Heidmar Maritime NASDAQ: HMR reported second-quarter net income of $2.2 million, or $0.04 per basic share, compared with a net loss of $13.7 million in the prior-year period, as revenue rose sharply and the company expanded its managed fleet.
The second-quarter 2025 result included a $13.6 million loss from discontinued operations. On a continuing-operations basis, Heidmar recorded a net loss of $0.1 million in that period, according to Chief Executive Officer Pankaj Khanna.
Excluding $0.2 million of non-cash stock-based compensation, adjusted net income was $2.4 million, up from $0.5 million in the year-earlier quarter on a continuing-operations basis.
Revenue Growth Driven by Chartering Activity
Total revenue reached $29 million for the three months ended June 30, up from $18.4 million in the first quarter and $9.6 million a year earlier. Khanna said the year-over-year increase of approximately 203% was primarily driven by higher voyage and time-charter revenue, which rose to $23.2 million from $6.2 million.
Trade revenue increased to $5.8 million from $3.3 million in the second quarter of 2025. The company chartered out six vessels under voyage and time-charter arrangements during the quarter, compared with two vessels a year earlier.
General and administrative expenses increased to $5.6 million from $4.7 million. Khanna attributed much of the increase to employee cash bonuses, which totaled $1.8 million during the quarter, compared with $1.4 million in the prior-year period. He said the company expects G&A spending to remain controlled relative to its expanding revenue base.
For the first half of 2026, Heidmar reported total revenue of $47.3 million and net income attributable to shareholders of $5 million. Adjusted net income for the six-month period was $5.8 million, excluding $0.8 million in non-cash stock-based compensation.
As of June 30, cash and cash equivalents were $28.7 million, while total assets stood at $99.6 million.
Fleet Expansion Continues
Heidmar added seven vessels across tanker segments during the second quarter, following eight additions in the first quarter. The company added 15 vessels to its platform during the first half of 2026 and said its pipeline remains active for further additions through the rest of the year and into 2027.
Following the end of the quarter, the company completed its acquisition of Q-Shipping B.V., a Netherlands-based ship-management and crewing business, on July 1 for about EUR 0.2 million. The acquisition was funded with existing cash reserves.
The transaction added nine vessels to Heidmar’s managed fleet, bringing the company to approximately 60 vessels under commercial management and 20 under technical management. The deal also established operating operations in the Netherlands and Turkey and added crewing capability in Ukraine, Khanna said.
Q-Shipping’s integration is expected to result in the takeover of three additional vessels in the third quarter: one small tanker and two Handysize bulk carriers, Khanna said during the question-and-answer session.
Heidmar also regained compliance with Nasdaq’s continued listing rule on June 2 after its closing bid price remained at or above $1 per share for 10 consecutive business days. The company had received a deficiency notice on April 22.
Tanker Rates Supported by Disruptions
Khanna said tanker markets remained volatile during the quarter amid geopolitical developments in the Middle East and Europe. Disruptions in the Strait of Hormuz and Bab el-Mandeb contributed to elevated freight rates, even as global seaborne crude volumes contracted.
According to Khanna, combined transit volumes through those choke points recovered to roughly 11 million barrels per day in May and June from a trough of 6 million barrels per day, but remained below pre-crisis levels of 20 million barrels per day.
He also cited Ukrainian attacks on Russian oil refineries and crude-export infrastructure as factors affecting Russian shipments. Khanna said Russian seaborne product exports declined to 1.1 million barrels per day in July from an average of 2.2 million barrels per day in 2025.
The company said that during the third quarter to date, renewed Middle East hostilities reduced oil flows through the Strait of Hormuz. Khanna described a developing shuttle-tanker trade in which vessels move crude from terminals inside the Arabian Gulf to locations outside the strait for ship-to-ship transfers.
He said disruptions around the Red Sea have redirected certain crude flows and contributed to strong demand for Suezmax and Aframax vessels. Suezmax vessels, on average, have outperformed very large crude carriers during the period, while Aframax rates have also reached historically high levels, according to Khanna.
Fee Model and Outlook
Khanna said Heidmar’s core commercial-management business earns fees based on a percentage of gross freight, allowing revenue to benefit when freight rates rise. He said Suezmax vessels were earning roughly $150,000 to $200,000 per day on average, while Aframax vessels were averaging more than $100,000 per day, depending on voyage terms.
Heidmar also pursues chartering opportunities through its proprietary book, although Khanna said that business can vary from quarter to quarter. The company seeks longer-term chartering opportunities when it can secure an appropriate margin and hedge risk on a back-to-back basis, he said.
Khanna said fleet additions are currently being driven in part by newly delivered vessels whose owners need commercial-management expertise, rather than directly by the Middle East crisis. Heidmar has been helping certain Chinese owners of newbuildings find time-charter opportunities or trade vessels in the spot market, he said.
Looking ahead, Khanna said the company expects tanker rates to remain high and potentially strengthen during the seasonally stronger fourth-quarter and first-quarter periods, depending on geopolitical developments. He also pointed to the aging global fleet, sanctioned vessels and longer trade routes associated with oil-import diversification as longer-term factors affecting tanker supply and ton-mile demand.
About Heidmar Maritime (NASDAQ:HMR)
Heidmar Maritime Inc NASDAQ: HMR is a global provider of commercial and technical management services for oil and chemical tanker vessels. The company specializes in the operation of crude oil, refined products and chemical tankers under both time charter and voyage charter arrangements. Through its proprietary tanker pools, Heidmar offers owners and charterers enhanced vessel utilization and competitive freight rates by aggregating capacity and optimizing employment across global trade lanes.
Founded in 1993 and headquartered in Hamilton, Bermuda, Heidmar Maritime operates a modern, double‐hull fleet that includes a mix of very large crude carriers (VLCCs), Suezmax tankers, Aframaxes and medium range (MR) product vessels.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
Continue following MarketBeat
Add MarketBeat as your preferred source on Google to see our latest stories in your feed.
Before you consider Heidmar Maritime, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Heidmar Maritime wasn't on the list.
While Heidmar Maritime currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Looking to profit from the electric vehicle mega-trend? Click the link to see our list of which EV stocks show the most long-term potential.
Get This Free Report
