Euroseas Ltd.

Thank you for standing by, ladies and gentlemen, and welcome to the EuroCity Conference Call on the First Quarter 2026 Financial Results. We have with us today Mr. Theradides Titus, Chairman and Chief Executive Officer, Mr. Tatsos Aslides, 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 questions, please press star 1 on your telephone keypad and wait for your name to be announced. I must advise that this conference is being recorded today. Please be reminded that the company announced the results for the press release that has been publicly distributed. Before passing the floor over to Mr. Peters, I would like to remind everybody that in today's presentation, the conference call URCs will be making forward-looking statements. These statements are within the meanings of the federal security 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. I would now like to pass the floor over to Mr. Peters. 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 Dr. Leslie Sanfier-Fong, who will discuss in detail our various financial regards later. Please turn to slide 3 of the presentation for our financial highlights. In the first quarter of 2026, the reported profit net revenue is of $55.4 million, a net income of $32,520,000, or $4.65 per diluted share. Adjusted net income for the quarter was $32.87 million, or $4.70 per diluted share. Adjusted EBITDA was close to $41 million. Please refer to our press release for the reconciliation of adjusted net income and adjusted EBITDA to net income. Passers will walk you through the results, as I said earlier, in more detail. Consistent with our commitment to enhance shareholder returns, our Board of Directors approved a quarterly dividend of 80 cents per share for the first quarter of 2026, representing a 6.7% increase from the 75 cents per share that we paid for the fourth quarter of 2025. The dividend will be payable on or about June 16th, The shareholder is on the record on June 9th. Based on our current share price, this translates to a manualized dividend yield of close to 5%. On the buyback front, since the launch of our $20 million share repurchase program in May 2022, we have repurchased $480,000 500 shares in the open market, representing about 6.8% of our outstanding shares, for an aggregate consideration of approximately $11.4 million. The program was renewed for a consecutive year in May 2026, and we intend to continue executing it in a disciplined and opportunistic manner, deploying capital prudently to support long-term shareholder values. Finally, we recently entered into a joint venture with MRP Projects Finance and related investors for the ownership of our third intermediate container ship on order, Motovessel Trilos. The vessel is scheduled to be delivered in Q1 2028 and will be financed with at least 60% debt. Under the terms of the agreement, MRP investors will acquire a 49% stake for approximately $12.2 million, including the transaction costs. Please turn to slide 4 for an overview of our recent developments, covering key activity across virtual sale acquisitions, chartering, and fleet operations. On the S&P front, we continue to expand our new building programs, with two strategically aligned orders that further strengthen our fleet profile and long-term growth trajectory. First, as already announced, we signed an agreement with Quanhai Shipbuilding Company in China for the construction of two additional methanol-ready 2,800 TEU container ships, whose schedule delivers in November 28 and February 29. These are 56 to the better zone ready offered in March 2026, bringing the series to four units in total. The aggregate consideration is approximately $93 million and will be financed through equity and debt. We have an aggregate of approximately 65% leverage. Second, We entered into agreement with Nantong CIMC, it's one of the three, the cost of engineering in China, for the construction of two 1,800 EU regional containers. We expect the delivery in June 2028 and September 2028. Total consideration for these pressures is approximately $64.5 million and will be financed on a similarly structured basis with equity, and debt. On the transferring side, we secured multi-year employment for two of our vessels, further strengthening our revenue stability. Motor vessel EM care was fixed for 36 to 38 months at a rate of $30,000 per day, and motor vessel EM status for 22 to 24 months at $21,500 per day. I am pleased to report that we have no idle or commercial off-hire days this period. Now, please turn to slide 5. Our operating fleet currently consists of 21 vessels with a combined carrying capacity of approximately 61,000 TEUs and another a date of about 13 years. This comprises the six intermediate container ships, and with a carrying capacity of approximately 25,000 TEUs and another at a rate of 18 years, alongside 15 3D container ships with a combined carrying capacity of 35,000 TEUs and another at a rate just below 10 years. In addition, we have the 10 new building vessels of Mordor, ranging in size from 1,780 TEUs to 4,480 TEUs, we've expected deliveries between the third quarter of 2027 and the first quarter of 2029. Upon full delivery of our new building program, our fleet will grow to 30,000 persons with a total air capacity of approximately 94,000 TEUs. Please turn to slide six for a further update of our fleet employment and forward coverage. which continues to underpin strong revenue visibility across our operating fleet. For 2026, approximately 96% of available voyage dates have been secured at an average daily rate of approximately $30,150. Looking ahead to 2027, covered 86% of our available voyage days at an average rate of approximately $31,000 per day. For 2028, approximately half of our available voyage days are covered at an average rate of approximately $31,500 per day. This strong forward coverage is the result of our disciplined, cycle-aware chartering strategy, which is designed to effectively balance market exposure with earning stability. Importantly, it provides meaningful cash flow visibility and supports our ability to sustain profitability across different market conditions, including periods of market shortness or sudden market corrections. Moving on to slide 8. Let's walk through the key market developments that saved the container subsectoral over the first quarter of 2028. One-year times harder rates held firm at elevated levels, supported in the near term by