Q1 2025 EuroDry Ltd Earnings Call
Ladies and gentlemen, thank you for joining US today Your conference will begin shortly.
Unknown Executive: Ladies and gentlemen, thank you for joining us today. Your conference will begin shortly. Thank you for joining us today. Your conference will be beginning shortly. Thank you.
Thank you for joining us today and your conference will be beginning shortly thank you.
[music].
Unknown Executive: Tate Sullivan, Mark Reichman, Charles Fratt, Aristides Pittas, Unknown Executive, Anastasios Aslidis, EuroDry Tate Sullivan, Mark Reichman, Charles Fratt, Aristides Pittas, Unknown Executive, Anastasios Thank you for standing by, ladies and gentlemen, and welcome to the EuroDry Limited conference call on the first quarter 2025 financial results.
Speaker Change: Thank you for standing by ladies and gentlemen, and welcome to the Euro Dry Ltd conference call on the first quarter 2025 financial results.
Unknown Executive: We have with us today Mr. Aristides Pittas, Chairman and Chief Executive Officer, and Mr. Anastasios Aslidis, Chief Financial Officer of the company. At this time, all participants are in 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 1 on your telephone keypad and wait for your name to be announced.
Speaker Change: We have with US today, Mr. Aristides, Peters, Chairman and Chief Executive Officer, and Mr. Tarsus athlete East Chief Financial Officer of the company.
Speaker Change: At this time, all participants are in listen only mode.
Speaker Change: There will be a presentation, followed by 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 your name to be announced.
Unknown Executive: I must advise you that this conference is being recorded today. Please be reminded that the company announced its results with a press release and has been publicly distributed.
Speaker Change: I must advise you that this conference is being recorded today.
Speaker Change: Please be reminded that the company announced its results with a press release has been publicly distributed.
Unknown Executive: Before passing the floor to Mr. Pittas, I would like to remind everyone that in today's presentation and conference call, EuroDry will be making forward-looking statements. These statements are within the meaning of the federal securities law. 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.
Speaker Change: Before passing the Florida, Mr. Peterson I would like to remind everyone that in todays presentation and conference call Euro dry will be making forward looking statements.
Speaker Change: These statements are within the meaning of the federal Securities laws.
Speaker Change: 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.
Speaker Change: They call me draw your attention to slide number two of the webcast presentation, which has the full forward looking statement.
Unknown Executive: 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 read it.
Speaker Change: And the same statement was also included in the press release.
Speaker Change: Please take a moment to go through the whole statement and read it.
Unknown Executive: And now I would like to pass the floor over to Mr. Pittas. Please go ahead, sir. Thank you.
Speaker Change: And now I would like to pass the floor over to Mr. Peter. Please go ahead Sir.
Peter: Thank you.
Aristides Pittas: Good morning, ladies and gentlemen, and thank you all for joining us today for our scheduled conference call. Together with me is Mr. Tatos Aslidis, our Chief Financial Officer. The purpose of today's call is to discuss our financial results for the three-month period ended March 31st, 2025. Please turn to slide 3 of the presentation for our quarterly financial highlights. In the first quarter of 2025, we reported total net revenues of $9.2 million, and a net loss attributable to controlling shareholders of $3.7 million, or $1.35 loss per basic and diluted share. Adjusted net loss attributable to controlling shareholders for the quarter was $5.7 million or $0.002707 loss per basic and diluted share.
Speaker Change: Good morning, ladies and gentlemen, and thank you all for joining us today for our scheduled conference call together with me is Mr. <unk> <unk> Chief Financial Officer.
Speaker Change: The purpose of today's call is to discuss our financial results for the three months period ended March 31st.
Speaker Change: 2025.
Speaker Change: Please turn to slide three of the presentation of our quarterly financial highlights.
Speaker Change: In the first quarter of 2025, we reported total net revenues of $9 2 million and the loss and net loss attributable to controlling shareholders of $3 $7 million or $1.35 loss per basic and diluted.
Speaker Change: Adjusted net loss attributable to controlling shareholders for the quarter was $5 $7 million or 2.7.
Speaker Change: 707 cents loss per basic and diluted share.
Speaker Change: Adjusted EBITDA for the period stood at a negative $1 million.
Aristides Pittas: Adjusted EBITDA for the period stood at negative $1 million. Please refer to the press release for the reconciliation of adjusted net loss and adjusted EBITDA. Our CFO Tasos Aslidis will anyway go over our financial highlights in more detail later in the presentation. Since initiating our 10 million share repurchase program in August 2022, which has been extended twice since then until August 2025, we have repurchased 334,000 shares of our common stock in the open market, totaling $5.3 million. We intend to continue executing its purchases opportunistically at current price levels, reflecting our confidence in the company's long-term value.
Speaker Change: Please refer to the press release for the reconciliation of adjusted net loss and adjusted EBITDA.
Speaker Change: CFO <unk> <unk> will anyway go over our financial highlights in more detail later in the presentation.
Speaker Change: Since initiating a 10 million share repurchase program in August 2022, which has been extended twice. Since then until August 2025, we have repurposed.
Speaker Change: 334000 shares of our common stock in the open market.
Speaker Change: Total link $5 3 million daus.
Speaker Change: We intend to continue executing in the purchases of both domestically at current price levels, reflecting our confidence in the company's long term value.
Speaker Change: Please turn to slide four to review, our recent settling and operational developments.
Aristides Pittas: Please turn to slide 4 to view our recent chartering and operational development. Firstly, please note that we delivered the motor vessel Tassos to her buyers as had been arranged during the previous call. The company recorded a net book profit of $2.1 million. On the charter in France, the majority of our fixtures are short-term or longer-term betting decks based. We do not wish to commit our vessels to the current low rates offered and prefer to be able to maintain operational flexibility and fix longer term when the market recovers. There were no scheduled dry docking or repair activities during the course.
Speaker Change: Firstly.
Speaker Change: Please note that we delivered the motor vessel task was to have bias as kadena raised during the previous quarter.
Speaker Change: The company recorded a net book profit of $2 $1 million.
Speaker Change: On the chartering front the majority of our fixed.
Speaker Change: Sure.
Speaker Change: Longer term I think this space.
Speaker Change: We do not wish to commit our vessels to the current low rates offered and preferred to be able to maintain operational flexibility and fix longer term when the market recovers.
Speaker Change: There were no scheduled dry dockings or repair activities during the quarter.
Aristides Pittas: However, Motovessel Blessed Luck was commercially off-hire for approximately 11.6 days during the quarter, and whilst arranging the sale and delivery of Motovessel Tasos, it also experienced a total of 6.5 days of commercial off-hire. You can see the specifics of the various charters we fixed during the period in the accompanying presentation.
Speaker Change: Motor vessel less luck was commercially off hire for approximately $11 six days during the quarter.
