.

Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period.

Fleet operational utilization is the percentage of time that our vessels generated revenue, and is determined by dividing voyage days excluding idle days by fleet calendar days for the relevant period.

(Expressed in United States Dollars,
except number of shares)

Net Income - Adjusted Net Income

Net income

Plus net loss on sale of vessel

Plus share based compensation

Adjusted Net Income

Net income - EBITDA

Net income

Plus interest and finance costs

Less interest income

Plus depreciation

EBITDA

Net income - Adjusted EBITDA

Net income

Plus net loss on sale of vessel

Plus share based compensation

Plus interest and finance costs

Less interest income

Plus depreciation

Adjusted EBITDA

EPS

Numerator

Net income

Less: Cumulative dividends on preferred shares

Less: Undistributed earnings allocated to non-vested shares

Net income attributable to common shareholders, basic

Denominator

Weighted average number of shares

EPS - Basic

Adjusted EPS

Numerator

Adjusted net income

Less: Cumulative dividends on preferred shares

Less: Undistributed earnings allocated to non-vested shares

Adjusted net income attributable to common shareholders, basic

Denominator

Weighted average number of shares

Adjusted EPS

Quarters Ended

September 30,

Nine Month Periods Ended

September 30,

Revenues

Revenues

Expenses/(Income)

Voyage expenses

Voyage expenses - related party

Vessels’ operating expenses

Vessels’ operating expenses - related party

Drydocking costs

Management fees – related party

General and administrative expenses

Depreciation

Other operating income

Net loss on sale of vessel

Total expenses, net

Income from operations

Other (expenses)/income

Interest and finance costs

Interest expense – related party

Interest income

Interest income – related party

Dividend income from related party

Foreign exchange gain/(loss)

Other income, net

Net Income

Earnings per share

- Basic

- Diluted

Weighted average number of shares

-Basic

-Diluted

Assets

Current assets

Cash and cash equivalents

Time deposits

Trade and other receivables

Other current assets

Claims receivable

Inventories

Advances and prepayments

Total current assets

Non current assets

Operating lease right-of-use asset

Vessels, net

Investment in related party

Total non current assets

Total assets

Liabilities and Stockholders’ Equity

Current liabilities

Trade accounts payable

Payable to related parties

Accrued liabilities

Operating lease liability, current portion

Deferred income

Total current liabilities

Total liabilities

Commitments and contingencies

Stockholders’ equity

Capital stock

Preferred Stock, Series A

Preferred Stock, Series B

Treasury stock

Additional paid-in capital

Retained earnings

Total stockholders’ equity

Total liabilities and stockholders’ equity

Cash flows from operating activities

Net income for the period

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation

Non-cash lease expense

Share based compensation

Net loss on sale of vessel

Unrealized foreign exchange loss/(gain) on time deposits

Changes in operating assets and liabilities:

(Increase)/decrease in

Trade and other receivables

Other current assets

Claims receivable

Inventories

Changes in operating lease liabilities

Advances and prepayments

Due from related parties

Increase/(decrease) in

Trade accounts payable

Due to related parties

Accrued liabilities

Deferred income

Net cash provided by operating activities

Cash flows from investing activities

Proceeds from sale of vessel, net

Payments for acquisition, improvement and capitalized expenses of vessels

Increase in bank time deposits

Maturity of bank time deposits

Proceeds from seller financing

Net cash provided by investing activities

Cash flows from financing activities

Proceeds from exercise of stock options

Proceeds from warrants exercise

Stock repurchases

Dividends paid on preferred shares

Repayment of seller financing

Net cash provided by/(used in) financing activities

Net increase/(decrease) in cash and cash equivalents

Cash and cash equivalents at beginning of period

Cash and cash equivalents at end of period

Cash breakdown

Cash and cash equivalents

Total cash and cash equivalents shown in the statements of cash flows