Adjusted EBITDA was $149.4M for the first quarter of 2022, a decrease of $94.2M from $243.5M for the fourth quarter of 2021. The Company achieved an average TCE rate for the fleet of $24,330 per day in the first quarter of 2022 compared to that of $35,256 per day in the fourth quarter of 2021. The Company's estimated TCE rates for the second quarter of 2022 are $28,300 per day for 78% of available days for Capesize vessels and $27,500 per day for 77% of available days for Panamax vessels. For the third quarter of 2022, the Company has secured 15% of total days at an average rate of $38,200 per day for Capesize vessels and 33% of total days for Panamax vessels at an average rate of $34,900 per day. The Company believes it is well-positioned in the near term, with highly profitable charter coverage for most of its available days in the second quarter of 2022 and approximately 21% of its available days in the third quarter of 2022.