Pangaea Logistics Solutions Ltd.

Good morning, my name is Jamie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Pangea Logistics Solutions 3rd Quarter 2025 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 800-839-5492 for domestic or 402-220-2551 for international. 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 pick up your handset for optimal sound quality. It is now my pleasure to turn the floor over to Stephan Neely with Vallum Advisors. Please go ahead.

Thank you, operator, and welcome to the Pangea Logistics Solutions third quarter 2025 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. We delivered strong third quarter results, reflecting a seasonally active Arctic trading period and continued progress against our strategic priorities. The third quarter is typically our high watermark for the year, giving Arctic activity, and this year was no exception. We delivered TCE rates that averaged 10% above the prevailing market for Panamax, Supermax, and Handy Size indices, supported by our niche ice class capabilities and long-term COAs. This outperformance occurred against the backdrop of a strengthening dry bulk market during the quarter. With the integration of the 15 handy-sized vessels we acquired from SSI at the end of last year, shipping days increased by 22% year-over-year, resulting in adjusted EBITDA of $28.9 million, an increase of approximately 20% compared to last year. This underscores the leverage of our integrated model along with our scale as we maintain our cargo-centric discipline. During the quarter, we further expanded our integrated service platform, which combines specialized shipping with terminal, stevedoring, and port services. This platform deepens customer relationships and enhances long-term growth. We commenced operations at the port of Pascagoula in Mississippi and at the port of Aransas in Texas. In the fourth quarter, we will begin operations in Lake Charles, Louisiana. Expansion at the port of Tampa, Florida is delayed a bit due to equipment deliveries, but we expect to begin operations early next year. We also continue to advance our fleet renewal strategy. During the quarter, we completed the sale of our strategic endeavor and last month entered into an agreement to sell the 2005 built bulk freedom for $9.6 million. These actions are consistent with our focus on improving fleet efficiency and emissions performance. As announced last quarter, we also completed the purchase of the remaining 49% stake in CMAR Management, our technical operations platform in Athens, giving us more control over technical management and further aligning operational performance with our commercial strategy. Additionally, we closed on the financing for Strategic Spirit and Strategic Vision, totaling $18 million. These financings enhance balance sheet flexibility and provide additional capacity to support growth and working capital needs. On capital allocation, we remain disciplined and continue to prioritize investing in our fleet and organic growth opportunities, maintaining a strong balance sheet and returning capital to investors. Through today, we have repurchased approximately 600,000 shares for a total of approximately $3 million. We also declared a 5-cent quarterly dividend consistent with our prior two quarters. We ended the quarter with approximately $94 million in unrestricted cash supported by strong operating cash flow. Our balance sheet strength allows us to continue executing these priorities while navigating the current dry bulk environment. Broadly, near-term dry bulk fundamentals remain constructive for our mix of minor bulks with normal seasonality expected as our Arctic activity tapers into quarter four. Resumed agricultural shipments from the U.S. to China should support U.S. Gulf markets, an important region for us. Expected shipping demand for West Africa to China dry bulk movements on larger ships will trickle down to smaller vessels. Limited effective supply growth and systematic regulatory constraints and confusion support a favorable medium-term setup, and our differentiated business model positions us well to deliver premium TCE returns through the cycle. Looking ahead to the fourth quarter of 2025, broader dry bulk market pricing remains buoyant. As of today, we've booked 4,210 shipping days for the fourth quarter, generating a TCE of $17,107 per day. Before I turn the call over to Johnny, I would like to take a moment on a personal note. As announced in September, I will retire as CEO and step down from the board effective January 1, 2026. It's been a privilege to serve as the Chief Executive Officer of this company for the past four years and to work alongside our talented and dedicated team. Together, we've grown Pangea into a differentiated, cargo-focused logistics platform. We've tripled the size of our own fleet and expanded our port and logistics operations to 10 marine terminals across the U.S. Gulf and Mid-Atlantic. Since the passing of our founder, Ed Cole, we have worked tirelessly to further his vision for the company and to position Pangea for sustainable long-term growth. Ed was a real supply chain guy, always looking for solutions for his customers. I think he would be proud of what we've accomplished and the foundation we've built for the future. I have full confidence that Mads Pedersen, our current chief operating officer, is the right leader to take Pangea into its next chapter. Matt says over two decades of experience in the dry bulk industry has been instrumental in shaping our strategy and operations over his 16-year tenure with Pangea. His deep understanding of our business, his relationships with our employees and our partners in all areas of our business, and his commitment to our strategy will serve customers and shareholders well. In closing, I'd like to thank our employees, customers, and shareholders for your trust and partnership. It's been an honor to lead Pangea, and I look forward to watching the company continue to thrive under Madden's leadership. With that, I'd like to turn the call over to Johnny to review our third quarter financial results.