Welcome to the Capital Tankers Q1 2026 earnings call. Please note that this event is being recorded. At this time, all participants are in listen-only mode. We will open the line for questions following the prepared remarks. If you would like to ask a question, please press pound key five on your telephone keypad. It is also possible to submit a written question on the viewing page. I will now turn the call over to today's host, Brian Gallagher, Head of Investor Relations. Brian, please go ahead. Thank you. Welcome to Capital Tankers' first quarter 2026 financial results presentation. Before we begin, please note that today's discussion will include forward-looking statements. Actual results may differ materially from those expressed or implied. For full details, please refer to our disclaimer slide on slide two in the main presentation. As a reminder, we'll be referring to supporting slides on the webcast, which are also available on our website as we go through today's presentation. With that, we should get started with an introduction to the management team on the call today. My name is Brian Gallagher, Head of Investor Relations. With me today are Ms. Niovi Iasemidi, our CFO, alongside Mr. Andreas Konialidis, our Deputy CEO and Head of Chartering, and finally, our Chief Executive Officer, Gerry Kalogiratos, who will join the call later. Niovi and I will run through the main slides before we open to Q&A, where both Andreas and Gerry will join us. Starting on slide four, Capital Tankers today is an ultramodern 30-vessel platform across the VLCC, Suezmax, Aframax, and LR2 segments, split between 12 VLCCs, 10 Suezmax, and eight Aframax/LR2 vessels. Twelve of these vessels are sailing in total. 18 of these vessels are new buildings on order, with an additional 13 option vessels that we can call on at sponsor cost through to the year-end of 2026. After that, we have the right of first refusal. This is a fleet built deliberately around the most fuel-efficient and emissions-advantaged designs in the market, which are LNG dual fuel and scrubber-fitted across the majority of the book. We listed the company on Euronext Growth Oslo on March 17 earlier this year, in what was one of the largest shipping IPOs in two decades. We are advancing plans to uplist to the Oslo Børs Main Board and the U.S. listing in due course, subject to regulatory and corporate approvals. On this slide, there are four pillars. Firstly, an ultramodern fleet. Secondly, a high-specification dual-fuel and scrubber-fitted fleet. Thirdly, strong tanker market fundamentals. Lastly, a commitment to shareholder returns. This is how we frame the equity story. The meaningful spot charter exposure in this strong rate environment with an increasing earnings base as a result of the contracted fleet growth, as well as the embedded growth optionality, is, we believe, a clearly differentiated proposition for investors in the tanker space. With that introduction over, I'd like to now highlight on slide five the key highlights. Joining into the quarter, the headlines are pretty straightforward but positive. On the IPO and fleet expansion size, we raised $454 million of net proceeds, including the overallotment. We took delivery of six vessels during the quarter and another six into the quarter end, bringing the sailing fleet, as I mentioned before, to 12 tankers on the water today. On the financing side, we drew $137 million of new debt during the quarter. We've drawn a further $241 million since quarter end and have secured funding for another $340 million that Niovi will go through later. Commercially, we have delivered fleet-wide TCE of $97,000 per quarter, sorry, per day for the quarter, and $162,000 per day for the post-listing period. We secured a one-year time charter on our only VLCC at $100,000 per day, and we have already booked 73% of available Q2 fleet days at over $146,000 per day. Adjusted EBITDA was just over $25 million for the quarter, with net income coming in at $23 million and $14 million for the post-listing period. This has given us a quarter EPS of $0.21 per share, and we declared our first dividend today at NOK 0.50 per share for the post-listing period. In summary, across every dimension—fleet, financing, commercial, and shareholder returns—we are executing in line and often ahead of schedule. With that, I'll now hand over to Niovi Iasemid i, our CFO, to take us through the financial highlights. Thank you, Brian. Good morning or afternoon to everyone listening in today. It's a privilege to host our first earnings call as a public company, reporting against the expectations we set out at our IPO just over two months ago. Let me turn to the income statement on slide seven. Before we walk through the numbers, a brief framing note on how the financial statements are presented. Capital Tankers only became a separately reporting entity at IPO on March 17th. For that reason, the income statement is presented in two columns. First, a full Q1 column covering January 9th, the date of the company's