Today, and thank you for standing by, welcome to the C3is Second Quarter 2025 Financial and Operating Results Conference Call and Webcast. At this time, all participants are in listen-only mode. Please be advised that this conference is being recorded. I would now like to hand the conference over to our speaker today, Dr. Diamantis Andriotis. Sir, please go ahead. Good morning, everyone, and welcome to our C3is Second Quarter of 2025 Earnings Conference Call and Webcast. This is Dr. Diamantis Andriotis, CEO of the company. Joining the call today is our CFO, Nina Pyndiah. Before we commence our presentation, I would like to remind you that we will be discussing forward-looking statements, which reflect current views with respect to future events and financial performance, and are based on current expectations and assumptions, which by nature are inherently uncertain and outside of the company's control. At this stage, if you could all take a moment to read our disclaimer on slide two of this presentation. I would also like to point out that all amounts quoted, unless otherwise clarified, are implicitly stated in U.S. dollars. Today, we have released our Earnings Results for the second quarter of 2025. Let's proceed to discuss these results and update you on the company's strategy and the market in general. Please turn to slide three, where we summarize and highlight the company's performances, starting with our financial highlights. For the second quarter of 2025, we had a net loss of $5.3 million, which was due to a non-cash item, the unrealized loss of the fair value of warrants of $6.4 million. Disregarding this accounting adjustment, we have an adjusted net income of $1.1 million for the quarter. Our net income for the first half of the year was $2.6 million. In April 2025, we settled the final outstanding balance of $14.6 million due the Eco Spitfire. we met all of our CapEx obligations without resorting to any bank loans. In Q3 2025, our Aframax tanker, the Aframax II, successfully completed her special survey. The next special survey will be the ECO BUSHFIRE in 2026. Slide four shows the dry bulk trade for the first half of 2025. The first half of 2025 has seen the dry bulk market navigate significant geopolitical volatility, particularly driven by ongoing tariff fluctuations and broader global economic uncertainties. While overall, seaborne dry bulk trade has experienced a modest decline of approximately 1%, market dynamics reveal new and sectoral performances, with patterns showing strengths and weaknesses across specific market segments. On the demand side, the decrease in global dry bulk trade primarily reflects weakened demand from key markets, notably China, where commodity imports have contracted amid elevated inventories and structural overcapacity in the steel sector. During the first six months of 2025, seaborne iron trade softened versus 2024, with a 5% year-on-year drop in Chinese imports amid mill restocking, while India's rise in imports contributed to geographic diversification. Coal and iron ore imports, traditionally major drivers of dry bulk shipping, have shown marked declines, exacerbated by increased domestic production and reduced thermal energy requirements. In contrast, grain trade, despite facing headwinds, experienced increased ton-mile demand due to trade route realignments influenced by U.S.-China tariffs. Additionally, minor bulk commodities, such as fertilizers, aggregates, and particularly long-haul bauxite trade from Guinea have shown resilience and provided partial offset in demand support. Slide five shows the Handysize market fundamentals. Handysize vessels have shown resilience, benefiting from relatively stable minor bulk trades, with commodities such as fertilizer, aggregates, and bauxite demonstrating notable growth. From a longer-term perspective, the broader global economic environment presents considerable uncertainty for the shipping industry. Growing trends of fragmentation and protectionism, exemplified by ongoing tariff escalations and shipping trade alliances, pose substantial risks. Such developments will potentially create opportunities through extended trade routes. On the Handysize fleet growth, the segment is quite overage, with 14% of the dry bulk Handysize fleet being above 20 years of age. Handysize dry bulk carrier orderbook stands at 9% of the current fleet capacity in deadweight terms. Compliance with new environmental regulations requiring slower speeds and greater off-hire days for special surveys, coupled with an aging fleet profile, reduces effective fleet supply. The dry bulk supply outlook for 2025 reflects moderate fleet expansion, with overall tonnage projected to grow by approximately 2.5%. Fleet demolition activity remains historically low, though the fleet's aging profile suggests potential for increased scrapping, with around 30% of the vessels over 15 years old and 13% exceeding 20 