Thank you for joining us for Navios Maritime Partners Fourth Quarter 2024 Earnings Conference Call. With us today from the company are Chairwoman and CEO, Ms. Angeliki Frangou; Chief Operating Officer, Mr. Stratos Desypris; Chief Financial Officer, Ms. Eri Tsironi; and Vice Chairman, Mr. Ted Petrone. As a reminder this conference call is being webcast. To access the webcast, please go to the Investors section of Navios Partners website at www.navios-mlp.com. You will see the webcasting link in the middle of the page and a copy of the presentation referenced in today's earnings conference call will also be found there. Now I will review the Safe Harbor Statement. This conference call could contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Partners. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are based upon the current beliefs and expectations of Navios Partners management and are subject to risks and uncertainties which could cause actual results to differ materially from the forward-looking statements. Such risks are more fully discussed in Navios Partners' filings with the Securities and Exchange Commission. The information set forth herein should be understood in light of such risks. Navios Partners does not assume any obligation to update the information contained in this conference call. The agenda for today's call is as follows: First, Ms. Frangou will offer opening remarks. Next, Mr. Desypris will give an overview of Navios Partners' segment data. Next, Ms. Tsironi will give an overview on Navios Partners' financial results, then Mr. Petrone will provide an industry overview. And lastly, we'll open the call to take questions. Now I'll turn the call over to Navios Partners' Chairwoman and CEO, Ms. Angeliki Frangou. Angeliki?

Good morning and thank you all for joining us on today's call. I am pleased with the results for the full year and the fourth quarter of 2024. For the full year we reported revenue of $1.33 billion, of which $332.5 million related to the fourth quarter. We also reported net income of $367.3 million and $94.7 million for the full year and the fourth quarter respectively. Earnings per common unit were $11.98 for the 2024 and $3.11 for the fourth quarter. Since the pandemic, our markets were driven primarily by geopolitical events of conflict in Ukraine and the Middle East. We don't know how these events will be resolved. We also don't know the extent to which nations will be subject to continuing or even expanded sanctions. In our view, the resolution of the conflicts in Ukraine and the Middle East may involve significant sanctions on oil producing nations materially impacting world trade. In addition, the Trump administration has been vocal about its new tariff scheme, but has not yet provided a complete roadmap, so we cannot fully understand its inevitable impact on global trade. Please turn to Slide 6. Navios Partners is a leading publicly listed shipping company with 176 vessels. These vessels have an average age of 9.8 years and are in three different segments and 16 asset classes. As you can see, the resale value is approximately equal in each sector. We ended 2024 with a contracted revenue of $3.6 billion and $312.1 million of cash on our balance sheet. We also entered 2025 well positioned as 63% of our 2025 available days are fixed. As a result, our breakeven is estimated at about $425 per open index day. Our net LTV as of the end of the fourth quarter was calculated at 34.8%, resulting from…

Thank you, Angeliki and good morning all. Please turn to Slide 10, which details our operating free cash flow potential for 2025. We fixed 63% of our available days at the net average rate of $26,198 per day. Contracted revenue almost covers our total cash expense for the year, leaving an estimated breakeven of $425 per open/index day. We have 21,018 remaining open/index linked days that should provide substantial cash flow. So that you can perform your own sensitivity analysis, on the right side of the slide we provide our 56,387 available days by vessel type. Please turn to Slide 11. We are constantly renewing our fleet in order to maintain a young profile. We reduced our carbon footprint by modernizing our fleet, benefiting from newer technologies and advanced environmentally friendly features. In Q4 and so far in Q1, we took delivery of four vessels, two 5,300 TEU container ships all chartered-out out for an average period of 5.3 years at an average net daily rate of $36,818, one LR2 aframax vessel which has been chartered out for five years at $25,253 net per day, and our first 7,700 TEU LNG dual fuel containership which is chartered-out for 12 years at an average rate of $41,753 net per day. Following these deliveries, we have 23 additional newbuilding vessels delivering to our fleet through 2028, representing $1.6 billion of investment. In container ships, we have five vessels to be delivered with a total acquisition price of about $0.6 billion. We have mitigated this risk with long-term credit worth of charters expected to generate about $0.5 billion in revenue over a six-year average charter duration. In tankers, we have 18 vessels to be delivered for a total price of approximately $1 billion. We chartered-out 14 of these vessels for an average period of five years, expected to generate aggregate contracted revenue of about $0.7 billion. We have also been opportunistically replacing older vessels. In 2024 and 2025 to date we sold 11 vessels with an average age of 17.8 years for about $202 million. At the same time, we exercised purchase options on five chartered-in Japanese-built dry bulk vessels with an average age of eight years for a total price of $142 million. Moving to Slide 12, we continue to secure long-term employment. In Q4 and 2025 year-to-date, we created about $79 million additional contracted revenue. Approximately $20 million is from container ships and about $59 million from tankers. Our total contracted revenue amounts to $3.6 billion. $1.4 billion relates to our tanker fleet, $0.2 billion relates to our dry bulk fleet and $2 billion relates to our container ships. Charters are extending through 2037 with a diverse group of quality counterparties. I'll now pass the call to Eri Tsironi, our CFO who will take you through the financial highlights. Eri?

