A meeting between the Secretary of the Interior and President of the US Energy Sovereignty Council, Doug Burgum, and seven leading representatives of the Greek shipping industry, which owns energy-transporting vessels, took place on the sidelines of the 6th Intergovernmental Transatlantic Energy Cooperation (P-TEC) at Zappeion in a very warm atmosphere.

The meeting, was attended by the new US Ambassador Kimberly Guilfoyle. On the Greek side were present George Prokopiou, Maria Angelicoussis, Dr. Nikolas Nikos Tsakos, Yiannis Alafouzos, Petros Pappas, Ioanna Prokopiou and the vice president of the Greek Shipowners' Association, Michalis Chandris.

Opening the meeting, Secretary Bergham stressed the importance of working with Greece at a time when global security and the energy supply chain are under pressure. Referring to the recent attacks on merchant ships in the Red Sea, he noted that this instability “raises costs for the United States and our allies, while favoring our adversaries.”

The US secretary focused on the “strategic resilience” that the West needs to ensure energy sufficiency, noting that shipping is a central link in this chain. He praised the contribution of Greece, which – as he said – “with a small population, has 25% of the world’s fleet under the flag of international shipping registries.”

At the same time, he sent a message about the need for the US to “re-enter the shipping game dynamically”, as they have begun to do in sectors such as the mining of critical metals. “If we want a safe world, we must be present in shipping and the shipbuilding industry”, he stressed.

The Greek shipowner said that this meeting would be the beginning of a new era of “real maritime cooperation” between the two sides of the Atlantic.

The meeting in the framework of P-TEC proved that energy security is not only a matter of production, but also of transportation. Greek shipping, with its know-how and fleet, offers the US a ready and reliable bridge to the global market. On the other hand, Washington sees in Greece not only a traditional ally, but a strategic partner in the era of energy transition and maritime renaissance.

Shipping, as all sides admitted, is returning to the forefront of international politics — and Greece is at the helm of this new course.

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For the third quarter of 2025 United Maritime presented a quarterly dividend of $0.09 per common share generated Net Revenues of $11.0 million compared to $11.6 million in the third quarter of 2024. Net Income and Adjusted Net Income for the quarter were $1.1 million and $1.6 million, respectively, compared to Net Loss of $0.9 million and Adjusted Net Loss of $0.3 million in the third quarter of 2024. Adjusted EBITDA for the quarter was $5.4 million, compared to $5.2 million for the same period of 2024. The Time Charter Equivalent (“TCE”) rate of the fleet for the third quarter of 2025 was $15,093 per day, compared to $16,365 in the same period of 2024.

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated: “We delivered solid profitability in Q3 while continuing to optimize our fleet and balance sheet. The sale of our older Capesize vessels released approximately $18.8 million in liquidity, and we resumed share repurchases, reaffirming our conviction in the Company’s intrinsic value. Moreover, the dry-bulk outlook over the coming quarters remains favorable, and our Panamax/Kamsarmax fleet is positioned to capture that upside. “Consistent with our shareholder rewards initiatives, and on the back of the profitable sale of the two older Capesize vessels, our Board of Directors has approved quarterly dividend of $0.09, representing our 12th consecutive quarterly dividend payment. Based on the recent trading levels of our stock, the most recent four quarterly dividends, including the dividend announced, represent an approximately 9% annual dividend yield. Since the commencement of our operations, we have declared cumulative cash dividends of $1.74 per share, or $14.0 million in total, underscoring our consistent track record of capital returns. This aggregate amount is approximately equal to our current market capitalization. “In the third quarter of 2025 we achieved a daily TCE of $15,093, representing a small decrease from $15,421 in the second quarter. Our commercial performance reflects the change in our fleet composition following the divestment of our last Capesize bulkers, transitioning to a pure Panamax and Kamsarmax fleet. We are pleased with this result, and we remain optimistic about the next quarters with all our vessels trading on index-linked time charters that benefit directly from healthy spot rates. As for our fourth-quarter guidance, we have fixed approximately 62% of our available operating days at a daily rate of about $14,880. Based on the current FFA curve, we anticipate an overall Q4 TCE of approximately $15,040.

