Our handysize dry bulk carriers are on time charters of short-term durations, producing steady cash flows, while our Aframax tanker operates in the spot market, currently achieving voyage charter rates of around $25,000 per day.

All of our vessels are unencumbered.

Fleet operational utilization of 78% for the three months ended June 30, 2025, mainly due to the commercial idle days of the Aframax tanker operating in the spot market. Vessels operating under time charter employment had less idle days.

Revenues of $10.7 million for the three months ended June 30, 2025, corresponding to a daily TCE1 of $16,466, as compared to revenues of $10.8 million for the three months ended June 30, 2024, which corresponded to a daily TCE of $23,938.

Cash and cash equivalents and time deposits balance of $2.3 million at the end of Q2 2025.

For the second quarter of 2025, daily TCE decreased by 31% as compared to the same period in 2024.

Net Loss of $5.3 million, EBITDA1 of $(3.7) million and Loss per Share, Basic, of $8.78 for the three months ended June 30, 2025.

For the six months ended June 30, 2025, we reported a Net Income of $2.6 million and Earnings per Share, Basic, of $0.52.

Adjusted net income1 of $1.1 million for the three months ended June 30, 2025, a decrease of 62% compared to $2.9 million for the three months ended June 30, 2024.

Adjusted EBITDA1 of $2.8 million for the three months ended June 30, 2025, a decrease of 43% compared to $4.9 million for the three months ended June 30, 2024.

In April 2025, the Company settled the outstanding balance of $14.6 million due to the sellers of the bulk carrier Eco Spitfire, representing 90% of the purchase price of the vessel. The funds used were provided by operations, cash on hand and net proceeds from equity offerings.

TCE, EBITDA, Adjusted EBITDA and Adjusted Net Income are non-GAAP measures. Refer to the reconciliation of these measures to the most directly comparable financial measure in accordance with GAAP set forth later in this release.

The Company has met all of its capital expenditure commitments, totalling $59.2 million, without resorting to any bank loans. These expenditures mainly related to the acquisitions of our Aframax tanker, the Afrapearl II, and our bulk carrier, the Eco Spitfire.

The Company recorded a non-cash adjustment of $6.4 million as “Loss on Warrants” for the three months ended June 30, 2025, mainly due to the change in the fair value of warrants between March 31, 2025 and June 30, 2025.

In August 2025, our Aframax tanker, the Afrapearl II, successfully completed its dry-docking, over 23 days at a cost of approximately $1.3 million.

Voyage revenues for the three months ended June 30, 2025 amounted to $10.7 million, a decrease of $0.1 million compared to revenues of $10.8 million for the three months ended June 30, 2024, primarily due to the decrease in the average TCE rates of our vessels. Total calendar days for our fleet were 364 days for the three months ended June 30, 2025, as compared to 325 days for the same period in 2024. Of the total calendar days in the second quarter of 2025, 217, or 59.6%, were time charter days, as compared to 203 or 62.5% for the same period in 2024. Our fleet operational utilization was 78.0% and 87.7% for the three months ended June 30, 2025 and 2024, respectively.

Voyage expenses and vessels’ operating expenses for the three months ended June 30, 2025 were $4.7 million and $2.4 million, respectively, compared to $3.1 million and $2.0 million for the three months ended June 30, 2024. The increases in both voyage expenses and vessels’ operating expenses are attributed to the increase in the average number of our vessels. Voyage expenses for the three months ended June 30, 2025 included bunkers cost and port expenses of $2.4 million and $2.3 million, respectively, corresponding to 51% and 49% of total voyage expenses, since our tanker, the Afrapearl II, operated primarily in the spot market. Operating expenses for the three months ended June 30, 2025 mainly included crew expenses of $1.3 million, corresponding to 54% of total operating expenses, spares and consumables costs of $0.5 million, corresponding to 21% of total vessel operating expenses, and maintenance expenses of $0.3 million, representing works and repairs on the vessels, corresponding to 13% of total vessel operating expenses.

Depreciation for the three months ended June 30, 2025 was $1.6 million, a $0.1 million increase from $1.5 million for the same period of last year, due to the increase in the average number of our vessels.

Management fees for the three months ended June 30, 2025 were $0.16 million, a $0.02 million increase from $0.14 million for the same period of last year, due to the increase in the average number of our vessels.

General and Administrative costs for the three months ended June 30, 2025 and 2024 were $0.7 million and $0.6 million, respectively. The $0.1 million increase is primarily due to an increase in stock-based compensation costs.

Interest and finance costs for the three months ended June 30, 2025 and 2024 were $0.04 million and $0.9 million, respectively. This decrease is related to the accrued interest expense – related party, in connection with the $53.3 million, part of the acquisition prices of our Aframax tanker, the Afrapearl II - which was completely repaid in July 2024 - and our bulk carrier, the Eco Spitfire, which was completely repaid in April 2025.

