# Marine Shipping — company-by-company sector analysis

> Marine Shipping: ZIM Integrated Shipping Services Ltd. owns the largest revenue base; Okeanis Eco Tankers Corp. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Marine Shipping has outperformed S&P 500 by 43.4% over 52 weeks and 0.5% over 13 weeks. 20 of 23 covered companies beat the S&P 500 on Mansfield relative strength, while 9 of 23 beat the sector itself. ZIM Integrated Shipping Services Ltd. leads with revenue of $6,295 million, based on 23 of 23 comparable companies through Mar 2026.

### Is the Marine Shipping sector outperforming S&P 500?

Marine Shipping has outperformed S&P 500 by 43.4% over 52 weeks and 0.5% over 13 weeks. 20 of 23 covered companies beat the S&P 500 on Mansfield relative strength, while 9 of 23 beat the sector itself.

### Which Marine Shipping company is largest by revenue?

ZIM Integrated Shipping Services Ltd. leads with revenue of $6,295 million, based on 23 of 23 comparable companies through Mar 2026.

### Which Marine Shipping company is growing fastest?

Okeanis Eco Tankers Corp. has the fastest current revenue growth at 33.1%, across 22 of 23 comparable companies.

### Which Marine Shipping company has the strongest 4-Factor Sector Score?

Okeanis Eco Tankers Corp. ranks first at 74.9/100 with 86.2% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Marine Shipping company reports the most CAPEX?

Okeanis Eco Tankers Corp. reports the largest latest CAPEX at $242 million, with 23 of 23 companies comparable.

### Which Marine Shipping company has the least gross debt?

StealthGas Inc. has the lowest comparable gross debt at $0 million. ZIM Integrated Shipping Services Ltd. has the highest at $5,478 million.

### Which Marine Shipping company has the lowest comparable PEG?

Diana Shipping Inc. has the lowest comparable Guarded PEG at 0.1, among 17 of 23 companies that pass the metric’s comparability rules.

### How much history does this Marine Shipping comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Marine Shipping has outperformed S&P 500 by 43.4% over the last 52 weeks. Over 13 weeks the gap is a lead of 0.5%. 20 of 23 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Seanergy Maritime Holdings Corp. is the strongest against the sector itself at +13.8%.

13-week sector return versus NIFTY 500: 0.5%
52-week sector return versus NIFTY 500: 43%
Stocks leading NIFTY: 20/23
Stocks leading sector: 9/23

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 23
Combined market value: ₹43.1K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Okeanis Eco Tankers Corp. (ECO): 75/100 — Favorable setup; evidence 86%
   - Growth & earnings 33.4/35 | Capital efficiency 15.7/25 | Valuation 11.1/20 | Relative strength 14.7/20
   - Exact sum: 33.4 + 15.7 + 11.1 + 14.7 = 74.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Seanergy Maritime Holdings Corp. (SHIP): 68/100 — Favorable setup; evidence 72%
   - Growth & earnings 25.8/35 | Capital efficiency 11.2/25 | Valuation 14.4/20 | Relative strength 16.8/20
   - Exact sum: 25.8 + 11.2 + 14.4 + 16.8 = 68.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Danaos Corporation (DAC): 66/100 — Favorable setup; evidence 86%
   - Growth & earnings 17.6/35 | Capital efficiency 16.4/25 | Valuation 14.3/20 | Relative strength 17.5/20
   - Exact sum: 17.6 + 16.4 + 14.3 + 17.5 = 65.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Navios Maritime Partners L.P. (NMM): 64/100 — Mixed-positive evidence; evidence 86%
   - Growth & earnings 21.7/35 | Capital efficiency 13.7/25 | Valuation 12.8/20 | Relative strength 16.0/20
   - Exact sum: 21.7 + 13.7 + 12.8 + 16 = 64.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Safe Bulkers, Inc. (SB): 60/100 — Mixed-positive evidence; evidence 86%
   - Growth & earnings 16.0/35 | Capital efficiency 13.3/25 | Valuation 13.9/20 | Relative strength 16.9/20
   - Exact sum: 16 + 13.3 + 13.9 + 16.9 = 60.1
   - Decision use: Price leads the evidence: RS versus the benchmark is 24.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
6. Himalaya Shipping Ltd. (HSHP): 57/100 — Mixed-positive evidence; evidence 62%
   - Growth & earnings 22.8/35 | Capital efficiency 9.6/25 | Valuation 9.1/20 | Relative strength 15.8/20
   - Exact sum: 22.8 + 9.6 + 9.1 + 15.8 = 57.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Star Bulk Carriers Corp. (SBLK): 57/100 — Mixed-positive evidence; evidence 78%
   - Growth & earnings 15.4/35 | Capital efficiency 14.7/25 | Valuation 12.5/20 | Relative strength 14.6/20
   - Exact sum: 15.4 + 14.7 + 12.5 + 14.6 = 57.2
   - Decision use: Price leads the evidence: RS versus the benchmark is 18.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
8. StealthGas Inc. (GASS): 56/100 — Mixed-positive evidence; evidence 80%
   - Growth & earnings 21.1/35 | Capital efficiency 13.3/25 | Valuation 15.8/20 | Relative strength 5.6/20
   - Exact sum: 21.1 + 13.3 + 15.8 + 5.6 = 55.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. SFL Corporation Ltd. (SFL): 53/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 19.6/35 | Capital efficiency 8.3/25 | Valuation 12.1/20 | Relative strength 13.4/20
   - Exact sum: 19.6 + 8.3 + 12.1 + 13.4 = 53.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Kirby Corporation (KEX): 53/100 — Mixed-positive evidence; evidence 86%
   - Growth & earnings 19.4/35 | Capital efficiency 12.4/25 | Valuation 11.1/20 | Relative strength 10.3/20
   - Exact sum: 19.4 + 12.4 + 11.1 + 10.3 = 53.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. Global Ship Lease, Inc. (GSL): 53/100 — Mixed-positive evidence; evidence 80%
   - Growth & earnings 11.2/35 | Capital efficiency 16.4/25 | Valuation 15.2/20 | Relative strength 10.0/20
   - Exact sum: 11.2 + 16.4 + 15.2 + 10 = 52.8
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
12. Matson, Inc. (MATX): 52/100 — Mixed-positive evidence; evidence 86%
   - Growth & earnings 10.4/35 | Capital efficiency 11.9/25 | Valuation 11.1/20 | Relative strength 18.7/20
   - Exact sum: 10.4 + 11.9 + 11.1 + 18.7 = 52.1
   - Decision use: Price leads the evidence: RS versus the benchmark is 30%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
13. Euroseas Ltd. (ESEA): 52/100 — Mixed-positive evidence; evidence 80%
   - Growth & earnings 9.9/35 | Capital efficiency 16.4/25 | Valuation 15.9/20 | Relative strength 9.8/20
   - Exact sum: 9.9 + 16.4 + 15.9 + 9.8 = 52
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
14. Ardmore Shipping Corporation (ASC): 52/100 — Mixed-positive evidence; evidence 80%
   - Growth & earnings 15.8/35 | Capital efficiency 15.1/25 | Valuation 12.7/20 | Relative strength 8.1/20
   - Exact sum: 15.8 + 15.1 + 12.7 + 8.1 = 51.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. Genco Shipping & Trading Limited (GNK): 51/100 — Mixed-positive evidence; evidence 62%
   - Growth & earnings 21.7/35 | Capital efficiency 9.5/25 | Valuation 8.5/20 | Relative strength 11.2/20
   - Exact sum: 21.7 + 9.5 + 8.5 + 11.2 = 50.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. Hafnia Limited (HAFN): 46/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 17.7/35 | Capital efficiency 14.6/25 | Valuation 10.4/20 | Relative strength 3.7/20
   - Exact sum: 17.7 + 14.6 + 10.4 + 3.7 = 46.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17. Diana Shipping Inc. (DSX): 45/100 — Mixed-negative evidence; evidence 80%
   - Growth & earnings 17.1/35 | Capital efficiency 8.2/25 | Valuation 15.6/20 | Relative strength 4.1/20
   - Exact sum: 17.1 + 8.2 + 15.6 + 4.1 = 45
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
18. Pangaea Logistics Solutions Ltd. (PANL): 45/100 — Mixed-negative evidence; evidence 72%
   - Growth & earnings 23.0/35 | Capital efficiency 8.3/25 | Valuation 7.7/20 | Relative strength 6.0/20
   - Exact sum: 23 + 8.3 + 7.7 + 6 = 45
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -11.4% and the one-year return is 64.3%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
19. Costamare Inc. (CMRE): 43/100 — Mixed-negative evidence; evidence 80%
   - Growth & earnings 12.6/35 | Capital efficiency 14.0/25 | Valuation 13.0/20 | Relative strength 3.3/20
   - Exact sum: 12.6 + 14 + 13 + 3.3 = 42.9
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
20. Capital Clean Energy Carriers Corp. (CCEC): 36/100 — Mixed-negative evidence; evidence 80%
   - Growth & earnings 10.2/35 | Capital efficiency 8.8/25 | Valuation 12.6/20 | Relative strength 4.3/20
   - Exact sum: 10.2 + 8.8 + 12.6 + 4.3 = 35.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
21. SEACOR Marine Holdings Inc. (SMHI): 30/100 — Adverse evidence; evidence 62%
   - Growth & earnings 9.3/35 | Capital efficiency 3.9/25 | Valuation 8.9/20 | Relative strength 7.4/20
   - Exact sum: 9.3 + 3.9 + 8.9 + 7.4 = 29.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
22. ZIM Integrated Shipping Services Ltd. (ZIM): 20/100 — Adverse evidence; evidence 76%
   - Growth & earnings 1.8/35 | Capital efficiency 4.7/25 | Valuation 8.8/20 | Relative strength 5.0/20
   - Exact sum: 1.8 + 4.7 + 8.8 + 5 = 20.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
23. Costamare Bulkers Holdings Limited (CMDB): 46/100 — Thin evidence · provisional; evidence 45%
   - Growth & earnings 16.7/35 | Capital efficiency 10.4/25 | Valuation 10.0/20 | Relative strength 8.7/20
   - Exact sum: 16.7 + 10.4 + 10 + 8.7 = 45.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: ZIM Integrated Shipping Services Ltd. is the scale leader at $6,295 million, 84% ahead of Kirby Corporation. Okeanis Eco Tankers Corp.'s growth is 33.1% from a $482 million base, with 17 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: ZIM Integrated Shipping Services Ltd. is the scale benchmark; Okeanis Eco Tankers Corp. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: ZIM Integrated Shipping Services Ltd.'s growth falls below Okeanis Eco Tankers Corp.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: ZIM Integrated Shipping Services Ltd. · $6,295 million | 84% versus #2 · Kirby Corporation | 4/8 recent comparable periods | 23/23 companies · 432 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. ZIM Integrated Shipping Services Ltd. (ZIM): ₹6.3K Cr
2. Kirby Corporation (KEX): ₹3.4K Cr
3. Matson, Inc. (MATX): ₹3.3K Cr
4. Hafnia Limited (HAFN): ₹2.4K Cr
5. Navios Maritime Partners L.P. (NMM): ₹1.4K Cr

### Revenue growth — fastest growers
1. Okeanis Eco Tankers Corp. (ECO): 33%
2. Pangaea Logistics Solutions Ltd. (PANL): 23%
3. Himalaya Shipping Ltd. (HSHP): 18%
4. Seanergy Maritime Holdings Corp. (SHIP): 15%
5. Global Ship Lease, Inc. (GSL): 7.2%

### 20-quarter Revenue history
- KEX: Jun 2021 ₹560 Cr | Sep 2021 ₹599 Cr | Dec 2021 ₹591 Cr | Mar 2022 ₹611 Cr | Jun 2022 ₹698 Cr | Sep 2022 ₹746 Cr | Dec 2022 ₹730 Cr | Mar 2023 ₹750 Cr | Jun 2023 ₹777 Cr | Sep 2023 ₹765 Cr | Dec 2023 ₹799 Cr | Mar 2024 ₹808 Cr | Jun 2024 ₹824 Cr | Sep 2024 ₹831 Cr | Dec 2024 ₹802 Cr | Mar 2025 ₹786 Cr | Jun 2025 ₹855 Cr | Sep 2025 ₹871 Cr | Dec 2025 ₹852 Cr | Mar 2026 ₹844 Cr
- MATX: Jun 2021 ₹875 Cr | Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹802 Cr | Mar 2023 ₹705 Cr | Jun 2023 ₹773 Cr | Sep 2023 ₹828 Cr | Dec 2023 ₹789 Cr | Mar 2024 ₹722 Cr | Jun 2024 ₹847 Cr | Sep 2024 ₹962 Cr | Dec 2024 ₹890 Cr | Mar 2025 ₹782 Cr | Jun 2025 ₹831 Cr | Sep 2025 ₹880 Cr | Dec 2025 ₹852 Cr | Mar 2026 ₹758 Cr
- HAFN: Jun 2021 ₹203 Cr | Sep 2021 ₹197 Cr | Dec 2021 ₹251 Cr | Mar 2022 ₹273 Cr | Jun 2022 ₹476 Cr | Sep 2022 ₹534 Cr | Dec 2022 ₹607 Cr | Mar 2023 ₹628 Cr | Jun 2023 ₹711 Cr | Sep 2023 ₹666 Cr | Dec 2023 ₹712 Cr | Mar 2024 ₹795 Cr | Jun 2024 ₹842 Cr | Sep 2024 ₹728 Cr | Dec 2024 ₹540 Cr | Mar 2025 ₹557 Cr | Jun 2025 ₹562 Cr | Sep 2025 ₹594 Cr | Dec 2025 ₹600 Cr | Mar 2026 ₹689 Cr
- SBLK: Jun 2021 ₹311 Cr | Sep 2021 ₹416 Cr | Dec 2021 ₹500 Cr | Mar 2022 ₹361 Cr | Jun 2022 ₹417 Cr | Sep 2022 ₹364 Cr | Dec 2022 ₹295 Cr | Mar 2023 ₹224 Cr | Jun 2023 ₹239 Cr | Sep 2023 ₹223 Cr | Dec 2023 ₹263 Cr | Mar 2024 ₹259 Cr | Jun 2024 ₹353 Cr | Sep 2024 ₹344 Cr | Dec 2024 ₹309 Cr | Mar 2025 ₹231 Cr | Jun 2025 ₹247 Cr | Sep 2025 ₹264 Cr | Dec 2025 ₹301 Cr | Mar 2026 ₹281 Cr
- ZIM: Jun 2021 ₹2.4K Cr | Sep 2021 ₹3.1K Cr | Dec 2021 ₹3.5K Cr | Mar 2022 ₹3.7K Cr | Jun 2022 ₹3.4K Cr | Sep 2022 ₹3.2K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.4K Cr
- DAC: Jun 2021 ₹146 Cr | Sep 2021 ₹196 Cr | Dec 2021 ₹215 Cr | Mar 2022 ₹230 Cr | Jun 2022 ₹251 Cr | Sep 2022 ₹260 Cr | Dec 2022 ₹252 Cr | Mar 2023 ₹244 Cr | Jun 2023 ₹241 Cr | Sep 2023 ₹239 Cr | Dec 2023 ₹249 Cr | Mar 2024 ₹253 Cr | Jun 2024 ₹246 Cr | Sep 2024 ₹256 Cr | Dec 2024 ₹258 Cr | Mar 2025 ₹253 Cr | Jun 2025 ₹262 Cr | Sep 2025 ₹261 Cr | Dec 2025 ₹266 Cr | Mar 2026 ₹254 Cr
- NMM: Jun 2021 ₹152 Cr | Sep 2021 ₹228 Cr | Dec 2021 ₹268 Cr | Mar 2022 ₹237 Cr | Jun 2022 ₹281 Cr | Sep 2022 ₹322 Cr | Dec 2022 ₹371 Cr | Mar 2023 ₹310 Cr | Jun 2023 ₹347 Cr | Sep 2023 ₹323 Cr | Dec 2023 ₹327 Cr | Mar 2024 ₹319 Cr | Jun 2024 ₹342 Cr | Sep 2024 ₹341 Cr | Dec 2024 ₹333 Cr | Mar 2025 ₹304 Cr | Jun 2025 ₹328 Cr | Sep 2025 ₹347 Cr | Dec 2025 ₹366 Cr | Mar 2026 ₹357 Cr
- ECO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹42 Cr | Jun 2022 ₹50 Cr | Sep 2022 ₹69 Cr | Dec 2022 ₹110 Cr | Mar 2023 ₹113 Cr | Jun 2023 ₹120 Cr | Sep 2023 ₹89 Cr | Dec 2023 ₹92 Cr | Mar 2024 ₹111 Cr | Jun 2024 ₹112 Cr | Sep 2024 ₹85 Cr | Dec 2024 ₹85 Cr | Mar 2025 ₹80 Cr | Jun 2025 ₹94 Cr | Sep 2025 ₹91 Cr | Dec 2025 ₹127 Cr | Mar 2026 ₹170 Cr
- CMRE: Jun 2021 ₹167 Cr | Sep 2021 ₹216 Cr | Dec 2021 ₹284 Cr | Mar 2022 ₹268 Cr | Jun 2022 ₹291 Cr | Sep 2022 ₹289 Cr | Dec 2022 ₹265 Cr | Mar 2023 ₹249 Cr | Jun 2023 ₹367 Cr | Sep 2023 ₹400 Cr | Dec 2023 ₹495 Cr | Mar 2024 ₹475 Cr | Jun 2024 ₹515 Cr | Sep 2024 ₹545 Cr | Dec 2024 ₹548 Cr | Mar 2025 ₹223 Cr | Jun 2025 ₹218 Cr | Sep 2025 ₹225 Cr | Dec 2025 ₹212 Cr | Mar 2026 ₹211 Cr
- SFL: Jun 2021 ₹117 Cr | Sep 2021 ₹135 Cr | Dec 2021 ₹152 Cr | Mar 2022 ₹152 Cr | Jun 2022 ₹153 Cr | Sep 2022 ₹167 Cr | Dec 2022 ₹198 Cr | Mar 2023 ₹173 Cr | Jun 2023 ₹165 Cr | Sep 2023 ₹205 Cr | Dec 2023 ₹210 Cr | Mar 2024 ₹229 Cr | Jun 2024 ₹191 Cr | Sep 2024 ₹255 Cr | Dec 2024 ₹229 Cr | Mar 2025 ₹187 Cr | Jun 2025 ₹193 Cr | Sep 2025 ₹178 Cr | Dec 2025 ₹176 Cr | Mar 2026 ₹174 Cr
- GSL: Jun 2021 ₹83 Cr | Sep 2021 ₹139 Cr | Dec 2021 ₹154 Cr | Mar 2022 ₹154 Cr | Jun 2022 ₹154 Cr | Sep 2022 ₹173 Cr | Dec 2022 ₹165 Cr | Mar 2023 ₹159 Cr | Jun 2023 ₹162 Cr | Sep 2023 ₹175 Cr | Dec 2023 ₹179 Cr | Mar 2024 ₹180 Cr | Jun 2024 ₹175 Cr | Sep 2024 ₹174 Cr | Dec 2024 ₹182 Cr | Mar 2025 ₹191 Cr | Jun 2025 ₹192 Cr | Sep 2025 ₹193 Cr | Dec 2025 ₹191 Cr | Mar 2026 ₹198 Cr
- CCEC: Jun 2021 ₹40 Cr | Sep 2021 ₹43 Cr | Dec 2021 ₹64 Cr | Mar 2022 ₹73 Cr | Jun 2022 ₹74 Cr | Sep 2022 ₹72 Cr | Dec 2022 ₹80 Cr | Mar 2023 ₹81 Cr | Jun 2023 ₹89 Cr | Sep 2023 ₹64 Cr | Dec 2023 ₹64 Cr | Mar 2024 ₹76 Cr | Jun 2024 ₹98 Cr | Sep 2024 ₹106 Cr | Dec 2024 ₹86 Cr | Mar 2025 ₹102 Cr | Jun 2025 ₹104 Cr | Sep 2025 ₹100 Cr | Dec 2025 ₹98 Cr | Mar 2026 ₹98 Cr
- GNK: Jun 2021 ₹121 Cr | Sep 2021 ₹155 Cr | Dec 2021 ₹183 Cr | Mar 2022 ₹136 Cr | Jun 2022 ₹138 Cr | Sep 2022 ₹136 Cr | Dec 2022 ₹127 Cr | Mar 2023 ₹94 Cr | Jun 2023 ₹91 Cr | Sep 2023 ₹83 Cr | Dec 2023 ₹116 Cr | Mar 2024 ₹117 Cr | Jun 2024 ₹107 Cr | Sep 2024 ₹99 Cr | Dec 2024 ₹99 Cr | Mar 2025 ₹71 Cr | Jun 2025 ₹81 Cr | Sep 2025 ₹80 Cr | Dec 2025 ₹110 Cr | Mar 2026 ₹114 Cr
- SB: Jun 2021 ₹82 Cr | Sep 2021 ₹92 Cr | Dec 2021 ₹92 Cr | Mar 2022 ₹78 Cr | Jun 2022 ₹92 Cr | Sep 2022 ₹94 Cr | Dec 2022 ₹87 Cr | Mar 2023 ₹67 Cr | Jun 2023 ₹71 Cr | Sep 2023 ₹65 Cr | Dec 2023 ₹82 Cr | Mar 2024 ₹82 Cr | Jun 2024 ₹79 Cr | Sep 2024 ₹76 Cr | Dec 2024 ₹71 Cr | Mar 2025 ₹64 Cr | Jun 2025 ₹66 Cr | Sep 2025 ₹73 Cr | Dec 2025 ₹73 Cr | Mar 2026 ₹74 Cr
- HSHP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹24 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹39 Cr | Dec 2024 ₹30 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹30 Cr | Sep 2025 ₹38 Cr | Dec 2025 ₹42 Cr | Mar 2026 ₹34 Cr
- ASC: Jun 2021 ₹47 Cr | Sep 2021 ₹47 Cr | Dec 2021 ₹52 Cr | Mar 2022 ₹63 Cr | Jun 2022 ₹107 Cr | Sep 2022 ₹142 Cr | Dec 2022 ₹133 Cr | Mar 2023 ₹118 Cr | Jun 2023 ₹92 Cr | Sep 2023 ₹87 Cr | Dec 2023 ₹99 Cr | Mar 2024 ₹106 Cr | Jun 2024 ₹121 Cr | Sep 2024 ₹96 Cr | Dec 2024 ₹82 Cr | Mar 2025 ₹74 Cr | Jun 2025 ₹72 Cr | Sep 2025 ₹81 Cr | Dec 2025 ₹83 Cr | Mar 2026 ₹88 Cr
- ESEA: Jun 2021 ₹18 Cr | Sep 2021 ₹23 Cr | Dec 2021 ₹38 Cr | Mar 2022 ₹45 Cr | Jun 2022 ₹48 Cr | Sep 2022 ₹46 Cr | Dec 2022 ₹43 Cr | Mar 2023 ₹42 Cr | Jun 2023 ₹48 Cr | Sep 2023 ₹51 Cr | Dec 2023 ₹49 Cr | Mar 2024 ₹47 Cr | Jun 2024 ₹59 Cr | Sep 2024 ₹54 Cr | Dec 2024 ₹53 Cr | Mar 2025 ₹56 Cr | Jun 2025 ₹57 Cr | Sep 2025 ₹57 Cr | Dec 2025 ₹57 Cr | Mar 2026 ₹56 Cr
- PANL: Jun 2021 ₹146 Cr | Sep 2021 ₹213 Cr | Dec 2021 ₹235 Cr | Mar 2022 ₹192 Cr | Jun 2022 ₹196 Cr | Sep 2022 ₹184 Cr | Dec 2022 ₹128 Cr | Mar 2023 ₹114 Cr | Jun 2023 ₹118 Cr | Sep 2023 ₹136 Cr | Dec 2023 ₹132 Cr | Mar 2024 ₹105 Cr | Jun 2024 ₹131 Cr | Sep 2024 ₹153 Cr | Dec 2024 ₹147 Cr | Mar 2025 ₹123 Cr | Jun 2025 ₹157 Cr | Sep 2025 ₹169 Cr | Dec 2025 ₹184 Cr | Mar 2026 ₹171 Cr
- CMDB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹255 Cr | Jun 2024 ₹-255 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 ₹156 Cr | Sep 2025 ₹223 Cr | Dec 2025 ₹218 Cr | Mar 2026 ₹112 Cr
- SHIP: Jun 2021 ₹28 Cr | Sep 2021 ₹48 Cr | Dec 2021 ₹57 Cr | Mar 2022 ₹30 Cr | Jun 2022 ₹33 Cr | Sep 2022 ₹34 Cr | Dec 2022 ₹29 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹39 Cr | Mar 2024 ₹38 Cr | Jun 2024 ₹43 Cr | Sep 2024 ₹44 Cr | Dec 2024 ₹42 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹37 Cr | Sep 2025 ₹47 Cr | Dec 2025 ₹49 Cr | Mar 2026 ₹43 Cr
- GASS: Jun 2021 ₹39 Cr | Sep 2021 ₹37 Cr | Dec 2021 ₹36 Cr | Mar 2022 ₹36 Cr | Jun 2022 ₹39 Cr | Sep 2022 ₹35 Cr | Dec 2022 ₹43 Cr | Mar 2023 ₹38 Cr | Jun 2023 ₹37 Cr | Sep 2023 ₹35 Cr | Dec 2023 ₹34 Cr | Mar 2024 ₹42 Cr | Jun 2024 ₹42 Cr | Sep 2024 ₹40 Cr | Dec 2024 ₹43 Cr | Mar 2025 ₹42 Cr | Jun 2025 ₹47 Cr | Sep 2025 ₹45 Cr | Dec 2025 ₹39 Cr | Mar 2026 ₹43 Cr
- DSX: Jun 2021 ₹47 Cr | Sep 2021 ₹57 Cr | Dec 2021 ₹69 Cr | Mar 2022 ₹66 Cr | Jun 2022 ₹75 Cr | Sep 2022 ₹74 Cr | Dec 2022 ₹76 Cr | Mar 2023 ₹73 Cr | Jun 2023 ₹67 Cr | Sep 2023 ₹62 Cr | Dec 2023 ₹60 Cr | Mar 2024 ₹58 Cr | Jun 2024 ₹56 Cr | Sep 2024 ₹57 Cr | Dec 2024 ₹57 Cr | Mar 2025 ₹55 Cr | Jun 2025 ₹55 Cr | Sep 2025 ₹52 Cr | Dec 2025 ₹52 Cr | Mar 2026 ₹55 Cr
- SMHI: Jun 2021 ₹43 Cr | Sep 2021 ₹44 Cr | Dec 2021 ₹48 Cr | Mar 2022 ₹46 Cr | Jun 2022 ₹54 Cr | Sep 2022 ₹60 Cr | Dec 2022 ₹58 Cr | Mar 2023 ₹61 Cr | Jun 2023 ₹68 Cr | Sep 2023 ₹77 Cr | Dec 2023 ₹73 Cr | Mar 2024 ₹63 Cr | Jun 2024 ₹70 Cr | Sep 2024 ₹69 Cr | Dec 2024 ₹70 Cr | Mar 2025 ₹55 Cr | Jun 2025 ₹61 Cr | Sep 2025 ₹59 Cr | Dec 2025 ₹52 Cr | Mar 2026 ₹44 Cr

