Operator

Thank you for standing by, ladies and gentlemen, and welcome to the Star Bulk Carriers Conference Call and First Quarter 2026 Financial Results. We have with us today Mr. Petros Pappas, Chief Executive Officer; Mr. Hamish Norton, President; Mr. Simos Spyrou and Mr. Christos Begleris, Co-Chief Financial Officers; Mr. Nicos Rescos, Chief Operating Officer; and Mrs. Charis Plakantonaki, Chief Strategy Officer of the company.

[Operator Instructions] I must advise you this conference call is being recorded today.

I'll now pass the floor to our speaker today, Mr. Begleris. Please go ahead, sir.

Christos Begleris
Co-Chief Financial Officer

Thank you, operator. Good morning, ladies and gentlemen, and thank you for joining us today. I'm Christos Begleris, Co-Chief Financial Officer of Star Bulk Carriers, and I would like to welcome you to our conference call regarding our financial results for the first quarter of 2025 (sic) [ 2026 ].

Before we begin, I kindly ask you to take a moment to read the safe harbor statement on Slide #2 of our presentation. In today's presentation, we will review our first quarter 2026 company highlights, financial performance, capital allocation initiatives, cash evolution during the quarter, operational performance, our continued investments in the fleet, developments on the regulatory front and our perspective on industry fundamentals. We will then open the floor for questions.

Turning to Slide 3. The first quarter was characterized by