Good afternoon, ladies and gentlemen, and welcome to the Euroseas Conference Call on the first quarter of 2025 financial results. We have with us Mr. Aristides Pittas, Chairman and Chief Executive Officer, and Mr. Tasos Aslidis, Chief Financial Officer of the company. At this time, all participants are in 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 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 the results of 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, Euroseas will be making forward-looking statements. These statements are within the meaning of the federal security clause. 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 2 of the webcast presentation, which has full forward-looking statements, and the same statement was also included in the press release. Please take a moment to go through the whole statement and read it. I would like to pass the floor to Mr. Pittas. Please go ahead, sir. Thank you. Good morning, ladies and gentlemen, and thank you for joining us today for our scheduled conference call. Together with me, Tasos Aslidis, our Chief Financial Officer. The purpose of today's call is to discuss our financial results for the 3-month period ended March 31, 2025. Please turn to slide 3 of the presentation for our quarterly financial highlights. For the first quarter of 2025, we reported total net revenues of $56.3 million and a net income of $36.9 million, or $5.29 per diluted share. Adjusted net income for the quarter was $26.2 million, or $3.76 per diluted share. Adjusted EBITDA for the period was $37.1 million. Please refer to the press release for the reconciliation of adjusted net income and Adjusted EBITDA. Our CFO, Tasos, will go over our financial highlights in more detail later on in the presentation. As part of the company's common stock dividend policy, our Board of Directors declared a quarterly dividend of $0.65 per common share for the first quarter of 2025. The dividend will be payable on or about July 16, 2025, to shareholders of record on July 9, 2025. Since initiating our share repurchase plan of up to $20 million in May 2022, we have repurchased 463,000 shares of our common stock in the open market for a total of approximately $10.5 million. We remain committed to a disciplined and opportunistic capital allocation strategy and intend to continue leveraging the repurchase program in a manner that enhances long-term shareholder value. Please turn to slide 4, where we discuss our recent developments and operational highlights. We recently signed an agreement to sell Motor/Vessel Arkus G, a 6,350 TEU intermediate container ship built in 2005, to an unaffiliated third party for total consideration of $50 million, with delivery expected in October 2025. The vessel was originally acquired in Q4 2021 for $40 million, with an attached time charter at $42,000 per day for 3 years, followed by a fourth optional year at $15,000 per day, which was exercised by the charter. Upon completion of the sale, we expect to recognize a gain exceeding $8.5 million, or $1.2 per share. Our actual cash-on-cash return on the project is, of course, significantly higher. On the chartering front, we continue to strengthen our forward coverage by securing several high-value multi-year charters. Notably, Motor/Vessel Monica was fixed for 24-26 months at $23,500 per day until at least May 2027. Motor/Vessel Rena P was chartered for 35-36 months at $35,500 per day until at least July 2028. Motor/Vessel Emmanuel P was fixed for a period of 36-38 months at a daily rate of $38,000 until at least September 2028. Additionally, Motor/Vessel In Hydra was extended until at least May 2027 at $19,000 per day. These fixtures reflect our continued ability to secure long-term employment at highly attractive levels, providing strong cash flow visibility while reducing exposure to market volatility. Operationally, Motor/Vessel Diamantis P and Motor/Vessel In Hydra underwent repairs resulting in off-hire periods of approximately 23 and 22 days, respectively. The Diamantis P is one of the vessels that was upgraded and then contributed to the holdings and subsequently was sold. The Hydra, which suffered a crane breakdown, had to undergo extensive repairs and faced significant downtime. The repair costs are covered by O'Hallam Machinery underwriters, and we intend to claim any off-hire exceeding 14 days through our loss-of-hire insurer. We experienced no commercial off-hires during the quarter. Please turn to slide 5. On March 17, we successfully completed the spin-off of Eurofolding, a new entity comprised of 3 subsidiaries of Euroseas, owning our 3 oldest vessels: Motor/Vessel Aegean Express, Motor/Vessel Joanna, and Motor/Vessel Diamantis P. The spin-off was executed via a pro-rata distribution of Eurofolding shares to Euroseas shareholders at a ratio of one Eurofolding share for every two and a half Euroseas shares held, representing approximately 5% of Euroseas' net asset value. Eurofolding has begun trading on the Nasdaq under the symbol EHLD on March 18, 2025, as a separate company. Since the spin-off, it has had an average