Hello everyone, welcome to the Nakilat fourth quarter 2025 results call. My name is Nadia, I'll be coordinating the call today. If you would like to ask a question, please press star followed by one on your telephone keypad. I will now hand over to your host, Fahad Shaikh from EFG Hermes to begin. Please go ahead. Good morning, good afternoon, everyone. Welcome to Nakilat's fourth quarter fiscal year 2025 results call. My name is Fahad Shaikh from EFG Hermes, I will be your host for the call. Representing the company, we have the pleasure of having with us Mr. Hany Abo Bakr, CFO, Mr. Fotios Zeritis, Head of IR and ESG Reporting, and Mr. Kamran Joma, Financial Planning and Reporting Manager. With the introductions done, I will now like to hand over the call to Mr. Fotios to take it forward. Thank you. Thank you, Fahad. Good afternoon, welcome to Nakilat's fourth quarter 2024 earnings results conference call. For your convenience, the transcript of this call and presentation are available on the company's investor relations section of our website. As a reminder, this conference call is being recorded, the media or press are not allowed to attend this investor relations conference call. Many of our remarks contain forward-looking statements, for factors that cause actual results to differ materially from these forward-looking statements, please refer to the slide two of investor relations presentation. In addition, some of our remarks contain non-IFRS financial measures. Reconciliation of this is included in the note of this presentation. Kamran Joma, Nakilat's Financial Planning and Reporting Manager, will begin today's call with a brief discussion of the group's earnings results. After, I will give you an overview of the LNG shipping market. Finally, the Nakilat CFO, Hany Abo Bakr, will walk you through the company's business outlook. We will be very happy to address your inquiries. I would like to hand it over to Mr. Kamran Joma, Nakilat's Financial Planning and Reporting Manager. Kamran, please go ahead. Thank you, Fotios. Good afternoon, everyone, and welcome to Nakilat's fourth quarter and full year 2025 earnings call. As we close the year, 2025 has been a year of disciplined execution for Nakilat. The group delivered higher earnings, progressed key structural developments, and continued to invest in its long-term growth strategy while maintaining financial discipline. I'll take you through Nakilat's financial and operational performance for the year ended 31st of December 2025. Please refer to slide 10 and 11, which summarizes the full-year results. Starting with the bottom line, Nakilat reported a net profit of QAR 1.69 billion compared to the QAR 1.64 billion in 2024, representing an increase of approximately 3.1% year-on-year. This translates into earnings per share of QAR 0.31 compared to the QAR 0.30 last year, reflecting the continued strength of the group's earning profile. Turning to total income. Total income for the year increased to QAR 4.78 billion compared to the QAR 4.53 billion in 2024, representing a year-on-year increase of approximately 5.6%. Revenue from operations increased to QAR 4.65 billion compared with the QAR 4.34 billion in prior years, reflecting an increase of 7%. The increase was primarily driven by higher revenues from wholly owned LNG vessels, supported by strong utilization and stable long-term charter arrangements. The LPG segment also recorded higher revenue on a full-year basis. This reflects the consolidation of the LPG vessels during 2025 compared to the recognition of its share of joint venture income in 2024. In addition, the segment overall benefit from higher operating days and improved charter rates, resulting in an overall increase in the LPG revenues compared to the prior year. Shipyard revenue now includes the five-month consolidation of Qatar Shipyard Technology Solutions following the exit of the foreign joint venture partner, as previously announced in the third quarter. However, overall shipyard segment contribution was slightly lower year-on-year, reflecting reduced activity levels in line with vessel dry docking cycles. This was partly offset by improved performance in our fabrication work during the year. Looking ahead, we expect the shipyard segment to progressively improve, supported by project pipeline visibility and normalization of activity levels. Within the LNG joint venture portfolio, contributions were marginally lower compared to 2024, primarily impacted by the accounting treatment of the finance lease revenue. During the year, the joint ventures carried out a review of their older LNG steam vessels, which had resulted in a write-down. This review considered the company's prudent assessment to mitigate any potential future impact of market conditions and future environmental considerations that may come into effect for these vessels. This was only limited to the older steam vessels only. As noted in the third quarter, as part of the joint venture partner exit from Qatar Shipyard, a purchase price allocation exercise was conducted. This was completed and accounted for in accordance with IFRS. Importantly, when considered together, the steam vessel write-down and the completion of the purchase price allocation, together they did not have any material impact on the group's underlying operational performance, and the core business continued to perform in line with expectations. Moving on to costs. Operating expenses increased to QAR 1.03 billion, compared with the QAR 0.81 billion in 2024, representing an increase of approximately 