Thank you for standing by, ladies and gentlemen, and welcome to the Euroseas Conference Call on the Second 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 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.

Thank you. Good morning, ladies and gentlemen, and thank you all 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 and 6- month period ended June 30, 2025. Please turn to Slide 3 of the presentation for our quarterly financial highlights. For the second quarter of 2025, we reported total net revenues of $57.2 million and a net income of $29.9 million or $4.29 per diluted share. Adjusted net income for the quarter was $29.2 million or $4.20 per diluted share. Adjusted EBITDA for the period stood at $39.3 million. Please refer to the press release for a reconciliation of adjusted net income and adjusted EBITDA. Our CFO, Tasos Aslidis, will go over our financial highlights in more detail later on in the presentation. The company has declared a quarterly dividend of $0.70 per share for the second quarter of 2025, which will be payable on or about September 16, 2025, to shareholders of record as of September 9. This reflects a $0.05 increase or approximately 7.7% growth in the quarterly dividend payout compared to the $0.65 per share distributed in the first quarter. This highlights our confidence in Euroseas' operating strength and sustained cash flow generation. At the current rate, the increase to $0.70 per share corresponds to an annualized dividend yield of about 5.5%, which we believe is attractive and competitive within the containership sector, reflecting our ongoing commitment to deliver value to our shareholders. Based on our charter coverage, we are very confident that our current dividend yield may be maintained comfortably for the next couple of years at least. Since initiating our share repurchase plan of up to $20 million in May…

Thank you, Aristides. Good morning from me as well, ladies and gentlemen. As usual, I will use the next 4 slides to give you an overview of our financial highlights for the second quarter and first half of 2025 and again compare them to the same period of 2024. For that, let's turn to Slide 17 to review our results for the second quarter of 2025. During the quarter, the company reported total net revenues of $57.2 million, representing a small decrease of 25% of the total net revenues of $58.7 million during the second quarter of 2024. The company reported a net income for the period of $29.9 million as compared to net income of $4.75 million for the same period of 2024. This was the result of a gain on the sale of a vessel recorded during the same period of last year and the lower time charter rate of vessels earned in the second quarter of 2025 compared to the previous year -- the same quarter of the previous year, partly offset by the increase in the average number of vessels owned and operated during the second quarter of this year compared to last year. Total interest and other financing costs for the second quarter of 2025 amounts to $4 million compared to $2.1 million for the second quarter of 2024. Capitalized interest charged on the corporate newbuilding program was $1.4 million for the second quarter of 2024 and that was the reason that we recorded lower interest expense taking into account the fixed interest income. This increase -- part of the increase was in addition to that is due to the increased amount of debt repaid in the current period over the same period of last year. Adjusted EBITDA for the second quarter of 2025 was…

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

[Operator Instructions] Our first question comes from the line of Tate Sullivan with Maxim Group.

With most of your days contracted for a year -- more than a year, I'm looking at the potential variability in the results. Do any of your containership contracts have different rates based on the voyage or are they all fixed regardless, please?

I think they're all fixed. All our contracts are fixed rate contracts.

Okay. And no dependability on the voyage. Okay. And then on the planned sale of one of your ships and if you do decide to sell other ships in a good market, are there any trends in terms of the potential buyers? Are they from specific countries or specific entities? And have you disclosed the buyer of the ship, please?

The buyer of the ship is MSC. They are, as you know, the biggest buyer around over the last few years buying older ships. I don't anticipate that we will be selling anything else within this year. You never know, obviously. But we have fixed all the vessels and I don't think we will be selling anything else.

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

Always nice to see another strong quarter. I just had a few questions. The feeder and intermediate containership segments have small order books. You've mentioned the fleet is relatively old and the shift towards adopting new fuels remains slow. So how are you thinking about your fleet in terms of growth in the number of intermediates versus feeders and newbuilds versus secondhand? I think you've mentioned you're not really interested in secondhand, but just kind of interested in your thoughts there.

Yes, sure. We don't -- I mean, we would buy 10, 15-year-old vessels if we could find a suitable charter that would bring the residual value down at the end of the charter. But this is something that we have been trying to do and without much success because the asking prices of the ships are too high. So I think it's rather difficult that we invest now in ships that are in the water currently. We like both sectors, the feeder sector and the intermediate sector. The dynamics are very, very similar, order books of below 7%, 8% and ships over 20 years old in excess of 20 years -- of 10%. So the dynamic is very nice over there. We look at potential projects, and we will see how we will move ahead.

Do you think the supply-demand characteristics for these segments provide a relatively high level of durability to the rate outlook despite the uncertainties that you mentioned?

It provides some durability. I mean we all know that the cascading effect is quite significant with container ships, which means that if the rates for the bigger ships drop substantially, we would naturally expect to see a drop in the smaller vessels as well. However, we do feel that the supply-demand fundamentals offer some significant protection against as severe drops as may happen.

Okay. And then just the last question was the drydocking expenses were $3.5 million for the first 6 months of 2025. But based on the information on Slide 19, is it fair to say that drydocking activity will be light over the next 12 months?

Yes.

Yes. I think so. I think we had 2 vessels that drydocked in the first part of the year. And I think our schedule is lighter for the next 6 or 12 months.

[Operator Instructions] Our next question comes from Clement Molins with Value Investor's Edge.

Most has already been covered, but I wanted to ask whether you have any plans on what to do with the proceeds of the sale of the Marcos V. Could you comment on potential avenues to allocate that capital? Could special dividends be in the cards? Or would you prefer to make a debt prepayment or allocate it towards the newbuild on order?

We are considering the various options. The vessel will be delivered within October. And we are looking at various options. We will let you know more when we next talk.

Yes. I think our Board will meet sometime in November, and we'll make a decision on how those proceeds will be best utilized among the options you mentioned.

And we have reached the end of the question-and-answer session. I would like to turn the floor back to Mr. Pittas for closing remarks.

Thank you very much all for attending our today's call, and we will be back with you in 3 months' time.

Hoping to deliver similarly good results.

Probably. Thank you.

Bye, everybody.

Thank you. And this concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.