Thank you for standing by, ladies and gentlemen, and welcome to Safe Bulkers conference call for the first quarter 2026 financial results. We have with us today Mr. Polys Hajioannou, Chairman and Chief Executive Officer, Dr. Loukas Barmparis, President, and Mr. Konstantinos Adamopoulos, Chief Financial Officer of the company. At this time, all participants are in a listen-only mode. There'll 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. 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. The archived webcast of the conference call will soon be made available on Safe Bulkers website at www.safebulkers.com. Many of the remarks today contain forward-looking statements based on current expectations. Actual results may differ materially from results projected from those forward-looking statements. Additional information concerning factors that can cause actual results to differ materially from those in the forward-looking statements is contained in the first quarter 2026 earnings release, which is available on Safe Bulkers website, again, at www.safebulkers.com. I would now like to turn the conference call over to one of our speakers today, the Chairman and CEO of the company, Mr. Polys Hajioannou. Please go ahead, sir. Good morning to all. I will do the talking. I'm Loukas Barmparis, President of Safe Bulkers, and I'm welcoming you all to our quarterly results presentation. During the first quarter of 2026, we operated in an improved charter market environment compared to the same period in 2025, with increased revenues due to higher charter hires and slightly increased earnings from time-chartered vessels. The dry bulk market witnessed increased market volatility, mainly due to geopolitical reasons. The increase of dividend to $0.06 per common share and the opportunity to access European investors through the parallel listing in Euronext Athens, a platform of eight stock exchanges in Europe, are the two highlights of the previous period. In the first quarter of 2026, we increased our EPS to $0.18, and from an EPS of $0.05 for the same period in last year, while we declared $0.06 per share for dividend and continue the renewal of our fleet with four new builds and the sale of our oldest Kamsarmax and our oldest Post-Panamax vessels. Following a comprehensive review of the forward-looking statements language presented in slide two, let us proceed to examine the supply side dynamics involved here. The dry bulk fleet is projected to grow by about 4% in 2026 due to stable new deliveries, with fleet growth estimated to be highest for the Panamax segment. A 30% of the dry bulk fleet is over 15 years. The order book now stands at about 13% of the fleet. The forecast for dry bulk supply as per BIMCO is to grow 2% in 2026 in the Open Hormuz scenario versus 1% growth in case of a close. For reference, about 1% of dry bulk capacity is currently trapped in Persian Gulf. Asset prices remain elevated in line with the current freight market. Currently, about 10% of ship capacity in the dry bulk order book will be able to use alternative fuels upon delivery. However, the dual fuel order book remains small in the dry bulk segment. The postponement of the adoption of the global fuel standard by IMO, as well as recent discussions may move the path on decarbonization towards more pragmatic solutions. In our total order book in 2024 Phase 3 vessels placed since 2020, we do have 2 dual fuel new builds on order with deliveries in Q1 2027, able to operate with fossil fuels until alternative fuels become available and economically viable. Hedging for the increased more stringent carbon intensity limits of the FuelEU Maritime regulation after 2030 and the potential adoption of new regional or global regulations. Safe Bulkers fleet now counts 13 Phase 3 vessels on the water, all delivered from 2022 onwards. In addition, 21 vessels have undergone environmental upgrades and 11 vessels are Eco, incorporating superior fuel efficiency characteristics. Approximately 80% of our fleet is Japanese-built, compared with the global average of roughly 40%, underscoring our focus on construction quality, asset durability, resale value, and fuel efficiency. We also underline the improved quality of our Chinese ships, which incorporate improvements in durability and fuel efficiency. Our average fleet age of 10.5 years is approximately two years younger than the global fleet average of 12.5 years, strengthening our competitive position in terms of operational performance and fuel consumption. Our commercial competitiveness will strengthen as we will be taking delivery of our remaining order book of 11 Phase 3 vessels. By 2029, Safe Bulkers is expected to comprise of 45% Phase 3 vessels, positioning us favorably to compete based on the fuel efficiency. While the shipbuilding capacity will continue to be constrained, leading to longer lead times. Moving on to slide 5, we present an overview of the demand in basic commodities trade. The global GDP growth expectations from 2026 