27%. The increase was primarily driven by the full inclusion of the LPG vessels and Qatar Shipyard Technology Solutions following their consolidation, compared to the prior year when these activities were reflected through equity accounting. In addition, operating costs were marginally impacted by general inflation and the execution of planned operating activities across the group. Overall, the increase in operating expenses was in line with expectation and reflects the expanded operating base. General and administrative expenses also increased, amounting to QAR 113 million compared with QAR 113 million last year, representing a year-on-year increase of approximately 15.2%. This increase was again mainly attributable to the consolidation of the LPG vessels and Qatar Shipyard Technology Solutions. These impacts were partly offset by continued cost optimization initiatives across the group, reflecting our ongoing discipline in overhead management. Depreciation and amortization increased to QAR 898 million, compared with QAR 839 million in 2024, representing an increase of approximately 7% year-on-year. The increase reflects the recognition of the additional assets following the consolidation of the LPG vessel and Qatar Shipyard Technology Solutions, as well as the completion of scheduled dry docking cycles during the year. These movements were consistent with the growth in the asset base and planned maintenance profile of the fleet. Interest dividend and other income decreased to QAR 132 million, compared with QAR 184 million in 2024, reflecting a decline of approximately 28.4%. This was mainly due to the deployment of available cash into Nakilat's new-build program, resulting in lower interest income on short-term deposits. Taking revenue growth and cost movement together, EBITDA increased marginally to QAR 3.62 billion, compared with QAR 3.61 billion in 2024, representing an increase of approximately 0.5% year-on-year. Overall, the EBITDA outcome reflects the underlying resilience of the group's earning profile, demonstrating Nakilat's ability to grow operating income while absorbing structural costs associated with the consolidation and fleet expansion. Finance costs decreased to QAR 1.01 billion, compared with QAR 1.13 billion in 2024, representing a reduction of approximately 10.3% year-on-year. The decrease was primarily driven by savings achieved from lower loan margins as part of Nakilat's ongoing financing strategy. These refinancing actions were executed on a like-for-like basis, directly reducing interest expense while maintaining balance sheet flexibility and supporting shareholder returns. In addition, finance charges benefited from lower average variable interest rates and scheduled loan repayments. This was further supported by higher capitalized interest relating to the equity portion of the new-build program. In recognition of the group's performance and its ongoing focus on delivering shareholder value, the board of directors have recommended a cash dividend of QAR 0.072 per share for the second half of 2025. This is in addition to the half-yearly interim cash dividend of QAR 0.072 per share already distributed for the first half ended 30th of June 2025, bringing the total dividend distribution for the year to QAR 0.144 per share. Moreover, the company also invites shareholders to attend the annual general assembly meeting to be held on Wednesday, February 11th, 2026. This recommendation highlights the board's confidence in Nakilat's earnings stability, business model, balance sheet strength, and reinforces our commitment to delivering attractive and sustainable returns to shareholders while continuing to invest in the group's long-term growth. Now turning to slide 12, which provides an overview of the balance sheet. Property, plant, and equipment increased to QAR 25.7 billion, compared with QAR 24.5 billion at the end of 2024, representing an increase of 4.8% year-on-year. The increase primarily reflects the capitalization of interest and shipyard installments associated with Nakilat's new-build program, as well as the recognition of assets related to the LPG vessels and consolidation of Qatar Shipyard Technology Solutions during the year. These increases were partly offset by annual depreciation and amortization recognized across the fleet and other operating assets during the year. Cash and deposits, the balance increased to QAR 3.2 billion, compared with QAR 2.6 billion at the end of 2024, representing an increase of approximately 21.3% year-on-year. This was primarily driven by cash generated from operations, reflecting the group's stable earnings and strong cash flow profile, together with higher dividends received from joint ventures during the year and funds drawn facilities relating to Nakilat's new-build program. These inflows were partly offset by cash contributions towards the new-build program, including installment payments made in line with the construction schedule of the vessels. Overall, the cash position at the year-end reflects Nakilat's ability to fund ongoing investments while maintaining a solid liquidity position, supporting both shareholder return and future growth. Turning to borrowing, the balance increased to QAR 19.9 billion, compared with QAR 19.5 billion at the end of 2024, representing an increase of 2.4% year-on-year. The increase reflects drawdowns associated with the financing of the new-build program, as well as the consolidation of borrowings relating to Qatar Shipyard Technology Solutions following its transition to a wholly owned