Marine Shipping

9101 Nippon Yusen (NYK)

Revenue is led by Logistics (33%) and Dry Bulk (23%), with 5 more segments behind.

Owner earnings 2017–2026 (¥64.1B)¥1.3B(¥44.5B)¥12.9B¥57.2B¥406.2B¥703.2B¥259.8B¥356.1B¥298.2B

Retained capital Retained ¥1.53T of earnings over 2017–2026; annual owner earnings grew ¥340.5B, ¥0.22 per ¥1 retained.

Balance sheet Heavy net debt, ¥990.6B · dividend paid 9 of 10 yrs, cut at least once

9104 Mitsui O.S.K. Lines

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, ¥2.28T

9107 Kawasaki Kisen (K Line)

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2017–2026 (¥110.4B)(¥95.5B)(¥102.7B)(¥93.2B)(¥8.3B)¥185.3B¥388.4B¥120.1B¥143.5B¥181.3B

Retained capital Retained ¥1.11T of earnings over 2017–2026; annual owner earnings grew ¥251.1B, ¥0.23 per ¥1 retained.

Balance sheet Net cash, +¥23.7B · dividend paid 5 of 10 yrs, cut at least once

ASC Ardmore Shipping Corporation

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2016–2019 $42M$18M$9M$18M

Retained capital Paid out $98M more than it earned over 2016–2019; annual owner earnings fell $8M.

Balance sheet Net debt against an operating loss, $49M · dividend paid 1 of 4 yrs, cut at least once

BIP BROOKFIELD INFRASTRUCTURE PARTNERS L.P.

Brookfield Infrastructure 75 The objectives for our utilities segment are to invest capital in the expansion of our rate base, as well as to provide safe and reliable service for our customers on a cost-efficient basis.

Owner earnings 2016–2025 $306M$767M$523M$961M$1.1B$705M$973M$1.6B$1.0B$1.9B

Retained capital Retained $1.6B of earnings over 2016–2025; annual owner earnings grew $984M, $0.61 per $1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 10 of 10 yrs

BIPH BROOKFIELD INFRASTRUCTURE PARTNERS L.P.

Brookfield Infrastructure 75 The objectives for our utilities segment are to invest capital in the expansion of our rate base, as well as to provide safe and reliable service for our customers on a cost-efficient basis.

Owner earnings 2016–2025 $306M$767M$523M$961M$1.1B$705M$973M$1.6B$1.0B$1.9B

Retained capital Retained $1.6B of earnings over 2016–2025; annual owner earnings grew $984M, $0.61 per $1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 10 of 10 yrs

BIPI BROOKFIELD INFRASTRUCTURE PARTNERS L.P.

Brookfield Infrastructure 75 The objectives for our utilities segment are to invest capital in the expansion of our rate base, as well as to provide safe and reliable service for our customers on a cost-efficient basis.

Owner earnings 2016–2025 $306M$767M$523M$961M$1.1B$705M$973M$1.6B$1.0B$1.9B

Retained capital Retained $1.6B of earnings over 2016–2025; annual owner earnings grew $984M, $0.61 per $1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 10 of 10 yrs

BIPJ BROOKFIELD INFRASTRUCTURE PARTNERS L.P.

Brookfield Infrastructure 75 The objectives for our utilities segment are to invest capital in the expansion of our rate base, as well as to provide safe and reliable service for our customers on a cost-efficient basis.

Owner earnings 2016–2025 $306M$767M$523M$961M$1.1B$705M$973M$1.6B$1.0B$1.9B

Retained capital Retained $1.6B of earnings over 2016–2025; annual owner earnings grew $984M, $0.61 per $1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 10 of 10 yrs

CDLR Cadeler A/S

Revenue is Time charter services and transportation and installation services (79%) and Other revenue, including fees earned for early termination of contracts by customers (21%).

