Ετικέτα: financial results

Toro Corp. Reports Net Income of $0.5 Million for the Three Months Ended March 31, 2026

Toro Corp. (NASDAQ: TORO), (“Toro”, or the “Company”), a global energy transportation provider, has announced its results for the three months ended March 31, 2026.
Highlights of the First Quarter Ended March 31, 2026:
▪ Total vessel revenues from continuing operations: $6.0 million, as compared to $5.5 million for the three months ended March 31, 2025, or a 9.1% increase;
▪ Net income from continuing operations: $0.5 million, as compared to $1.5 million for the three months ended March 31, 2025, or a 66.7% decrease;
▪ Net income: $0.5 million, as compared to $1.6 million for the three months ended March 31, 2025, or a 68.8% decrease;
▪ (Loss)/Earnings per common share, basic, from continuing operations: $(0.023) per share, as compared to $0.019 per share for the three months ended March 31, 2025;
▪ EBITDA(1) from continuing operations: $1.3 million, as compared to $1.0 million for the three months ended March 31, 2025;
▪ Cash of $81.6 million as of March 31, 2026, as compared to $87.4 million as of December 31, 2025;
▪ On December 5, 2025, we declared a special dividend of $1.75 per common share, consisting of either cash or our common shares. The dividend was payable to our shareholders of record at the close of business on December 16, 2025 and was paid on January 16, 2026 in the form of $9.3 million in cash and 7,378,575 shares of our common stock.
▪ On March 30, 2026, we entered into an up to $60.0 million revolving credit facility with a leading European financial institution which was partially drawn down on April 2, 2026.
(1) EBITDA is not a recognized measure under United States generally accepted accounting principles (“U.S. GAAP”). Please refer to Appendix B for the definition and reconciliation of this measure to Net income, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
Management Commentary:
Mr. Petros Panagiotidis, Chief Executive Officer of the Company, commented:
“In the first quarter of 2026, we delivered solid operational performance across our fleet, reflecting both disciplined execution and full charter coverage. Our strong balance sheet and the recently signed revolving credit facility of up to $60.0 million, provide us with significant financial flexibility and strategic optionality. We remain focused on executing our strategy, pursuing accretive opportunities, and creating sustainable long-term value for our shareholders.”
Earnings Commentary:
First quarter ended March 31, 2026, and 2025 Results
Total vessel revenues from continuing operations increased to $6.0 million for the three months ended March 31, 2026, compared to $5.5 million for the same period in 2025. This $0.5 million increase mainly reflects the higher contractual hire rates for our LPG carrier and MR tanker vessels, partially offset by the decrease in the Available Days (as defined below) of our fleet to 360 days in the three months ended March 31, 2026 from 446 days in the same period in 2025, due to the change in the composition of our fleet. During the three months ended March 31, 2026, our fleet earned an average Daily TCE Rate of $15,531, compared to $11,480 in the same period of 2025, this increase is mainly due to the change in the composition of our fleet. Daily TCE Rate is not a recognized measure under U.S. GAAP. Please refer to Appendix B for the definition and reconciliation of this measure to Total vessel revenues, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
Voyage expenses from continuing operations for our fleet decreased to $0.37 million for the three months ended March 31, 2026, compared to $0.42 million for the same period in 2025. This decrease in voyage expenses was mainly a result of the decrease by $0.08 million in port and other expenses due to the lower costs of European Union Allowances (“EUAs”).
The decrease in vessel operating expenses from continuing operations by $0.3 million to $2.3 million in the three months ended March 31, 2026, from $2.6 million in the same period in 2025, mainly reflects the decrease in the Ownership Days (as defined below) of our fleet to 360 days in the three months ended March 31, 2026, from 450 days in the corresponding period in 2025, partially offset by the increase in the Daily vessel operating expenses (defined below) of the vessels in our fleet to $6,479 in the three months ended March 31, 2026 from $5,715 in the same period in 2025, mainly due to the change in the composition of our fleet following the addition in the third quarter of 2025 of the MR tanker vessels which incur higher Daily vessel operating expenses than the LPG carrier vessels.
Management fees from continuing operations decreased to $0.4 million in the three months ended March 31, 2026, from $0.5 million in the corresponding period in 2025. This decrease of $0.1 million reflects the decrease in the Ownership Days of our fleet, offset by the increase in management fees from $1,071 per vessel per day to $1,100 per vessel per day effective July 1, 2025, under the terms of the amended and restated master management agreement between us, our ship owning subsidiaries and Castor Ships S.A.
Depreciation expenses from continuing operations amounted to $1.3 million in the three months ended March 31, 2026, whereas, in the same period of 2025, depreciation expenses amounted to $1.1 million. This increase is mainly due to higher depreciation expenses of M/T Wonder Altair and M/T Wonder Maia, offset by the decrease in the Ownership Days of our fleet in the three months ended March 31, 2026, compared to the same period in 2025. Drydock amortization charges from continuing operations amounted to $0.1 million for the three months ended March 31, 2026, compared to a charge of $0.2 million in the three months ended March 31, 2025. For the period of three months ended March 31, 2026, the dry-dock amortization charges are related to LPG Dream Arrax and LPG Dream Vermax which completed their scheduled dry-dock in the second quarter of 2025 and third quarter of 2025, 3 respectively. For the three months ended March 31, 2025, the dry-dock amortization charges are related to M/T Wonder Mimosa, which completed its scheduled dry-dock in the third quarter of 2024.
General and administrative expenses from continuing operations in the three months ended March 31, 2026, amounted to $2.9 million, whereas, in the same period of 2025, general and administrative expenses totaled $2.4 million. This increase is mainly associated with the stock-based compensation cost for non-vested shares granted under our Equity Incentive Plans amounting to $1.7 million and $0.9 million for the three months ended March 31, 2026 and 2025, respectively.
Interest and finance costs, net, from continuing operations amounted to $(0.7) million in the three months ended March 31, 2026, whereas, in the same period of 2025, interest and finance costs, net amounted to $(1.8) million. This variation is mainly due to the decrease in interest income from Castor Maritime Inc. (“Castor”) we earned for the period of three months ended March 31, 2025, as compared with the same period of 2026, as a result of the full repayment by Castor of the $100.0 million senior term loan facility on May 5, 2025.
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Seanergy Maritime Reports First Quarter 2026 Financial Results – Declares $0.20 Per Share Cash Dividend

