Good morning everyone in Europe. Good afternoon to those in Asia. Thank you for joining Jinhui Shipping and Transportation Limited Q2 and first half 2026 financial results. Can everyone hear me? Sorry, there are further people joining, so I'll accept first. I trust that you've all had a look at the financial results, the announcement, and you have a copy. I've shared the presentation on the screen. Scrolling through the highlights of current quarter. For Q2, we recorded $36 million for revenue. EBITDA of $17 million, and a net profit for the quarter, $5 million. Basic earnings per share, 0.048 for Q2. For the first half of 2026, we recorded a revenue of $69 million. EBITDA of $34 million. A net profit of $10 million. Basic earnings per share, 0.088 and a gearing ratio as of the end of June, 7%. Compared to Q2 2025, Q2 2026 recorded a slight decrease. This should be a 9% decrease. This should be quite apparent because there's a reduction in the number of ships. We sold some secondhand ships. Net profit, $5.3 million in Q2 2026, which represents a 374% quarter-on-quarter increase. Average daily TCE stands in Q2 2026, $18,015 per day, which is a 30% increase compared to Q2 2025 number. For the first half 2026, your revenue, compared to first half 2025, is a 13% drop. Again, this is due to the lower number of vessels in our fleet, given that we've sold some. Net profit, $9.6 million. 37% drop compared to the first half of 2025. Average TCE in first half 2026, $17,150 per day, a 30% increase, compared to the first half in 2025. I'll have a walk through this. First of all, shipping-related expense fell by $7.96 million to $14.9 million this quarter, primarily due to the decrease in the number of vessels owned by the vessel group following the disposal of eight vessels last year, as well as a decline in higher payments resulting from short-term chartered leases amounted to $1.3 million during the quarter, compared to $2.2 million in the same period last year. Daily running costs of owned vessels decreased from Q2 2025 of $6,719 to Q2 2026 of $5,407 per day. A decrease of 20%. Finance cost decreased from $2.1 million in Q2 2025 to $1.8 million in Q2 2026. Primarily attributable to the lower market interest rates and lower level of bank borrowings. A CapEx of $11.8 million incurred in Q2 2026, mainly for installments paid for newbuildings and dry docking costs. During the current quarter, the group repaid bank loan and other borrowings in aggregated amount of approximately $10 million. As of the end of June, total secured borrowings decreased to $98 million, with current portion of $9 million and non-current portion of $89 million. This should be a self-explanatory summary of our financials. Our total assets in Q2 2026 stands at $529 million, to round it up. Total equity $383.6 million. Total borrowings $98.3 million. Current ratio of 3.56:1. A gearing of 7%. Our current available liquidity is $70.6 million. Of course, this does not include our financial arrangement for our newbuildings. This is just pure cash and cash equivalents. Return on equity 1.37%. Currently, we have 20 vessels, amounts to 1.62 million deadweight tons. Our fleet utilization is at 99%. In March, two Ultramaxes were sold for $23.5 million and $24 million respectively. One was delivered in July 2026, and the other one will be delivered in Q3 2026 to their new owners. During Q1 2026, the group entered into two Ultramax shipbuilding contracts at a consideration of $34 million per vessel, and both scheduled for deliveries in 2029. In June, four Ultramax shipbuilding contracts were entered into at a consideration of approximately $34 million per vessel, scheduled for deliveries in 2030. Our order book comprised of 12 Ultramax newbuildings. One to be delivered in 2026, one in 2027, four to be delivered in 2028, two in 2029, and four to be delivered in 2030. After the reporting date, we entered four sales and leaseback agreements for our four newbuildings. Total consideration was about $70 million. Here is the list of our own vessels. Average age 14.82 years currently. On the top of this page is our newbuilding program. Below are the names, details of our two long-term chartered-in vessel. As of today, we now have 17 own vessels in our fleet. Our total debt as of the end of June 2026 amounts to $98 million. Bank loans represented revolving loans and term loans, which were secured by group motor vessels, land, buildings, investment properties and financial assets at fair value through P&L to secure credit facilities utilized by the group. Other borrowings represented additional working capital arise from sales and leaseback arrangements entered into for two-owned vessels. For Q2 2026, 74% of our cargo are minerals, 9% coal, 5% cement, 2% agricultural products, 2% steel products, 1% fertilizer, and 7% other. In terms of distribution of our cargo, in terms of chartering revenue, 42% of our cargoes are loaded from China, 23% from Australia, 16% from Africa, 12% in Asia excluding China, and 7% North America. In terms of where the cargoes are being discharged, i.e. delivered to the shippers, 54% delivered or discharged in Chinese ports, 24% discharged in Asia excluding China, 18% Africa, 3% South America, and 1% Australia. Our TCE has been improving. For Q2 2026, our Capesize fleet time charter equivalent $31,595 per day. Panamax $19,974. Ultramax $15,364, and an average of $18,015 per day for Q2 2026. If we look at the whole first half 2026, this translates to a TCE for Capesize $31,010. Panamax $18,833. Ultramax $14,531, and an average of $17,150. Whether you look at Q2 or the first half 2026, and compared to the quarter-on-quarter or half-on-half or semi-annual numbers, they both represent quite a significant increase, healthy increase. We are very happy with that. For Q2 2026, we have worked very hard to keep our costs under control, and we are happy to report to shareholders our daily running cost has dropped to $5,407 per day for our own fleet compared to in Q2 2025, $6,719. Depreciation, of course, has risen from $3,120 per