IMPP

Good day, and thank you for standing by. Welcome to the Q1 2026 Imperial Petroleum Results Conference Call. At this time, all participants are in a listen-only mode. Please be advised that this conference is being recorded. I would now like to hand the conference over to your speaker today, Imperial Petroleum CEO, Mr. Harry Vafias. Please go ahead.

Good morning, everyone, and thank you all for joining us for our first quarter 2026 conference call of Imperial Petroleum. I'm Harry Vafias, the CEO of Imperial Petroleum, and joining me on the call today is Ms. Sakellari, who'll be discussing our financial performance. Before we commence our discussion, we'd like all to read the Safe Harbor disclaimer on slide two. In essence, it's made clear that this presentation may contain some forward-looking statements as defined by the Private Securities Litigation Reform Act. We raise the attention of our investors to the fact that such forward-looking statements are based upon the current beliefs and expectations of Imperial Petroleum and are subject to risks and uncertainties which could cause future results to differ materially from these forward-looking statements. In addition, we'd like to clarify that during this call, we will quote monetary amounts, unless explicitly stated otherwise, all in U.S. dollars.

In slide three, we summarize our key operational and financial highlights for Q1 2026. The year 2026 commenced in an extremely favorable way for Imperial Petroleum. Our enhanced fleet of tankers and drybulk ships fully capitalized upon the firm rates prevailing throughout the period. This quarter, with revenues of $61.7 million and a net income of $28 million, we marked our second-best quarterly performance in our history. We view our results as a solid proof that our strategic decision to expand our fleet was sound, as a larger fleet enables us to leverage favorable market conditions and generate material results. The tension in the Middle East, which commenced close to the end of February 2026, brought upon a global turbulence and heavily affected seaborne trade. The closing of the Strait of Hormuz tightened the tanker market, causing tanker rates to boom.

It's worth to mention that our daily net revenue from tankers dramatically increased in Q1 2026 to about $43,000 a day compared to $27,000 a day in Q4 2025. drybulk market also remained firm. Our daily net revenue from our drybulk ships increased in Q1 2026 to about $16,000. Looking briefly at our operational highlights, our fleet operational utilization came in at 88.7%, a bit lower than in Q4 2025 due to increased ballasting activity of our vessels traveling to their next employment. Looking at our fleet subsegments, operational utilization for Q1 2026 was 87.8% for our tankers and 89.5% for our dry vessels. About 59% of the total fleet calendar days in Q1 2026 were dedicated to time charter activity, while the remaining approximately 40% to spot activity.

Following the delivery of our drybulk vessel, the Post Marvel, in the beginning of January 2026, in April 2026, we took delivery of a Handysize drybulk ship, the Eco Crossfire, increasing our fleet on the water to 21 vessels. Providing more color on our financial performance, our revenues of $61.7 million were 21% higher than in Q4 2025 and about 92% higher compared to the same period of 2025. The increase of our operating income was impressive. In Q1 2026, income from operations came in at $26.5 million, marking a $12.8 million increase or 94% against Q4 2025 and an $18.7 million rise or 240% compared to Q1 2025. As already mentioned, our net income of $28 million was our second-best performance of all times.

The basic earnings per share generated in one single quarter was in the order of $0.60, which based on our current share price levels gives us an earnings yield for the quarter in excess of 12%. Our profitable operations continue to fuel our liquidity. As of March 31, 2026, our cash and cash equivalents, including time deposits, were about $213 million versus $179 million as of end of year 2025. Our activity on the share buyback scheme has been robust as to date the company has repurchased up to May 21st a total of 855,769 common shares for an aggregate amount of about $3.8 million. On slide four, we are providing a summary of our current fleet deployment. About 48% of the fleet is currently under time charter.

We employ six MR product tankers and two suezmax vessels in the spot market, capitalizing on the prevailing strong market environment and achieving average daily rates of about $29,000 per day for MR ships and close to $95,000 per day for suezmaxes. In addition, one MR product tanker is employed under a period charter through September 2027. As customarily, the majority of our drybulk ships are on short-term time charters. The commercial strategy we currently follow for our drybulk vessels provides healthy cash flow while minimizing idle time and voyage costs. On slide five, we're discussing the evolution of market rates for both tankers and bulkers. In Q1 2026, market rates surged for tankers and strengthened further for drybulk ships.