incorporation, to March 31st. And second, a post-listing period column covering March 17th- March 31st. This is the period for which the company has been listed and against which the maiden dividend has been declared. The income statement reflects the strong rate environment combined with our accelerating fleet ramp-up. Total revenues were at $34.9 million for Q1 and $17.1 million post-listing. Net of voyage expenses, TC revenue came in at $27.6 million for Q1 and $14.6 million post-listing. Vessel operating expenses were $2.4 million, depreciation and amortization $3 million, SG&A $0.2 million, and other income $1.1 million. The resulting net income was $23.1 million for the quarter and $14.1 million post-listing. Adjusted EBITDA was $25.7 million and $14.6 million, respectively. EPS came at $0.21 for the dollar for Q1 on weighted average shares of 111.4 million and $0.11 post-listing on weighted average shares of 131.1 million. The fleet-wide TCE was $97,300 per day for the quarter and $162,300 per day post-listing. This is a clean read on the earnings power of the platform as new vessels came online into an exceptionally firm market. In summary, we have delivered robust profitability, and our maiden dividend of 0.5%, equivalent to roughly 51% of post-listing net income, is consistent with the shareholder return commitment we made at IPO. Moving on to the balance sheet on slide eight. Our balance sheet has emerged from the IPO in great shape as set out on March 31st, 2026. On the asset side, vessels of $614 million, vessels under construction of $794 million, and restricted cash of $3 million bring the total non-current assets to $1.4 billion. Cash and equivalents, excluding restricted, were $405 million, plus other current assets of $26 million, bringing our total assets of $1.8 billion. On the equity and liability side, we have total shareholders' equity of $1.6 billion; long-term borrowings net of current, $205 million; and current borrowings and other liabilities, $27.5 million. Total, $1.8 billion. There are a number of key takeaways here. There's a strong equity base of $1.6 billion, strong liquidity of $409 million in cash equivalents, and total assets of $1.8 billion, supporting a fleet of six sailing and 24 under-construction vessels as of the end of the quarter. There is conservative leverage with only $218 million total debt and a net cash position of $190 million. Let's now look at the sailing fleet and vessels under construction on slide nine. Our fleet today on a full delivery basis comprises 30 vessels, totaling approximately 6.2 million deadweight tons across VLCC, Suezmax, Aframax, and LR2 segments. The average age is just 1.1 years, making our fleet among the youngest in our peer group. 23 of the 30 vessels, 77% of the total, are dual fuel, ME-GI, or scrubber-fitted. This gives us a structural fuel cost and emission advantage. Importantly, the chart on the right shows that our available days build up steadily quarter after quarter as vessels deliver, providing a clear path to materially increasing cash generation through 2026, 2027, and 2028. By the end of the fourth quarter of this year, our fleet will include 17 tanker vessels sailing, which is 57% of our total fleet. Let me go through our options on 13 additional vessels on slide 10. These 13 option vessels, 11 VLCCs and two Suezmax tankers, all scrubber-fitted, represent very attractive embedded value for us. The 11 VLCCs deliver between February and November 2028, and they're contracted at prices between $119 million and $120 million approximately. In addition, the two Suezmaxes deliver in May and September 2028 from Hyundai in South Korea and are offered at $89.5 million each on a delivery basis. Total acquisition cost of the options is $1.5 billion. We can exercise any and up to all of these options through December 31st, 2026, at the contract prices indicated here, plus any financing costs incurred by the sponsor. Thereafter, we retain the right of first refusal. The estimated amounts payable at the declaration deadline at the end of the year amount to $311 million + financing costs. On indicative broker valuations as of earlier this month, the value of these 13 options sits at approximately $170 million above contract cost. That's roughly $11.8 million per share. This is pure optionality available to our shareholders. Let me turn to commercial performance and guidance on slide 11. Starting with the first quarter of 2026, the table on the left shows our actual TCEs. The VLCC came in at around $68,500 per day over 50 available days. As disclosed, we have fixed our sole VLCC at this point at a one-year time charter expiring in February 2027 at a gross rate of $100,000 per day. The reduced TCE here for the first quarter reflects the ballast leg of a vessel from the shipyard to the delivery range under the time charter. Our Suezmax spot TCE rate for Q1 was around $162,000 per day over 53 days. Aframax LR2s came in at a spot TCE rate of $86,300 per day over 181 days, giving a fleet TCE of $97,300 per day