Thank you for standing by, ladies and gentlemen, and welcome to the Diana Shipping Inc. Conference Call on the Fourth Quarter and Year-end 2025 Financial Results. We are joined by the company's Chief Executive Officer, Ms. Semiramis Paliou. [Operator Instructions] Please note that this conference is being recorded. We will now turn the floor over to Ms. Semiramis Paliou. Please go ahead.

Thank you. Good morning, ladies and gentlemen. Welcome to Diana Shipping Inc.'s Fourth Quarter and End of the Year 2025 Financial Results Conference Call. I'm Semiramis Paliou, the CEO of the company, and it is my pleasure to present, alongside our esteemed team, Mr. Ioannis Zafirakis, Director and President; Ms. Maria Dede, Co-CFO and Treasurer; and Mr. Dave Van der Linden, Chief Commercial Officer of Diana Shipping Services S.A. Before we begin, I'd like to remind everyone to review the forward-looking statements on Page 4 of the accompanying presentation. Much like 2024, 2025 was a story of 2 halves, however, in the opposite direction. This time, the first half of the year saw slowing coal demand, and even iron ore imports into China were down year-on-year. Furthermore, global trade had to contend with shock and awe politics like Liberation Day on April 2 when the U.S. announced a broad slate of tariffs on their trading partners. Nevertheless, we saw a broad-based recovery across all sizes in the second half. This was not necessarily due to an explosion in demand, but rather through utilization tightening caused by longer tonne-miles, a substantial drydock schedule for dry bulk ships in general and weather-related delays in the Pacific. Even another panic-inducing event, this time the USTR, United States Trade Representative, fees and the subsequent Chinese retaliation fees in October, did not affect the market in a significant manner. Capesize vessels were the strongest movers, rallying from less than USD 10,000 per day early in the year to a brief peak of USD 45,000 per day in December. The other segments delivered less volatility but more consistency. And all sizes ended the year comfortably above their historical averages. For Diana, Q4 was particularly active with 1/3 of the fleet being fixed for period at rates…

Thanks, Semiramis. Good morning, everyone, and thank you for joining us today. I will walk you through our financial performance for the fourth quarter and year ended December 31, 2025. For the fourth quarter, time charter revenues were $52.1 million, slightly lower than $57.1 million in the same quarter last year. Adjusted EBITDA was $19.3 million compared to $25.9 million in the fourth quarter last year. Net income amounted to $3.1 million compared to $9.7 million in the fourth quarter of 2024. Our results for the quarter were affected by: the sale of 2 vessels during the year, which decreased ownership days and the fleet's available days for hire; a lower time charter equivalent rate compared to last year, reflecting the timing of renewals under our short- to medium-term chartering strategy; and increased expenses. On the other hand, we had lower interest and finance costs and higher nonoperating gains compared to the fourth quarter last year. Diluted earnings per common share were $0.02 for both quarters. On the balance sheet, cash decreased to $122.3 million as of December 31, 2025 from $207.2 million as of December 31, 2024. This reduction reflects cash deployed in strategic investments during the year, including $103.5 million used in the acquisition of our 14.8% ownership interest in Genco and $18.3 million invested in new and existing equity method investments. We also allocated cash to the repurchase of common shares in the amount of $23 million, the payment of dividends, common and preferred, and scheduled debt service. We also completed scheduled drydocking and special surveys for 14 vessels during the year with capitalized cost of approximately $18 million, which resulted in higher depreciation and amortization charges and lower profits. To strengthen liquidity, we sold 2 of our older vessels in the fleet, generating approximately $23 million…

Thank you, Maria. And again, welcome to the participants on this latest quarterly earnings call. As our CEO stated earlier, the dry bulk market started 2025 quite subdued with all indices in single digits for most of February. However, we saw a broad-based recovery across all sizes in the second half. Capesize vessels outperformed with Q4 earnings at $28,892 to close the year at an average of $21,301. Midsize vessels had a particularly weak first half, but ended the year strong with Q4 earnings averaging $16,030 for Kamsarmax vessels and $17,436 for Ultramax vessels. The 12-month time charter rate for 182,000 index type vessels without scrubbers stands at the moment around $31,000 per day. And the equivalent rate for our modern Kamsarmax is around $17,500 per day, and for our modern Ultramax, about $16,500 per day. 2025 was characterized by significant geopolitical and trade disruptions that continue to alter shipping patterns and freight dynamics. In April, the U.S. rolled out sweeping set of tariffs on imports. And over the course of the year, tariff levels shifted back and forth as bilateral negotiations progressed, creating a highly uncertain backdrop for firms and investors exposed to global trade. However, in the second half, demand dynamics shifted. China's economic stimulus measures and infrastructure spending supported commodity imports. And India's growing appetite for coal and iron ore reinforced its position as an increasingly important demand center for dry bulk commodities. Additionally, the much anticipated commencement of iron ore exports from Guinea's Simandou mine began to reshape expectations for long-haul Capesize employment on the West Africa to Asia routes. Now, even though this ramp-up of Simandou has not quite lived up to the admittedly high expectations, the positive sentiment in the Capesize market continues unabated. Meanwhile, Q4 also saw a resumption of Chinese [ port…

Thank you, Dave. So before we conclude today's presentation, I'd like to highlight our ESG performance. At Diana Shipping Inc., we remain committed to maintaining an industry-leading ESG structure and continuously strengthening our sustainability practices. This quarter, we're pleased to report 2 significant achievements. Firstly, on our environmental disclosure, we achieved a CDP score of B, reflecting our strong commitment to transparent environmental reporting and our continued progress in reducing our environmental impact. And secondly, on investor-focused ESG ratings, we received a 31% score from S&P Global, reflecting our ongoing transparency and progress on key ESG metrics. In summary, Diana Shipping Inc. stands on a strong foundation built on over 50 years of industry experience and 20 years on the New York Stock Exchange, a seasoned management team adept to addressing industry challenges and identifying opportunities, strong stakeholder relationship and a disciplined strategic approach, a solid balance sheet with a strong cash position and a countercyclical mindset, ongoing fleet modernization efforts, a focus on rewarding our shareholders when possible, and a robust ESG strategy. Thank you for joining us today. Before we take your questions, I would like to address one more matter. As you know, on November 24, 2025, Diana offered to acquire Genco Shipping & Trading. Despite Diana being Genco's largest shareholder, the Genco Board of Directors has refused to engage with us regarding our proposal. Therefore, on January 16, 2026, we nominated 6 candidates for election to the Genco Board at the upcoming 2026 Annual Shareholders Meeting, who we believe will be open to exploring strategic alternatives to maximize value for Genco's shareholders, including an objective consideration of Diana's proposal. We continue to believe strongly in the merits of this potential acquisition. As such, we will continue to evaluate all our options. We are now happy to take your questions and ask you that you keep them focused on our fourth quarter performance and related topics.

[Operator Instructions] Thank you. I'm not seeing any questions at this time. I would like to hand the call back over to management for any closing comments.

Thank you for joining us for Diana's fourth quarter and end of the year 2025 financial results. We look forward to presenting to you again in the next quarter.

Thank you, ladies and gentlemen. This does now conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.