Even before the U.S.-Iran-Israel conflict outbreak towards the end of February, tanker rates were strong at the back of added OPEC supply, the return of Venezuelan cargoes, and long-haul trades for product tankers from the Atlantic to the Pacific so as to meet shortage supply in Asia. The blockage of the Strait of Hormuz led to oil trade disruptions, longer-haul voyages, oil supply shortages, and increase of risk premiums, leading to a spike in tanker rates. Indeed, at the end of Q1 2026, rates for suezmaxes were in excess of $250,000 a day. For the drybulk ships, the positive trend witnessed in Q4 2025 continued throughout the first quarter of 2026. Global shipment growth momentum was supported in Q1 by the uncertain macroeconomic environment, the congestion of the Panama Canal, a recent rise in coal demand.

It's interesting to note that as of the end of Q1, the BDI Supramax TC index was up 40.3% year-on-year, while the BDI Handysize index was up 36.7%. Touching briefly upon the current levels of market rates, tanker rates are still firm but have undergone a degree of normalization, particularly during the ceasefire period in April, which eased for a brief period the bottleneck of vessels at the Strait of Hormuz. Following April 20th, though, rates for tankers picked up as hostilities in the area resumed. For the drybulk ships, rates have picked up further and are now close to $20,000 per day, mostly due to gas supply shortages, which have increased market demand for coal. Market update on six. In Q1 2026, the disruption in the Middle East was a key focal point of the shipping industry, heavily affecting all shipping segments, but especially tankers.

The blockage of the Strait of Hormuz has caused major trade disruptions. About 10% of the compliant tanker fleet was stranded in the Middle East in Q1, causing vessel shortage, output supply shortages, and oil prices to surge. In this environment, the International Energy Agency took the decision at the beginning of March to release 400 million barrels of oil and refined products. For the crude tankers, markets were firm even before the Middle East conflict at the back of strong cargo supply from rising Middle East Gulf output and increased Chinese demand. The Iran-U.S.-Israel conflict brought upon a collapse in Hormuz exports and Middle East Gulf production surges. This caused significant positioning of vessels from the Pacific and an increase of Atlantic exports to Asian buyers. Product tanker market essentially picked up after the outbreak of the Middle East conflict.

The closing of the Strait of Hormuz have shut off the Middle East CPP exports, creating a shortage of good feedstock to Asian refineries. This led to an increase in global product prices, particularly in the Pacific for jet fuel and arbitrage opportunities, especially between the Atlantic and the Pacific. Looking ahead, the potential ceasefire leading to the reopening of the Strait of Hormuz prospects of increased demand for inventory rebuilding. Middle Eastern producers will commence production above pre-war levels while we may see sanctions lifted on Iraq, thus adding more balance to the market. In terms of tanker market fundamentals, total order book for suezmax vessels stands at 25.6%, with 16% of the fleet above 20 years of age. For MRs, total order book stands at 15.8%, while close to 20% of the fleet is above 20 years of age.

On slide seven, discussing the drybulk market, Q1 had a strong start in both volumes and rates, in spite of the seasonal factors such as the Chinese New Year, which typically causes a market slowdown. Global shipment volumes increased year on year, both by vessel and commodity types. Coal trade marked a marginal increase in the first month of 2026, partially due to reduced imports from China and India, offset by the rise of imports from Korea. Following the outbreak of the U.S.-Iran-Israel conflict, Asian countries are boosting coal-fired generation in response to the disruptions to oil and gas supplies as the countries need to replace lost Middle East energy cargoes. This increased resilience in coal is expected to continue in the future, supporting a rebound in coal trade in Q2 2026.

Iron ore departures to China were up in Q1 by about 4%, while Guinean bauxite exports to China stood strong, marking an 18% year-on-year increase. Wheat trade surged by 18% year-on-year, supported by elevated prices. Looking ahead, there's a concern about the impact of the Iran conflict on the global economy, which might have an adverse impact on the drybulk demand. The global drybulk fleet continues to expand, growing 3% in 2025 and a further 1% in 2026. However, reduced building orders might mostly point an aging fleet. Close to 16% of the fleet is currently above 20 years of age. In conjunction with low demolition could bring upon a future supply imbalance as older vessels retire without sufficient replacement. A vessel supply shortage is expected to support market rates.

I will now pass the floor to Ms. Sakellari in order to summarize the financial performance.

