Q3 2025 EuroDry Ltd Earnings Call

Your dry Ltd conference call on the third quarter 2025 financial results.

Aristides Pittas: However, China's demand for bauxite and iron ore will remain a key driver, while global infrastructure spending should continue to support industrial materials trade. Strong harvests in the US, Brazil, and Russia are also expected to sustain robust grain exports for the Supramax and Panamax sectors. Also expected is a rebound in coal trade, and steady minor bulk demand. However, the potential normalization of Red Sea traffic could result in lower ton mile demand as routes resort them again. On the supply side, ordering activity remains limited due to shipyard capacity constraints and continued uncertainty about fuel technologies. Especially after the recent IMO decision to postpone the adoption of its proposed environmentally friendly new rules, shipowners are confused on what type of ships to order. The order book to fleet ratio, currently near historical lows as said before, provides a solid backdrop for a charter rate recovery should demand strengthen.

We have with US today, Mr. Aristides hit Us Chairman and Chief Executive Officer, and Mr. Tassos, It's Lewis Chief Financial Officer of the company.

At this time all participants are in a listen only mode.

There'll be a presentation followed by a question and answer session at which time if you wish to ask a question. Please press star one on your telephone keypad and wait for your name to be announced.

I must advise you that this conference is being recorded today.

Please be reminded that the company announced its results with a press release that has been publicly distributed.

Before passing the floor over to Mr. Peterson.

I would like to remind everyone that in todays presentation and conference call your dry will be making forward looking statements.

These statements are within the meaning of the federal Securities laws.

Matters discussed may be forward looking statements, which are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized.

I can't really 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.

Aristides Pittas: Although there is a clear industry shift towards alternative fuels, the pace of transition is likely to be slower than anticipated, constrained by technical challenges, economic considerations, and ongoing delays in the IMO's next net zero framework. As emission-related measures such as the EEXI, CII, EU ETS, and FuelEU Maritime are fully implemented, apparent supply could tighten further through increased scrapping and slower vessel speeds. By 2027, the dry bulk market is expected to enter a rebalancing phase, with new deliveries declining and scrapping activity picking up, leading to a more balanced supply-demand environment. Let's turn to slide 13. As of 7 November 2025, the one-year time charter rate for panamax vessels stood at $15,125 per day, remaining modestly above the 20-year historical median of $13,375 per day. As of the third quarter of 2025, the market for 10-year-old panamax bulk carriers remains firm.

Please take a moment to go through the whole statement and read it.

Now I would like turn the floor over to Mr. Pick US. Please go ahead Sir.

Good morning, ladies and gentlemen, and thank you all for joining us today for the scheduled Goldcorp in schools.

Together with me.

It's easy for them to look.

The purpose of today's call is to discuss our financial results for the three and nine month periods ended September 30th.

Right.

Please turn to slide three of the presentation.

Financial highlights are shown here.

For the third quarter of 2025 really bolted perforated metal revenues were $44 million.

Net loss attributable to controlling shareholders.

$7 million or people face loss basic and diluted share.

Adjusted net loss attributable to controlling shareholders for the cohort was.

Or $6 million or 23 cents loss per basic and diluted.

Adjusted EBITDA for the growth that was $1 million.

Please refer to the press release for the reconciliation of adjusted net loss and adjusted EBITDA.

Aristides Pittas: In fact, we have seen an approximately 10% increase over the lows seen in 2022, which represented the lowest point since mid-2023. Current asset values stand at approximately $26 million, which are well above the historical median of $15.5 million, and the 10-year average of $18 million, underscoring continued resilience in second-hand pricing. These high second-hand vessel values are attributed to the increase in the cost and prices for new vessels, mainly due to the last few years of inflation, the ample liquidity in the market, and, of course, the expectation for higher rates going forward. However, today's prices still represent a decline of roughly 12% from the mid-2024 peak of about $29.5 million.

Our CFO, who will go over the financial highlights in more detail later.

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Our work today.

It's about 335000 sides of our common stock in the open market with a total of $5 3 million downloads.

Million dollars share repurchase plan, which we announced in August.

Our board of directors approved an extension of the program for an additional year.

We intend to continue executing as purposes. After the originally approved amount of $10 million.

It's a discipline.

I c a f will go over our financial highlights in more detail later on in the presentation.

Taking into account the company's liquidity needs.

Small pretty close.

Please turn to slide four to you a recent development.

On October 21, 25, we delivered most of US live NDP to her new role another affiliated third parties.

Aristides Pittas: Having strengthened our balance sheet through the arrangement of new financings for existing vessels and our new building orders, and also the disposal of one of our vessels, we are in a position to continue modernizing our fleet and preparing ourselves for the next bull run, which will, as usual, occur suddenly and possibly when least expected. Let me now pass the floor over to our CFO, Tasos Aslidis, to go over our financial highlights in more detail. Thank you very much, Aristides. Good morning from me as well, ladies and gentlemen. Over the next four slides, I will give you an overview of our financial highlights for the third quarter and nine months of 2025 and compare them to the same period of last year. For that, let's turn to slide 15.

As of today, we have purchased about 335,000 shares of our common stock in the open market for a total of $5.3 million under a $10 million share repurchase plan, which we announced in August 2022.

They really be with one of our older ships in the longer held the vessel in our fleet.

Our Board of Directors has approved an extension of the program for an additional year.

So for $8 5 million.

On the chartering problems are fixable during the third quarter were predominantly software.

We intend to continue executing your purchases after the originally approved amount of $10 million at the discipline rate.

Taking into account the company's liquidity needs and relatively small flip-flops.

One of our vessels are currently employed under time.

Charters ranging between the low to a little over three months, allowing us to position our vessels advantageously as market conditions improve.

Please turn to slide 4 to view a recent development.

On October 21, 2025 we delivered motivation to have new owners and unaffiliated third party.

Right.

This adoptions continue to influence decisions and create premiums the impact in dry bulk charter rates cause loud subsidized.

They really were one of our older ships and the longest-held vessel in our fleet.

She was sold for 8.5 million dollars.

Towards the end of the quarter seasonal patterns begun studio shows themselves.

Market showed signs of recovery, which still continue.

On the chartering funds. Our fixers during the third quarter were predominantly softer.

Aristides Pittas: For the third quarter of 2025, we reported net revenues of $14.4 million, representing a 2.2% decrease over total net revenues of $14.7 million during the third quarter of last year, which is primarily the result of the decreased average number of vessels we operated, and a relatively lower market compared to the same period of last year. Interest and other financing costs, including interest income for the third quarter of 2025, amounted to $1.6 million compared to $1.9 million for the same period of 2024. Interest expense during the third quarter of this year was lower, primarily due to the decreased benchmark rate, our loan stake, partly offset by the increased average amount of debt that we held. Adjusted EBITDA for the third quarter of 2025 was $4.1 million compared to $0.5 million achieved during the third quarter of 2024.

Specifics of the trial to the fixed during the period are outlined in the accompanying presentation.

Most notably.

Due to the mix.

Seven of our vessels are currently employed, with time charters ranging from a month to a little over three months. This allows us to position our vessels advantageously as market conditions improve.

The local pizza, which include an extension of its index linked charters at the 115% of the algorithms both it should come back.

Time charter index.

While the Red Sea disruptions continue to influence route decisions and trade premiums, the impact on dry bulk charter rates has largely stabilized.

At least November trends.

26.

During this quarter motor vessel, Santa Cruz completed her special survey and dry dock over the period of 45 days.

Towards the end of the quarter, seasonal patterns, began to reassert themselves, and the market showed signs of recovery, which still continue.

The specifics of the charter is fixed. During the period, are outlined in the accompanying presentation.

Slide five shows unit price current fleet consists of 11 vessels with an average age of approximately three six years.

Total carrying capacity of about 767000 deadweight tons.

In addition, we have two ultra much veterans obstacles production each with a capacity of 60000 deadweight tons scheduled for delivery in the second and third focus with seven.

Most notable among them due to the length of the chances is the both of us, which is used an extension of its Intex. Link chances at 115% of the average Baltic, supermax 10, time, Charter index, until at least, November 23rd 26.

Aristides Pittas: Basic and diluted loss per share, attributable to the controlling shareholders for the third quarter of 2025, was $0.24, calculated on approximately 2.8 million basic and diluted weighted average number of shares outstanding, compared to loss per share of $1.53, calculated in about the same number of basic and diluted weighted average number of shares outstanding for the third quarter of last year. Excluding the effect on the loss attributable to controlling shareholders for the quarter of the unrealized loss on derivatives, the adjusted loss for the third quarter of this year would have been $0.23 per share basic and diluted, compared to an adjusted loss of $1.42 per share basic and diluted for the same period, third quarter of 2024. Let's now look at the numbers for the corresponding nine-month period ended 30 September 2025, and compare them to the same period, the nine months of 2024.

