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 ended March 31st, 2026 financial results. We have with us Mr. Stamatis Stantanis, Chairman and CEO, and Mr. Stavros Giftakis, Chief Financial Officer of Synergy Maritime Holdings Corp. At this time, all participants are in listen-only 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 hear an automatic message advising your hand is raised. Please be advised that this conference call is being recorded today, Thursday, May 28, 2026. 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 and at March 31st, 2026, 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 Stantanis.

Please go ahead, sir.

Thank you, operator, and welcome, everybody. Synergy delivered a very strong first quarter, despite what is typically the seasonally weakest period of the year, highlighting the earnings power and resilience of the pure play Cape size platform that we have built diligently over the past years. Net revenues increased to $43 million from $24.2 million in the same quarter of last year, while adjusted EBITDA of $28.2 million up 253% year over year. Adjusted DPS for the quarter was 63 cents per share, one of the strongest amongst listed dry bulk peers, reflecting both favorable market conditions and the operating leverage embedded in our platform. Based on our strong performance in disciplined capital return policy, we declared our 18th consecutive quarterly cash dividend of 20 cents per share, bringing cumulative shareholder distributions to approximately $2.84 per share or $55.6 million since inception. The execution of our strategy continues to develop among our main long-term objectives of rewarding our shareholders, sustainable fleet development and maintaining a strong balance sheet. During the quarter, we significantly advanced our fleet renewal strategy by contracting three additional vessels ...at leading shipyards in China and Japan, with the latest order placed at Hengli Shipbuilding this April... ...while agreeing to sell one of our older Cape-sized vessels at firm second-hand pricing. Since the launching of the program, we have contracted six modern eco-designed new buildings of Cape sizes and Newcastle mugs... and agreed to dispose of three older vessels, materially enhancing the quality, efficiency, and long-term earnings capacity of our fleet. Importantly, we have already secured financing for four of the six vessels at attractive terms, while approximately $69 million of equity has been invested from internal funds. We believe the combination of favorable delivery positions, next year basically, most of them, Competitive financing and selective vessel disposals represents a disciplined capital allocation strategy capable of generating long-term results. Our new building strategy combines with prudent risk management. In this context, and based on advanced discussions with leading charters, we expect these vessels to secure multi-year time charters with downside protection above cash break-even levels, complemented by profit-sharing structures, preserving meaningful upside exposure. Given the limited global availability of prompt delivery positions of new building Cape sizes and Newcastle Maxis, particularly for 2027 to 2029, we believe these vessels are entering the market at a highly favorable point in the cycle. On the commercial side, our index-linked charting strategy continued to outperform during the quarter, with fleet time charter equivalent exceeding the BCI 180 by average approximately 6% at $24,200 per day. This figure, I believe, is one of the strongest of the U.S.-listed public dry bulb companies. Looking ahead, we expect the second quarter of 2026 time charter equivalent to be approximately $31,430 per day. In addition, 45% of our available operating days from Q2 onwards until the end of the year have already been fixed at average gross rates exceeding $29,000 per day, providing meaningful earnings visibility while preserving substantial market exposure. 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. Thank you so much. Our first quarter results reflected both the strength of the capitals market and the effectiveness of our commercial strategy. Net revenues reached $43 million, corresponding to a time charter equivalent of $24,200 per day, compared to $24.2 million and a time charter equivalent of $13,400 per day in the same period last year. Adjusted EBITDA totaled $28.2 million, while adjusted net income amounted to $13.4 million compared to an adjusted net loss in the prior year period. Our balance sheet remains strong, with cash and restricted cash totaling $68.8 million, despite $31 million invested into the new building program during the quarter. We have already agreed approximately $237 million of financing for four of our six new buildings, including pre-delivery financing, while discussions for the remaining investors are progressing constructively. During the quarter, we also completed several financing and investment transactions that further enhanced liquidity and financial flexibility, or are expected to do so in