# 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 2026-08-04. Not investment advice. ## Bottom line Marine Shipping has outperformed S&P 500 by 38.7% over 52 weeks and 3% over 13 weeks. 17 of 23 covered companies beat the S&P 500 on Mansfield relative strength, while 10 of 23 beat the sector itself. ZIM Integrated Shipping Services Ltd. leads with revenue of $6,295 million, based on 17 of 23 comparable companies through Mar 2026. ## Sector relative strength Marine Shipping has outperformed S&P 500 by 38.7% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 3%. 17 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 +18.1%. 13-week sector return versus NIFTY 500: -3.0% 52-week sector return versus NIFTY 500: 39% Stocks leading NIFTY: 17/23 Stocks leading sector: 10/23 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: ₹43.3K 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): 74/100 — Favorable setup; evidence 81% - Growth & earnings 31.3/35 | Capital efficiency 17.6/25 | Valuation 11.0/20 | Relative strength 13.7/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks - Exact sum: 31.3 + 17.6 + 11 + 13.7 = 73.6 - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. 2. Safe Bulkers, Inc. (SB): 64/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 22.1/35 | Capital efficiency 13.8/25 | Valuation 10.2/20 | Relative strength 17.9/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks - Exact sum: 22.1 + 13.8 + 10.2 + 17.9 = 64 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 3. Seanergy Maritime Holdings Corp. (SHIP): 64/100 — Thin evidence · provisional; evidence 52% - Growth & earnings 23.1/35 | Capital efficiency 12.8/25 | Valuation 11.1/20 | Relative strength 17.0/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks - Exact sum: 23.1 + 12.8 + 11.1 + 17 = 64 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 4. Navios Maritime Partners L.P. (NMM): 60/100 — Mixed-positive evidence; evidence 81% - Growth & earnings 20.5/35 | Capital efficiency 13.1/25 | Valuation 12.7/20 | Relative strength 13.4/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks - Exact sum: 20.5 + 13.1 + 12.7 + 13.4 = 59.7 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 5. Danaos Corporation (DAC): 60/100 — Mixed-positive evidence; evidence 81% - Growth & earnings 17.6/35 | Capital efficiency 13.8/25 | Valuation 14.0/20 | Relative strength 14.1/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks - Exact sum: 17.6 + 13.8 + 14 + 14.1 = 59.5 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 6. Himalaya Shipping Ltd. (HSHP): 58/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 21.7/35 | Capital efficiency 11.8/25 | Valuation 9.1/20 | Relative strength 15.8/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks - Exact sum: 21.7 + 11.8 + 9.1 + 15.8 = 58.4 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 7. Ardmore Shipping Corporation (ASC): 57/100 — Thin evidence · provisional; evidence 52% - Growth & earnings 22.6/35 | Capital efficiency 14.1/25 | Valuation 10.8/20 | Relative strength 9.8/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks - Exact sum: 22.6 + 14.1 + 10.8 + 9.8 = 57.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 8. Star Bulk Carriers Corp. (SBLK): 55/100 — Mixed-positive evidence; evidence 74% - Growth & earnings 15.7/35 | Capital efficiency 14.1/25 | Valuation 12.2/20 | Relative strength 13.3/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of the last 12 weeks - Exact sum: 15.7 + 14.1 + 12.2 + 13.3 = 55.3 - Decision use: Price leads the evidence: RS versus the benchmark is 13.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 9. SFL Corporation Ltd. (SFL): 53/100 — Mixed-positive evidence; evidence 68% - Growth & earnings 18.8/35 | Capital efficiency 10.4/25 | Valuation 12.0/20 | Relative strength 11.9/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks - Exact sum: 18.8 + 10.4 + 12 + 11.9 = 53.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 10. Euroseas Ltd. (ESEA): 51/100 — Mixed-positive evidence; evidence 75% - Growth & earnings 10.3/35 | Capital efficiency 16.2/25 | Valuation 15.7/20 | Relative strength 8.8/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks - Exact sum: 10.3 + 16.2 + 15.7 + 8.8 = 51 - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. 11. Matson, Inc. (MATX): 51/100 — Mixed-positive evidence; evidence 81% - Growth & earnings 11.1/35 | Capital efficiency 9.0/25 | Valuation 11.2/20 | Relative strength 19.6/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 10 of the last 12 weeks - Exact sum: 11.1 + 9 + 11.2 + 19.6 = 50.9 - Decision use: Price leads the evidence: RS versus the benchmark is 30%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 12. StealthGas Inc. (GASS): 49/100 — Mixed-negative evidence; evidence 75% - Growth & earnings 20.2/35 | Capital efficiency 9.9/25 | Valuation 15.2/20 | Relative strength 3.9/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks - Exact sum: 20.2 + 9.9 + 15.2 + 3.9 = 49.2 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 13. Global Ship Lease, Inc. (GSL): 49/100 — Mixed-negative evidence; evidence 75% - Growth & earnings 11.6/35 | Capital efficiency 14.8/25 | Valuation 15.2/20 | Relative strength 7.6/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks - Exact sum: 11.6 + 14.8 + 15.2 + 7.6 = 49.2 - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. 