Thank you for standing by. Ladies and gentlemen, and welcome to the Euroholdings Conference Call on the Second Quarter 2025 Financial Results. We have with us Mr. Aristides Pittas, Chairman and Chief Executive Officer, Ms. Athina Atalioti, Chief Financial Officer, and Mr. Tasios Aslidis, Chief Strategy Officer. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question and answer session, at which time, if you wish to ask a question, please press star then one on your telephone keypad and wait for your name to be announced. I must advise you that this conference is being recorded today. Please be reminded that the company announced their results for the press release that has been publicly distributed. Before passing the floor to Mr. Pittas, I would like to remind everyone that in today's presentation and conference call, Euroholdings will be making forward-looking statements. These statements are within the meaning of federal security laws. Matters discussed may be forward-looking statements which are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. I kindly draw your attention to slide number two of the webcast presentation, which has a full forward-looking statement, and the same statement was also included in the press release. Please take a moment to go through the whole statement and read it. Now I'd like to pass the floor to Mr. Pittas. Please go ahead, sir. Good morning, ladies and gentlemen, and thank you all for joining us today for our scheduled conference call. Together with me is Athina Atalioti, our Chief Financial Officer, and Tasios Aslidis, our Chief Strategy Officer. The purpose of today's call is to discuss our financial results for the three-month and six-month periods ended June 1 this year. This also marks our first conference call, and we are pleased to have the opportunity to outline our strategic priorities and share our perspective on market outlook. Please turn to slide three of the presentation as we begin with a review of the company, outlining our business model, operational strengths, and key competitive advantages that put this position marked for sustained performance and growth. On March 17, Euroholdings was spun off from Euroseas, which contributed three subsidiaries owning the debt to the vessels AEGEAN EXPRESS and JOANNA, and $14 million in cash from the sale of motor vessel M&Ds. The transaction was executed through a pro-rata distribution, whereas Euroseas shareholders received one share of common stock of Euroholdings for every two and a half shares of common stock of Euroseas. On the same day, the common shares of Euroholdings began trading on the Nasdaq Capital Market under the symbol EHMV. Since its listing, the stock has traded at an average price of $6 per share up to June 23, 2025, then rising to an average of $7.60 per share since June 23 onwards. On July 16, we paid our first dividend of $0.14 per share, corresponding to a dividend yield of about 7.5%. I mentioned the date of June 3, 2025, because on that day, we announced that Marna Investments, a company affiliated with the Lassis family, became our majority shareholder, owning 51% of the company's outstanding shares. Members of the Pittas family have retained approximately 8% interest in the company and remain aligned with the company's future success. No new shares were issued in connection with the transaction. Following the transaction, two out of our six directors, namely my cousin Aris P. P ittas and Tasios Aslidis, resigned from our board and were replaced by directors proposed by the Lassis family, namely Todd Margaronis and Christopher Athides. Most importantly, our experienced management team has remained in place. I continue running the company as the Chief Executive Officer, Athina Atalioti as the Chief Financial Officer, Tasios Aslidis as the Chief Strategy Officer, and Symeon Pariaros as the Chief Administrative Officer. This board and management leadership continuity, combined with our debt-free balance sheet and lean operating structure, along with the support of our new and continuing shareholders, positions us to pursue disciplined growth and create value for our shareholders. Please turn to slide four of the presentation to discuss our new strategic focus in Euroholdings. Our board of directors has decided to focus on building a presence in the product tanker sector, initially pursuing the acquisition of a modern, medium-range product tanker. This entry point allows us to target a versatile and well-balanced segment, which hence gives us a demand and strong trading flexibility. Over the next several months, we will be gradually implementing this growth strategy, initially within the current niche of the company, targeting modern vessels. We believe in this segment we can best leverage the combined expertise of our company and shareholders and find the crucial growth opportunities. We plan to use the funds already available on our balance sheet to support our first acquisition. Currently, we have approximately $15 million a year marked to serve as equity for this investment, and we are actively evaluating attractive opportunities in the market. While this marks our initial step into the product tanker sector, further fleet growth will be pursued at a later stage. We expect additional capital to be generated organically from the earnings of our existing fleet, and we may