GAAP net income attributable to Pangaea was $13.3 million, or $0.21 per share, for the first quarter ended March 31, 2026. Adjusted net income attributable to Pangaea was $7.0 million, or $0.11 per share. Adjusted EBITDA increased by 70.0% year-over-year to $25.2 million. Operating cash flow for the quarter was $4.5 million. Time Charter Equivalent (TCE) rates earned by Pangaea were $15,252 per day, a 34% increase year-over-year. Pangaea's TCE rates exceeded the average Baltic Panamax, Supramax, and Handysize indices by 20%. Total revenue for the quarter was $170.6 million. Total shipping days increased 14% year-over-year to 5,947 days, driven by strong market demand. The ratio of net debt to trailing twelve-month Adjusted EBITDA was 2.4x as of March 31, 2026. A quarterly cash dividend of $0.05 per common share was declared, payable on June 15, 2026, to shareholders of record as of June 1, 2026. The company had $89.7 million in unrestricted cash and cash equivalents as of March 31, 2026. Total debt, including finance lease obligations, was $363.2 million. An agreement was entered into to sell the 2006-built Bulk Xaymaca for $9.6 million, with delivery expected during the second quarter of 2026. Port and terminal operations expanded with new locations at Lake Charles, Louisiana, and Port Aransas, Texas, and operations are on track to commence at Port Tampa Bay, Florida, in the coming month. As of May 11, 2026, 4,051 shipping days for Q2 2026 were booked at an average TCE of approximately $18,808 per day.