EuroDry - Earnings Call - Q3 2025

Transcript

Speaker 1

Thank you for standing by, ladies and gentlemen, and welcome to the EuroDry Limited conference call on the third quarter 2025 financial results. We have with us today Mr. Aristides Pittas, Chairman and Chief Executive Officer, and Mr. Tasos Aslidis, Chief Financial Officer of the company. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session, at which time, if you wish to ask a question, please press star one on your telephone keypad and wait for your name to be announced. I must advise you that this conference is being recorded today. Please be reminded that the company announced its results with a press release that has been publicly distributed. Before passing the floor over to Mr. Pittas, I would like to remind everyone that in today's presentation and conference call, EuroDry will be making forward-looking statements.

These statements are within the meaning of the federal securities laws. Matters discussed may be forward-looking statements which are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. I kindly draw your attention to slide number two of the webcast presentation, which has the full forward-looking statement, and the same statement was also included in the press release. Please take a moment to go through the whole statement and read it. I would like to turn the floor over to Mr. Pittas. Please go ahead, sir.

Speaker 0

Good morning, ladies and gentlemen, and thank you all for joining us today for our scheduled conference call. Together with me is Mr. Tasos Aslidis, our Chief Financial Officer. The purpose of today's call is to discuss our financial results for the three and nine-month period that ended September 30, 2025. Please turn to slide three of the presentation. Our financial highlights are shown here. For the third quarter of 2025, we reported total net revenues of $40.4 million and the net loss attributable to controlling shareholders of $0.7 million or $0.24 loss per basic and diluted share. Adjusted net loss attributable to controlling shareholders for the quarter was $0.6 million or $0.23 loss per basic and diluted share. Adjusted EBITDA for the quarter was $4.1 million. Please refer to the press release for the reconciliation of adjusted net loss and adjusted EBITDA.

Our CFO, Tasos, will go over our financial highlights in more detail later on in the presentation. As of today, we have purchased about 335,000 shares of our common stock in the open market for a total of $5.3 million under our $10 million share repurchase plan, which we announced in August 2022. Our Board of Directors has approved an extension of the program for an additional year. We intend to continue executing repurchases up to the originally approved amount of $10 million at a disciplined rate, taking into account the company's liquidity needs and relatively small free float. Please turn to slide four to view our recent developments. On October 21, 2025, we delivered motor vessel Irini P to her new owners, an unaffiliated third party. The Irini P was one of our older ships and the longer-held vessel in our fleet. She was sold for $8.5 million.

On the chartering front, our fixtures during the third quarter were predominantly short-term. Seven of our vessels are currently employed under time charters ranging between a month to a little over three months, allowing us to position our vessels advantageously as market conditions improve. While the Red Sea disruptions continue to influence route decisions and freight premiums, their impact on dry bulk charter rates has largely stabilized. Towards the end of the quarter, seasonal patterns began to reassert themselves, and the market showed signs of recovery, which still continue. The specifics of the charters fixed during the period are outlined in the accompanying presentation. Most notable among them, due to the length of the charter, is the motor vessel Irini Pittas, which secured an extension of its index-linked charter at 115% of the average Baltic Supramax Index until at least November 2026.

During this quarter, motor vessel Santa Cruz completed her special survey and drydock over a period of 35 days. Slide five shows EuroDry's current fleet, which consists of 11 vessels with an average age of approximately 10.8 years and a total carrying capacity of about 767,000 deadweight tons. In addition, we have two Ultramax vessels under construction, each with a capacity of 63,500 deadweight tons, scheduled for delivery in the second and third quarters of 2027. Upon delivery, our fleet will expand to 13 vessels with a total carrying capacity of just under 900,000 deadweight tons. Now, please turn to slide six for a visual update on our current fleet employment. As of September 30, 2025, our fixed rate coverage for the remainder of the year stands at approximately 45% based on existing time charter agreements.

This figure excludes vessels operating under index-linked charters, which, while subject to market fluctuations, still have secured employment. We currently have four vessels: the Mariar, Goodheart, Molyvos Luck, and Yanis Pittas, trading on index-linked charters with durations ranging till March 2026 to at least November 2026. Turning to slide eight, we will go over the general market highlights for the third quarter ended September 30, 2025, and up until recently. Panama export rates rose steadily through the third quarter of 2025, increasing from an average of about $14,500 per day to approximately $14,950 per day by quarter-end, reflecting a slight increase. As of November 7, spot rates for Panamax vessels increased further and now stand at around $15,500 a day. Now, one-year time charter rates are a bit lower than the spot rate, and Clarksons gives the standard Panamax one-year TC rate at $15,125 per day.