share price of around $5.6, roughly a 44% discount to NAV, with an average daily trading volume of 70,000 shares. The company's NAV as of March 31, 2025, grows approximately $10.05 per share. The spin-off allows Eurofolding to operate independently with its own management and board, while enabling Euroseas to focus exclusively on its younger, more efficient fleet and growth strategy moving forward. Please turn to slide 6. The company has a fleet of 22 vessels, including 15 feeder container ships and 7 intermediate container ships, with a cargo capacity of approximately 67,000 TEUs and an average age of under 13 years. Additionally, we expect the delivery of our 2 intermediate container ship new buildings in the fourth quarter of 2027, each with a capacity of 4,300 TEUs, which will further increase the size and reduce the average age of our fleet. Please turn to slide 7 for a further update on our fleet employment. We continue to benefit from strong forward coverage. For 2025, approximately 97% of our available vessel days have already been secured at an average rate of $28,250 per day, providing strong visibility into this year's earnings. Looking ahead into 2026, we have already covered approximately 67% of our available days at an even higher average rate of $31,600 per day. This level of coverage, achieved through a disciplined chartering strategy, which is neither too defensive nor too aggressive, significantly enhances our revenue stability and allows us to optimize our revenue stream across the market cycle. Moving on to slide 9, we go over the market highlights for the first quarter of 2025. In the first quarter of 2025, one-year time charter rates remained strong, supported by tight vessel availability and sustained demand across all 5 segments. A significant portion of the container fleet has been fixed forward, and in early June, charter rates have continued to trend upward, remaining at historically elevated levels. Compared to Q4 2024, average charter rates have increased by 10% for feeder vessels and by 4% for Panamax and Post-Panamax vessels. Looking at the broader market landscape, 2025 is shaping up to be an interesting year, marked by heightened geopolitical risk and shifting global trade dynamics. Ongoing wars and political tensions continue to disrupt traditional trade routes, while rising protectionism has introduced further inefficiencies. As a result, forecasting remains challenging, as we will discuss later on in this presentation. The average secondhand price index rose by approximately 4.5% in Q1 2025 compared to Q4 2024, supported by limited vessel availability and competitive fleet expansion efforts among buyers. New buildings pricing moved largely sideways in Q1 2025 compared to the previous quarter, though still at hugely elevated levels. Demand for new vessels remains strong, particularly for fuel-efficient and eco-design, yet ordering has decelerated slightly due to limited shipyard capacity, rising material costs, and macroeconomic uncertainties. Meanwhile, the idle fleet, excluding vessels under repair, has continued to shrink, standing at just 0.19 million TEU as of June 2025, 0.6% of the global fleet, roughly nonexistent. This reflects tight knowledge availability and robust fleet utilization. Recycling activity also remains subdued year to date, with just 9 vessels totaling 5,000 TEU sent for demolition. However, with approximately 25% of the sub-8,000 TEU fleet over 20 years old, we anticipate that scrapping volumes could rise should market conditions soften. Scrap prices eased slightly to $470 per lightweight ton in Q1 2025. Lastly, the global container ship fleet expanded by 3.3% already year to date, not accounting for idle vessel reactivations. Please turn to slide ten for our broader market overview, focusing on the development of 6- 12 month time charter rates over the past ten years. As illustrated in the graphs from this slide, container ship charter rates continued their strong upward momentum in the first quarter of 2025, fueled by limited vessel availability and sustained demand across fleet trading. As of June 13, 2025, the 6-12 month time charter rate for 2,500 TEU container ships reached approximately $35,000 per day, more than 3 times the historical median of $11,000 per day, and significantly above the ten-year average of about $20,500 per day. This trend of elevated rates is consistent across all vessel sizes, underscoring the sector's market resilience. Please turn to slide 11. The IMF April 2025 update presents a more cautious global economic outlook, revising its global GDP growth forecast for 2025 downwards to 2.8% from 3.3% projected just 3 months ago in January. Global growth in 2026 is expected to edge up modestly to 3%, but still lower than the 3.3% expected previously. In the last week, the world has experienced an even larger conflict in the Middle East, with more aggressive tensions rising between Iran and Israel. The World Bank cut its forecast growth for 2025 down to 2.3%, noting increased trade tensions and policy uncertainty. The revision from both institutions reflects