Thank you for joining us for Nadia's Maritime Partners' third quarter 2025 earnings conference call. With us today from the company are Chairwoman and CEO, Ms. Angelica Frangu, Chief Operating Officer, Mr. Stratos de Sipris, Chief Financial Officer, Mrs. Eric Cironi, and Chief Trading Officer, Mr. Vincent van der Valle. As a reminder, this conference call is being webcast. To access the webcast, please go to the Investors section of Navius Partners' website at www.navius-mlp.com. You'll see the webcasting link in the middle of the page, and a copy of the presentation referenced in today's earnings conference call will also be found there. Now, I will review the Safe Harbor Statement. This conference call could contain forward-looking statements within the meaning of the Private Security Litigation Reform Act of 1995 about novice partners. Forward-looking statements are statements that are not historic facts. Such forward-looking statements are based upon the current beliefs and expectations of novice partners' management and are subject to risks and uncertainties which could cause actual results to differ materially from the forward-looking statements. Such risks are not fully discussed in Navis Partners filings with the Securities and Exchange Commission. The information set forth herein should be understood in light of such risks. Navis Partners does not assume any obligation to update the information contained in this conference call. The agenda for today's call is as follows. First, Ms. Frankel will offer opening remarks. Next, Mr. De Sibis will give an overview of Navio's partners' segment data. Next, Mrs. Tironi will give an overview of Navio's partners' financial results. Then, Mr. van der Valle will provide an industry overview. And lastly, we'll open the call to take questions. Now, I turn the call over to Navio's partners' chairwoman and CEO, Ms. Angeliki Frankel. Angeliki?

Good morning, and thank you all for joining us on today's call. I am pleased with the results for the third quarter and first nine months of 2025, in which we reported revenue of $346.9 million and $978.6 million, respectively. We also reported a breakdown of $193.9 million and $519.8 million, respectively, respectively, an net income of $56.3 million and $168 million, respectively. Earnings per common unit were $1.90 for the quarter and $5.62 for the nine-month period. For the past five years, it seems as if we have been addressing constant change in our operating environment driven by geopolitical and other events, yet we have remained laser focused on our business, modernizing our fleet. As you can see on slide 3, our fleet has an average age of 9.7 years compared to an industry average of 13.5 years for our three segments. Our reinvestment program puts us in a fortunate position of having a fleet that is almost 30% younger than the average and almost half when you look at our tanker fleet. Please turn to slide 4. Navios is a leading maritime transportation company owning, operating and charging a modern fleet of 171 vessels across three segments and 15 asset classes. Our fleet is split about one-third in each category by vessel number and vessel value. Vessel values are $6.3 billion in gross value and $3.8 billion in net equity. We also enjoy a low net LTV of 34.5% and have $412 million available liquidity and strong credit ratings of B3 by Moody's and WB by S&P. Please turn to slide 5. We believe that diversification is strength. When embedded in a culture of risk management, we have a business providing significant optionality in a decision-making process. For example, when chartering, if we are unable to secure long-term charters that provide a reasonable return on our investment, we limit our exposure to short-term waiting for sectoral opportunity to return. We approach the allocation of capital similarly, patiently observing the market for either opportunistic purchases or acquisitions that can be held by long-term charters with a credit worthy counterparty. These activities are accompanied by deleveraging goals with maintain a strong balance sheet and a target net LTV of 20-25%. I would offer that all this works because of our strong risk management culture. We are continuously monitoring and assessing risk. We evaluate and structure our transactions with risk management professionals who are equal partners in all our activities. We also obtain robust insurance coverage for liability and losses. And we have implemented many tools to manage operational risk and crew training. Please turn to slide 6. Our fleet loss LTV was 40.6% at the end of the third quarter. Net LTV was 34.5% and we aim to continue to drive Net LTV lower. We added 745 million of long-term contracted revenue during the quarter. And that revenue backlog is $3.7 billion. Currently, virtually all of the fleet is covered for the fourth quarter of 2025. Please turn to slide 7. I would like to focus on the prospects for 2026, which are shaping up nicely. We have covered 58% of our days and reduced the cash break-even to $894 per day for the remaining 23,387 open and index days. You can see the breakdown of each segment on the right part of the slide. 92% of our container days and 73% of our tanker days are fixed with drive-back days representing most of our market exposure by number of days. Please turn to slide 8. A few weeks ago, we took the opportunity to offer a 300 million senior as a pure bond in the Norwegian market. We priced the bond at par at a coupon of 775% with a five-year term. The proceeds are used to repay $292.3 million of floating rate debt and the balance for issuance fees and for general corporate purposes. This transaction has no impact on our leverage rate because the proceeds are used to refinance existing debt, but we believe opportunistic financing reduces interest rate risk by replacing floating rate debt with a fixed interest rate. It also releases collateral, and we have around $1.2 billion of debt-free vessels. For a formula for this transaction, we have 41% of our debt fixed at an average interest rate of 6.2%. The bond also introduces to the Norwegian market, providing an alternative source of financing. Please turn to slide 9, where we outline a return of capital program. As you can see here today, we have returned $42.2 million under the dividend and unit repurchase programs. Today, we purchased almost 5% of the number of units outstanding determined as of the date we launched the program. We have $37.3 million purchase power remaining. These purchases have resulted in a $4.6 per unit value accreation, assuming the analyst estimate of NAV of around $138 per unit. Please turn to slide 10. Navios is a proven platform that has been executing its strategy in a challenging environment. I refer to the many uncertainties when I started this discussion, certainly the geopolitical risks, regional conflicts, changing global tariff regime, and evolving trade patterns are unprecedented in recent history. We have remained focused, and over the past four years, we have built a platform with an EBITDA run rate of about $750 million, while increasing our book of contracted revenue to $3.7 billion and our vessel value to $6.3 billion. At the same time, we have decreased our net NPV by 23% to 34.5%. We have more to do, but we believe that this proven platform containing a divisive site fleet with a risk management culture is the way to do it. I now turn the presentation over to Mr. Stratos de Sikris, Nauvius Partners, Chief of Operating Officer. Stratos.