Seanergy Maritime Holdings Corp. (“Seanergy” or the “Company”) (NASDAQ: SHIP), a leading pure-play Capesize owner and operator, reported its financial results for the first quarter of 2026, and announced a quarterly cash dividend of $0.20 per common share. This represents Seanergy’s 18 th consecutive quarterly dividend under its capital return policy, underscoring the Company’s commitment to disciplined capital allocation and consistent shareholder returns.
For the quarter ended March 31, 2026, the Company generated Net Revenues of $42.9 million, compared to $24.2 million in the first quarter of 2025. Net Income and Adjusted Net Income for the quarter were $9.7 million and $13.4 million, respectively, compared to Net Loss of $6.8 million and Adjusted Net Loss of $5.5 million in the first quarter of 2025. EBITDA and Adjusted EBITDA for the quarter were $23.6 million and $28.1 million, respectively, compared to $6.6 million and $8.0 million, respectively, for the same period of 2025. The fleet achieved a daily Time Charter Equivalent (“TCE”) of $24,219 for the first quarter of 2026, representing a 6% premium over the average Baltic Capesize Index – 180 (“BCI-180”) of $22,902 for the same period.
Cash and cash-equivalents and restricted cash, as of March 31, 2026, stood at $68.8 million. Stockholders’ equity at the end of the first quarter was $289.3 million. Long-term debt (senior loans and other financial liabilities) net of deferred charges stood at $319.7 million, while the book value of the fleet was $530.5 million, including instalments paid for vessels under construction.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“Seanergy delivered a very strong first quarter, with Adjusted EPS of $0.63 and Adjusted EBITDA of $28.1 million, up 251% year-over-year, demonstrating the earnings power of our pure-play Capesize platform, despite the seasonally weakest period of the year. Reflecting on this performance and our disciplined capital return policy, we are pleased to declare our 18th consecutive quarterly cash dividend of $0.20 per share, bringing cumulative distributions to $2.84 per share since program inception.
“We have meaningfully advanced our fleet renewal program, contracting three additional newbuilding vessels at leading shipyards in China and Japan, and agreeing to sell one of our older Capesize vessels at firm secondhand pricing. Since launch, the program now comprises six modern eco-design newbuildings and three older vessel disposals, a significant upgrade to fleet quality, efficiency and long-term earnings capacity. To date, Seanergy has advanced approximately $69 million from internal funds toward our newbuilding program, while financing for four vessels has already been agreed at attractive terms.
“Our newbuilding strategy combines disciplined growth with risk management. Based on advanced discussions with leading charterers, we expect these vessels to secure multi-year time charters with downside protection above cash breakeven, complemented by profit-sharing mechanisms preserving meaningful upside exposure. The combination of attractive early delivery dates in a tight global newbuilding market, competitive financing, and selective disposals represents capital allocation positioned to deliver compelling long-term returns.
“On the commercial front, our consistent index-linked employment strategy enabled fleet outperformance of the BCI-180, while disciplined use of the conversion options from floating to fixed time charter rates, allows Seanergy to capture market upside, while limiting our downside risk where possible. During the strong first quarter Capesize market, our fleet outperformed the BCI-180, while for the second quarter we expect to achieve a daily TCE of about $31,4303 . From the second quarter onward, approximately 45% of our available days are fixed at an average rate exceeding $29,000 per day providing meaningful earnings visibility, while preserving substantial exposure to market upside.
“The Capesize market has started 2026 on a strong footing, supported by resilient Chinese iron ore demand, continued growth in bauxite trades, rising West African iron ore exports, and healthy coal volumes. The energy security issues raised by the Middle East crisis and the expectations of strong El Nino weather pattern are expected to further support ton mile demand for the rest of the year. At the same time, effective fleet supply remains constrained due to limited new deliveries, slower sailing speeds, and an aging Capesize fleet. While macroeconomic and geopolitical uncertainties remain, we remain encouraged by the underlying strength in tonmile demand and the medium-term supply backdrop.
“With a modernizing fleet, disciplined risk management and a clear capital allocation strategy, we believe Seanergy is optimally positioned to continue creating value for shareholders heading into a structurally supportive 2027-2029 market window.”
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Performance Shipping Inc. Reports Financial Results for the First Quarter Ended March 31, 2026

