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Thank you for standing by. Ladies and gentlemen, and welcome to the United Maritime Corporation Conference Call for 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 United Maritime Corporation. At this time, all participants are in a listen-only mode. If you would like to ask a question, please press 11 on your telephone keypad, and you will hear an automated message advising your hand is raised. Please be advised that this conference call is being recorded today, Thursday, March 12, 2026. The archived webcast of the conference call will soon be made available on the United Maritime Corporation website, https://www.unitedmaritime.gr, under the Investor Relations section. 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 12/31/2025 earnings release, which is available on the United Maritime Corporation website again, https://www.unitedmaritime.gr. I would now like to turn the conference over to one of your speakers today, the Chairman and CEO of the company, Mr. Stamatios Tsantanis. Please go ahead, sir.

Hello, everybody. Welcome to United Maritime Corporation’s conference call to discuss our financial results for the fourth quarter and full year period ended 12/31/2025. During the fourth quarter, United Maritime Corporation generated net revenues of $6,600,000 and EBITDA of $1,500,000. More importantly, since our last update, we have executed a series of strategic initiatives aimed at enhancing the company's earnings profile, strengthening our balance sheet, and increasing our free cash flow generation capacity. In addition, we are pleased to declare our 13th consecutive quarterly dividend, a milestone that reflects our commitment for capital returns. Since initiating our dividend program in November 2022, United Maritime Corporation has declared cumulative cash dividends of approximately $1.84 per share. With stronger cash generation now secured through recently fleet employment, we are confident in our ability to sustain a competitive level of distributions while preserving the financial flexibility to pursue accretive growth opportunities. A central pillar of our 2025, 2026 strategy has been disciplined capital reallocation, divesting lower returning assets and redeploying proceeds into higher earning Capesize exposure. In early 2026, we agreed to sell the 2009-built Kamsarmax Cretan c for a net price of $14,700,000, generating approximately $6,000,000 in net cash proceeds after debt repayment. We also agreed to exit our investment in the offshore energy construction vessel, realizing proceeds of approximately €30,000,000, a profit of approximately €1,700,000, and a return on invested capital of approximately 15% in a very limited period of time. These two agreed sales combined are expected to release approximately $21,000,000 in net liquidity. Moving into the investment from now. In February, took delivery of the 2010 Capesize Dukeship under an eighteen-month verbal charter for a daily rate of $9,450. While the vessel will be earning an average fixed gross daily rate of approximately $29,300 through year end of 2026, providing immediate contracted cash flow visibility. In addition, we recently agreed to acquire the 2010-built scrubber-fitted Capesize Squareship from Synergy Maritime Holdings for approximately $29,500,000 with delivery in May 2026, financed through a combination of debt and internally generated liquidity, including the aforementioned sales. Similar to the dukeship, the daily earnings of the Squareship have also been converted to a rate of $28,250 until the 2026. The implied investment in the two Capesizes is approximately $62,000,000. Operationally, our fourth quarter TCE of $14,129 was in line with the same period of 2024, a solid result that reflects United Maritime Corporation’s transition to a pure Panamax fleet during the 2025. Fleet utilization remained high at 97.6% and OpEx daily of approximately $6,404 was well controlled. For the 2026, we anticipate a daily time charter equivalent of approximately $15,230 per day, with approximately 92% of available days already fixed, providing a meaningful degree of revenue certainty. Looking further ahead, the Panamax market is exhibiting solid fundamentals, while the addition of the Capesize's dukeship and squareship, both earning high fixed rates, meaningfully enhances earnings and cash flow visibility through the end of 2026. Our fourth quarter daily time charter equivalent reflects a resilient Panamax market despite the seasonal softness typically observed during this period. Market conditions have strengthened since the 2025, and the outlook for the coming quarters remains encouraging. Our balanced commercial strategy between index-linked exposure and fixed rates has allowed us to benefit from improving market conditions while maintaining reasonable earnings visibility for the coming quarters. Let me now turn to the drybulk market to provide some additional context around the industry environment. We have seen a very strong start in 2026 in both Capesizes and Panamax markets. Limited fleet growth combined with steadily expanding commodity demand has created a supportive market environment. Year to date, the Baltic Kamsarmax Index has averaged about $14,800, up from 9,600 during the same period of 2025. The Baltic Capesize Index has averaged about 23,000 in the first quarter quarter to date, compared to about 13,000 for the same period last year. That is almost double. In the Panamax market, we have seen strong growth in grain and minor bulk ton miles, while the decline in coal trade observed in early 2025 has moderated. The geopolitical crisis unfolding currently in the Middle East adds uncertainty in the global outlook. In the near term, we expect that the reduced cargo demand relating to Arabian Gulf may be offset by increasing coal trade flows if energy markets remain disrupted. Which they are. In addition, approximately 3% of the global Panamax fleet is currently in the Arabian Gulf, contributing to vessel supply inefficiencies and providing additional support to freight rates. Turning to the Capesize market, we continue to see strong ton mile growth driven by the iron ore and bauxite trade. The ramp up of Xinlandu iron ore project in Guinea beginning in 2026, together with increased output projections from Vale in Brazil, is expected to support long-term ton mile demand for Capesize vessels. Bauxite trade is also expanding, driven by strong global aluminum demand. Export volumes from Gimi have already grown by more than 10% during the first months of 2026. The supply side, the dry bulk order book remains low by historical standards, well below the fleet replacement needs. Continued uncertainty about future environmental regulations, and the priority placed by shipyards on higher profit margin vessels, like containers, gas carriers, and tankers, have prevented the large-scale speculative dry bulk ship ordering. As a result, the dry bulk plate continues to age. Vessels older than fifteen years represent more than 30% of the global fleet. In the Capesize sector in particular, by 2030, more than a quarter of the fleet will be older than twenty years old. That note, I would like to turn the call over to Stavros, an overview of our financial performance before returning with some concluding remarks. Tavro, please go ahead.