subsidiary. These increases were partly offset by scheduled loan repayments made during the year, in line with the group's debt amortization profile. Overall, the movement in borrowing reflects Nakilat's continued execution of its long-term investment strategy while maintaining a balanced and disciplined approach to leverage. As mentioned previously, the group refinanced several existing facilities on a like-for-like basis at a competitive margin, directly supporting shareholder returns through reduced financing costs while maintaining balance sheet flexibility. Additionally, Nakilat continues to follow a prudent and forward-looking financing strategy, securing funds well in advance of its upcoming shipyard payment obligation. At this stage, the group has finance arrangements in place to fully cover all scheduled shipyard payments for 2026. In line with this approach, we expect to progressively secure additional financing during this year to support the remaining future payment requirements. This strategy provides strong funding visibility, enhances liquidity planning, and supports the continued execution of the new-build program in a disciplined and orderly manner. The fair value of interest rate swaps decreased year-on-year, with the groups remaining in an asset position, reflecting a mark-to-market movement driven by changes in benchmark interest rates. This represents a non-cash accounting movement in line with Nakilat's hedging strategy. As highlighted during the third quarter, Nakilat continued to make progress over the year on the financing of its new-build program, supported by disciplined pre-hedging arrangements and proactive engagements with regional and international lenders. These actions enabled the group to secure funding at competitive terms consistent with Nakilat's strong credit profile and to optimize funding costs while maintaining flexibility across the financing program. This disciplined approach to financing supports the efficient execution of the new-build program and contributes to long-term shareholder value creation. In summary, Nakilat closed 2025 with higher total income, higher net profit, and a marginal improvement in EBITDA, reflecting the continued strength of the group's core operation and the stability of its long-term charter profile. This performance was delivered alongside the execution of significant capital investment program, with the portion of its capital deployed into vessels currently under construction that are not yet contributing to operating cash flows. The ability to grow earnings while advancing in this program underscores the resilience of Nakilat's operating fleet and the predictability of its cash flow generation business model. As we look ahead, Nakilat enters 2026 with a modernizing fleet, strong earning visibility, and a solid balance sheet, well-positioned to benefit from the phased delivery of the new vessels and continued executions of its long-term growth strategy. Thank you for your attention. I'll now hand it back to Fotios, who will take you through the outlook of the LNG shipping market. Over to you, Fotios. Thank you very much, Kamaran. Hello, everyone. I'm pleased to provide an update on the LNG shipping market. The LNG trade continues to demonstrate remarkable resilience. In the fourth quarter of 2025, we saw a sharp surge in LNG shipping rates driven by strong European restocking amid colder weather, which left storage levels at just 60% full by the end of December, well below the five years average. This was further supported by a revival in China's LNG imports during November and December. Rates exceed expectations as increased level demand absorbed by existing surplus, tight and prompt vessel availability. Let us now turn to the slide 17 on the presentation. Wood Mackenzie forecast robust growth in the global LNG trade, with liquefaction capacity expected to increase from approximately 432 million tons annually in 2025 to 797 million tons by 2031. This is an increase of 84%. This supply growth is expected to support continued demand for LNG shipping globally. Turning to the slide 18, Clarksons report that the average spot charter rates in 2025 for modern two-stroke vessels reached approximately QAR 38,000 per day. DFDE was average at QAR 25,000 per day, and steam vessels was at QAR 7,000 per day. The one-year charter rates remain attractive, providing key benchmarks for market discussion. On the slide 20, Clarksons indicate that the global LNG fleet now stands at 792 vessels with 282 additional LNG carriers on order book through 2031. New build prices remain relatively stable at approximately QAR 260 million per LNG vessel, providing a clear view on investment cost and market trends. In summary, LNG remains a cornerstone of the global energy transition, supported by long-term structural demand, fleet renewal, and market fundamentals. While 2026 will bring challenges, including continued vessels delivery and global uncertainty, the long-term outlook for LNG shipping remains strong. Rates are expected to recover, supported by demand growth, energy transition initiatives, and market dynamics that favor modern and efficient carriers. With that, I would like now to hand it over the discussion to Mr. Hany Abo Bakr, our CFO, who will provide insights into Nakilat business outlook and strategic priorities. Mr. Hany, please, the floor is open for you. Good afternoon, everyone, and thank you Kamran and Fotios. 