Thank you for standing by, ladies and gentlemen, and welcome to the Diana Shipping Inc conference call on the first quarter 2026 financial results. We are joined by the company's Chief Executive Officer, Ms. Semiramis Paliou. At this time, all participants are in a listen-only mode. There will be a presentation followed by a Q&A session. To ask a question, press star one on your telephone keypad and wait for your name to be announced. Please note that this conference is being recorded. We will now turn the floor over to Ms. Semiramis Paliou. Please go ahead. Thank you. Good morning, ladies and gentlemen. Welcome to Diana Shipping Inc's first quarter 2026 financial results conference call. I am Semiramis Paliou, the CEO of the company, and it's my pleasure to present alongside our esteemed team, Mr. Ioannis Zafirakis, Director and President, Ms. Maria Dede, Co-CFO and Treasurer, Mr. Dave Van der Linden, Chief Financial Officer of Diana Shipping Services SA. Before we begin, I'd like to remind everyone to review the forward-looking statements on page four of the accompanying presentation. The first quarter of 2026 continued to show strong momentum, which carried over from last year. The usual seasonal slowdown in Q1 did not happen, and t he Capesize market had its best first quarter since 2010. Again, this was due to several factors, none of them necessarily demand-driven. We saw more utilization tightening caused by longer ton-miles, substantial dry dock schedules, and the situation in the Strait of Hormuz. The Middle East conflict not only caused parts of the dry bulk fleet to be tied up in that area, but also an overall reduction in operating speeds, especially on the long-haul routes. Capesize vessels were the strongest movers, but this time, we have also seen a marked improvement in the Kamsarmax market, which was supported by a spike in coal movements in the Pacific. Countries like Japan, South Korea, and Vietnam have increased their coal imports to address their energy needs. Interestingly, the growth in grain shipments was also concentrated to other countries besides China. In the quarter, we took period coverage across all sizes in the fleet, again, at rates significantly higher than their previous charters. I would like to mention that although Diana has no vessels directly affected by the Persian Gulf situation, our thoughts are with the many seafarers who must fear for their safety and well-being. Turning to slide five, let's review our company snapshot as of today. Diana Shipping Inc, founded in 1972 and listed on the New York Stock Exchange since 2005, operates a fleet of 36 dry bulk vessels, one of which is mortgage-free. Our fleet has an average age of 12.5 years and a total deadweight capacity of approximately 4 million tons. We anticipate the delivery of two methanol dual fuel new building Kamsarmax dry bulk vessels at the end of 2027 and early 2028, respectively. Fleet utilization reached 99.9% for the three months ended March 31st, 2026, highlighting our effective vessel management strategy. As of the end of the first quarter, we employed 941 individuals at sea and ashore. Financially, our net debt stands at 46% of market value, supported by $124.5 million in cash reserves as of quarter end and total secured revenues of approximately $168.5 million as of May 20th, 2026. Moving on to slide six, let's go over the key highlights of the first quarter 2026 and recent developments. In January, we announced our intention to nominate a slate of six highly qualified independent candidates for election at Genco's Annual Meeting on June 18th. In March the same year, we increased our offer to $23.5 per share in cash to acquire all outstanding shares of Genco not already owned by us. The offer is backed by $1.433 billion in fully committed financing from six leading global banks with no financing conditions. The offer is further supported by a definitive agreement with Star Bulk Carriers Corp, which will acquire 16 Genco vessels for $470.5 million upon closing. In May 2026, we launched a tender offer to acquire all outstanding shares of Genco for $23.5 per share in cash. As of May 20th, 2026, we have secured $123.5 million of contracted revenues for 83% of the remaining ownership days of the year 2026, and have secured $44.1 million of contracted revenues for 17% of the remaining ownership days of the year 2027. In May 2026, we were awarded the Global Award in the Governance Leader Award category at the Environmental, Social, and Governance Shipping Awards 2026. Today, we are pleased to declare a quarterly cash dividend of $0.01 per common share with respect to the first quarter of 2026, totaling approximately $1.2 million. Lastly, just yesterday, we amended our offer price to acquire Genco to $24.8 per share in cash and have extended the