“In terms of our commercial developments, we have secured three new time charters with leading counterparties, preserving full exposure to Panamax/Kamsarmax market strength. All employments involve index linked rates with direct exposure to the Panamax and Kamsarmax market. We continue to actively monitor the market developments and evaluate opportunities in the FFA market to secure attractive forward coverage at favorable rates. “During the quarter, we completed the sales of two older Capesize vessels built in 2005 and 2006. These transactions boosted the Company’s net liquidity position by approximately $18.8 million after debt repayment. “As regards our offshore vessel under construction, we have significantly increased our investment in the project, becoming the largest individual shareholder, with contributions in the project totaling approximately $12.8 million to date. We remain positive about the outlook of this project and its potential commercial extensions in what we believe is shaping up to be a favorable market environment for energy over the next years. “We also made a pre-seed investment in an AI-driven maritime software platform, making an important step in our digital strategy. While not material in size, this initiative supports significant potential gains in efficiency, automation and transparency across ship management.

“Turning to the dry bulk market, the Panamax market remains firm, driven by strong coal and grain flows. Renewed U.S.–China trade momentum could support extended seasonal strength into Q1 2026, positioning our fleet for continued upside. As regards vessel supply, the Panamax orderbook remains modest at approximately 14% of the existing fleet, while around 16% of the fleet is now older than 20 years. As regulations are expected to further restrict vessel supply over the next years and necessitate fleet renewal, we remain optimistic about the course of dry bulk markets through 2026. “United is well positioned across both dry bulk and offshore. With a young fleet, a growing cash base, and disciplined strategy, we are focused on creating sustainable long-term value and enhancing shareholder rewards.”

United Maritime Corporation operates a fleet of five dry bulk vessels, comprising two Kamsarmax and three Panamax vessels, with an aggregate cargo carrying capacity of 396,297 dwt.

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Once again, the LALIZAS Force travelled from all over the world to gather on the island of Aegina for the LALIZAS Branches Synergy Summit, which takes place every two years. More than 80 colleagues from across the globe, Greece, Italy, Spain, Turkey, Croatia, Montenegro, the Netherlands, the United Kingdom, the USA, Canada, Brazil, Colombia, the United Arab Emirates, the Philippines, and South Africa, came together for this unique event.

The summit was a great opportunity for everyone, from long-standing team members to newly integrated colleagues, to meet, connect, and “cross borders.”

Over three full days, participants attended presentations and training sessions covering new product developments, corporate news, strategic directions, and, of course, any additional support needed by their teams.

The timing of this year’s summit was especially meaningful, as it coincided with the 25th anniversary of a major milestone in the company’s history. Back in 2000, LALIZAS faced a catastrophic fire that almost drove them out of business - a total loss. Yet, from that moment, the company rebuilt stronger than ever.

To commemorate 25 years of rebirth, the Marketing & Communications Department proudly presented a new book titled “From Ashes to Rebirth | A True Story of Inner Strength, Leadership, and Entrepreneurial Recovery,” featuring the personal narration of Stavros Lalizas himself.

As LALIZAS deeply value their people and recognise progress, this year they were once again proud to honour not one, but two Branches of the Year, both of which went above and beyond throughout 2025, demonstrating exceptional effort and performance: LALIZAS UK and Antipiros.

This year’s LALIZAS Branches Synergy Summit came to an end, leaving all attendees inspired, connected, and ready to navigate the future together. United by shared values and driven by a common vision, the LALIZAS Force continues to grow stronger as one global team.

LALIZAS is a family owned company, whose vision is to produce high quality products that ensure safety at sea, and distribute them in international markets through its well‐established distribution network. It was founded in Piraeus, Greece, in 1982. Its product range includes lifejackets (foam- filled and inflatable) ISO and SOLAS meeting all regulations under any flag, life rafts, MOB devices and navigation lights, immersion suits, safety harnesses, IMO signs and many other marine products. All items are being manufactured and distributed in competitive prices to maritime companies, ship suppliers, chandleries, marine stores, shipyards and boat builders around the world always taking into consideration the market’s feedback. Τhe genuine care for their customers and the indispensable input of their employees, who are considered as #thelalizasforce, has resulted in the company’s growth and will continue to contribute positively to the continuous development of LALIZAS.

