Thank you for standing by, ladies and gentlemen, and welcome to the Seanergy Maritime Holdings Corp. Conference Call on the fourth quarter and year ended December 31, 2025, financial results. We have with us Mr. Stamatios Tsantanis, Chairman and CEO; and Mr. Stavros Gyftakis, Chief Financial Officer of Seanergy Maritime Holdings Corp. [Operator Instructions]. Please be advised that this conference call is being recorded today, Tuesday, February 17, 2026. The archived webcast of the conference call will soon be made available on the Seanergy website www.seanergymaritime.com. To access today's presentation and listen to the archived audio file visit the Seanergy Maritime website following the Webcast and Presentations section under the Investor Relations page. Please now turn to Slide 2 of the presentation. 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 the forward-looking statements is contained in the fourth quarter and year ended December 31, 2025, earnings release, which is available on the Seanergy website again, www.seanergymaritime.com. I would now like to turn the conference over to one of your speakers today is the Chairman and CEO of the company, Mr. Stamatios Tsantanis. Please go ahead, sir.

Thank you, operator, and welcome, everyone. Today, we are pleased to present our financial results and company updates for the fourth quarter and full year of 2025. 2025 marked our fifth consecutive year of profitability and another important milestone for Seanergy. We delivered strong earnings, generated meaningful cash flow, advanced our fleet renewal strategy and continued returning capital to our shareholders -- significant capital to our shareholders, all while further strengthening our balance sheet. For the fourth quarter of 2025, we reported earnings per share of $0.68 and for the full year period of 2025, we reported earnings per share of $1.28. Both our net income as well as the appreciation in value of vessels acquired since 2021 underscore the operating leverage embedded in our platform. Our profitable track record validates our long-term consistent strategy of focusing exclusively on larger bulkers, Capesizes and Newcastlemaxs. Seanergy is optimally positioned in what we believe is a favorable Capesize environment supported by expanding long-haul demand, while fleet supply growth remains constrained. Aging tonnage, limited new ordering and environmental regulations are creating a structured tighter supply environment. With respect to fleet renewal and optimization, we have made significant progress. To date, we have secured three high-specification eco newbuildings, two Capesizes and one Newcastlemax at leading Chinese shipyards with deliveries between Q2 '27 and Q2 '28, totaling approximately $226 million. At the same time, we recently concluded the sale of the 2010 built Dukeship at a firm price, in addition to the sale of the 2010 built Guinea Ship earlier in 2025. Both transactions released significant capital for the company. The current strength in secondhand values allows us to execute our fleet transition in a disciplined and measured manner, while maintaining a strong balance sheet. At the year-end, our fleet loan to value stood at…

Thank you, Stamatios, and good morning to everyone joining us. Let's begin with Slide 7, where we will review the key highlights of our financial performance. Before turning to the numbers, I would like to emphasize the continued strength and resilience of our platform as 2025 marks our fifth consecutive year of profitability. For the fourth quarter of 2025, the strong Capesize market supported robust financial results. Net revenue for the quarter totaled $49.4 million, while adjusted EBITDA and net income reached $28.9 million and $12.5 million, respectively, reflecting the strength of the second half of the year. For the full year, net revenue amounted to $158.1 million, adjusted EBITDA reached $81.7 million and net income was $21.2 million, translating into earnings per share of $1.02. These results underscore the effectiveness of our chartering strategy and risk management framework. Turning to the balance sheet. We maintained a strong liquidity position with $62.7 million in cash and cash equivalents or approximately $3.1 million per vessel. This liquidity provides operational resilience and supports the execution of our fleet organization strategy. Now regarding our new building program. The investment plan has been carefully structured with a larger schedule to ensure alignment with our shareholder reward strategy and financial flexibility. Approximately $8 million is expected to be deployed this year, $100 million in 2027 and $50 million in 2028. Financing for two of these vessels has been secured on attractive terms, while we are in active discussions for the third. Our debt to capital ratio remained well below 50%. This conservative leverage profile, combined with strong cash generation, provides flexibility as we enter 2026 and supports the funding of our new building program. Overall, 2025 was characterized by consistent profitability, disciplined balance sheet management and solid cash generation positioning us well to continue delivering…

Thank you, Stavros. Slide 11. 2025 was another strong year for the Capesize market, despite the initial volatility. The Baltic Capesize Index averaged approximately $21,300 per day. The year began on a softer note during the first half before iron ore and coal restocking activity in China supported the strong recovery in the second half of the year. Record iron ore exports from Brazil and the record bauxite exports from Guinea provided a meaningful tailwind to Capesize ton-mile demand, reinforcing the constructive long-term demand outlook for the segment. In addition, market sentiment and broader travel fundamentals were further supported by strength in the Panamax market, driven by increased grain exports from Brazil and the United States as well as additional coal and stocking towards the year-end. Moving to 2026 in regards of Capesize demand, we have started very strongly with the BCI averaging $22,000 over the first 2 weeks of the year, marking one of the strongest first quarters of the past decades. Guinea bauxite exports have grown by 14% year-over-year, while dry weather in Brazil and Australia has resulted in high iron ore cargo activity during a traditionally weak seasonal period. For the rest of 2026, the demand outlook remains constructive, with bauxite trade expected to continue its growth path and iron ore miners production and sales outlook pointing to resilient trade volumes. This trend looks set to continue into 2027 with a Simandou mining project in West Africa ramping up its output. China's demand for high-grade iron ore remains healthy, supporting demand for imported iron ore versus lower-quality domestically produced one. Moving on to Capesize supply. The supply fixture for the larger bulkers, especially Capesizes, points to further tightness and limited vessel availability for the next few years. The order book currently represents 12% of the fleet compared…

[Operator Instructions]. The questions come from the line of Liam Burke from B. Riley Securities.

Stamatios, you've been very nimble in terms of managing your fleet and maximizing the rate environment. I mean, a year ago, you were out distancing the BCI even when rates are low. But are you seeing anything in the market where it's more prudent to add longer-term time charters versus moving more of the fleet into the spot market?

Well, we constantly are. If you see the release, we have about 35% of our days already pretty much in some sort of long-term contracts that carry all the way to the end of the year. As we are progressing after the Chinese New Year that we expect to see more strengthening in the market, we will continue switching more and more ships from floating to fixed. So already, we have 35% at around $27,000. And as the year will be progressing, we will do some more.

Okay. You have gotten -- how are you balancing going forward inflated asset values, some of your older vessels versus what looks to be a fairly attractive rate environment for the next 2 to 3 years.

Well, that's exactly what we're doing right now. I mean we were able to secure very prompt delivery slots for new buildings. First of all, let me step back a little bit. The 5-year-old ships, as you know, have been very much inflated. So for 5-year-old ships, it's kind of a no-go for acquisitions. So it's pretty much identical to new buildings or a bit lower than that. So we decided to seek new buildings at high-quality shipyards. But then the question was whether we're going to have debt capital in these orders or not. And then due to our connections and excellent relationships, we're able to secure very prompt for the Capesize market delivery slots and we went ahead and we placed a couple of ships -- actually, three ships -- 2 ships for '27 and one for 2028. So that's how we manage. So once we identify prompt slots for new buildings, we will likely continue doing a few more. While at the same time, we might be disposing some of our older assets the way that we did it right now with Dukeship from Seanergy to United or some other more, let's say, interesting ideas, but that's how much we're going to do it. So if we were able to add three ships and dispose of a couple or even add a few more, that's how we're going to do it.

We are now going to proceed with our next question, and the questions come from the line of Mark Reichman from NOBLE Capital Markets.

Maybe Slide 6 would be the slide to look at. But just following up on the last question. How -- it is a favorable financing environment. You're able to get these sustainable-linked loans. But when you think about these -- the high asset values of the existing fleet versus the new builds, what are your expectations in terms of your weighted average cost of capital and your return on invested capital on maybe some of these new builds? And would you expect the difference to widen or kind of how are you thinking about that and managing that into your decisions?

Well, that's an excellent question, and thank you. The answer is yes. We are seeing inflation and inflated prices all across the shipping new building assets. So it's not only a Capesize or Newcastlemax situation, we are seeing that all over the place. We see that on tankers, containers, LNGs and, of course, on other dry bulks, smaller dry bulk ships. At the end of the day, however, the amount of money you spend for the CapEx is basically what you expect to make in return, like you very well asked. Thanks to the very -- to the excellent efforts from our finance department, we're able to secure financing terms that will keep the all-in cash breakeven of these new acquisitions at around $20,000 a day. So the forward rate now stands anywhere between, let's say, $26,000 and $30,000 for a standard Cape. If you count in the premium of these modern ships, that exceeds $30,000 a day. So if we're able to secure anywhere between $8,000 and $12,000, $13,000 a day on a net cash flow basis and you do the math, you can automatically see that the return on equity on these assets is quite significant. That's how we approach.

That's very helpful. And then I kind of always asked this question on the conference calls, what are your expectations in terms of operational off-hire days for 2026?

I believe it's going to be consistent with 2025, but maybe a little lower than that. We have a much softer dry dock schedule in '26 compared to '25. So I believe it's going to be a bit lower than 2025.

Okay. And then just a last question, and this is really a client-driven question. Could you speak to the limited shipyard availability? I guess the question was really kind of the low order book versus the limited shipyard availability seems to be linked to growing.

Well, again, that's an excellent question. There is no such thing as a limited shipbuilding capacity. I believe that the global shipbuilding capacity, especially coming from China as well as Korea and Japan, is all-time high. But the good thing is that it's pretty much covered by other types of ships. We have tremendous order book on containers, also on the tankers as well as smaller bulkers and other ships. So the order book for the standard Capesize and the Newcastlemax is quite limited because it's pretty much covered by all the other asset classes. Also, it's too far down the road. I mean, if you ask for a shipyard today, it's likely going to come back with 2029 or 2030. So given the fact that a very big percentage of the current fleet is already quite old, I don't expect to be in a position to be replaced with modern tonnage until well before 2031-'32, just to have a normal churn rate, to put it this way.

[Operator Instructions]. We are now going to proceed with our next question. The questions come from the line of Tate Sullivan from Maxim Group.

Great comments and congratulations on the new builds. And in light of the new build program, can you comment and remind us on the current dividend policy and how you're looking at evaluating the dividend with the new build expenditures going forward, please? Because I think there's a discretionary cash reserve element in the dividend, but wanted to double-check.

Thank you very much for your question. We do not expect the dividend policy to be affected by the new buildings. The sale of the Dukeship, plus some other planned things that we intend to make, if we are to put additional new buildings, will likely be more than sufficient in order to cover all the cash expenditure, and of course, the efforts of Stavros at the finance department to get the financing in place, will -- it's going to be unlikely to affect our dividend policy. So we will and we expect to be in a position to start renewing our fleet without affecting the operating cash flow and the dividend that we will continue to pay to our shareholders.

Okay. And the second question, you mentioned already having some very early contracting discussions regarding the new builds. It seems like in the last 5 years, maybe the tanker sector would lock-in multiyear contracts that below market fixed rates maybe at the hest of the lenders. How are you strategizing of contracting the new builds? Are you considering the multiyear? Or is that a dynamic part of the conversation you have with the lenders, please?

Well, not so much. I mean, our lenders are very comfortable with the fact that our balance sheet is very solid. We have very low loan to value right now. We have a very significant cash balance. So as far as we keep our order book in a well-managed situation, I don't think that any of our existing lenders is going to have an issue. And we see a very strong appetite from new lenders in order to provide additional financing. So I don't see that as an issue altogether. Now fixing the ships for 5 years or 7 years, we are, of course, considering, and we feel that these ships are in very high demand from our charters. I think closer to the delivery may be in a few months from now or end of the year, we will be in a position to fix some of the ships in long-term periods. But I don't want them to be below market just to sacrifice the operating cash flow of the ships.

Thank you. This concludes the question-and-answer session and today's conference call. Thank you all for participating. You may now disconnect your lines.