Good day and thank you for attending. Welcome to the Q2 and six months 2025 financial operating results of Imperial Petroleum Inc. Results Conference Call and Webcast. At this time, all participants are in a listen-only mode with no question and answer session. Please note that today's conference is being recorded. I would now like to turn the conference over to your first speaker, Mr. Harry Vafias, CEO of Imperial Petroleum Inc. Please go ahead.

Good morning, everyone, and thank you for joining us on our second quarter and six months 2025 conference call. I'm Harry Vafias, the CEO of Imperial Petroleum Inc., and joining me today is Fenia Sakellari, who will be discussing our financial performance. Before we commence our discussion, please read the safe harbor disclaimer on slide two. In essence, it's made clear that this presentation may contain some forward-looking statements, as defined by the Private Securities Litigation Reform Act. We raise the attention of our investors to the fact that such forward-looking statements are based upon the current beliefs and expectations of Imperial Petroleum Inc. and are subject to risks and incentives which could cause future results to differ materially from these forward-looking statements. In addition, we'd like to clarify we will quote monetary amounts unless explicitly stated otherwise in US dollars. On slide three, we're summarizing our key operational and financial highlights for Q2 2025. What governed Q2 2025 was our impressive fleet expansion, as within a single quarter, we took delivery of seven dry bulk ships, expanding our fleet by about 56% and reaching 19 non-Chinese-built vessels. Imperial Petroleum Inc. is now a company of a material size that operates a combined fleet of tanker and dry bulk ships. The majority of these dry bulk ship deliveries took place towards the end of the second quarter of 2025. Hence, these dry bulk ships did not have sufficient operating time to fully contribute to a bottom line. Nevertheless, our company continued the multi-year momentum of recurring profitable quarters. In Q2 2025, we generated a profit of $12.8 million, corresponding to an earnings per share of $0.36. In spite of the second quarter being a weak seasonal period, especially for tankers, we managed to improve our profitability against the first quarter…

Thank you, Harry, and good morning to all. The second quarter of 2025 was a turning point for Imperial Petroleum Inc. Our fleet increased materially. Our recent acquisitions in Q2 2025 did not contribute significantly to our operations and profitability, as most of the vessels were delivered towards the end of the quarter. Nevertheless, within the second quarter of 2025, we managed to increase our profitability by 13% against the first quarter of 2025, generating a net income of $12.8 million. Focusing on the second quarter of 2024, though, this was exceptional as market rates were at their peak, much higher than in Q2 2025. Indicatively, it's mentioned that in Q2 2024, our daily fleet time charter equivalent was in the order of $35,200, while for Q2 2025, daily fleet time charter equivalent was about $20,700. Looking at our income statement for Q2 2025 on slide eight, revenues came in at $36.3 million, marking a $22.8 million decline compared to revenues generated in the same period of 2024. This decline stems from lower market rates. During Q2 2025, average daily spot rates for product tankers were $9,500 lower when compared to the same period of last year. In addition, average daily one-year time charter rates for product tankers were about $12,000 lower compared to prevailing rates in Q2 2024. Voyage costs amounted to $10.7 million, $6.4 million lower than when compared to Q2 2024. This decrease in voyage expenses is attributed to increased time charter activity by about 36%, leading to a decline in voyage costs, particularly bunker costs. In Q2 2025, embarkation costs were $5.2 million lower compared to the same period of last year. Running costs amounted to $8.4 million, increased by $1.9 million due to the increase of our fleet by an average of 3.8 vessels between…

We are proud of completing our recent fleet expansion. This is an important milestone for us. Imperial Petroleum Inc. now operates a combined diversified fleet of nine tankers and ten bulk carriers, all non-Chinese-built vessels. In terms of our financials, we remain profitable, debt-free, and as of the end of Q2 2025, we held about $212 million in cash. In the first half of 2025, we generated $24.1 million of net profit and $42 million of operating cash flow. Market rates for both tankers and bulkers are currently favorable. Therefore, we hope that we will be able to take advantage of the second half of 2025, utilize our fleet at full speed, and produce even better results. We'd like to thank you all for joining us at our conference call and for your interest and trust in our company, and we look forward to having you again with us at our next call for our Q3 results. Thank you.

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