14. Diana Shipping Inc. (DSX): 48/100 — Mixed-negative evidence; evidence 75% - Growth & earnings 17.0/35 | Capital efficiency 8.4/25 | Valuation 15.4/20 | Relative strength 7.2/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 17 + 8.4 + 15.4 + 7.2 = 48 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 15. Genco Shipping & Trading Limited (GNK): 46/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 20.7/35 | Capital efficiency 6.3/25 | Valuation 8.5/20 | Relative strength 10.3/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks - Exact sum: 20.7 + 6.3 + 8.5 + 10.3 = 45.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 16. Kirby Corporation (KEX): 45/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 18.8/35 | Capital efficiency 12.3/25 | Valuation 9.2/20 | Relative strength 4.5/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 18.8 + 12.3 + 9.2 + 4.5 = 44.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 17. Costamare Inc. (CMRE): 43/100 — Thin evidence · provisional; evidence 52% - Growth & earnings 15.5/35 | Capital efficiency 14.0/25 | Valuation 10.9/20 | Relative strength 3.0/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 15.5 + 14 + 10.9 + 3 = 43.4 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 18. Hafnia Limited (HAFN): 43/100 — Mixed-negative evidence; evidence 71% - Growth & earnings 16.9/35 | Capital efficiency 13.8/25 | Valuation 10.1/20 | Relative strength 2.3/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks - Exact sum: 16.9 + 13.8 + 10.1 + 2.3 = 43.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 19. Pangaea Logistics Solutions Ltd. (PANL): 41/100 — Mixed-negative evidence; evidence 68% - Growth & earnings 21.9/35 | Capital efficiency 7.0/25 | Valuation 7.6/20 | Relative strength 4.6/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 21.9 + 7 + 7.6 + 4.6 = 41.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 20. Capital Clean Energy Carriers Corp. (CCEC): 38/100 — Thin evidence · provisional; evidence 52% - Growth & earnings 13.4/35 | Capital efficiency 11.0/25 | Valuation 9.8/20 | Relative strength 3.4/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks - Exact sum: 13.4 + 11 + 9.8 + 3.4 = 37.6 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 21. SEACOR Marine Holdings Inc. (SMHI): 37/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 10.3/35 | Capital efficiency 3.0/25 | Valuation 8.9/20 | Relative strength 14.9/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks - Exact sum: 10.3 + 3 + 8.9 + 14.9 = 37.1 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 22. ZIM Integrated Shipping Services Ltd. (ZIM): 30/100 — Adverse evidence; evidence 71% - Growth & earnings 3.5/35 | Capital efficiency 4.3/25 | Valuation 8.8/20 | Relative strength 13.6/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 3.5 + 4.3 + 8.8 + 13.6 = 30.2 - Decision use: Price leads the evidence: RS versus the benchmark is 14.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 23. Costamare Bulkers Holdings Limited (CMDB): 42/100 — Thin evidence · provisional; evidence 42% - Growth & earnings 16.6/35 | Capital efficiency 6.7/25 | Valuation 10.0/20 | Relative strength 8.3/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks - Exact sum: 16.6 + 6.7 + 10 + 8.3 = 41.6 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. ## Market action Okeanis Eco Tankers Corp. has the strongest one-year price move in Marine Shipping at +142.3%. Seanergy Maritime Holdings Corp. leads on Mansfield relative strength against the S&P 500 at +32.7%. 17 of 23 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-08-04. ### Strongest one-year price performers 1. Okeanis Eco Tankers Corp. (ECO): 142% 2. Seanergy Maritime Holdings Corp. (SHIP): 132% 3. Himalaya Shipping Ltd. (HSHP): 118% 4. Costamare Bulkers Holdings Limited (CMDB): 107% 5. Matson, Inc. (MATX): 99% ### Strongest relative strength versus NIFTY 500 1. Seanergy Maritime Holdings Corp. (SHIP): 33% 2. Matson, Inc. (MATX): 30% 3. Okeanis Eco Tankers Corp. (ECO): 26% 4. Himalaya Shipping Ltd. (HSHP): 24% 5. Safe Bulkers, Inc. (SB): 23% ## Revenue Scale & Growth Durability What the numbers say: ZIM Integrated Shipping Services Ltd. is the scale leader at $6,295 million, 89.6% ahead of Matson, Inc.. 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 | 89.6% versus #2 · Matson, Inc. | 4/8 recent comparable periods | 17/23 companies · 412 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. Matson, Inc. (MATX): ₹3.3K Cr 3. Hafnia Limited (HAFN): ₹2.4K Cr 4. Navios Maritime Partners L.P. (NMM): ₹1.4K Cr 5. Star Bulk Carriers Corp. (SBLK): ₹1.1K 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. Global Ship Lease, Inc. (GSL): 7.2% 5. Navios Maritime Partners L.P. (NMM): 5.9% ### 20-quarter Revenue history - KEX: 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 | Jun 2026 — - MATX: 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 | Jun 2026 — - HAFN: 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 | Jun 2026 — - ZIM: 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 | Jun 2026 — - SBLK: 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 | Jun 2026 — - DAC: 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 | Jun 2026 — - ECO: 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 | Jun 2026 — - NMM: 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 | Jun 2026 — - CMRE: 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 | Jun 2026 — - SFL: 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 | Jun 2026 — - GSL: 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 | Jun 2026 — - CCEC: 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 | Jun 2026 — - GNK: 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 | Jun 2026 — - SB: 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 | Jun 2026 — - HSHP: 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 | Jun 2026 — - ASC: 