Good afternoon. Welcome to Vantage Corp's full fiscal year 2026 earnings conference call. My name is Didi, and I will be your operator for today's call. Joining us for today's presentation is Vantage Corp's Co-Founder, Chief Executive Officer, and Chairman of the Board, Andre D'Rozario. The press release announcing Vantage Corp's financial results and business developments, and the earnings presentation that will accompany the company's conversation today are available on the investor section of the company's website at www.vntg-corp.com. Certain statements in today's call may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on our current expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Factors that could cause such differences include, among others, those described under risk factors in our filings with the Securities and Exchange Commission, including the most recent annual report on Form 20-F. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. During this call, we may also discuss certain non-GAAP financial measures. These measures should not be considered in isolation or as a substitute for financial information prepared in accordance with GAAP. Finally, I would like to remind everyone that this call will be made available for replay via a link in the investor relations section of the company's website and on the earnings press release. I would like to turn the call over to Vantage Corp's Chief Executive Officer, Andre D'Rozario. Sir, please proceed. Thank you, operator. Good morning, everyone. Thank you for joining us today to review Vantage Corp's financial and operational results for fiscal year ended March 31st, 2026. For those of you following the earnings presentation, I will start on slide four. As a reminder, the earnings presentation can be found on our IR website or can be viewed via webcast. As many of you are aware, over the past year and a half, the broader maritime transportation industry has operated through a challenging environment shaped by market volatility, geopolitical disruption, and dislocation across global trade flows. These dynamics materially affected every participant across the sector, ours included. Despite these headwinds, we remain focused on disciplined execution, adapted quickly to rapidly changing conditions, and continued to advance our core priorities. We also completed a strategic acquisition that strengthened the resilience of our business and helped sharpen our view of where the next phase of growth should be directed. As market conditions evolve over the next several months, we believe the business is positioned to manage near-term market uncertainty and volatility while pursuing a clearer and more defined long-term growth strategy. As discussed in our last earnings call, the first half of the fiscal year was meaningfully affected by the tariff-related headwinds and the July 2025 sanctions. These developments added uncertainty to global trade, dampened overall demand, and placed pressure on the broader market. Earlier this year, the maritime shipping industry faced substantial disruption from heightened restrictions in the Straits of Hormuz amid ongoing geopolitical tensions. Given our exposure to the global shipping demand and oil tanker activity, these events created a difficult near-term operating backdrop. The restrictions in and around the Straits of Hormuz disrupted global oil trade and affected businesses across the entire energy value chain. With roughly 20% of global petroleum liquid supply constrained and activity from the Arabian Gulf significantly reduced, market participants faced heightened uncertainty. Fixture activity across LR1, LR2, and VLCC vessels declined meaningfully. Because a substantial portion of our larger quantum deals are typically fixed out of the Arabian Gulf, these market conditions have directly impacted our financial results. For some additional context, I will briefly discuss the trends we saw across DPP, CPP, and time charters. Starting with the DPP on slide five, this segment was heavily impacted by disruption in and around the Arabian Gulf. At the onset of the Iran conflict, DPP freight rates moved sharply higher as the market priced in geopolitical risk, vessel availability concern, and uncertainty around the access to the Arabian Gulf. However, many of the benchmark assessments during this period were largely theoretical, as restrictions on vessel movements meant that the ships were not consistently able to enter or exit the Persian Gulf. As a result, traditional benchmarks such as TD3C, which reflect Middle East to Asia VLCC movements, became less representative of the actual market activity. While the increase in DPP freight rates was meaningful, the benefit to our business was more than offset by the sharp decline in cargo volumes. Overall, DPP cargo volumes transported were down by approximately 17%, which translated into fewer fixtures completed across the market. In simple terms, DPP saw higher pricing for a shorter period, but there were significantly fewer shipments to broker, which ultimately weighed on the segment's performance. DPP on slide six. This segment experienced a different but related dynamic. CPP freight rates also spiked at the start of the Iran conflict, but unlike DPP, their increase was sustained for a longer period. This was largely because many countries had to source refined product from further afield, increasing