Thank you for standing by, ladies and gentlemen, and welcome to the Costamare Bulkers Holdings Limited conference call on the fourth quarter 2025 financial results. We have with us Mr. Gregory Zikos, Chief Executive Officer of the company. At this time, all participants are on a listen-only mode. There will be a presentation followed by a question-and-answer session, at which time, if you wish to ask a question, please press star then one on your telephone keypad and wait for your name to be announced. I must advise you that this conference is being recorded today, Friday, February 20, 2026. We would like to remind you that this conference call contains forward-looking statements. Please take a moment to read slide number 2 of the presentation, which contains the forward-looking statements. And now I will pass the floor over to your speaker today, Mr. Zikos. Please go ahead, sir.
Thank you, and good morning, ladies and gentlemen. During the second quarter, the second quarter as an independent listed entity, Costamare Bulkers generated an adjusted net loss of $1.7 million. As already announced, at the end of September of last year, we entered into a cooperation agreement with Cargill, including, among other things, the disposal to a large extent of the company's trading portfolio. This quarter's results continue to be affected by legacy positions not included in the current transaction, as well as by legacy positions that have been transferred to Cargill gradually over the quarter. With total cash of about $126 million and debt of about $156 million, the company is in a net debt negative position, owning a fleet of 300 vessels with an average age of approximately 13 years and an average size of about 92,000 deadweight.
Building upon solid market fundamentals, we sold the 2011-built Capesize vessel Miracle and the 2008-built Supramax type vessel Clara. Total capital gains amounted to $7.7 million on top of profitable operation of about $8 million since those vessels were initially acquired. At the same time, as part of our fleet renewal strategy, we have agreed to acquire the 2018-built 60,000 deadweight capacity dry bulk vessel Koushun. Regarding the market, favorable supply and demand fundamentals, supported by strong exports and improved sentiment, have pushed the Capesize index higher. On the Panamax size, the easing of the U.S.-China tensions, combined with improved sentiment stemming from a strong Capesize market, helped support the Panamax index. Finally, the Supramax index remained healthy on the back of strong demand for coal and minor bulks, as well as improved sentiment from the larger sizes.
Moving now to the slide presentation. On slide three, you can see our Q4 2025 results. Adjusted net loss, mainly reflecting one -off expenses from the dry bulk platform realignment, was $1.7 million or $0.07 per share. By the end of Q4, total cash was about $126 million, and debt below $156 million, resulting in negative net debt position of about $70 million. Slide four. The transfer of the remaining chartered-in vessels pursuant to the cooperation agreement with Cargill has been concluded, save for one ship, which is expected to be transferred within a year. Our operating platform is currently focused on the Kamsarmax segment, consisting of 20 third-party-owned dry bulk vessels. The 6 Capesize ships still remaining on our fleet represent legacy transactions. 5 of these vessels will be redelivered within the current year.
Moving on to the next slide, slide six. On the S&P side, we have concluded the sale of one Supramax vessel and have agreed to sell one of our Capesize ships, with total estimated capital gains of approximately $7.7 million, on top of about $8 million profitability since acquisition. In parallel, as part of our fleet renewal strategy, we have agreed to acquire one 2018-built Ultramax vessel. Slide six. Regarding the owned vessels, most of the fleet is employed on indexing period charter agreements, with the option to convert to fixed rate. Moving to the last slide, slide seven. Charter rates have strengthened during Q4 and remain at healthy levels since the beginning of the year. New vessel ordering stands at 10.4%. With that, we can conclude our presentation, and we can now take questions. Thank you.
Operator, we can take question now.
Thank you. As a reminder, if you would like to ask a question, please press star then one on your telephone keypad and wait for your name to be announced. If you wish to cancel your request, please press star then two. That's star then one to ask a question. Seeing no questions, this concludes our question-and-answer session. I would like to turn the conference back over to Mr. Zikos for any closing remarks.
Thank you for dialing in today and for your interest in Costamare Bulkers. We look forward to speaking with you again during the next quarterly results. Thank you. Operator, we can conclude the call now.
Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.