a substantial portion of the fleet being fixed forward, as liner operators continued to lock in permits to navigate lingering supply chain disruptions and networking balances. On the freight side, conditions were more volatile, with an overall sundial-contaminated freight index rebounding by approximately 75% off its late-September track, which has represented a near two-year low, and has since been closing in on early June peak, though it still remains about 13% below that. Turning to asset values, second-hand asset prices edged higher by about 2% quarter over quarter, remaining at elevated levels despite the backdrop of persistence in geopolitical uncertainties. The underlying drivers remain intact. A structurally constrained supply of available assets and intense competition to prompt chart of returners continue to provide a strong floor for asset prices. On the U-beam side, the price index was essentially flat relative to the power coaster, with robust appetite across both feeder and large vessel classes helping to sustain pricing, even as absolute cost levels remained quite elevated by historical standards. Liquidization continues to reflect a tight market. of early May. This figure remains close to historic lows and is a clear indicator of the supply tightness that has characterized this market cycle. Finally, recycling activity has remained notably muted thus far in 2026, with only five vessels totaling approximately 9,000 EU cents scrapped year-to-date. Scrap prices in Bangladesh have softened to approximately $470 per lightweight ton as of May 15, 2026. Meanwhile, the global container fleet has expanded by approximately 1.3% year-to-date. Please turn to slide 9, which depicts the development of 6 to 12-month timeshifter rates over the past 10 years. Across the board, From the smaller feeders through to the bigger intermediate container segments, current SATA rates remain notably above both their respective 20 historical averages and minimum levels. These smaller vessel classes remain essential in maintaining network visibility and supporting regional and intra-regional trade flows. a role that has only grown in importance amid the ongoing geopolitical uncertainty and supply chain alignment. With scarce availability tonnage and underlying demand holding firm, the conditions which have restrained elevated time shutter rates appear to remain broadly intact for now. Let's go to slide 10. This slide sets the macroeconomic backdrop, drawing on the IMS April 2026 World Economic Outlook update, as well as Class 1's latest trade estimates for containers. The IMS projects global growth to moderate to 3.1% in 2026, from 3.3% previously, and 3.2% in 2027, with more risks on the downside. Key risks include the broadening of the Middle East conflict, the disruptive effects of shifting trade policy, and lingering inflationary pressures tied to commodity supply stocks. Global headline inflation is projected to rise moderately in 2026, before resuming to gradual decline in 2027, with the impact likely to be most pronounced in emerging markets and developing economies. In the United States, the 2026 growth forecast was revised slightly lower to 2.3%, though the 2027 outlook was revised slightly upwards to 2.1%, reflecting continued underlying resilience despite major economic imbalances. Monetary policy remains key as the Federal Reserve is in a haunting pattern. While rate cuts have been put in late 2026. Against this backdrop, a gradual depreciation of the U.S. dollar is anticipated as monetary policy begins to ease. In Asia, the ASEAN-5 region is projected to grow at around 4.1 though external hydrants, including energy market volatility, geopolitical trade fragmentation, and trading extra momentum, are expected to weigh a near-term performance. Meanwhile, China's growth trajectory is projected to remain relatively resilient, with GDP growth of 4.4% in 2020, competitiveness. That said, structural economic imbalances persist and policy remains firmly oriented towards high-quality growth with priorities on energy security, domestic demand consumption, and productivity gains through innovation. On trade, platforms estimate containerized trade growth measured in TEU miles of approximately global trade flows. Therefore, ongoing geopolitical uncertainty, shifting trade policies, and potential unwinding of supply chain complexity are the main factors that will weigh on trade growth over the medium term. Turning on to slide 11, we provide an overview of the total fleet age profile and container ship orders. Starting with the age profile in the upper left, the overall container fleet remains relatively young, with a majority of vessels under 15 years of age and only about 14% of the fleet over 20 years old. However, this aggregate view is totally different when examining the feeder and intermediate segments in isolation, which we will explore in greater detail over the next several slides. Turning to vessel deliveries, the top right chart illustrates scheduled new deliveries as a percentage of the existing fleet. Deliveries are projected at approximately 5.2% for 2026, 8.9% for 2027, and 20.2% for 2028, although action fleet growth is expected to be somewhat lower due to slippage and future demolition activities. The bottom chart puts the current order book in historical context. At approximately 7.7% of the fleet as of May 2026, the order book has climbed levels not seen in over 15 years. A development that warrants close attention as we think about the mid-term supply-out for the sector. Turning on slide 12, we zoom in on the 1,000 to 3,000 TEU range. The previous segment performs the core of our fleet. The supply picture here tells us a completely different story from the broader market. The rate profile here is striking. Approximately 28% of the fleet is over 20 years old, with a further 25% in the 15 to 19-year age bracket, meaning that more than half of the feeder fleet is approaching scrap age. As environmental regulations continue to tighten and compliance costs increase, a meaningful portion of this older tonnage is likely to exit the fleet over the coming years. Against this aging fleet, new building activity in the sub-3000 EU sector As of May 2026, the order book stands at 14% of the plea, a fraction of the 37.7% we saw in the previous slide, and scheduled deliveries are projected at 2.6% for 2026, 5.5% for 2027, and 5.8% for 2028 and beyond. Let's move to slide 