on 284 available days. On the right-hand side, we set our Q2 2026 bookings. The VLCC, which is on time charter, is at a TCE of $98,600 per day on 100% of available days. The Suezmax fleet is at $185,300 per day on 73% of available days. The Aframax LR2 fleet is at $130,800 per day on 69% of available days. Fleet TCE across the spot and the fixed VLCC comes to $146,300 per day on 73% of available days. At the bottom, we see how the fleet's available days build up from Q2 2026 through Q4 2028. We start with 3,800 days this year. We go up to 7,600 days in 2027, and we reach 10,500 days in 2028. This is meaningful operating leverage into what we view as a continuing strong rate environment. Even with recent moderation in the spot market, our second quarter is shaping up particularly well. If we were to assume for a second that we put away all our remaining available days for the second quarter at the current one-year time charter rates for Suezmaxes and Aframaxes, our second quarter EBITDA, we expect to exceed $110 million versus the OpEx and SG&A assumptions we described earlier in our PM. Moving on now to slide 12, we give you an update on the fleet financing. As of the end of March, our outstanding debt of $218 million bore SOFR plus a weighted average margin of 144 basis points, evidence both of the quality of our assets and the strength of our lender relationships. The fleet gross EBITDA at the end of the quarter stood at around 34%, and we showed a net cash position of $190 million. We have made considerable progress securing additional financing for the in-building fleet, which you can see in the table on the left. We have also secured $340 million of undrawn debt. Moving on to slide 13, we look at the funding of our fleet expansion from a broader perspective, a higher level. As of March 31st on a pro forma basis, we had $1.9 billion in new building capital remaining. We expect to fund this through a combination of cash and debt. At the end of the quarter, we had $408 million cash on hand. We have drawn and secured $555 million of debt and expect to raise around $1.1 billion more. At current market values, this reflects gross leverage of just 49%, and we raised it against fleet fair market value last week. With these conservative assumptions, we are left with $145 million of excess funding without needing to deploy $0.01 of our operating cash flow. As you can see, between cash already in the balance sheet, debt drawn, debt secured, and conservative financing assumptions for the remaining newbuilds, the program is funded with close to $150 million excess cash. That brings us to section three, the tanker market, an important part of our spot operating fleet. I will hand the floor to Brian, who will pursue it. Thank you, Niovi. It's been a period of very extreme volatility with geopolitics entwined within the tanker business like never before, and it was into this environment that we've launched ourselves as a public company. On slide 15, once we focus upon the Suezmax and Aframax rates, which were already at an elevated stage before the recent geopolitics. The general freight background was they're actually very constructive before February 28th. We focused on the spot performance of these two sectors because that's where most of our spot exposure is at the present time, given our VLCCs on a one-year time charter. Two points stand out from this slide. Firstly, freight rates for the Suez and Aframax space have continued to be elevated against their long-run averages, even before and after the recent geopolitical step-up of recent weeks. Both segments are operating in multiples of their long-run Q1 and Q2 averages since 1990, as slide 15 shows. Secondly, our fleet shows strong relative performance compared to our peers and the numbers that Niovi just ran through. Despite taking delivery of vessels into a period of extreme volatility, often with very long ballast legs, as our new buildings have been delivered in the East primarily, our chartering desk has delivered a solid commercial performance on both Suezmax and Aframax, a function of nimble decision-making, deep customer relationships, and the underlying quality of the assets. We've not been simply riding the market; we've been extracting more than our fair share. On slide 16, we focus on obviously the key variable at the moment, the Strait of Hormuz. The disruption around the Strait of Hormuz has been one of the defining themes of the quarter and, of course, recent years. The impact on global oil flows is substantial. Hormuz accounts for roughly a quarter of all seaborne oil trade. What we have observed is that it's been a very affirmative action taken by both buyers and producers to offset the disruption that has been equally as swift. The waterfall on slide 16 begins with a pre-disruption Strait of Hormuz flow of 20.3 million barrels per day, which represents the baseline volume of crude and condensate that transits through the choke point before any disruption or was traded before trading it through. The first