you for standing by and welcome to. The Capital Clean Energy Carriers Corp. third quarter 2025 financial results conference call. We have with us Mr. Jerry Kalogiratos, Chief Executive Officer, Brian Gallagher, Vice President of Investor Relations, and Nikos Tripodakis, Chief Commercial Officer. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question and answer session, which thank The Capital Clean Energy Carriers Corp. third quarter 2025 financial results conference call. We have with us Mr. Jerry Kalogiratos, Chief Executive Officer, Brian Gallagher, Vice President of Investor Relations, and Nikos Tripodakis, Chief Commercial Officer. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question and answer session, which thank The Capital Clean Energy Carriers Corp. third quarter 2025 financial results conference call. We have with us Mr. Jerry Kalogiratos, Chief Executive Officer, Brian Gallagher, Vice President of Investor Relations, and Nikos Tripodakis, Chief Commercial Officer. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question and answer session, which thank The Capital Clean Energy Carriers Corp. third quarter 2025 financial results conference call. We have with us Mr. Jerry Kalogiratos, Chief Executive Officer, Brian Gallagher, Vice President of Investor Relations, and Nikos Tripodakis, Chief Commercial Officer. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question and answer session, which thank you. If you wish to ask a question, you will need to press star 1 on your telephone and wait for your name to be announced. I must advise you that this conference is being recorded today, Thursday, October 30, 2025. The statements in today's conference call that are not historical facts, including our expectations regarding sale or acquisition transactions and their expected effect on U.S. cash generation, equity returns, and future debt levels, our ability to pursue growth opportunities, our expectations or objectives regarding future distribution amounts or share buyback amounts, dividend coverage, future earnings, capital allocation, as well as our expectations regarding market fundamentals and the employment of our vessels including delivery dates, redelivery dates, and charter rates, may be forward-looking statements as such as defined in Section 21 of the Securities Exchange Act of 1934 as amended. These forward-looking statements involve risks and uncertainties that could cause the stated or forecasted results to be materially different from those anticipated unless required by law. We expressly disclaim any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in our views or expectations to conform to actual results, or otherwise. We make no prediction or statement about the performance of our common shares. I would now like to hand the call over to our speaker today, Mr. Brian Gallagher. Please go ahead, sir. Thank you, Operator. Good morning or afternoon to you wherever you are, and thank you for listening to the Capital Clean Energy Carriers Corp. Q3 2025 earnings call. As a reminder, we will be referring to the supporting slides available on our website as we go through today's presentation. Let's kick off with a highlight slide on slide 4. Q3 2025 saw the company make significant progress across three fronts in achieving its strategic objectives. Firstly, we increased our charter coverage with another long-term time charter for up to 10 years on one of our LNG carriers currently under construction. Secondly, we completed the sale of one of the three remaining container vessels under our ownership, leaving us now with only two container vessels, both of which are on long-term time charters. Lastly, we have now secured financing for all of our multi-gas carriers and liquid CO2/multi-gas carriers whose deliveries commence from January 2026 onwards. Our net income for the quarter from continued operations came in at $23.1 million, and I would like to note here that given the sale of the Manzanillo Express, the container vessel, we have now classified her under discontinued operations. Continued operations fleet refers to 12 LNG carriers and two container vessels. Our net income figure reflects the special surveys that two of our LNG carriers, 14% of our fleet, undertook during the quarter. The company fulfilled its ongoing commitment to fixed distribution of $0.15 per share to shareholders, thus retaining the company record of distributing a cash dividend for every single quarter since our listing way back in March 2007. Our Head of Commercial, Nikos Tripodakis, will guide us through another long-term charter contract addition and the encouraging dynamics within the LNG market landscape during the quarter later on. I will now hand it over to our CEO, Jerry Kalogiratos, to take us through firstly, the financial highlights. Thank you, Brian, and good morning. Afternoon to everyone listening in today. In terms of operational and financial performance, this has been a rather routine quarter. However, I would like to highlight, as Brian Gallagher pointed out, that we have now classified the Manzanillo Express under discontinued operations due to its sale, which nevertheless had a full quarter before being delivered to its new owners early in the fourth quarter. I should add here that this is the 13th container carrier sale in 24 months, consistent with the company's strategy to pivot to gas transportation. Secondly, we reported the successful