Operator

Good day, and thank you for standing by. Welcome to the Q1 2026 Financial and Operating Results for C3is Conference Call. [Operator Instructions]

I would now like to hand the conference over to your speaker today, Dr. Diamantis Andriotis. Please go ahead.

Diamantis Andriotis
CEO, President & Director

Good morning, everyone, and welcome to the C3is First Quarter of 2026 Earnings Conference Call and Webcast. This is Dr. Diamantis Andriotis, CEO of the company. Joining me on the call today is our CFO, Nina Pyndiah.

Before we commence our presentation, I would like to remind you that we will be discussing forward-looking statements, which reflect current views with respect to future events and financial performance and are based on current expectations and assumptions, which by nature are inherently uncertain and outside of the company's control. At this stage, if we could all take a moment to read our disclaimer on Slide 2 of this presentation. I would also like to point out that all amounts quoted, unless otherwise clarified, are implicitly stated in U.S. dollars. We have today released our earnings results for first quarter of 2026. So let's proceed to discuss these results and update you on the company's strategy and the market in general.

Please turn to Slide 3, where we summarize and highlight the company's performance, starting with our financial highlights. For the first quarter of 2026, we reported an adjusted net income of $5.5 million compared to $1 million in 2025, an increase of 358%. Our voyage revenues came in at $11.6 million compared to $8.7 million in 2025, an increase of 34%. Our vessels' net book value was $76 million in first quarter 2026 compared to a market value