mounting downside risks, intensified by the United States' announcement of multiple tariffs on major trading partners and sectors, and the new war erupting in the Middle East. These global tensions and heightened policy uncertainty have shaped the outlook for the remainder of 2025 and 2026. According to IMF projections, the United States' projected growth rate has been reduced by nearly 1% to 1.8% for 2025 and 1.7% in 2026, from the previously expected 2.8% and 2.1% respectively. The other advanced economies have also taken a beating compared to previous expectations, with Europe's growth forecast at just 0.8% this year and 1.2% next year. Many European countries continue to face subdued domestic demand, manufacturing weakness, and the lingering effects of the energy shock. U.S. government policy remains largely in focus these days with the direct impacts of tariffs and possible counter-tariffs. Of course, this has the potential to have even wider implications. Global inflation continues to trend downwards, but at a pace that is slower than what was expected in January, with headline inflation expected to end at 4.3% in 2025 and 2.6% in 2026, with notable upward revisions for advanced economies and slight downward revisions for emerging markets and developing markets. However, the near-term path to price stability remains uneven. Persistent services and rate inflation in several economies, coupled with rising protectionism and demographic headwinds, may delay full conversion to target inflation levels. As a result, central banks are expected to maintain a more cautious approach to monetary policy than has previously been followed. Emerging markets remain the primary drivers of global growth. India is expected to expand by 6.2% and 6.3% in 2025 and 2026, respectively, fueled by strong investments, robust agriculture, and the dynamic services sector. Similarly, the ASEAN 5 countries are also projected to post healthy gains. In China, growth has been revised downwards to 4% in both 2025 and 2026, as in addition to the Trump-induced effects, structural challenges persist, particularly around weak domestic consumption, deflationary pressures, and instability in the property sector. Turning to the demand outlook, Clarkson's latest estimates from May 2025 project global container trade to grow by 2.2% in 2025, a notable upward revision from a negative 0.2% to their March forecast, as they had then predicted a much more aggressive unwinding or resuming within 2025, which is something that now seems unfeasible. This tight vessel availability reflects a more resilient environment than previously anticipated. Rerouting is now expected in 2026, depending on the outcome of the current geopolitical situation. Turning on to slide 12, where you can see the total fleet age profile and container ship order book. The container ship fleet is relatively young, with most vessels under 15 years old and only 12% of the fleet over 20 years old. As of June 2025, the order book as a percentage stands at a very high 29.4%. Turning on to slide 13, we go over the fleet age profile and order book only for ships in the 1,000-3,000 TEU range, the sizes we mostly operate in. With a much older fleet, the order book here stands at just under 5% as of June 2025. According to Clarkson's, the new building delivery for feeder and intermediate-sized container ships is expected to remain limited over the next several years. In 2025, deliveries for vessels under 3,000 TEU are projected to amount to just 2% of the existing fleet. This already modest growth is expected to slow even further to 1.3% in 2026, followed by 1.9% in 2027, and up to now just 0.5% in 2028 and beyond. In slide 14, we discuss the different supply outlooks for the 2 container ship segments, with a particular focus on the feeder and intermediate-sized vessels under 8,000 TEU. The global order book remains heavily concentrated on the large vessels, servicing main lane routes, with significant capacity growth expected in that segment. However, feeder and intermediate vessels, which are essential for regional distribution, face a very different supply outlook. Their order books are extremely limited, and the existing fleet is relatively old, with a large percentage of vessels over 20 years of age. These aging units are prime scrapping candidates, particularly as environmental regulations tighten. As a result, it is quite possible that the fleet capacity for feeder and intermediate container ships may actually decline even as the overall container ship fleet continues to grow. This evolving supply backdrop supports a structurally tight market in our operating segment, with favorable indications for vessel utilization and charter rationing in progress. Moving on to slide 15. Turning to the broader outlook, the container shipping market in the remainder of 2025 is expected to be shaped by 3 major forces: the possible rerouting of vessels away from the Suez Canal, the pending outcome of U.S. trade tariff decisions, and the escalating Iran-Israeli conflict, depending on its intensity. It seems unlikely that these issues