​ Operational risk ​ We are exposed to operating costs arising from various vessel operations. Key areas of operating risk include drydockings, repair costs, insurance, piracy, and fuel prices. Our risk management includes various strategies for technical management of drydockings and repairs coordinated with a focus on measuring cost and quality. Our modern fleet helps to minimize the risk. Given the potential for accidents and other incidents that may occur in vessel operations, the fleet is insured against various types of risk. We have established a set of countermeasures in order to minimize the risk of piracy attacks during voyages, particularly through regions which the Joint War Committee or our insurers consider high risk, or which they recommend monitoring, to make the navigation safer for sea staff and to protect our assets. The price and supply of fuel is unpredictable and can fluctuate from time to time. We periodically consider and monitor the need for fuel hedging to manage this risk. ​ Foreign exchange risk ​ The majority of our transactions, assets and liabilities are denominated in U.S. Dollars, our functional currency. We incur certain general and operating expenses in other currencies (primarily the Euro, Singapore Dollar, and Pounds Sterling) and as a result there is a transactional risk to us that currency fluctuations will have a negative effect on the value of our cash flows. Such risk may have an adverse effect on our financial condition and results of operations. We believe these adverse effects to be immaterial and did not enter into any derivative contracts for either transaction or translation risk during the year ended December 31, 2025. ​ Interest rate risk ​ We are exposed to the impact of interest rate changes, primarily through borrowings that require us to make interest payments based on the Cumulatively Compounded SOFR. Significant increases in interest rates could adversely affect our results of operations and our ability to repay debt. We regularly monitor interest rate exposure and may from time to time enter into swap arrangements to hedge exposure where it is considered economically advantageous to do so. We were not party to any swap agreements relating to interest rate risk during the year ended December 31, 2025. ​ When we enter into interest rate swap agreements, we are exposed to the risk of credit loss in the event of non-performance by the counterparties to the swap agreements. To minimize counterparty risk, we generally have only entered into derivative transactions with investment grade counterparties at the time of the transactions. In addition, to the extent possible and practical, we generally enter into interest rate swaps with different counterparties to reduce concentration risk. ​ The disclosure in the immediately following paragraph about the potential effects of changes in interest rates are based on a sensitivity analysis, which models the effects of hypothetical interest rate shifts. A sensitivity analysis is constrained by several factors, including the necessity to conduct the analysis based on a single point in time and by the inability to include the extraordinarily complex market reactions that normally would arise from the market shifts. Although the following results of a sensitivity analysis for changes in interest rates may have some limited use as a benchmark, they should not be viewed as a forecast. This forward-looking disclosure also is selective in nature and addresses only the potential impacts on our borrowings. ​ Assuming we do not hedge our exposure to interest rate fluctuations, a hypothetical 100 basis-point increase or decrease in our variable interest rates would have increased or decreased our interest expense for the year ended December 31, 2025 by $0.5 million (2024: $0.2 million) using the average long-term debt balance and actual interest incurred in each period. 100 Table of Contents ​ ​ Concentration of credit risk ​ There is a concentration of credit risk with respect to our cash and cash equivalents to the extent that substantially all of the amounts are held in ABN and Nordea, and in short-term funds (with a credit risk rating of at least AA) managed by BlackRock, State Street Global Advisors, and JPMorgan Asset Management. While we believe this risk of loss is low, we intend to review and revise our policy for managing cash and cash equivalents if considered prudent to do so. ​ We limit our credit risk with trade accounts receivable by performing ongoing credit evaluations of our customers’ financial condition. We generally do not require collateral for our trade accounts receivable. ​ We may be exposed to a credit risk in relation to vessel employment and at times may have multiple vessels employed by one charterer. We consider and evaluate concentration of credit risk regularly and perform on-going evaluations of these charterers for credit risk and credit concentration risk. As of December 31, 2025 our 26 vessels in operation were employed with 16 different charterers. ​ The following table presents consolidated revenues for charterers that accounted for more than 10% of our consolidated revenues during the years presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31 In thousands of U.S. Dollars ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Charterer A ​ 36,030 28,132 * * None over 10% ​ ​ ​ ​ ​ ​ ​ ​ Liquidity risk ​ Our principal objective in relation to liquidity is seeking to ensure that we have access, at minimum cost, to sufficient liquidity to enable us to meet our obligations as they fall due and to provide adequately for contingencies. Our policy is to manage our liquidity by strict forecasting of cash flows arising from or expenses relating to voyage and time charter revenue, pool revenue, vessel operating expenses, general and administrative overhead, and servicing of debt. ​ Inflation ​ Since 2022, inflation has been a significant factor in the global economy, and inflationary pressures have resulted in increased operating, voyage (including bunkers) and general and administrative costs. Although inflation has been moderating, inflationary pressures could adversely affect our operating results to the extent our spot charter rates do not adequately cover the cost of any increases in bunker costs. ​ Geopolitical Factors ​ Please see “Item 5. Operating and Financial Review and Prospects—Recent Developments—“Geopolitical Conflicts” and “--Geopolitical and Economic Uncertainty” in this Report for information about risks to us and our business relating to, among other things, the U.S., Israel-Iran conflict, the Israel-Hamas conflict, the Russia-Ukraine conflict, and geopolitical and economic uncertainty, including tariffs and port fees. Please see “Item 3. Key Information--Risk Factors” for information about risks to us and our business relating to political instability, terrorist or other attacks, conflict or international hostilities. ​