also explore raising funds in the capital market in ways that do not dilute the existing shareholders. Importantly, we will continue to operate our existing container fleet, where market conditions, particularly for feeder container vessels, have remained strong. Despite the raise, our vessels are well- positioned for potential restructuring beyond current contracts, which would continue to contribute to earnings and shareholder value, whilst also providing resources to execute our tanker growth strategy. Talking about our existing fleet of two feeder container vessels, please turn to slide five of the presentation for a quick review of our quarterly financial highlights for the second quarter. For the second quarter of 2025, we reported total net revenues of $2.9 million and a net income of $0.82 million, or $0.30 per share basic and diluted. Adjusted EBITDA for the period was $0.81 million. Please refer to the press release for the reconciliation of net income and adjusted EBITDA. As part of our common stock dividend plan, our Board of Directors has declared a second quarterly dividend of $0.14 per share for the second quarter of 2025, payable on or about September 16, 2025, to shareholders of record on September 9, 2025. This, as I said previously, represents a yield of about 7.5% at current stock price level. Allow me now to elaborate a bit on the tanker market, and particularly the product tanker sector, to explain why we feel this is a good sector to invest in at this point. Please turn to slide seven to review the development of one to three-year MR time charter rates over the past 10 years. As illustrated in the graphs on this slide, as of August 8, one-year MR time charter rates included approximately $20,200 per day, modestly below the five-year average of around $23,500 per day and the median of $22,500 per day. Three-year MR rates are about $18,400 per day, compared with a five-year average of $20,750 per day and the median of, again, $20,700 per day. While slightly lower than one-year rates, these levels remain solid by longer-term performance standards, and the market overall remains fundamentally strong and well supported. Please turn to slide eight to also look at MR tanker newbuilding and second-hand values over the past five and ten years. As shown on this slide, MR tanker values remain just above their five-year median and more so over their averages, even after moderating from recent peaks. Currently, values are about 20% off their peak a couple of years ago. As of August 18, 2025, newbuildings were priced at about $49 million, five-year-old units at around $42 million, and ten-year-old units at around $32 million, all reflecting historically strong levels. This underscores the continued market confidence in the sector and provides a supportive pricing factor as we assess targeted acquisition opportunities. Please turn to slide nine, where you can see the total fleet age profile and MR tanker order book. It appears that 45% of the MR fleet is over 15 years old, with most of the capacity concentrated in the 15 to 19-year-old range. At this rate, new MR capacity will be required in a few years. According to Clarkson, the new buildings delivered for MR tankers are projected to amount to 2.3 million deadweight in 2025. As of August 2025, the order book stands at about 15.7% of the fleet. Combined with the low level of scheduled delivery in the following year and the expected scrapping of older vessels, this should help maintain a balanced supply-demand environment in the near term. Having seen the supply outlook, please turn to slide seven, where we go over the trade demand outlook. Oil products seaborne trade has recovered strongly from the pandemic-driven contraction of 2020, and is forecasted to remain above 22 million barrels per day through 2025 and 2026, supported by stable palm oil demand at historically elevated levels. While near-term growth is moderating compared to the rapid rebound of 2022-2023, the market is still expected to operate at volumes higher than the pre-2020 level. Global oil demand has followed a steady upward trajectory, surpassing the 2019 peak, and projects to approach 105 million barrels per day by the first quarter of 2025. This sustained demand base provides a solid foundation for product tanker employment. Global refinery capacity is forecasted to expand from around 102 million barrels per day in 2024 to about 106 million barrels per day by 2026-2027, with positive year-on-year growth of up to 2% over the next couple of years. This expansion, particularly in export-oriented refining hubs, is expected to generate continued trade flow opportunities and palm oil demand as refined products are redistributed across regions. With both net supply of ships and demand for them growing at similar healthy levels, we would expect charter rates to at least remain around current levels, levels which justify acquiring ships, even if the current is still relatively high prices. Please refer now to our existing fleet to review its current contribution and prospects in connection with the new focus on the tanker market. Please turn to slide 12 for an update of our fleet employment. Our current fleet consists of two feeder container vessels with a combined carrying capacity of 3,170 CEU and an average age just below 27 years. On the charter in front, AEGEAN EXPRESS is