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At the Annual General Meeting of the International Group of P&I Clubs in London on 11 November 2025, Rolf Thore Roppestad was appointed as the new Chair of the International Group of P&I Clubs.

Roppestad succeeds Andrew Cutler, who has served since November 2022. The Group thanked Cutler for his contributions and the positive impacts during his time as Chair. Under Cutler’s leadership the Group has faced a number of issues, from growing geopolitical concerns, wars and an expanding sanctions regime, to the merger of two of its member Clubs.  The Group also celebrated its 125th anniversary during Cutler’s tenure.

Reflecting on his term as Chair, Cutler commented:  “When I took office, we were still emerging from the COVID-19 pandemic.  Since then, we have seen geopolitical tensions rising, whilst the regulatory burdens in shipping are increasing and compliance with global trade rules is becoming ever more complex. Despite these pressures, the Group system remains vital in continuing to keep global maritime trade moving. I have no doubt that Rolf Thore will lead the Group effectively in facing the many challenges ahead, ensuring that Clubs can continue to support their shipowner members and provide high levels of P&I cover through the Group system.”

Roppestad thanked the outgoing Chair and confirmed his commitment to ensuring the continuity and stability of the Group, saying:  "The IG system is close to my heart. It plays a key part not only in facilitating global shipping, but also in helping to protect seafarers and the marine environment. Under Andrew’s leadership, the Group has thrived and consistently demonstrated its value, and I look forward to building on that.  Together, the Group Clubs will continue to support shipowners as they navigate an increasingly complex regulatory and geopolitical environment. Keeping the IG mission at the forefront: collectively stronger.”

“In today’s geopolitical climate, where established global frameworks and collaboration are under pressure on several fronts, the role of the IG is perhaps more critical than ever,” Roppestad added. “The IG brings together mutual P&I insurers from different parts of the world to ensure that maritime casualties are handled responsibly and efficiently. It ensures that clean-up is properly managed, that people are supported and compensated, and that communities are protected. It is a system that has served society well – and one we must continue to safeguard and promote.”

Group CEO Nick Shaw, welcomed the appointment and acknowledged Cutler’s important contribution: “All of those who have worked with Andrew over the last 3 years have been impressed by his collaborative leadership and attention to detail. We all wish Andrew every success for the future.  I also look forward to continuing Andrew’s good work with Rolf Thore and developing the Group’s strategy as we face the future challenges in the maritime industry.”

About the International Group

The twelve P&I Clubs which comprise the International Group (the “Group”) between them provide marine liability cover (protection and indemnity) for approximately 90% of the world's ocean-going tonnage.

Through the unique Group structure, the member Clubs, whilst individually competitive, share between them their large loss exposures, and also share their respective knowledge and expertise on matters relating to shipowners’ liabilities and the insurance and reinsurance of such liabilities.

Each Group Club is an independent, not-for-profit mutual insurance association, providing cover for its shipowner and charterer members against third party liabilities arising out of the use and operation of ships. Each Club is owned by its shipowner and charterer members, and its operations and activities are overseen by a board of directors, or committee, elected from the membership. The day-to-day operations of the Clubs are handled by professional managers, either "in-house" or external, who are appointed by and report to their Club board/committee.

The Clubs cover a wide range of liabilities, including loss of life and personal injury to crew, passengers and others on board, cargo loss and damage, pollution by oil and other hazardous substances, wreck removal, collision and damage to property. The Clubs also provide a wide range of services to their members including claims handling, advice on legal issues and loss prevention, and they regularly play a leading role in coordinating the response to, and management of, maritime casualties.

image:  L-R - Nick Shaw (IG CEO), Rolf Thore Roppestad (IG Chair), and Andrew Cutler (ex IG Chair)

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Y/KNOT INVEST (formerly Kiriacoulis Mediterranean Cruises Shipping S.A.) entered into a second charter agreement for the dry bulk vessel FEDERICA. The vessel has been fixed for a time charter period that will range between 4 to 6 months at a daily rate of USD 15,500.

The charter commenced in early November 2025 and is expected to run through at least till the end of February 2026, with an option to extend until April 2026.

The agreement is anticipated to generate revenues between USD 1.8 million and USD 2.8 million, enhancing the cash flow of the company.

This follows the company’s first successful charter, which delivered over USD 700,000 in revenues within just 50 days. The company continues to pursue strategic opportunities that enhance shareholder value and

further strengthen its position in the market.

