The New York-based maritime logistics firm saw its ocean freight income climb to $136.9 million, up from $99 million during the same period last year. This financial performance was supported by a significant increase in operational scale, with total voyage days rising to 4,698 from 3,420. The company’s average daily charge per vessel remained steady at approximately $29,149, capitalizing on the Baltic Dry Index, which hit 2,686 points by the end of April.

Chairman Christopher Nixon Cox attributed the growth to a combination of strong demand for coal and iron ore across key Asian trade routes and a strategic shift in the company’s cargo mix. By moving into the transportation of spodumene and other lithium-related minerals, the firm aims to reduce its historical dependence on volatile spot markets. Cox noted that these long-term contracts provide greater earnings visibility as the company continues to optimize its fleet for high-value mineral transport.