### 20-quarter Revenue growth history
- KEX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 25% | Sep 2022 25% | Dec 2022 24% | Mar 2023 23% | Jun 2023 11% | Sep 2023 2.6% | Dec 2023 9.5% | Mar 2024 7.7% | Jun 2024 6.1% | Sep 2024 8.6% | Dec 2024 0.4% | Mar 2025 -2.7% | Jun 2025 3.8% | Sep 2025 4.8% | Dec 2025 6.2% | Mar 2026 7.4%
- MATX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 44% | Sep 2022 4.0% | Dec 2022 -37% | Mar 2023 -40% | Jun 2023 -39% | Sep 2023 -26% | Dec 2023 -1.6% | Mar 2024 2.4% | Jun 2024 9.6% | Sep 2024 16% | Dec 2024 13% | Mar 2025 8.3% | Jun 2025 -1.9% | Sep 2025 -8.5% | Dec 2025 -4.3% | Mar 2026 -3.1%
- HAFN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 134% | Sep 2022 171% | Dec 2022 142% | Mar 2023 130% | Jun 2023 49% | Sep 2023 25% | Dec 2023 17% | Mar 2024 27% | Jun 2024 18% | Sep 2024 9.3% | Dec 2024 -24% | Mar 2025 -30% | Jun 2025 -33% | Sep 2025 -18% | Dec 2025 11% | Mar 2026 24%
- SBLK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 34% | Sep 2022 -13% | Dec 2022 -41% | Mar 2023 -38% | Jun 2023 -43% | Sep 2023 -39% | Dec 2023 -11% | Mar 2024 16% | Jun 2024 48% | Sep 2024 54% | Dec 2024 17% | Mar 2025 -11% | Jun 2025 -30% | Sep 2025 -23% | Dec 2025 -2.6% | Mar 2026 22%
- ZIM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 44% | Sep 2022 2.9% | Dec 2022 -37% | Mar 2023 -63% | Jun 2023 -62% | Sep 2023 -61% | Dec 2023 -45% | Mar 2024 14% | Jun 2024 48% | Sep 2024 117% | Dec 2024 80% | Mar 2025 28% | Jun 2025 -15% | Sep 2025 -36% | Dec 2025 -32% | Mar 2026 -30%
- DAC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 72% | Sep 2022 33% | Dec 2022 17% | Mar 2023 6.1% | Jun 2023 -4.0% | Sep 2023 -8.1% | Dec 2023 -1.2% | Mar 2024 3.7% | Jun 2024 2.1% | Sep 2024 7.1% | Dec 2024 3.6% | Mar 2025 0.0% | Jun 2025 6.5% | Sep 2025 2.0% | Dec 2025 3.1% | Mar 2026 0.4%
- NMM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 85% | Sep 2022 41% | Dec 2022 38% | Mar 2023 31% | Jun 2023 23% | Sep 2023 0.3% | Dec 2023 -12% | Mar 2024 2.9% | Jun 2024 -1.4% | Sep 2024 5.6% | Dec 2024 1.8% | Mar 2025 -4.7% | Jun 2025 -4.1% | Sep 2025 1.8% | Dec 2025 9.9% | Mar 2026 17%
- ECO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 169% | Jun 2023 140% | Sep 2023 29% | Dec 2023 -16% | Mar 2024 -1.8% | Jun 2024 -6.7% | Sep 2024 -4.5% | Dec 2024 -7.6% | Mar 2025 -28% | Jun 2025 -16% | Sep 2025 7.1% | Dec 2025 49% | Mar 2026 113%
- CMRE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 74% | Sep 2022 34% | Dec 2022 -6.7% | Mar 2023 -7.1% | Jun 2023 26% | Sep 2023 38% | Dec 2023 87% | Mar 2024 91% | Jun 2024 40% | Sep 2024 36% | Dec 2024 11% | Mar 2025 -53% | Jun 2025 -58% | Sep 2025 -59% | Dec 2025 -61% | Mar 2026 -5.4%
- SFL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 31% | Sep 2022 24% | Dec 2022 30% | Mar 2023 14% | Jun 2023 7.8% | Sep 2023 23% | Dec 2023 6.1% | Mar 2024 32% | Jun 2024 16% | Sep 2024 24% | Dec 2024 9.1% | Mar 2025 -18% | Jun 2025 1.1% | Sep 2025 -30% | Dec 2025 -23% | Mar 2026 -7.0%
- GSL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 86% | Sep 2022 24% | Dec 2022 7.1% | Mar 2023 3.3% | Jun 2023 5.2% | Sep 2023 1.2% | Dec 2023 8.5% | Mar 2024 13% | Jun 2024 8.0% | Sep 2024 -0.6% | Dec 2024 1.7% | Mar 2025 6.1% | Jun 2025 9.7% | Sep 2025 11% | Dec 2025 5.0% | Mar 2026 3.7%
- CCEC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 85% | Sep 2022 67% | Dec 2022 25% | Mar 2023 11% | Jun 2023 20% | Sep 2023 -11% | Dec 2023 -20% | Mar 2024 -6.2% | Jun 2024 10% | Sep 2024 66% | Dec 2024 34% | Mar 2025 34% | Jun 2025 6.1% | Sep 2025 -5.7% | Dec 2025 14% | Mar 2026 -3.9%
- GNK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 -12% | Dec 2022 -31% | Mar 2023 -31% | Jun 2023 -34% | Sep 2023 -39% | Dec 2023 -8.7% | Mar 2024 24% | Jun 2024 18% | Sep 2024 19% | Dec 2024 -15% | Mar 2025 -39% | Jun 2025 -24% | Sep 2025 -19% | Dec 2025 11% | Mar 2026 61%
- SB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12% | Sep 2022 2.2% | Dec 2022 -5.4% | Mar 2023 -14% | Jun 2023 -23% | Sep 2023 -31% | Dec 2023 -5.8% | Mar 2024 22% | Jun 2024 11% | Sep 2024 17% | Dec 2024 -13% | Mar 2025 -22% | Jun 2025 -16% | Sep 2025 -4.0% | Dec 2025 2.8% | Mar 2026 16%
- HSHP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -8.3% | Jun 2025 -3.2% | Sep 2025 -2.6% | Dec 2025 40% | Mar 2026 55%
- ASC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 128% | Sep 2022 202% | Dec 2022 156% | Mar 2023 87% | Jun 2023 -14% | Sep 2023 -39% | Dec 2023 -26% | Mar 2024 -10% | Jun 2024 32% | Sep 2024 10% | Dec 2024 -17% | Mar 2025 -30% | Jun 2025 -41% | Sep 2025 -16% | Dec 2025 1.2% | Mar 2026 19%
- ESEA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 167% | Sep 2022 100% | Dec 2022 13% | Mar 2023 -6.7% | Jun 2023 0.0% | Sep 2023 11% | Dec 2023 14% | Mar 2024 12% | Jun 2024 23% | Sep 2024 5.9% | Dec 2024 8.2% | Mar 2025 19% | Jun 2025 -3.4% | Sep 2025 5.6% | Dec 2025 7.6% | Mar 2026 0.0%
- PANL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 34% | Sep 2022 -14% | Dec 2022 -46% | Mar 2023 -41% | Jun 2023 -40% | Sep 2023 -26% | Dec 2023 3.1% | Mar 2024 -7.9% | Jun 2024 11% | Sep 2024 13% | Dec 2024 11% | Mar 2025 17% | Jun 2025 20% | Sep 2025 10% | Dec 2025 25% | Mar 2026 39%
- SHIP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18% | Sep 2022 -29% | Dec 2022 -49% | Mar 2023 -40% | Jun 2023 -15% | Sep 2023 -29% | Dec 2023 34% | Mar 2024 111% | Jun 2024 54% | Sep 2024 83% | Dec 2024 7.7% | Mar 2025 -37% | Jun 2025 -14% | Sep 2025 6.8% | Dec 2025 17% | Mar 2026 79%
- GASS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 -5.4% | Dec 2022 19% | Mar 2023 5.6% | Jun 2023 -5.1% | Sep 2023 0.0% | Dec 2023 -21% | Mar 2024 11% | Jun 2024 14% | Sep 2024 14% | Dec 2024 26% | Mar 2025 0.0% | Jun 2025 12% | Sep 2025 13% | Dec 2025 -9.3% | Mar 2026 2.4%
- DSX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 60% | Sep 2022 30% | Dec 2022 10% | Mar 2023 11% | Jun 2023 -11% | Sep 2023 -16% | Dec 2023 -21% | Mar 2024 -21% | Jun 2024 -16% | Sep 2024 -8.1% | Dec 2024 -5.0% | Mar 2025 -5.2% | Jun 2025 -1.8% | Sep 2025 -8.8% | Dec 2025 -8.8% | Mar 2026 0.0%
- SMHI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 26% | Sep 2022 36% | Dec 2022 21% | Mar 2023 33% | Jun 2023 26% | Sep 2023 28% | Dec 2023 26% | Mar 2024 3.3% | Jun 2024 2.9% | Sep 2024 -10% | Dec 2024 -4.1% | Mar 2025 -13% | Jun 2025 -13% | Sep 2025 -14% | Dec 2025 -26% | Mar 2026 -20%

## Operating Economics & Margin Trend

What the numbers say: Euroseas Ltd. leads opm at 61.2%; Seanergy Maritime Holdings Corp. leads margin change at +43.9 percentage points.

Investor read: Euroseas Ltd. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Euroseas Ltd. · 61.2% | 6.3% versus #2 · Okeanis Eco Tankers Corp. | 4/8 recent comparable periods | 23/23 companies · 432 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Euroseas Ltd. (ESEA): 61%
2. Okeanis Eco Tankers Corp. (ECO): 58%
3. Himalaya Shipping Ltd. (HSHP): 51%
4. Danaos Corporation (DAC): 49%
5. Global Ship Lease, Inc. (GSL): 49%

### Margin change — fastest expanders
1. Seanergy Maritime Holdings Corp. (SHIP): +43.9 pp
2. Okeanis Eco Tankers Corp. (ECO): +29.8 pp
3. SFL Corporation Ltd. (SFL): +26.6 pp
4. Genco Shipping & Trading Limited (GNK): +25.3 pp
5. Star Bulk Carriers Corp. (SBLK): +22.9 pp

### 20-quarter OPM history
- KEX: Jun 2021 4.3% | Sep 2021 -53% | Dec 2021 5.3% | Mar 2022 4.9% | Jun 2022 6.7% | Sep 2022 7.9% | Dec 2022 7.9% | Mar 2023 8.2% | Jun 2023 11% | Sep 2023 12% | Dec 2023 12% | Mar 2024 13% | Jun 2024 15% | Sep 2024 15% | Dec 2024 6.3% | Mar 2025 13% | Jun 2025 15% | Sep 2025 15% | Dec 2025 15% | Mar 2026 13%
- MATX: Jun 2021 24% | Sep 2021 35% | Dec 2021 38% | Mar 2022 37% | Jun 2022 39% | Sep 2022 30% | Dec 2022 12% | Mar 2023 5.5% | Jun 2023 13% | Sep 2023 16% | Dec 2023 9.5% | Mar 2024 5.1% | Jun 2024 15% | Sep 2024 25% | Dec 2024 17% | Mar 2025 11% | Jun 2025 14% | Sep 2025 18% | Dec 2025 17% | Mar 2026 8.1%
- HAFN: Jun 2021 -0.5% | Sep 2021 -4.0% | Dec 2021 2.5% | Mar 2022 13% | Jun 2022 43% | Sep 2022 56% | Dec 2022 46% | Mar 2023 45% | Jun 2023 32% | Sep 2023 25% | Dec 2023 25% | Mar 2024 29% | Jun 2024 31% | Sep 2024 30% | Dec 2024 17% | Mar 2025 14% | Jun 2025 15% | Sep 2025 17% | Dec 2025 18% | Mar 2026 27%
- SBLK: Jun 2021 47% | Sep 2021 56% | Dec 2021 64% | Mar 2022 52% | Jun 2022 50% | Sep 2022 33% | Dec 2022 31% | Mar 2023 16% | Jun 2023 23% | Sep 2023 31% | Dec 2023 25% | Mar 2024 35% | Jun 2024 32% | Sep 2024 26% | Dec 2024 16% | Mar 2025 2.8% | Jun 2025 8.0% | Sep 2025 14% | Dec 2025 27% | Mar 2026 26%
- ZIM: Jun 2021 49% | Sep 2021 59% | Dec 2021 61% | Mar 2022 60% | Jun 2022 52% | Sep 2022 48% | Dec 2022 27% | Mar 2023 -1.0% | Jun 2023 -13% | Sep 2023 -179% | Dec 2023 -4.4% | Mar 2024 11% | Jun 2024 24% | Sep 2024 45% | Dec 2024 30% | Mar 2025 23% | Jun 2025 9.1% | Sep 2025 15% | Dec 2025 9.6% | Mar 2026 -1.3%
- DAC: Jun 2021 50% | Sep 2021 57% | Dec 2021 54% | Mar 2022 61% | Jun 2022 63% | Sep 2022 64% | Dec 2022 75% | Mar 2023 63% | Jun 2023 61% | Sep 2023 61% | Dec 2023 53% | Mar 2024 55% | Jun 2024 57% | Sep 2024 52% | Dec 2024 49% | Mar 2025 48% | Jun 2025 48% | Sep 2025 50% | Dec 2025 46% | Mar 2026 49%
- NMM: Jun 2021 72% | Sep 2021 77% | Dec 2021 52% | Mar 2022 42% | Jun 2022 48% | Sep 2022 89% | Dec 2022 42% | Mar 2023 45% | Jun 2023 42% | Sep 2023 38% | Dec 2023 34% | Mar 2024 32% | Jun 2024 38% | Sep 2024 37% | Dec 2024 38% | Mar 2025 25% | Jun 2025 32% | Sep 2025 26% | Dec 2025 41% | Mar 2026 38%
- ECO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 19% | Jun 2022 29% | Sep 2022 40% | Dec 2022 54% | Mar 2023 57% | Jun 2023 56% | Sep 2023 40% | Dec 2023 37% | Mar 2024 50% | Jun 2024 48% | Sep 2024 32% | Dec 2024 31% | Mar 2025 28% | Jun 2025 39% | Sep 2025 38% | Dec 2025 54% | Mar 2026 58%
- CMRE: Jun 2021 49% | Sep 2021 57% | Dec 2021 64% | Mar 2022 55% | Jun 2022 52% | Sep 2022 51% | Dec 2022 82% | Mar 2023 62% | Jun 2023 33% | Sep 2023 21% | Dec 2023 22% | Mar 2024 22% | Jun 2024 25% | Sep 2024 19% | Dec 2024 23% | Mar 2025 55% | Jun 2025 53% | Sep 2025 52% | Dec 2025 48% | Mar 2026 46%
- SFL: Jun 2021 37% | Sep 2021 40% | Dec 2021 68% | Mar 2022 39% | Jun 2022 50% | Sep 2022 39% | Dec 2022 38% | Mar 2023 29% | Jun 2023 32% | Sep 2023 32% | Dec 2023 35% | Mar 2024 37% | Jun 2024 33% | Sep 2024 37% | Dec 2024 28% | Mar 2025 5.7% | Jun 2025 24% | Sep 2025 27% | Dec 2025 18% | Mar 2026 32%
- GSL: Jun 2021 55% | Sep 2021 0.0% | Dec 2021 54% | Mar 2022 55% | Jun 2022 54% | Sep 2022 59% | Dec 2022 52% | Mar 2023 53% | Jun 2023 53% | Sep 2023 54% | Dec 2023 0.0% | Mar 2024 54% | Jun 2024 54% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 67% | Jun 2025 53% | Sep 2025 0.0% | Dec 2025 55% | Mar 2026 49%
- CCEC: Jun 2021 99% | Sep 2021 35% | Dec 2021 78% | Mar 2022 45% | Jun 2022 45% | Sep 2022 44% | Dec 2022 47% | Mar 2023 44% | Jun 2023 34% | Sep 2023 48% | Dec 2023 42% | Mar 2024 47% | Jun 2024 66% | Sep 2024 54% | Dec 2024 95% | Mar 2025 58% | Jun 2025 54% | Sep 2025 50% | Dec 2025 54% | Mar 2026 45%
- GNK: Jun 2021 30% | Sep 2021 42% | Dec 2021 51% | Mar 2022 31% | Jun 2022 36% | Sep 2022 33% | Dec 2022 24% | Mar 2023 4.7% | Jun 2023 14% | Sep 2023 -36% | Dec 2023 6.1% | Mar 2024 19% | Jun 2024 25% | Sep 2024 24% | Dec 2024 15% | Mar 2025 -14% | Jun 2025 -5.3% | Sep 2025 3.1% | Dec 2025 17% | Mar 2026 12%
- SB: Jun 2021 48% | Sep 2021 64% | Dec 2021 71% | Mar 2022 47% | Jun 2022 60% | Sep 2022 58% | Dec 2022 46% | Mar 2023 37% | Jun 2023 31% | Sep 2023 32% | Dec 2023 45% | Mar 2024 43% | Jun 2024 44% | Sep 2024 45% | Dec 2024 35% | Mar 2025 23% | Jun 2025 16% | Sep 2025 35% | Dec 2025 26% | Mar 2026 36%
- HSHP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 48% | Jun 2024 56% | Sep 2024 60% | Dec 2024 47% | Mar 2025 30% | Jun 2025 46% | Sep 2025 58% | Dec 2025 62% | Mar 2026 51%
- ASC: Jun 2021 5.3% | Sep 2021 -1.0% | Dec 2021 5.3% | Mar 2022 17% | Jun 2022 39% | Sep 2022 53% | Dec 2022 53% | Mar 2023 50% | Jun 2023 41% | Sep 2023 39% | Dec 2023 43% | Mar 2024 50% | Jun 2024 51% | Sep 2024 40% | Dec 2024 31% | Mar 2025 9.7% | Jun 2025 31% | Sep 2025 32% | Dec 2025 28% | Mar 2026 29%
- ESEA: Jun 2021 48% | Sep 2021 39% | Dec 2021 63% | Mar 2022 63% | Jun 2022 66% | Sep 2022 54% | Dec 2022 50% | Mar 2023 71% | Jun 2023 60% | Sep 2023 66% | Dec 2023 57% | Mar 2024 44% | Jun 2024 72% | Sep 2024 57% | Dec 2024 50% | Mar 2025 72% | Jun 2025 58% | Sep 2025 57% | Dec 2025 75% | Mar 2026 61%
- PANL: Jun 2021 11% | Sep 2021 12% | Dec 2021 19% | Mar 2022 10% | Jun 2022 19% | Sep 2022 17% | Dec 2022 27% | Mar 2023 5.7% | Jun 2023 6.7% | Sep 2023 15% | Dec 2023 20% | Mar 2024 11% | Jun 2024 5.8% | Sep 2024 9.8% | Dec 2024 20% | Mar 2025 2.4% | Jun 2025 2.3% | Sep 2025 10% | Dec 2025 25% | Mar 2026 6.1%
- CMDB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -8.3% | Jun 2024 -8.3% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -12% | Sep 2025 -4.2% | Dec 2025 -1.2% | Mar 2026 12%
- SHIP: Jun 2021 22% | Sep 2021 51% | Dec 2021 57% | Mar 2022 26% | Jun 2022 27% | Sep 2022 24% | Dec 2022 16% | Mar 2023 7.2% | Jun 2023 19% | Sep 2023 0.1% | Dec 2023 37% | Mar 2024 38% | Jun 2024 45% | Sep 2024 40% | Dec 2024 26% | Mar 2025 -7.0% | Jun 2025 22% | Sep 2025 39% | Dec 2025 38% | Mar 2026 37%
- GASS: Jun 2021 0.9% | Sep 2021 8.8% | Dec 2021 -104% | Mar 2022 23% | Jun 2022 30% | Sep 2022 9.0% | Dec 2022 22% | Mar 2023 26% | Jun 2023 28% | Sep 2023 47% | Dec 2023 28% | Mar 2024 42% | Jun 2024 39% | Sep 2024 30% | Dec 2024 32% | Mar 2025 30% | Jun 2025 42% | Sep 2025 27% | Dec 2025 28% | Mar 2026 32%
- DSX: Jun 2021 17% | Sep 2021 37% | Dec 2021 45% | Mar 2022 47% | Jun 2022 50% | Sep 2022 51% | Dec 2022 44% | Mar 2023 45% | Jun 2023 29% | Sep 2023 29% | Dec 2023 26% | Mar 2024 27% | Jun 2024 22% | Sep 2024 29% | Dec 2024 25% | Mar 2025 25% | Jun 2025 19% | Sep 2025 21% | Dec 2025 14% | Mar 2026 21%
- SMHI: Jun 2021 20% | Sep 2021 -33% | Dec 2021 -31% | Mar 2022 -38% | Jun 2022 -29% | Sep 2022 -18% | Dec 2022 -18% | Mar 2023 0.3% | Jun 2023 4.2% | Sep 2023 13% | Dec 2023 31% | Mar 2024 -17% | Jun 2024 -5.6% | Sep 2024 -9.4% | Dec 2024 15% | Mar 2025 -9.5% | Jun 2025 10% | Sep 2025 31% | Dec 2025 -9.9% | Mar 2026 -14%