voyage distances and supporting higher freight rates. The disruption in crude supply from the Middle East also affected Asian refinery operations, as many refiners were unable to secure enough crude feedstock to maintain normal production levels. As a result, several key Asian export markets announced export curtailments, reducing the availability of refined product cargoes in the region. Additionally, similar to DPP, the higher CPP freight rate environments did not translate into a proportional benefit for our results because of overall cargo volumes transported declined by approximately 15%. The reduction in the fixture activity was particularly evident in Asia, where export curtailments and crude supply constraints had a disproportionate impact on shipment volumes. Replacement demand was more concentrated in Western markets, where buyers were able to redirect sourcing patterns and create longer haul movements. The decline in CPP and DPP cargo volume was also reflected in the trends we saw across DPP and CPP time charters, as shown on slide seven. The time charter market indicated a shift in charterers' risk appetite towards shorter-term fixtures amid heightened market uncertainty and volatility. During fiscal 2026 period, one-year time charter rates increased significantly, while three-year rates rose more modestly, resulting in a wider spread between short and long-term charters. This widening suggests that charterers preferred to avoid locking into long-term commitments in any uncertain markets, whereas owners demanded a premium for shorter-term employment that allowed them to retain exposure to potentially stronger future spot earnings. As you can imagine, this trend ultimately impacts our ability to fix longer-term deals and materially grow our forward order book during this period. Against this backdrop, our annual financial results reflect a challenging and uncertain market environment. At the same time, we believe we navigated the period with discipline. Importantly, the underlying fundamentals of our business remain resilient, which we will discuss in greater detail following the financial breakdown. On slide nine, revenue for fiscal 2026 was $17.8 million, compared to $18.7 million in the same period last year. The decrease in revenue reflects softer global market conditions, reduced transaction volumes, and ongoing uncertainty in international trade and shipping demands. This was partially offset by continued contributions from time charter commission income, which are longer-term agreements that typically provide a more stable and predictable revenue stream to support our broader objective to reduce revenue volatility in an increasingly uncertain operating environment. When looking at the revenue split between spot and term revenues, results remain relatively flat year-on-year. Approximately 83% of revenues consist of spot fixtures, while 17% came from term fixtures. However, we are encouraged by the underlying fixture count trends, particularly total term fixture count increased by 157% in fiscal 2026 compared to the same period last year. As markets eventually move towards normalized rates and demand for larger deals become to build, we remain cautiously optimistic that fixture count growth will translate into revenue growth and forward order book expansion. Moving to slide 10. Gross profit for fiscal 2026 was $7.4 million, or a gross profit margin of 41.5%, compared to gross profit margin of $8.6 million or gross profit margin of 46.2% in the same period last year. The decrease in annual gross profit was primarily due to high employee compensation and commission expenses, driven by increased headcount and related revenue-generating activities. Our margin profile is closely tied to the broader market activity and overall industry health, the challenging operating backdrop weighed on margins during this year. However, as we continue to expand the team through hiring and potential future acquisitions, and market conditions stabilize and transaction volumes recover, we believe improved utilization across our expanded team will support margin improvement over time. Net loss for fiscal 2026 was $1.3 million, compared to a net income of $3.8 million in the same period last year. The change primarily reflected higher operating expenses associated with the company's expanded operations following its business acquisition, ongoing public company operations, and acquisition-related transaction costs. Amid current volatility, we will focus on disciplined cost management and driving sustainable growth. As market conditions recover, we believe the utilization of our expanding team will help improve operating leverage and support profitability over time. Forward order book as of fiscal 2026 end was $1.1 million, compared to $1.4 million in the same period last year. As outlined in the previous slides, the time charter market dynamics weighed on our forward order book. In the current volatile market environment, many charterers have favored shorter one-year time charter as a way to manage risk, which has limited our ability to secure longer-term fixtures. Our current encouraging fixing volume activity and trends suggest that as market conditions recover and geopolitical tensions ease, charter demand for longer-term commitments should gradually normalize. Over time, we believe this will support recovery and growth in our forward order