Good day, and thank you for standing by. Welcome to the C3is Third Quarter 2025 Financial and Operating Results Conference Call. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Diamantis Andriotis. Please go ahead, sir.

Good morning, everyone, and welcome to our C3is Third Quarter of 2025 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 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 U.S. dollars. We have today released our earnings results for third quarter of 2025, 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 9 months of 2025, we achieved a net income of $5.26 million compared to a net loss of $3 million for the same period in 2024, an increase of 281%. Our voyage revenues decreased by 24% compared to the same period in 2024 due to the drydocking of our Aframax tanker, resulting in a loss of revenue from our highest earning vessel over a period of 74 days. Our TCE rate was also impacted with a drop of 40%. In April 2025, we settled the final outstanding balance of $14.6 million due on our latest addition, the Eco Spitfire. We reported an EBITDA of $10 million compared to $3 million for 2024, an increase of 245%. Slide 4 shows the dry bulk…

Thank you, Diamantis, and good morning to everyone. Please turn to Slide 10, and I will go through our financial performance for the first 9 months of 2025. We reported voyage revenues of $24.2 million for the first 9 months of '25 compared to $32.9 million in '24, a reduction of 26% and primarily due to the dry docking of our Aframax tanker, which resulted in 74 nonrevenue days. The time charter equivalent rates of our vessels were also impacted with a decrease of 40% compared to the same period of 24%. Voyage costs for the first 9 months of '25 were $9.4 million compared to $10.4 million in '24, this decrease was attributed to the decrease in voyage days due to the dry docking of the Aframax tanker. Voyage costs for the 9 months ended September 30, 2025, mainly included bunker costs of $4.7 million, corresponding to 49% of total voyage expenses and port expenses of $3.8 million, corresponding to 40% of total voyage expenses. Operating expenses for the 9 months ended September 30, '25 was $7 million and mainly included crew expenses of $3.5 million, corresponding to 50% of total operating expenses, spares and consumables costs of $1.6 million and maintenance expenses of $1 million representing works and repairs on the vessels. The dry docking cost were $1.7 million. General and administrative costs for the 9 months ended September 30, '25 and '24 were $2 million and $2.5 million, respectively. The $0.5 million decrease mainly related to expenses incurred in the 9 months ended September '24 relating to the 2 public offerings, September 30, '25 was $4.9 million, a $300,000 increase from $4.6 million for the same period of last year due to the increase in the average number of our vessels. Interest and finance cost for the…

For the first 9 months of 2025, we reported voyage revenues of $24.2 million and EBITDA of $10.3 million, an increase of 245% and net income of $5.3 million, an increase of 281% and EPS of 3.5%. In April '25, we paid off the remaining balance of $14.6 million due on our bulk carrier, the Eco Speed fire. In August 2025, we successfully completed the dry docking of our Aframax tanker, we are fully delevered, thus significantly enhancing our financial flexibility. As the world goes through an uncertain volatile later, turbulences in the shipping market are unavailable. The market remains as uncertain as they have ever been due to this geopolitical environment. But despite all this uncertainty, major economies are still growing and trade volumes are still rising across sectors. In the midst of the dynamics, CTIs performance remained solid, and we have proved that we have built a resilient and organic foundations adaptable to this changing environment. We will, therefore, continue with our strategy with our debt-free balance sheet of enhancing our fundamental ability to both further develop existing core businesses as well as explore potential new growth businesses. We would like to thank you for joining us today and look forward to having you with us again at our next call for the results of the fourth quarter of 2025.

This concludes today's call. Thank you for participating. You may now all disconnect. Have a nice day.