Operator

Thank you for standing by, ladies and gentlemen, and welcome to the Costamare Bulkers Holdings Limited Conference Call on the First Quarter 2026 Financial Results. We will have with us Mr. Gregory Zikos, Chief Executive Officer of the company. [Operator Instructions] I must advise you that this conference is being recorded today, Wednesday, May 13, 2026. We would like to remind you that this conference call contains forward-looking statements. Please take a moment to read Slide #2 of the presentation, which contains the forward-looking statements. And I will now pass the floor to your speaker today, Mr. Zikos. Please go ahead.

Gregory Zikos
CEO & Director

Thank you, and good morning, ladies and gentlemen. During the first quarter of the year, Costamare Bulkers generated an adjusted net income of $12.4 million. As of today, we have successfully transferred a majority of the company's legacy trading portfolio pursuant to our deal with Cargill, effectively derisking our balance sheet. We expect that our trading platform will be free of the remaining legacy trades by year-end.

As part of our fleet renewal program, we recently concluded the sale of 2011-built Capesize vessel and the acquisition of 2018-built Ultramax. At the same time, we accepted delivery of newbuilding Kamsarmax chartered in for a minimum period of 5 years. The vessel has been chartered out at a profitable rate for a minimum period of 11 months. With total cash of about $270 million and debt of circa $140 million, the company is net cash positive, positioning us favorably to grow countercyclically in a lower asset value environment.

Regarding the market, during the first 4 months of the year, the market exhibited