completion of our 2 special surveys during the quarter as our first 2 LNG carriers, the Aristos I and the Aristidis I, completed 5 years of service. This is an important milestone for CCEC as it represents the first LNG carrier special survey under our stewardship. I'm pleased to report both were completed successfully and ahead of schedule, with a combined total of 38 days of off hire for the two vessels and total cost of approximately $8.8 million or $4.4 million per vessel. Both the reclassification of the Manzanillo Express under discontinued operations and the two special surveys affected our results compared for example to the previous quarter. Despite an ongoing capital investment program of over $2.3 billion in newbuilds, the dividend payout remains a core component of the company's value proposition to shareholders. The $0.15 dividend will be paid on November 13th to shareholders on record on November 3rd. This will be the 74th consecutive quarter that the company has paid the cash dividend. Moving now to the balance sheet on slide 7, the key development here was the securing of financing for two liquid. CO2 carriers and multi-gas carriers and the six MGCs, which means that all. 10 of our multi-gas carriers under construction have now secured debt funding as detailed in our earnings release. We will have more news of the financing of the six LNG carriers delivering 2026 and 2027 in due course. Of course, I remind you that three of the six LNG carriers have already secured long-term employment. Our cash balance stood at a total of $332.32 million as of the end of the quarter. Our balance sheet remains strong with a sound net leverage ratio below 50%. You can see that our capital base continues to consolidate as we await the next schedule of ships to be delivered next year. Of our total debt, 79% is floating. Hence, looking ahead, we expect to benefit further now that the Fed has started cutting rates, including yesterday's quarter-point cut. Moving to slide 9, it is important to highlight the evolution of this chart since the beginning of the year as we have made significant progress in securing employment for newbuilding vessels despite the challenging market conditions. The latest long-term time charter we have announced today is for seven years with three one-year options thereafter. The deployment commences in the first quarter of 2028, and we expect to trade the vessel on short or index-linked time charters between its scheduled delivery from the shipyard in the first quarter of 2027 and the commencement of its long-term charter. I should add here that we have had a couple of questions already on. The AFLLOs being allocated as the LNG. Vessel for the new contract announced today. As we had also suggested, this would be the vessel for the 2. Period charters we announced with our first. Quarter results in May. All 6 of our new builds under construction have optionality for our customers as previously disclosed, and the specific vessel will be selected as and when the charter starts. We have three charters to allocate to six vessels and will do so. Nearer the time, and slide nine is. Illustrative of where we believe they will end up. Our average charter duration stands at 6.9 years across the fleet, and our LNG fleet showcases a third period charter backlog of $2.8 billion of contracted revenue, or 93 years, and $4 billion of contracted revenue, or 126 years, if all options were to be exercised. To put this into context, in 4Q 2024 we reported a firm charter backlog from our LNG fleet of $2.2 billion, or 68 years. We continue to be in constant dialogue with counterparties regarding our LNG fleet in what has become increasingly a more active period market and are looking for the right employment structure for our remaining open new builds. Turning now to slide 10 and looking at the contracted revenue base in more detail. Overall, when it comes to Capital Clean Energy Carriers Corp., no single counterparty represents more than 19% of the $3 billion contracted revenue backlog. This diversification provides the company with a strong framework to build our gas transportation portfolio further with a mix of existing corporate relationships and new customers. I'm happy to disclose that the counterparty for the latest contract award is a new name to our roster of energy majors, utilities, and traders, thus diversifying further our customer base. I would like to finish off this section now with a quick look at our new building CapEx program and our expectations with regard to its financing described with more detail on slide 11. We ended the third quarter with $332 million of cash on our balance sheet. This cash level is before we received the net proceeds from our latest container sale of $26 million from our new building program of $2.3 billion. We have already paid advances by quarter end to the tune of $580 million. Assuming we draw the base financing amount for our new builds in line with the finances secured for the multi-gas carriers and the financing assumptions for LNG outlined on slide 11, we would be left after the delivery of all of our new builds with a net equity inflow of $216 million. That is without taking into account any cash flow generation from our existing fleet. I would like to turn now to our Chief Commercial Officer, Nikos Tripodakis, who will run through our LNG market slides. I will return with a summary and then be available to answer your