2025 was another strong and defining year for Nakilat, marked by resilient financial performance, disciplined capital management, and continued progress in expanding and modernizing our fleet. We advanced our growth strategy significantly during the year. As we announced in 2025, Nakilat now has 40 vessels on order, 36 LNG carriers, and four large gas ammonia carriers. Deliveries of this substantial order book are expected to commence towards the end of 2026, most probably towards the last or end of the in December. Upon delivery of our entire ship order book, our fleet will expand and will be reached to 112 ships by 2030. Further strengthening our scale, operational flexibility, and ability to support long-term growth of the global LNG value chain and the energy transition. Against the backdrop of ongoing global dynamics and still challenging macroeconomics environment, Nakilat delivered a robust financial results in 2025. We remained highly focused on prudent financial management. Amid of the fluctuation of the interest rate, we actively optimizing our liquidity, selectively refinanced existing facilities, and securing new financing for our new build at a competitive terms. All these actions were guided by strict capital discipline and operational efficiency, ensuring balance sheet strength while supporting our long-term growth plans. As Kamran highlighted, Nakilat achieved a net profit of QAR 1.69 billion in 2025, underscore the resiliency of our business model and the quality and the visibility of our long-term contract. If we look ahead, we remain confident in Nakilat ability to deliver stable cash flow. Fleet utilization remain high, supported by a long-term charter coverage, and we continue to explore opportunities to further enhance our shareholders value. We enter 2026 well-positioned to navigate evolving market condition and continue generating sustainable value for our shareholder. We remain committed to strengthen our global leadership in the LNG shipping by leveraging our scale, operational excellence, and strong strategic partnership. With that, I will now hand the call back to the operator to open the floor for questions. Thank you. If you would like to ask a question, please press star followed by one on your telephone keypad. If you would like to remove your question, please press star followed by two. When preparing to ask your question, please ensure your phone is unmuted locally. The first question goes to Mohammed Al-Dunayan of Jadwa Investment. Mohammed, please go ahead. Yes. Hi. Thank you for having us on the call, congratulations on the strong set of results. I have a couple of questions on the JVs. First, on the impairment charge related to the older LNG steam vessel. Is it purely related to age per se, or are there any plans at the JV level to divest some of these older vessels? Hi, Mohammed. I'll take this one. As I mentioned during the overview of the financials, as part of the annual review, we look into the future economic benefits of our vessels. As part of that exercise, we identified that the older steam LNG vessels resulted in a write-down. This is a continuous assessment that we'll do year-on-year, we'll continue to assess it going forward. Okay. Just to clarify, was the impairment specific to Maran Nakilat JV, or were similar impairments recorded across the other shipping JVs as well? Yeah. Hi, Ahmed. It was across all our steam vessels. Okay. Also, as I said in my comments, that we will always look for opportunities if there's something comes in the future to modernize our fleet. That's something our commitment about the expansion and our future strategy. Yeah. That's clear. My second question is on the balance sheet of the JVs. We noticed a roughly 1 billion QAR decline in Maran Nakilat's liabilities during 2025 versus 2024. Was there any abnormal or accelerated deleveraging at the JV level? Hi, Mohammed. Yeah. As part of our ongoing strategy, we're always looking to reduce our debt liability where possible. As part of the exercise, the Maran JV repaid part of its loans to reduce the interest expenses going forward. Okay. That's clear. Thank you very much. The next question goes to Arun Kumaraj of Citi. Arun, please go ahead. Hello. Hi, good afternoon. Am I audible? We can hear you. Yeah. Yes. Hi. Thank you very much for this opportunity. I have two questions basically. The first question is a follow-up on the previous question related to the profitability of JVs. If I look at the profits of especially the shipping JVs, Maran and the other ones, other JVs, there is a significant drop. For example, Maran from around QAR 400 million profit from last year, about QAR 170 million loss this year. Similarly, there is a drop in the other JVs. Is this drop related to the impairment, or the write-down, or is it something else which is driving? That's my first question. Secondly, on the shipyard acquisition which you did, I think it's effective starting from third quarter. Third quarter, we didn't see that much of an impact on the cost. I was wondering whether we should consider the third and fourth quarters together in order to see the real impact of this acquisition. These are my questions. Thank you. On the joint venture performance, I briefly highlighted the impact. The impacts were twofold. One, in terms of the write-down of those older LNG steam vessels. The second impact was as a result of the accounting treatment of finance leases. As the years go down, it's an accounting treatment, not a cash treatment of how you recognize the revenue. I hope that answers your first part. In terms of the second part of your or your second question in relation to QSTS, Qatar Shipyard, and its impact Q3 