C3is Inc (CISS) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the C3is third-quarter 2025 financial and operating results conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Diamantis Andriotis. Please go ahead, sir.

大家好，感謝您的耐心等待。歡迎參加C3is 2025年第三季財務與營運業績電話會議。 （操作說明）請注意，本次會議正在錄音。現在我將會議交給今天的發言人迪亞曼蒂斯·安德里奧蒂斯先生。請您發言。

Good morning, everyone, and welcome to our C3is third-quarter of 2025 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.

各位早安，歡迎參加C3is 2025年第三季財報電話會議及網路直播。我是公司執行長Diamantis Andriotis博士。今天與我一同參加會議的還有我們的財務長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 company's control. At this stage, if you could all take a moment to read our disclaimer on Slide 2 of this presentation.

在正式開始演示之前，我想提醒各位，我們將討論一些前瞻性陳述，這些陳述反映了我們對未來事件和財務業績的當前看法，並基於當前的預期和假設，而這些預期和假設本身就具有不確定性，且超出公司的控制範圍。現在，請各位花一點時間閱讀本簡報第二頁的免責聲明。

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 the third quarter of 2025. So let's proceed to discuss these results and update you on the company's strategy and the market in general.

我還想指出，除非另有說明，所有報價均預設以美元為單位。我們今天發布了2025年第三季的獲利報告。接下來，我們將討論這些報告，並向大家介紹公司策略和整體市場狀況。

Please turn to Slide 3, where we summarize and highlight the company's performances, starting with our financial highlights. For the first 9 months of 2025, we achieved a net income of $5.26 million compared to a net loss of $3 million for the same period in 2024, an increase of 281%.

請翻到投影片3，其中我們總結並重點介紹了公司的業績，首先是財務亮點。 2025年前9個月，我們實現了526萬美元的淨利潤，而2024年同期淨虧損300萬美元，年增281%。

Our voyage revenues decreased by 24% compared to the same period in 2024 due to the dry docking of our Aframax tanker, resulting in a loss of revenue from our highest earning vessel over a period of 74 days. Our TCE rates was also impacted with a drop of 40%. In April 2025, we settled the final outstanding balance of $14.6 million due on our latest addition, the Eco Spitfire.

由於我們的阿芙拉型油輪進塢維修，導致我們收入最高的船舶在74天內損失了部分收入，因此我們的航次收入與2024年同期相比下降了24%。我們的等效期租費率也受到影響，下降了40%。 2025年4月，我們結清了最新購買的「Eco Spitfire」號油輪的尾款1,460萬美元。

We reported an EBITDA of $10 million compared to $3 million for 2024, an increase of 245%. Slide 4 shows the dry bulk trade for the first 9 months of 2025. The recent U.S.-China trade truce, while fragile, should support Q4 rates via more U.S. exports. The iron ore and bauxite markets remain resilient and 2026 could see faster expansion than 2025, driven by South Atlantic iron, bauxite volumes.

我們報告稱，2025年息稅折舊攤提前利潤（EBITDA）為1000萬美元，而2024年為300萬美元，增幅達245%。幻燈片4展示了2025年前9個月的乾散貨貿易狀況。儘管近期美中貿易休戰協議脆弱，但應能透過增加美國出口來支撐第四季的運價。鐵礦石和鋁土礦市場仍堅挺，在南大西洋鐵礦石和鋁土礦運輸量的推動下，2026年的成長速度可能超過2025年。

The market was also supported by strong iron ore volumes to China. Dwindling Chinese iron ore and bauxite mine output will create scope for imports. Bauxite departures from Guinea to China saw the usual Q3 rainy season weakness. Much of the relatively strong demand has been driven by inventory building and dwindling Chinese mining output rather than rapid growth in demand.

強勁的鐵礦石出口量也支撐了市場。中國鐵礦石和鋁土礦產量的下降將為進口創造空間。幾內亞出口中國的鋁土礦在第三季雨季期間出現疲軟。相對強勁的需求主要源自於庫存增加和中國礦產產量下降，而非需求的快速成長。

Chinese demand is not growing rapidly, but its inventories are. Q3 was a much stronger period for seaborne coal trades than the first half of 2025. Overall levels remain slightly down against 2024 levels. Come 2026, a moderate rebound in coal trade is expected as trade tensions and La Niña remain key risks. The grain trade boomed in Q3.