questions along with Nikos and Brian at the end of the call. Nikos, over to you. Thank you Jerry and good morning or afternoon everybody. I would like to address three main subjects today. Firstly, a strong rise in the expected demand for LNG shipping on the back of an unprecedented surge in LNG supply growth. Secondly, the recent ban of Russian LNG from the EU and the implication of this ban on the demand for LNG shipping. Finally, how scrapping and commercial removals of older vessels will facilitate the market rebalancing towards 2027 and 2028. Starting with slide 13, we can see that the acceleration in the LNG growth that we commented on the Q2 earnings call has gathered further pace during Q3. There has been a surge in LNG projects reaching final investment decisions, i.e. LNG projects which have secured firm financing and are moving ahead with the construction of their LNG production facilities. Three of these FIDs alone came during Q3. In total, demand for LNG carriers from the seven projects that have achieved FID in 2025 is ranging approximately between 70 to 120 vessels, depending on assumptions as highlighted on slide 13. The ignition for this growth has come from the Trump administration since January and we anticipate even more FIDs to be achieved in the coming months, which will in turn create further demand for shipping. Now, turning to another important development within our wider sector, the intention of the EU to ban Russian LNG imports. We can see on slide 14 that recently, as part of its 90th sanctions package, the EU announced plans to bring forward the ban of Russian LNG in the beginning of 2027 from the previous target date of 2028. From an LNG freight perspective, in simple terms, this would require a replacement of a relatively short haul voyage of 2,500 nautical miles from Yamal to Rotterdam with one of approximately double its length from the U.S. Gulf. According to analysts, Russian LNG is likely to flow east with a mix of transit in winter and summer. Overall, it is estimated that global energy shipping ton-mile demand would gain approximately 2% compared to 2024 levels. Clearly there are additional considerations at play here, but overall this development should be net positive for LNG freight. Moving now on the supply side developments, we turn on slide 15. We can see that the main development has been the record level of vessels removed with 14 vessels sold for scrap so far this calendar year. This is illustrated on the right-hand side of slide 15. While the average age of LNG carriers exiting the fleet was 26 years, a new record low in a continuous downward trend since 2022. If we focus on the left hand side of Slide 15, we can see the rising numbers of older vessels that are idling and as such effectively commercially removed from the market. Since the second quarter there has been a sustained rise in steam and trifuel vessels standing idle. Around 16% to 18% of steam vessels, which is approximately 35 ships, are sitting idle, which means that nearly a fifth of all steam vessels stand without long term or spot employment. Owners of these vessels have been choosing to idle or lay up rather than sell these vessels for scrap in an effort to exhaust any commercial opportunities that may arise. It seems almost unavoidable for the majority of those vessels that after a sustained period of idleness, the lack of commercial opportunities in combination with an impending costly special survey will lead to even more demolition sales. The trend set in 2025 is very strong and we feel that it is set to continue. In addition to the increasing number of vessels idling, we can also see the pipeline of vessels that are redelivering from long term charters in Slide 16. As the chart shows, according to brokers, 86 steam LNG carriers are due to come off long term time charter contract between now and 2030, which reflects approximately 45% of the entire steam fleet. This pipeline of redeliveries of steam vessels from long term contracts in combination with the increasing numbers of older tonnage approaching the fourth and fifth special surveys as shown in Slide 17, enhances the argument around the inevitability of the removal of these vessels. On the left hand side of Slide 17, we can see that an increasing number of vessels are entering the age range for their fifth or sixth special surveys. Some of these vessels may still be on long term charter at the time of those special surveys, but the combination of the age profile as shown in Slide 17, the redelivery profile as shown in Slide 16, and the ramping up of idling as shown in Slide 15 paint the overall picture that these vessels are reaching the twilight of their commercial life and utility in the LNG market. Moving to Slide 18, we summarize our view on the long term supply and demand picture for LNG freight. As with any shipping segment, there are always a lot of cross currents and moving parts, but we have tried to incorporate the recent supply and demand developments on this chart. First, let me explain the chart. The orange dashed line represents a maximum potential growth in LNG demand for LNG carriers in view of global LNG projects extending to 2032. Let's say our high case demand scenario. The blue dashed line represents the number of LNG vessels required based solely on those projects that have reached FID status, a relatively conservative approach as we expect many more projects to reach FID