Good day, and thank you for standing by. Welcome to the StealthGas Q2 2025 Results Webcast and Conference Call. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Mr. Michael Jolliffe, Chairman of the Board. Please go ahead, sir.

Thank you. Good morning, everyone, and welcome to our second quarter 2025 earnings conference call and webcast. This is Michael Jolliffe, Chairman of the Board of Directors. And joining me on our call today, as usual, is our CEO, Harry Vafias, to discuss the market and the company outlook and Konstantinos Sistovaris to discuss the financial aspects. Before we commence our presentation, I would like to remind you that we will be discussing forward-looking statements, which reflect current views with respect to future events and financial performance. So please take a moment to read our disclaimer on Slide 2 of this presentation. Risks are further disclosed in StealthGas' filing with the Securities and Exchange Commission. Now so let's proceed with presentation, starting with some highlights on Slide 3. And let me stress right off the bat that in a market that was trying to find its balance, we today reported our second best ever quarterly profits. These very strong results were driven by a record $47.2 million in revenues for the second quarter compared to $41.8 million last year and $42 million in the previous quarter, demonstrating the very strong performance of our commercial operations. Adjusted net income for the second quarter of 2025 was $21.7 million, 35% higher than the previous quarter, but 20% lower than last year. As I mentioned in my opening, it was the second best quarter ever. And in terms of operations of our fully owned fleet, it was actually the most successful ever. We didn't surpass last year's net income record because the share of the profits we got last year from our investments were boosted by the sale of a vessel at the time. In terms of earnings per share on an adjusted basis, these were $0.59 for the quarter. While the second…

Thank you, Michael. I will discuss the financial results that were released today, starting with Slide 6, where we have a snapshot of the income statement for the second quarter and 6 months of 2025 against the same period of 2024. Due to sale and purchase transactions that took place over the period, there was a very small increase in fleet days of about 4%. Revenues were at $47.2 million for the quarter, marking a 13% increase year-on-year. Although there was a slight increase in number off-hire days from the vessels in the spot market, the majority of the vessels improved their earnings to arrive at a record quarterly profit. This result also led to record revenues for the 6-month period of $89.2 million. Net revenues or what we call time charter equivalent revenues, both for the quarter and the 6 months were also at all-time highs. Operating expenses were $12.7 million for the quarter. Costs were contained, and this led to a mere 1.5% increase from last year, below the relative increase in the fleet. After subtracting more expense items, we arrive at the income from operations. Again, the second quarter was a record-breaking quarter at $19.7 million, a substantial 22% increase compared to last year. Interest costs at $0.6 million for the quarter were reduced by $2.1 million. Following the final debt repayment in July, the company will save completely on interest costs. Earnings from our investments in our JVs were just $0.7 million for the quarter. There was a large reduction of $10.7 million in earnings from our nonconsolidated joint ventures. The reason is twofold. First, that there were fewer vessels as the joint ventures are wind down, and there is also a single vessel left in the joint ventures. And two, and most importantly, that last…

President, CEO, CFO & Non-Independent Director Continuing on Slide 9, we're discussing the LPG market, where despite the trade upheaval and uncertainty caused by during the Q2, the main themes we have discussed in the past are pretty much unchanged. Global LPG exports continue to register strong growth at 6.6% for the first 6 months. U.S. exports continued to increase year-on-year, albeit with ups and downs as the second quarter was actually weaker than the first quarter. U.S. terminal expansions are underway. Enterprises expanded terminal exported its first cargo in July, an ethane cargo and Energy Transfer's Netherlands terminal expansion is expected to also come into service by the end of the year with more planned for the years ahead. In the Middle East, where there are also projects underway to increase production and exports. We have the Iraq tenders last quarter that led to several Handy Size vessels finding business therein supporting the market. China LPG imports in May climbed to 3.4 million tons, registering a 6.7% increase. India's demand was more muted last quarter, but the latest headlines from there are that the country plans to source 10% of its imports from the U.S., that if it happens, will definitely lead to an increase in thermal demand as India currently is a major Middle Eastern client. Finally, trade disputes are always on the agenda. In the second quarter, they did create market uncertainty. Since May, this mostly affected ethane exporting because of the export license issues, but this seems to have been resolved in July. In the longer term, we continue to see Chinese demand being driven by the PDH plants that need LPG for propylene production. And while in the short term, more than 25% of the capacity remains off-line, plants continue being built that should underpin…

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.