Thank you, Samati, and good morning, everyone. I will now review the key financial highlights for the fourth quarter and the full year ended 12/31/2025. Net revenue in the fourth quarter amounted to $6,600,000, reflecting a decline compared to the same period last year, primarily due to the reduction in our fleet and the softer Panamax market conditions. Adjusted EBITDA for the quarter amounted to $1,500,000, while we recorded a net loss of $3,800,000, reflecting both the challenging market environment and the impairment loss recognized on one of our vessels. For the full year, net revenue totaled $37,800,000, while adjusted EBITDA amounted to $12,900,000 and net loss reached $6,200,000. Overall, we view 2025 as a transitional year for the company, reflecting our efforts to optimize our fleet and position United Maritime Corporation for improved earnings generation. On the expense side, we successfully reduced daily operating expenses to approximately $6,300 per day, while also keeping our general and administrative expenses contained. Turning to our balance sheet, our cash position at year end stood at $14,600,000. In the near term, we expect some temporary fluctuations in our liquidity position, primarily related to the recently completed dry docking of the Nixie and advanced payment made for the acquisition of the duke ship. However, following the completion of the transactions discussed earlier by Stamatis, we expect our liquidity levels to normalize at approximately $2,000,000 per vessel, which we consider an appropriate level to support the company's operations and financial flexibility. Total assets amounted to $138,000,000, while stockholders' equity stood at $56,000,000, reflecting a solid capital base. Outstanding debt totaled approximately $65,000,000, corresponding to approximately $13,200,000 per vessel, which compares favorably with the average estimated market value of our fleet of approximately $20,000,000. LTV stands at approximately 65% reflecting our efforts to balance fleet optimization with a prudent financing strategy. In parallel, we entered into an $18,300,000 sale and lease transaction with Huarong Leasing to finance the $16,600,000 purchase option for the NEC. The financing bears an interest rate of three-month Term SOFR plus 1.95% per annum and amortizes over 60 monthly installments of $100,000. With respect to the dukeship, took delivery of the vessel in February under an eighteen-month verbal charter with a down payment of five and a half million. The daily purpose rate is $9,450 and United Maritime Corporation has a purchase obligation of $22,100,000 at the end of the bareboat period. At the same time, share index-linked charter has been converted to fixed for the balance of the year at a gross daily rate of approximately $29,300, enhancing our earnings visibility and cash flow stability. Regarding the upcoming Capesize additional fleet, the Squared ship, the agreed purchase price of $21,500,000 will be financed through a combination of debt and cash at hand, with the respective leverage ratio expected to be around 60%. In summary, the steps we have taken over the past several months have strengthened United Maritime Corporation’s financial position while enhancing our earnings visibility and cash flow generation. Combined with a disciplined capital allocation approach and improved market conditions, we believe the company is well positioned to generate meaningful free cash flow and continue delivering attractive return to shareholders. With that, I would now turn the call back to Samathis for his concluding remarks.