Speaker Change: Whilst the raising the sale of delivery of motor vessel passes. It also experienced a total of $6 five days of commercial.
Speaker Change: You can see the specific of the various assets from fixed during the period in the accompanying presentation.
Speaker Change: Please turn to slide five.
Aristides Pittas: Listen to slide 5. EuroDry's current fleet consists of 12 vessels with an average age of around 13.6 years and a total carrying capacity of approximately 843,000 dead weight tons. In addition, we have two Ultramax Vessels under construction with capacities of 63,500 deadweight tons each scheduled for delivery in the second and third quarters of 2027. Upon delivery, our fleet will grow to 14 vessels with a total carrying capacity of approximately 970,000 dead weight tons. At this point, I'd like to remind you that EuroDry owns 61% of the entities that own Motto Vs. Christos K. and Maria.
Speaker Change: Today's current fleet consists of 12 vessels with an average age of around 13, six years and the total carrying capacity of approximately 843000 deadweight tons.
Speaker Change: In addition, we have two ultra <unk> vessels under construction with capacities of 63, and a half thousand deadweight tons each scheduled for delivery in the second and third quarters of 2027.
Speaker Change: Upon delivery of our fleet will grow to 14 vessels with a total carrying capacity of approximately 970000 deadweight tons.
Speaker Change: At this point I'd like to remind you that <unk> owns 61% of the entities that own motor vessel <unk> and multi year.
Aristides Pittas: The remaining 39% is owned by owners represented by NRP Project Finance, otherwise referred to as the NRP Investment. Next, please turn to slide 6 for a further update on our fleet employment. As of March 31st, our fixed rate coverage for the remainder of the year stands at approximately 22%, based on existing time-charter agreements. This figure excludes our five vessels operating under index-linked charters, which are subject to market fluctuations but have secured employment. Turning to an overview of the market on slide 8, we will go over the dry bulk market highlights for the first quarter of 2025 up until recent.
Speaker Change: The remaining 39% is owned by owners, who presented by NSP project finance, otherwise referred to as the MLP investors.
Lisa: Next Lisa.
Lisa: Turning to slide six for the further update on our fleet employment.
Lisa: As of March 31st our fixed rate cover for the remainder of the year stands at approximately 22% based on existing time charter agreements. This figure excludes five vessels operating under index linked with.
Lisa: Which is subject to market fluctuations, but have secured employment.
Lisa: Turning to an overview of the market on slide eight we will go over the dry bulk market highlights for the first quarter of 2025 up until recently.
Lisa: The market has been softer than Q1, 2025 with average spot rates at less than $8000 per day for Panamax vessels.
Aristides Pittas: The market has been softer in Q1 2025, with average spot rates at less than $8,000 per day for Panamax vessels, and average one-year time charter rates standing at a little less than $12,000 per day for the same type of vessel. On the last day of the quarter, March 30th, both spot and one-year time charter rates appeared to be higher across all segments, as shown on the slide. However, by the end of last week, spot rates had dropped across the board. In the Panama Segment, rates have dropped as much as 28%, while one-year time charter rates in the same segment have dropped as much as 12%, from $13,125 per day to $11,500 per day.
Lisa: But it's one year time charter rate standing at less than $12000 per day for the same type of basis.
Lisa: On the last day of the quarter much.
Lisa: Both sports in one year time charter rates appear to be higher across all segments as shown on the slide however by the end of last week spot rates have dropped across the book.
Lisa: In the Panamax segment of Asia dropped as much as 28%, while one year time charter rates in the same segment have dropped as much as 12% from $13125 per day to $11000 per day.
Lisa: Both of the Baltic Panamax index, and the Baltic dry index experienced notable contract wins during the first quarter declining by approximately 27% and 16% year on year respectively.
Aristides Pittas: Both the Baltic Panamax Index and the Baltic Dry Index experienced notable contractions during the first quarter, declining by approximately 27% and 16% year-on-year respectively. These developments highlight the continued weakness in freight markets, driven by weaker demand, muted cargo volumes, and uncertain microeconomic conditions. Please now turn to slide 9. The IMF's April 2025 update presents a more cautious global economic outlook, revising its global GDP growth forecast for... 2025 downwards to 2.8% from 3.3% projected in January. Global growth in 2026 is expected to edge up modestly. to 3%, but still lower than the 3.3% expected previous. The revision reflects mounting downside risks, intensified by the United States' announcement of multiple tariffs on major trading partners and sectors.
Lisa: This development highlights the continued weakness in freight markets.
Lisa: Driven by weaker demand muted carload volumes and uncertain macroeconomic conditions.
Lisa: Please now turn to slide nine.
Lisa: The IMF April 2025 update prevent some more cautious global economic outlook revising its global GDP growth forecast.
Lisa: Four.
Lisa: 2025.
Lisa: <unk> works to two 8% from three 3% projected in January.
Lisa: Global growth in 2026 is expected to adds up modestly.
Lisa: Two 3%, but still lower than the three 3% expected previously.
Lisa: The revision reflects mounting downside risks intense intensified by the United States announcements of multiple sizes of major trading partners to sectors.
Lisa: These global that assumes a heightened policy uncertainty have saved for the outlook for 2025 and 2026.
Aristides Pittas: These global tensions and heightened policy uncertainty have shaped the outlook for 2025 and 2026. The United States projected growth rate has been reduced by nearly 1% to 1.8% GDP growth for 2025 and 1.7% in 2026 from the previously expected 2.8% and 2.1% respectively. However, the other advanced economies have also taken a beating, compared to previous expectations, with Europe's growth forecast at just 0.8% this year and 1.2% next year. Many European countries continue to face subdued domestic demand, manufacturing weakness, and the lingering effects of the energy shock. U.S. government policy remains largely in focus these days through the direct impacts of tariffs and possible counter-tariffs.
Lisa: The United States projected growth rate has been reduced by nearly 1% to $1 10 eight.
Lisa: 8% GDP growth for 2025, and one 7% in 2026 from the previously expected two 8% and two 1% respectively.
Lisa: However, the other advanced economies have also taken a beating compared to brief to previous expectations with Europe's growth focused at just 48% this year and one 2% next year.
Lisa: Many European countries continued to face subdued domestic demand manufacturing weakness and the lingering lingering effects of the end of <unk>.
Lisa: U S government policy remains largely in focus these days through the direct impact of tariffs and possible counterparties.
Aristides Pittas: Of course, these have the potential to have wider implications. Global inflation continues to trend downwards, but at a pace that is slightly slower than what was expected in January, with headline inflation reaching 4.3% in 2025 and 3.6% in 2026, with notable upward revisions for advanced economies and slight downward revisions for emerging markets and developing markets in 2021. However, the near-term path to price stability remains uneven. Persistent services and wage inflation in several economies, coupled with rising protectionism and demographic headwinds, may delay full convergence to target inflation levels. As a result, central banks are expected to maintain a more cautious approach to monetary easing that had previously been thought.