During the third quarter, the Baltic Dry Index and the Baltic Panamax Index recorded year-over-year increases of approximately 6% and 14% respectively, reflecting a slightly better market compared to the same period last year. This recent recovery in the super-camsa range was supported by stronger-than-expected demand for minor bulks, robust grain trade flows, and a marginal tightening in vessel supply driven by longer voyage distances and regional trade disruptions. Please now turn to slide nine. According to the IMF's October 2025 projections, global growth is expected to ease slightly from 3.3% in 2024 to 3.2% in 2025 and 3.1% in 2026, with advanced economies growing around 1.5% and emerging markets and developing economies just above 4%.

Persistent trade tensions and ongoing policy uncertainty are dampening investment and trade activity, and as tariffs work their way through supply chains and onto consumers, the IMF predicts a gradual but not too severe global growth deceleration. Global inflation is projected to moderate worldwide, though unevenly across regions, remaining above target in the U.S., where risks are tilted to the upside and more subdued elsewhere. U.S. growth is projected at 2% in 2025 and 2.1% in 2026, a modest upgrade revision from earlier forecasts, reflecting smaller-than-expected effects from tariffs and more favorable financial conditions. In late October, the Federal Reserve lowered the target range for the federal funds rate by 25 basis points to 3.75%-4%. Chair Powell has not ruled out the possibility of an additional rate cut at the December meeting.

The overall outlook remains fragile, with downside risks stemming from persistent uncertainty, potential for protectionist measures, and ongoing labor constraints. Among emerging markets, India is growing the fastest, and it is forecast to expand by 6.6% in 2025 and 6.2% in 2026, supported by robust domestic investment, resilient agricultural output, and a vibrant services sector. The ASEAN five economies are also expected to post solid growth of around 4.2% in 2025 and 4.1% in 2026, underpinned by healthy interregional trade and continued industrial activity. China's economic outlook is projected to continue below the decelerating pace. Key challenges include a widening gap between industrial supply and weak domestic demand, as well as ongoing trade tensions with the U.S., including the new tariffs on Chinese goods, export controls, and restrictions on high-tech exports. China's growth is consequently expected to moderate to 4.8% in 2025 and 4.4% in 2026.

Despite domestic headwinds, the Chinese economy is being supported by strong export performance to regions like Southeast Asia and the EU and the still resilient manufacturing sector. Turning to the dry bulk sector to see how the global growth affects the demand for dry bulk, Clarksons Research now projects dry bulk trade demand growth at just 1.4% in 2025, 2.1% in 2026, and 1.8% in 2027, indicating a stronger trajectory than previously estimated growth. The recovery is supported by steady industrial output in Asia, continued demand for minor bulks, and improving agricultural and coal trade flows. Please turn to slide 10 to review the current state of the order book in the dry bulk sector. As of November 2025, the order book stands at approximately 10.9% of the existing fleet. Although higher than the 7% recorded in 2021, it remains amongst the lowest levels in history.

For context, the order book accounted for 8% of the fleet in 2008 and nearly 30% in 2014. Current ordering activity remains limited due to shipyard capacity constraints, high new building costs, and uncertainty surrounding future fuel technologies and environmental regulations. Turning to slide 11, let us now look into the supply fundamentals in a little bit more detail. As of November 2025, the total dry bulk fleet comprises roughly 14,150 vessels. According to Clarksons' latest estimates, new deliveries as a percentage of the existing fleet are projected at 3.7% for 2025, 4.2% for 2026, and 3.4% for 2027, with actual fleet growth expected to be slightly lower due to slippage and demolition activities. The fleet age profile shows that about 10.6% of the global fleet is over 20 years old, representing a pool of potential scrapping candidates, particularly if market conditions worsen and environmental requirements tighten further.

Overall, fleet renewal remains balanced amongst the various vessel sizes. The majority of vessels are concentrated in the 10-14-year-old range, where still most vessels built around that time were not eco-ships. Therefore, the number of eco-vessels available in the market is still a minority amongst the existing fleet. Please turn to slide 12, where we summarize our outlook for the dry bulk market. The dry bulk carrier market strengthened notably during the third quarter, with average time charter rates for supramax and panamax vessels increasing by roughly 13% quarter-on-quarter, reflecting improved demand trends across several key commodities. The Red Sea attacks earlier in the summer disrupted canal transit further and tightened vessel supply, further supporting trade rates. Demand for larger vessel classes remained firm, while smaller segments also recorded strong gains, adding to the overall positive momentum.

