call thank are banks. conflict easing, Middle for months and the in September The despite from the we seaborne XXXX. continues. East Global on economic Encouragingly, monetary XX, by rate of and the inflationary everyone, Hello, many Russia-Ukraine ended joining remains our war growth. the pressures near should for you interest economic further X restrictive global central the term, trade disruption and policies results the anticipate resilient in support activity cuts which expanding broader
carriers recent with despite highly which The influenced asset our macroeconomic values of remains softening dynamic firm significantly by fundamental Market geopolitical for and and supportive and core outlook relatively conditions the our chartering sectors, the control. events environment. Product be remain beyond can dry-bulk are Tankers
Before on commenting notifications period, presentation will attention statements. legal financial important including the on you we to some read, you. draw include for and let recommend which me please Thank our our X, your that operating Slide today, most recent forward-looking results
X. Slide to Turning
recent and results with dry-bulk successful our most supportive financial market and strong solid profitability performance Our quarterly reflected revenues conditions by the driven expansion sector. into
Eco X one midsized in larger we tankers, the ended X bulk modern with consisting MRX Kamsarmax fleet June, the late Kamsarmax the XXXX-built of of and Following acquisition third quarter of Ultramax a carriers. product vessels, X
of $XX.X in charter XXXX, million, consolidated the same of period equivalent TCE ended over quarter In from September time XX, generated XX% the marking an increase XXXX. revenues, we
less averaging $XX,XXX, $XX,XXX XXXX per slightly our TCE daily the our while day. bunkers midsized MRs $XX,XXX, fleet for Our earnings was almost than QX approximately in with
most QX million per $X.XX $X.XX the compared XXXX. EPS, share to improvement reported $X.X net of or period, income representing recent we For basic a
China, recent quarter the global most activity, product remained XXXX. million. EBITDA period of The rose environment to in until tanker Additionally, third locations, the Slower especially chartering hostilities regional of part moderating growth. with location of our adjusted of strong and in latter $X.X number economic trade the worldwide from continued in impact with refined this was petroleum tight a online persistent armed met products inventories the
Global of crack seasonal refinery and the consumption, during softer was activity third supported quarter. in lower spite spreads especially slowing
is demand Hemisphere. guardedly to move into are maintenance the quarter optimistic We Northern as the of which and last in we typically the due product petroleum of seasonal the further refinery end firmer year, stronger
November of lower MRs were September of ended estimated of in days $XX,XXX rate about than reported but XX% period average the rate day. the [indiscernible] X XXXX available rate, months for As a XXXX. XX, QX booked at Still our per healthy XX, TCE for an
employed MRs for the into market. our short-term dry-bulk a supply-demand fundamentals balanced charter remainder The and are relatively under sector of and spot next the to One be time X seems XXXX year. is operating of the in for
QX in X the days quarter XX, is of XX% third of which per an estimated $XX,XXX November lower at day, modern bulk X% booked were XXXX. what of our for of carrirers As in reported than average we available TCE almost
relationships, capital value-enhancing Considering the are accretive to prospects sectors resources, our we time existing opportunities. of All committed under bulk employed investment short-term and with pursuing both remain combined areas charters. our for constructive lending long-term established
yet which given historical to of find have highs. still prices modern are we However, near acquisitions XX-year MRs, compelling current
repurchasing our shares. scheduled we have meantime, have bulkers additional recently debt balance amortizing expect selective pursuing common in softened, older values grown acquisitions and more in we the this strengthen sector. While for In to sheet,
Slide employment flip activities. and fleet Please existing to on our information X for
diversification on time to and mixed a our by customer maintain prudently of strategy chartering charters duration. continue and We focus spot with
while you of capital. over defined us with of vessels As staggered, attractive time time providing under are charters, periods fixed revenues see, working can optimizing X our short
the our MRs of days year XX next carriers, Notably, average fleet years at our scheduled half and our years are of of the is the Asteri and X The for with occur days averages the bulkers. our Konkar materially X industry Venture. first during business the below vessels of for to next in bulk Konkar
We refined support Please considerations, demand. fundamental X. outlook and turn Slide several positive market for continue which Market be supports conditions, a relatively to through product healthy petroleum macroeconomic to tanker global products review and especially XXXX.
