Good morning, everybody, and thank you all for joining us at our Q4 and 12 months 2025 call of Imperial Petroleum. I'm Harry Vafias, the CEO of the company, and joining me today is Ms. Sakellari, who will be discussing our financial performance. Before we commence our discussion, please read the safe harbor disclaimer on Slide #2. In essence, it's made clear that this presentation may contain some forward-looking statements as defined by the Private Securities Litigation Reform Act. We draw the attention of our investors to the fact that such forward-looking statements are based upon the current beliefs and expectations of Imperial Petroleum and are subject to risks and uncertainties, which could cause future results to differ materially from these forward-looking statements. In addition, we'd like to clarify that during this conference call, we will quote monetary amounts. These, unless explicitly stated otherwise, are all denominated in U.S. dollars. On Slide 3, we're summarizing our key operational and financial highlights for Q4 '25. The last quarter of last year revealed our fleet dynamics. Market was favorable for both tanker and drybulk ships, allowing us to enjoy solid profitability and reap the benefits of our fleet expansion. Indeed, compared to Q3 of '25, when we operated the same number of ships, net revenues from tankers decreased by almost 18%, while net revenues from our drybulk segment rose by 26%. It was a dynamic quarter, and this was also reflected in our fleet operational utilization, which for Q4 '25 was 91.8%, marking the best quarterly performance of 2025. Looking at our fleet subsegments, operational utilization for Q4 was 93.4% for our tankers and 90.4% for our drybulk fleet. Our commercial strategy this quarter was most efficient as we managed to reduce commercial off-hire days by 24.3% compared to Q3. During Q4, we continued our fleet expansion. In mid-December, we agreed to purchase 3 carriers and 1 tanker vessel. Following the delivery of the drybulk carrier Post Marvel on January 12, we have a fleet on the water of 20 ships. Based on our capital commitments for 2026, we will take delivery of another 6 ships. In a short period of time, we utilized our funds and kept our promise to grow Imperial Petroleum's fleet to close to 30 ships. Touching briefly on our financial performance: the full integration of our drybulk vessels in conjunction with strong rates, both in the tanker and drybulk markets, elevated Q4 profitability and operating income generation. In Q4, our revenues came in at $51.1 million, marking an impressive 95% increase against the same period of last year. Our operating income for the quarter was $13.7 million, marking a 174% increase versus Q4 '24 and a 33% increase compared to Q3. We ended the quarter with net income of $15 million, improved compared to the same period of last year by about $11.1 million. For the full year '25, our net income came in at $50 million, our EBITDA close to $71 million, while our operating cash flow was $81 million. Our organic operations fuel our operating liquidity. In terms of cash, including our time deposits, we ended the year '25 with $179 million; today, our cash is close to $198 million. It's worth noting that Imperial Petroleum sustains its long-standing momentum of profit generation. Within the period of '23 to '25, our company has generated a total of $171 million of net profits and $240 million of total operating cash flow. On February 9, we commenced a $10 million stock repurchase program. Under this scheme, the company has repurchased to date a total of 251,000 shares for an aggregate amount of $900,000. We strive to preserve our strong performance. However, we acknowledge that the recent U.S.-Iran conflict has caused a global shock and has already positively affected seaborne trade, particularly for the tanker segment. It remains to be seen how the duration of this conflict and any further escalation will hinder trade patterns and cause turmoil in oil supply and pricing. On Slide 4, we provide a summary of our current fleet deployment. About 65% of our fleet is currently under time charter. We employ 5 product tankers and 2 Suezmaxes in the spot market. The remaining 2 product tankers are under period deployment. And, as is customary, all our drybulk ships are on short time charters. The commercial strategy we currently follow for our drybulk ships provides healthy cash flow while minimizing idle time and voyage costs. On Slide 5, we will discuss the evolution of market rates for both tankers and bulkers. Within Q4 '25, market rates strengthened further in both the tanker and dry segments. Rates for Suezmax surged mainly due to OPEC exports, rising U.S. crude output and high global refining margins. In addition, increased enforcement of sanctions against tankers trading with Russia, Iran and Venezuela has tightened the dark fleet, boosting rates for mainstream ships. Product tanker rates improved when compared to Q3. MR rates were particularly affected mid-quarter onwards by activity levels in Asia picking up momentum. For the drybulk segment, the positive trend witnessed in Q3 continued throughout Q4 as well. Key drivers for this were the decline in Chinese mine production, which led to an increase in iron ore imports and the rise in long-haul bauxite exports from West Africa. The rise in tension in the Middle East, which escalated since the end of February '26, has caused a spike in tanker market rates. Risk premiums have been priced into tanker freights as tensions disrupted trade from the Strait of Hormuz to a great extent. It's worth noting that on March 1, vessel arrivals in the Strait of Hormuz were down 80% from normal levels. Indeed, compared to the end of Q4, the latest rates for Suezmax vessels are up 95% to about $180,000 a day, while rates for MR tankers are up 75% to about $50,000 daily. On Slide 6, we're reviewing the tanker market. In Q4, the tanker market was very strong for crude tankers and quite healthy for product tankers. The surge in the crude tanker market can be explained by OPEC unwinding some output cuts, having added 1.6 million barrels per day to the market since Q4, along with steady growth in global oil consumption, which in Q4 totaled 104.5 million barrels per day. In addition, the removal of VLCC tonnage by Sinokor, which started at the end of last year, has given a major boost to the VLCC market, which is now experiencing record levels. This has also trickled down to the Suezmaxes and Aframaxes. The product tanker market was affected in Q4 by the fall in long-haul Russian CPP exports, which marked a decline to 1.1 million barrels per day from 1.6 