Samathis, Thank you, Sabra. Are very proud of our progress so far, having built a quality fleet with strong prospects without resorting to any dilution of the shareholders that have supported us in our first capital raising transaction back in 2022. We have not made any other capital raising equity since then. Four years now. Since 2023, we have paid a total cash dividend exceeding $1.84 per share, which in fact is a very large portion of our current share price. Additionally, we have engaged in extensive share repurchases, which continue to be part of our capital returns options. United Maritime Corporation transformation in 2026 with profitable investments of approximately $60,000,000 62 following our divestments of about $21,000,000 are expected to produce meaningful returns on capital deriving from two Capesize vessels operating under highly profitable time charters as well as direct exposure to healthy Panamax rates. So meaningful returns on capital are further expected. On that note, I would like to turn the call back to the operator and we are open for any questions you may have. Operator, please take the call. Thank you.

Thank you. As a reminder, to ask a question, you will need to press 11 on your telephone and wait for your name to be announced. We will now open for questions. We will now take the first question, from the line of Tate H. Sullivan from Maxim Group. Please go ahead.

Great. Thank you. Good day. Thank you for the timely update and given all the volatility we have seen on the oil prices and the rates, first, to start with the dividend, zero one zero I mean, that is about 5% of your current share price. Are you looking at how are you looking at it going forward? Are you going to pay out portion of the gains on ship transactions? Or can you remind us of your dividend policy how you are thinking of about it?

Good morning, Tate. Thank you for the question. We are intending to set something like a formula like we have with Synergy. So it is more clear with investors what they expect to expect. It is always going to be generous. As you know, we have always been very genuine generous for shareholders. We have paid, about a dollar and 80¢ per share dividends since our inception a few years ago. We will continue doing that. As you can see, we are transforming the company now into a strong cash flow engine. To put it this way. And once we have that crystallized and demonstrated in our quarterly earnings, will set a formula that is gonna be more, clear for the investors to, to understand.

Okay. Thank you. And then second on the acquisition of the Squire ship, 29.5 Delivery May 26. Can you can you repeat the fixed rate that that you have? Was it was it 28,500? And and the strategy related to that, I mean, I think it is prudent with what we have seen, but, yeah, you you talk about when you lock that in?

Yeah. Thank you. Thank you, Tate. We have been coordinating with Synergy who is the commercial management of the ship to convert basically the index link time charter to fixed following the decision to acquire the ship. The levels are close to 28,000, a bit higher than that. And as discussed during the call, the strategy finance ship is to get leverage of around 60 to 65%, which would imply that the free cash flow of the vessel would be around 10 to 12,000 per day.

K. K. I will factor that in. And then on the market, and start you had some good comments. What was you linked coal trade flows to disruptions in the Strait Of Hormuz Can you walk through if I heard that correctly, can you walk through the implications for coal trade flows for the dry bulk market?

Please? Well, yes. Of course. We expect that further discontinuation of LNG trade out of Qatar and the Persian Gulf. Will eventually lead to increase of coal trades because the world needs electrification. And you know, LNG and coal are two competing, let us say, raw materials in order to produce electricity. So we expect coal to become a very I am not going to say dominant, but an important commodity gem to produce electricity in certain areas of the world that are reliant on the Persian Gulf natural gas. It is not an immediate thing, but the more that things escalate in the area, the more we expect the countries with prudent how do you say, policies and huge infrastructure and industrial production. Like China, like Korea, like Japan to start thinking about, you know, increasing their code inventories in order to deal with increased electrification, needs. So that is kind of a natural result, which is gonna happen. And we expect to see that starting the more that the crisis prevails in that area.

K. And and a follow-up. Ed, did you mention a certain portion of the Capesize fleet in the Gulf area? Or were you referring to the total dry bulk fleet? Can you circle back to that comment?

