Good morning, ladies and gentlemen, and thank you all for joining us today for our scheduled conference call. Together with me is Tasos Aslidis, our Chief Strategy Officer and Treasurer, and Athena Radaioti, our Chief Financial Officer.

The purpose of today's call is to discuss our financial results for the 3-month and 12-month periods ended December 31st, 2025. Please turn to slide 3 of the presentation as we begin with a review of the company, outlining our business model, operational strengths, and key competitive advantages that position us for sustained performance and growth.

As a reminder, on March 17th, 2025, EuroHoldings was spun off from Euroseas and has since operated as an independent company. On March 18th, we began trading as a publicly listed company.

As part of the transaction, Euroseas contributed three subsidiaries to EuroHoldings, which own the now debt-free vessels Aegean Express and Joanna, together with $14 million in cash proceeds generated from the sale of the motor vessel Diamantis. Euroseas distributed EuroHoldings shares to its shareholders on a pro rata basis at a ratio of 1 EuroHoldings share for every 2.5 Euroseas shares held.

Upon listing, we initiated the process to find strategic investors to help grow the company. After a thorough search, we decided to partner with Marla Investments.

Marla Investments, an investment vehicle affiliated with the Latsis family, acquired a 51% stake in the company from the Pittas family. Following the transaction, the Pittas family retained approximately 8% ownership.

No new shares were issued in connection with the transactions. Since our listing, our stock has traded at an average price of about $6.5 per share and an average price of close to $7 per share since June 23rd, 2025, when Marla Investments became our majority shareholder.

The change in our shareholding structure has provided EuroHoldings with a strong and enduring foundation supported by the expertise, long-term perspective, and maritime experience of the Latsis family. In late summer, we announced our strategic decision to enter into the tanker sector, marking our gradual transformation from containerships into tankers.

As an initial step, in November we acquired a modern medium range MR product tanker, motor tanker Elas Avatar, financed through a combination of internal resources and bank debt. This investment reflects both our conviction in the sector's fundamentals.

We intend to further expand our fleet with the acquisition of additional MR product tankers funded through a balanced mix of debt, existing equity, and hopefully new equity. At the same time, we continue to operate our two feeder containerships, which remain employed under profitable charters.

These vessels will remain in service through the expiration of their current contracts or until their next scheduled dry dock, should their employment be renewed. This balanced strategy ensures operational continuity while positioning EuroHoldings to capitalize on attractive opportunities in the tanker market.

Please turn to slide 4 of the presentation where you can see our financial highlights during the fourth quarter. For the fourth quarter of 2025, we reported total net revenues of $4.5 million, a net income of $1.3 million, or 45 cents earnings per basic and diluted share.

Adjusted EBITDA for the quarter was $1.6 million. Please refer to the press release for a reconciliation of adjusted EBITDA.

In addition, we declared a quarterly dividend of 14 cents per share for the fourth quarter of 2025, in line with previous distributions, which is payable on or about March 17th, 2026, to shareholders of record as of March 10th, 2026. This marks our fourth consecutive quarterly dividend, and it represents an annualized yield of approximately 8.3%.

Let's turn to slide 5 for an overview of our fleet. We currently operate two feeder containerships with a combined capacity of 3,170 TEU and an average age of approximately 28 years, along with an 11-year-old MR product tanker with a carrying capacity of about 50,000 deadweight.

Please turn to slide 6. Our two feeder containerships, motor vessel Joanna and motor vessel Aegean Express, remain fully utilized under profitable time charters, generating steady cash flow and providing operational visibility that supports our growth initiatives and expansion in the tanker market.

Their existing charters run at least until the end of September and mid-October 2026 respectively. Despite their age, we believe both vessels have the potential to secure employment beyond their current charters, continuing to contribute meaningful cash flow as we pursue additional opportunities in the tanker sector.

Meanwhile, the Elas Avatar is currently employed under a short-term voyage charter earning about $43,000 per day through late February. Please turn to slide 7.

This slide highlights the key dynamics of the feeder market where our two vessels, Aegean Express and Joanna, are positioned. According to data from Clarksons Research, the overall containership orderbook stands at approximately 25% of the existing fleet.

However, this orderbook is heavily concentrated in larger vessel classes. By contrast, the feeder segment has a significantly lower orderbook at roughly 13%, indicating more limited incoming supply.

At the same time, feeder vessels play a critical role in regional cargo distribution. As cargo volumes move through mainlane routes, feeders are essential for distributing containers to smaller and regional ports.

As a result, continued cargo flow supports sustained demand for vessels in this segment. However, the feeder fleet is aging, with approximately 21% of the vessels now over 20 years old.