Interest income for the three months ended June 30, 2025 and 2024 was $0.03 million and $0.4 million, respectively. This decrease is due to the reduction in time deposits held by the Company, after the settlement of the balance due on the bulk carrier, the Eco Spitfire.

Loss on warrants for the three months ended June 30, 2025 was $6.4 million whereas loss on warrants for the three months ended June 30, 2024 was $14.5 million. This change related to net fair value losses on our Class B-1 and B-2 Warrants and Class C-1 and C-2 warrants and were classified as liabilities.

Net Loss of $5.3 million and related EPS of ($8.78).

Adjusted net income was $1.1 million corresponding to an Adjusted (loss)/earnings per share (“EPS”), basic, of ($0.51) for the three months ended June 30, 2025, compared to an Adjusted Net Income of $2.9 million corresponding to an Adjusted EPS, basic, of $6.15 for the same period of last year. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.

Adjusted EBITDA for the three months ended June 30, 2025 and 2024 amounted to $2.8 million and $4.9 million, respectively. An average of 4.0 vessels were owned by the Company during the three months ended June 30, 2025 compared to 3.6 vessels for the same period in 2024.

Voyage revenues for the six months ended June 30, 2025 amounted to $19.4 million, a decrease of $4.2 million compared to revenues of $23.6 million for the six months ended June 30, 2024, primarily due to the decrease in the average TCE rate of our vessels. Total calendar days for our fleet were 724 days for the six months ended June 30, 2025, as compared to 598 days for the same period in 2024. Of the total calendar days in the first six months of 2025, 464 or 64.1%, were time charter days, as compared to 367 or 61.4% for the same period in 2024. Our fleet operational utilization was 84.8% and 90.3% for the six months ended June 30, 2025 and 2024, respectively.

Voyage expenses and vessels’ operating expenses for the six months ended June 30, 2025 were $7.6 million and $4.6 million, compared to $6.0 million and $3.8 million for the six months ended June 30, 2024. The increases in both voyage expenses and vessels’ operating expenses are attributed to the increase in the average number of our vessels. Voyage expenses for the six months ended June 30, 2025 mainly included bunker costs of $3.9 million, corresponding to 51% of total voyage expenses, and port expenses of $3.2 million, corresponding to 42% of total voyage expenses, since our tanker, the Afrapearl II, operated primarily in the spot market. Operating expenses for the six months ended June 30, 2025 mainly included crew expenses of $2.4 million, corresponding to 52% of total operating expenses, spares and consumables costs of $0.9 million, corresponding to 20%, and maintenance expenses of $0.6 million, representing works and repairs on the vessels, corresponding to 13% of total vessel operating expenses.

Depreciation for the six months ended June 30, 2025 was $3.3 million, a $0.4 million increase from $2.9 million for the same period of last year, due to the increase in the average number of our vessels.

Management fees for the six months ended June 30, 2025 and 2024 were $0.3 million for both periods.

General and Administrative costs for the six months ended June 30, 2025 and 2024 were $1.3 million and $2.1 million, respectively. The $0.8 million decrease mainly related to expenses incurred in the six months ended June 2024 relating to the two public offerings.

Interest and finance costs for the six months ended June 30, 2025 and 2024 were $0.4 million and $1.7 million, respectively. The $1.3 million decrease is related to the accrued interest expense – related party, in connection with the $53.3 million, part of the acquisition prices of our Aframax tanker, the Afrapearl II - which was completely repaid in July 2024 - and our bulk carrier, the Eco Spitfire, which was completely repaid in April 2025.

Interest income for the six months ended June 30, 2025 and 2024 was $0.2 million and $0.6 million respectively. The decrease of $0.4 million is due to the reduction in time deposits held by the Company, after the settlement of the balance due on the bulk carrier, the Eco Spitfire.

Gain on warrants for the six months ended June 30, 2025 was $0.5 million as compared with the loss on warrants of $15.2 million for the six months ended June 30, 2024, and mainly related to the net fair value changes on our Class B-1 and B-2 Warrants and Class C-1 and C-2 warrants and were classified as liabilities.

Net Income of $2.6 million and related EPS of $0.52.

Adjusted Net Income was $2.3 million, corresponding to an Adjusted EPS, basic, of $0.15 for the six months ended June 30, 2025, compared to an adjusted net income of $7.3 million, corresponding to an Adjusted EPS, basic, of $17.41 for the same period of the last year. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.

Adjusted EBITDA for the six months ended June 30, 2025 and 2024 amounted to $5.8 million and $11.3 million respectively.

An average of 4.0 vessels were owned by the Company during the six months ended June 30, 2025 compared to 3.3 vessels for the same period of 2024.

FLEET DATA

Average number of vessels (1)

Period end number of owned vessels in fleet

Total calendar days for fleet (2)

Total voyage days for fleet (3)

Fleet utilization (4)

Total charter days for fleet (5)

Total spot market days for fleet (6)

Fleet operational utilization (7)

Average number of vessels is the number of owned vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.