Performance Shipping Inc., a global shipping company specializing in the ownership of tanker vessels, reported net income of $10.2 million for the first quarter of 2026, compared to a net income of $29.4 million for the same period in 2025. Earnings per share, basic and diluted, for the first quarter of 2026 were $0.79 and $0.26, respectively. The net income for the first quarter of 2025 included a gain of $19.5 million resulting from the sale of the vessel P. Yanbu.
Revenue was $33.8 million ($31.8 million net of voyage expenses) for the first quarter of 2026, compared to $21.3 million ($19.2 million net of voyage expenses) for the same period in 2025. This increase was mainly attributable to the increase in ownership days following the delivery of the newbuilding vessels P. Massport, P. Tokyo and P. Marseille in July 2025, September 2025, and January 2026, respectively, and also of the secondhand Suezmax vessels P. Bel Air and P. Beverly Hills in December 2025, partly offset by the sale of the P. Yanbu in March 2025. Fleetwide, the average TCE rate for the first quarter of 2026 was $32,520, compared with an average rate of $30,843 for the same period in 2025. During the first quarter of 2026, net cash provided by operating activities was $23.0 million, compared with net cash provided by operating activities of $15.5 million for the first quarter of 2025.
Commenting on the results of the first quarter of 2026, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“The Company had a strong start to 2026, generating revenues of $33.8 million and net income of $10.2 million during the first quarter. Revenue increased by 59% period-over-period, driven by the expansion in the average fleet to approximately eleven high-specification tankers from seven vessels in the prior-year period, reflecting a more modern fleet profile and enhanced earnings capacity. The average daily TCE rate improved to $32,520, compared to $30,843 in the comparable prior-year period.
“Looking ahead, we expect the constructive tanker market environment, supported by elevated charter rates and ongoing trade flow inefficiencies driven by geopolitical developments, to continue underpinning earnings. With two of our vessels becoming available for employment later this year, the Company is well positioned to secure additional attractive charters under prevailing market conditions.
“As of the beginning of the 2026 second quarter, the Company had secured a revenue backlog of nearly half a billion dollars, with fixed charter coverage of approximately 90% for the remaining nine months of 2026 and 80% for full year 2027. The average remaining duration of the time charter portfolio increased to approximately three years, with long-term coverage of approximately 50% through 2030, providing strong cash flow visibility.
“By securing an average contracted time charter rate of approximately $31,700 per day, the Company has substantially covered daily cash expenses for 2026 and 2027, while maintaining a projected spot cash break-even gradually rising from zero to approximately $13,700 per day by 2030 based on management’s current estimates of future operating expenses. Even under historically weak market conditions, this level remains well-supported relative to Aframax tanker charter rate cycles over the past twenty years.
“The Company maintains a conservative balance sheet and no significant near-term debt maturities. This provides capacity to finance the newbuilding program through a balanced capital structure, including prudent secured debt financing. One LR1 newbuilding is scheduled for delivery in early 2027, followed by two Suezmax newbuildings in late 2028 and early 2029. All three vessels are employed on long-term time charter contracts commencing upon delivery, with contracted revenues covering approximately 92% of remaining construction costs.
“The Company’s liquidity position remains strong, with cash, cash equivalents and restricted cash of approximately $127 million as of quarter-end, representing a 1.6x increase compared to year-end 2025. Pro-forma for the previously announced sale of the Company’s two oldest vessels, the P. Aliki and the P. Sophia, total liquidity is expected to increase further to approximately $192 million.
“The Company remains focused on disciplined capital allocation, continued fleet renewal, and maintaining a resilient balance sheet to support the execution of its long-term growth strategy.”