million in the first half of '25. However, the market picked up mid-quarter onwards due to the greater activity in the Atlantic Basin. From January, following U.S. actions in Venezuela, in which the U.S. asserted control over aspects of Venezuela's energy industry, market strength in crude tankers began flowing into product tankers as well. In '26, geopolitical tensions will mainly shape the market. A potential end to the Russia-Ukraine conflict could open European markets to Russian crudes, thus lessening long-haul voyages. Other factors that will affect the tanker market going forward are trade sanctions and OPEC strategy on any additional unwinding of production cuts. Adding to this, the massive dark fleet of tankers has the potential to shape the tanker market going forward to a significant extent. The most important event currently shaping the market and affecting the global geopolitical environment is the Iran-U.S. conflict. About 20% of the world's oil supply moves through the Strait of Hormuz, a number which includes most Asian crude imports. Therefore, any prolonged disruption will be a major global shock. Global tanker trade has already been disrupted as ships become stranded in the Gulf. Insurance risk premiums have sharply increased and oil prices have spiked. In addition, transit delays and operational disruptions are expected to drive further volatility in an already firm market. If there is sustained disruption to oil prices, the hike in oil prices could lead to potential demand destruction and to a weakening of the global economy. Looking at the tanker fundamentals, the total order book for Suezmaxes stands at 21% with 14.8% of the fleet above 20 years of age. For MR tankers, the total order book is 14.8%, while 16% of the fleet is above 20 years of age. In Slide 7, we're discussing the dry bulk market. Q4 continued the positive momentum witnessed in Q3; overall, the market has picked up in the second half of '25, creating a bullish sentiment for this year. Iron ore volumes in China were exceptionally strong, supported by a drop in domestic iron output. In addition, Guinean bauxite exports to China rebounded sharply in Q4. Seaborne coal shipments to China picked up as well due to seasonal destocking. The Kamsarmax segment was supported by strong Atlantic grain volumes as China continued to buy from Brazil and Argentina, while U.S. corn exports increased in the second half of '25 by 38% year-on-year. Dry cargo trade is expected to increase by 1.5% with the biggest percentage rise expected from bauxite trade. Looking forward, global ton-mile demand growth currently supported by China might gradually tilt towards India, which is fast growing. The total order book for Handysize ships is 7.3% with 7.4% of the fleet being above 20 years of age. The total order book for Supramax vessels stands at 9.5% with 9.8% of the fleet being above 20 years of age. I'll now pass the floor to Ms. Sakellari in order to summarize our financial performance.
Thank you, Harry, and good morning to all. The fourth quarter of '25 was quite dynamic as both tanker and dry bulk markets were favorable, allowing us to leverage the size of our mixed fleet. As said, tanker rates were firm, while rates for dry ships marked a noticeable improvement compared to the third quarter of '25. Looking at our income statement for Q4 '25 on Slide 8, revenues came in at $51.1 million in Q4, marking a 95% increase compared to revenues generated in the same period of '24. This increase is mainly due to our recent drybulk vessel additions, along with an improvement of market rates, particularly for the Suezmax tankers as rates for these vessels increased within Q4 '25 to $92,000 per day from $55,000 per day in Q3 and are now even higher, close to $180,000 per day. Voyage costs amounted to $16.6 million, $8 million higher than in Q4 '24 in spite of the decreased spot activity. The increase of our fleet size led to a higher number of voyages that intensified ballasting activity, especially for our Suezmax vessels. Our net revenues for the quarter came in at about $34.5 million compared to $17.8 million in Q4 '24. This is equivalent to a 94% increase. Running costs amounted to $11.3 million, increased by $4.6 million due to the increase of our fleet by an average of eight vessels between the two periods. EBITDA for the fourth quarter of '25 came in at $21.3 million, while net income was $15 million corresponding to basic earnings per share of $0.37. For the 12 months of '25, our EBITDA came in at $71 million. Our operating cash flow was $81 million, while our net income was $50 million, corresponding to an EPS of $1.35. Moving on to Slide 9. Let us take a look at our balance sheet for the 12 months of '25. As of December 31, 2025, our free cash, including time deposits, was $179 million. We have capital commitments for seven vessels—one recently delivered and the remaining six to be delivered through Q3 '26—which total about $130 million, of which about $52 million will be paid by the end of Q3 '26 and the remaining $78 million by the end of 2026. So there is plenty of time to further enhance our cash base with cash flow generation from our core operation. As already mentioned, within the period of '23-'25, we generated $240 million of operating cash flow. Proceeding to Slide 10, we provide a summary of our liquidity, profitability and market considerations going forward. For the 12 months of '25, our operating cash flow was $81 million. Our profitability margin remains wide as market rates are favorable and significantly higher than our breakeven levels. In Q4 '25, our average time charter equivalent per fleet voyage day was close to $27,000 for our tankers and about $15,000 for our drybulk fleet; both numbers improved compared to the third quarter of '25. In terms of market consideration, the focal point is the U.S.-Iran tension escalation and how this will evolve in the short to medium run and to what extent this unfortunate geopolitical event will hit the tanker market and affect oil prices. In Slide 11, we summarize some key remarks around the strategy going forward. We base a strong operating performance on the successful commercial management of our high-quality built ships. Most importantly, we delivered our commitment to growing our fleet and soon we will enjoy a fleet on the water of 26 vessels. Within a short period of time, Imperial Petroleum managed to become a medium-sized company fleet-wise, but most importantly, maintain profitable and debt-free throughout this rigorous expansion phase. At this stage, our CEO, Mr. Harry Vafias, will summarize our concluding remarks for the period examined.
