Danaos Corporation

and welcome to the Denauss Corporation conference call to discuss the financial results for the three months ended March 31st, 2025. As a reminder, today's call is being recorded. Hosting the call today is Dr. John Kustas, Chief Executive Officer of Denauss Corporation and Mr. Evangelos Hatzis, Chief Financial Officer of Denauss Corporation. Dr. Kustas and Mr. Hatzis will be making some introductory comments and then we will open the call to a question and answer session.

Thank you, operator. Good morning, everyone, and thank you for joining us. Before we begin, I quickly want to remind everyone that management's remarks this morning may contain certain forward-looking statements and that actual results could differ materially from those projected today. These forward-looking statements are made as of today, and we undertake no obligation to update them. Factors that might affect future results are discussed in our filings with the SEC, and we encourage you to review these detailed safe harbor and risk factor disclosures. Please also note that where we feel appropriate, we will continue to refer to non-GAAP financial measures such as EBITDA, adjusted EBITDA, adjusted net income, time charter equivalent revenues, and time charter equivalent dollars per day to evaluate our business. Reconciliations of non-GAAP financial measures to GAAP financial measures are included in our earnings release and accompanying materials. With that, let me now turn the call over to Dr. Koustas, who will provide the broad overview of the quarter.

Thank you, Evangelos. Good morning, and thank you all for joining today's call to discuss results for the first quarter of 25. As the year progresses, the level of global disruption shows no signs of abating. Armed conflicts continue, mostly recently involving India and Pakistan, and the uncertainty of tariffs has led to a dramatic decline in the U.S. Pacific market. Thus far, the U.S. economy remains resilient, and as long as American consumers continue to spend, we anticipate that trade flows will rebound, with depleted inventories eventually driving a surge in demand. The dry bulk market has recovered from its first quarter lows, although the rebound has been modest. In our view, a meaningful and sustained recovery will be challenging absent further growth initiatives in China. While the much publicized Ximandu project is expected to benefit the Cape size market by increasing ton miles, overall iron ore consumption is not projected to rise significantly. Our financial performance continues to be strong, although it has been impacted by a number of charter renewals at lower rates than those seen during the COVID pandemic. On the other hand, we continue to build our charter backlog effectively, insulating ourselves from near-term market weakness. Our charter coverage for 2025 and 2026 is largely secured. A noteworthy recent development is the proposed IMO regulation on greenhouse gas emissions. Unfortunately, the regulation falls short of the industry's more ambitious proposals and is unlikely to drive meaningful progress on decarbonization of our industry. There is limited incentive to use expensive green fuels and LNG has not been meaningfully prioritized. As a result, There is little clarity on the fuel of the future, and at present, conventional scrubber-fitted vessels remain the default option under what is, in essence, a pay-to-pollute framework. We are currently holding off on new vessel investments and are focusing on optimizing the performance of our existing fleet. Our significant growth backlog vessel order book includes 15 container vessels scheduled for delivery over the next three years, all backed by solid and profitable charter arrangements that will enhance both our fleet profile and our earnings potential. Despite the broader uncertainties, we remain committed to delivering superior returns to our shareholders through disciplined execution and long-term strategic focus. With that, I'll hand over the call back to Evangelos, who will take you through the financials for the quarter.