Heidmar Maritime Holdings reported a rise in total revenues to $18.4 million for the quarter ended March 31, 2026, up from $5.8 million in the same period of 2025.
The Greek shipping firm attributed this increase to a higher number of vessels executing short-term spot and time charter voyages during the three-month period.
Eight vessels operated under these charters in the first quarter of 2026 compared to just one in the previous year, including the platform supply vessel ACE Supplier which began operations in April 2025. This expansion helped generate a net income of $2,784,690, compared to a net loss of $6,033,120 recorded in the first quarter of 2025.
General and administrative expenses decreased to $3.6 million from $6.1 million in the prior year's first quarter. This reduction was primarily driven by lower active stock-based compensation expenses, as the heavy amortisation of performance bonuses granted to management in 2025 declined.
The commercially managed fleet expanded in March and April 2026 with the addition of five tanker vessels. These additions comprised a Suezmax tanker built in 2026, two Suezmax tankers built in 2009 and 2013, one VLCC built in 2006, and one MR1 tanker built in 2006.
“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,” said Chief Executive Officer Pankaj Khanna. Rising freight rates during the quarter were supported by geopolitical tensions and disruptions across key shipping lanes, according to Khanna.