Thank you for standing by. Ladies and gentlemen, and welcome to the EuroDry Limited Conference Call on the First Quarter 2025 Financial Results. We have with us today, Mr. Aristides Pittas, Chairman and Chief Executive Officer, and Mr. Tasos Aslidis, Chief Financial Officer of the company. [Operator Instructions] I must advise you that this conference is being recorded today. Please be reminded that the company announced its results through the press release and publicly distributed. Before passing the floor to Mr. Pittas, I would like to remind everyone that in today's presentation and call, EuroDry will be making forward-looking statements. These statements are within the meaning of the Federal Securities Laws. Matters discussed may be forward-looking statements, which are on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. I kindly draw your attention to Slide #2 of the webcast presentation, which has the full forward-looking statement, and the same statement was also included in the press release. Please take a moment to go through the whole statement and read it. And now I would like to pass the floor over to Mr. Pittas. Please go ahead, sir.

Thank you. Good morning, ladies and gentlemen, and thank you all for joining us today for our scheduled conference call. Together with me is Mr. Tasos Aslidis, our Chief Financial Officer. The purpose of today's call is to discuss our financial results for the 3- month period ended March 31, 2025. Please turn to Slide 3 of the presentation for our quarterly financial highlights. In the first quarter of 2025, we reported total net revenues of $9.2 million and a net loss attributable to controlling shareholders of $3.7 million or $1.35 loss per basic and diluted share. Adjusted net loss attributable to controlling shareholders for the quarter was $5.7 million or $2.07 loss per basic and diluted share. Adjusted EBITDA for the period stood at a negative $1 million. Please refer to the press release for the reconciliation of adjusted net loss and adjusted EBITDA. Our CFO, Tasos Aslidis will go over our financial highlights in more detail later in the presentation. Since initiating our 10 million share repurchase program in August 2022 which has been extended twice since then until August 2025. We have repurchased 334,000 shares of our common stock in the open market, totaling $5.3 million. We intend to continue executing these purchases opportunistically at current price level, reflecting our confidence in the company's long-term value. Please turn to Slide 4 to view our recent chartering and operational developments. Firstly, please note that we delivered the motor vessel Tasos to have buyers as had been arranged during the previous quarter. The company recorded a net book profit of $2.1 million. On the chartering front, the majority of ours [ fixes ] are short term or longer term [ being ] fix based. We do not wish to commit our vessels to the current low rates offered and…

Thank you very much, Aristides. Good morning from me as well, ladies and gentlemen. Over the next 4 slides, I will give you the usual overview of our financial highlights for the first quarter of 2025 and compare those results to the same period of last year. For that, let's turn to Slide 15. For the first quarter of 2025, the company reported total net revenues of $9.2 million, representing a 36.2% decrease over total net revenues of $14.4 million during the first quarter of 2024, which was a result of the decreased time charter rates our vessels during the first quarter of this year and the decreased number of vessels owned and operated during this period compared to the same period of last year. The company reported a net loss for the period of $4 million and a net loss attributable to controlling shareholders of $3.7 million as compared to a net loss of $1.9 million and a net loss attributable to controlling shareholders of $1.8 million for the same period the first quarter of 2024. The net loss attributable to noncontrolling interest of $0.3 million in the first quarter of this year represents the loss associated with the 39% ownership of -- owning our vessels Christos K and Maria. Interest and other financing costs, net of a small amount of interest income for the first quarter of 2025 decreased $1.8 million as compared to $2 million for the same period of 2024. Interest expense during the first quarter of 2025 was lower, mainly due to the decreased benchmark rates, our loans were charged, partially offset by the increased average debt we carried during the quarter as compared to the same quarter of last year. Adjusted EBITDA for the first quarter of 2025 was a negative $1 million compared…

Thank you very much, Tasos. And let me now open up the floor for any questions you may have.

[Operator Instructions] Our first question today is from the line of Mark Reichman with NOBLE Capital Markets.

Vessel operating expenses compared to the prior year period rose, I guess, due to the spare parts and maintenance. And I was wondering, should we expect this level of spending to continue in Q2 and Q3? Or was this front-loaded?

I think judging from the first quarter numbers, it's a little bit premature. Our budget for OpEx this year was 2% higher than our last year's budget. And during the first quarter, we had 2% overrun of our budget, but it's hard to say from that quarter. I mean the timing of certain expenses could distort the picture. I would wait at least until the first half is completed to make a statement about the OpEx levels. Certainly, we expect to meet our budget, which was 2% higher than last year's results.

And then what's your forecast for scheduled commercial and operational off-hire days for the remainder of the year, particularly for the dry docking?

I mean -- I think we have...

We just had one dry docking during this year, which is going to happen soon. Otherwise, we don't have any other scheduled stoppages. We will have to see how the charter market plays out. If the market is very poor, we might have some increased commercial off-hire. But we wouldn't expect and we're not budgeting really anything more than 1 day per month.