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MSC Cruises and Chantiers de l’Atlantique has proceeded to a major extension of their long-standing relationship with orders for two additional World Class ships – numbers 7 and 8 – due to be delivered in 2030 and 2031.

The announcement was made at a double celebration event to mark important maritime milestones for two other World Class ships currently under construction at Chantiers de l’Atlantique’s shipyard in Saint Nazaire, France, the float out of MSC World Asia and coin ceremony of MSC World Atlantic.

Valued at €3.5 billion, the orders announced today bring MSC Cruises’ total investment in the four ships ordered in France this year to nearly €7 billion. Together with the World Class vessels already under construction, this brings the company’s total direct investment currently committed in France to €10.5 billion. This major industrial plan reflects the shipowner’s confidence in the future of cruise tourism and its ongoing commitment to shipbuilding excellence in France and across Europe.

Pierfrancesco Vago, Executive Chairman, Cruise Division, MSC Group, said, “We mark a proud moment today for MSC Cruises and Chantiers de l’Atlantique as we celebrate important milestones for our future - the float out of MSC World Asia, the coin ceremony of MSC World Atlantic and the order of two new ships. The World Class platform is a symbol of our vision to set new standards for the future of cruising.

These are some of the most energy efficient ships in the world and we continue our commitment to LNG, ensuring we are ready for future renewable fuels. We look forward to continuing with our innovative and successful collaboration with Chantiers de L’Atlantique – our long-term partner for more than 20 years.” Laurent Castaing, General Manager, Chantiers de l’Atlantique, added, “We are deeply grateful to MSC Cruises for their renewed confidence. What our shipyard is achieving today is truly exceptional — four new ships ordered in 2025! The World Class series, now totalling eight vessels, is a testament to our teams’ expertise and to MSC’s vision. It exemplifies our shared commitment to elevating the passenger experience while advancing environmental performance.”

Construction of both World Class 7 and 8 will begin in 2029 and will join a legacy of ships delivered by Chantiers de L’Atlantique as part of its longstanding partnership with MSC Cruises.

MSC Cruises’ World Class redefines the art of cruising, delivering an extraordinary guest experience shaped by visionary design and boundless imagination. Each ship is a destination in itself—where innovation meets elegance, and every detail is crafted to elevate every moment on board.

With distinct districts designed to suit every mood and moment, guests are able discover, connect and unwind in ways that feel uniquely personal. Every new addition to the World Class fleet brings something bold and original. This spirit of constant evolution is demonstrated in MSC World Asia, MSC World Atlantic, and the remarkable ships yet to come—each one a new chapter in a journey to deliver the most memorable experiences at sea.

MSC Cruises’ World Class consists of MSC World Europa (2022) and MSC World America (2025), MSC World Asia (2026), and MSC World Atlantic (2027), with the yet-to-be-named World Class 5, 6, 7 and 8 ships to follow by 2031.

The two new orders will be subject to access to financing, as per industry practice.

MSC World Asia float out – The float out today is a major milestone in ship building process as it is the first time a new vessel touches water and sees the ship enter the next phase of construction. MSC World Asia will be delivered in November 2026 ready to sail in the Mediterranean and from December will offer even-night sailings to the most popular destinations in the Western Mediterranean – Barcelona (Spain), Marseille (France), Genoa, Civitavecchia for Rome, Messina (Italy) and Valletta (Malta).

MSC World Atlantic coin ceremony - A traditional coin ceremony for MSC World Atlantic also took place when the vessel’s godmothers from both the cruise line and the shipyard placed commemorative coins inside the ship as a sign of blessing during construction and to bring good fortune to the vessel.

MSC World Atlantic will enter service in 2027 and will be deployed in the Caribbean Sea from Port Canaveral, U.S, for winter 2027-28.

MSC Cruises’ godmother was Lynn Torrent, Lynn is the President of MSC Cruises North America, overseeing all commercial and operational functions across the region. A seasoned cruise industry executive, she is instrumental in advancing MSC Cruises’ strategic growth across the North American market.

From Chantiers de L’Atlantique, the Godmother was Agnès Sahores, Smart Yard Improvement Manager, who has been working at the Chantiers de l’Atlantique for 25 years. She oversees implementing the company’s improvement plan, which focuses on industrial performance, innovation, environmental efficiency, and collective success.

