Thank you, operator, and welcome everyone. Today, we're pleased to present our financial results and company updates for the fourth quarter and full year of 2025.

2025 marked our fifth consecutive year of profitability and another important milestone for Seanergy. We delivered strong earnings, generated meaningful cash flow, advanced our fleet renewal strategy, and continued returning significant capital to our shareholders, all while further strengthening our balance sheet.

For the fourth quarter of 2025, we reported earnings per share of 68 cents, and for the full-year period of 2025, we reported earnings per share of $1.28. Both our net income, as well as the appreciation in value of vessels acquired since 2021, underscore the operating leverage embedded in our platform.

Our profitable track record validates our long-term consistent strategy of focusing exclusively on larger bulkers, Capesizes and Newcastlemaxes. Seanergy is optimally positioned in what we believe is a favorable Capesize environment, supported by expanding long-haul demand while fleet supply growth remains constrained.

Aging tonnage, limited new ordering, and environmental regulations are creating a structured, tighter supply environment. With respect to fleet renewal and optimization, we have made significant progress.

To date, we have secured three high-specification eco newbuildings, two Capesizes and one Newcastlemax, at leading Chinese shipyards with deliveries between Q2 '27 and Q2 '28, totaling approximately $226 million. At the same time, we recently concluded the sale of a 2010-built Dukeship at a firm price, in addition to the sale of the 2010-built Geniuship earlier in 2025.

Both transactions released significant capital for the company. The current strength in second-hand values allows us to execute our fleet transition in a disciplined and measured manner while maintaining strong balance sheet.

At the year-end, our fleet loan-to-value stood at 43%, reflecting a conservative leverage profile supported by disciplined balance sheet management. As a pure-play Capesize operator, we maintain balanced leverage that preserves financial resilience while retaining meaningful exposure to market upside.

Let us turn now to slide four for an overview of our capital distributions. Slide four.

In this profitable market environment, our capital allocation priorities remain clear: return capital to our investors, modernize our fleet, and preserve financial strength. In 2025, we declared total dividends of 43 cents per share, including 20 cents for the fourth quarter.

Since Q4 2021, we have returned approximately $96 million to our shareholders through dividends, share buybacks, and note repurchases. Based on our track record and current market strength, we remain constructive on future distributions, subject to market conditions and capital commitments.

Slide number five, Commercial Snapshot. Turning to slide number five, 2025 demonstrated the strength of our chartering strategy.

During the fourth quarter, Seanergy achieved a daily time charter equivalent of approximately $26,600, while our full-year time charter equivalent was approximately $21,000 a day. Fleet utilization exceeded 96%, despite the intense drydocking schedule, reflecting our strong operating efficiency.

In what was an extremely volatile year for the Capesize market, we are very pleased with our balanced commercial strategy, combining index-linked exposure with selective forward fixtures. That has allowed us to participate in market upside while securing cash flows visibility and reducing volatility.

Looking forward for the first quarter of 2026, we expect our time charter equivalent to be about $25,300 per day, based on the FFA curve for the remaining days of February and March. We are closely tracking Capesize Index during the period of counter-seasonal strength.

As the market remains on a clear positive trend, we aim to selectively fix a percentage of all of our available days at attractive rates, securing high cash flows and returns on invested capital. For the period from Q2 until Q4 of 2026, we have fixed approximately 32% of our available fleet days at an average gross rate of $27,300, subject, of course, to further increase as a result of the profit-sharing scheme for two of our vessels, 27,300.

Looking further ahead, the upcoming delivery of our newbuildings will further improve the commercial profile of Seanergy, and we are currently considering our options with regards to their employment. Slide six.

Since our previous quarterly update, we have taken decisive steps towards fleet renewal and placed orders for two additional newbuildings at first-class shipyards based in China. For now, we have two sister Capesize newbuildings for mid-2027 and one Newcastlemax for Q2 2028.

The combined contract cost stands at approximately $226 million, which we believe represents a very, very competitive value given the prompt deliveries and the quality of the yards. Our three newbuilding vessels have already attracted strong interest from both existing and prospective charterers.

However, given the continued strengthening of the market, we remain flexible and have not yet committed to any long-term employment agreements. Their superior fuel and environmental performance enhance their attractiveness to major dry bulk charterers and position them very well as regulatory requirements will come to tighten the market.

On that note, I would like to turn the call over to Stavros for an overview of our financial performance as well as our financing developments with regards to our existing and newbuilding vessels. Stavros, please go ahead.

Thank you, Stamatis, and good morning to everyone joining us. Let's begin with slide seven, where we will review the key highlights of our financial performance.