in the months to follow. The dark grey bar represents a gross number of LNG carrier deliveries expected on a cumulative basis year on year, while the orange bars are the estimate from Capital Clean Energy Carriers Corp. on LNG vessels removal. Lastly, the dark blue bars represent the net number between vessel deliveries and removals. Overall, we expect to see the inflection point in the LNG vessel supply moving from surplus to deficit sometime between 2027 and 2028, with the potential that this could even be earlier given the trends outlined earlier. I will now hand the presentation back to Jerry for a summary of the third quarter and the company position going forward. Thank you, Nikos. Now, focusing on our present and future fleet on slide 20 provides an opportunity to round up where Capital Clean Energy Carriers Corp. is and our direction going forward. We continue to be opportunistic about fixing long-term employment for our three open newbuild LNG carriers, as there are increasingly fewer uncommitted LNG newbuildings available at a time when we see growing activity in the. LNG industry with both new SPAs being signed and FIDs moving ahead. As the slide clearly shows, the ticks against each vessel indicate those with term employment. Remember, just 3/4 ago we had 6 open LNG carriers and owned a total of 8 containers. Today we only have 3 uncommitted LNG carriers. Carriers under construction and just 2 containers remaining in our portfolio. Our 10 multi-gas carriers are complementary to our LNG portfolio and leveraged to the energy transition, and we expect to have more color with regard to their employment closer to their delivery. Finally, our two legacy container vessels are well underpinned on long-term charters, potentially out to the end of the next decade, but provide optionality for Capital Clean Energy Carriers Corp. going forward. In short, in all parts of the Capital Clean Energy Carriers Corp. fleet, we have focus and are executing on the chosen strategy in each specific area. Turning to the final slide number 21 and looking forward, Capital Clean Energy Carriers Corp. is expected to control the largest LNG carrier fleet available on the U.S. stock exchange. In addition to the other 10 multi-gas vessels, the company has considerable contract coverage of 6.9 years already and strong visibility on cash flows. While we believe that we have an advantage over many of our peers in only being invested in the latest generation gas vessels, that concludes the prepared remarks by management for the third quarter of 2025, and with that I will now pass it back to the operator for questions. Thank you, sir. Ladies and gentlemen, if you would like to ask a question, please press Star one on your telephone keypad, and a confirmation tone will indicate your line is in the question queue. You may press Star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your headset before pressing the star keys. The first question comes from the line of Alexander Bidwell, Webber Research and Advisory. Please proceed. Good afternoon. How are you guys doing? How are you doing? Great, thanks. Taking a look at the new build charter, my math is showing the rate to be roughly in line with the two other charters that you signed earlier this year, sitting somewhere in the 80s. How do you feel these rates sit compared to the general market appetite? Do you see any room for long term rates to push up or down? The first comment is that this latest charter is higher than the previous two. We feel that this is on the high end of where the market has been over the past four to five months. In general, it is in line with the view that have been consistent throughout the year that, you know, long term rates seven years plus or five years plus for these latest generation two-stroke vessels from 2027 and 2028 are in the very high 80s to low 90s range. Given the amount of demand that's coming from FID projects and all these new volumes that are expected to hit the market by the end of the decade, we feel that this has been sort of the low end of where the rates will be in the future. For later deliveries, it will be even stronger. Alrighty, thank you. Thank you for the color there. Just taking a look at the relationship between carriers and new liquefaction capacity shown on slide 18. I believe last week Qatar had pushed back its guidance for the Northfield expansion by about six months. That shifts about 32 million tons of production to the right. Looking at delays or potential delays to some of these LNG projects that are under construction, what sort of impact should we expect to see on the balancing of the carrier market? Is there anything we could see owners do to help, I guess, mitigate the effects, say, sliding deliveries for new builds back a little bit to try to align when some of these volumes come online? As far as delays are concerned in these projects, what I can say is that most of these delays have already been priced in. We have seen the biggest delay in the market has come from the Biden administration pausing the permits on these LNG facilities and production permits. Now with the Trump administration, there has been this resumption in permits and FIDs. Any delays that we should have hedged ourselves against have already taken place. We don't expect too many delays moving forward. Most of these projects will start in a range of 2028-2030. We are well positioned for that. What we can