will be resolved soon, so we now expect the market to remain relatively strong and resilient throughout the year. As we need to form a company's strategy, we have to make several assumptions as to how things will develop in 2026. We do not assume that rerouting will probably be a 2026 event. Similarly, tensions within the Middle East will hopefully be alleviated within 2026 soon. Finally, the impact of U.S. tariffs will not be as severe as originally announced. Based on these main assumptions and the high order book, particularly in the larger sectors, it will be logical to predict that there will be a correction in the market in the next couple of years. With this in mind, we proceeded to secure as long an employment as we could in the extremely high and rewarding current market. However, the latest escalation in the Middle East geopolitical framework may result in the markets to continue being disrupted and strong for much longer. We will see. Finally, on the other front of shipping and shipping uncertainty, we continue to worry about the energy transition and how this will affect our markets. The process is progressing, though, at a slower pace than initially expected, as technical and economic constraints persist. The recent shift of the U.S. administration's stance on climate policy may delay adoption further, but it is unlikely to reverse the broader decarbonization threat already underway in the sector. Currently, eco-efficient vessels are increasingly commanding premium charter rates as demand for sustainable transit solutions strengthens. Now, please turn to slide 16. The left-hand side graph shows the cycle of the one-year time charter rate for 2,500 TEU container ships over the past ten years. As of June 13, the one-year time charter rate for 2,500 TEU container ships stood at $35,000 per day. This, despite being below its peak, is still extremely high and rewarding, and much higher than historical average remuneration. Similarly, though, both new building and second-hand prices have also increased in the past year and also remained significantly above historical average remuneration. In this environment of high prices and high charter rates, we continue to be trying to identify opportunities that could further enhance shareholders' value. We feel that Euroseas is one such example, as the current valuation of Euroseas and Eurofolding combined has outperformed all the other similar listed companies in our universe since Eurofolding started trading alone on March 18. With that, I will pass the floor to our CFO, Tasos Aslidis, to go over our financial highlights in further detail. Thank you very much, Aristides. Good morning from me as well, ladies and gentlemen. As usual, over the next 4 slides, I will give you an overview of our financial highlights for the first quarter of 2025 and compare those results to the same period of last year. For that, let's turn to slide 18. For the first quarter of 2025, we reported total net revenues of $56.3 million, representing a 20.6% increase over total net revenues of $46.7 million during the first quarter of last year. We reported a net income for the period of $36.9 million, as compared to a net income of $20 million for the first quarter of 2024. Interest and finance costs for the first quarter of this year amounted to $4 million, which, after deducting capitalized imputed interest income of $100,000 produced by the self-financing of the pre-delivery payment for the 2 vessels we took delivery in January, and also interest income of $500,000, resulted in total interest and finance costs net of $3.4 million, as compared to interest and other financing costs net of $1.3 million for the same period of 2024, during which period we have deducted from the interest the interest income due to the self-financing of new buildings of the pre-delivery installment of new buildings of $1.4 million and interest income of $500,000 again. The increase of our interest expense in this quarter is due to the increased amount of debt compared to the same period of last year. Adjusted EBITDA for the first quarter of 2024-25 was $37.1 million, compared to $24.6 million achieved during the first quarter of 2024, primarily as a result of the increased number of vessels we operated on average during the period, and also on the lower dry docking expenses we incurred in this quarter compared to the same period of last year. Basic and diluted earnings per share for the first quarter of 2025 was $5.31 basic and $5.29 diluted, calculated on about 7 million basic and diluted weighted average number of shares outstanding, compared to basic and diluted earnings per share of $2.89 and $2.87 respectively for the first quarter of last year, again calculated on about 6.9 and 7 million weighted average number of shares outstanding. Excluding the effect on the net income for the quarter of the unrealized gain or loss on derivatives, the amortization of below-market time charter acquired, depreciation due to the increased value of the below-market time charter acquired, and more importantly, the gain on sale of the vessel we sold, the