Corporate Developments
Update on Outstanding Shares and Warrants
As of March 3, 2026, the Company had outstanding 12,432,158 common shares. In addition, the following common share purchase warrants were outstanding as of such date:
| • | Class A Warrants to purchase up to 567,366 common shares at an exercise price of $15.75 per common share; |
| • | Warrants issued July 19, 2022, to purchase up to 1,033,333 common shares at an exercise price of $1.65 per common share; |
| • | Warrants issued August 16, 2022, to purchase up to 2,122,222 common shares at an exercise price of $1.65 per common share; |
| • | Series A Warrants issued March 3, 2023, which are exchangeable for up to 14,300 common shares; and |
| • | Series B Warrants issued March 3, 2023, to purchase up to 4,097,000 common shares at an exercise price of $2.25 per common share. |
Finally, the Company had 50,726 shares of its Series B Convertible Cumulative Perpetual Preferred Stock and 1,423,912 shares of its Series C Convertible Cumulative Redeemable Perpetual Preferred Stock outstanding.
Update on Recent Developments
During the fourth quarter of 2025 and through March 3, 2026, the Company achieved several key milestones:
| • | Acquired two 2019-built, modern eco-design Suezmax tankers, M/T P. Beverly Hills and M/T P. Bel Air, for $75.4 million each, net of brokerage commissions. Upon delivery in December 2025, both vessels commenced three-year time-charter contracts with Repsol Trading SA at $36,500 per day per vessel. |
|---|
| • | Entered into a two-year time-charter contract with SeaRiver Maritime, a subsidiary of ExxonMobil Corporation, for the M/T P. Long Beach at $30,500 per day. |
|---|
| • | Completed a $50 million tap issuance, priced at 103% of par value, under the Company’s 9.875% Nordic bonds due July 2029. |
|---|
| • | Took delivery of the third newbuild LR2 Aframax tanker, M/T P. Marseille, in January 2026. Upon delivery, the vessel commenced its five-year time-charter contract with Clearlake Shipping Pte Ltd, a subsidiary of Gunvor Group, at a rate of $31,000 per day. |
|---|
| • | Secured a three-year time-charter contract for M/T P. Monterey with PBF Holding Company LLC, a subsidiary of PBF Energy Inc., at $31,000 per day. |
|---|
| • | Entered into an agreement to sell the oldest vessel in the fleet, M/T P. Sophia, for $35.65 million, with delivery expected in mid-2026. |
|---|
| • | Entered into two shipbuilding contracts with China Shipbuilding Trading Co. Ltd. and Shanghai Waigaoqiao Shipbuilding Co. Ltd. for the construction of two 158,000 DWT newbuilding Suezmax tanker vessels. The vessels are expected to be delivered in October 2028 and May 2029, respectively, at a contract price of $81.5 million per vessel. |
|---|