years. Meanwhile, operational speeds remain historically low for both ballast and laden legs, driven by regulatory pressures, cost efficiency, and subdued trade market conditions. Slide six shows the Aframax tanker market fundamentals. U.S. President Trump's continuing global tariff crusade has been bearish for oil prices. His threat to place additional tariffs on buyers of Russian crude targeted the Indian buyers in particular. This, combined with the announcement from the EU of a ban on oil products derived from Russian crude, resulted in increasing interest in Middle Eastern barrens. As we are in a historically low global stock, the market has witnessed seasonally buoyant demands. The Israel-Iran war created fears of a wider regional conflict, with potential attacks on energy facilities leading to a jump in oil prices and tanker rates. China continues to import more oil as compared to last year's disappointing level. However, this is more a reflection of building inventories rather than a demand-driven effort. President Trump is now threatening 100% tariffs on buyers of Russian oil unless the war stops. If Russia loses buyers, this could have unpredictable impacts on Oil and Tanker markets. OECD oil inventories stand at five years historic low, while lower bunker fuel costs will likely encourage inventory restocking, as is already the case with China. Although oil prices spiked in June due to heightened geopolitical tensions, including the Israel-Iran conflict, and created temporary market disruptions, they have since normalized, reinforcing conditions for replenishment and supporting tanker activity. In 2025, global oil production is expected to increase by 1.7%, mainly driven by a rise in OPEC supply and increase in offshore oil production, potentially boosting ton-mile demand. Crude tanker demand is expected to grow by 0.6% and 0.8% in 2025 and 2026, respectively. On the Aframax fleet age, the global Aframax fleet now stands at 1,182 vessels, with the highest number of vessels in the 15-20 years category. Slide seven shows the tanker net fleet growth. The combined order book for Aframax LR2s stands at 18%, in contrast to approximately 22% of the existing fleet being over 20 years of age. The number of new tanker contracts surged across all segments in late 2023 and early 2024, but experienced a steep decline from mid-2024 onward due to geopolitical market uncertainty and limited yard capacity. Around 60% of crude tanker fleet capacity as of June 2025 is under sanctions, significantly reducing capacity. Emissions-related regulations are expected to further constrain the effective tanker supply. 56 LR2s and seven Aframaxes are scheduled to be delivered in 2025, and a larger number of deliveries in 2026. Aframaxes are likely to continue benefiting from the shift in Russian crude flows, but LR2s stand to lose the most if there are increased transits through the Suez Canal. Some offset could come from more sanctioning of the gray fleet. 25% of the Aframax LR2 fleet is currently sanctioned. Slide eight shows the current fleet of C3is Inc. C3is Inc. owns and operates a fleet of three Handysize dry bulk carriers and one Aframax oil tanker. In May 2024, the company took delivery of the carrier, the Eco Spitfire, bringing the total fleet capacity to 215,000 deadweight, with an average age of 14.5 years. All vessels have had their ballast load systems already installed. The Afrapearl II successfully completed her special survey in August 2025. All the vessels are currently unencumbered and currently employed on short to medium-term period charters and spot voyages. None of the vessels were built in Chinese shipyards, hence not affected by the newly imposed tariffs. Slide nine shows a sample of the international charters with whom the company has developed strategic relationships and has experienced repeat business. Repeat business highlights the confidence our customers have for our operations and the satisfaction of the services we provide. The key to maintaining our relationships with these companies are high standards of safety and reliability of service. I will now turn over the call to Nina Pyndiah for our financial performance. Thank you, Diamantis, and good morning to everyone. Please turn to slide 10, and I will go through our financial performance for the second quarter of 2025. We reported voyage revenues of $10.7 million for the second quarter of 2025, compared to $10.8 million for the second quarter of 2024, a reduction of 1%. This was primarily due to the decrease in the average time charter equivalent rate of our vessels. The TCE rates for the whole fleet were 45% lower than the rates for Q2 2024. Voyage costs for Q2 2025 were $4.7 million compared to $3.1 million for Q2 2024, due to the increase in the the Eco Spitfire that was added to the fleet in April 2024. Vessels operating expenses of $2.4 million were recorded for Q2 2025, compared to $2 million for Q2 2024, again the