Owner earnings 2021–2025 €30M€28M€63M€91M€391M

Retained capital Retained €397M of earnings over 2021–2025; annual owner earnings grew €141M, €0.36 per €1 retained.

Balance sheet Heavy net debt, €1.3B

CMBT CMB.TECH NV

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings FY2019 $231M

Retained capital not read

Balance sheet Meaningful net debt, $1.3B

CMDB Costamare Bulkers Holdings Limited

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, +$56M

CMRE COSTAMARE INC.

We are an international owner and operator of containerships.

Owner earnings not read

Retained capital not read

Balance sheet Meaningful net debt, $976M

DAC Danaos Corporation

We operate our drybulk carriers in the spot market, on short-term time charters and voyage charters.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, +$2M

DHT DHT Holdings Inc.

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2017–2021 $102M$54M$156M$529M$61M

Retained capital Paid out $12M more than it earned over 2017–2021; annual owner earnings grew $145M.

Balance sheet Modest net debt, $310M · dividend paid 5 of 5 yrs, cut at least once

DSX Diana Shipping inc.

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2016–2025 ($72M)($64M)$77M$47M$11M$72M$116M$41M$80M$46M

Retained capital Paid out $860M more than it earned over 2016–2025; annual owner earnings grew $75M.

Balance sheet Heavy net debt, $448M · dividend paid 5 of 10 yrs, cut at least once

ECO Okeanis Eco Tankers Corp.

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings not read

Retained capital not read

Balance sheet Meaningful net debt, $354M

ESEA EUROSEAS LTD.

We calculate spot charter rates on contracts made in the spot market for the use of a vessel for a specific voyage to transport a specified agreed upon cargo at a specified freight rate per ton or occasionally a lump sum amount.

Owner earnings 2016–2020 ($4M)$4M($1M)($938K)$2M

Retained capital Paid out $39M more than it earned over 2016–2020; annual owner earnings grew $122K.

Balance sheet Modest net debt, $40M · no dividend paid

FLNG FLEX LNG Ltd.

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2017–2025 ($18M)$36M$23M$47M$145M$220M$175M$183M$141M

Retained capital Paid out $127M more than it earned over 2017–2025; annual owner earnings grew $153M.

Balance sheet Heavy net debt, $1.4B · dividend paid 7 of 9 yrs, cut at least once

FRO Frontline Plc

We are engaged in transporting crude oil and its related refined petroleum products and our vessels operate in the spot and time charter markets.

Owner earnings 2021–2025 ($80M)$220M$625M$397M$670M

Retained capital Retained $678M of earnings over 2021–2025; annual owner earnings grew $309M, $0.46 per $1 retained.

Balance sheet Heavy net debt, $2.7B · dividend paid 4 of 5 yrs, cut at least once

GASS StealthGas Inc.

We own a fleet of LPG carriers providing international seaborne transportation services to LPG producers and users.

Owner earnings 2016–2025 ($20M)($8M)($70M)$28M$4M$16M$42M$77M($3M)$85M

Retained capital Retained $145M of earnings over 2016–2025; annual owner earnings grew $86M, $0.59 per $1 retained.

Balance sheet Net cash, debt-free, +$126M

GLBS Globus Maritime Limited

We are an integrated dry bulk shipping company, providing marine transportation services on a worldwide basis.

Owner earnings 2016–2025 ($4M)$386K$4M$159K($6M)$17M$27M($4M)$5M$11M

Retained capital Paid out $30M more than it earned over 2016–2025; annual owner earnings grew $4M.

Balance sheet Heavy net debt, $25M · dividend paid 1 of 10 yrs, cut at least once

GLNG Golar Lng Ltd

Our unique position as the only service provider allows LNG resource owners a liquefaction solution with a proven design, market leading operational track record and no capex requirement for the FLNG solution until cash flow from LNG sales start.