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 | Jun 2026 — - ESEA: 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 | Jun 2026 — - PANL: 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 | Jun 2026 — - CMDB: 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 | Jun 2026 — - SHIP: 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 | Jun 2026 — - GASS: 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 | Jun 2026 — - DSX: 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 | Jun 2026 — - SMHI: 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 | Jun 2026 — ### 20-quarter Revenue growth history - KEX: 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% | Jun 2026 — - MATX: 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% | Jun 2026 — - HAFN: 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% | Jun 2026 — - ZIM: 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% | Jun 2026 — - SBLK: 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% | Jun 2026 — - DAC: 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% | Jun 2026 — - ECO: 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% | Jun 2026 — - NMM: 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% | Jun 2026 — - CMRE: 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% | Jun 2026 — - SFL: 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% | Jun 2026 — - GSL: 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% | Jun 2026 — - CCEC: 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% | Jun 2026 — - GNK: 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% | Jun 2026 — - SB: 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% | Jun 2026 — - HSHP: 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% | Jun 2026 — - ASC: 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% | Jun 2026 — - ESEA: 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% | Jun 2026 — - PANL: 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% | Jun 2026 — - SHIP: 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% | Jun 2026 — - GASS: 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% | Jun 2026 — - DSX: 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% | Jun 2026 — - SMHI: 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% | Jun 2026 — ## 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 · 412 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: 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% | Jun 2026 — - MATX: 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% | Jun 2026 — - HAFN: 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% | Jun 2026 — - ZIM: 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% | Jun 2026 — - SBLK: 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% | Jun 2026 — - DAC: 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% | Jun 2026 — - ECO: 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% | Jun 2026 — - NMM: 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% | Jun 2026 — - CMRE: 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% | Jun 2026 — - SFL: 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% | Jun 2026 — - GSL: 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% | Jun 2026 — - CCEC: 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% | Jun 2026 — - GNK: 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% | Jun 2026 — - SB: 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% | Jun 2026 — - HSHP: 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% | Jun 2026 — - ASC: 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% | Jun 2026 — - ESEA: 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% | Jun 2026 — - PANL: 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% | Jun 2026 — - CMDB: 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% | Jun 2026 — - SHIP: 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% | Jun 2026 — - GASS: 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% | Jun 2026 — - DSX: 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% | Jun 2026 — - SMHI: 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% | Jun 2026 — ### 20-quarter Margin change history - KEX: 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 | Jun 2026 — - MATX: 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 | Jun 2026 — - HAFN: 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 | Jun 2026 — - ZIM: 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 | Jun 2026 — - SBLK: 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 | Jun 2026 — - DAC: 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 | Jun 2026 — - ECO: 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 | Jun 2026 — - NMM: 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 | Jun 2026 — - CMRE: 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 | Jun 2026 — - SFL: 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 | Jun 2026 — - GSL: 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 | Jun 2026 — - CCEC: 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 | Jun 2026 — - GNK: 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 | Jun 2026 — - SB: 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 | Jun 2026 — - HSHP: 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 | Jun 2026 — - ASC: 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 | Jun 2026 — - ESEA: 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 | Jun 2026 — - PANL: 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 | Jun 2026 — - CMDB: 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 — | Jun 2026 — - SHIP: 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 | Jun 2026 — - GASS: 