Thank you for standing by, ladies and gentlemen, and welcome to the Euroseas Conference call on the second quarter 2026 financial results. We have with us Mr. Aristides Pittas, Chairman and Chief Executive Officer, and Mr. Tasos Aslidis, Chief Financial Officer of the company. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question and answer session at which time if you wish to ask a question, please press star 1 on your telephone keypad and wait for your name to be announced. I must advise you that this conference is being recorded today. Please be reminded that the company announced their results with a press release that has been publicly distributed. Before passing the floor to Mr. Pittas, I would like to remind everyone that in today's presentation and conference call, Euroseas will be making forward looking statements. These statements are within the meaning of the federal securities laws. Matters discussed may be forward looking statements which are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. I kindly draw your attention to slide number two of the webcast presentation which has the full forward looking statement and the same statement was also included in the press release. Please take a moment to go through the whole statement and read it. And now I would like to pass the floor to Mr. Pittas. Please go ahead, sir.

Good morning, ladies and gentlemen, and thank you all for joining us today for our scheduled conference call. I'd like to apologize for the 10-minute delay, but I was caught in another very important phone call. Sorry about that. Together with me is Anastasios Aslidis, our Chief Financial Officer. The purpose of today's call is to discuss our financial results for the three- and six-month period ended June 30, 2026. Please turn to slide three of the presentation for our quarterly financial highlights. For the second quarter of 2026, we reported total net revenues of $56.5 million and the net income attributable to controlling shareholders of $33.2 million or $4.74 per diluted share. Adjusted net income for the quarter was $32.9 million or $4.70 per diluted share. Adjusted EBITDA for the period was $40.1 million. Please refer to the press release for a conciliation of adjusted net income and adjusted EBITDA net income. Our CFO, Tassos Aslidis, will go over our financial highlights in more detail later on in the presentation. We are pleased to announce that our Board of Directors has declared another quarterly dividend of 80 cents per share for the second quarter of 2026 as part of the company's common stock dividend plan. Based on current share price levels, the distribution reflects an annualized yield between 4.2 and 4.5 The launch of our 20 million share repurchase program in May 2022, we have repurchased 480,000 shares in the European market from August 13th of 2026, representing approximately 6.8% of our outstanding shares. and others. This is slide 4 for an overview of our recent developments, covering key activities across vessel sale acquisitions, chartering and fleet operations. On the S&P front, as announced in mid-June, we entered into an agreement with Nansong Pacific of Shogun Engineering in China for the construction of two additional 1,800 TEU gear-less containers. to the two we ordered in April 2026, with expected deliveries in December 2028 and March 2029. Total consideration for these vessels is approximately $64.5 million, which will be financed with a combination of debt, aiming at 60 to 65 percent, and equity. Motovessel Thrillos. The vessel is scheduled for delivery in Q1 2028. Under the terms of the agreement, NRP investors will acquire a 49% stake for approximately $12.2 million, with the transaction assuming at least 60% debt financing. Their first capital contribution has already been paid. On their chartering side, Both vessels are fixed for a minimum of 24 to maximum of 26 months at a daily rate of $25,500 per day, providing earnings visibility through at least the first quarter of 2028. We had no technical or commercial of higher days this period. Now please turn to slide 5. Our operating fleet consists of 21 vessels with a combined carrying capacity of approximately 61,000 TEU and an average age of 13 years. This includes six intermediate container ships with a carrying capacity of 25,500 TEU and an average age of 18 years, alongside 15 feeder container ships with a combined carrying and another a date of 9 years. We have 12 new building vessels on order, 8 feeders and 4 intermediate containers, with deliveries scheduled 2023-2027 through Q1-2029. Upon completion of our new building program, our fleet will expand to 33 vessels, with a total carrying capacity of