Q3 2025 C3is Inc Earnings Call
Well today is our CFO and appeal to you before.
Diamantis Andriotis: I am the CEO of the company. Joining me on the call today is our CFO, Nina Pyndiah. Before we commence our presentation, I would like to remind you that we will be discussing forward-looking statements, which reflect current views with respect to future events and financial performance, and are based on current expectations and assumptions, which, by nature, are inherently uncertain and outside of the company's control. At this stage, if you could all take a moment to read our disclaimer on slide two of this presentation. I would also like to point out that all amounts quoted, unless otherwise clarified, are implicitly stated in US dollars. We have today released our earnings results for the third quarter of 2025, so let's proceed to discuss these results and update you on the company's strategy and the market in general.
Before we commence our presentation I would like to remind you that we will be discussing forward looking statements, which reflect current views with respect to future events and financial performance and are based on current expectations and assumptions, which by nature are healthy uncertain and outside of Companys control.
At this stage if you could all take a moment to read our disclaimer on slide two of this presentation.
I'd also like to point out that all amounts quoted unless otherwise clarified I am Plisky stated in us dollars.
We have today released our earnings results for the third quarter of 2025. So let's proceed to discuss these results and update you on the Companys strategy and the market in general.
Please turn to slide three where we summarize and highlight the companys performances, starting with our financial highlights for.
Diamantis Andriotis: Please turn to slide three, where we summarize and highlight the company's performances, starting with our financial highlights. For the first nine months of 2025, we achieved a net income of $5.26 million, compared to a net loss of $3 million for the same period in 2024, an increase of 281%. Our voyage revenues decreased by 24% compared to the same period in 2024 due to the dry docking of our Afrapel II tanker, resulting in a loss of revenue from our highest earning vessel over a period of 74 days. Our TC rates were also impacted, with a drop of 40%. In April 2025, we settled the final outstanding balance of $14.6 million due on our latest addition, the Echo Speedfire. We reported an EBITDA of $10 million compared to $3 million for 2024, an increase of 245%.
For the first nine months of 2025, we achieved net income of $5 $26 million compared to a net loss of $3 million for the same period in 2024, an increase of 281%.
Our voyage revenues decreased by 24% compared to the same period in 2024 due to the Drydocking of our hot from a tanker, resulting in the loss of revenue from our highest earning vessel over a period of 74 days.
Our TCE rates was also impacted with a drop of 40%.
In April 25, we settled the final outstanding balance of $14 $6 million due on our latest addition, the echo Spitfire.
We reported an EBITDA of $10 million compared to $3 million for 2024, an increase of 245%.
<unk> four shows the dry bulk trade for the first nine months of 2025, the recent U S. China trade truce wildfires.
Diamantis Andriotis: Slide four shows the dry bulk trade for the first nine months of 2025. The recent US-China trade truce, while fragile, should support Q4 rates via more US exports. The iron ore and bauxite markets remained resilient, and 2026 could see faster expansion than 2025, driven by South Atlantic iron and bauxite volumes. The market was also supported by strong iron ore volumes to China. Dwindling Chinese iron ore and bauxite mining output will create scope for imports. Bauxite departures from Guinea to China show the usual Q3 rainy season weakness. Much of the relatively strong demand has been driven by inventory building and dwindling Chinese mining output rather than rapid growth in demand. Chinese demand is not growing rapidly, but its inventories are. Q3 was a much stronger period for seaborne coal trades than the first half of 2025. Overall levels remain slightly down against 2024 levels.
Should support Q4 rates via more U S exports, the iron ore and bauxite markets remained resilient in 2026 could see faster expansion than <unk> 35, driven both South Atlantic Ireland box volumes.
The market was also supported by strong iron ore volumes to China.
New England, Chinese iron ore and bauxite mine output will create scope for imports boxing.
Boxing departures from gaming to China showed the usual Q3 rainy season weakness.
Much of the relatively strong demand has been driven by inventory building and dwindling Chinese mine output.
Rapid growth in demand.
Chinese demand is not growing rapidly, but its inventories are.
Q3 was a much stronger periods for seaborne coal trades than the first half of 2025.
Overall levels remain slightly down against 2004 levels.
Come to <unk> 26, a modest rebound in coal trade is expected as trade tensions and linear remained key risks.