Looking ahead to the remainder of 2025, market conditions still remain uncertain, shaped by the recent geopolitical and policy developments. In October 2025, as we all know, the U.S. and China escalated their trade dispute, introducing reciprocal port fees on each other's vessels, which added complexity to shipping operations. However, following the meeting between President Trump and Xi last month, both sides signaled a temporary de-escalation and port fees postponed. Meanwhile, the ceasefire between Israel and Hamas has also drawn attention to a potential easing of Red Sea disruptions. For now, shipping companies are still adopting the cautious wait-and-see stance, and no immediate changes in routing patterns have been experienced. In 2026, the market still faces challenges around trade growth and potential pattern of trade adjustments. However, China's demand for bauxite and iron ore will remain a key driver, while global infrastructure spending should continue to support industrial materials trade.

Long harvests in the U.S., Brazil, and Russia are also expected to sustain robust grain exports for the supramax and panamax sectors. Also expected is a rebound in coal trade and steady minor bulk demand. However, the potential normalization of Red Sea traffic could result in lower ton mile demand as routes resort them again. On the supply side, ordering activity remains limited due to shipyard capacity constraints and continued uncertainty about fuel technologies. Especially after the recent IMO decision to postpone the adoption of its proposed environmentally friendly new rules, shipowners are confused on what type of ships to order. The order book-to-fleet ratio, currently near historical lows as said before, provides a solid backdrop for a total rate recovery should demand strengthen.

Although there is a clear industry shift towards alternative fuels, the pace of transition is likely to be slower than anticipated, constrained by technical challenges, economic considerations, and ongoing delays in the IMO's next net-zero framework. As emission-related measures such as the EEXI, CII, EU ETS, and Fuel EU Maritime are fully implemented, apparent supply could tighten further through increased scrapping and slower vessel speeds. By 2027, the dry bulk market is expected to enter a rebalancing phase, with new deliveries declining and scrapping activity picking up, leading to a more balanced supply-demand environment. Let's turn to slide 13. As of November 7, 2025, the one-year time charter rate for panamax vessels stood at $15,125 per day, remaining modestly above the 20-year historical median of $13,375 per day. As of the third quarter of 2025, the market for 10-year-old panamax bulk carriers remains firm.

In fact, we have seen an approximately 10% increase over the lows seen in Q2, which represented the lowest point since mid-2023. Current asset values stand at approximately $26 million, which are well above the historical median of $15.5 million and the 10-year average of $18 million, underscoring continued resilience in second. For existing vessels and our new building orders, and also the disposal of one of our vessels, we are in a position to continue modernizing our fleet and preparing ourselves for the next bull run, which will, as usual, occur suddenly and possibly when least expected. Let me now pass the floor over to our CFO, Tasos Aslidis, to go over our financial highlights in more detail. Thank you very much, Aslidis. Good morning from me as well, ladies and gentlemen. Over the next four slides, I will give you an overview of our financial highlights.

For existing vessels and our new building orders, and also the disposal of one of our vessels, we are in a position to continue modernizing our fleet and preparing ourselves for the next bull run, which will, as usual, occur suddenly and possibly when least expected. Let me now pass the floor over to our CFO, Tasos Aslidis, to go over our financial highlights in more detail. Thank you very much, Aslidis. Good morning from me as well, ladies and gentlemen. Over the next four slides, I will give you an overview of our financial highlights for the third quarter and nine months of 2025, and compare them to the same period of last year. For that, let's turn to slide 15.

For the third quarter of 2025, we reported net revenues of $14.4 million, representing a 2.2% decrease over total net revenues of $14.7 million during the third quarter of last year, which is primarily the result of the decreased average number of vessels we operated and a relatively lower market compared to the same period of last year. Interest and other financing costs, including interest income for the third quarter of 2025, amounted to $1.6 million compared to $1.9 million for the same period of 2024. Interest expense during the third quarter of this year was lower, primarily due to the decreased benchmark rate, our loan space, partly offset by the increased average amount of debt that we held. Adjusted EBITDA for the third quarter of 2025 was $4.1 million compared to $0.5 million achieved during the third quarter of 2024.