approximately 97,000 TEUs. positioning us with one of the youngest feeder and intermediate containers of cleats in the market. Please turn to slide 6 for a further update on our fleet employment and forward coverage. Our chartering coverage spans at 96% for 2026, 81% for 2027, and 47% for 2028 at highly attractive average daily rates for 2026, 31,700 for 2027, and 32,300 for 2028. This insulates our earnings even if market rates soften when current charges expire. Moving on to slide 8, let me walk you through the market key developments that shaped the container subsector over the second quarter of 2026. The chain of shipping markets continued their upward trajectory through the whole of Q2 and Q3 to date, driven by robust mainland demand and supply disruptions tied to the Middle East geopolitical tensions. Starter rates reached the highest level since before the COVID-19 pandemic, while freight rates extended their momentum, posting multiple gains through July. On the asset side, second-hand vessel prices held steady during the second quarter, compared with the first, despite ongoing geopolitical uncertainties. The fundamentals remain solid. High supply of available donuts and strong competition for prompt charter-free vessels continue to underpin valuations. New building prices also moved higher, up approximately and others across the sector. Fleet utilization remains remarkably tight, idle capacity excluding vessels under repair of just 200,000 TEU for almost 6% of the global fleet as of early July. This remains at historic lows and underscores the structural supply tightness seen during this market cycle. Finally, recycling activity has been notably subdued etc. with only 10 vessels, accounting for 25,000 TEU sent to scrap through July. This further reflects the high-value environment for tonnage and limited incentive to recycle. Meanwhile, the fleet grew by 2.6% YTD. Please turn to slide 9, which illustrates the development Across all vessel classes, from smaller feeders through the larger intermediate container segment, current charter rates remain notably above both their respective 10-year historical averages and median levels. These smaller vessel classes play an essential role in maintaining network flexibility and supporting regional and intra-regional trade flows, a role that has become increasingly critical a major political uncertainty and supply chain of disruptions. With scarce available tolerance and underlying demand holding firm, the conditions supporting elevated time charter rates appear broadly intact for now. Listen to slide 10, where we review the global macroeconomic backdrop and its implications for container shipping demand. According to the IMF July 2026 World Economic Outlook, global growth is projected at 3% in 2026, recovering to 3.4% in 2027, broadly unchanged cumulatively from April's forecast. The outlook is a mix. Elevated energy prices and geopolitical tensions, particularly in the Iran conflict and Ukraine-Russia war, etc., arriving inflation and interest rates higher. However, AI-driven investment is supporting growth in technology-integrated countries. Meanwhile, global disinflation has stalled, with the inflation shock pushing the yield on the 10-year U.S. Treasury to approximately 4.7 percent. The U.S. economy has remained comparatively resilient at 2.3 percent. and others, but declined to a just 4.1% growth in 2027, when the Aegean Fire region is projected to slow to 4.1% in 2026, before recovering to 4.3% growth in 2027. The volume is projected to moderate from 4.6% growth in 2025 to just 3.7% in 2026, reflecting target impacts and slower global growth overall due to the geopolitical disruptions. Growth is expected to remain subdued at 3.4% in 2027, For container shipping specifically, containerized freight measured in TEU miles is projected to grow by approximately 3.6% in 2026. However, we anticipate a normalization effect in 2027, with TEU mile demand projected to decline by 4.8%, reflecting expectations for freight routes and sailing distances etc. Turning on to slide 11, you can see the total fleet age profile and container ship order book. Starting with the age profile in the upper left, the overall container ship fleet remains relatively young, with a majority of vessels under 15 years of age, and only about 15% of the fleet over 20 years old. However, this aggregate view is totally different when examining the feeder and intermediate segments in isolation, which we will explore in greater detail over the next several slides. Going to vessel deliveries, the top right chart illustrates scheduled new deliveries as a percentage of the existing fleet. Deliveries are projected at approximately 