employed on a short-term time charter at $16,700 per day through November 2025, whilst the JOANNA is on a medium-term coverage at $19,000 per day through March 2026, followed by $9,500 per day until September 2026, and the two-month charter results from an extension at a rate of $16,500 per day until November 2026. Overall, our charter coverage stands at approximately 82% for the remainder of 2025 and about 25% for 2026. On slide 13, we include a broader overview of our financial highlights for the second quarter and first half of 2025, which I will only briefly describe. As discussed previously, for the second quarter of 2025, we reported total net revenues of $2.92 million and net income of $0.82 million. Basic and diluted earnings per share were $0.50 per share, calculated on 2,783,999 basic and diluted average number of shareholders. Let me skip discussing in detail the first half of the results, a period which includes the first quarter of 2025, which was very similar to Q2, with the exception that it included the sale of motor vessel M&Ds team, which resulted in a significant gain on sale of $10.23 million, thus making the first half EPS diluted of $4.28. Let's turn to slide 14 to review our cash flow breakeven profile for our existing fleet for the next 12 months, broken down by key components. Overall, we expect a cash flow breakeven level of close to $10,000 per day. With current market rates well above this level, any departing at rates exceeding roughly $11,500 per day would deliver incremental positive cash flow. This is something that we currently believe is available in the market. Moving on to slide 15 to examine the cost mix for our two containers. Technically, our two vessels are in a good condition for their rates, so if satisfactory charter rates can be found, it would make sense to keep raising them. Charter extension possibilities will, of course, depend on the near-term availability of feeder vessels on the market. At present, the global container ship order book is heavily concentrated on larger vessel sizes deployed on the mainline routes, where capacity growth is expected to be significant in the coming years. These mainline services rely on smaller feeder vessels to handle regional distribution, meaning that growth in mainline capacity typically drives increased demand for feeders. In contrast, the order book for feeder container vessels remains limited, with only a small number of new units scheduled for delivery. At the same time, the existing fleet in this category is relatively old, with a high proportion of vessels over 20 years of age and likely candidates for scrapping, particularly as they reach their next better service usage. Given this dynamic, it is quite possible that capacity in the feeder container vessel segment will decline even as the capacity of larger vessels in the overall container ship fleet continues to grow. This structural supply constraint could provide a supportive market backdrop for feeder vessels, earnings, and charter extensions, benefiting the trading prospects of our two vessels and potentially enabling us to capture attractive employment opportunities well into the future. Please turn to slide 16, where we can see the six to 12-month container time charter rates for the 1,700 TEU segment over the past 10 years. As of August 8, rates stand at $28,750 per day, well above the 10-year average of around $16,600 per day and a median of around $10,000 per day, following a period of relative stability through most of the decade, interrupted by the unprecedented spike of 2021-2022, after which rates settled at today's extremely- strong level. Let's now turn to slide 17 for a quick glimpse at our strong balances. As of June 1, 2025, we've had cash and other current assets of about $15.8 million, while our vessels' book value was $3.6 million, resulting in total book value of our assets of $20.4 million. On the liability side, our trade accounts payable and our other liabilities amount to just $2.4 million, leaving nearly $18 million in book equity. Moreover, it is important to mention here that the market value of our fleet is significantly higher than its book value. As of the latest valuation, our charter-adjusted vessel market value is estimated at approximately $14.5 million, translating to a net asset value of about $29.5 million or $10.5 per share, with more than 50% of this value held in cash, emphasizing thus our strong liquidity position and financial flexibility. I will stop and open the floor for any questions we may have. 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 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we poll for questions. Thank you. Our first question comes from a line of Mark Reichman with Noble Capital Markets. Please proceed with your question. Thank you for taking my question. I wanted to ask if you could just maybe elaborate a little bit on the strategy to enter into the tanker market. If you could maybe put a little more definition on the types of and size of the vessels, and then maybe secondarily, if you could also talk a little bit about the Lassis family and the companies that they control, and whether or not there are some opportunities to acquire vessels from, say, like Lasso Shipping or some of their related entities. Thank you. Thanks, Mark, for the question. Starting backwards, yes, the Lassis