Owner earnings FY2016 ($115M)

Retained capital not read

Balance sheet Heavy net debt, $1.6B

GNK Genco Shipping & Trading Limited

We are a New York City-based pure-play drybulk ship owning company focused on the seaborne transportation of commodities globally.

Owner earnings 2016–2025 ($53M)$24M$64M$55M$32M$230M$186M$89M$124M$29M

Retained capital Paid out $492M more than it earned over 2016–2025; annual owner earnings grew $69M.

Balance sheet Heavy net debt, $1.4B · dividend paid 7 of 10 yrs, cut at least once

GSL Global Ship Lease Inc New Class A

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2016–2025 $72M$67M$36M$84M$100M$243M$322M$355M$417M$514M

Retained capital Retained $1.2B of earnings over 2016–2025; annual owner earnings grew $371M, $0.32 per $1 retained.

Balance sheet Modest net debt, $415M · dividend paid 5 of 10 yrs

HMR Heidmar Maritime Holdings Corp.

Heidmar is a global commercial and technical management company that operates tanker and dry-bulk vessel pools.

Owner earnings 2023–2025 $12M$7M$13M

Retained capital not read

Balance sheet Net cash, debt-free, +$19M

HSHP Himalaya Shipping Ltd.

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, $657M

HTCO High-Trend International Group

We are an international shipping company which has accounted for all our revenues to date.

Owner earnings 2020–2025 $1M$5M

Retained capital not read

Balance sheet Net cash, +$9M

IMPP Imperial Petroleum Inc.

Revenue is Voyage Charter Revenues (54%) and Time Charter Revenues (42%).

Owner earnings 2020–2025 $8M$5M$29M$64M$61M$79M

Retained capital Retained $188M of earnings over 2020–2025; annual owner earnings grew $54M, $0.29 per $1 retained.

Balance sheet Net cash, debt-free, +$6M

IMPPP Imperial Petroleum Inc./Marshall Islands

Revenue is Voyage Charter Revenues (54%) and Time Charter Revenues (42%).

Owner earnings 2020–2025 $8M$5M$29M$64M$61M$79M

Retained capital Retained $188M of earnings over 2020–2025; annual owner earnings grew $54M, $0.29 per $1 retained.

Balance sheet Net cash, debt-free, +$6M

INSW International Seaways Inc. Common Stock

Revenue is International Crude Tankers (52%) and International Product Carriers (48%).

Owner earnings 2016–2025 $127M($61M)($85M)$87M$216M($77M)$287M$687M$546M$379M

Retained capital Retained $357M of earnings over 2016–2025; annual owner earnings grew $544M, $1.52 per $1 retained.

Balance sheet Modest net debt, $400M · buybacks at an average near $28.72 · dividend paid 6 of 10 yrs, cut at least once

KEX Kirby

Kirby Corporation is the nation's largest domestic tank barge operator, transporting bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, and coastwise along all three United States coasts.

Owner earnings 2016–2025 $185M$176M$122M$264M$297M$224M$122M$329M$516M$406M

Retained capital Retained $475M of earnings over 2016–2025; annual owner earnings grew $256M, $0.54 per $1 retained.

Balance sheet Modest net debt, $833M

KNOP KNOT Offshore Partners LP Common

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, $866M

LPG Dorian LPG Ltd.

Our founding executives have managed vessels in the LPG shipping market since 2002.

Owner earnings 2017–2024 $50M$57M$5M$149M$161M$96M$155M$356M

Retained capital Retained $1M of earnings over 2017–2024; annual owner earnings grew $165M.

Balance sheet Modest net debt, $218M · dividend paid 3 of 8 yrs, cut at least once

MATX Matson

Matson, Inc. is a leading provider of ocean transportation and logistics services.

Owner earnings 2016–2025 $61M$124M$1.1B$368M$615M$380M

Retained capital Retained $1.2B of earnings over 2016–2025; annual owner earnings grew $15M, $0.01 per $1 retained.