Lisa: Of course, these have the potential to have wider implications.
Lisa: Global inflation continues to trend downwards, but the base that is slightly slower than what was expected in January with headline inflation, reaching four 3% in 2025 and three 6% in 2026 with notable upward revisions for advanced economies and sleep.
Lisa: Downward revisions for the emerging markets and developing markets and for different sites.
Lisa: However, the near term path to price stability remains uneven.
Lisa: <unk> services and wage inflation in several economies, coupled with rising protectionism and demographic headwinds may delay full convergence to target inflation levels.
Lisa: As a result central banks are expected to maintain a more cautious approach to monetary easing that had previously been thought.
Lisa: Okay.
Lisa: Emerging markets remain the primary drivers of global growth, India is focused to expand by six 2% six 3% in 2025, and 2026, respectively fueled by strong investments robust agriculture.
Aristides Pittas: Emerging markets remain the primary drivers of global growth. India is forecast to expand by 6.2% and 6.3% in 2025 and 2026 respectively, fueled by strong investment, robust agriculture, and dynamic services sector. The ASEAN five countries are also projected to post healthy gains. In China, growth has been revised downward to 4% in both 2025 and 2026, as in addition to the Trump-induced effects, structural challenges persist, particularly around weak domestic consumption, deflationary pressures and instability in the property sector. Turning to the dry bulk sector specifically, Clarkson Research now projects a significant deceleration in trade growth with ton-mile demand expected to contract by 0.2% in 2025 following strong growth of 4.3% in 2024.
Lisa: Nymex services sector.
Lisa: The ASEAN five countries are also projected to post healthy gains.
Lisa: In China growth has been revised downward to <unk>, 4% in both 2025 and 26 as in addition to the Trump induced effects structural challenges persist, particularly around weak domestic consumption deflationary pressures and stability in the property.
Lisa: Sector.
Lisa: Okay.
Lisa: Turning to the dry bulk sector, specifically Clarkson themselves now projects, a significant deceleration trade growth with tonne mile demand is expected to contract by <unk>, 2% in 2025.
Lisa: Following strong growth of four 3% in 2024.
Aristides Pittas: A modest recovery of 0.6% is anticipated in 2021. This reflects the increased microeconomic headwinds and softening industrial activity across major demand centers, including, of course, these new tariffs that may reduce global trade and reallocate flows across countries. While supply constraints and environmental regulations may offer some relief, geopolitical risks in the Red Sea persist and will likely continue across 2025, but will probably end by 2026. In light of these projections, we still remain cautious of the outlook for the dry bulk sector. Please turn to slide 10. Let's review now the current state of the EuroDry book in the tribulk sector.
Lisa: A modest recovery of <unk>, 6% as anticipated in 2026.
Lisa: This reflects the increase microeconomic headwinds and softening industrial activity across major demand centers, including of groceries, new fabrics that may reduce global trade and to reallocate flows across countries.
Lisa: While supply constraints and environmental regulations may offer some relief geopolitical risks in the registry persist and will likely continue across 2025 mix will probably end by 2026.
Lisa: In light of these projections, we still remain cautious on the outlook for the dry bulk sector.
Lisa: Please turn to slide 10.
Lisa: Let's review the current state of the order book in the dry bulk sector.
Lisa: As you can see as of May 2025. The order book is currently at 10, 5% of the fleet still standing amongst the lowest historical levels through higher both higher than the 7% low seen just after the Covid pandemic started in 2021.
Aristides Pittas: As you can see, as of May 2025, the order book is currently at 10.5% of the fleet, still standing among the lowest historical levels, though higher than the 7% low seen just after the COVID pandemic started in 2021. Turning to slide 11, let us look into the supply fundamentals in a bit more detail. As of May 2025, the total dry bulk vessel operating fleet was 14,300 vessels. According to Clarkson's latest report, new deliveries as a percentage of total fleet are expected to be 3.8% in 2025, 3.9% in 2026, and 3.6% in 2027 onward. The actual fleet growth is of course expected to be lower than the aforementioned figures due to higher scrapping rates and slips.
Lisa: Yes.
Lisa: Turning to slide 11, let us looking to the supply fundamentals and a bit of detail.
Lisa: As of May 2025, the total dry bulk vessel operating fleet was 14300 vessels.
Lisa: According to Clarksons latest before new deliveries as a percentage of total fleet.
Lisa: Expect it to be three 8% from 20, 539% in 2026 and three 6% from 52007 onwards.
Lisa: The actual fleet growth is of course expected to be lower than the aforementioned figures due to higher scrapping of ace and slippers.
Lisa: On the fleet age profile.
Aristides Pittas: On the fleet's age profile, it's noticeable that about 10% of the fleet is older than 20 years old, indicating these vessels will likely be scrapped if the dry bulk sector continues operating in this suppressed environment. Please turn to slide 12 where we summarize our outlook for the dry bulk market. The bulk carrier sector has faced a relatively weak start to 2025. Time shutter rates bottomed out in the first quarter, briefly recovering to profitable levels across all vessel classes by the end of the quarter. However, that early momentum has since faded, largely in response to the U.S.
Lisa: Sure.
Lisa: About 10% of the fleet is older than 20 years old, indicating these vessels likely be Scott.
Lisa: Dry bulk sector continuous operating in this depressed environment.
Lisa: Please turn to slide 12.
Lisa: Summarize our outlook for the dry bulk market.
Lisa: The bulk carrier sector has faced a relatively weak start to 2025.
Lisa: Time charter rates bottomed out in the first growth briefly recovering to profitable levels.
Lisa: All vessel classes by the end of the curve.
Lisa: However, the thirdly momentum since phases last June the response the U S has been based on senior debt proposes.
Aristides Pittas: administration's new types of proposals and effects. Demand side pressures continue to mount. The political instability and a slowdown in key markets have contributed to growing uncertainty. Average trip charter rates for Ultramarks and Cancermarks vessels are currently now down approximately 25% year over year. Looking ahead, the demand outlook for the remainder of 2025 suggests an overall softer market relative to 2025. In China, dry bulk import volumes are not expected to replicate the robust growth experienced over the 2023-2024 period. While recent government stimulus measures have improved sentiment, they are unlikely to translate into a structural increase in demand, particularly given high existing stocks.
Lisa: FX.
Lisa: The demand side vessels continue to mode.
Lisa: Geopolitical instability and the slowdown in key markets contributed to growing uncertainty.
Lisa: Average time charter rates for recovering some Gulf of monarch vessels are currently now down approximately 25% year over year.
Lisa: Yes.
Lisa: Looking ahead, the demand outlook for the remainder of 2025 suggest an overall softer market relative to 2024.
