Good morning, and thank you all for joining us on today's call. I am pleased with our results for the first quarter of 2026 in which we reported net income of $106.3 million and EBITDA of $212.7 million.

Earnings per common unit were $3.64 for the quarter, and we announced a 6 cents distribution per unit for the quarter. Last quarter, we spoke about the emergence of a new world order, one in which trade is used as an instrument of national policy.

National security considerations are increasingly central to decision-making, and governments are asserting greater control over strategic supply chains. The Iranian conflict underscores this shift.

It also focuses global awareness on the critical importance of the Strait of Hormuz, a vital artery for the movement of essential commodities, from LNG and crude oil to refined products and fertilizers. We expect this conflict to have lasting implications on trade as countries and companies look to reduce their exposure to this choke point and diversify supply routes to safer areas.

It is too early to assess the long-term impact, and we are monitoring developments closely. As you can see on slide 3, our fleet has an average age of 9.1 years compared with an industry average of 13.7 years for our three segments.

Our tanker fleet, with an average age of 5.5 years, is particularly youthful relative to the broader tanker market. Overall, Navios' fleet modernization program has created a fleet that is almost 35% younger than the industry average and more than 60% younger in comparison to the global tanker fleet.

Please turn to slide 4. Navios is a leading maritime transportation company, owning, operating, and chartering a modern fleet of 173 vessels across three segments and 15 asset classes.

Our fleet is split in 2/3 by value, with about 1/3 in each of the tanker, dry bulk, and container segments. The overall value of our fleet, including our newbuilding program, is $9.7 billion.

As to our fleet in the water, it has $4.6 billion in net vessel equity value. We continue to make headway in reducing our net LTV towards our target of 20%-25%.

At the quarter end, we had a net LTV of 28.3%. Our balance sheet is strong, with $593 million available liquidity and credit ratings of Ba3 by Moody's and BB by Standard & Poor's.

Please turn to slide 5. Diversification is our strength, coupled with a culture of risk management, Navios can provide significant optionality.

You can see this optionality in our actions over the past quarter, which I will discuss in a moment. We are continuously monitoring and assessing risk.

We evaluate and structure transactions diligently. We also obtain robust insurance coverage, particularly important during a war environment, and we have implemented many tools to manage operational risks.

Please turn to slide 6. This slide lays out our actions since the beginning of the year as we witnessed increasing values in the tanker space.

We were disciplined initially, taking advantage of a strengthening tanker market. We subsequently leveraged the significant VLCC appetite generated by the Iranian conflict.

In early 2026, we observed a firming of VLCC values. We used this opportunity to sell two VLCCs with an average age of 16 years for $136.5 million.

Our thinking at that time was that these prices were 102% above the 20-year average and 18% above the prior historical peak value. If there was any upside left, we thought that it was best for others.

Subsequently, the Iranian conflict erupted. Spot VLCC rates were in a frenzy, and there was a great appetite for VLCC tonnage.

We were able to take advantage of these dynamics by engineering a transaction in which we purchased four newbuilding VLCCs and chartered out each of them for 5-year periods at almost $48,000 per day. This charter rate is about 24% above the 20-year average time charter rate.

The VLCCs themselves were purchased at values that were only 11% above 20-year averages. This effective arbitrage de-risked our VLCC fleet expansions as we captured $357 million in contracted revenue and reduced the average age of our VLCC fleet by almost 40% to 5.9 years.

I know that's a pretty dense sentence, let me simplify. We expanded our VLCC fleet by almost 60% with minimal risk in a volatile time, and we have options for four more VLCCs that may allow us to continue to expand our fleet further, which we will do if we can do it accretively.

Turn now to slide 7, where we outline what actions we have taken in each of our segments. The net result is summarized on the right-hand part of the slide.

Our backlog or contracted revenue is a record high of $4.1 billion. We increased our backlog by 16%, and for the remaining 9 months of 2026, we already have excess contracted revenue over cash costs of $179 million, and we materially reduced our fleet average age, which now stands at 34% below the market.

Please now turn to slide 8. Our diversified fleet provides revenue visibility and market exposure.

For the year, we have 53,713 available days, of which 80% are fixed and 20% are open or indexed. I would note that while we generally favor long-term charters, until recently, period charters made little sense in the dry bulk sector as the rates were weak for a prolonged period of time.

Thus, about 40% of our dry bulk fleet is open or indexed. Please turn to slide 9, recent developments.

