Good day and welcome to Dinos Corporation conference call to discuss the financial result for the three-month ended March 31st, 2026. As a reminder, today's call is being recorded. Hosting the call today is Dr. John Kustos, Chief Executive Officer of Dinos Corporation, and Mr. Ivan Gulos Hedzies, Chief Financial Officer of Dinos Corporation. Dr. Kustos and Mrs. Hedges will be making some introductory comments and we will be open the call for question and answer session.

Could differ materially from those and we undertake no oblique evita, attracted evita. With that, let me now turn over the call to Dr. John Kustos who will provide.

Good morning and thank you all for joining today's call to discuss our results for the first quarter of 2026. This quarter was shaped by the unprecedented events in the Gulf and the closure of the Strait of Hormuz, a situation that is still unfolding but which we hope will be resolved in the coming weeks. The disruption has primarily benefited the tanker sector where rates spiked sharply before quickly normalizing. In the container sector, the disruption helped stabilize and lift certain box rates, however, However, it did not have a significant effect. Two of our vessels currently remain in the Gulf, but this does not affect our earnings as both vessels continue to be on charter. The dry bulk market has improved considerably and continues to strengthen. The outlook for this market prompted us to expand our order book to four Newcastle Maxes for 2028 delivery. We also ordered two 5,000 EU container ships for 2027 delivery, both of which are backed by three-year charters. Together with charter, these additions position us with 104 container ships and 15 Cape Sides and Newcastle Max vessels with a $4.1 billion contracted revenue backlog. Combined with 1.3 billion of liquidity, this positions us to continue pursuing accretive opportunities as they arise. Resolution of the conflicts in the Gulf and Ukraine should bring meaningful stability for years to come, absent new initiatives by the major global powers. Last year's developments demonstrated that globalization remains resilient and that protectionism is likely to be the exception rather than the rule going forward. Trade is becoming increasingly multilateral, which benefits the mid-size container ship segment in which we are actively investing. Together with a disciplined expansion strategy, we believe these dynamics will continue to drive improving profitability and create value for our shareholders. With that, I hand over the call back to Evangelos, who will take you through the financials for the culture. Evangelos?

Opened the call to half million in revenues. A 2.4 million improvement in net finance expense. 2 million increase in dividend income. 9 million decrease in revenue decrease due to out-of new building containers. Opened 18.25, despite the increase in the average number of vessels. It was mainly driven by lower repair. continue to remain among to 1.3 million and higher and that was partially upset by 180 people have been outlined revenue backlog as of March net debt to adjust it while 65 million

remaining authorities while totally thank you we will now begin the question and answer session to ask a question you may press star and one on your touchstone phone if you're using a speaker phone let's pick up your handset before pressing the keys if at any time your question has been address and you would like to withdraw your question please press star and two at this time we will pause momentarily to assemble our roster our first question comes from omar nokta with plaxton please go ahead thank you hi john and vangelis uh good afternoon i have a couple of things welcome back thank you sir thank you uh just a couple things on my side just uh wanted

to ask about investments from here your last couple of investments outside of your your core focus uh seem to be in lng both in you know the stake in yoda you also invested in the alaska lng project earlier this year is this a concerted effort on your part to get a bit deeper into lng should we be expecting more of this type of investment going forward yes i think the in general the energy sector is let's say our next point of focus and as we see geopolitically there are a lot of changes in that so we are following it

very every angle both from the angle of transportation and also from the LNG production itself which is going to give us portation as well okay got it that's helpful.

Thank you. And then just maybe in terms of what we're seeing in the container shipping market, your revenue backlog is at 4.1 billion, which is obviously, you know, very strong historically. It is a little bit down from where you were last quarter, which I think was 4.3. In general, you know, it looks like backlog additions maybe have been a bit leaner this, you know, these past couple of months, even though we are seeing indexes for, you know, the time charter indexes being at all-time highs or near all-time highs.

What are you seeing kind of at the moment or in terms of liner interest for more starter coverage uh from here you know from what you see from uh the profile practically all 26 and 27 are almost fixed we have very very little you know going forward now also for liner companies to start discussing from now about you know 2028 uh let's say ships might be a bit uh premature you know i don't think really signifies anything uh else apart from that we have been uh really fixing quite a lot uh in this period of time and uh it's just circumstantial right yeah that certainly makes sense yeah just not a nothing's available to be booked in the next several quarters.

Okay, and maybe just one final one, you know, thoughts on the share buyback. You've obviously historically been quite, you know, active on that front. You bought a bit during the first quarter, not at the same pace we've seen, at least in the fourth quarter. And I guess that sort of makes sense given the shares have really been hitting, you know, 52-week highs seemingly every week. How are you thinking about the buyback from here i guess in the context of maybe two things one you know the shares are obviously at their highs how do you think about the buyback from that perspective but then also from the the perspective of you know asset value uh on nav basis it's discounted and then perhaps on our free cash flow yield the the yield is quite high so how are you thinking about those two things um with respect to the buyback well you know we still have uh authority for another uh 65 million we are keeping closely I mean the stock has done a terrific run you know in the

last few months we are at kind of all-time high and deeply undervalued we are kind of more cautious into you know continuing you know during this hype to continue the buyback okay that's fair cool well thank you for that color john thanks evangelist i'll pass it back thank you thank you our next question comes from clement

mullins with value investor please go ahead hi good afternoon and thank you for taking my questions omar has already covered a lot of ground but i wanted to ask about the utilization on the capesite side of the fleet. Could you talk a bit about the drivers behind the significant scheduled off-hire for the quarter? Was it mostly dry dockings? And secondly, could you remind us about the dry docking schedule on this side of the fleet for the remainder of the year?

Yes, it was.

Okay, that's helpful. And all the off-hire days were attributable to these two vessels? I was asking if all the off-hire days in Q1 were attributable to the to the dry docking you conducted yes correct okay okay that's very helpful thank you I'll turn it over thank you for taking my questions thank you it appears we have no further question at this time I would like to turn the call back over to dr. Kostas for any further comments or closing remarks thank you all for joining this conference call and your continued interest in our story look forward to hosting you on our next earnings call have a nice day thank you the conference has now concluded thank you for attending

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