Balance sheet Modest net debt, $219M · buybacks at an average near $92.51 · dividend paid 6 of 6 yrs, never cut

NAT Nordic American Tankers Limited

Revenue is Spot Charter (73%) and Time Charter (27%).

Owner earnings 2016–2025 ($10M)($6M)($21M)$50M$104M($48M)$19M$66M$127M($115M)

Retained capital Paid out $833M more than it earned over 2016–2025; annual owner earnings grew $39M.

Balance sheet Heavy net debt, $378M · dividend paid 10 of 10 yrs, cut at least once

NCLH Norwegian Cruise Line Holdings Ltd.

We are a leading global cruise company which operates the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands.

Owner earnings 2016–2025 $818M$1.1B$1.5B$1.2B($3.3B)($3.2B)($600M)$1.1B$839M$928M

Retained capital Paid out $7.1B more than it earned over 2016–2025; annual owner earnings fell $172M.

Balance sheet Heavy net debt, $14.5B

NMM Navios Maritime Partners LP Common

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2016–2025 $46M($19M)$10M$49M$38M$164M$305M$377M$191M$281M

Retained capital Retained $1.9B of earnings over 2016–2025; annual owner earnings grew $271M, $0.14 per $1 retained.

Balance sheet Net debt, $706M · dividend paid 8 of 10 yrs, never cut

NVGS NAVIGATOR HOLDINGS LTD.

Revenue is Time charters (61%) and Voyage charters (30%).

Owner earnings 2016–2025 $85M$74M$77M$49M$85M$45M$211M$117M

Retained capital Retained $333M of earnings over 2016–2025; annual owner earnings grew $46M, $0.14 per $1 retained.

Balance sheet Meaningful net debt, $493M · dividend paid 3 of 8 yrs, never cut

PANL Pangaea Logistics Solutions Ltd.

Pangaea Logistics Solutions Ltd. collectively, Pangaea or the Company, provide seaborne drybulk logistics and transportation services as well as terminal and stevedoring services.

Owner earnings 2016–2025 $19M$29M$40M$44M$21M$62M$134M$54M$66M$49M

Retained capital Retained $193M of earnings over 2016–2025; annual owner earnings grew $27M, $0.14 per $1 retained.

Balance sheet Meaningful net debt, $147M · dividend paid 10 of 10 yrs, cut at least once

PXS Pyxis Tankers Inc.

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2019–2024 $5M($14M)($6M)$5M$16M$12M

Retained capital Retained $32M of earnings over 2019–2024; annual owner earnings grew $16M, $0.49 per $1 retained.

Balance sheet Heavy net debt, $34M · dividend paid 1 of 6 yrs, never cut

RCL Royal Caribbean Cruises

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2016–2025 $1.6B$2.3B$2.4B$2.5B($5.0B)($3.2B)($926M)$3.0B$3.7B$4.7B

Retained capital Paid out $3.3B more than it earned over 2016–2025; annual owner earnings grew $1.7B.

Balance sheet Heavy net debt, $20.5B · buybacks at an average near $111 · dividend paid 7 of 10 yrs, cut at least once

SB SAFE BULKERS, INC.

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, $402M

SBLK Star Bulk Carriers Corp.

We are a leading global shipping company that owns and operates a modern and diverse fleet of dry bulk vessels.

Owner earnings 2016–2025 ($115M)$181K$66M($36M)$98M$637M$744M$318M$416M$212M

Retained capital Paid out $252M more than it earned over 2016–2025; annual owner earnings grew $332M.

Balance sheet Modest net debt, $273M · dividend paid 7 of 10 yrs, cut at least once

SFL SFL Corporation Ltd

We currently operate in several sectors of the maritime, shipping and offshore industries, including oil transportation, dry bulk shipments, oil products transportation, container transportation, car transportation and drilling rigs.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, $2.4B

SHIP Seanergy Maritime Holdings Corp.