adjusted earnings per share for the quarter ended March 31, 2025, would have been $3.76 basic and diluted, compared to adjusted earnings of $2.67 basic and $2.66 diluted for the same period of last year. Let's turn to slide 19 to review our fleet performance. Again, as usual, we will start our review by first examining the utilization rates for the period of this year compared to last year. Again, as usual, our utilization rate is broken down to commercial and operational. During the first quarter of 2025, our commercial utilization rate was 100%, while our operational utilization rate was 99.2%. Aristides explained the reasons, compared to 99.8% commercial and 99.9% operational for the same period of the previous year. On average, this quarter, we operated 23.68 vessels, earning an average standard equivalent rate of $27,563 per day, compared to 19.6 vessels for the first quarter of 2024, earning an average of $27,806 per vessel per day. Our total operating expenses, including management fees, G&A expenses, but excluding dry docking costs, were for the first quarter of 2025, $7,511 per vessel per day, compared to $7,963 per vessel per day for the same period of last year. If we move further down on this table, we can see the cash flow break-even rate, which takes also into account dry docking expenses, interest expenses, and loan repayments. Thus, for the first quarter of 2025, our daily cash flow break-even rate was $13,062 per vessel per day, compared to $17,171 per vessel per day for the first quarter of last year, a big part of the difference having to do with lower loan repayments and lower dry docking costs. At the bottom of this table, we can also see our common dividend expressed on a per vessel per day basis. Our dividend for the first quarter of 2025 equates to about $2,118 per vessel per day, compared to $2,328 per vessel per day in the corresponding period of last year. Let's now move to slide 20 to review our debt profile. As of March 31, 2025, our total outstanding bank debt stood at $244 million, with an average interest margin of approximately 2.04%. Assuming a 3-month soft rate of 4.31%, this translates to a cost for our senior debt, our only debt, of 6.35%. Taking here also into account our interest rate swaps, where approximately 8.2% of our debt has been swapped for a fixed rate of a little lower, 3.41%, makes our blended cost of debt effectively down to 6.3%. With a scheduled loan repayment for the rest of the year of approximately $18.4 million, plus a $7 million balloon, thus reducing the outstanding debt by the end of this year to about $213 million. In 2026, scheduled loan repayments are expected to total $19.5 million, with no balloon payment due. In 2027, we anticipate making $16.8 million in loan repayments, alongside the $20 million of balloon payments, resulting in total expected scheduled debt repayments in 2027 of about $36.8 million. I would like to draw your attention now at the bottom of this slide, where we present our cash flow break-even level for the next 12 months, and also we break it down to its components. Overall, we expect a cash flow break-even level to be around $12,673 per vessel per day, a level that, as you can realize, is significantly below the average daily earnings of our fleet. To sum up my presentation, let's move to slide 21 and review some highlights from our balances. As of March 31, 2025, we have cashed another current asset of about $106.4 million, while we have made advances for our 2 new buildings, close to about $18 million. In addition, our assets include the book value of our ships, which stood at $524.2 million, resulting in total book value of our assets in our balances of about $648.8 million. On the liability side, as I mentioned earlier, we had debt of $244 million, which represents about 38% of the book value of our assets. We also had other liabilities that amounted to about $25 million, that amounted to about 4% of the book value of our assets, leaving us with a book value of shareholders' equity of about $377 million, or 54.8% book value. However, it is important to mention here that the market value of our fleet, adjusted for the charter that we have, is significantly higher than its book value. We estimate that at the end of March of 2025, the charter adjusted value of our fleet to be $144 million higher than its book value, thus resulting in net asset value per share for our company in the range of $74-$75. Despite the recent increase of our share price during the last 2 weeks, which is trading between $40 and $45 per share, it is evident that our stock rate is at a significant discount to our net asset value, highlighting the substantial upside of our shares and the prospective gains for our shareholders and investors. With that remark, I would like to turn the floor back to Aristides to continue our call. Thank you very much, Tasos. Let us open up the floor for any questions we may have. Thank you. We'll now be conducting a question-and-answer session. If you'd like to ask a question, please press star one from your telephone keypad, and a confirmation