Seanergy Maritime Holdings Corp.

Thank you for standing by, ladies and gentlemen, and welcome to the Synergy Maritime Holdings Corp conference call on the first quarter ending March 31st, 2025 financial results. We have with us Mr. Stamatis Santanis, Chairman and CEO, and Mr. Stavros Giftakis, Chief Financial Officer of Synergy Maritime Holdings Corp. At this time, all participants are in a listening mode. There will be a question and answer session at which time, if you would like to ask a question, please press star 11 on your telephone keypad and you will then hear an automated message advising that your hand is raised. Please be advised that this conference call is being recorded today, Tuesday, May 27th, 2025. The archived webcast of the conference call will soon be made available on the Synergy website, www.synergymaritime.com under the webcast and presentation section under the investor relations page. Many of the remarks today contain forward-looking statements based on current expectations. Actual results may differ materially from the results projected from those forward-looking statements. Additional information concerning factors that can cause the actual results to differ materially from those in the forward-looking statements is contained in the first quarter ended March 31st 2025 earnings release, which is available on the Synergy website again, www.synergymaritime.com. I would now like to turn the conference over to one of your speakers today, the chairman and CEO of the company, Mr. Stamatis Santanis. Please go ahead, sir.

Thank you, operator, and welcome, everyone.

Today, we're going to be presenting our financial results and company updates for the first quarter of 2025. Following a year of record financial performance, significant shareholder rewards, and targeted fleet expansion, Synergy entered 2025 with strong momentum and a clear strategic vision. We position the company to fully leverage the positive long-term fundamentals of the KPI's market, and our actions in the first quarter of the year reflect our continued commitment to disciplined growth, balanced sheet strength, and delivering value to our shareholders. Despite a softer earnings environment in the first quarter, our conviction on the long-term strengths of the KPI segment remains unchanged. The market's core supply and demand fundamentals remain intact, and this confidence is reflected in our Board's decision to declare a dividend of $0.05 per common share. The payout exceeded what our formula would typically dictate, but the Board acted decisively to uphold our commitment to consistent shareholder returns even during temporary market softness. The subsequent rebound in spot capesize rates to normalized levels further supports this decision and our market outlook. Turning to our financial results, in the first quarter of 2025, we recorded revenue of $24.2 million, EBITDA of $6.6 million, and a net loss of $6.8 million. As of quarter end, our cash balance stood at $31 million. Despite the quarterly loss, I want to emphasize the strength and flexibility of our balance sheet, which positions us to ramp up capital returns as the KPI's market continues to recover. On the operational front, in February we took delivery of two high-quality Japanese-built cape-sized vessels. The Blue Ship, built in 2011 at Mitsui Shipbuilding in Japan, was acquired via a six-month bare-boat charter and has commenced employment with a first-class operator on an index-linked hire contract plus a fixed premium. The Mayship, a larger Newcastle MAX built in 2013 at Imabari Shipbuilding of Japan, was acquired through a combination of cash and bank financing and is also employed with a first-class operator under a contract offering index-linked hire with a guaranteed profitable floor. Both acquisitions were consistent with our focus on modern, fuel-efficient Japanese tonnage, secured at favorable terms and delivering immediate cash flow visibility. On the financing front, during the quarter, we concluded two separate transactions totaling $88.1 million, with proceeds used to refinance the existing debt of four vessels and to fund the acquisition of the Mayship. We are pleased with the timely execution of these deals, completed at improved pricing and terms. These refinancings effectively remove all debt maturities for the next four quarters, enabling us to focus on capital returns and market opportunities. From a commercial standpoint, we achieved a daily time chart equivalent of 13,400 in Q1 2025, about 3% above the Baltic Cape size index average. once again validating our commercial strategy. Our guidance, however, for Q2 stands at approximately $19,100, based on the prevailing FFA curve as of May 23rd, a strong quarter-on-quarter improvement that should support a return to normalized capital distributions. We've also acted decisively to manage forward visibility. Approximately 39% of our fleets operating days for Q2 are hedged at an average rate of approximately $22,700. In addition, we have secured long-term coverage for roughly one-third of our available days throughout the end of the year. at an average daily rate exceeding $22,000. These decisions reflect our commitment to securing profitable cash flows while ensuring a high return on capital and maintaining sustainable fleet growth. I will now pass the call to Stavros, who will fill you in on our financial information for the quarter, as well as discussing our balance sheet and debt refinancings. Stavros, please go ahead.