### 20-quarter Margin change history
- KEX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.4 pp | Sep 2022 +60.8 pp | Dec 2022 +2.6 pp | Mar 2023 +3.3 pp | Jun 2023 +4.5 pp | Sep 2023 +4.3 pp | Dec 2023 +3.7 pp | Mar 2024 +4.4 pp | Jun 2024 +3.4 pp | Sep 2024 +3.1 pp | Dec 2024 −5.3 pp | Mar 2025 +0.8 pp | Jun 2025 +0.8 pp | Sep 2025 −0.5 pp | Dec 2025 +8.9 pp | Mar 2026 −0.6 pp
- MATX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +14.7 pp | Sep 2022 −5.2 pp | Dec 2022 −25.9 pp | Mar 2023 −31.6 pp | Jun 2023 −26.6 pp | Sep 2023 −14.1 pp | Dec 2023 −2.1 pp | Mar 2024 −0.4 pp | Jun 2024 +2.2 pp | Sep 2024 +9.2 pp | Dec 2024 +7.1 pp | Mar 2025 +5.4 pp | Jun 2025 −1.1 pp | Sep 2025 −6.9 pp | Dec 2025 +0.3 pp | Mar 2026 −2.4 pp
- HAFN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +43.9 pp | Sep 2022 +59.8 pp | Dec 2022 +43.8 pp | Mar 2023 +31.3 pp | Jun 2023 −11.1 pp | Sep 2023 −30.7 pp | Dec 2023 −21.0 pp | Mar 2024 −15.4 pp | Jun 2024 −1.2 pp | Sep 2024 +5.0 pp | Dec 2024 −8.3 pp | Mar 2025 −15.7 pp | Jun 2025 −16.3 pp | Sep 2025 −13.1 pp | Dec 2025 +1.3 pp | Mar 2026 +12.9 pp
- SBLK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.8 pp | Sep 2022 −22.8 pp | Dec 2022 −33.0 pp | Mar 2023 −36.4 pp | Jun 2023 −27.4 pp | Sep 2023 −2.1 pp | Dec 2023 −6.0 pp | Mar 2024 +19.7 pp | Jun 2024 +8.7 pp | Sep 2024 −5.1 pp | Dec 2024 −9.4 pp | Mar 2025 −32.5 pp | Jun 2025 −23.6 pp | Sep 2025 −12.0 pp | Dec 2025 +11.2 pp | Mar 2026 +22.9 pp
- ZIM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.9 pp | Sep 2022 −11.5 pp | Dec 2022 −34.4 pp | Mar 2023 −61.3 pp | Jun 2023 −64.3 pp | Sep 2023 −226.6 pp | Dec 2023 −31.1 pp | Mar 2024 +11.7 pp | Jun 2024 +37.0 pp | Sep 2024 +223.5 pp | Dec 2024 +34.7 pp | Mar 2025 +12.4 pp | Jun 2025 −15.1 pp | Sep 2025 −30.1 pp | Dec 2025 −20.7 pp | Mar 2026 −24.4 pp
- DAC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +12.8 pp | Sep 2022 +6.6 pp | Dec 2022 +21.6 pp | Mar 2023 +2.5 pp | Jun 2023 −1.4 pp | Sep 2023 −2.6 pp | Dec 2023 −22.5 pp | Mar 2024 −8.0 pp | Jun 2024 −4.3 pp | Sep 2024 −9.6 pp | Dec 2024 −4.3 pp | Mar 2025 −7.9 pp | Jun 2025 −8.9 pp | Sep 2025 −1.8 pp | Dec 2025 −2.4 pp | Mar 2026 +1.8 pp
- NMM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −24.6 pp | Sep 2022 +11.4 pp | Dec 2022 −10.5 pp | Mar 2023 +2.7 pp | Jun 2023 −5.7 pp | Sep 2023 −51.3 pp | Dec 2023 −7.6 pp | Mar 2024 −12.7 pp | Jun 2024 −3.6 pp | Sep 2024 −1.0 pp | Dec 2024 +4.3 pp | Mar 2025 −7.4 pp | Jun 2025 −6.9 pp | Sep 2025 −10.6 pp | Dec 2025 +3.0 pp | Mar 2026 +13.4 pp
- ECO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +38.0 pp | Jun 2023 +26.8 pp | Sep 2023 −0.4 pp | Dec 2023 −17.1 pp | Mar 2024 −7.6 pp | Jun 2024 −8.3 pp | Sep 2024 −7.5 pp | Dec 2024 −5.6 pp | Mar 2025 −21.8 pp | Jun 2025 −8.6 pp | Sep 2025 +6.0 pp | Dec 2025 +22.7 pp | Mar 2026 +29.8 pp
- CMRE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.7 pp | Sep 2022 −6.4 pp | Dec 2022 +17.7 pp | Mar 2023 +7.3 pp | Jun 2023 −18.6 pp | Sep 2023 −29.5 pp | Dec 2023 −60.5 pp | Mar 2024 −40.6 pp | Jun 2024 −8.6 pp | Sep 2024 −1.9 pp | Dec 2024 +1.7 pp | Mar 2025 +33.5 pp | Jun 2025 +27.8 pp | Sep 2025 +33.2 pp | Dec 2025 +24.3 pp | Mar 2026 −9.1 pp
- SFL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +12.8 pp | Sep 2022 −1.2 pp | Dec 2022 −30.0 pp | Mar 2023 −10.1 pp | Jun 2023 −18.3 pp | Sep 2023 −7.3 pp | Dec 2023 −2.8 pp | Mar 2024 +8.5 pp | Jun 2024 +1.1 pp | Sep 2024 +5.0 pp | Dec 2024 −6.5 pp | Mar 2025 −31.6 pp | Jun 2025 −9.0 pp | Sep 2025 −9.6 pp | Dec 2025 −10.2 pp | Mar 2026 +26.6 pp
- GSL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.7 pp | Sep 2022 +59.0 pp | Dec 2022 −1.9 pp | Mar 2023 −1.1 pp | Jun 2023 −1.6 pp | Sep 2023 −5.1 pp | Dec 2023 −51.6 pp | Mar 2024 +0.7 pp | Jun 2024 +1.1 pp | Sep 2024 −53.9 pp | Dec 2024 0.0 pp | Mar 2025 +13.2 pp | Jun 2025 −0.6 pp | Sep 2025 0.0 pp | Dec 2025 +55.3 pp | Mar 2026 −18.1 pp
- CCEC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −54.6 pp | Sep 2022 +8.3 pp | Dec 2022 −30.2 pp | Mar 2023 −0.9 pp | Jun 2023 −10.9 pp | Sep 2023 +4.1 pp | Dec 2023 −5.8 pp | Mar 2024 +2.3 pp | Jun 2024 +32.3 pp | Sep 2024 +6.1 pp | Dec 2024 +53.5 pp | Mar 2025 +11.0 pp | Jun 2025 −11.9 pp | Sep 2025 −3.6 pp | Dec 2025 −40.6 pp | Mar 2026 −13.0 pp
- GNK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +5.7 pp | Sep 2022 −8.9 pp | Dec 2022 −26.6 pp | Mar 2023 −26.2 pp | Jun 2023 −21.3 pp | Sep 2023 −69.6 pp | Dec 2023 −18.1 pp | Mar 2024 +14.1 pp | Jun 2024 +10.2 pp | Sep 2024 +60.6 pp | Dec 2024 +8.6 pp | Mar 2025 −32.5 pp | Jun 2025 −29.9 pp | Sep 2025 −21.1 pp | Dec 2025 +2.6 pp | Mar 2026 +25.3 pp
- SB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +11.5 pp | Sep 2022 −6.1 pp | Dec 2022 −25.1 pp | Mar 2023 −9.7 pp | Jun 2023 −29.0 pp | Sep 2023 −25.8 pp | Dec 2023 −0.7 pp | Mar 2024 +5.8 pp | Jun 2024 +13.4 pp | Sep 2024 +13.4 pp | Dec 2024 −10.7 pp | Mar 2025 −19.6 pp | Jun 2025 −27.9 pp | Sep 2025 −9.9 pp | Dec 2025 −8.7 pp | Mar 2026 +12.4 pp
- HSHP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 −18.9 pp | Jun 2025 −10.6 pp | Sep 2025 −2.2 pp | Dec 2025 +14.5 pp | Mar 2026 +21.7 pp
- ASC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +34.0 pp | Sep 2022 +53.6 pp | Dec 2022 +48.1 pp | Mar 2023 +32.8 pp | Jun 2023 +1.4 pp | Sep 2023 −13.2 pp | Dec 2023 −10.4 pp | Mar 2024 +0.3 pp | Jun 2024 +10.3 pp | Sep 2024 +0.9 pp | Dec 2024 −12.1 pp | Mar 2025 −40.3 pp | Jun 2025 −20.1 pp | Sep 2025 −8.3 pp | Dec 2025 −3.4 pp | Mar 2026 +19.4 pp
- ESEA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +18.0 pp | Sep 2022 +14.5 pp | Dec 2022 −12.6 pp | Mar 2023 +7.8 pp | Jun 2023 −5.4 pp | Sep 2023 +11.9 pp | Dec 2023 +6.5 pp | Mar 2024 −27.2 pp | Jun 2024 +11.7 pp | Sep 2024 −9.0 pp | Dec 2024 −6.5 pp | Mar 2025 +28.2 pp | Jun 2025 −13.8 pp | Sep 2025 +0.5 pp | Dec 2025 +25.2 pp | Mar 2026 −10.6 pp
- PANL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +7.4 pp | Sep 2022 +4.5 pp | Dec 2022 +8.2 pp | Mar 2023 −4.7 pp | Jun 2023 −11.8 pp | Sep 2023 −2.0 pp | Dec 2023 −7.1 pp | Mar 2024 +4.8 pp | Jun 2024 −0.9 pp | Sep 2024 −4.7 pp | Dec 2024 +0.1 pp | Mar 2025 −8.1 pp | Jun 2025 −3.5 pp | Sep 2025 +0.2 pp | Dec 2025 +4.8 pp | Mar 2026 +3.7 pp
- CMDB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 −3.6 pp | Sep 2025 — | Dec 2025 — | Mar 2026 —
- SHIP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +5.0 pp | Sep 2022 −26.9 pp | Dec 2022 −40.6 pp | Mar 2023 −19.0 pp | Jun 2023 −8.4 pp | Sep 2023 −24.1 pp | Dec 2023 +20.8 pp | Mar 2024 +31.2 pp | Jun 2024 +25.9 pp | Sep 2024 +39.9 pp | Dec 2024 −11.4 pp | Mar 2025 −45.4 pp | Jun 2025 −22.9 pp | Sep 2025 −1.1 pp | Dec 2025 +11.7 pp | Mar 2026 +43.9 pp
- GASS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +29.5 pp | Sep 2022 +0.2 pp | Dec 2022 +126.0 pp | Mar 2023 +2.8 pp | Jun 2023 −2.9 pp | Sep 2023 +38.2 pp | Dec 2023 +6.3 pp | Mar 2024 +16.5 pp | Jun 2024 +11.0 pp | Sep 2024 −17.1 pp | Dec 2024 +4.2 pp | Mar 2025 −12.1 pp | Jun 2025 +3.2 pp | Sep 2025 −3.2 pp | Dec 2025 −4.9 pp | Mar 2026 +2.4 pp
- DSX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +33.7 pp | Sep 2022 +14.1 pp | Dec 2022 −0.9 pp | Mar 2023 −2.0 pp | Jun 2023 −21.3 pp | Sep 2023 −22.6 pp | Dec 2023 −17.9 pp | Mar 2024 −18.4 pp | Jun 2024 −7.2 pp | Sep 2024 +0.5 pp | Dec 2024 −1.0 pp | Mar 2025 −1.9 pp | Jun 2025 −2.6 pp | Sep 2025 −8.3 pp | Dec 2025 −11.5 pp | Mar 2026 −4.2 pp
- SMHI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −48.2 pp | Sep 2022 +14.5 pp | Dec 2022 +12.6 pp | Mar 2023 +37.9 pp | Jun 2023 +32.9 pp | Sep 2023 +31.0 pp | Dec 2023 +49.0 pp | Mar 2024 −17.2 pp | Jun 2024 −9.8 pp | Sep 2024 −22.2 pp | Dec 2024 −15.8 pp | Mar 2025 +7.4 pp | Jun 2025 +15.6 pp | Sep 2025 +39.9 pp | Dec 2025 −25.1 pp | Mar 2026 −4.9 pp

## Profit Scale & Acceleration

What the numbers say: Danaos Corporation leads with $520 million of TTM profit, 13.8% above Hafnia Limited. Diana Shipping Inc. shows ≥100% on the scoring scale (214.3% uncapped) growth from a $44 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Danaos Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Danaos Corporation · $520 million | 13.8% versus #2 · Hafnia Limited | 3/8 recent comparable periods | 23/23 companies · 434 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Danaos Corporation (DAC): ₹520 Cr
2. Hafnia Limited (HAFN): ₹457 Cr
3. Matson, Inc. (MATX): ₹430 Cr
4. Global Ship Lease, Inc. (GSL): ₹387 Cr
5. Kirby Corporation (KEX): ₹360 Cr

### Profit growth — fastest growers
1. Diana Shipping Inc. (DSX): 100%
2. Okeanis Eco Tankers Corp. (ECO): 100%
3. StealthGas Inc. (GASS): 78%
4. Kirby Corporation (KEX): 23%
5. Costamare Inc. (CMRE): 11%

### 20-quarter Net profit history
- KEX: Jun 2021 ₹10 Cr | Sep 2021 ₹-265 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹29 Cr | Sep 2022 ₹39 Cr | Dec 2022 ₹37 Cr | Mar 2023 ₹41 Cr | Jun 2023 ₹57 Cr | Sep 2023 ₹63 Cr | Dec 2023 ₹62 Cr | Mar 2024 ₹70 Cr | Jun 2024 ₹84 Cr | Sep 2024 ₹90 Cr | Dec 2024 ₹43 Cr | Mar 2025 ₹76 Cr | Jun 2025 ₹94 Cr | Sep 2025 ₹93 Cr | Dec 2025 ₹92 Cr | Mar 2026 ₹81 Cr
- MATX: Jun 2021 ₹163 Cr | Sep 2021 ₹283 Cr | Dec 2021 ₹395 Cr | Mar 2022 ₹339 Cr | Jun 2022 ₹381 Cr | Sep 2022 ₹266 Cr | Dec 2022 ₹78 Cr | Mar 2023 ₹34 Cr | Jun 2023 ₹81 Cr | Sep 2023 ₹120 Cr | Dec 2023 ₹62 Cr | Mar 2024 ₹36 Cr | Jun 2024 ₹113 Cr | Sep 2024 ₹199 Cr | Dec 2024 ₹128 Cr | Mar 2025 ₹72 Cr | Jun 2025 ₹95 Cr | Sep 2025 ₹135 Cr | Dec 2025 ₹143 Cr | Mar 2026 ₹57 Cr
- HAFN: Jun 2021 ₹-11 Cr | Sep 2021 ₹-21 Cr | Dec 2021 ₹-8 Cr | Mar 2022 ₹21 Cr | Jun 2022 ₹186 Cr | Sep 2022 ₹280 Cr | Dec 2022 ₹264 Cr | Mar 2023 ₹257 Cr | Jun 2023 ₹213 Cr | Sep 2023 ₹147 Cr | Dec 2023 ₹176 Cr | Mar 2024 ₹220 Cr | Jun 2024 ₹259 Cr | Sep 2024 ₹216 Cr | Dec 2024 ₹80 Cr | Mar 2025 ₹63 Cr | Jun 2025 ₹75 Cr | Sep 2025 ₹92 Cr | Dec 2025 ₹110 Cr | Mar 2026 ₹180 Cr
- SBLK: Jun 2021 ₹124 Cr | Sep 2021 ₹220 Cr | Dec 2021 ₹300 Cr | Mar 2022 ₹170 Cr | Jun 2022 ₹200 Cr | Sep 2022 ₹110 Cr | Dec 2022 ₹86 Cr | Mar 2023 ₹46 Cr | Jun 2023 ₹44 Cr | Sep 2023 ₹44 Cr | Dec 2023 ₹40 Cr | Mar 2024 ₹75 Cr | Jun 2024 ₹106 Cr | Sep 2024 ₹81 Cr | Dec 2024 ₹42 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹65 Cr | Mar 2026 ₹59 Cr
- ZIM: Jun 2021 ₹888 Cr | Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹417 Cr | Mar 2023 ₹-58 Cr | Jun 2023 ₹-213 Cr | Sep 2023 ₹-2.3K Cr | Dec 2023 ₹-147 Cr | Mar 2024 ₹92 Cr | Jun 2024 ₹373 Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹563 Cr | Mar 2025 ₹296 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹123 Cr | Dec 2025 ₹38 Cr | Mar 2026 ₹-86 Cr
- DAC: Jun 2021 ₹373 Cr | Sep 2021 ₹217 Cr | Dec 2021 ₹166 Cr | Mar 2022 ₹331 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹67 Cr | Dec 2022 ₹153 Cr | Mar 2023 ₹146 Cr | Jun 2023 ₹147 Cr | Sep 2023 ₹133 Cr | Dec 2023 ₹150 Cr | Mar 2024 ₹150 Cr | Jun 2024 ₹141 Cr | Sep 2024 ₹123 Cr | Dec 2024 ₹90 Cr | Mar 2025 ₹115 Cr | Jun 2025 ₹131 Cr | Sep 2025 ₹131 Cr | Dec 2025 ₹118 Cr | Mar 2026 ₹140 Cr
- NMM: Jun 2021 ₹100 Cr | Sep 2021 ₹158 Cr | Dec 2021 ₹116 Cr | Mar 2022 ₹86 Cr | Jun 2022 ₹118 Cr | Sep 2022 ₹257 Cr | Dec 2022 ₹118 Cr | Mar 2023 ₹99 Cr | Jun 2023 ₹112 Cr | Sep 2023 ₹90 Cr | Dec 2023 ₹132 Cr | Mar 2024 ₹73 Cr | Jun 2024 ₹101 Cr | Sep 2024 ₹98 Cr | Dec 2024 ₹95 Cr | Mar 2025 ₹42 Cr | Jun 2025 ₹70 Cr | Sep 2025 ₹56 Cr | Dec 2025 ₹117 Cr | Mar 2026 ₹106 Cr
- ECO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹9 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹48 Cr | Mar 2023 ₹52 Cr | Jun 2023 ₹53 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹21 Cr | Mar 2024 ₹42 Cr | Jun 2024 ₹40 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹27 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹59 Cr | Mar 2026 ₹88 Cr
- CMRE: Jun 2021 ₹91 Cr | Sep 2021 ₹115 Cr | Dec 2021 ₹161 Cr | Mar 2022 ₹123 Cr | Jun 2022 ₹122 Cr | Sep 2022 ₹115 Cr | Dec 2022 ₹194 Cr | Mar 2023 ₹149 Cr | Jun 2023 ₹67 Cr | Sep 2023 ₹60 Cr | Dec 2023 ₹105 Cr | Mar 2024 ₹103 Cr | Jun 2024 ₹103 Cr | Sep 2024 ₹79 Cr | Dec 2024 ₹32 Cr | Mar 2025 ₹101 Cr | Jun 2025 ₹90 Cr | Sep 2025 ₹99 Cr | Dec 2025 ₹79 Cr | Mar 2026 ₹82 Cr
- SFL: Jun 2021 ₹19 Cr | Sep 2021 ₹32 Cr | Dec 2021 ₹81 Cr | Mar 2022 ₹46 Cr | Jun 2022 ₹57 Cr | Sep 2022 ₹49 Cr | Dec 2022 ₹51 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹29 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹45 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹44 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹-32 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹-5 Cr | Mar 2026 ₹25 Cr
- GSL: Jun 2021 ₹32 Cr | Sep 2021 ₹65 Cr | Dec 2021 ₹68 Cr | Mar 2022 ₹70 Cr | Jun 2022 ₹56 Cr | Sep 2022 ₹92 Cr | Dec 2022 ₹75 Cr | Mar 2023 ₹75 Cr | Jun 2023 ₹78 Cr | Sep 2023 ₹85 Cr | Dec 2023 ₹67 Cr | Mar 2024 ₹92 Cr | Jun 2024 ₹88 Cr | Sep 2024 ₹81 Cr | Dec 2024 ₹93 Cr | Mar 2025 ₹123 Cr | Jun 2025 ₹95 Cr | Sep 2025 ₹95 Cr | Dec 2025 ₹103 Cr | Mar 2026 ₹94 Cr
- CCEC: Jun 2021 ₹40 Cr | Sep 2021 ₹15 Cr | Dec 2021 ₹49 Cr | Mar 2022 ₹33 Cr | Jun 2022 ₹33 Cr | Sep 2022 ₹79 Cr | Dec 2022 ₹38 Cr | Mar 2023 ₹36 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹35 Cr | Jun 2024 ₹42 Cr | Sep 2024 ₹57 Cr | Dec 2024 ₹48 Cr | Mar 2025 ₹59 Cr | Jun 2025 ₹57 Cr | Sep 2025 ₹50 Cr | Dec 2025 ₹54 Cr | Mar 2026 ₹44 Cr
- GNK: Jun 2021 ₹32 Cr | Sep 2021 ₹57 Cr | Dec 2021 ₹91 Cr | Mar 2022 ₹42 Cr | Jun 2022 ₹48 Cr | Sep 2022 ₹41 Cr | Dec 2022 ₹29 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹-32 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹-12 Cr | Jun 2025 ₹-7 Cr | Sep 2025 ₹-1 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹10 Cr
- SB: Jun 2021 ₹32 Cr | Sep 2021 ₹55 Cr | Dec 2021 ₹65 Cr | Mar 2022 ₹36 Cr | Jun 2022 ₹50 Cr | Sep 2022 ₹51 Cr | Dec 2022 ₹35 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹28 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹25 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹22 Cr
- HSHP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹2 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹-6 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹5 Cr
- ASC: Jun 2021 ₹-8 Cr | Sep 2021 ₹-12 Cr | Dec 2021 ₹-8 Cr | Mar 2022 ₹-7 Cr | Jun 2022 ₹30 Cr | Sep 2022 ₹62 Cr | Dec 2022 ₹54 Cr | Mar 2023 ₹44 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹39 Cr | Jun 2024 ₹63 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹24 Cr
- ESEA: Jun 2021 ₹8 Cr | Sep 2021 ₹8 Cr | Dec 2021 ₹23 Cr | Mar 2022 ₹30 Cr | Jun 2022 ₹31 Cr | Sep 2022 ₹25 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹29 Cr | Jun 2023 ₹29 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹41 Cr | Sep 2024 ₹28 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹37 Cr | Jun 2025 ₹30 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹40 Cr | Mar 2026 ₹33 Cr
- PANL: Jun 2021 ₹20 Cr | Sep 2021 ₹29 Cr | Dec 2021 ₹18 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹27 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹-3 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹14 Cr
- CMDB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹-1 Cr | Jun 2024 ₹27 Cr | Sep 2024 — | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹-24 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹-18 Cr | Mar 2026 ₹10 Cr
- SHIP: Jun 2021 ₹2 Cr | Sep 2021 ₹20 Cr | Dec 2021 ₹21 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹-4 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹-5 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹-7 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹10 Cr
- GASS: Jun 2021 ₹-10 Cr | Sep 2021 ₹-5 Cr | Dec 2021 ₹-45 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹-9 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹-2 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹15 Cr
- DSX: Jun 2021 ₹3 Cr | Sep 2021 ₹15 Cr | Dec 2021 ₹41 Cr | Mar 2022 ₹26 Cr | Jun 2022 ₹36 Cr | Sep 2022 ₹32 Cr | Dec 2022 ₹26 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹-3 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹29 Cr
- SMHI: Jun 2021 ₹47 Cr | Sep 2021 ₹-10 Cr | Dec 2021 ₹-20 Cr | Mar 2022 ₹-21 Cr | Jun 2022 ₹-20 Cr | Sep 2022 ₹-24 Cr | Dec 2022 ₹-15 Cr | Mar 2023 ₹-10 Cr | Jun 2023 ₹-5 Cr | Sep 2023 ₹-3 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹-22 Cr | Jun 2024 ₹-13 Cr | Sep 2024 ₹-17 Cr | Dec 2024 ₹-28 Cr | Mar 2025 ₹-16 Cr | Jun 2025 ₹-7 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹-15 Cr | Mar 2026 ₹-16 Cr

### 20-quarter Profit growth history
- KEX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 190% | Sep 2022 — | Dec 2022 236% | Mar 2023 128% | Jun 2023 97% | Sep 2023 62% | Dec 2023 68% | Mar 2024 71% | Jun 2024 47% | Sep 2024 43% | Dec 2024 -31% | Mar 2025 8.6% | Jun 2025 12% | Sep 2025 3.3% | Dec 2025 114% | Mar 2026 6.6%
- MATX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 134% | Sep 2022 -6.0% | Dec 2022 -80% | Mar 2023 -90% | Jun 2023 -79% | Sep 2023 -55% | Dec 2023 -21% | Mar 2024 5.9% | Jun 2024 40% | Sep 2024 66% | Dec 2024 106% | Mar 2025 100% | Jun 2025 -16% | Sep 2025 -32% | Dec 2025 12% | Mar 2026 -21%
- HAFN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1,124% | Jun 2023 15% | Sep 2023 -48% | Dec 2023 -33% | Mar 2024 -14% | Jun 2024 22% | Sep 2024 47% | Dec 2024 -55% | Mar 2025 -71% | Jun 2025 -71% | Sep 2025 -57% | Dec 2025 38% | Mar 2026 186%
- SBLK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 61% | Sep 2022 -50% | Dec 2022 -71% | Mar 2023 -73% | Jun 2023 -78% | Sep 2023 -60% | Dec 2023 -53% | Mar 2024 63% | Jun 2024 141% | Sep 2024 84% | Dec 2024 5.0% | Mar 2025 -100% | Jun 2025 -100% | Sep 2025 -77% | Dec 2025 55% | Mar 2026 —
- ZIM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 50% | Sep 2022 -20% | Dec 2022 -76% | Mar 2023 -103% | Jun 2023 -116% | Sep 2023 -295% | Dec 2023 -135% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 222% | Jun 2025 -94% | Sep 2025 -89% | Dec 2025 -93% | Mar 2026 -129%
- DAC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -98% | Sep 2022 -69% | Dec 2022 -7.8% | Mar 2023 -56% | Jun 2023 1,738% | Sep 2023 99% | Dec 2023 -2.0% | Mar 2024 2.7% | Jun 2024 -4.1% | Sep 2024 -7.5% | Dec 2024 -40% | Mar 2025 -23% | Jun 2025 -7.1% | Sep 2025 6.5% | Dec 2025 31% | Mar 2026 22%
- NMM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18% | Sep 2022 63% | Dec 2022 1.7% | Mar 2023 15% | Jun 2023 -5.1% | Sep 2023 -65% | Dec 2023 12% | Mar 2024 -26% | Jun 2024 -9.8% | Sep 2024 8.9% | Dec 2024 -28% | Mar 2025 -42% | Jun 2025 -31% | Sep 2025 -43% | Dec 2025 23% | Mar 2026 152%
- ECO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 478% | Jun 2023 563% | Sep 2023 0.0% | Dec 2023 -56% | Mar 2024 -19% | Jun 2024 -25% | Sep 2024 -21% | Dec 2024 -38% | Mar 2025 -69% | Jun 2025 -33% | Sep 2025 60% | Dec 2025 354% | Mar 2026 577%
- CMRE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 34% | Sep 2022 0.0% | Dec 2022 21% | Mar 2023 21% | Jun 2023 -45% | Sep 2023 -48% | Dec 2023 -46% | Mar 2024 -31% | Jun 2024 54% | Sep 2024 32% | Dec 2024 -70% | Mar 2025 -1.9% | Jun 2025 -13% | Sep 2025 25% | Dec 2025 147% | Mar 2026 -19%
- SFL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 200% | Sep 2022 53% | Dec 2022 -37% | Mar 2023 -87% | Jun 2023 -72% | Sep 2023 -41% | Dec 2023 -39% | Mar 2024 650% | Jun 2024 25% | Sep 2024 52% | Dec 2024 -35% | Mar 2025 -171% | Jun 2025 -95% | Sep 2025 -82% | Dec 2025 -125% | Mar 2026 —
- GSL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 75% | Sep 2022 42% | Dec 2022 10% | Mar 2023 7.1% | Jun 2023 39% | Sep 2023 -7.6% | Dec 2023 -11% | Mar 2024 23% | Jun 2024 13% | Sep 2024 -4.7% | Dec 2024 39% | Mar 2025 34% | Jun 2025 8.0% | Sep 2025 17% | Dec 2025 11% | Mar 2026 -24%
- CCEC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -18% | Sep 2022 427% | Dec 2022 -22% | Mar 2023 9.1% | Jun 2023 -9.1% | Sep 2023 -61% | Dec 2023 -29% | Mar 2024 -2.8% | Jun 2024 40% | Sep 2024 84% | Dec 2024 78% | Mar 2025 69% | Jun 2025 36% | Sep 2025 -12% | Dec 2025 13% | Mar 2026 -25%
- GNK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 50% | Sep 2022 -28% | Dec 2022 -68% | Mar 2023 -93% | Jun 2023 -75% | Sep 2023 -178% | Dec 2023 -83% | Mar 2024 533% | Jun 2024 92% | Sep 2024 — | Dec 2024 140% | Mar 2025 -163% | Jun 2025 -130% | Sep 2025 -105% | Dec 2025 25% | Mar 2026 —
- SB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 56% | Sep 2022 -7.3% | Dec 2022 -46% | Mar 2023 -47% | Jun 2023 -70% | Sep 2023 -71% | Dec 2023 -20% | Mar 2024 32% | Jun 2024 87% | Sep 2024 67% | Dec 2024 -32% | Mar 2025 -72% | Jun 2025 -93% | Sep 2025 -28% | Dec 2025 -37% | Mar 2026 214%
- HSHP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -400% | Jun 2025 -86% | Sep 2025 -9.1% | Dec 2025 1,300% | Mar 2026 —
- ASC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -17% | Sep 2023 -66% | Dec 2023 -50% | Mar 2024 -11% | Jun 2024 152% | Sep 2024 14% | Dec 2024 -74% | Mar 2025 -85% | Jun 2025 -84% | Sep 2025 -46% | Dec 2025 71% | Mar 2026 300%
- ESEA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 288% | Sep 2022 213% | Dec 2022 -13% | Mar 2023 -3.3% | Jun 2023 -6.5% | Sep 2023 28% | Dec 2023 25% | Mar 2024 -31% | Jun 2024 41% | Sep 2024 -13% | Dec 2024 -4.0% | Mar 2025 85% | Jun 2025 -27% | Sep 2025 7.1% | Dec 2025 67% | Mar 2026 -11%
- PANL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 35% | Sep 2022 -31% | Dec 2022 -11% | Mar 2023 -86% | Jun 2023 -89% | Sep 2023 0.0% | Dec 2023 -88% | Mar 2024 333% | Jun 2024 33% | Sep 2024 -70% | Dec 2024 350% | Mar 2025 -115% | Jun 2025 -175% | Sep 2025 117% | Dec 2025 33% | Mar 2026 —
- CMDB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -189% | Sep 2025 — | Dec 2025 — | Mar 2026 —
- SHIP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 200% | Sep 2022 -65% | Dec 2022 -100% | Mar 2023 -200% | Jun 2023 -83% | Sep 2023 -171% | Dec 2023 — | Mar 2024 — | Jun 2024 1,300% | Sep 2024 — | Dec 2024 -36% | Mar 2025 -170% | Jun 2025 -79% | Sep 2025 0.0% | Dec 2025 71% | Mar 2026 —
- GASS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -200% | Jun 2023 0.0% | Sep 2023 — | Dec 2023 100% | Mar 2024 — | Jun 2024 -80% | Sep 2024 -25% | Dec 2024 117% | Mar 2025 -10% | Jun 2025 1,800% | Sep 2025 33% | Dec 2025 -15% | Mar 2026 67%
- DSX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1,100% | Sep 2022 113% | Dec 2022 -37% | Mar 2023 -12% | Jun 2023 -72% | Sep 2023 -78% | Dec 2023 -65% | Mar 2024 -91% | Jun 2024 -130% | Sep 2024 -43% | Dec 2024 11% | Mar 2025 50% | Jun 2025 — | Sep 2025 75% | Dec 2025 -70% | Mar 2026 867%
- SMHI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -143% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -660% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Capacity Spending & Returns On It

What the numbers say: Okeanis Eco Tankers Corp. reports $242 million of CAPEX; Okeanis Eco Tankers Corp. has the highest covered intensity at 142.4%. Coverage is only 23 of 23 companies and 394 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Okeanis Eco Tankers Corp. · $242 million | 26% versus #2 · Navios Maritime Partners L.P. | 7/8 recent comparable periods | 23/23 companies · 394 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Okeanis Eco Tankers Corp. (ECO): ₹242 Cr
2. Navios Maritime Partners L.P. (NMM): ₹192 Cr
3. Danaos Corporation (DAC): ₹152 Cr
4. Genco Shipping & Trading Limited (GNK): ₹134 Cr
5. Capital Clean Energy Carriers Corp. (CCEC): ₹95 Cr

### CAPEX intensity — highest reinvestment intensity
1. Okeanis Eco Tankers Corp. (ECO): 142%
2. Genco Shipping & Trading Limited (GNK): 118%
3. Capital Clean Energy Carriers Corp. (CCEC): 97%
4. Danaos Corporation (DAC): 60%
5. Navios Maritime Partners L.P. (NMM): 54%

### 20-quarter CAPEX history
- KEX: Jun 2021 ₹24 Cr | Sep 2021 ₹34 Cr | Dec 2021 ₹26 Cr | Mar 2022 ₹35 Cr | Jun 2022 ₹44 Cr | Sep 2022 ₹41 Cr | Dec 2022 ₹52 Cr | Mar 2023 ₹73 Cr | Jun 2023 ₹98 Cr | Sep 2023 ₹104 Cr | Dec 2023 ₹127 Cr | Mar 2024 ₹81 Cr | Jun 2024 ₹89 Cr | Sep 2024 ₹76 Cr | Dec 2024 ₹97 Cr | Mar 2025 ₹79 Cr | Jun 2025 ₹71 Cr | Sep 2025 ₹67 Cr | Dec 2025 ₹47 Cr | Mar 2026 ₹48 Cr
- MATX: Jun 2021 ₹64 Cr | Sep 2021 ₹142 Cr | Dec 2021 ₹81 Cr | Mar 2022 ₹47 Cr | Jun 2022 ₹33 Cr | Sep 2022 ₹46 Cr | Dec 2022 ₹84 Cr | Mar 2023 ₹36 Cr | Jun 2023 ₹90 Cr | Sep 2023 ₹61 Cr | Dec 2023 ₹61 Cr | Mar 2024 ₹55 Cr | Jun 2024 ₹70 Cr | Sep 2024 ₹60 Cr | Dec 2024 ₹125 Cr | Mar 2025 ₹89 Cr | Jun 2025 ₹86 Cr | Sep 2025 ₹83 Cr | Dec 2025 ₹135 Cr | Mar 2026 ₹48 Cr
- HAFN: Jun 2021 ₹10 Cr | Sep 2021 ₹4 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹220 Cr | Jun 2022 ₹214 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹94 Cr | Sep 2023 ₹42 Cr | Dec 2023 ₹46 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹41 Cr | Sep 2025 ₹44 Cr | Dec 2025 ₹34 Cr | Mar 2026 ₹21 Cr
- SBLK: Jun 2021 ₹52 Cr | Sep 2021 — | Dec 2021 — | Mar 2022 ₹6 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹58 Cr | Mar 2026 ₹20 Cr
- ZIM: Jun 2021 ₹332 Cr | Sep 2021 ₹291 Cr | Dec 2021 ₹249 Cr | Mar 2022 ₹183 Cr | Jun 2022 ₹81 Cr | Sep 2022 ₹55 Cr | Dec 2022 ₹28 Cr | Mar 2023 ₹36 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹41 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹66 Cr | Sep 2024 ₹50 Cr | Dec 2024 ₹73 Cr | Mar 2025 ₹78 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹67 Cr | Dec 2025 ₹48 Cr | Mar 2026 ₹31 Cr
- DAC: Jun 2021 ₹1 Cr | Sep 2021 ₹262 Cr | Dec 2021 ₹92 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹82 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹104 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹98 Cr | Dec 2023 ₹140 Cr | Mar 2024 ₹124 Cr | Jun 2024 ₹218 Cr | Sep 2024 ₹239 Cr | Dec 2024 ₹78 Cr | Mar 2025 ₹86 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹92 Cr | Dec 2025 ₹97 Cr | Mar 2026 ₹152 Cr
- NMM: Jun 2021 ₹148 Cr | Sep 2021 ₹77 Cr | Dec 2021 ₹17 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹40 Cr | Sep 2022 ₹429 Cr | Dec 2022 ₹120 Cr | Mar 2023 ₹113 Cr | Jun 2023 ₹71 Cr | Sep 2023 ₹126 Cr | Dec 2023 ₹155 Cr | Mar 2024 ₹139 Cr | Jun 2024 ₹255 Cr | Sep 2024 ₹333 Cr | Dec 2024 ₹280 Cr | Mar 2025 ₹133 Cr | Jun 2025 — | Sep 2025 ₹102 Cr | Dec 2025 ₹135 Cr | Mar 2026 ₹192 Cr
- ECO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹73 Cr | Jun 2022 ₹106 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹42 Cr | Mar 2026 ₹242 Cr
- CMRE: Jun 2021 ₹208 Cr | Sep 2021 ₹294 Cr | Dec 2021 ₹347 Cr | Mar 2022 ₹50 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹66 Cr | Dec 2023 — | Mar 2024 ₹24 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 ₹2 Cr | Mar 2025 ₹5 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 ₹19 Cr | Mar 2026 ₹16 Cr
- SFL: Jun 2021 ₹15 Cr | Sep 2021 ₹412 Cr | Dec 2021 ₹135 Cr | Mar 2022 ₹228 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹179 Cr | Dec 2022 ₹228 Cr | Mar 2023 ₹24 Cr | Jun 2023 ₹111 Cr | Sep 2023 ₹66 Cr | Dec 2023 ₹64 Cr | Mar 2024 ₹90 Cr | Jun 2024 ₹122 Cr | Sep 2024 ₹306 Cr | Dec 2024 ₹127 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹28 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹7 Cr
- GSL: Jun 2021 ₹127 Cr | Sep 2021 ₹312 Cr | Dec 2021 ₹48 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹129 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹221 Cr | Mar 2025 ₹69 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹92 Cr | Mar 2026 ₹1 Cr
- CCEC: Jun 2021 ₹0 Cr | Sep 2021 ₹66 Cr | Dec 2021 ₹266 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹115 Cr | Mar 2023 ₹335 Cr | Jun 2023 ₹121 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹245 Cr | Jun 2024 ₹890 Cr | Sep 2024 ₹60 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹51 Cr | Jun 2025 ₹80 Cr | Sep 2025 ₹50 Cr | Dec 2025 ₹135 Cr | Mar 2026 ₹95 Cr
- GNK: Jun 2021 ₹24 Cr | Sep 2021 ₹89 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹25 Cr | Jun 2022 ₹25 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹88 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹50 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹74 Cr | Mar 2026 ₹134 Cr
- SB: Jun 2021 ₹18 Cr | Sep 2021 ₹49 Cr | Dec 2021 ₹24 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- HSHP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹154 Cr | Jun 2024 ₹159 Cr | Sep 2024 ₹0 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- ASC: Jun 2021 ₹1 Cr | Sep 2021 ₹1 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹44 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹99 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹2 Cr
- ESEA: Jun 2021 ₹0 Cr | Sep 2021 ₹11 Cr | Dec 2021 ₹64 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹67 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹40 Cr | Jun 2023 ₹39 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹47 Cr | Jun 2024 ₹103 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹57 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹10 Cr
- PANL: Jun 2021 ₹103 Cr | Sep 2021 ₹51 Cr | Dec 2021 ₹37 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹27 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹57 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹2 Cr
- CMDB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹23 Cr | Jun 2024 ₹38 Cr | Sep 2024 ₹62 Cr | Dec 2024 ₹0 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 ₹0 Cr | Mar 2026 ₹6 Cr
- SHIP: Jun 2021 ₹59 Cr | Sep 2021 ₹40 Cr | Dec 2021 ₹40 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹35 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹33 Cr | Mar 2025 ₹34 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 —
- GASS: Jun 2021 — | Sep 2021 — | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹24 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹96 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹10 Cr | Mar 2025 — | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 —
- DSX: Jun 2021 ₹0 Cr | Sep 2021 ₹9 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹104 Cr | Dec 2022 ₹104 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 —
- SMHI: Jun 2021 ₹1 Cr | Sep 2021 ₹3 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹6 Cr

### 20-quarter CAPEX intensity history
- KEX: Jun 2021 4.3% | Sep 2021 5.7% | Dec 2021 4.4% | Mar 2022 5.7% | Jun 2022 6.3% | Sep 2022 5.5% | Dec 2022 7.1% | Mar 2023 9.7% | Jun 2023 13% | Sep 2023 14% | Dec 2023 16% | Mar 2024 10% | Jun 2024 11% | Sep 2024 9.1% | Dec 2024 12% | Mar 2025 10% | Jun 2025 8.3% | Sep 2025 7.7% | Dec 2025 5.5% | Mar 2026 5.7%
- MATX: Jun 2021 7.3% | Sep 2021 13% | Dec 2021 6.4% | Mar 2022 4.0% | Jun 2022 2.6% | Sep 2022 4.1% | Dec 2022 11% | Mar 2023 5.1% | Jun 2023 12% | Sep 2023 7.4% | Dec 2023 7.7% | Mar 2024 7.6% | Jun 2024 8.3% | Sep 2024 6.2% | Dec 2024 14% | Mar 2025 11% | Jun 2025 10% | Sep 2025 9.4% | Dec 2025 16% | Mar 2026 6.3%
- HAFN: Jun 2021 4.9% | Sep 2021 2.0% | Dec 2021 1.6% | Mar 2022 81% | Jun 2022 45% | Sep 2022 2.1% | Dec 2022 0.5% | Mar 2023 0.3% | Jun 2023 13% | Sep 2023 6.3% | Dec 2023 6.5% | Mar 2024 1.9% | Jun 2024 1.5% | Sep 2024 1.1% | Dec 2024 2.4% | Mar 2025 4.8% | Jun 2025 7.3% | Sep 2025 7.4% | Dec 2025 5.7% | Mar 2026 3.0%
- SBLK: Jun 2021 17% | Sep 2021 — | Dec 2021 — | Mar 2022 1.7% | Jun 2022 1.4% | Sep 2022 1.9% | Dec 2022 2.0% | Mar 2023 2.2% | Jun 2023 1.3% | Sep 2023 1.8% | Dec 2023 1.9% | Mar 2024 8.5% | Jun 2024 3.7% | Sep 2024 3.5% | Dec 2024 2.3% | Mar 2025 3.0% | Jun 2025 3.2% | Sep 2025 4.2% | Dec 2025 19% | Mar 2026 7.1%
- ZIM: Jun 2021 14% | Sep 2021 9.3% | Dec 2021 7.2% | Mar 2022 4.9% | Jun 2022 2.4% | Sep 2022 1.7% | Dec 2022 1.3% | Mar 2023 2.6% | Jun 2023 2.0% | Sep 2023 1.1% | Dec 2023 3.4% | Mar 2024 1.5% | Jun 2024 3.4% | Sep 2024 1.8% | Dec 2024 3.4% | Mar 2025 3.9% | Jun 2025 1.5% | Sep 2025 3.8% | Dec 2025 3.2% | Mar 2026 2.2%
- DAC: Jun 2021 0.7% | Sep 2021 134% | Dec 2021 43% | Mar 2022 0.9% | Jun 2022 33% | Sep 2022 4.2% | Dec 2022 41% | Mar 2023 2.5% | Jun 2023 10% | Sep 2023 41% | Dec 2023 56% | Mar 2024 49% | Jun 2024 89% | Sep 2024 93% | Dec 2024 30% | Mar 2025 34% | Jun 2025 8.0% | Sep 2025 35% | Dec 2025 37% | Mar 2026 60%
- NMM: Jun 2021 97% | Sep 2021 34% | Dec 2021 6.3% | Mar 2022 9.3% | Jun 2022 14% | Sep 2022 133% | Dec 2022 32% | Mar 2023 37% | Jun 2023 21% | Sep 2023 39% | Dec 2023 47% | Mar 2024 44% | Jun 2024 75% | Sep 2024 98% | Dec 2024 84% | Mar 2025 44% | Jun 2025 — | Sep 2025 29% | Dec 2025 37% | Mar 2026 54%
- ECO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 174% | Jun 2022 212% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.8% | Sep 2023 1.1% | Dec 2023 1.1% | Mar 2024 0.9% | Jun 2024 1.8% | Sep 2024 4.7% | Dec 2024 4.7% | Mar 2025 2.5% | Jun 2025 1.1% | Sep 2025 0.0% | Dec 2025 33% | Mar 2026 142%
- CMRE: Jun 2021 125% | Sep 2021 136% | Dec 2021 122% | Mar 2022 19% | Jun 2022 1.4% | Sep 2022 1.0% | Dec 2022 2.3% | Mar 2023 1.6% | Jun 2023 1.1% | Sep 2023 17% | Dec 2023 — | Mar 2024 5.1% | Jun 2024 — | Sep 2024 — | Dec 2024 0.4% | Mar 2025 2.2% | Jun 2025 — | Sep 2025 — | Dec 2025 9.0% | Mar 2026 7.6%
- SFL: Jun 2021 13% | Sep 2021 305% | Dec 2021 89% | Mar 2022 150% | Jun 2022 5.2% | Sep 2022 107% | Dec 2022 115% | Mar 2023 14% | Jun 2023 67% | Sep 2023 32% | Dec 2023 31% | Mar 2024 39% | Jun 2024 64% | Sep 2024 120% | Dec 2024 56% | Mar 2025 11% | Jun 2025 15% | Sep 2025 10% | Dec 2025 2.3% | Mar 2026 4.0%
- GSL: Jun 2021 153% | Sep 2021 225% | Dec 2021 31% | Mar 2022 7.8% | Jun 2022 5.2% | Sep 2022 3.5% | Dec 2022 1.2% | Mar 2023 2.5% | Jun 2023 80% | Sep 2023 5.1% | Dec 2023 5.6% | Mar 2024 2.8% | Jun 2024 4.0% | Sep 2024 5.2% | Dec 2024 121% | Mar 2025 36% | Jun 2025 2.1% | Sep 2025 1.6% | Dec 2025 48% | Mar 2026 0.5%
- CCEC: Jun 2021 0.0% | Sep 2021 154% | Dec 2021 416% | Mar 2022 1.4% | Jun 2022 0.0% | Sep 2022 1.4% | Dec 2022 144% | Mar 2023 414% | Jun 2023 136% | Sep 2023 7.8% | Dec 2023 25% | Mar 2024 322% | Jun 2024 908% | Sep 2024 57% | Dec 2024 7.0% | Mar 2025 50% | Jun 2025 77% | Sep 2025 50% | Dec 2025 138% | Mar 2026 97%
- GNK: Jun 2021 20% | Sep 2021 57% | Dec 2021 1.6% | Mar 2022 18% | Jun 2022 18% | Sep 2022 2.9% | Dec 2022 1.6% | Mar 2023 3.2% | Jun 2023 2.2% | Sep 2023 1.2% | Dec 2023 76% | Mar 2024 0.9% | Jun 2024 1.9% | Sep 2024 3.0% | Dec 2024 51% | Mar 2025 4.2% | Jun 2025 4.9% | Sep 2025 14% | Dec 2025 67% | Mar 2026 118%
- SB: Jun 2021 22% | Sep 2021 53% | Dec 2021 26% | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- HSHP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 642% | Jun 2024 513% | Sep 2024 0.0% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- ASC: Jun 2021 2.1% | Sep 2021 2.1% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 1.4% | Dec 2022 1.5% | Mar 2023 4.2% | Jun 2023 6.5% | Sep 2023 6.9% | Dec 2023 8.1% | Mar 2024 12% | Jun 2024 36% | Sep 2024 1.0% | Dec 2024 3.7% | Mar 2025 5.4% | Jun 2025 17% | Sep 2025 122% | Dec 2025 2.4% | Mar 2026 2.3%
- ESEA: Jun 2021 0.0% | Sep 2021 48% | Dec 2021 168% | Mar 2022 2.2% | Jun 2022 140% | Sep 2022 28% | Dec 2022 28% | Mar 2023 95% | Jun 2023 81% | Sep 2023 31% | Dec 2023 37% | Mar 2024 100% | Jun 2024 175% | Sep 2024 59% | Dec 2024 40% | Mar 2025 102% | Jun 2025 0.0% | Sep 2025 32% | Dec 2025 0.0% | Mar 2026 18%
- PANL: Jun 2021 71% | Sep 2021 24% | Dec 2021 16% | Mar 2022 9.4% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 14% | Mar 2023 0.0% | Jun 2023 23% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 37% | Dec 2024 8.2% | Mar 2025 0.0% | Jun 2025 0.6% | Sep 2025 4.1% | Dec 2025 1.1% | Mar 2026 1.2%
- CMDB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 9.0% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.0% | Mar 2026 5.4%
- SHIP: Jun 2021 211% | Sep 2021 83% | Dec 2021 70% | Mar 2022 6.7% | Jun 2022 106% | Sep 2022 2.9% | Dec 2022 110% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 21% | Jun 2024 72% | Sep 2024 6.8% | Dec 2024 79% | Mar 2025 142% | Jun 2025 5.4% | Sep 2025 2.1% | Dec 2025 2.0% | Mar 2026 —
- GASS: Jun 2021 — | Sep 2021 — | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 69% | Dec 2022 2.3% | Mar 2023 0.0% | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 229% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 23% | Mar 2025 — | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 —
- DSX: Jun 2021 0.0% | Sep 2021 16% | Dec 2021 13% | Mar 2022 18% | Jun 2022 16% | Sep 2022 141% | Dec 2022 137% | Mar 2023 21% | Jun 2023 22% | Sep 2023 1.6% | Dec 2023 1.7% | Mar 2024 17% | Jun 2024 18% | Sep 2024 3.5% | Dec 2024 3.5% | Mar 2025 1.8% | Jun 2025 1.8% | Sep 2025 1.9% | Dec 2025 1.9% | Mar 2026 —
- SMHI: Jun 2021 2.3% | Sep 2021 6.8% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 7.8% | Dec 2023 5.5% | Mar 2024 4.8% | Jun 2024 1.4% | Sep 2024 0.0% | Dec 2024 4.3% | Mar 2025 38% | Jun 2025 16% | Sep 2025 15% | Dec 2025 15% | Mar 2026 14%

