Thank you for standing by, ladies and gentlemen, and welcome to the Safe Bulkers conference call to discuss the second quarter 2022 financial results. Today, we have with us from Safe Bulkers, Chairman and Chief Executive Officer, Mr. Polys Hajioannou, President, Dr. Loukas Barmparis, and Chief Financial Officer, Mr. Konstantinos Adamopoulos. At this time, all participants are on 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 slowly press star one one on your telephone keypad and wait for your line to be open. Following this conference call, if you need any further information on the conference call or on the presentation, please contact Capital Link at 212-661-7566. I must advise you that this conference call is being recorded today. Before we begin, please note that this presentation contains forward-looking statements as defined in Section 27A of the Securities Act of 1933 as amended, and Section 21E of the Securities Exchange Act of 1934 as amended, concerning future events, the company's growth strategy, and measures to implement such strategy, including expected vessels acquisitions, and entering into further time charters. Words such as expects, intends, plans, believes, anticipates, hopes, estimates, and variations of such words and similar expressions are intended to identify forward-looking statements. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risk and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for dry bulk vessels, competitive factors in the market in which the company operates, risks associated with operations outside the United States, and other factors listed from time to time in the company's filings with the Securities and Exchange Commission. The company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the company's expectations with respect thereto, or any change in events, conditions, or circumstances on which any statement is based. Now I'll pass the floor to Dr. Barmparis. Please go ahead, sir. Good morning. I'm Loukas Barmparis, President of Safe Bulkers. Welcome to our conference call and webcast to discuss the financial results for the second quarter of 2022. The second quarter was a good quarter. As we see in slide three, our EPS reached $0.40 per share, and we maintain our dividend policy of $0.05 per share. We are different than many of our peers, as the free cash flows not only reward our shareholders through the dividend policy, but in parallel, we create intrinsic value through an extensive fleet expansion program with 11 new builds which comply with environmental regulations after 2025, known as IMO Phase III of CO2 emissions. They also comply with the most rigid NOx regulations, Tier III. Having taken delivery of the first Kamsarmax, MV Vassos, and while we're expecting the next delivery of a Post-Panamax, namely Climate Respect, the next few days, we have already seen in the first vessel a notable increase of earnings capability due to impressive savings in fuel consumption. We intend to compete on this basis with our new build fleet, but the most important is that all these orders with deliveries within the next 2.5 years were placed timely and relatively at low prices, substantially lower than their valuations today. We are maintaining a comfortable leverage in order, in the order of our fleet scrap value, about $6.8 million per vessel, while the average age of our fleet, although the fleet is aging, has stabilized in about 10.5 years due to our renewal strategy and the delivery of the new builds Our liquidity and capital resources are maintained strong as at $294.8 million, which together with a contracted revenue of $390 million, provides flexibility to our management in capital allocation. I also need to highlight the importance of our scrubber investments in this fuel expensive environment. We have recently installed an additional scrubber in one of our capes. The operation of scrubbers in our fleet further enhances our earnings capability. During last quarter, as we see in slide four, we continued certain moves that improved our capital structure. In other words, we redeemed $37.3 million of Preferred C, saving in preferred dividends 8% of this amount on annual basis, and have initiated a buyback program acquiring from the market 1 million shares. Of course, our main focus is lean operations in this inflationary environment. As a result of our daily operating expenses were $4,981, and our daily G&A expenses, which include the management fees, were $1,382. We believe that the increase of fuel prices are reflected in several OpEx cost components, such as transportation costs, lubricants, costs for tickets for crew changes. Although the overall repatriation costs may gradually reduce if there are no COVID restrictions, expenses for dry dockings, et cetera. Our OpEx are also affected as the cost of certain environmental upgrades, such as ultra-low friction paint applications is expensive. Moving to slide five, we would like to highlight additional points that make our management unique compared to our peers. Being one of the 10 pure dry bulk companies with 60+ years experience and public since 2008, we enjoy the benefits of a sound corporate governance together with the alignment of our CEO and Chairman of the Board of Directors, Polys Hajioannou, which is achieved through his shareholding percentage of about 40%. For our management with 40% ownership, even during