Thank you for standing by, ladies and gentlemen, and welcome to the Euroseas Conference Call on the First Quarter 2025 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 for the 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 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'd like to pass the floor to Mr. Pittas. Please go ahead, sir.

Thank you. Good morning, ladies and gentlemen, and 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 3-month period ended March 31, 2025. Please turn to Slide 3 of the presentation for our quarterly financial highlights. For the first quarter of 2025, we reported total net revenues of $56.3 million and the net income of $36.9 million or $5.29 per diluted share. Adjusted net income for the quarter was $26.2 million or $3.76 per diluted share. Adjusted EBITDA for the period was $37.1 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 the quarterly dividend of $0.65 per common share for the first quarter of 2025. The dividend will be payable on or about July 16, 2025 to shareholders of record from July 9, 2025. Since initiating our share repurchase plan of up to $20 million in May 2022, we have repurchased 463,000 shares of our common stock in the open market for a total of approximately $10.5 million. We remain committed to a disciplined and opportunistic capital allocation strategy and intend to continue leveraging the repurchase program in the manner that enhances long-term shareholder value. Please turn to Slide 4, where we discuss our recent developments and operational highlights. We recently signed an agreement to sell [ Motor/Vessel ] Marcos V a 6,350 TEU intermediate containership built in 2005 to an unaffiliated third party for total consideration of $50 million, with delivery expected in October…

Thank you very much, Aristides. Good morning from me as well, ladies and gentlemen. As usual, over the next 4 slides, I will give you an 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 18. For the first quarter of 2025, we reported total net revenues of $56.3 million, representing a 20.6% increase over total net revenues of $46.7 million during the first quarter of last year. We reported a net income for the period of $36.9 million as compared to a net income of $20 million for the first quarter of 2024. Interest and finance costs for the first quarter of this year amounted to $4 million, which after deducting capitalized reputed interest income of $0.1 million produced by the self-financing of the predelivery payment for the two vessels we took delivery in January and also interest income of $0.5 million resulted in total interest and finance costs net of $3.4 million as compared to interest and other financing costs net of $1.3 million for the same period of 2024, during which period, we have deducted from the interest income due to the self financing of new buildings of the predelivery installments of new buildings of $1.4 million and interest income of $0.5 million again. The increase of our interest expense in this quarter is due to the increased amount of debt and compared to the same period of last year. Adjusted EBITDA for the first quarter of 2024 -- '25 was $37.1 million compared to $24.6 million achieved during the first quarter of 2024, primarily as a result of the increased number of vessels we operated on average during the period and also on the lower drydocking expenses…

Thank you very much, Tasos. Let us open up the floor for any questions we may have.

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

The first one is just would you please provide your latest estimate for scheduled off-hire days for the remainder of the year?

Schedule you mean drydocking costs, are you talking?

Well, you've got the drydocking, but then you're also -- you've got the -- you said -- you mentioned you were going to retrofit one of your secondhand vessels with energy savings equipment. So I'm guessing that, that one will experience some off-time as well.

This is the same...

But mainly -- but mainly drydocking, yes.

Mark, this is the same vessel. It's the manual and our estimated stoppage time of 25 days is the period in which we envisage to complete this vessel survey and the retrofits. So -- and that's only vessel, I think that we have for drydock this year.

The retrofit are being done as part of the drydock. So we -- we don't have an incremental. There is no incremental days for the retrofits to the best of our...

Great. Then the second question is on Page 15 of your presentation, I just wanted to kind of focus on the line where you say that we conclude that it's probable that we'll experience downward pressure in charter rates. Now obviously, you're very well covered in 2025 and even into 2026. But I was wondering which of those three assumptions has the most bearing in your conclusion there? Is it the rerouting of the ships through the Suez? Is it the tariffs and economic growth? Or just if you could maybe just expand on that a little bit would be great.

Okay. Rerouting of seats is a significant negative, because it reduces ton mile substantially. So if that happens, we reduced the ton mile, the effective supply of ships goes up. So that can be a significant negative, but of course, the imposition of tariffs and the drop in global trade is -- can also be negative. However, the disruption that is caused by changing trade routes and the lines trying to optimize those routes Suez to have a little delays not higher than waiting times at port, that's a positive if that happens. Generally, disruption is positive as also the effects of the war can be positive except if that leads to very significant drop in trade. So these are all very difficult things to analyze and make predictions upon I have to admit. And that's why we took the much more cautious approach even before the war.

Okay. No, that's helpful. And just one last question is that your total daily vessel operating expenses were down compared to the prior year. And I was just wondering if you expect those to decline further as the other 4 of the 9 new builds are reflected in operations.

Yes. I think statistically, that probably is true as our -- the composition of our fleet becomes on average [indiscernible] having more new builds incorporated for more time of the year. The blended average might come down a bit. But generally, our budget talks about roughly 2% higher OpEx compared to our previous budget.

Our next question is from the line of Poe Fratt with Alliance Global Partners.

Tasos, could you highlight how much debt you're going to pay off when you -- when the Marcos V is actually delivered to the seller or to the buyer team?

We actually -- I think it's about $8 million that has actually been already paid. [indiscernible] schedule at the end of the year of $7 million, but we actually paid a bit early the loan last this quarter. So the Marcos is debt free.

Okay. So that net proceeds will be $50 million in the fourth quarter?

So again, there what...

The net proceeds of the sale will be $50 million in the fourth quarter.

That's correct. Yes, that's right.

Okay. Great. And then you still have some older ones pre 2010. Are you looking to enhance your fleet profile by selling some of the older vessels? Can you just talk about the S&P market following the sale of the Marcos?

Aslidis, you want to...

I think, we don't plan to sell vessels while they're on charter, but perhaps when the charters expire with time?

Okay. That would -- the Genesis piece off charter at the end of the year, is that -- should we be thinking that -- as thinking of that as a potential sales candidate?

I think I would say that we are looking primarily to recycle the vessel, and we are putting our fillers in the market for that at this moment.

At this time, I will turn the floor back to management for closing remarks.

If there are no other questions, then I'll take the role of Aristides, and thank everybody for participating in our call. We're looking forward to seeing you all in August when we're going to issue our first half results. Thank you very much again, and enjoy the rest of your day.

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