Thank you for standing by, ladies and gentlemen. Welcome to Safe Bulkers Conference Call on the Third Quarter 2025 financial results. We have us with us today, 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 the conference call, if you need any further information on the conference call or the presentation, please contact Capital Link at (212) 661-7566. I must advise you that this conference is being recorded today. The archived webcast of the conference call will soon be available on the Safe Bulkers website, www.safebulkers.com. Many of our 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 actual results to differ materially from those in the forward-looking statements is contained in the third quarter 2025 earnings release, which is available on the Safe Bulkers website, again, www.safebulkers.com. I would now like to turn the conference over to our speakers today, Chairman and CEO of the company; Mr. Polys Hajioannou. Please go ahead, sir.

Good morning to all. I am Loukas Barmparis, President of Safe Bulkers, and I will do today the presentation, and I'm welcoming you at our quarterly results. Key developments of the previous period include the performance of the IMO Net-Zero framework and the expected gradual market fragmentation due to geopolitical reasons for fees and tariffs resulting in increased market volatility. The dry bulk market recovered compared to the previous quarter, and we sold 2 of our oldest vessels as part of the company's ongoing fleet renewal strategy. Our company maintains a strong capital structure providing flexibility in our capital allocation. Lastly, we have declared a dividend of $0.05 per share of common stock rewarding our shareholders. Following a comprehensive review of the forward-looking statements language presented in Slide 2, let us proceed to examine the supply side dynamics in Slide 4. The dry bulk fleet is projected to grow by about 3% on average in 2025 and in 2026 due to stable new deliveries. The order book now stands below 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 through as market conditions prompted that into older vessels, especially in relation to the 25% of dry bulk fleet being older than 15 years and the overall average age of the dry bulk fleet. As a result, the ship recycling would be double over the next 10 years compared to previous decade as per Bimco projections. Currently, 15% of ship capacity in the dry bulk order book will be ready to use alternative fuels upon delivery. And out of those ships 52%, they may use methanol, 35% LNG and 13% ammonia or hydrogen. However, the dual fuel order book remains small on dry bulk segment.…

Thank you, Loukas, and good morning to everyone. During the third quarter of 2025, we operated in a weaker charter market environment compared to the same period in 2024 with decreased revenue due to lower charter hires and decreased earnings from scrubber fitted vessels. Moving on to Slide 12 with our quarterly financial highlights for the third quarter of 2025 compared to the same period of 2024. Our adjusted EBITDA for the third quarter of 2025 stood at $36.1 million compared to $41.3 million for the same period in 2024. Our adjusted earnings per share for the third quarter of 2025 was $0.12. This is calculated on a weighted average number of 102.3 million shares compared to $0.16 during the same period last year, calculated on a weighted average number of 106.8 million shares. In the graph on the top, during the third quarter of 2025, we operated 46.51 vessels on average, earning an average time charter equivalent of $15,507 compared to 45.27 vessels on average, ending TCE of $17,108 during the same period in 2024. Our daily vessel earning expenses decreased by 4% to $5,104 for the third quarter of 2025 compared to $5,311 for the same period in 2024. This daily running expenses, excluding dry docking and predelivery expenses increased by 1% to $5,060 for the third quarter of 2025 compared to $4,999 for the same period last year. In Slide 13, we see a quick overview of our quarterly operational highlights for the third quarter of 2025 in comparison to the same period last year. Let's continue now to Slide 14, where we present our balance sheet analysis and noting that our assets are presented in the book value. The company maintains a healthy balance sheet supported by robust equity base at the concerned levels. Strong liquidity and ample cash reserves provide significant financial flexibility to navigate market volatility and take advantage of market opportunities. Our capital structure positions the company for sustainable long-term growth and resilience. Concluding our presentation in the last slide, #15, we present our daily free cash flow for the 9 months of 2025, illustrating the company's ability to generate free cash flows highlighting disciplined cost control and efficient vessel operations. I would like to highlight that based on our financial performance, the company's Board of Directors has declared $0.05 dividend per common share. The company has maintained a healthy cash flow position of $187 million as of November 21, 2025 and another $210 million in available undrawn revolving credit facilities, so a combined liquidity and capital resources just shy of $400 million plus a contracted revenue of $164 million. This underscores our capacity to support debt service, the investment and shareholder returns at the same time which enable us to expand the fleet, build a resilient company and create long-term prosperity for our shareholders. Thank you, and we are now ready for the Q&A session.

[Operator Instructions] We reached end of our question-and-answer session. I'd like to turn the floor back over for any further or closing comments. With no more questions, I'll turn it back over to management.

Okay. So thank you very much for attending this conference call, and we'll be in touch next quarter. Thank you very much.

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.