Before turning to the numbers, I would like to emphasize the continued strength and resilience of our platform, as 2025 marks our fifth consecutive year of profitability. For the fourth quarter of 2025, the strong Capesize market supported robust financial results.

Net revenue for the quarter totaled $49.4 million, while adjusted EBITDA and net income reached $28.9 million and $12.5 million, respectively, reflecting the strength of the second half of the year. For the full year, net revenue amounted to $158.1 million, adjusted EBITDA reached $81.7 million, and net income was $21.2 million, translating into earnings per share of $1.02.

These results underscore the effectiveness of our chartering strategy and risk management framework. Turning to the balance sheet, we maintained a strong liquidity position with $62.7 million in cash and cash equivalents, or approximately $3.1 million per vessel.

This liquidity provides operational resilience and supports the execution of our fleet modernization strategy. Now regarding our newbuilding program, the investment plan has been carefully structured with a laddered schedule to ensure alignment with our shareholder reward strategy and financial flexibility.

Approximately $80 million is expected to be deployed this year, $100 million in 2027, and $50 million in 2028. Financing for two of these vessels has been secured on attractive terms, while we are in active discussions for the third.

Our debt-to-capital ratio remained well below 50%. This conservative leverage profile, combined with strong cash generation, provides flexibility as we enter 2026 and supports the funding of our newbuilding program.

Overall, 2025 was characterized by consistent profitability, disciplined balance sheet management, and solid cash generation, positioning us well to continue delivering value to our shareholders moving forward. Moving on to slide eight, for the full year, our TCE averaged $20,937 per day, closely aligned with the annual BCI average.

This reflects the effectiveness of our chartering strategy, which balances index exposure with selective forward fixtures to manage volatility while preserving upside. Adjusted EBITDA reached $81.7 million for the year, significantly above our five-year average.

The strong performance in the second half demonstrates the operating leverage inherent in our fleet. Our EBITDA margin of approximately 52% and operating cash flow margin of roughly 33% highlight the quality and resilience of our earnings.

Even amid a volatile freight market, we generated meaningful and recurring cash flows, supporting both shareholder returns and fleet modernization. Daily operating expenses per vessel averaged approximately $7,100, only modestly higher year-over-year, despite the inflationary pressures and the aging profile of our fleet.

Moving on to slide nine, let's look at our leverage profile and overall debt position. We closed the year with approximately $294 million of total debt, gross of deferred finance fees.

Fleet loan-to-value declined to about 43%, with net LTV at 34%, supported by refinancing activity and resilient vessel valuations. This places us in a comfortable position relatively to both historical levels and industry benchmarks.

Debt per vessel stands at about $14.7 million, versus an average market value of $34.1 million, reflecting substantial embedded equity. Additionally, approximately 70% of our total debt is covered by scrap value, offering meaningful downside protection.

Daily cash interest expense per vessel decreased to approximately $2,570 per day, representing a 6% year-over-year improvement and enhancing our cash flow profile entering 2026. Before moving on, let me briefly touch on our recent refinancing activity.

Over the past months, we executed several refinancings that strengthened liquidity, lowered margins, and extended our maturity profile. At the same time, we secured competitive funding for two of our newbuilding vessels, locking in attractive pricing well ahead of delivery.

These facilities were structured with prudent amortization, leading limited covenant restrictions, and enhanced flexibility, including purchase and prepayment options. Overall, our actions reinforced balance sheet resilience and provide the financial flexibility needed to support fleet renewal while maintaining disciplined leverage.

Specific details of these financings are outlined in our earnings release. With a strengthened balance sheet and enhanced financial flexibility in place, let us now turn to slide 10 to illustrate the operating leverage embedded in our platform and the sensitivity of our earnings to movements in the Capesize market.

At current FFA levels, we estimate full-year EBITDA of approximately $122 million. At 2025 average BCI levels, EBITDA would approximate $95 million, providing a reference point based on current market assumptions.

At rates above $30,000, EBITDA would increase materially, reflecting the operating leverage embedded in our platform. That concludes my review of our financial results and updates.

I will now turn the call back to Stamatis, who will provide insights into the Capesize market and his concluding remarks. Stamatis?

Thank you, Stavros. Slide 11.

2025 was another strong year for the Capesize market, despite the initial volatility. The Baltic Capesize Index averaged approximately $21,300 per day.

The year began on a softer note during the first half, before iron ore and coal restocking activity in China supported a strong recovery in the second half of the year. Record iron ore exports from Brazil and record bauxite exports from Guinea provided a meaningful tailwind to Capesize ton-mile demand, reinforcing the constructive long-term demand outlook for the segment.

