Thank you for standing by, ladies and gentlemen, and welcome to the Costamare Inc. Conference Call on the Fourth Quarter 2025 Financial Results. We have with us Mr. Gregory Zikos, Chief Financial Officer of the company. I must advise you that this conference is being recorded today, Wednesday, February 18, 2026. I would like to remind you that this conference contains forward-looking statements. Please take a moment to read Slide #2 of the presentation, which contains the forward-looking statements. And I will now pass the floor to your speaker, Mr. Zikos. Please go ahead, sir.

Thank you, and good morning, ladies and gentlemen. During the fourth quarter of the year, the company generated net income of about $73 million. Net income for the whole year was about $370 million with liquidity of $590 million. Executing on our strategy of securing long-term cash flows from high-quality counterparties in a healthy market environment, we have forward chartered 12 vessels from 4,000 to 14,000 TEUs, all commencing over the next 3 years with a TEU weighted average duration of 6 years. Incremental contracted revenues from the new charters amount to approximately $940 million. As a consequence, the fleet deployment now stands at 96% and 92% for 2026 and 2027, respectively. Total contracted revenues have reached $3.4 billion with a remaining time charter duration of 4.5 years. With an idle fleet of less than 1%, the charter market remains strong with continued high demand for tonnage and a limited supply of vessels available for charter due to the ongoing shortage of ships. With respect to Neptune Maritime Leasing in which we hold a controlling interest, 54 shipping assets have been funded or are on a commitment charter basis with total investments and commitments exceeding $665 million. Moving now to the slide presentation. On Slide 3, you can see our annual results. Adjusted net income for 2025 was about $376 million or $3.12 per share. Adjusted net income for the quarter was about $72 million or $0.60 per share. Our liquidity stands at $590 million. Slide 4. We have fixed on a forward basis 12 ships, securing incremental cash flows of $940 million. The average duration of the new charters on a TEU basis is 6 years. Following the above fixtures, our revenue days are fixed 96% for 2026 and 92% for 2027, while our contracted revenues are $3.4 billion with a TEU-weighted remaining duration of 4.5 years. Slide 5. Regarding our financing arrangements, we have agreed the pre- and post-delivery financing of all 6 newbuild vessels. In addition, we have agreed to refinance 2 container ships at a substantially lower funding cost. We have no significant maturities until 2027. Slide 6. On our leasing platform, we increased our investment commitment to about $250 million, out of which close to $180 million have been invested to date. Neptune Maritime Leasing has funded or committed to fund 54 assets for a total amount of more than $665 million. Finally, we continue to have a long, uninterrupted dividend track record. Moving to the last slide. Charter rates in the containership market remain at robust levels. The idle fleet remains at very low levels of 0.5%, indicating a fully employed market. With that, we can conclude our presentation, and we can now take questions. Thank you. Operator, we can take questions now.

First question comes from Climent Molins from Value Investor's.

I wanted to start by asking about your debt. You're currently generating very solid free cash flow. And I was wondering to what extent do you expect to conduct debt repayments on top of regular scheduled debt amortization. And obviously, this ties back to your investment expectations over the coming year.

Thank you for your question. In terms of net debt, our company maintains a relatively low leverage considering our contracted cash flows. We have been prudent in repaying our debt without any backloaded payments. Currently, there is no reason for us to prepay debt before its original maturity. While we might consider some refinancing options, it doesn't seem necessary at this time given our low leverage situation.

That's helpful. And I also wanted to ask about how should we expect the amortization of deferred revenues to move going forward? Because there was kind of like a substantial increase quarter over quarter. Could you talk a bit about what drove that and whether we should expect this to continue?

No, the deferred revenues are primarily an accounting treatment related to changes in charter hire for long-term charters. It’s mainly an accounting adjustment. We should focus on cash revenue, and we provide a figure that adjusts for cash-based revenue. This is not a concern for us and is in accordance with U.S. GAAP.

Yes, makes sense. It was simply to help us model a little bit better, but we obviously focus on the cash. And that's everything for me.

Yes, it is mainly to streamline in case you have a decreasing or increasing charter hire during the tenure of the charter party in order to have a smooth payment. But this comes from accounting. We make an adjustment for revenues on a cash basis. So I think it's clear.

Yes, it is.

Seeing that there are no further questions in the queue, I would like to turn it back to Mr. Zikos for closing remarks.

Thank you for dialing in today, and thank you for your interest in Costamare. We're looking forward to speaking with you again during the next quarterly results call. Thank you. Operator, we can conclude the call now. Thank you.

Thank you. That does conclude our conference for today. Thank you all for participating. You may now disconnect.