Our exposure to market risk for changes in interest rate relates primarily to our floating-rate debt. Our floating-rate debt (including bareboat lease financing) arrangements contain interest rates that fluctuate with SOFR. Significant increases in interest rates could adversely affect our operating margins, results of operations and our ability to service our debt. From time to time, we take positions in interest rate derivative contracts to manage interest costs and risk associated with changing interest rates with respect to our floating-rate debt. Generally, our approach is to economically hedge a portion of the floating-rate debt and we manage the exposure to the rest of our debt based on our outlook for interest rates and other factors. We are exposed to credit loss in the event of non-performance by the counterparties to the interest rate derivative contracts which we are trying to minimize by only entering into derivative transactions with counterparties that bear an investment grade rate at the time of the transaction and to the extent possible and practical, with different counterparties to reduce concentration risk. In previous years, we have entered into various interest rate swaps with certain of our lenders to convert a portion of our debt from floating to fixed rate. During the years ended December 31, 2025 and December 31, 2024, each of these interest rate swaps were early terminated or expired. As of December 31, 2025, we do not have any interest rate swaps in place. Currently, given the current elevated level of interest rates and our expectation that rates are unlikely to increase materially from current levels, we have not entered into new interest rate hedging arrangements. Until March 31, 2025, all of the Company’s interest rate swaps were designated and qualified as cash flow hedges and the effective portion of the unrealized gains/losses was recorded in Other Comprehensive Income / (Loss). On April 1, 2025, these swaps were de-designated as cash flow hedges since they no longer met the hedging relationship criteria. Following their de-designation, changes in their fair value together with the related interest received were recognized under Gain / (Loss) on derivative financial instruments, net. 96 Table of Contents As of December 31, 2025, all of our outstanding debt is floating rate, please see Note 9 to our consolidated financial statements included herein. The total interest expense of our outstanding debt for the year ended December 31, 2025 was $67.1 million. Our estimated total interest expense for the year ending December 31, 2026 is expected to be $53.5 million. The interest expense related to the floating rate debt reflects an assumed SOFR-based applicable rate of 3.87% (the three-month SOFR rate as of December 31, 2025) plus the relevant margin of the applicable debt and lease financing arrangement. The following table sets forth the sensitivity of our outstanding debt, in millions of Dollars, as of December 31, 2025, as to a 100 basis point increase in SOFR during the next five years. For the year Estimated amount Estimated amount Increase in interest expense if SOFR increases by 100 basis points ending December 31, of interest expense of interest expense after an increase of 100 basis points 2026 53.5 63.3 9.8 2027 39.3 46.5 7.2 2028 25.2 29.8 4.6 2029 15.1 17.8 2.7 2030 5.9 6.9 1.0 Currency and Exchange Rates We generate most of our revenues in Dollars. During 2025, from our Vessel operating expenses, approximately 7% were incurred in currencies other than the Dollar, while approximately 6% were incurred in Euros. Further, 49% of our General and administrative expenses were incurred in currencies other than the Dollar during 2025, of which approximately 41% were incurred in Euros. For accounting purposes, expenses incurred in Euros or other foreign currencies (except Dollars) are converted into Dollars at the exchange rate prevailing on the date of each transaction. Because a significant portion of our expenses are incurred in currencies other than the Dollar, our expenses may from time to time increase relative to our revenues as a result of fluctuations in exchange rates, particularly between the Dollar and the Euro, which could affect the amount of net income that we report in future periods. As of December 31, 2025, the effect of an adverse movement in Dollar/Euro exchange rates by 1% would have resulted in an increase of $0.29 million and $0.15 million in our General and administrative expense and our operating expenses, respectively. While we historically have not mitigated the risk associated with exchange rate fluctuations through the use of financial derivatives, we may determine to employ such instruments from time to time in the future in order to minimize this risk. The use of financial derivatives or non-derivative instruments, including foreign exchange forward agreements, would involve certain risks, including the risk that losses on a hedged position could exceed the nominal amount invested in the instrument and the risk that the counterparty to the derivative or non-derivative transaction may be unable or unwilling to satisfy its contractual obligations, which could have an adverse effect on our results. Freight Derivatives From time to time, we take positions in freight derivatives, mainly through FFAs. Generally, freight derivatives may be used to hedge a vessel owner’s exposure to the charter market for a specified route and period of time. If we take positions in freight derivatives we could suffer losses in the settling or termination of these agreements. This could adversely affect our results of operations and cash flow. During the years ended December 31, 2024 and 2025, we entered into a number of FFAs on the Capesize, Panamax and Supramax indexes. We use the freight derivatives as an economic hedge for our vessels that are being chartered in the spot market, effectively locking-in an approximate amount of revenue that we expect to receive from such vessels’ relevant periods. Our FFAs are settled mainly through reputable exchanges such as EEX or SGX, so as to limit our exposure in over-the counter transactions. Customary requirements for trading in FFAs include the maintenance of initial and variation margins based on expected volatility and the valuation of the open position under such contracts. Our freight derivatives do not qualify as cash flow hedges for accounting purposes and therefore their fair value is treated as assets/liabilities until they are settled with the change in fair value being reflected in the consolidated income statements. 97 Table of Contents As of December 31, 2024, the fair value of our outstanding freight derivatives was a receivable of $0.1 million and as of December 31, 2025, the fair value of our outstanding freight derivatives was a receivable of $0.6 million. A change in the daily forward rates of $1,000 would not have a material impact in the Company’s financial position as of December 31, 2025. In 2024, we recorded a net loss on our freight derivatives of $4.1 million and in 2025, we recorded a net gain of $2.8 million. Bunker Swap Agreements From time to time, we enter into bunker swap contracts to manage our exposure to fluctuations of bunker prices associated with the consumption of bunkers by our vessels. Bunker swaps are agreements between two parties to exchange cash flows at a fixed price on bunkers, where volume, time period and price are agreed in advance. If we take positions in bunker swaps or other derivative instruments we could suffer losses in the settling or termination of these agreements. This could adversely affect our results of operations and cash flow. During the years ended December 31, 2024 and 2025, we entered into a number of bunker swaps. We use these bunker swaps as an economic hedge to reduce the risk on bunker price differentials. Our bunker swaps are settled through reputable exchanges such as ICE so as to limit our exposure in over the counter transactions. Our bunker swaps do not qualify as cash flow hedges for accounting purposes and therefore their fair value is treated as assets/liabilities until they are settled with the change in fair value being reflected in the consolidated income statements. As of December 31, 2024, the fair value of our outstanding bunker swap agreements was a receivable of $0.1 million. As of December 31, 2025, we had no open positions in bunker swap agreements. In 2024 we recorded a total net gain of $0.1 million on our bunker swaps while in 2025 we recorded a total net gain of $2.1 million on our bunker swaps.