All World Class ships feature dual-fuel liquefied natural gas (LNG) engines and as bio and synthetic fuels become available at scale, these fuels will be utilised as part of the company’s commitment to reaching net-zero emissions for its maritime operations by 2050.

LNG is key to the development of low carbon solutions for shipping as emerging technologies such as fuel cells can be operated with LNG until zero emissions bio and synthetic LNG become available at scale.

MSC Cruises and Chantiers de l’Atlantique are actively involved in several projects to develop and make

these technologies viable in partnership with regulators, academia, and industry.

About MSC Cruises: Headquartered in Geneva, Switzerland, the privately-owned MSC Cruises is the world’s third largest cruise line and the market leader in Europe with a strong and growing presence in North America.

A global cruise brand with 23 modern ships offering cruises across five continents, guests can visit more than 100 countries worldwide with more than 300 destinations, making unforgettable memories and enjoying the finest hospitality.

About Chantiers de L’Atlantique: Thanks to the expertise of its teams and its network of subcontractors, combined with top industrial technology, Chantiers de l’Atlantique is a key leader in the design, integration, testing and precise delivery of cruise ships, naval vessels, electrical substations for offshore wind farms and fleet services.

The company is a pioneer in the challenges of tomorrow. Thanks to its research and development, Chantiers de l’Atlantique offers ships with the highest environmental performance, as well as equipment for offshore wind farms, making it a major player in global energy transition.

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Focusing on the industry’s future challenges the International Association of Dry Cargo Shipowners (INTERCARGO) marked its 45th anniversary in Athens with record membership and an expanded global reach.

The Association’s Members convened in Athens, Greece, on 3-4 November 2025 for INTERCARGO’s 45th Annual General Meeting (AGM), as well as its committees’ semi-annual meetings where they reviewed the Association’s progress and agree priorities for the year ahead.

In his speech in front of distinguished audience John A Xylas, Chairman of INTERCARGO, said: “This event marks not only the celebration of another productive series of INTERCARGO meetings — our Management, Technical and Executive Committees — but also a special milestone: the 45th Anniversary of our Association. We are truly delighted to celebrate this occasion in Greece — a nation whose maritime heritage and leadership have profoundly shaped global shipping. Greek shipowners have long been at the forefront of the dry bulk sector, setting standards of excellence, integrity, and professionalism that have inspired generations across the world. I would like to express our deep gratitude to His Excellency, the Deputy Minister of Maritime Affairs and Insular Policy, for honoring us with his presence tonight, and to the President of the Union of Greek Shipowners for joining us — both symbols of Greece’s enduring commitment to a strong, competitive, and forward-looking maritime sector.

As we reflect on INTERCARGO’s 45 years of service to our industry, we can take pride in how far we have come.

Since our founding in 1980 by the late Anthony Chandris, what began as a small but determined group of dry bulk shipowners has evolved into a truly global association. INTERCARGO now represents more than 380 members across over 35 countries and territories, encompassing more than 4,400 bulk carriers — a total of nearly 420 million DWT — accounting for over 40% of the world’s dry bulk carrier fleet. Throughout these decades, INTERCARGO has remained steadfast in its mission — to promote safety, quality, efficiency, environmental responsibility, and fair treatment for dry bulk shipping and its seafarers. These values remain at the heart of everything we do. In an era of rapid change and mounting challenges — from decarbonisation and digitalisation to shifting trade patterns and regulatory complexity — our unity and our shared purpose as an industry have never been more important. INTERCARGO continues to work tirelessly at the International Maritime Organization as well as with regional and national bodies to ensure that our members’ voices are heard and respected, that regulations are pragmatic and proportionate, and that the dry bulk sector continues to operate safely, sustainably, and efficiently. None of this would be possible without the dedication of our Secretariat, ably led by our Secretary General, Dr. Kostas Gkonis, and his excellent team: Our Technical Manager Ed Wroe, our Operations Manager Joe Zhou, our Regional Representative Manolis Vergetis, our London Office Manager Tonya Dendrinou and the latest additions to the team of Alan Nugent, in the new position of Nautical Affairs Manager and Myrto Tsouma, in the other new position of Communications Officer— Last but not least, Dimitris Monioudis in the position of Executive Adviser and Chair of the Technical committee. My heartfelt thanks to each of you. I also wish to acknowledge the tireless efforts of our Management, Executive, and Technical Committees — and of course, all our member representatives — who give their time, knowledge, and passion to advance the collective good. As we celebrate our 45th anniversary, we also look to the future. The next chapter for INTERCARGO will be defined by collaboration, innovation, and leadership. Together, we will continue to strengthen our advocacy, enhance our technical expertise, and uphold the highest standards of safety and environmental stewardship that define the dry bulk sector. Tonight, however, is a moment to pause and celebrate — to honor our shared achievements, our friendships, and the spirit of cooperation that binds us as a global family of dry bulk professionals.