During this quarter, Moto vessel, Santa Cruz. Completed her special survey and Dry Dock, over a period of 35 days.

Upon delivery, our fleet will expand 13 vessels with a total carrying capacity of.

Thus far the 900000 deadweight tons.

Now please turn to slide six for the visual updates on our current fleet employment.

As of September 30 of 2025, our fixed rate coverage for the remainder of the year stands at approximately 5% based on existing time charter agreements.

Slide 5 shows zero Drive current Fleet which consists of 11 vessels with another rates of approximately 3.48 years and the total carrying capacity of about 767,000 dead weight times.

Figure excludes the vessels operating under index linked charters, which one subject to market fluctuations.

In addition, we have 2 ultra Max versions on the construction each with a capacity of 63 and a half thousand dead weight times scheduled for delivery in the second until go to 2027.

Our secured employment.

Upon delivery, our Fleet will expand to 13 vessels with a total carrying capacity of just under 9000 dead weights.

We currently have four vessels the Maria good multiples like Crazy.

Trading on an index linked charters with durations.

Now, please turn to slide 6 for a visual update on our current Fleet employment.

I think in March 2026 through at least November.

Six.

Turning to slide eight we will go over the general market highlights for the third quarter ended September 30.

As of September 30, 2025, our sixth trade coverage for the remainder of the year stands at approximately 45% based on existing time travel agreements.

2025, and the App distribution.

This figure excludes the vessels operating on their indexing charges which while subject to Market fluctuations.

Panamax spot rates rose steadily through the broker footprint by increasing from an average.

Still have secured the employment.

Aristides Pittas: For the first nine months of 2025, we reported total net revenues of $34.9 million, representing a 25% decrease over total net revenues of $46.6 million that we had during the first nine months of 2024. This is mainly due to the decreased number of vessels we operated and the decreased number of rates that we earned during the most recent nine-month period. Interest, another financing cost for the first nine months of this year, again including interest income, amounted to $5.1 million compared to $6 million for the same period of last year. Here, the decrease is primarily due to the degree of underlying interest rate we paid and the decrease. They offset partly. That we carry. Adjusted EBITDA for the first nine months of 2025 was $5 million compared to $7.6 million during the first months of 2024.

About $45000 per day through our block smoothly.

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Reflecting a slight increase.

We currently have 4 vessels. The Maria good have Molly was like and Janice Peters trading on in index, linked charges with durations ranging till March 2026 to at least November 2026.

As of November seven spot rates for Panamax vessels increased further.

Turning to slide date.

Now stands at around 15000 program develops a day.

Will go over the General market. Highlights for the third quarter, and the September 30th 2025 and the up until recently.

Now one year time charter rate at a big level of the sport today and.

And collapses given the standard fiber mix, the one VLCC rate at $15135 per day.

During the third quarter.

Bulk dry index, the Baltic Panamax index of the growth of the euro rate increases of approximately 6% and 14% respectively.

Of about 14 and a half thousand dollars per day to approximately 4 14,950 per day by cost event.

Reflecting a slight increase.

Next is the slight market slightly better market compared to the same period last year.

As of November 7th for Panama's vessels, increased further, and now stand at around, 155 a day.

This recent recovery in the Supercuts <unk> was supported by stronger than expected demand for minor bulks robust grain trade flows and demand to tightening in vessel supply driven by longer voyage distances of each of them.

Aristides Pittas: Again, excluding the effect on the net loss attributable to the controlling shareholders for the first nine months of the year, of the unrealized loss on derivatives and the net gain on sale of vessels, the adjusted loss for the nine-month period ended 30 September 2025, which has been $3.39 per share basic and diluted, compared to adjusted loss of $2.77 per share basic and diluted for the nine months ended 30 September 2024. Let's move now to slide 16 to review our fleet performance. We'll start our review by looking at our fleet utilization rates for the third quarter and nine-month period of 2025 and compare them to the same periods of last year. During the third quarter of 2025, our commercial utilization rate was 100%, while our operational utilization rate was 9.3%, compared to 100% commercial and 98.5% operational in the corresponding period of 2024.

Now, 1 year Touch of time, Charter rates are a bit lower than the spot rate. In collections, gives the standard panamax 1 UTC rate at 15,125 per day.

Great.

Yeah.

Please now turn to slide nine.

According to the IMF October 25 transactions global growth is expected to ease slightly from three three percentage points.

During the third quarter, the Baltic dry index. The Baltic panamax index recorded here over year increases of approximately 6 and 14% respectively, reflecting a slight Market. A slightly better Market compared to the same period last year.

Two two.

2%.

Right at 34, 1% in 2026 with advanced economies grow and get on with one of the hub and.

In the emerging markets and developing economies just above 4%.

Persistent trade tensions will not go into policy uncertainty.

This recent recovery in the super come range was supported by stronger than expected demand for my new bulks robust grain, trade flows and the marginal tightening in vessel Supply driven by longer voyages distances and regional trade disruptions

Outstanding investment in trade activity.

Please melted, slide 9.

As banks work their way through supply chains amongst the consumers.

Okay.

But not do so be it mobile growth acceleration.

Local inflation is projected to moderate worldwide.

Unevenly across regions remaining above us in the United States with.

The risks have been to the site and more subdued elsewhere.

Aristides Pittas: On average, we owned and operated 12 vessels in the first nine in the first three months in the third quarter, sorry, of 2025, earning an average time charter equivalent rate of $13,232 per day compared to 13 vessels in the same period, the third quarter of 2024, earning an average of $13,105 per vessel per day. Our total daily operating expense, including management fees, general and administrative expenses, excluding variable costs, were $7,013 per vessel per day during the third quarter of 2025, compared to $6,851 per vessel per day for the same period of last year. If we move further down this table, we can see the cash flow break-even level, which also takes into account, in addition to the above expenses, the variable expenses, interest expenses, and loan repayments.

According to the IMF October 2025 projections, Global growth is expected to ease slightly from 3.3% to 2024, to 3.2% in 2025 and 3.1% in 2026 with advanced economies growing around 1 and a half percent and emerging markets and developing economies just above 4%.

U S growth is projected at 2% in 2025 and two 1% in 2026.

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Persistence, trade tensions and ongoing policy and certainty are dampening investment and fade activity. And as tariffs worked their way through Supply chains and on to Consumers the IMF predicts a gradual but not too severe. Global growth acceleration.

In late October the Federal reserve lowered LOE of the target range for the federal funds rate by 25 basis points.

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75% to 4%.

Global inflation is projected to moderate worldwide though. Unevenly across regions remaining above Target in the United States where risks are tilted to the upside and more subdued elsewhere.

Sure Paolo has not ruled out the possibility of additional rate.

Absolutely.

The overall outlook remains fragile with downside risks stemming from persistent uncertainty perpetual protectionist measures ongoing labor constraints.

The US growth is projected at 2% in 2025 and 2.1% in 2026 2026 and modest upgrade revision from earlier, workers reflecting smaller than expected effects from tariffs and more favorable Financial conditions.

Among the emerging markets, India is growing the fastest.

Forecast to expand by six 6% in principle.

In late October, the Federal Reserve load lowered, the target range for the federal funds rate by 25 basis points.

And six 2% in 2026 supported by a robust domestic investment.

To 3.775 to 4%.

Aristides Pittas: Thus, for the third quarter of 2025, our daily cash flow break-even level was $12,482 per vessel per day compared to $15,145 per vessel per day for the third quarter of last year. Reviewing now the same figures for the nine-month period and comparing them to the same period of last year, we have commercial utilization rate about 99.6% and operational utilization rate at 99.2% for the first nine months of this year compared to 99.9% commercial and 98.7% operational for the same period of last year. On average, we operated 12.3 vessels during the first nine months and earned an average rate of $10,210 compared to operating 13 vessels during the same period of last year, earning an average of $13,639 per vessel per day. Similar analysis further down for our operating expenses.

And then take the cards will allow us and the <unk>.

Hybrid services sector.

Share power has not ruled out the possibility of an additional rate card at the December meeting.

And five economies are also expected to post solid growth of around four 2% in <unk> and <unk>.

12% in 2026.

Underpinned by the healthy intra regional trade and the continued investment activity.

The overall Outlook remains Fragile with downside, risks stemming from persistence and certainty. Potential. Potential is measures and ongoing labor constraints.

Turning to the economic outlook is projected to continue.

A decelerating pace.