Lisa: China dry bulk import volumes are not expected to replicated the robust growth experienced over the 2023 24 period.
Lisa: While the recent government stimulus measures have improved sentiment.
Lisa: Likely to translate into a structural increase in demand, particularly given high existing stock price.
Lisa: In the United States trade policy under the New Trump administration has become a major source of concern for Drybulk markets.
Aristides Pittas: In the United States, trade policy under the new Trump administration has become a major source of concern for Dreyfus-Thomas. Proposed tariffs on China, Mexico, Canada, and other key partners pose a threat to grain and minor bulk trade flows, especially if retaliatory actions escalate trade tensions. Shipping activity through the Red Sea remains disrupted, and while any de-escalation could support operational stability, a reduction in re-routing may also be expected. For more UN videos visit www.un.org tempered tonne-mile demand, thereby easing pressure and rate. on the supply side. New building activity remains constrained, shipyard capacity remains tight and many owners are hesitant to place orders amid continued uncertainty surrounding the industry's long-term fuel consumption.
Lisa: Before we start adding some sign of Mexico, Canada, and the other key partners pose a threat to grain and minor bulk trade flows, especially if the 10 year rate actions.
Lisa: Actions escalate.
Lisa: Great.
Lisa: Shifting activity through the Red Sea remain disrupted and wind damage the escalation could support operational stability.
Lisa: The action.
Lisa: Voting may also.
Lisa: 10 per tonne mile demand, thereby easing pressure in the base.
Lisa: On the supply side.
Lisa: New building activity remains constrained.
Lisa: <unk> capacity remains tight and many owners are hesitant to play so.
Lisa: With continued uncertainty surrounding the industry's long term fuel transition.
Aristides Pittas: Although methanol and LNG-fueled orders have increased, the lack of clarity around the fuel of the future has contributed to a relatively low order book to fleet ratio. That said, the order book for Panamax and Ultramax vessels, which has increased to 13.5%, is trending towards historical median levels of 17.5%. Still low, but not that low. For 2026, we still do not expect a strong recovery unless demand growth and ton-mile growth surprise positively and exceed the historically low expected supply growth of below 2% after adjusting for scrapping. What could influence the market positively is the regulatory environment as emissions-related measures, EXI, CII, EU ETS, and fuel EU maritime.
Lisa: Although methanol and LNG fueled orders have increased the lack of clarity around the fuel of the future has contributed to a relatively low order book to fleet ratio.
Lisa: But that said the order book for Panamax and <unk> vessels, because increased to 13 in the 5% is trending towards historical medium levels of 17, 5% still low we're not that low.
Lisa: Yes.
Lisa: For 2026, we still do not expect a strong recovery unless demand growth in ton mile growth surprised positively and exceed with historically low expected supply growth below 2% after adjusting for Scott.
Lisa: What could be influenced the market positively is the regulatory environment as emissions related measures.
Lisa: <unk> and <unk> maritime.
Aristides Pittas: could lead to increased vessel scrapping and lower operating speeds, particularly among all the less efficient ships. These developments may tighten effective supply over time, setting the stage for age-supportive demand studies. Let's turn slides of the As of May 30, 2025, the one-year time charter rate for Panamax vessels with a capacity of 75,000 tons deadweights stands at approximately $11,500 per day, which remains below the historical median of $13,500. At the same time, however, the market for 10-year-old Pan Amex bulk carriers remains relatively firm, with current asset values estimated at approximately $24 million. This is significantly above both the historical 10-year median of $15 million and the 10-year average of $17.5 million, reflecting residual strength in second-hand value.
Lisa: Could lead to increased vessel scrapping and lower operating speeds, particularly among all the less efficient ships.
Lisa: These developments may tighten effective supply of di setting the stage for a supportive demand stabilizes.
Lisa: Let's turn to slide 15.
Lisa: As of May 30th.
Lisa: Thousand 25 of the one year time charter rates for Panamax vessels with a capacity of 75000 tons deadweight stands at approximately level of $5000 per day, which remains below the historical median of $13 $5000 per day.
Lisa: At the same time, however, the market for 10 year old Panamax bulk IV is remains relatively firm with current asset values estimated that approximately $24 million.
Lisa: This is significantly above both the historical 10 year median of 15 million as the 10 year average of $17 5 million, reflecting residual strength in second hand values.
Lisa: This can be explained by the increased cost to building new vessels and the full order book of existing yards plus the fact that vessel owners have accumulated significant bookings over the years and that are on standby mode to reinvest.
Aristides Pittas: This can be explained by the increased cost to build new vessels and the full order book of existing yards plus the fact that vessel owners have accumulated significant profits over the years and are on standby mode to reinvest. Although current pricing marks a clear decline from the mid-2024 peak of $29.5 million, we believe values can drop further in the next few months unless we witness an unexpected market recovery. We are closely monitoring the development.
Lisa: Although current pricing marks a clear decline from the mid 2020 for peak of $29 $5 million. We believe values can drop further in the next few months unless we witnessed an expected market recovery.
Lisa: We are closely monitoring the developments.
Aristides Pittas: We intend to use the market moves and financial tools available to us in such a way as to optimize the modernization of our fleet. For sure, good markets will reappear at some point, and we should be ready.
Lisa: Intend to use the market moves and financial tools available to us in such a way as to optimize the modernization of our fleet.
Lisa: For sure good markets with <unk>.
Lisa: If at some point and we should be ready for them.
Aristides Pittas: Let me now pass the floor over to our CFO, Anastasios Aslidis, to go over various financial highlights in more detail. Thank you very much, Aristides.
Speaker Change: Let me now pass the floor over to our CFO <unk> <unk> to go over revenues financial highlights in more detail.
Speaker Change: Thank you very much activities. Good morning from me as well, ladies and gentlemen.
Anastasios Aslidis: Good morning from me as well, ladies and gentlemen. Over the next four slides, I will give you the usual overview of our financial highlights for the first quarter of 2025 and compare those results to the same period of last year. For that, let's turn to slide 15. For the first quarter of 2025. The company reported total net revenues of $9.2 million, representing a 36.2% decrease over total net revenues of $14.4 million during the first quarter of 2024, which was the result of the decreased time charter rates our vessels earned during the first quarter of this year, and also the decreased number of vessels owned and operated during this period compared to the same period.
Lisa: Over the next four slides.
Lisa: Give you the usual overview of our financial highlights for the first quarter of strength between five and comparable results to the same period of last year.
Lisa: Provocative turn to slide 15.
Lisa: For the first quarter of 2025.
Lisa: The company reported total net revenues of $9 2 million, representing a 36, 2% decrease over total net revenues of $14 4 million.
Lisa: During the first quarter of 'twenty 'twenty, four which was the result of a decreased time charter rates are impressive churn.