5.5% for 2026, 9.4% for 2027, and 24.2% for 2028 tournaments, although actual fleet growth is expected to be somewhat lower due to slippage and future demolition activity. The bottom chart puts the current outlook in historical context, at approximately 39.8% of the fleet as of August 2026. and others. The supply here tells a markedly different story from the quarter market. The age profile here is striking. Approximately 24 percent of the fleet is between 15 and 19 years. and the rest of the fleet is over 20 years old, meaning more than half of the feeder fleet is at or approaching scrapping age. As environmental regulations tighten and compliance costs rise, a meaningful portion of this older porridge will likely exit the market over the coming The trading activity in the sub-3000 EU segment remains significantly restrained. As of August 2026, the order extends at 17.6%, substantially below the broader market, which is 9.8%, with scheduled deliveries of just 3.1% for 2026, 6.8% for 2027, and 8.1% for 2028 and beyond. Let's move to slide 13 to focus on the intermediate segment, the agricultural segment of our fleet. As of August 2026, the agricultural segment stands at approximately 28% of the existing fleet. While higher than the feeder segment, this remains modest relative to the large mainline vessel classes, where new building activity has been considerably more active. is the age profile. About 36% of the fleet is between 15 to 19 years old, while 30% of vessels in this range are over 20 years of age, meaning roughly two-thirds of the fleet is either at or approaching an age where retirement decisions become likely. Casual deliveries are projected at 3.8% for 2022. etc., rising to approximately 7.8% in 2027 and 15.9% for 2028 and beyond. However, when weighed against potential accelerated scrapping among the old atonments, net fleet growth in this segment is expected to remain contained over the coming years. The interplay between a maturing fleet and the Mezzos New Building Pipeline continues to create a structurally supported environment for intermediate container support operators, despite an avoidable cascade effect, which of course will also take place. Then, slide 14. This chart places the dynamics we've discussed in broader context. These segments carry order books of 40% to 87% of their existing fleet, reflecting the significant capacity directed towards major mainland trades. These are the segments facing the most acute oversupply risk. By contrast, figures on intermediate segments exhibit significantly lower order book activity, ranging from 14% to 28%, depending on vessel size. is occurring against an Asian fleet backdrop. The gap between the wave of new buildings in larger vessel classes and limited fleet renewal in feeders and intermediate segments points to a structurally more favorable supply outlook for the sizes in which Eros is operating. Now, this is a slide 15 where we summarize around. Markets have gained meaningful momentum through July, with rates at decade highs supported by strong east-west demand and mid-east disruptions. A limited 2026 supply is supporting the near-term balance, though we do expect some of the moderation towards the end of the year. Looking ahead to 2027, the supply-demand picture sits. Accelerated scrapping and slow steaming could help absorb incremental supply. Geopolitical uncertainty also complicates the timing of any normalization. Finally, the impact of tariffs has been more muted than feared. Though U.S. trade policy remains a variable, we are continuing to monitor flows. The charts illustrate the strength of the carbon cycle. One-year time charter rates for 2,500 EU container ships stand at $38,250 per day, substantially above the 10-year historical average of $24,000 and median of $8,000 or $16,000 per day. was a 10-year-old vessel and is valued at $41 million compared to a historical average of $22.5 million and a median of $18.75 million. These elevated second-time valuations, particularly without the best employment, present a less competitive risk-reward profile This conviction has driven our decision to expand our order book expansion to 12 vessels. Building on the 9 vessels we completed in early 2025, this strategic position, combined with our strong balance sheet and substantial liquidity, puts us in an enviable position, well capitalized to pursue attributable opportunities when they arise, minor fleet benefits from lower operating costs, environmental and environmental advantages that differentiates us competitively. I will now turn the call over to Tasos, who will go over our financial results for the second quarter and first half of 2026 in more detail.