Presentation of PPA S.A.’s 2025 Financial Results to the Hellenic Fund and Asset Management Association

PPA S.A. presented its financial results for fiscal year 2025 to the Hellenic Fund and Asset Management Association at Euronext Athens. The presentation was delivered by Company executives, led by Deputy CEO Mr. Angelos Karakostas, and was followed by a discussion with the participating institutional investors and analysts, during which questions were addressed regarding the performance of the port’s business activities.
In fiscal year 2025, PPA S.A. once again recorded the highest performance in its history in terms of revenue and EBITDA. Specifically, total revenue for the year amounted to €250.8 million, increased by 8.6% or €19.9 million compared to 2024 (€230.9 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to €132.3 million, marking an increase of 2.2%. Profit after tax stood at €86.2 million, down by 1.5%. The results confirm the Company’s strong resilience in a period of significant challenges. Finally, the proposed dividend per share amounted to €1.896, thereby maintaining a stable dividend policy, with the distribution of 55% of net profit as a return to shareholders.
It is also noted that the Company’s strong performance was not recorded only at an aggregate level, but also across individual port activities. The cruise sector recorded an all-time high in passenger traffic, with 1.86 million passengers, confirming Piraeus’ position as a leading hub in the Eastern Mediterranean. At the same time, the container terminal – Pier I, also recorded an all-time throughput record of 664,581 TEU.
These strong results were achieved despite the 28.4% decrease in revenue in the ferry shipping sector, due to the reduction in port fees from May 2025, following a relevant request by the Ministry of Maritime Affairs and Insular Policy aimed at maintaining ferry ticket prices, and in response to PPA S.A.’s positive contribution within the framework of Corporate Social Responsibility.
Despite the demanding international environment, the Company continues to create significant value for its shareholders and the Greek economy, while at the same time implementing major investments that modernise and upgrade the port’s infrastructure, enabling it to continue playing a leading role in the future.