book. Revenue per broker head, based on the weighted average broker headcount, was approximately $538,000 for fiscal year 2026, compared to $583,000 in the prior year. As our team expands, market conditions normalize, utilization improves, and we continue to diversify our revenue streams, we believe this KPI will recover over time. Cash and cash equivalents totaled $8.9 million as of March 31st, 2026. For a more detailed analysis of our financial results, please refer to the Form 20-F, which has been filed with the SEC. Despite market and geopolitical headwinds affecting our annual results, Vantage continued to demonstrate resilience. One encouraging indicator is the trend of total fixtures volume, which we outline in slide 12. When tallying up all our segments, total fixtures for the second half of fiscal 2026 were 784, compared to 655 total fixtures in the same period last year. This performance is particularly encouraging given the restriction in the Straits of Hormuz in March 2026, which materially affected fixture volume during that month. When analyzing fixture volume across each segment, we can see further evidence of resilience and the positive effect of the operational adjustments we've made from the first half of 2026. Starting with DPP. Total fixtures for the second half of fiscal 2026 tallied 77, compared to 52 in the second half of fiscal 2025. The year-over-year improvement is encouraging, and we believe the losses from the departure of a senior DPP broker during the first half of fiscal 2026 have been addressed as well. Since the last reporting period, we have focused on strengthening the desk with more experienced staff, and we believe that progress is reflected in the results. DPP was the most impacted segment, with total fixtures in the second half declining to 375 compared to 425 in the same period last year. In addition to ongoing market headwinds, the CPP desk experienced a reduction in staffing with the departure of three brokers, partially offset by the addition of two new brokers. While broker turnover can create a short-term impact on revenue contribution from the respective desks, we remain focused on actively recruiting talent and repositioning the team for future growth. At the same time, hiring across other departments and continued investment in differentiated business lines should help broaden our revenue base and help mitigate impact from staff turnover. Across our specialized segment, which includes our petrochemical and biofuels team, we saw a noticeable growth primarily tied to the PJ acquisition. Total fixtures across the specialized segment increased to 303 for the second half of fiscal 2026, compared to 162 in the same period last year. We expect this segment to remain resilient throughout the first half of fiscal 2027, even amidst market headwinds, supported by PJ's niche market position in China. While market conditions have created general headwinds across petrochemical deals in Asia, PJ's primary domestic focus has remained relatively insulated. In China, policy support for supply continuity helped mitigate broader regional feedstock disruptions. As a result, PJ's petrochemical practice has continued to support Vantage overall and illustrates the benefit of adding differentiated, resilient revenue streams to our business. Lastly, fixtures across the project segment for the second half of fiscal 2026 increased to 29 compared to 16 in the same period last year. The uplift across this segment reflects our continued effort to develop the desk and broaden sources of growth. The upcoming first half of fiscal 2027 results will more fully reflect the impact of geopolitical tensions and restrictions across the Straits of Hormuz. However, early indicators over the last three to four months suggest total fixtures are still growing compared to the same period in fiscal 2026 and 2025. While our overall results may continue to be affected by current market conditions, the growth we are seeing in the fixing volume and activity reinforces our confidence in underlying fundamentals of the business. In a market where demand has been meaningfully reduced, our ability to maintain and grow fixture activity demonstrates resilience of our platform. As markets normalize and demand for larger quantum deals and longer-term deals return, we believe the business is positioned to recover and rebuild towards its prior financial profile. That being said, recent market dynamics have sharpened our view of the future direction of our business and the areas where investments can create greater long-term value. We have outlined five key strategic priorities on slide 13, which are consistent with and build upon the priorities discussed during our last earning call. First, we will continue prioritizing term contracts to grow our forward order book. Term contracts provide a more stable and predictable revenue stream through market volatility. At the peak of the Iran conflict, many charterers and owners were unwilling to lock in for longer-term deals, as outlined in the one-year versus three-year time charter trends. However, recent activity suggests our forward order book is trending relatively flat year-over-year, which we view as a positive signal given the significant decline of larger quantum deals caused by the current market condition. Geopolitical tensions slowly ease, we believe we'll slowly start seeing the return of longer-term deals