the extensive low charter market conditions and the oversupply of vessels of the past, we never did a reverse split. We never filed for Chapter 11. We avoided unwanted capital increases unless it was accretive for all our shareholders. We try to do the right thing. For example, we have 0% commissions of chartering management, and through our management's direct relations, we achieve lower average total chartering commissions to third parties of 4% compared to the market standard, which is 5%. Our actual skin on the game is what differentiates us. Being ourselves shareholders of 40%, when we make newbuild orders at a low market and create value for our shareholders, when such newbuild orders have appreciated by 20%-25% today, or when we manage our vessels aiming to achieve the best performance, or when we do all such prudent actions to make our company stronger. The advantage that we see today is that in the future there is no order book in the levels of the past, so we remain cautiously optimistic despite the global instability caused by invasions, energy crisis or inflationary pressure, and well prepared in terms of environmental regulations. As we see in slide six, our second ESG report was issued on July 25th, focused on corporate governance, support of local communities with scholarship programs, support of seafarers during COVID restrictions, training of personnel, $371 million investments in 11 Phase III newbuilds ahead of peers, environmental upgrades in 2022 on existing fleet of $2.2 million, use of about 2,000 tons of biofuel by end of May 2022, emitting 1,550 tons less CO2. Reported also of verified AER, EEOI data for 2021. Please take a look on our sustainability report in our website as taking solid actions to investments is what differentiates Safe Bulkers. Moving on slide seven for a synopsis of quarterly results. As a general comment, our 2022 second quarter profitability exceeded second quarter of 2020 profitability by $10 million, reaching net revenues of $91.6 million and net income of $50.3 million. We have achieved an EBITDA of $66.5 million and maintain significant liquidity and capital resources of over $300 million. We have redeemed in April 2022 more than a quarter of our 8% preferred shares, improving our weighted average cost of capital. Further, we have a significant cash flow visibility with over $360 million of charter contracts. Our financial strength, as reflected in our EPS of $0.40 per share, enabled our board to declare a dividend of $0.05 per common share, noting that at the same time, we are renewing our fleet with secondhand and Phase III newbuilds well ahead of the competition. Moving on to slide eight, we highlight certain key figures of Safe Bulkers. All numbers are, which are presented here are as of quarter end. More specifically, on the right graph, we compare our liquidity with our outstanding CapEx. Our liquidity capital resources was $294.8 million, consisting of $159.4 million in cash and $155.4 million in available revolving and bridge facilities and secured commitments. Against outstanding CapEx, which were $319.5 million in relation to the remaining 10 Phase III newbuilds on the order book and our secondhand vessel to be acquired within August. We have already paid as advances for CapEx $58.9 million. On top of our liquidity capital resources, we had as of quarter end an additional borrowing capacity in relation to seven unencumbered existing vessels and one secondhand and nine newbuilds upon their delivery. On the left graph, we compare our debt against scrap value and against contract revenues and cash. Our cash was $139.4 million, and our contracted revenue excluding scrubber benefit was $393.7 million. Net of commissions from our non-cancelable spot and period time charter contracts. This is against our outstanding consolidated debt of $432.6 million, which includes the EUR 100 million unsecured bond. We need to see that our fleet scrap value of $359.3 million, which is presented in the last column and is calculated on the basis of our fleet aggregate lightweight tons and scrap rate of $565 per lightweight ton, is in the same order as the debt. Moving on to slide 10 and the dry bulk market data, we present the development of the CRB Commodity Index, which currently stands at a five-year high. The index reflects basic commodities and futures prices. For example, energy, agriculture, precious metals and industrial metals, which represent leading indicators for shipping. As a result of the ongoing Russian-Ukrainian war, we have witnessed a rapid surge of prices during 2022. The updated forecast of IMF released yesterday downgrades the expected growth of global GDP to 3.2% for 2022, lowered from 3.6% in April, and to 2.9% for 2023, lowered from 3.6% in April. In China, further lockdowns and the deepening of real estate crisis have led growth to be revised downwards by 1.1 percentage points with major global spillovers. In the U.S., lower growth early this year reduced household purchasing power and tighter monetary policy drove a downward revision of 1.4 percentage points in the real GDP growth. In Europe, significant downgrades reflect spillovers from the war in Ukraine and tighter monetary policy. Global inflation has been revised up due to the war-induced commodity prices increases, the broadening price pressures on food and energy prices, as well as lingering supply-demand