Hello everyone, I hope you can hear me. Welcome to Jinhui Shipping and Transportation Limited Q1 2025 results presentation. It's now 10:00, 10:01, I shall begin. Sorry, there's still a few people entering. Okay. Can everyone hear me now? Okay, great, thank you. I believe you've all had a look at our results announcement. Just to give you the highlights, Q1 2025, we recorded a revenue of $39 million for the quarter. Earnings before interest, taxes, depreciation, and amortization, $35 million. Net profit for the quarter, $17 million. Basic earnings per share, $0.156. Our balance sheet remains at a very healthy level, gearing ratio 16%. Comparing quarter to quarter, our revenue has gone up 41%. Net profit has gone up 6 times. The average TCE of our fleet has gone up 8.3 times. Shipping-related expenses increased to $21.6 million, mainly attributable to the rise in hire payments for our chartered vessels. Hire payment of $4.5 million on short-term leases was incurred during the quarter. The rise in shipping-related expenses was further attributed to the expansion of the group's fleet to 26 vessels as of March 31st, 2025. Daily running costs of owned vessels slightly increased from Q1 2024 of $4,830 per day to Q1 2025 of $5,375 due to the expansion of fleet size as certain initial costs, especially spare parts and consumable stores, were incurred at the time of delivery for newly delivered vessels. Net gain on financial assets at fair value through profit or loss of $1.6 million. A settlement income of $20.2 million was received from the legal proceedings with Parakou Shipping Pte Limited in relation to the non-performance of the chartered party. This is related to the ongoing saga that has been going on for years. We're happy to let you all know that this has come to a final conclusion. CapEx of $25.9 million was incurred for the current quarter, mainly for vessels delivered in January 2025 and installment paid for new buildings. In terms of the financing, during the quarter, a drawdown of $15 million upon the delivery of a vessel, and we repaid $2.3 million in bank borrowings. As at 31 March 2025, secured bank loans amounted to $111 million, with current portion and non-current portion of $10 million and $101 million. I think this slide is fairly self-explanatory, so I shall not go through in detail. As of Q1 2025, our total assets have gone up to $572.7 million, total equity $388.68 million, secured bank loans $110.7 million, rounded up to $111 million, current ratio 1.43 to 1, net gearing 16%, available liquidity $48.6 million, and a return on equity of 4.49%. In terms of our fleet development, we took delivery of a vessel with a dead weight of 61,441 metric tons in January 2025. As at end March 2025, the group was operating 26 owned vessels and 8 chartered vessels with a total capacity of dead weight of 2.5 million metric tons. In fact, as of today, we have a further movement. We actually sold a ship in March, which was delivered to the buyers in May. So as of today, we have a total of 25 owned vessels and 7 chartered in. Here, in May 2025, the group entered into an agreement to dispose of Supramax built in year 2008 with dead weight 56,952 metric tons at a consideration of $10.2 million. There will be another one. The vessel will be delivered to the purchaser in Q3 2025. Can—hold on a second. Sorry. Here, on this slide, it is just showing the development of our fleet. As of May, as of today, we have 25 owned vessels and 7 chartered vessels. Here is the list of our owned vessels. The average age of our fleet is 14.32 years. As you can see from our recent actions, sales, purchases, we are looking for opportunities to refresh our owned tonnages. We will continue to do so should opportunities arise. Here is the detail of our chartered vessels. We have one long-term chartered in Capes ize, two long-term chartered in Panamax, two long-term chartered in Ultramax, and two short-term chartered in Ultramax. In total, we have five long-term chartered and two short-term chartered, total of seven. The details of our long-term chartered are listed on the slide. I think we have tried to stretch our maturity profile to make it as healthy as possible. As of end March 2025, our total debt is $111 million. 9% will be repayable within one year. Another 9% will be repayable within two years. 82% of the total debt will be repayable three years and beyond. For Q1 2025, our cargo mix has not changed so much. 52% of our cargo are minerals, 9% steel products, 8% coal, 8% cement, 7% agricultural products, 6% fertilizers, 10% other various cargoes. As our fleet expands, you can see that the amount that we carry in terms of million of tons has risen. On a quarter-to-quarter basis, for Q1 2025, we have recorded 3.31 million tons versus Q1 2024, 2.61 million tons. A good, a significant proportion of increase. In terms of distribution of cargo, 35% of our cargo are loaded in Chinese ports, 20% in Asian ports, excluding China, 27% are loaded in African ports, 10% in South America, 5% in North America, and 3% in Australia. This percentage is in terms of our revenue, not tons. In terms of discharging, 38% of the cargo in revenue terms are discharged in China, Chinese ports, 26% at African ports, 25% Asia, excluding China, 5% South American ports, 3% North American ports, and 3% Australian ports. In terms of the time charter equivalent, as of Q1 2025, our Capes ize TCE $22,920 is a slight decrease from the full year 2024 figure of $24,298. Panamax fleet, $12,822 per day. It's a drop relative to Q1 2024 as well as the full year 2024 figure. For the Ultramax Supramax fleet, $12,192, again, is a slight drop from Q1 2024 as well as the full year 2024 figures. Average $13,229, which represents a slight improvement from the Q1 quarter on quarter, but still lagging behind the full year 2024 figures. I think all of you would have noticed that not just in shipping, but in many other different sectors and business, 2025 has been a year filled with uncertainty. On the daily vessel running cost of owned vessels, I think I've already explained at the beginning of the presentation. There's a slight increase as of Q1 2025 relative to Q1 2024 because we have a number of new vessels coming in. When new vessels come in, the spare parts, initial costs, they get booked in. This will bump up the daily vessel running cost. As the ship operates, this number will decline to a normalized figure. 