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 fourth quarter and full year 2025 results conference call. 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 800-839-5632 domestic or 402-220-2559 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 telephone. 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 Balaam Advisors. Please go ahead.

Thank you, operator, and welcome to the Pangea Logistics Solutions fourth quarter and full year 2025 results conference call. Leading the call with me today is CEO Mads Pedersen and Chief Financial Officer Gianni Del Signore. 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'd like to turn the call over to Matt.

Thank you, Stephen, and welcome to those joining us on the call today. I'm excited to speak to you all on my first earnings call as CEO of Pangea. On behalf of everyone at Pangea, I want to extend our appreciation and gratitude to Mark Lanowski for his many years of leadership and for helping to facilitate a smooth transition. During my 16 years with the company, I've been fortunate to be a part of our evolution into a best-in-class operator with a unique and valuable business model. I am incredibly proud of the team that we have assembled and grateful for the opportunity to lead Pangea into our next phase of multi-year growth and shareholder value creation. Turning to the fourth quarter of 2025, we delivered solid results supported by a strong completion to the 2025 Arctic ice season and stable overall drive-off demand. Our fourth quarter TCE rate averaged 19% above the prevailing market for Panamax, SupraMax, and HandySize indices, reflecting the value provided by our Nice Ice Class capabilities and long-term COAs. Total shipping days increased 26% year-over-year, largely reflecting the integration of the HandySize vessels we acquired from SSI at the end of 2024. This expansion drove significant operating leverage. Adjusted EBITDA grew 22% year-over-year to $28.7 million, highlighting the advantages of our integrated logistics model and increased scale. During the quarter, we also continued investing in long-term strategic differentiation through our integrated logistics platform, which combines specialized shipping with terminal, stevedoring, and port services. We commenced operation in Lake Charles, Louisiana, and remain on track to launch expanded operations at the Port of Tampa early in the second half of this year. These investments deepen our customer relationships, enhance recurring revenue opportunities, and further integrate Pangea into our customer supply chains, creating additional value for our customers. We also continue to advance our fleet renewal strategy. During the quarter, we sold the 2005 build for Freedom for $9.6 million. Additionally, we recently entered into an agreement to sell the Bolshev Maka for $9.6 million. These actions reflect our ongoing commitment to maintaining a modern, efficient fleet aligned with customer needs and evolving regulatory requirements. We remain disciplined in allocating capital. Our priorities of fleet renewal, organic growth, balance sheet strength, and shareholder returns remains unchanged going into 2026. Throughout 2025, we repurchased approximately 600,000 shares for roughly $3 million and paid approximately $16.3 million in dividends. We entered the year with approximately $103 million in unrestricted cash supported by strong operating cash flow. Our balance sheet strength gives us the financial flexibility to continue executing on these priorities while navigating the current dry bulk environment. Near-term dry bulk fundamentals remain constructive for our mix of minor bulks. The resumption of normal trade relations from the U.S. to China has supported activity in the U.S. Gulf, which is an important region for us and the dry park market as a whole. Limited effective surprise growth, systemic regulatory constraints, support of favorable medium-term outlook. The recent development in the Arabian Gulf does not directly impact Nigeria, as we have no ships in the area, and it has historically not been a large part of our trade patterns. The industry as a whole is feeling the indirect impacts through increased volatility in fuel prices and the disruption of rival trade flows. AGEA is uniquely positioned in the Arctic, a region where we have unparalleled operating experience and the largest and most modern high ice cloud fleet in our market segment. We see renewed geopolitical and commercial focus on the region, and over the long term, we expect this attention to be a positive tailwind. As we progress through the first quarter of 2026, market sentiment remains positive and pricing continues to hold at favorable levels. To date, we have booked 5,920 shipping dates at a TCE of 14,917 per day, reflecting healthy demand and an encouraging start to the year. Benjia enters 2026 with strong operating momentum, a disciplined and proven strategy, and a well-capitalized balance sheet that provides flexibility across cycles. I am confident in our ability to continue generating consistent value for our customers and shareholders. With that, I'll now turn the call over to Johnny to walk through our fourth quarter financial results.