Total calendar days for fleet are the total days the vessels we operated were in our possession for the relevant period including off-hire days associated with repairs, drydockings or special or intermediate surveys.

Total voyage days for fleet reflect the total days the vessels we operated were in our possession for the relevant period net of off-hire days associated with repairs, drydockings or special or intermediate surveys.

Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days and is determined by dividing voyage days by fleet calendar days for the relevant period.

Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period.

Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period.

Fleet operational utilization is the percentage of time that our vessels generated revenue and is determined by dividing voyage days excluding commercially idle days by fleet calendar days for the relevant period.

(Expressed in United States Dollars,

except number of shares)

Net (Loss)/Income - Adjusted Net Income

Net (loss)/income

Plus/(less) loss/(gain) on warrants

Plus share based compensation

Adjusted Net income

Net (Loss)/Income - EBITDA

Net (loss)/income

Plus interest and finance costs

Less interest income

Plus depreciation

EBITDA

Net (Loss)/Income - Adjusted EBITDA

Net (loss)/income

Plus loss/Less (gain) on warrants

Plus share based compensation

Plus interest and finance costs

Less interest income

Plus depreciation

Adjusted EBITDA

EPS

Numerator

Net (loss)/income

Less: Cumulative dividends on preferred shares

Less: Undistributed earnings allocated to non-vested shares

Less: Down round deemed dividend on Series A Perpetual Convertible Preferred Shares

Net (loss)/income attributable to common shareholders, basic

Denominator

Weighted average number of shares

EPS - Basic

Adjusted EPS

Numerator

Adjusted net income

Less: Cumulative dividends on preferred shares

Less: Undistributed earnings allocated to non-vested shares

Less: Down round deemed dividend on Series A Perpetual Convertible Preferred Shares

Adjusted net income/(loss) attributable to common shareholders, basic

Denominator

Weighted average number of shares

Adjusted EPS

(Expressed in U.S. Dollars except for

available days and Time charter

equivalent rate)

Voyage revenues

Voyage expenses

Time charter equivalent revenues

Total voyage days for fleet

Time charter equivalent rate

Revenues

Revenues

Total revenues

Expenses

Voyage expenses

Voyage expenses – related party

Vessels’ operating expenses

Vessels’ operating expenses – related party

Drydocking costs

Management fees – related party

General and administrative expenses

General and administrative expenses – related party

Depreciation

Total expenses

Income from operations

Other (expenses)/income

Interest and finance costs

Interest and finance costs – related party

Interest income

Foreign exchange loss

(Loss)/gain on warrants

Other (expenses)/income, net

Net (loss)/income

(Loss)/Earnings per share (ii)

- Basic

- Diluted

Weighted average number of shares

- Basic

- Diluted

The computation of (loss)/earnings per share gives retroactive effect to the reverse stock splits effected in April 2024, December 2024 and April 2025.

Assets

Current assets

Cash and cash equivalents

Time deposits

Trade and other receivables

Other current assets

Inventories

Advances and prepayments

Operating lease right-of-use assets

Total current assets

Non current assets

Vessels, net

Total non current assets

Total assets

Liabilities and Stockholders’ Equity

Current liabilities

Trade accounts payable

Payable to related parties

Accrued and other liabilities

Operating lease liabilities

Deferred income

Total current liabilities

Non current liabilities

Warrant liability

Total non current liabilities

Total liabilities

Commitments and contingencies

Stockholders’ equity

Capital stock

Preferred stock, Series A

Additional paid-in capital

Retained earnings

Total stockholders’ equity

Total liabilities and stockholders’ equity

Cash flows from operating activities

Net (loss)/income for the period

Adjustments to reconcile net (loss)/income to net cash provided by operating activities:

Depreciation

Share based compensation

Unrealized foreign exchange loss on time deposits

Loss/(gain) on warrants

Noncash lease expense

Offering costs attributable to warrant liability

Changes in operating assets and liabilities:

(Increase)/decrease in

Trade and other receivables

Other current assets

Inventories

Advances and prepayments

Increase/(decrease) in

Trade accounts payable

Changes in operating lease liabilities

Payable to related parties

Accrued and other liabilities

Deferred income

Net cash provided by operating activities

Cash flows from investing activities

Acquisition of vessel

Increase in bank time deposits

Maturity of bank time deposits

Net cash (used in)/provided by investing activities

Cash flows from financing activities

Proceeds from follow-on offerings

Repayment of seller and capital expenditures financing

Proceeds from exercise of warrants

Stock issuance costs

Dividends paid on preferred shares

Net cash provided by/(used in) financing activities

Net increase/(decrease) in cash and cash equivalents

Cash and cash equivalents at beginning of period

Cash and cash equivalents at end of period