Lisa: During the first quarter of this year and also with increased number of vessels owned and operated during this period compared to the same period last year.
Lisa: The company reported a net loss for the period were $4 million and a net loss attributable to controlling shareholders of $3 7 million as compared to a net loss of $1 9 million and a net loss attributable to controlling shareholders of $1 8 million for the same period the first quarter.
Anastasios Aslidis: The company reported a net loss for the period of $4 million and a net loss attributable to controlling shareholders of $3.7 million as compared to a net loss of $1.9 million and a net loss attributable to controlling shareholders of $1.8 million for the same period, the first quarter of 2020. The net loss attributable to the non-controlling index of $0.3 million in the first quarter of this year represents the loss... Associated with the 39% ownership of the entities owning our vessels, Christos K. and Maria. Interest and other financing costs net of a small amount of interest income for the first quarter of 2025 decreased 1.8 million as compared to 2 million for the same period of 2024.
Lisa: <unk> of 'twenty 'twenty four.
Lisa: The net loss attributable to Noncontrolling share <unk> of <unk> 3 million in the first quarter of this year represents the loss.
Lisa: Associated with the 39% ownership.
Lisa: It's only our vessels <unk> and Maria.
Lisa: Yes.
Lisa: Another financing costs net of a small amount of interest income for the first quarter of 2025 decreased $1 8 million as compared to <unk> 2 million for the same period of strength 2004.
Anastasios Aslidis: Interest expense during the first quarter of 2025 was lower mainly due to the decreased benchmark rates our loans were charged, partially offset by the increased average debt we carried during the quarter as compared to the same quarter of last year. Adjusted to be done for the first quarter of 2025 was a negative 1 million compared to 2.1 million achieved during the first quarter of 2025. Basic and diluted loss per share attributable to controlling shareholders for the first quarter of 2025. was $1.35, calculated on about 2.7 million basic diluted weighted average number of sessions. compared to basic diluted loss per share of $0.65 for the first quarter of last year, calculated again on about 2.7 million basic diluted weighted average number of shares.
Lisa: Interest expense during the first quarter of 2025 was lower mainly due to the decreased benchmark rate our loans.
Lisa: Partially offset by the increase.
Lisa: During the quarter.
Lisa: Back to the same quarter of last year.
Lisa: Adjusted EBITDA for the first quarter of <unk> 25 was a negative 1 million compared to $1 million achieved <unk>.
Lisa: The first quarter of 2024.
Lisa: Basic and diluted loss per share attributable to controlling shareholders for the first quarter of $12 five.
Lisa: $1 35.
Lisa: Calculated on about $2 7 million basic and diluted weighted average number of shares outstanding.
Lisa: Impaired to basic and diluted loss per share of <unk> 65 for the first portion of my gear calculate again about $2 7 million basic and diluted weighted average number of shares outstanding.
Lisa: Excluding the effect on the net loss attributable to controlling shareholders for the quarter.
Anastasios Aslidis: excluding the effect on the net loss attributable to controlling shareholders for the quarter of the unrealized gain or loss in derivatives and excluding the net gain on sale of vessel the adjusted loss for the quarter ended March 31st 2025 would have been $2.07 per share basically diluted compared to an adjusted loss of $1.18 per share basically diluted for the quarter ended March 31st 2025.
Lisa: Unrealized.
Lisa: Gain or loss on derivatives.
Lisa: Excluding the net gain on sale of vessels.
Lisa: The adjusted loss for the quarter ended March 31st 2025.
Lisa: There have been $2.07 per share basic and diluted compared to an adjusted loss of $1 18 per share basic and diluted for the quarter ended March 31st strengths transform.
Lisa: Let's now turn to slide 16 to review our fleet performance.
Anastasios Aslidis: Let's now turn to slide 16 to review our fleet's performance. As usual, we will start our review by first examining the utilization rates for the first quarter of this year and comparing them to the same period of the previous year. Our fleet utilization rate as user is broken down into commercial and operational. During the first quarter of 2025, our commercial utilization rate was 98.4%, while our operational utilization rate was 99%, compared to 100% commercial and 98.1% operational for the same period of last year.
Lisa: As usual, we will start our review by first examining the utilization rate.
Lisa: The first quarter of this year and comparing them to the same period.
Lisa: The previous year.
Lisa: Our fleet utilization rate as user is broken down into commercial and operational.
Lisa: During the first quarter of 2025 or.
Lisa: Our commercial utilization rate was 98, 4%.
Lisa: Why are bearish on utilization.
Lisa: It was nine 9% compared to 100% for Maximus.
Lisa: 98, 1% operational for the same period of last year.
Anastasios Aslidis: Our overall utilization rate was, in the first quarter of this year, 97.4%, compared to 98.1% in the respective quarter of 2020. Our total daily operation expenses including management fees, general and administrative expenses, but excluding dry-dosing costs, were $7,304 per vessel per day during the first quarter of this year, compared to $6,867 per vessel per day for the first quarter of 2025. If we move further down on this table, we can see the cash flow break-even levels, which takes into account, in addition to the above, the dry dotting expenses, interest expenses and loan repayment. Plus, for the first quarter of 2025, our daily cash flow break-even level was $11,528 per vessel per day, compared to $12,962 per vessel per day for the same period of last year, primarily because of minimal dry docking expenses.
Lisa: Our overall utilization rate was in the first quarter of this year 97, 4% compared to 98, 1% in the respective quarter of 2000 and transform.
Lisa: Our total daily operating expenses.
Lisa: Including management fees January the administrative expenses, but.
Lisa: Excluding paradigm to enforce.
Lisa: 7304.
Lisa: $4 per vessel per day during the first quarter of this year compared to $6867 per vessel per day for the first quarter, our French made before.
Lisa: If we move further down on this data we can see the cash flow broken if your cash flow breakeven level.
Lisa: Which takes into account in addition to the vehicle the variability and expenses.
Lisa: <unk> expenses and loan repayments.
Lisa: For the first quarter of 2005, our daily cash flow breakeven level first.
Lisa: <unk> thousand $528 per vessel per day compared to $12962 per vessel per day for the same period of last year.
Lisa: Mainly because of minimal dry docking expenses this period.
Lisa: Let's now turn our attention to slide 17 to review our debt profile.
Anastasios Aslidis: Let's now turn our attention to slide 17 to review our debt profile. As of March 31, 2025, EuroDry's outstanding debt stood at 105.2 million. Total loan repayment. during 2025 are expected to amount to approximately $12.1 million, including the $3 million paid already during the first quarter. In 2026 we expect to have loan repayments of $13.3 million, including a payment of a $2 million balloon. In 2027, repayments amount to about $10 million, but there is also a balloon of $10.2 million related to the loan for our vessel Ekaterini, which would mature at the time and would very likely be refined.