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 | Jun 2026 — - DSX: 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 | Jun 2026 — - SMHI: 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 | Jun 2026 — ## 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 | 17/23 companies · 414 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. Navios Maritime Partners L.P. (NMM): ₹349 Cr ### Profit growth — fastest growers 1. Diana Shipping Inc. (DSX): 100% 2. Okeanis Eco Tankers Corp. (ECO): 100% 3. StealthGas Inc. (GASS): 78% 4. Danaos Corporation (DAC): 11% 5. Navios Maritime Partners L.P. (NMM): 3.9% ### 20-quarter Net profit history - KEX: 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 | Jun 2026 — - MATX: 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 | Jun 2026 — - HAFN: 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 | Jun 2026 — - ZIM: 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 | Jun 2026 — - SBLK: 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 | Jun 2026 — - DAC: 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 | Jun 2026 — - ECO: 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 | Jun 2026 — - NMM: 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 | Jun 2026 — - CMRE: 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 | Jun 2026 — - SFL: 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 | Jun 2026 — - GSL: 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 | Jun 2026 — - CCEC: 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 | Jun 2026 — - GNK: 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 | Jun 2026 — - SB: 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 | Jun 2026 — - HSHP: 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 | Jun 2026 — - ASC: 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 | Jun 2026 — - ESEA: 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 | Jun 2026 — - PANL: 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 | Jun 2026 — - CMDB: 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 | Jun 2026 — - SHIP: 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 | Jun 2026 — - GASS: 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 | Jun 2026 — - DSX: 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 | Jun 2026 — - SMHI: 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 | Jun 2026 — ### 20-quarter Profit growth history - KEX: 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% | Jun 2026 — - MATX: 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% | Jun 2026 — - HAFN: 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% | Jun 2026 — - ZIM: 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% | Jun 2026 — - SBLK: 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 — | Jun 2026 — - DAC: 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% | Jun 2026 — - ECO: 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% | Jun 2026 — - NMM: 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% | Jun 2026 — - CMRE: 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% | Jun 2026 — - SFL: 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 — | Jun 2026 — - GSL: 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% | Jun 2026 — - CCEC: 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% | Jun 2026 — - GNK: 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 — | Jun 2026 — - SB: 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% | Jun 2026 — - HSHP: 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 — | Jun 2026 — - ASC: 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% | Jun 2026 — - ESEA: 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% | Jun 2026 — - PANL: 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 — | Jun 2026 — - CMDB: 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 — | Jun 2026 — - SHIP: 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 — | Jun 2026 — - GASS: 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% | Jun 2026 — - DSX: 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% | Jun 2026 — - SMHI: 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 — | Jun 2026 — ## Return On Capital Employed What the numbers say: Okeanis Eco Tankers Corp. leads ROCE at 8.6%, 1.5 percentage points above Ardmore Shipping Corporation. 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% | 21.1% versus #2 · Ardmore Shipping Corporation | 3/8 recent comparable periods | 23/23 companies · 421 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. Ardmore Shipping Corporation (ASC): 7.1% 3. Star Bulk Carriers Corp. (SBLK): 6.3% 4. Hafnia Limited (HAFN): 5.8% 5. Euroseas Ltd. (ESEA): 5.4% ### ROCE change — fastest improvers 1. Okeanis Eco Tankers Corp. (ECO): +6.4 pp 2. Ardmore Shipping Corporation (ASC): +3.9 pp 3. Seanergy Maritime Holdings Corp. (SHIP): +3.6 pp 4. Hafnia Limited (HAFN): +3.4 pp 5. Safe Bulkers, Inc. (SB): +2.4 pp ### 20-quarter ROCE history - KEX: 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% | Jun 2026 4.5% - MATX: 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% | Jun 2026 — - HAFN: 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% | Jun 2026 — - ZIM: 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% | Jun 2026 — - SBLK: 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% | Jun 2026 — - DAC: 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% | Jun 2026 — - ECO: 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% | Jun 2026 — - NMM: 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% | Jun 2026 — - CMRE: 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% | Jun 2026 2.8% - SFL: 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% | Jun 