## Debt Load & Balance-Sheet Headroom

What the numbers say: StealthGas Inc. has the clearest covered balance-sheet capacity with $131 million net cash and gross debt of $0 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: StealthGas Inc. · $0 million | 100% versus #2 · Ardmore Shipping Corporation | 5/8 recent comparable periods | 23/23 companies · 435 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. StealthGas Inc. (GASS): ₹0 Cr
2. Ardmore Shipping Corporation (ASC): ₹105 Cr
3. Costamare Bulkers Holdings Limited (CMDB): ₹162 Cr
4. Euroseas Ltd. (ESEA): ₹212 Cr
5. Seanergy Maritime Holdings Corp. (SHIP): ₹320 Cr

### Net debt — lowest net debt
1. StealthGas Inc. (GASS): ₹-131 Cr
2. Costamare Bulkers Holdings Limited (CMDB): ₹-93 Cr
3. Euroseas Ltd. (ESEA): ₹19 Cr
4. Ardmore Shipping Corporation (ASC): ₹58 Cr
5. Danaos Corporation (DAC): ₹149 Cr

### 20-quarter Gross debt history
- KEX: Jun 2021 ₹1.5K Cr | Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.2K Cr
- MATX: Jun 2021 ₹914 Cr | Sep 2021 ₹905 Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹950 Cr | Dec 2022 ₹911 Cr | Mar 2023 ₹840 Cr | Jun 2023 ₹790 Cr | Sep 2023 ₹752 Cr | Dec 2023 ₹725 Cr | Mar 2024 ₹700 Cr | Jun 2024 ₹663 Cr | Sep 2024 ₹657 Cr | Dec 2024 ₹749 Cr | Mar 2025 ₹706 Cr | Jun 2025 ₹665 Cr | Sep 2025 ₹719 Cr | Dec 2025 ₹727 Cr | Mar 2026 ₹697 Cr
- HAFN: Jun 2021 ₹1.2K Cr | Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹895 Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.0K Cr
- SBLK: Jun 2021 ₹1.6K Cr | Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.1K Cr
- ZIM: Jun 2021 ₹2.4K Cr | Sep 2021 ₹2.8K Cr | Dec 2021 ₹3.3K Cr | Mar 2022 ₹4.3K Cr | Jun 2022 ₹4.6K Cr | Sep 2022 ₹4.7K Cr | Dec 2022 ₹4.3K Cr | Mar 2023 ₹4.7K Cr | Jun 2023 ₹4.9K Cr | Sep 2023 ₹4.7K Cr | Dec 2023 ₹5.0K Cr | Mar 2024 ₹5.4K Cr | Jun 2024 ₹5.6K Cr | Sep 2024 ₹5.8K Cr | Dec 2024 ₹6.0K Cr | Mar 2025 ₹5.9K Cr | Jun 2025 ₹5.9K Cr | Sep 2025 ₹5.7K Cr | Dec 2025 ₹5.7K Cr | Mar 2026 ₹5.5K Cr
- DAC: Jun 2021 ₹1.4K Cr | Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹966 Cr | Sep 2022 ₹925 Cr | Dec 2022 ₹502 Cr | Mar 2023 ₹489 Cr | Jun 2023 ₹417 Cr | Sep 2023 ₹411 Cr | Dec 2023 ₹404 Cr | Mar 2024 ₹452 Cr | Jun 2024 ₹570 Cr | Sep 2024 ₹679 Cr | Dec 2024 ₹735 Cr | Mar 2025 ₹770 Cr | Jun 2025 ₹761 Cr | Sep 2025 ₹753 Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.0K Cr
- NMM: Jun 2021 ₹841 Cr | Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹2.2K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.4K Cr
- ECO: Jun 2021 — | Sep 2021 ₹577 Cr | Dec 2021 ₹577 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹739 Cr | Dec 2022 ₹739 Cr | Mar 2023 ₹727 Cr | Jun 2023 ₹714 Cr | Sep 2023 ₹704 Cr | Dec 2023 ₹693 Cr | Mar 2024 ₹694 Cr | Jun 2024 ₹669 Cr | Sep 2024 ₹657 Cr | Dec 2024 ₹646 Cr | Mar 2025 ₹634 Cr | Jun 2025 ₹631 Cr | Sep 2025 ₹617 Cr | Dec 2025 ₹605 Cr | Mar 2026 ₹683 Cr
- CMRE: Jun 2021 ₹2.3K Cr | Sep 2021 ₹2.5K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.7K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 ₹2.6K Cr | Mar 2023 ₹2.6K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.5K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.5K Cr
- SFL: Jun 2021 ₹2.2K Cr | Sep 2021 ₹2.5K Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.5K Cr | Sep 2022 ₹2.5K Cr | Dec 2022 ₹2.7K Cr | Mar 2023 ₹2.6K Cr | Jun 2023 ₹2.6K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹2.8K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹2.5K Cr
- GSL: Jun 2021 ₹821 Cr | Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹983 Cr | Dec 2022 ₹934 Cr | Mar 2023 ₹883 Cr | Jun 2023 ₹912 Cr | Sep 2023 ₹862 Cr | Dec 2023 ₹812 Cr | Mar 2024 ₹762 Cr | Jun 2024 ₹713 Cr | Sep 2024 ₹681 Cr | Dec 2024 ₹684 Cr | Mar 2025 ₹770 Cr | Jun 2025 ₹762 Cr | Sep 2025 ₹725 Cr | Dec 2025 ₹689 Cr | Mar 2026 ₹653 Cr
- CCEC: Jun 2021 ₹296 Cr | Sep 2021 ₹601 Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹2.6K Cr | Sep 2024 ₹2.7K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.6K Cr
- GNK: Jun 2021 ₹369 Cr | Sep 2021 ₹305 Cr | Dec 2021 ₹246 Cr | Mar 2022 ₹198 Cr | Jun 2022 ₹189 Cr | Sep 2022 ₹180 Cr | Dec 2022 ₹171 Cr | Mar 2023 ₹162 Cr | Jun 2023 ₹153 Cr | Sep 2023 ₹194 Cr | Dec 2023 ₹194 Cr | Mar 2024 ₹164 Cr | Jun 2024 ₹99 Cr | Sep 2024 ₹74 Cr | Dec 2024 ₹89 Cr | Mar 2025 ₹89 Cr | Jun 2025 ₹99 Cr | Sep 2025 ₹164 Cr | Dec 2025 ₹195 Cr | Mar 2026 ₹324 Cr
- SB: Jun 2021 ₹474 Cr | Sep 2021 ₹406 Cr | Dec 2021 ₹378 Cr | Mar 2022 ₹422 Cr | Jun 2022 ₹444 Cr | Sep 2022 ₹456 Cr | Dec 2022 ₹414 Cr | Mar 2023 ₹416 Cr | Jun 2023 ₹446 Cr | Sep 2023 ₹441 Cr | Dec 2023 ₹507 Cr | Mar 2024 ₹525 Cr | Jun 2024 ₹491 Cr | Sep 2024 ₹490 Cr | Dec 2024 ₹537 Cr | Mar 2025 ₹520 Cr | Jun 2025 ₹553 Cr | Sep 2025 ₹516 Cr | Dec 2025 ₹540 Cr | Mar 2026 ₹544 Cr
- HSHP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹714 Cr | Dec 2024 ₹714 Cr | Mar 2025 ₹708 Cr | Jun 2025 ₹701 Cr | Sep 2025 ₹695 Cr | Dec 2025 ₹689 Cr | Mar 2026 ₹683 Cr
- ASC: Jun 2021 ₹381 Cr | Sep 2021 ₹384 Cr | Dec 2021 ₹373 Cr | Mar 2022 ₹378 Cr | Jun 2022 ₹336 Cr | Sep 2022 ₹243 Cr | Dec 2022 ₹185 Cr | Mar 2023 ₹154 Cr | Jun 2023 ₹131 Cr | Sep 2023 ₹103 Cr | Dec 2023 ₹94 Cr | Mar 2024 ₹72 Cr | Jun 2024 ₹54 Cr | Sep 2024 ₹30 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹118 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹105 Cr
- ESEA: Jun 2021 ₹62 Cr | Sep 2021 ₹59 Cr | Dec 2021 ₹118 Cr | Mar 2022 ₹111 Cr | Jun 2022 ₹104 Cr | Sep 2022 ₹115 Cr | Dec 2022 ₹107 Cr | Mar 2023 ₹120 Cr | Jun 2023 ₹132 Cr | Sep 2023 ₹137 Cr | Dec 2023 ₹130 Cr | Mar 2024 ₹147 Cr | Jun 2024 ₹206 Cr | Sep 2024 ₹218 Cr | Dec 2024 ₹205 Cr | Mar 2025 ₹242 Cr | Jun 2025 ₹227 Cr | Sep 2025 ₹222 Cr | Dec 2025 ₹217 Cr | Mar 2026 ₹212 Cr
- PANL: Jun 2021 ₹243 Cr | Sep 2021 ₹281 Cr | Dec 2021 ₹307 Cr | Mar 2022 ₹314 Cr | Jun 2022 ₹305 Cr | Sep 2022 ₹298 Cr | Dec 2022 ₹299 Cr | Mar 2023 ₹290 Cr | Jun 2023 ₹283 Cr | Sep 2023 ₹276 Cr | Dec 2023 ₹264 Cr | Mar 2024 ₹258 Cr | Jun 2024 ₹249 Cr | Sep 2024 ₹289 Cr | Dec 2024 ₹397 Cr | Mar 2025 ₹387 Cr | Jun 2025 ₹376 Cr | Sep 2025 ₹383 Cr | Dec 2025 ₹372 Cr | Mar 2026 ₹360 Cr
- CMDB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹386 Cr | Dec 2022 ₹386 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹622 Cr | Dec 2023 ₹622 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹367 Cr | Jun 2025 ₹367 Cr | Sep 2025 ₹305 Cr | Dec 2025 ₹195 Cr | Mar 2026 ₹162 Cr
- SHIP: Jun 2021 ₹221 Cr | Sep 2021 ₹222 Cr | Dec 2021 ₹223 Cr | Mar 2022 ₹222 Cr | Jun 2022 ₹258 Cr | Sep 2022 ₹244 Cr | Dec 2022 ₹256 Cr | Mar 2023 ₹226 Cr | Jun 2023 ₹232 Cr | Sep 2023 ₹224 Cr | Dec 2023 ₹233 Cr | Mar 2024 ₹223 Cr | Jun 2024 ₹248 Cr | Sep 2024 ₹238 Cr | Dec 2024 ₹258 Cr | Mar 2025 ₹319 Cr | Jun 2025 ₹308 Cr | Sep 2025 ₹287 Cr | Dec 2025 ₹290 Cr | Mar 2026 ₹320 Cr
- GASS: Jun 2021 ₹352 Cr | Sep 2021 ₹345 Cr | Dec 2021 ₹301 Cr | Mar 2022 ₹300 Cr | Jun 2022 ₹292 Cr | Sep 2022 ₹285 Cr | Dec 2022 ₹277 Cr | Mar 2023 ₹246 Cr | Jun 2023 ₹141 Cr | Sep 2023 ₹128 Cr | Dec 2023 ₹124 Cr | Mar 2024 ₹161 Cr | Jun 2024 ₹108 Cr | Sep 2024 ₹86 Cr | Dec 2024 ₹85 Cr | Mar 2025 ₹51 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr
- DSX: Jun 2021 ₹462 Cr | Sep 2021 ₹435 Cr | Dec 2021 ₹424 Cr | Mar 2022 ₹463 Cr | Jun 2022 ₹452 Cr | Sep 2022 ₹472 Cr | Dec 2022 ₹663 Cr | Mar 2023 ₹631 Cr | Jun 2023 ₹672 Cr | Sep 2023 ₹657 Cr | Dec 2023 ₹643 Cr | Mar 2024 ₹628 Cr | Jun 2024 ₹613 Cr | Sep 2024 ₹627 Cr | Dec 2024 ₹638 Cr | Mar 2025 ₹624 Cr | Jun 2025 ₹610 Cr | Sep 2025 ₹651 Cr | Dec 2025 ₹636 Cr | Mar 2026 ₹621 Cr
- SMHI: Jun 2021 ₹356 Cr | Sep 2021 ₹356 Cr | Dec 2021 ₹371 Cr | Mar 2022 ₹373 Cr | Jun 2022 ₹405 Cr | Sep 2022 ₹290 Cr | Dec 2022 ₹336 Cr | Mar 2023 ₹266 Cr | Jun 2023 ₹321 Cr | Sep 2023 ₹325 Cr | Dec 2023 ₹321 Cr | Mar 2024 ₹315 Cr | Jun 2024 ₹311 Cr | Sep 2024 ₹305 Cr | Dec 2024 ₹348 Cr | Mar 2025 ₹344 Cr | Jun 2025 ₹342 Cr | Sep 2025 ₹343 Cr | Dec 2025 ₹336 Cr | Mar 2026 ₹328 Cr

### 20-quarter Net debt history
- KEX: Jun 2021 ₹1.4K Cr | Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹985 Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr
- MATX: Jun 2021 ₹897 Cr | Sep 2021 ₹829 Cr | Dec 2021 ₹778 Cr | Mar 2022 ₹726 Cr | Jun 2022 ₹441 Cr | Sep 2022 ₹707 Cr | Dec 2022 ₹661 Cr | Mar 2023 ₹751 Cr | Jun 2023 ₹668 Cr | Sep 2023 ₹595 Cr | Dec 2023 ₹591 Cr | Mar 2024 ₹674 Cr | Jun 2024 ₹495 Cr | Sep 2024 ₹387 Cr | Dec 2024 ₹482 Cr | Mar 2025 ₹584 Cr | Jun 2025 ₹606 Cr | Sep 2025 ₹626 Cr | Dec 2025 ₹585 Cr | Mar 2026 ₹597 Cr
- HAFN: Jun 2021 ₹1.2K Cr | Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹979 Cr | Jun 2024 ₹872 Cr | Sep 2024 ₹796 Cr | Dec 2024 ₹838 Cr | Mar 2025 ₹799 Cr | Jun 2025 ₹714 Cr | Sep 2025 ₹688 Cr | Dec 2025 ₹930 Cr | Mar 2026 ₹791 Cr
- SBLK: Jun 2021 ₹1.4K Cr | Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹891 Cr | Sep 2023 ₹762 Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹973 Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹996 Cr | Jun 2025 ₹960 Cr | Sep 2025 ₹788 Cr | Dec 2025 ₹740 Cr | Mar 2026 ₹699 Cr
- ZIM: Jun 2021 ₹760 Cr | Sep 2021 ₹0 Cr | Dec 2021 ₹-365 Cr | Mar 2022 ₹-511 Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹3.0K Cr | Sep 2023 ₹2.9K Cr | Dec 2023 ₹3.2K Cr | Mar 2024 ₹3.9K Cr | Jun 2024 ₹4.0K Cr | Sep 2024 ₹3.5K Cr | Dec 2024 ₹3.9K Cr | Mar 2025 ₹3.6K Cr | Jun 2025 ₹4.1K Cr | Sep 2025 ₹3.7K Cr | Dec 2025 ₹4.0K Cr | Mar 2026 ₹3.9K Cr
- DAC: Jun 2021 ₹1.1K Cr | Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹646 Cr | Sep 2022 ₹369 Cr | Dec 2022 ₹234 Cr | Mar 2023 ₹129 Cr | Jun 2023 ₹124 Cr | Sep 2023 ₹105 Cr | Dec 2023 ₹132 Cr | Mar 2024 ₹128 Cr | Jun 2024 ₹198 Cr | Sep 2024 ₹295 Cr | Dec 2024 ₹282 Cr | Mar 2025 ₹289 Cr | Jun 2025 ₹215 Cr | Sep 2025 ₹157 Cr | Dec 2025 ₹118 Cr | Mar 2026 ₹149 Cr
- NMM: Jun 2021 ₹614 Cr | Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.0K Cr
- ECO: Jun 2021 — | Sep 2021 ₹539 Cr | Dec 2021 ₹539 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹658 Cr | Dec 2022 ₹658 Cr | Mar 2023 ₹616 Cr | Jun 2023 ₹634 Cr | Sep 2023 ₹627 Cr | Dec 2023 ₹643 Cr | Mar 2024 ₹590 Cr | Jun 2024 ₹576 Cr | Sep 2024 ₹608 Cr | Dec 2024 ₹597 Cr | Mar 2025 ₹597 Cr | Jun 2025 ₹571 Cr | Sep 2025 ₹564 Cr | Dec 2025 ₹488 Cr | Mar 2026 ₹557 Cr
- CMRE: Jun 2021 ₹2.0K Cr | Sep 2021 ₹2.3K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹976 Cr | Mar 2026 ₹899 Cr
- SFL: Jun 2021 ₹1.8K Cr | Sep 2021 ₹2.3K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.5K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.4K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.7K Cr | Dec 2024 ₹2.7K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.4K Cr
- GSL: Jun 2021 ₹678 Cr | Sep 2021 ₹995 Cr | Dec 2021 ₹995 Cr | Mar 2022 ₹967 Cr | Jun 2022 ₹918 Cr | Sep 2022 ₹863 Cr | Dec 2022 ₹805 Cr | Mar 2023 ₹748 Cr | Jun 2023 ₹815 Cr | Sep 2023 ₹750 Cr | Dec 2023 ₹659 Cr | Mar 2024 ₹579 Cr | Jun 2024 ₹489 Cr | Sep 2024 ₹394 Cr | Dec 2024 ₹516 Cr | Mar 2025 ₹436 Cr | Jun 2025 ₹331 Cr | Sep 2025 ₹235 Cr | Dec 2025 ₹216 Cr | Mar 2026 ₹154 Cr
- CCEC: Jun 2021 ₹192 Cr | Sep 2021 ₹544 Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.5K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.1K Cr
- GNK: Jun 2021 ₹253 Cr | Sep 2021 ₹225 Cr | Dec 2021 ₹131 Cr | Mar 2022 ₹155 Cr | Jun 2022 ₹144 Cr | Sep 2022 ₹114 Cr | Dec 2022 ₹113 Cr | Mar 2023 ₹118 Cr | Jun 2023 ₹105 Cr | Sep 2023 ₹147 Cr | Dec 2023 ₹147 Cr | Mar 2024 ₹116 Cr | Jun 2024 ₹57 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹45 Cr | Mar 2025 ₹59 Cr | Jun 2025 ₹64 Cr | Sep 2025 ₹74 Cr | Dec 2025 ₹139 Cr | Mar 2026 ₹269 Cr
- SB: Jun 2021 ₹359 Cr | Sep 2021 ₹310 Cr | Dec 2021 ₹276 Cr | Mar 2022 ₹266 Cr | Jun 2022 ₹315 Cr | Sep 2022 ₹345 Cr | Dec 2022 ₹301 Cr | Mar 2023 ₹326 Cr | Jun 2023 ₹367 Cr | Sep 2023 ₹367 Cr | Dec 2023 ₹419 Cr | Mar 2024 ₹446 Cr | Jun 2024 ₹419 Cr | Sep 2024 ₹405 Cr | Dec 2024 ₹412 Cr | Mar 2025 ₹400 Cr | Jun 2025 ₹436 Cr | Sep 2025 ₹401 Cr | Dec 2025 ₹382 Cr | Mar 2026 ₹372 Cr
- HSHP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹695 Cr | Dec 2024 ₹695 Cr | Mar 2025 ₹681 Cr | Jun 2025 ₹676 Cr | Sep 2025 ₹669 Cr | Dec 2025 ₹657 Cr | Mar 2026 ₹658 Cr
- ASC: Jun 2021 ₹326 Cr | Sep 2021 ₹330 Cr | Dec 2021 ₹318 Cr | Mar 2022 ₹325 Cr | Jun 2022 ₹291 Cr | Sep 2022 ₹192 Cr | Dec 2022 ₹134 Cr | Mar 2023 ₹101 Cr | Jun 2023 ₹80 Cr | Sep 2023 ₹52 Cr | Dec 2023 ₹47 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹-18 Cr | Dec 2024 ₹-42 Cr | Mar 2025 ₹-23 Cr | Jun 2025 ₹-20 Cr | Sep 2025 ₹71 Cr | Dec 2025 ₹-45 Cr | Mar 2026 ₹58 Cr
- ESEA: Jun 2021 ₹54 Cr | Sep 2021 ₹53 Cr | Dec 2021 ₹91 Cr | Mar 2022 ₹62 Cr | Jun 2022 ₹99 Cr | Sep 2022 ₹88 Cr | Dec 2022 ₹81 Cr | Mar 2023 ₹90 Cr | Jun 2023 ₹100 Cr | Sep 2023 ₹89 Cr | Dec 2023 ₹71 Cr | Mar 2024 ₹98 Cr | Jun 2024 ₹136 Cr | Sep 2024 ₹141 Cr | Dec 2024 ₹131 Cr | Mar 2025 ₹154 Cr | Jun 2025 ₹126 Cr | Sep 2025 ₹122 Cr | Dec 2025 ₹41 Cr | Mar 2026 ₹19 Cr
- PANL: Jun 2021 ₹202 Cr | Sep 2021 ₹232 Cr | Dec 2021 ₹251 Cr | Mar 2022 ₹244 Cr | Jun 2022 ₹203 Cr | Sep 2022 ₹180 Cr | Dec 2022 ₹171 Cr | Mar 2023 ₹161 Cr | Jun 2023 ₹199 Cr | Sep 2023 ₹189 Cr | Dec 2023 ₹165 Cr | Mar 2024 ₹162 Cr | Jun 2024 ₹171 Cr | Sep 2024 ₹196 Cr | Dec 2024 ₹310 Cr | Mar 2025 ₹323 Cr | Jun 2025 ₹317 Cr | Sep 2025 ₹289 Cr | Dec 2025 ₹269 Cr | Mar 2026 ₹270 Cr
- CMDB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹282 Cr | Dec 2022 ₹282 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹588 Cr | Dec 2023 ₹588 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹240 Cr | Jun 2025 ₹240 Cr | Sep 2025 ₹124 Cr | Dec 2025 ₹-17 Cr | Mar 2026 ₹-93 Cr
- SHIP: Jun 2021 ₹166 Cr | Sep 2021 ₹169 Cr | Dec 2021 ₹180 Cr | Mar 2022 ₹183 Cr | Jun 2022 ₹221 Cr | Sep 2022 ₹218 Cr | Dec 2022 ₹230 Cr | Mar 2023 ₹205 Cr | Jun 2023 ₹215 Cr | Sep 2023 ₹208 Cr | Dec 2023 ₹214 Cr | Mar 2024 ₹199 Cr | Jun 2024 ₹215 Cr | Sep 2024 ₹197 Cr | Dec 2024 ₹236 Cr | Mar 2025 ₹288 Cr | Jun 2025 ₹295 Cr | Sep 2025 ₹250 Cr | Dec 2025 ₹242 Cr | Mar 2026 ₹251 Cr
- GASS: Jun 2021 ₹319 Cr | Sep 2021 ₹302 Cr | Dec 2021 ₹270 Cr | Mar 2022 ₹230 Cr | Jun 2022 ₹214 Cr | Sep 2022 ₹212 Cr | Dec 2022 ₹195 Cr | Mar 2023 ₹165 Cr | Jun 2023 ₹93 Cr | Sep 2023 ₹55 Cr | Dec 2023 ₹47 Cr | Mar 2024 ₹84 Cr | Jun 2024 ₹37 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹-23 Cr | Jun 2025 ₹-54 Cr | Sep 2025 ₹-70 Cr | Dec 2025 ₹-99 Cr | Mar 2026 ₹-131 Cr
- DSX: Jun 2021 ₹326 Cr | Sep 2021 ₹289 Cr | Dec 2021 ₹314 Cr | Mar 2022 ₹347 Cr | Jun 2022 ₹339 Cr | Sep 2022 ₹342 Cr | Dec 2022 ₹540 Cr | Mar 2023 ₹515 Cr | Jun 2023 ₹495 Cr | Sep 2023 ₹483 Cr | Dec 2023 ₹481 Cr | Mar 2024 ₹466 Cr | Jun 2024 ₹492 Cr | Sep 2024 ₹440 Cr | Dec 2024 ₹450 Cr | Mar 2025 ₹436 Cr | Jun 2025 ₹455 Cr | Sep 2025 ₹403 Cr | Dec 2025 ₹467 Cr | Mar 2026 ₹352 Cr
- SMHI: Jun 2021 ₹307 Cr | Sep 2021 ₹310 Cr | Dec 2021 ₹330 Cr | Mar 2022 ₹333 Cr | Jun 2022 ₹379 Cr | Sep 2022 ₹239 Cr | Dec 2022 ₹293 Cr | Mar 2023 ₹222 Cr | Jun 2023 ₹277 Cr | Sep 2023 ₹266 Cr | Dec 2023 ₹237 Cr | Mar 2024 ₹253 Cr | Jun 2024 ₹268 Cr | Sep 2024 ₹267 Cr | Dec 2024 ₹272 Cr | Mar 2025 ₹299 Cr | Jun 2025 ₹290 Cr | Sep 2025 ₹235 Cr | Dec 2025 ₹243 Cr | Mar 2026 ₹253 Cr

