Good day and thank you for standing by. Welcome to the C3is Fourth Quarter Earnings Conference Call and Webcast. All participants will be in listen-only mode during the call with no question-and-answer session at the end. Please note that today's conference is being recorded. I will now like to have the conference over to speaker, Dr. Diamantis Andriotis, CEO. Please go ahead.

Good morning, everyone, and welcome to our C3is fourth quarter earnings conference call and webcast. This is Dr. Diamantis Andriotis, CEO of the company. Joining 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 fourth 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 year 2024, we reported revenues of $42.3 million, which is an increase of 47% compared to year 2023. Our Aframax tanker, the Afrapearl II, contributed around 76% to the total revenues. Our net revenues came in at $28 million, an increase of 33% from 2023. Our adjusted EBITDA was $16.4 million, an increase of 11% from 2023. Our adjusted net income came in at $8.7 million, an increase of 7% from 2023. Our vessels net book value increased by 12% 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 $12.6 million by the end of Q4, 2024, an increase of 39% from year-end 2023, despite total CapEx payments of…

Thank you, Diamantis, and good morning to everyone. Please turn to Slide 11 and I will go through our financial performance for the fourth quarter and 12 months of 2024. Voyage revenues for the year amounted to $42.3 million, an increase of 47% compared to '23. 76% of our total revenues were contributed by our Aframax tanker, the Afrapearl II. Our net revenues for the period generated December 24 were $28.2 million, an increase of 33% compared to the same period of last year. Our daily time charter equivalent was down by 10% from Q4 '23. Our fleet operational utilization was 90.3% for the 12-month period ending December 31st, '24 compared to 91.6% for the same period in '23. Voyage expenses and vessels operating expenses for the year '24 were $14.1 million and $8.4 million. The increase in voyage expenses was related to increases in bunker cost and port expenses and the vessels operating expenses increase was attributed to the increase in the average number of vessels. Voyage expenses for 2024 mainly included bunker costs of $6.9 million and port expenses of $4.7 million corresponding to 82% of total voyage expenses. This was due to the fact that our tanker, the Afrapearl II, was operating in the spot market. Operating expenses for '24 mainly included crew expenses of $4.4 million corresponding to 52% of total operating expenses, spares and consumable costs of $1.8 million corresponding to 21% and maintenance expenses of $900,000 representing works and repairs on board the vessels corresponding to 11% of total vessel operating expenses. Management fees increased by 48% from '24 due to the increase in the average number of vessels. G&A costs were $3 million and mainly related to the expenses incurred from the two public offerings and the reverse stock split. Depreciation recorded for…

For the year 2024, we reported voyage revenues of $42.3 million, an increase of 47% from 2023. Net revenues of $28 million, an increase of 33% from 2033, and adjusted EBITDA of $16.4 million, 11% 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. We have more than trebled our fleet capacity without incurring any bank debt. Our cash balance at year end 2024 was $12.6 million, after CapEx payments of $41 million during the year. Shipping is currently navigating a transitional phase, with shifting dynamics influenced by geopolitical factors, environmental regulations, demand patterns and weather-related challenges. While navigating these most volatile waters, we are closely monitoring the evolving situations and are focused on identifying those components that would maximize our future profits. Politics will play an important role in shipping in 2025, particularly in the U.S. The Trump administration is likely to push an agenda aligned with drill baby, drill. This combined with the threat of tariffs on all Chinese-built vessels, of which we have none, are two important factors that if they materialize, could have a significant positive impact on the profitability of our company. With a clear focus on emerging opportunities, we remain confident that 2025 will be a year that will produce strong financial performance and potential growth prospects. 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 first quarter of 2025 results.

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