Thank you, Stratos and good morning all. I will briefly review our unaudited financial results for the fourth quarter and year ended December 31, 2024. The financial information is included in the press release and is summarized in a slide presentation available on the company's website. Moving to the earnings highlights on Slide 13, total revenue for the fourth quarter of 2024 increased to $333 million compared to $327 million for the same period in 2023 due to higher fleet time charter equivalent rate and available days. Our fleet TCE rate for the fourth quarter of 2024 increased by 2.6% to 23,205 per day compared to Q4 2023 and our available days increased by 1.1% to 13,671 days. In terms of sector performance, the TCE rate for our dry bulk fleet and our container fleet increased by approximately 1% to $17,079 per day and 30,623 per day respectively. In contracts, the time charter rate for our tankers was approximately 3% lower at $26,646 per day. EBITDA was adjusted as explained in the slide footnote. Excluding these amounts, adjusted EBITDA for Q4 2024 decreased by $45 million to $182 million compared to Q4 2023. Please note that the 2023 figures include the prepayment of charter hire received by our charterers, of which $47 million relates to periods from 2024 onwards. Net income for Q4 2024 was $95 million. Total revenue for the full year 2024 increased by $27 million to $1.33 billion compared to 2023. The increase in revenue was mainly a result of higher fleet time charter equivalent rate despite slightly lower available days. Our 2024 fleet TCE was 22,924 per day. In terms of sector performance, TCE rate for our dry bulk fleet increased by 18% to 16,959 per day compared to 2023. In contrast, TCE rates for our…

Thank you, Eri. Please turn to Slide 17. On February 1, the U.S. announced additional 10% tariffs on all existing duties for all products imported from China. On February 4, Beijing announced additional tariffs of 10% to 15% on U.S. goods including coal, LNG, crude oil, agricultural machinery and large autos. At this time, the announced tariffs are not expected to have a significant effect on global trade as the combined U.S.-China tariffs equal approximately 19 [ph] million metric tons, equal to only about 0.7% of global seaborne trade. On February 1, the U.S. announced 25% tariffs on Canada and Mexico for all products imported from each country except for energy and energy resources coming out of Canada. The tariffs on Canada and Mexico were postponed one month after discussions between the leaders of each country. The situation is fluid and bears monitoring as there is a potential for further escalation should the expected negotiations not be successful. Please turn to Slide 18 for a review of current trade disruptions. The Red Sea entrance leading to the Suez Canal, a strategic maritime transit point, continues to operate at restricted transit levels. In fact, the first week of February this year registered the lowest transits, 173 vessels since November of 2023. Red Sea disruptions have caused a rerouting of ships via the Cape of Good Hope, increasing cost and distances. In 2024, total ton or TEU mile increases per segment were estimated to be approximately 18% for containers, 1.5% for crew tankers, 8% for product tankers and 5% for dry bulk. Should the situation remain unchanged in 2025, total ton or TEU miles for all sectors are projected to experience only slight variations. Panama Canal transients are essentially back to normal numerically, with slight restrictions on certain vessels drafts. Please turn…

Thank you, Ted. This completes our formal presentation and we will open the call to questions.

Thank you. [Operator Instructions] And we will take our first question from Omar Nokta with Jefferies. Please go ahead.

Thank you. Hey guys, good afternoon. Thanks for the detailed update as usual, always very much in depth. One of the, you know, Angeliki, in your opening comments, you mentioned all the uncertainty in the market these days and obviously that's always been the case, but it just seems like it's just brewing. Clearly, you know, with tariff sanctions, conflicts in the Middle East and Russia, it's all leading to a lot of unknowns. How has that sort of affected your business? Has this caused you to change anything in terms of how you're operating or in terms of capital deployment or shareholder rewards, any color you can give on that front?

I think that's a very good question. Omar, good morning. The big thing is you saw solid results for 2024. Looking at 2025, I mean, as a company, we did a whole strategy and you see that you don't have the economic factors, but you have a lot of geopolitical events that how they will be resolved. It will have such a very important, it can be very important drivers for our business from Ukraine, the Ukraine conflict, Middle East with the Red Sea and Iran. And additionally then you have the tariffs, I can give you. Take for example, the last days of the Biden administration, you had sanctions on the DAC fleet. That meant by OFAC, that meant 9% of the tanker fleet was basically removed, as much inefficient it was. And then you can have an event where a Red Sea opens, which we haven't seen it yet. These kinds of events can really substantially change the market on one sector or the other. So the big benefit of Navios is, your diversified fleet. I mean a big pillar of stability, our $3.6 billion of contracted revenue. We have time to think. And our breakeven per day of $425 with 2/3 of our days contracted and a lot of our open days, which are dry bulk, being indexed with an ability to really see the forward market and be able to capture the upside. So basically you need to watch. If you can tell me how these events will unfold or how tariffs will be applied, it can have quite significant differences on the market perspectives of either tankers, dry bulk or containers. I mean, Ted had nine minutes going through the different sectors. I can tell you there are infinite possibilities.

Yes, yes, definitely. Yes, that's a great point. And obviously the benefit of diversification where you're not just stuck, you know, bracing for one outcome. I guess maybe just in terms of in container shipping and 2024 was amazing in terms of freight rates and then chartering activity. Obviously we come into 2025. The market is still relatively tight given the divergence from the Red Sea. How would you characterize your customer base at the moment in terms of chartering habits? Is there still an elevated level of interest to secure vessel capacity or has that waned given all this uncertainty?

Now if you take that from the majors from the liner companies, you see that there is an appetite for tonnage, there is an appetite for duration and we have seen it all over. I mean, there was basically anything we have seen on Red Sea, it has not changed this view. We have not seen the Suez Canal opening because there is still a lot of uncertainty. You are talking about security of the crew, I mean cargo and vessels. So I don't think that you will see quickly unless you see a stable environment, you will not see a change on this. I was just saying that it will still continue to go around the Cape, so basically you still have that.

Yes. Yes, makes sense. Well, great. Thanks, Angeliki. I really appreciate the comments. I'll turn it over.

Thank you. And it appears that we have no further questions at this time. I will now turn the program back to Angeliki for any additional or closing remarks.

Thank you. This completes our quarterly results. Thank you.

Thank you. This does conclude today's presentation. Thank you for your participation. You may disconnect at any time.