Thank you very much, Aristides. Good morning from me as well, ladies and gentlemen. Over the next five slides, I will give you the usual overview of our financial highlights for the second quarter and first half of 2026 and compare those results to the same periods of last year. For that, let's turn to slide 18. For the second quarter of 2026, the company reported total net revenues of $56.5 million, representing a 1.3% decrease over total net revenues of $57.2 million during the second quarter of 2025. This was the result of the lower average number of assets we owned and operated this quarter, this past quarter, in 2026, compared to the same second quarter of 2025, and was partly offset by the increase in the time chart rates that we earned on average in the respective period. The company reported a net income of 32.6 million, a net income attributable to controlling shareholders of 33.2 million for the second quarter of 2026, as compared to a net income attributable to controlling shareholders of 29.9 million for the same period, the second quarter of 2025. and laws attributable to not controlling shareholders of 0.6 million in the second quarter of 2016 that present the 49% ownership of the entities owning our new building, Envy Freelance, which are represented by NRP investors. To interest, another financing cost for the second quarter of 2016 amounted to 2.7 million etc. compared to $4 million for the second quarter of 2025. This decrease is due to the decreased amount of debt and the decreased interest rate of our loans in the current period compared to the same period last year. If we account for interest income, the respective amounts become $1.3 million and $3.7 million, for the second quarter of 2026 and 2025 respectively. And these are the figures shown in the net interest line, the table on the slide. As part of our liquidity management strategy, we entered into investments in equity and debt securities in the first quarter of 2026. For the three months ended June 30th, 2026, the company recognized a zero point and Anastasios Aslidis. At the same time, we acquired debt securities with an initial cost of 20 million, classified as available for sale under U.S. regard, for which the fair value decreased between quarters and others, resulting in an unrealized loss of approximately $0.24 million during the second quarter of 2026. We did not share such investments in the expected quarter of last year. It is worth noting that these investments are intended to protect maturity, and as such, the loss is purely accounting in nature, and there is no cash impact. In fact, these holdings continue to generate regular Dividend Income, which partially offset any short-term valuation fluctuations. Adversity deduct for the second quarter of 2026 was $40.1 million, compared to $39.3 million during the same period of last year. Basic and diluted earnings per share attributable to controlling shareholders for the second quarter of the year were $4.77 and 4 dollars and 74 cents, basically diluted, calculated an approximately 7 million of the greatest average number of such outstanding, compared to basic and diluted accounts attributable to controlling shareholders of 4 dollars and 32 and 4 dollars and 29 cents per share, basically diluted respectively, for the second quarter of last year. Excluding the effect on the net income attributable to controlling shareholders for the quarter of the unrealized gain on investments in equity securities, the adjusted earnings attributable to controlling shareholders for the second quarter of 2026 would have been $4.73 basic and $4.17 daily. Compared to adjusted earnings attributable again to controlling shareholders, for $4.23 basic and $4.20 diluted for the same period of last year. Let's now look at the numbers on the same slide and look at the numbers corresponding to the six-month period and the June 30th and compare them to the same period of last year. For the first half of 2026, the company reported total net revenues of 112.3 million, representing a 1.1% decrease over total net revenues of $113.6 million during the first half of last year. The same reasons the tax reduced to the quarter decline applied here. The company reported a net income for the period of $65.1 million, a net income attributable to controlling shareholders of $65.7 million, as compared to net income attributable to controlling shareholders of 66.8 million for the same period, the first half of 2025. Total interest and other financing costs for the first half of 2026 amounted to 5.7 million. Total interest for financing costs for the first half of 2025 amounted to 7.9 million. The decrease, again, due to the lower levels of debt on average and the lower interest rate paid. The Karmiri interest income for the respective amounts becomes $2.44 million and $3.63 million for the first half of 2026 and 2027. These are the two figures shown on the slide. And they include the net interest that we are talking about. Advocacy deduct for the first half of 2026. was $81 million compared to $76.4 million for the same period of last year. Basic and diluted earnings per share, attributable to controlling shareholders for the first half of 2026, were $9.44 basic and $9.39 diluted, compared to $9.63 basic and $9.60 diluted for the same period The adjusted earnings per share, attributable to controlling shareholders for the six months ended June 30, 2026, would have been $9.45 basic and $9.40 diluted, compared again to adjusted earnings for the same period of last year of $7.99 basic and $7.97 diluted. And let's now turn to slide 19 to review our FLIP performance. We'll start our review by looking at the FLIP utilization rate for the second quarters of 2026 and 2025. As a user, our FLIP utilization rate is broken down into commercial and operational components. During the second quarter of 2026 and 2025, commercial utilization was for both periods 100%, while operational utilization was 99.9%. On average, 21 vessels were owned and operated in the second quarter of 2026, earning an average contract equivalent rate of $30,306 per day, compared to 22 vessels for the period of one year, earning on average $29,420 per day. Our total daily Operating expenses include G&A expenses, but excluding diverting costs, were $8,036 per version per day in the second quarter of this