Thank you, and good morning, ladies and gentlemen. During the fourth quarter of the year, the company generated net income of about $73 million.

Net income for the whole year was about $370 million, with liquidity of $590 million. Executing on our strategy of securing long-term cash flows from high-quality counterparties in a healthy market environment, we have forward chartered 12 vessels from 4,000 to 14,000 TEUs, all commencing over the next three years, with a TEU-weighted average duration of 6 years.

Incremental contracted revenues from the new charters amount to approximately $940 million. As a consequence, the fleet deployment now stands at 96% and 92% for 2026 and '27, respectively.

Total contracted revenues have reached $3.4 billion, with a remaining time charter duration of 4.5 years. With an idle fleet of less than 1%, the charter market remains strong, with continued high demand for tonnage and limited supply of vessels available for charter due to the ongoing shortage of prompt ships.

With respect to Neptune Maritime Leasing, in which we hold the controlling interest, 54 shipping assets have been funded or are on a commitment status basis, with total investments and commitments exceeding $665 million. Moving now to the slide presentation.

On slide three, you can see our annual results. Adjusted net income for '25 was about $376 million, or $3.12 per share.

Adjusted net income for the quarter was about $72 million, or 60 cents per share. Our liquidity stands at $590 million.

Slide four, we have fixed on a forward basis 12 ships, securing incremental cash flows of $940 million. The average duration of the new charters on a TEU basis is 6 years.

Following the above fixtures, our revenue days are fixed 96% and 96% for 2026 and 92% for '27, while our contracted revenues are $3.4 billion, with a TEU-weighted remaining duration of 4.5 years. Slide five, regarding our financing arrangements, we have agreed the pre- and post-delivery financing of all six newbuild vessels.

In addition, we have agreed to refinance two containerships at a substantially lower funding cost. We have no significant maturities till '27.

Slide six, on our leasing platform, we increased our investment commitment to about $250 million, out of which close to $180 million have been invested to date. NML has funded or committed to fund 54 assets for a total amount of more than $665 million.

Finally, we continue to have a long, uninterrupted dividend track record. Moving to the last slide, charter rates in the container shipping market remain at robust levels.

The idle fleet remains at very low levels of 0.5%, indicating a fully employed market. With that, we conclude our presentation, and we can now take questions.

Thank you. Operator, we can take questions now.

Hi, good afternoon, and thank you for taking my questions. I wanted to start by asking about your debt.

You're currently generating very solid free cash flow, and I was wondering to what extent do you expect to conduct debt prepayments on top of regular scheduled debt amortization? Obviously, this stays back to your investment expectations over the coming year.

Look, thank you for that. On a net debt basis, the company has a relatively low leverage, also considering the contracted cash flows, and we have always been repaying our debt quite prudently, without having any backloaded debt payments.

I think the way it stands now, we have no reason to prepay debt earlier than the original maturity. We may be doing some refinancing here and there, but I don't think that it makes sense now, based on the company's low leverage, to prepay today any additional debt.

That's helpful, thank you. I also wanted to ask about how should we expect the amortization of deferred revenues to move going forward?

Because there was kind of a substantial increase quarter-over-quarter. Could you talk a bit about what drove that and whether we should expect this to continue?

No, the deferred revenues, it's mainly an accounting treatment that has to do with, in case where there is an increase of, or a decrease of the charter hire, for a long-term time charter. It's mainly an accounting treatment, and I think that we should be focusing on the cash revenue basis, and we do provide an adjustment in order to arrive on a cash basis figure for the revenue.

I don't think that this is something that we have to worry about, and this is something that it is dictated under US GAAP.

Makes sense. It was simply [clears throat] to help us model it a bit better, but we obviously focus on the cash.

That's everything for me. Thank you for taking my questions.

It is mainly to streamline, in case you have a decreasing or increasing charter hire during the tenor of the charter party, in order to have a smooth payment. This comes from accounting.

We make an adjustment, for revenues on a cash basis. I think it's clear.

It is. Thank you.

Thank you for dialing in today, and thank you for your interest in Costamare. We're looking forward to speaking with you again during the next quarterly results call.

Thank you. Operator, we can conclude the call now.

Thank you.