中國需求成長緩慢，但庫存卻在成長。第三季海運煤炭貿易量遠超過2025年上半年。整體水準仍略低於2024年的水準。預計到2026年，煤炭貿易將溫和反彈，但貿易緊張局勢和拉尼娜現象仍然是主要風險。第三季糧食貿易蓬勃發展。

This was primarily driven by bumper grain volumes in the Atlantic.

這主要是由於大西洋海域穀物產量激增所致。

China bought enormous volumes of Brazilian soybeans far later in the year than usual as it avoided buying U.S. soybeans as part of the wider trade dispute between the 2 nations, resulting in U.S. exports falling 35% by the end of Q3. There was also strong grain and soy meal volumes from Argentina, thanks to government cuts in export levies and strong harvests.

由於中美貿易爭端，中國避免購買美國大豆，因此在今年稍後大量購買了巴西大豆，導緻美國大豆出口在第三季末下降了35%。此外，得益於政府削減出口關稅和豐收，阿根廷的穀物和豆粕出口量也十分強勁。

Come 2026, firmer EU production, moderate Black Sea growth and strong ECSA volumes support a modest rebound in grain flows. A much more vigorous rebound will be from Chinese return to the market in Q4 with demand extending well in 2026. Minor bulk demand remains resilient as steady manufacturing and construction underpin minor bulk imports.

2026年，歐盟產量穩定成長、黑海地區糧食產量溫和成長以及東非和南非地區糧食供應強勁，將支撐糧食流通量溫和反彈。而中國在第四季重返市場，並將在2026年持續推動糧食市場出現更強勁的反彈。由於製造業和建築業的穩定成長支撐了小宗散裝進口，小宗散貨需求仍保持韌性。

Slide 5 shows the Handysize market fundamentals and the fleet age and growth. The market outlook shows that in January, September 2025, global exports of all dry bulk commodities loaded on Handy/Supra tonnage reached 1.328 million tons according to AXS marine vessel tracking data. 15% of exports loaded were coal. This was largely due to a slowdown in coal mining output in China.

幻燈片5展示了靈便型散裝貨船市場的基本面、船隊年齡和成長。市場展望顯示，根據AXS Marine船舶追蹤數據，2025年1月至9月，全球所有乾散貨商品（含靈便型/超大型散裝貨船）的出口量達132.8萬噸。其中15%的出口貨物為煤炭，主要是因為中國煤炭產量放緩所致。

Indian appetite for coal imports was down significantly in Q3, in line with typical seasonal trends. India demand was also hampered by strong domestic mining. Moving on to the handy fleet age and growth. The global Handysize fleet now stands at 3,202 vessels. Of these 569 vessels are over 20 years of age, accounting for 17.8% of the total number of vessels.

第三季印度煤炭進口需求大幅下降，符合典型的季節性趨勢。印度國內強勁的煤炭開採也抑制了煤炭需求。接下來我們來看看小型散裝船隊的船齡和成長。目前全球小型散裝船隊共有3,202艘船舶，其中569艘船舶超過20年，佔船舶總數的17.8%。

With a starting tally of 3,117 vessels, the current fleet represents a change of 2.73% in vessels numbers over the year so far. The global Handysize order book now stands at 226 vessels. Of these 37 vessels are scheduled for delivery within 2025.

截至目前，全球船隊共有3,117艘船舶，較年初至今的船舶數量增加了2.73%。目前全球靈便型散裝貨船訂單總量為226艘，其中37艘計畫於2025年內交船。

Currently, the order book to fleet ratio stands at 7.2%, while in comparison, 10.5% of the fleet is over 25 years of age and an average 7.3% is between 20 and 24 years of age. The average age of the C3is Handy fleet was 15.2 years by the end of Q3 2025.

目前，訂單量與車隊規模之比為7.2%，相較之下，車隊中10.5%的車輛車齡超過25年，平均7.3%的車輛車齡在20至24年之間。到2025年第三季末，C3is Handy車隊的平均車齡為15.2年。

Slide 6 shows the Aframax/LR2 fleet size and age. As at the end of Q3 2025, the Aframax fleet in service comprised 1,191 vessels with a total deadweight capacity of $131.35 million deadweight, reflecting a year-to-date growth of 3.03%. Deliveries in 2025 reached 47 vessels. Demolitions totaled 9 vessels with 2 vessels removed during Q3.