This slide gives you a snapshot of key financial indicators. First quarter performance was strong.

We generated $106.3 million of net income and $212.7 million of EBITDA from $357 million of revenue. Our debt package is designed to mitigate risk and give maximum flexibility.

Our 28.3% net LTV is on the path to our target, and 43% of our debt is at a fixed interest rate. In addition, over half of our debt package has no LTV covenant, and we have almost $2 billion of assets that were debt-free.

Please turn to slide 10, where we outline our return of capital program. For the first quarter, we returned about $1.7 million distributions to our unitholders.

This represents a 20% increase from the prior level. In addition, year to date in 2026, we repurchased 240,502 units, or 0.8% of the float before this purchase, for $15.6 million.

Overall, under our $100 million unit repurchase program, we have purchased 5.8% of the units outstanding, which, in a strange quirk of numbers, provides $5.8 value accretion per unit. We have approximately $16.4 million remaining purchase capacity under our original authorization.

Please turn to slide 11. Navios has been executing its strategy through a challenging environment.

We are focused on building a platform of excellence. Over the past 5 years, we have grown contracted revenue by more than 20% to a record high of $4.1 billion.

We have an EBITDA run rate of over $750 million and have expanded our fleet value, including our newbuilding program, to $9.7 billion. Importantly, we have not sacrificed financial discipline in achieving these goals.

In this process, we reduced our net loan-to-value by 37% to 28.3%. We recognize that there is more work ahead, but in an uncertain world, we believe that our proven platform, combining a diversified fleet with a disciplined risk management culture, positions us to continue delivering value through any market condition.

I now turn the presentation over to Mr. Efstratios Desypris, Navios Partners' Chief Operating Officer.

Efstratios?

Thank you, Angeliki, and good morning, all. Please turn to slide 12, which details our operating free cash flow potential for the remaining 9 months of 2026.

We fixed 73% of available days at a net average rate of $27,859 per day. Contracted revenue exceeds estimated total cash operating costs by $179.2 million, and we have 10,838 remaining open or index-linked days, offering meaningful upside.

Moving to slide 13, our contracted revenue backlog provides strong earnings visibility in an uncertain market. Taking advantage of the current strong rate environment, we grew contracted revenue by 16%, adding approximately $549 million, of which $483.5 million from eight tankers, $65.2 million from two containership vessels.

Total contracted revenue reached a record high of $4.1 billion: $1.7 billion for tankers, $2.1 billion for containerships, and $0.3 billion for dry bulk. Charters are extending through 2037 with a diverse group of quality counterparties.

Slide 14 summarizes the fleet developments for 2026 year to date. During the period, we agreed to acquire four newbuilding VLCCs for $482 million, with delivery expected in the second half of 2028.

The vessels have been chartered out for about 5 years at a net rate of $47,763 per day. As previously announced, we also agreed to acquire two scrubber-fitted Japanese newbuilding capesize vessels for $134.3 million.

These vessels are chartered out for 5 years at a rate linked to the BCI index, with an average floor rate of $25,000 per day, an average fixed premium of about $3,000 per day over the index, and 50% profit sharing above the floor rate. This structure provides downside protection, stable returns, and upside participation.

The vessels are expected to be delivered in the second half of 2028 and Q1 of 2029. We also sold five vessels for about $190 million: two VLCCs with an average age of 16 years for $136.5 million, two dry bulk vessels for $22.8 million, and one containership for $30 million.

Additionally, we took delivery of five newbuilding vessels: three aframax/LR2 vessels, one MR2 vessel, and one 7,900 TEU containership. All vessels delivered are chartered out for an average duration of about 5 years at a weighted average net daily rate of $29,065.

We continue to actively renew our fleet to maintain a young profile. We have 28 26 newbuilding vessels delivering to our fleet through 2029, representing $2.1 billion of investment.

Based on our financing, both agreed and in process, we have about $329 million of equity remaining to be paid. We have mitigated residual value risk of our newbuilding program with long-term creditworthy charters expected to generate about $1.5 billion in contracted revenue over a 5-year average charter duration.

I now pass the call to Erifyli Tsironi, our CFO, who will take you through the financial highlights. Erifyli?

Thank you, Efstratios, and good morning, all. I will briefly review our unaudited financial results for the first quarter of '26.

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 15, total revenue for the first quarter of '26 increased by 17% to $357 million compared to $304 million for the same period in '25, due to higher fleet combined time charter equivalent rate despite lower available days.

