Good afternoon to those in Asia, and good morning to those in Europe. Welcome to Jinhui Shipping and Transportation Limited Q4 2025 and 2025 annual results presentation. Maybe questions at the end. I'll answer the questions at the end. Feel free to type your questions in the chat box. To go through the presentation, Q4 2025 highlights. We recorded $38 million for the quarter revenue, $13 million EBITDA. We recorded a net loss of $2.7 million in Q4, mainly on the losses on disposal, due to the loss on disposal of the sale of ships. Provision for trade receivable, chartered in trade, chartered in loss, as well as a small amount of properties impairment. Basic loss per share for the quarter is $0.025. For the full year highlights, we recorded in total a revenue of $157 million. EBITDA of $79 million. Net profit for the year, $13 million. Basic earnings per share, $0.115. Our gearing ratio is 1% as of the year end, 2025. We propose a final dividend of $0.018 per share. Our revenue on a quarter-on-quarter basis has dropped 15%. For the net profit, Q4 2024, we had a $5.2 million profit and a $2.7 million of loss this year for the final quarter. The average TCE dropped by 2% from $15,567 to $15,254 per day. For the full year, our revenue has dropped 0.9% to $157.5 million. Net profit dropped $11.5 million to $12.5 million. This is mainly majority due to the losses booked on the sale of our older ships. The average Time Charter Equivalent has dropped by 3.8% to $14,182 per day. 2025 highlights. The group reported consolidated net loss of $2.7 million for the current quarter. The chartering revenue declined by 15% to $37.5 million, primarily due to a reduced number of owned vessels. For year 2025, we reported a net profit of $12.5 billion. Chartering revenue slightly decreased 0.9% to $157.5 million. We're working hard, you know, for the future years, the coming years. We continue to implement a fleet renewal strategy. Older vessels are being replaced with modern and fuel-efficient ships. During the year, we entered into agreements to dispose of eight older Supramaxes at a total consideration of $86 million. As a result, we incurred a total loss of $9.2 million from the disposals. We further entered into four additional Ultramax ship building contracts, each valued at approximately $33 million, with scheduled deliveries in year 2028. As of the year end of 2025, together with two new building contracts submitted in 2024, the total number of committed new buildings will be increased to six vessels, representing an aggregate additional carrying capacity of 385,000 metric tons. A modest decline of shipping-related expenses from $84.4 million in 2024 to $84.2 million is recorded in 2025. The reduced in number of inward time charter arrangements lowered the higher payment expenses from $22 million last year to $12 million in the current year. However, this reduction was offset by the higher bunker cost used during the vessel's positioning time and voyage charter activities. Usually, we try to bypass the fuel cost, bunker cost with time charter, but, depending on the market, you know, sometimes we have to, in order to, ensure the maximum utilization of our vessels, we have to take, you know, some voyage, charter activities. Daily running costs of owned vessels increased from 2024 of $5,606 per day to the current year, $5,895, which mainly come from the increase in the crew cost and expenditure of spare parts on vessels. This is driven by an increase in operational demands and the need for maintenance to ensure optimal performance. Overall, as our fleet gets older, some of our ships get older, the maintenance cost will increase. For the long-term planning, we have been selling older vessels and entering into new building contracts to modernize our fleet. The rise in finance costs mainly attributed to loan drawdown for financing of vessels upon their deliveries during the first half of 2025. Capital expenditure of $38.4 million was incurred for the current year, mainly for payment balance on vessel deliveries and dry docking costs. Total secured borrowings increased to $115 million as of the end of 2025, with current portion and non-current portion of $10 million and $105 million. The rise is mainly due to the sale and leaseback arrangements the group entered into for two owned vessels for the amount of $28 million. Other borrowings were denominated in RMB. This is a summary of the numbers. I think, you know, it's quite self-explanatory. Our total assets has increased from $524 million in 2024 to $549.7 million in 2025. Total equity increased from $371.6 million to $318 million. Total borrowings from $98 million to $115 million, rounding up to the million dollar. Current ratio has increased significantly from 1.27 to 3.18 in 2025. Gearing has dropped from 15% -1%. Our liquidity has increased from $41 million to $111 million. Return on equity has dropped from 6.65%- 3.34%. During the fourth quarter of 2025, we completed disposal of three older Supramaxes at a total consideration of $34 million. In summary, the group completed eight disposal of Supramaxes and committed four shipbuilding contracts for the acquisition of Ultramax to be delivered in 2028. As at the end of the year 2025, the group is operating a fleet of 23 vessels, of which 18 are owned vessels. This includes two vessels under sale and leaseback arrangements, and one which has been disposed of and reclassified under assets held for sale, and five chartered-in vessels with total carrying capacity of 1.8 million metric tons. Subsequent to the reporting date, a Supramax has been contracted to be disposed of in December 2025, was canceled due to one of the contractual clauses cannot be fulfilled. In the February 2026, we entered into two shipowning contracts for two Supramaxes, each at contract prices of $34 million to be delivered in 2029. This is a graphic form of how our fleet has been evolving. Again, self-explanatory, but as it's a good picture, you know, to summarize information of our fleet. Here's