and 2027, as reflected in the IMF's April forecast, call for a growth around 3% in the coming years, accompanied by gradual control of inflationary pressures. BIMCO forecasts a global dry bulk demand growth of about 3% in 2026 on the Open Hormuz scenario. Cargo volumes are projected to expand about 2% in 2026. Iron ore demand expected to grow up to 3% in 2026 in Open Hormuz scenario. Lower prices driven by increased exported output effectively stimulates trade and enhanced competitiveness versus lower-grade domestic Chinese supply. However, increased Chinese port inventories may soften import demand in second half of 2026. Coal shipments are projected to decline by 1%-2% in 2026. The International Energy Agency expects global coal demand to fall by 1.5% between 2025 and 2027, with coal imports declining up to 4%. Chinese demand is projected to fall by 1.5%, while Indian Ocean regions remain growth pockets. Thermal coal trade is weakening. Coking coal remains relatively resilient. However, the closed Hormuz has reversed short term. This coal trend and Chinese imports have supported trade. Grains remain the strongest performing major bulk, with shipments estimated to grow about 5% in 2026 in the Open Hormuz scenario. Strong crop harvest in the U.S., EU, Argentina, Russia, and Brazil underpin supply. However, China policy push towards greater self-sufficiency and reduced soya meal usage presents a downside risk. Minor bulks growth in an Open Hormuz scenario is expected to be quite strong for 2026. Energy transition related ores remain supportive, though China's aluminum production gap may moderate due to bauxite trade growth. Fertilizer demand continues to be a key factor affected by the Hormuz closing. As China remains a central swing factor for dry bulk, its broader economy, strong exports offset weaker domestic demand still being affected by property sector crisis and manufacturing overcapacity. Its GDP is forecasted to grow by 4.4% in 2026. The trade tensions between the U.S. and China, although truce has been reached and recently reaffirmed, remain a key source of global economic uncertainty. Domestic production policy and coal and grain import substitution strategies represent downside risks to seaborne trade. India continues to perform and is projected to experience the fastest growth among major economies, with a forecasted 6.5% GDP increase in 2026. Its expanding domestic market and manufacturing sector may continue to contribute positively to the dry bulk demand, with infrastructure investments playing a vital role. Following its decisive supermajority victory in the February snap elections, the Japanese government has secured a strong political mandate to implement a more proactive fiscal strategy aimed at accelerating Japan's transition from prolonged deflation to sustainable growth. This approach includes targeted fiscal stimulus and public investments to boost demand and sustain economic momentum. Summing up the supply-demand equilibrium in slide six, in the Open Hormuz scenario, supply growth is expected to be 2%, versus demand growth of 3% for 2026. The freight market has shown strength during the first quarter of 2026 and continues to be healthy today, with Capes spot at about $32,000 and Panamax spot at about $20,000. In relation to our Capesize class vessels, all seven were chartered under period time charters, with an average remaining charter duration of 1.7 years and an average daily charter hire of about $24.6000, topping $110 million in contracted revenue backlog from Capes alone. Moving to slide C8. We are proud that Safe Bulkers has become the first shipping company with common stock traded on both NYSE and Euronext Athens. Euronext platform provides access to European capital markets, including Oslo, Milan, Paris, Brussels, Amsterdam, Dublin, Lisbon and Athens. By listing our common stock on the main market of the regulated securities market of Euronext Athens, we aim to broaden and diversify our shareholders base, expand the pool of institutional and retail investors to European markets, reinforce our long-term strategy, positioning and governance profile, and offer to our European investors direct access to a premium NYSE-governed blue-chip maritime company. Moving to slide nine, for an overview of our quarterly highlights, we need to point out that we have declared our 18th consecutive quarterly dividend, increased it to $0.06 a share, representing a 33.7% dividend yield at current share levels. At the same time, our free cash flow continues to finance our newbuilding program. We maintain ample liquidity and capital resources of about $374 million and comfortable leverage of 34%. We had $74.4 million of net revenues, and we do have an active $10 million share repurchase program. Since January, we placed orders for five Kamsarmax Phase 3 newbuilds and one Capesize newbuild, and we sold our oldest Post-Panamax and our oldest Kamsarmax, as well as one of our Capesize class vessels. Lastly, we issued our 2025 ESG report