versus Q4. In Q3, we had recognized two whole months within the third quarter. Yes, you won't see a significant impact between Q3 and Q4. Two months were recognized during the third quarter, and three months were recognized during the fourth quarter. If you were to take the fourth quarter, that would help with the trend analysis. Just to follow up on the first question. Are you able to bifurcate the impact between the impact of finance lease and the impairment on the movement of profitability, or is that possible? If you were to open our financial statements, we have put some relevant notes to highlight the impact of that. If you require further information, we are happy to support that later. Thank you. We'll take it offline then. Thank you very much. The next question goes to Giuseppe Villari of Morgan Stanley. Giuseppe, please go ahead. Hi. Thank you for the presentation and for the opportunity to ask questions. We have two, if we may. The first one is on revenue for 2026. I guess this year you guys started receiving the deliveries of the new vessels, and you have high visibility on the deliveries and on the costs. It would be helpful if you could give us a range for the expected improvement in revenues for 2026. The second question is about the LNG rates environment. It's continued to be at historically very low levels. Do you think you could use this as an opportunity to do some acquisitions or other strategic initiatives? Thank you so much. Okay. I'll take the two questions. In the regards to the revenue, we're going to receive one or two vessels towards the end of the year, which is in December. You should not really see a significant improvement, to be honest with you. Definitely in the first quarter of 2027, the things starts to ramp up very well. In relation to the LNG spot rate and the very low that you have hinted to or alluded to, we usually look at the term charter in the long term. This is how we really charter our vessels. Do we consider to look into sort of an acquisition? We continuously look for opportunities. As you know, we have a lot of things on our plate, with a significant number of vessels coming end of 2026 and ramping up significantly in 2027, where we're going to receive almost close to around 18 numbers of vessels in 2027. I don't even recall any shipowner can receive that number of vessels in one year. However, we as a company, best-rated company in the world, we have the balance sheet and we have the capability and the scalability. If we find something that is quite lucrative and promising, definitely we can afford to be opportunistic anytime, doesn't matter what time of the business cycle. Currently, our focus is on our vessels that is coming our way towards the end of the year, beginning of 2027. Okay? That's very helpful. Thank you. The next question goes to Nikhil Pitane of The Commercial Bank. Nikhil, please go ahead. Nikhil, your line is open. Moving on to the next question from William Sewell of Vergent Asset Management. William, please go ahead. Hi, guys. Can you hear me? Yes, we can hear you. Great. Thanks. Thanks for the clarity on the December deliveries. Just looking ahead to 2027, looking at depreciation and finance expense for 2027, would it be possible to get a range or some kind of expectation for the step-up in those two line items? Depreciation expense currently around QAR 900 million, finance expense currently QAR 1 billion. As you get those deliveries for the full year of 2027, how should we think about those two items stepping up for that year in particular? Hi, William. For 2027, it's going to be quite early because about the delivery schedule of these vessels. We know that they're going to be delivered, but usually it is within a window of one to two months, where the delivery from the yards can be actioned. At this time, it's going to be very hard to give something that is considered to be reasonably accurate. I'm sure towards the end of maybe the second quarter, third quarter, where we get clear visibility on the month and the date that the delivery of this vessel, then we can really give a little bit more of a kind of constructive number, accurate for you. That's something we would like you maybe to ask us in the maybe second or third quarter, we can give a little bit more of a range ahead of time. Okay. Is that in second or third quarter of 2026 or second or third quarter? Yeah. 2026. Okay. 2026, because we get more clarity about the vessel. We know there's going to be 18. Is it one month before, 15 days before, 15 days after, et cetera? When we have a better clarity, we can give a little bit more of a constructive kind of feedback. As of today, if I give you even a number, I don't want to lead you astray. I want to give you always an accurate something to look at. Sure. Just as a follow-up, just want to ensure with the forecast that, certainly EBITDA will rise dramatically in the next two years. Just want to get a sense of the net income profile, which will be influenced by those two P&L figures. You're confident that you can transmit that EBITDA growth into net income growth in the short term? Yeah, absolutely. That we should comfortably assume that EBITDA and net income in 2027 to increase as we have more assets delivered and they start to generate money and income and cash flow. Okay. Clear. Great. Thanks, guys. Thank you. The next question goes to Santosh Gupta of Drewry Maritime Financial Research. Santosh, please go ahead. Yeah. Hello, Nikhil. Just wanted to ask, when do you expect the LPG vessels on your order book to be