These challenges include the widening gap between industrial supply and weak domestic demand plus lenders ongoing trade tensions with the U S, including the new tariffs on Chinese goods extra controls and restrictions on exports.

Among emerging markets, India is growing the fastest and is expected to expand by 6.6% in 2025 and 6.2% in 2026, supported by robust domestic investments, resilient agricultural output, and a vibrant services sector.

China's growth is consequently expected to moderate and four 8%.

His.

The Zan 5 economies are also expected to post solid growth of around, 4.2% in 2025, and 4.1% in 2026, and the pin by the help in regional trade and the continued industrial activity.

4% in 2026.

Despite the market headwinds the Chinese economy is being supported by strong exports to regions like Southeast Asia.

Time is economic Outlook is projected to continue lower to decelerating phase.

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Still a resilient manufacturing sector.

Aristides Pittas: Our operating expenses, including management fees and G&A expenses, but excluding variable costs, were $7,285 per vessel per day in the first nine months of this year compared to $6,927 for the same period of last year. If we include on this figure the interest expense, the loan repayments, and the variable expense, our total cash flow break-even level for the first nine months of 2025 would be $12,071 as compared to $13,789 per vessel per day for the same period of 2024. Let's now move to slide 17 to give you some slides regarding our debt and our forward cash flow break-even. As of 30 September 2025, EuroDry's debt stood at $97.9 million, with an average margin of about 2.05%. Assuming a three-month soft rate of 3.84%, the cost of our senior debt is approximately 5.9%.

Turning to the dry bulk sector.

The global growth affect the demand for dry bulk Clarkson research now projects Drybulk trade demand growth.

It challenges include the widening gap between Industrial Supply and weak domestic demand as well as ongoing. Trade tensions with the us, including the new terrorism, Chinese Goods, expert controls, and restrictions on high-tech excellence.

China's, growth is consequently expected to moderate to 4.8% in 2025, and for the with 4% in 2026,

Just one 4% principally by two 1% in 2006, and one 8% in printed circuit.

Indicating a stronger trajectory than previously estimated.

The Calgary supported by steady and that's allowed US with in Asia continued demand combined with both are improving the capsule and trade flows.

Despite domestic headwinds, the Chinese economy is being supported by strong exports and performance to regions like Southeast Asia and the EU, as well as a still resilient manufacturing sector.

Turning to the dry bulk sector to see how

Please turn to slide 10 to review the current state of the order book in the dry bulk sector.

Ill open November 2025, the order book stands at approximately 10, 9% of the existing pretty.

Flags of research now projects driver trade, demand growth, it's just 1.4% in 2025 2.1% in 2026 and 1.8% in 2027.

Although higher than the 7% recorded in 2021, it remains amongst the lowest levels in history.

Indicating a stronger trajectory than previously estimated growth.

Yeah.

For context.

Look accounted for 8% of the fleet in 2008 and nearly 30% in 2016.

The recovery supported by study industrial output in Asia continued demand for my no BS and improving agricultural and gold trade flows.

Current drilling activity remains limited due to shipyard capacity constraints how are you.

Aristides Pittas: The repayment schedule of our debt, you can see on the top right part of this slide, which shows total debt repayments of $13.1 million in 2025, $10.3 million which have already been made, $12.2 million repayments in 2026, and $21 million repayments in 2027. Mind you, the last figure includes the beginning of repayments for our two loans we will assume for our new building Ultramax vessels, which are scheduled for the new day in the third quarter of 2027. In the bottom of this slide, you can see our cash flow break-even estimate for the next 12 months, broken down by major components. Our EBITDA break-even level is approximately $7,600 per vessel per day.

Please start this slide 10 to review the current state of the order book in the dry bug sector.

Building codes and uncertainty surrounding future technology development.

As of November 2025, the order book stands at approximately 10.9% of the existing fleet.

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Turning.

Slide seven let us now look into the supply from the medical side, a little bit more detail.

Although higher than the 7% reported in 2021, it remains amongst the lowest levels in history.

As of November 2025, the total dry bulk fleet comprises roughly 14150 basis.

According to Clarksons may suspect image, new deliveries as a percentage of the existing fleet are projected at three 7% footprint.

For context, the order book, accounted for 8% of the fleet in 2008 and nearly 30% in 2014.

Four 2% footprint 36 or three four.

4% footprint to ensure that when the actual fleet growth is expected to be slightly lower.

Current ordering activity, remains limited due to Shipyard capacity, constraints, High, new, building codes and uncertainties surrounding future, fuel Technologies and environmental regulations.

In the Middle East.

Turning to slide 11. Let us now look into the supply. Fundamentals in a little bit more detail.

The fleet age profile. So that's about $10 six of the global fleet is over 20 years old.

Aristides Pittas: If on the top of that we include interest expenses and loan repayments, schedule our repayments, our total cash flow break-even level for the next 12 months is estimated at around $11,900 per vessel per day. This is a net figure. If we gross up for commissions and some off-time time, our time charter equivalent break-even rate is just below $13,000 per vessel per day, and we need to reach that rate to achieve both cash flow and profitability break-even over the next 12 months. Let's now move to the last slide of my remarks, to slide 18, to give you some highlights of our balances. This slide offers a snapshot of our assets and liabilities, and gives a concise picture of our financial position.

As of November 2025, the total dry bulk Fleet comprises roughly 14,050 pesos.

Presenting a former perpetual scrappage capital, particularly if market conditions worsen.

The monthly PRASM state control.

Overall return UN remains balanced amongst advisers vessel sizes.

A majority of vessels are concentrated in the 10 to 14 year old range.

Most of the vessels built around that size, we're not bankruptcies.

According to collection's latest estimates new deliveries. As a percentage of the existing Fleet are projected at 3.7% for 2025, 4.2% for 2026 and 3.4% for 2027 with actual Fleet, growth expected to be slightly lower due to slippage and demolition activity.

Therefore, the number of eco vessels available in the market is still a minority amongst the existing fleet.

The fleet age profile shows that about 10.6% of the global fleet is over 20 years old.

Please turn to slide 12, where we summarize our outlook for the Drybulk market.

The dry bulk carrier market strengthened notably during the first quarter with average time charter rates for panamax vessels, increasing by roughly 13% quarter on quarter.

Representing a pool of potential scrapping candidates, particularly if market conditions improve soon and environmental requirements are met.

Overall, the renewal remains balanced amongst the virus vessel sizes.

Aristides Pittas: As of 30 September 2025, cash and other assets in our balance sheet stood at approximately $18.8 million, while we had advances for new buildings amounted to about $7.2 million. In addition, on the asset side, we have the book value of our vessels, which was about $176 million, resulting in total book value of our assets of roughly $202 million. On the liability side, total bank debt, as I mentioned in the previous slide, stood at $97.9 million, which is roughly 48.4% of the book value of our assets, and we had other liabilities of $5.2 million, representing about 2.6% of our assets. This results in the book value for shareholders' equity of almost $9 million, translating into a net book value per share of $31.8. Based on our own estimates, though, the market value for our fleet is higher than the respective book value.

Electing improved demand trends across several key commodities.

The majority of vessels are concentrated in the 10 to 14 year old range, where still most vessels built around that time were not Echo ships.

Let's see attacks earlier in December disrupted.

This further.

Therefore, the number of bankruptcies available in the market is still a minority amongst the existing Fleet.

Tysons vessel supply further supporting Tracy.

Demand for larger vessel classes remain.

Please turn to slide 12, where we summarize the outlook for the dry belt market.

While smaller segments also recorded strong gains adding to the overall positive movement.

Looking ahead to the remainder of the enterprise market conditions in the remainder of itself shaped.

Shaped by the recent geopolitical and policy development.

The D Dal carrier Market strength and notably during the first quarter with average time Charter age for super some vessels increasing by roughly 13% quarter on quarter collecting improved demand Trends across several key commodities.

In October 2025, as we all know the U S and China escalated trade dispute introducing newness is important for each of these <unk> vessels, which added complexity CPU.

The Red Sea attacks earlier in the summer disrupted, canel Canal Transit further and tightened versus Supply further supporting phase.

Great.

However, following the meeting between President Trump proxy last month, both sides signals at temple and Deescalation and push forward.

Demand for larger vessel, classes remains, while smaller segments, also recovered, the strong gains adding to the overall positive movement.

Meanwhile, the ceasefire between Israel and the camera has also drawn attention to potential leasing overarching disruptions.