## Return On Capital Employed

What the numbers say: Okeanis Eco Tankers Corp. leads ROCE at 8.6%, 2.3 percentage points above Star Bulk Carriers Corp.. Okeanis Eco Tankers Corp. has the strongest latest improvement at +6.4 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Okeanis Eco Tankers Corp. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Okeanis Eco Tankers Corp. · 8.6% | 36.5% versus #2 · Star Bulk Carriers Corp. | 3/8 recent comparable periods | 23/23 companies · 416 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Okeanis Eco Tankers Corp. (ECO): 8.6%
2. Star Bulk Carriers Corp. (SBLK): 6.3%
3. Hafnia Limited (HAFN): 5.8%
4. Euroseas Ltd. (ESEA): 5.4%
5. Global Ship Lease, Inc. (GSL): 4.0%

### ROCE change — fastest improvers
1. Okeanis Eco Tankers Corp. (ECO): +6.4 pp
2. Hafnia Limited (HAFN): +3.4 pp
3. Seanergy Maritime Holdings Corp. (SHIP): +2.8 pp
4. Ardmore Shipping Corporation (ASC): +2.5 pp
5. Genco Shipping & Trading Limited (GNK): +2.1 pp

### 20-quarter ROCE history
- KEX: Jun 2021 — | Sep 2021 -6.1% | Dec 2021 0.6% | Mar 2022 0.6% | Jun 2022 0.9% | Sep 2022 1.2% | Dec 2022 1.2% | Mar 2023 1.3% | Jun 2023 1.8% | Sep 2023 1.9% | Dec 2023 1.9% | Mar 2024 2.0% | Jun 2024 2.4% | Sep 2024 2.5% | Dec 2024 1.0% | Mar 2025 2.0% | Jun 2025 2.5% | Sep 2025 2.4% | Dec 2025 2.5% | Mar 2026 2.0%
- MATX: Jun 2021 — | Sep 2021 15% | Dec 2021 17% | Mar 2022 15% | Jun 2022 16% | Sep 2022 10% | Dec 2022 2.7% | Mar 2023 1.1% | Jun 2023 2.7% | Sep 2023 3.5% | Dec 2023 2.0% | Mar 2024 1.0% | Jun 2024 3.4% | Sep 2024 6.4% | Dec 2024 3.8% | Mar 2025 2.1% | Jun 2025 3.0% | Sep 2025 4.1% | Dec 2025 3.5% | Mar 2026 1.5%
- HAFN: Jun 2021 — | Sep 2021 -0.3% | Dec 2021 0.3% | Mar 2022 1.4% | Jun 2022 7.3% | Sep 2022 10% | Dec 2022 9.9% | Mar 2023 8.7% | Jun 2023 6.7% | Sep 2023 5.0% | Dec 2023 5.4% | Mar 2024 6.9% | Jun 2024 7.9% | Sep 2024 6.7% | Dec 2024 2.9% | Mar 2025 2.4% | Jun 2025 2.7% | Sep 2025 3.2% | Dec 2025 3.5% | Mar 2026 5.8%
- SBLK: Jun 2021 9.2% | Sep 2021 14% | Dec 2021 22% | Mar 2022 26% | Jun 2022 29% | Sep 2022 25% | Dec 2022 19% | Mar 2023 15% | Jun 2023 10% | Sep 2023 8.8% | Dec 2023 8.4% | Mar 2024 10% | Jun 2024 9.0% | Sep 2024 9.6% | Dec 2024 9.2% | Mar 2025 7.1% | Jun 2025 4.7% | Sep 2025 3.3% | Dec 2025 4.2% | Mar 2026 6.3%
- ZIM: Jun 2021 — | Sep 2021 58% | Dec 2021 48% | Mar 2022 45% | Jun 2022 30% | Sep 2022 22% | Dec 2022 7.3% | Mar 2023 -0.2% | Jun 2023 -2.0% | Sep 2023 -31% | Dec 2023 -0.7% | Mar 2024 2.3% | Jun 2024 6.1% | Sep 2024 18% | Dec 2024 9.0% | Mar 2025 6.2% | Jun 2025 1.9% | Sep 2025 3.0% | Dec 2025 1.6% | Mar 2026 -0.2%
- DAC: Jun 2021 — | Sep 2021 4.0% | Dec 2021 4.0% | Mar 2022 4.2% | Jun 2022 4.9% | Sep 2022 5.0% | Dec 2022 5.9% | Mar 2023 4.5% | Jun 2023 4.4% | Sep 2023 4.3% | Dec 2023 4.0% | Mar 2024 4.1% | Jun 2024 3.9% | Sep 2024 3.5% | Dec 2024 3.3% | Mar 2025 3.0% | Jun 2025 3.0% | Sep 2025 3.1% | Dec 2025 2.8% | Mar 2026 2.7%
- NMM: Jun 2021 — | Sep 2021 8.3% | Dec 2021 6.7% | Mar 2022 3.7% | Jun 2022 4.8% | Sep 2022 7.8% | Dec 2022 4.1% | Mar 2023 3.7% | Jun 2023 3.7% | Sep 2023 2.8% | Dec 2023 2.5% | Mar 2024 2.3% | Jun 2024 2.9% | Sep 2024 2.6% | Dec 2024 2.6% | Mar 2025 1.5% | Jun 2025 2.0% | Sep 2025 1.7% | Dec 2025 2.8% | Mar 2026 2.5%
- ECO: Jun 2021 — | Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 — | Jun 2022 — | Sep 2022 2.8% | Dec 2022 6.0% | Mar 2023 12% | Jun 2023 13% | Sep 2023 3.3% | Dec 2023 3.2% | Mar 2024 5.1% | Jun 2024 5.1% | Sep 2024 2.7% | Dec 2024 2.6% | Mar 2025 2.2% | Jun 2025 3.6% | Sep 2025 3.4% | Dec 2025 6.7% | Mar 2026 8.6%
- CMRE: Jun 2021 — | Sep 2021 3.7% | Dec 2021 5.3% | Mar 2022 4.0% | Jun 2022 3.8% | Sep 2022 3.6% | Dec 2022 5.1% | Mar 2023 3.6% | Jun 2023 2.7% | Sep 2023 1.9% | Dec 2023 2.3% | Mar 2024 2.2% | Jun 2024 2.8% | Sep 2024 2.3% | Dec 2024 2.8% | Mar 2025 2.7% | Jun 2025 2.9% | Sep 2025 2.9% | Dec 2025 2.6% | Mar 2026 2.5%
- SFL: Jun 2021 — | Sep 2021 1.8% | Dec 2021 3.7% | Mar 2022 2.1% | Jun 2022 2.8% | Sep 2022 2.3% | Dec 2022 2.5% | Mar 2023 1.6% | Jun 2023 1.7% | Sep 2023 2.4% | Dec 2023 2.6% | Mar 2024 3.0% | Jun 2024 2.1% | Sep 2024 3.0% | Dec 2024 2.1% | Mar 2025 0.4% | Jun 2025 1.6% | Sep 2025 1.5% | Dec 2025 1.0% | Mar 2026 1.9%
- GSL: Jun 2021 — | Sep 2021 0.0% | Dec 2021 5.6% | Mar 2022 5.5% | Jun 2022 5.3% | Sep 2022 5.8% | Dec 2022 4.7% | Mar 2023 4.7% | Jun 2023 4.6% | Sep 2023 5.0% | Dec 2023 0.0% | Mar 2024 5.2% | Jun 2024 4.9% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 6.1% | Jun 2025 4.7% | Sep 2025 0.0% | Dec 2025 4.5% | Mar 2026 4.0%
- CCEC: Jun 2021 — | Sep 2021 1.7% | Dec 2021 3.9% | Mar 2022 2.6% | Jun 2022 2.7% | Sep 2022 2.2% | Dec 2022 2.1% | Mar 2023 1.8% | Jun 2023 1.5% | Sep 2023 1.5% | Dec 2023 1.1% | Mar 2024 1.3% | Jun 2024 2.1% | Sep 2024 1.9% | Dec 2024 2.4% | Mar 2025 1.7% | Jun 2025 1.5% | Sep 2025 1.3% | Dec 2025 1.4% | Mar 2026 1.1%
- GNK: Jun 2021 — | Sep 2021 5.6% | Dec 2021 8.2% | Mar 2022 3.8% | Jun 2022 4.4% | Sep 2022 4.0% | Dec 2022 2.7% | Mar 2023 0.4% | Jun 2023 1.2% | Sep 2023 -2.7% | Dec 2023 0.6% | Mar 2024 2.0% | Jun 2024 2.5% | Sep 2024 2.3% | Dec 2024 1.4% | Mar 2025 -0.9% | Jun 2025 -0.4% | Sep 2025 0.2% | Dec 2025 1.8% | Mar 2026 1.2%
- SB: Jun 2021 — | Sep 2021 5.9% | Dec 2021 6.5% | Mar 2022 3.5% | Jun 2022 5.1% | Sep 2022 5.0% | Dec 2022 3.7% | Mar 2023 2.2% | Jun 2023 1.9% | Sep 2023 1.7% | Dec 2023 3.1% | Mar 2024 2.8% | Jun 2024 2.8% | Sep 2024 2.8% | Dec 2024 1.9% | Mar 2025 1.2% | Jun 2025 0.8% | Sep 2025 2.0% | Dec 2025 1.4% | Mar 2026 2.1%
- HSHP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 5.6% | Dec 2024 3.3% | Mar 2025 1.5% | Jun 2025 3.3% | Sep 2025 2.6% | Dec 2025 3.1% | Mar 2026 2.1%
- ASC: Jun 2021 — | Sep 2021 -0.1% | Dec 2021 0.4% | Mar 2022 1.6% | Jun 2022 6.3% | Sep 2022 12% | Dec 2022 11% | Mar 2023 9.0% | Jun 2023 5.6% | Sep 2023 5.5% | Dec 2023 6.4% | Mar 2024 8.2% | Jun 2024 9.1% | Sep 2024 5.8% | Dec 2024 3.8% | Mar 2025 1.1% | Jun 2025 3.2% | Sep 2025 3.6% | Dec 2025 3.2% | Mar 2026 3.6%
- ESEA: Jun 2021 — | Sep 2021 9.4% | Dec 2021 18% | Mar 2022 20% | Jun 2022 19% | Sep 2022 14% | Dec 2022 9.8% | Mar 2023 12% | Jun 2023 9.8% | Sep 2023 11% | Dec 2023 8.8% | Mar 2024 5.9% | Jun 2024 10% | Sep 2024 6.9% | Dec 2024 5.9% | Mar 2025 8.2% | Jun 2025 6.0% | Sep 2025 5.6% | Dec 2025 7.2% | Mar 2026 5.4%
- PANL: Jun 2021 — | Sep 2021 5.6% | Dec 2021 9.3% | Mar 2022 4.0% | Jun 2022 6.4% | Sep 2022 5.1% | Dec 2022 5.5% | Mar 2023 1.0% | Jun 2023 1.3% | Sep 2023 3.1% | Dec 2023 4.1% | Mar 2024 1.8% | Jun 2024 1.2% | Sep 2024 2.4% | Dec 2024 4.1% | Mar 2025 0.4% | Jun 2025 0.5% | Sep 2025 2.3% | Dec 2025 5.5% | Mar 2026 1.3%
- CMDB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 -4.3% | Sep 2025 -2.3% | Dec 2025 -0.7% | Mar 2026 1.7%
- SHIP: Jun 2021 — | Sep 2021 6.4% | Dec 2021 9.7% | Mar 2022 1.9% | Jun 2022 2.2% | Sep 2022 1.7% | Dec 2022 1.1% | Mar 2023 0.3% | Jun 2023 1.3% | Sep 2023 0.0% | Dec 2023 3.5% | Mar 2024 3.1% | Jun 2024 4.5% | Sep 2024 3.8% | Dec 2024 2.4% | Mar 2025 -0.3% | Jun 2025 1.7% | Sep 2025 3.3% | Dec 2025 3.7% | Mar 2026 2.5%
- GASS: Jun 2021 — | Sep 2021 0.4% | Dec 2021 -4.6% | Mar 2022 1.0% | Jun 2022 1.5% | Sep 2022 0.4% | Dec 2022 1.2% | Mar 2023 1.3% | Jun 2023 1.4% | Sep 2023 2.3% | Dec 2023 1.4% | Mar 2024 2.4% | Jun 2024 2.4% | Sep 2024 1.8% | Dec 2024 2.1% | Mar 2025 1.8% | Jun 2025 2.8% | Sep 2025 1.8% | Dec 2025 1.6% | Mar 2026 2.0%
- DSX: Jun 2021 — | Sep 2021 2.4% | Dec 2021 3.9% | Mar 2022 3.6% | Jun 2022 4.5% | Sep 2022 4.2% | Dec 2022 3.7% | Mar 2023 3.2% | Jun 2023 2.0% | Sep 2023 1.7% | Dec 2023 1.5% | Mar 2024 1.3% | Jun 2024 1.1% | Sep 2024 1.4% | Dec 2024 1.3% | Mar 2025 1.2% | Jun 2025 1.0% | Sep 2025 0.9% | Dec 2025 0.7% | Mar 2026 1.0%
- SMHI: Jun 2021 — | Sep 2021 -1.6% | Dec 2021 -1.7% | Mar 2022 -2.0% | Jun 2022 -1.9% | Sep 2022 -1.4% | Dec 2022 -1.4% | Mar 2023 0.0% | Jun 2023 0.4% | Sep 2023 1.4% | Dec 2023 3.2% | Mar 2024 -1.6% | Jun 2024 -0.6% | Sep 2024 -1.0% | Dec 2024 1.6% | Mar 2025 -0.8% | Jun 2025 1.0% | Sep 2025 2.9% | Dec 2025 -0.8% | Mar 2026 -1.1%

### 20-quarter ROCE change history
- KEX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +7.3 pp | Dec 2022 +0.6 pp | Mar 2023 +0.7 pp | Jun 2023 +0.9 pp | Sep 2023 +0.7 pp | Dec 2023 +0.7 pp | Mar 2024 +0.7 pp | Jun 2024 +0.6 pp | Sep 2024 +0.6 pp | Dec 2024 −0.9 pp | Mar 2025 0.0 pp | Jun 2025 +0.1 pp | Sep 2025 −0.1 pp | Dec 2025 +1.5 pp | Mar 2026 0.0 pp
- MATX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.7 pp | Dec 2022 −14.7 pp | Mar 2023 −13.9 pp | Jun 2023 −13.7 pp | Sep 2023 −6.8 pp | Dec 2023 −0.7 pp | Mar 2024 −0.1 pp | Jun 2024 +0.7 pp | Sep 2024 +2.9 pp | Dec 2024 +1.8 pp | Mar 2025 +1.1 pp | Jun 2025 −0.4 pp | Sep 2025 −2.3 pp | Dec 2025 −0.3 pp | Mar 2026 −0.6 pp
- HAFN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +10.7 pp | Dec 2022 +9.6 pp | Mar 2023 +7.3 pp | Jun 2023 −0.6 pp | Sep 2023 −5.4 pp | Dec 2023 −4.5 pp | Mar 2024 −1.8 pp | Jun 2024 +1.2 pp | Sep 2024 +1.7 pp | Dec 2024 −2.5 pp | Mar 2025 −4.5 pp | Jun 2025 −5.2 pp | Sep 2025 −3.5 pp | Dec 2025 +0.6 pp | Mar 2026 +3.4 pp
- SBLK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +19.3 pp | Sep 2022 +11.0 pp | Dec 2022 −2.2 pp | Mar 2023 −11.1 pp | Jun 2023 −18.3 pp | Sep 2023 −16.6 pp | Dec 2023 −11.0 pp | Mar 2024 −4.5 pp | Jun 2024 −1.2 pp | Sep 2024 +0.8 pp | Dec 2024 +0.8 pp | Mar 2025 −3.3 pp | Jun 2025 −4.3 pp | Sep 2025 −6.3 pp | Dec 2025 −5.0 pp | Mar 2026 −0.8 pp
- ZIM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −36.2 pp | Dec 2022 −41.0 pp | Mar 2023 −44.8 pp | Jun 2023 −31.6 pp | Sep 2023 −52.2 pp | Dec 2023 −8.0 pp | Mar 2024 +2.5 pp | Jun 2024 +8.1 pp | Sep 2024 +48.4 pp | Dec 2024 +9.7 pp | Mar 2025 +3.9 pp | Jun 2025 −4.2 pp | Sep 2025 −14.7 pp | Dec 2025 −7.4 pp | Mar 2026 −6.4 pp
- DAC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.0 pp | Dec 2022 +1.9 pp | Mar 2023 +0.3 pp | Jun 2023 −0.5 pp | Sep 2023 −0.7 pp | Dec 2023 −1.9 pp | Mar 2024 −0.4 pp | Jun 2024 −0.5 pp | Sep 2024 −0.8 pp | Dec 2024 −0.7 pp | Mar 2025 −1.1 pp | Jun 2025 −0.9 pp | Sep 2025 −0.4 pp | Dec 2025 −0.5 pp | Mar 2026 −0.3 pp
- NMM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 −2.6 pp | Mar 2023 0.0 pp | Jun 2023 −1.1 pp | Sep 2023 −5.0 pp | Dec 2023 −1.6 pp | Mar 2024 −1.4 pp | Jun 2024 −0.8 pp | Sep 2024 −0.2 pp | Dec 2024 +0.1 pp | Mar 2025 −0.8 pp | Jun 2025 −0.9 pp | Sep 2025 −0.9 pp | Dec 2025 +0.2 pp | Mar 2026 +1.0 pp
- ECO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.8 pp | Dec 2022 +6.0 pp | Mar 2023 — | Jun 2023 — | Sep 2023 +0.5 pp | Dec 2023 −2.8 pp | Mar 2024 −6.8 pp | Jun 2024 −7.5 pp | Sep 2024 −0.6 pp | Dec 2024 −0.6 pp | Mar 2025 −2.9 pp | Jun 2025 −1.5 pp | Sep 2025 +0.7 pp | Dec 2025 +4.1 pp | Mar 2026 +6.4 pp
- CMRE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 −0.2 pp | Mar 2023 −0.4 pp | Jun 2023 −1.1 pp | Sep 2023 −1.7 pp | Dec 2023 −2.8 pp | Mar 2024 −1.4 pp | Jun 2024 +0.1 pp | Sep 2024 +0.4 pp | Dec 2024 +0.5 pp | Mar 2025 +0.5 pp | Jun 2025 +0.1 pp | Sep 2025 +0.6 pp | Dec 2025 −0.2 pp | Mar 2026 −0.2 pp
- SFL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 −1.2 pp | Mar 2023 −0.5 pp | Jun 2023 −1.1 pp | Sep 2023 +0.1 pp | Dec 2023 +0.1 pp | Mar 2024 +1.4 pp | Jun 2024 +0.4 pp | Sep 2024 +0.6 pp | Dec 2024 −0.5 pp | Mar 2025 −2.6 pp | Jun 2025 −0.5 pp | Sep 2025 −1.5 pp | Dec 2025 −1.1 pp | Mar 2026 +1.5 pp
- GSL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.8 pp | Dec 2022 −0.9 pp | Mar 2023 −0.8 pp | Jun 2023 −0.7 pp | Sep 2023 −0.8 pp | Dec 2023 −4.7 pp | Mar 2024 +0.5 pp | Jun 2024 +0.3 pp | Sep 2024 −5.0 pp | Dec 2024 0.0 pp | Mar 2025 +0.9 pp | Jun 2025 −0.2 pp | Sep 2025 0.0 pp | Dec 2025 +4.5 pp | Mar 2026 −2.1 pp
- CCEC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 −1.8 pp | Mar 2023 −0.8 pp | Jun 2023 −1.2 pp | Sep 2023 −0.7 pp | Dec 2023 −1.0 pp | Mar 2024 −0.5 pp | Jun 2024 +0.6 pp | Sep 2024 +0.4 pp | Dec 2024 +1.3 pp | Mar 2025 +0.4 pp | Jun 2025 −0.6 pp | Sep 2025 −0.6 pp | Dec 2025 −1.0 pp | Mar 2026 −0.6 pp
- GNK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.6 pp | Dec 2022 −5.5 pp | Mar 2023 −3.4 pp | Jun 2023 −3.2 pp | Sep 2023 −6.7 pp | Dec 2023 −2.1 pp | Mar 2024 +1.6 pp | Jun 2024 +1.3 pp | Sep 2024 +5.0 pp | Dec 2024 +0.8 pp | Mar 2025 −2.9 pp | Jun 2025 −2.9 pp | Sep 2025 −2.1 pp | Dec 2025 +0.4 pp | Mar 2026 +2.1 pp
- SB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.9 pp | Dec 2022 −2.8 pp | Mar 2023 −1.3 pp | Jun 2023 −3.2 pp | Sep 2023 −3.3 pp | Dec 2023 −0.6 pp | Mar 2024 +0.6 pp | Jun 2024 +0.9 pp | Sep 2024 +1.1 pp | Dec 2024 −1.2 pp | Mar 2025 −1.6 pp | Jun 2025 −2.0 pp | Sep 2025 −0.8 pp | Dec 2025 −0.5 pp | Mar 2026 +0.9 pp
- HSHP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 −3.0 pp | Dec 2025 −0.2 pp | Mar 2026 +0.6 pp
- ASC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +11.9 pp | Dec 2022 +10.2 pp | Mar 2023 +7.4 pp | Jun 2023 −0.7 pp | Sep 2023 −6.3 pp | Dec 2023 −4.2 pp | Mar 2024 −0.8 pp | Jun 2024 +3.5 pp | Sep 2024 +0.3 pp | Dec 2024 −2.6 pp | Mar 2025 −7.1 pp | Jun 2025 −5.9 pp | Sep 2025 −2.2 pp | Dec 2025 −0.6 pp | Mar 2026 +2.5 pp
- ESEA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.1 pp | Dec 2022 −8.2 pp | Mar 2023 −8.3 pp | Jun 2023 −9.3 pp | Sep 2023 −2.9 pp | Dec 2023 −1.0 pp | Mar 2024 −6.1 pp | Jun 2024 +0.3 pp | Sep 2024 −3.7 pp | Dec 2024 −2.9 pp | Mar 2025 +2.3 pp | Jun 2025 −4.1 pp | Sep 2025 −1.3 pp | Dec 2025 +1.3 pp | Mar 2026 −2.8 pp
- PANL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 −3.8 pp | Mar 2023 −3.0 pp | Jun 2023 −5.1 pp | Sep 2023 −2.0 pp | Dec 2023 −1.4 pp | Mar 2024 +0.8 pp | Jun 2024 −0.1 pp | Sep 2024 −0.7 pp | Dec 2024 0.0 pp | Mar 2025 −1.4 pp | Jun 2025 −0.7 pp | Sep 2025 −0.1 pp | Dec 2025 +1.4 pp | Mar 2026 +0.9 pp
- CMDB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0 pp | Dec 2023 0.0 pp | Mar 2024 — | Jun 2024 — | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 — | Jun 2025 — | Sep 2025 −2.3 pp | Dec 2025 −0.7 pp | Mar 2026 +1.7 pp
- SHIP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.7 pp | Dec 2022 −8.6 pp | Mar 2023 −1.6 pp | Jun 2023 −0.9 pp | Sep 2023 −1.7 pp | Dec 2023 +2.4 pp | Mar 2024 +2.8 pp | Jun 2024 +3.2 pp | Sep 2024 +3.8 pp | Dec 2024 −1.1 pp | Mar 2025 −3.4 pp | Jun 2025 −2.8 pp | Sep 2025 −0.5 pp | Dec 2025 +1.3 pp | Mar 2026 +2.8 pp
- GASS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +5.8 pp | Mar 2023 +0.3 pp | Jun 2023 −0.1 pp | Sep 2023 +1.9 pp | Dec 2023 +0.2 pp | Mar 2024 +1.1 pp | Jun 2024 +1.0 pp | Sep 2024 −0.5 pp | Dec 2024 +0.7 pp | Mar 2025 −0.6 pp | Jun 2025 +0.4 pp | Sep 2025 0.0 pp | Dec 2025 −0.5 pp | Mar 2026 +0.2 pp
- DSX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.8 pp | Dec 2022 −0.2 pp | Mar 2023 −0.4 pp | Jun 2023 −2.5 pp | Sep 2023 −2.5 pp | Dec 2023 −2.2 pp | Mar 2024 −1.9 pp | Jun 2024 −0.9 pp | Sep 2024 −0.3 pp | Dec 2024 −0.2 pp | Mar 2025 −0.1 pp | Jun 2025 −0.1 pp | Sep 2025 −0.5 pp | Dec 2025 −0.6 pp | Mar 2026 −0.2 pp
- SMHI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +0.3 pp | Mar 2023 +2.0 pp | Jun 2023 +2.3 pp | Sep 2023 +2.8 pp | Dec 2023 +4.6 pp | Mar 2024 −1.6 pp | Jun 2024 −1.0 pp | Sep 2024 −2.4 pp | Dec 2024 −1.6 pp | Mar 2025 +0.8 pp | Jun 2025 +1.6 pp | Sep 2025 +3.9 pp | Dec 2025 −2.4 pp | Mar 2026 −0.3 pp

