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Shipping Profit Surges to Strongest Quarter Since 2022
29 Aug
Summary
- Net profit reached $277.8 million in Q2 2026, a significant increase from last year.
- The company reduced its net loan-to-value ratio to 13% and boosted its cash balance.
- A dividend of $250 million was declared, representing 90% of the net profit.
In the second quarter of 2026, a prominent shipping company announced its strongest net profit since the third quarter of 2022, achieving $277.8 million. This result significantly surpasses the $75.3 million earned in the same quarter of the previous year. The company generated $372.9 million in TCE income and reported adjusted EBITDA of $287.3 million for the period.
Contributing to the robust financial performance were gains on vessel sales, amounting to $39.3 million, from the disposal of six vessels, including LR1, MR, and Handy types. A substantial dividend of $250 million, equivalent to $0.5003 per share, was distributed, reflecting a 90% payout ratio of the net profit. This distribution aligns with the company's commitment to returning value to shareholders.
Financial stability was further bolstered by a decrease in the net loan-to-value ratio to 13%, down from 20.2% in the prior quarter. The company's cash balance increased to $271 million, while gross debt was reduced to $798 million, and net debt declined to $527 million by the end of Q2 2026. The firm demonstrated strong profitability with an annualized return on equity (ROE) of 44.6% and a return on invested capital (ROIC) of 35.2%.