Thank you, Harry, and good morning to all. In Q1 2026, Imperial Petroleum marked a record performance. This quarter, we generated the second-highest profitability of all times. Market conditions were favorable as rates, particularly for tankers, peaked. drybulk rates were firm during the whole quarter, so we managed to capitalize upon the sizable drybulk fleet we operate. Looking at our income statement for Q1 2026 on slide eight, revenues came in at $61.7 million in Q1 2026, marking a 92% increase compared to revenues generated in the same period of 2025. This increase is mainly due to a noticeable increase in market rates for both products and suezmax tankers, along with the increase of our fleet by eight vessels. As on the end of Q1 2025, rates for product tankers were close to $26,000 per day, while daily rates for suezmax tankers was close to $47,000.

As at the end of Q1 2026, though, following the outbreak of the Middle East conflict, daily rates for product tanker climbed to about $56,000, while daily rates for suezmax tankers surged in excess of $260,000. Voyage costs amounted to $12.8 million, $2.3 million higher than in Q1 2025. This increase is attributed to higher number of spot days by about 25%, in conjunction with increased port expenses due to higher number of transits through the Suez Canal, mainly for the suezmax tankers. Our net revenues for the quarter came in at about $49 million, compared to $21.6 million in Q1 2025. This is equivalent to 127% increase. Our net revenue generation peaked in around March following the Middle East conflict outbreak. Indicatively, our monthly net revenues generated in March 2026 were about 50% higher than our net revenue generation within February 2026.

Running costs amounted to $11.3 million, increased by $4.1 million due to the increase of our fleet by an average of eight vessels between the two periods. EBITDA for the first quarter of 2026 came in at $34.4 million, while net income at $28 million, corresponding to a basic earnings per share of $0.60 versus $11.3 million corresponding to an EPS of $0.32 in Q1 2025. Moving on to slide nine, let us take a look at our balance sheet for first quarter of 2026. As of March 31st, 2026, our free cash including time deposit was $213 million. Our cash to date is in the region of $221 million. We have a capital commitments for seven vessels, two recently delivered and the remaining five to be delivered up to Q3 2026, which total about $130 million.

Of this amount, about $52 million is expected to be paid through the end of Q3 2026, while the remaining $78 million is due by the end of 2026 or early 2027. This staggered payment profile provides ample time to further enhance our cash position through our ongoing cash flow generation from our core operations. Our liquidity generation remains robust, as in Q1 2026, we generated an operating cash flow of $36.5 million. At this stage, we would like to point out that basis management estimate most recent fleet market values and basis our Q1 2026 financials and number of shares outstanding as at the end of Q1 2026, we computed that our net asset value per share is close to $13.

Our current share price is about $5. We trade at a discount in excess of 60%, while being highly profitable, debt-free and while the average price to net asset value discount of industry peer companies is about 20%. In other words, Imperial Petroleum is heavily undervalued despite the more robust balance sheet. Proceeding to slide 10, we provide a summary of our liquidity, profitability and market considerations going forward. We have a significant cash base, which is enhanced every quarter through our profitable operations. We remain debt-free, yet we have expanded our fleet significantly. Our profitability remains strong, as in Q1 2026, our net income margin climbed to 45%. In Q1 2026, our average time charter equivalent per fleet voyage day was close to 43,000 for our tankers and about 16,000 for our drybulk fleet.

This compares favorably to our cash flow breakeven levels, estimated at $8,500 per day for tankers and $6,500 per day for drybulk vessels. In terms of market considerations, the focal point is the U.S.-Iran-Israel conflict, which appears to have a longer than expected duration. It still remains an unknown how the market, particularly the tanker market, will react when the Straits of Hormuz reopen for trade and what will happen to the dark fleet in the event that the Russian-Ukraine conflict comes to an end. Concluding our presentation, we repeat again once more that we're extremely pleased with our results, our proven consistency in generating profits, and most importantly, our support to our share price through our active share buyback program and hope that this dynamic will soon correct our share price levels.

At this stage, our CEO, Mr. Harry Vafias, will summarize and concluding remarks for the period examined.

We are extremely pleased with our first quarter 2026 results. As with a net income of $28 million corresponding to a basic EPS of $0.60, we generated the second-best quarterly profitability in our company's history. Geopolitical tensions persist, creating turbulence globally and in the shipping markets. The effect, particularly from the Middle East Gulf conflict, was tanker markets to peak while market rates for the drybulk segment to firm. In this environment, we successfully capitalized upon our sizable fleet. We see that our expansion strategy is paying off and hope that through our active share repurchase scheme, we will assist our share price to correct itself so as to reflect the true value of the company of 21 vessels on the water and five more to be delivered soon. Current liquidity in excess of $220 million, being continuously profitable, and most importantly, debt-free.