tender offer deadline to June 26th, 2026. The revised offer price will be adjusted on a one-for-one basis for any dividends or other distributions declared or paid to shareholders following the announcement of our offer. The new increased offer represents a 39% premium to Genco's undisturbed share price on the day before our initial offer, a 48% premium to its 30-day volume-weighted average price as of that date and is priced at approximately 1x net asset value at what analysts have described as 15 years' high asset value. It should be noted that Genco's share price is currently trading at or around NAV, while the dry bulk peers are currently trading at an average 20% discount to NAV. Before our involvement, Genco traded at an average 30% discount to NAV since 2020. As such, Genco shareholders face significant downside risk in the absence of our offer. If the offer is not completed, Genco share price could decline to approximately $18 per share if the stock reverts towards its historical trading. Unfortunately, for six months, the Genco board has completely refused to engage with us, Genco's largest shareholder. Our previous offers have each been met with silence, and we are hopeful that the Genco board will finally sit down with us to engage in a constructive dialogue. This is the path forward that we strongly prefer, but we have also given Genco shareholders the opportunity to vote for our board nominees, who we are confident will explore all opportunities to maximize value and to tender their shares. We are committed to seeing this through, and y ou can stay informed by visiting our campaign website at cash4genco.com. We urge Genco shareholders to vote the GOLD universal proxy card for Diana's six independent directors nominee at the 2026 Annual Meeting. Again, for more information, please visit our website at cash4genco.com. Moving on to slide eight. Slide eight summarizes our recent chartering activity. From February 20th, 2026 until May 20th, we have secured time charters for five vessels: a n Ultramax vessel at a daily rate of $16,000 for 408 days; t hree Panamax, Kamsarmax, and Post-Panamax vessels at an average daily rate of $17,297 for an average of 387 days; a Capesize vessel at a daily rate of $27,500 for 641 days. Slide nine highlights our disciplined chartering strategy. We focus on staggered medium to long-term charters to avoid clustered maturities, ensuring earnings visibility and resilience against market downturns. This disciplined chartering strategy has secured for the remaining of 2026 approximately $124 million in contracted revenues, resulting in an average fixed time charter rate of $18,338/ day. For the rest of 2026, only 17% of days remain unfixed. The average contract duration is 1.24 years, covering some days of 2027. Now, I'll pass the floor to our Co-CFO, Maria Dede, for a more detailed financial analysis. Thank you, Semiramis. Good morning, everyone, and thank you for joining us today. I will walk you through our financial performance for the first quarter of 2026. Time charter revenues were $54.7 million, slightly lower than $54.9 million in the same quarter last year. The decrease reflects the smaller fleet size compared to the prior-year period and was largely offset by a higher time charter equivalent rate achieved during the quarter. Adjusted EBITDA was $23.3 million for both periods. Net income was $29.1 million compared to $3 million in the first quarter of 2025. Net income attributable to common stockholders was $27.7 million compared to $1.6 million in the first quarter of 2025. Basic and diluted earnings per common share was $0.25 for the first quarter of 2026 compared to $0.01 for the same quarter last year. Profitability of the quarter was supported by the higher time charter equivalent rate mentioned earlier, decreased interest expense on our steadily amortizing debt, increased dividend income, and an unrealized gain on our investment in Genco of $26.4 million. We continue to maintain a strong balance sheet with increased cash and decreased debt compared to year-end 2025. As of March 31st, 2026, cash stood at $124.5 million compared to $122.3 million as of December 31st, 2025. Long-term debt and finance liabilities, net of deferred financing cost decreased to $621.1 million as of March 31st, 2026 from $636.1 million as of year-end 2025, reflecting the quarter's debt amortization. We ended the quarter with a strong liquidity position and a conservative net loan to value of 46%. During the quarter, we operated an average of 36 vessels compared to 37.8 vessels in the same quarter last year, f ollowing the sale of Alkmini early in March and Selina in July 2025. This reduction is reflected in lower revenues, operating expenses, and ownership available and operating days. Time charter equivalent averaged $16,035, a 