Thank you for standing by, ladies and gentlemen, and welcome to the Costa Mare Bulkers Holdings Limited conference call on the first quarter 2026 financial results. We will have with us Mr. Gregory Zikos, Chief Executive Officer of the company. At this time, all participants will be in a listen-only mode. There will be a presentation followed by a question and answer session. At this time, if you wish to ask a question, please press star then one on your telephone keypad and wait for your name to be announced. I must advise you that this conference is being recorded today, Wednesday, May 13th, 2026. We would like to remind you that this conference call contains forward-looking statements. Please take a moment to read slide number two of the presentation, which contains the forward-looking statements. and I will now pass the floor to your speaker today, Mr. Zikos. Please go ahead.

Thank you and good morning, ladies and gentlemen. During the first quarter of the year, Costa Madre Bulkers generated a management income of $12.4 million. As of today, we have successfully transferred the majority of the company's legacy trading portfolio, pursuing our deal with Cargill, effectively de-risking our balance sheet. We expect that our trading platform will be free of the remaining legacy trades by year end. As part of our free renewal program, we recently concluded the sale of one 2011 in-level built cave science vessel and the acquisition of one 2018 built Ultramax. At the same time, we accepted delivery of one new building, Gamsomax, started in for a minimum period of five years. The vessel has been chartered out at a profitable rate for a minimum period of 11 months. With a total cost of about $270 million and debt of circa $140 million, The company is net cash positive, positioning us favorably to grow countercyclically in a lower asset value environment. Regarding the market, during the first four months of the year, the market exhibited elevated volatility relative to historical averages, driven by increased activity and inefficiencies, while geopolitical instability contributed additional uncertainty. Cape-sized earnings were supported by robust iron ore and bauxite volumes, coupled with limited fleet growth. The 10-mile demand was further reinforced by the expansion of the West Africa-China trade flows across both commodities. Alongside the firm kick-size market and broadly positive tribal sentiment, the Panamax index was further supported by a record soybean harvest in Brazil, as well as the U.S.-China agreement reached at the end of 2025, which drove long-haul soybean shipments during the first quarter. Finally, the supermax segment recorded a solid start to the year, as increased grain and minor backflows offset the negative impact of the state of Hormuz closure, which reduced Persian Gulf export volumes by approximately 50%. Moving now to the slide presentation. On slide 3, you can see our Q1 results. Net income for the period was $9.9 million, or $0.41 per share. Adopted income was $12.4 million, or $0.51 per share. By the end of Q1, total cash exceeded debt by approximately $137 million. As part of our street renewal strategy, we concluded the acquisition of one 2018-built Ultramax vessel and took delivery of a new building councilman. This new building is chartered in for a minimum five-year period with extension and purchase options and has already been chartered out for one year at profitable levels. Another new building councilman is expected to be delivered under a long-term chartering agreement with similar options. Finally, we have concluded the sale of one Cape-sized vessel with capital gains of approximately $7 million. Slide 5. The transfer of the trading book to Cargill is substantially complete with only one vessel remaining to be novated. We have de-risked to a large extent our balance sheet and expect that by year end we will not have any remaining legacy positions. Our operating platform is currently focused on the capsule and segment and consists of 20 three-party-owned drive-out vessels. Slide 6. Regarding the owned vessels, most of the fleet is employed on index-linked video charter agreements with the option to convert to a fixed rate. And finally, moving to Slide 7. Charter rates strengthened during Q126 with further upside momentum since April. The new vessel order book stands at 13.5%. With that, we conclude our presentation. We can now take questions. Thank you. Operator, we can take questions now.

Thank you. As a reminder, if you would like to ask a question, please press star then 1 on your telephone keypad and wait for your name to be announced. If you wish to cancel your request, please press star then 2. That's star then 1 to ask a question. There are no questions at this time. I would like to turn the conference back over to Mr. Zikos for any closing remarks.

Thank you for dialing in in today's quarterly Results Call. We're looking forward to speaking with you again during the second quarter 2026 results. Thank you. Operator, we can go to the call.

Thank you. This does conclude our conference today. Thank you all for participating. You may now disconnect.