幻燈片6展示了阿芙拉型/LR2船隊的規模和船齡。截至2025年第三季末，在役的阿芙拉型船隊共有1,191艘船舶，總載重噸位為1.3135億美元，較去年同期成長3.03%。 2025年新增交付船舶47艘。拆解船舶共9艘，其中2艘在第三季拆解。

The current order book stands at 197 vessels. Fleet age 20 years or older totals 252 vessels, representing 21% of the total fleet. The highest number of vessels is in the 15, 20 years category. The age of our Aframax tanker was 15.2 years by the end of Q3 2025.

目前訂單量為197艘船舶。船齡20年及以上的船舶共252艘，佔船隊總數的21%。數量最多的船舶船齡在15至20年之間。截至2025年第三季末，我們的阿芙拉型油輪船齡為15.2年。

Slide 7 summarizes the current tanker market fundamentals. Global oil consumption rose only modestly in Q3 and speculations are now growing over an oil supply surplus next year. Q3 Chinese crude oil imports were down 0.4% on Q2, but up 5% year-on-year. Chinese oil demand is sluggish, increasing purchases are cost opportunistic and destined to build up inventories as domestic demand is flatlining.

投影片7總結了目前油輪市場的基本面。第三季全球石油消費量僅小幅成長，目前市場對明年石油供應過剩的預期日益升溫。第三季中國原油進口量較上季下降0.4%，但年增5%。中國石油需求疲軟，增加採購是出於成本投機，由於國內需求停滯不前，勢必會推高庫存。

There is only another 2% of total growth in oil demand expected until 2030. War and global uncertainty will keep causing market disruptions, typically boosting earnings. Refinery attacks in Russia are just the latest example.

預計到2030年，石油總需求僅會再增加2%。戰爭和全球不確定性將持續造成市場動盪，通常會推高利潤。俄羅斯煉油廠遇襲事件就是最新的例證。

Tariffs and trade. Global growth was -- has proven stronger than anticipated in the face of trade tariff spat. However, part of this resilience was masked by front-loaded exports. China remains on track to meet its 5% growth target, an outcome a few expected earlier this year. The real test will come next year, even if Chinese exports remain strong, next exports are not likely to grow as much as in 2025.

關稅與貿易。儘管面臨貿易爭端，全球經濟成長依然強於預期。然而，部分韌性被前期出口成長所掩蓋。中國仍有望實現5%的成長目標，這一結果與今年稍早的預期相符。真正的考驗將在明年到來，即便中國出口保持強勁，明年的出口成長幅度也不太可能達到2025年的水準。

China-U.S. regulations have steadied within 1-year truce agreed, but some tariffs remain without a comprehensive long-term deal, uncertainty will persist. The recent U.S. tariff reduction on Chinese goods is marginal, now 47%, down from 57% and China-U.S. trade is expected to keep declining.

中美貿易政策在一年休戰協議下趨於穩定，但由於缺乏全面的長期協議，部分關稅仍然存在，不確定性將持續存在。美國近期對中國商品的關稅下調幅度有限，目前為47%，低於先前的57%，預計中美貿易額將持續下滑。

Geopolitical uncertainty continued to dominate, especially the U.S.-China trade and maritime rivalry. Late October saw a 1-year truce agreed with U.S. tariffs on China reduced to 47% and other measures delayed. Early Q4 saw the Israel-Hamas ceasefire, which is holding for now, albeit delicately. Ships still avoid the Red Sea despite the Gaza ceasefire.

地緣政治不確定性持續主導市場，尤其是美中貿易和海上競爭。 10月下旬，雙方達成一項為期一年的停火協議，美國將對華關稅降至47%，並推遲了其他一些措施。第四季初，以色列和哈馬斯達成停火協議，目前該協議仍在維持，但情況脆弱。儘管加薩走廊已停火，但船隻仍避開紅海。

This continues to mask oversupply, will take time for the route to be deemed safe.

