Thank you for standing by, ladies and gentlemen, and welcome to Safe Bulker's Conference Call for the Fourth Quarter 2025 Financial Results. We have with us Mr. Polys Hajioannou, Chairman and Chief Executive Officer; Dr. Loukas Barmparis, President; and Mr. Konstantinos Adamopoulos, Chief Financial Officer of the company. [Operator Instructions] Following this conference call, if you need further information on the conference call or on the presentation, please contact Capital Link at (212) 661-7566. I must advise you that this conference call is being recorded today. The archived webcast of the conference will soon be made available on Safe Bulker's website, www.safebulkers.com. Many of the remarks today contain forward-looking statements based on current expectations. Actual results may differ materially from results projected from those forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained in the fourth quarter 2025 earnings release, which is available on the Safe Bulkers website, again, www.safebulkers.com. I would now like to turn the conference over to one of our speakers today, the Chairman and CEO of the company, Mr. Polys Hajioannou. Please go ahead, sir.

Good morning to all. I'm Loukas Barmparis, President of Safe Bulkers, and I'm welcoming you at our quarterly results. During 2025, the dry-bulk market witnessed increased market volatility, mainly due to geopolitical reasons. In the fourth quarter of 2025, we achieved $0.14 of adjusted earnings per share, and our Board has declared a $0.05 per share dividend, rewarding our common shareholders. The company maintains a prudent balance between spot- and time-charter exposure, allowing it to capture market opportunities while preserving net cash flow visibility and a strong capital structure, providing flexibility in our capital allocation. Following a comprehensive review of the forward-looking statements language, which is presented on Slide 2, let's proceed to examine the supply side dynamics in Slide 4. The dry-bulk fleet is projected to grow by about 3% in 2026 due to stable new deliveries with fleet growth estimated to be the highest for the Panamax and Supramax segments. The order book now stands at about 11.4% of the current fleet. The forecast for dry-bulk supply as per BIMCO is to grow by 2.5% in 2026 and by 3% in 2027, as adjusted for the sailing speed. Asset prices remain elevated in line with the current freight market. Recycling volumes are anticipated to rise, but still remain low compared to historical levels. Currently, about 11% of ship capacity in the dry-bulk order book will be ready to use alternative fuels upon delivery. And out of these ships, about half will use methanol, 36% LNG and the remaining ammonia and hydrogen. However, the dual fuel order book remains small in the dry-bulk segment. The postponement of the adoption of the global fuel standard by IMO may alter the path on decarbonization towards more pragmatic solutions. In a total order book of 20 Phase 3 vessels placed in 2020,…

Thank you, Loukas, and good morning to everyone. During the fourth quarter of 2025, we operated in a slightly improved charter market environment compared to the same period in 2024, with increased revenues due to higher charter hires and slightly increased earnings from Scrubber-fitted vessels. Moving on to Slide 12, with our quarterly financial highlights for the fourth quarter of 2025 compared to the same period of 2024. Our adjusted EBITDA for the fourth quarter of 2025 stood at $37.4 million compared to $40.7 million for the same period in 2024. Our adjusted earnings per share for the third quarter of 2025 was $0.14, calculated on a weighted average number of 102.3 million shares compared to $0.15 during the same period in 2024, calculated on a weighted average number of 106.4 million shares. On the top graph, during the fourth quarter of 2025, we operated 45 vessels on average, earning an average time charter equivalent of $17,050 compared to 45.9 vessels on average, earning a TCE of $16,521 during the same period in 2024. Our daily vessel operating expenses increased by 13% to $5,683 for the fourth quarter of 2025 compared to $5,047 for the same period in 2024. Daily vessel OpEx, excluding dry-docking and pre-delivery expenses, increased by 6% to $5,057 for the fourth quarter of 2025 compared to $4,787 for the same period in 2024. Slide 14 -- 13 with a quick overview of our quarterly operational highlights for the fourth quarter of 2025. This compared to the same period of 2024. Now let's continue to Slide 14, where we present our balance sheet analysis, noting that assets are presented in their book value. Strong liquidity and ample cash reserves provide significant financial flexibility to navigate market volatility. The company maintains a healthy balance sheet, supported by a robust equity base and conservative leverage levels. Our capital structure positions the company for sustainable long-term growth and resilience. We'll conclude our presentation in Slide 15, where we present our daily free cash flow for the 12 months of 2025, illustrating the company's ability to generate free cash flows, highlighting disciplined cost control and efficient vessel operations. We'd like to highlight that based on financial performance, the company's Board of Directors has declared a $0.05 dividend per common share. The company is maintaining a healthy cash position of about $167 million as of February 13. Another $218 million available in revolving credit facilities, giving a combined liquidity and capital resources of $385 million. We should also add the contracted revenue of $178 million. This underscores our capacity to support debt service, reinvestment and shareholder returns at the same time, which enable us to expand the fleet, build a resilient company and create long-term prosperity for our shareholders. Thank you, and we are now ready for your questions.