year, compared to $7,394 per version per day in the second quarter of 2025. If we move further down on this table, we can see, as always, the daily cash flow rate even level, which takes into account, in addition to the operating expenses, the Dry Docking Expenses, Interest Expenses, and Loan Repayments without accounting for Balloon Repayments. And all of those are expressed on a per-dollar per-day basis, on a per-vessel per-day basis. For the second quarter of 2026, thus, our daily cash flow break-even rate was $3,233 per vessel per day, as compared to $13,206 million for the same period The second quarter of 2025. At the very bottom of this table, you can see the dividend we paid expressed in dollars per vessel per day. In the second quarter of 2026, this amounted to $2,916, compared to $2,275 in the same period of last year. The increase reflecting the increase in the actual amount of dividend paid and the reduction in the number of vessels. Let's now look at the right-hand side of this table and review the same metric for the first half period. During the first half period for 2026, both operational and commercial utilization rates were at 100%, while operational utilization rates in the corresponding period of 2025 was 99.6%, and commercial was, again, 100%. On average, for the six-month period, we only operated 21 vessels, and another time chart equivalent rate of $30,330 per day, compared to 22.83 vessels we operated in the same period of last year, and an average of $28,468 per day. Operating expenses, again, including management fees and G&A expenses, but not their adopting costs, averaged $7,963 per vessel per day this year, compared to $7,454 for the same period, the first half of 2025. The best given levels, again, at the bottom of this table, were $12,290 for the six months of this year, compared to 13,163 for 2025. And the common dividend expressed in dollars per day per session in the first half of this year amounted to 2,839, up 29 percent from 2,196 in the first quarter of last year. Let's now move to the next slide, which are the red numbers and aim to provide a better perspective of the depth of our contract cover that I see discussed in an earlier slide. This study presents the development of fleet ownership days over the period of the next three years, because we have new buildings coming in, and an estimated breakdown of how many days are available for hire and how many days are already contracted. It incorporates assumptions about delivered times for the vessels under construction, scrapping times for older vessels, estimated dry docking duration and timing, utilization rate assumptions going forward, and estimates for contracted days and average contracted trade per day. Please note that the data presented in this table Our internal estimates provided only for indicative purposes, to be used for modeling future time chart retrieval revenues, and of course actual results might differ. Nevertheless, we believe this provides a useful visibility into our forward revenue and earnings profile. Although our contracted coverage has been discussed earlier, just for reference I will mention that the contract coverage currently stands approximately 96% for the remainder of 2026, 81% for 2027, and almost 47% for 2028, while our average contracted rate for those periods are $30,858 for 2026, $31,658 for 2027, and $32,000 for 2028. Let me now take slide 21 to review our debt profile. As of June 30th, our total outstanding bank debt stood at about $208 million, with an average interest rate margin of around 2%. We assume here a three-month shock rate of 3.76%. Our total debt cost amounts to about a little more than 5.75%, which is well within the prevailing rate for our period. Turning to our debt amortization profile on the top left of this slide, we can see that in 2026 total repayments amounted to 19.6 million, consisting of approximately 9.06 million of scheduled loan repayments and 10.49 million of overhead pay loan obligations. In 2027, total debt service increases to approximately 36.85 million, inclusive of a balloon-made payment of $20 million. In 2028, repayments of loans are lowered down to $12 million, and no balloon payments due. And looking further ahead, in 2029 includes total repayments of $40.6 million, which includes $10.6 million of scheduled loan repayments and $30 million balloon. 2030 includes total repayments of $33.8 million, We have been able to finance balloon payments on federal terms and we expect to maintain that capacity of doing it in the future if we choose to do so. These figures reflect our current debt profile and do not include financing that we will assume to finance our new building program. At the bottom of this table, we can show our best-of-the-month 4-hour credit rate, which stands at $13,382 per vessel per day, and you can see the components is broken down. Let me conclude this presentation by returning to slide 22 for a quick review of selected highlights from our balance. As usual, we present our balance in a simplified way, in the form of two bars. On the left bar, we saw the asset side. We have in the current assets, of course, another current asset of approximately of 226 million. We have made approximately 74 million of advances against our new building program. And the book value of our fleet stands at about 453 million, dating the total assets in our balance sheet to 753 million. Moving to the right bar, the liabilities, there we mentioned we had a bank debt of $208 million, and additional liabilities of about $21 million, and a small amount of minority investments, resulting in about $523 million of book shareholder securities. However, the true shareholder securities should be adjusted for the market value power which is higher, significantly higher than its book value. We estimate that our current fleet is valued at approximately $660 million, which translates to an asset value for the company of more than $725 million, or about $103 per share. The current price levels, which although have increased, are still paid below to our net asset value, and this valuation gap presents an opportunity for both our shareholders, but also to investors that want to consider investing in euros. And with that I'll turn the floor back to Artidis to moderate the question and answer period. Thank you, Tasso.

