Good morning to those in Europe. Good afternoon, those in Asia. Thank you for joining Jinhui Shipping and Transportation Limited Q1 2026 results presentation. I believe you've all had a look at the results and have a copy of the presentation, so I shall begin. Sure some others are still coming in. Everyone hear me okay? Great. Okay. For Q1 2026, revenue for the quarter, $33 million. Earnings before interest, tax depreciation, and amortization, $17 million. We've recorded a net profit of $4 million for the quarter. Basic earnings at $0.04, and gearing ratio as of the end of the quarter, 5%. The slide shows the comparison quarter-on-quarter. I think the good news in particular is the average daily time charter equivalent has risen 23% quarter-on-quarter. Our chartering revenue declined by 17% to $32.8 million, primarily due to a reduced number of vessels in operation. We've sold off a number of older vessels and, of course, at the same time we have committed to build some new ships, which will be delivered going forward. The group recorded a consolidated net profit of $4 million for Q1 2026 compared to $17 million for Q1 2025. The decrease was mainly due to the absence of a one-off settlement income of $20.2 million from the non-performance of a charter party in the previous Q1 2025. Average TC improved at 23%, as described just now. Our fleet renewal strategy is still going ahead. During the quarter, two vessels were disposed at an aggregate consideration of $47 million and scheduled deliveries to their new owners, the buyers, in Q3 2026. In February 2026, the group entered into two shipbuilding contracts for the construction of two Ultramax newbuildings at a consideration of $34 million per vessel, both scheduled for delivery in 2029. Shipping-related expenses declined 36% from $21.6 million in the last corresponding quarter to $13.9 million in the current quarter. The reduction reflects a reduced number of vessels in operation alongside a decline in higher payments from expiry of certain chartered engagements last year. The group recorded 4% increase in daily running cost to $5,612 per day compared with Q1 2025. The increase is primarily due to higher crew cost, expenditure on spare parts for vessels driven by an increase in operational demands and the need for maintenance to ensure optimal performance. During the quarter, total CapEx amounted to $9.8 million, in which $9 million was paid for vessels under construction. Total secured borrowings decreased to $107 million as of end of the quarter, with current portion of $12 million and non-current portion of $95 million. Here's a summary cat shot of the financials. Self-explanatory, so I won't go into details. As of Q1 2026, our total assets is at $539 million. Total equity, $383.9 million. Total borrowings, $107 million, rounding up, $107 million. Current ratio 3.71: 1. Gearing of 5%. We have available liquidity at $87.76 million. Return on equity 1.13% Of course, some may ask why we're keeping such a low gearing. It's not just for the sake of conservative, but of course, we have new buildings coming in, so we will have to make capacity for borrowings for our new vessels going forward. As of yesterday, we have 21 vessels, total carrying capacity of 1.68 million deadweight tons and 98% utilization rate. In January, a Supramax contracted to dispose in December 2025 had been canceled due to one of the contractual clauses cannot be fulfilled. In February, the group entered into two shipbuilding contracts, each with a deadweight of 64,100 metric tons at a consideration of $34 million per vessel to be delivered scheduled delivery in 2029. In March, two vessels were sold for $23.5 million and $24 million respectively, both with deadweight of 63,485 metric tons. The vessels will be delivered to the buyers in Q3 2026. At the reporting date, the group's order book comprised of eight new buildings. One to be delivered in 2026, one in 2027, four to be delivered in 2028, and two to be delivered in 2029. As of the end of the quarter, we are operating 21 vessels, of which 18 are our own vessels and three chartered in. Here's the detail of our own vessels. In terms of our chartered-in vessels, we have two remaining, one Panamax and one Capesize. Below are the eight vessels, newbuildings to be delivered between 2026 and 2029. Here's our evolving fleet size. We are taking up the opportunity to renew and hopefully we'll still slowly build up our fleet again. Our total debt included bank loans and other borrowings, $107 million. Bank loans represented revolving loans and term loans which were secured by groups, multi-vessels, land and buildings, investment properties, and financial assets at fair value through profit or loss to secure credit facilities. As of the end of the quarter, 11% will be repayable within one year, 68% will be repayable within two years, 8% within three to five, and 13%, five years plus. In terms of cargo mix, 63% will be minerals, 13% coal, 8% agricultural products, 4% cement, 4% steel product, 3% fertilizers, and 5% other minor balance. In terms of distribution of cargo, 32% South America, 21% Africa, 20% Asia excluding China, 13% Australia, 5% China, 4% Europe and 5% North America. In terms of the discharging ports, 45% of the cargo goes to China, 28% goes to Asia excluding China, 21% goes to Africa, and 6% goes to South America. As of the end of Q1 2026, the TCE has improved fairly significantly, especially on the Capesize and Panamax sector. Capesize TCE as of Q1 2026, $30,408 per day, that is. Panamax, $17,705 per day. Ultramax, $13,710 per day. This will be equivalent to an average for the entire