Good day, and thank you for standing by. Welcome to Imperial Petroleum Q4 and 12 Months 2025 Financial and Operational Results Conference Call and Webcast. [Operator Instructions] No question-and-answer session on today's conference. Please note that today's call is being recorded. I would now like to turn the conference over to Mr. Harry Vafias, CEO of Imperial Petroleum. Please go ahead.

Good morning, everybody, and thank you all for joining us at our Q4 and 12 months 2025 call of Imperial Petroleum. I'm Harry Vafias, the CEO of the company, and joining me today is Mrs. Sakellari, who will be discussing our financial performance. Before we commence our discussion, please read the safe harbor disclaimer on Slide #2. 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 and are subject to risks and uncertainties, which could cause future results to differ materially from these forward-looking statements. In addition, we'd like to clarify that during this conference call, we will quote monetary amounts. These unless explicitly stated otherwise, are all denominated in U.S. dollars. In Slide 3, we're summarizing our key operational and financial highlights for Q4 '25. The last quarter of last year revealed our fleet dynamics. Market was favorable for both tanker and drybulk ships, allowing us to enjoy solid profitability and reap the benefits of our fleet expansion. Indeed, compared to Q3 of '25, when we operated same number of ships, net revenues from tankers decreased by almost 18%, while the rise of net revenues from our drybulk segment was most impressive in the order of 26%. It was a dynamic quarter, and this was also reflected in our fleet operational utilization, which for Q4 '25 was in the order of 91.8%, marking the best quarterly performance of 2025. Looking at our fleet subsegments, operational utilization for Q4 was 93.4% for our tankers and 90.4% for our drybulk fleet. Our commercial strategy this quarter was most efficient as we managed to…

Thank you, Harry, and good morning to all. The fourth quarter of '25 was quite dynamic as both tanker and dry bulk markets were favorable, allowing us to leverage upon the size of our mixed fleet. As said, tanker rates were firm, while rates for dry ships marked a noticeable improvement compared to the third quarter of '25. Looking at our income statement for Q4 '25 on Slide 8, revenues came in at $51.1 million in Q4, marking a 95% increase compared to revenues generated in the same period of '24. This increase is mainly due to our recent drybulk vessel additions, along with an improvement of market rates, particularly for the Suezmax tankers as rates for these vessels increased within Q4 '25 to $92,000 per day from $55,000 per day in Q3 and are now even higher, close to $180,000 per day. Voyage costs amounted to $16.6 million, $8 million higher than in Q4 '24 in spite of the decreased spot activity. The increase of our fleet size led to a higher number of voyages that intensified ballasting activity, especially for our Suezmax vessels. Our net revenues for the quarter came in at about $34.5 million compared to $17.8 million in Q4 '24. This is equivalent to a 94% increase. Running costs amounted to $11.3 million, increased by $4.6 million due to the increase of our fleet by an average of 8 vessels between the 2 periods. EBITDA for the fourth quarter of '25 came in at $21.3 million, while net income at $15 million corresponding to basic earnings per share of $0.37. For 12 months '25, our EBITDA came in at $71 million. Our operating cash flow was $81 million, while our net income was $50 million, corresponding to an EPS of $1.35. Moving on to Slide 9.…

With a net income generation of $50 million for 2025, this year was yet another profitable year. Markets for both tankers and bulkers were firm, particularly in the second half of '25, thus assisting our performance, which was also leveraged by a dynamic fleet expansion. Within this year, we will take delivery of another 6 ships. Hence, we will enjoy a fleet on the water of 26 high-quality ships without resorting to any bank debt. We delivered our commitment for a fast fleet expansion while having today cash of close to $200 million. Our key concern is the geopolitical tension in the Middle East, which we deem critical and has caused global concerns. It remains to be seen for how long the shipping market, especially the tanker segment, will be affected and to what extent. And of course, we hope that the duration of this unfortunate geopolitical turn will be as brief as possible. Now I would like to thank you for joining us for our call today and for your interest and trust in our company, and we look forward to having you with us again at our next call for our Q1 '26 results. Thank you very much.

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