EuroDry Ltd.

Thank you for signing by, ladies and gentlemen, and welcome to the Eurodry Ltd. conference call on the second quarter 2026 financial results. We have with us today Mr. Tassos Aslidis, Chief Financial Officer, and Mr. Tina Atalioti, Finance Manager 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 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 to Mr. Aslidis, I would like to remind everyone that in today's presentation and conference call, Eurodry 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 and 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 that 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 pass the floor to Mr. Aslidis. Please go ahead, sir.

Thank you. Good morning, ladies and gentlemen, and thank you all for joining us today for our scheduled conference call. Together with me is Ms. Athena Attaliati, our finance manager. The purpose of today's call is to discuss our financial results for the three and six-month periods ended June 13, 2026. For that, please turn to slide three of the presentation. Our financial highlights are shown here. For the second quarter of 2026, we reported total net revenues of 17.7 million and net income attributable to controlling shareholders of 6.59 million, or $2.32 per diluted share. Adjusted net income attributable to controlling shareholders for the quarter was 6.95 million, for $2.44 per diluted share. Adjusted EBITDA for the quarter was 11.71 million. Please refer to the press release for the reconciliation of adjusted net income and adjusted EBITDA. As you know, we will go over our financial highlights in more detail later on the presentation. Since initiating our 10 million share purchase program in August 2022, We have re-purchased 358,130 shares of common stock in the open market for a total of 5.8 million. Our board re-approved the program recently and approves an extended annually and the most recent authorization is granted earlier this month and runs for another year. We will continue to execute the purchases in a disciplined, measured manner based on market conditions and other capital allocation priorities. We are also pleased to announce that on July 28th, 2026, we signed a terms to refinance the MV Ekaterini, one of our come-from-expressions, with a 19 million loan facility, higher by almost 8 million over the existing balance of the loan, further boosting our liquidity. This agreement is subject to customary closing documentation. Let's now move to slide four. In this slide, we outline our chartering and operational developments. In the second quarter, we continue to deploy our fleet with flexibility. Four of our vessels are currently operating on index link charters tied to the average Baltic supermax 10TC index. which provides direct exposure to market conditions while, as I mentioned, maintaining operational flexibility. Our remaining vessels are employed on fixed-rate time charters with most heavy durations of one to three months. The exception is our vessel MV Christos K, which is fixed on a longer-term charter to November 2026. Further shorter details are provided in the following slides. In the second quarter, we entered the two full freight agreements. On November 19th and on March 30th, we sold two 90-day CAMSERMAX 82-5TC average contracts for the third quarter of 2026, at 17,250 and 17,000 oil cans per day, respectively, each equivalent to one vessel. These contracts I mentioned are based on the Kamsa Mark 82-515 index, which covers these five major time charter routes and proves a good test on our market exposure. Similar contracts for the second quarter of 2036 were settled very close to the rate agreed in the FFA contract. The final point on this slide is that operationally we have no ideal period for the quarter commercial of high or dry torquings during the second quarter. Let's move to slide 5, which provides an overview of our fleet. Today, we operate a fleet of 11 vessels with total carrying capacity of approximately 766,000 deadweight tons. and an average age of around 13.8 years. In addition, we have four new buildings on order. Two ultramarine vessels are scheduled for delivery in the second and third quarters of 2027, each with capacity of 63,500,000 deadweight homes. We also have two cum-ceramics vessels on order, scheduled for delivery in the first and second quarters of 2028, each with a capacity of 52,000 deadweight tons. Upon delivery of these four vessels, our fleet will grow to 15 vessels with a total carrying capacity of approximately 1.06 million deadweight tons, including an ultramarx segment of eight vessels, a comsamarx segment of four vessels, all five of these vessels being eco-friendly ones, while continuing saving our three legacy Panamaxes, which are all free Japanese bills. Next, let's move to slide 6, where we show our flipped employment profile. Our current fixed rate coverage for the remainder of the year tends to be more than 25%, based on existing charter arrangements. This excludes our four vessels operating on indexed link charts. There's no more to slide A to review key market developments for the second quarter and initial trends to late July. Panama trades averaged $17,961 per day in the second quarter and have moderated slightly to $17,106 at the end of last week. On the time-shorter side, one-year time-shorter rates have also strengthened. have set the standard Panamax one-year sign charter rate at approximately $17,125 per day as of July 31. Notably, sign charter rates are now trading in line with spot market levels, reflecting continued confidence in the underlying market value. During the second quarter, the Baltic Dry Index and the Baltic Panamax Index recorded year-over-year increases of approximately 78% and 54% respectively, reflecting the strengthening of the dry bulk trade market compared to the second quarter of last year. Moving on to slide 9. Here we review the global macroeconomic backdrop and its implications for dry bulk shipping demand. According to IMF's July

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