EuroDry Ltd.

Thank you for standing by, ladies and gentlemen. Welcome to the Eurodrive Limited conference call on the fourth quarter 2024 financial results. We have with us today Mr. Aristides Pitas, Chairman and Chief Executive Officer, and Mr. Tazos Astides, Chief Financial Officer of the company. At this time, all participants are in listen-only mode. There will be a presentation followed by a question and answer session, at which time, if you wish to ask a question, please press star 1 on your telephone keypad and wait for your name to be announced. I must advise you that this conference call is being recorded today. Please be reminded that the company announces results with a press release that has been publicly distributed. Before passing the floor to Mr. Pitas, I'd like to remind everyone that in today's presentation and conference call, Eurodrive will be making forward-looking statements. These statements are within the meaning of the Federal Security's 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 kindly draw your attention to slide number two of the webcast presentation, which has the full forward-looking statement and the same statement which also included in the press release. Please take a moment to go through the whole statement and read it. And now I'd like to pass the floor over to Mr. Pitas. Please go ahead, sir.

Good morning, ladies and gentlemen, and thank you all for joining us today for our scheduled conference call. Together with me is Mr. Tassos as Lead SRC Financial Officer. The purpose of today's call is to discuss our financial results for the three- and twelve-month period ended December 31, 2024. Please turn to slide 3 of the presentation. Our financial highlights are shown here. For the fourth quarter of 2024, we reported total net revenues of $14.5 million and a net loss attributable to controlling shareholders of $3.3 million, or $1.20 loss per basic and diluted share. Adjusted net loss attributable to controlling shareholders for the quarter was $0.7 million or 25 cents per basic and diluted share. Adjusted EBITDA for the period was $4.8 million. The single biggest loss for the quarter was the $2.8 million paper loss which we incurred by recognizing an impairment on one elder vessel which we had purchased at a relatively high price. Please refer to the press release for the detailed reconciliation of adjusted net loss and adjusted EBITDA. As CFO Tassos Aslidis will go over the financial highlights in more detail later on in the presentation. Since the initiation of our repurchase plan of up to $10 million announced in August 2022 and extended twice until August 2025, to date we have repurchased 334,000 shares of our common stock in the open market for a total of $5.3 million in proceeds. We will continue to execute the share repurchase program around current share price levels. During this quarter, we successfully completed the refinancing of two of our vessels through a $30 million loan, which further increased our cash reserves by about $11 million. Please turn to slide four for our recent developments. In November 2024, we signed a contract with Nantong Xianzhu Shipbuilding for the construction of two 63,000 deadweight Ultramax bulk carriers. The two new buildings are scheduled to be delivered during the second and third quarters of 2027. The consideration for each vessel is about $36 million and will be financed by a combination of debt and equity. Additionally, we sold motor vessel Tassos, the eldest vessel in our fleet, built in 2000. for demolition for approximately $5 million in cash. Motor vessel Tassos is a 75,000 deadweight Panamax dry bulk vessel and is expected to be delivered to its buyers and an affiliated third party by early March 2025, upon completion of the present charter. The gain on the sale of the vessel is expected to be approximately $2.1 million. On the chartering front, the duration of the majority of our fixtures is short term, ranging between 20 to 65 days, according to their minimum duration, providing us flexibility for future employment. You can see the specifics of the various charters in the accompanying presentation. Throughout the quarter, there were no scheduled dry dockings or repairs, allowing us to maintain full operational efficiency. While we experienced no commercial off-hire during the quarter, motor vessel Blessed Luck had a seven-day committed commercial off-hire in January 2025. Please turn to slide 5. Girodry's fleet currently consists of 13 vessels, including five Panamax dry-bulk carriers, five Ultramax, two Camsermax, and a Supramax dry-bulk carrier. Our 13 dryball carriers have a total cargo capacity of approximately 920,000 deadweight tons. After the sale of motor vessel TASSOS, which is expected by early March 2025, Eurodry's fleet will consist of 12 vessels. Not including the TASSOS, the average age will drop to 13.6 years from 14.5 years currently. As a reminder, Eurodry owns 61% of the entities that own Moto versus Christos and Maria. The remaining 39% is owned by owners represented by NRP project finance, otherwise referred to as NRP investors. Upon the delivery of the 263,500 tons deadweight new buildings, which is company's fleet will increase to 14 dry-bucked vessels and with a carrying capacity of just under 1 million deadweight. Please turn to slide 6 for the further update on our fleet employment. Fixed rate coverage for 2025 is approximately Our vessels are chartered under short-term charters until rates rise enough for longer charters to be deemed beneficial. Turning to slide 8, we go over the market highlights for the fourth quarter ended December 31, 2024, up until recently. In Q4 2024, Panamax vessels experienced a decline in both one-year time charter and spot rates. The average one-year time charter rate for Panamax vessels stood at $12,700 per day for the quarter, dropping to $11,250 per day by the end of December. Similarly, the average one-year spot rate for Panamaxes during the quarter was $9,250 per day, with a decline to about $7,700 per day on the last day of Q4. Both the Baltic Panamax Index and the Baltic Dry Index saw sharp contractions during the period, dropping by 30% and 28% respectively. However, from year-end 2024 to February 21, 2025, one-year time shutter rates for Panamax vessels have rebounded by 12%, and similarly spot rates have increased by 14% in the same time period. On the Supramax size, we saw less violent drops in Q1. Currently, spot rates are about $1,000 or $2,000 per day higher than Panamax's, but one-year charters are about $500 less than the corresponding Panamax rates. Please turn to slide 9. The IMF's latest update from January 2025 projects stable yet somewhat underwhelming global economic forecasts, showing only a slight improvement to 3.3% of GDP growth from 3.2% predicted in October 24th. estimate for 2026. While the U.S. has seen an upward revision with growth now focused to grow 2.7% in 2025, this stands in stark contrast to other advanced economies, particularly in Europe, which have seen either downgrades or stable growth outlooks at around 1% only. Adding to this uncertainty, and medium-term growth prospects. Global inflation is still expected to decline. However, the near-term trajectory to price stability may still be challenged with persistent services and wages inflation in several parts of the world, leading to desynchronized monetary policy responses. Risks to the global inflation outlook will be tilted to the upside, given the prospects of increased protectionism, geopolitical tensions and demographic constraints. Emerging markets continue to drive global growth, led by India, the Asian five countries and China. China's growth appears to be slightly revised upwards, but in the lopsided fashion, with projections of 4.6% this year and 4.5% next year, as the country continues to fade debit domestic demand, persistent deflationary pressures, and falling property markets. India is projected to maintain steady economic growth of 6.5% in both 2025 and 2022. of economic growth. Southeast Asian countries are also positioned for solid growth, benefiting from regional demand and investment momentum. In parallel to global GDP issues, Clarkson's forecasts indicate a more challenging decelerating from 5% in 2024 to just 0.9% in 2025, followed by stagnant trade levels in 2026. While supply constraints and environmental regulations may offer some rate support, their political risks in the Red Sea persist, and despite the Gaza sea's fire, a swift return to normal shipping operations remain unlikely. In light of these projections, we remain cautious of the outlook for the dry bulk sector, given key microeconomic risks and evolving geopolitical tensions, which could impact medium growth prospects. Please turn to slide 10, where we review the current state of the order book in the dry bulk sector. As you can see, as of February 25, the order book is currently at just 10.5% of the fleet, still standing among the lowest historical levels. Turning to slide 11, let us look into the supply fundamentals in a bit more detail. As of February 2025, the total dry bulk vessel operating fleet was 14,150 vessels. According to Clarkson's latest report, new deliveries as a percentage of total fleet The actual fleet growth is, of course, expected to be lower than the aforementioned figures due to scrapping and slippage. If the 10 percent of the fleet that is older than 20 years were to be scrapped within the next three years, we would end up with a fleet that has zero growth. Factors such as increased slow steaming, higher scrapping rates, and the tightening of environmental regulations could further constrain the available bulk of lead, whilst, of course, the reopening of swathes works in the opposite direction. Please turn to slide 12, where we summarize our outlook for the dry bulk market. As already said, in 2024, the bulk carrier charter market experienced mixed results, with the Cape size segment experiencing gains, while smaller vessel categories such as Ultramax and Camsomax faced significant declines. The reopening of the Panama Canal and the easing of post-congestion placed additional pressure on the dry bulk market, year lows. The fourth quarter underperformed expectations, with average street-charter rates for Ultramax and Comstromer crystals falling by 25% year-over-year, reflecting the broader market weakness. Looking ahead, the 2025 bulk carrier demand outlook suggests a softer market compared to 2024. A key factor in China's slow sentiment, they are unlikely to feed to substantial structural improvements in demand, especially given the persistently high stockpiles. Additionally, U.S. trade policy is emerging as a critical factor for the dry bulk sector under particularly if escalating trade tensions lead to retaliatory measures. My initial reaction to the measures Trump announced yesterday regarding Chinese vessel penalties and extra fees when calling the U.S. is that they will not pass, as their main and perhaps only consequence will be to make products imported to the U.S. more expensive to the U.S. consumer. Meanwhile, however, geopolitical risks in the Red Sea remain unresolved. Despite the Gaza ceasefire, shipping in the region is unlikely to return to normalcy in the near term, and any easing of Red However, on the supply side, vessel ordering has remained relatively limited, primarily due to shipyard capacity constraints and uncertainty surrounding the fuel of the future amid a growing number of methanol and LNG fueled orders. The order book to fleet ratio remains at historically low levels, which could create a backdrop for a However, trends differ across vessel classes, while Panamax and Ultramax order books are returning to historical medium levels. Furthermore, the new environmental regulations, excluding EEXI, CII, EEU-ETS and Fuel-EU, are expected to further constrain vessel supply through increased scrapping and slower operational speeds. These regulatory measures could help mitigate excess fleet capacity, supporting the market by reducing effective tonnage availability. Let's turn to slide 13. As of February 21, 2025, the one-year time shutter rate for Panamax ships with a capacity of 75,000 deadweight tons is at $12,625 per day, slightly higher than a week ago, but below the historical median of $13,560 per day. Meanwhile, the market for 10-year-old Panamax Valkyries remains relatively strong. with current prices at $24.5 million, well above the historical medium of $14.8 million and the average of $17.4 million. However, as of the fourth quarter of 2024, asset values have experienced a notable decline from their mid-2024 peak of $29.5 million, reflecting broader market softening. We are closely monitoring the developments. If the markets drop further, and consequently vessel prices also drop, we will be able to acquire one or two more vessels. If the charter market improves, our current fleet will become profitable again. And with that, let me pass the floor over to our CFO, Tassos Aslidis, to go over various financial highlights in more detail.

Thank you very much, Arterios. 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 fourth quarter and the full year of 2024 and compare to the same periods of last year. For that, let's turn to slide 15. For the fourth quarter of 2024, we reported 4,000 net revenues of 14.5 million, representing an 8.7% decrease of the total net revenues of 15.9 million during the fourth quarter of last year. And this was the result of the lower time charter rates our vessels earned in the fourth quarter of this year as compared to the last. Interest and other financing costs for the fourth quarter of 2024, including interest income, remain at about 1.9 million, the same level as in the same period of 2023. Adapted EBITDA for the fourth quarter of 2024 was 4.8 million compared to 6.6 million achieved during the fourth quarter of last year. Basic and diluted loss per share attributable to controlling shareholders for the fourth quarter of 2024 was $1.20, calculated on about 2.7 million basic and diluted weighted average number of sales outstanding, compared to earnings of $0.13 per share, attributable to controlling shareholders, calculated on approximately 2.7 million basic and 2.8 million diluted weighted average number of sales outstanding in the fourth quarter of last year. Excluding the effect on the loss attributable to the controlling shareholders for the quarter of the unrealized gain on derivatives and the impairment on a vessel, the adjusted loss per share for the quarter ended December 31, 2024, would have been 25 cents, basically diluted, compared to adjusted earnings per share in the fourth quarter of 2023, of $0.71 and $0.70 per share based daily. Let's now look at the numbers for the corresponding full years, 2024 and 2023. For the full year of 2024, the company reported total net revenues of $61.1 million, representing a 28.3% increase over total net revenues of $46.6 million. 47.6 million during the 12 months of 2023, and that was the result of the increased number of vessels operated during 2024, and the slightly higher time-chartered rates earned by our vessels on average in 2024 compared to 2023. Interest and other financing costs, again including interest income, for the 12 months of 2024 amounted to 7.9 million compared to 5.6 million for the same period of 2023. Interest income was about 0.9 million in 2023 versus 0.1 million in 2024. Interest expense for the period, for years, was higher due to the increased amount of debt during the year as compared to the previous one. Adjusted EBITDA for the 12 months of 2024 was $12.4 million compared to $14.6 million during 2023. Basic and diluted loss per share attributable to controlling shareholders for 2024 was $3.54, calculated on about 2.7 million basically diluted weighted average number of shares outstanding, compared to basic diluted loss per share attributable to controlling shareholders for 2023 of $1.05, calculated on about 2.8 million basic diluted weighted average number of shares for the previous year. Again, excluding the effect on the net loss attributable to controlling shareholders for the year the unrealized gain on derivatives and the permanent loss on the vessel, the adjusted loss for the year 2024, which has been $3.02 per share, basically diluted, compared to adjusted earnings per share of about $0.12, basically diluted, for the same period of 2023. Let's now move to slide 16 to review our fleet's performance. As usual, we will start our review by looking at official utilization rates for the fourth quarter and full year for both 2024 and 2023. Let's first look at 2024's fourth quarter. Our commercial utilization rate during that quarter was 100%, while our operational utilization rate was 99.4%. compared to 100% commercial and 99.5% operational for the same period of 2023. On average, 13 vessels were owned and operated during the fourth quarter of 2024, earning an average time charter equivalent rate of $12,200 per vessel per day compared to 12.2 vessels in the same period, the fourth quarter of 2023, earning an average time charter equivalent rate of $14,570 per day. Our total operating expenses, including management fees, general and administrative expenses, but excluding direct working costs, were $7,087 per vessel per day during the fourth quarter of 2024, compared to $7,340 per vessel per day during the fourth quarter of last year, of 2023. If we move further down on this table, we can see the cash flow break-even rate, which takes also into account direct working expenses, interest expenses, and loan repayments. Thus, in total, for the fourth quarter of 2024, our daily cash flow break-even rate was $11,000 $529 per vessel per day, as compared to $12,263 per vessel per day for the same period of 2023. Let's now look at the right part of the table to review the same figures for the full year. During the full year of 2024, our commercial utilization rate was 99.9%, Our operational utilization rate 98.9%, compared to 99.4% commercial and 98.5% operational in 2023. On others, we own and operated 13 vessels during 2024, earning another time shorter rate of about $13,039 per vessel per day, compared to 10.6 vessels for the whole of 2023, earning $12,528 per vessel per day. Our total operating expenses for the year, including management fees, G&A expenses, but excluding the operating costs, averaged $6,967 per vessel per day in 2024, compared to $7,131 per vessel per day in 2023. Again, at the bottom of this table, we can see the cash flow break-even rate for the entire year, which for 2024 amounted to $13,221 per vessel per day, compared to $13,041 for 2023. The increase being primarily due to the higher direct expenses we incurred in 2024 compared to the year before. Let's now turn to slide 17 to review our debt profile. As of December 31st, 2024, our static debt stood at about 108 million. Total repayments for 2025 and 2026 are 12.1 million and 11.3 million respectively. with a small balloon payment due in 2026 of 2 million and a bigger balloon payment due in 2027 of about 10 million, with an additional approximately 10 million of repayments scheduled to be made in 2027. An important point to highlight in this slide is the average margin of our debt, which as of December 31, 2024, stood at around 2.08% over software. Assuming a three-month soft rate of 4.31%, the estimated cost of our senior debt is approximately 6.39%, and actually a little lower because we have swapped some of our debt for a lower rate, so the effective cost of our senior debt is about 6.3%. At the bottom of this slide, we can see our projected cash flow break-even level for the next 12 months, essentially 2025, broken down into its various components. Overall, we expect to have a lower cash flow break-even level in 2025 of around $11,600 per vessel per day, while our EBITDA break-even level is about $7,526 per vessel per day. We're almost done, and to be done, let's move to slide 18, where we can see, as usual, some highlights from our balances. This slide offers a snapshot of our assets and liabilities. On our asset side first, our balance is very similar. It includes the book value for our vessels, which, as of the end of 2024, amounted to about $185. We had also advancements made for our new buildings of 7.2 million, and also had cuts in some other assets of about 29.2 million, resulting in a total book value of assets of about 222 million. On the liability side, as I mentioned earlier, stood at 108 million, representing about 49% of total book value of our assets. And we had other liabilities and minority interests of about 4.5 million other liabilities and about almost 9 million of minority interests, the share of our partners in those two vessels, resulting in the book value of shareholders' equity of just above $100 million or $35.5 per share. Our estimated market value for our vessels, as of the end of last year, was $232 million, approximately 20% higher than the respective book value, suggesting an NAV per share in excess of $45. Given that our share plays lately between $10 and $11, you can appreciate the potential for appreciation that our stock has should market conditions or other factors lead to a reduction of this discount. And with that, I'd like to pass the floor back to Aristides to continue the call.

Thank you, Tassos. Let me open up the floor for any questions we may have.

Thank you. And now we'll be conducting a question and answer session. If you'd like to be placed in the question queue, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you'd like to move your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing star 1. One moment, please, while we poll for questions. Our first question today is coming from Tate Sullivan from Maxim Group. Your line is now live. Thank you.

My first question, please, for the 4Q impairment of $2.8 million, was that related to TASOs and then reversed in the current quarter?

No, TASOs were recorded... We will record a gain on sale, as Steve has mentioned, a number around 2 million. That was on another vessel, the Santa Cruz, that was the last one that we bought. We bought one of the last ones that we bought that was bought on a higher point in the cycle, and our tests indicated we should incur impairment. Okay. Thank you. And can you talk about the new-build negotiations?

Well, we haven't built anything at that shipyard in the past, but we did a lot of research and talked to a lot of shipyards before we finally concluded with these guys. We got a lot of information from other owners that we know that have also ordered ships at those shipyards maybe the last few years and have had a good cooperation and are seeing quality results. So this obviously played a major impact in us selecting that shipyard. Having said that, okay, it was a tough negotiation, as always, on price and as on the equipment that will be put on board and all that stuff. I feel we got a good price. Today prices may be slightly softening, but not with the deliveries in 2027. So I think prices are probably around the same levels that we secured.

Okay, but for later delivery. Okay, and then the specs on the new build you mentioned. So eco, I imagine that describing means with scrubbers.

Did you consider... No, eco does not mean with scrubbers. Eco does not mean with scrubbers. It means the most modern electronic engine, practically, and the lower consumption that these ships have relevant even to the previous ecovessels. So the vessels are very economic in their fuel consumption.

engines or is that not realistic for dry bulk right now?

We did look at that and we did consider that and it is quite more expensive to provide for LNG especially the LNG tanks that are needed and we don't think that LNG will be a long term solution we want to have the most modern up to date and economic ships with today's technology. Okay. Thank you very much.

Thanks. Thank you. As a reminder, that's star one to be placed into question Q. Our next question is coming from Mark Reikman from Noble Capital Markets. Your line is now live.

On page 8 of your presentation, one can see the difference between the spot and the one-year TC rates. So at what point would you begin locking in one-year charters, and what might you expect the average to be for the last three quarters of the year?

Very difficult to make projections, right, about what the average will be for the next three quarters of the year. Extremely difficult. I will not risk it. However, Tassos showed that our break-even levels are around $11,500 per day. If we go up to sign charters for the more modern ships of $15,000, $16,000 a day. We might consider it for one or two of our ships. Otherwise, we will probably continue to play the spot market. The spot market is improving. The traditional lull of the first two months, you know, we've experienced it, and we are hoping that we will see a

their trajectory, that there's more upside than there is downside. In other words, you think it's still beneficial to keep those positions open with the hope that the rates keep going up versus ending up with lower and lower spot rates.

Correct, correct. Downside, there is downside risk, obviously, but it is not huge. But upside, you never know how high it can go. So, you know, balancing risk-reward, we are keeping our ammunition right now and waiting to see how the market develops within the next three months.

Okay, and the second question is really for TASOs, you know, looking at page 17 and your break-evens, but I was just wondering if you might just elaborate a little bit on the vessel expense expectations for 2025 relative to 2024, given that you'll have lower or fewer dry dock days, and also you've got the sale of the MB TASOs.

I think the chart I put on slide 17 reflects the removal of the sale of TASOs and the scheduled dry dockings. On the OPEC side, we haven't finalized our budgets for 2025, but as a preliminary budget we are using a 3% increase over the budget of last year. I think the year ended just below last year's budget for the operating expenses. And we're budgeting, you know, conservatively 3% over last year's budget. I think all the details of the various components is shown on the bottom part of slide 17.

Okay. And then the last question is just I know it's a ways away, the two vessels that will be delivered in 2027. Just how do you kind of think about financing that? I mean, I know you've talked about debt and equity. towards debt or, you know, the equity portion, will that be, you know, cash generated internally, or just how are you kind of thinking about that currently?

Right. There would definitely be which has a good part of it financed with debt. I think judging from our previous financings, 55 to 60 percent of that was financed by debt. We might write a little higher percentage in this case. The equity portion, we have obviously paid the first installment of 10 percent, and we have to make another three of such installments before the delivery of the vessels, so another $22 million that we would need to pay to the yard in 2026 and 2027 before the vessels are delivered. So we haven't really finalized our plans how to finance that. Hopefully, we'll generate that organically, but at the present market, it would be tough, but hopefully the market will improve. Say that, we can look for alternative ways to finance the equity portion.

That's great. Thank you very much.

Thank you, Mark. Thanks for the interview. Thank you. As a reminder, it's star one to be placed into question queue. Our next question is coming from Poe Frapp from Elias Global Partners. Elias, is that live? The Press Hi. Hello, Eric Stevens.

Hello, Tassos. Tassos, can you just go over the new bill payments? It sounds like you're not going to have any new bill payments in 2025. Can you quantify how much of the new bill costs will land in 20-2026 and then 2027?

Tassos I think in 2026, we will have to pay $14.4 million. two times 10 percent per vessel. And another 10 percent, that is another $7.2 million in 2027 as a pre-delivery payment. And then, finally, the final 60 percent, I guess, will be paid with the delivery of the vessels. I think Archivis mentioned the second and the third quarter of 2027.

Great. That's really helpful. And then, just to clarify, it doesn't make sense to put scrubbers on new builds at this point in time, correct?

This is not something which is certain, but some owners are putting on scrubbers on the smaller vessels. Some are not. Whilst I think that the verdict is out there for the very big vessels that have high consumptions that you should put a scrubber on, For Ultramax vessels that consume so little, I'm not sure that it is worth it. I also have some reservations against the whole concept of scrubbers and how much they are, and if at all they are polluting the sea, but we are not putting them on. It also depends, of course, on how the price differential between heavy fuel oil and the low sulfur fuel oil develops. Right now it is quite low, so there is no huge advantage of having a scrubber. It might become even lower, so then there is definitely no advantage of having a scrubber. It might pick up again and, you know, you might recover the investment of the scrubber in a small period of time. It's a different kind of investment, really.

Understood. And then, Aristides, I think you mentioned that if asset values soften, you potentially might look at making acquisitions. Can you give us an idea of sort of the current activity in the S&P market? Are you seeing a lot more potential transactions? Are asset values close to where you might pull the trigger on acquisitions? Can you just give us a flavor for your current assessment of the S&P market?

I can tell you that prices have been dropping ever since October, November last year, till the beginning of February. They had corrected, I would say, on the, you know, 10-year-old ships that we traditionally are looking at. They had dropped by about 15 percent. We thought that if they were to drop by about They could become an interesting proposition. And a couple of deals were done last two weeks. In fact, we bid on one of those ships. But the prices, rather than continuing their softening, were elevated for these vessels, so they rose a little bit again. And now, with the charter market improving, I don't think that we will see, you know, imminently lower prices. We would like to see prices drop by another 15 percent to consider buying something. I think I couldn't have been more clear.

Sorry, Kacos. But we're always on the look for interesting transactions. My group keeps evaluating all the time, although they don't pass the threshold yet.

And then, Tassos, how current is that NAB that you talked about in the mid-40s? Does that fully incorporate the 15% drop in asset values, or is that $45 sort of a lag between which you see the softness hit the NAB?

It's already, I mean, if I recall on the top of my head that our previous end-September valuation was around 250, if I'm not mistaken, million. So by the year end, the market has dropped by essentially 15%. Maybe by the middle of January, late January, it might have dropped a little bit more, but it sounds like it has rebounded a bit more recently. So I mean, it's on the ballpark. It is, to be more accurate, it's for the end of the year, the number I quoted during the presentation, but if we were to recalculate it pro forma today's values, it should be not far from it.

Okay. And I know, Aristides, you're hesitant to put out your crystal ball on what the rest of the year is going to look like from a TCE standpoint, but can you Many other companies talk about what they've booked in the quarter so far, a percentage that's already booked for the quarter and a rate that's associated with those bookings. Do you have a similar metric available for us? Where do we stand at this point in the quarter as far as the first quarter?

I think Tassos can tell you after the call where we are based on our existing charters, because now we're at the end of February. So, obviously, I would think 80 percent of what we're going to make is already booked. So there is...we have an idea about it, but I don't have it on hand.

On slide four, to get a flavor of the charters we've concluded. They really cover the quarter to date, pretty much. And I think on average I can eyeball them to be below $10,000, the average.

Okay, that's great. But improving, firming up, and so the second quarter potentially would be, you know, look a little bit better than the first quarter.

Hopefully March will be a little better. The contact rollover in March will be better. And I would dare to say most certainly Q2 will be a little better because it's also a seasonally better quarter.

But also already, I mean, the last fixer we did, I think, was the Yanis-Peters, which was fixed for $12,000. even one month ago. Great.

Really helpful. Thank you.

Thanks, guys. Thank you. We've reached the end of our question and answer session. I'd like to turn the floor back over for any further or closing comments.

Thank you all for listening in today. We'll be back to you at the beginning of what is it? Middle of May. Yes. With the Q1 results.

And hopefully we'll be better if the market helps us.

Exactly.

Thanks all again.

Thank you. Bye. That concludes today's teleconference. We disconnect your line at this time and have a wonderful day. We thank you for your participation today.