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- **First-quarter profitability**: $7.4M net income on 31-vessel fleet. 
- **Cargill partnership**: Entire trading book transferred, $85M available for acquisitions. 
- **Fleet modernization**: Sold six older vessels, added one Cape. 
- **Market resilience**: 2026 FFA curve up 30%, 2026 fleet growth highest since 2013. 
- **Dividend policy TBD**: 66% insider ownership, no decision until Q1 2026. 

**【CEO Opening Remarks】**
- Reported net income of $7.4 million in the first quarter as an independent entity. 
- Fleet of 31 vessels (average age 13 years) with $206 million cash and $160 million debt (net negative). 
- Strategic cooperation with Cargill to transfer entire trading book, focusing on consumer access optimization. 

**【Strategic Cooperation with Cargill】
- Transferred all FFA positions and chartered vessels to Cargill, aligning with 2026 redelivery schedule. 
- Reinvesting $85 million from hunting license facility into future acquisitions. 
- No major debt maturities until 2029. 

**【Fleet Strategy】
- Sold six older vessels (5 Handysize, 1 Supramax) and acquired one Cape-sized vessel. 
- 72% of fleet on index-linked charters with fixed rate conversion options. 
- 30%+ EBITDA margin from owned fleet. 

**【Market Outlook】
- Cape-sized market resilient with 2026 FFA curve support. 
- Panamax grain demand from recovering global supply. 
- 2026 fleet growth highest since 2013. 

**【Q&A Highlights】
- Q4 2025 results will include CBI execution impact. 
- Cautious on further Cape acquisitions due to high asset valuations. 
- No dividend policy decision; insiders own 66% of shares. 
- 2026 Q1 will see legacy CBI positions eliminated. 

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