mitigation bucket on slide 17, we've named the physical rerouting, has clawed back around about 7.3 million barrels per day through four distinct levers you see on slide 17. After these workarounds, sorry, slide 16. After these workarounds, the residual unmet supply, the remaining Hormuz supply loss in the middle, falls to 13 million barrels per day. Still a very large gap relative to global balances. That's not the end of the story. The second mitigation bucket, temporary stock effects, as we've labeled on the slide, bridges another 6.8 million barrels per day by drawing on inventories rather than flowing molecules. Netting all of these counteractions against the original shock, the chart shows that the residual call on onshore stocks is actually totaling 6.2 million barrels per day. The proportion of the shortfall that must ultimately be met by drawing down on land-based commercial inventories. The headline takeaway from the slide is exactly what the subtitle suggests. Although the Hormuz disruption is unambiguously substantial in scale, the combination of pipeline reroutes, coordination of SPR releases, and the unusually large volumes of Russian and Iranian crude already in floating storage has meant that the market has had since February 28th a credible and fairly swift toolkit with which to absorb most of its initial 20 million barrels per day hit. This has left, therefore, roughly 30% of the original flow as a true call on onshore stocks. Crucially, the reroutings that absorb the other 70% are themselves, by definition, ton-mile additive and positive for tanker operators such as ourselves. We continue to monitor the situation closely and remain confident that whatever path geopolitics takes, the underlying ton-mile demand created by these reroutings will support tanker earnings into the second half of the year. With that, I'm going to move now on to what we believe is a sustained trend, however and wherever the world stabilizes, and an impact on crude tanker markets going forward. Slide 17 makes the point that whenever the world normalizes, crude inventories will have to rise. Both commercial and strategic considerations, energy security, and security of supply in particular argue for a meaningful rebuild from current levels. Historically, periods of inventory build in the crude market have been associated with elevated tanker rate cycles, as we show on the left of this slide. The scale of any potential build that we look at on the right-hand side is potentially very large. To frame that magnitude, the current inventories of around 3.2 billion-3.5 billion barrels are already 600 million-900 million barrels below pre-pandemic norms. A return to 2016 or early 2020 commercial and strategic levels of approximately 4.8 billion barrels would imply a restocking requirement of over a billion barrels in total. At roughly 2 million barrels of VLCC capacity per cargo, that translates into about 500 cargoes, seven-nine voyages that a VLCC would typically take in a year. That's the equivalent of 55 - 71 VLCCs that would be absorbed for a full 12 months just on this inventory rebuild. Even partial realization of that scenario would be a significant tailwind for the market. Moving now to summarize the supportive tanker market background on slide 18. We try to bring the different threads together here on a structural basis. Yes, the order book has expanded, and we're aware of that, but it is more than offset by the aging fleet rolling off. With the share of global crude fleets accelerating in terms of age and those approaching 20 years of age, as we show in the middle of this chart, these older vessels carry structurally lower utilization as they gain in age. Laid on top of this is consolidation amongst the owners within the segment that we have seen at a scale not previously recorded over the last 30-40 years. Net-net structural demand is intact, effective vessel supply is constrained, and the fundamentals continue to support a multi-year constructive rate environment. Capital Tankers are ideally positioned for this scenario. With that, I'll hand the conclusion slide and closing remarks over to our Chief Executive, Gerry Kalogiratos. Thank you, Brian and Niovi. Putting it all together against the four pillars of the equity story, despite a [stopped] first quarter, we have delivered concrete progress since our IPO. Moving from six tankers in the water during the IPO less than two months ago to 12 sailing vessels today, fixing our sole VLCC for the moment on an attractive one-year time charter rate of $100,000 per day, booking 73% of our second quarter spot days and, again, a very attractive average TC of more than $146,000 per day, making substantial progress in drawing and securing financing for our in-the-water fleet as well as our newbuilds, and finally, declaring our maiden dividend for the post-listing period of half a NOK per share for effectively 14 days of operations as a public company. Overall, we are operating in one of the most dynamic tanker markets in a generation. Trading