the list of our own vessels. The average age of the current owned fleet is 14.67 years of age. This is the information of our chartering vessels and the ships on audit. Our total debt as of end of 2025 is $115 million. This include bank loan and other borrowings. For year 2025, 9% of our loan is to be repayable within one year, 62% within two years, 17% within three to five y ears, 12% within five years. Of course, you know, depending on the banking market and available debt facility that we will discuss with bank on a continuous basis, we'll always look to stretch this maturity profile. For the year 2025, 11.91 million tonnes were carried on our ships, and of course, this has dropped, compared to 2024, 15.8 million U.S. metric tonnes, due to our older vessels being sold off. 55% of the cargo is minerals, 13% coal, 8% steel products, 6% agricultural products, 6% cement, 2% fertilizer, and 10% others. In terms of distribution of cargo, 27% of our cargo are loaded in Asia, excluding China, 24% from China, 10% Australia, 24% Africa, 1% Europe, 2% North America, and 12% South America. In terms of where our cargo are being discharged, 42% in China, by the way, this is represented in terms of the revenue, chartering revenue. 42% of cargo are discharged in China, 27% in Asia, excluding China, 1% Australia, 22% Africa, 1% Europe, 2% North America, 5% South America. Here's a summary of the Time Charter Equivalent of our fleet. For our Capesize fleet, Q4 2025, the TCE is $19,705 per day. This is, of course, weaker than the Q4 2024 number. For the full year 2025, the TCE equivalent of the Capesize is $21,025, slightly weaker than the 2024 number. For the Panamax fleet, Q4 2025, 17,387, which is an improvement compared to the Q4 2024 figure of 13,900. For the full year 2025, the TCE of the Panamax fleet is 14,910, compared to 2024, 15,528. For the Ultramax, Supramax fleet, Q4 2025 TCE, 14,270. Slightly weaker compared, quarter on quarter basis. 2025, 13,246, compared to 2024, 14,466. Overall, for the entire fleet, the TCE for Q4 2025, 15,254. For 2025 full year, you see $14,182 per day. For the cost side of our own vessels, Q4 2025, $9,063 per day, versus Q4 2024, $10,135. For the full year 2025, $9,152, versus full year 2024, $8,959. This is including the depreciation. If you look at the blue bar, that, you know, will tell you the number excluding the depreciation. It's on the Q4, in the number, you know, there's a bigger difference. For the full year number, if you see that it would average out, the number is, the difference is not so much, but a slight increase for the full year 2025 compared to 2024. This is explained as earlier, increase in crew cost, spare parts, et cetera. In terms of outlook, we remain fairly conservatively confident. We see that the demand for commodities remain robust, especially for the minor bulks. There's not a small number of vessels being delivered in recent months. The freight market tells us that this new supply of vessels has been absorbed, you know, fairly well. There has been, you know, very limited negative shocks to the freight market. Risks that we see, you know, the number one risk is the geopolitical uncertainty, which is beyond our control. We just have to continue to watch out for changes in regulations, disruption in trade routes, et cetera, and remain nimble. Looking on the positive side, we will continue to look for opportunities to renew our fleet. We will try our best to continue to grow our business without sacrificing any financial stability. There are three questions I see here. I'll answer them one by one. Why is there no share buyback, I presume you want to say? Well, I have not been, you know, told by the board of directors that, you know, there, you know, is to be a share buyback. You would have noticed that we do have CapEx coming forward. We have seen, you know, very good days in shipping, and then we have seen very bad days. Conserving, you know, certain liquidity, you know, to satisfy future CapEx needs is important. To remain nimble, you know, for opportunities is also another reason. I can see, you know, from your perspective, you know, on the second question, on the, how can the board not pay out more dividend? I can see from your perspective that, you know, as investors, you know, you wish us to pay everything, you know, to shareholders. Again, I think it's not as simple as, you know, from how you see from your perspective. We have to balance, you know, the continuity of our business, you know, to think about rainy days. We need to conserve cash, both for growth opportunities, as well as to settle, you know, committed obligations. Nick, very long question: Could you provide some insights into what we can expect of further newbuilding activity? Let me answer this one first. Unfortunately, you know, it's not so easy because the, you know, we have to we are in continuous dialogue with various shipyards on the price of the vessels, on the availability of the berths, what timing they can be delivered, et cetera. It's not something like, you know, manufacturing, where, you know, I always use this example, where it's not like manufacturing, where we can plan. We got an order for, from Apple for, you know, how many units of iPhone, and we'll just expand our manufacturing capacity. It doesn't work like that. I mean, we have aspirations to grow, but, you know, it also, we also have to be responsive of how much money comes in, you know, from our business. What is the financing environment and whether there are any suitable, vessels, available, in terms of new building? Of course, there's another factor that we have to look at. We would like to replace. Again, we also have to balance, you know, what we see in the sales and purchase market for second-hand vessels, whether we can fetch a reasonable amount, from selling off older vessels. In terms of how many new buildings that we're aiming for in total, again, this is a very difficult question, you know. I wish, you know, we have all our ships are, us, you