We'd like to thank you all for joining us at our call today and for your interest and trust in our company, and we look forward to having you with us again at our next call for our Q2 2026 results. Thank you.

This concludes today's conference call. Thank you for participating. You may now disconnect.

Good day and thank you for standing by. Welcome to Imperial Petroleum Q4 and 12 months of 2025 financial and operational results conference call and webcast. All participants will be in a listen-only mode with no question and answer session on today's conference. Please note that today's call is being recorded. I would now like to hand the conference over to Mr. Harry Vafias, CEO of Imperial Petroleum. Please go ahead.

Good morning, everybody, thank you all for joining us at our Q4 and 12 months 2025 call of Imperial Petroleum. I'm Harry Vafias, the CEO of the company,joining me today is Ms. Sakellaris, who will be discussing our financial performance. Before we continue the discussion, please refer to the disclaimer language on slide number 2. In essence, it's made clear that this presentation may contain some forward-looking statements as defined by the Private Securities Litigation Reform Act. We raise the attention of our investors to the fact that such forward-looking statements are based upon the current beliefs and expectations of Imperial Petroleum, are subject to risks and uncertainties, which could cause future results to differ materially from these forward-looking statements. In addition, we like to clarify that during this conference call, we will quote monetary amounts. These, unless explicitly stated otherwise, are all denominated in US dollars.

In slide three, we're summarizing our key operational and financial highlights for Q4 2025. The last quarter of 2024 revealed our fleet dynamics. Market was favorable for both tanker and dry bulk ships, allowing us to enjoy surely profitability and the benefits of our fleet expansion. Indeed, compared to Q3 of 2025, when we operated same number of ships, net revenue from tankers increased by almost 18%, while the rise of net revenues from our dry bulk segment was most impressive in the order of 26%. It was a dynamic quarter, and this was also reflected in our fleet operational utilization, which for Q4 2025 was in the order of 91.8%, marking the best quarterly performance of 2025.

Looking at our fleet sub-segments, operational utilization for Q4 was 93.4% for our tankers and 90.4% for our dry bulk fleet. Our commercial strategy this quarter was most efficient as we managed to reduce commercial off-hire days by 24.3% compared to Q3. During Q4, we continued our fleet expansion. In mid-December, we agreed to purchase three carriers and one tanker vessel. Following the delivery of the dry bulk carrier POS MARVEL on January 12th, we have a fleet on the water of 20 ships. Based on our capital commitments within 2026, we will take delivery of another six ships. In a short period of time, we utilized our funds and kept our promise to grow Imperial Petroleum fleet to reach close to 30 ships. Touching briefly on our financial performance, the full integration of our dry bulk vessels in conjunction with strong rates, both in the tanker and dry bulk markets, elevated Q4 both our profitability and operating income generation. In Q4, our revenues came in at $51.1 million, marking an impressive 95% increase against the same period of last year. Our operating income for the quarter was in the order of $13.7 million, marking a 174% increase to Q4 2024 and a 33% increase compared to Q3. We ended the quarter with net income of $15 million, improved compared to the same period of last year by about $11.1 million. For the full year 2025, our net income came in at $50 million, our EBITDA close to $71 million, while our operating cash flow was as high as $81 million.

Our organic operations fuel our operating liquidity. In terms of cash, including our time deposits, we ended the year of 2025 with $179 million, while our cash today is close to $198 million. It's worth to know that Imperial Petroleum sustains its long-standing momentum of profit generation. Within the period of 2023-2025, our company has generated a total of $171 million of net profits and $240 million of total operating cash flow. On February 9th, we commenced a $10 million stock repurchase program. Under this scheme, the company has repurchased to date a total of 251,000 shares for an aggregate amount of $900,000. We strive to preserve our strong performance.

We acknowledge that the recent U.S.-Iran conflict has spread a global shock and has already positively affected seaborne trade, particularly for the tanker segment. It remains to be seen how the duration of this conflict and any further escalation will hinder trade patterns and cause turmoil in oil supply and pricing. On slide 4, we provide a summary of our current in deployment. About 65% of our fleet is currently under time charter. We employ 5 product tankers and 2 Suezmaxes in the spot market. The remaining 2 product tankers are under period employment. As customarily, all our dry bulk ships are on short-term charters. The commercial strategy we currently follow for our dry bulk ships provides healthy cash flow while minimizing idle time and voyage costs. On slide 5, we will discuss the evolution of market rates for both tankers and bulkers.