Diamantis Andriotis: Come 2026, a moderate rebound in coal trade is expected, as trade tensions in La Niña remain key risks. The grain trade boomed in Q3, primarily driven by bumper grain volumes in the Atlantic. China bought enormous volumes of Brazilian soybeans far later in the year than usual, as it avoided buying US soybeans as part of the wider trade dispute between the two nations, resulting in US exports falling 35% by the end of Q3. There were also strong grain and soy meal volumes from Argentina, thanks to government cuts in export levies and strong harvests. Come 2026, firmer EU production, moderate Black Sea growth, and strong ECSA volumes support a modest rebound in grain flows. A much more vigorous rebound will be from Chinese return to the market in Q4, with demand extending well in 2026.
The grain train boomed in Q3, this was primarily driven by bumper grain volumes in the Atlantic.
China bought enormous volumes of Brazilian soybeans far later in the year than usual as it avoided buying U S. Soybeans as part of the wider trade dispute between the two nations, resulting in U S exports falling 35% by the end of Q3.
There was also strong grain and soy mill volumes for Argentina, Thanks to government cuts and expert levies and strong harvests.
<unk> 26 primary EU production model Black sea growth and strong E CSA volume support a modest rebound in grain flows.
And much more vigorously bonds will be from Chinese returned to the market in Q4 with demand extending well into 2026.
Minor bulk demand remains resilient as steady manufacturing and construction underpin minor bulk imports.
Diamantis Andriotis: Minor bulk demand remains resilient, as steady manufacturing and construction underpin minor bulk imports. Slide five shows the handy-sized market fundamentals, and the fleet age and growth. The market outlook shows that in January-September 2025, global exports of all dry bulk commodities loaded on handy supertonnage reached 1,328,000 tons. According to AXS Marine vessel tracking data, 15% of exports loaded were coal. This was largely due to a slowdown in coal mining output in China. Indian appetite for coal imports was down significantly in Q3, in line with typical seasonal trends. India's demand was also hampered by strong domestic mining. Moving on to the handy fleet age and growth, the global handy-sized fleet now stands at 3,202 vessels. Of these, 569 vessels are over 20 years of age, accounting for 17.8% of the total number of vessels.
Slide five shows the handy sized market fundamentals in the fleet age and growth the market outlook shows that in January September 2025, global experts are all dry bulk commodities loaded on hand issue per ton us REIT 132, 8 million tons due to excess marine vessel tracking data.
15% of extra loaders, where coal this was largely due to a slowdown in coal mine output in China.
India and appetite for coal imports was down significantly in Q3 in line with typical seasonal trends India demand was also hampered by strong domestic mining.
Moving onto the handy fleet AIDS and growth with global Handy size fleet now stands at 3202 vessels.
Of these 569 vessels are over 20 years of age accounting for 17, 8% of the total number of vessels.
With a starting tally of 3117 vessels. The current fleet represent the chains of 273% in vessels numbers over the year so far.
Diamantis Andriotis: With a starting tally of 3,117 vessels, the current fleet represents a change of 2.73% in vessels' numbers over the years so far. The global handy-sized order book now stands at 226 vessels. Of these, 37 vessels are scheduled for delivery within 2025. Currently, the order book to fleet ratio stands at 7.2%, while, in comparison, 10.5% of the fleet is over 25 years of age, and another 7.3% is between 20 and 24 years of age. The average age of the C3IS handy fleet was 15.2 years by the end of Q3 2025. Slide six shows the Aframax LR2 fleet size and age. As at the end of Q3 2025, the Aframax fleet in service comprised 1,191 vessels, with a total deadweight capacity of 131.35 million deadweight, reflecting a year-to-date growth of 3.03%. Deliveries in 2025 reached 47 vessels.
Global Handy size order book now stands at 226 vessels of this 37 vessels are scheduled for delivery within 2025.
Currently the order book to fleet ratio stands at seven 2% while in comparison to 10, 5% of the fleet is over 25 years of age and over seven 3% is between 20 and 24 years of age.
The average age of the <unk> fleet was 15 two years by the end of Q3 two in 'twenty five.
Slide six shows the Aframax LR, two fleet size and needs.
As at the end of Q3 2025, we aflac slipped in service comprised 1191 vessels with a total deadweight capacity of 131 35 million deadweight, reflecting the year to date growth of 3.0% to 3% deliveries in 2025 reached 40.
Seven vessels demolition totaled nine vessels with two vessels removed during Q3.