patterns shifting day-to-day, geopolitics resetting routes, and rate volatility creating real commercial opportunity for operators with the right fleet and the right desk. I believe we have so far navigated this remarkably well, and that has been across the commercial, operational, and financing fronts. We're looking to build on this strong momentum as we move from just 90 fleet days for the post-listing period in the first quarter to almost 1,000 days in the second quarter and eventually to 2,700 fleet days after all our vessels have been delivered in the second quarter of 2028. Importantly, as outlined by Niovi, the company is well-capitalized for the acquisition of the 30-vessel fleet and has potential funding to grow the fleet further by, for example, exercising some of our options. Looking forward, to the extent recent reports of a U.S.-Iran dialogue and reopened Iranian flows prove accurate, we could be in the early innings of a prolonged global inventory restocking, as described by Brian. Of course, today's news flow demonstrated that this might take longer, and we might see steps backwards before real progress is made. The point we want to leave you with is a broader one than just one geopolitical path. The long-term fundamentals of the tanker market, layered on top of our young, high-specification dual-fuel fleet, position us well across a wide range of outcomes. We are off to the start we promised our shareholders at IPO, and we intend to keep delivering quarter by quarter. This concludes our prepared remarks. I will now hand back to the operator to open the floor to questions. Andreas, Niovi, Brian, and I will be happy to take them. Ladies and gentlemen, we will now begin the question and answer session. If you would like to ask a question, please press the pound key five on your telephone keypad. If you want to retract your question, press the pound key six on your telephone keypad. It is also possible to submit a written question on the viewing page. Our first question comes from Frode Mørkedal from Clarksons Securities. Frode, go ahead. Thank you. [Gerry], congrats on this strong start of your listing. The first question I had is on the dividend. You paid NOK 50 share, equivalent to 51% of net income, as we say here on this slide. How should we think about the dividend policy from this point onwards? Should we still think about it primarily as a payout of free cash flow to equity under the construction period, or could we also think about the percentage of net income? Thank you, Frode. That's a fair question. At IPO, as you might recall, we gave guidance that we expect to distribute a significant percentage of the cash generated by our vessels, that is, after debt service, and that this ratio is expected to increase by the time we complete our firm new building program. Of course, the first quarter was an unusual quarter in that earnings attributable to shareholders only kicked in after the listing on March 17th. There was only a short period of income generation. In a way, the period was short and symbolic, and we decided to round up the NOK payout. This, of course, does not mean that our policy has changed. It was simply a reflection of the better-than-expected financial position that we are compared to when we started with the IPO, as well as the short quarter. The board and the management decided to pay out the half NOK. Going forward, you should expect a similar approach by the company. The board will probably focus on net income as a proxy for cash flow generation, as we do believe it will be easier for investors and analysts alike to think in terms of net income rather than having a more complicated bridge to free cash flow. These numbers do come quite close. We think that in the future, we will be thinking more in terms of net income rather than a free cash flow proxy. Okay. That's fair. That's certainly easier to model for sure. Maybe 50% is a good proxy then going forward, it sounds like. As I was trying to say, I don't think necessarily the ratio of this quarter is going to be necessarily presented every quarter. Again, the dividend is discretionary and decided by the board, and the guidance of the IPO states that there will be a lower percentage of lower payout during the construction phase and a higher payout after the initial firm fleet is delivered. But I think you should expect that we, especially seeing good markets like this, will be generous with the dividend, and we hope to build a track record over the quarters so that people know what to expect. Sounds good. That's good. On the market, I liked your restocking thesis. That is clearly important going forward. I totally agree. I just wanted to hear from you how you think about the timing. Whenever the Hormuz reopens, I guess you could talk about the impact on the tank market in, let's say, at least three phases. Initially, there's a positive effect that there's more cargo than ships available, and then eventually maybe rates go down, and then the restocking effect kicks in. You agree