Lisa: As of March 31st 2025.
Lisa: <unk> outstanding debt stood at $105 2 million.
Both term loan repayments.
Lisa: During 2025 are expected to amount to approximately $12 1 million, including the 3 million page already during the first quarter.
Lisa: And in 2026, we expect to have normal payments of $13 3 million, including a payment of $50 million.
Lisa: In 2007.
Lisa: Payments amount to about $10 million, but there is also a balloon of $10 2 million related to the loan for our vessel activity, which would mature define and we very likely refinance.
Lisa: An important point to highlight slide.
Anastasios Aslidis: An important point to highlight in this slide is the average margin of our debt, which as of March 31st, 2025, stood at approximately 2.07% oversought. Assuming a three-month-off rate of 4.32%, the estimated cost of our senior debt was around 6.4%. In reality, our cost is slightly lower, as we have swapped a portion of our debt into a lower fixed rate. And as a result of that, our effective cost of our senior debt would be approximately 6.3%.
Lisa: Other Americas margin of our debt, which as of March 31st 2005.
Lisa: Approximately two points year, 7% overshot.
Lisa: Assuming a few months off rate of 432% the estimated cost of our senior debt was around six 4%.
Lisa: In reality, our cost is slightly lower hedging to swap a portion of our debt into a lower fixed rate.
Lisa: As a result of that.
Lisa: Our effective cost of our senior debt would be approximately $6.
Lisa: Okay.
Anastasios Aslidis: At the bottom of this slide, we can see our projected cash flow rate at a given level for the next 12 months. broken down again into its various components. Our EBITDA for a given level is projected to be at around $7,733 per person per day over the next 12 months. While our overall cash flow for a given level we expect it to be approximately $11,935 per person per day. Taking into account commissions and possible off-high days, we need to add a gross average time-charter equivalent rate of around $13,000 to cash flow break.
Lisa: At the bottom of the slide we can see our projected cash flow breakeven level for the next 12 months.
Lisa: Broken down again into its various components.
Lisa: Our EBITDA breakeven level is projected to be $7743 per vessel per day over the next 12 months, while our overall cash flow breakeven level, we expected to be approximately $11935 per vessel per day.
Lisa: Stay tuned to our comp committee.
Lisa: Commissions and possible for five days, we need to earn a gross average time charter equivalent rate of firearm sales in fashion.
Lisa: Dollars to cash flow breakeven.
Lisa: This now concludes our presentation by moving to slide 18.
Anastasios Aslidis: Let's now conclude our presentation by moving to slide 18, where we can see some highlights from our balance sheet in a simplified way. This slide offers a quick snapshot of our assets and liabilities. As of March 31st of this year, cash and other assets stood at about $21.5 million in our balance. while we also had made advances for the new buildings of about 7.2 million. The book value of our vessels was approximately $182 million, resulting in a total book value of assets of about $211 million. On our liability side, our debt, again as of March 31st...
Lisa: Wherever we can see some highlights from our balance sheet in a simplified way.
Lisa: This slide bolsters, our quick snapshot of our oxygen.
Lisa: Actual march 31st of this year cash and other assets.
Lisa: Our $21 5 million and our balance sheet, while also made advances for the new buildings.
Lisa: About $7 2 million.
Lisa: The book value for our vessels was approximately $692 million, resulting in total book value of assets of about 211.
Lisa: On our liability side.
Lisa: Our debt again as of March 31st.
Anastasios Aslidis: 2025, as I previously mentioned, stood at about 105.2 million, amounting to about 49.8% of the book value for us. while other liabilities amounted to about $4 million or almost 2% of our total assets, resulting in turn into a book shareholder's equity of $93.3 million, which in turn translates to a net book value of $33 per share. However, according to market reports and our estimates, our vessels, as of March 31st, 2025, were worth 32 million more than their book value, approximately 214 million. Thus resulting in net asset value per share of more than $43, almost $44 per share.
Lisa: Transplant five as I previously mentioned.
Lisa: About.
Lisa: $5 2 million.
Lisa: Mountain <unk> to about 49, 8% of the book value of our assets.
Lisa: While other liabilities amounted to about 4 million almost 2% of our corporate markets, leaving.
Lisa: Is that can turn into a bookshelf ultrashape duty of $93 3 million, which in turn translates to a net borrowing of $33 per share.
Lisa: However, according to market reports and now estimates our vessels as of March 31st 2025.
Lisa: 32 million more.
Lisa: Value approximately 214.
Lisa: Thus, resulting in net asset value per share.
Lisa: More than $43 almost $44 per share.
Anastasios Aslidis: In comparison to that, our current share price, trading between $8 and $9, highlights a big discount to NAV and the potential appreciation should market conditions and rates improve.
Lisa: In comparison to that our current share price trading between eight and $9 highlight a big discount to NAV and the potential appreciation should market conditions improve.
Lisa: Okay.
Anastasios Aslidis: As Horace Buffett once said, a tide lifts all boats, and certainly in this case, it will lift our boat more than others, since we start from a lower base.
Lisa: As Warren Buffett once said a tide lifts all boats and certainly in this case it will lift our growth more than others will start from a lower base.
Lisa: And with that I will turn the floor back to activities associated with reform.
Aristides Pittas: And with that, I will turn our floor back to Aristides to proceed with the poll.
Lisa: Thank you very much so.
Aristides Pittas: Thank you very much Tasso and let me now open up the floor for any questions you may have. If you'd like to ask a question at this time, you may press star 1 from your telephone keypad and a confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to withdraw your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions and once again that's star one. Thank you.
Lisa: Let me now open up the floor for any questions you may have.
Lisa: Thank you Sir.
Lisa: If you'd like to ask a question at this time you May press star one from your telephone keypad and a confirmation tone will indicate your line is in the question queue.
Lisa: You May press star two if you'd like to withdraw your question from the queue.
Lisa: For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.
Lisa: One moment, please poll for questions and once again Thats star one thank you.
Lisa: Thank you and our first question today is from the line of Mark Reichman with Noble capital markets. Please proceed with your questions.
Mark Reichman: Our first question today is from the line of Mark Reichman with Noble Capital Markets. Please receive your question. Thank you for taking my question.
Mark Reichman: Thank you for taking my questions.
Aristides Pittas: Vessel operating expenses compared to the prior year period rose Acquired the Harley-Davidson. I think judging from the first quarter numbers, it's a little bit premature. Our budget for OPEC this year was 2% higher than our last year's budget. During the first quarter, we had a 2% overrun of our budget. It's hard to say from just one quarter, I mean the timing of certain expenses could distort the picture. I would wait at least until the first half is completed to make a statement about it. the OPEX levels. Certainly, we expect to meet our budget, which was 2% higher than last year's.
