Pacific Basin Shipping Limited

Yeah, welcome.

Welcome to today's Pacific Basin 2026 First Quarter Trading Update Conference Call. I am pleased to present Chief Executive Officer, Mr. Martin Furagard, and Chief Financial Officer, Mr. Jimmy Ng. For the first part of this call, all participants will be in a listen-only mode, and afterwards there will be a question and answer session. Mr. Furagard, please begin.

Yeah, thank you. Welcome and thank you for attending Pacific Basin 2026. first quarter trading update call. We will highlight a few key points in the published presentation before we proceed to Q&A. Please turn to slide 2. Despite ongoing geopolitical disruptions and operational inefficiencies, including the outbreak of war in the Arabian Gulf in early March, our dry bulk freight markets have strengthened year on year. As a result, we delivered improved TCE earnings and strong market outperformance in the first quarter. Our heavy-size and supermax fleets recorded average net daily TCE earnings of 12,130 and 13,970, respectively, making year-on-year increases of 11 and 14%. These results reflect significant outperformance with Q1 earnings exceeding development indices by $1,030 per day for handy size and $2,050 per day for supermax. Looking ahead to the second quarter of 2026, we have covered 70% of our committed vessel days for handy size and 90% for supermax at $14,000 and $17,080 per day, respectively. For the second half of the year, coverage stands at 22% for Hatchesize and 35% for Supermax at 10,430 and 13,840 per day respectively. In addition to our strong performance, we have taken steps to further enhance and modernize our fleet. Today, we converted our existing order for four dual-fuel Ultramax new buildings announced in 2024. to four conventionally-fueled Ultramax new buildings, with an option to acquire two dual-fuel Ultramax new buildings, all to be constructed in Japan. Separately, we increased our new building order with JNS in China from four to six handy-sized vessels. Now I will hand over to Jimmy for a quick overview of the first quarter performance and market review.