with that, and how does it think about, let's say, the timing and scale of this restocking cycle? Look, Frode, it's a very fair question, and I noticed a number of our peers have looked at different phased opportunities and are looking at that as an outlook, and I noticed you, that Clarksons has put something out on this this afternoon as well. I think our view would be very similar to yours, and we would expect, if you like, a frenzy phase to start with, and then maybe a recalibration as the fleet is moved around the world and reset, and then we would then get into that traction of the inventory build. We think the inventory build will happen quickly. We don't know this on our slide deck, but on our IPO slide deck, we did point to the fact that after Russia, we had almost an instantaneous reaction in terms of crude inventory build. We do think that crude inventory build will kick in quickly, but we would agree with that thesis. I think the underlying thing we would like to point investors to, and also the analysts, is that this is going to be all at elevated levels. We would expect the direction of travel to see a rate appreciation, an increase into that frenzy period as things recalibrated, if the straits were to open. We would then see maybe the rates reducing as things are set, sort of reset themselves in terms of fleet locations. But we would expect to be at a higher level than we've seen in the historical numbers that we take from the databases. In round trip, yes, we would expect to see a similar sort of Phased approach. We think those phases will be relatively focused and quick. In particular, we do believe that we'll be at an elevated rate, a rate environment for the medium term off the back. Great. Sounds good. Thank you. I'll turn it over. Sure. Next question comes from Eirik Haavaldsen from Pareto. Eirik, go ahead. Hi, guys. Obviously, three months ago feels like a lot has happened. Just wanted to understand a little bit your thinking around both the options that you have and also the value of prompt delivery of vessels that are delivering now; the value there has gone up massively. If you were to do something in the S&P market at the moment, what would that be? If I can ask you directly. Hi, Eirik. Let me start with the secondhand market. I think there have been certain data points out there, both for resale VLCCs; actually, one resale ex-Zhangli has been sold more with delivery next year. Sorry, later this year, by the third quarter, in excess of $160 million. That, as you say, points to a further appreciation for both our firm and optional fleet. There have been Suezmax, Korean Suezmax resales being discussed for delivery next year, again, at a substantial premium to where we acquired our vessels. There have been various data points, but most of them were in excess of $95 million. Maybe delivery cost; we're talking about $97 million for 2027. Of course, a number of secondhand vessels. All in all, you have seen an appreciation of the in-the-water assets. At the same time, I think the whole curve has moved up. If you're looking to place a new build at an established shipyard, today you're probably looking at the second or third quarter of 2029 for delivery at the earliest. In China, probably a price of around $130 million± and, of course, higher in Korea, with also many berths going right now to gas carriers, LNG, but also a lot of interesting VLACs, which is taking up a lot of space. I, of course, understand that there have been discussions around earlier berths in yards that do not have a track record in building ships. Space sometimes can be found, but I think the bottleneck right now, the difficult part, is sourcing pumps, main engines especially, and equipment. I think you will find that in reality, that pushes deliveries of vessels well into 2029. That's just the overall given backdrop in terms of where secondhand and new building markets are. With regard to our options, I think it is a clear differentiating factor for Capital Tankers and a strategic advantage. We have been trading as a public company only for a couple of months, and we still have seven months to go before any of these options expire. We can be strategic about it; hence, there hasn't been any rush from our side. As you saw from the prepared remarks and the deck, according to the latest appraisals that we got for these optional ships, they are by about $170 million in the money. There is a clear value proposition, and we will consider how to take advantage of this embedded value. As Niovi pointed out during the prepared remarks, we have about $250 million of excess cash after taking into account our firm's new building program, and that is without taking into account any operational cash flows. This is mostly a result of the upsizing of the IPO. You might recall the initial IPO amount was set in such a way so that we cover all our firm's new builds. Effectively, upsizing means that we have excess liquidity. If we were to assume a 35% LTV, we could very comfortably exercise at least