2026 — - GSL: 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% | Jun 2026 — - CCEC: 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 2.6% | Sep 2025 1.3% | Dec 2025 1.4% | Mar 2026 1.1% | Jun 2026 1.3% - GNK: 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% | Jun 2026 — - SB: 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% | Jun 2026 3.2% - HSHP: 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% | Jun 2026 — - ASC: 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% | Jun 2026 7.1% - ESEA: 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% | Jun 2026 — - PANL: 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% | Jun 2026 — - CMDB: 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% | Jun 2026 — - SHIP: 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% | Jun 2026 5.3% - GASS: 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% | Jun 2026 — - DSX: 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% | Jun 2026 — - SMHI: 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% | Jun 2026 — ### 20-quarter ROCE change history - KEX: 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 | Jun 2026 +2.0 pp - MATX: 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 | Jun 2026 — - HAFN: 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 | Jun 2026 — - ZIM: 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 | Jun 2026 — - SBLK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | 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 | Jun 2026 — - DAC: 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 | Jun 2026 — - ECO: 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 | Jun 2026 — - NMM: 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 | Jun 2026 — - CMRE: 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 | Jun 2026 −0.1 pp - SFL: 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 | Jun 2026 — - GSL: 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 | Jun 2026 — - CCEC: 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 +0.5 pp | Sep 2025 −0.6 pp | Dec 2025 −1.0 pp | Mar 2026 −0.6 pp | Jun 2026 −1.3 pp - GNK: 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 | Jun 2026 — - SB: 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 | Jun 2026 +2.4 pp - HSHP: 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 | Jun 2026 — - ASC: 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 | Jun 2026 +3.9 pp - ESEA: 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 | Jun 2026 — - PANL: 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 | Jun 2026 — - CMDB: 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 | Jun 2026 — - SHIP: 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 | Jun 2026 +3.6 pp - GASS: 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 | Jun 2026 — - DSX: 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 | Jun 2026 — - SMHI: 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 | Jun 2026 — ## Valuation Against Growth & Quality What the numbers say: Diana Shipping Inc. has the lowest comparable PEG at 0.1×, 16.7% below StealthGas Inc.. Only 11 of 23 companies have earnings and growth steady enough for the ratio to mean anything, 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 | 11/23 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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing. ### PEG — lowest PEG 1. Diana Shipping Inc. (DSX): 0.1 2. StealthGas Inc. (GASS): 0.1 3. Euroseas Ltd. (ESEA): 0.1 4. Global Ship Lease, Inc. (GSL): 0.2 5. SFL Corporation Ltd. (SFL): 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. Seanergy Maritime Holdings Corp. (SHIP): 4.7 5. Costamare Inc. (CMRE): 5.3 ### 20-quarter PEG history - KEX: 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 | Jun 2026 — - MATX: 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 — | Jun 2026 — - SBLK: 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 — | Jun 2026 — - DAC: 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 | Jun 2026 — - ECO: 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 — | Jun 2026 — - NMM: 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 | Jun 2026 — - CMRE: 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 | Jun 2026 — - SFL: 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 — | Jun 2026 — - GSL: 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 — | Jun 2026 — - CCEC: 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 — | Jun 2026 — - SB: 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 — | Jun 2026 — - ASC: 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 — | Jun 2026 — - ESEA: 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 — | Jun 2026 — - PANL: 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 — | Jun 2026 — - SHIP: 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 | Jun 2026 — - GASS: 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 — | Jun 2026 — - DSX: 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 — | Jun 2026 — ### 20-quarter P/E history - KEX: 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 | Jun 2026 20.9 - MATX: 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 | Jun 2026 — - HAFN: 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 | Jun 2026 — - ZIM: 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 | Jun 2026 — - SBLK: 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 | Jun 2026 — - DAC: 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 | Jun 2026 — - ECO: 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 | Jun 2026 — - NMM: 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 | Jun 2026 — - CMRE: 