Operator

Welcome to OET's First Quarter 2026 Financial Results Presentation. We will begin shortly. Aristidis Alafouzos, CEO; and Iraklis Sbarounis, CFO of Okeanis Eco Tankers, will take you through the presentation. We will be pleased to address any questions raised at the end of the call. Matters that are forward-looking in nature will be discussed, and actual results may differ from the expectations reflected in such forward-looking statements. Please read through the relevant disclaimer on Slide 2. I would like to advise you that this session is being recorded.

Aristidis will begin the presentation now.

Aristidis Alafouzos
Chief Executive Officer

Thank you for taking the time to join our Q1 2026 call. Q1 was a record quarter for our company. And Q1 plus Q2 combined will be stronger than any previous year in our company's history. In fact, the potential distributions tied to this half year are approaching our original listing price in 2018. It definitely was and is an exciting, stressful, challenging and demanding quarter. This cumulative pressure surely overshadowed the pleasure of earning so much for our shareholders, which is regrettable. Q1 began with a sell-off in freight into mid-January, where the market turned by the continued exquisite fundamentals, Venezuela reopening, India diversifying imports and most importantly, the extremely rapid consolidation of the VLCC market by Sinokor-Aponte joint venture. This strength continued until February 28, where the war in Iran began and set off a 2-, 3-, 4-week period of unprecedented strength in the tanker market overall.