delivered? Thank you. You asked the days of the delivery? Can you repeat, if I hear well? Yeah. What I'm asking is, when do you expect the LPG vessels on your order book to be delivered? Which year, approximately? It should be between December and first quarter of 2027. We might have one vessel towards the end of December, and then the second one, and third one, and fourth one in 2027. Thanks. That means, that the vessels that we are expecting to be delivered in December are mainly LPG vessels and even in January. Not necessarily. Could be one LNG and one LPG. That's the plan so far. Again, as I said, it always depends on the progress in the shipyard. This is always like a kind of a window between a month, 15, 20 days. We're going to get a better picture about the exact immediate next quarter vessel delivery as we go into the third quarter of this year. You should expect one LNG and maybe one LPG. Thank you. That's all from us. As a reminder, if you would like to ask a question, please press star followed by one on your telephone keypad. We have a follow-up from Maruna Kumarage of CITO. Please go ahead. Your line is open. Hi. My follow-up is on the impairments again, vessel impairments at JV level. Just to clarify, you mentioned that it's going to be like an annual exercise, so the next review will be end of next year. What can we reasonably expect? You foresee any further impairments, or Just want to get some clarity on that. Thank you. Just for clarity, these annual assessments have been going on since inception of those vessels. This is something in line with the International Financial Reporting Standards that we need to do assessment of the carrying value of our vessels. This isn't something special done in particular this year. It's just part of an exercise. As we go on through the years, we will continue to assess them and ensure that we carry the correct asset value within our books. It's not something we have done in particular this year. I hope that answers your question. Maybe I'll elaborate more. Maybe the question is that, is there going to be another impairment coming up in the coming years for these vessels? We don't see that. We believe that we were quite prudent, about making sure that this is something does not become kind of a regular. If there's any kind of exposure, we look at it usually on the current year. As of today, we don't see something is coming up next year. But as Kamran said, this is an annual exercise, but as of today, we don't see any further kind of impairment for these ones for the time being. All right. Thanks. Just one more question, if I may. Related to the revenue, from, say, Maran and the other shipping ventures. There is a slight decline in revenue year-over-year. What can we attribute this to? Is it because of any contract, or what can we attribute this to? Is it because of contract rates, negotiation? Actually, I'm referring to Maran, not the other one. What you're seeing is not revenue. We take the share of our profit. This is equity accounted. Of course, within that, it includes the write-down that we had on these older steam vessels. It's not a revenue issue. No, I know. Sorry. Just let me correct myself. I'm referring at the company level, not at like Qushta, but the revenue of Maran, for example, fell from QAR 1.6 billion to QAR 1.3 billion, and revenue from other joint ventures fell from QAR 2.5 billion to QAR 2.35 billion. There is a kind of a decline there. I just want to get some clarity on what was the driver behind that movement. This is something natural in the LNG shipping market, especially when it comes to the older vessels. There was a slight decline in the revenue, as vessels come off the charters. We've seen recently charter rates have popped up again for the LNG shipping sector. We don't foresee any significant declines going forward. Okay. Thank you, gentlemen. Thank you. Bye. The next question goes to Thomas Matthew of Kamco Invest. Thomas, please go ahead. Hi. Thanks for the presentation and congrats on your results. I just have one question with regard to your repayment, for the upcoming new builds program. What's the sort of holiday that you get on repayments once you've got these vessels delivered and in operation? Is it six months or is it something which starts the day you start operations? That's my only question. Thank you. In terms of the repayment of those loans, they don't kick into play until the vessels are fully delivered and fully operational. Once we get the full delivery of the vessels, then the principal payments will kick into play. Thank you. As a final reminder, if you would like to ask a question, please press star followed by one on your telephone keypad. We'll pause for just a moment. It appears we have no further questions, so I'll hand back to Hani Abuaker for any closing comments. Okay, thank you for joining us today on this earnings call. We appreciate your time, engagement, and continued confidence in our company. I'm sure we're going to be always committed for transparency, strong governance, and clear communication supported by well-informed investors. Please, if you have any questions, reach out to Fotios and our investor relation, and I'm sure Kamran can really address some of the questions offline. Thank you very much and looking forward to see you next quarter and hopefully very in-person, face-to-face sometime in the near future, in the first quarter or second quarter. Thank you very much. Thank you. This now concludes today's call. Thank you all for joining, and you may now disconnect your lines.