2% increase compared to $16,739 in the first quarter of 2025, with a strong fleet utilization of 99.9%. Vessel operating expenses for the quarter decreased by 3% to $19.5 million compared to $20 million in the first quarter of 2025 due to the smaller fleet size. On a per day basis, daily operating expenses rose by 2% to $6,009, compared to $5,866 in the first quarter of 2025, mainly due to higher crew stores, supply, and environmental costs. We maintain a disciplined approach to leverage the mix of variable rate secured bank debt. The senior unsecured bond with a fixed coupon and certain leaseback facilities at fixed interest rates provides diversification and stability. Our amortization profile is gradual, with no significant near-term refinancing concentration. Our debt amortization schedule is steady and predictable through 2029, when the $175 million senior unsecured bond matures. We will address this maturity well in advance to ensure liquidity stability, minimize refinancing risks, and maintain predictable cash flows. In this slide, we compare our free cash flow break-even level against estimated revenues for 2026 and 2027. As of March 31st, 2026, our cash flow break-even rate stood at $16,344/ day, including voyage operating and general and administrative expenses, financing costs, and debt amortization. For the remainder of 2026, we have secured 83% of the ownership days at an average time charter rate of $18,338/ day, generating expected revenues of $123.5 million. For 2027, 17% of the ownership days are fixed at an average time charter rate of $19,858/ day, with expected revenues of $44.1 million. Potential revenues for the remainder of 2026 and for 2027, including the estimated revenues for the unfixed days based on FFA rates as of May 20, 2026, could reach $149.6 million and $252.3 million for 2027, respectively. Overall, our competitive break-even rate reflects disciplined cost control across the fleet. Our contracted revenues provide solid visibility and downside protection, while the market exposure of the unfixed operating days allows us to preserve flexibility in our commercial strategy and participate in improving market conditions. This slide highlights dividend distributions. The company has consistently rewarded shareholders with quarterly dividends since the third quarter of 2021 in both cash and shares. In line with this policy, we declared a dividend of $0.01 per share for the first quarter of 2026, bringing cumulative dividends paid since 2021 to $2.71 per common share. Dividends are declared at the discretion of the board and depend on earnings, cash flows, and capital requirements. I will now hand over to Dave Van der Linden for an overview of the dry bulk market. Thank you, Maria, and again, welcome to all the participants on this latest quarterly earnings call from Diana Shipping Inc. Slide 15 gives a brief dry bulk market overview and some geopolitical and trade developments. The dry bulk market started 2026 on strong footing, continuing the momentum across all sizes, which we saw in the second half of 2025, and ignoring again, the traditional market seasonality. The factors supporting the market remain the same, not necessarily an explosion in demand, but rather a utilization tightening caused by longer ton-miles, a substantial dry dock schedule, and slower speeds. Capesize vessels again outperformed Q1 earnings at $26,405 based on a new 180k 5TC index, and the best start of the year since 2010. Midsize vessels have been catching up nicely with Q1 earnings averaging $15,395 for Kamsarmax and $14,577 for Ultramax vessels. The 12-month time charter rate has increased on all sizes as well, compared to the previous quarter underlying positive sentiment. For 182k index type vessels without scrubber, the one-year rate now stands around $34,000/ day. The equivalent rate for a modern Kamsarmax is around $20,000/ day, and a modern Ultramax can get about $18,500/ day for a year. Part of this unusually strong first quarter can be attributed to an exceptionally late Chinese New Year, which saw some early restocking activity. However, much like last year, 2026 has so far witnessed significant geopolitical and trade disruptions that continue to alter shipping patterns and freight dynamics. The Middle East conflict has caused bunker prices to spike, and owners have been deviating their vessels to secure adequate supply of fuel. Long distance routes like the Brazil and West Africa to China has caused the Capesize fleet to lower their average speed by 4%. Furthermore, we have seen strong coal movements with Japan's trade and industry ministry, as well as the South Korean, Vietnamese, and Taiwanese governments all indicating stronger interest in coal procurement as a near-term solution to alleviate energy security concerns. It is