這繼續掩蓋了供應過剩的問題，還需要一段時間才能認為這條路線是安全的。

There was little land inside to Ukraine war, but the U.S. is now talking tougher on sanctions with implications for oil and tanker markets. Q3 was all about waiting for the IMO vote on net zero measures in October. The vote was eventually delayed until next year after U.S. lobbying against the rules.

烏克蘭戰爭對美國本土影響甚微，但美國現在卻加強了製裁力度，這將對石油和油輪市場產生影響。第三季的焦點都集中在等待國際海事組織（IMO）10月淨零排放措施的投票。由於美國的遊說反對，投票最終被推遲到明年。

Bar a stark change of U.S. policy, any global carbon measures are likely to pass next year or at any point in Trump's term. The rules, if passed, would have effectively introduced a carbon tax on burning fuel oil.

除非美國政策發生重大轉變，否則任何全球碳排放控制措施都可能在明年或川普任期內的任何時間獲得通過。這些規則一旦通過，實際上就相當於對燃油燃燒徵收碳稅。

Slide 8 shows the current fleet of C3is. C3is owns and operates a fleet of 3 Handysize dry bulk carriers and 1 Aframax oil tanker. In May 2024, the company took delivery of the 33,000 deadweight dry bulk carrier the Eco Spitfire, bringing the total fleet capacity to 213,000 deadweight with an average age of 14.8 years at the end of Q3. All vessels have had their ballast water systems already installed. The Afrapearl II successfully completed dry docking in August 2025 and the next one due will be in August 2028.

第8張幻燈片展示了C3is目前的船隊狀況。 C3is擁有並經營3艘靈便型散裝貨船和1艘阿芙拉型油輪。 2024年5月，該公司接收了33,000載重噸的散裝貨船「Eco Spitfire」號，使船隊總運力達到213,000載重噸，截至第三季末，平均船齡為14.8年。所有船舶均已安裝壓載水系統。 「Afrapearl II」號已於2025年8月順利完成塢修，下一次塢修預計將於2028年8月進行。

All the vessels are unencumbered and currently employed on short- to medium-term period charters and spot voyages. None of the vessels were built in Chinese shipyards, hence not affected by the newly postponed tariffs. Slide 9 shows a sample of the international charters with whom management company has developed strategic relationships and has experienced repeat business.

所有船舶均無抵押，目前均用於短期至中期租船及即期航次。這些船舶均非中國船廠建造，因此不受新近推遲的關稅政策影響。幻燈片9展示了管理公​​司已建立戰略合作關係並獲得重複業務的國際租船案例。

Repeat business highlights the confidence our customers have for our operations and the satisfaction of the services we provide. The key to maintaining our relationships with these companies are high standards of safety and reliability of service. I will now turn over the call to Nina Pyndiah for our financial performance.

回頭客體現了客戶對我們營運的信任以及對我們所提供服務的滿意度。我們與這些公司保持良好關係的關鍵在於高標準的安全性和可靠性服務。接下來，我將把電話交給妮娜·平迪亞，請她介紹我們的財務表現。

Thank you, Diamantis, and good morning to everyone. Please turn to Slide 10, and I will go through our financial performance for the first 9 months of 2025. We reported voyage revenues of $24.2 million for the first 9 months of '25 compared to $32.9 million in '24, a reduction of 26%, primarily due to the dry docking of our Aframax tanker, which resulted in 74 nonrevenue days.

謝謝Diamantis，大家早安。請翻到第10張投影片，我將介紹我們2025年前9個月的財務表現。我們報告稱，2025年前9個月的航次收入為2,420萬美元，而2024年同期為3,290萬美元，下降了26%，主要原因是我們的阿芙拉型油輪進塢維修，導致74個無收入日。

The time charter equivalent rates of our vessels were also impacted with a decrease of 40% compared to the same period of '24. Voyage costs for the first 9 months of '25 were $9.4 million compared to $10.4 million in '24. This decrease was attributed to the decrease in voyage days due to the dry docking of Aframax tanker.