know, brand spanking new. You know, this, we have to consider, you know, the limitations, you know, of our, of how much liquidity we have, how much bank facility we have, for example. We have to be realistic. We have to take, you know, small steps at a time on this front. Have we stopped our short-term chartering activity? Right now, we, you know, we have been reducing our short-term chartering activity. You know, it's not that we have stopped. Again, we, on this front, you know, we have to, we're responsive on, you know, what kind of business that, you know, we can see in the market and whether we need to charter in, you know, third party, you know, carrying capacity. Have we considered long-term fixing our hire in Newcastlemax for the remainder of this term? We are always looking to balance long-term, you know, charter versus short-term hire or chartering out. Do you expect our new building after associate material higher earnings and material lower shipping? Actually, we do on this front. How high? You know, we cannot, I cannot answer you for sure, but overall, you know, the modern vessels will have higher carrying capacity. They are more well, they are even, they can satisfy even the most demanding charterers. In terms of the cost side, obviously, they are more fuel efficient, they're new. It's like, you know, you running a new car versus an old car, you know, the maintenance expenses will certainly be lower. Yes, you know, we expect an increase in revenue, as well as a reduction in cost as these new vessels get delivered and start working for us. We're confident in future minor bulk. No, it's various, you know, it's not in a certain particular minor bulk, you know, it crosses from, you know, bauxite to nickel to various others. Thor, how are you? I'm reading a question. TCE was above $15,000 costs, PR per ship at $9,000, taking into account the book losses on ships sold, you had a very modest sold. What will it take for you to produce a meaningful profit? I assume that the strong futures market for your ships purchase increased the value of ship. Should we expect. I don't understand, should we expect I write up of the ship? The 15,000 TCE, you know, well, we expect, you know, the chartering market to remain strong and possibly, you know, stronger, you know, going forward. We will try to, of course, you know, control our cost. Bear in mind, this cost per ship at 9,000 includes the depreciation, a non-cash item. In terms of, and even without, you know, $6,000 per day profit, I don't see that as a modest surplus. Not really. Stan, the stock is trading below 0.2 of the equity in the company, and it would be 5x value adding for the company to buy back own shares and do this together with high dividends. I will, of course, reflect, you know, your very valuable opinion to the board of directors, and, if we have any plans in share buyback, increased dividends, you know, we will make sure all shareholders will be informed, simultaneously. There are many reasons for us to keep a strong war chest. I'm afraid, you know, I cannot disclose anything further, but, you know, when we have a war chest ready, there's always a reason. I think the secondhand market, you know, secondhand vessels has been, you know, has been quite buoyant. Is that enough, you know, for any, you know, impairment reversals? To be honest with you, in accounting-wise, we do not want to, you know, you know, because of a you know, small movements, we keep on, you know, revaluing every single quarter. It has to be a significant amount where that, you know, we, we feel that the need, there's a need to reflect this, you know, onto the books. I can't really answer you this, to be honest. This is not easy because, you know, the ships are, you know, depending on the yard, year made, equipment on board, you know, they are not really standardized. No, thank you. It's my job, and I'm trying my best to make sure that, you know, we are all, you know, have. I'm trying to be as informative as possible for, to all of you. Our contract strategy is to make as much money as possible, at any point in time, you know, whatever is available. We look at time charter contract, we look at COA, we look at voyage contracts, you know, short term and long term. No, there's the I hate to be blunt, but we tend to run, you know, our fleet, you know, in a very nimble manner. Of course, you know, we, in general, in this, in this very volatile world nowadays, I see, you know, I see that from commodities to monetary markets, et cetera, chartering market, you know, it, volatile is something that, you know, we are most wary about, you know? We try to minimize or reduce the number of variables. Time charter will always be our number one choice because, you know, this, you know, reduce the number of variable or, i.e., uncertainty. You know, if there is a COA, if there's a voyage contract that, you know, we are confident about, you know, the numbers work out to be superior to a time charter contract, the same point in time, we will just pick the one that, you know, that balances both return and risk. I can't. Am I answering your question? In general, in this buoyant market, I will add one more thought. When the market, you know, we are fairly confident with the market, probably we'll unlikely to do index-linked. Never say never. With delivery of new buildings, certainly we would. That's a very good point, Nick. With new buildings, then, all these newer vessels will satisfy all the most demanding of, Port State Control, et cetera. Yes, we will with newer vessels, as the new buildings come online, we will look to expand our trade routes further, you know, to be it E.U. or U.S. If technology can take our ships to Mars, we'll go, as long as, you know, there's profit. Any further questions? Nope. Thank you for taking the time for joining the presentation. If there are no further questions, I'll call this the end to the Zoom meeting. Thank you so much, and, we look forward to bringing you good news in our next reporting date. Thank you.