Heidmar Maritime Holdings Corp. reported its results for the quarter ended March 31, 2026.
First Quarter 2026 Highlights
Total revenues of $18.4 million, up from $5.8 million in Q1 2025.
Net income attributable to shareholders of $2.8 million or $0.05 income per share, basic.
Adjusted net income of $3.4 million, which excludes $0.6 million in non-cash stock-based compensation.
Cash and cash equivalents of $27.6 million as of March 31, 2026.Adjusted net income is not a measurement recognized under U.S. GAAP (GAAP) and should not be used in isolation or as a substitute for Heidmar’s financial results presented in accordance with GAAP. See “Non-GAAP Financial Measures” later in this Press Release for the definitions and reconciliation of this measurement to the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
FIRST QUARTER 2026 RESULTS COMPARED TO FIRST QUARTER 2025
Total revenues, earned from commissions, management fees and voyage and time charter hire, were $18.4 million for the three months period ended March 31, 2026, compared to $5.8 million for the three months period ended March 31, 2025. The increase of $12.6 million is mainly attributable to the increased number of vessels that commenced short-term spot and time charter voyages during the first quarter of 2026, including the time charter of the Platform Supply Vessel (PSV) ACE Supplier, which commenced its charter operations in April 2025. The number of such vessels during the first quarter of 2026 being eight compared to one during the first quarter of 2025. Net income attributable to shareholders was $2.8 million or $0.05 income per share, basic. General and administration expenses were $3.6 million for the three months period ended March 31, 2026, compared to $6.1 million for the three months period ended March 31, 2025. The decrease of $2.5 million is mainly due to the amortization of the stock-based compensation mainly related to the performance bonus granted to management and executives in 2025.
Key quarterly highlights:
Under the purchase agreement with B. Riley Principal Capital II LLC (BRPC II) announced in June 2025, the Company as of March 31, 2026, had issued and sold 260,628 shares at a gross average price of $1.27 per share, generating gross proceeds of approximately $330,940.
Fleet Developments:
One state-of-the-art eco-design newbuilding Suezmax tanker, built in 2026, joined Heimdar’s commercially managed fleet in March 2026.
Two Suezmax tanker vessels:Two Suezmax tankers built in 2009 and 2013, respectively, joined Heidmar’s commercially managed fleet in March and April 2026.
One VLCC tanker vessel:One VLCC tanker built in 2006, joined Heidmar’s commercially managed fleet in March 2026.
One MR1 tanker vessel:One MR1 tanker built in 2006 joined Heidmar’s commercially managed fleet in April 2026.
Management Commentary
Pankaj Khanna, Chief Executive Officer of Heidmar, commented:
Heidmar entered 2026 with strong commercial momentum, an expanding modern managed fleet, and a strategic position that allows the Company to benefit from one of the most profound realignments of global energy trade in a generation. The world is moving away from the era of short, predictable oil and gas flows, and is entering one of the most dynamic periods the tanker markets have seen in years.
During the first quarter of 2026, freight rates rose to historically elevated levels, supported by heightened geopolitical tensions and ongoing disruption across key shipping lanes, including increased volatility in and around the Strait of Hormuz and the broader Gulf region. As importing nations respond to these risks, we are seeing the early stages of a deliberate diversification of supply sources, meaningful rerouting of cargoes, and longer-haul trading patterns, all of which reduce effective vessel supply and drive stronger, more durable tonne-mile demand across crude and product tanker markets.
The Company generated total revenue of $18.4 million for the three months ended March 31, 2026, compared to $5.8 million for the same period in 2025. The increase of $12.6 million was primarily driven by a higher number of vessels employed on short-term spot and time charter voyages during the quarter, as well as the overall expansion of the Company’s commercially managed fleet. Adjusted net income rose to $3.4 million, compared to $0.9 million in the same period last year, a result that strips out certain non-cash items and offers a clean view of the underlying earning power of the Heidmar platform.
We see this environment as the foundation of a multi-year growth story for Heidmar. As governments and refiners work to reduce their dependence on any single supplier or transit route, they are sourcing crude and refined products from a wider and more distant set of origins, and we expect many will move in time to build and replenish strategic reserves to insulate their economies from future shocks. Each of these shifts lengthens voyages, increases the number of vessels required to move the same volume of energy, and rewards owners and operators who can offer reliable, transparent, and flexible access to high-quality tonnage. Heidmar’s commercial and pool management platform, our long-standing customer relationships, and our presence across the world’s major energy hubs position us to help importing nations and their counterparties secure the shipping capacity they need to achieve these goals.
Further reinforcing this momentum, Heidmar recently announced the expansion of its commercially managed fleet with the addition of five vessels across key tanker segments. These additions included one state-of-the-art eco-design Suezmax newbuilding delivered in 2026, two Suezmax tankers built in 2009 and 2013, respectively, one VLCC tanker built in 2006, and one MR1 tanker built in 2006.
These fleet developments build on the Company’s continued strategy of selectively adding modern, fuel-efficient vessels through a combination of newbuildings and high-quality secondhand tonnage. Collectively, these additions further enhance Heidmar’s ability to serve customers across an increasingly complex global energy map, where diversification of supply, the rerouting of trade, and the prospect of strategic stock-building continue to support elevated tonne-mile demand and strong vessel utilization. While the geopolitical backdrop remains uncertain, we believe the structural forces now reshaping global energy trade represent a significant and durable growth opportunity for Heidmar, and we intend to scale our platform thoughtfully to help our customers navigate it.
Source: Heidmar Maritime Holdings Corp.