from the Asia. benefit refinery Over for product additions tanker term, the the sector demand East in we particularly to Middle and longer expect
According new of be the to lead further will Much year net scheduled incremental Drewry, this XXXX. of is capacity come export X.X million ton-miles. of capacity should refinery to which through driven, barrels to refining expansion per online day
distances the period As you Middle of rates, the sustain during and Clarksons, comparable According ton-miles. increased Slide and have XXXX. war East the to ton-miles product can ongoing see Russian-Ukrainian X of sailing elevated charter on X, versus impact in expand X% the tanker months first the to continued XXXX lengthen conflict
expect growth X.X%. For we to year, moderating demand next
However, dramatically the the the more uncertain to affect product tanker part markets, of adding volatility these armed oil sector. conflicts can
outlook the construction construction to owners pace in Since a the orders product at move the in [indiscernible] fleet. of on of increase chartering Let's beginning stood the the new new XXXX, for tankers. XX.X% X, representing orders order global MRX early conditions coupled strong November has has of up to picked according for X, with the positive significant of since as vessels, XXX brokering, book among Slide of continued 'XX, of MRXs ship substantially resulted
By Asian But months with slots of now deliveries MRs scheduled the during affect to slow with MRs, available build yards likely XXX delivered the a deliveries. significant for into remains are of many first half the only new XXXX, delivery. and year, XX of XX Due slippage MRs rate this end dates of don't is first the XXXX. have of backlogs, construction the actual for delivery number rolling to
XXX the or years age fleet that It older. XX of to global tankers MRX XX.X% or are of is important note
Given years. declining X economics of over combined the this large number, next major older vessels, scrapping occur with operating should
activity relatively has a yet with demolition solid pick up. However, to market,
to Overall, the for standards approximately historical fleet net an XXXX. by to year, increase this X% we with low in very growth of X% estimate expected MRXs be continue
see Slide across the chartering X. increases led to prices Turning conditions have board. We the MRX strong to substantial in
in S&P of in for The above Meanwhile, the $XX be values secondhand supervision excluding Asset tonnage. South continue a contracts close for rapid tunnels older to and tanker new remained XX-year million, to with yard averages, pace. well occurring buildings activity concentrated remained construction majority Korea at sales add-ons.
viable preference in identify expensive, vessels, difficult making MRX opinion. to for our acquisition Prices candidates are young very eco-efficient are our which
Now the I dry-bulk provide some would to like updates for sector.
flip XX. please to Slide So
remainder Overall, 'XX, commodities positive. looks to to of X%. and the Arctic a for should supply-demand moderate volumes X.X% balanced correlation to when Securities, According for grow through 'XX are ton-miles reasonably sector GDP fundamentals increasing the 'XX. Considering by seaborne forecast remain demand growth dry-bulk dry-bulk of global for this in XXXX, X.X% by
Over picture term, fair compound demand carriers annual supply in increase dry-bulk the near Drewry long a through total term. the of extent, currently forecasting is growth of X.X% dry-bulk the To looks to manageable rate XXXX. at a
worldwide with order an book the XX [indiscernible] for old tonnage at of or more. of the at X.X% ship brokers currently years RO fleet dry-bulk XX.X% sector estimated
of vessels, vessels For or order book includes is global currently the the class XXX the Panamax XX.X% segment, which fleet. Kamsarmax
years is should class, more, more or percentage eventually However, to a this higher XX.X% lead age of scrapping. XX of which
According XXXX vessel X, XXX and class. highly this reasonable the a order forecast net at growth vessel of November young versatile XX.X% a Ultramax stood is global relatively At in book for fleet of chartering, to X segments. X% the or our units fleet about of [indiscernible],
The X-year-old the cost Prices Butamax you of on carriers dry-bulk have price a As of the see new approximates Slide for substantially also XX, appreciated. base.
for equity high recently continuing remain tonnage prices but softened, older asset at still values. However, support levels, to have historical
our turn I who over At greater Financial Officer, call the financial our Chief Williams, results this point, to detail. in Henry to discuss will would like
