Good morning to those in Europe. Good afternoon to those in Asia. Welcome to Jinhui Shipping and Transportation Limited Q3 2025 results presentation. I hope everyone can hear me. If you cannot, please let me know on the message, on the chat. It seems like everyone can hear. No complaints on the audio. More people coming in. I trust that all of you have got the results announcement as well as a copy of the presentation. If not, please just look at the screen. Going through the Q3 highlights: revenue for the quarter, $14 million. Earnings before interest, tax, depreciation, and amortization, $17 million. Net profit for the quarter, $0.08 million. Basic earnings per share, $0.001. For the nine months into 2025, revenue for the nine-month period, $120 million. EBITDA, $67 million. Net profit for the period, $15 million. Basic earnings per share, $0.139. The gearing ratio as of end September 2025, 2%. If we look at Q3 2025, the revenue has dropped 11% relative to Q3 2024. I think it's a combination of both a weaker freight rate, compare quarter on quarter, as well as we have been selling off some ships in preparation for the new buildings that we have ordered. I think you can see that. Net profit is down to $0.08. Some of the bookings of when we sell off these new buildings, we have to book at a loss because on our books, the asset value were high, and we have decided to sell them off. It is a non-cash flow item, but we have to mark the loss. Average TCE is down 4% Q3 2025 relative to Q3 2024 as well. Overall, nine months into the year highlights, it shows a better picture. Revenue is up 4.6%. Nine months 2025 is $120 million compared with same period last year, $114.7 million. Net profit down is $15.2 million compared to same nine months 2024. It is down $3.6 million. Average TCE nine months 2025, $13,878 relative to $14,446. It is down 3.9%. There is nothing astonishing about this. It is just some of our ships will be on spot, and the market goes up and down. There is some volatility. It is nothing alarming from our perspective. The group reported a consolidated net profit of $0.08 million for the third quarter. Chartering revenue declined 11% to $40 million, mainly due to a reduced number of owned vessels. For the first nine months of 2025, the group reported a consolidated net profit of $15 million, and chartering revenue increased 4.6% to $120 million. To stay competitive in the market, we focused on enhancing and adjusting our fleet profile. During the nine months, we entered into agreements to dispose of six aged supramaxes at a total consideration of $63 million and three ultramax shipbuilding contracts of $33 million each. Five of the old sold supramaxes were delivered to the purchasers and incurred an aggregated loss of $6.2 million on disposal during the first nine months of 2025. Shipping-related expenses for the current quarter decreased to $21 million, down from $24 million in Q3 2024. This reduction was primarily due to a lower number of owned vessels, as well as a decline in hire payments for chartered vessels. Hire payment on short-term leases amounted to $2.6 million during the quarter, compared to $8 million in the same period of last year. The daily running cost of owned vessels increased from Q3 2024 of $5,302 to Q3 2025 of $5,715, mainly from increase in crew costs and expenditures of spare parts on vessels, driven by an increase in operational demands and the need for maintenance to ensure optimal performance. There is a rise in finance costs as well, mainly attributable to loan drawdown for financing of vessels upon the deliveries from second half of 2024 to first half of 2025. CapEx of $3.2 million incurred for the current quarter, mainly for dry docking costs and vessel improvements. As of the end of September 2025, our total secured borrowings increased to $126 million, with current portion and non-current portion of $11 million and $115 million. The rise mainly was due to the sell and lease-back arrangements the group entered into for two owned vessels for the amount of $28 million. Other borrowings were denominated in renminbi offshore. I'm talking about these other borrowings as in the $28 million sales and lease-back. I think it's not a bad timing denominating in renminbi because of the exchange rate we can is in our advantage, given the Hong Kong dollar's peg to the U.S. dollars. Financial highlights for the quarter and nine months ended. I think this is fairly self-explanatory. I'm not going to detail. If you have any questions, please shoot afterwards. As of Q3 2025, our total assets has increased from previous quarter, $514 million- $571 million +. Total equity has increased from $367.5 million- $383 million, almost rounding it up, $383 million. As explained, total borrowings has increased in Q3 2025 to $125.5 million. As a result of disposing our older tonnages, we have replenished our liquidity. The current ratio is 3.03- 1. The gearing has further dropped to 2%. Available liquidity, $116.4 million, sorry. Return on equity, 0.02. We are replenishing our liquidity, lowering the gearing, of course, because we do have CapEx going forward. Part of it will be for payments for our new building program. Beefing up our war chest would allow us to further look for renewal opportunities. There is no particular plan. We have always viewed the shipping market as very volatile, and we need to tread carefully. We need to get ready. We are preparing a war chest to remain flexible and nimble should opportunities arise. During Q3 2025, we completed disposals of four supramaxes, total consideration amounting to $44 million. In addition, another supramax was disposed in August 2025 and reclassified to assets held for sale as at end of September 2025. This supramax will be delivered before end of December 2025. To sum up, the group entered into agreements for the disposal of six old supramaxes at total consideration of $63 million. Three ultramax shipbuilding contracts of $33 million each for the period ended September 2025. As at 30th of September 2025, 29 vessels, of which 21 owned vessels, including the two under sales and lease-back agreements, and one which has been disposed of and reclassified under assets held for sale, and eight chartered vessels with total carrying capacity of 2.2 million metric tons. Subsequent to the reporting date, the group entered into agreements to dispose of two supramaxes with consideration of $13.2 million and $10.3 million, respectively. I think, again, this chart is for your reference. From our recent actions, I think it should be fairly apparent that we are taking the opportunity of a very compelling global fleet profile where there are already in quite a significant proportion of old vessels, especially in the supramax, ultramax space. They will reach quite a good proportion of it will reach over 20 