Diamantis Andriotis: Demolitions totaled nine vessels, with two vessels removed during Q3. The current order book stands at 197 vessels. Fleet age 20 years or older totals 252 vessels, representing 21% of the total fleet. The highest number of vessels is in the 15-20 years category. The age of our Aframax tanker was 15.2 years by the end of Q3 2025. Slide seven summarizes the current tanker market fundamentals. Global oil consumption rose only modestly in Q3, and speculations are now growing over an oil supply surplus next year. Q3 Chinese crude oil imports were down 0.4% on Q2, but up 5% year on year. Chinese oil demand is sluggish, increasing purchases are cost-opportunistic, and destined to build up inventories as domestic demand is flatlining. There is only another 2% of total growth in oil demand expected until 2030. War and global uncertainty will keep causing market disruptions, typically boosting earnings.
The current order book stands at 197 vessels fleet is 20 years or older totals 252 vessels, representing 21% of the total fleet the highest number of vessels in the 15 to 20 years category.
<unk> of our Aframax tanker was $15 two years by the end of Q3 2025.
Slide seven summarizes the current tanker market fundamentals global oil consumption rose only modestly in Q3 and speculations are now growing over in oil supply surplus next year.
Q3, Chinese crude oil imports were down <unk>, 4% in Q2, but up 5% year on year Chinese.
The initial demand is slight increase in purchases of course opportunistic and therefore to build up inventories as domestic demand is flat line.
There is only 2% of total growth in oil demand expected until 2030 war and global uncertainty, we will keep causing market disruptions typically boost in earnings refinery attacks in Russia are just the latest example.
Diamantis Andriotis: Refinery attacks in Russia are just the latest example. Tariffs and trade. Global growth has proven stronger than anticipated in the face of trade tariff spats. However, part of this resilience was masked by front-loaded exports. China remains on track to meet its 5% growth target, an outcome few expected earlier this year. The real test will come next year. Even if Chinese exports remain strong, next exports are unlikely to grow as much as in 2025. China-US relations have steadied with a one-year truce agreed, but some tariffs remain, and without a comprehensive long-term deal, uncertainty will persist. The recent US tariff reduction on Chinese goods is marginal, now 47% down from 57%, and China-US trade is expected to keep declining. Geopolitical uncertainty continues to dominate, especially the US-China trade and maritime rivalry.
Tariffs and trade.
<unk> growth was has proven strong you'd anticipate in the face of trade tariff spots. However, part of this resilience was masked by Frontloaded experts.
China remains on track to meet this 5% growth target and now come few expected earlier this year.
The real test will come next year, even if Chinese exports remained strong next expert chat and are likely to grow as much as in 2025.
China US relations have steadied within one year truth agreed, but some tires remain without and comprehensive long term deal uncertainty will persist.
The recent U S tariff reduction on Chinese goods use marginal now, 47% down from 57% and China U S trade is expected to keep declining.
Geopolitical uncertainty continues to dominate especially the U S, China trade and buying time rapidly.
<unk> October.
And one year truth agreed with U S tariffs on China reduced to 47% and another measures delayed.
Diamantis Andriotis: Late October saw a one-year truce agreed, with US tariffs on China reduced to 47%, and other measures delayed. Early Q4 saw the Israel-Hamas ceasefire, which is holding for now, albeit delicately. Ships still avoid the Red Sea despite the Gaza ceasefire. This continues to mask oversupply. It will take time for the route to be deemed safe. There was little end in sight to Ukraine war, but the US is now talking tougher on sanctions, with implications for oil and tanker markets. Q3 was all about waiting for the IMO vote on net zero measures in October. The vote was eventually delayed until next year after US lobbying against the rules. Bar a stark change of US policy, any global carbon measures are unlikely to pass next year or at any point in Trump's term.
Early Q4 saw the Azrael Hammer Street fire.
Which is holding for now I'll buy delicately.
<unk> still a void that see despite the gasifier. This convenience to mask oversupply will take time for the route to be deemed safe.
There was little land inside to Crane war, but the U S is now talking tougher on sanctions with implications for oil and tanker markets.
Q3 was all about waiting for the IMO vote on net zero measures in October the board was essentially delayed until next year. After U S lobbying against the rules.
Bar stock change of U S policy and global carbon measures are likely to pass next year or a 10 point in Trump's term.
Theyre all shift past would have effectively introduce the carbon tax on burning fuel oil.
Diamantis Andriotis: The rules, if passed, would have effectively introduced a carbon tax on burning fuel oil. Slide eight shows the current fleet of C3IS. C3IS owns and operates a fleet of three Handysize dry bulk carriers and one Aframax oil tanker. In May 2024, the company took delivery of the 33,000 deadweight dry bulk carrier, the Eco Spitfire, bringing the total fleet capacity to 213,000 deadweight, with an average age of 14.8 years at the end of Q3. All vessels have had their ballast water systems already installed. The Afrapearl II successfully completed her dry docking in August 2025, and the next one due will be in August 2028. All the vessels are unencumbered and currently employed on short to medium-term period charters, and spot voyages. None of the vessels were built in Chinese shipyards, hence not affected by the newly postponed tariffs.
Slide eight shows our current fleet of <unk> <unk> owns and operates a fleet of 300 high dry bulk carriers and one aframax tanker.
In May 2024, the company took delivery of 33000 deadweight dry bulk carrier vehicles Spitfire, bringing the total fleet capacity to 200.
213000 deadweight with an average age of 14 eight years at the end of Q3.
All vessels have had their ballast water systems already installed the <unk> travel to successfully complete the dry docking notwithstanding 25 in the next one you will be notwithstanding 28.
All the vessels are unencumbered and currently employed on short to medium term period charters and spot voices.
None of the vessels will be built in Chinese shipyards, hence not affected by the newly postponed tariffs.
Slide nine shows a sample of international Charterers, with whom management company has developed strategic relationships and has experienced repeat business.
Diamantis Andriotis: Slide nine shows a sample of the international charters with whom Management Company has developed strategic relationships and has experienced repeat business. Repeat business highlights the confidence our customers have for our operations, and the satisfaction of the services we provide. The key to maintaining all relationships with these companies are high standards of safety and reliability of service. I will now turn over the call to Nina Pyndiah for our financial performance. Thank you, Diamantis, and good morning to everyone. Please turn to slide ten, and I will go through our financial performance for the first nine months of 2025. We reported voyage revenues of $24.2 million for the first nine months of 2025, compared to $32.9 million in 2024, a reduction of 26%, primarily due to the dry docking of our Aframax tanker, which resulted in 74 non-revenue days.
Business highlights the confidence our customers have for our operations and the satisfaction of the services we provide that.
The key to maintaining our relationships with these companies are high standards of safety and reliability of service I will now turn over the call to Mr. <unk> for our financial performance.
Thank you Jim on days and good morning to everyone.
Please turn to slide 10, allografts with our financial performance for the first nine months of 10 to 25.
We reported.
<unk> revenues of $24 2 million for the first nine months of 295 compared to $2 9 million in time before.
Reduction of 10, 6%, primarily due to the Drydocking of our Aframax tanker, which resulted in 74 non revenue days.
The time charter equivalent rates of our vessels are also impacted with a decrease of 40% compared to the same period a tentpole.
Diamantis Andriotis: The time charter equivalent rates of our vessels were also impacted, with a decrease of 40% compared to the same period of 2024. Voyage costs for the first nine months of 2025 were $9.4 million, compared to $10.4 million in 2024. This decrease was attributed to the decrease in voyage days due to the dry docking of the Aframax tanker. Voyage costs for the nine months ended 30 September 2025 mainly included bunker costs of $4.7 million, corresponding to 49% of total voyage expenses, and port expenses of $3.8 million, corresponding to 40% of total voyage expenses. Operating expenses for the nine months ended 30 September 2025 were $7 million and mainly included crew expenses of $3.5 million, corresponding to 50% of total operating expenses, spares and consumables costs of $1.6 million, and maintenance expenses of $1 million, representing works and repairs on the vessels.
Voyage costs for the first nine months of 'twenty five were $9 4 million compared to $10 4 million in 2000 for this decrease was attributed to the decrease in voyage days due to the dry docking of the Aframax tanker.
Voyage costs for the nine months ended September 32025, mainly included bunker cost of $4 7 million corresponding to 49% of total voyage expenses and port expenses of $3 8 million corresponding to 40% of schedule voyage X.
Fences.
Operating expenses for the nine months ended September 30 to 95 was $7 million and mainly included crew expenses of $3 5 million.
Funding to 50% of total operating expenses.
And consumables cost of $1 6 million and maintenance expenses of 1 million representing walks in with us on the vessels.
The dry docking costs for the <unk>.
One 7 million.
Diamantis Andriotis: The dry docking costs for the Afrapel II were $1.7 million. General and administrative costs for the nine months ended 30 September 2025 and 2024 were $2 million and $2.5 million, respectively. The $0.5 million decrease mainly related to expenses incurred in the nine months ended September 2024, relating to the two public offerings. Depreciation for the nine months ended 30 September 2025 was $4.9 million, a $300,000 increase from $4.6 million for the same period of last year due to the increase in the average number of our vessels. Interest and finance costs for the nine months ended 30 September 2025 and 2024 were $400,000 and $2.1 million, respectively.
General and administrative costs for the nine months ended September 25, and 24 2 million and $2 5 million respectively.
<unk> 5 million decrease mainly related to expenses incurred in the nine months ended September 24 relating to the two public offerings.
Appreciate and for the nine months ended September 30 to 95 was $4 9 million.
A 300000 increase.
From $4 6 million for the same period of last year due to the increase in the average number of our vessels.
Interest and finance costs for the nine months ended September 30, 25% and 24 will have $400002 1 million respectively.
The $1 7 million decrease is related to the accrued interest expense related party in connection with the $53 3 million part of the acquisition prices of our farmer Mac's tanker <unk>.
Diamantis Andriotis: The $1.7 million decrease is related to the accrued interest expense related party in connection with the $53.3 million part of the acquisition prices of our Aframax tanker, the Afrapel II, which was completely repaid in July 2024, and our bulk carrier, the Echo Speedfire, which was completely paid in April 2025. Gain of warrants for the nine months ended 30 September 2025 was $6.7 million as compared with the loss on warrants of $10.4 million for the nine months ended 30 September 2025, and mainly related to the net fair value changes on our Class B1 and Class B2 warrants, and Class C1 and C2 as well, as these were classified as liabilities. For the first nine months of 2025, the company reported a net income of $5.3 million and a related EPS of $3.34.
Retail, which was completely repaid in July 24, and our bulk carrier the agco Spitfire, which was complete which was completely paid in April 25.
Gain of wire and for the nine months ended September $30, 95 was $6 7 million as compared with a loss on <unk> of $10 4 million for the nine months ended September $30, 95, and mainly related.
To the net fair value changes on our cloud <unk> and cloud <unk> and CTO Atlanta and <unk> as these were classified as liabilities.
For the first nine months of 'twenty five.
The company reported a net income of $5 3 million.
Related EPS of $3 34.
Turning to slide 11 for the balance sheet, we had a cash balance of $6 6 million compared to $12 6 million at the end of 2004, a decrease of 48% due to the full settlement of the 90% of the purchase price of the Echo Spitfire in Q2 dollars 95.
Diamantis Andriotis: Turning to slide 11 for the balance sheet, we had a cash balance of $6.6 million compared to $12.6 million at the end of 2024, a decrease of 48% due to the full settlement of the 90% of the purchase price of the Echo Speedfire in Q2 2025. Other current assets mainly include charterers' receivable of $3.5 million compared to $2.8 million in December 2024, as well as inventories of $600,000 compared to $900,000 at December 2024. The vessels' net value of $79 million was for the four vessels less depreciation. Trade accounts payable of $1.8 million are balances due to suppliers and brokers. Payable to related party of $4.3 million represents the balance due to the management company, Brave Maritime. A warrant liability of $3.9 million was recorded, a drop of 63% from the year-end balance of 2024 when it was $10.4 million.
Hi.
Other current assets mainly include charterers receivable of $3 5 million compared to $2 8 million in December 24, as well as inventories of 600000 compared to 900000 at December 24.
The vessels net value of $17 9 million, while for the four vessels less depreciation.
Trade accounts payable of $1 8 million AR balances Jay to suppliers and brokers.
Payable to related party of $4 3 million represents the balance due to the management company based maritime.
A warrant liability of $3 9 million was recorded a drop of 63% from the year end balance of 24, when it was $10 4 million.
Concluding the presentation on slide 12, we outline the key variables that will assist us progress with our company's growth.
Diamantis Andriotis: Concluding the presentation on slide 12, we outlined the key variables that will assist us progress with our company's growth. Earning a high-quality fleet reduces operating costs, improves safety, and provides a competitive advantage in securing favorable charters. We maintain the quality of the vessels by carrying out regular inspections both while in port and at sea, and adopting a comprehensive maintenance program for each vessel. None of our vessels were built from Chinese shipyards, hence the ongoing tariff threat by the US to China will be of no consequence to our fleet. The company's strategy is to follow a disciplined growth with in-depth technical and conditional assessment review. Equity in issuances will continue as management is continuously seeking a timely and selective acquisition of quality non-Chinese-built vessels, with current focus on short to medium-term charters and spot voyages.
Earning a high quality fleet reduces operating costs improve safety and provides a competitive advantage in securing favorable charters.
We maintain the quality of the vessels by carrying out regular inspections.
First while import NFC and adopting a comprehensive maintenance program for each vessel.
None of our vessels were built from Chinese shipyards, and the ongoing tariff threats by the U S to China will be of no consequence to our fleet.
The company's strategy is to follow a disciplined growth with in depth technical and condition conditional assessment review.
Equity issuances will continue as management is continuously seeking a timely and selective acquisition of quality non Chinese built vessels.
With current focus on short to medium medium term charters and spot voyages.
We always charter to high to high quality charterers, such as commodity traders industrial companies and oil producers and refineries.
Diamantis Andriotis: We always charter to high-quality charterers, such as commodity traders, industrial companies, and oil producers and refineries. Despite having increased our fleet by 234% since inception, the company has no bank debts. No interests were charged by the affiliated sellers on the purchase prices of the Afrapel II and the Echo Speedfire. From July 2023 to date, we have repaid all of our CapEx obligations, totaling $59.2 million, without resorting to bank loans. At this stage, our CEO, Dr. Diamantis Andriotis, will summarize the concluding remarks for the period examined. For the first nine months of 2025, we reported voyage revenues of $24.2 million, an EBITDA of $10.3 million, an increase of 245%, a net income of $5.3 million, an increase of 281%, and EPS of $3.5. In April 2025, we paid off the remaining balance of $14.6 million due on our bulk carrier, the Echo Speedfire.
Despite having increased our fleet by 234% since inception, the company has no bank debt.
Net interest charge by the affiliated sellers on the purchase prices of <unk> and the Echo Spitfire.
From July 23 to date, we have repaid all of our capex obligations totaling $59 2 million without resorting to bank loans.
At this stage, our CEO, Dr <unk>, and Iot will summarize the concluding remarks for the period examined.
For the first nine months of 2025, we reported royalty revenues of 24 2 million and EBITDA of $10 3 million, an increase of 245% and net income of $5 3 million an increase of 281%.
EPS of $3 five.
In April 25, we paid off the remaining balance of $14 6 million views on our bulk carrier vehicle Spitfire.
In August sprint quantify we successfully completed the drydocking of our Aframax tanker, we offer pretty too.
Diamantis Andriotis: In August 2025, we successfully completed the dry docking of our Aframax tanker, the Afrapel II. We are fully delivered, thus significantly enhancing our financial flexibility. As the world goes through an uncertain, volatile era, turbulences in the shipping market are unavoidable. The market remains as uncertain as they have ever been due to this geopolitical environment. Despite all this uncertainty, major economies are still growing, and trade volumes are still rising across sectors. In the midst of these shifting dynamics, C3IS performance remained solid, and we have proved that we have built resilient and organic foundations adaptable to this changing environment. We will therefore continue with our strategy, with our debt-free balance sheet, of enhancing our fundamental ability to both further develop existing core businesses, as well as explore potential new growth businesses.
We are fully delivered thus significantly enhancing our financial flexibility.
As the World goes through an uncertain and volatile mirror turbulences in the shipping market are available.
The market remains uncertain as we have ever been due to this geopolitical environment.
But despite all this insurance major economies are still growing in trade volumes are still rising across sectors.
In the midst of these shifting dynamics CPO, yes performance remains solid and we have proved that we have built the resilient inorganic foundations adapting to this changing environment.
We will therefore continue with our strategy with our debt free balance sheet.
Of enhancing our fundamental ability to both further develop existing core businesses.
As well as explore potential new growth businesses.
We would like to thank you for joining day and look forward to having you with US again at our next call for the results of the fourth quarter of 2025.
Diamantis Andriotis: We would like to thank you for joining us today and look forward to having you with us again at our next call for the results of the fourth quarter of 2025.