As we step into the new year, the Signal Aframax Pool continues to evolve, guided not only by performance but by the strength and quality of the partnerships behind it. Building on the strong momentum developed throughout 2025, we are encouraged to see the Pool maintain a leading spot performance, supported by a growing fleet and a continued focus on understanding and serving our partners’ individual needs.

Consistent Performance

The results reported in mid-2025 were not a one-off outcome, but the product of a steady and disciplined commercial approach. By remaining patient during quieter periods and acting decisively when the market presents opportunities, the Signal Aframax Pool has delivered consistent outperformance versus the spot market and peers. For the full year 2025, the Pool achieved a net TCE of $34.5k/day, exceeding its peers by approximately $3.8k/day.

A data-driven framework allows us to manage opportunity cost carefully across market cycles. We avoid locking in discounted fronthauls in weaker markets, focusing instead on thoughtful positioning. When rates improve, the fleet is well placed to capture higher-value voyages, while in softer markets, when opportunity cost is lower, we prioritize backhauls and repositioning toward stronger earning regions. This measured approach has helped deliver consistent outcomes over time, supported by robust systems, experienced teams, and long-standing relationships.

While performance is fundamental, we believe the real value of the Pool lies in how we work with our partners. Our priority is to build alignment by understanding each partner’s objectives and constraints. This is particularly important around technical requirements such as dry dockings or repositioning. Through early planning and open communication, we aim to reduce commercial disruption and, where possible, create additional value. This way of working reflects a broader culture of transparency, empathy, and people-centred service.

Flexibility Without Complexity

In a market defined by volatility, flexibility matters. Over the past year, we have further simplified our operational framework to make participation in the Pool more straightforward. Entry and exit processes have been streamlined to reduce friction, allowing partners to retain control and optionality while benefiting from a structure designed to support commercial agility.

A Shared Stake in Success

The market response to this balance of performance and partnership has been encouraging. We are pleased to welcome three additional vessels into the Signal Aframax Pool, reflecting growing confidence in our commercial management approach.

​​​​​​Alongside organic growth, we continue to explore selective strategic opportunities that strengthen our broader platform. This includes a recent investment in Bluepool, a fast-growing dry bulk pool, as well as ongoing work on a structure to scale Aframax time charter investments. These initiatives are intended to expand our capabilities while remaining focused on delivering long-term value to our partners.

Looking ahead, Signal remains committed to a simple promise: to pursue strong, sustainable results while offering a partner experience grounded in collaboration, transparency, and respect.