A meaningful portion of these other vessels is expected to approach retirement or scrapping, especially as environmental regulations become increasingly stringent. Please turn to slide 8, which illustrates the 6 to 12 month time charter rates for 1,700 TEU feeder containerships over the past 10 years.

As of February 2026, the prevailing market rate stands at $28,000 per day, well above the 10-year average of about $18,000 per day and a median rate of about $11,000 per day, underscoring the strength of the current chartering environment relative to historical levels. Let me now hand over the line to our Chief Strategy Officer, Tasos Aslidis, who will walk us through some highlights of the product tanker market.

Thank you very much, Aristides. Good morning from me as well, ladies and gentlemen.

Over the next few slides, as Aristides mentioned, I will walk you through several key highlights of the product tanker market. For that, please turn to slide 10, which outlines the development of 1- and 3-year charter rates for medium range product tankers over the past decade.

As shown on the slide, and as of February 20, 2026, the 1-year medium range time charter rate stood at approximately $25,000 per day. This is broadly in line with the 5-year average of $24,400 per day and the 5-year median of $23,750 per day for this vessel class.

Similarly, the 3-year medium range time charter rate is currently at around $21,000 per day, slightly below the 5-year average of $21,238 and essentially aligned with the 5-year median of $21,000 per day. Although current rates are below the elevated rates recorded during the 2022 to 2024 peak cycle, they remain healthy by historical standards and consistent with long-term averages, highlighting the fundamentally resilient and well-supported nature of the medium range tanker market.

Please turn to slide 11, which illustrates the evolution of the newbuilding and secondhand prices for 5- and 10-year-old units over the past 10 years. As shown in the graph, both newbuilding and secondhand prices remain above their 5-year median and averages, indicating expectations about firming market strength and confirming that.

It is worth noting here that a significant structural shift appears to be taking place related to the cost of newbuildings, which in turn relates to the cost of materials and other factors, and which is also reflected in the price levels of secondhand prices and the market rates, as this chart indicates. As of February 20, 2026, newbuilding prices stood at approximately $49.5 million, while 5-year-old vessel prices were around $45 million and 10-year-old units were valued at approximately $35 million, according to Clarksons Research.

Secondhand asset prices for 5- and 10-year-old vessels are trading at a meaningful discount of about 10% to 15% compared to their peak levels in the mid of 2024, although they are higher than the recent lows seen in 2025. This pullback from the peak level suggests a potentially attractive entry point relative to asset values observed over the past several years, providing a supportive backdrop as we evaluate potential acquisition opportunities.

Let's now turn to slide 12, which presents the medium range product tanker fleet age profile and orderbook. Starting at the top left of the chart, the global medium range product tanker fleet is roughly evenly distributed by age.

Nearly 47% of the vessels are now over 15 years old, while only 14% are under 5 years of age. This limited share of younger tonnage in the age profile highlights the lack of fleet renewal in recent years.

The aging profile supports at least a normalized level of scrapping going forward. As vessels approach special surveys, they face rising maintenance costs and stricter compliance costs, particularly in light of increasingly more stringent environmental regulations.

These factors could reduce the competitiveness of older units, incentivize owners to retire their tonnage. Turning to the top right section, we can see annual deliveries in 2025 averaged around 4.3 million deadweight tons, which despite the limited ordering activity in the past years indicates that most of the existing orderbook for the sector was delivered during 2025.

At the same time, scrapping remains subdued, particularly during the strong freight market period of 2022 to 2024, when elevated earnings encouraged owners to retain older vessels. As a result, net fleet growth has remained relatively modest, even during a period of historically strong rate levels.

With rates moderating in 2025 compared to the 2022 to 2024 period, scrapping activity picked up a bit while deliveries reflected the still limited orderbook levels. The chart at the bottom further illustrates that the medium range tanker orderbook as a percentage of the fleet remains well below prior cyclical peaks at about 14.1%.

The sector has effectively been underordered for an extended period of time, as the chart indicates. Overall, a combination of an aging fleet and a historically limited orderbook provides for a positive medium-term supply outlook.

Let's now turn to slide 13, where we go over the trade demand outlook for tankers. As shown in the top chart, global seaborne trade for oil products strengthened significantly during the post-pandemic period, particularly during the peak years of 2022 to 2024.

This growth was largely driven by refinery dislocation and shifting trade patterns following geopolitical events such as the COVID pandemic, the Russian invasion in Ukraine, and disruptions in the Suez Canal. Trade volume softened slightly in 2025 before thus far recovering in 2026, broadly in line with refinery utilization and global oil demand trends.

At the same time, ton-mile demand expanded at an even faster pace than trade volumes over this period, reflecting longer average routes. Ton-mile demand remains elevated by historical standards, and current estimates indicate an increase in trade volumes in ton-mile terms for 2026 and 2027, which should translate to stronger demand for oil tankers.

