Reports Q3 revenue $64.65M , consensus $58.07M. Dr. Loukas Barmparis, President of the Company, said: “Our third quarter 2023 performance was adversely impacted by global economic uncertainties and a weaker charter market. Our newbuilds orderbook with more efficient vessels and our environmental upgrades program on our existing fleet was complemented with orders for two methanol dual-fueled newbuilds for the fourth quarter of 2026 and for the first quarter of 2027, marking a significant step towards decarbonization.” During the third quarter of 2023, the Company completed environmental upgrades on four vessels, namely the MVs Pedhoulas Cedrus, Pedhoulas Commander, Eleni and Lake Despina, including exhaust gas cleaning device installation on the Capesize class vessel Lake Despina. During the third quarter of 2023, the Company commenced environmental upgrades, which were completed as of November on the MV Zoe. During the fourth quarter of 2023, the Company has scheduled environmental upgrades during dry-dockings on one vessel, with an estimated aggregate number of 22 down-time days. The Company continues to use biofuels in certain voyages, targeting a lower carbon factor and lower environmental impact.
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