reflecting the company's continued commitment to proactively managing environmental risks and supporting the communities in which we operate, meeting stakeholders' expectations. In slide 10, we present our returns to shareholders of $95 million paid in common dividends and $78 million paid in common shares repurchases since 2022, reflecting our consistency in generating sustainable returns across market fluctuations because of our track record, hands-on management and our resilient business model. Concluding the company update in slide 11, we present our fundamentals. Safe Bulkers is a dry bulk company with $657 million market cap, 45 vessels on the water, having $300 million scrap value. We maintain significant firepower with $167 million cash, $208 million in undrawn RCFs, and $230 million borrowing capacity against our significant order book of 11 newbuilds, mainly in Japanese shipyards. We focus on our majority Japanese fleet advantage on fleet energy efficiency and lower CO2 taxation, reflected in our CII rating of zero vessels on the bottom rating of E category. We maintain a young, technologically advanced fleet, strong balance sheet, comfortable leverage and low net debt per vessel of $8.1 million for a 10.5 years old modern fleet. We have built a resilient business model with cash flow visibility of $161 million in revenue backlog, healthy expansion for a sizable fleet that achieves scale and a healthy 3.7% annualized dividend yield position to leverage on its fuel efficiency. I now pass the floor to our CFO, Konstantinos Adamopoulos, for our quarterly financial overview. Konstantinos, the floor is yours. Thank you, Loukas, and good morning to everyone. During the first quarter of 2026, we operated in an improved charter market environment compared to the same period in 2025, with increased revenues due to higher charter hires and slightly increased earnings from scrap-affected vessels. Moving on to slide 13 with our quarterly financial highlights for the first quarter of 2026 compared to the same period of 2025. Our adjusted EBITDA for the first quarter of 2026 stood at $40.7 million, compared to $29.4 million for the same period in 2025. Our adjusted EPS for the first quarter of 2026 was $0.18, calculated on a weighted average number 100.2 million shares, compared to $0.05 during the same period in 2025, calculated on a weighted average number of 105.1 million shares. On the top graph, during the first quarter of 2026, we operated 45 vessels on average, earning an average TCE of $17,095 compared to the operation of 46 vessels earning an average TCE of $14,655 during the same period last year. Our daily vessel OpEx decreased by 9% to $5,223 for the first quarter of 2026 compared to $5,765. Daily vessel operating expenses, excluding dry docking and delivery expenses, also decreased by 7% to $5,147 for the first quarter of 2026, compared to $5,546 for the same period in 2025. Moving in slide 14 with a quick overview of our quarterly operational highlights for the first quarter of 2026 compared to the same period of 2025. Now let's continue to slide 15, where we present our balance sheet analysis, noting that assets are presented in their book value. Strong liquidity and ample cash reserves provide significant financial flexibility to navigate market volatility. The company maintains a healthy balance sheet supported by a robust equity base and conservative leverage levels. Our capital structure positions the company for sustainable long-term growth and resilience. Let's now focus on our liquidity, our cash flows, and our capital structure as they are presented in slide 16. We maintain a comfortable leverage of 34%. Our debt remains comparable to our fleet scrap value, although our fleet is just 10.5 years old on average. Our weighted average interest rate stood at 5.15% for our consolidated debt. With a portion of EUR 100 million being fixed at 2.95% coupon in an unsecured five-year bond. We have paid a considerable part of our CapEx in relation to our outstanding order book. Our liquidity and capital resources stand strong at approximately $374 million, which together with the contracted revenue of about $164 million, gives a total of $5,038 million. This is more than double our outstanding CapEx. This provides flexibility to our management in capital allocation. Furthermore, we have additional borrowing capacity in relation to one existing unencumbered vessel and 10 new builds upon their delivery. We ensure that our capital expenditure is adequately covered by our contracted future revenues, fortifying our balance sheet towards a trajectory of sustainable growth. Concluding our presentation in slide 17, we present our daily free cash flow for the first three months of 2026, illustrating the company's ability to generate free cash flows, highlighting disciplined cost control and efficient vessel operations. We would like to highlight that based on our financial performance, the company's board of directors declared an increased $0.06 dividend per common share. The company is maintaining a healthy cash position of about $167 million as of June 12th. Another $208 million in revolving credit facilities, a combined liquidity and capital resources of $375 million. A contracted revenue of $161 million. This underscores our capacity to support debt service, reinvestment, and shareholder returns at the same time, which enable us to expand the fleet, build a resilient company, and create long-term prosperity for our shareholders. Thank you for your attention, and we're now ready for the Q&A session. Thank you. 