tone will indicate your line is in the question queue. You may press star 2 if you'd like to withdraw your question from the queue. For participants that are 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. Thank you. Our first question is from the line of Mark Reichman with Noble Capital Markets. Please proceed with your questions. Thank you for taking my question. The first one is just, would you please provide your latest estimate for scheduled hire days for the remainder of the year? Scheduled dry docking costs are higher. You have got the dry docking, but then you are also—you mentioned you were going to retrofit one of your second-hand vessels with energy savings equipment, so I am guessing that that one will experience some off-time as well. This is the same— but mainly dry docking, yes. Mark, this is the same vessel. It's the manual, and our estimated stoppage time of 25 days is the period in which we envisage to complete the special survey and the retrofit. That's the only vessel, I think, that we have for dry docking this year. The retrofits are being done as part of the dry dock, so we don't have an incremental—there's no incremental days for the retrofits to the vessel bar. Oh, okay. Great. Great. The second question is, on page 15 of your presentation, I just wanted to kind of focus on the line where you say that we conclude that it's probable that we'll experience downward pressure in charter rates. Now, obviously, you're very well covered in 2025 and even into 2026, but I was wondering which of those 3 assumptions has the most bearing in your conclusion there. Is it the rerouting of the ships to the Suez? Is it the tariffs and economic growth? Or just if you could maybe just expand on that a little bit would be great. Okay. Rerouting of ships is a significant negative because it reduces ton miles substantially. If that happens, we reduce the ton miles, the effective supply of ships goes up. That can be a significant negative. Of course, the imposition of tariffs and the drop in global trade can also be negative. However, the disruption that is caused by changing trade routes and the lines trying to optimize those routes so as to have as little delays and not higher than waiting times force, that's a positive if that happens. Generally, disruption is positive, as also the effects of the war can be positive, except if that leads to a very significant drop in trade. These are all very difficult things to analyze and make predictions upon, I have to admit. That is why we took the much more cautious approach even before the war. Okay. No, that is helpful. Just one last question is that your total daily vessel operating expenses are down compared to the prior year. I was just wondering if you expect those to decline further as the other 4 of the 9 new builds are reflected in operations. Yeah. I think statistically that probably is true. As the composition of our fleet becomes on average younger, having more new builds incorporated for more time of the year, the blended average might come down a bit. Generally, our budget talks about roughly 2% higher OpEx compared to our previous budget. Okay. Great. That is very helpful. Thank you very much. You are welcome, Mark. Our next question is from the line of Pofat with Alliance Global Partners. Please proceed with your questions. Hello. Hello, Aristides. Hello, Tasos. Tasos, could you highlight how much debt you're going to pay off when the Marcos V is actually delivered to the seller or to the buyer? We actually—I think it's about $8 million that has actually been already paid. Okay. So the loan? Scheduled by soon, at the end of the year, of $7 million, but we actually paid a bit early the loan last this quarter, so the Marcos is debt-free. Okay. So that net proceeds will be $50 million in the fourth quarter? So again, the what? The net proceeds of the sale will be $50 million in the fourth quarter? That's correct. Yes, that's correct. Okay. Great. And then you still have some older ones pre-2010. Are you looking to enhance your fleet profile by selling some of the older vessels? Can you just talk about the S&P market following the sale of the Marcos? Aristides, you want to— I think we don't plan to sell vessels while they are on charter, but perhaps when the charter expires, we could try. Okay. The Jonathan Pease off-charter at the end of the year, should we be thinking of that as a potential sales candidate? I think I would say that we are looking primarily to retarget the vessels, and so we are pushing our fields in their market for that at this moment. Okay. Great. Thank you. Thank you. At this time, I'll turn the floor back to management for closing remarks. Aristides? If there are no other questions, then I'll take the role of Aristides and thank everybody for participating in our call. We're looking forward to seeing you all in August when we're going to issue our first half results. Thank you very much again, and enjoy the rest of your day. This will conclude today's conference. We disconnect your lines at this time. Thank you for your participation. Have a wonderful day.