Let me now open up the floor for any questions you may have.

Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions. Thank you. Our first question comes from the line of Mark Reichman with Noble Capital Markets. Please proceed with your question.

So advances for vessels under construction, so those were about $74 million at June 30th, and I was just wondering if you could just maybe kind of walk us through how much additional equity capital will need to be contributed to the new build program between now and first quarter of 2029, and just maybe

The overall cost of our new building program is around $560 million, and we plan to finance it about 60 percent debt. So, roughly speaking, the equity requirements altogether would be around $230 million, of which $74 million should remain.

Okay, that's helpful. And then the fleet table, you know, on page 7, I think what's interesting is, you know, clearly the older vessels remain on attractive charters, you know, while you've got this much younger fleet coming. But because six of those vessels were built between 2001 and 2009 and have charters that are expiring over the next several years, what are your thoughts on whether you continue to operate those? As the new builds arrive, do you plan to sell some? And I guess just related to that question, on page 20, you have 20.8 vessels for 2026. Yes, we are not thinking of sending any vessels currently. The market is so strong that it makes sense operating the elder vessels as well.

So we are fixing these ships, you know, for two years at least, charters. So this will become an issue, you know, maybe two years down the line if the market has dropped significantly. But for now I think that the earnings that these older vessels generate are worth keeping them.

And in slide 20, I think we have indicative figures. The two older vessels that you, I think, essentially pinpointed, we are negotiating to recharter. And the end of 2027, we start getting the new buildings in. So there might be some assumptions about some disposals then, but you want to make their own assumptions about how many vessels

On page 20 of the presentation, I think you have 20.8, and you've got 21 vessels in your portfolio. So what accounts for the 20.8? Is that the one single dry docking?

No. I think we have one vessel that we have more potential to be sold, one of the elder ones, but we are in the process of negotiating an extension to each other at this point.

I see. We should assume 21 weeks...

Yes, the model we saw there has a vessel, namely EM Corfu, provisionally as a potential for...

Okay. So you could assume potentially 21 vessels for the remainder of the year, but you could sell one maybe by the fourth quarter, in which case that would get to the 20.7%.

That is a very slight possibility. That was a thought. in our model a few months ago, but now we are seeing significant interest in that version, so it will probably be extended with the charter for at least two years, so that postpones the selling time by a couple of years.

I see. Okay. And then just last question. So you had a little over $164 million in restricted and unrestricted cash, I think about $208 million of debt. So how do you think about the capital allocation in terms of putting that marginal dollar to work in new bills, acquisitions, debt repayments, dividends, and of course your share repurchases, which you have highlighted?

Yes, this is the balancing act that we need to do, because we do have this $160 million, as you say. Of course, we have another $160 million to pay for our new builds during the next couple of years. However, we will be making a similar amount, I think, in the next couple of years. to look into further investments, perhaps growing the dividend, perhaps sale repurchase. Everything is on the table, and we discuss it in our quarterly board of directors meetings in order to best utilize the capital. Okay.

Well, that's very helpful. Thank you very much. You're welcome, Mark. Thank you, Mark.

Our next question comes from the line of Kate Sullivan with Maxim Group. Please proceed with your question.

Hi, I thank you. And if you provided the new build commitment number earlier, thank you for that. With the number of ships under construction and your experience in the last two, three years with building new ships, is it reasonable to forecast any delays in delivery schedules at this point, given the busier shipyards? It seems quite consistent, but would appreciate your comments, please.

Yeah. At this point, we don't foresee any delay in the construction of the ships, of course. We will only know closer to the delivery times, but Strykards in general seem to be more or less making their delivery schedules.

Yeah, it's been impressive, and your Stryk has been as well. And then your contracting strategy for the new build. Would you say it's consistent to your prior new-build contracts in terms of fixing multi-year contracts? Is there any change in the discussions to change contract structures in the container ship industry to outfloors and the potential shares of upside to those rates? Can you comment on that, please?

Not really. The idea is to fix longer-term charters if we can, but it's a bit too early for us to do that right now. If we were to do it right now, we would have to accept a lower rate than what we think we can We have not seen any change in the contract structure, like a floor and a cup. Whatever discussions we have are the traditional sort of flat rate.

possibly with some early expiring options to do three or four years or two or three years. Thank you very much. Thank you.