imbalances as it is anticipated to reach 6.6% in advanced economies and 9.5% in emerging market and developing economies this year, upward revisions of almost 1% from April. In 2023, disinflationary monetary policy is expected to affect global output with projected increase by just 2.9%. The projected 2022 Chinese GDP stands at 3.3% despite the zero COVID policy lockdowns and at 4.6% for 2023. We note an increased anxiety on Chinese iron ore demand if the national target to control carbon emission is to be met and the struggling domestic coal production evident in mainland China. In India, the projected 2022 GDP stands at 7.4%, and it is anticipated to reach 6.1% for 2023. The forecasted global dry bulk ton-mile demand is expected to increase only by 0.2% in 2022, supported by the industrial materials like iron ore and coal, and also by the agricultural commodities. Let's turn to slide 11 to have a quick look at current charter market conditions. As shown in the top graph, the Capes market for the year to date continues to be healthy. Capes lately have been volatile, driven by the commodity dynamics which we have analyzed. The forward freight agreements curve presented in the red color is about 25,000 for 2022. Similarly for Panamax, as seen on the bottom graph, the FFA curve is about 20,000 for 2022. The prevailing commodities market is likely to support the freight market throughout this year. In slide 12, we present our scheduled order book deliveries. We have one more delivery in 2022, which is imminent, which is the delivery of 1 Post-Panamax, namely MV Climate Respect, the next few days. This is the second delivery this year, the first being the MV Vassos, a Kamsarmax newbuild in May. We have five more newbuild deliveries in 2023, three in 2024 and one at the beginning of 2025. A total of 11 Phase III newbuilds, which will maintain Safe Bulkers average fleet age at 10.8 years in 2025. In the bottom graph, we present a record low order book and expected fleet growth for the forward years up to 2026 for all vessel sizes. The supply fundamentals are strong as we witness a historically low order book and a shortage in shipyard capacity, which is gathered by other sectors' orders, mainly containerships and LNGs. Turning to slide 13, we focus on intrinsic value creation as a result of our investments in scrubber technology currently installed on 18 of our vessels. The surge in fuel prices in the last months, which is more evident in today's market, has pushed the Very Low Sulfur Fuel Oil versus HFO differential at high levels, which is translated to increased revenues for the scrubber-fitted vessels. Presently, the so-called Hi5 in Singapore starts at about $390 per ton, and according to the futures market, the balance for 2022 stands at about $280 per ton. On an annual average consumption of about an assumed 7,200 metric tons of, for our 18 scrubber-fitted vessels. The implied scrubber gain potential is about $26 million per annum in aggregate at a 250 assumed spread. Let me note here that we have agreed five additional scrubber installations for our Capesize class vessels. Furthermore, the company is pursuing a vessel upgrade program during dry dockings in the amount of $2.2 million for 2022, which involves environmental upgrades, including application of low friction paints and installation of energy-saving devices. Concluding this section in slide 14, we would like to reiterate that with our existing liquidity and contracted revenue, with our existing order book ahead of the competition, and with our strong financial position, we set the ground for a period where environmental regulations will dictate the competition rules. We believe that we are well prepared and that the market will continue to provide opportunities, either in relation to our operations and profitability or in relation to new technologies and fleet renewal. Now let me pass the floor to our CFO, Konstantinos Adamopoulos, for our financial overview. Thank you, Loukas, and good morning to everyone. Let me start with our quarterly financial highlights in slide 16. During the second quarter of 2022, we operated in an improved charter market environment compared to the same period of 2021, with lower interest expenses and increased revenues, which also include earnings from scrubber-fitted vessels. Our quarterly net revenues stood at $91.6 million, up from $81.6 million for the same period of last year. Net revenues increased by 12% compared to the same period in 2021, mainly due to the increased time charter equivalent earnings rate as a result of the improved market, assisted by the additional revenues and by our scrubber-fitted vessels. The daily time charter equivalent was $25,050 compared to $21,098 of 2021. The net income from the second quarter of 2022 is $50.3 million compared to net income of $32.4 million during the same period in 2021. Our daily OpEx was $4,981 versus $4,874 last year. At the same number excluding dry docking and delivery expenses stood at $4,648 versus $4,539. Daily vessel operating expenses marginally increased by 2%, mainly affected by increased repairs and maintenance expenses and also increased lubricant costs. Our all-in OpEx and G&A for 2022, which we believe is one of the most competitive compared to our peers, stood at $6,363. This includes all our dry docking and delivery expenses as well as our directors' and