Basic and diluted loss per share, attributable to the controlling shareholders for the third quarter of 2025, was $0.24, calculated on approximately 2.8 million basic and diluted weighted average number of shares outstanding, compared to loss per share of $1.53, calculated on about the same number of basic and diluted weighted average number of shares outstanding for the third quarter of last year. Excluding the effect on the loss attributable to controlling shareholders for the quarter of the unrealized loss on derivatives, the adjusted loss for the third quarter of this year would have been $0.23 per share basic and diluted, compared to an adjusted loss of $1.42 per share basic and diluted for the same period, third quarter of 2024. Let's now look at the numbers for the corresponding nine-month periods ended September 30, 2025, and compare them to the same period, the nine months of 2024.

For the first nine months of 2025, we reported total net revenues of $34.9 million, representing a 25% decrease over total net revenues of $46.6 million that we had during the first nine months of 2024. This is mainly due to the decreased number of vessels we operated and the decreased number of rates that we earned during the most recent nine-month period. Interest, another financing cost for the first nine months of this year, again including interest income, amounted to $5.1 million compared to $6 million for the same period of last year. Here the decrease is primarily due to the decreased underlying interest rate we paid and the decreased, and they offset partly by the increased level of debt we carried. Adjusted EBITDA for the first nine months of 2025 was $5 million compared to $7.6 million during the first months of 2024.

Again, excluding the effect on the net loss attributable to the controlling shareholders for the first nine months of the year, of the unrealized loss on derivatives and the net gain on sale of a vessel, the adjusted loss for the nine-month period ended September 30, 2025, would have been $3.39 per share basic and diluted compared to adjusted loss of $2.77 per share basic and diluted for the nine months ended September 30, 2024. Let's move now to slide 16 to review our fleet performance. We'll start our review by looking at our fleet utilization rates for the third quarter and nine-month period of 2025 and compare them to the same period of last year. During the third quarter of 2025, our commercial utilization rate was 100%, while our operational utilization rate was 99.3% compared to 100% commercial and 98.5% operational in the corresponding period of 2024.

On average, we owned and operated 12 vessels in the first nine in the first three months in the third quarter, sorry, of 2025, earning an average time charter equivalent rate of $13,232 per day compared to 13 vessels in the same period, the third quarter of 2024, earning an average of $13,105 per vessel per day. Our total daily operating expenses, including management fees, general and administrative expenses, but excluding variable costs, were $7,013 per vessel per day during the third quarter of 2025 compared to $6,851 per vessel per day for the same period of last year. If we move further down this table, we can see the cash flow break-even level, which also takes into account, in addition to the above expenses, of the variable expenses, interest expenses, and loan repayments.

Thus, for the third quarter of 2025, our daily cash flow break-even level was $12,482 per vessel per day compared to $15,145 per vessel per day for the third quarter of last year. Reviewing now the same figures for the nine-month period and comparing them to the same period of last year, we have commercial utilization rate about 99.6% and operational utilization rate at 99.2% for the first nine months of this year compared to 99.9% commercial and 98.7% operational for the same period of last year. On average, we operated 12.3 vessels during the first nine months and earned an average rate of $10,210 compared to operating 13 vessels during the same period of last year, earning an average of $13,639 per vessel per day. Similar analysis further down for our operating expenses.

Our operating expenses, including management fees and GMA expenses, but excluding variable costs, were $7,285 per vessel per day in the first nine months of this year compared to $6,927 for the same period of last year. If we include on this figure the interest expense, the loan repayment, and the variable expense, our total cash flow break-even level for the first nine months of 2025 would be $12,071 as compared to $13,789 per vessel per day for the same period of 2024. Let's now move to slide 17 to give you some highlights regarding our debt and our forward cash flow break-even. As of September 30, 2025, EuroDry's debt stood at $97.9 million, with an average margin of about 2.05%. Assuming a three-month soft rate of 3.84%, the cost of our senior debt is approximately 5.9%.

The repayment schedule of our debt, you can see on the top right part of this slide, which shows total debt repayments of $13.1 million in 2025, $10.3 million of which have already been made, $12.2 million repayments in 2026, and $21 million repayments in 2027. Mind you, the last figure includes the beginning of repayments for the two loans we will assume for our new building Ultramax vessels, which are scheduled for the due date in the third quarter of 2027. In the bottom of this slide, you can see our cash flow break-even estimate for the next 12 months broken down by major components. Our EBITDA break-even level is approximately $7,600 per vessel per day.

