CMDB

• Financial Results

  • Q1 2026 management income was $12.4 million; net income for the quarter was $9.9 million ($0.41 per diluted share), and adjusted income was $12.4 million ($0.51 per diluted share).
  • As of end-Q1 2026, total cash exceeded total debt by ~$137 million, leaving the company net cash positive. The company recorded ~$7 million in capital gains from the sale of one Cape-sized vessel.
  • Total fleet capital is approximately $270 million, with roughly $140 million in total outstanding debt.

• Portfolio & Balance Sheet De-Risking

  • The majority of the company's legacy trading portfolio has been transferred to Cargill per the previously announced deal, with only one remaining vessel position left to novate.
  • Management expects the company's trading platform to be fully cleared of all remaining legacy trades by the end of 2026.
  • Post-de-risking, the operating platform is focused on the Capesize segment, consisting of 20 third-party-owned time-chartered vessels. Most of the company's owned fleet is employed on index-linked voyage charter agreements with an option to convert to fixed rates.

• Fleet Renewal Activity

  • The company completed the sale of one 2011-built Capesize vessel as part of its fleet renewal program.
  • The company acquired one 2018-built Ultramax vessel and accepted delivery of a new Gamsomax newbuilding.
  • The newbuilding was chartered in for a minimum 5-year term, and has already been chartered out at a profitable rate for a minimum 11-month term. A second Gamsomax newbuilding is expected to be delivered under a similar long-term charter agreement with extension and purchase options.
  • The net cash positive position positions the firm to pursue countercyclical growth in the current lower asset value environment.

• Management reaffirms that all remaining legacy trading positions will be fully exited by the end of 2026, completing the balance sheet de-risking process.
• No formal numerical financial or operating guidance was provided for full-year 2026, but management noted that charter rates strengthened in Q1 2026 and have continued upward momentum through April 2026.
• A second Gamsomax newbuilding is expected to be delivered in the near term under a long-term charter structure matching the first delivered vessel.

This transcript does not break out formal financial performance data by individual vessel/product segment, only qualitative operational and market performance:

• Cape-sized segment: Earnings were supported by robust iron ore and bauxite trade volumes, limited overall fleet growth, and expanded West Africa-China trade flows for both commodities.
• Panamax segment: Market performance was broadly positive, with additional support from a record Brazilian soybean harvest and the 2025 U.S.-China agricultural trade agreement that drove strong long-haul soybean shipments in Q1 2026.
• Supermax segment: Delivered a solid start to 2026. Increased grain and minor bulk trade flows offset the negative impact of the Strait of Hormuz closure, which cut Persian Gulf export volumes by approximately 50%.

• The dry bulk shipping market exhibited higher than average volatility in the first four months of 2026, driven by market inefficiencies, elevated trading activity, and ongoing geopolitical instability that adds macro uncertainty.
• The Strait of Hormuz closure negatively impacted the Supermax segment in Q1, cutting Persian Gulf export volumes by approximately 50%.

No investor or analyst questions were submitted during the Q&A portion of the conference call, so no exchanges are recorded.