Costamare Bulkers Holdings Limited

Standing by, ladies and gentlemen, and welcome to the Costa Mera Bulkers Holdings Limited Conference Call on the First Quarter 2026 Financial Results. We will have with us Mr. Gregory Sigos, Chief Executive Officer of the company. At this time, all participants will be in a listen-only mode. There will be a presentation followed by a question and answer session. At this time, if you wish to ask a question, please press star then one on your telephone keypad and wait for your name to be announced. I must advise you that this conference is being recorded today, Wednesday, May 13th, 2026. We would like to remind you that this conference call contains forward-looking statements. Please take a moment to read slide number two of the presentation, which contains the forward-looking statements. And I will now pass the floor to your speaker today, Mr. Zikos. Please go ahead.

Thank you and good morning, ladies and gentlemen. During the first quarter of the year, Kostamare Markets generated a management income of $12.4 million. As of today, we have successfully transferred the majority of the company's legacy trading portfolio pursuant to our deal with Kaggle, effectively de-reaching our balance sheet. We expect that our trading platform will be clear of the remaining legacy trades by year-end. As part of our 15-year program, we recently concluded the sale of one 2011 built KHI vessel, and the acquisition of one 2018 built Ultramax. At the same time, we accepted the inquiry of finding a new building customer that started in for a minimum period of five years. The vessel has been charted out at a profitable rate for a minimum period of 11 months. We totaled a cash of about $270 million, a debt of circa $140 million, the company is net cash positive, positioning us favourably to grow countercyclically in a lower asset value environment. Regarding the market, during the first four months of the year, the market exhibited elevated volatility relative to historical averages, driven by increased activity and inefficiencies, while geopolitical instability contributed additional uncertainty. Cape-sized earnings were supported by robust iron ore and bauxite volumes, coupled with limited field growth. 10-mile demand was further reinforced by the expansion of the West Africa-China trade flows across both commodities. Alongside the firm's exercise market and broadly positive tribal sentiment, the Panama Index was further supported by a record soybean harvest in Brazil, as well as the U.S.-China agreement reached at the end of 2025, which drove long-haul soybean shipments during the first quarter. Finally, the Supermax segment recorded a solid start to the year, as increased grade and minor backflows offset the negative impact of the state of Hormuz closure, which reduced Persian Gulf export volumes by approximately 50%. Moving now to the slide presentation. For slide three, you can see our Q1 results. Net income for the period was 9.9 million, or 41 cents per share. Adopted income was 3.4 million, or 51 cents per share. By the end of Q1, total costs exceeded debt by approximately $127 million. As part of our restricting war strategy, we concluded the acquisition of one 2018-built Udamax vessel and took delivery of a new building councilman. This new building is chartered in for a minimum five-year period with extension and purchase options and has already been chartered out for one year at multiple levels. Another new building councilman is expected to be delivered under a long-term chartering agreement with similar options. Finally, we have concluded the sale of one cave-sized vessel with capital gains of approximately $7 million. Slide 5. The transfer of the 30-boot to Kaidim is substantially complete with only one vessel remaining to be renovated. We have de-risked to a large extent our balance sheet and expect that by year-end we will not have any remaining legacy positions. Our operating platform is currently focused on the capsular segments and consists of 20 three-party-owned drive-out vessels. Slide 6, regarding the own pressures, most of the previous employees of index link video charter agreements with the option to converse to a fixed rate. And finally, moving to slide 7, charter A's present unit Q136 will further upside momentum since April. The new present order book stands at 13.5%. With that, we will put our presentation and we can now take questions. Thank you. Operator, we can take questions now.

Thank you. As a reminder, if you would like to ask a question, please press star then 1 on your telephone keypad and wait for your name to be announced. If you wish to cancel your request, please press star then 2. That's star then 1 to ask a question. There are no questions at this time. I would like to turn the conference back over to Mr. Zekos for any closing remarks.

Thank you for dialing in in today's quarterly results call. We're looking forward to speaking with you again during the second quarter, 2026 results. Thank you. Operator, you can go to the call.