Our combined TCE rate for the first quarter of '26 increased by 21% to $25,679 per day, while our available days decreased by 3% to 13,104 days compared to Q1 '25. In terms of sector performance, our TCE rate per day was higher in all three sectors as follows: 39% increase to $17,632 for our bulkers, 23% increase to $32,209 for our tankers, and 4% increase to $31,696 for our containers.

EBITDA, net income, and earnings per common unit for the first quarter of '26 were adjusted as explained in the slide footnote. Adjusted EBITDA for Q1 '26 increased by $51 million to $204 million compared to Q1 '25.

The increase was primarily driven by a $53 million increase in revenue, partially mitigated by $2 million increase in general and administrative expenses, mainly due to the higher euro-dollar exchange rate prevailing during Q1 '26 compared to Q1 '25. Adjusted net income for Q1 '26 increased by $50 million to $98 million.

Adjusted earnings and earnings per common unit for the first quarter of '26 were $3.35 and $3.64, respectively. Turning to slide 16, I will briefly discuss some key balance sheet data.

As of March 31st, '26, cash and cash equivalents, including restricted cash and time deposits in excess of 3 months, were $421 million. In addition, we have $172 million available under three facilities.

During the quarter, we paid $21 million under our newbuilding program, net of debt, and we concluded the sale of one vessel for $29 million, adding about $22 million cash after debt repayment. Long-term borrowings, including the current portion and the senior unsecured bond net of deferred fees, increased by $12 million to $2.2 billion, following the delivery of two newbuildings during the quarter.

Net debt to book capitalization improved to 31.2%. Slide 17 highlights our debt structure.

At quarter end, we had 55 debt-free vessels, including 17 vessels securing our unutilized revolving credit facilities. We have a diversified financing base, consisting of leasing structures in Japan and China, more than 15 active banking relationships, and more recently, a $300 million senior unsecured bond trading in the Oslo Børs.

In addition, 43% of our debt is fixed at an average interest rate of 6.2%, while 51% carries no loan-to-value covenants. We have also partially mitigated high interest rate costs by lowering the average margin on our floating-rate debt and bareboat liabilities for the in-the-water fleet to 1.8%.

I would like to note that the average margin for the committed floating-rate debt of our newbuilding program is 1.5%. Our maturity profile is staggered, with no significant balloons due in any single year until 2030 when the bond matures.

I now pass the call to Vincent Vandewalle, Navios Partners' Chief Trading Officer, to take you through the industry section. Vincent?

Thank you, Erifyli. Please turn to slide 19.

Strait of Hormuz closure has created a major energy and shipping shock, affecting about 20% of the world wild crude, product, and LNG flows. The disruption has tightened tanker availability and driven freight rates sharply higher.

Rates for VLCCs hit all-time highs at $602,000 per day and remain elevated, with a significant portion of the fleet trapped inside the Gulf. The shortfall has been partially mitigated by increased crude volumes from the USA, Brazil, Venezuela heading to both Europe and Asia, adding more ton miles.

Product tanker rates have been extremely strong, with MR Atlantic round voyages averaging $75,000 per day and the Pacific round voyages averaging $36,000 since the beginning of the war. Higher fuel costs and security of supply concerns are driving the purchasing and transportation of commodities and finished goods.

This has raised rates in the dry bulk sector for both capes and panamaxes and has continued to support container time charter rates. The conflicts in the Red Sea and Ukraine continue to add ton miles for most vessel types.

With negotiations between the US and Iran moving slowly and the Strait of Hormuz effectively closed, vessel utilization will continue to run at high levels, supporting elevated rates for the near term. Medium-term trade adjustments depend how long oil prices stay elevated and whether demand for other commodities like coal rise to substitute for LNG or decreased fertilizer availability affects crop supply later this year.

Prolonged Hormuz closure could still trigger a global slowdown or a recessionary demand shock, which could affect all shipping markets. Please turn to slide 20.

Navios' direct exposure to the Middle East conflict is limited, and our charter and fleet mix position us to benefit from disruption rather than absorb it. In dry bulk, cape rates have risen from $28,000 per day before the war to $45,000 a day recently, and as an increased coal demand to replace lost Gulf LNG cargoes to add to the seasonal strength.

Our index-linked charters allow us to benefit from a higher spot market due to these higher coal volumes, as well as a seasonally strong iron ore, bauxite, and grain volumes. In tankers, VLCC rates peaked at $602,000 per day on March 16 and stood recently at $447,000 per day.

