highlights Good scheduled morning, The with call call. XXXX. the fourth to gentlemen, year December more ladies will is full for Financial later ended in me financial conference Chief Aslidis, detail discuss XX, Tasos Tasos our Together financial in purpose today for the over of you results for joining Officer. all us and today's our our presentation. is thank our quarter and go
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income highlights here. shown Our statement are
income of per or of we total revenues net million quarter diluted $XX.X and $X.XX third XXXX, a million For reported of share. the $X.X net
shareholder EBITDA time press and million reconciliation the common the to per attributable period $X.X the common net $X.XX difference share. of Please we Pantelis. eldest selling million. to release was Adjusted net our one had for spanning Adjusted diluted to adjusted M/V or vessel income mostly attributable refer was for adjusted The shareholders EBITDA. $X.X from profit income the
market $X.X February common XXXX, under announced about to repurchase for XXXX. our XXX,XXX had of million the we XX, up of repurchased shares million $XX our August in of As open shares in plan
will repurchase program share discussion. We execute to as continue the management's
full the for Adjusted and income $XX.X period $XX.X income the million was for was or net diluted $XX was revenue net per million our was $XX.XX period year diluted. net $X.XX share or $XX.X For EBITDA Adjusted XXXX share. million. the per million
Please turn chartering for X to Slide operational our highlights. and
active when market On fix of as the our in at the been levels. that vessels for chartering result front, for longer turns in we a belief we market XXXX higher contracts employment QX weakened have all vessels can short-term securing the these
maintaining we thus XX on have but for Index, two XX the index-linked to a Average to our as months the spot of Baltic fixed exposure vessels our market there Kamsarmax XX charters of respectively, XXX.X% of at well. minimum However,
$XX,XXX agreement the charter XX-XX here original of as the $X,XXX in of no the between done lower from Fixes other the rate rate difference all the day going January per for material $XX,XXX to essentially Molyvos income. but of the I'm early charter one seen remainder levels, during in re-fixed still below have was this can day decent be and the per note levels the as with at paid slide. of previous was our in a QX been re-delivered after and charter new day charterer leaving loss about have its The for vessels been vessel at mutual vessel of charter original advance, being us days. re-fixed were just still Luck motor charter that
remainder were in this Motor in in vessel QX of a passing scheduled and There days XX the and drydock Moving drydocks for days special no during the periods idle survey. XX or off-hire repairs. commercial now XXXX. Eirini these quarter. to was QX were approximately XXXX
FFA This XXXX, lower as of market addition, in sold days XX is for today. contract the $XX,XXX we QX day. contract per quite quarter the the during well Panamax is equivalent the money In an vessel of at one
Please however company eco turn fleet younger vessels to of five industry. two sectors, five years Kamsarmaxes, of two XX has Overall The which years. valuable Japanese Panamaxes and to XX.X one horses Ultramaxes, than capacity deadweight has Slide two the a and of total into approximately an rate our average about a modern be X. and Winter of XX fleet work sub XXX,XXX and continue divided age ships old, Supramax, cargo
X, Slide of a update graphical to we Turning employment. provide our fleet
rate fixed FFA index This for which including to and secured open employment. figure see, charters are which excludes at can you XX.X%. fixed fluctuations XXXX stands the As market coverage about have
X Slide rate remarkably of the was for XX, approximately and as by rate spot Panamaxes highlights average XXXX. $XX,XXX quarter day market rate dropped December quarter per fourth day per per the this recently. $X,XXX the up has XX% in day until reviews fourth the for market spot February XX, to about of XXXX dropped The to By $XX,XXX had of XXXX. approximately
quarter of rates. one charter energy The slowdown demand XX,XXX to per of interest for the of a and indices global to and and Both rising the the currently rates the focus year average growth, Panamaxes shipping on has security BDI around slowdown lackluster China, weaker and XX,XXX day drop Ukraine-Russia standing per moderate activity economic BPI during day. due imports standing reflected time been war, in more the at
turn projections growth a in economic and now the some to Bank world grown inflation than X.X% projects Please signaling its Ukraine Slide reach X. in positivity greater expected X.X% in in In The growth in world in of resilience XXXX and its fight report, number rising latest war XXXX weigh economies. to XXXX, IMF revised for IMF to economic Russia's The in continued activity. to now on Central to XXXX. rise rates global