the immediate following quarters. Our remaining new building capex for the second to fourth quarters of 2026 is approximately $72 million, of which $36 million has already been paid during the second quarter, while $17 million will be sourced by pre-delivery debt arrangements, leaving $19 million, which can be comfortably covered by our strong cash reserves, upcoming sale proceeds, and operating cash flows. Total assets stood at $640 million in book values, including vessels under construction, while shareholders' equity amounted to $289.3 million. Total debt, including liabilities under financial leases, stood at $319.7 million at the end of the first quarter, corresponding to a loan-to-value ratio of approximately 43% based on the market value of our fleet, reflecting our controlled approach towards leverage while advancing an ambitious fleet renewal strategy. Before moving on, let me briefly highlight our financing activity. Over the past months, we secured several refinancings and new facilities that enhanced liquidity, lowered borrowing costs and extended our maturity profile. Importantly, we secured attractive financing for multiple new buildings including pre-delivery funding while maintaining limited covenant restrictions and enhanced flexibility. These actions reinforce the strength of our balance sheet and support the disciplined execution of our split renewal strategy. Lastly, concerning our future profitability, at current FFA levels, we expect our platform to continue generating strong cash flow and earnings through the remainder of 2026. The combination of index-linked exposure, improving charted coverage, and operating leverage position synergy to benefit materially from continued strength in the cave-sized market. Overall, Synergy remains very well positioned financially and operationally, with strong liquidity, improving earnings visibility and a disciplined approach to growth and capital allocation. We believe we are very well placed to continue delivering attractive shareholder returns while maintaining meaningful exposure to market upside. I would now pass the call back to Stamati, who will discuss the CAPEXAS market and industry fundamentals. Thank you, Stavros. The Cape-sized market has started 2026 off in a very strong manner. The first quarter was one of the strongest recorded in recent years, driven by exceptionally strong bauxite volumes as well as counter-seasonal iron ore export strength, driven by a combination of drier weather and healthy end-user demand. Lastly, Strong growth in grain trading also complemented CAPE size strength by supporting the earnings of smaller dry bulk vessels and reducing any incentive for cargo splitting tonnage substitution. The strong trend has clearly carried over to the second quarter of the year, and it appears for the rest of the year as well, driven by a combination of factors. Specifically, slower vessel sailing speeds during the high bunker prices and higher port waiting times are contributing to a dearth of available vessels during a period with strong cargo demand. Looking into the rest of the current year, we obviously must acknowledge the complicated geopolitical picture, which is a source of uncertainty. But we even so remain optimistic about cargo demand. We expect seaborne coal volume growth as energy security and reliability take center stage during the Middle East conflicts amidst stronger stonking demand ahead of warm summer months. Iron ore seaborne trade remains supported due to expansion of supply of high-quality iron ore production in Brazil and West Africa. Looking at the supply side, the backdrop remains positive for the balance of 2026, with little expected to change in the short term. The extensive dry docking requirements of the Cape size fleet are curtailing supply meaningfully as more than 20% of Cape size vessels were built in 2011 and 2012 are now due for scheduled surveys within 2026 and 2027. Longer term, the Cape size order book is about 13 to 14% of the existing fleet compared to about 9% of the fleet being 20 years or older. While factoring in the rapid fleet aging along with the efficiency losses associated with older vessels, ultimately fleet growth over the next years should remain very manageable and we might even see effective fleet reduction. The CAPE size outlook remains very strong for the next years and as mentioned earlier in the call, Synergy maintains downside protection for 2026 at highly profitable daily rates which we believe places in a very good position to navigate the future. To conclude, Synergy is entering the remainder of 2026 from a position of strength, supported by strong earnings visibility, disciplined capital allocation, and a modernizing fleet. We remain focused on generating attractive shareholder returns while maintaining balanced discipline and positioning the company to benefit from a structurally supportive 2027 to 2029 market environment. On that note, I would like to turn the call over to the operator and take any questions you may have. Operator, please take the call. Thank you.