Financial Performance - Net income for the year ended December 31, 2022, reached $118.6 million, a significant increase from $52.3 million in 2021, representing a 126.5% growth[3][14][32] - Total vessel revenues for the year ended December 31, 2022, were $262.1 million, compared to $132.0 million in 2021, marking a 98.6% increase[3][14] - EBITDA for the year ended December 31, 2022, was $152.8 million, compared to $69.9 million in 2021, indicating a 118.0% increase[3][14] - Net income for the year ended December 31, 2022, was $118.6 million, a 126.8% increase from $52.3 million in 2021[47] - Basic earnings per common share for the year ended December 31, 2022, was $1.25, compared to $0.48 for the year ended December 31, 2021[33] - Operating cash flow more than doubled in 2022 to $123.8 million compared to 2021[48] - Net cash provided by operating activities for the year 2022 was $123.75 million, compared to $60.78 million in 2021, an increase of 103.5%[66] Cash and Assets - Cash and restricted cash increased to $152.3 million as of December 31, 2022, up from $43.4 million a year earlier, reflecting a growth of 250.0%[3][8] - Total current assets rose to $166.24 million in 2022 from $55.00 million in 2021, marking a 202.2% increase[64] - Total assets increased to $632.92 million as of December 31, 2022, up from $462.91 million in 2021, representing a 36.7% growth[64] - Cash and cash equivalents at the end of 2022 were $152.31 million, significantly up from $43.39 million at the end of 2021, a 250.0% increase[66] Debt and Liabilities - Total debt as of December 31, 2022, was $153.7 million, up from $103.8 million as of December 31, 2021[53] - Total liabilities increased to $171.43 million in 2022, compared to $119.98 million in 2021, a rise of 43.0%[64] Operational Metrics - Average daily TCE rate for the three months ended December 31, 2022, was $25,559, compared to $22,299 in the same period of 2021, reflecting a 10.1% increase[22] - The fleet operated an average of 28.8 vessels during the three months ended December 31, 2022, compared to 26.8 vessels in the same period of 2021[22] - Total vessel revenues increased to $69.3 million for the three months ended December 31, 2022, compared to $60.0 million for the same period in 2021, representing a 15.5% increase[33] - EBITDA for the three months ended December 31, 2022, was $42.9 million, up from $36.1 million in the same period of 2021[33] Spin-Off and Corporate Actions - The company completed the spin-off of its Aframax/LR2 and Handysize tanker segments on March 7, 2023, distributing shares of Toro Corp. to shareholders[4][9][32] - The spin-off of the Aframax/LR2 and Handysize tanker segments to Toro Corp. was completed on March 7, 2023[46] Expenses - Management fees increased to $2.5 million for the three months ended December 31, 2022, from $2.2 million in the same period of 2021, a rise of 13.6%[7] - Vessel operating expenses rose by $1.3 million to $16.1 million for the three months ended December 31, 2022, compared to $14.8 million in the same period of 2021[6] - General and administrative expenses increased to $2.6 million for the three months ended December 31, 2022, from $1.2 million in the same period of 2021[36] Strategic Considerations - The company emphasizes that forward-looking statements are based on various assumptions, which may be subject to significant uncertainties and contingencies[70] - The company highlights the importance of its business strategy and shipping market conditions as key factors influencing future performance[70] - The company notes the rapid growth of its fleet as a critical element in its operational strategy[70] - The ability to enter into time or voyage charters with existing and new customers is essential for the company's revenue generation[70] - The company acknowledges potential risks related to compliance with debt covenants and refinancing on favorable terms[70] - The impact of adverse weather and natural disasters is recognized as a significant risk factor[70] - The company mentions the effects of the Spin-Off as a consideration in its future planning[70] - The company is aware of the volatility in its share price and potential conflicts of interest involving board members and senior management[70] - The company refers to the importance of maintaining compliance with applicable listing standards[70] - The company indicates that it will not update forward-looking statements based on developments occurring after the date of the communication[70]

Exhibit 99.1 Page INDEX TO CONSOLIDATED FINANCIAL STATEMENTS | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------|-------| | Unaudited Interim Consolidated Balance Sheets as of December 31, 2021, and September 30, 2022 | F-2 | | | | | Unaudited Interim Condensed Consolidated Statements of Comprehensive Income for the nine months ended September 30, | | | 2021, and 2022 | F-3 | | | | | Unaudited Inte ...

Exhibit 99.1 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | Page | | Unaudited Interim Consolidated Balance Sheets as of December 31, 2021, and June 30, 2022 | F-2 | | Unaudited Interim Condensed Consolidated Statements of Comprehensive Income for the six months ended June 30, 2021, and 2022 | F-3 | | Unaudited Interim Consolid ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from October 1, 2018 to December 31, 2018 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHA ...