Thank you for standing by, ladies and gentlemen, and welcome to the Euroseas Conference Call on the Fourth Quarter 2024 Financial Results. We have with us 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 their results with a press release that has been publicly distributed. Before passing the floor to Mr. Pittas, I would like to remind everyone that in today's presentation and conference call, Euroseas 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 based 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 to Mr. Pittas. Please go ahead, sir.

Hello, everybody, and good morning. Thank you for joining us today for our scheduled conference call. Together with me is Tasos Aslidis, our Chief Financial Officer. The purpose of today's call is to discuss our financial results for the three- and 12-months period, ended December 31, 2024. Let's turn to Slide 3 of the presentation to go over our income statement highlights. For the fourth quarter of 2024, we reported total net revenues of $53.3 million and a net income of $24.4 million or $3.49 diluted. Adjusted net income for the quarter was $23.3 million or $3.33 per diluted share. Adjusted EBITDA for the period was $32.8 million. Please refer to the press release for the reconciliation of adjusted net income and adjusted EBITDA. Our CFO, Tasos will go over our financial highlights in more detail later on in the presentation. As part of the company's common stock dividend policy, our Board of Directors declared a quarterly dividend of $0.65 per common share for the fourth quarter of 2024, increasing by $0.05 the quarterly dividend, given throughout last year. The dividend will be payable on or about March 18 to shareholders of record on March 11. The annualized dividend yield of our stock, given the current share price is approximately 7.8%. Additionally, the company is dividend off to all of its shareholders, the shares of Euroholdings Ltd., a subsidiary owning our three eldest vessels, which represents about 5% of our NAV. The shares will be distributed on March 17 to all shareholders of record on March 7. As of February 27, 2025, and since the initiation of our repurchase program in May 2022, which has been extended since twice to May 2025, we have repurchased 425,000 of our common stock in the open market for a total consideration of about…

Thank you very much, Aristides. Good morning from me as well, ladies and gentlemen. Over the next four slides, I will give you an overview of our financial highlights for the fourth quarter and full year of 2024 and we will make the related comparisons to the same periods of last year. For that, let's start by going to slide 19. For the fourth quarter of 2024, Euroseas reported total net revenues of $53.3 million, representing an 8.7% increase over total net revenues of $49.1 million during the fourth quarter of last year. And that increase was mainly the result of the increased average number of vessels we operated in the fourth quarter of this year compared to the last. We reported net income for the period of $24.4 million as compared to net income of $24.7 million for the fourth quarter of 2023. Interest and other financing costs for the fourth quarter of 2024 amounted to $3.7 million, of which $0.56 million relates to interest income, imputed interest chart and capitalized in relation to our new building program, compared to $2.5 million for the same period of last year, of which $0.26 million relates to imputed interest chart capitalized in relation to our new building program for that period. This increase is due to the increased amount of debt we had in the current -- compared to last. Also interest income during the fourth quarter of this year was $0.8 million, compared to $0.5 million for the fourth quarter of 2023. Adjusted EBITDA for the fourth quarter of this year increased to $32.8 million, compared to $32.4 million for the corresponding period, the fourth quarter of 2023. Basic diluted earnings per share for the fourth quarter of 2024 were $3.51 basic and $3.49 diluted calculated on about 7 million…

Thank you, Tasos. Let me now open up the floor for any questions we may have.

Thank you. We will now be conducting a question-and-answer session [Operator Instructions] One moment please for your first question. Our first questions come from the line of Mark Reichman with Noble Capital Markets. Please proceed with your questions.

Yes. While we haven't removed the two vessels from our estimates yet, I mean, it seems pretty safe to do so. And the question is regardless of whether the distribution occurs on March 17 or even July 17, Euroseas’ income statements for the -- will be based on the drop-down as of January 8. Is that correct?

Yes.

Okay. Thank you.

Yes.

And second, the expected scheduled off-hire days, including the laid up, what are your expectations for 2025?

I think we have 50 days a quarter. Does that seem...

I think we have very little dry dockings because that is really what the off-hire is only when we have a dry dock because commercial off-hire we're not having these days with the high charter rates. And technical breakdowns, you can calculate 1 day per quarter to be pretty safe. So it all depends on dry dockings, and we have extremely few dry dockings this year.

I think we're budgeting about 70, 75 days for dry dockings in 2025.

70 to 75 for the full year. Well, that's reflected in your projections here on your breakeven. I mean you have very little expense in there for dry docking. And then just the last question. The rate for the M/V Oakland, it looked like it increased to $42,000 from $35,500. And you've got the Emmanuel and the Rena, which are both similar intermediate vessels, which come up for recharter in, I believe, in April. Would you kind of expect a similar rate as to the Oakland for those vessels?

I don't think the Oakland has increased. I mean the 42,000 on the Oakland has been getting it for quite a long time. Current market is at 35,500, which is what we did on the Synergy and the Synergy moved just 2 or 3 weeks ago. So this is the current market for those ships. These ships, they don't open up yet. So charters are waiting a little bit to see how the market develops. And we have to see how we -- we will be able to fix them. But current market is 35.5 is what we did on our near [indiscernible] vessels.

Okay.

Year charters – 35.5

Okay.

Yes, that's for three years. If we do a shorter duration, it will be probably a higher rate, but we would like to fix for a longer duration.

Okay. And so -- and this is the final question. If the distribution happens on the 17th, would that mean Euro Holdings first day of trading would be the 18th?

I think we have to get back on you on that, but I believe the 17th would be the first day of trading. There will be some when issue trading possibilities even before that. But we will probably -- we will issue a release clarifying these technicalities.

Okay. Thank you very much.

Thank you.

Thank you, Mark.

Thank you. [Operator Instructions] Our next questions come from the line of Poe Fratt with Alliance Global Partners. Please proceed with your question.

Hello, Aristides. Hello, Tasos.

Hi, Poe.

Tasos, can you -- well, one, Aristides, I'd like to compliment you because you always not only do a thorough overview of the containership market, but also it's a very measured one, which I really appreciate. You highlight a lot of the things that potentially could go wrong, but I really appreciate that. Tasos, but could you, Tasos, talk about fourth quarter OpEx G&A per day, it looks like it was over $1,000. You're forecasting about 35% lower than that going into the first quarter. And was that because of the spin-off? Or can you just highlight any maybe unusual G&A expenses that happened in the fourth quarter?

Yes. I mean, typically, our fourth quarter has a little bit bump on the G&A is not so much on the expense for the spin-off, but there is a year-end bonus that certain -- the company pays that is reflected in the fourth quarter numbers.

Okay. Great. And then as you mentioned, you're going to report the first quarter with -- ex the spinout, correct? Just from a modeling standpoint?

What's going to happen is that we would start to include -- I mean, Euroseas will include the Euroholdings vessel up to the date of the actual distribution. So I think it will include earnings from Euroholdings up until March 17, assuming that is the distribution date. So we will have those extra vessels, but we will provide an adjusted earnings to reflect the continuing fleet. Because what we are distributing a very small percentage we will not have to report historically -- we won't have to adjust historically the results of Euroseas to reflect the continuing of. I mean it was very different in the EuroDry case seven years ago. In this case, it will be like you are selling the vessel, so providing dividends. So the formal accounting numbers will include the two of the three vessels up until March 17. They will include the capital gain from Diamantis also on Euroseas, but we will provide some adjustment and some explanatory.

Okay. So it's going to -- the first quarter is going to be a little noisy. And just a little bit of a nitpicky thing. But in your time charter chart, the fleet profile, it shows the Antwerp is not having any follow-on work after March. I just want to make sure and confirm that, that also was awarded a three-year time charter at $35,500 just like the Keelung?

Yes. I mean the way -- I mean, I have in front of me the slide from my computer though, not from the version that we said on the web, and it does shower having 35,500 until May 2028.

Okay. Yes, in your press release -- it's just over there. But can you just highlight how much you're going to spend on the newbuilds in 2025 and 2026 and 2027, if you have those numbers handy?

I have -- I think -- I don't think we have any payments to do on 2025.

Correct. Correct. So it's nothing on 2025.

And I think the next time we pay is 2026, and I will tell you momentarily. So we make -- we have to make an installment -- progress installment payment in the fall -- in the third quarter of 2026 and then the remaining in 2027 for one of our vessels and the same for the other one, I believe, yes.

And installment -- I'm sorry.

There will be $6 million a vessel in 2026. So, $12 million -- nothing in 2025, $12 million for both vessels in 2026 and the remaining in 2027.

Great. Thank you so much.

Thank you. [Operator Instructions] Our next questions come from the line of Mark Reichman with Noble Capital Markets. Please proceed with your question.

Yes. I just wanted to clarify. So the first quarter 2025, when you report, so those two vessels will be in your earnings, until March 17, it won't be based on the drop-down date. It won't be based on the January 8. And then, so that would also -- you mentioned some adjustments. What were some of those adjustments that will...?

I think we will provide the figure without those vessels as well.

With and without the vessels, okay. Great. All right. That’s very helpful. Thank you very much.

Thank you. [Operator Instructions] Our next questions come from the line of Poe Fratt with Alliance Global Partners. Please proceed with your question.

Sorry. Just two quick ones, if I may. Well, first of all, congratulations on increasing the dividend. And then secondly, can you just talk about stock buybacks, Tasos? It looks like you -- the last time you reported in the third quarter versus the fourth quarter, you bought back about 11,000 shares at just under, I think, $40. Can you just talk about stock buybacks and how they -- what priority they are in your capital allocation process?

Aristides, you want to answer that one yourself...

So, obviously, we've been more involved with all the procedures and the practicalities of getting Euroholdings over the bar, and we're happy that we have reached that point. We will have to wait and see how we trade after the spin-off. But it is always something that we have in mind and we might use. We have also been looking at various investment opportunities because indeed, we have quite a lot of cash. So unless we proceed with an investment opportunity with buying an asset supported by a time charter or whatever. If we feel that our share price doesn't respond as we are hoping it will, we might be using it again, yes.

I mean in any event, our shares probably represent the best investment opportunity, and we always have that in the back of our mind when we decide about capital budgeting. Q – Poe Fratt: Great. Thank you so much.

Thank you [Operator Instructions] I'm not showing any further questions at this time. I'd now like to hand the call back over to Mr. Aristides Pittas for any closing remarks.

Thank you all for being part of this discussion today. We will be back to you in three months' time to go over Q1 results. Thank you very much. Bye-bye.

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