Thank you, Nelliki, and good morning all. Please turn to slide 11, which details are operating free cash flow potential for Q4 of 2025 and 2026 for q4 2025 we fixed 88 percent of our available days at a net average rate of 27 24 871 dollars per day contracted revenue exceeds estimated total cash operating cost by about 86 million and we have 1594 remaining open or index link days that should provide additional cash flow For 2026, we have fixed about 58% of our available days at a net average rate of $27,088 per day, generating about $860 million in revenue. This almost covers our total estimated cash operating costs for the year, resulting in a break-even of $894 per day on our 23,387 open index days. Please turn to slide 12. We are constantly renewing our fleet in order to maintain a young profile. We reduce our carbon footprint by modernizing our fleet, benefiting from new technologies and advanced environmental-friendly features. During Q3, we acquired four new buildings, 8,850 PEU container ships, for a total price of 460 million. These vessels have already been chatted out for a fair period of over five years at a net rate of $44,145 per day, generating revenues of $336 million. We have 25 new building vessels delivered into our fleet through 2028, representing $1.9 billion of investment. Based on our financing, both agreed in process, we have about $230 million of equity remaining to be paid. In containerships, we have eight vessels to be delivered with a total acquisition price of about $0.9 billion. We have mitigated residual value risk with long-term credit-worthy charters expected to generate about $0.6 billion in revenue over a five-year average started duration. In tankers, we have 17 vessels to be delivered for a total price of approximately $1 billion. We charter out 11 of these vessels for an average period of five years expected to generate aggregated contracted revenue of about $0.6 billion. We also continue to opportunistically sell all their vessels. In 2025, we sold 12 vessels, 6 dry bulk, 3 tankers and 3 container ships with an average age of over 18 years for a total of about 235 million. Moving to slide 13, we continue to maintain a strong backlog of contracted revenue that creates visibility in an uncertain environment. During the quarter, we added 745 million of contracted revenue, 595 million from container ships, including the 336 million on the 4 new building vessels, 138 million on tankers, and 12 million on dry bulk vessels. Total contracted revenue amounts to 3.7 billion. 1.3 billion relates to our tanker fleet, 0.2 billion relates to our dry bulk fleet, and 2.2 billion relates to our container ships. Charters are extending through 2037 with a diverse group of quality counterparties. I now pass the call to Eri Cironi, our CFO, who will take you through the financial highlights. Eri?

