me and our everyone, I'm all joining financial And for Vafias, will Sakellari, Good discussing be quarter thank X for our joining Petroleum. Imperial third CEO call. is months us Ifigeneia the who morning, performance. of you today 'XX Harry conference
fact defined that like forward-looking Before on essence, In the Slide the I'd you attention the this these forward-looking may of read to that some of subject our all such and which beliefs by clear contain statements. and statements presentation investors commence as Litigation Imperial we We discussion, the upon results to Securities to could statements based risks X. materially and it's future of are the raised our Reform to differ are safe from expectations Petroleum disclaimer Private forward-looking made current harbor uncertainties, Act. cause
before call, U.S. clarify discussion, we all in we'd dollars. In quote our unless stated to amounts will monetary we like commence explicitly addition, this during that all
Turning summarizing and the for highlights X our quarter We're and to financial third months operational 'XX. Slide X.
thus comparison into was that third when driven seasonal and product of in profit an 'XX, in market declined of market QX creating taking uncertainties, year. first unexciting the factors The mostly terms by rates quarter deteriorated of satisfactory quite for both half year this environment. and in this to prevailing consideration Indeed, Suezmax geopolitical tankers
product we Wand. with remained a the minor close quarter quarter. of million market profit. further product and Market quarterly Within of utilization for the to rates, dry burdened did our weakness declining operational was XX.X%, by of evidenced end a tanker, idle a The $XX is which docking of to whole low of Magic manage by tanker this vessel the incidence our
of declined levels of last previous to the compared time to at period same quarter same daily compared nevertheless, XX%, XX,XXX remain charter the year. equivalent Our by
Actually, of million, QX our improved rise the months we $XXX liquidity remarkable amounted profitability our third $XX about to when items, period What as flow with quarter compared by deem XXX%. solid 'XX as for in cash while excluding million. operating a X cash, position our the to ended $X.X to of we noncash 'XX equivalent million is
and Our X our further. debt market to profitability position the lowers even us breakeven when maintain assist weakens
X, employment. fleet Slide providing our charter are summary current employment. time is we our fleet On a Almost half under of of
product U.S. compared runs, charter Handysize in and at declined As decline respectively. carriers rates product are our employment refinery short-term are under when customarily, rates of until under X time January up while market, by The spot our of uncertainty Overall, OPEC elections tankers 'XX. compounded bulk 'XX decisions. to the over and looking tankers X for charters, 'XX, demand, typical was first half have year this seasonal the August
As 'XX, spot than 'XX. of lower product XX% the for end QX tankers were QX market rates in of
trend to While in of enter in as We cargo a flows winter product previous XX%. see was suezmaxes, declined upward order rates, the rates increased currently compared cautious the spot for season. by tanker driven the into quarter we
demand ton due half start X.X% slowed of -- reviewing Indeed, in third oil the the strong third global global mile since year, to quarter to market. demand in On relative a slipped factors. tanker of strong have market X, after the growth quarter. tanker seasonal rates witnessed QX this the Slide After 'XX, tanker fell first while the we're quarter the the
decreased adoption Chinese being XXX,XXX the the crisis property imports, third the crucial transport due deterioration which oil the slump day of factors, The per XXXX of most quarter fuels. affected was and the barrels various to Chinese them typical in by of of non-oil
due efficient exports the crude last and East region more Middle domestic low fleet larger year. runs. along dark refinery seasonally to Also, become in witnessed high than with has the we the reduced consumption Moreover,
As in legal a This normal business the premiums result, some Russian Russian and put freights reduced have has of on of mainstream their to activities involved pressure Russian previously have returned and the owners the also normal largest gone market. market. increased the down
In QX in seen have 'XX, not improvement we any rates. material
and to same up are seasonal as that expectations the also last rates the we eventually year. market this the refinery expect maintenance of winter, However, of, push reach effect the the will season but end don't
Going day X this would by boost to forward, 'XX, cut this barrels is OPEC raising that forward rates. move with pledged thus anticipated per in million has flows cargo voluntary unwind, tanker which
average we rate the in X, coming a XX% age. of worth growth the is that have above growth and of tanker age expected deliveries tanker fundamentals. be tanker low XX newbuilding XX The 'XX. 'XX, Slide comment seeing XX% 'XX additions will rate of than long-run while market about It's that record noting upon the fleet. expected about X.X%. product of the is above 'XX is of and less by years years Both On escalating an the It in in are MRs with fleet fleet suezmaxes suezmaxes years aging
fundamentals forthcoming Depending on the constrained. tanker last capacity geopolitical might years run, cycle and affect the tensions as create for remains will market the the expectation in cuts the up how supply strong long that
the the account expected also tanker into new high remain newbuilding taking that prices, will it's orders addition, limited. In
bulk flat, of QX by remained the dry fairly 'XX for mostly bulkers the the earnings Handysize slowdown affected market, economy. Chinese On
in was decline. an steel QX year-on-year Chinese 'XX, X% weak marking production
there However, an steel growth exports. XX% in Chinese was year-on-year
of potentially extra by and are tariffs. Looking miles economic U.S. worsened ahead, X primary the dry slowdown, demand risks a Chinese ton to unwinding bulk
performance. Sakellari to to Mr. in pass the summarize floor now our order I'll financial