As tanker supply remains disrupted, with charterers seeks to control tonnage to benefit from tighter market conditions and to be able to transport any cargoes that become available as oil is released from strategic reserves or from increased production. Most of Navios' vessels are fixed on time charter, providing continued revenue, with four ships trading spot or in pools or having profit sharing to capture market upsides.

In addition, our VLCC newbuildings will provide modern eco-ships to replace the older fleet. Container rates have remained elevated as Red Sea diversions continue and the redirection of cargoes bound for the Gulf are adding to ton miles.

Our entire containership fleet is fixed on long-term charters, providing for a stable contracted cash flow. Across all three sectors, Navios combines limited direct exposure to the conflict with meaningful upside to the tanker and dry bulk dislocation, with preserving contracted cash flow stability.

Please turn to slide 22 for the review of the dry bulk industry. Demand growth for dry bulk trade has been relatively stable over the last 25 years at about 4% average annual ton-mile growth.

The current order book stands at about 13% of the total fleet and will remain low due to high newbuilding prices, uncertainty about new fuel regulations, and yard availability and general market outlook. The fleet is aging quickly, with 39% of the vessels 15 years old, and with older ships far exceeding those on order, supply should be constrained over the medium term.

Please turn to slide 23. The main driver of dry bulk demand will be strong Atlantic Basin iron ore growth over the next several years, with new projects in Guinea, Brazil, and Liberia.

The largest new project is Simandou in Guinea, which started shipments at the end of last year and is expected to ramp up to 120 million by '27. April's eight shipments jumped four times from two in March.

Vale in Brazil has three new projects totaling 50 million tons expected to start exporting by the end of 2026. Liberia will add 10 million tons of exports in '26.

In total, these 180 million tons are all long-haul miles trading, creating demand for an additional 249 capes. With the current order book of only 207 capes due in '28, a further tightening of supply and demand is expected over the next few years, benefiting rates.

Overall, the dry bulk market looks positive, based on steady long-term demand growth and a constrained supply of vessels. Please turn to slide 25 for the review of the tanker industry.

At the supply, we see a tanker order book of 23%. About 50% of the fleet is already 15 years old, rising quickly in the next few years.

With older vessels exceeding the order book and yards offering first deliveries in late '28 or early '29, supply is set to be tight for several years. Please turn to slide 26.

The US Office of Foreign Assets Control, OFAC, the EU, and the UK continue to sanction Russian and Iranian oil revenue and ships delivering their crude and products. The US recently imposed secondary sanctions on certain Chinese refineries that had purchased Iranian crude and have seized two Iranian VLCCs laden with crude oil, and disabled a third one was heading back to Iran to load.

These tighter sanctions have two main effects: sanctioned oil volumes from these countries have more difficulty finding willing buyers, raising demand for compliant barrels and non-sanctioned vessel to carry that oil. With 855 mostly overage tankers now sanctioned, the fleet has already seen a significant reduction of about 15% of total capacity.

The tanker market also looks positive over the medium term based on a low order book compared with an aging and reduced fleet due to sanctions. Please turn to slide 28 for the review of the container industry.

After the COVID pandemic, containership orders were mainly for the biggest units, with fleet expansion in large ships set to continue at high levels. Currently, 75% of the order book is for ships with 9,000 TEU capacity or greater, and only 21% of the order book is for 2,000 to 9,000 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-mainlane trades far exceeds the traditional mainlane trades to the US and Europe due to tariffs and higher growth in developing countries.

Trades involving the Southern Hemisphere, mostly served by smaller-sized vessels, are expected to see continued health growth as this trade shift continues. Overall, Navios' 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 Frangou for her final comments.

Angeliki?

Thank you, Vincent, and this concludes our formal presentation. We open the call to questions.

Thanks, operator. Thank you.

Hi Angeliki, and team. Thank you for the update, always very thorough.

Good update on the business and the markets. Just a couple questions from me.

As we kind of think about things, you've had a fairly balanced fleet here across tankers, dry bulk, and containers. Also, basically all three are firing, you could say on all cylinders, obviously within a cloud of uncertainty.

The cash is starting to come in here a bit more aggressively now, especially as we kind of look forward to 2Q based off what we're seeing in dry bulk. How do you think about how this capital gets deployed as it starts to come in in bigger amounts?