Piraeus Group: First Quarter 2026 Financial Results

Christos Megalou (CEO) Statement
“Piraeus first quarter performance reflects a strong business, underpinned by a resilient franchise and disciplined execution. While t he ongoing conflict in the Middle East continues to add uncertainty to the global and European economies, Piraeus is well position ed to navigate the current situation. Our resilience is reinforced by the strength of the Greek economy, which grew by 2.1% in 2025, well above the Euro area average , with a strong primary surplus and a rapidly declining debt -toGDP ratio . Growth is expected to remain above the EU average, supported by investment, consumer spending, and EU structural funds. In this operating environment, Piraeus had a solid start to 2026, with the first quarter results confirming its good progress towards achieving its full year targets , generat ing 15% return over tangible equity with €6.1 tangible book value per share. Our loan book expanded by €1.3bn in Q1, reflecting strong demand across all business segments, while assets under management grew on the back of solid net inflows. Net interest income remained stable in the first quarter of the year, while revenues from services performed strongly, supported by the contribution of the Ethniki Insurance business, asset management and bancassurance. Fees now represent 32% of net revenues, underlining continued progress in revenue diversification. Our disciplined approach to efficiency and risk management was reflected in a cost to income ratio of 37% and a con trolled organic cost of risk of 32 basis points. Our total capital ratio stood at 18.5%, providing significant headroom above regulatory requirements. In line with our commitment to shareholder returns, the Annual General Meeting approved a cash distribution amounting to €49 4mn or €0.4 per share out of 2025 results, planned to be paid in June . In 2026, the distribution payout ratio will increase to 57% compared to 55% in 2025. We are also encouraged by the continued growth of Snappi, which has reached 100,000 customers , alongside ongoing investments in digital transformation and sustainability, including new fintech partnerships and green financing initiatives. We have entered 2026 with strong momentum, clear capital trajectory and a resilient balance sheet, and we remain focused to deliver ing our targets and creat ing sustainable value for our shareholders and customers .” 
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Lemonade To Announce First Quarter 2026 Financial Results

Lemonade (NYSE: LMND) announced it will release its first quarter 2026 financial results on Wednesday, April 29, 2026 prior to market open, and will host a conference call that same day to discuss the results.
Webcast and Conference Call details:

Date: Wednesday, April 29, 2026
Time: 8:00 am Eastern time (5:00 am Pacific time) 
Participant Toll-Free Dial-In Number: +1 833 461 5787
Participant Toll Dial-In Number: +1 585 542 9983
Access Code: 708389519
Conference call registration link
Webcast registration link

Following the completion of the call, a replay will also be made available at lemonade.com/investor. 
In addition to the dial-in options, shareholders can participate by submitting questions prior to the earnings call. Shareholders will be able to submit and upvote questions until April 28, 2026 at 8:00 am ET.  For any support inquiries please email support@saytechnologies.com.

AIG to Report First Quarter 2026 Financial Results on April 30, 2026, and Host Conference Call on May 1, 2026

American International Group, Inc. (NYSE: AIG) will report financial results for the first quarter ended March 31, 2026, after the market closes on Thursday, April 30, 2026. AIG’s press release and financial supplement will be available in the Investors section of AIG’s website at https://www.aig.com.
AIG will also host a conference call on Friday, May 1, 2026, at 8:30 a.m. ET to review these results. The live, listen-only webcast is open to the public and can be accessed in the Investors section of https://www.aig.com. A replay will be available after the call at the same location.

AIG to Report Third Quarter 2024 Financial Results on November 4, 2024, and Host Conference Call on November 5, 2024

American International Group, Inc. (NYSE: AIG) will report financial results for the third quarter ended September 30, 2024, after the market closes on Monday, November 4, 2024. AIG’s press release and financial supplement will be available in the Investors section of AIG’s website at https://www.aig.com.
AIG will also host a conference call on Tuesday, November 5, 2024, at 8:30 a.m. ET to review these results. The live, listen-only webcast is open to the public and can be accessed in the Investors section of https://www.aig.com. A replay will be available after the call at the same location.

Lemonade To Announce First Quarter 2024 Financial Results

Lemonade, Inc. announced it will release its first quarter 2024 financial results on Tuesday, April 30, 2024 after market close. Lemonade will host a conference call the following day, Wednesday, May 1, 2024 at 8:00 am Eastern time (5:00 am Pacific time) to discuss the results.
To register for this conference call, please use this link. Registrants will receive confirmation with dial-in details. Registrants may also dial in, toll-free, at (833) 470-1428 or at (404) 975-4839, conference ID : 224363
In addition to the dial-in options, shareholders can participate by going to https://app.saytechnologies.com/lemonade-2024-q1 to submit questions to Say prior to the earnings call. The Q&A platform will be open for question submission starting April 23, 2024 at 8:00 am ET. Shareholders will be able to submit and upvote questions until April 30, 2024 at 7:00 pm ET. Shareholders can email support@saytechnologies.com for any support inquiries.
A live webcast of the conference call will be available on the Lemonade Investor Relations website, investor.lemonade.com. Following the completion of the call, a replay will also be made available at investor.lemonade.com.