Mr. Xylas extended his special thanks to the event’s sponsors ClassNK, Fleet Management, VShips and Hellenic Hull for generously supporting the dinner, as well as Navigator for the beautiful flower arrangements, and Charterwell for providing the live music – a great jazz band that accompanied the guests.

Mr. Xylas also extended his warm thanks to Mrs. Ioanna Procopiou — a distinguished shipowner, member of INTERCARGO, whose family is the new owner of this beautiful venue — for her generous support in facilitating tonight’s gathering.

The event was honored with the presence of His Excellency, Mr. Stefanos Gkikas, Deputy Minister of Maritime Affairs and Insular Policy, Admiral Tryfon Kontizas, Commandant of the Hellenic Coast Guard, Mrs. Melina Travlos, President of the Union of Greek Shipowners, Mr. George Alexandratos, President of the Hellenic Chamber of Shipping, Mr. Harry Fafalios, Chairman of the Greek Shipping Cooperation Committee.

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The Tsakos Group celebrated the distinction bestowed upon Dr Nikolas P. Tsakos at this year’s Chrysanthemum Ball, one of the most distinguished and historic events of the Greek Orthodox Archdiocese of America.

This year’s event carried special significance, being dedicated to the memory of Maria P. Tsakos, whose legacy continues to inspire and guide the Group’s enduring commitment to philanthropy and social contribution.
Dr. N.P. Tsakos was honoured for his lifelong contribution to the Church, education, public benefit and Hellenism, values that are deeply embedded in the Tsakos Group’s identity. The event brought together prominent members of the Greek-American community in a shared celebration of heritage, unity, and service.
For more than six decades, the Chrysanthemum Ball has symbolized continuity, solidarity and generosity, reminding us that true success is not only measured by achievement, but by the spirit of giving back.

In tribute to Maria P. Tsakos.

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Highlighting on a new long term time charter agreement for one LNG/C under construction, the conclusion of the sale of a 13,312 TEU container vessel and a secured financing for all six DF MGC and two LCO₂ carriers under construction, Capital Clean Energy Carriers Corp. released its financial results for the third quarter ended September 30, 2025.

The company also completed the 5-year special surveys of LNG/Cs Aristos I and Aristidis I and announced dividend of $0.15 per share for the third quarter of 2025.

The Company announced in November 2023 its decision to shift its strategic focus towards the transportation of various forms of gas to industrial customers, including LNG and emerging new commodities in connection with the energy transition. As a result, the Company agreed to acquire 11 newbuild LNG/Cs (the “Newbuild LNG/C Vessels”) and in June 2024, the Company further expanded its gas-focused portfolio with the acquisition of 10 gas carriers, including four LCO₂/multi-gas and six DF MGCs. Since December 2023, the Company has also completed the sale of 13 container vessels.

In view of this strategic shift, we present our financial results on a continuing operations basis, except for where reference is made to discontinued operations. Financial results from continuing operations include revenues, expenses and cash flows arising from our 14 vessels currently in-the-water, including 12 latest generation LNG/Cs and two 13,000 twenty equivalent unit (“TEU”) Neo-Panamax container vessels.

Financial results from discontinued operations include revenues, expenses and cash flows arising from the 13 container vessels we have sold following the announcement of our strategic shift in November 2023. Please refer to Appendix A Discontinued Operations.

