Eagle Bulk Shipping Inc.

Good day, and thank you for standing by. Welcome to the Eagle-Bulks third quarter 2022 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Gary Vogel.

Please go ahead.

Thank you, and good morning. I would like to welcome everyone to Eagle Bulk's third quarter 2022 earnings call. To supplement our remarks today, I would encourage participants to access a slide presentation that is available on our website at eagleships.com. Please note that part of our discussion today will include forward-looking statements. These statements are not guarantees of future performance and are inherently subject to risk and uncertainties. You should not place undue reliance on these forward-looking statements. Please refer to our filings with the Securities and Exchange Commission for a more detailed discussion of the risks and uncertainties that may have a direct bearing on our operating results, our performance, and our financial condition. Our discussion today also includes certain non-GAAP financial measures, including adjusted net income, EBITDA, adjusted EBITDA, and TCE. Please refer to the appendix in the presentation and our earnings release filed with the Securities and Exchange Commission for more information concerning non-GAAP financial measures and a reconciliation to the most comparable GAAP financial measures. Please now turn to slide six. Notwithstanding macro headwinds and heightened uncertainty surrounding geopolitical elements, EGLE was able to post another strong quarterly result achieving Q3 net income of $77.2 million, or $5.94 per share basic. Adjusting for non-cash mark-to-market gains on derivative hedges and other non-cash items, net income came in at $74.3 million, or $5.72 per share. Based on this result and consistent with our stated capital allocation strategy, EGLE's Board of Directors declared a cash dividend of $1.80 per share, equating to 30% of earnings. This is our fifth consecutive quarterly dividend, bringing total shareholder distributions to $10.05 per share since we adopted our capital allocation strategy just 13 months ago. Additionally, we opportunistically repurchased approximately 9% or 10 million face amount of our convertible bond debt in the open market. This transaction has not only resulted in a decrease in our debt outstanding, but also in a reduction of our diluted share count by 296,990 shares. I think it's worth noting that we repurchased the bonds when our shares were trading around $41, so we view the transaction as quite accretive in terms of NAV. As part of our ongoing fleet growth and renewal strategy, we acquired a high specification 2015 built scrubber fitted Ultramax for $27.5 million. The vessel was constructed at Imabari in Japan and will be renamed the motor vessel Tokyo Eagle. Delivery is expected within November. Separately, in August, we closed on the sale of the motor vessel Cardinal, a 2004-built Supermax. The ship was sold for $15.8 million. Performer for these transactions, our fleet totals 53 ships, averaging about 9.8 years of age, with 91% being fitted with scrubbers. Please turn to slide seven. Our third quarter financial results were driven by exceptional top line performance, especially when compared to the underlying market. We achieved a net TCE of $28,099, which represents a decrease of 7% quarter on quarter, but a significant increase in our performance against our benchmark index to almost $9,000 or 46% per ship per day. Our strong market performance can be attributed to a number of factors, including our commercial platform and its dynamic approach to trading ships, our FFA and commercial position heading into the quarter, and our ability to capture significant value from fuel spreads as a result of our fleet scrubber position. As we look forward to the fourth quarter, spot rates are weaker than the Q3 average, but as of today, we fixed approximately 70% of our owned available days for the fourth quarter, at a net TCE of $25,040, pointing towards another quarter of significant outperformance against the BSI. Please turn to slide eight. Our top-line performance helped drive another strong operating result, with adjusted EBITDA coming in at $85.1 million after adjusting for the unrealized P&L impact of our hedges and certain other non-cash items. Our trailing 12-month EBITDA run rate remains essentially flat as compared to the last quarter, coming in at $364 million, a very modest EV EBITDA multiple of just 2.3 times. I would now like to turn the call over to Frank, who will review our financial performance in more detail.