與 2024 年同期相比，我們船舶的期租等效費率也受到影響，下降了 40%。 2025 年前 9 個月的航次成本為 940 萬美元，而 2024 年為 1,040 萬美元。這一下降歸因於阿芙拉型油輪進塢維修導致航次天數減少。

Voyage costs for the 9 months ended September 30, 2025, mainly included bunker costs of $4.7 million, corresponding to 49% of total voyage expenses and port expenses of $3.8 million corresponding to 40% of total voyage expenses. Operating expenses for the 9 months ended September 30, '25 were $7 million and mainly included crew expenses of $3.5 million, corresponding to 50% of total operating expenses, spares and consumables costs of $1.6 million and maintenance expenses of $1 million, representing works and repairs on the vessels.

截至2025年9月30日的9個月期間，航次成本主要包括燃油成本470萬美元（佔航次總支出的49%）及港口費用380萬美元（佔航次總支出的40%）。截至2025年9月30日的9個月期間，營運支出為700萬美元，主要包括船員費用350萬美元（佔營運總支出的50%）、備件和消耗品成本160萬美元以及船舶維修保養費用100萬美元。

The dry docking costs for the Afrapearl II were $1.7 million. General and administrative costs for the 9 months ended September 30, '25 and '24 were $2 million and $2.5 million, respectively. The $0.5 million decrease mainly related to expenses incurred in the 9 months ended September '24 relating to the 2 public offerings.

「阿弗拉珍珠二號」的乾船塢維修費用為170萬美元。截至2025年9月30日及2024年9月30日止的9個月期間，一般及行政費用分別為200萬美元及250萬美元。其中50萬美元的減少主要與截至2024年9月30日止的9個月期間發生的兩次公開發行相關的費用有關。

Depreciation for the 9 months ended September 30, '25 was $4.9 million, a $300,000 increase from $4.6 million for the same period of last year due to the increase in the average number of our vessels. Interest and finance costs for the 9 months ended September 30, '25 and '24 were $400,000 and $2.1 million, respectively. The $1.7 million decrease is related to the accrued interest expense related party in connection with the $53.3 million part of the acquisition prices of our Aframax tanker, the Afrapearl II, which was completely repaid in July '24, and our bulk carrier, the Eco Spitfire, which was completely paid in April '25.

截至2025年9月30日的9個月期間，折舊費用為490萬美元，較上年同期的460萬美元增加30萬美元，主要原因是船舶平均數量增加。截至2025年和2024年9月30日的9個月期間，利息和融資成本分別為40萬美元和210萬美元。減少的170萬美元與關聯方應計利息支出有關，該應計利息支出涉及我們收購阿芙拉型油輪“Afrapearl II”號（已於2024年7月全額償還）和散貨船“Eco Spitfire”號（已於2025年4月全額支付）的5330萬美元收購價。

Gain of warrants for the 9 months ended September 30, '25 was $6.7 million as compared with the loss on warrants of $10.4 million for the 9 months ended September 30, '25 and mainly related to the net fair value changes on our Class B1 and Class B2 warrants and Class C1 and C2 as well as these were classified as liabilities.

截至 2025 年 9 月 30 日的 9 個月，認股權證收益為 670 萬美元，而截至 2025 年 9 月 30 日的 9 個月，認股權證虧損為 1,040 萬美元，而截至 2025 年 9 月 30 日的 9 個月，認股權證虧損為 1,040 萬美元，主要與我們的 B1 類和 B2 類認股權證以及股權公款以及 C1 類股股被認證的公債等股權，被認證而被認股權

For the first 9 months of '25, the company reported a net income of $5.3 million and a related EPS of $3.34. Turning to Slide 11 for the balance sheet. We had a cash balance of $6.6 million compared to $12.6 million at the end of '24, a decrease of 48% due to the full settlement of the 90% of the purchase price of the Eco Spitfire in Q2 '25.

2025年前9個月，公司淨利為530萬美元，每股收益為3.34美元。請翻到第11頁查看資產負債表。公司現金餘額為660萬美元，而2024年底為1260萬美元，下降了48%，原因是2025年第二季度已全額支付了Eco Spitfire飛機90%的購機款。

Other current assets mainly include charterers receivable of $3.5 million compared to $2.8 million in December '24 as well as inventories of $600,000 compared to $900,000 at December '24. The vessels net value of $79 million were for the 4 vessels less depreciation. Trade accounts payable of $1.8 million are balances due to suppliers and brokers. Payable to related party of $4.3 million represents the balance due to the management company, Braves Maritime. A warrant liability of $3.9 million was recorded, a drop of 63% from the year-end balance of '24 when it was $10.4 million.

