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Thank you for standing by, ladies and gentlemen, and welcome to the Euroholdings conference call on the first quarter of 2026 financial results. We have with us today Mr. Aristides Pittas, Chairman and Chief Executive Officer, Ms. Athina Atalioti Chief Financial Officer, and Mr. Anastasios Aslidis, Chief Strategy Officer. At this time, all participants are on a listen-only mode. There will be a presentation followed by a question-and-answer session. If you'd like to ask a question, please press star one on your telephone keypad. I must advise you that this conference is being recorded today. Please be reminded that the company announced their results with a press release that has been publicly distributed. Before passing the floor to Mr. Pittas, I would like to remind everyone that in today's presentation, Euroholdings will be making forward-looking statements. These statements are within the meaning of the Federal Securities laws.

Matters discussed may be forward-looking statements which are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. I kindly draw your attention to slide number two of the webcast presentation, which has the full forward-looking statement, and the same statement was also included in the press release. Please take a moment to go through the whole statement and please read it. Now I'd like to pass the floor over to Mr. Pittas. Please go ahead, sir.

Good morning, ladies and gentlemen, and thank you all for joining us today for our scheduled conference call. Together with me is Anastasios Aslidis, our Chief Strategy Officer and Treasurer, and Athina Atalioti, our Chief Financial Officer. The purpose of today's call is to discuss our financial results for the three-month period ended March 31st, 2026. Please turn to slide three, which provides an overview of the company outlining our business model, operational strengths, and the key competitive advantages that underpin our strategy for sustainable performance and long-term growth. As a reminder, on March 17, 2025, Euroholdings was spun off from Euroseas and has since operated as an independent, publicly listed company. Furthermore, on June 23rd, 2025, Marla Investments, an affiliated of the Latsis family company, acquired a 51% controlling stake in the company from the Pittas family.

Following the completion of the transaction, my broader family retains an approximately 7% ownership interest. Since our listing, our share price has been slightly improving, though admittedly with low liquidity and currently stands at about $8.65. Now it's closer to $10 as I see it today. Since listing, we have paid four quarterly dividends of $0.14 per share. On August 12th, 2025, we announced the strategic decision to reposition the company's focus towards the tanker sector. Following the successful acquisition of our first medium-range product tanker in November 2025, motor tanker HELLAS AVATAR we agreed to acquire a sister vessel, motor HELLAS FIGHTER, to be delivered between mid-June and mid-August 2026 upon completion of her current employment. The acquisition price is $39.25 million. We plan to further expand our fleet through the acquisition of additional tankers when the appropriate opportunity arises.

At the same time, we will continue to operate our two legacy feeder container ships through the remainder of their current contracts or until their next scheduled dry dock in the event that any charters are renewed. This balanced strategy enhances our EBITDA and reflects our commitment to disciplined capital allocation as we strategically position Euroholdings towards a tanker-focused operating model. Please turn to slide four of the presentation, which presents our financial highlights during the first quarter of 2026. For the first quarter of 2026, we reported total net revenues of $7.64 million, a net income of $2.38 million, or $0.84 earnings per basic and diluted share. Adjusted EBITDA for the quarter amounted to $3.14 million. Please refer to the press release for a reconciliation between the income and adjusted EBITDA.

Our board of directors declared a quarterly dividend of $0.14 per share for the first quarter of 2026, consistent with previous distributions. The dividend is payable on or about June 16th, 2026 to shareholders of record as of June 9th, 2026. This marks our fifth consecutive quarterly dividend since listing and represents an annualized yield of approximately 6% based on recent trading levels. As illustrated in the previous slide, we also agreed to acquire motor HELLAS FIGHTER with a capacity of 49,997 deadweight tons, which was built in 2015 in South Korea from an affiliated party for $39.25 million. Motor tanker HELLAS FIGHTER is expected to be delivered to us between mid-June and mid-August 2026, after completion of her current employment. The acquisition was approved by a special committee of its disinterested directors and will be financed with a combination of debt and equity.

Please turn to slide five for an overview of our fleet profile. After the delivery of motor vessel HELLAS FIGHTER, our fleet will comprise of two containers and two product tankers with a combined carrying capacity of about 140,000 deadweight tons. Our container ship segment consists of two older feeder container ships, motor vessel JOANNA and AEGEAN EXPRESS, with a combined carrying capacity of 3,200 TEU and an average age of approximately 28 years. Our product tanker segment will be represented by two MR tankers built in 2015 with a carrying capacity of approximately 100,000 deadweight tons. Let's turn to slide six. Our two feeder container ships, MV JOANNA and MV AEGEAN EXPRESS, remain fully employed under profitable time charters, generating stable and predictable cash flows that support our ongoing growth initiatives and strategic expansion into the tanker market. The existing charters run through November and mid-December 2026.

Our speaker is back. You're live now.

Okay. I don't know exactly at what time we were cut off. Let's start again from slide six. Our two feeder container ships, MV JOANNA and MV AEGEAN EXPRESS, remain fully employed under profitable time charters, generating stable and predictable cash flows that support our ongoing growth initiatives and strategic expansion into the tanker market. The existing charters run through November and mid-December 2026 respectively. Despite the age of these vessels, both MV JOANNA and MV AEGEAN EXPRESS remain well-positioned to secure continued deployment beyond the expiration of the current charter periods if the market holds at current levels for the next few months, in which case we would expect them to continue contributing meaningful cash flow. Meanwhile, motor vessel HELLAS AVATAR was employed on a short-term voyage charter earning $70,000 per day.

We are actively pursuing follow-on employment for the vessel and remain confident in our ability to secure charter rates at attractive levels despite a near-term softening observed in the market in the past few weeks. We believe the product tanker market is supported by the continuous lack of oil products and rerouting of cargoes as a consequence of the Iran war and the current supply-demand dynamics since the onset of the war. Looking further ahead, we believe the medium to long-term supply and demand fundamentals for the MR tanker sector remain favorable. Please now turn to slide seven, which illustrates the 6-12-month time charter rates for 1,700 TEU feeder container ships over the past decade.

As of May 15th, the prevailing market rate stands at $29,250 per day, well above the 10-year average of about $18,000 per day, and nearly three times above the median rate of about $11,000 per day, underscoring the strength of the prevailing chartering environment relative to historical levels. As mentioned previously, we would expect to be able to re-charter our container ships despite their age at highly profitable levels, unless we unexpectedly see a dramatic rate correction in the ensuing few months. I will now turn the floor over to our Chief Strategy Officer, Anastasios Aslidis, who will provide an overview of the key market dynamics and opportunities in the product tanker sector.

Thank you very much, Aristides. Good morning from me, ladies and gentlemen. Let's turn to slide nine. As Aristides mentioned, over the next few slides, I will walk you through several key developments shaping the product tanker market. I will begin with this slide, which illustrates the evolution of one and two-year time charter rates for the medium-range product tankers over the past 10 years. Data is taken from the Clarksons Research as of May 2015. From these graphs, we can confirm that the product tanker market has enjoyed in the recent months a quite profitable period and rate levels approaching the peaks last observed during 2023 and 2024. If we move to slide 10, similarly, we can see the development of secondhand and new building price. The secondhand prices reflect in a straightforward fashion the development of rates.

New building prices seem to be less volatile because very likely they capture and they are influenced by other structural factors like the higher shipyard costs, inflation across materials, labor, equipment, and even yard availability. These factors continue to underpin both new building and asset values across the sector. As of May 15, 2026, based on Clarksons Research, as I mentioned earlier, the new building prices for medium-range tankers stood at about $50.5 million. At the same time, five-year-old secondhand prices stood at about $51 million, about the same level as new buildings, supported by the strength of the near-term market, while 10-year-old secondhand prices stood at approximately $41 million. Let's move now to slide 11, which presents the medium-range product tanker fleet, age profile, and order book. Starting with the chart on the top left of the slide, the global medium-range product fleet shows a relatively aging fleet profile.

Nearly half of the fleet, approximately 48% of it, is now over 15 years old, while only 14% of the vessels are under five years of age. As vessels approach special surveys in the latter part of their life, when they are over 15 years of age, they face rising maintenance costs and stricter compliance costs, particularly in light of the ever-increasing environmental regulations. These factors could reduce the competitiveness of the older units and incentivize the owners to retire their vessels. Thus, the age profile of the fleet, along with these factors, could justify the relatively high order book levels that we see in the sector.

Talking about order book and deliveries of new vessels, let's turn to the top right section of this slide, where we can see scheduled deliveries for 2026 that are projected to approximately 2,000,000 deadweight tons, significantly lower than the deliveries that we saw during 2025. The chart at the bottom of the slide illustrates the development of the medium-range tanker order book as a percentage of the fleet, and that remains below prior cyclical peaks and currently stands at around 18.5%. Overall, the combination of an aging fleet, a historically moderate order book, provides a supportive medium-term supply backdrop for the medium product tanker market. Let's now turn to slide 12 to go over some highlights regarding the trade demand for tankers and more specifically, product tankers.

Starting with the top chart, global seaborne oil product trades strengthened significantly during 2022-2024, driven by refinery dislocations and shifting trading patterns following the pandemic, the war in Ukraine, and disruptions around the Suez Canal. Trade volumes softened a bit in 2025, but are showing signs of recovery so far in 2026, broadly in line, at least in the first part of the year, with the refinery utilization and global oil demand trends. At the same time, though, recent geopolitical developments in the Middle East, particularly involving the war in Iran and the restriction of traffic through the Strait of Hormuz, are adding a degree of uncertainty to trade flows and routing.

In shipping, it is not news for me to state that any disturbance of prevailing trade routes creates inefficiencies that disturb trade flows and require more ships. Looking at the bottom left chart of this slide, global oil demand has shown steady growth despite its quarterly seasonality and volatility during the past decade, recovering from the pandemic lows in the mid-90,000,000 bpd levels to over 105,000,000 bpd in 2025. Finally, on this slide, the bottom right chart shows the global refinery capacity has broadly kept pace with demand over the past 15 years. Although capacity growth appears relatively flat in 2025, further capacity additions of around 2% were expected in 2026, followed by continuing growth of about 1% over the next two years, 2027, 2028, providing further support for a positive medium-term outlook for the product tanker market.

Of course, the sector will need to take stock of where the global refinery capacity stands after the Iran war fizzles out and any damage on the facilities in the area is assessed. Let's now turn to slide 13, which summarizes the current product tanker market trends and our outlook for the sector. Product tanker earnings strengthened significantly during the first quarter of 2026, driven primarily by market dislocations. This strength was supported by constrained Middle East Gulf exports, tight vessel availability, and robust Atlantic basin demand as charters increasingly sought alternative supply routes. At the same time, refinery activity has softened in other regions, particularly in Asia, where feedstock shortages and geopolitical disruptions have constrained output. As a result, regional market dynamics have become increasingly uneven.

The Atlantic basin has outperformed as Europe continues to replace disrupted Middle East supply, while Asian markets remain comparatively weaker due to feedstock constraints and softer petrochemical margins. Consequently, clean tanker demand has increasingly shifted toward West of Suez markets. Naturally, ton-mile demand continues to provide the key underlying support for tanker utilization. Despite an estimated decline in global product trade volumes of approximately 3%-4% year-over-year, longer haul dislocations and rerouting of trade flows have sustained vessel demand and supported earnings even in a softer underlying volume environment. Looking ahead, supply-side dynamics introduce a more balanced outlook. The medium-range fleet is expected to grow by approximately 5% year-over-year, which may lay some pressure on fundamentals as trade flows gradually normalize.

However, this is partly offset by the large long-range LR2 vessels increasingly switching into dirty trades, as well as the aging medium-range fleet profile that we talked about earlier. By 2028, approximately 30% of the medium-range fleet is expected to be over 20 years old, creating an ongoing structural replacement requirement that may help limit effective fleet growth and provide a supportive environment for rates. Overall, while the market remains fundamentally constructive, it is becoming increasingly uneven and increasingly sensitive to geopolitical developments. Strength continues to be driven more by logistical dislocations and regional imbalances than by broad-based demand growth, suggesting a more volatile yet still supportive environment for medium-range product tankers. With that, it's my turn to pass the floor to our CFO, Athina Atalioti, to walk us through the financial highlights in a bit more detail.

Thank you very much, Tassos. Let's turn to slide 15 to review our financial highlights for the first quarter of 2026. For the first quarter of 2026, the company reported total net revenues of $7.64 million and a net income of $2.38 million. Adjusted EBITDA for the first quarter of 2026 was $3.14 million. Basic and diluted earnings per share for the first quarter of 2026 was $0.84, calculated on 2,816,615 basic and diluted weighted average number of shares outstanding. Looking at the corresponding figures for the first quarter of 2025, we reported total net revenues of $2.87 million and a net income of $11.08 million.

Adjusted EBITDA was $0.86 million. A $10.23 million gain was recorded on the sale of motor vessel Diamantis P in the first quarter of 2025. Basic and diluted earnings per share was $3.99, calculated on 2,780,855 basic and diluted weighted average number of shares outstanding.

Excluding the net gain on sale of motor vessel Diamantis P, adjusted net earnings for Q1 2025 would have been $0.31 per share basic and diluted. Usually, security analysts do not include the above item in their published estimates of earnings per share. Turning to slide 16, we review our fleet operating metrics for Q1 2026. During the first quarter, we maintained 100% utilization across our fleet, consistent with the corresponding period of 2025.

Please be patient. Our speaker disconnected again. I will get him back on. Thank you.

During the first quarter, we maintained 100% utilization across our fleet, consistent with the corresponding period of 2025. On average, three vessels were owned and operated during the first quarter of 2026, earning on average time charter equivalent rate of $28,388 per day compared to 2.1 vessels in the same period of 2025, earning an average TC rate of $15,798 per day. Our total operating expenses amounted to $9,175 per vessel per day during the first quarter of 2026 and $8,511 per vessel per day during the first quarter of 2025. Our break-even rate was $14,712 as compared to $10,198 for the first quarter of 2025. In the first quarter of 2026, we also paid dividends equivalent to $1,460 per vessel per day. Turning on to slide 17.

Let's review our cash flow break-even profile for the next 12 months across each of our operating segments, broken down by key components. Starting with our containership fleet, the cash break even stands at approximately $8,200 per day. This implies that any chartering at rates above $8,900 per day generates positive cash flow. Given current market levels for comparable fitted vessels, this segment continues to deliver stable and predictable cash generation. Our MR product tankers carries an EBITDA break even of approximately $9,600 per day. When interest expense and scheduled debt repayments are factored in, the total cash break even rises to approximately $16,600 per day. Collectively, these figures demonstrate the resilient Euroholdings business model and its ability to sustain positive cash flow generation across all operating segments, even in a more normalized market environment.

We conclude our presentation with slide 18 and the review of our balance sheet highlights as of March 31st, 2026. Total assets stood at $45.9 million, comprising $9.2 million in cash and other assets at a book value of $34.7 million. On the liability side, bank debt inclusive of deferred charges totaled $19.6 million, or about 42.8% of total book value of assets. Trade accounts payable of around $1.8 million and other liabilities of about $1.2 million accounted for a further 4% and 2.6%, respectively, of total book value of assets. It is important to highlight that the market value of our fleet is substantially above book value. Based on company estimates as of March 31st, 2026, the charter attached market value of our vessels is estimated at around $47 million, implying a net asset value of around $35.6 million or about $12.62 per share.

In summary, our first quarter results reflect the early stages of our tanker sector expansion, with HELLAS AVATAR beginning to enhance our earnings profile while our containership fleet continues to deliver stable cash flow and operational visibility. We remain disciplined as we evaluate opportunities to grow and create long-term shareholder value. With that, I will send the call back to Aristides to continue.

Thank you, Athina. Let me now open up the floor for any questions we may have.

Thank you. At this time, we'll be conducting a question and answer session. If you'd like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to remove your question from the queue. For participants using speaker equipment, it is necessary to pick up your handset before pressing the star key. One moment, please, while we poll for questions. Our first question comes from Felix. Our first question comes from Felix Henninger, a private investor. Your line is now live.

Hi, Felix. We can't hear anything.

Okay, that's because he disconnected.

Okay.

Okay. As a reminder, if you'd like to ask a question, please press star one on your telephone keypad. One moment while we poll for questions. We have reached the end of the question and answer session. I'd now like to turn the call back over to management for closing comments.

Thank you all for listening in today's call. We will be back to you in three months' time. Thank you.

Thank you, operator. Bye.

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

Thank you for standing by, ladies and gentlemen, and welcome to the Euroholdings conference call on the fourth quarter 2025 financial results. We have with us Mr. Aristidis Pittas, Chairman and Chief Executive Officer, Ms. Athina Atalioti, Chief Financial Officer, and Mr. Tassos Asklidis, Chief Strategy Officer. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question and answer session, at which time, if you wish to ask a question, please press star one on your telephone keypad and wait for the automated message advising that your line is open. I must advise you that this conference is being recorded today. Please be reminded that the company announced their results with a press release that has been publicly distributed. Before passing the floor to Mr.

Pittas, I would like to remind everyone that in today's presentation, Euroholdings will be making forward-looking statements. These statements are within the meaning of the federal securities laws. Matters discussed may be forward-looking statements, which are based on current management expectations that involve risk and uncertainties that may result in such expectations not being realized. I kindly draw your attention to slide number 2 of the webcast presentation, which has the full forward-looking statement, and the same statement was also included in the press release. Please take a moment to go through the whole statement and read it. I would now like to pass the floor to Mr. Pittas. Please go ahead, sir.

Good morning, ladies and gentlemen, thank you all for joining us today for our scheduled conference call. Together with me is Tassos Asklidis, our Chief Strategy Officer and Treasurer, and Athina Ataloti, our Chief Financial Officer. The purpose of today's call is to discuss our financial results for the 3-month and 12-month periods ended December 31st, 2025. Please turn to slide 3 of the presentation as we begin with a review of the company, outlining our business model, operational strengths, and key competitive advantages that position us for sustained performance and growth. As a reminder, on March 17th, 2025, Euroholdings was spun off from Euroseas and has since operated as an independent company. On March 18th, we began trading as a publicly listed company.

As part of the transaction, Euroseas contributed 3 subsidiaries to Euroholdings, which own the now debt-free vessels, Aegean Express and Joanna, together with $14 million in cash proceeds generated from the sale of the motor vessel by Diamandis. Euroseas distributed Euroholdings shares to its shareholders on a pro rata basis at a ratio of 1 Euroholdings share for every 2.5 Euroseas shares held. Upon listing, we initiated the process to find strategic investors to help grow the company. After a thorough search, we decided to partner with Marla Investments. Marla Investments, an investment vehicle affiliated with the Latsis family, acquired a 51% stake in the company from the Pittas family. Following the transaction, the Pittas family retained approximately 8% ownership. No new shares were issued in connection with the transaction.

Since our listing, our stock has traded at an average price of about $6.5 per share, and at an average price of close to $7 per share since June 23rd, 2025, when Marla Investments became our majority shareholder. The change in our shareholding structure has provided Euroholdings with a strong and enduring foundation, supported by the expertise, long-term perspective, and maritime experience of the Latsis family. In late summer, we announced our strategic decision to enter into the tanker sector, marking our gradual transformation from containerships into tankers. As an initial step, in November, we acquired the modern medium-range MR product tanker, motor tanker, Elias Avatar, financed through a combination of internal resources and bank debt. This investment reflects both our conviction in the sector's fundamentals.

We intend to further expand our fleet with the acquisition of additional MR product tankers, funded through a balanced mix of debt, existing equity, and hopefully, new equity. At the same time, we continue to operate our two feeder containerships, which remain employed on under profitable charters. These vessels will remain in service through the expiration of their current contracts or until their next scheduled dry dock, should their employment be renewed. This balanced strategy ensures operational continuity while positioning Euroholdings to capitalize on attractive opportunities in the tanker market. Please turn to slide four of the presentation, where you can see our financial highlights during the fourth quarter. For the fourth quarter of 2025, we reported total net revenues of four and a half million dollars. A net income of $1.3 million, or $0.45 earnings per basic and diluted share.

Adjusted EBITDA for the quarter was $1.6 million. Please refer to the press release for a reconciliation of adjusted EBITDA. In addition, we declared a quarterly dividend of $0.14 per share for the fourth quarter of 2025, in line with previous distributions, which is payable on or about March 17, 2026, to shareholders of record as of March 10, 2026. This marks our fourth consecutive quarterly dividend, and it represents an annualized yield of approximately 8.3%. Let's turn to slide 5 for an overview of our fleet. We currently operate 2 feeder container ships with a combined capacity of 3,170 TEU, and an average age of approximately 28 years, along with an 11-year-old MR product tanker with a carrying capacity of about 50,000 deadweight. Please turn to slide 6.

Our two feeder container ships, Motovessel Joanna and Motovessel Aegean Express, remain fully utilized under profitable time charters, generating steady cash flow and providing operational visibility that supports our growth initiatives and expansion in the tanker market. Their existing charters run at least until the end of September and mid-October 2026, respectively. Despite their age, we believe both vessels have the potential to secure employment beyond their current charters, continuing to contribute meaningful cash flow as we pursue additional opportunities in the tanker sector. The Elias Avatar is currently employed under a short-term voyage charter, earning about $43,000 per day through late February. Please turn to slide 7. This slide highlights the key dynamics of the feeder market, where our two vessels, Aegean Express and Joanna, are positioned.

According to data from Clarksons Research, the overall containership order book stands at approximately 35% of the existing fleet. However, this order book is heavily concentrated in larger vessel classes. By contrast, the feeder segment has a significantly lower order book at roughly 13%, indicating more limited incoming supply. At the same time, feeder vessels play a critical role in regional cargo distribution. As cargo volumes move through main lane routes, feeders are essential for distributing containers to smaller and regional ports. As a result, continued cargo flow support could sustain demand for vessels in this segment. However, the feeder fleet is aging, with approximately 21% of the vessels now over 20 years old. A meaningful portion of these other vessels is expected to approach retirement or scrapping, especially as environmental regulations become increasingly stringent.

Please turn to slide 8, which illustrates the 6-12 month time charter rates for 1,700 TEU feeder containerships over the past 10 years. As of February 2026, the prevailing market rate stands at $28,000 per day, well above the 10-year average of about $18,000 per day, and a median rate of about $11,000 per day, underscoring the strength of the current chartering environment relative to historical levels. Let me now hand over the line to our Chief Strategy Officer, Tassos Aslanides, who will walk us through some highlights of the product tanker market.

Thank you very much, Aristides. Good morning from me as well, ladies and gentlemen. Over the next few slides, as Aristides mentioned, I will walk you through several key highlights of the product tanker market. For that, please turn to slide 10, which outlines the development of 1 and 3-year charter rates for medium-range product tankers over the past decade. As shown on the slide, as of February 2026, the 1-year medium-range time charter rate stood at approximately $25,000 per day. This is broadly in line with the 5-year average of $24,400 per day and a 5-year median of $23,750 per day for this vessel class.

Similarly, the 3-year medium-range time charter rate is currently at around $21,000 per day, slightly below the 5-year average of $21,238, and essentially aligned with the 5-year median of $21,000 per day. Although current rates are below the elevated rates recorded during the 2022 to 2024 peak cycle, they remain healthy by historical standards and consistent with long-term averages, highlighting the fundamentally resilient and well-supported nature of the medium-range tanker market. Please turn to slide 11, which illustrates the evolution of the newbuilding and secondhand prices from medium-range product tankers for newbuilding and secondhand prices for 5 and year, and 10-year-old units over the past 10 years. As shown in the graphs, both newbuilding and secondhand prices remain above their 5-year median averages, indicating expectations about firming market strength and confirming that.

It's worth noting here that a significant structural shift appears to be taking place related to the cost of the new buildings, which in turn relates to the cost of materials and other factors, and which is also reflected in the price levels of second-hand prices and the market rate, as this charts indicate. As of February 2026, new building prices stood at approximately $49.5 million, while 5-year-old vessel prices were around $45 million, and 10-year-old units were valued at approximately $35 million, according to Clarksons Research. Second-hand asset prices for 5 and 10-year-old vessels are trading at a meaningful discount of about 10%-15% compared to their peak levels in the mid of 2024, although they are higher than the recent lows seen in 2025.

This pullback from the peak levels suggest a potentially attractive entry point relative to asset values observed over the past several years, providing a supportive backdrop as we evaluate potential acquisition opportunities. Let's now turn to slide 12, which presents the medium-range product tanker, age and fleet age profile and order book. Starting at the top left of the chart, the global medium-range product tanker fleet is roughly evenly distributed by age. Nearly 47% of the vessels are now over 15 years old, while only 14% are under 5 years of age. This limited share of younger tonnage in the age profile highlights the lack of fleet renewal in the recent years. The aging profile supports at least a normalized level of scrapping going forward.

As vessels approach special surveys, they face rising maintenance costs and stricter compliance costs, particularly in light of increasingly more stringent environmental regulations. These factors could reduce the competitiveness of older units and incentivize owners to retire their tonnage. Turning to the top right section, we can see annual deliveries in 2025 averaged around 4.3 million deadweight tons, which despite the limited ordering activity in the past years, indicate that most of the existing order book for the sector was delivered during 2025. At the same time, scrapping remains subdued, particularly during the strong freight market period of 2022-2024, when elevated earnings encouraged owners to retain older vessels. As a result, net fleet growth has remained relatively modest, even during the period of historically strong rate levels.

With rates moderating in 2025 compared to the 2022-2024 period, scrapping activity picked up a bit, while deliveries are reflected the still limited order book levels. The chart at the bottom further illustrates that the medium-range tanker order book, as a percentage of the fleet, remains well below prior cyclical peaks at about 14.1%. The sector has effectively been under order for an extended period of time, as the chart indicates. Overall, a combination of an aging fleet and a historically limited order book provides for a positive medium-term supply outcome. Let's now turn to slide 13, where we go over the trade demand outlook for tankers. As shown in the top chart, global seaborne trade for all products strengthened significantly during the post-pandemic period, particularly during the peak years of 2022-2024.

This growth was largely driven by refinery dislocation and shifting trade patterns following geopolitical events such as the COVID pandemic, the Russian invasion in Ukraine, and disruptions in the Suez Canal. Trade volumes softened slightly in 2025 before thus far recovering in 2026, broadly in line with refinery utilization and global oil demand trends. At the same time, ton-mile demand expanded at an even faster pace than trade volumes over this period, reflecting longer average routes. Ton-mile demand remains elevated by historical standards. The current estimate indicates an increase in trade volumes in ton-mile terms for 2026 and 2027, which should translate to stronger demand for oil tankers. Looking at the bottom left graph, global oil demand over the past decade shows steady growth following the pandemic decline in 2020.

Demand recovered from the mid 90 million barrel per day range during the pandemic to over 105 million barrels per day in 2025, reflecting and confirming continued demand growth. Looking at the bottom right graph, global refinery capacity has grown in line with oil demand over the past 15 years. Although capacity growth remains flat and probably slightly declining in 2025 for various regional reasons, further additions are expected in 2026 of approximately 2%, followed by a continued capacity increase of around 1.5% in 2027 and 2028, providing further support for a positive outlook for the product tanker market. Let's now turn to slide 14 to go over a summary of the product market trends and outlook.

In conclusion, we can say that 2025 was a solid year for product tankers, with medium rates peaking at $23,750 per day late in the year, in line with 5-year median levels. Currently, the average one-year time charter rate stands firmly at around $25,000 per day. In 2026 and 2027, the picture seems a bit mixed. Fleet growth is expected to reach approximately 5.5% in both 2026 and 2027. This could weigh the rates. However, shifting trade patterns and firming ton-mile demand because of the trade dislocation due to sanctions and other disruptions, and large product tankers moving into dirty trade segment may absorb part of this additional capacity. Ongoing geopolitical uncertainty, regulatory changes, and evolving, as I mentioned, trade patterns, could further contribute to a more balanced supply-demand dynamic.

Overall, it's fair to say the developments in 2026 and 2027 will depend on trade flows, scrapping and broader geopolitical developments. With that, let me pass the floor over to our CFO, Athina Atalioti, to go over the financial highlights in more detail.

Thank you very much, Stavros. Let's turn to slide 16 to review our financial highlights for the fourth quarter and 12 months ended December 31st, 2025. For the fourth quarter of 2025, the company reported total net revenues of $4.48 million and a net income of $1.27 million. Adjusted EBITDA for the fourth quarter was $1.6 million. Basic and diluted earnings per share for the fourth quarter of 2025 was $0.45, calculated on 2,816,615 basic and diluted weighted average number of shares of funds. Let's now look at the figures for the corresponding 12 months of 2025. During the period, the company reported total net revenues of $13.23 million and net income of $14.71 million.

A $10.23 million gain was recorded during the year on the sale of motor vessel, Diamandis, in the beginning of the year. Adjusted EBITDA for the year ended December 31, 2025, was $4.69 million. Basic and diluted earnings per share for 2025 was $5.25, calculated on 2,799,666 basic and diluted weighted average number of shares of funds. Excluding the net gain on sale of motor vessel, Diamandis, adjusted net earnings for the year ended December 31, 2025, would have been $1.16 per basic and diluted shares. Usually, security analysts do not include the above item in their published estimate of earnings per share.

Turning to slide 17, let's review our cash long break-even profile for the next 12 months across each of our operating segments, broken down by key components. Starting with our container ship fleet, the cash break-even stands at approximately $9,000 per day. This means that any chartering above $9,500 per day generates positive cash flow. Given where current market rates are for comparable fitter vessels, this segment continues to generate steady and reliable cash flow. Moving on to our MR product tankers, the EBITDA break-even is approximately $9,500 per day. Including interest expense and scheduled debt repayments, increases the total cash break even to approximately $16,400 per day. At current one year charter rate of $25,000 per day, we feel confident in this segment's ability to generate solid profitability and operate efficiently.

Taken together, this break-even level underscore the strength of Euroholdings' strong ability to generate positive cash flow across all operating segments, even under more normalized market conditions. Let us now conclude our presentation with slide 18, which presents our balance sheet highlights. As of December 31st, 2025, we held cash and other assets of $7.5 million. The book value of our vessel was $35.2 million, bringing our total assets to $42.7 million. On the liability side, we had $20 million of bank debt, which is about 47% of our total book value of assets. Our total accounts payable stood at around $0.8 million, while other liabilities stood at about $0.9 million, resulting in an equity position of roughly $20 million.

It is important to highlight that the market value of our fleet is significantly higher than its book value. Based on the most recent charter-adjusted valuation, our vessels are valued at approximately $46.5 million. This implies a net asset value of around $32.3 million or about $11.46 per share. Overall, our financial results reflect the strength of our disciplined strategy during a year of strategically positioning alongside efficient operating performance. As we enter 2026, we do so with a solid balance sheet, positive operating cash flow, and a prudent approach to expand our presence in the tanker sector. Thank you for your time and attention. I would now like to pass the floor back to Aris Pittas to continue our call.

Thank you, Athina. Let me now open up the floor for any questions we may have.

Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two to remove yourself from the queue. For participants using speaker, it may be necessary to pick up the handset before pressing the star keys. One moment while we poll for questions. Once again, it's star one to ask a question. It appears there are no questions. I will turn the floor back over to Mr. Pittas for any additional or closing remarks.

Thank you all for listening in our presentation of today. We'll be back to you in 3 months' time. Thank you.

That will conclude today's call. We thank you for your participation. You may now disconnect.