Thank you, Stratos, and good morning all. I will briefly review our unaudited financial results for the third quarter and the nine months ended September 30, 2025. The financial information is included in the press release and is summarized in the slide presentation available on the company's website. Moving to the earnings highlights on slide 14, total revenue for the third quarter of 2025 increased by 1.8% to $347 million compared to $341 million for the same period in 2024 due to hard-slip combined time charter equivalent rate despite lower available days. Our combined TCE rate for the third quarter of 2025 increased by 2.4% to 24,167 per day, while our available days decreased by 0.8% to 13,443 days compared to Q324. In terms of sector performance, the TCE rate for our combined container and tanker fleet increased by 3.7% and 1.7% to 31,832 and 26,238 per day respectively. In contrast, our TCE rate for our drive-back fleet was 3.5% lower at 17,976 per day. EBITDA for the third quarter and first nine months of 25 was adjusted as explained in the slide footnote. Adjusted EBITDA for Q325 decreased by $1.4 million to $194 million compared to Q324. The decrease was primarily driven by a $4.5 million decrease in other income net, mainly due to the decrease in foreign exchange gains and a $3.2 million increase in vessel operating expenses, mainly due to a 3.4 increase in OPEC state and a 2 million increase in general administrative expenses in accordance with our administrative services agreement. The above decrease was partially mitigated by a 6.1 million increase in time charter and voyage revenues and a 2.2 million decrease in time charter and voyage expenses, mainly view to the decrease in banking expenses as a result of lower freight voyage days in the third quarter of 25. Our average combined OPEX rate was $6,798 per day, only $10 more than Q324. Adjusted net income for Q325 was $84 million compared to $97 million in Q324. The decrease is mainly due to a $9 million increase in depreciation and amortization and a $2 million increase in interest expense and finance cost net. Adjusted earnings and earnings per common unit for the third quarter of 2025 were $2.8 and $1.9 respectively. For the first nine months of 2025, revenue decreased by $23 million to $979 million. adjusted EBITDA decreased by $29 million to $520 million, and adjusted net income decreased by $67 million to $196 million compared to the same period in 2024. Our combined TCE rate for the first nine months of 25 was $22,825 per day. In terms of sector performance, the TC rates for our containers increased by 3.1% to 31,213 per day compared to the same period in 2024. In contrast, our dry bulk and tanker TC rates were approximately 9.2% and 3.5% lower respectively. TC rates for our dry bike vessels stood at 15,369 per day and for our tankers at 26,290 per day for the first nine months of 25. Our average combined OPEX rate was 2.4% higher compared to the first nine months of 24 at 6,961 per day, also as a result of the change in the composition of our fleet. Adjusted earnings and earnings per common unit for the first nine months of 2025 were $6.6 and $5.6, respectively. Turning to slide 15, I will briefly discuss some key balancing data. After September 30, 2025, cash and cash equivalents, including restricted cash and time deposits in excess of three months, were $382 million. During the first nine months of 2025, we paid $178 million under our new building program net of debt. We concluded the sale of six vessels for $75 million, adding about $49 million cash after debt repayment. Long-term borrowings, including the current portion net of deferred fees, increased to $2.2 billion following the delivery of six vessels during the first nine months of the year. Net debt to book capitalization improved to 33.8%. Slide 16 highlights our debt profile. With our recent $300 million senior unsecured bond, we further diversify our funding resources in addition to bank debt and leasing structures. The bond has a fixed interest rate of 7.75%, and pro forma for the bond, 41% of our debt is fixed at an average rate of 6.2%. We also have mitigated part of the increased interest rate cost by reducing the average margin for our floating rate, debt, and bare boat liabilities for the in-the-water fleet to 1.8%. I would like to note that the average margin for the committed and drawn floating rate debt of our new building program is 1.5%. Our maturity profile is staggered with no significant balloons due in any single year until 2030 when the bond matures. In Q325, Navios Partners completed three facilities for a total amount of $246 million. One additional facility of $68 million was signed in October. I now pass the call to Vincent Vandevale, Navios Partners' Chief Trading Officer, to take you through the industry section. Vincent?

