Heidmar Maritime (HMR) Registration Filing summary

Company overview and business model

• Operates global commercial and technical management for tanker and dry-bulk vessel pools, with a focus on asset-light commercial management and chartering of crude oil and refined petroleum product tankers.

• Expanded into dry bulk and offshore sectors, with recent contracts for platform supply vessels and technical management services.

• Manages 39 vessels as of June 2025, including VLCCs, Suezmax, Aframax, MR tankers, and bulk carriers, with operations based in Greece and subsidiaries in multiple jurisdictions.

• Developed proprietary eFleetWatch® digital platform for real-time vessel and pool performance monitoring.

• Business strategy emphasizes fee-based revenue, high vessel utilization, and expansion into asset management and technical services.

Financial performance and metrics

• FY 2024 revenues were $28.9 million, down 41% from $49.1 million in 2023, primarily due to fewer managed vessels and lower hire rates.

• Net income for 2024 was $1.9 million, compared to $19.6 million in 2023, reflecting lower revenues and higher general and administrative expenses.

• EBITDA for 2024 was $3.4 million, down from $20.0 million in 2023.

• Cash and cash equivalents as of December 31, 2024, were $20.0 million, with a working capital surplus of $10.6 million.

• Operating cash flow for 2024 was $6.8 million, down from $12.0 million in 2023.

Use of proceeds and capital allocation

• May receive up to $20 million in gross proceeds from the equity facility with B. Riley Principal Capital II, LLC (BRPC II), with estimated net proceeds of $19.5 million after fees.

• Proceeds intended for vessel acquisitions and general corporate purposes, including working capital.

• No material amount of proceeds is earmarked for debt repayment.