Obviously, you've continued this rejuvenation approach as you've highlighted. As you think about this cash as it comes in, how do you balance where that goes in terms of keeping it on the balance sheet, or paying down debt, do you double down and add more vessels from here?

Do you step up returns to shareholders? How, I guess, do you evaluate these different options given just how strong the cash is starting to come in?

Thank you.

Hello, Omar. Actually, you know that we're a disciplined company.

We have a target of reducing our LTV, which we are basically now very close to the 20%-25%, as we said. We generate good cash flows, and what we care about is we have a total return of capital to our investors through dividends, buyback, which obviously is a board decision, but we are very committed on that.

Very importantly is also we redeploy cash and create NAV. That, you have been familiar with us, and you have seen when we start consolidating about over 3 years ago, what we have done: we doubled our NAV by building this good transactions, cash flows, backlog.

That's a lot of effort. At the same time, we are increasing our share price.

This is the drivers of the market. Basically, this transaction that we actually announced today is basically this kind of a strategy.

It's basically two different transactions. We sold two VLCCs before the Iranian war started.

Why? Because we saw good values.

We had 16-year-old vessels, and we saw that the values of the vessels became double the 20-year average value. About 18% above the historical peak.

I'm not saying that the market could not have gone up, we don't know, but we left the rest. We preferred to sell those vessels and because we left the upside to someone else.

Then, when the war started, we saw that there was a strong demand for VLCC, we canvassed the area, and we spotted a good shipyard with the engines we wanted, and we went and did four newbuildings with optional transactions, and that gave us the ability to really order vessels at 11% the historical 20-year average value on newbuildings while fixing them for 5 years at almost 25% the historical rate. This is kind of transaction that our platform is here, and we will do everything possible, return capital while creating NAV that really drives the long-term trend for our company.

We will use different strategy for different sectors. You saw the way we stepped in in 2026.

When we stepped in on the dry sector, we're about 25% fixed because we didn't see the long-term rates that made sense. We captured part of the spot market today.

It is a mix of a strategy that the cash in our balance sheet, the low leverage, and our ability to really act on different ways where we see opportunities.

Thanks, Angeliki. That very good summation of the approach.

I guess you did touch on those newbuildings, which I kind of wanted to ask a bit. Clearly, it's very much Navios way in terms of acquiring these newbuildings and derisking them with charters.

It looks like you're going to be able to pay down a good chunk of that investment in that initial charter. It's interesting because it seems that you canvassed this approach shortly after the war and you were able to secure a contract fairly quickly.

As we think about those options that you have, I think you mentioned there's two newbuilding options, what's the likelihood that if you place them that you'll be able to repeat this type of charter? Is it that liquid of a TC market to be able to do that in conjunction?

Or would you be taking on some risk by ordering those vessels?

We are not changing the way we act. The issue is that we have 2+2 options.

We see interest on the vessels. We are reviewing opportunities, and if we have something, we will exercise.

This is options that we can exercise if we like.

Thank you. Then maybe just one final, hopefully just a simple accounting question.

I think I have in my notes at year-end the newbuilding installments or the deposits on the balance sheet amounted to about $470 million. Do you have an updated figure for quarter-end?

What do you mean? How much we have already paid for the newbuildings?

Yeah.

In the quarter, just $21 million, but you want the cumulative? Maybe I will send the figure to you later.

Thank you. All right, I'll pass it back.

475 actually.

475?

475 the cumulative, and $21 million during the quarter.

Perfect. Thank you very much.

Thank you.

Hey, guys. Thanks for a good presentation, as always.

Hello, hello. Congrats on a good quarter.

Angeliki, I must say, you are one of few shipowners I talked to right after the beginning of the war who were actually bullish on tankers, and that paid off excellent, a good call. Given how strong the market is, I want to ask about charter-backer strategy.

Those four VLCCs seemed like a really good deal. Going forward, should we expect continued emphasis on locking in similar type deals, or could we see you sort of taking more value in retaining spot exposure, especially sort of how bright the dry bulk outlook is currently also?

I will tell you the truth. I never know where the opportunity will come.

To be honest, we have seen today you can see opportunities on even the dry bulk to do period charters. The reason that you see we are open is because we watch the market and we select the right time.

On the tankers, we saw a good opportunity for a 5-year deals at about 18%, 20% above the historical rates, and we fixed because it did make sense with the exposure we had. On the dry bulk today, you see that there is all of a sudden is developing a market where it can be a 2, 3-year period.