Thank you, Erie. Please turn to slide 18. Geopolitical developments continue to shift worldwide trading routes caused by the tariff war, restricted Suez Canal passages, the Ukraine war, and port fee impositions by U.S. and China. Announced tariffs and the implementation pauses in effect are not expected to have a significant effect on tankers and dry bulk trade apart from steel. Tariff impacts on grain and container ships are expected to reduce following the recent trade deal between US and China. The Red Sea entrance leading to the Suez Canal continues to operate at restricted transit levels, increasing to miles for most vessel types. Since the Gaza ceasefire, Houthis announced that they have ceased attacks on shipping, but there were several piracy incidents off Somalia at the beginning of November. The Ukraine war is shifting trading patterns, limiting grain exports out of the Black Sea and benefiting exports out of Brazil and USA. Russian crude and product exports are adjusting to tighter sanctions on Russian oil producers Rosneft and Lukoil, elevating rates for non-sanctioned vessels. USTR port fees on Chinese vessels and similar Chinese port fee on US vessels have been put on hold for a year, while the two countries negotiate a more permanent solution. Please turn to slide 20 for the review of the dry block industry. Demand growth for dry block has been relatively stable over the last 25 years at about 4% average annual tonneau growth. The current order book stands at about 11% of the total fleet and will remain low due to high new building prices, uncertainty about new fuel regulations and availability, and general market outlook. The fleet is aging quickly with 39% of the vessels 15 years old, and with the older vessels far exceeding those on order. Supply should be constrained over the medium term. Please turn to slide 21. The main driver of driver of the mount will be strong Atlantic basin iron ore growth over the next several years with new projects in Guinea and Brazil. The biggest new project is Simondou in Guinea, starting now, which will ramp up to 120 million by 27. Also, Vale in Brazil has three new projects totaling 50 million tons, expected to start exporting by the end of 26. The total of 170 million tons are all long-haul ton-mile trades, creating demand for an additional 234 capes. With the current order book of only 173 capes, the further tightening of supply and demand is expected over the next few years, benefiting rates. Overall, the dry boat market looks positive based on steady long-term demand growth and a constrained supply of vessels. Please turn to slide 23 for the review of the tanker industry. Reviewing the supply side, as in dry, we see a relatively low tanker order book of 16%, with 51% of the fleet already over 15 years old, rising quickly in the next few years. With all the vessels exceeding the order book and the arts offering first deliveries in late 28, supply is set to be tight for several years. Please turn to slide 24. The US Office of Foreign Asset Control, OFAC, the EU and the UK continue to sanction Russian, Venezuelan and Iranian oil revenue and the ships delivering their crude and products. These types of sanctions have two main effects. Sanctioned oil volumes from these three countries have more difficulty finding willing buyers, raising demand for compliant barrels and non-sanctioned vessels to carry that all. Secondly, with 785 tankers now sanctioned, the fleet has already seen a significant reduction of about 14% of total capacity. The tanker market also looks positive over the medium term based on a low-order book, an aging fleet and a reduced fleet due to sanctions. Please turn now to slide 26 for a review of the container industry. After the COVID pandemic, container ships ordering focusing mainly on the biggest units with fleet expansion in large vessels set to continue from high levels this year into next. Currently 80% of the order book is for bigger ships with 9000 TEU capacity or greater and only 70% of the order book is for 2000 to 9000 TEU capacity where Navios is most active smaller segments of the fleet are well positioned to take advantage of shifting trading patterns as shown on the right hand graph growth in non-mainland trades far exceeds the traditional mainly trades to the us and europe due to tariffs and higher growth in developing economies trades involving the southern hemisphere mostly served by smaller size vessels are expected to see continued health growth as this trade shift continues Overall, Navio's fleet is well positioned within the container market and continues to benefit from long-term employment with our high-quality charters. This concludes our presentation. I would now like to turn the call over to Angeliki Frangu for her final comments. Angeliki?