1.5 day per quarter.

1.5 days per quarter.

It's our running assumption -- generic assumption about [indiscernible].

Okay. And then just the last question is you sold the MV Tasos, I was just wondering if you could provide some commentary on how you're managing your fleet be it vessel acquisitions, sales, joint ventures or even mergers or acquisitions with other operators?

Well, as you said, we sold our eldest vessel. Our strategy is to eventually sell the other 4 elder vessels and replace them with younger vessels. So this is going to happen depending on how the market move during the next few months. But yes, the modernization of the fleet is what we are looking at. We'll take delivery of our 2 newbuildings in 2027. And especially if the market remains low as is possible, that would probably allow us to buy a couple more modern vessels.

The next question comes from the line of Tate Sullivan with Maxim Group.

And from your comments on the scrapping of the vessel in the first quarter, do you have active opportunities to scrap the other old vessels? Is there a quick negotiation time to decide to scrap and do so, please?

We scrapped the Tasos, which was built 2000, right? The Blessed Luck, which is known as Blessed Luck some [indiscernible] which has a drydocking due as well in a few months, we've decided to pass that. The other vessels that are built 2004, they've passed the special survey. Usually, that's when we consider if we're going to pass the vessel through special survey or scrap it. So we don't have any scrap candidates at this point in time, even though the ships, we feel that they can continue trading in today's market.

Have you seen a pickup in scrap activity besides your vessel in the first quarter in the dry bulk.

I would say very slight pickup. There's been a pickup, a very slight pickup. Let's see how the market develops within the next 3 to 6 months. If it is not -- if it does not recover strongly, I think we will see more scrapping coming in.

And then for your fleet, have you seen average voyage length in terms of the distances increase or decrease from last year in general?

No, that is steady. It's pretty steady because the vessels are on -- usually on time charter trips, i.e., 1 trip, 1 business per time charter. Recently, we've added a few ships on index-based charters. So we have employment guaranteed for longer-term periods for a year, most of them. But there, it's for the charterer to decide how the vessel will trade. And we will get what the market is, what the index gives us. So we are indeed dependent on where the index trades at.

Yes. I was just wondering with all the news of trade negotiations and tariffs, if there's any sign of changes in trade patterns to...

Yes. The only trade pattern that we've seen is that we haven't passed Suez for quite some time, and we've gone about the Cape, which increases distances a bit, but that's on the occasional business from the Far East to the Med.

And any anecdotal evidence from your fleet of any port loading or unloading times taking longer due to any inspections or tariff levies or anything like that? I haven't heard any, but would be interested in your comments.

No, we haven't really seen that effect yet.

Okay. And last -- and then you mentioned you saw high stockpiles in China. What specifically -- is it coal, iron ore and grain, all the dry bulk goods or something specifically that you have seen?

I had in mind more the coal and the iron ore. I'm not -- I don't have the numbers for grain.

[indiscernible] your line is live for question.

Can you just talk about the newbuild program? I'd like to lobby that you rename or you name one of the newbuilds Tasos so that you have a Tasos in the fleet. But can you just talk about -- it didn't look like you spent much in the newbuilds in the quarter. Will there be any newbuild payments in the rest of the year? And then maybe if you could remind me how much you plan to spend on newbuilds in 2026?

I think we have one more payment to make possibly towards the end of this year. In the fourth quarter, there might need to be 10% installment for each of the 2 vessels. [indiscernible] contract is not before that date. So -- but we count of having to make a payment [ 3.6 ], [ 7.2 ] in total for the 2 ships.

And then do you have a figure for 2026, Tasos?

I think we're making 5 payments of 10% and then 50% of delivery. So there should be another -- at least another 2 payments per vessel in 2026. So a total of $14.4 million in 2026 and then a 10% payment and the final payment in 2027.

Great. That's helpful. And then it didn't look like you bought any stock back in the first quarter. Is there anything that prevented you from buying stock back? Can you just comment on buyback activity and why there wasn't any in the first quarter?

Two reasons for this. One reason is the very, very limited liquidity that we see in the stock during the last few months. So that is one thing. And the second thing is the market was improving up until the end of March. And the truth is we felt that it would improve further. It did improve, but the last month in May, it dropped again. So probably we are at levels where if the liquidity allows us, we will be buying some more stock.

At this time, we've reached the end of our question-and-answer session. And I'll turn the floor back to Mr. Aristides Pittas for closing remarks.

Thank you, everybody, for standing by. We will be back to you at the end of -- the beginning of next quarter -- of August, exactly. Okay. Thank you.

Bye-bye. Thanks for attending.

This will conclude today's conference. You may disconnect your lines at this time. Thank you for your participation. Have a wonderful day.