I would say that this quarter, you saw a quite significant backlog of about $550 million which is significant. There is always a strategy to add to our long-term charters if we see attractive deals.

I would say another thing. We're watching very much the Strait and how that will shape the world, because this is the most important thing that we have to be mindful.

When and if at a point where the Strait of Hormuz opens, there will be a new world order, and we'll have to define what we like to do at that point. I think this is something we are very mindful.

Sure. Sure.

Then on those four VLCCs, which you added then, is this a resale with another owner, or is it straight with the yard? Can you comment a bit on terms and option price levels and these things?

No,

it's a hard work of creating the deal. We have a good team that works a lot with our specs.

The bad thing is that I'm an engineer, I always end up become too much of an engineer. Is our specs, our specification, our machinery list, due diligence, yard, and the whole thing.

You have ordered it, it's straight from the yard, it's a new order?

It's nothing that's

already in order?

Yes. Yes,

yes. Yes, okay.

Directly ordered.

The option price is at the same price, or?

Yes.

Okay. Thanks.

Final one for me. As you commented on, net LTV is dropping fast based on fleet on the water.

How should we think about the trajectory towards 25% when sort of given you have some committed newbuild capex and upcoming deliveries? Sort of what's your sort of internal note on when that's going to happen?

When that happens, sort of is it buybacks we should expect? No,

I think we're working towards the end of the year. We're following the bond also.

We are doing some prepayments, if you see. We have basically paid down all our revolvers.

Actually, I think by the end of the year, we are in a good position to reach the target.

Very good. That's it for me.

Thanks a lot.

Thank you.

Hi. Thank you, everybody.

Appreciate the very thorough presentation here this morning. I guess, wanted to touch a little bit about I guess capital allocation in some respects.

You did sell, I think, five vessels year to date and you're taking delivery of several newbuildings. I guess, how active do you expect to be on asset sales from here?

Then, which segments or age bands are most likely? Is the goal kind of age reduction, deleveraging, recycling into higher return assets?

Would love to get your just general thoughts on the asset sales here and the optionality that creates. Thank you.

Hi. Actually, the older vessels we see as a natural replacement.

You saw that on the dry sector we sold vessels that were about 18 years old. It does make sense, absolute sense, to sell those vessels.

Also, the replacement is always on the older fleet, and depending on the opportunity, we step in on newbuildings. This is something that we'll continue to be doing.

We like to reduce the average age of our fleet. We reduced it by a third, which is quite significant, of course, because we also bought the VLCCs.

This is a continuous strategy. I would say on the last 3 years we solved over 50 vessels, almost, and redeployed the cash on younger vessels.

Another example is the way we did with the VLCCs, 16 years at very attractive to historical. We saw the good earning capacity of those vessels, but we thought that the values we had by historical standards, this was a very attractive point to sell.

You double the 20-year values of 16-year-old vessels. It did make sense, so that's what we did.

This is a strategy we will continue. Depending what sector gives us the opportunity.

Redeploy where we find the maximum value.

Thank you. No, that's really helpful.

Then, I did want to take maybe a higher-level question here, but with the Hormuz disruption continuing and it does continue to tighten tanker availability and pushing rates higher, I'd love to get just your thoughts in terms of maybe some of the second-order impacts here you're watching across your other segments. Anything that we shouldn't think about if this conflict does persist longer than maybe everyone expected at first, if that changes anything else across again your other segments just given you are diversified outside of just tankers?

Again, higher level there, but would love to get your thoughts. Thanks, everybody.

I think this is a good question. I'll tell you one thing.

You have a deficit of oil. This deficit is at least half a billion barrels over the period when the Strait of Hormuz will open.

At this point, unless you end up on a recession, the reality is that you'll have a move for replenishing the oil that has been used and replenishing depleted reserves. The other thing, naturally, you'll go, as 1 metric ton of gas is equivalent to 2 metric tons of coal, you will see that drivers continue.

You'll see more fertilizers and other commodities move on the dry. You can see the macro-level drivers.

Absent to this creating a different situation where you constrain demand, and that is the big question. We are watching very carefully the market and we are trying to assess, to act as prudent and be as prosperous.

The one good thing about Navios is that you have this backlog. You have the security and the speed of your earnings, we can be very quick on acting in any way we see that makes sense.

Really helpful. Thank you, everybody.

Thank you.

Thank you. This concludes our Q1 results.