Q4 2025 Imperial Petroleum Inc Earnings Call

March 6, 2026

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

Speaker #1: 2025 financial question and answer session on today's Petroleum Q4 and Q12 and webcast. All

Speaker #1: Participants will be in listen-only mode, with no standing by. Welcome to Imperial.

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

Speaker #2: Our Q4 and Q12 is Mrs. Akilari, who will be discussing our Imperial Petroleum. I'm Harry, financial. Some forward-looking statements as performance. In essence, it's made uncertainties which could cause forward-looking statements are based upon the current Imperial Petroleum and are subject to risks, and future results may differ materially from that. During this conference call, we will quote.

Speaker #2: Our Q4 and Q1 Q2 is Mrs. Akilari, who will be discussing our Imperial Petroleum. I'm Harry, financial—some forward-looking statements as performance. In essence, it's made uncertainties which could cause forward-looking statements are based upon the current Imperial Petroleum and are subject to risks, and future results differ materially from that. During this conference call, we will quote.

Harry Vafias: We raise the attention of our investors to the fact that such forward-looking statements are based upon the current beliefs and expectations of Imperial Petroleum, and are subject to risks and uncertainties which could cause future results to differ materially from these forward-looking statements. In addition, we'd like to clarify that during this conference call, we will quote monetary amounts. These, unless explicitly stated otherwise, are all denominated in US dollars.

Speaker #2: These forward-looking statements, denominated in US dollars, in the quarter of last year revealed our fleet dynamics. The market was favorable, explicitly stated; otherwise, are all for both tanker and dry bulk expansion.

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

Speaker #2: ships, allowing us to enjoy solid Indeed, compared to Q3 of 2025, when we operated same number of ships net revenues from tankers decreased by almost 18%, while the rise of net revenues from our dry monetary amounts.

Speaker #2: profitability and with the benefits of our fleet bulk segment was most impressive in the order of 26%. It was a dynamic quarter, and this was also reflected in our fleet operational utilization, which for Q4 2025 was in the order of 91.8%, marking the best quarterly performance These are less of 2025.

Speaker #2: Looking at our fleet subsegments, operational utilization for Q4 was 93.4% for our tankers and 90.4% for our dry bulk fleet. Our commercial strategy this quarter was most efficient, as we managed to reduce commercial off-hire days by 24.3% compared to Q3.

Harry Vafias: Looking at our fleet sub-segments, operational utilization for Q4 was 93.4% for our tankers and 90.4% for our dry bulk fleet. Our commercial strategy this quarter was most efficient as we managed to reduce commercial off-hire days by 24.3% compared to Q3. During Q4, we continued our fleet expansion. In mid-December, we agreed to purchase three carriers and one tanker vessel. Following the delivery of the dry bulk carrier Post Marvel on 12 January, we have a fleet on the water of 20 ships. Based on our capital commitments within 2026, we will take delivery of another six ships. In a short period of time, we utilized our funds and kept our promise to grow Imperial Petroleum fleet to reach close to 30 ships.

Speaker #2: During Q4, we continued our fleet expansion. In mid-December, we agreed to purchase three bulk carriers and one tanker vessel. Following the delivery of the dry bulk carrier Post Marvel on January 12th, we ships.

Speaker #2: We had a fleet on the water of 20. In Q4, our revenues came in at $51.1 million, marking an impressive 95% increase against the same period last year. Our operating income for the quarter was in the order of $13.7 million, marking a 174% increase to 33% increase compared to Q3.

Speaker #2: Based on our capital commitments within 2026, we will take delivery of another six ships. In a short period of time, we utilized our funds and kept our promise to grow the Imperial Petroleum fleet to reach close to 30 ships.

Speaker #2: Touching briefly on our financial performance, the full integration of our dry bulk vessels in conjunction with strong rates both in the tanker and dry bulk markets elevated Q4 both our profitability and operating income generation.

Harry Vafias: Touching briefly on our financial performance, the full integration of our dry bulk vessels in conjunction with strong rates, both in the tanker and dry bulk markets, elevated Q4, both our profitability and operating income generation. In Q4, our revenues came in at $51.1 billion, marking an impressive 95% increase against the same period of last year. Our operating income for the quarter was in the order of $13.7 million, marking a 174% increase to Q4 2024 and a 33% increase compared to Q3. We ended the quarter with net income of $15 million, improved compared to the same period of last year by about $11.1 million. For the full year 2025, our net income came in at $50 million, our EBITDA close to $71 million, while our operating cash flow was as high as $81 million.