Angeliki Frangu Thank you, Viancen. This concludes our formal presentation and we will open the call to questions.

Angeliki Frangu And at this time, if you would like to ask a question please press the star and one on your telephone keypad you may withdraw your question by pressing star two once again to ask a question please press the star and one on your telephone keypad we'll take our first question from omar nokta with jeffries please go ahead your line is open thank you hi good morning or good afternoon angelique and team uh thanks for the update.

Slide 11 has a really nice summary. Hi, Angeliki. Yeah, slide 11 has a really nice summary that shows in 2026 how you have 42% of your available days open to, say, the spot market or index rates. Yet, you know, given how much charter coverage you have, you only need $894 to break even on those shifts. Clearly a great place to be. Gives you plenty of flexibility. You know, with that, how does that shape your interest in fixing your vessels kind of going forward from here, at least into 26th? Do you keep what's available now to the spot market, do you keep those free and open, given you've got that, say, flexibility? Or do you want to continue to put these ships on contract and fix your coverage out?

Let me just take it through, and I'd like to add a couple of things. One of the things we are doing is we use stability. So you will see that the vessels that are open for 2026 is the majority is a dry bike. And basically those vessels are the premiums. The majority of our container vessels have been freed outside. We also are seeing for that are like Stratos to give you a little bit of freed back.

Just a majority, I would say more than 50% of the tankers have covered, so the majority of the exposure is indeed on the drywall. You see that, you know, with the contracted revenue, we all- Thank you, Strautos and Angeliki.

And just to follow up, you know, clearly we're seeing a pretty healthy container ship chartering market, and you've been able to take advantage of really, you know, good, strong, we would say liner interest to build ships against contracts, and you've been fairly active in in recent years in that 5,000 to maybe say 9,000 TEU range. There's been some focus recently, or at least it feels like there's been a shift where liners are starting to look more at the feeder size, kind of in that sub 2,000 TEU size range. You don't have a big focus on that with your fleet today, but is that something you see an opportunity in? Are there opportunities to build these smaller ships against contracts or is that more just talk at this point?

There is always project, and I will tell you that we see a lot of activity in every What you have to be very careful is counterparty and duration, because, you know, new building prices remain at the levels we have seen. So it's very important the signature, duration, residual value of the risk. I mean, of course, we see a lot of inefficiency in the market, in the trading patterns, and And it seems that the smaller vessels give more flexibility to the liners in order to at least vary.

That makes sense. Thank you. Okay. And then, Mary, just finally, you had the successful $300 million bond issue last month, unsecured, good rate. How are you thinking about those proceeds in terms of how you plan to employ them?

It hasn't been open for quite some time, I think almost 10 years for the maritime section. So what we achieved with that is we fixed our interest rate at 41% at 6.2% in our sources. We've got 1.2 billion of debt-free vessels, the vessels that give us something that we Yes, certainly.

Thanks, Angeliki. very good I'll turn it over thank you and now I will turn the call back to Angelique for final comments thank you ladies and gentlemen this does conclude today's program thank you for your participation and you may disconnect at any time