BlueYield (SHIP) Q1 2026 earnings summary

Executive summary

• Net asset value (NAV) as of March 31, 2026, was SEK 332.81 million, up 10.6% from last quarter and 7.2% adjusted for currency effects.

• Operating profit for Q1 2026 was SEK 20.3 million; profit for the period was SEK 21.1 million (SEK 6.60 per share).

• Strategic focus on segments with attractive risk-adjusted returns and active portfolio rotation amid volatile shipping markets.

• Portfolio diversified across tanker, container, dry bulk, MPP, PSV, and offshore segments, with 36 vessels in 24 project companies.

Financial highlights

• NAV per share at SEK 104.00; share price at period end SEK 100.00; market capitalization SEK 320 million.

• Fair value of the portfolio (including cash) increased by 10.6% quarter-over-quarter, or 7.2% currency-adjusted.

• Profit for the quarter driven by SEK 16.2 million in positive fair value adjustments.

• Cash and cash equivalents at period end were SEK 60.5 million.

• Dividend income for the quarter was SEK 5.2 million.

Outlook and guidance

• Constructive medium-term outlook for shipping, but near-term volatility expected.

• Focus remains on capital allocation to projects trading at a discount to NAV with clear value catalysts.

• Continued prioritization of segments with tight vessel supply and favorable market dynamics.