It is it is not it is not a really substantial number. I think that overall, in the general area, we have about 2% of the fleet, not inside the present Gulf, but in the overall area. It is not a supercritical point, but it really absorbs a lot of tonnage not only the Capesize, but also Panamaxes, Kamsarmaxes, and all that. So there is a portion of the fleet absorbed there. Or kind of stuck there, to put it in a in a better word. So, you know, we will see the effects of that as well soon in the market.

Okay. That is all for me, and thank you very much for the update.

Thank you, Tate. Nice to hear from you.

Bye.

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

Thank you for standing by, ladies and gentlemen, and welcome to the United Maritime Corporation Conference Call on the Second Quarter and First Half for the periods ended June 30, 2025 Financial Results. We have with us Mr. Stamatios Tsantanis, Chairman and CEO; and Mr. Stavros Gyftakis, Chief Financial Officer of United Maritime Corporation. [Operator Instructions] Please be advised that this conference call is being recorded today, Wednesday, August 6, 2025. The archived webcast of the conference call will soon be made available on the United Maritime website, www.unitedmaritime.gr, under the Investors section. 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 second quarter and first half for the periods ended June 30, 2025 earnings release, which is available on the United Maritime website, again, www.unitedmaritime.gr. I would now like to turn the conference over to one of your speakers today, the Chairman and CEO of the company, Mr. Stamatios Tsantanis. Please go ahead, sir.