three of these options without really moving the needle, which would probably be the prompter VLCC deliveries, and that's without thinking about any incremental capital. I think also we discussed our Q2 bookings, and of course, the increased fleet days throughout 2026 as more of our ships deliver, and everybody has their own views with regard to the market backdrop. I think we didn't mention that with the bookings that we have in place, it's fairly easy to land in well in excess of $100 million, probably closer to $110 million EBITDA for Q2. If you just take the one-year period rates and apply them to the rest of our available days throughout 2026, you will probably land on an EBITDA of close to $300 million. That depends on your rate assumptions, higher or lower. That should also leave enough excess cash even after servicing our dividend commitments, as we discussed earlier, to fund an additional two or three ships. At the same time, I'm not saying necessarily this is the route that we're going to take, but I just wanted to highlight the flexibility that we have. We are working with sub -50% gross leverage for the reasons that we mentioned. Asset values are higher, and we do have four Aframaxes that do not have any secure debt or any mortgage. The intention overall is to remain conservative about leverage, but we can use some of that headroom as bridge liquidity in this growth phase of the company if we want to exercise some additional options. There is also another path if we want to monetize at least partly some of these options, and that would be to sell some of these vessels back -to-back. We discussed where values are from deliveries and where new buildings are. You can infer what would be a fair market value of a vessel delivering in, let's say 2028, but there's definitely value there. Maybe potentially selling certain of these assets, taking the profit, and recycling that into the other options would be a way, as this would be directly a P&L item. What I want to close with is that what we do not intend to do is issue equity in a dilutive way that is below NAV. Right now, we do not necessarily discount what our NAV estimate is, but the market does believe, and I think it is fair to say so, our NAV is much higher from where we're trading today. There is no incentive from our side to look at equity capital. If that changes, of course, that would be a way to fund additional options. Sorry for the long answer, but I just wanted to give you all the different tools that we have in the toolbox as we are thinking about the options. We do still have time, but this is how we are at least thinking about it today. Okay, thank you. Just to summarize for me then, your dividend is the number one priority. You will think about exercising options, but in no way use equity because you are trading far below your NAV, which I completely agree on. You may proceed to capitalize on the options by exercising and selling and thereby locking in profits. That's the way to think about it. Yeah, that's absolutely correct. Thank you very much. As a reminder, you can ask a question by pressing pound key five on your telephone keypad. Maybe I'll jump in there, Bart, thank you very much. We've had one question that's come through from the floor in terms of our feed, and we are passing over maybe to Gerry and to Andreas maybe to a point. The question is, considering the strong market and lively time charter market that we're currently engaged in, when would you seek to take some further fixed -rate TC coverage? Gerry, do you want to first go at this one? Yeah, let me answer a couple of things, and maybe Andreas has more thoughts. Capital Tankers is spot-focused, but as we demonstrated with the fixture of our first VLCC, we will not be shy to take advantage whenever the opportunity arises to lock in what we consider good term rates historically. Right now, the volatility and the dynamics are very much in flux, and we do believe that we have a strong market ahead. From time to time, there are opportunities that we would look at. Andreas, and correct me if I'm wrong, the period market is not very liquid right now. Is that correct? Hi. Thank you, Gerry. That's correct. There have been a few transactions, and notably on the VLCC side, that have been done in the last couple of weeks. Overall, there has been a notable slowdown in the activity on the Suezmax and Aframax sides. The activity around the Aframax side has done a significant discount to the numbers that have been achieved on the spot market. As such, we haven't been so keen to consider them. Right now there's a big gap between the bid and the ask on the time charter front, and that's reflected by the lack of serious activity. Okay. Well, thank you. Thank you, everybody, for joining the call today. I think that really concludes all of our business. Many thanks for all the questions. We look forward to joining you again and look forward even more to updating you between now and our next call on the progress that Capital Tankers is going to make.