In addition, market sentiment and broader dry bulk fundamentals were further supported by strength in the Panamax market, driven by increased grain exports from Brazil and the United States, as well as additional coal restocking towards the year-end. Moving to 2026 in regards of Capesize demand, we have started very strongly, with the BCI averaging $22,000 over the first weeks of the year, marking one of the strongest first quarters of the past decades.

Guinea bauxite exports have grown by 14% year-over-year, while dry weather in Brazil and Australia has resulted in high iron ore cargo activity during a traditionally weak seasonal period. For the rest of 2026, the demand outlook remains constructive, with bauxite trade expected to continue its growth path and iron ore miners' production and sales outlook pointing to resilient trade volumes.

This trend looks set to continue into 2027, with the Simandou mining project in West Africa ramping up its output. China's demand for high-grade iron ore remains healthy, supporting demand for imported iron ore versus lower-quality domestically produced one.

Moving on to Capesize supply. The supply picture for the larger bulkers, especially Capesizes, points to further tightness and limited vessel availability for the next few years.

The orderbook currently represents 12% of the fleet, compared to about 9% of the fleet being 20 years or older. Moreover, what is significantly important is that right now, 40% of all the larger bulkers, Capesizes, Newcastlemaxes, and VLOCs, 40% exceeds 15 years of average age.

We are talking about an excessively aging fleet. At the current pace of vessel ordering and given the limited capacity of shipyards to deliver newbuildings, it becomes clear that the supply tightness is likely to continue over the next many years.

As regards our near-term forecast, 2026 and 2027 are also likely to be affected by the extensive drydocking of the current ships that usually entails considerable downtime. With more than 20% of the world Capesize fleet built 2011-2012, a significant portion of vessels will undergo their 15-year special survey in 2026-2027, temporarily reducing the effective supply, plus, of course, a significant cost.

This is expected to result in a fleet capacity reduction of more than 1.5% in both years, while some estimates calling for a 2% to 2.5% reduction. This should not be underestimated, as it would counteract the 2.2% expected fleet growth due to newbuilding deliveries and could continue to contribute to periods of significant market tightness during the next two years.

To summarize, as we have seen in the past, the Capesize market will always be subject to considerable volatility, stemming from multiple unpredictable factors, but the limited vessel supply that is shaping up over the next few years, along with increased ton-mile demand, should result in positive trend for charter rates. We're pleased to see this positive trend unfold over the past two to three years, and we're confident in our view of a strong market in the following years.

As I mentioned before, Seanergy is optimally positioned to deliver our stated priorities of capital returns and fleet growth while maintaining a sustainable balance sheet throughout the cycle. In our view, we're very well placed to deliver strong financial performance over the next few years, and we are, therefore, excited about our prospects.

On this note, I would like to turn the call over to the operator and answer any questions you may have. Operator, please take the call, thank you.

Thank you. Good afternoon, Stamatis.

Good afternoon, Stavros.

Hello, Liam, good morning.

Stamatis, you've been very nimble in terms of managing your fleet and maximizing the rate environment. A year ago, you were outdistancing the BCI even when rates were low.

Are you seeing anything in the market where it's more prudent to add longer-term time charters versus moving more of the fleet into the spot market?

We constantly are. If you see the release, we have about 35% of our days already pretty much in some sort of a long-term contracts that carry all the way to the end of the year.

As we are progressing after the Chinese New Year that we expect to see more strengthening in the market, we will continue switching more and more ships from floating to fixed. Already we have 35% at around $27,000, and as the year will be progressing, we will do some more.

Okay. How are you balancing going forward inflated asset values, some of your older vessels, versus what looks to be a fairly attractive rate environment for the next two to three years?

That's exactly what we're doing right now. We were able to secure very prompt delivery slots for newbuildings.

Let me step back a little bit. The five-year-old ships, as have been very much inflated, for five-year-old ships, it's kind of a no-go for acquisitions.

It's pretty much identical to newbuildings or a bit lower than that. We decided to seek newbuildings at high-quality shipyards.

Then the question was whether we can have dead capital in these orders or not. Then due to our connections and excellent relationships, we're able to secure very prompt for the Capesize market delivery slots, and we went ahead and we placed a couple of ships, actually three ships, for two ships for '27 and one for 2028.

That's how we manage. Once we identify prompt slots for newbuildings, we will likely continue doing a few more, while at the same time, we might be disposing some of our older assets, the way that we did it right now with the Dukeship from Seanergy to United or some other more, let's say, interesting ideas.

That's how much we're going to do it. If we were able to add three ships and dispose of a couple or even add a few more, that's how we're going to do it.

