The Company is exposed to market risk from changes in interest rates related to the variable rate of the Company’s borrowings under our $150 million Senior Secured Credit Facility, amended and restated and our eight vessels financed with Ocean Yield. The Company is also exposed to foreign exchange risk, primarily related to fluctuations in currency exchange rates that may affect the cost of operating expenses and certain capital expenditures denominated in currencies other than the U.S. dollar. The Senior Secured Credit Facility, amended and restated carrying an interest rate based on Federal Funds Rate, plus a margin. The other financing agreements have interest at a rate equal to a term SOFR and a margin and a Credit Adjustment Spread, or CAS, of 26 basis points. Increasing interest rates could affect our future profitability. In certain situations, the Company may enter into financial instruments to reduce the risk associated with fluctuations in interest rates. A 100 basis point increase in term SOFR or the Federal Funds Rate would have resulted in an increase of approximately $4.22 million in our interest expense for the year ended December 31, 2025. The Company is exposed to the spot Suezmax tanker market. Historically, the tanker markets have been volatile as a result of the many conditions and factors that can affect the price, supply and demand for tanker capacity. Changes in demand for transportation of oil over longer distances and supply of tankers to carry that oil may materially affect our revenues, profitability and cash flows. The majority of our vessels are operated in the spot market with three vessels on longer-term time charter agreements. We believe that over time, spot employment generates premium earnings compared to longer-term employment. 82 Table of Contents We estimate that during 2025, a $1,000 per day decrease per vessel in the spot market rate would have decreased our voyage revenue by approximately $7.88 million.