If on the top of that we include interest expenses and loan repayments, schedule our repayments, our total cash flow break-even level for the next 12 months is estimated at around $11,900 per vessel per day. This is a net figure. If we gross that for commissions and some offside time, our time charter equivalent break-even rate is just below $13,000 per vessel per day, and we need to reach that rate to achieve both cash flow and profitability break-even over the next 12 months. Let's now move to the last slide of my remarks, to slide 18, to give you some highlights of our balances. This slide offers a snapshot of our assets and liabilities and gives a concise picture of our financial position.

As of September 30, 2025, cash and other assets in our balance excluded approximately $18.8 million, while we had advances for new buildings amounted to about $7.2 million. In addition, on the asset side, we have the book value for vessels, which was about $176 million, resulting in total book value of our assets of roughly $202 million. On the liability side, total bank debt, as I mentioned in the previous slide, stood at $97.9 million, which is roughly 48.4% of the book value of our assets, and we had other liabilities of $5.2 million, representing about 2.6% of our assets. This results in the book value for shareholders' equity of almost $9 million, translating into a net book value per share of $31.8. Based on our own estimates, though, the market value for a fleet is higher than the respective book value.

We estimate it to be about $214 million, as compared to $176 that I mentioned earlier, approximately $38 million above the book value, implying the net asset value of our fleet on a per share basis to be in excess of $44. If we compare this to the recent trading rate of our shares, which is around $13 per share, it becomes evident one more time that there is significant potential, upside potential, for share appreciation should market conditions improve or other categories cause that discount to narrow. With this statement, I would like to pass the floor back to our representatives to continue our call. Thank you, Tasos. Let us now open up the floor for any questions you may have. Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press Star 1 on your telephone keypad.

A confirmation tone will indicate your line is in the question queue. You may press Star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the Star keys. One moment, please, while we pull for questions. Thank you. Our first question comes from a line of Hans Baldau with Noble Capital Markets. Please proceed with your question. Hello. The market fundamentals are looking more promising for 2026, and we've seen the rates push up. I know you mentioned a break-even rate of $12,000. Can you talk about your threshold for shifting from the short-term index-linked exposure and possibly securing some longer-term coverage? Are there specific rates you're looking for? Yes. We will switch to longer-term coverage if we see numbers between around $16,000, $15,000, $16,000, $17,000.

That's the area where we will be concentrating to get some exposure hedged through time charters or SFAs. Okay. Is that across the board, or is that an average between the Kamsarmax, Panamax, Supramax? It's another, let's say, what I just told you. Obviously, our elder Panamaxes earn less, so we might fix something at a little bit lower rate. The younger Kamsarmaxes and the Ultramaxes, they earn probably around the same these days. Okay. All right. Thank you. I see the extra RENI is looking for employment. Do you have a timeline of when you expect that vessel to start up again? The RENI was sold. No, the extra RENI. The extra RENI. The extra RENI was fixed.

Yes, the extra Ekaterini was fixed a couple of days ago, so it did not make it here in the presentation for a trip via South America and back to the Far East, so about 90-100 days at the level which is about $16,500 a day. We have the site when it was just very freshly done, so that is what you mean. Okay. Understood. My last question is for the near-term debt. I know with the Irini P sale and the refinancing steps, your liquidity improved recently, but you still have the $12.2 million in current debt. Do you have any plans to improve the near-term liquidity? Yeah. Our liquidity has improved significantly because we did a couple of things. They are not reflected in the numbers for the nine months, but because they happened or are about to happen, we are financing Yanis Pittas.

Pittas, which will release about $4.5 million. We have sold the Irini, which will release about $6.5 million, I think, after we paid a couple of million of debt that was there. We have also, it is in the press release, arranged to finance the pre-delivery installment payments for our new buildings. One has already been paid by the debt we arranged. I think we have improved significantly our liquidity. The difference by the end of the year is plus $15 million after this test that we took. Okay. Perfect. I was looking forward. As you pointed out, in the fourth quarter, the market is improving and should be contributing to our positive cash flow, so there should be an additional balance generated from our operations. Okay. Thank you very much. That is everything from me. Thank you.

As a reminder, if you would like to ask a question, press Star 1 on your telephone keypad. Our next question comes from a line of Poe Fratt with Alliance Global Partners. Please proceed with your question. Good afternoon, Aristides. Good afternoon, Tasos. Just wanted to follow up on the new build financing. Tasos, did you say that you're going to draw down the first one of the two new build facilities in the fourth quarter? Yes. We've already done that. These new buildings had the second payment that was to be made this year. For one of them, the payment was due. We already took a loan, and the payment was made using that loan. The other payment is still coming up, and we have another loan with a different bank. I think it's in the press release, which will contribute towards that payment as well.