Eco Spitfire at the beginning of Q2 2024. G&A expenses were $677,000 in Q2 2025, compared to $603,000 in Q2 2024, and related mainly to the stock-based compensation cost. Depreciation increased from $1.5 million in Q2 2024 to $1.6 million in Q2 2025, due to the increase in the average number of vessels. A non-cash item of $6.3 million loss was recorded for Q2 2025, as compared to a loss of $14.5 million for Q2 2024. This item represents the non-cash unrealized loss on the fair value of non-exercised warrant. This non-cash item arose due to the change in the fair value of warrant, that is, the issuance date versus June 30, 2025. As a result of the above, we reported a net loss of $5 million and an adjusted net income of $1.1 million for Q2 2025, as compared to a net loss of $11.8 million and an adjusted net income of $2.9 million for 2024. A decrease of 55% on the net loss and a decrease of 60% on the adjusted net income compared to Q2 2024. Turning to slide 11 for the balance sheet, we had a cash balance of $2.3 million compared to $12.6 million at the end of 2024, a decrease of 82%. This drop in our cash balance was because in Q2 2025, we paid off the remaining 90% payment balance due on the Handysize Eco Carrier Eco Spitfire and the bunkers remaining on board, a total of $15.1 million. Other current assets mainly include charter hires receivable of $5.7 million for the first half of 2025, compared to $2.8 million at December 2024, an increase of 85%, as well as inventories of $1.1 million compared to $0.9 million at December 2024. The vessels' net value of $80.9 million are for the four vessels less depreciation. Trade accounts payable of $1.4 million are balances due to suppliers and brokers. Payable to related party of $3 million represents the balance due to the management company, Brave Maritime. A warrant liability of $9.8 million was recorded, a drop of 6% from the year-end balance at year-end 2024, when it was $10.4 million. Concluding the presentation on slide 12, we outline the key variables that will assist us to progress with our company's growth. Owning a high-quality fleet reduces operating costs, improves safety, and provides a competitive advantage in securing favorable charters. We maintain the quality of the vessels by carrying out regular inspections, both while in port and at sea, and adopting a comprehensive maintenance program for each vessel. None of our vessels were built from Chinese shipyards, hence the imposed U.S. tariff on all Chinese-built ships starting in October 2025 is a significant positive shift for our fleet. The company's strategy is to follow a disciplined growth with in-depth technical and condition assessment review. Equity issuances will continue as management is continuously seeking a timely and selective acquisition of quality non-Chinese-built vessels, with current focus on short to medium-term charters and spot voyages. We always charter to high-quality charterers such as commodity traders, industrial companies, and oil producers and refineries. Despite being in operation for two years and having increased our fleet by 234% since inception, the company has no bank debt. No interest was charged by the affiliated sellers on the purchase prices of the Afrapearl II and the Eco Spitfire. from july 2023 to date, we have repaid all our CapEx obligations, totaling $59.2 million, without resorting to bank loans. At this stage, our CEO, Dr. Diamantis Andriotis, will summarize the concluding remarks for the period examined. For the first half of 2025, we reported voyage revenues of $19.4 million, EBITDA of $6 million, net income of $2.6 million, and EPS of $0.52. In April 2025, we paid off the remaining balance of $14.6 million the Eco Spitfire. in august 2025, we successfully completed the dry docking of our Aframax tanker, the Afrapearl II. Major changes in the maritime shipping industry were caused by extensive transitions in the world due to geopolitical factors, environmental regulations, demand patterns, and weather-related challenges. Despite these shifting dynamics, C3is performance remains solid, with an increase of its fleet capacity by over 230% since inception, without incurring any bank debt. We are fully deliberate, thus significantly enhancing our financial flexibility. This financial position provides a strong foundation for our future growth. Our performance so far has demonstrated our resilience and strategic focus. We are confident that we have established foundations that are adaptable to this changing environment, thereby enhancing our fundamental ability to both further develop existing core businesses as well as explore potential new growth businesses. We would like to thank you for joining us today and look forward to having you with us again at our next call for the results of the third quarter of 2025. This concludes today's conference call. Thank you for participating. You may now all disconnect. Have a nice day.