Within Q4 2025, market rates strengthened further in both the tanker and dry segments. Rates for Suezmax surged mainly at the back of OPEC exports, rising U.S. crude output and high global refining margins. In addition, the increased enforcement of sanctions against tankers trading in Russia, Iran, Venezuela, has tightened the dark fleet, boosting rates for mainstream ships. Product tankers rates improved when compared to Q3. MR rates were particularly affected mid-quarter onwards by activity levels in Asia picking up momentum. For the dry bulk segment, the positive trend witnessed in Q3 continued throughout Q4 as well. Key drivers for this were the decline in Chinese mine production, which led to an increase in iron ore imports and the rise in long-haul bauxite exports from West Africa.

The rise in tensions in the Middle East, which escalated since the end of February 2026, has caused a spike in tanker market rates. Risk premia have been priced into tanker freights as tension prevails, trade from the Strait of Hormuz has been to a great extent disrupted. It's worth to note that on March first, vessel arrivals in the Strait of Hormuz were down 80% from normal levels. Compared to the end of Q4, the latest rates for Suezmax vessels are up 95% to about $180,000 a day, while rates for MR tankers are up 75% to about $50,000 daily. On slide 6, we're reviewing the tanker market. In Q4, the tanker market was very strong for crude tankers and quite healthy for product tankers.

The surge in crude tanker market can be explained by OPEC unwinding some output cuts, having added 1.6 million barrels per day in the market since Q4, along with a steady growth in global oil consumption, which in Q4 totaled 104.5 million barrels per day. In addition, the vacuum-cleaning of VLCC tonnage by Sinokor Merchant Marine, which started end of last year, has given a major boost to the VLCC market, which is now experiencing record levels, and this has also trickled down to the Suezmaxes and Aframaxes. The product tanker market was affected in Q4 by the fall in long-haul Russian CPP exports, which marked a decline to 1.1 million barrels per day from 1.6 in first half 2025.

The market picked up mid-quarter onwards due to the greater activity in the Atlantic basin. From January, following the U.S.-Venezuela conflict, through which the U.S. took control of Venezuela's energy industry, market strength of crude tankers commenced flowing into product tankers as well. In 2026, geopolitical tensions will mainly shape the market. A potential end on the Russian-Ukraine conflict could reopen European markets to Russian crudes, thus lessening long-haul voyages. Other factors that will affect the tanker market going forward are trade sanctions and OPEC's strategy on any additional unwinding of production cuts. Adding to this, the massive dark fleet of tankers has the potential to shape the tanker market going forward to a significant extent. The most important event currently shaping the market and affecting the global geopolitical environment is the Iran-U.S. conflict.

About 20% of the world's oil supply moves through the Strait of Hormuz, a number which includes most Asia's crude imports. Any prolonged disruption will be a major global shock. Global tanker trade has already been disrupted as ships become stranded in the Gulf. Insurance war risk premia have sharply increased and oil prices have spiked. Transit delays and operational disruptions are expected to drive further volatility in an already firm market. If there is sustained disruption to oil prices, the hike in oil prices could lead to a potential demand destruction and to a weakening of global economy. Looking at the tanker fundamentals, total order book for Suezmaxes stands at 21%, with 14.8% of the fleet above 20 years of age.

For MR tankers, total order book is 14.8%, while 16% of the fleet is above 20 years of age. In slide 7, we're discussing the dry bulk market. Q4 continued the positive momentum witnessed in Q3. Overall, the market has picked up in the second half of 2025, creating a bullish sentiment for this year. Iron ore volumes to China were exceptionally strong, supported by a drop in domestic iron output. In addition to this, Guinean bauxite exports to China rebounded sharply in Q4. Seaborne coal shipments to China picked up as well due to seasonal restocking. Kamsarmax segment was supported by strong Atlantic grain volumes as China continued to buy from Brazil and Argentina, while U.S. corn exports increased in second half 2025 by 38% year-on-year.

Dry cargo trade is expected to increase by 1.5%, with the biggest percentage rise expected from bauxite trade. Looking forward, global ton-mile demand growth currently supported by China might gradually tilt towards India, which is fast-growing. The total order book for Handysize ships is 7.3%, with 7.4% of the fleet being above 20 years of age. Total order book for Supramax vessels stands at 9.5%, with 9.8% of the fleet being above 20 years of age.I'll now pass the floor to Ms. Sakellaris in order to summarize our financial performance.

Thank you, Harry. Good morning to all. The fourth quarter of 2025 was quite dynamic as both tanker and dry bulk markets were favorable, allowing us to leverage upon the size of our mixed fleet. As said, tanker rates were firm, while rates for dry ships marked a noticeable improvement compared to the third quarter of 2025. Looking at our income statement for Q4 2025 on slide 8, revenues came in at $51.1 million in Q4, marking a 95% increase compared to revenues generated in the same period of 2024.

This increase is mainly due to our recent dry bulk vessel additions, along with an improvement on market rates, particularly for the Suezmax tankers as rates for these vessels increased within Q4 2025 to $92,000 per day from $55,000 per day in Q3 and are now even higher, close to $180,000 per day. Voyage costs amounted to $16.6 million, $8 million higher than in Q4 2024. In spite of the decreased spot activity, the increase of our fleet size led to a higher number of voyages, thus intensified balancing activity, especially for our Supramax vessels. Our net revenues for the quarter came in at about $34.5 million, compared to $17.8 million in Q4 2024. This is equivalent to a 94% increase.

Running costs amounted to $11.3 million, increased by $4.6 million due to the increase of our fleet by an average of eight vessels between the two periods. EBITDA for the fourth quarter of 2025 came in at $21.3 million, while net income at $15 million corresponded to basic earnings per share of $0.37. For 12 months 2025, our EBITDA came in at $71 million. Our operating cash flow was $81 million, while our net income was $50 million corresponding to an EPS of $1.35. Moving on to slide nine, let us take a look at our balance sheet for the 12 months of 2025. As of December thirty-one, 2025, our free cash, including time deposits, was $179 million.

We do have capital commitments for 7 vessels, one recently delivered, with the remaining 6 to be delivered up to Q3 2026, which total about $130 million, of which about $52 million will get paid up until the end of Q3 2026, and the remaining $78 million up until the end of 2026. There is plenty of time to further enhance our cash base with cash flow generation from our core operation. As already mentioned, within the period of 2023-2025, we generated $240 million of operating cash flow. Proceeding to slide 10, we provide a summary of our liquidity, profitability, and market considerations going forward. For the 12 months of 2025, our operating cash flow was $81 million. Our profitability margin remains wide as market rates are favorable and significantly higher than our break-even levels.

In Q4 2025, our average time charter equivalent per fleet voyage day was close to $27,000 for our tankers and about $15,000 for our dry bulk fleet. Both numbers improved compared to the third quarter of 2025. In terms of market consideration, the focal point is the U.S. Iran tension escalation and how this will evolve in the short to medium run and to what extent will this unfortunate geopolitical event hit the tanker market and affect oil prices. In slide 11, we summarize some key remarks around our strategy going forward. We base our strong operating performance on the successful commercial management of our highly quality built ships. Most importantly, we delivered our commitment to growing our fleet and soon we will enjoy a fleet on the water of 26 vessels.

Within a short period of time, Imperial Petroleum managed to become a medium-sized company fleet-wise, but most importantly maintained profitable and debt-free throughout this rigorous expansion phase. At this stage, our CEO, Mr. Harry Vafias, will summarize our concluding remarks for the period examined.

With a net income generation of $50 million for 2025, this year was yet another profitable year. Markets for both tankers and bulkers were firm, particularly in the second half of 2025, thus assisting our performance, which was also leveraged by a dynamic fleet expansion. Within this year, we'll take delivery of another six ships, hence we will enjoy a fleet on the water of 26 high quality ships without resorting to any bank debt. We delivered our commitment for a fast fleet expansion while having today cash of close to $200 million. Our key concern is the geopolitical tension in the Middle East, which we deem critical and has caused global concerns. It remains to be seen for how long the shipping market, especially the tanker segment, will be affected and to what extent.

Of course, we hope that the duration of this unfortunate geopolitical turn will be as brief as possible. Now, I would like to thank you for joining us for our call today and for your interest and trust in our company. we look forward to having you with us again at our next call for our Q1 2026 results. Thank you very much.

This concludes today's conference call. Thank you all for participating. You may now disconnect your lines. Thank you.