fleet, $16,290 per day. As at the reporting date, we have successfully covered 33% of our Capesize and 100% of Panamax vessel days for the rest of 2026, with an average rate of $23,000 and $19,000 per day respectively. For Ultramax, Supramax, 51% of the vessel days were covered at an average rate of $14,000 per day for the rest of 2026. Daily vessel running cost. Q1 2026, $5,612 compared to Q1 2025 of $5,375, and the full year 2025, $5,895. To be honest, I don't see fairly big movements here. I explained already earlier on crew costs, maintenance costs, operational needs, et cetera. There's a slight increase when compared quarter- on- quarter. Nothing alarming on this front. More importantly, on the outlook. We see right now a very balanced freight market and asset market. We hope and we expect that it will continue to be steady for the rest of the year. The supply and demand of dry bulk vessels in fairly good balance, particularly strong on the Capesize. However, at the same time, we do see some signs of a disconnection between asset prices and freight. That's why we will always stay cautious. At the same time, we will continue to look for opportunities to maintain a young fleet. I.e., for older vessels, if we see a good price in the market, good buyer, we may consider dispose of older vessels, and then if they're available, whether in the second-hand market or new building market, good opportunities, we will do such trades again. Continue. Most important of all, we will continue to achieve growth while maintaining a healthy balance sheet. I think one thing that's very important for everyone, they like to hear, but is dividend. For this current quarter, there's no declaration of dividend by the board of directors. If anybody has any questions, please fire away. Okay. In question one first on the Middle East. We actually have fairly minimal exposure of our vessels in the Middle East. Whether it's during the conflict or normally. It's not an area that we frequently visit. No, we have minimal exposure there. In terms of risk insurance, I believe you mean the war risk. I don't have a number right in front of me right now, but, again, it's minimal, and it's actually paid by the charterers, not us. Which are the countries in Africa that receives our cargoes? Actually, for the loading of cargoes, I think it's the very obvious suspect, Guinea, Sierra Leone, Ghana, bauxite trades. For discharging, it will be the same countries, maybe some other neighboring countries. I actually do not know the exact names. Not in front of me. Actually, most of our contracts are on time charter basis. We do not take cargo contracts in terms of if you're asking about the bauxite volume. No, we do TCs. If I am to sell the oldest Capesize, what would be the price? We haven't put it in the market to tell, but if you work out a benchmark, a recent 2016 Imabari Capesize has been reported to go for $60 million+. The company has locked in at 51% of its Ultramax, Supramax at a daily charter rate of $14,000. Any update on this? This is the update. Otherwise, we see a steady, possibly improving market, and we have to balance what we lock in and what we put on spot. If we lock everything in, then we won't be able to take advantage of a rising freight market if we have nothing on spot. Is that something you're considering, meaning selling the oldest Capesize built in 2008? Hmm. I have to kill you if you are to know. Joke. We can't say. It's something that we will always look at and see whether the price to fetch right away, versus whether we see further upside in terms of freight. Right now, we do not have any plans to sell this older Capesize. Not now. Not at this very moment, no. We look at all opportunities very seriously. But thank you. Thank you for your comment. Any further questions? Hopefully Q2 will be better than Q1. That's all I am going to say. I can see how others, non-industry participants from the financial markets, from an investment professional, thinking that we're overly conservative. Maybe we have the handicap of being in shipping for too long. We have seen extreme volatilities. Hence, we will tend to be conservative. At the same time, I'm not sure whether when you say you see us as perhaps overly conservative, does that mean in terms of leveraging or what? I think being conservative in our industry pays off overall in the longer term. I think I touched on this. Maybe we look like we're overly conservative right now in terms of gearing. As we have a sizable newbuilding program, in fact, if you look at it, as of the March 2026, the capital commitment aggregates to $232 million. We will be adding on leverage to fund this newbuilding program in due course, but we'll do it by stage. You will see eventually gearing creeping up back again. Of course, we will be delighted if it is still low two years down the road. That means, in terms of cash flow, in terms of freight, we are making extremely healthy money. I think this is how we're approaching things. We're freeing up capacity. If you're talking about conservative in terms of balancing, freeing up capacity to add on leverage in time. Well, thank you. Yeah. I've always described we've seen cash raining down shipping, but we've also seen, excuse me for my language, shit hits the fan. Things can be very bad. We remember the pain, so we believe being conservative will pay in the long term. Run a tight ship. Any more questions from anyone? Okay, if there are no further questions, I'll call this the end to the presentation. Thank you very much for dialing in, and I look forward to reporting even better numbers in coming quarters. Thank you