Earnings exceeded expectations, primarily due to the combination of new vessel deliveries improving efficiency and a high freight rate market, which offset the impact of geopolitical risks.

TCE revenue of $157 million, average daily TCE of $78,800; net profit of $103.4 million, or $0.64 per share.

This quarter, three new Antelope-class vessels were delivered, and three older vessels built in 2007 were sold. One-year time charters were signed for five older vessels at an average daily rate of $101,000; one new vessel secured a 5–7 year charter. Management emphasized "not entering the Persian Gulf," with the fleet operating 100% normally and benefiting from short-term risk premiums.

Management is optimistic about the market outlook, believing that industry consolidation and risk premiums are sustainable. It did not explicitly raise or lower full-year guidance, but emphasized strong fundamentals.

Positive signals: Management's tone was resolute, emphasizing "satisfaction with fleet deployment" and the operational discipline of "not entering unsafe waters." Risks: Geopolitical uncertainties may be positive in the short term, but in the long term, attention must be paid to freight rate declines after normalization.