13 now to focus on the intermediate segment. the other core segment of our fleet. As of May 2026, the order book in this segment stands at approximately 21% of the existing fleet. While that figure is higher than what we saw in the fifth segment, it remains comparatively modest relative to the larger main nine-person classes, where new building activity has been considerably more pronounced. What makes this segment particularly compelling from a supply perspective is the age profile. Approximately 29% of vessels in this size range are over 20 years of age, with a further 38% falling between the first 15 to 19 year bracket. This means roughly two-thirds of the fleet either at or approaching an age where retirement decisions become likely. Especially as environmental compliance requirements become increasingly stringent and costly, like we've mentioned numerous times. Petrol deliveries are projected at 3.7% of the fleet in 2026, rising to approximately 5.6% in 2027, and around 9.7% for 2028 and beyond. However, when weighed against the potential for accelerated scrapping among the older segments, less fleet growth in this segment is expected to remain contained over the coming years. The interplay between the maturing fleet and the measured new building pipeline continues to entertain a structurally supportive environment for intermediate container operators. Moving on to slide 14, This chart places the dynamics represented in a broader context across the entire container subsector. What becomes particularly evident is the pronounced concentration of new building activity in the larger vessel classes. No Panamax and post-Panamax segments currently carry order books ranging from approximately 39% to 89% of their existing fleets, reflecting the significant capacity additions targeted towards major or main main trades. These are the vessel classes where oversupply concerns are most acute. By contrast, the trigger and intermediate segments exhibit significantly lower outlook activity, ranging from approximately 12% to 21% of the existing fleet, depending on vessel size, as said before. the number of strengthening activity is occurring against a backdrop of fleet that is aging rapidly. This widening gap between the weight of new building activity in larger vessel classes and comparatively limited fleet renewal in the feeder and intermediate segments points to a structurally more favorable supply outlook for the sizes in which Eurus is operating. With a significant portion of the existing fleet approached to place an age, net fleet growth in these segments is likely to remain constrained. This dynamic underpins our conviction that Ulysses' fleet is positioned in segments where the supply outlook remains genuinely supportive, with hopefully limited risk of oversupply on the horizon. Lastly, on slide 15, This slide brings together the key themes shaping the container sector housing. Near-term sentiment has been bolstered by escalating Middle East tensions, which have driven times out of rates to new post-COVID highs and pushed freight rates higher, as line-up companies scramble to secure tunnels amid ongoing supply chain disruptions. Container shipping sentiment was strong throughout the quarter and even strengthened in April. Overall, for 2026, fleet growth is expected to be among the lowest in recent years, supporting a more balanced supply-demand environment. The slower-than-anticipated normalization of the Red Zero routing continues to provide additional new term buffers. The 2027 picture, though, is more challenging. A historically large wave of new deliveries, particularly during the second half of the year, is set to test the market. Capacity management and accelerated scrapping may help offset some of the pressure, but the potential for a more difficult market environment is real. The geopolitical and microeconomic variables in play, however, make forecasting particularly difficult. At the same time, concerns around tariffs appear to have moderated, with the impact on container shipping to date proving more limited than initially anticipated. Finally, on energy transition, While there is a clear industry shift towards alternative fuels and lower-emission technologies, the pace of adoption is likely to be slower than anticipated, given the U.S. times, technical and economic hurdles, and delays in finalizing the IMO's net-zero framework. Let's turn now to my last slide, slide 16. The next chart shows the cycle of the one-year time starter rate for 2,500 EU containerships over the past decade. As of May 15th, the one-year time starter rate stands at $37,000 per day, comfortably above both the 10-year historical average of around $23,500 and the median of close to $15,000 per day. This firm rate environment is mirrored in asset values as well. The right charts of new building vessels are now valued at approximately $44 million, meaningfully above the 10-year median and average of $36 million. Second-hand values are even more striking in relative terms. The 20-year-old vessel is currently valued at about $40 million, compared to a 10-year historical average of around $22 million, and a median of $15 million. Given the current elevated second-hand asset values, we believe acquiring vessels, especially without the tax employment, offers a less compelling risk-reward profile at this stage of the cycle. New building, Balcon First, presents a more attractive avenue for fleet investment, with pricing that is comparatively less volatile and that allows us to lock in costs with greater predictability. With that conviction, we have expanded our new building program by adding four new shipbuilding contracts, bringing our total of the book to 10,000, as already mentioned. This builds directly on the nine-vessel new building program, which successfully completed in early 2025, and reflects our continued confidence in the long-term market for the figure and intermediate segments. A temporary delivery of all ten vessels, Eurosis will operate one of the youngest and most modern feature and intermediate container ship fleets among our two groups, a competitive advantage operating costs and enhanced environmental compliance for years to come. In addition, we still maintain a very strong balance sheet and a high liquidity availability provides us with the means to jump on any other interesting investment opportunities that may appear. With that, I turn the corner Please go ahead.

Thank you very much, Aristides. Good morning from me as well, ladies and gentlemen. Over the next few slides, I will give you the usual overview of our financial highlights for the first quarter of 2026 and provide also a comparison with the corresponding period of 2025. For that, let's turn to slide 18. For the first quarter of 2026, we reported total net revenues of 55.8 million, representing a 1% decrease of a total net revenues of 56.4 million during the first quarter of 2025, as we operated three fewer vessels in this period compared to last year's one. The company reported a net income for the period of 32.5 million, as compared to a net income of $36.9 million for the first quarter of 2025. Interest, another financing cost for the first quarter of 2026, amounted to $3 million, while interest income and interest from financial securities amounted to $1.7 million, resulting in the 1.3 net interest number that you see on the slide. For the same period of 2025, interest and other financing costs amounted to $4 million, against which we collected interest income and incurred an imputed interest of $4.6 million. The decrease in the interest amount we paid is due to the decreased amount of debt in the current period compared to the same period of 2025. Also, for the first three months of 2026, the company recognized a 0.3-0.35 million of unrealized mark-to-market loss on marketable equity securities. An unrealized loss of 0.8 million on investments in debt securities does not influence our net income, It is not included in this slide, but is shown as other comprehensive laws in our treasury below our income line. Adjacent EBITDA for the first quarter of 2026 was 40.9 million compared to 37.1 million that we achieved during the first quarter of 2025. Basic and diluted earnings per share for the first quarter of this year were $4.65 basic and $4.67 basic and $4.65 diluted, calculated approximately on 7 million weighted target number of social spending, compared to basic earnings per share of $5.31 in the first quarter of 2025, and diluted terms per share of $5.29 for the same period. Again, calculated from about 6.957 million, where the average number of shares outstanding. The adjusted earnings per share for the first quarter of 2026 were $4.72 basic and $4.70 diluted, having been adjusted for the unrealized loss of investments in Naked Securities, As compared to adjusted earnings of $3.76 basically diluted for the first quarter of 2025, which have been adjusted for the gain on a sale or possession and the effects for the amortization of below-market stocks. We believe the adjusted earnings better represent an ongoing operation for stability of our companies. Let's now turn to slide 19 to review outreach performance. As usual, we'll start our review by examining first our utilization rates for the first quarter of this year and compare it to the same period of 2025. I will focus only on the total utilization rate, which stood at 100% for the first quarter of 2026 as compared to 99.2% for the first quarter of 2025. During the same period, the first quarter of 2026, we operated, we owned and operated 21 vessels, earning another time-tracker equivalent rate of $30,354 per day, compared to 23.7 vessels for the same period of last year, earning another $27,563 per day. Our total operating expenses, including management fees, general and administrative expenses, but excluding any drive-burning costs, were $7,789 per person per day in the first quarter of the year, compared to $7,511 during the same period of 2025. If we move out of time on this table, we can see the daily cash flow work even level, which takes into account In addition to the operating expenses, the devaluation expenses, interest expenses, and loan repayments, without a balloon repayment, all of those expressed on a 12-hour-per-day basis. For the first quarter of 2026, our daily capital operating rate was $12,347, as compared to $13,062 for the first quarter of 2025. The reduction primarily being due to the lower, significantly lower debt of expenses reduced in the response, which more than offset some more increases in operating expenses. At the bottom of this table, we also present our dividend expressed on a per vessel per day basis. For the first quarter of 2026, this stood at $2,763 per vessel per day, compared to $2,118 per person per day for the first quarter of last year, and reflects both the increase of the dividend in absolute terms, but also the smaller number of efforts by which the dividend has been carried on. Let's now turn to slide 20. In this slide, we aim to provide a better perspective of the test of our fund recovery. The table presents the development of fleet ownership days over the next three years, with an estimated breakdown of how many days are available for hire and how many days are already contracted. It incorporates necessary assumptions about delivery days for our vessels under construction, trapping for older ships, estimated diverting costs, and also timing and duration of the activities, utilization assumptions going forward, and estimates for the delivery dates of our vessels from their time targets. The data presented in this table represents internal estimates and are provided for indicative purposes and to be used for modeling. Future time target equivalent revenues and actual results may differ. We believe this provides a useful visibility into our forward revenue and earnings profile. Our contract coverage, that is already mentioned, covering about 92% for 2026, a bit more than 75% for next year, and about 42% for 2028. In other words, contractor trades, I will not repeat here, you can see them on the slide, are over $30,000 for each of the respective years. Let's now turn to slide 21 to review our debt profile. As of the end of March of this year, our total debt stood at about $213.3 million, with another interest rate margin of about 2%. If we assume a software rate of 3.65%, the total cost of our debt would spend around $5.65, which is well within the prevailing rates for our peers. Turning to our debt amortization profile, on the top left part of the slide, we can see that in 2026, total debt repayments amount to approximately $19.5 million, consisting of approximately $14.2 million of scheduled loan repayments, and the $5.4 million of already repaid loan applications. In 2007, total debt service increases to approximately $37 million, again comprising of $17 million approximately of scheduled loan repayments and the $20 million balloon repayments. Repayments of loans moderate down to $12 million in 2028 with no balloon payments due in that year. Looking further ahead, 2029 includes total repayments of approximately 40.6 million, again consisting of 10.6 million of scheduled repayments and a 30 million balloon repayment, while 2030, quite far in the future, I think, at least, includes total repayments of 33.8 million, again split between 7.4 million of scheduled repayments and a 26.4 million of balloon repayments. Historically, which has been able to refinance balloon payments in favorable terms when appropriate and when desired, and we expect to be able to maintain the same capability in the future for the future balloon payments if we choose to refinance them. These figures do not include debts that we will assume to finance our rebuilding program. This retirement profile refers primarily to debts that we currently have. At the bottom of this slide, we show our cash flow break-even estimates for the next 12 months, broken down by its various components. On this basis, our total cash flow break-even level for the next 12 months stands approximately at $12,760 per vessel per day, a level that is well below, if you remember, the contracted rate that we took over at least, and also the prevailing rate in the market. To conclude this presentation, let's turn to slide 22, where we show our balances and some highlights of the balance cash. As usual, we show our balancing in a simplified way, in the form of two bars. On the left bar, we show the asset size. We have current assets, cash and other current assets of approximately $218 million, which translates to $31 per share equivalent. We also have made approximately $45 million of advances against our new building program, while the book value of our existing fleet, spent at about $460 million, brings in altogether the book value of our assets to $722.7 million. On the right bar of this slide, on the liability side, as I mentioned, we have debt of $213.3 million, various other liabilities amounting to about $19 million, resulting in book shareholders' equity of just above $490 million. However, the book value for assets is significantly lower than their market value. Based on our own estimates and estimates from other parties, we estimate that our current fleet is valued at approximately $675 million, which translates to a net asset value for the company of more than $700 million, $706 million, or around $800 per share. We flowed yesterday. I'm surprised that that's above $71 per share, which indicates that our stock traded yesterday at almost 30% discount to its net asset value. This gap highlights the potential appreciation on stock cash, given the depth and the level of our contracted revenues. And with that, let me pass the floor back to our students to continue the call.

Thank you, Tasho. Let us now open up the floor for any questions you may have.

Thank you. If you would like to ask a question, please press star 1 on your telephone keypads. 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, and for participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Our first question is from Mark Richmond with Noble Capital Partners. Please proceed.

Thank you. You know, I'm looking at the fleet profile, and I'm looking at the TCE rate for the intermediates that have vintages in, like, 2008 and 2009. And then I'm looking at the vessels under construction. And, you know, the TCE rates are pretty much the same. And I was just kind of wondering, you know, could you talk a little bit about the economics of the new builds versus, you know, the – you know, older vessels and just the tenor of the market. Are charters willing to pay a premium for the newer vessels or, you know, what's the dynamic there? And that would be helpful. Yes.

They are getting, as you correctly say, very similar rates. But the reason for this is not that the ships are equivalent because they are not. consumption of regular buses, I think it's about 20% better than the old buses, despite the ESDs that we are performing. However, these are ships with deliveries, you know, two years down the line. So that is the reason why we're not getting a better price to pay if we work To have these ships available today, I would think they would definitely demand a significantly higher level than the 2008 and 2009 big ships.

I can add that it is also the length of the target. Our new ships have started about four years, while the existing ones are two to three years, when the targets were concluded. So that also plays a significant role.

That's very helpful. Thank you.

Our next question is from POFAT with Alliance Global Partners. Please proceed.

Good morning. I have a couple questions, if I may. The first of which is, Tassos, would you just give us, in broad terms, the new orders that you're looking at for 2026, 27, and 28?

Yeah, I mean, I think it's, I'll be happy to provide that position after the conference. Obviously, we have 10 ships on order that they raise in cost from 40 to 60-something million, so the overall new building program is in excess of 500 million, and we can assume that Okay.

And then can you talk about the rationale of doing the JV with NRP investors as opposed to just doing straight debt financing?

Yes. We viewed this more as a strategic investment rather than we needed the investors or we needed the financing. But we believe that the Norwegian investors, you know, are quite active in the shipping markets and we wanted to create a better liaison with them. And through this We got, you know, about 10, 11 Norwegian investors who invest together with us. They get to hear about Ulysses and follow what we do. So we think that it's helping us be best well known in the Norwegian market as well.

And, Aristides, would this be considered sort of a one-off, or is this the first of others that you might do on your new building program?

We haven't decided about doing something else yet. We might do one or two more ships, but we will see as time goes by. Okay. And then, you know... I remind... Sorry, Paul. I remind you that with the same outfit, we have done two vessels in Eurodry, right? So we've got to know enough quite well, and we have a very good working relationship with these guys.

Okay, great. Thank you. And then, you know, good charters, time charters on the Kia and the Cepedis. Can you just talk about the outlook for the rest of the year on the chartering front? And is it – are we at the point where maybe the Grinke does, you know, get retired at this point in time, or do you think that that will continue to work?

Yes, we have already been budgeting that Iadridici would retire at the end of this current charter, but I can tell you that we have already taken the decision to pass it through a special survey because we are seeing interest for the charter in it at levels that really make sense as keeping possession. nothing to report now, but I can only say that we are going to pass a special survey. The outlook right now still is extremely strong for feeder vessels and intermediate vessels. There is very few opening up globally within the next three to four months, and I expect that within the next... In days or a couple of months, we will have fixed everything that opens up this year and have 100% coverage.

And this is probably not a fair question, but closer to the Kia or the Speez as far as the grade?

The ships that open up, I think that's three vessels that are opening up within this year still, and they are smaller ships, the size of the spaces, I would say. So, saturates should be around that level.

Okay, great. Thank you so much.

Thanks.

If there are no further questions at this time, I would like to turn the floor back over to to Mr. Pitas for closing remarks.

Thank you all for listening in in today's presentation. We will be back with you in three months' time. Thank you. Thank you, everybody.

Thank you. This will conclude today's conference. You may disconnect at this time, and thank you for your participation.