XXXX faster the a with growth XXXX, projected dampened and in way paved growth projected in XXXX. but than reserves down the to XXXX things outlook. China GDP for United X% In recovery to has States reopening GDP focused federal in X.X% of COVID-XX in to XXXX of inflation The rapid revised recent for spread X.X% the the all the in when persistent X.X% due and the growth upwards
from quarter rebound by projections European for XXXX is to up growth expected growth the the X.X% X.X% X.X% the to previous are whole in in XXXX. once
likely of persist rates For high risks now to the interest costs, and the rising confidence energy raising into year. are
on Also, is grow higher XXXX in in the a loosening improved especially of in India the to the countries significant from positive China the basis XXXX of the of has and X.X% in with a has to emerging Brazil's be GDP expected to previously recently restrictions. mainly from X.X% IMF's COVID developing Growth XXXX, expected, Russian while than upgraded focus X.X% and quite X.X%, expected economy economy XXXX. X.X% slow space now but recent fastest the X.X% is at been is in XXXX. projected negative grow for X.X% to to previously,
demand of growth XXXX Again expected year. [indiscernible] trade following to return dry the estimates, in to is the bulk last contraction
expected For X% XXXX, to dry is bulk in trade XXXX. grow by and X.X% rate
to order XX, it levels. the continues the to sentiment fleet market we trading of growth years, Slide book at of next The remains likely to This positive to leading as rates review bulk The X.X% percentage leases. three higher minimal turn fuel stands a market book total current two XXXX. as February, order dry historically Please as of over where at cycle. low suggests fleet
speed. regulations new reduce year retire to off Additionally, their forcing to operational this growth environmental that by influence supply kicked or further could vessels some
to XX, according Slide recycling. X.X% is in to of is end course expected report, be deliveries to due of of on Continuing percentage as the fleet expected new to Clarksons XXXX. actual lower in XXXX, and X.X% X.X% be by a total The XXXX to fleet latest growth just
XX As of total years the fleet vessels. scrapping. February, a is of vessel for was candidate older driver to old operating and X% this XXXX fleet XX,XXX than
zero fears of continues and containment economic with key Slide geopolitical to levels. Please year-on-year uncertainties. turn we summarize rates sparking XX% to bulk soften XX China, in with global our The on dry headwinds weak the The return to freight outlook bulk outlook a face risks losing recessionary policy significant the having for dry slowdown continues pandemic back markets. to brief market. market COVID market where a
same reached bottlenecks the has normality along trade after the to environment, recovery. or crisis return Central during inflation, rates. bulk have stimulus however level projects. are grew exports above should normal growth, the announced zero [ph] with certain There of market war return a reversal certain would Bank major higher and lead significantly. pandemic drivers policy, that the COVID us Ukraine of demand growth reversed economic to to Russia normal years to vast packages, At one predictable construction potential time, could lead to between the investment and the once containment end logistical to necessary Also, dry estate extension more rates and even more to and of start is interest higher that hike grain materialize. catalysts real and huge control By the China's
future. sips the been levels. the rate if practically of non-existent the On backdrop the clarity normal returns recovery and a as The discussed creating supply has available historical to to fleet of is lack for ordering of the for the ratio near shipyards book slots side, of fuel lack new the levels due lowest order to in charter demand
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The brand XXXX. one Finally, evolution shows charter year Panamax vessel XX. let's rates the turn time to since Slide chart of left of
ships This As XXth charter tons per historical for close stood a one year, rate median of is Panamax year at time level. deadweight $XX,XXX of day. XX,XXX the capacity this to February the with
is what XX considerably the historical average you would expectations this strong be for higher price reflects the vessel, suggest side prices. the a right the the in higher current than the of still and historically more charter there but can see and rates a market plus prices will price XX-year $XX.X XX median amongst participants about are which This years, in Panamax the Clearly, highest In old than levels soon. has range rate that current recovery last million. seen than price
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financial to our the CFO, the go to in Tasos, Tasos over pass more now yours. detail. our floor is over Aslidis floor Let highlights