do, just to answer your question in the interim, is either secure very short term time charters, one to two years, just to get rid of the vessels back in the part of the curve that we feel is significantly short, which is 2028, 2029 onwards, or just go for straight TCs from 2027 to 2028. It's always an exercise for us and we just choose whatever we feel is the best choice at the time. All right, thank you. I'll turn it back over. The next question comes from the line of Omar Nokta with Jefferies. Please proceed. Thank you. Hi guys. Good afternoon. Maybe wanted to. I just want to ask about. The market and I think maybe Jerry, your comments just now, wanted to make sure I understood or heard correctly that this latest charter that you've entered into or that you've announced today, that one is set to be basically higher than the two that you fixed, say, six months ago. Yeah, that was Nikos. Yes, indeed, this charter is. Higher than the previous two charters. Please note also the slightly later delivery. Right, Okay. I wanted to ask. It feels like when we look at charter rates, especially spot market rates, obviously they've been very weak. It's been a, you know, when. We look at it from a big picture. Picture perspective, it seems that the market's quite soft, and yet you're able to still secure contracts. Even though, as you say, it's a later delivery, it feels like the charter rates are holding up much more firmly. It feels like it wasn't like that. That said, perhaps the last downturn we saw in LNG shipping, where almost like long term contracts maybe were no bid. Perhaps. What is different this time around where you can have a soft market today and yet still a very resilient term charter market? The very accurate question, it's sort of a paradox that's unique in the LNG industry. I think this comes from a combination of two things, mainly the oversupply of the current market and the trading economics which favor deliveries into Europe from the U.S., so shorter. Ton-mile demand and an oversupplied spot market. Along with all the steam carriers and the trifuel vessels, vessels that are more eager to secure employment and thus push the market down. On the other hand, you have the exact opposite in a sense, which is a market from 2027, 2028, where you see this 50% increase in global energy trade, and those volumes will need vessels to transport them, efficient vessels that are in line with the latest regulatory requirements and emission controls and all that. There are just not enough vessels. For that part of the decade. There's an oversupplied market along with inefficient ships. On the back end of the curve, let's say 2027, 2028, you have this significantly undersupplied market given the amount of volume that is hitting the water. Everybody can see that this is why charters are still paying levels that are three or four times higher than the spot market. They do their analysis as well, but that is the summary. The market is undersupplied in terms of efficient tonnage. Everybody can see that the spot market is oversupplied, and it all comes down to when this transition will take place. Our view is that will take place in 2027, 2028. Yeah, that makes sense. Clearly as you're highlighting in the slides, 2027-2028 being the inflection point, it's interesting to see the market actually price accordingly as opposed to wait till we get there, and then maybe just a quick follow up. Just in terms of, say, the spot market, obviously it's evolved in recent years to being perhaps made a bigger%. Of the overall trade. What's your guess or what's your estimate? You would say the spot market represents, in terms of total LNG shipping, a very small amount. Now the exact percentage I would guess is lower than 15 to 20%. I would say of the vessels on the water are trading in the spot market. It has become more liquid definitely as the total number of vessels on the water are increasing. It is still not liquid enough in terms of if you compare it against the tanker segment or the dry segment. It mainly affects older tonnage steam vessels and trifuel vessels because the latest technology vessels like the ones we control are very attractive charterers for long term PCs and they can actually base their economics with the most efficient vessels. Yeah, makes a lot of sense. Thank you. I'll turn it over. As a reminder, if you would like to ask a question, please press star one on your telephone keypad. The next question comes from the line of Liam Burke with B. Riley Securities. Please proceed. Yes, thank you and good afternoon, Jerry. Hi, Liam. Jerry, this sounds like nitpicking, but you do have one vessel coming off charter in 2026. Have there been discussions? I mean, how are those discussions going in terms of renewing on a longer term basis? Let me pass this on to Nikos Tripodakis. Thank you. Nico. Hi, what we can share for now is. We have mostly been turning down debts for this vessel. We have had a range of discussions from short-term time charters, one to two years on either floating or fixed rate. Our view is that we will not have any issues whatsoever in securing employment for this vessel. It just comes down to making sure we secure the right type of employment and get the redelivery as we want for, you know, potentially in 2029 and then capitalize further on the tightness of the market. We still have one year to make a decision on that. Yeah, we feel confident about this. Great. Jerry, you