Lisa: That's all operating expenses compared to the prior year period Rose I guess.
Lisa: The spare parts and maintenance and I was wondering should we expect this level of spending to continue in Q2 and Q3 was this frontloaded.
Lisa: And I think judging from the first quarter numbers seem to be pretty mature our budget for opex. This year was 2% higher than.
Lisa: Our last year's budget and.
Lisa: During the first quarter, we had 2% over half of our budget, but it's it's hard to say transacted one quarter I mean, the timing of certain expenses could distort the picture I would wait at least until the first half is completed to make a statement about.
Lisa: The opex levels, certainly, we expect to meet our budget, which.
Lisa: Was 2% higher than last year's results.
Lisa: And then what's your forecast for scheduled <unk>.
Aristides Pittas: And then, what's your forecast for scheduled, you know, commercial and operational off-hire days for the remainder of the year, particularly for the Dry Dock? We just have one dry docking during this year, which is going to happen soon, otherwise we don't have any other scheduled stoppages. We will have to see how the charter market plays out, if the market is very poor, we might have some increased commercial off-hire, but we wouldn't expect and we're not budgeting really anything more than one day per month. I think one and a half day per quarter. Per quarter, one day, one and a half day per quarter.
Lisa: Commercial and operational off hire days for the remainder of the year, particularly for the dry docking.
Lisa: Yeah.
Lisa: I mean, I think we have one dry docking we have we just had one dry docking during this year.
Lisa: Which is going to happen soon.
Lisa: As we don't have any other.
Lisa: <unk> installed produce.
Lisa: We will have to see how the market plays out.
Lisa: If the market is very poor we might have some increased commercial off hire.
Lisa: We would then expect and we're not budgeting.
Lisa: Really anything more than one day for the month five data.
Lisa: One one of the quarter.
Aristides Pittas: It's a running assumption, generic assumption, about our country.
Lisa: Running assumption generic assumption about our product.
Lisa: Okay and then just the last question is you had sold the MV Thompson Center I was just wondering if you could provide some commentary on how you're managing your fleet.
Aristides Pittas: And just the last question is, you know, you sold the MV Tasos, and I was just wondering if you could provide some commentary on how you're managing your fleet via vessel acquisitions, sales, joint ventures, or even mergers or acquisitions with other operators. Well, as you said, we sold our eldest vessel. Our strategy is to eventually sell the other four elder vessels and replace them with younger vessels. So this is going to happen, depending on how the markets move during the next few months. But yes, the modernization of the fleet is what we're looking at. We'll take delivery of our two new buildings in 2027, and especially if the market remains low, as is possible, that would probably allow us to buy a couple more more modern vessels.
Lisa: <unk> acquisitions sales joint ventures, or are even mergers or acquisitions with other operators.
Lisa: Well.
Speaker Change: As you said, we sold our eldest vessel.
Speaker Change: Our strategy is to eventually.
Speaker Change: The other four as the vessels and replace them with younger vessels.
Speaker Change: So this is going to happen.
Speaker Change: Depending on how the markets move during the next few months.
Speaker Change: But yes, the modernization of the fleet.
Speaker Change: What we're looking at we'll take delivery of two new buildings in 2027.
Speaker Change: And especially if the market remains low as is possible.
Speaker Change: That would probably allow us to buy a couple more.
Lisa: The more modern vessels.
Lisa: Thank you very much.
Aristides Pittas: Thank you very much.
Lisa: Thank you Mark.
Lisa: Okay.
Speaker Change: The next question comes from the line of Tate Sullivan with Maxim Group. Please proceed with your question.
Tate Sullivan: Next question comes from the line of Tate Sullivan with Maxim Group. Hello, thank you. Good day.
Tate Sullivan: Thank you good day in August.
Anastasios Aslidis: And from your comments on the scrapping of the vessel in the first quarter, do you have active opportunities to scrap the other old vessels? Is there a quick negotiation time to decide to scrap and do? We scrapped the Tassos which was built in 2000, right? Unknown Executive, Anastasios Aslidis, EuroDry blessed luck, which is known of the slack, the Santa Cruz, which is due, which has the right to be due as well in a few months, we've decided to pass that. The other vessels that are built 2004, they've passed the special survey. Usually that's when we consider if we're going to pass a vessel through special survey or scrap it.
Speaker Change: From your comments on the scrapping.
Speaker Change: Vessel in the first quarter do you have active opportunities to scrap the other old vessels that there are quick negotiation time.
Speaker Change: To decide to scrap and do so please.
Speaker Change: Okay.
Lisa: We scrapped the Dsos, which was built 2008.
Lisa: <unk>.
Lisa: The blessed.
Lisa: We see none of the slots the Sunset clause, which is which says it right there with you.
Lisa: As well in the.
Lisa: A few months.
Lisa: Decided to pause that.
Lisa: The other vessels that are built 2000, therefore, they pass the special survey usually that's when we can see the.
Lisa: If we're going to pass the vessels through special survey or scrap it so.
Anastasios Aslidis: So I don't, we don't have any scrap candidates at this point in time. Even though Delta 6, we feel that they can continue trading in today's market.
Lisa: We don't have any scrap candidates at this point in time.
Lisa: Even though the seats, we feel that they can continue trading in today's market.
Speaker Change: Have you seen a pickup in scrap activity. Besides your vessel in the first quarter.
Anastasios Aslidis: Have you seen a pickup and scrap activity besides your vessel in the first place? I would say a very slight pick-up, there has been a very slight pick-up, let's see how the market develops in the next three to six months, if it does not recover strongly I think we will see more scrapping coming.
Lisa: Yes.
Lisa: I would say very slight pickup there has been a pick up a very slight pick up.
Lisa: Let's see how the market develops within the next three to six months.
Lisa: If it is not.
Lisa: If it does not recover strongly I think we will see more scrapping coming in.
Lisa: And then for your fleet have you seen average voyage length in terms of the distances increased or decreased from last year.
Anastasios Aslidis: And then for your fleet, have you seen the average voyage length in terms of the distances increased or decreased from last year? in general. No, that is steady. It's pretty steady because the vessels are usually on time charter trips, i.e. one trip, one business per time charter. Recently, we've added a few ships on index-based charters, so we have employment guaranteed for longer-term periods, for a year, most of them. But there, it's for the charterer to decide how the vessel will trade, and we will get what the market is, what the index gives us. So, we are indeed dependent on where the index trades at.
Lisa: Jim.
Lisa: No that is steady.
Lisa: It's pretty steady because the vessels.
Lisa: On usually on the time charter trips, a 131 business a bit of time charter.
Lisa: Recently, we've added a few ships on index based services. So we have employment guaranteed.
Lisa: For longer term periods for the year most of them.
Lisa: But there is for the charter to decide how the vessel will trade and we will get what the market is what things it gives us so.