officers' compensation. Our adjusted EBITDA for the second quarter of 2022 increased to $66.5 million compared to $54.1 million for the same period in 2021. Our adjusted earnings per share for the second quarter of 2022 was $0.42, calculated on a weighted average number of 121.6 million shares, compared to $0.31 during the same period of 2021, calculated on a weighted average number of 109.7 million shares. Let me conclude on slide 17 with our quarterly operational highlights for the second quarter of 2022 and in comparison with the same period of 2021. We have had a very satisfactory financial performance of $0.40 per share, and the company's board of directors declared a $0.05 dividend per common share. During the second quarter, we took delivery of our first Kamsarmax newbuild. We believe that our newbuild will provide us with substantial operational and commercial advantages for the years to come. We would like to emphasize that the company is maintaining a healthy cash position of about $167 million as of July 22nd, and another $140.4 million in revolving credits and secured commitments. The combined liquidity of over $300 million provides us with significant firepower. Furthermore, we have contracted revenue from our non-cancellable spot and period time charter contracts of over $360 million net of commissions. This number does not include scrubber revenue. We have also additional borrowing capacity in relation to seven debt-free vessels, one secondhand, and also nine newbuilds upon their delivery. We believe that our strong liquidity and relatively low leverage will enable us to be flexible with our capital while still rewarding our shareholders. Our press release presents in more detail our financial and operating results, and we are now ready to take your questions. Thank you, sir. As a reminder, to ask a question, you will need to slowly press star one one on your telephone. Please stand by while we compile the Q&A roster. I show our first question comes from the line of Omar Nokta from Jefferies. Please go ahead. Hey, guys. Good afternoon. I think, you know, thanks for the overview. I think it was pretty good and detailed. I did wanna ask about, you know, the buyback. You guys announced last month the $5 million buyback, and it- You put it to work pretty quickly, I'd say, with $1 million already repurchased. Stock has done fairly well here over the past several weeks. How are you thinking about buyback from here? You know, stock's gone up. The potential still has more to go, but just wanted to think about or hear what you have to say regarding potential further capital put to work here on the buyback. We have announced that we will do a buyback up to $5 million. We have done as we said $1 million. This buyback is done opportunistically when the market is very low and because we believe that when we believe that our stock is undervalued. We expect that this program will continue, and we may exercise this buyback program from time to time when we feel that the time is right. I hear you. Thanks. I guess in regards to the dividend, obviously you restarted that last year. Any updated thoughts on how you see that number? I'm just asking, you know, you obviously know this, but I think the majority of your U.S. peers have a formulaic payout to their dividend based off of quarterly earnings. I'm not saying you have to do that, but just wondering, you know, are you comfortable leaving the dividend as it is on that nominal $0.05 a quarter? Can you see yourselves migrating to a formulaic payout similar to some of the other players? If we have this dividend policy, and we take a decision on a dividend quarterly, it seems. I mean, of course, we would like to see a steady dividend, but I would like to remind you that we are one of the few companies that have an extensive investment program in new builds. We direct our free cash flows to several points. One is the investment because we really want to invest in Phase III vessels which, as we have already seen from the operation of the first one, will be much more profitable to the company compared to all the other vessels we have because it burns substantially less fuel. This is something that you can. I mean, the details are shown in our ESG report, which is presented on our website. The second is of course we want to reward our shareholders with a meaningful dividend, which is attractive also at this point, I would say it should be considered as a good compared to the actual value of our stock. Of course, we have also directed some small portion of our free cash flows to the buyback program to support our company. We did also additional actions. For example, we redeemed a substantial number of preferred C, which improves our WACC and our capital structure. I think this will be beneficial in the long run for our common shareholders. We have a very comprehensive multiple way of thinking compared to the dividend policy. We are not single-minded only towards paying a dividend. I would like to remind you that our CEO has 40% in the company, so he would be very happy to have or more dividend. The important thing is to have a strong company ahead of this more stringent regulation that will come that will affect everyone. Companies like us that we are investing in hard assets will be able to react and be able to be more profitable than the others and to compete on the basis of environmental