Good day, and thank you for standing by. Welcome to the C3is Q4 2025 Financial and Operating Results Webcast and Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Dr. Diamantis Andriotis. Please go ahead.

Good morning, everyone, and welcome to the C3is Fourth 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 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 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 the fourth 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 12 months of 2025, we achieved a net income of $10.5 million compared to a net loss of $3 million for the same period 2024, an increase of 481%. Our voyage revenues decreased by 18% compared to the same period in 2024, mainly due to the dry docking of our Aframax tanker, which resulted in a loss in revenue from our highest earning vessel over a period of 28 days for the dry docking, combined with 46 idle days, a total of 74 days. Our TCE rates was also impacted with a drop of 28% for the year. In April 2025, we settled the final outstanding balance of $15 million that was due on the Eco Spitfire. We reported an EBITDA…

Thank you, Diamantis, and good morning to everyone. Please turn to Slide 11, and I will go through our financial performance for the 12 months of 2025. We reported voyage revenues of $34.8 million for the year '25 compared to $42 million in '24, a reduction of 18%, primarily due to the dry docking of our Aframax tanker, which resulted in 28 nonrevenue days combined with 46 idle days, a total of 74 days. The time chart equivalent rates of our vessels were also impacted with a decrease of 28% compared to year '24. Voyage costs for '25 were $12.8 million compared to $14.1 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 '25 of $12.8 million, mainly included bunker costs of $6.4 million, corresponding to 50% of total voyage expenses and port expenses of $4.9 million, corresponding to 38% of total voyage expenses. Operating expenses for the 12 months of 2025 were $9.2 million and mainly included crew expenses of $4.7 million, corresponding to 50% of total operating expenses, spares and consumable cost of $2 million, and maintenance expenses of $1.2 million, representing works and repairs on the vessels. Dry docking costs for the Afrapearl II were $1.9 million. General and admin costs for the 12 months ended December 31, '25 and '24 were $2.4 million and $3 million, respectively. The $600,000 decrease was due to additional expenses incurred in '24 relating to the 2 public offerings. Depreciation for the 12 months ended 31st of December '25, was $6.5 million a $300,000 increase from $6.2 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 year '25 and…

For the 12 months of 2025, we reported a net income of $10.5 million, an increase of 481% from '24. An EBITDA of $17 million, an increase of 244%. And a cash balance of $14.9 million, despite paying off the remaining balance of $15.1 million that was due on Eco Spitfire. In August 2025, we successfully completed the dry docking of our Aframax tanker, the Afrapearl II. We are fully delevered, thus significantly enhancing our financial flexibility. Politics and climate changes are continued sources of volatility, but elevated freight rates, resilient oil demand and shifting trade patterns continue to underpin the bullish outlook. Global seaborne trades are projected to edge higher again, driven by population growth, geopolitics, sanctions and steady biofuel demand, all signs denoting another firm year for 2026. We have announced the acquisition of 2 product tankers that will join our fleet in 2026. This will increase our fleet capacity by 387% from inception, thus allowing us to fully harvest on the strong and positive fundamentals expected in 2026. 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 first quarter of 2026.

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.