Lisa: We are indeed dependent.
Lisa: On where the index trades at.
Speaker Change: Hi, Yes, I was just wondering recall.
Anastasios Aslidis: Yes, I was just wondering with all the news of trade negotiations and tariffs if there's any sign of changes in trade patterns to Well the Yes, the only trade pattern that we've seen is that we haven't passed Suez for quite some time and we've gone around the Cape, which increases distances a bit, but you know, that's on the occasional business from the Far East to the Med. any anecdotal evidence from your fleet of any port loading or unloading times taking longer due to any inspections or tariff levies or anything like that. I haven't heard any that would be interested in your comment.
Speaker Change: News of trade negotiations and tariffs.
Speaker Change: Assignment changes in trade patterns too.
Speaker Change: The.
Speaker Change: Yes, the only trade pattern that we've seen is that we havent passed Suez for quite some time, and we've gone down the Cape which increases distances a bit but.
Lisa: That's on the occasional business from the <unk> to the mid <unk>.
Lisa: And any anecdotal evidence from your suite of any port loading or unloading times taking longer.
Lisa: Is there any inspections or tariffs or anything like that.
Lisa: It would be interested in your comments.
Lisa: Yeah.
Anastasios Aslidis: No, we haven't really seen that effect yet.
Lisa: No we haven't really seen that effect yet.
Lisa: Okay.
Anastasios Aslidis: And last, thank you.
Speaker Change: Thank you and then you mentioned you solve high stockpiles in China.
Anastasios Aslidis: And then you mentioned you saw high stockpiles in China. What specifically is it? Is it coal, iron ore, and grain, or coal to dry bulk goods or something specific, please, that you've seen? I had in mind more the coal and the iron ore.
Lisa: What.
Lisa: <unk> is a gene the coal iron ore and grain all the dry bulk goods or something specific.
Lisa: I had been made more of the coal in the iron ore.
Anastasios Aslidis: I don't have the numbers for grain. Okay, wonderful. Okay. Thank you very much. Have a great day. Thank you.
Lisa: I don't have the numbers for grain.
Lisa: Okay. Okay.
Lisa: Okay. Thank you very much.
Lisa: Thank you.
Lisa: Okay.
Lisa: Thanks, Paul You May go ahead. Your line is open for questions.
Unknown Executive: Ms. Poe, you may go ahead. Your line is live for questions. Oh, I apologize. I missed the call.
Speaker Change: Alright apologize I missed the call.
Erik: Hello, Hello, Erik <unk>.
Unknown Executive: Hello, Tasos. Hello, Aristides. Can you just talk about the new build program?
Erik: Can you talk about the Newbuild program I'd like to lobby. Thank you rename our you named one of the new build confidence so that.
Unknown Executive: I'd like to lobby that you rename or you name one of the new builds Tasos, so that you have a Tasos in the fleet. But can you just talk about, it didn't look like you spent much in new builds in the quarter. Will there be any new build payments in the rest of the year? And then maybe if you could remind me how much you plan to spend on new builds in 2026. I think we have one more payment to make, possibly towards the end of this year. In the fourth quarter, there might need to be 10%...
Erik: You haven't concerts in the fleet.
Erik:
Erik: But can you just talked about it didn't look like you spent much in detail during the quarter.
Erik: Will there be any newbuild payments in the rest of the year and then maybe if you could remind me how much you plan to spend on new builds in 2026.
Erik: I think we have one more payment to make possibly towards the end of this year in the fourth quarter the mining to be 10%.
Erik: Solomon for each of the two vessels.
Unknown Executive: might not happen, it's sort of, the contract is not before that date, so, but we, we, we count on having to make a payment. 3.66, 7.2 in total for the year. And then you have a figure. Do you have a figure for 2026? I think we're making five payments of 10% and then 50% of delivery. So there should be at least another two payments per vessel in 2026. So a total of $14.4 million in 2026. And then a 10% payment and the final payment in 2026.
Erik: You might not have any sort of the contract is not before that date so but.
Erik: But we.
Erik: We count on <unk> to make a payment.
Erik: Three six each seven two in total for the two ships.
Erik: And then do you have a figure for 2026.
Erik: I think we are making.
Erik: <unk> payments of 10% and then 50% of delivery. So there should be another at least another two payments for our investment in 2026. So it's total of $14 four.
Erik: $4 million in 2026, and then 10% payment and the final payment in 2027.
Erik: Great that's helpful and then.
Unknown Executive: Great, that's helpful. And then it didn't look like you bought any stock back in the first quarter. Is there anything that prevented you from buying stock back? Can you just comment on, you know, buyback activity and why there wasn't any in the first quarter? Two reasons for this. One reason is the very, very limited liquidity that we see in the stock during, you know, the last Unknown Executive, Anastasios Aslidis, Unknown Executive, Anastasios Aslidis, Unknown Executive, But it did improve. But the last month in May, it dropped again. So probably we are at levels where, if the liquidity allows us, we will be buying some more stocks.
Erik: It looked like you bought any stock back in the first quarter is there anything that prevented you from buying stock back can you just comment on.
Erik: Buyback activity and why why there wasn't any in the first quarter.
Erik: Two reasons.
Erik: For this.
Erik: One reason is the.
Erik: Very very limited liquidity that we see in the stock doing.
Erik: The loss.
Erik: A few months.
Erik: So that is one thing and the second thing is.
Erik: The market was improving up till the end of March.
Erik: The truth is we felt that it would improve.
Erik: Improve further.
Erik: <unk>.
Erik: And the betting we think it did improve but.
Erik: The last <unk>.
Erik: <unk> in May develop again.
Erik: So probably we are at levels.
Erik: If the liquidity allows us we will be.
Erik: Be buying some more stock.
Speaker Change: Great. Thank you rich.
Unknown Executive: Great. Thank you, Aristides. Thank you.
Erik: Thank you.
Erik: Thank you.
Unknown Executive: At this time, we've reached the end of our question and answer session, and I'll turn the floor back to Mr. Aristides Pittas for closing remarks. Thank you everybody for standing by. We will be back to you at the end of, at the beginning of next quarter of August. Exactly. Okay, thank you. Bye-bye. Thanks for attending. This will conclude today's conference. You may disconnect your lines at this time.
Speaker Change: At this time, we've reached the end of our question and answer session I'll turn the floor back to Mr. <unk> for closing remarks.
Speaker Change: Thank you everybody for standing by.
Speaker Change: We will.
Speaker Change: <unk> be back to you at the end of.
Erik: At the beginning of next quarter in August of August exactly.
Speaker Change: Okay. Thank you bye bye thanks for attending.
Speaker Change: This will conclude today's conference you may disconnect. Your lines at this time. Thank you for your participation and have a wonderful day.
Unknown Executive: Thank you for your participation and have a wonderful day.