[Operator Instructions] Our first question is from Climent Molins with Value Investor's Edge.

You've made a lot of leeway on the fleet renewal front in recent years, putting special emphasis on Kamsarmax newbuilds. When looking at your overall fleet pro forma for the newbuild additions, the Capesize does seem a tad older. Is there any appetite to renew it going forward? Or is newbuild and secondhand pricing difficult to justify based on your expectations?

Yes. Good afternoon. Good morning to you. The secondhand prices right now, they are getting higher, but the problem is the lack of suitable available tonnage for sale. So there is no quality tonnage in secondhand market available for sale, no Japanese-built vessels or even Chinese modern fleet -- modern vessels available for sales. And the reason being that market prospects look quite positive. We have a very strong Q4 and now very strong Q1. And people are getting hold of their assets to ride the improved market. So the only option you have, a company at least like ours, that we need to have quality tonnage and we need to have a sustainable program for the future is to look into shipyards. Also there, the task is not easy. But because most of the shipyards are fully booked for 2028, so we have to go into 2029 for deliveries. And basically, this is what we have done in the last quarter.

Yes, that's helpful. I also wanted to ask about the time charter market. Have you seen increasing appetite from charterers for 2- to 3-year contracts on Kamsarmaxes? And secondly, based on current quotes, would you favor index-linked exposure or fixed coverage?

Yes. There is no interest for 2- or 3-year contracts. The market is just starting its improvement, you know, the last couple of quarters. You have to remember last year was a very difficult year, especially the first half, which was all the talks of tariffs and it started from September '24 up and it lasted up to July of 2025 when we saw that Trump administration was starting settling some of those issues with a few countries. So there were a good 10 months of depression in the market. Stories start changing from second half of 2025 when we start seeing improvement. I mean the momentum has to gather pace, which is doing right now. And we started now seeing better freight rates. And right now, we could say that many charters can take 12-month period charters. In order to see 2 or 3 years, we need to have more of this visibility. We have to have this going into 2 or 3 quarters before charters appear for longer-term deals. So at the moment, I would say that you could easily fix 6 to 12 months charters, but the longer charters would come only after we see sustained strength of the market. So the other question about index or fixed rate, traditionally, we prefer fixed rate. And sometimes we do index. Usually on a rising market, charters try to avoid index. They prefer fixed rate. We don't mind securing a good return with the fixed rates. Right now, there are 1-year deals or 12 one-year deals in the market approaching $18,000 or $19,000 a day. So this is a good level to start locking in a few ships.

The $18,000, $19,000 per day would be for Eco and Scrubber, right?

No, no Scrubber. It will be for Eco Kamsarmaxes. Eco Kamsarmaxes, they don't usually have Scrubbers. Scrubbers...

Sorry go on.

Scrubbers, you find usually on Capesize bulk carriers or vessels that they are burning over 25 tonnes to make worthwhile the investment. So the young ones that burn 14 or 15 tonnes, they don't -- it's not viable to fit Scrubber on those. It's a very small consumption.

Makes sense.

[Operator Instructions] With no further questions, I would like to hand the conference back over to management for closing remarks.

Thank you very much for attending this conference call about the first -- the last quarter of financial results of 2025, and we are looking forward to discuss again with you in our next quarter results. Thank you very much, and have a good day.

Thank you. This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.