Pangaea Logistics Solutions Ltd.

Good morning. My name is Chelsea and I will be your conference operator today. At this time, I would like to welcome everyone to the Pangea Logistics Solutions second quarter 2025 earnings teleconference. Today's call is being recorded and will be available for replay beginning at 11 o'clock a.m. Eastern Standard Time. The recording can be accessed by dialing 800-938-1601-DOMESTIC or 402-220-1546 internationally. 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 1 on your phone. If your question has been answered, you may remove yourself from the queue at any time by pressing star 2. 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 Second Quarter 2025 Results Conference Call. Leading the call with me today is CEO Mark Filanowski, Chief Financial Officer Gianni Delsignore, and COO Matt Peterson. 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. Our results this quarter reflect continued disciplined execution of our business strategy. Despite a challenging and uncertain market environment, we delivered TCE rates that were 17% above the broader market, demonstrating the strength of our operating model. Our premium TCE performance during the quarter was primarily the result of our differentiated chartering strategy. which enabled us to capitalize on short-term market dynamics through flexible and cost-effective fleet deployment. For the second quarter of 2025, we reported an adjusted net loss of $1.4 million and adjusted EBITDA of $15.3 million. While average market rates declined 25% compared to the second quarter of last year, Our ability to generate positive EBITDA underscores the resilience of our flexible cargo-focused approach. Total shipping days rose 51% year-over-year, driven by the addition of the SSI HandiMax fleet of 15 ships, as well as added days from chartering ships that supplement our own fleet, providing operating margin arbitrage opportunities. Market conditions during the quarter were mixed. Larger vessel classes like Panamax and Supermax outperformed Handysize, and the larger segments saw improving trends late in the quarter, driven by a strong South American grain harvest, which lifted overall dry bulk pricing heading into the third quarter. The industry outlook remains cautious due to geopolitical uncertainty, driven by evolving U.S. tariff policies and global trade dynamics. These factors have caused some shippers to delay longer-term trade route decisions. Despite these headwinds, we remain optimistic about the medium- and long-term outlook for the dry bulk market, particularly within the dry bulk trades and geographic regions we serve. These markets are supported by sustainable demand and are relatively more insulated from the impact of tariffs, especially our geared segments which participate in minor bulk commodities. Fossil supply growth may weigh on rates in the short term. However, the continued evolution of global emission standards and a steadily aging global fleet will reduce supply in the longer term, creating a favorable backdrop for supply and demand. For the third quarter of 2025, broader dry bulk market pricing has improved as we enter the seasonal peak in our Arctic trade activity. As of today, we've booked 3,671 shipping days for the third quarter, generating a TCE of $14,272 per day. Our vertically integrated service offering cargo-focused business model, coupled with our niche I-Class capabilities, position us well to continue delivering premium TCEs and value-added services that differentiate us from traditional dry-bulk carriers. We're nearing completion of the expansion of our port and logistics infrastructure at the Port of Tampa. This project reflects our strategic commitment to grow our integrated logistics platform and build a business that is less sensitive to market rate volatility and more aligned with long-term customer needs. Additionally, we'll start new terminal operations in Texas, Louisiana, and Mississippi in the next few months. And we recently completed the purchase of our remaining 49% equity stake in CMAR Management, our technical operations platform, enhancing our ability to control our technical operations. Lastly, we've initiated a financing process for two unlevered chips and sold our strategic endeavor. Johnny will provide more detail shortly, but these moves reflect our proactive approach to optimizing our cost of capital, preserving balance sheet strength, and allowing us to be more opportunistic in fleet renewal. Our long-term strategy remains focused on disciplined capital allocation, prioritizing fleet optimization, returning capital to shareholders, and maintaining a strong, flexible balance sheet. With that, I'd like to turn the call over to Johnny to review our second quarter financial results.