Speaker #2: We ended the quarter with net income of 15 million improved compared to the same period of last year by about 11.1 million. For the full year 2025, our net income came in at 50 million our EBITDA close to 71 million while our operating cash flow was as high as 81 million.

Speaker #2: Our organic operations fuel our operating liquidity. In terms of cash, including our time deposits, we ended the year of 2025 with 179

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

Speaker #1: 9 million , while our cost today is close to 198 million , it's worth to know that Imperial Petroleum sustains its long standing momentum of profit generation within the period of 23 to 25 .

Speaker #1: Our company has generated a total of 171 million of net profits and 240 million of total operating cash flow . On February 9th .

Speaker #1: We commenced a $10 million stock repurchase program . Under this scheme , the repurchased to date a total of 251,000 shares for an aggregate amount of $900,000 .

Speaker #1: We strive to preserve our strong performance , however , we acknowledge that the recent Us-iran coughing has spread the global shock and has already positively affected seaborne trade , particularly for the tanker .

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

Speaker #1: It remains to be seen how the duration of this conflict and any further escalation will hinder trade patterns and cause turmoil in oil supply and pricing On slide four , we provide a summary of our current deployment About 65% of our fleet is currently under time charter .

Speaker #1: We employ five product tankers and two Suez Maxes in the spot market . The remaining two product tankers are under deployment and as customarily all our dry bulk ships are on short term charters .

Harry Vafias: We employ 5 product tankers and 2 Suezmaxes in the spot market. The remaining 2 product tankers are under period employment. As customarily, all our dry bulk ships are on short-time charters. The commercial strategy we currently follow for our dry bulk ships provides healthy cash flow while minimizing idle time and voyage costs. On slide 5, we will discuss the evolution of market rates for both tankers and bulkers.

Speaker #1: The commercial strategy we currently follow for our dry bulk ships provides healthy cash flow while minimizing idle time and voyage costs . On slide five , we will discuss the evolution of market rates for both tankers and bulkers We thank you for 25 market rate and further in both the tanker and dry segments .

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

Speaker #1: Rates for Suezmax sherds , mainly at the back of OPEC exports , rising US crude output and high global refining margins . In addition , the increased enforcement of sanctions against tankers trading in Russia , Iran , Venezuela has tightened the Dark fleet , boosting rates for mainstream mainstream ships .

Speaker #1: Product tankers Rates improved when compared to Q3 . Mr. rates were particularly affected mid quarter onwards by activity levels in Asia , picking up momentum for the dry bulk segment .

Speaker #1: The positive trend weakness in Q3 continued throughout Q4 as well . Key drivers for this were the decline in Chinese mine production , which led to an increase in iron ore imports and the rise in long haul bauxite exports from West Africa .

Speaker #1: The rise tension in the Middle East , which escalated since the end of February 26th , has caused a spike in tanker market rates , risk premia have been priced into tanker freights as prevails , and trade from trade from the Strait of Hormuz has been to a great extent , disrupted .

Harry Vafias: The rise in tension in the Middle East, which escalated since the end of 26 February, has caused a spike in tanker market rates. Risk premia have been priced into tanker freights as tension prevails and trade from the Strait of Hormuz has been to a great extent disrupted. It's worth to note that on 1 March, vessel arrivals in the Strait of Hormuz were down 80% from normal levels. Indeed, compared to the end of Q4, the latest rates for Suezmax vessels are up 95% to about $180,000 a day, while rates for MR tankers are up 75% to about $50,000 daily. On slide six, we're reviewing the tanker market. In Q4, the tanker market was very strong for crude tankers and quite healthy for product tankers.

Speaker #1: It's worth to note that on March 1st , vessel arrivals in the Strait of Hormuz were down 80% from normal levels . Indeed , compared to the end of Q4 , the latest rates for ceramic vessels are up 95% to about 180,000 a day , while rates for Mr. tankers are up 75% to about 50,000 daily .

Speaker #1: On slide six , we're reviewing the tanker market in Q4 , the tanker market was very strong for crude tankers and quite healthy for product tankers .

Speaker #1: The surge in crude tanker market can be explained by OPEC unveiling some output cuts , having added 1.6 million barrels per day in the market since Q4 , along with two along with the steady growth in global oil consumption , which in Q4 totaled 104.5 million barrels per day .