Aristides Pittas: We estimate it to be about $214 million, as compared to $176 that I mentioned earlier, approximately $38 million above the book value. In plan, the net asset value of our fleet on a per share basis would be in excess of $44. If we compare this to the recent trade rate of our shares, which is around $13 per share, it becomes evident one more time that there is significant potential, upside potential, for share appreciation should market conditions improve or other catalysts cause that discount to level. With this statement, I would like to pass the floor back to our students to continue our call. Thank you, Tasos. Let us now open up the floor for any questions you may have. Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press Star 1 on your telephone keypad.

Looking ahead to the remainder of 2025, market conditions still remain uncertain, shaped by the recent geopolitical, economic, and policy developments.

For now shipping companies are still adopting the cautious wait and see stance and no immediate changes in the dosing patents have been experiencing.

In 2020, the market still faces challenges around trade growth and protects the bottom of page adjustment.

In October 2025, as we, all know, the US and China, escalated the trade dispute, introducing each other's vessels which had the complexity of shipping operations.

However, Chinese demand for Bauxite America will remain a key driver while global infrastructure spending should continue to support investment with digital trade.

However, following the meeting between President Trump and Xi last month, both sides signaled a temporary escalation, and port fees were postponed.

Long haul routes out of this.

Meanwhile, the ceasefire between Israel and Hamas has also drawn attention to potential leasing for the Red Sea disruptions.

In the U S, Brazil, and Russia are also expected to sustain the robust grade index for the <unk> sector.

We're also expecting a rebound in coal trade safety mindless bulk Cmos.

For now, shipping companies are still adopting the causes: weight and systems, and now immediate changes in routing patterns have been experienced.

However, the protection and the modem amortization of Red Sea traffic could result in lower per mile demand.

In 2026, the market still faces challenges around trade growth and potential patterns of trade adjustment.

We saw that again.

On the supply side of the room.

Activity remains limited due to shipyard capacity constraints and continued uncertainty about future technologies.

However, China's demand for bauxite and alumina will remain a key driver, while globally, infrastructure spending should continue to support the industrial materials trade.

Aristides Pittas: A confirmation tone will indicate your line is in the question queue. You may press Star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your hands up before pressing the Star keys. One moment, please, while we poll for questions. Thank you. Our first question comes from the line of Hans Baldau with Noble Capital Markets. Please proceed with your question. Hello. The market fundamentals are looking more promising for 2026, and we've seen the rates push up. I know you mentioned a break-even rate of $12,000. Can you talk about your threshold for shifting from the short-term index-linked exposure and possibly securing some longer-term coverage? Are there specific rates you're looking for? Yes. We will switch to longer-term coverage if we see numbers between around $16,000, $15,000, $16,000, $17,000.

Especially after the recent <unk> decision to postpone the adoption of which proposed environmentally friendly oops shipowners are confused on one platform what type of ship stalled.

The same robust grade next for the supermarket.

Also expected is a rebound in cold trade and steady minus B demand.

The order book to fleet ratio guidance and the extra week alone.

As I said before provides a solid backdrop for the charter rate recovery should be modest.

however, the potential normalization of Red Sea traffic could result in lower turn mild demand as roots resorted against,

Also there is a clear industry shift towards alternative fuels the pace of transition is likely to be slower than anticipated.

On the supply side ordering activity remains limited due to shipping capacity, constraints, and continued uncertainty about fuel Technologies.

Consolidated by technical challenges economic considerations and ongoing delays in the Imo's mix net digital framework.

Especially after the recent IMO decision to postpone the adoption of proposed environmentally friendly new rules, ship owners are confused on what type of ship to store.

As a mission related measures such as the <unk>, new maritime are fully implemented.

Supply type of affirmative total increased scrapping some smaller vessels.

The order book the fleet ratio currently near historical losses as said before provides a solid backdrop for the charter rate to recovery should demand strengthen.

Aristides Pittas: That's the area where we will be concentrating to get some exposure hedged through time charters or FFAs. Okay. Is that across the board, or is that an average between the Kamsarmax, Panamax, Supramax? It's an average, let's say, what I just told you. Obviously, our older Panamaxes earn less, so we might fix something at a little bit lower rate. The younger Kamsarmaxes and the Ultramaxes, they earn probably around the same these days. Okay. All right. Thank you. I see the Xenia is looking for employment. Do you have a timeline of when you expect that vessel to start up again? The Xenia was sold. No, the Xenia. The Xenia. The Xenia was fixed.

By 2027.

Latin America is expected strength of the balancing phase with new deliveries declining and scrapping activity is picking up.

Leading to a more balanced supply demand right.

Although there is a clear industry shift, towards alternative fuels the pace of transition is likely to be slower than anticipated, constrained by technical challenges economic consideration and ongoing delays in the imos next. Net Zero framework.

Let's turn to slide 13.

As of November seven 2025 of the one year time charter rate for fiber mix versus.

<unk> $15125 per day remains modestly above the 20 year historical median 13000 feet above the $75 per day.

As mission-related measures, such as the Exi CI and UETS, along with a few new maritime regulations, are fully implemented, apparent supply could tighten further through increased scrapping and slower vessel speeds.

As we enter the fourth quarter.

The market for 10 year old Panamax bulk out of his remains firm.

By 2027, the dry bulk market is expected to enter a balanced phase, with new deliveries declining and scrapping activity picking up, leading to a more balanced supply-demand environment.

Fact, two casinos approximately 10% increase over the launch.

Let's turn to slide 13.

Two which represented the lowest point since mid 2016.

Sweet.

As of November 7, 2025, the 1-year time charter rate for Panama versus...

Carbon capture value stands at approximately 26 million barrels with a run above the historical median with 16 in the hospital and the 10 year average of $18 million.

Aristides Pittas: Yes, the Xenia was fixed a couple of days ago, so it didn't make it here in the presentation for a trip via South America and back to the Far East, so about 90 to 100 days at the level which is about $16,500 a day. We'll update the website when it was just very freshly done, so that's what it is. Okay. I understood. My last question is for the near-term debt. I know with the Xenia sale and the refinancing steps, your liquidity improved recently, but you still have the $12.2 million in current debt. Do you have any plans to improve the near-term liquidity? Our liquidity has improved significantly because we did a couple of things. They're not reflected in the numbers for the nine months, but because they happened or are about to happen, we're financing Yanis Pittas, which will release about $4.5 million.

Underscoring continued resilience in second half pricing.

Stood at 15,125 per day, remaining modestly above the 20-year historical median of 13,000 ft of 775 per day.

These high secondhand vessels values at I couldn't use it to the increase in the cost and prices for new beds.

As of the third quarter of 2025, the market for 10-year-old Panamax bulk carriers remains firm.

Mainly due to the last few years with inflation.

And some liquidity in the market.

Of course, the expectation for higher rates going forward.

In fact, we have seen an approximately 10% increase over the loss, seen in Q2, which represented the lowest point since ms23.

However, today's prices seem to represent the decline.

12%.

From the mid 2024 P of about $49 million.

Value standard approximately 26 million which are well above the historical median of 15.5 million. And the 10 year average of 18 million underscoring continued resilience in second and pricing.

Having strengthened our balance sheet through the arrangements of new financing for existing vessels and by renewable developers and also the disposal of one of our resin.

We are in a position to continue most of the magic of our fleet and preparing ourselves for the next bill, which will as usually occur suddenly and possibly when at least expected.

This High second hand vessel values are attributed to the increasing the cost and prices for new vessels mainly due to the last few years of inflation, the ample liquidity in the market and the of course, the expectation for higher rates going forward.

Let me pass the floor over to our CFO <unk> <unk>.

To go over our financial highlights in more detail. Thank you very much.

However, today's prices still represent the decline of roughly 12% from the mid 2024, peak of about 29 and a half million dollars.

Model for me is webex and vulnerable.

Aristides Pittas: We have sold Xterini, which will release about $6.5 million, I think, after we paid a couple of million of debt that was there. We have also, it's in the press release, arranged to finance the pre-delivery installment payments for our new buildings. One has already been paid by the debt we arranged. I think we have improved significantly our liquidity. The difference by the end of the year is plus $15 million after this test that we took. Okay. Perfect. That was what I was looking for. As you pointed out, in the fourth quarter, the market is improving and should be contributing to our with positive cash flow, so there should be an additional balance generated from our operations. Okay. Thank you very much. That's everything for me. Thank you.

Over the next four slides I will give you another view of armor.

Alright.

Third quarter and nine months of FY 'twenty five.

Comparable to the same period of last year.

For that.

Slide 15.

For the first half of <unk>, we reported net.

Having strengthened our balance sheets through the arrangement of new financing for existing vessels and our new building orders. And also the disposal of 1 of our Elder vessels. We are in the position to continue modernizing our Fleet and preparing ourselves for the next Bull Run, which will as usually offer suddenly. And possibly, when least expected

For 14.