day to $3,494 per day given the average age of the ships has dropped. Before I go on to share with you what we think our outlook will be, I would like to share certain questions from some shareholders who has emailed me, and I have not answered him so that I can share this information to everyone, so that everybody's on a level playing field. In some of our recent announcement regarding the sales and leaseback, two of them we disclosed the borrowing rate, the margin, where the other two we did not write it in terms of a rate, but rather the actual in the term sheet is the sales and lease back, the lease back in cost. We have been working, of course, to keep the funding costs as low as possible. Two of them will be roughly around 1.4% above SOFR, and the other two would be approximately 1.6% above SOFR. There's two different duration for those two situation. The 1.6% above SOFR would be around seven years, and the 1.4% above SOFR would be approximately about five years. The leverage level would be, they're both around the same, around 60%. Thor, I've answered your question. I hope you're listening. Sorry, I didn't reply to you directly. In terms of outlook, we expect or we see the geopolitical uncertainties to continue to linger. Again, given the above geopolitical conflicts, we see that the global trade patterns will continue to change. Instead of the previous years, as in globalization, we see more regionalization. Despite this chaotic environment or chaotic volatile environment, it somewhat translates to a very firm freight environment for shipping. This firm freight environment has been beneficial in absorbing new tonnages that come online. There's very little disruption to the freight environment, even though there are new vessels coming or joining the global fleet literally every week. Against this backdrop, we will continue to look for opportunistic renewal. We have kept a very robust balance sheet, very low gearing. This is to, of course, as our new buildings join our fleet, our leverage will go up. But at the same time, we want to keep the capacity for potential future opportunities. That is all from me. If you have any questions, I encourage you to send them to me via the chat group. The traditional mode of financing, in terms of plain vanilla shipping mortgages. Banks who are willing to take on or offer shipping mortgages has become scarcer. At the same time, the actual duration that they are willing to offer has shortened. We are trying to stretch or keep a good maturity profile, a healthy maturity profile, rather than three-year financing, a shipping mortgage with a bank, or I would say max, absolutely max is five, at a reasonable borrowing cost. This is the reason why we have chosen to use sales and lease back arrangements. Why do we invest in fixed coupon notes instead of buying back its own share, given the significant account discount to NAV? This is a question that I cannot answer. I better seek the ideas of the board. But at the same time, buying back our own shares at a significant discount, I can see the attraction to shareholders or you guys. It offers a reason the share price to trade up temporarily. I don't think, given that we would like to save or keep some dry powder for further opportunistic opportunities for renewal. I would say we'd rather invest in some fixed coupon notes to earn a good interest over our liquidity, and when we need to use this liquidity to, let's say, identify whether in the secondhand market or new building market, we can act very quickly. Do we plan to take our four '07 ships for 20-year classing? I guess, do you mean special survey? I guess you mean special survey. I honestly cannot tell you right now whether I will plan to take all four or two of them through special survey and continue to trade. As I said, we continue to look at the secondhand market to make sure that if any of our older ships can fetch a good price, we will do so. I cannot give you a definitive answer for that. We are always constantly comparing whether it's worth going through a 20-year special survey, continue to trade, or should we take the ships off the table should there be interest, good offers in the secondhand market. If you talk about how many months of sailing, even for a special survey for our '07 ships, we maintain a very good condition for our ships. I do not see very extensive loss of sailing time if we put one of these ships into special survey. I would estimate maybe it would take four to six weeks max. My expectation of these '07, 20-year ships if they go through a special survey. No, we do not do the I believe you mean the freight forwarding agreements. No, we do not. We directly charter our vessels to our customers. It's all through time charter contracts, or super majority of them anyway. Yes, it is very sad, the Phoenix property in Shanghai. The commercial real estate situation in the mainland China, even on the coastal cities, is frankly horrific to the extent beyond imagination. So it's very unfortunate that we have to make this decision. But I do not expect any clawback in the foreseeable future. Frankly, the market is basically flooded with CRE, commercial real estate, and we don't actually Well, according to the Phoenix property, which we invest through, and we do sniff around the market, there are hardly any price takers. As in even if we want to sell, there are no takers. It's very hard to sell commercial real estate in Shanghai, in China right now. I wish to caveat that, of course, if we do and if the property can be sold and there will be a clawback, we'll definitely let Everyone knows. Thank you for the last comment on trying new diversification projects. I will definitely let our board of directors know. On behalf of Jinhui Shipping, on behalf of our board of directors, thank you very much everyone for joining, and thank you very much for your support. We will continue to work hard and hopefully deliver further good news down the road. Thank you. If there are no further questions, I'll call an end to this presentation. Thank you