Great. Thank you, Stamatis.

Appreciate it.

Very welcome, Liam.

Thank you and good morning. Maybe slide six would be the slide to look at, but just following up on the last question, how it is a favorable financing environment, you're able to get these sustainable linked loans, but when you think about the high asset values of the existing fleet versus the newbuilds, what are your expectations in terms of your weighted average cost of capital and your return on invested capital on maybe some of these newbuilds?

Would you expect the difference to widen or, kind of how are you thinking about that and managing that into your decisions?

That's an excellent question and thank you. The answer is yes, we are seeing inflation and inflated prices all across the shipping newbuilding assets, it's not only a Capesize or Newcastlemax situation.

We are seeing that all over the place. You see that on tankers, containers, LNGs, and of course, on other dry bulk, smaller dry bulk ships.

At the end of the day, however, the amount of money you spend for the CapEx is basically what you expect to make in return, like you very well asked. Thanks to the excellent efforts from our finance department, we're able to secure financing terms that will keep the all-in cash breakeven of this new acquisitions at around $20,000 a day.

The forward rate now stands anywhere between, let's say, 26 and $30,000 for a standard Cape. If you count in the premium of these modern ships that exceeds $30,000 a day, if we're able to secure anywhere between 8 and $12,000, $13,000 a day on a net cash flow basis and you do the math, you can automatically see that the return on equity on these assets is quite significant.

That's how we approach.

That's very helpful. Then I kind of always ask this question on the conference calls.

What are your expectations in terms of operational off-hire days for 2026?

I believe it's going to be consistent with 2025, but maybe a little lower than that. We have a much softer drydock schedule in '26 compared to '25, I believe it's going to be a bit lower than 2025.

Okay. Then just the last question, this is really a client-driven question.

Could you speak to the limited shipyard availability? I guess the question was really kind of the low orderbook versus the limited shipyard availability seems a little incongruent.

Again, that's an excellent question. There's no such thing as a limited shipbuilding capacity.

I believe that the global shipbuilding capacity, especially coming from China as well as Korea and Japan, is all-times high. The good thing is that it's pretty much covered by other types of ships.

We have a tremendous orderbook on containers, also on the tankers, as well as smaller bulkers and other ships. The orderbook for the standard Capesizes and the Newcastlemaxes is quite limited because it's pretty much covered by all the other asset classes.

Also, it's too far down the road. If you ask for a shipyard today, it's likely going to come back with 2029 or 2030.

Given the fact that a very big percentage of the current fleet is already quite old, I don't expect to be in a position to be replaced with modern tonnage until well before 2031, '32, just to have a normal churn rate, to put it this way.

Oh, that's great. That's very helpful.

Thank you very much.

You're very welcome. Thank you.

Hi, thank you. Good day, great comments, and congratulations on the newbuilds.

In light of the newbuild program, can you comment and remind us on the current dividend policy and how you're looking at evaluating the dividend with the newbuild expenditures going forward, please? Because I think there's a discretionary cash reserve element in the dividend, but wanted to double check.

Good morning, Tate. Thank you very much for your question.

We do not expect the dividend policy to be affected by the newbuildings. The sale of the Dukeship plus some other planned things that we intend to make, if we are to put additional newbuildings, will likely be more than sufficient in order to cover all the cash expenditure, and of course, the efforts of Stavros at the finance department to get the financing in place, it's going to be unlikely to affect our dividend policy.

We will and we expect to be in a position to start renewing our fleet without affecting the operating cash flow and the dividend that we will continue to pay to our shareholders.

Thank you. The second question, you mentioned already having some very early contracting discussions regarding the newbuilds, and seems like in the last five years, maybe the tanker sector would lock in multi-year contracts at below-market fixed rates maybe at behest of the lenders.

Right, how are you strategizing of contracting the newbuilds? Are you considering the multi-year or is that a dynamic part of the conversation you have with the lenders, please?

Not so much. Our lenders are very comfortable with the fact that our balance sheet is very solid.

We have very low loan-to-value right now. We have very significant cash balance.

As far as we keep our orderbook in a well-managed situation, I don't think that any of our existing lenders is going to have an issue, and we see a very strong appetite from new lenders in order to provide additional financing. I don't see that as an issue altogether.

Now, fixing the ships for five years or seven years, we are, of course, considering and we feel that these ships are in very high demand from our charterers. I think closer to the delivery, maybe in a few months from now, end of the year, we will be in a position to fix some of these ships in long-term periods, but I don't want them to be below market, just to sacrifice the operating cash flow of the ships.

Thank you very much.

Thank you, Tate.