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2016–2025 ($24M)($8M)($5M)$759K($22M)$64M$14M$31M$49M$28M

Retained capital Paid out $6M more than it earned over 2016–2025; annual owner earnings grew $48M.

Balance sheet Heavy net debt, $242M · dividend paid 4 of 10 yrs, cut at least once

STNG Scorpio Tankers Inc.

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2016–2025 $52M($100M)$32M$207M$419M$73M$311M

Retained capital Paid out $533M more than it earned over 2016–2025; annual owner earnings grew $273M.

Balance sheet Net cash, +$152M · dividend paid 7 of 7 yrs, cut at least once

TDW Tidewater Inc.

We offer a large, diversified fleet of offshore service vessels and related support vessels, with 208 vessels serving customers in over 30 countries as of December 31, 2025.

Owner earnings 2016–2025 $59M$4M($17M)($49M)($11M)$6M$24M$73M$255M$353M

Retained capital Paid out $1.1B more than it earned over 2016–2025; annual owner earnings grew $212M.

Balance sheet Modest net debt, $371M · dividend paid 1 of 10 yrs, never cut

TEN Tsakos Energy Navigation Ltd

Tsakos Energy Navigation Limited is a leading provider of international seaborne crude oil and petroleum product transportation services.

Owner earnings 2021–2025 $47M$148M$232M$148M$128M

Retained capital Retained $436M of earnings over 2021–2025; annual owner earnings grew $27M, $0.06 per $1 retained.

Balance sheet Heavy net debt, $1.5B · dividend paid 5 of 5 yrs, cut at least once

TK Teekay Corporation Ltd.

Teekay Tankers, is to own and operate crude oil and refined product tankers.

Owner earnings 2016–2025 $28M($510M)($512M)$372M$968M$57M$199M$630M$397M$112M

Retained capital Retained $502M of earnings over 2016–2025; annual owner earnings grew $710M, $1.42 per $1 retained.

Balance sheet Net cash, debt-free, +$1.1B · dividend paid 6 of 10 yrs, cut at least once

TNK Teekay Tankers Ltd.

Our primary business is to own and operate crude oil and product tankers, and we employ a chartering strategy that seeks to capture upside opportunities in the tanker spot market while using fixed-rate time charters to reduce downside risks.

Owner earnings 2016–2025 $197M$76M($13M)$106M$332M($129M)$200M$631M$401M$219M

Retained capital Retained $1.0B of earnings over 2016–2025; annual owner earnings grew $331M, $0.32 per $1 retained.

Balance sheet Net cash, debt-free, +$831M · dividend paid 6 of 10 yrs, cut at least once

TORO Toro Corp.

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2021–2025 ($116M)$41M($16M)$11M($73M)

Retained capital Retained $216M of earnings over 2021–2025; annual owner earnings grew $4M, $0.02 per $1 retained.

Balance sheet Net cash, debt-free, +$87M

TRMD TORM plc

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2016–2025 $52M($5M)($44M)$61M$114M($83M)$383M$656M$635M$284M

Retained capital Retained $542M of earnings over 2016–2025; annual owner earnings grew $524M, $0.97 per $1 retained.

Balance sheet Meaningful net debt, $765M · dividend paid 7 of 10 yrs, cut at least once

USEA United Maritime Corporation

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2023–2025 ($15M)$3M$2M

Retained capital not read

Balance sheet Net debt against an operating loss, $34M

VIK Viking Holdings Ltd

Revenue is River (47%), Ocean (44%) and Other (9%).

Owner earnings not read

Retained capital not read

Balance sheet Modest net debt, $1.3B

ZIM ZIM Integrated Shipping Services Ltd.

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2018–2025 $202M$354M$838M$5.2B$5.8B$904M$3.5B$2.1B

Retained capital Retained $3.9B of earnings over 2018–2025; annual owner earnings grew $1.7B, $0.44 per $1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 5 of 8 yrs, cut at least once