Good day and thank you for standing by. Welcome to the C3is Third Quarter 2024 Earnings Conference Call. At this time, all participants are in listen-only mode. Please be advised that this conference is being recorded. I would now like to hand the conference over to your speaker today Dr. Diamantis Andriotis, CEO. Please go ahead.

Good morning, everyone, and welcome to our C3is third quarter earnings conference call and webcast. This is Dr. 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 third 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 nine months of 2024, we reported revenues of $32.9 million, which is an increase of 120% compared to the same period of 2023. Our Aframax tanker, the Afrapearl II contributed around 77% to the total revenues. Our adjusted EBITDA was $13.5 million, a 92% increase from the first nine months of 2023. Our adjusted net income came in at $7.7 million, an increase of 106% from 2023. Our vessels net book value increased by 14% since year end 2023, due to the addition of the Eco Spitfire Handysize drybulk carrier that joined our fleet in April 2024. Our cash balance was $8 million by the end of third quarter 2024, after paying $39.5 million for the remaining 90% purchase price of our Aframax…

Thank you, Diamantis, and good morning to everyone. Please turn to slide 11 and I will go through our financial performance for the third quarter and first nine months of 2024. Voyage revenues for the nine months ending September 30, 2024 amounted to $32.9 million an increase of 120% compared to the first nine months of 2023. 77% of our total revenues were contributed by our Aframax tanker, the Afrapearl II. Our net revenues for the period generated September '24 were $22.5 million, an increase of 92% compared to the same period of last year. Our daily TCE was up 24% from Q3 '23. Our fleet operational utilization was 90.6% for the nine months ending September 30 '24 compared to 93.6% for the same period of 2023. Voyage expenses and vessels operating expenses for the nine months of 2024 were $10.4 million and $6 million. The increases in both voyage expenses and vessels operating expenses were attributed to the increase in the average number of vessels. Voyage expenses for the nine months of 2024 mainly included bunker cost of $4.9 million and port expenses of $3.4 million corresponding to 85% of total voyage expenses. Operating expenses for the nine months ending September 30 '24 mainly included crew expenses of $3.2 million, corresponding to 53% of total operating expenses, spares and consumable costs of $1.3 million corresponding to 22% and maintenance expenses of $600,000 representing works and repairs on both the vessels corresponding to 10% of total vessel operating expenses. Management fees increased by 55% from Q3 '23 due to the increase in the average number of vessels. General and administrative costs were $2.5 million and mainly related to the expenses incurred from the two public offerings and the reserve stock split. Depreciation recorded for the nine months of -- for…

Following the completion of the first nine months of operations in 2024, C3is has reported voyage revenues of $32.9 million, an increase of 120% for 2023 and adjusted net income of $7.7 million, 106% higher than 2023 and adjusted EBITDA of $13.5 million, 92% higher than 2023. 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 over a year ago. In April 2024, we paid off $1.62 million representing the 10% balance due on the Eco Spitfire. And in July 2024, we paid off the remaining balance of $13.5 million due on our Aframax tanker. We have more than tripled our fleet capacity without incurring any bank debts. Our strategy of expansions has continuously been bearing fruits, as proven by the results of every single quarter since the company's inception. We will continue to aim at achieving sustainable growth despite the current challenges of macro and micro conditions. The results of the US elections will have significant implications on the global shipping industry. The proposed policies of 10% tariff on all US imports and 60% tariff on Chinese products are poised to reshape trade dynamics, thus affecting shipping. The industry also faces added uncertainties around the current geopolitical situation with the two major conflicts having a significant impact on shipping markets, combined with the outcome of environmental regulations. We will closely monitor these evolving situations and maintain an agile and effective control of our business, focusing on maximizing our results. We will continue to address industry challenges and we'll maintain our strategy to provide safe global transportation services in parallel with producing excellent 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 fourth quarter of 2024 results.

That does conclude our conference for today. Thank you for joining. You may now all disconnect. Have a nice day. End of Q&A: