EuroDry Ltd.

Thank you for standing by, ladies and gentlemen, and welcome to the Eurodry Limited conference call on the third quarter 2025 financial results. We have with us today Mr. Aristides Pires, Chairman and Chief Executive Officer, and Mr. Tasos Aslitis, Chief Financial Officer of the company. At this time, all participants are in a 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 is being recorded today. Please be reminded that the company announced its results with a press release that has been publicly distributed. Before passing the floor over to Mr. Pitas, I would like to remind everyone that in today's presentation and conference call, your dry will be making forward-looking statements. These statements are within the meaning of the federal securities laws. Matters discussed may be forward-looking statements which are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. I kindly draw your attention to slide number two of the webcast presentation, which has the full forward-looking statement, and the same statement was also included in the press release. Please take a moment to go through the whole statement and read it. And now I would like to turn 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 calls. Together with me is Mr. Tasos Ashliris, RC Financial Officer. The purpose of today's call is to discuss our financial results for the three and nine month period that ended September 30th, 2025. Please turn to slide three of the presentation. Our financial highlights are shown here. In the third quarter of 2025, we reported total net revenues of $14.4 million, and the net loss attributable to controlling shareholders of $0.7 million, or $0.24 loss per basic and diluted share. Adjusted net loss attributable to controlling shareholders for the quarter was $0.6 million, or $0.23 loss per basic and diluted share. Adjusted EBITDA for the quarter was $4.1 million. Please refer to the press release for the reconciliation of adjusted net loss and adjusted EBITDA. Our CFO, Tasos, will go over our financial highlights in more detail later on in the presentation. Our work today will have purchased about 335,000 shares of our common stock in the open market, for a total of $5.3 million under our $10 million shared purchase plan, which we announced in August 2022. Our board of directors has approved an extension of the program for an additional year. We intend to continue executing our purchases after the originally approved amount of $10 million at a disciplined rate, taking into account the company's liquidity needs and relatively small free flows. Please turn to slide four to view our recent developments. On October 21, 2025, we delivered motor vessel Irini-B to her new owners and then affiliated third party. The Irini-B was one of our oldest ships and the longer-held vessel in our fleet. She was sold for $8.5 million. On the chartering front, Our fixtures during the third quarter were predominantly short-term. Seven of our vessels are currently employed under time charters, ranging between a month to a little over three months, allowing us to position our vessels advantageously as market conditions improve. While the Red Sea disruptions continue to influence route decisions and freight premiums, their impact on dry bulk charter rates has largely stabilized. Towards the end of the quarter, seasonal patterns began to reassert themselves, and the market showed signs of recovery, which still continue. The specifics of the charter fixed during the period are outlined in the accompanying presentation. Most notable amongst them, due to the length of the charters, is the motivational Yannis Peters, which secured an extension of its index-linked charters at 115 percent of the average Baltic supermax 10-time charter index, until at least November 26. During this quarter, motor vessel Santa Cruz completed her special survey and dry dock over a period of 35 days. Flight 5 shows Eurodry's current fleet, which consists of 11 vessels, with an average age of approximately 10.8 years and a total carrying capacity of about 767,000 deadweight tons. In addition, we have two ultramax vessels under construction, each with a capacity of 63,500 deadweight tons, scheduled for delivery in the second and third quarters of 2027. Upon delivery, our fleet will expand to 30 vessels with a total carrying capacity Now please turn to slide 6 for a visual update on our current fleet employment. As of September 30, 2025, our fixed rate coverage for the remainder of the year stands at approximately 45% based on existing time-charter agreements. This figure excludes vessels operating under index-linked charters, which, once subject to market fluctuations, still have secured employment. We currently have four vessels, the Maria, Good Heart, Molly Moslak, and Yannis Pitas, trading on index-linked charters with durations ranging from March 2026 to at least November 2026. Turning to slide 8, We'll go over the general market highlights for the third quarter ended September 30, 2025, and up until recently. Panamax spot rates rose steadily through the third quarter of 2025, increasing from an average of about $14,500 per day to approximately $14,950 per day by quarter end. reflecting a slight increase. As of November 7th, spot rates for Panamax vessels increased further and now stand at around $15,500 a day. Now, one-year time charter rates are a bit lower than the spot rates, and Clarkson's gives the standard Panamax one-year TC rate at $15,125 a day. During the third quarter, the Baltic Dry Index and the Baltic Panamax Index recorded year-over-year increases of approximately 6% and 14% respectively, reflecting a slightly better market compared to the same period last year. This recent recovery in the supercancer range was supported by stronger-than-expected demand for minor bugs, robust grain trade flows, and the marginal tightening in vessel supply driven by longer voyage distances and regional trade disruptions. Please mark out slide 9. According to the IMF's October 2025 projections, global growth is expected to ease slightly from 3.3 percent in 2024 to 3.2 percent in 2025 and 3.1 percent in 2026. with advanced economies growing around 0.5%, and emerging markets and developing economies just about 4%. Persistent trade tensions and ongoing policy uncertainty are dampening investment and trade activity, and as tariffs work their way through supply chains and onto consumers, the IMF predicts a gradual but not too severe global growth deceleration. Global inflation is projected to moderate worldwide, though unevenly across regions, remaining above target in the United States, where risks are tilted to the upside and more subdued elsewhere. U.S. growth is projected at 2% in 2025 and 2.1% in 2026, a modest upgrade revision from earlier forecasts. reflecting smaller-than-expected defects from tariffs and more favorable financial conditions. In late October, the Federal Reserve lowered the target range for the federal funds rate by 25 basis points to 3.75 to 4%. Chair Powell has not ruled out the possibility of an additional rate cut at the December meeting. The overall outlook remains fragile, with downside risks stemming from persistent uncertainty, potential protectionist measures, and ongoing labor constraints. Among emerging markets, India is growing the fastest, and is focused to expand by 6.6% in 2025 and 6.2% in 2027. and the vibrant services sector. The ASEAN 5 economies are also expected to pose solid growth of around 4.2% in 2025 and 4.1% in 2026, underpinned by the healthy interregional trade and the continued industrial activity. China's economic outlook is projected to continue, though at a decelerating pace. These challenges include a widening gap between industrial supply and weak domestic demand, as well as ongoing trade tensions with the U.S., including the new tariffs on Chinese goods, export controls, and restrictions on high-tech exports. China's growth is consequently expected to moderate to 4.8% in 2025 and 4.4% in 2026. Despite domestic headwinds, the Chinese economy is being supported by strong export performance to regions like Southeast Asia and the EU, and a still resilient manufacturing sector. Turning to the dry bulk sector to see how the global growth affects the demand for dry bulk, Claxon Research now projects dry bulk trade demand growth at just 1.4% in 2025, 2.1% in 2026, and 1.8% in 2027, indicating a stronger trajectory than previously estimated growth. The recovery is supported by steady industrial output in Asia, continued demand for minerals, and improving agricultural and coal trade flow. This turns slide 10 to review the current state of the order book in the dry bulk sector. As of November 2025, the order book stands at approximately 10.9% of the existing fleet. Although higher than the 7% recorded in 2021, it remains amongst the lowest levels in history. For context, the order book accounted for 80% of the fleet in 2008, and nearly 30 percent in 2014. Current ordering activity remains limited due to shipyard capacity constraints, high new building costs, and uncertainty surrounding future fuel technologies and environmental regulations. Turning to slide 11, let us now look into the supply fundamentals in a little bit more As of November 2025, the total dry bulk fleet comprises roughly 14,150 vessels. According to Clarkson's latest estimates, new deliveries as a percentage of the existing fleet are projected at 3.7% for 2025, 4.2% for 2026, and 3.4% for 2027, with actual fleet growth expected The fleet age profile shows that about 10.6% of the global fleet is over 20 years old, representing a pool of potential scrapping candidates, particularly if market conditions worsen and environmental requirements tighten further. Overall, fleet renewal remains balanced amongst the various vessel sizes. The majority of vessels are concentrated in the 10 to 14-year-old range, where still most vessels built around that time were not eco-ships. Therefore, the number of eco-vessels available in the market is still a minority amongst the existing fleet. Please turn to slide 12, where we summarize our outlook for the dry-bulk market. The dry-bulk Carrier market strengthened notably during the third quarter, with average time charter rates for Sukhumvit and Panamax vessels increasing by roughly 13% quarter-on-quarter, reflecting improved demand trends across several key commodities. The Red Sea attacks earlier in the summer disrupted canal transit further and tightened vessel supply, further supporting freight rates. Demand for larger vessel classes remained firm, while smaller segments also recovered strong gains, adding to the overall positive momentum. Looking ahead to the remainder of 2025, market conditions still remain uncertain, shaped by the recent geopolitical and policy developments. In October 2025, as we all know, the U.S. and China escalated their trade dispute. introducing reciprocal port fees on each other's vessels, which added complexity to shipping operations. However, following the meeting between President Trump and Xi last month, both sides signaled a temporary de-escalation and port fees postponed. Meanwhile, the ceasefire between Israel and Hamas has also drawn attention to a potential easing of Red Sea disruptions. adopting the cautious wait-and-see stance, and no immediate changes in routing patterns have been experienced. In 2026, the market still faces challenges around trade growth and potential pattern of trade adjustments. However, China's demand for bauxite and iron ore will remain a key driver, while global infrastructure spending should continue to support industrial materials trade. Long harvests in the U.S., Brazil, and Russia are also expected to sustain robust grain exports for the succulents in the Panamax sector. Also expected is a rebound in coal trade and steady minor bulk demand. However, the potential normalization of Red Sea traffic could result in lower ton-mile demand as routes resorted again. On the supply side, ordering activity remains limited due to shipyard capacity constraints and continued uncertainty about fuel technologies. Especially after the recent IMO decision to postpone the adoption of its proposed environmentally friendly new routes, ship owners are confused on what type of ships to order. The order book to fleet ratio, currently near historical lows as said before, provides a solid backdrop for a charter rate recovery should demand strengthening. Although there is a clear industry shift towards alternative fuels, the pace of transition is likely to be slower than anticipated, constrained by technical challenges, economic considerations, and ongoing delays in the IMO's next net-zero framework. As on mission-related measures, such as the EXI, CII, EU-ETS, and EU-Maritime are fully implemented, apparent supply could tighten further through increased scrapping and slower vessel speeds. By 2027, the dry bulk market is expected to enter a rebalancing phase, with new deliveries declining and scrapping activity picking up, leading to a more balanced supply-demand environment. Let's turn to slide 13. As of November 7, 2025, the one-year time chart rate for Panamax versions stood at $15,125 per day, remaining modestly above the 20-year historical median of $13,375 per day. As of the third quarter of 2025, the market for 10-year-old Panamax bulk carriers remained firm, in Q2, which represented the lowest point since mid-2023. Current asset values stand at approximately $26 million, which are well above the historical median of $15.5 million and a 10-year average of $18 million.

Underscoring continued resilience in second

for existing vessels and our new building orders, and also the disposal of one of our... We are in a position to continue modernizing our fleet and preparing ourselves for the next bull run, which will, as usually, occur suddenly and possibly when least expected. Let me now pass the floor over to our CFO, Tassosas Leavis, to go over our financial highlights in more detail.

Thank you very much, Aristides. Good morning from me as well, ladies and gentlemen. Over the next four slides, I will give you an overview of our financial highlights.

...for existing vessels and our new building orders and also the disposal of one of our... We are in a position to continue modernizing our fleet and preparing ourselves for the next bull run and possibly when least expected. Let me now pass the floor over to our CFO, Tassosas Livis, to go over our financial highlights in more detail.

Thank you very much, Aristides. Good morning from me as well, ladies and gentlemen. Over the next four slides, I will give you an overview of our financial highlights for the third quarter and nine months of 2025 and compare them to the same period of last year. For that, let's turn to slide 15. For the first quarter of 2025, we reported net revenues of 14.4 million, representing a 2.2% decrease of the total net revenues of 14.7 million during the third quarter of last year, which is primarily the result of the decreased average number of vessels we operated, and a relatively lower market compared to the same period of last year. Interest and other financing costs, including interest income for the third quarter of 2025, amounted to 1.6 million compared to 1.9 million for the same period of 2024. Interest expense during the third quarter of this year was lowered primarily due to the decreased benchmark rate for our loan space, partly offset by the increased average amount of debt that we sell. Advocacy to be done for the third quarter of 2025 was 4.1 million compared to half a million achieved during the third quarter of 2024. Basic and diluted loss per share attributable to the controlling shareholders for the third quarter of 2025 was 0.24 dollars calculated on approximately 2.8 million basic diluted weighted average number of social spending, compared to loss per share of $1.53, calculated on about the same number of basic diluted weighted average number of social spending for the third quarter of last year. Excluding the effect on the loss attributable to controlling shareholders, for the quarter of the unrealized loss on derivatives, the adjusted loss for the third quarter of this year would have been $0.23 per share, basically diluted, compared to an adjusted loss of $1.42 per share, basically diluted for the same period, third quarter, $0.24. Let's now look at the numbers for the corresponding nine-month period, ended September 30th, and compare them to the same period, the nine months of 2024. For the first nine months of 2025, we reported total net revenues of 34.9 million, representing a 25% decrease of the total net revenues of 46.6 million that we set during the first nine months of 2024. And then again, this is mainly due to the decrease number for vessels we operated, and the decreased number of rates that we earned during the most recent nine months here. Again, another financing cost for the first nine months of this year, again, including interest income, amounted to $5.1 million, compared to $6 million for the same period of last year. Again, here the decrease is primarily due to the decrease underlying interest rate we paid and the decrease and also partly for the increased level of debt we carry. Advocacy to be done for the first nine months of 2025 was 5 million, compared to 7.6 million during the first months of 2024. Again, excluding the effect on the net loss attributable to the controlling shareholders for the first nine months of the year of the unrealized loss on derivatives and the net gain on sale of a vector, the adjusted loss for the nine-month period ended September 30, 2025, which has been $3.39 per share, basically diluted, compared to adjusted loss of $2.77 per share, basically diluted, for the nine months ended September 30, 2024. Let's move now to slide 16. to review our FLIP performance. We'll start our review by looking at our FLIP utilization rate for the third quarter and nine-month period of 2025, and compare them to the same periods of last year. During the third quarter of 2025, our commercial utilization rate was 100%, while our operational utilization rate was 99.3%, compared to 100% commercial and 98.5% operational in the corresponding period of 2024. On average, we own and operate 12 vessels in the first three months, in the third quarter, sorry, of 2025, earning another time shorter equivalent rate of $13,232 per day, compared to 13 vessels in the same period, the third quarter of 2024, earning another $13,105 per vessel per day. Our total daily operating expenses, including management fees, general and administrative expenses, but excluding variables and costs, were $7,013 per vessel per day during the third quarter of 2025, compared to $6,851 per vessel per day for the same period of last year. If we move further down this table, we can see the cash flow break-even level, which is also taken into account, in addition to the above expenses, for the dieback in expenses, interest expenses, and loan repayments. Thus, for the third quarter of 2025, our daily cash flow break-even level was $12,482 per vessel per day, compared to $15,000 $145 per vessel per day for the third quarter of last year. Reviewing now the same figures for the nine-month period and comparing them to the same period of last year, we had commercial depletion rate about 99.6%, and operational depletion rate at 99.2% for the first nine months of this year, compared to 99.9% commercial and 98.7% operational for the same period of last year. On average, we operated 12.3 vessels during the first nine months and earned an average rate of $10,210 compared to operating 13 vessels during the same period of last year, earning on average $13,339 per vessel per day. Similar analysis further down for our operating expenses. Our operating expenses, including management fees and GMA expenses, but excluding direct working costs, were $7,285 per vessel per day in the first nine months of this year, compared to $6,927 for the same period of last year. And if we include on this figure the interest expense, the loan repayment, and the direct working expense, our total cash flow break-even level for the first nine months of 2025 would be $20,071, as compared to $13,789 per vessel per day for the same period of 2024. Let's now move to slide 17 to give you some highlights regarding our debts. As of September 30, 2025, U.S. debt stood at $97.9 million, with an average margin of about 2.05 percent. Assuming a three-month short rate of 3.84 percent, the cost of our senior debt is approximately 5.9 percent. on the top right part of this slide, which shows total debt repayments of 13.1 million in 2025, 10.3 of which have already been made, 12.2 million repayments in 2026, and 21 million repayments in 2027. Mind you, the last figure includes the beginning of repayments for the two years we will assume for our new building, Ultramarx Vessels, which are scheduled for delivery in the third quarter of 2027. In the bottom of this slide, you can see our cash flow rate even estimate for the next three months, broken down by major components. Our EBITDA rate even level is approximately $7,600 per vessel per day, and if on the top of that we include interest expenses and loan repayments, Our total cash flow break-even level for the next 12 months is estimated at around $11,900 per vessel per day. This is a net figure. If we gross up for commissions and sum up our time, our time chart equivalent break-even rate is just below $13,000 per vessel per day, and we need to reach that rate to achieve both cuts low and for stability break-even over the next 12 months. Let's now move to the last slide of my remarks, to slide 18, to give you some highlights of our balances. This slide offers a snapshot of our assets and liabilities and gives a concise picture of our financial position. As of September 30, 2025, cuts and other assets and our balances stood at approximately 18.8 million, while we had advances for new buildings amounted to about 7.2 million. In addition, on the asset side, we have the book value for our vessels, which was about 176 million, resulting in total book value for our assets of roughly 202 million. On the liability side, total bank debt, as I mentioned in the previous slide, stood at $97.9 million, which is roughly 48.4% of the book value for our assets, who had other liabilities of $5.2 million, representing about 2.6% of our assets. This results in the book value for our shareholders' equity of almost $90 million, translating into a net book value per share of $31.8 million. Based on our own estimates, though, the market value for our fleet is higher than the respective book value. We estimate it to be about $214.14 million, as compared to a 176-dimension area, approximately $38 million above the book value, implying the net market value of our fleet on a per share basis to be in excess of $44.00. If we compare this to the recent trading rates of our shares, which is around $13 per share, it becomes evident, one more time, that there is significant potential, upside potential, for share appreciation should market conditions improve or other categories cause that discount to level. And with this statement, I would like to pass the floor back to our speakers to continue our call.

Thank you.

We will now be conducting a question and answer session. If you would like to ask a question, please press Star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press Star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we poll for questions. Thank you. Our first question comes from the line of Hans Baldow with Noble Capital Markets. Please proceed with your question.

Hello. The market fundamentals are looking more promising for 2026, and we've seen the rates push up. And I know you mentioned a break-even rate of $12,000. Can you talk about your threshold for shifting from the short-term index-linked exposure and possibly securing some longer-term coverage? Are there specific rates you're looking for?

Yes, we will switch to longer-term coverage if we see numbers between around 16,000, 15,000, 16,000, 17,000. That's the area where we will be concentrating to get some exposure hedged through time charters or FFA's.

Okay, and is that across the board, or is that an average between the CancerMax, Panamax, SuperMax?

It's an average, let's say, what I just told you. Obviously, our elder Panamaxes earn less, so we might fix something at a little bit lower rate. The younger CancerMaxes and the UltraMaxes, they earn Probably around the same these days. Okay.

All right, thank you. And, you know, I see the Ekaterini is looking for employment. Do you have a timeline of when you expect that vessel to start up again? The Ekaterini was sold. No, the Ekaterini.

Ekaterini. The Ekaterini was fixed. Yes, the Caterini was fixed a couple of days ago, so it didn't make it here in the presentation, for a trip via South America and back to the Far East, so about 90 to 100 days at the level which is about $16,500 a day.

Okay, understood.

And my last question is for the near-term debt. I know with the IRINI sale and the refinancing steps, your liquidity improved recently, but you still have the $12.2 million in current debt. Do you have any plans to improve the near-term liquidity?

I will put it, it has improved significantly because we did a couple of things. They're not reflected in the numbers for the nine months, but because they happened, or are about to happen, we're refinancing Yannis Pipas, which will release about 4.5 million. We have Sol Tirini, which will release about 6.5 million, I think, after we paid a couple of million of debt that was there. And we have also... It's in the press release arranged to finance the pre-delivered payments for our new buildings. One has already been paid by the debt we arranged. So I think we have improved significantly our liquidity. The difference by the end of the year is plus 15 million after this test that we took. As you pointed out, in the fourth quarter, the market is improving and should be contributing to our positive cash flow, so there should be an additional balance generated from our operations.

Okay. Thank you very much. That's everything from me. Thank you.

As a reminder, if you would like to ask a question, press star 1 on your telephone keypad. Our next question comes from the line of Paul Fratt with Alliance Global Partners. Please receive your question.

Yeah, good afternoon, Aristides. Good afternoon, Tassos. Just one follow-up on the new-build financing. Tassos, did you say that you're going to draw down the first, you know, one of the two new-build facilities in the fourth quarter?

Yes, we're already done that. The second one. These new buildings had a second payment that was to be made this year. For one of them, the payment was due. We already took a loan, and the payment was made using that loan. The other payment is still coming up, and we have another loan with a different bank. I think it's in the press release, which will contribute towards that payment as well.

So I'm trying to figure out when you're going to show the incremental debt on the balance sheet. Because the new build payments, as I understand it, are, you know, call it 60% of the total cost of the new builds, and those aren't due until mid-27. So can you just sort of give me an idea of what the incremental debt looks like in 26 and 27, Cassius?

I mean, by the end of, by the delivery of these vessels, we would have drawn approximately 53 million debt to finance the two new buildings, 26 and 26.9, I think, in those numbers. So that's by the delivery of the vessels. And if we draw debt to finance pre-delivery installments, we'll show it, obviously, in our balances.

Yep. Okay. Just to clarify that. And then, Aristides, can you talk about the market a little bit? You know, I'm trying to reconcile, one, the sudden increase in rates on the Alexandros P and Christos K, you know, in sort of the August-September timeframe. And can you just highlight the reasons you think that the rates, you know, went from 6,000 to 28,000, and then Christos went from, you know, call it below teens to 28,000. And then can you give me an idea of sort of the rate outlook for both of those into the rest of the fourth quarter and into the early 2026 timeframe? Sure, Paul.

The market, the overall market is... slightly improving, as is shown also by the various indices. However, the indices are comprised of various different voyages. The voyages from the Far East to the Atlantic generally are low-paying voyages. The voyages from the Atlantic to the Far East are high-paying voyages. So if you secure a trip like the Ekaterini, which starts from the Far East, goes to South America, and returns to the Far East, then you will get the average rate, which today is around $16,500 that we fixed. But in the two cases that you're talking, we're talking about the first two voyages were positioning voyages to places where you can get higher rates to go back out. And that is why you see those big differences in the earnings. Is it clear?

Yeah, I guess the next sort of question would be then, you know, they'll have to probably reposition for the rest of the fourth quarter. so we should look at a lower rate for the rest of the quarter. Is that fair, Aristides, on those two?

I think, on average, you should be looking at average charter rates. So... You know, the way we run our models, at least, we take those assumptions into account, and we run our models for three, six months or a year or whatever, so we generally use the index to reflect what we think will be happening, because it's very difficult to decide exactly how it will have a cost to go to a place where it will be able to command higher freight rates.

It clearly depends on the type of the mixed fixture. If it's within the Far East, it will be closer to the average. If it's back and forth to the Atlantic, again, to the average. If it goes to the Atlantic, it will be lower, the lower rate the Paris series mentions, because then you get a better rate to go to the Pacific. So wherever the cutoff falls from the end of the quarter, so taking the average is probably a safe bet.

Yep. Okay. Fair enough. And then I just want to clarify that the 115% of the BSI 58, is that number on page 8 so that the 4 that you have on the index right now, or, you know, earning 115% of, you know, right now it looks like 16,600, 16,625. Is that correct?

Yes, you take the BSI index and multiply it by 1.15 to get what we have paid for these four vessels as of today.

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

Yes, there is a dry dock of Vicenza that is going to happen very soon. Other than that, I don't think we have something else within the next six months to nine months. We have one dry dock within 2026. I can't remember which year it is. And it's towards the second half of 2026. For the whole year, there is just one dry dock. We have a 10-year now and one in 2026.

Okay. And then, you know, typically, you know, I guess... You talked about your fleet renewal program, and it was more in the context of lower rates and making that decision of doing a dry dock on a 20-year-old-plus asset versus selling it. And can you just highlight when the... Dry ducts might occur on the Starlight and the Blessed Luck, which are still two of the oldest, you know, Panamaxes you have out there. The Santa Cruz was done in the third quarter, so I'm assuming you're going to keep it for a while.

Yes, I think the Blessed Luck and the Starlight are due for dry duct in 2027, I think, second quarter.

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

A final reminder, if you would like to ask a question, press star 1 on your telephone keypad. One moment, please, while we re-poll for any additional questions. Mr. Peters, it appears we have no further questions at this time. I'd like to turn the floor back over to you for closing comments.

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

Thank you, everybody, for attending.

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