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

Speaker #1: In addition , the vacuum cleaning of VLC vlcc tonnage by Sinacore , which started end of last year , has given a major boost to the Vlcc market , which is now experiencing record levels , and this has also trickled down to the Suez Crisis and Aframaxes .

Speaker #1: The product tanker market was affected in Q4 by the fall in long-haul Russian ship exports, which marked a decline to 1.1 million barrels per day from 1.6 million in the first half of '25.

Speaker #1: However , the market picked up Mid-quarter onwards due to the greater activity in the Atlantic basin . From January following the US , Venezuela conflict , through which US took control of Venezuela's energy industry , market strength of crude tankers commenced flowing into product tankers as well .

Harry Vafias: From January, following the US-Venezuela conflict, through which US took control of Venezuela's energy industry, market strength of crude tankers commenced flowing into product tankers as well. In 2026, geopolitical tensions will mainly shape the market. A potential end on the Russian-Ukraine conflict could reopen European markets to Russian crudes, thus lessening long-haul voyages. Other factors that would affect the tanker market going forward are trade sanctions and OPEC's strategy on any additional unwinding of production cuts. Adding to this, the massive dark fleet of tankers has the potential to shape the tanker market going forward to a significant extent. The most important event currently shaping the market and affecting the global geopolitical environment is the Iran-US conflict. About 20% of the world's oil supply moves through this Strait of Hormuz, a number which includes most Asian crude imports.

Speaker #1: In 26 , geopolitical tensions will mainly shape the market . A potential end on the Russia-Ukraine conflict could reopen European markets to Russian crude , thus lessening long haul voyages Other factors that will affect the tanker market going forward are trade sanctions and OPEC strategy on any additional unwinding of production cuts .

Speaker #1: Adding to this , the massive dark fleet of tankers . Has the potential to shape the tanker market going forward to a significant extent .

Speaker #1: The most important event currently shaping the market and affecting the global geopolitical environment is the Iran-U.S. conflict. About 20% of the world's oil supply moves through the Strait of Hormuz, a number which includes most of Asia's crude imports.

Speaker #1: Therefore , any prolonged disruption will be a major global shock . Global tanker trade has already been disrupted as ships become stranded in the Gulf .

Harry Vafias: Any prolonged disruption will be a major global shock. Global tanker trade has already been disrupted as ships become stranded in the Gulf. Insurance risk premia have sharply increased and oil prices have spiked. Transit delays and operational disruptions are expected to drive further volatility in an already fair market. If there is sustained disruption to oil prices, the hike in oil prices could lead to a potential demand destruction and to a weakening of global economy. Looking at the tanker fundamentals, total order book for Suezmaxes stands at 21%, with 14.8% of the fleet above 20 years of age. For MR tankers, total order book is 14.8%, while 16% of the fleet is above 20 years of age. In slide 7, we're discussing the dry bulk market.

Speaker #1: Insurance risk premia have sharply increased and oil prices have spiked . In addition , tragic delays in operational disruptions are expected to drive further volatility in an already firm market .

Speaker #1: If if there is a sustained disruption to oil prices , the hike in oil prices could lead to a potential demand destruction . And weakening of global economy Looking at the tanker fundamentals , total order book for sure as much as it stands at 21% with 14.8 of the percent of the fleet above 20 years of age .

Speaker #1: For MR tankers, the total order book is 14.8%, while 16% of the fleet is above 20 years of age. In slide seven, we're discussing the drybulk market. Q4 continues the positive momentum witnessed in Q3; overall, activity has picked up.

Harry Vafias: Q4 continued the positive momentum witnessed in Q3. Overall, the market has picked up in the second half of 2025, creating a bullish sentiment for this year. Iron ore volumes to China were exceptionally strong, supported by a drop in domestic iron output, and in addition to this, Guinean bauxite exports to China rebounded sharply in Q4. Seaborne coal shipments to China picked up as well due to seasonal restocking. Capesize segment was supported by strong Atlantic grain volumes as China continued to buy from Brazil and Argentina, while US corn exports increased in second half 2025 by 38% year-on-year. Dry cargo trade is expected to increase by 1.5%, with the biggest percentage rise expected from bauxite trade.

Speaker #1: Overall, the market has picked up in the second half of '25. It is bullish, creating a bullish sentiment for this year.

Speaker #1: Iron ore volumes to China were exceptionally strong, supported by dropping domestic iron output. In addition to this, Guinean bauxite exports to China rebounded sharply in Q4.

Speaker #1: Seaborne coal shipments to China picked up as well due to seasonal restocking. This was supported by strong Atlantic grain volumes, as China continued to buy from Brazil and Argentina, while U.S. corn exports increased in the second half of '25 by 38% year on year.

Speaker #1: The dry cargo trade is expected to increase by 1.5%, with the biggest percentage rise expected from bauxite trade. Looking forward, global oil demand growth, currently supported by China, might gradually tilt towards India, which is fast growing. Total order book is 470.3%, with 70.4% of the fleet being above 20 years of age.

Harry Vafias: Looking forward, global ton mile demand growth currently supported by China might gradually tilt towards India, which is fast-growing. Total order book for Handysize ships is 7.3%, with 7.4% of the fleet being above 20 years of age. Total order book for Supramax vessels stands at 9.5%, with 9.8% of the fleet being above 20 years of age. I'll now pass the floor to Ms. Sakellari in order to summarize our financial performance.

Speaker #1: Total order book for Supramax vessels stands at 9.5%, with 9.8% of the fleet being above 20 years of age. I'll now pass the floor to Mr.

Speaker #1: In order to summarize our financial performance.

Speaker #2: Thank you, Harry, and good morning to all. The fourth quarter of '25 was quite dynamic, as both tanker and dry bulk markets were favorable, allowing us to leverage the size of our mixed fleet.

Ifigeneia Sakellari: Thank you, Harry. Good morning to all. The Q4 of 2025 was quite dynamic as both tanker and dry bulk markets were favorable, allowing us to leverage upon the size of our mixed fleet. As said, tanker rates were firm, while rates for dry ships marked a noticeable improvement compared to the Q3 of 2025. Looking at our income statement for Q4 2025 on slide 8, revenues came in at $51.1 million in Q4, marking a 95% increase compared to revenue generated in the same period of 2024.

Speaker #2: As said , thank you rates were firm while rates ships marked a noticeable improvement compared to the third quarter of 25 . Looking at our income statement for Q4 25 on slide eight , revenues came in at 51.1 million in Q4 , marking a 95% increase compared to revenues generated in the same period of 24 .

Speaker #2: This for dry increase is mainly due to a recent drybulk vessel additions , along with an improvement in market rates , particularly for Suezmax tankers , as rates for these vessels increased within Q4 25 to 92,000 per day , from 55,000 per day in Q3 , and are now even higher , close to 180,000 per day .

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

Speaker #2: Voyage costs amounted to $16.6 million, $8 million higher than in Q4 2024. In spite of the decreased productivity, the increase in fleet size led to a higher number of voyages and intensified ballasting activity, especially for our Max vessels.

Speaker #2: Our net revenues for the quarter came in at about $34.5 million, compared to $17.8 million in Q4 2024. This is equivalent to a 94% increase.

Speaker #2: Running costs amounted to 11.3 million , increased by 4.6 million due to the increase of our fleet by an average of eight vessels between the two periods , EBITDA for the fourth quarter of 25 came in at 21.3 million , while net income at 15 million corresponding to basic earnings per share of $0.37 .

Ifigeneia Sakellari: Running costs amounted to $11.3 million, increased by $4.6 million due to the increase of our fleet by an average of 8 vessels between the two periods. EBITDA for Q4 2025 came in at $21.3 million, while net income at $15 million corresponded to basic earnings per share of $0.37. For 12 months 2025, our EBITDA came in at $71 million. Our operating cash flow was $81 million, while our net income was $50 million corresponding to an EPS of $0.0135. Moving on to slide 9, let us take a look at our balance sheet for the 12 months of 2025. As of 31 December 2025, our free cash, including time deposits, was $171.9 million.

Speaker #2: For 12 months, 25 came in at $71 million are operating. Cash flow was $81 million, while our net income was $50 million.

Speaker #2: Corresponding to an EPs of 1.3 $0.05 . Moving on to slide nine , let us take a look at our balance sheet for the 12 months of 25 .

Speaker #2: As of December 31st , 2025 , our free cash , including type deposits was 179 million . We do have capital commitments for seven .

Ifigeneia Sakellari: We do have capital commitments for 7 vessels, 1 recently delivered and the remaining 6 to be delivered up to Q3 2026, which total about $130 million, of which about $52 million will get paid up until the end of Q3 2026 and the remaining $78 million up until the end of 2026. There's plenty of time to further enhance our cash base with cash flow generation from our core operation. As already mentioned, within the period of 2023-2025, we generated $240 million of operating cash flow. Proceeding to slide 10, we provide a summary of our liquidity, profitability and market considerations going forward. For the 12 months of 2025, our operating cash flow was $81 million. Our profitability margin remains wide as market rates are favorable and significantly higher than our break-even levels.

Speaker #2: One recently delivered , the remaining six to be delivered up to Q3 26 , which total about 130 million , of which about 52 million will get paid up until the end of Q3 26 and the remaining 78 million up until the end of 2026 .

Speaker #2: There is plenty of time to further enhance our cost base with cash flow generation from our core operations . As already mentioned , we need a period of 2325 .

Speaker #2: We generated 240 million of operating cash flow . Proceeding to slide ten . We provide a summary of our liquidity , profitability and market considerations going forward .

Speaker #2: For the 12 months of 25 , our operating cash flow was 81 million . Our profitability margin remains wide as market rates are favorable and significantly higher than our break even levels in Q4 25 .

Ifigeneia Sakellari: In Q4 2025, our average time charter equivalent per fleet voyage day was close to $27,000 for our tankers and about $15,000 for our dry bulk fleet. Both numbers improved compared to Q3 2025. In terms of market consideration, the focal point is the US-Iran tension escalation and how this will evolve in the short to medium run and to what extent will this unfortunate geopolitical event hit the tanker market and affect oil prices. In slide 11, we summarize some key remarks around our strategy going forward. We base our strong operating performance on the successful commercial management of our highly quality built ships. Most importantly, we delivered our commitment to growing our fleet and soon we will enjoy a fleet on the water of 26 vessels.

Speaker #2: Our average time charter equivalent per Fleet Voyage Day was close to 27,000 for a tankers , and about 15,000 for a dry bulk fleet , both numbers improved compared to the third quarter of 25 .

Speaker #2: In terms of market consideration , the focal point in the is the Us-iran tensions escalation and how this will evolve in the short to medium run and to what extent will this unfortunate geopolitical event hit the tanker market and affect oil prices ?

Speaker #2: In slide 11, we summarized some key remarks around our strategy going forward. We base our strong operating performance on the successful commercial management of our high-quality, built ships.

Speaker #2: Most importantly , we delivered our commitment to growing our fleet and soon we will enjoy fleet on the water of 26 vessels within a short period of time .

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

Speaker #2: Imperial Petroleum managed to become a medium sized company fleet wise , but most importantly maintained profitable and debt free . Throughout this rigorous expansion phase .

Speaker #2: At this stage, our CEO will summarize and give concluding remarks for the period examined.

Speaker #1: With net income , generation of 50 million for 2025 , this year was yet another profitable year Markets for both tankers and bulkers were firm , particularly in the second half of 25 .

Harry Vafias: With a net income generation of $50 million for 2025, this year was yet another profitable year. Markets for both tankers and bulkers were firm, particularly in the second half of 2025, thus assisting our performance, which was also leveraged by a dynamic fleet expansion. Within this year, we'll take delivery of another 6 ships. We will enjoy a fleet on the water of 26 high quality ships without resorting to any bank debt. We delivered our commitment for a fast fleet expansion while having today cash of close to $200 million. Our key concern is the geopolitical tension in the Middle East, which we deem critical and has caused global concerns. It remains to be seen for how long the shipping market, especially the tanker segment, will be affected and to what extent.

Speaker #1: Thus assisting our performance , which was also leveraged by a dynamic fleet expansion . Within this year , we will take delivery of another six ships .

Speaker #1: Hence , we will enjoy a fleet on the water of 26 high quality ships without resorting to any bank debt . We delivered our commitment for a fast fleet expansion while having today cash of close to 200 million .

Speaker #1: Our key concern is the geopolitical tension in the Middle East , which we deem critical and has caused global concerns . It remains to be seen for how long the shipping market , especially the tanker segment , will be affected , and to what extent .

Speaker #1: And of course , we hope that the duration of this unfortunate geopolitical turn will be as brief as possible . Now , I would like to thank you for joining us for our call today and for your interest and trust in our company .

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

Speaker #1: And we look forward to having you with us again at our next call for our Q1 26 results . Thank you very much .

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

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

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