mentioned on the multi-gas carriers that you'd be able to give us some color on the potential. Charters in the future. What is your, I mean in the early discussions, what is your sense? Of the interest here? The first vessel that view is in January. Our handy 2,000 cbm multi-gas carrier, liquid CO2 carrier. As we have discussed also in previous. Calls, this is really a sophisticated semi-ref handy LPG carrier, and of course. It can transport liquid CO2 as well as LPG, ammonia, and petrochemical cargoes. It offers really very strong operational flexibility. Due to its specification, it's quite a unique vessel which will. Allow efficient performance across a wide range of trades and cargo types. We can already see that charterers are interested in that flexibility. In terms of this market, which. I think next time we. will have our quarterly earnings call. This vessel will be delivered to us. All going well because its delivery is. Due in very early January, this market, this vessel will trade in. The semiref segment, which currently is showing. Solid momentum despite the broader macro volatility. A combination of specific LPG projects as well as sustained activity in the petchem parcel trades has been keeping tonnage in this segment well balanced and utilization quite high. It has been a result. Supporting firm and healthy freight levels. Most requirements at present are in the 4 to 12 month range, with TCE levels generally ranging from just below mid-$90,000s. These vessels are on a per month basis, up to around $1 million per. Month depending on terms and trade. I think this is the kind. Of duration and TCE rates that you should expect. Always subject, of course, to market developments until delivery because these type of vessels. Are fixed much closer to their window. Of availability, unlike LNG carriers, which can be fixed years in advance. Great, thank you, Jerry. Thanks Leah. The next question comes from the line of Climent Molins with Value Investor’s Edge. Please proceed. Hi, good afternoon and thank you for taking my questions. You talked a bit about the EU's move. Hi Jerry. You talked a bit about the EU's move to fast track the ban on Russian energy. Could you provide some commentary on whether we should expect an impact on the LNG market from recent sanctions by the U.S. on both Lukoil and Gazprom? Personally, I don't think there should be any additional impact because already all major. LNG projects, with the exception of Yamal, have been sanctioned. We shouldn't expect at least any direct impact. If anything, we have seen lately a bit of a trade topping between Russian LNG being shipped from Arctic LNG. 2 as well as Porto Valle too. China on dark fleet vessels. I think we might see more of that if the EU pushes in. That direction, I don't think there isn't. U.S. sanctions will be affecting directly the trade. There have been some discussions from what we hear in Asia, especially Japan, who have been importing LNG from the Sakhalin project. There has been some push from the U.S. to import more from the U.S. Projects rather than Russia. That would be, of course, fantastic for the market. That would be long haul trade as opposed to a very short haul trade. It remains to be seen how. This will develop going forward. Thanks for the color, that's helpful. This one is a bit more on the strategy side. You've been clear, your two remaining container ships are up for sale at the right price. Is there any appetite to look for incremental acquisitions, be it on new builds or secondhand assets? I think if you look back at the CapEx slide we discussed, you can see that we have quite significant CapEx moving ahead. That's on Slide 11. At the same time, if you look at our cash position and the fact that after every vessel has been delivered on the back of rather, I. would say, conservative financing assumptions, we will. Have a net equity inflow well in excess of $200 million before we account. For cash flow generation from the fleet. That means that by the end of. Our new building program, we will have. Potentially a good cash position to look again at further acquisitions and growth. I think it's too early to discuss growth as it's important for us to. Secure more employment and more visibility. We are doing this until, as you. can see, almost every quarter we are delivering on that side. As we have a more. Stable footing in terms of our new builds, we can also look at more acquisitions. As you can tell from our view on the market, we think that in the medium to long term. The LNG market is expected to be short of ships somewhere between. 2027, 2028, inflection point, and then we will lean the number of vessels. The more months that go by and orders are not being placed in shipyards. Potentially the tighter the market is going to be going forward in 2024. Three years from now, I think we want to take. Advantage of this tightness that we see going forward, at the same time we want to make sure that we. We have covered our. Base, and we are on a stable footing. Yeah, I meant on top of your current order book, but you did answer my question, and thank you for taking my questions. I'll pass it over, of course. Thank you. Thank you. There are no further questions at this time. I'd like to turn the call back to Mr. Jerry Kalogiratos for closing remarks. Thank you, operator, and thank you all. For joining us today. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.