family is a very well-known family here in Greece and extremely respected. They own many different types of companies, refineries, banks, etc. They are very active in shipping on a private basis. They are extremely strong on tankers, but they also have dry bulk vessels and container vessels. It is quite possible that in the future, we would try to get into Euroholdings some product carriers or other tankers that the Lassis family might have. It's something that has been discussed, but of course, it's something that we're not ready to do at this point in time. At this point in time, the strategy is to use our existing funds and start off buying vessels from the market to start changing the strategy from containers into tankers. That's the second part of the question. The first part of the question was. What type of segments? Yes. We are targeting product carriers at this point in time, but eventually, we would be there to look at other types of tanker vessels as most of the listed companies have. Focusing primarily, Mark, on the modern product sector. Okay. You mentioned earlier in your commentary about how you might seek to finance acquisitions in a non-dilutive way. Could you just maybe expand on that? I mean, to what extent would you take on debt or some of the other companies like Eurodry and Euroseas, are they kind of good indicators of how you might finance your expansion of the fleet? Yes. I mean, the policy on debts would not change, neither the policy on using some of the other funding opportunities that Euroseas and Eurodry have used in the past. Indeed, the ambition is that there will be further capital raising, which will be obviously supported by the main shareholders. Our family, as I said, still remains a significant shareholder, the second largest shareholder in the company. We are all committed to help the company grow. Like in other cases, a mix of debt and equity would be the major fund resource. I mean, it's fair to say that a 50/50 fleet is probably a good rule of thumb to find new acquisition. Okay. That's very, very helpful. Congratulations on this spin-off and kind of a good start with the quarter. Thank you very much. Thank you very much. Indeed, Mark, we've seen it, I think, in the markets that they have appreciated this spin-off and its contribution, and both Euroseas and Euroholdings combined are trading much better, I would say, than our competition at this stage. As a reminder, if you would like to ask a question, press star one on your telephone keypad. Our next question comes from a line of Poe Fratt with Alliance Global Partners. Please proceed with your question. Yeah. Hi, Aristides. Tasios, can you just help me understand that, you know, they're going after modern tankers, MRs, you know, my sense is there is a lot more competition for capital, you know, or a lot more capital available for acquisition entities out there looking to make acquisitions in the MR space, especially for modern assets relative to older assets. Can you just talk about what you're seeing in the market? Have you been on anything yet? Is there anything lined up? Maybe also expand on your targeted fleet size over time, if you wouldn't mind. In the product carrier market, it's a smaller market. There are less players than what you have in the dry bulk market, and frankly, less players than what you have in the container market today. There is competition, but it is definitely not huge at this point. We are inspecting vessels, and we've seen a couple of these. We are having discussions, but nothing can be confirmed yet. Nothing has been done yet. We are in the market looking to make this first acquisition. As always, in the companies that I have managed, our growth has been gradual and depending on the circumstances and the opportunities that we anticipate. Of course, the idea is that this company should grow substantially and quite quickly. Both the major shareholder and us are willing to assist in that, and we'll see how it goes. Okay. Great. Thank you so much. The other point is that the capital markets are more amenable to product targeted companies in general and are more familiar with this sector of decision. We expect to have an easier time identifying and locating other partners and investors to fight our growth. Okay. Maybe if you could give us an idea of when you expect AEGEAN EXPRESS to, you know, find its next time charter? I think by our next quarterly meeting, the vessel will probably have been chartered. Okay. Could you give us an idea, Aristides, if you would, on sort of the level that you're thinking on the next time charter? Higher than the current one. Would it be similar terms? I mean, looking out, you know, 24 to 36 months, or do you think the market's strong enough for that kind of time charter at this point in time? I think the market is somewhere between 12 months and 24 months for this type of old ship, right? This is quite old. Great. Thank you. Thank you, Poe. Thank you, Poe. We have reached the end of the question and answer session. Mr. Pittas, I would like to turn the floor back over to you for closing comments. Thank you all for attending our first conference call meeting. We look forward to having an interesting discussion again in three months' time. Thank you. Thanks, everybody. Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation and have a wonderful day.