Mr. Jerry Kalogiratos, Chief Executive Officer of CCEC, commented: “The third quarter has marked another period of robust performance for the Company, with significant achievements across all strategic fronts and operational priorities. The business continues to build momentum, further strengthening its position within the LNG and gas transportation sector.

The Company has successfully secured long-term employment for another LNG carrier currently under construction, well ahead of its scheduled delivery. This move not only demonstrates proactive planning but also contributes to further diversification of our customer base. The Company’s total contract backlog duration now stands at 6.9 years, with $3.0 billion in contracted revenues. These figures highlight increased cash flow visibility and a de-risked balance sheet, which we believe will support the Company's financial stability.

Financing has been secured for all six DF MGCs and all four LCO₂/multi-gas carriers, which underscores the Company's financial agility and commitment to its strategic objectives. In parallel, the sale of another container vessel has enabled further recycling of the capital base with the proceeds being reinvested into the Company’s under-construction fleet of gas shipping assets.

Corporate governance continues to evolve, with changes in our Board of Directors. The Company expresses gratitude to Abel Rasterhoff for his service since our U.S. listing in 2007 and wishes him well in retirement. Martin Houston is welcomed to our Board, bringing unparalleled experience and stature in the LNG market.

It has been just two years since the Company began its journey focused on gas transportation, following a rights issue in November 2023. Out of an eventual fleet of 18 LNG/Cs, CCEC now only has three latest generation LNG/Cs under construction that remain available for charter. Discussions regarding their future employment are underway with multiple counterparties, while the Company remains insulated from prevailing spot LNG market conditions for the next 12 months.

By consistently executing on its strategy, CCEC is well on its way to becoming the largest US-listed company dedicated to LNG and gas transportation.”

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Members of the Greek shipping community gathered at the One&Only Aesthesis resort in Glyfada last week for an event hosted by maritime technology pioneer Orca A titled Navigating the Future with AI – Digital Innovation for Real Gains and Smarter Fleets. The event explored how AI is already reshaping navigational safety, regulation and operational culture across the global fleet – with Greek operators now playing a leading role in its adoption.

Moderator Edwin Lampert set the tone early, emphasising that the evening was not about distant possibilities but about “tangible results being realised today – safer navigation, sharper decision-making and measurable fleet performance".

KEY EVENT HIGHLIGHT:

SEA TRADERS LOGS DRAMATIC NAVIGATIONAL SAFETY GAINS USING ORCA AI'S OPERATIONAL PLATFORM

Ioannou Procopiou-led dry-bulk operator Sea Traders and ship-management company Prominence Maritime together control 16 bulkers and employ around 350 seafarers. Their partnership between Orca AI kicked off in late 2024, with five vessels now equipped Orca AI's AI-powered operational platform. Significant safety improvements became clearly evident within only a few months.

IMPRESSIVE FIGURES

Capt Nestoras Grigoropoulos, HSSQE Department Manager and DPA) at Sea Traders, explained that by September 2025, the company recorded not only the 64% reduction in close-encounter events in open waters across the Orca-equipped vessels, but also a 15% increase in average minimum distance.

In specific regions such as the environmentally sensitive but busy Coral Sea corridor in Australia, the company saw a 60% reduction in close encounters and a 35% increase in minimum distance.

As Capt Grigoropoulos pointed out, significantly fewer near-misses equates to a much-reduced risk of collisions.

The results were even more striking for the Galio, where close-encounter events in congested waters has fallen by 83% and the vessel’s average minimum distance increased by 45%.

Capt Grigoropoulos said these figures show clearly how the Orca AI system helps their crews make earlier, better decisions – and when officers know that a well-trained tool is watching alongside them, they become more confident. Confidence builds competence, and competence builds safety, he added.

FEEDBACK FROM THE BRIDGE

The strongest endorsement, he said, comes from professionals on board, with crews actively requesting that more vessels be equipped with the system.

Sea Traders integrates Orca AI’s data directly into its safety management processes. Each month, the company analyses the AI reports and circulates tailored performance summaries to every ship – highlighting strengths as well as opportunities for improvement.

The company also uses these insights to create a spirit of friendly competition among its captains. If another master achieves a higher safety score one month, the others want to outperform him next month – which is a great way to drive positive engagement.