years old going forward. We see this as a good opportunity to go on a renewal program. The chartering market is also fairly robust. This also gives good support to second-hand vessels. Of course, coinciding with there is fairly strong interest in old tonnages. I think it's a pretty good timing to monetize some older vessels and put on and purchase some new buildings too. It's a little bit like refreshing our fleet. Our assets are also started with a pretty clean slate. You would have noticed that in some of the older vessels, when we have sold them, they need to book at a loss. This is because these were ordered at a fairly high price in the previous cycle. This is the reason why we are being very, very careful and need to look carefully and opportunistic when it comes to buying and ordering new buildings. This is the list of our own vessels. It should be self-explanatory. We expect this age profile, average age, will decrease as our new buildings get delivered going forward. This is the list of chartered-in vessels. For long-term chartered, we have chartered in one cape size, two kamsarmax, and two ultramax. We have also short-term chartered in one ultramax. Total six chartered-in vessels. In order to have a healthy debt maturity profile, we have done some work further. Out of the $126 million of interest-bearing debt, 8% will be repayable within one year, 9% will be repayable within two years, and 83% will be repayable within three to five years. We will, of course, continue to monitor this debt profile. For shipping, the nature of our assets is very long-term. We will stretch this maturity profile whenever we can and whenever it is beneficial to our balance sheet. In terms of cargo mix, 60% of the cargo that our ship carry, our vessels carry, is minerals, 16% coal, 6% steel products, 5% agricultural products, 2% cement, 1% fertilizers, and 10% various other cargoes. In terms of distribution of cargo, in terms of where we load our cargoes, we have 29% of the cargoes are being loaded in Asia, excluding China, 20% in China, 15% Australia, 26% from Africa, 9% South America, and 1% North America. In terms of discharging, 44% of the cargoes are destined for China, 28% in Asia, excluding China, 13% Africa, 2% Australia, 3% Europe, 8% South America, and 2% North America. You would notice that throughout all these years, we have been not very active in the North American ports. In light of the current trouble or difficulties, I would say, maybe I should use the word, due to geopolitical conflicts, I think we will continue to our current business mix to where I think we are comfortable with this mix and minimize North American exposure. In terms of time charter equivalent, as of Q3 2025, cape size $22,018, a slight decrease from Q3 2024. Panamax fleet $15,032, slight increase relative to the Q3 2024 numbers. ultramax, supramax fleet $13,618, a drop from Q3 2024. Overall average $14,629, which is a drop from the Q3 2024 figures. If you look at the nine-month figures, this average has further dropped down. However, we are fairly confident that the chartering market should stay robust and numbers should slowly improve, especially in 2026. Daily vessel running cost of owned vessels. As of Q3 2025, the total running cost plus depreciation plus finance cost, $8,927. As previously explained, the finance cost has increased due to further debt drawdown, sales, and lease-back. Depreciation has lowered because we have a lower number of ships. Running cost, it's because of new vessels coming online. In terms of outlook, we are cautiously optimistic. We're forever cautious. I don't know why we are like that, but we've seen cycles. We are very careful. Even when the stars show that they are going to align, we will always remain cautious because this is a very risky industry. We see stable and robust demand for dry raw materials. Because of the aging global fleet profile, we have been embarking on a search for renewal opportunities. I have explained what we have been doing for the past nine months. Going forward, we will continue to look for renewal opportunities. We are cautious. One of the reasons is because uncertainties remain. Given from the macroeconomic perspective, a lot of large economies, the economic growth is somewhat slowing down. That is number one. Of course, this is something that we are all very familiar with. There is a lot of potential geopolitical risk that remains, and we need to be aware of, and we need to stay alert. We have been disposing of older vessels to beef up our balance sheet in order to stay nimble, in order to stay flexible should we see attractive opportunities going forward. That is all from me. I shall take any questions that you may have. Thank you for your question. Rising China-Japan tensions. If you look at our trade routes, I think we have been selecting fairly neutral routes in order to try to minimize any potential disruptions for our business. Right now, I mean, in terms of identified routes, ports most at risk. So far, we do not think the Asian ports will be high risk. The more high risk will be more the Middle East, Ukraine, Russian-related ports, Red Sea, etc. To be honest, there are not much changes to insurance premiums or security costs, to be honest. If there are any businesses that require us to go to visit any ports that are questionable, number one, if you go to an unsafe port or if during a journey before you arrive, the cargo that was destined to, let's say, Port A, and it is suddenly declared as an unsafe port, you have to divert. Otherwise, there will be additional, let's say, war premium, war risk insurance that we will have to purchase, but this will be borne by charterers. Majority of our business, we conduct through the time charter mode, so in terms of time charter contracts. Such additional costs, even, for example, armed guards, will be borne by charterers. I hope that answers your questions. Right now, I do not think the tensions between China and Japan is not something that is at the very top of the priority risks. I think, hopefully, I think it will ease down. No one has any further questions, not even dividend policy. I think some of your favorite question is the dividend policy, but I can give you the answer right away. We will just have to wait for the Board of Directors' decision if there is any dividend at the end of the year. There you go. Okay. I think what we have done, I have tried my best to explain, and it should be quite clear. I would describe it as almost like we want to refresh our assets and enter pretty much a new start, a new cycle with better assets and better serve our customers, and hopefully, will generate better returns for shareholders. If there are no further questions, that's all from me. I wish all of you a good day in Europe and good afternoon, good evening in Asia. Thank you.