Thank you, operator. Welcome to the United Maritime conference call to discuss our financial results for the second quarter and 6- month period ended June 30, 2025. In the second quarter, we achieved net revenues of $12.5 million, EBITDA of $5.9 million and net income of about $1 million. Our net daily Time Charter Equivalent of $15,400 marks a significant improvement from the first quarter. A large portion of our net income this quarter is due to the strategic consolidation of our offshore newbuilding investment. We are encouraged by the swift rebound in the dry bulk market following the seasonal slowdown observed early in the year. Our ability to capture high rates through a balance between index-linked and fixed rate time charters demonstrates the agility and effectiveness of our commercial strategy. At the same time, the continued strength in asset values enabled the strategic divestment of certain of our older vessels at levels that will strengthen our profitability and enhance our liquidity reserves in the coming quarters. Based on the resilience of the dry bulk market, the successful disposal of our older vessels, the progress marked in our offshore newbuilding project and our balance sheet position, our Board of Directors has declared a $0.03 per share cash dividend for the second quarter, consistent with our established capital return policy and a clear signal of confidence in our performance and liquidity. This adds to our consistent record of more than $1.6 per share cash dividend payment since 2023, highlighting our commitment to returning capital to the shareholders. As part of our fleet renewal strategy, we have sold 2 of our oldest Capesize vessels over the last 6 months. The sale of the 2004 built Gloriuship was completed in June for a net price of $15 million. We have also agreed to sell the 2006 built Tradership for $17.8 million with delivery expected in mid-August. These 2 sales are expected to generate approximately $17.9 million in net liquidity after debt repayments, and we anticipate a book profit of about $1.5 million from the Tradership sale in Q3. We are closely monitoring market conditions and expect to deploy the net proceeds from the sales towards a combination of additional capital returns and high- quality fleet replacement opportunities. Moving on to our guidance for the third quarter of the year. We have fixed 68% of our operating days at a Time Charter Equivalent of $15,500 per day. Assuming the current FFA rates for the remaining years of the quarter, we project a total third quarter TCE to be approximately $14,700. This includes one Kamsarmax vessel earning a fixed daily rate of $15,700, 1 Capesize vessel earning $22,000 per day on a gross basis, 2 vessels employed on short-term employment to be concluded within August. And finally, 3 vessels trading purely on index-linked charters until the end of the year. For the fourth quarter, we expect to have all of our vessels employed under index-linked daily earnings, offering full exposure to what we expect to be a constructive dry bulk market. Furthermore, looking beyond our dry bulk fleet, in April 2025, we increased United Maritime's ownership stake in our newbuilding energy construction vessel. Our total investment in the project will reach approximately $10.4 million, up from $8.8 million intended initially. This represents an approximately 32% equity stake in the project and reflects our firm belief in the commercial prospects of this investment. This marks a major step in our offshore investment strategy. The vessel is designed for high-end energy construction projects, a niche market with almost no new capacity and growing demand across both renewables and oil and gas. The extremely limited order book for such vessels makes us confident in securing attractive chartering opportunities. Given that the construction time line calls for completion within 2027, we anticipate being in a position to provide greater clarity on employment prospects by early 2026. Industry overview. Let's turn to the dry bulk market. Despite macroeconomic uncertainty, we're seeing encouraging signs of recovery and resilience with charter rates rebounding meaningfully from the lows of early 2025. More specifically, the Baltic Kamsarmax Index averaged about $11,800 in the second quarter, up from $9,600 in Q1 2025, while spot market rates have since risen further around to $15,000. Respectively, the Baltic Capesize Index averaged about $18,600 in the second quarter, up from $13,000 in the first quarter, both significant increases from the first quarter. Turning to the Panamax market. The first half of the year was particularly challenging, primarily due to a decline in seaborne coal volume. While most other commodities traded roughly in line with expectations, coal was the main outlier. Coal seaborne trade declined by 7%, impacted by high inventories entering the year and rising domestic production in China and India, which reduced imports demand further. However, the coal inventories in China during the course of the first half have declined significantly, while the recent government efforts to curb the rapid pace of local coal mining have led to a sharp rebound in domestic coal prices. As the local coal market seems to have shifted to a better supply and demand balance, higher coal prices are expected to incentivize more seaborne imports in the second half of 2025. Since late June, we have seen a resurgence in Panamax charter rates, driven by increased Atlantic Basin grain exports, rising coal activity and higher port congestion. We're confident the bottom of the cycle is behind us. With coal and grain flows recovering, Panamax rates are strengthening, and we are positioned to benefit as higher coal price and inventory restocking are likely to lead to higher seaborne volumes. With regards to the Capesize market, the weather disruptions that hampered seaborne iron ore trade early in the year have abated, leading to record high June iron ore exports from Australia. Although the total amount of seaborne iron ore traded in the first half of the year was marginally at 2024 levels, a significant shift towards Atlantic Basin cargoes supported high Capesize vessel demand and contributed to a resilient market, means more ton miles. Looking towards the second half of the year, all major iron ore miners have reiterated their sales guidance, suggested higher seaborne exports than what we saw in the first 6 months of the year. China imports are expected to remain strong, driven not just by actual steel production, but mostly by inventory restocking. Bauxite exports from Guinea rose by more than 30% compared to the first 6 months of 2024 with strong trade volumes expected to continue through year-end. Moving on to vessel supply outlook. The current Capesize order book remains at historically low levels around 8% to 9% of the existing fleet, while about 20% of the fleet is older than 15 years. For the total dry bulk fleet, the order book is currently about 10% of the existing fleet, with more than 28% of the fleet being older than 15 years. As environmental regulations are tightening and enforcement intensifies, the 2-tier market is forming whereby vessels with higher fuel consumption become penalized and may be unable to compete for cargoes on the same terms. Newbuilding prices are currently at high levels. Given the prevailing charter rates, the economics of placing new dry bulk orders remain relatively unattractive. At the same time, shipyard slot availability is low as we have seen extensive ordering of other vessel segments. Overall, this represents a situation where low vessel supply growth seems to be fairly predictable over the next years. Against this backdrop, low demand growth combined with potential fleet inefficiency that may reduce effective fleet supply should lead to higher charter rates. We believe that United is in a good position to capitalize on favorable dry bulk balance, while our diversification into a rare high-specification newbuilding offshore project affords us multiple avenues through which we can produce high returns on capital. What is more, our proven track record of large capital distributions to our shareholders and our ability to achieve all this without having to resort to highly dilutive public share offering makes United Maritime a high conviction platform for investors seeking disciplined capital deployment, income generation and exposure to improving dry bulk and offshore cycles. I will now pass the call to Stavros Gyftakis, our CFO, to discuss our financial results. And then back to me for the conclusion.