It is lagging.

Let me not pass the floor over to our CFO to go over our financial highlights and more details. Thank you very much.

2% decrease.

Of our total net revenues of $14 7 million during the third quarter of last year.

Well.

Okay perfect number of vessels operated.

For the next 4. Slides, I will give you an overview of our for financial highlights for the third quarter and 9 months of 2025.

It can be lower market compared to the same period.

And compare them to the same period of last year.

Interest and other financing costs include.

For that. Let's turn to slide 15.

Hum.

For <unk> 75.

Amounted to one 6 million compared to $1 9 million for the same period of <unk> 74.

For the third quarter of 2025, we reported net revenue.

Aristides Pittas: As a reminder, if you would like to ask a question, press Star 1 on your telephone keypad. Our next question comes from the line of Poe Fratt with Alliance Global Partners. Please proceed with your question. Good afternoon, Aristides. Good afternoon, Tasos. Just wanted to follow up on the new build financing. Tasos, did you say that you're going to draw down the first one of the two new build facilities in the fourth quarter? Yes. We've already done that. These new buildings had the second payment that was to be made this year. For one of them, the payment was due. We already took a loan, and the payment was made using that loan. The other payment is still coming up, and we have another loan with a different bank. I think it's in the press release, which will contribute towards that payment as well.

Thank you.

Half of this year was lower.

Hey.

Benchmark our loan space.

to $14.4 million, representing a 2.2% decrease over the total net revenues of $14.7 million during the third quarter of last year.

The offset by the increased amount of.

Got it.

Our positive EBITDA for the third quarter of <unk>.

Which is primarily the result of the decreased average number of vessels, we operated and a relatively lower Market compared to the same period of last year.

$4 1 million compared to comparable given the fact corridor.

Sure.

Basic and diluted loss per share.

The bulk of it.

1,025 amounted to $1.6 million compared to $1.9 million for the same period of 2024.

The controlling shareholders.

For the fourth quarter.

Well 0.4.

Butler calculated on approximately.

Okay.

Basic and diluted weighted average number of course are expanding.

Interest expense during the third quarter of the year was lower primarily due to the decrease Benchmark rate. Our loan States, partly offset by the increase, average amount of debt that we carry.

<unk> two loss.

<unk> 53.

Projecting about the same number of banks that way.

A basis achieved for the third quarter of 2025 was 4.1 million compared to half a million achieved during the tenth quarter of 2024.

The targeted number of proton therapy.

Third quarter of last year.

Basic and diluted loss per share.

Excluding the effect on the loss attributable controlling shareholders for the quarter.

Aristides Pittas: I'm trying to figure out when you're going to show the incremental debt on the balance sheet because the new build payments, as I understand it, are called 60% of the total cost of the new builds, and those aren't due until mid-2027. Can you just sort of give me an idea of what the incremental debt looks like in 2026 and 2027, Tasos? I mean, by the delivery of these vessels, we would have drawn approximately $53 million debt to finance the two new buildings, $26 and $26.9, I think, is the numbers. That's by the delivery of the vessels. As we draw debt to finance pre-delivery installments, we'll show it, obviously, in our balance sheet. Yep. Okay. Just to clarify that. Aristides, can you talk about the market a little bit?

The realized loss on derivatives.

Who are tasked with loss for the fourth quarter of this year, what we're seeing.

At 2, people to the controlling shareholders for the third quarter of 2025 was $0.24 calculated on approximately $2.8.

Perfect.

That's compared to an adjusted loss of $1 four percentage points.

Basic and diluted for the <unk> third quarter conference call.

Let's now look at the numbers for the corresponding nine month period.

Million bake diluted weighted average number of social standings compared to loss per se of $1.53 cents. Calculated in about the same number of basic diluted when it covers. Number of servers are sending from the third quarter of last year.

And at September 35, 75, and come back on the same benign.

For nine months.

Paul.

For the first nine months of FY 'twenty five.

We reported total net revenues of $44 9 million.

Representing a three 5%.

The total net revenues of $46 6 million.

In fact during the first nine months of 2004.

Excluding the effects on the loss attributable to controlling shareholders for the quarter of the unrealized loss on, derivatives the adjusted loss. For the third quarter of this year would have been 23 cents per share, basically, diluted compared to an adjusted loss of 1.42 cents per share based diluted for the same period third quarter 2024

Brian This is mainly due to weaker sales number for back of the owner operators.

Aristides Pittas: I'm trying to reconcile the, one, the sudden increase in rates on the Alexandros P. and Christos K. in sort of the August, September timeframe. Can you just highlight the reasons you think that the rates went from Alexandros P. went from $6,000 to $28,000, and then Christos went from, call it the low teens, to $28,000? Can you give me an idea of sort of the rate outlook for both of those into the rest of the fourth quarter and into the early 2026 timeframe? Sure. The overall market is slightly improving, as is shown also by the various indices. However, the indices are comprised of various different voyages. The voyages from the Far East to the Atlantic, generally, are low-paying voyages. The voyages from the Atlantic to the Far East are high-paying voyages.

Number of rate that we are going for more patient line losses.

However, another financing cost.

let's now, look at the numbers for the corresponding 9 months here, you ended September 30th 2025 and convert them to the same period, the 9 months of 2024

First five months of the year.

Losing.

For the first 9 months of 2025.

Income amounted to $5 1 million compared to 6 million Cabozantinib plus here.

We reported social net revenue.

To 344.9 million.

Going forward it became problematic as you integrate Angola.

So as we say.

On the defense.

Our capacity.

We can.

Adjusted EBITDA for the first nine months of 2005 was five <unk> compared to $7 6 million.

Representing a 25% decrease over the total net revenue of $46.6 million that we had during the first 9 months of 2024. This is mainly due to the deficit number of vectors we operated and the decrease in the number of rates we earned during the most recent 9 markets.

The first months.

Another Finance course.

For 2024.

Okay.

Excluding the effect on the net loss attributable to the conformance stockholder for the first nine months.

For the first 9 months of this year, interest income amounted to $5.1 million compared to $6 million for the same period of last year.

Of the unrealized loss on forward.

Net gain on sale of a vessel.

Taxable loss for the nine months period.

Again, here the decrease is primarily due to the great underlying in the case we paid, and the decrease is offset partly by the increased level of debt. We care.

Some of our focus frankly part of what can be $3 39 per basic and diluted.

<unk> cut back the clock to better performance.

Aristides Pittas: If you secure a trip like the Xterini, which starts from the Far East, goes to South America, and returns to the Far East, you will get the average rate, which today is around $16,500 that we fixed. In the two cases that you're talking about, the first two voyages were positioning voyages to places where you can get higher rates to go back out. That is why you see those big differences in the earnings. Is it clear? Yeah. I guess the next sort of question would be they'll have to probably reposition for the rest of the fourth quarter, so we should look at a lower rate for the rest of the quarter. Is that fair, Aristides, on those two? I think on average, you should be looking at average charter rates.

Performance based.

At that, it could be done for the first 9 months of 2025 was 5 million compared to 7.6 million during the first month of 2024.

Basic and diluted for the nine months ended.

again.

September quarter conference call.

Let's move now to slide.

16.

To review our fleet performance.

With that I'll review by lifting capacity utilization rates.

Third quarter and nine months period of time.

In comparison to the same periods of last year.

During the fourth quarter, our commercial utilization rate was 100%, while our partial explanation for.

99, 4% compared to a 100% commercial and 98, 5% operational growth.

Excluding the effect on the net loss attributable to the controlling shareholders, for the first 9 months of the year of the unrealized loss on derivatives. And the next game on sale of a derp the adjusted loss for the 9 months period and the September 30th 2025 would have been $3.39 per share based to diluted compared to a darker loss of 2.77 cents per share based diluted for the 9 months. And

September 30th 2024.

Thanks, Paul.

This is not a flight 16.

Our model.

To review our Fleet performance.

All of them operated 12 vessels.

Recycle review by looking at.

Volume in the factory.

Okay.

Or is it another time charter equivalent rate of.

For the third quarter, 9-month period of 2025, we will compare our results to the same period from 5 years ago.

Of course important.

$2 per day compared to the same period, the third quarter of one another.

During the third quarter of 2025, our commercial utilization rate was 100%.

Another $14105 per vessel per day.

Aristides Pittas: The way we run our models, at least, we take those assumptions into account, and we run our models for three, six months, a year, or whatever. We generally use the index to reflect what we think will be happening because it's very difficult to decide exactly how to value every ship. Yes, if a vessel is in the Far East, is in China, it will have a cost to go to a place where it will be able to command higher freight rates. Clearly, it depends on the type of the next fixture. If it's within the Far East, it will be closer to the average. If it's back and forth to the Atlantic, again, it's for the average.