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 questions from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Our first question is from [Elias Papachristou] with Piraeus Securities. Please proceed. Hi. Thank you. Hi, everyone, and congrats on a great quarter. I wanted to ask you about your fixed charter coverage. Are you close to where you would like to be for the remainder of 2026, or should we expect any further increases or changes in charter coverage? Yes. Look, the chartering of the vessels is done in a way that accommodates market conditions. We have been experiencing a very strong quarter as we talk in the second quarter. The number of spot vessels have been increasing to take advantage of the current squeeze. In future quarters, especially towards the last quarter of 2026, the company will be looking to lock in on longer-term contracts. Usually, on our type of vessels, those are around 12 months on the Kamsarmaxes and around 24 or 36 months on the Capesizes. For the time being, we try to enjoy the positive stock market. Absolutely. My next question is about the LNG facility disruptions in Qatar. Back in March, Iranian attacks knocked out 17% of Qatar's LNG export capacity for over two years. As a result, we would expect to see some solid support to steam coal trade in both 2026 and 2027. Is this fair to assume? Yeah, I think it's fair to assume. We already see it, especially from Australia and Indonesia. The amount of cargo we have seen in the last two to three months has been substantial, and this is helping the market in the Pacific reach to levels on the BPI average of around $20,000-$22,000 a day. Of course, there will be volatility on those numbers, but there is a lot of coal cargo in the Far East for the reason you mentioned. Now, if this state of war moves opens after a few weeks or a couple of months, things get normalized, still, we expect that LNG will start coming out, but in a smaller quantity than the one before the war started. Some of that capacity will be lost for a number of quarters or for a couple of years. We expect that coal will be in demand in the subsequent couple of years. Great. One last question. If everything goes as planned, we should see substantial benefit from reconstruction activity in Iran. It is probably too early to tell, but if you could make a comment about it would be real helpful. Yes, I think this will be particularly positive for Handysize and Supramax vessels, Ultramax vessels. It is not so much affecting the Kamsarmax or Panamax vessels, but of course, when you see Supramax levels at healthy level, Supramax and Ultramax is one type of cargo that is sitting part of the cargoes of Kamsarmaxes when the market is not good. When they have their own extra demand, this will be keeping them busy on that front. Also, we expect a rush of a lot of fertilizer cargoes out of the Persian Gulf, but they have been stuck there for the last three or four months. This will help also the Kamsarmax market as well as the Ultramax market. If we see the smaller ships improving and getting more cargo, this can only be good also for the Kamsarmax market. If you see right now, they are all earning about the same, around $20,000 a day comfortably on the spot market. Maybe the modern Ultramax are earning around $25,000 a day, and the modern Handys are earning around $18,000 a day. These are very healthy levels, and we expect that any sort of reconstruction in Iran will boost that trade. Of course, it remains to be seen, the details of the agreement reached between United States and Iran, how much of the sanctions will be removed, and how much of foreign flag vessels will be allowed to get involved in this trade with Iran. I think that maybe this would be part of the agreement that has been reached, but we do not know the exact details of it. Right. Thanks a lot. Thank you. As a reminder, to star one on your telephone keypad if you would like to ask a question. We will pause for a brief moment to see if there's any final questions. If there are no further questions at this time, I would like to hand the conference back over for closing remarks. Thank you very much for attending our presentation for the first quarter 2026 results. We're looking forward to discussing again with you the next quarter. Have a nice day. Bye. Thank you. This will conclude today's conference. You may disconnect at this time, and thank you for your participation.