2025 is filled with uncertainty. The geopolitical situation remains to be fluid, filled with uncertainty. The U.S. initiated tariffs, which frankly has introduced a lot of potential volatility going forward. For example, going forward in terms of especially related shipping, port charges out of the U.S. ports, how it's going to be implemented remains a big question mark. Another initiative or potential policy that is going to be affected is how the U.S. ports will treat Chinese-built ships. That will be another uncertainty. On the positive side, we see that the supply of new vessels remains in check. This is especially the case when the U.S. has announced the potential of additional charges or penalties that will be charged on Chinese-built vessels. I just read from another Chinese shipyard announced information that their order book has dropped drastically in the first quarter of 2025. Having said that, these frankly are beyond the control of a company like ourselves. For us, we will remain to be prudent in terms of our balance sheet management. We will try to continue to look for opportunities to maintain a young fleet. At any point in time, we will try to, of course, maximize our revenue, as well as balancing any opportunities to lock in earnings visibility, i.e., longer-term charters charter out to lock in our revenue. I think in this environment, it's very, very difficult, close to impossible to tell us what exactly are our plans going forward. We have to react fairly with flexibility in the current very volatile and uncertain environment. If you have any questions, I'll welcome any questions from you guys. Please. Okay. In terms of the lump sum compensation, $20 million, I think we will just be putting this aside for now and look for opportunities to renew our vessels. Our focus remains, our expertise, put it this way, remains in the Ultramax segment. I think we had questions before why we decided to come over with a Capes ize, Kamsarm ax, etc. We have to be in those sectors to field those markets, but our strength, our core focus remains in the Ultramax sector. In terms of the share price, I'm afraid that we just try to do as good a job as we can in terms of our operations and let the market decide on the share price. I hear you about your idea of distributing settlement through dividends or share buybacks. I'll reflect this to the board of directors. In terms of outlook of Capes ize, Panamax, and Supramax, I would say that we remain to have the view that the Ultramax is, again, the sector that we know best and I think is the most defensive. Is it realistic to assume Supramax rates will remain stable at $12,000 per day? To be honest, I do not have a crystal ball, and I can't answer you that. I very much wish that it was stable around that level. We are in shipping. Volatility is the name of the game. I can't answer you in terms of the number of sales or number of acquisitions per quarter. As I said, repeatedly said, shipping is a very, very volatile industry. It's not something that we can plan. We have to react to the market condition and the price that we can buy or the price that we can sell. It will be very irresponsible for me or for the company to tell you, "This is what we're going to do per quarter," unless we have signed some contracts to do so. Right now, we have no commitment on any sale or purchase at this point in time. So I cannot answer. Oh, four. Quality of Japanese ships, yards, Chinese yards. I think historically, I have to confess that the Japanese yards have been favored by many charters. As time evolved, many Chinese yards, the good Chinese yards, have also built very good quality ships. I think otherwise there would not be so many of those in the waters right now. Dry bulk ships are workhorses. Those ships that are built in the first-class Chinese yards, I would say in terms of quality, they are just as good as Japanese yards. No, we hang on to certain ships in our fleet for many reasons. I do not think I can exactly concur to or confirm what reason that is. We will decide on whether to buy or sell certain ships based on quality, whether they fit our customers' needs, as well as price. Price is always a, we have to reflect quality versus the price. No, we do not have any further news on the fixed contracts in the next quarter. Should we have locked in further fixed contracts, we will update the market as soon as we have further fixed contracts. Nothing. They are still locked in from last year that are still running, but there are no new contracts. No new long-term contracts locked this quarter. The market has been too volatile for us to lock in any further long-term contracts. Maybe just to refresh everyone's memory, at the end of Q4 presentation, I've told you guys that around 50% of our vessels are under long-term contracts within one to five years. We will give you an update should there be any further new contracts locked. I'm not going to guide any expectations of loss or profit in Q2. You will just have to wait till the Q2 announcement. Thank you, Peter. I cannot exactly answer your question 100%, but I can partially confirm with you, yes, we need to retain some dry powder for any opportunities for our fleet renewal. Any further questions? Every quarter at the presentation, I always hear questions about the share price, etc., etc. I hear you, and I understand from your perspective, but I hope you can also understand that from our perspective, it is about the long-term performance of the company, the financial performance of the company. It is very hard or we do not take actions or make decisions to facilitate any short-term trading. Okay. If there are no further questions, I call this an end to the presentation. Thank you for joining. In this volatile market, uncertain operating environment, we hope to bring you good news in the next quarter. Thank you very much.