worth noting that analysts see significant effects of the conflict in adjacent industries as well, such as nickel production and agricultural planning. Thurlestone notes that in Australia, many farms are switching from wheat to crops like barley and canola that either need less fertilizer or sell for a higher price. The harvest for Australian wheat due towards year-end could be between 16% and 41% smaller. China's economic stimulus measures and infrastructure spending continue to support commodity imports, while India's consistent appetite for coal and iron ore reinforces its position as an increasingly important demand center for dry bulk commodities. Nevertheless, according to The Economic Times, Coal India is planning a 10-year roadmap to slash the 243 million tons of coal that they import currently through increased domestic production, cost, quality upgrades, and logistical cost parity. In the Capesize sector, we saw a particularly strong Australian iron ore flow supporting the Pacific, while the Guinean bauxite exports continued to grow unabated. Having said that, there is some concern about a possible export limit to be imposed by the Guinean government in the second half of the year. Danish Ship Finance notes that the iron ore trade, which still the most durable of Chinese seaborne commodity relationships, is changing beneath the surface. The steel industry is beginning to shift away from blast furnaces towards electric arc furnaces, which require cleaner, higher-grade ore. Australia built an entire export economy around the blast furnace grade and does not produce the new grade at scale, whereas Brazil and West Africa do. China Baowu, the world's greatest, largest steel maker, has secured majority control of the Simandou deposit in Guinea, the largest untapped high-grade iron ore reserve on the planet. The Kamsarmax sector has seen the most impressive growth so far, relatively, supported by grain shipments in the Atlantic and coal shipments in the Pacific. The Ultramax sector has managed to take advantage of the same trading pattern and has additionally seen an increase in Atlantic coal shipments. However, Indonesia, which is a major factor for these vessel sizes, plans to tighten control over commodity exports, including coal, palm oil, to clamp down on tax evasion and bolster a plunging rupiah. Moving to the next slide, we look at some macroeconomic considerations and some key demand drivers. As mentioned before, the year has started historically strong. Iron ore and bauxite support the Capesize vessels and long-haul grain shipments for the mid-size vessels. Iron ore exports have been particularly well supported through Q1, driven by consistently strong shipments from both Australia and Brazil, and complemented by additional cargoes from West Africa and Canada, thereby tightening tonnage in the Atlantic. Total seaborne trade in coal continues to be under pressure, with China's imports recording negative growth for the quarter, combined with an increase of inland imports with Mongolia. Bauxite continues to be the big success story, and it's worth noting that in Q1, the Diana Newcastlemax fleet was almost entirely employed in the bauxite trade, whereas the Capesize fleet carried mostly iron ore and coal. Meanwhile, global seaborne grain loading staged a strong recovery in Q1, with AXSMarine data showing volumes rising nearly 11% year-on-year. U.S. and Brazil together accounted for nearly 50% of the total grain shipments. It was for the first time since 2022 that the U.S. shipped more volume than Brazil in Q2. Interestingly, China, still the world's largest grain importer, accounted for only a limited share of this growth. Towards the end of the quarter, however, the agricultural sector started facing some headwinds due to war-related uncertainty, revised phytosanitary inspection procedures in Brazil at China's request, and the surge of nitrogen fertilizer prices by nearly 40%. It is worth noting that BIMCO estimates that the Strait of Hormuz disruption has caused an 8% increase in Panama Canal transits, with slots being auctioned at record levels and delays last seen during the severe 2023 drought. The canal is currently operating at maximum capacity, and any further disruptions, such as reduced rainfall during the expected El Niño, may cause vessels to reroute via Cape of Good Hope. Regarding global GDP, it is clear that the impact of the Middle East conflict is starting to bite, with several countries, including Germany, already revising their 2026 forecast downwards. The IMF itself presented three separate scenarios in their latest World Economic Outlook. A reference forecast whereby the conflict is relatively short-lived, growth is slightly revised down to 3.1% for 2026 and 3.2% for 2027. Second scenario is a more protracted conflict