performance. No, very, very good, very, very prudent on your part there. I understand. Thank you. One follow-up I wanted to ask about maybe just the mechanics of the Capesize time charters. You mentioned them in the past also, but just wanted to understand how do the scrubber benefit work. For instance, in your latest release you mention those two vessels that are fixed, I believe three years each. There's a fuel benefit of $5.4 million in addition, based off of that $220 assumed fuel spread. Is that just an assumption? Ye- And- Yeah. Yeah. Do you mind just, you know. Thank you. Just don't mind sharing the mechanics. Yes. Look, roughly a Capesize bulk carrier consumes around 10,000 tons of fuel every year based on the sea days of the vessel. On this quantity, if you assume $220, usually you give a 10% discount to charterers on period charters for scrubber benefit. It means you get around $200, so it's around $2 million a year. Over the course of the three years, you expect to get something between $5 million-$6 million on the revenue of the vessel, which is a very good return if you remember scrubber at the time we invested costed including installation and cost of the scrubber and the cost of the... Of all the technical services costing around $3 million per vessel. It's a very good return coming at the appropriate time. Of course, we had a very low scrubber benefit in 2020 due to COVID, and an improved one in 2021, and a much more improved in 2022 with the effects of the war and the widening of oil prices and spread between HFO and VLSFO. We are optimistic that this will be a steady income, and we are proceeding to invest in all our Capesize scrubbers in the next six to nine months because we think even at $200 or $150 or $160, it's still a profitable investment after two or three years. We are gonna do this investment on all the higher consumption vessels. Interesting. Yeah. Thank you. I guess that's I was gonna ask, so that's you mentioned initially that you typically share that with the charter, but the charter only takes 10% of the discount, and you're keeping that 90% benefit to yourself. Look, on those two specific charters, we managed to keep 90%. It depends on the market situation. Sometimes charters press for 20% to keep. Sometimes you manage to get away with 10%. Some other times you have to give 15%. It's all in relation also to the basic rate that you are getting. Sometimes you decide that you can give to charterer a little bit more on the scrubber and get a little bit better rates on the hire. It's a give and take practice. Sometimes when the spread is very high, also charterer, you know, he's earning 10%, you know, to $300,000 a year from zero investment. For them as well, it's a nice return on nothing. Definitely. Just as you mentioned the scrubbers that you're gonna install on the handful of remaining Capesize, is that something you're going to do proactively, as in pull them from trading and install them? Or are you doing that as sort of the normal part of their surveys? Look, no, we will do some of them a bit earlier and some of them during their normal surveys. You know, we are doing other environmental improvements, so at the same time. We're, let's say more urged to do those investments and those improvements as early as possible to reduce fuel oil consumption by, you know, 5%-10% and improve the emissions of the ships. At the same time, we take advantage of the 20-25 days downtime that we may have to do the early scrubber investment. We start earning back the premium whilst we have a high oil price. We don't expect oil prices to drop anytime soon, despite the talks of forthcoming recession and things like that. We believe that it will be a struggle in the next 6- 12 months to keep oil prices contained. You see already what's happening with the effects of the war, but you see Russia is playing a game with the gas supplies to Europe. I think, you know, the current oil prices will remain at least for the next 12 months. This will give, you know, at least for owners who invested timely on scrubbers, some extra cushion that will support, you know, earnings during a time that freight market will not be over-performing, but would be rather stable or little bit lower than we used to have in 2021. For us, it's a good investment and it's good we made it timely. We have the technical know-how of how we can do it quickly. We can make the changes and the investments very quickly. We have secured the scrubbers, which also this is a struggle these days. We have secured the scrubber equipment timely. It's all from the same manufacturers, which was the most reliable manufacturers. I believe it's a good investment on behalf of the company now. If you make back the investment in two years or three years, for me it's a good investment. If you compare assets, your target is to make the breakeven in eight or 10 years. Here, you make it in two or three. It's very good investment on ships that they Bigger ships that they have big consumptions. Got it. Very, very good and helpful. Thank you. I'll leave it at that. Thank you. Thank you. Our next question comes from the line of Benjamin Nolan from Stifel. Please go ahead. Sorry, actually, Omar asked my question. Thanks, guys. Thank you. As a reminder. Okay. To ask a question, you would need to slowly press star one one on your telephone. Now our next question comes from the line of Climent