Thank you and good morning, ladies and gentlemen. During the first quarter of the year, Costamare Bulkers generated an adjusted net income of $12.4 million.

As of today, we have successfully transferred the majority of the company's legacy trading portfolio pursuant to our deal with Cargill, effectively de-risking our balance sheet. We expect that our operating platform will be free of the remaining legacy trades by year-end.

As part of our fleet renewal program, we recently concluded the sale of one 2011-built Capesize vessel and the acquisition of one 2018-built Ultramax. At the same time, we've accepted delivery of one newbuilding Kamsarmax chartered in for a minimum period of 5 years.

The vessel has been chartered out at a profitable rate for a minimum period of 11 months. With total cash of about $270 million and debt of circa $140 million, the company is net cash positive, positioning us favorably to grow countercyclically in a low asset value environment.

Regarding the market, during the first 4 months of the year, the market exhibited elevated volatility relative to historical averages, driven by increased activity and inefficiencies, while geopolitical instability contributed additional uncertainty. Capesize earnings were supported by robust iron ore and bauxite volumes, coupled with geared fleet growth.

Ton-mile demand was further reinforced by the expansion of the West Africa-China trade flows across both commodities. Alongside the firm Capesize market and broad positive dry bulk sentiment, the Panamax index was further supported by a record soybean harvest in Brazil, as well as the U.S.-China agreement reached at the end of '25, which drove long-haul soybean shipments during the first quarter.

Finally, the Supramax segment recorded a solid start to the year, as increased grain and minor bulk flows offset the negative impact of the Strait of Hormuz closure, which reduced Persian Gulf export volumes by approximately 50%. Moving now to the slide presentation.

On slide 3, you can see our Q1 results. Net income for the period was $9.9 million or 41 cents per share.

Adjusted net income was $12.4 million or 51 cents per share. By the end of Q1, total cash exceeded debt by approximately $127 million.

As part of our fleet renewal strategy, we concluded the acquisition of one 2018-built Ultramax vessel and took delivery of a newbuilding Kamsarmax. This newbuilding is chartered in for a minimum 5-year period with extension and purchase options, and has already been chartered out for 1 year at profitable levels.

Another newbuilding Kamsarmax is expected to be delivered under a long-term charter-in agreement with similar options. Finally, we have concluded the sale of one Capesize vessel with capital gains of approximately $7 million.

Slide 5, the transfer of the trading book to Cargill is substantially complete, with only one vessel remaining to be novated. We have de-risked to a large extent our balance sheet, and expect that by year-end, we will not have any remaining legacy positions.

Our operating platform is currently focused on the Kamsarmax segment, and consists of 20 third-party owned dry bulk vessels. Slide 6, regarding the owned vessels, most of the fleet is employed on index-linked period charter agreements, with the option to convert to a fixed rate.

Finally, moving to slide 7, charter rates strengthened during Q1 '26, with further upside momentum since April. The new vessel orderbook stands at 10.5%.

With that, we conclude our presentation. We can now take questions.

Thank you. Operator, we can take questions now.

Thank you for dialing in to today's quarterly results call, and we're looking forward to speaking with you again during the second quarter 2026 results. Thank you.

Operator, we can conclude the call.