Pangaea Logistics Solutions Ltd.

Good morning. My name is Erica, and I will be your conference operator today. At this time, I would like to welcome everyone to the Pangea Logistics Solutions First Quarter 2026 Results Conference Call. Today's call is being recorded, and I will be available and will be available for replay beginning at 11 a.m. Eastern. The recording can be accessed by dialing 800-938-2241 for domestic or 402-220-1121 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 telephone keypad. 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 Mealy with Ballon Advisors. Please go ahead.

Thank you, Operator, and welcome to the Pangea Logistics Solutions First Quarter 2026 Results Conference Call. Leading the call with me today are 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 of the FTC. 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 Matt.

Thank you, Stephen, and welcome to those joining us on the call today. We delivered a strong start to 2026 with year-over-year growth across revenue and profitability. Our performance was driven by higher activity, strong market fundamentals, and the continued benefits of Pangea's operating model. In the first quarter, our CCE rate averaged 20% above the prevailing market for the Panamax, Supermax, and Heavy Size indices. This premium reflects the value of our operating platform, long-standing customer relationships, and ability to manage a volatile market effectively across trade routes. Total shipping days increased 14% year-over-year, supported by a strong market and our use of chartered-in capacity to complement our own fleet. Our chartered-in fleet increased by 54% during the quarter, allowing us to capture market opportunities without compromising our long-term flexibility. That better market and increased activity translated into meaningful operating leverage. Adjusted EBITDA grew by more than 10 million year-over-year to $25.2 million. We also benefited from the second consecutive quarter of record EBITDA contributions from our terminal, Stephen Doering, and Port Services operations. We continue to expand our short-sighted district platform in the first quarter as we began activities in the ports of Aransas, Texas, and Lake Charles, Louisiana. We also expect operations in Tampa, Florida, to begin in June. strengthen and deepen the integration of our services across our customer supply chain while creating additional recurring revenue beyond ocean freight. We also advanced our fleet renewal strategy. As previously announced, we entered into an agreement to sell the bulk share market for 9.6 million, and we expect the sale to close during May. This transaction is consistent with our focus on fleet renewal and maintaining an efficient fleet that meet our customers' needs as well as commercial and environmental performance. We continue to evaluate potential additions to our fleet as part of our disciplined approach to capital allocation. Our balance sheet remains strong, giving us the flexibility to allocate capital towards the growth and modernization of our fleet and the expansion of our port operations while also enabling us to return value to shareholders. We ended the first quarter with $19 million of cash after paying out $3.9 million of dividends during the period. Looking at the market, near-term dry-buck fundamentals remain supportive for our mix of miner blocks. Stronger Chinese iron imports and the recent improvement in Indonesian coal exports have contributed to a firmer seasonal backdrop and a healthy demand over the medium term. Limited effective supply growth and continued strong strong mild demand supports a positive market outlook. Geopolitical developments in the Arabian Gulf have not directly impacted Bangia, as we do not currently have vessels in the region, and it has not historically represented a significant part of our trade patterns. That said, the broader industry continues to see indirect effects through shifting trade flows and greater volatility in crude prices. We remain focused on actively managing these risks, and Johnny will provide more detail on our fuel cost management later in the call. At the same time, our flexible operating model has allowed us to respond quickly to changing market conditions. For example, the suspension of the Jones Act created an opportunity for us to support a longstanding customer with a voyage between U.S. ports. The ability to quickly adjust to changing market dynamics and take advantage of opportunities like these are a core strength of the Pentia operating platform. As we move through the second quarter, market sentiment remains positive, showing strength ahead of the usually stronger markets in the second half of the year. We are entering this seasonally stronger part of the year with a good visibility, healthier customer demand, and continued focus on managing fuel cost volatility. We have booked 4,051 shipping days at a TCE of 18,808 per day for Q2. Overall, we are pleased with our first quarter performance and the momentum we are carrying into the balance of 2026. Our strategy remains consistent, operate with discipline, expand where we see effective returns, maintain balance sheet flexibility, and create long-term value for customers and shareholders. With that, I'll turn the call over to Johnny to walk through our first quarter financial results.