Our total daily operating expense.

While our professionalization rate was 99.3% compared to 100% commercial in 98.5% operational in the corresponding period of 2024.

On average.

Good evening management.

The administrative expenses.

Okay.

Barbara can cost several.

$713 per vessel per day.

Third quarter 2000.

Five compared to 6000 feet.

Our vessel per day for the same clinical partner.

Further down the table, we can see the cash flow breakeven level.

Also take into account in addition to the public.

We owned and operated 12 vessels in the first 9 in the first 3 months in the third quarter. Sorry for 2025, earning the average time charter equivalent rate of $13,232 per day compared to 13 vessels in the same period. The third quarter of 2024 is another $13,110 per vessel per day.

For these start up expenses.

Our total daily operating expense.

Expenses and loan repayments.

But for the fourth quarter of 2005, our daily cash flow breakeven RASM comps to comps for.

$482 per vessel per day compared to <unk>.

Aristides Pittas: If it is go to the Atlantic, it will be the lower rate that Aristides mentioned because then we get a better rate to go to the Pacific. Wherever the cut-off falls on the end of the quarter, taking the average is probably a safe bet. Yep. Okay. Fair enough. I just want to clarify that the 115% of the BSI 58, is that number on page eight, so that the four that you have on the index right now are earning 115% of right now, it looks like $16,600, $16,625. Is that correct? Yeah. It takes the BSI index and multiplies it by 1.15 to get what we are paid for these four vessels every day. Okay. On your chart that shows your employment on page, I think it is page six, you do not have any dry docks through the middle of 2026.

Mm $145 per vessel.

And per day for the fourth quarter forecast, yes.

But excluding diagnosing core, where $7,013 per vessel per day during the third quarter of 2025 compared to $6,861 per vessel per day for the same period of last year.

if we move further down,

We're doing a lot of the same figures for the nine month period.

Operative. And

In comparison to the same.

also take

Last year.

We think commercial installation rate about 99, 6% from the first time utilization rate.

account, in addition to the above expenses, the diversion expenses, interest expenses, and loan repayments.

99, 2% for the first nine months of the year compared to $19 nine <unk> and $98 seven operational oversight.

Yeah.

On average we operated 23 vessels.

But for the third quarter of 2025, our daily cash flow break-even level was $12,200 per vessel per day, compared to $15,145 per investment per day for the third quarter of last year.

During the first nine months.

Sure.

Another phase of Sunpower wants to comment anything for us.

The viewing now includes the same figures for the 9-month period and compares them to the same period of last year.

Compared to operating 13 vessels during the same period of last year and in Colombia.

$609.

Perfect.

Two of our largest pharma down for operating expenses. Our operating expenses include two months of inventory.

G&A expenses, but equipment fiber costs.

We have commercial ventilation rates of about 999.6% and an operationalization rate of 98.2% for the first 9 months of this year, compared to 99.9% commercial and 98.7% operational for the same period of last year.

$7485 per vessel per day.

On average, we operated 12.3 vessels.

During the first nine months, we have learned.

First nine months of this year compared to $6927 for the same period year MTV will improve on.

Aristides Pittas: Will there be any dry docks over the next nine months, or could you just highlight what your dry docking schedule might look like? Yes. There is a dry dock of Xenia that is going to happen very soon. Other than that, I don't think we have something else within the next six to nine months. We only have one dry dock within 2026. I can't remember which ship it is, and it's towards the second half of 2026. For the whole year, there is just one dry dock. We have a Xenia now and one in 2026. Okay. Typically, I guess you talked about your fleet renewal business or program, and it was more in the context of lower rates and making that decision of doing a dry dock on a 20-year-old-plus asset versus selling it.

Another rate of 10,210.

This figure Zane back that fast enrollment of payments and the bulk of our tech expense.

Compared to operating 13 vessels during the same period of last year, earning on average 13,339 reservations per day.

Our core customer.

Cash flow breakeven.

For the first nine months of 2025, it would be terrific.

Second $1 as compared to 13000.

Similar analysis. Farther down for our operating expenses. Our operating expenses include management fees and G&A expenses, but exclude dry-docking costs.

I'm going to ask Mike Bullock.

Per day for the same period of <unk>.

Thanks, Paul.

Let's move to slide 17 gives you some clarity.

Our debt and third cohort.

7,285 per vessel per day in the first nine months of this year compared to 6,927 for the same period of last year. And if we include ...

As of September 30th when 75, Uruguay.

On this figure, the interest expense, the loan repayments, and the Very Docking expense.

So it's $97 9 million with an average margin of about two 5%.

Assuming a full amount for Facebook.

Aristides Pittas: Can you just highlight when the dry docks might occur on the Starlight and the Blessed Luck, which are still two of the oldest Panamaxes you have out there? The Santa Cruz was done in the third quarter, so I'm assuming you're going to keep it for a while. Yes. The Blessed Luck and the Starlight are two dry docks in 2027, I think, second quarter. Okay. That's really helpful. Thank you so much. Thank you. Thanks, Paul. A final reminder, if you would like to ask a question, press Star 1 on your telephone keypad. One moment, please, while we re-poll for any additional questions. Mr. Pittas, it appears we have no further questions at this time. I'd like to turn the floor back over to you for closing comments. Thank you.

$3 84, and stand up the corporate portion of our debt is approximately five 9%.

Our total cash flow rate, even level for the first 9 months of 2025, would be $12,000 and $71 as compared to $13,789.

So that's it for today, for the same period of 2024.

<unk> taken all of our vertical T on the top right.

Let's now move.

Part of the slide.

So total debt repayments of $17 1 million.

Five <unk>.

As of September 30, 2025, your...

We have already been made.

$3 2 million in payments.

Okay.

Financing seven my view is that it.

Drive that stood at $97.9 million, with an average margin of about 2.05%.

At the beginning of repayments.

Our tool.

We would like to begin with Panamax vessels, which are scheduled for delivery in the third quarter.

Assuming a 3 month, soft rate of 3.84% of the course of our. Senior debt is a proximately 5.9%.

The repayment schedule of our debt. You can see on the top, right?

Chart of this slide.

On the bottom of the slide.

Can see our cash flow breakeven.

In Mexico, the next 30 months.

Broken down by major components.

Which shows total debt repayments of 13.1 million in 2025 10.3 of which have already been made.

Our EBITDA breakeven level is approximately $600 per vessel per day.

Aristides Pittas: We want to thank everybody for participating in today's call, and we will be back to you in the new year with the results of the whole year. Thank you. Thanks, everybody, for attending. Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

But when you look into.

Expenses.

And loan prepayments.

12.2 million in payments, in 2026 and 2091 million in payments. In 2027 mind you, the last figure includes the beginning of repayments for our 2.

Second thing our total cash flow breakeven level for the next 12 months is estimated at around $11900 per vessel per day.

For the 2, we will assume for our new building, Ultra Max vessels which are scheduled for delivery in the third quarter of 2027.

Let's see here.

In the bottom of this slide.

Gross profit commission and far more firepower.

You can see our cash flow break-even estimates for the actual month.

Our time charter equivalent.

Broken down by major components.

Breakeven rate.

Hello, Sir.

For vessels per day, and we need to respect right.

Our ebita break even level is approximately 7,600 regardless of the day.

Both cash flow and profitability.

And see from the top of that. We include interest expenses.

Excellent.

And, and Loan repayments.

Let's now move to the last part of my remarks.

Slide 18.

Some highlights.

Okay.

This slide offers a snapshot of our assets and liabilities.

Schedule or repayments our total cash flow rate, even level for the next 12 months is estimated at around 11,000, 900% per day.

It's a perfect picture of our financial position.

This is a net figure. If we grossed up for commissions and some of our time, our time charts are equivalent.

As of September 30th strengthening.

Strengthening price.

Cash and other assets in our balance.

Approximately $18 eight media, while we said advances.

Four new buildings amounted to about $7 2 million. In addition on the asset side, what kind of a book value of our vessels, which are all about.

Break-even rates are below $13,000 per vessel per day, and we need to reach that rate to achieve both cash flow and taxability break-even over the next 12 months.

Let's now move to the last slide of my remarks.

The slide 18 gives you some highlights of our balances.

Seven 6 million in Boston.

Okay.

Well for us to comment on.

Oh, sorry.

As far as the liabilities are concerned, this gives a clear picture of our financial position.

Okay.

Right.

As of September 30th.

Now the media, which is roughly 48, 4%.

With our assets and other liabilities.

In our balances, we put approximately $18.8 million for 2025 cast and other assets while we had advances.