as the market is now eager to lock in tonnage in the anticipation of the return of Middle Eastern cargoes. Our team remains focused on staying resilient as we exit current market dynamics and hit the ground running once the geopolitical landscape normalizes and markets stabilize. Second, we intend to return Dubai operations to normal as trade flows and activity from the Straits of Hormuz eventually normalize. The minimal activity in the Arabian Gulf and the geopolitical tensions that impacted Dubai has temporarily constrained growth in the region. However, as discussed in our last earnings call, we place a strategic focus on adding and retaining proven quality and revenue-generating brokers. Even in a difficult market, the operational adjustments we made throughout the fiscal year began to show results, particularly in our Dubai DPP performance. Dubai DPP earnings for fiscal 2026 increased 28% compared to the same period last year. While we believe there is pent-up demand from the Arabian Gulf that could be released as geopolitical tensions ease and market conditions stabilize, the timing of the return to normalized activity remains difficult to predict, and any recovery may be uneven as counterparties rebuild confidence and trade flows normalize. However, we continue to view Dubai as a strategic market, given its position in one of the world's largest producing regions, and our long-term objective remains to scale our presence there. To support our long-term goals in this region, we plan to add a few CPP and petrochemical brokers while continuing to grow our projects practice with an emphasis on fixing time charters. Third, we will continue pursuing strategic M&A and partnership opportunities. Coverage across Asia, the UAE, the Americas, and Europe is critical to navigating further disruptions and strengthening Vantage's resilience. We are actively evaluating opportunities and holding early conversations in some of these key regions. While current market dynamics make it difficult to progress meaningfully beyond initial discussions, we are laying the groundwork now so we can move more decisively when the market and geopolitical conditions normalize. Fourth, we will continue to expand our presence in China. PJ Marine has made an immediate contribution, and we plan to leverage that foundation to deepen our regional presence. We are specifically evaluating opportunities to add S&P brokers in China as a seamless pathway into the country's new building market. China remains a leading shipbuilding market, representing approximately 48% of global new build orders in 2025. Over the longer term, we may selectively pursue tanker ownership or commercial management opportunities through joint ventures structures that are ring-fenced from our core shipbroking business. This approach is intended to preserve the independence of our broking operations while allowing us to participate in complementary investment opportunities. Our expertise in the tanker markets have been built over many years of advising clients and facilitating transactions across the shipping industry. As our market knowledge and relationships continue to deepen, we believe it's natural progression to selectively expand our participation in the maritime value chain. Any such initiatives would represent a measured vertical expansion of a business, complementing our core broking activities rather than replacing them. All opportunities would be evaluated based on strategic fit, disciplined capital allocation, and prevailing market conditions. Lastly, OpsWiz and our IT business remain developing areas of opportunities. We organized the structure of the business and established Hadō, our new IT subsidiary, back in February. Since then, we've made some encouraging strides with both OpsWiz and the direction of the IT business. We're pleased to announce that we are working towards officially monetizing our OpsWiz platform within the next few months. In tandem with the official monetization milestone, we are also adding new capabilities to OpsWiz, including a prefixing tool for petrochemical markets. We are encouraged by the progress we made in the business, and we believe OpsWiz and the IT business will further support our diversification strategy in the long run. Before we close the call, I'm pleased to share that just last month, we officially completed the 1 million share buyback program we put in place. In closing, fiscal year 2026 was shaped by meaningful external challenges, but it also demonstrated the resilience and adaptability of our business. We responded to the market disruptions with discipline, strengthened key areas of our business, and continued to invest in opportunities that can support long-term growth. We believe Vantage is positioned to benefit as trade flows normalize, demand returns, and our strategic initiatives and pursuits gain momentum. We remain focused on execution, resilience, and building durable value for our shareholders. This concludes our prepared remarks. We appreciate everyone taking the time to join me today. If there are any questions you may have, please contact our IR team. Their details can be found at the bottom of our earnings press release or at the last slide of our earnings presentation deck. Thank you again and have a great rest of the day. Thank you for joining us today for Vantage Corp's fiscal year 2026 conference call. You may now disconnect.