BUILDING TRUST IN NEW TECHNOLOGY

Panos Kourkountis, Sea Traders’ Technical Director, said that adopting AI is as much about mindset as metrics. He explained that when testing new technologies, it is necessary to convince three audiences — the crew, the office and finally management. He noted that with a solution that saves fuel, the benefit is easy to quantify, but with something that reduces risk, it is harder; the people using it need to believe it genuinely makes their work safer and easier. He added that such belief comes only through experience.

In terms of cost considerations, Kourkountis stressed that safety investments must be viewed through the lens of avoided losses. Every dollar spent on prevention is money saved on recovery, he added.

PARTNERSHIP BUILT ON DATA AND DIALOGUE

Sea Traders and Orca AI continue to deepen their collaboration through regular quarterly business reviews and data-driven benchmarking across the fleet. The next phase will focus on voyage-planning optimisation and tighter integration between operational data and navigational analytics.

Capt Grigoropoulos concluded by saying that for Sea Traders, enhancing navigational safety means fewer incidents, more efficient operations and, in the long term, a strong return on investment.

FURTHER EVENT HIGHLIGHTS:

BUREAU VERITAS – CREATING THE FRAMEWORK FOR “SMART SHIPPING”

The programme opened with a presentation by Vassilios Dimoulas, Technology and Innovation Director for East Europe at Bureau Veritas (BV), who outlined the class society’s structured approach to digital transformation. He described how BV’s “smart shipping” framework builds step by step – from computer-based and connected ships, to augmented and ultimately autonomous vessels.

Dimoulas explained that the drive toward digitalisation is underpinned by three key forces: the need for proactive safety management, growing regulatory demands for performance and emissions data, and the rapid evolution of technology itself. Yet, he noted, the transition is far from simple. “Shipping is a traditional industry,” he said, “and the management of change is one of our greatest challenges.”

To guide that change, BV has developed its own class notations and guidelines for machine learning and data quality, ensuring that early adopters can move ahead safely even while international regulation lags behind. The biggest challenge, he added, remains defining the precise boundary “between human and machine responsibility” – a central theme in the IMO’s forthcoming MASS Code on autonomous ships, which BV is helping to shape.

ORCA AI: EMPOWERING CREW, NOT REPLACING THEM

Closing the speaker line-up, Yarden Gross, CEO and co-founder of Orca AI, tied the evening’s insights together with a clear message: AI is already transforming the maritime world, and it is here to support seafarers, not displace them.

Gross highlighted how connectivity between ships and the cloud has enabled real-time data exchange, allowing AI to enhance situational awareness, reduce workload and assist decision-making. He also pointed to ongoing projects such as Orca’s collaboration with NYK in Japan, where the Japanese line's newbuilt car carriers will soon operate with autonomous navigation capabilities under human supervision.

“The crew remains central,” he said. “AI acts as a co-pilot – empowering them to perform at their best while reducing fatigue and risk.”

Gross also addressed the regulatory gap that continues to widen between technological capability and formal governance. “Technology will always move faster than regulation,” he said, urging industry stakeholders to define practical standards rather than wait for official mandates.

CAPITAL SHIP MANAGEMENT: CULTURE BEFORE CODE

Panelist Panagiotis Drossos, Managing Director of Capital Ship Management, brought a complementary perspective on the human side of AI adoption. He described how his company introduced similar navigational systems and initially faced scepticism from crews, who feared being monitored. “Once they understood the system wasn’t there to police them but to support them, everything changed,” he said.

The company’s first results even showed an increase in reported near-misses, which Drossos saw as positive. “It revealed what was already happening but not being captured. The key was to create a culture of learning rather than blame.”

For Drossos, the long-term value of AI lies in improved awareness and shared understanding between ship and shore. “Systems that improve judgement are here to stay,” he said. “Those that distract will go.”

FROM PILOT PROJECTS TO PRACTICAL TRANSFORMATION

The event concluded with a consensus that AI in shipping has moved beyond experimental trials and into operational reality. Greek owners and managers are now among those proving its value through disciplined adoption and real-world feedback.

Rather than waiting for a perfect regulatory framework, the participants demonstrated a pragmatic approach – building capability, trust and data-driven understanding that will help shape future standards.

The message from Athens was clear: maritime AI is no longer an abstract promise. It is a working part of bridge practice today – and companies willing to engage with it are already seeing the rewards.

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