- Strong Adjusted EBITDA of $126.4M in Q4 2025, reflecting robust cash generation.
- $37.9M share repurchase in Q4 2026 (1.2M shares) and a $0.37/share dividend declared.
- $459M cash and $110M undrawn credit highlight a resilient balance sheet with 27 debt-free vessels ($630M market value).
- Dividend policy targets 1% of free cash flow ($0.5/share estimate) and a $100M share buyback program.
- Operational efficiency with $5,045/day vessel operating expenses and $1,399/day net cash G&A costs.
Shareholder Returns
The company continued to return capital to shareholders, repurchasing 1,200,000 shares worth $37,900,000 in the fourth quarter, bringing the total to 1,900,000 shares year-to-date. The Board of Directors declared a $0.37 per share dividend for the fourth quarter, payable on March 19. The company's dividend policy is to distribute a portion of their free cash flow, estimated to be $0.5 per share. Christos Begleris explained that debt repayment is slightly higher than depreciation, resulting in lower free cash flow than net income, and that changes in net working capital can impact free cash flow.
Balance Sheet Strength
The company boasts a strong balance sheet, with total cash and cash equivalents of approximately $459,000,000 and an undrawn revolving capacity of $110,000,000. They also have 27 debt-free vessels with an aggregate market value of approximately $630,000,000. The company's financial position is expected to enable it to capitalize on market opportunities and deliver value to shareholders.
Valuation and Outlook
With a P/E Ratio of 33.7 and an EV/EBITDA of 10.78, the market appears to be pricing in a moderate growth outlook. The Dividend Yield stands at 1.2%, while the Free Cash Flow Yield is 7.3%. Analysts estimate revenue growth at 3.0% for next year. The company's Head of Market Analysis, Constantinos Simantiras, noted that the newbuilding orderbook has grown, reflecting limited shipyard capacity through 2028. Petros Pappas mentioned that grains are expected to have a strong trade, with an increase of 7.5% to 8%. The company's strong balance sheet, combined with a favorable drybulk market outlook, positions it for potential long-term success.