## Valuation Against Growth & Quality

What the numbers say: Diana Shipping Inc. has the lowest comparable Guarded PEG at 0.1×, 16.7% below StealthGas Inc.. Only 17 of 23 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Diana Shipping Inc. · 0.1× | 16.7% versus #2 · StealthGas Inc. | 0/8 recent comparable periods | 17/23 companies · 61 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Diana Shipping Inc. (DSX): 0.1
2. StealthGas Inc. (GASS): 0.1
3. Euroseas Ltd. (ESEA): 0.1
4. Safe Bulkers, Inc. (SB): 0.1
5. Global Ship Lease, Inc. (GSL): 0.2

### P/E — lowest P/E
1. Euroseas Ltd. (ESEA): 3.5
2. Global Ship Lease, Inc. (GSL): 3.6
3. Danaos Corporation (DAC): 4.0
4. StealthGas Inc. (GASS): 5.5
5. Navios Maritime Partners L.P. (NMM): 5.7

### 20-quarter Guarded PEG history
- KEX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.4 | Dec 2024 0.7 | Mar 2025 1.0 | Jun 2025 1.7 | Sep 2025 — | Dec 2025 0.6 | Mar 2026 0.7
- MATX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.3 | Dec 2024 — | Mar 2025 — | Jun 2025 0.1 | Sep 2025 0.8 | Dec 2025 — | Mar 2026 —
- SBLK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.2 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- DAC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.4 | Mar 2024 — | Jun 2024 0.2 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.2
- NMM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.1 | Jun 2023 0.1 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.7
- ECO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.1 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.8 | Mar 2026 —
- CMRE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.1 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.3 | Mar 2026 0.6
- SFL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 2.6 | Sep 2024 0.3 | Dec 2024 0.2 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- GSL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.1 | Jun 2023 0.1 | Sep 2023 0.1 | Dec 2023 0.4 | Mar 2024 0.2 | Jun 2024 0.5 | Sep 2024 0.5 | Dec 2024 0.1 | Mar 2025 0.1 | Jun 2025 0.1 | Sep 2025 0.1 | Dec 2025 0.2 | Mar 2026 —
- CCEC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.4 | Mar 2025 0.1 | Jun 2025 0.3 | Sep 2025 — | Dec 2025 0.6 | Mar 2026 —
- SB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.2 | Dec 2024 0.1 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- ASC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.9 | Dec 2024 0.3 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- ESEA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.0 | Jun 2023 0.1 | Sep 2023 0.3 | Dec 2023 0.1 | Mar 2024 — | Jun 2024 0.1 | Sep 2024 — | Dec 2024 — | Mar 2025 0.1 | Jun 2025 — | Sep 2025 0.5 | Dec 2025 0.1 | Mar 2026 —
- PANL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1.7 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- SHIP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.2 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.2
- GASS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.1 | Mar 2024 0.2 | Jun 2024 — | Sep 2024 0.1 | Dec 2024 0.1 | Mar 2025 0.1 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- DSX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.1 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter P/E history
- KEX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 38.2 | Dec 2022 31.7 | Mar 2023 28.8 | Jun 2023 26.5 | Sep 2023 25.1 | Dec 2023 21.1 | Mar 2024 22.5 | Jun 2024 25.4 | Sep 2024 23.5 | Dec 2024 21.6 | Mar 2025 20.0 | Jun 2025 21.4 | Sep 2025 15.5 | Dec 2025 17.4 | Mar 2026 20.4
- MATX: Jun 2021 — | Sep 2021 5.7 | Dec 2021 4.2 | Mar 2022 4.3 | Jun 2022 2.2 | Sep 2022 1.8 | Dec 2022 2.3 | Mar 2023 3.1 | Jun 2023 6.3 | Sep 2023 10.2 | Dec 2023 13.2 | Mar 2024 13.2 | Jun 2024 13.7 | Sep 2024 12.0 | Dec 2024 9.7 | Mar 2025 8.4 | Jun 2025 7.5 | Sep 2025 7.5 | Dec 2025 9.0 | Mar 2026 12.1
- HAFN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 5.3 | Sep 2024 4.2 | Dec 2024 3.7 | Mar 2025 3.4 | Jun 2025 5.9 | Sep 2025 9.8 | Dec 2025 8.0 | Mar 2026 8.4
- SBLK: Jun 2021 11.1 | Sep 2021 6.0 | Dec 2021 3.4 | Mar 2022 3.7 | Jun 2022 2.9 | Sep 2022 2.3 | Dec 2022 3.5 | Mar 2023 4.9 | Jun 2023 6.4 | Sep 2023 9.1 | Dec 2023 10.3 | Mar 2024 9.9 | Jun 2024 10.5 | Sep 2024 9.3 | Dec 2024 5.8 | Mar 2025 7.9 | Jun 2025 16.1 | Sep 2025 34.6 | Dec 2025 26.0 | Mar 2026 18.0
- ZIM: Jun 2021 — | Sep 2021 1.8 | Dec 2021 1.5 | Mar 2022 1.5 | Jun 2022 0.9 | Sep 2022 0.5 | Dec 2022 0.5 | Mar 2023 1.0 | Jun 2023 1.2 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 2.2 | Dec 2024 1.2 | Mar 2025 0.8 | Jun 2025 1.0 | Sep 2025 1.6 | Dec 2025 5.3 | Mar 2026 32.1
- DAC: Jun 2021 — | Sep 2021 1.8 | Dec 2021 1.5 | Mar 2022 2.0 | Jun 2022 1.8 | Sep 2022 2.0 | Dec 2022 1.9 | Mar 2023 3.0 | Jun 2023 2.6 | Sep 2023 2.3 | Dec 2023 2.6 | Mar 2024 2.5 | Jun 2024 3.1 | Sep 2024 3.0 | Dec 2024 3.1 | Mar 2025 3.2 | Jun 2025 3.6 | Sep 2025 3.6 | Dec 2025 3.5 | Mar 2026 4.0
- NMM: Jun 2021 — | Sep 2021 1.8 | Dec 2021 1.1 | Mar 2022 2.1 | Jun 2022 1.4 | Sep 2022 1.3 | Dec 2022 1.4 | Mar 2023 1.3 | Jun 2023 1.2 | Sep 2023 1.7 | Dec 2023 2.0 | Mar 2024 3.2 | Jun 2024 4.0 | Sep 2024 4.8 | Dec 2024 3.6 | Mar 2025 3.6 | Jun 2025 3.8 | Sep 2025 5.2 | Dec 2025 5.5 | Mar 2026 5.7
- ECO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 4.6 | Mar 2023 5.8 | Jun 2023 4.2 | Sep 2023 4.9 | Dec 2023 5.9 | Mar 2024 7.2 | Jun 2024 8.5 | Sep 2024 9.0 | Dec 2024 6.3 | Mar 2025 8.9 | Jun 2025 10.4 | Sep 2025 12.3 | Dec 2025 9.0 | Mar 2026 8.9
- CMRE: Jun 2021 — | Sep 2021 5.3 | Dec 2021 2.9 | Mar 2022 3.4 | Jun 2022 2.3 | Sep 2022 1.7 | Dec 2022 1.6 | Mar 2023 1.6 | Jun 2023 1.8 | Sep 2023 2.0 | Dec 2023 2.6 | Mar 2024 3.3 | Jun 2024 4.3 | Sep 2024 3.9 | Dec 2024 3.9 | Mar 2025 3.0 | Jun 2025 3.9 | Sep 2025 4.8 | Dec 2025 5.5 | Mar 2026 6.3
- SFL: Jun 2021 — | Sep 2021 — | Dec 2021 6.3 | Mar 2022 7.2 | Jun 2022 5.6 | Sep 2022 5.0 | Dec 2022 6.0 | Mar 2023 7.5 | Jun 2023 9.8 | Sep 2023 14.1 | Dec 2023 17.1 | Mar 2024 13.6 | Jun 2024 13.9 | Sep 2024 10.4 | Dec 2024 10.1 | Mar 2025 20.0 | Jun 2025 32.0 | Sep 2025 — | Dec 2025 — | Mar 2026 45.0
- GSL: Jun 2021 — | Sep 2021 7.9 | Dec 2021 5.0 | Mar 2022 5.0 | Jun 2022 2.6 | Sep 2022 2.2 | Dec 2022 2.2 | Mar 2023 2.4 | Jun 2023 2.3 | Sep 2023 2.2 | Dec 2023 2.4 | Mar 2024 2.3 | Jun 2024 3.2 | Sep 2024 3.0 | Dec 2024 2.3 | Mar 2025 2.2 | Jun 2025 2.5 | Sep 2025 2.8 | Dec 2025 3.1 | Mar 2026 3.6
- CCEC: Jun 2021 — | Sep 2021 3.8 | Dec 2021 3.1 | Mar 2022 3.1 | Jun 2022 3.1 | Sep 2022 1.9 | Dec 2022 2.2 | Mar 2023 2.5 | Jun 2023 2.9 | Sep 2023 5.2 | Dec 2023 6.6 | Mar 2024 7.6 | Jun 2024 6.7 | Sep 2024 14.5 | Dec 2024 7.1 | Mar 2025 5.8 | Jun 2025 7.3 | Sep 2025 5.6 | Dec 2025 7.3 | Mar 2026 10.5
- GNK: Jun 2021 — | Sep 2021 35.3 | Dec 2021 3.8 | Mar 2022 4.6 | Jun 2022 3.5 | Sep 2022 2.4 | Dec 2022 4.2 | Mar 2023 5.6 | Jun 2023 7.2 | Sep 2023 56.0 | Dec 2023 — | Mar 2024 338.8 | Jun 2024 64.6 | Sep 2024 12.4 | Dec 2024 8.0 | Mar 2025 12.9 | Jun 2025 38.4 | Sep 2025 — | Dec 2025 — | Mar 2026 59.3
- SB: Jun 2021 — | Sep 2021 5.6 | Dec 2021 2.6 | Mar 2022 3.2 | Jun 2022 2.3 | Sep 2022 1.5 | Dec 2022 2.1 | Mar 2023 3.0 | Jun 2023 3.4 | Sep 2023 4.8 | Dec 2023 6.4 | Mar 2024 7.3 | Jun 2024 7.3 | Sep 2024 5.8 | Dec 2024 4.3 | Mar 2025 5.5 | Jun 2025 8.4 | Sep 2025 12.3 | Dec 2025 16.1 | Mar 2026 14.1
- HSHP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 169.0 | Mar 2024 — | Jun 2024 65.4 | Sep 2024 20.1 | Dec 2024 10.1 | Mar 2025 19.6 | Jun 2025 41.2 | Sep 2025 74.8 | Dec 2025 24.0 | Mar 2026 21.1
- ASC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 4.9 | Dec 2022 4.1 | Mar 2023 3.2 | Jun 2023 2.8 | Sep 2023 3.9 | Dec 2023 5.2 | Mar 2024 6.3 | Jun 2024 6.4 | Sep 2024 5.1 | Dec 2024 4.0 | Mar 2025 4.3 | Jun 2025 9.3 | Sep 2025 15.2 | Dec 2025 12.0 | Mar 2026 11.5
- ESEA: Jun 2021 — | Sep 2021 9.5 | Dec 2021 3.3 | Mar 2022 2.5 | Jun 2022 1.5 | Sep 2022 1.1 | Dec 2022 1.0 | Mar 2023 1.0 | Jun 2023 1.2 | Sep 2023 1.4 | Dec 2023 1.5 | Mar 2024 1.9 | Jun 2024 1.7 | Sep 2024 2.5 | Dec 2024 1.8 | Mar 2025 1.7 | Jun 2025 2.6 | Sep 2025 3.4 | Dec 2025 2.8 | Mar 2026 3.5
- PANL: Jun 2021 — | Sep 2021 3.8 | Dec 2021 2.5 | Mar 2022 3.1 | Jun 2022 2.6 | Sep 2022 2.6 | Dec 2022 2.9 | Mar 2023 4.2 | Jun 2023 7.5 | Sep 2023 6.5 | Dec 2023 14.2 | Mar 2024 9.2 | Jun 2024 10.0 | Sep 2024 15.4 | Dec 2024 8.5 | Mar 2025 14.0 | Jun 2025 21.4 | Sep 2025 16.9 | Dec 2025 22.9 | Mar 2026 12.9
- SHIP: Jun 2021 — | Sep 2021 20.5 | Dec 2021 3.6 | Mar 2022 4.9 | Jun 2022 3.2 | Sep 2022 2.4 | Dec 2022 5.2 | Mar 2023 9.6 | Jun 2023 21.0 | Sep 2023 — | Dec 2023 65.3 | Mar 2024 10.9 | Jun 2024 6.8 | Sep 2024 5.3 | Dec 2024 3.3 | Mar 2025 5.0 | Jun 2025 8.6 | Sep 2025 11.3 | Dec 2025 9.1 | Mar 2026 7.2
- GASS: Jun 2021 — | Sep 2021 38.3 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 3.0 | Mar 2023 2.3 | Jun 2023 3.9 | Sep 2023 3.8 | Dec 2023 4.7 | Mar 2024 4.2 | Jun 2024 4.0 | Sep 2024 3.9 | Dec 2024 3.0 | Mar 2025 3.2 | Jun 2025 3.9 | Sep 2025 3.9 | Dec 2025 4.3 | Mar 2026 5.5
- DSX: Jun 2021 — | Sep 2021 114.4 | Dec 2021 6.4 | Mar 2022 5.6 | Jun 2022 3.5 | Sep 2022 2.3 | Dec 2022 2.9 | Mar 2023 3.1 | Jun 2023 3.9 | Sep 2023 5.4 | Dec 2023 7.1 | Mar 2024 13.1 | Jun 2024 31.8 | Sep 2024 85.7 | Dec 2024 39.2 | Mar 2025 — | Jun 2025 24.3 | Sep 2025 15.3 | Dec 2025 15.1 | Mar 2026 7.1
- SMHI: Jun 2021 — | Sep 2021 17.8 | Dec 2021 2.6 | Mar 2022 21.2 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Enterprise Value & Book Value

What the numbers say: StealthGas Inc. leads ev/ebitda at 2.6×; Diana Shipping Inc. leads p/bv at 0.38×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: StealthGas Inc. · 2.6× | 9.4% versus #2 · Euroseas Ltd. | 0/8 recent comparable periods | 23/23 companies · 370 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. StealthGas Inc. (GASS): 2.6
2. Euroseas Ltd. (ESEA): 2.9
3. Danaos Corporation (DAC): 3.4
4. Global Ship Lease, Inc. (GSL): 3.5
5. ZIM Integrated Shipping Services Ltd. (ZIM): 3.9

### P/BV — lowest P/BV
1. Diana Shipping Inc. (DSX): 0.4
2. StealthGas Inc. (GASS): 0.5
3. Danaos Corporation (DAC): 0.5
4. Costamare Bulkers Holdings Limited (CMDB): 0.6
5. Navios Maritime Partners L.P. (NMM): 0.6