$5 2 million.

Something about 6% per product.

What about the book value for stockholders equity of almost nine media.

Thanks Luke.

Book value per share of <unk>.

One eight.

For new buildings amounted to about 7.2 million. In addition, on the asset side, we have the book value for vessels, which was about 176 million resulting in total book value of our assets of roughly 202 million.

Based on our own estimates.

The market value of our fleet is.

Javier.

With respect to book value, we estimated to be about couponing.

$14 million as compared to 76 as I mentioned earlier, approximately 10 3 million upon the book value and plan.

On the liability side, total Bank debt, as I mentioned in the previous slide would at 97.9 million which is roughly 48.4% of the book value for assets. We had other liabilities of 5.2 million

representing about 2.6% of our assets.

As a part of our fleet on a percent basis.

Texas across the board.

All right.

Yeah, we can.

All of this to that Lisa banks of our size.

This results in the book value for our shareholders' equity of almost $90 million, translating into a net book value per share of $31.80.

$14 per se.

And again, one more time.

The bank or banks or upside potential.

So appreciation.

Market conditions.

Our order pattern, but.

Michael.

And with it.

Based on our own estimates though. The market value for a fleet is higher than the respective Book value. We estimate it to be about 214 and 14 million as compared to 176% earlier approximately 308 million above the book value implying.

I would like to pass the floor back to activity.

On our call.

Thank you for let US now open up the floor for any questions you may have.

The net asset value of our Fleet on a per share basis to be in excess of 44 dollars.

Thank you we will now begin.

Conducting a question and answer session.

I would like to ask a question. Please press star one on your telephone keypad.

A confirmation tone will indicate your line is no question too.

You May press Star two if you would like to remove your question from the queue.

But you spent using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

If we compare this to the recent trading rates of ourselves, which are around $13 per share, it becomes evident once more that the significant potential for fair appreciation should market conditions improve or other factors cause that discount scenario.

and with this,

I would like to pass the floor back to our receipts to continue our call.

Please poll for questions.

Thank you. Our first question comes from the line of Hans <unk> with Noble capital markets. Please proceed with your question.

Thank you, tasos. Let us now open up the floor for any questions you may have.

Thank you. We will now be conducting a question and answer session.

Hello.

The market fundamentals are looking more promising for 2026, and we've seen the rates Cross shop, and I know you mentioned a breakeven rate of 12000.

If you would like to ask a question, please press star 1 on your telephone keypad.

A confirmation tone. Will indicate your line is in the question queue?

Can you talk about your thresholds for shifting from a short term index linked exposure and.

You may press star 2 if you would like to remove your question from the queue.

Possibly securing some longer term coverage other specific rates youre looking for.

For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

1 moment, please while we pull for questions.

Yes.

We will reach too long ago.

If we see numbers between around 16015, 16, 17, that's where that's the area, where we will be concentrating to get some exposure.

Thank you. Our first question comes from the line of hands bowo with Noble. Capital markets. Please receive with your questions.

Hello.

The market fundamentals, are looking more promising for 2026 and we've seen the rates push up and I know you mentioned a break, even rate of 12,000.

Ed.

Time charter because all the SFA.

Okay and is that is that across the board or is that an average between you know the cancer Max Panamax Super Max.

Can you talk about your threshold for shifting from the short term index linked exposure and you know possibly securing some longer term coverage. Are there specific rates you're looking for?

It is.

And neither of them, let's say, but they just go you obviously are as the Panamax is a mess.

So we might see something that's a little bit lower grade.

As a younger com for mattresses in B C.

Batches.

They are in.

Probably around the same these days.

Yes. So we will switch to longer term coverage. Uh, if we see numbers, you know, between around, 16,000 and 15,167, that's where, that's the area where we will be concentrating to, to get some explosive, uh, heads Through, Time factors, or as a face

Okay.

Alright, Thank you and.

I see the extra rainy is looking for employment do you have a timeline of when you expect that vessel to start start up again.

Okay. And is that across the board? Or is that an average between, you know, the cancer Max, Panamax, Supermax?

They really were sold.

The actor any.

Okay.

They've got a real network fix the yes, they've got 30, new work fixed.

A couple of days ago, so it didn't make it clear in the presentation.

Another let's say what I just told you obviously. I'll add the panomax is less. So we might fix something a little at a little bit lower rate. Uh the younger cancer Maxes and the super and Ultra Maxes, they they

They are probably around the same these days.

Okay.

For the three.

By South America back to the properties, so about 90 to 100 days.

All right, thank you. And, you know, I see the Extra Rainy is looking for employment. Do you have a timeline of when you expect that vessel to start up again?

The level, which is.

The Rainy was sold.

About a 16000.

No. The the actor.

<unk> thousand dollars a day.

Okay.

Hi, Duane.

He was very impressed with that.

Okay I understand.

And my last question is forbidden near term that I know, where the arena sale and the refinancing steps your liquidity improved recently.

But you still have the $12 2 million in current debt do you have any plans to improve near term liquidity.

Trip via South America, back to the Far East. So about 90200 days at the level, which is

Yeah, our liquidity has improved significantly.

We did a couple of things we did.

H about uh 16 and a half thousand dollars a day.

They are not reflected in the numbers for the nine months, but because they are.

Because that's very fresh.

About the campaign, when you're financing young people, which really leaves about four and a half medium with a chunky range, which really is about six and a copy of your Nike. After we pay for a couple of them even better.

okay, I understand

And my last question is, um, for the near-term debt? I know with the arena sale and the refinancing steps, your liquidity improved recently.

And we can also each independently it is oh Haynes to finance the pre delivery installments.

But you still have the $12.2 million in current debt. Do you have any plans to improve near-term liquidity?

Yeah, I will put it together.

Payments were a little bit at least.

Why don't they don't have to be paid by the day.

Because we, we did a couple of things. We

We are.

And so I think we can improve significantly our liquidity.

The difference by the end of the year is plus 50 million. After these taxes would be.

We took.

That they're not reflected in the numbers for the nine months, but because they happen, what are about to happen. We are financing in January, which will release about $4.5 million. We have sold Irani, which will release about...

Okay perfect.

Alright.

Uh huh.

As you pointed out in the fourth quarter the market is.

Yeah.

Improving and should be contributing to our positive cash flow. So there should be an additional pilots.

From a balance sheet.

Okay. Thank you very much that's everything for me.

6 and a half million. I think, after we paid a couple of million of that. That was that. And we have also it's in the press release arranged to finance the pre-delivery installments payments for our new buildings and 1. It has already been paid by the new the the debt we are in.

Thank you.

Yeah.

As a reminder, if you would like to ask a question press star one on your telephone keypad.

um so I think we have improved significantly uh liquidity uh the difference by end of the year is plus 15 million after these steps that we take that we took

Our next question comes from the line of Paul Sat with Alliance Global Partners. Please proceed with your question.

Yeah. Good afternoon. Their state is good afternoon Tushar.

Okay, perfect. As you pointed out in the, in the fourth quarter of the market is

I just wanted to follow up on the Newbuild financing.

So did you say that youre going to draw down. The first you know one of the two newbuild.

improving and should be contributing to our with positive cash flow. So there should be an additional balance generated from our operations.

Okay, thank you very much. That's everything from me.

Facilities in the fourth quarter.

Thank you.

Yeah. So we're already done that the second one is new buildings. He had the second payment.

That was to be made this year.

As a reminder, if you would like to ask a question, press *1 on your telephone keypad.

One of them.

Payment was year over year.

Alright, well that's it.

Our next question comes from the line of Po, fraught with Alliance Global Partners. Please proceed with your question.

Took alone and the payment was made using that loan.

The other payments coming up and we can.

Another alone or with a different bank I think <unk> seen the press release.

And with.

Before the payment is greater.

Yeah, good afternoon, Eric stees. Good afternoon, tonso. Um, just wanted to follow up on the new build financing tasos. Did you say that you're going to draw down the first, you know, 1 of the 2 new build, uh, facilities in the fourth quarter?

So what I'm trying to to figure out when you're going to show the increment incremental debt on the balance sheet.

Because the newbuild payments as I understand it there you know call it 60% of the total cost of the.

Yes. So we're we're already done that the second, this new buildings had the second payment that that was to be made this year, for 1 of them that the payment was you. We already made that we already

<unk> built their networks aren't due until mid 'twenty Sevens. So can you just sort of give me an idea of what.

Took a loan, and the payment was made using that loan.

Yeah.

It looks like in 27, 26, and 27 Congress.

Uh, the other payment is still, uh, coming up, uh, and we have another loan with a different bank. I think it's in the pressure release, um, which will complete it over that payment as well.

I mean by the end of either of these vessels, we would have drawn approximately 53 million of debt to finance the two new buildings 26, and $26 nine I think.

So that's by the delivery of the vessels and as we drove back to finance pre delivery installments will sorry Oscar.

Our balance sheet.

Yep, Okay, just to clarify that and then.

So I'm trying to to figure out when you're going to show the increment incremental debt on the the balance sheet. Um because the new bill payments as I understand it are, you know, call it 60% of the total cost of the new builds and those aren't due until mid 27. So can you just sort of give me an idea of what

Eric can you talk about the market a little bit you know what.

Yeah, that looks like in 27 and 26 and 27 passes.

I'm trying to reconcile that.

One the sudden increase in rates on the Alexandros P increased dose.

Okay.

The August September timeframe and.

Can you just.

Uh, I mean by the end of, by the delivery of these vessels, we would have drawn approximately $53 million in debt to finance the two new buildings: $26 million and $26.9 million, I think it was the numbers.

Highlight the reasons you think that the rates went.

Went from.

I'm Sandra P went from 6000 to 28, and then Christos went from.

So that's by the delivery of the vessels and as we draw that Finance free delivery installments will show it. Obviously in our balances

You know cod, but low teens to 28, and then can you give me an idea of sort of the rate outlook for both the fourth quarter and entered the early 2026 timeframe.

Sure Paul that the market. The overall market is slightly improving as we showed also by that bad that you've seen in D. C.

Yep. Okay, just to clarify that and then uh, can erinis. Can you talk about the market a little bit? Um, you know, I'm trying to reconcile the the 1 the sudden increase in rates on the Alexandria p and Christos.

K. You know, in sort of the August-September time frame, and can you just...

However.

The increases are comprised of various different voyages the voyage from those properties.

Highlight the reasons you think that the rates, you know, went from Alexandria P went from $6,000 to $28, and then Cristo went from.

The Atlantic generally a low paying voyages.

The Voya this problem with the Atlantic to the properties.

Hi, paying voyages, so if you secure it.

Like could be cut there isn't it.

Starts probably Bobby bones to South America, and rebalance cause ascites that you will get the average rate, which today is about 65000.

But to be fixed.

2 of the people, the, the market, the overall Market is slightly improving. As is shown also by the various indices. However, uh, the spec the indices are comprised of various different voyages, the Voyages from the Far East

But in the two cases that you're talking we're talking about the first two mortgages were positioning voyages to places where you can get.

To the Atlantic, generally, low paying voyages, the voyages from the Atlantic to the Far East.

Hi, Evan age to go back out and that is why you see those big differences.

And via other means.

Is it clear.

Yeah, I guess the.

The next.

So the question would be then you know they will have to probably reposition for the rest of the fourth quarter. So we should look at a lower rate for the rest of the quarter is that fair <unk>.

Are high paying voyages. So if you secure, uh, a trip like the katerini, which starts from the Far East, goes to South America and returns to the Far East. Then you will get the average rate which today is around 16 and a half thousand dollars that we fix.

Jim.

I think oh.

You should be looking at other parts of Asia.

So.

But in the two cases that you're talking about, we're discussing the first two voyages—repositioning voyages to places where you can get, uh, higher rates to go back out. And that is why you see those big differences in the earnings.

You know the way rerouted to other models at least could we take those the sops in situ and in Macau and said that we are now the models for 36 months or a year ago Bethesda. So we generally use the index.

To reflect what we think will be happening because it's very difficult to decide exactly.

Is it clear? Yeah, I guess the the next sort of question would be then you know, they'll have to probably reposition for the rest of the fourth quarter. So we should you know, look at a a lower rate for the rest of the quarter is that fair are stees on those 2.

How to do value every ship, but yes, if a vessel is in the far east is in China. It would have cost to go to a place where they wouldn't be able to.

I think, on average, you should be looking at an average Saturday. Uh, so

Command higher.

Great debates.

Peer games on the type of fixture it fits within that part of it will be closer to the Alberta, Bakken pulses Atlanta again, it won't be.

But I think it's going from the Atlantic will be low the lower rate.

You did mention it because then you can get the better part of the basket.

You know, the way we run our models, at least we take those assumptions into account and we run our models for 3, 6 months, or a year or whatever. So, generally, we use the index to reflect what we think will be happening, because it's very difficult to decide. Exactly.

So wherever the cutoff for some at the end of the quarter.

The average is probably a safe bet.

Yep Okay.

Fair enough and then when I just wanted to clarify that.

<unk> hundred.

115% of the P 50.

How to to Value every receipt. But yes, if a vessel is in the Far East, is in China, it will have a cost to go to a place where it will be able to uh command higher Freight rates.

<unk> 58.

Is that number on page eight so that you know before that you have bond index right now.

Or you know, earning 115%.

You know right now it looks like 16 six.

Clear depends on the type of the next picture. If it's within Paris, it will be closer to the average; if it's back and forth to the Atlantic, again, what about the others? If it's going to the Atlantic, it will be low. The lower rate that I see is mentioned because then you will get a better rate to go to the back.

16625 is that correct.

So, wherever the cut-off falls at the end of the quarter, but so, take me. The average is probably a safe bet.

Yeah, I think the BSI index and multiply it by 116 to get to get to what we.

Yep. Okay, um, fair enough. And then I just want to clarify that, um,

We have paid for these four vessels as of today.

Okay.

You don't want your your chart that shows your employment you know on page I think it's page six.

The 115% of the BSI 58 is that number on page 8, so that you know the 4 that you have on the index right now. Um,

You don't have any dry docks on through the middle of 'twenty six.

Or, you know, earning 115% of, you know, right now. It looks like 166

Will there be any dry docks over the next nine months or could you just highlight what your dry docking schedule might look like.

16,600 and 255. Is that correct?

Is that right.

And yes that is going to happen soon or other.

Yes, you take the BSI index and multiply it by 1.15 to get what?

Other than that I don't think we have something else within the next 36 months nine months.

We are paid for these 4 vessels every day.

We only have one dry.

Okay.

I cant remember the mood shifted.

And then towards the second half.

Six.

Yes, it does.

Right.

And now in London.

Okay, and then typically you know I guess, you talked about your fleet, but no business or you know programming.

Okay. And you know on your your chart that shows your employment, you know, on page, I think it's page 6 um you don't have any dry docks on you know through the middle of 26. Um will there be any dry docks over the next 9 months? Or could you just highlight what your dry docking schedule might look like. And

But it's more in the context of lower rates.

And making that decision of doing the dry dock on a 2020 year old plus fast that versus selling it.

Yes, that is the dry dock that is going to happen very soon. Uh, other than that, I don't think we have something else within the next 6 to 9 months.

And can you just highlight Wendy.

Drydocks might occur on the Starlight blessed by what Youre still two of the oldest panamax, which you have out there in the Santa Cruz was done in the third quarter, So I'm, assuming you're going to keep it for a while.

We only have 1 doc within 2026. I can't remember which city it is, and it's towards the second half.

For the whole year, it's just 1 year now and 1 in 1036.

Yes, I think that's less likely.

The spotlight.

Okay. And then, you know, typically, I guess you talked about your fleet renewal business or, you know, program and.

You're right you're right.

But I think second quarter.

Okay. That's really helpful. Thank you so much.

Thank you thanks Paul.

20 20-year-old plus asset versus, you know, selling it.

A final reminder, if you would like to ask a question press star one on your telephone keypad.

And can you just highlight when the...

One moment, please while we report for any additional questions.

Dry docks might occur on the Starlight and the Blessed Luck, which are still two of the oldest. You know, the Panamas you have out there and the Santa Cruz was done in the third quarter. So, I'm assuming you're going to keep it for a while.

Mr. Peterson appears we have no further questions at this time I'd like to turn the floor back over to you for closing comments.

Yes. I think the best luck and the Starlight are in 2027. I think second quarter. Okay.

Thank you.

Thank everybody for participating in today's call.

Okay, that's really helpful. Thank you so much.

Thank you. Thanks Mom.

We will be back to you.

In the new year with the cause that sort of the full year.

A final reminder: if you would like to ask a question, press star 1 on your telephone keypad.

Thank you and thanks, everybody for attending.

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect. Your lines at this time. Thank you for your participation and have a wonderful day.

One moment please while we prepare for any additional questions.

Mr. Pittas, it appears we have no further questions at this time. I'd like to turn the floor back over to you for closing comments.

Thank you. We want to thank everybody for participating in today's call and we will back be back to you uh, in the new year with the results of the whole year.

Thank you. Thank you, everybody, for attending.

Ladies and gentlemen, this concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.