Good day, and thank you for standing by. Welcome to the C3is Q2 2024 Financial and Operating Results Conference Call and Webcast. At this time, all participants will be on listen only mode with no question-and-answer session at the end. Please note that today's conference is being recorded. I would now like to turn the conference over to your speaker, Mr. Diamantis Andriotis. Please go ahead, sir.

Good morning, everyone. And welcome to our C3is second quarter earnings conference call and webcast. This is Diamantis Andriotis, CEO of the company. Joining me on the call today is our CFO, Nina Pyndiah. Before we commence our presentation, I would like to remind you that we will be discussing forward-looking statements, which reflect current views with respect to future events and financial performance, and are based on current expectations and assumptions, which by nature, are inherently uncertain and outside of the company's control. At this stage, if you could all take a moment to read our disclaimer on Slide 2 of this presentation. I would also like to point out that all amounts quoted, unless otherwise clarified, are implicitly stated in US dollars. Today, we released our earnings results for the second quarter of 2024. So let's proceed to discuss these results and update you on the company's strategy and the market in general. Please turn to Slide 3 where we summarize and highlight the company's performances, starting with our financial highlights. For the first half of 2024, we reported an adjusted EBITDA of $11.3 million, which is an increase of 555% compared to the first six months of 2023. Our adjusted net income came in at $7.3 million, an increase of 1,790% from the first six months of 2023. Our Aframax tanker, the Afrapearl II, contributed around 80% of the total revenues. Our vessels’ net book value was $87.4 million at the end of June ‘24 compared to 75.2% at the end of December ‘23. That is following the delivery of a bulk carrier in April 2024. Our net cash balance was $45.5 million at the end of June ‘24 compared to $9 million at the end of December ‘23. This was a combination of three major items;…

Thank you, Diamantis. And good morning to everyone. Please turn to Slide 11, and I will go through our financial performance for the second quarter and first half of 2024. Voyage revenues for the three months ending June 30, 2024 amounted to $10.8 million corresponding to a daily TCE of $23,938. Compared to Q2 '23, our net revenues increased by 403% and our TCE was up 185% from Q2 '23. This was mainly due to the contribution from our Aframax tanker, which is around 80% of our revenues. Our fleet operational utilization was 87.7% for the second quarter of ‘24 compared to 89.6% for the second quarter of ‘23. Voyage expenses and vessels operating expenses for the three months ended June 30, ‘24 were $3.1 million and $2 million respectively. For the second quarter of ‘23, the figures were $174,000 and $842,000. The increases in both voyage expenses and vessels operating expenses are attributed to the increase in the average number of vessels. Voyage expenses for the second quarter of ‘24 mainly included bunker cost and port expenses of $2.5 million corresponding to 80% of the total voyage expenses. Operating expenses for the three months ending June 30, ‘24 mainly included [crew] expenses of $1.1 million corresponding to 55% of total operating expenses, spares and consumable cost of $300,000 corresponding to 15% and maintenance expenses of $300,000, representing works and repairs on both the vessels corresponding to 15% of total vessel operating expenses. Management fees increased by 75% from Q2 '23 due to the increase in the average number of vessels. General and administrative costs were $600,000 and mainly related to the expenses incurred from the two public offerings and the reverse stock split. Depreciation recorded in Q2 ‘24 was $1.5 million, a 130% increase from Q1 of last year…

Following the completion of the first six months of operations in '24, C3is has reported an adjusted net income of $7.3 million, an adjusted EBITDA of $11.3 million and an adjusted EPS of $1.68. We have taken delivery of our fourth vessel this year, bringing our total fleet capacity to 213,000 deadweight, an increase of 234% from the company's inception a little over a year ago. In July 24, we paid off the remaining balance of $38.7 million due on our Aframax tanker without resorting to bank financings. We have more than tripled our fleet capacity without incurring any bank debts. Shipping business is at a major turning point with a plethora of risks and opportunities, which are poised to shape market dynamics. These are mainly the declining global demand for major cargos, such as iron ore and coal, the increase in transportation of grain and minor bulk cargo, the decarbonization of customer value chains, the impact of market fluctuations and geopolitical risks. We are confident that we have established foundations that is adaptable to this changed environment, thereby enhancing our fundamental ability to both further develop existing core businesses and explore new growth businesses. Looking ahead, we believe that earnings momentum will remain generally favorable, prompting our continued focus on our fleet growth strategy. We will continue to strive to produce both improved financial performance, attractive returns and growth prospects for our shareholders. We would like to thank you for joining us today and look forward to having you with us again at our next call for our third quarter of ‘24 results.

This concludes today's conference call. Thank you all for participating. You may now disconnect your lines. Thank you. End of Q&A: