Pangaea Logistics Solutions Ltd.

Good morning. My name is Madison and I will be your conference operator today. At this time, I would like to welcome everyone to the Pangea Logistics Solutions fourth quarter and full year 2024 earnings teleconference. Today's call is being recorded and will be available for replay beginning at 11 a.m. Eastern Standard Time. The recording can be accessed by dialing 800-723-0532 or 402-220-2655. All lines are currently muted, and after the prepared remarks, there will be a live question and answer session. If you would like to ask a question during the Q&A segment, please press star one on your phone. If your question has been answered, you may remove yourself from the queue at any time by pressing star two. We do ask that you please pick up your handset for optimal sound quality. It is now my pleasure to turn the floor over to Stephan Neely with Valum Advisors.

Thank you, Operator, and welcome to the Pangea Logistics Solutions fourth quarter and full year 2024 results conference call. Leading the call with me today is CEO Mark Filanowski, Chief Financial Officer Gianni Del Signore, and COO Mads Pedersen. Today's discussion contains forward-looking statements about future business and financial expectations. Actual results may differ significantly from those projected in today's forward-looking statements due to various risks and uncertainties. including the risks described in our periodic reports filed with the SEC. Except as required by law, we undertake no obligation to update our forward-looking statements. At the conclusion of our prepared remarks, we will open the line for questions. With that, I would like to turn the call over to Mark.

Thank you, Stephan, and welcome to those joining us on the call today. After the market closed yesterday, we issued a release detailing our fourth quarter and full year 2024 results. Our fourth quarter performance was a strong finish to a transformational year for Pangea, one in which our strong base of long-term contracts and premium rate model supported a greater than 20% year-over-year increase in adjusted EBITDA, despite pronounced softness in the broader dry bulk market. Our differentiated cargo strategy and leading market share across global ice class trades have enabled us to drive consistent PCE rate outperformance, versus the broader market, culminating in significant growth in fourth quarter profitability. On December 30, we successfully completed our previously announced merger with Strategic Shipping's fleet of 15 handy-sized dry bulk vessels. This complimentary transaction will allow us to expand our business into a smaller size segment of the market, leveraging these smaller ships to grow our stevedoring and terminal services offerings. In connection with this transaction, we issued 18.1 million common shares to SSI in exchange for the 15 vessels, and we assumed approximately $100 million in vessel indebtedness, all of which have now been incorporated into our balance sheet. Following the conclusion of this transaction, we now have a total fleet of 41 owned vessels, supplemented by short-term chartered-in ships that bring our operating fleet into a range of 60 to 70 vessels at any given time. With the larger fleet, we're in a strong position to materially expand our logistics and terminal services across a broader footprint of high-traffic ports consistent with our strategic focus. While we continue to experience robust demand across all our bulk trades, supported by ongoing economic expansion and domestic infrastructure investment, we recognize the potential headwinds posed by proposed tariffs and new port entry fees in the U.S. These factors could introduce near-term volatility in market rates, and they may drive structural shifts within the global shipping and dry bulk landscapes. We remain vigilant in monitoring developments and trade policies that have potential implications for our business. Importantly, our asset-light, cargo-centric operating model designed to leverage a strategic mix of owned and chartered-in vessels, remains a competitive key advantage. This model enhances our flexibility, cost efficiency, and scalability through market cycles, positioning us to effectively manage potential volatility while continuing to drive profitable growth, generate free cash flow, and deliver premium TCE returns. For the fourth quarter of 2024, we reported adjusted net income of $7.6 million and adjusted EBITDA of $23.2 million, representing significant year-over-year growth despite prevailing market rates decreasing by 22.6% during the quarter. Our adjusted EBITDA growth of approximately $4 million compared to last year's fourth quarter reflects the performance of our active operating model and a full quarter of operations from the two ships we purchased earlier this year, which drove a more than 20% increase in our voyage days. Our TCE exceeded the benchmark index by 48% in the fourth quarter. Looking ahead to the first quarter of 2025, dry bulk demand has been seasonally soft across all major trade routes. Market prices have been volatile over the last few months, due to anticipation, uncertainty, and anxiety over international trade, although demand remains consistent. Through today, we've booked 4,982 shipping days, generating a PCE of $11,412 a day for the current 2025 quarter. As we move further into 2025, we'll continue to exercise a balanced return-focused approach to capital allocations. Our recent vessel acquisitions, fleet combination, and JV buyout are a testament to our confidence in our business plan and our disciplined capital allocation strategy that seeks to maximize long-term shareholder returns. With that, I'll hand it over to Johnny for a discussion of our fourth quarter and full year financial results.