Looking at the bottom left graph, global oil demand over the past decade shows steady growth following the pandemic decline in 2020. Demand recovered from the mid-90 million barrel per day range during the pandemic to over 105 million barrels per day in 2025, reflecting and confirming continued demand growth.

Looking at the bottom right graph, global refinery capacity has grown in line with oil demand over the past 15 years. Although capacity growth remained flat and probably slightly declining in 2025 for various regional reasons, further additions are expected in 2026 of approximately 2%, followed by a continued capacity increase of around 1.5% in 2027 and 2028, providing further support for a positive outlook for the product tanker market.

Let's now turn to slide 14 to go over a summary of the product market trends and outlook. Thus in conclusion, we can say that 2025 was a solid year for product tankers, with medium range rates peaking at $23,750 per day late in the year, in line with 5-year median levels.

Currently, the average 1-year time charter rate stands firmly at around $25,000 per day. In 2026 and 2027, the picture seems a bit mixed.

Fleet growth is expected to reach approximately 5.5% in both 2026 and 2027, and this could weigh on rates. However, shifting trade patterns and firming ton-mile demand because of the trade dislocation due to sanctions and other disruptions and large product tankers moving into dirty trade segments may absorb part of this additional capacity.

Ongoing geopolitical uncertainty, regulatory changes, and evolving, as I mentioned, trade patterns could further contribute to a more balanced supply-demand dynamic. Overall, it's fair to say that developments in 2026 and 2027 will depend on trade flows, scrapping, and broader geopolitical developments.

With that, let me pass the floor over to our CFO, Athena Radaioti, to go over the financial highlights in more detail.

Thank you very much, Tasos. Let's turn to slide 16 to review our financial highlights for the fourth quarter and 12 months ended December 31st, 2025.

For the fourth quarter of 2025, the company reported total net revenues of $4.48 million and a net income of $1.27 million. Adjusted EBITDA for the fourth quarter was $1.6 million.

Basic and diluted earnings per share for the fourth quarter of 2025 was $0.45, calculated on 2,816,615 basic and diluted weighted average number of shares outstanding. Let's now look at the figures for the corresponding 12 months of 2025.

During the period, the company reported total net revenues of $13.23 million and net income of $14.71 million. A $10.23 million gain was recorded during the year on the sale of motor vessel Diamantis in the beginning of the year.

Adjusted EBITDA for the year ended December 31st, 2025, was $4.69 million. Basic and diluted earnings per share for 2025 was $5.25, calculated on 2,799,666 basic and diluted weighted average number of shares outstanding.

Excluding the net gain on sale of motor vessel Diamantis, adjusted net earnings for the year ended December 31st, 2025, would have been $1.60 per basic and diluted share. Usually, security analysts do not include the above item in their published estimates of earnings per share.

Turning to slide 17, let's review our cash flow breakeven profile for the next 12 months across each of our operating segments, broken down by key components. Starting with our containership fleet, the cash breakeven stands at approximately $9,000 per day.

This means that any rechartering above $9,500 per day generates positive cash flow. Given where current market rates are for comparable feeder vessels, this segment continues to generate steady and reliable cash flow.

Moving on to our MR product tanker, the EBITDA breakeven is approximately $9,500 per day. Including interest expense and scheduled debt repayments increases the total cash breakeven to approximately $16,400 per day.

At current 1-year charter rates of $25,000 per day, we feel confident in this segment's ability to generate solid profitability and operate efficiently. Taken together, these breakeven levels underscore the strength of EuroHoldings' strong ability to generate positive cash flow across all operating segments, even under more normalized market conditions.

Let us now conclude our presentation with slide 18, which presents our balance sheet highlights. As of December 31st, 2025, we held cash and other assets of $7.5 million.

The book value of our vessels was $35.2 million, bringing our total assets to $42.7 million. On the liability side, we had $20 million of bank debt, which is about 47% of our total book value of assets.

Our total accounts payable stood at around $0.8 million, while other liabilities stood at about $0.9 million, resulting in an equity position of roughly $20 million. It is important to highlight that the market value of our fleet is significantly higher than its book value.

Based on the most recent charter-adjusted valuation, our vessels are valued at approximately $46.5 million. This implies a net asset value of around $32.3 million or about $11.46 per share.

Overall, our financial results reflect the strength of our disciplined strategy during a year of strategic repositioning alongside efficient operating performance. As we enter 2026, we do so with a solid balance sheet, positive operating cash flow, and a prudent approach to expand our presence in the tanker sector.

Thank you for your time and attention. I would now like to pass the floor back to Aristides to continue our call.

Thank you, Athena. Let me now open up the floor for any questions we may have.

Thank you all for listening in our presentation of today. We'll be back to you in 3 months' time.

Thank you.