As a reminder, if you would like to ask a question, press star 1 on your telephone keypad. Our next question comes from the line of Poe Fratt with Alliance Global Partners. Please proceed with your question.

I was wondering if you could help me reconcile the The slide on page 6 only shows two. Is there more dry docking activity ahead of us? Certainly in 27 there will be, but I was just asking about the rest of 2026.

In the rest of 2026, we have three dry dockings to be done. The remaining three, perhaps, that you see might be in-water dry docks, which is, you know, a small delay of one day and a minimal cost. We have three big dry dockings within... This quarter and the next one on three of Varel, the Robesos, the Etkiviki, the Corfu, and the Jonathan.

Okay. That's helpful. Thank you for clarifying that. And I apologize if I missed this when you reported your first quarter numbers, but can you just talk about the equity investments that you've made and, you know, the nature of those equity investments and sort of the You know, which profile potentially of those equity investments?

I think, yes, these are bond funds, just to get a little bit higher return than just the deposit. These are bond funds investing in investment-based bonds. A very safe investment and very liquid. And then we have one additional investment in a capital-protected, structured fund, which, again, is capital-protected and, depending on various parameters, might give us a little bit of a high return. So it's really actually cash management, but trying to get a little bit more than just the pure deposit rate. They are easily liquidated easily.

It can be easily liquidated if we need the funds, which we will not need because we have 160. You're outside this 39-38 million decision.

Okay, but just to clarify, you're not investing in individual companies with a higher risk profile than a bond fund?

No, it's not that.

Okay, great. Thank you for clarifying that.

Our next question comes from the line of Clement Mullins with Value Investors Edge. Please proceed with your question.

Hi, good afternoon, and thank you for taking my questions. I wanted to follow up on Mark's question on your older vessels. We've seen some forward fixtures in recent months, but mostly on modern tonnage. Could you talk a bit about the dynamics of forward fixing on older vessels? Is that something widely available? and if that were the case, how does it imply discount compared to more modern vessels?

There is actually a lack of vessels today. So one can fix even other vessels that open up within the next three to six months quite easily at a very decent rate. and others. Very small discounts to the more modern ones, mainly reflecting, you know, the fact that they consume less fuel. But overall the market is very tight, and that is why we expect we'll be able to fix, you know, our three ships that open up within this year, later towards the end of the year. But I think we will be able to fix them within the next month or so.

And final question from me. The order book for smaller vessels is significantly lower than for the larger sizes. Have you seen any cascading from larger vessels, cannibalizing routes that are usually serviced by smaller vessels? And looking ahead, do you view this as a risk or is it unlikely to have a material impact?

Well, you know, the markets are totally unstable due to the geopolitical developments. So that makes it difficult for liner companies to adjust their schedule significantly. So the answer is no. Currently, you know, the lines are in a difficult position trying to carry the cargo they have to carry. It's difficult for them to optimize routes. When things normalize, if things normalize, at some point. They have to at some point. I don't know if it's in three months or in a year or two. But when things normalize, that's when the lines start to try to optimize, and optimization, of course, leads to increasing the size of the ships that serve various ports. So, yes, we will see the cascading effect as things normalize, but to now, we don't really see that.

And also, if you look at slide 14 and you see the size groups, you know, the elderly percentage in order book, they come between the larger sizes, where there is a huge order book, and now there are some other sizes that also are relatively balanced. So although what activities could happen will happen, We are farther away from the larger ships that will cascade down. They have to dump, obviously, to push other sizes down, which are also balanced. It's a little bit less of an issue than if we owned 8,000 EU vessels.

That's helpful. That's helpful. Thank you. I'll turn it over. Thank you for taking my questions, and congratulations for the quarter. Thank you very much.

A final reminder, if you would like to ask a question, press star 1 on your telephone keypad. One moment, please, while we re-poll for any additional questions. Thank you. It appears we have no further questions at this time. Mr. Pittas, I'd like to turn the floor back over to you for closing comments.

Thank you all for standing by and listening to our presentation. We'll be back to you in three months' time. Thank you. Thank you everybody.