Thank you, Stamatios. Welcome, everyone, to our earnings call. Let us start by reviewing the main highlights of our financial statements for the second quarter and the 6-month period ending June 30, 2025. So in the second quarter, our net revenue reached $12.5 million. While this figure is nearly unchanged from the same period last year, it marks a significant improvement over our performance in the first quarter. Adjusted EBITDA for the quarter was $5.1 million. Net income rose to $1 million, up from $0.7 million in the prior year. This result was largely driven by an accounting gain stemming from the consolidation of the entity investing in the offshore project, which attests to the well-timed decision to increase our share in the energy construction vessel. Looking at the first half of 2025, our net revenue totaled $20.2 million, which is $2.8 million lower than the same period last year, reflecting softer Time Charter Equivalent rates. Adjusted EBITDA for the 6 months was $6 million. Net loss for the period was $3.5 million compared to a net loss of $700,000 in the first half of 2024. On the expense side, we achieved further reductions in our daily operating expense per vessel, bringing them down to $6,300, while additionally, we managed to lower our total G&A despite ongoing inflationary pressures. Turning to our balance sheet. Our cash position at year-end stood at $3.4 million, reflecting ongoing capital expenditure and the additional investment in the offshore project mentioned earlier. Looking ahead, we expect a significant cash inflow in the third quarter following the delivery of the Tradership to new owners with net proceeds estimated at approximately $10 million. This sale is a key part of our ongoing strategy to optimize fleet composition. Meanwhile, as of the end of the first half of 2025, our total assets amounted to $161 million, while stockholders' equity stood at $60 million. Our outstanding debt totaled $86 million, including liabilities under bareboat charter or approximately $12 million per vessel. This compares well with the average value of our vessels, which stands at approximately $18.4 million. Now regarding financing updates, following the sale of the Gloriuship, we prepaid the corresponding tranche under the Huarong Sale and Leaseback agreement amounting to $7.5 million as well as the $2 million short-term unsecured bridge loan provided by Seanergy. As a reminder, the proceeds of this loan were used to finance the increase in our stake in the offshore project. Before handing the call back to Stamatios, I want to emphasize our confidence in the company's ability to return to sustained profitability. In our short 3-year now history, we have undertaken a number of investment initiatives across the tanker, the dry bulk and offshore sectors, which have been funded organically. We have created a solid track record in the capital markets, safeguarding shareholders' equity and have proven our commitment to prioritize and maximize distributions of capital. Stamatios, over to you.

Thank you, Stavros. Following our successful tanker investment cycle that was concluded in Q3 2023, which delivered strong returns for our shareholders, we now operate an exclusively Japanese-built dry bulk fleet. We're very proud of our progress so far being successful in building a quality fleet with strong prospects without resulting in any dilution of the shareholders that have supported us at our first and only capital raising 3 years ago. On top of that, since 2023, we have paid a total cash dividend of $1.65 per share, representing a very significant portion of our current share price. Additionally, we have engaged in extensive share repurchasing amounting to $7.1 million at an average price of $1.90. United Maritime is positioned to benefit from positive dry bulk market trends due to index-linked time charters that provide direct exposure to Capesize and Panamax market upside potential, a healthy balance sheet that allows for leveraged exposure to the sector and the potential for high returns on capital, a proven commitment to rewarding shareholders through substantial capital returns, resulting in a high dividend yield. Lastly, I'm confident in the prospects of our investment in the offshore sector, which I believe will also generate high returns for our company and shareholders. Thank you very much for listening to our call and looking forward to receiving your questions. Operator, please take the call.

[Operator Instructions] Our first question is from the line of Tate Sullivan from Maxim Group.

[indiscernible] your capital commitment for the offshore vessel is about $10 million...

Tate, sorry, your line was breaking up a bit. If I got your question right, you're asking about the remaining installments for the ECV project. So as Stamatios highlighted in his commentary, initially, we had committed to inject around $8.5 million, which we now increased to around $10.5 million. There's one last payment of $2 million, which is due in November. And then basically, we are done with the equity on this project. The construction of the ship is starting now. The still cutting is starting -- is taking place as we speak. So the next installments are going to be covered by debt.

I can hear -- I apologize. Is it the same kind of lending terms for your offshore vessel lenders and is it the same lenders [indiscernible] market for financing for offshore vessel?

Yes. We -- I mean, we are discussing with the partnership, but you should expect similar terms to the ones that we have been able to achieve on our remaining financings in terms of pricing. The advance that we will get there, it depends also on the employment development. But you should expect an advance between 65% and 75% of the contract price.

[Operator Instructions] There are no further questions at this time. So this concludes today's conference call. Thank you for participating. You may now disconnect. Speakers, please stand by.