for the IMF, called the adverse scenario, where world GDP growth forecast of 2026 falls to 2.5%, assuming the petroleum spot price index will average $100/bbl in 2026 and around $75/bbl in 2027. They also have a severe scenario, which is based on average petroleum spot prices of about $110/bbl in 2026 and $125/bbl in 2027, which could cause the global economy to grow barely 2% for 2026. Moving to the tonnage supply on slide 17. Elevated new building prices remain a deterrent for most protective buyers, with values for Capesize reaching their highest level in 17 years, around $76 million, $77 million for late 2029 and early 2030 delivery. Extended delivery slots at major shipyards, which remain heavily committed to high-margin container and oil and gas projects, have further constrained ordering appetite. Q1 ordering in the tanker market, however, was the highest on record and is continuing to be very strong. According to Clarksons, the bulk carrier fleet is forecast to grow by 3.2% in 2026, only 1.7% for Capes, and Q1 saw the lowest delivery total in Capesize vessels since 1998. For Kamsarmax and Ultramax vessels, the fleet projected increase is a substantial 4.3% and 4.5% respectively, and the deliveries for both these segments were substantial in Q1. However, this was partly offset by the number of vessels affected by the Middle East conflict, which are either stuck in the Persian Gulf or still have cargo on board destined to that area. Braemar notes that on March 1, 2.2% of the dry bulk fleet capacity was off market due to the war in the Middle East, either stranded west of the Strait of Hormuz or carrying cargoes bound for Middle East Gulf ports. To date, this figure has fallen to about 1.2% of dry bulk capacity. The impact varies by fleet sector: 2% of the Panamax deadweight capacity, 1.4% of Ultramax, and only 0.3% of Capesize capacity. Regarding the bulk carrier fleet order book, according to IFCHOR GALBRAITHS, it now stands at around 160-million-ton deadweight, nearly 1,800 vessels, which represents nearly 13% of the existing fleet. Sentiment in the ship recycling industry remains cautious. Markets in Pakistan and Bangladesh saw firm fundamentals despite a shortage of available units, while rupee depreciation and rising gas costs are dampening buyer activity in India. Barely 1 million tons of deadweight dry bulk vessels were recycled in Q1. Then let's end in slide 18 with the main positive and negative factors that analysts expect will influence the dry bulk carrier market going forward. On the positive side, we have global seaborne trade, which is expected to stay firm for the balance of the year, supported by iron ore demand and minor bulks, mainly bauxite and grains. Ton-mile support is expected to continue, w ith longer iron ore flows from Brazil and West Africa. Grain exports from East Coast South America are expected to remain strong, and the significant drydock schedule, combined with modest deliveries, especially in the Capesize segments, could be seen as a positive. 2025 saw a surge in drydock activity with more than 3,200 dry bulk vessels undergoing special surveys, and 2026 is scheduled to be similar. On the negative side, fleet growth, especially for Kamsarmax and Ultramax, could exceed demand, and demolition is expected to stay historically low. Coal demand, while seeing a temporary increase, is expected to remain under pressure, especially in China. Macro and policy risks also, especially in China and Indonesia, as mentioned before, then o f course, the geopolitical uncertainty, which can highly influence the global economy. It is very hard to predict the medium to long-term effects of the Middle East conflict on dry bulk and the economy in general. On this note, I will pass the call back to our CEO, Mrs. Semiramis Paliou, for some important takeaway points from this earnings call. Thank you. Thank you, Dave. Thank you. Before concluding today's presentation, I'd like to highlight our ESG performance. At Diana Shipping Inc, we remain committed to maintaining an industry-leading ESG structure and continuously strengthening our sustainability practices. You can find our latest ESG Report published in September 2025 on our website. In summary, Diana Shipping Inc stands on a strong foundation built on over 50 years of industry experience and 21 years on the New York Stock Exchange, a seasoned management team adapts to addressing industry challenges and identifying opportunities, s trong stakeholder relationships and a disciplined strategic approach, a solid balance sheet with a strong cash position and a counter-cyclical mindset, o ngoing fleet modernization efforts, a focus on rewarding our shareholders when possible, and a robust ESG strategy. Thank you for joining us today. We are now happy to take your questions and ask you to keep them focused on our first quarter performance and related topics. Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two to remove your question from the queue. For participants using a speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for your questions. Our first questions come from the line of Kristoffer Barth Skeie with Arctic Securities. Please proceed with your questions. Hello. Thank you for the presentation and good afternoon. I was wondering first if we can touch upon the potential Genco transaction. Given you have upped your offer, are you seeing an increased likelihood that you can get the Board of Directors of Genco to initiate discussions? On the second note, you have this transaction that you have agreed with Star Bulk should the transaction go through. In terms of that transaction, shouldn't that also have some type of revision given that the offer is higher and also asset values are higher since the initial offer? Also, if you could share the specific vessels that you have agreed to sell should the transaction go through. Okay. This is Ioannis Zafirakis, thank you for the question. Everybody has to understand that the response to your question, whether we're there to increase the price further, is highly dependent on whether Genco will be sitting on a table meaningfully to do so. On the other hand, you understand that we are at a 15-year high in our shipping cycle, and also there is a point where this deal does not make sense for Diana to happen. We have shown to everybody that what we are paying is very close to current net asset value of the company. Actually, most of the shipping deals that have been done recently, they were done at a discount to NAV close to 82%. As regards your second question, this is something that we cannot respond at this stage. Sure. Okay. Thank you, Io annis. A question on the market, especially related to bauxite s out of Guinea. How do you see this risk going into second half, and do you sort of personally believe that it makes sense for Guinea to impose restrictions when China is the main importer here? Thank you, Kristoffer. No, it could be bluster. We've seen things like this with the Guinean government before. It could also be that China is using this to give the impression that the demand is not as strong or that they have been overbuying. It's hard to say, it's hard to say where this is going to go. We remain, at Diana, agnostic on the situation, and we will not change our strategy according to what the government of Guinea will do. But, yeah, there is definitely some downside risk, but at the end of the day, I don't think it will be very significant. Okay, perfect. Thank you. Then a final question from me. Can you please give an update on Windward and how that company is developing? It would be interesting to hear your view on the market there and whether we potentially could see some type of divestment or crystallization of values there on a later stage. We, as regards our investment in Windward, we are, generally speaking, very happy. The momentum is much better than when we started. The prices of new buildings and vessels that are similar to ours, they have gone up. The availability of charters, even the period of charter, has improved. We are at this stage where we are evaluating all of our options as regards our chartering activity, even consolidation. This doesn't mean that they're to be consolidated or to consolidate. We are evaluating all of our options. Sure. Thank you. Just some final notes on that Windward, any sort of guiding on the value here of the fleet on a mark-to-market basis? Or the NAV for you? You are asking how we treat this investment in our books. Is that your question? Yes. There was a benefit from our investment in Windward in our numbers. Was it, Maria? Yes. We had a benefit when the new investor came in in Windward. Because he entered an increased value of the company, so we, Diana, and the other shareholders, had a benefit from this new investment. Also, as regards the values, there was an increase, certainly, of the values, more than 20% easily. Now, the values have gone a little bit down. Still, we are talking of a substantial increase in the values in the vicinity of 20% currently. A few months ago, it was close to 30%. Okay, perfect. That's it from me. Thanks. Thank you. As a reminder, if you would like to ask a question, please press star one on your telephone keypad. I am showing no further questions at this time. I'd like to hand the call back over to management for any closing remarks. Thank you for joining us for Diana's first quarter of the year 2026 financial results. We look forward to presenting to you again in the next quarter. Thank you Thank you, ladies and gentlemen. This does now conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.