Molins from Value Investor's Edge. Please go ahead. Thank you for taking my questions. Following up on Omar's question regarding the installation of scrubbers on the remainder of Capesize, when should we expect the retrofits to be conducted, and how many of those are expected before year-end? One will be definitely before year-end, towards the end of the year. Three more, I think it will be in the first quarter just after the Chinese New Year, the end of the first quarter of 2023. Loukas, you may correct me if I say something inaccurate. No. I think these are about the dates we have the availability of details and the scrubbers and the ships with their cycles. I mean that those surveys and classifications survey cycles to coincide with intermediate or surveys of the assets. Because you remember you don't want to have down times without doing other things in the yards. Yes, it is correct. It's correct. I mean, the one towards year-end, the other three at the Chinese New Year, one towards 2023 year-end. All right, that's helpful. You've been very active with fleet expansion over the past couple years, adding new routes and selective secondhand tonnage. I was wondering what's your current stance regarding additional acquisitions? On a similar note, could you provide some commentary on how you view the oldest portion of your fleet? Yes. Look, the fleet expansion which started late in 2020, we felt the market will start recovering from the COVID-19, the demand side at least. We're strong believers in the dry bulk market, simply because we never remembered that we had a dry bulk. Hello? Hello? Hello? Has the line- Yes. Has the line- I think we lost Dr. Barmparis. Yes. Can we repeat the question, please? Yeah. I was wondering if you could provide some additional commentary on your stance regarding potentially continuing to expand the fleet and your views on how you treat the oldest portion of your fleet right now? Yes. As you have seen, we have done substantial sales of vessels and acquisition of younger vessels. We have done, I would say the biggest part if not all, in terms of secondhand acquisitions, we have done a good ordering of in the new build vessels. Our oldest vessels that we have in our fleet, which are 2004 Capesize vessels have a. Despite the fact they are quite old, they have very good environmental performance. We are willing to operate them in the next period, although from time to time we may sell one. I don't think that we should expect something spectacular. The most important thing is our investment strategy focused on Phase III vessels. I would like to say that we are monitoring any future developments in terms of fuels, which I believe they will come quite late in terms of alternative fuels, I mean, green fuels. I don't believe that this will be something of the next two to three years. It will be later on. Of course, the production of green fuels will come even later. We need to see more, let's say substantial proofs that on what technology should we move. That's why we are skeptical and concerned about new orders. We have done our part of the job because these 11 ships that we have ordered, being Phase III, have a substantially lower performance, lower consumption compared to, I would say by something like 4 tons, lower consumption compared to the similar sized vessels. That creates profit. We intend to compete on these phases. Otherwise, we monitor the situation. Of course, another point that I want to mention, which I don't know if we have, if you have done that until now, is that the company is also using quite substantially biofuels, which represent also a good reduction on CO2 emissions compared to the normal standard HFO. Maybe in the future we may have some selective sales of older vessels, but they are quite energy efficient. Maybe we can find another secondhand, but it's quite less probable. We will try to see what will be the next generation of vessels that we can invest. If I may add, I'm back online. If I may add to what Loukas said, the delivery of the new buildings is coming for Safe Bulkers at the time that fuel oil prices are $1,000 a ton. We never thought that when we ordered those vessels that we would be getting them at a time when a ton of fuel is VLSFO fuel is worth $1,000 a ton. We consider it a sound investment with the price of oil of $500 or $400 a ton on the VLSFO. We ordered the ships timely because of the consumption and the new regulations, and because we've got a price of around $30 million versus $40 million -$45 million that they are worth today. The fact that we are receiving the ships at the time when VLSFO one ton is costing $1,000, or in some places even more than that, $1,200 or something like this, is an added benefit for this investment. This will be very well shown in the next quarter's results. All right. Thank you very much for the color. That's all from me. Thank you for taking my questions and congratulations for this quarter. Thank you very much. Thank you. I'm showing no further questions in the queue. At this time, I'd like to turn the call back over to Dr. Loukas Barmparis, President, for closing remarks. Thank you very much to all, and we're looking forward to discuss again with you, our financial performance for the third quarter, which will happen somewhere in November. Thank you again, and have a nice day. Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.