### 20-quarter EV/EBITDA history
- KEX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 618.6 | Jun 2022 196.2 | Sep 2022 12.4 | Dec 2022 11.9 | Mar 2023 11.9 | Jun 2023 11.5 | Sep 2023 11.4 | Dec 2023 10.0 | Mar 2024 10.8 | Jun 2024 12.2 | Sep 2024 11.5 | Dec 2024 10.5 | Mar 2025 10.2 | Jun 2025 10.9 | Sep 2025 8.2 | Dec 2025 8.8 | Mar 2026 10.4
- MATX: Jun 2021 — | Sep 2021 4.4 | Dec 2021 3.4 | Mar 2022 3.4 | Jun 2022 1.7 | Sep 2022 1.6 | Dec 2022 2.0 | Mar 2023 2.6 | Jun 2023 4.9 | Sep 2023 7.4 | Dec 2023 9.0 | Mar 2024 9.3 | Jun 2024 9.5 | Sep 2024 8.2 | Dec 2024 7.0 | Mar 2025 6.3 | Jun 2025 5.6 | Sep 2025 5.6 | Dec 2025 6.5 | Mar 2026 8.6
- HAFN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 4.8 | Sep 2024 4.0 | Dec 2024 3.6 | Mar 2025 3.4 | Jun 2025 4.7 | Sep 2025 6.6 | Dec 2025 6.3 | Mar 2026 6.8
- SBLK: Jun 2021 8.9 | Sep 2021 6.2 | Dec 2021 3.9 | Mar 2022 4.0 | Jun 2022 3.3 | Sep 2022 2.9 | Dec 2022 3.9 | Mar 2023 5.3 | Jun 2023 6.3 | Sep 2023 7.3 | Dec 2023 7.0 | Mar 2024 7.3 | Jun 2024 7.8 | Sep 2024 7.8 | Dec 2024 5.5 | Mar 2025 6.6 | Jun 2025 8.9 | Sep 2025 10.9 | Dec 2025 9.5 | Mar 2026 8.8
- ZIM: Jun 2021 — | Sep 2021 1.3 | Dec 2021 1.0 | Mar 2022 1.0 | Jun 2022 0.8 | Sep 2022 0.5 | Dec 2022 0.4 | Mar 2023 0.8 | Jun 2023 1.3 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 2.3 | Dec 2024 1.8 | Mar 2025 1.3 | Jun 2025 1.6 | Sep 2025 1.9 | Dec 2025 2.8 | Mar 2026 3.9
- DAC: Jun 2021 — | Sep 2021 10.1 | Dec 2021 5.8 | Mar 2022 5.7 | Jun 2022 3.0 | Sep 2022 2.1 | Dec 2022 1.7 | Mar 2023 1.6 | Jun 2023 2.2 | Sep 2023 2.2 | Dec 2023 2.2 | Mar 2024 2.7 | Jun 2024 3.6 | Sep 2024 3.7 | Dec 2024 2.4 | Mar 2025 2.5 | Jun 2025 2.7 | Sep 2025 2.7 | Dec 2025 2.7 | Mar 2026 3.4
- NMM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 4.3 | Mar 2025 4.2 | Jun 2025 4.3 | Sep 2025 4.6 | Dec 2025 4.6 | Mar 2026 4.7
- ECO: Jun 2021 — | Sep 2021 — | Dec 2021 11.4 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 7.1 | Mar 2023 6.5 | Jun 2023 5.2 | Sep 2023 5.5 | Dec 2023 6.2 | Mar 2024 6.7 | Jun 2024 7.4 | Sep 2024 7.9 | Dec 2024 6.3 | Mar 2025 7.6 | Jun 2025 8.2 | Sep 2025 9.3 | Dec 2025 8.3 | Mar 2026 8.8
- CMRE: Jun 2021 — | Sep 2021 8.5 | Dec 2021 5.9 | Mar 2022 5.4 | Jun 2022 4.2 | Sep 2022 3.5 | Dec 2022 3.1 | Mar 2023 3.0 | Jun 2023 3.5 | Sep 2023 3.8 | Dec 2023 3.9 | Mar 2024 4.7 | Jun 2024 5.1 | Sep 2024 4.8 | Dec 2024 3.5 | Mar 2025 1.7 | Jun 2025 1.8 | Sep 2025 4.2 | Dec 2025 4.9 | Mar 2026 5.3
- SFL: Jun 2021 — | Sep 2021 — | Dec 2021 8.9 | Mar 2022 14.5 | Jun 2022 12.1 | Sep 2022 11.8 | Dec 2022 8.1 | Mar 2023 8.0 | Jun 2023 8.2 | Sep 2023 8.6 | Dec 2023 8.7 | Mar 2024 8.5 | Jun 2024 8.2 | Sep 2024 7.6 | Dec 2024 7.7 | Mar 2025 8.1 | Jun 2025 8.1 | Sep 2025 8.4 | Dec 2025 9.5 | Mar 2026 9.1
- GSL: Jun 2021 — | Sep 2021 18.8 | Dec 2021 9.7 | Mar 2022 7.2 | Jun 2022 4.7 | Sep 2022 3.3 | Dec 2022 3.2 | Mar 2023 3.2 | Jun 2023 3.4 | Sep 2023 3.2 | Dec 2023 3.8 | Mar 2024 3.3 | Jun 2024 3.8 | Sep 2024 13.6 | Dec 2024 12.9 | Mar 2025 3.8 | Jun 2025 4.1 | Sep 2025 15.0 | Dec 2025 3.2 | Mar 2026 3.5
- CCEC: Jun 2021 — | Sep 2021 8.1 | Dec 2021 9.7 | Mar 2022 11.1 | Jun 2022 8.7 | Sep 2022 5.0 | Dec 2022 8.2 | Mar 2023 8.3 | Jun 2023 8.3 | Sep 2023 9.2 | Dec 2023 — | Mar 2024 13.1 | Jun 2024 15.8 | Sep 2024 13.3 | Dec 2024 23.7 | Mar 2025 8.5 | Jun 2025 9.4 | Sep 2025 9.3 | Dec 2025 36.0 | Mar 2026 11.3
- GNK: Jun 2021 — | Sep 2021 10.3 | Dec 2021 3.1 | Mar 2022 3.9 | Jun 2022 3.1 | Sep 2022 2.2 | Dec 2022 3.4 | Mar 2023 4.1 | Jun 2023 4.5 | Sep 2023 8.9 | Dec 2023 14.1 | Mar 2024 12.4 | Jun 2024 10.4 | Sep 2024 5.9 | Dec 2024 4.1 | Mar 2025 5.1 | Jun 2025 6.6 | Sep 2025 11.1 | Dec 2025 11.2 | Mar 2026 11.4
- SB: Jun 2021 — | Sep 2021 5.0 | Dec 2021 3.3 | Mar 2022 4.2 | Jun 2022 3.6 | Sep 2022 3.1 | Dec 2022 3.1 | Mar 2023 4.3 | Jun 2023 5.1 | Sep 2023 6.6 | Dec 2023 6.4 | Mar 2024 8.6 | Jun 2024 8.1 | Sep 2024 6.7 | Dec 2024 4.9 | Mar 2025 8.3 | Jun 2025 10.3 | Sep 2025 11.1 | Dec 2025 8.8 | Mar 2026 11.9
- HSHP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 20.0 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 9.7 | Mar 2025 10.4 | Jun 2025 10.9 | Sep 2025 12.3 | Dec 2025 11.1 | Mar 2026 11.9
- ASC: Jun 2021 — | Sep 2021 14.4 | Dec 2021 11.2 | Mar 2022 9.9 | Jun 2022 6.3 | Sep 2022 3.3 | Dec 2022 3.3 | Mar 2023 2.7 | Jun 2023 2.3 | Sep 2023 2.7 | Dec 2023 4.2 | Mar 2024 3.7 | Jun 2024 4.4 | Sep 2024 3.4 | Dec 2024 3.0 | Mar 2025 2.2 | Jun 2025 2.8 | Sep 2025 4.5 | Dec 2025 4.5 | Mar 2026 4.7
- ESEA: Jun 2021 — | Sep 2021 7.9 | Dec 2021 4.5 | Mar 2022 2.9 | Jun 2022 2.3 | Sep 2022 1.7 | Dec 2022 1.5 | Mar 2023 1.5 | Jun 2023 1.8 | Sep 2023 1.8 | Dec 2023 1.8 | Mar 2024 2.3 | Jun 2024 2.3 | Sep 2024 2.9 | Dec 2024 2.3 | Mar 2025 2.2 | Jun 2025 2.8 | Sep 2025 3.3 | Dec 2025 2.4 | Mar 2026 2.9
- PANL: Jun 2021 — | Sep 2021 6.0 | Dec 2021 6.6 | Mar 2022 4.1 | Jun 2022 3.1 | Sep 2022 2.8 | Dec 2022 5.0 | Mar 2023 3.5 | Jun 2023 5.2 | Sep 2023 5.0 | Dec 2023 18.3 | Mar 2024 5.7 | Jun 2024 6.2 | Sep 2024 6.5 | Dec 2024 18.8 | Mar 2025 7.8 | Jun 2025 7.7 | Sep 2025 7.3 | Dec 2025 47.2 | Mar 2026 6.6
- CMDB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 118.2 | Mar 2026 —
- SHIP: Jun 2021 — | Sep 2021 10.3 | Dec 2021 4.1 | Mar 2022 5.3 | Jun 2022 4.9 | Sep 2022 5.2 | Dec 2022 6.0 | Mar 2023 12.8 | Jun 2023 15.5 | Sep 2023 27.1 | Dec 2023 8.0 | Mar 2024 10.6 | Jun 2024 8.4 | Sep 2024 6.6 | Dec 2024 4.3 | Mar 2025 9.1 | Jun 2025 12.2 | Sep 2025 11.9 | Dec 2025 5.9 | Mar 2026 8.6
- GASS: Jun 2021 — | Sep 2021 8.5 | Dec 2021 57.3 | Mar 2022 36.0 | Jun 2022 18.8 | Sep 2022 20.2 | Dec 2022 4.9 | Mar 2023 4.3 | Jun 2023 4.4 | Sep 2023 3.5 | Dec 2023 4.0 | Mar 2024 3.9 | Jun 2024 3.6 | Sep 2024 3.2 | Dec 2024 2.5 | Mar 2025 2.3 | Jun 2025 2.2 | Sep 2025 2.0 | Dec 2025 2.0 | Mar 2026 2.6
- DSX: Jun 2021 — | Sep 2021 11.5 | Dec 2021 6.2 | Mar 2022 6.2 | Jun 2022 4.7 | Sep 2022 3.7 | Dec 2022 5.2 | Mar 2023 5.0 | Jun 2023 5.1 | Sep 2023 5.6 | Dec 2023 6.0 | Mar 2024 6.9 | Jun 2024 8.0 | Sep 2024 7.3 | Dec 2024 6.7 | Mar 2025 6.0 | Jun 2025 6.2 | Sep 2025 6.3 | Dec 2025 7.4 | Mar 2026 16.1
- SMHI: Jun 2021 — | Sep 2021 22.2 | Dec 2021 20.7 | Mar 2022 28.5 | Jun 2022 — | Sep 2022 — | Dec 2022 274.7 | Mar 2023 23.0 | Jun 2023 16.1 | Sep 2023 11.3 | Dec 2023 6.5 | Mar 2024 8.2 | Jun 2024 9.1 | Sep 2024 10.0 | Dec 2024 11.0 | Mar 2025 9.5 | Jun 2025 7.7 | Sep 2025 5.2 | Dec 2025 6.7 | Mar 2026 7.8

### 20-quarter P/BV history
- KEX: Jun 2021 — | Sep 2021 1.0 | Dec 2021 1.2 | Mar 2022 1.5 | Jun 2022 1.3 | Sep 2022 1.2 | Dec 2022 1.3 | Mar 2023 1.4 | Jun 2023 1.5 | Sep 2023 1.6 | Dec 2023 1.4 | Mar 2024 1.7 | Jun 2024 2.1 | Sep 2024 2.1 | Dec 2024 1.8 | Mar 2025 1.7 | Jun 2025 1.9 | Sep 2025 1.4 | Dec 2025 1.8 | Mar 2026 2.1
- MATX: Jun 2021 — | Sep 2021 2.5 | Dec 2021 2.2 | Mar 2022 2.6 | Jun 2022 1.3 | Sep 2022 1.0 | Dec 2022 1.0 | Mar 2023 0.9 | Jun 2023 1.2 | Sep 2023 1.3 | Dec 2023 1.6 | Mar 2024 1.6 | Jun 2024 1.8 | Sep 2024 1.9 | Dec 2024 1.7 | Mar 2025 1.6 | Jun 2025 1.4 | Sep 2025 1.1 | Dec 2025 1.4 | Mar 2026 1.8
- HAFN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.7 | Sep 2024 1.5 | Dec 2024 1.2 | Mar 2025 0.9 | Jun 2025 1.1 | Sep 2025 1.3 | Dec 2025 1.1 | Mar 2026 1.5
- SBLK: Jun 2021 1.3 | Sep 2021 1.3 | Dec 2021 1.1 | Mar 2022 1.5 | Jun 2022 1.2 | Sep 2022 0.9 | Dec 2022 1.0 | Mar 2023 1.1 | Jun 2023 0.9 | Sep 2023 1.1 | Dec 2023 1.1 | Mar 2024 1.2 | Jun 2024 1.1 | Sep 2024 1.1 | Dec 2024 0.7 | Mar 2025 0.7 | Jun 2025 0.8 | Sep 2025 0.9 | Dec 2025 0.9 | Mar 2026 1.1
- ZIM: Jun 2021 — | Sep 2021 1.9 | Dec 2021 1.5 | Mar 2022 2.1 | Jun 2022 1.1 | Sep 2022 0.5 | Dec 2022 0.4 | Mar 2023 0.6 | Jun 2023 0.3 | Sep 2023 0.5 | Dec 2023 0.5 | Mar 2024 0.5 | Jun 2024 0.9 | Sep 2024 0.8 | Dec 2024 0.6 | Mar 2025 0.4 | Jun 2025 0.5 | Sep 2025 0.4 | Dec 2025 0.6 | Mar 2026 0.8
- DAC: Jun 2021 — | Sep 2021 0.9 | Dec 2021 0.7 | Mar 2022 0.9 | Jun 2022 0.5 | Sep 2022 0.5 | Dec 2022 0.4 | Mar 2023 0.4 | Jun 2023 0.5 | Sep 2023 0.5 | Dec 2023 0.5 | Mar 2024 0.4 | Jun 2024 0.6 | Sep 2024 0.5 | Dec 2024 0.4 | Mar 2025 0.4 | Jun 2025 0.4 | Sep 2025 0.4 | Dec 2025 0.5 | Mar 2026 0.5
- NMM: Jun 2021 — | Sep 2021 0.6 | Dec 2021 0.5 | Mar 2022 0.6 | Jun 2022 0.4 | Sep 2022 0.4 | Dec 2022 0.4 | Mar 2023 0.3 | Jun 2023 0.3 | Sep 2023 0.3 | Dec 2023 0.3 | Mar 2024 0.5 | Jun 2024 0.5 | Sep 2024 0.6 | Dec 2024 0.4 | Mar 2025 0.4 | Jun 2025 0.4 | Sep 2025 0.4 | Dec 2025 0.5 | Mar 2026 0.6
- ECO: Jun 2021 — | Sep 2021 0.8 | Dec 2021 0.8 | Mar 2022 — | Jun 2022 — | Sep 2022 0.9 | Dec 2022 0.9 | Mar 2023 1.7 | Jun 2023 1.6 | Sep 2023 2.1 | Dec 2023 2.1 | Mar 2024 2.3 | Jun 2024 2.4 | Sep 2024 2.6 | Dec 2024 1.7 | Mar 2025 1.7 | Jun 2025 1.6 | Sep 2025 2.2 | Dec 2025 2.1 | Mar 2026 2.7
- CMRE: Jun 2021 — | Sep 2021 0.9 | Dec 2021 0.7 | Mar 2022 0.9 | Jun 2022 0.6 | Sep 2022 0.4 | Dec 2022 0.4 | Mar 2023 0.4 | Jun 2023 0.4 | Sep 2023 0.4 | Dec 2023 0.4 | Mar 2024 0.4 | Jun 2024 0.6 | Sep 2024 0.6 | Dec 2024 0.5 | Mar 2025 0.3 | Jun 2025 0.6 | Sep 2025 0.7 | Dec 2025 0.9 | Mar 2026 1.0
- SFL: Jun 2021 — | Sep 2021 1.3 | Dec 2021 1.2 | Mar 2022 1.4 | Jun 2022 1.3 | Sep 2022 1.2 | Dec 2022 1.2 | Mar 2023 1.2 | Jun 2023 1.2 | Sep 2023 1.5 | Dec 2023 1.5 | Mar 2024 1.7 | Jun 2024 1.7 | Sep 2024 1.4 | Dec 2024 1.3 | Mar 2025 1.1 | Jun 2025 1.1 | Sep 2025 1.0 | Dec 2025 1.2 | Mar 2026 1.5
- GSL: Jun 2021 — | Sep 2021 1.3 | Dec 2021 1.2 | Mar 2022 1.3 | Jun 2022 0.7 | Sep 2022 0.6 | Dec 2022 0.6 | Mar 2023 0.7 | Jun 2023 0.6 | Sep 2023 0.6 | Dec 2023 0.6 | Mar 2024 0.6 | Jun 2024 0.8 | Sep 2024 0.7 | Dec 2024 0.5 | Mar 2025 0.5 | Jun 2025 0.6 | Sep 2025 0.6 | Dec 2025 0.7 | Mar 2026 0.7
- CCEC: Jun 2021 — | Sep 2021 0.5 | Dec 2021 0.6 | Mar 2022 0.7 | Jun 2022 0.5 | Sep 2022 0.4 | Dec 2022 0.4 | Mar 2023 0.4 | Jun 2023 0.4 | Sep 2023 0.4 | Dec 2023 0.7 | Mar 2024 0.8 | Jun 2024 0.8 | Sep 2024 0.8 | Dec 2024 0.8 | Mar 2025 0.8 | Jun 2025 1.0 | Sep 2025 0.9 | Dec 2025 0.8 | Mar 2026 0.8
- GNK: Jun 2021 — | Sep 2021 1.0 | Dec 2021 0.7 | Mar 2022 1.1 | Jun 2022 0.9 | Sep 2022 0.6 | Dec 2022 0.7 | Mar 2023 0.7 | Jun 2023 0.6 | Sep 2023 0.7 | Dec 2023 0.8 | Mar 2024 1.0 | Jun 2024 1.0 | Sep 2024 0.9 | Dec 2024 0.6 | Mar 2025 0.6 | Jun 2025 0.6 | Sep 2025 0.9 | Dec 2025 0.9 | Mar 2026 1.1
- SB: Jun 2021 — | Sep 2021 1.0 | Dec 2021 0.7 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.5 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.6 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.5 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.6 | Mar 2026 —
- HSHP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 2.5 | Dec 2024 1.4 | Mar 2025 1.6 | Jun 2025 1.7 | Sep 2025 2.4 | Dec 2025 2.6 | Mar 2026 4.0
- ASC: Jun 2021 — | Sep 2021 0.5 | Dec 2021 0.4 | Mar 2022 0.5 | Jun 2022 0.7 | Sep 2022 0.8 | Dec 2022 1.3 | Mar 2023 1.2 | Jun 2023 1.0 | Sep 2023 1.0 | Dec 2023 1.1 | Mar 2024 1.2 | Jun 2024 1.5 | Sep 2024 1.2 | Dec 2024 0.8 | Mar 2025 0.7 | Jun 2025 0.6 | Sep 2025 0.8 | Dec 2025 0.7 | Mar 2026 1.0
- ESEA: Jun 2021 — | Sep 2021 3.4 | Dec 2021 1.9 | Mar 2022 1.6 | Jun 2022 1.1 | Sep 2022 0.8 | Dec 2022 0.6 | Mar 2023 0.6 | Jun 2023 0.6 | Sep 2023 0.6 | Dec 2023 0.7 | Mar 2024 0.7 | Jun 2024 0.6 | Sep 2024 0.8 | Dec 2024 0.6 | Mar 2025 0.6 | Jun 2025 0.8 | Sep 2025 1.0 | Dec 2025 0.8 | Mar 2026 1.0
- PANL: Jun 2021 — | Sep 2021 1.0 | Dec 2021 0.7 | Mar 2022 1.0 | Jun 2022 0.8 | Sep 2022 0.7 | Dec 2022 0.8 | Mar 2023 0.9 | Jun 2023 1.0 | Sep 2023 0.8 | Dec 2023 1.2 | Mar 2024 1.0 | Jun 2024 1.1 | Sep 2024 1.0 | Dec 2024 0.8 | Mar 2025 0.7 | Jun 2025 0.7 | Sep 2025 0.8 | Dec 2025 1.0 | Mar 2026 1.1
- CMDB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.3 | Sep 2025 0.5 | Dec 2025 0.6 | Mar 2026 0.6
- SHIP: Jun 2021 — | Sep 2021 1.0 | Dec 2021 0.6 | Mar 2022 0.8 | Jun 2022 0.6 | Sep 2022 0.4 | Dec 2022 0.4 | Mar 2023 0.4 | Jun 2023 0.4 | Sep 2023 0.5 | Dec 2023 0.7 | Mar 2024 0.7 | Jun 2024 0.8 | Sep 2024 0.9 | Dec 2024 0.5 | Mar 2025 0.5 | Jun 2025 0.5 | Sep 2025 0.6 | Dec 2025 0.7 | Mar 2026 —
- GASS: Jun 2021 — | Sep 2021 0.2 | Dec 2021 0.2 | Mar 2022 0.2 | Jun 2022 0.3 | Sep 2022 0.2 | Dec 2022 0.2 | Mar 2023 0.2 | Jun 2023 0.3 | Sep 2023 0.4 | Dec 2023 0.4 | Mar 2024 0.4 | Jun 2024 0.5 | Sep 2024 0.4 | Dec 2024 0.3 | Mar 2025 0.3 | Jun 2025 0.4 | Sep 2025 0.4 | Dec 2025 0.4 | Mar 2026 0.5
- DSX: Jun 2021 — | Sep 2021 — | Dec 2021 0.8 | Mar 2022 — | Jun 2022 1.0 | Sep 2022 — | Dec 2022 0.8 | Mar 2023 — | Jun 2023 0.8 | Sep 2023 — | Dec 2023 0.7 | Mar 2024 — | Jun 2024 0.7 | Sep 2024 — | Dec 2024 0.5 | Mar 2025 — | Jun 2025 0.3 | Sep 2025 — | Dec 2025 0.4 | Mar 2026 —
- SMHI: Jun 2021 — | Sep 2021 0.3 | Dec 2021 0.2 | Mar 2022 0.5 | Jun 2022 0.4 | Sep 2022 0.4 | Dec 2022 0.7 | Mar 2023 0.6 | Jun 2023 0.9 | Sep 2023 1.0 | Dec 2023 0.9 | Mar 2024 1.1 | Jun 2024 1.1 | Sep 2024 0.8 | Dec 2024 0.6 | Mar 2025 0.5 | Jun 2025 0.5 | Sep 2025 0.6 | Dec 2025 0.6 | Mar 2026 0.8

## Market action

Okeanis Eco Tankers Corp. has the strongest one-year price move in Marine Shipping at +147.2%. It also leads on Mansfield relative strength against the S&P 500 at +30.5%. 20 of 23 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Okeanis Eco Tankers Corp. (ECO): 147%
2. Seanergy Maritime Holdings Corp. (SHIP): 135%
3. Himalaya Shipping Ltd. (HSHP): 125%
4. Costamare Bulkers Holdings Limited (CMDB): 101%
5. Safe Bulkers, Inc. (SB): 91%

### Strongest relative strength versus NIFTY 500
1. Okeanis Eco Tankers Corp. (ECO): 31%
2. Seanergy Maritime Holdings Corp. (SHIP): 30%
3. Matson, Inc. (MATX): 30%
4. Himalaya Shipping Ltd. (HSHP): 27%
5. Safe Bulkers, Inc. (SB): 24%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.

## Every company
- Kirby Corporation (KEX) — market value ₹7.8K Cr; latest fundamentals Mar 2026
- Matson, Inc. (MATX) — market value ₹6.1K Cr; latest fundamentals Mar 2026
- Hafnia Limited (HAFN) — market value ₹3.8K Cr; latest fundamentals Mar 2026
- Star Bulk Carriers Corp. (SBLK) — market value ₹3.1K Cr; latest fundamentals Mar 2026
- ZIM Integrated Shipping Services Ltd. (ZIM) — market value ₹2.9K Cr; latest fundamentals Mar 2026
- Danaos Corporation (DAC) — market value ₹2.6K Cr; latest fundamentals Mar 2026
- Navios Maritime Partners L.P. (NMM) — market value ₹2.3K Cr; latest fundamentals Mar 2026
- Okeanis Eco Tankers Corp. (ECO) — market value ₹2.3K Cr; latest fundamentals Mar 2026
- Costamare Inc. (CMRE) — market value ₹1.9K Cr; latest fundamentals Mar 2026
- SFL Corporation Ltd. (SFL) — market value ₹1.6K Cr; latest fundamentals Mar 2026
- Global Ship Lease, Inc. (GSL) — market value ₹1.6K Cr; latest fundamentals Mar 2026
- Capital Clean Energy Carriers Corp. (CCEC) — market value ₹1.4K Cr; latest fundamentals Mar 2026
- Genco Shipping & Trading Limited (GNK) — market value ₹1.1K Cr; latest fundamentals Mar 2026
- Safe Bulkers, Inc. (SB) — market value ₹761 Cr; latest fundamentals Mar 2026
- Himalaya Shipping Ltd. (HSHP) — market value ₹718 Cr; latest fundamentals Mar 2026
- Ardmore Shipping Corporation (ASC) — market value ₹669 Cr; latest fundamentals Mar 2026
- Euroseas Ltd. (ESEA) — market value ₹538 Cr; latest fundamentals Mar 2026
- Pangaea Logistics Solutions Ltd. (PANL) — market value ₹493 Cr; latest fundamentals Mar 2026
- Costamare Bulkers Holdings Limited (CMDB) — market value ₹448 Cr; latest fundamentals Mar 2026
- Seanergy Maritime Holdings Corp. (SHIP) — market value ₹348 Cr; latest fundamentals Mar 2026
- StealthGas Inc. (GASS) — market value ₹329 Cr; latest fundamentals Mar 2026
- Diana Shipping Inc. (DSX) — market value ₹259 Cr; latest fundamentals Mar 2026
- SEACOR Marine Holdings Inc. (SMHI) — market value ₹216 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Marine Shipping company is the biggest?

ZIM Integrated Shipping Services Ltd. is the largest, with trailing-twelve-month revenue of $6,295 million, ahead of Kirby Corporation at $3,422 million. That covers 23 of 23 companies with comparable reporting through Mar 2026.

### Which Marine Shipping company is growing fastest?

Okeanis Eco Tankers Corp. has the fastest revenue growth at 33.1% year on year, across 22 of 23 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Marine Shipping company has the best profit margins?

Euroseas Ltd. has the highest operating margin at 61.2%, from 23 of 23 comparable companies. Seanergy Maritime Holdings Corp. shows the biggest recent improvement, at +43.9 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Marine Shipping company makes the most profit?

Danaos Corporation earns the most, at $520 million of trailing-twelve-month net profit, from 23 of 23 comparable companies. Diana Shipping Inc. has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Marine Shipping company earns the highest return on capital?

Okeanis Eco Tankers Corp. leads on return on capital employed at 8.6%, across 23 of 23 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Marine Shipping stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Diana Shipping Inc. screens cheapest at 0.1×. Only 17 of 23 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Marine Shipping company has the strongest balance sheet?

StealthGas Inc. carries the lowest comparable gross debt at $0 million, from 23 of 23 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Marine Shipping company is investing most in new capacity?

Okeanis Eco Tankers Corp. reports the largest capital spending at $242 million, across 23 of 23 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Marine Shipping sector beating the market?

Marine Shipping has outperformed S&P 500 by 43.4% over the last 52 weeks and 0.5% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 20 of 23 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Marine Shipping stock has the strongest price momentum?

Okeanis Eco Tankers Corp. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Marine Shipping company scores highest for research priority?

Okeanis Eco Tankers Corp. scores 74.9 out of 100 with 86.2% evidence confidence, from 33.4 points on growth and earnings, 15.7 on capital efficiency, 11.1 on valuation and 14.7 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Marine Shipping companies does this comparison cover, and over what period?

It compares 23 listed companies over up to 20 reported quarters of fundamentals and 5 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Marine Shipping sector?

The 23 Marine Shipping companies on this page carry $43,126 million of combined market value. Kirby Corporation is the largest at $7,778 million, about 18% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Marine Shipping sector's P/E ratio?

The median price-to-earnings ratio across the 23 Marine Shipping companies on this page is 11.5×, measured on the 22 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Marine Shipping sector performing?

20 of the 23 covered Marine Shipping companies are beating S&P 500 on Mansfield relative strength. The sector itself is 43.4% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Marine Shipping stocks are listed in the US?

This comparison covers 23 listed Marine Shipping companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Mar 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/marine-shipping