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 | Jun 2026 5.3 - SFL: 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 | Jun 2026 — - GSL: 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 | Jun 2026 — - CCEC: 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 | Jun 2026 11.5 - GNK: 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 | Jun 2026 — - SB: 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 | Jun 2026 8.1 - HSHP: 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 | Jun 2026 — - ASC: 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 | Jun 2026 5.4 - ESEA: 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 | Jun 2026 — - PANL: 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 | Jun 2026 — - SHIP: 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 | Jun 2026 4.7 - GASS: 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 | Jun 2026 — - DSX: 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 | Jun 2026 — - SMHI: 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 — | Jun 2026 — ## 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 ₹7.1K Cr; latest fundamentals Jun 2026 - Matson, Inc. (MATX) — market value ₹6.4K Cr; latest fundamentals Mar 2026 - Hafnia Limited (HAFN) — market value ₹3.8K Cr; latest fundamentals Mar 2026 - ZIM Integrated Shipping Services Ltd. (ZIM) — market value ₹3.3K Cr; latest fundamentals Mar 2026 - Star Bulk Carriers Corp. (SBLK) — market value ₹3.1K Cr; latest fundamentals Mar 2026 - Danaos Corporation (DAC) — market value ₹2.5K Cr; latest fundamentals Mar 2026 - Okeanis Eco Tankers Corp. (ECO) — market value ₹2.4K Cr; latest fundamentals Mar 2026 - Navios Maritime Partners L.P. (NMM) — market value ₹2.3K Cr; latest fundamentals Mar 2026 - Costamare Inc. (CMRE) — market value ₹1.8K Cr; latest fundamentals Jun 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 Jun 2026 - Genco Shipping & Trading Limited (GNK) — market value ₹1.1K Cr; latest fundamentals Mar 2026 - Safe Bulkers, Inc. (SB) — market value ₹789 Cr; latest fundamentals Jun 2026 - Himalaya Shipping Ltd. (HSHP) — market value ₹746 Cr; latest fundamentals Mar 2026 - Ardmore Shipping Corporation (ASC) — market value ₹691 Cr; latest fundamentals Jun 2026 - Euroseas Ltd. (ESEA) — market value ₹546 Cr; latest fundamentals Mar 2026 - Pangaea Logistics Solutions Ltd. (PANL) — market value ₹485 Cr; latest fundamentals Mar 2026 - Costamare Bulkers Holdings Limited (CMDB) — market value ₹463 Cr; latest fundamentals Mar 2026 - Seanergy Maritime Holdings Corp. (SHIP) — market value ₹374 Cr; latest fundamentals Jun 2026 - StealthGas Inc. (GASS) — market value ₹320 Cr; latest fundamentals Mar 2026 - Diana Shipping Inc. (DSX) — market value ₹299 Cr; latest fundamentals Mar 2026 - SEACOR Marine Holdings Inc. (SMHI) — market value ₹257 Cr; latest fundamentals Mar 2026 ## Methodology and freshness Fundamentals through Jun 2026; prices through 2026-08-04. 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 ### Is the Marine Shipping sector outperforming S&P 500? Marine Shipping has outperformed S&P 500 by 38.7% over 52 weeks and 3% over 13 weeks. 17 of 23 covered companies beat the S&P 500 on Mansfield relative strength, while 10 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 17 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 16 of 23 comparable companies. ### Which Marine Shipping company has the strongest 4-Factor Sector Score? Okeanis Eco Tankers Corp. ranks first at 73.6/100 with 81.1% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### Which Marine Shipping company has the lowest comparable PEG? Diana Shipping Inc. has the lowest comparable PEG at 0.1, among 11 of 23 companies whose earnings and growth are steady enough for the ratio to mean anything. ### How much history does this Marine Shipping comparison include? The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Jun 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. ### 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 Matson, Inc. at $3,321 million. That covers 17 of 23 companies with comparable reporting through Mar 2026. ### 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 17 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 PEG — where a LOWER number is cheaper — Diana Shipping Inc. screens cheapest at 0.1×. Only 11 of 23 companies have earnings and growth steady enough for the ratio to mean anything, 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. ### Is the Marine Shipping sector beating the market? Marine Shipping has outperformed S&P 500 by 38.7% over the last 52 weeks and 3% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 17 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? Seanergy Maritime Holdings 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 73.6 out of 100 with 81.1% evidence confidence, from 31.3 points on growth and earnings, 17.6 on capital efficiency, 11 on valuation and 13.7 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, ending Jun 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 $43,324 million of combined market value. Kirby Corporation is the largest at $7,084 million, about 16% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-04. ### 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 8.9×, 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 2026-08-04. ### How is the Marine Shipping sector performing? 17 of the 23 covered Marine Shipping companies are beating S&P 500 on Mansfield relative strength. The sector itself is 38.7% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-04. ### 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 Jun 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.