I'm trying to figure out when you're going to show the incremental debt on the balance sheet because the new build payments, as I understand it, are called 60% of the total cost of the new builds, and those aren't due until mid-2027. Can you just sort of give me an idea of what the incremental debt looks like in 2026 and 2027, Tasos? I mean, by the end of, by the delivery of these vessels, we would have drawn approximately $53 million debt to finance the two new buildings, $26 million and $26.9 million, I think, in the numbers. That's by the delivery of the vessels. As we draw debt to finance pre-delivery installments, we'll show it, obviously, in our balance sheet. Okay. Just to clarify that. Aristides, can you talk about the market a little bit?

I'm trying to reconcile the, one, the sudden increase in rates on the Alexandros P. and Christos K. in sort of the August-September timeframe. Can you just highlight the reasons you think that the rates went from Alexandros P. went from $6,000 to $28,000, and then Christos went from, call it, the low teens to $28,000? Can you give me an idea of sort of the rate outlook for both of those into the rest of the fourth quarter and into the early 2026 timeframe? Sure. The overall market is slightly improving, as is shown also by the various indices. However, the indices are comprised of various different voyages. The voyages from the Far East to the Atlantic, generally, are low-paying voyages. The voyages from the Atlantic to the Far East are high-paying voyages.

If you secure a trip like the Ekaterini, which starts from the Far East, goes to South America, and returns to the Far East, then you will get the average rate, which today is around $16,500 that we fixed. In the two cases that you are talking about, the first two voyages were positioning voyages to places where you can get higher rates to go back out. That is why you see those big differences in the earnings. Is it clear? Yeah. I guess the next sort of question would be then they will have to probably reposition for the rest of the fourth quarter, so we should look at a lower rate for the rest of the quarter. Is that fair, Aristides, on those two? I think on average, you should be looking at average charter rates.

The way we run our models, at least, we take those assumptions into account, and we run our models for three, six months or a year or whatever. We generally use the index to reflect what we think will be happening because it's very difficult to decide exactly how to value every ship. Yes, if a vessel is in the Far East, is in China, it will have a cost to go to a place where it will be able to command higher freight rates. Clearly, it depends on the type of the mixed fixture. If it's within the Far East, it will be closer to the average. If it's back and forth to the Atlantic, again, to the average. If it's go to the Atlantic, it will be the lower rate that Aristides mentioned because then you get a better rate to go to the Pacific.

Wherever the cut-off falls on the end of the quarter, but taking the average is probably a safe bet. Yep. Okay. Fair enough. I just want to clarify that the 115% of the BSI 58, is that number on page eight, so that the four that you have on the index right now are earning 115% of right now, it looks like $16,600 and $25,000. Is that correct? Yes. They take the BSI index and multiply it by 1.15 to get what we are paid for these four vessels every day. Okay. On your chart that shows your employment on page, I think it is page six, you do not have any dry docks through the middle of 2026. Will there be any dry docks over the next nine months, or could you just highlight what your drydocking schedule might look like? Yes.

There is a drydock of Vixenia that is going to happen very soon. Other than that, I do not think we have something else within the next six months to nine months. We only have one drydock within 2026. I cannot remember which ship it is, and it is towards the second half of 2026. For the whole year, there is just one drydock. We have Vixenia now and one in 2026. Okay. Typically, I guess you had talked about your fleet renewal business or program, and it was more in the context of lower rates and making that decision of doing a drydock on a 20-year-old plus asset versus selling it. Can you just highlight when the drydocks might occur on the Starlight and the Blessed Luck, which are still two of the oldest Panamaxes you have out there?

The Santa Cruz was done in the third quarter, so I'm assuming you're going to keep it for a while. Yes. The Blessed Luck and the Starlight are due for a dry dock in 2027, I think, second quarter. Okay. Okay. That's really helpful. Thank you so much. Thank you. Thanks, Paul. A final reminder, if you would like to ask a question, press Star 1 on your telephone keypad. One moment, please, while we re-poll for any additional questions. Mr. Pittas, it appears we have no further questions at this time. I'd like to turn the floor back over to you for closing comments. Thank you. We want to thank everybody for participating in today's call, and we will be back to you in the new year with the results of the whole year. Thank you. Thanks, everybody, for attending. Ladies and gentlemen, this does conclude today's teleconference.

You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.