Thank you for standing by, ladies and gentlemen, and welcome to the Safe Bulkers Conference Call on the Second Quarter 2025 Financial Results. We have with us Mr. Polys Hajioannou, Chairman and Chief Executive Officer; Dr. Loukas Barmparis, President; and Mr. Konstantinos Adamopoulos, Chief Financial Officer of the company. [Operator Instructions] Following this conference call, if you need any further information on the conference call -- on the presentation, please contact Capital Link at (212) 661-7566. I must advise you that this conference call is being recorded today. The archived webcast of the conference call will soon be made available on the Safe Bulkers website, www.safebulkers.com. Many of the remarks today contain forward-looking statements based on current expectations. Actual results may differ materially from the results projected from those forward-looking statements. Additional information concerning factors that can cause the actual results to differ materially from those in forward-looking statements is contained in the second quarter 2025 earnings release, which is available on the Safe Bulkers website, again, www.safebulkers.com. I would now like to turn the conference call over to one of your speakers, the Chairman and CEO of the company, Mr. Polys Hajioannou. Please go ahead, sir.

Good morning to all. I'm Loukas Barmparis, President of Safe Bulkers, and I will start the speech today and welcoming you at our quarterly results. During the second quarter of 2025, we experienced a softer market, which impacted our revenues and profitability. We remain focused on fleet renewal, strong liquidity, comfortable leverage and long-term value creation. We have declared a dividend of $0.05 per share of common stock, rewarding our shareholders. We took delivery of our 12th newbuild and, most recently sold at a targeted price, one of our oldest vessels; remained focused on capital allocation towards our newbuild program; maintained a strong capital structure, ample liquidity and the leverage of about 38%. The selling price of our Pedhoulas Leader at $12.5 million compared to recent market levels indicates a 10% turnaround of asset values and the sentiment shift in the drybulk community. Following a comprehensive review of the forward-looking statements, which are presented in Slide 2, let's proceed to examine the supply side dynamics in Slide #4. The drybulk fleet is projected to grow by about 2.8% on average in 2025 and in 2026 due to stable new deliveries. The order book now stands at about 11% of the current fleet. Asset prices are projected to pick up in line with the current freight market. Recycling volumes are anticipated to rise though as market conditions prompt the retirement of older vessels, especially in relation to the recent MEPC 83 and the Hong Kong Convention on recycling. Ship recycling could double to 16,000 ships over the next 10 years versus the previous decade as per BIMCO projections. Only 9% of the ship capacity in the drybulk order book will be fuel -- ready to use alternative fuels upon delivery. And out of those ships, 37% will be burning LNG, 35%…

Thank you, Loukas, and good morning to everyone. During the second quarter of 2025, we operated in a weaker charter market environment compared to the same period in 2024, with decreased revenues due to lower charter hires, decreased earnings from scrubber-fitted vessels and increased operating expenses. In Slide 12, we show our quarterly financial highlights for the second quarter of 2025 and compare them to the same period of 2024. Our adjusted EBITDA for the second quarter of 2025 stood at $25.5 million compared to $41.8 million for the same period in 2024. Our adjusted earnings per share for the second quarter of 2025 was $0.01, calculated on a weighted average number of 102.5 million shares compared to $0.17 during the same period of 2024, calculated on a weighted average number of 106.8 million shares. On the top graph, during the second quarter of 2025, we operated an average of 46.75 vessels, earning an average time charter equivalent of $14,857 compared to 45.43 vessels, ending an average time charter equivalent of $18,650 during the same period in 2024. Our daily vessel operating expenses increased by 6% to $6,607 for the second quarter of 2025 compared to $6,254 for the same period in 2024. Daily vessel operating expenses, excluding dry-docking and predelivery expenses, increased by 10% to $5,604 for the second quarter of 2025 compared to $5,089 for the same period in 2024. In conclusion of our presentation, we show on [ Slide 2 ], a quick overview of our quarterly operational highlights for the second quarter of 2025. We would like to highlight that based on financial performance, the company's Board of Directors declared a $0.05 dividend per common share. Emphasis we place on maintaining a healthy cash position of about $104 million as of July 18, 2025, another $240 million in available revolving credit facilities, giving us a combined liquidity and capital resources of $315 million. Furthermore, we have contracted revenue from our noncancelable spot and period time charter contracts of $171 million, net of commissions and before scrubber revenue and also additional borrowing capacity in relation to 6 newbuilds upon their delivery as well as 1 existing unencumbered vessel. We believe our strong liquidity and our comfortable leverage provides flexibility to our management and capital allocation, and this will enable us to further expand the fleet, build a resilient company and create long-term prosperity for our shareholders. This concludes our presentation. We are now ready for the Q&A session.

[Operator Instructions] At this time, I'd like to turn the floor back to management for closing remarks.

So thank you very much for attending this quarterly presentation of our financial results for the second quarter and half year 2025, and we're looking forward to discuss again with you in the next quarter. Thank you very much. Have a nice day.

This will conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.