其他流動資產主要包括租船人應收款350萬美元（2024年12月為280萬美元）及存貨60萬美元（2024年12月為90萬美元）。船舶淨值為7,900萬美元，為4艘船舶扣除折舊後的淨值。應付帳款180萬美元為欠供應商和經紀人的款項。應付關聯方款項430萬美元為欠管理公司Braves Maritime的款項。已確認的認股權證負債為390萬美元，較2024年末的1,040萬美元下降了63%。

Concluding the presentation on Slide 12, we outlined the key variables that will assist us progress with our company's growth. Owning a high-quality fleet reduces operating costs, improves safety and provides a competitive advantage in securing favorable charters.

在第12張投影片的結尾，我們概述了有助於公司發展的關鍵因素。擁有高品質的船隊可以降低營運成本、提高安全性，並在獲得有利的租船合約方面提供競爭優勢。

We maintain the quality of the vessels by carrying out regular inspections, both while in port and at sea and adopting a comprehensive maintenance program for each vessel. None of our vessels were built from Chinese shipyards, hence, the ongoing tariff threats by the U.S. to China will be of no consequence to our fleet.

我們透過定期檢查（包括港口檢查和海上檢查）以及為每艘船舶制定全面的維護計劃來保證船舶品質。我們的船舶均非中國船廠建造，因此，美國目前對中國的關稅威脅不會對我們的船隊造成任何影響。

The company's strategy is to follow a disciplined growth with in-depth technical and conditional assessment review. Equity issuances will continue as management is continuously seeking a timely and selective acquisition of quality non-Chinese built vessels with current focus on short- to medium-term charters and spot voyages.

公司策略是採取穩健成長策略，並進行深入的技術和條件評估。管理層將繼續發行股票，同時不斷尋求及時、選擇性地收購優質的非中國製造船舶，目前重點關注中短期租船和即期航次。

We always charter to high-quality charterers, such as commodity traders, industrial companies and oil producers and refineries. Despite having increased our fleet by 234% since inception, the company has no bank debt. No interest was charged by the affiliated sellers on the purchase prices of the Afrapearl II and the Eco Spitfire.

我們始終將船隻租借給優質客戶，例如商品貿易商、工業企業、石油生產商和煉油廠。儘管自成立以來，我們的船隊規模已增加了234%，但公司沒有任何銀行債務。關聯賣方在Afrapearl II和Eco Spitfire的購買價格中未收取任何利息。

From July '23 to date, we have repaid all of our CapEx obligations totaling $59.2 million without resorting to bank loans. At this stage, our CEO, Dr. Diamantis Andriotis, will summarize the concluding remarks for the period examined.

自2023年7月至今，我們已償還全部資本支出，總額達5,920萬美元，且未動用銀行貸款。在此階段，我們的執行長迪亞曼蒂斯·安德里奧蒂斯博士將對本報告期作總結發言。

For the first 9 months of 2025, we reported voyage revenues of $24.2 million, an EBITDA of $10.3 million, an increase of 245% and net income of $5.3 million, an increase of 281% and EPS of $3.5. In April 2025, we paid off the remaining balance of $14.6 million due on our bulk carrier, the Eco Spitfire. In August 2025, we successfully completed the dry docking of our Aframax tanker, the Afrapearl II.

2025年前9個月，我們報告航次收入為2,420萬美元，EBITDA為1,030萬美元，年增245%；淨利為530萬美元，年增281%；每股收益為3.5美元。 2025年4月，我們付清了散裝貨船「Eco Spitfire」號剩餘的1,460萬美元貸款。 2025年8月，我們順利完成了阿芙拉型油輪「Afrapearl II」號的乾船塢維修。

We are fully delevered, thus significantly enhancing our financial flexibility. As the world goes through an uncertain volatile era, turbulences in the shipping market are unavoidable. The market remains as uncertain as they have ever been due to this geopolitical environment. But despite all this uncertainty, major economies are still growing and trade volumes are still rising across sectors.

我們已完全去槓桿化，從而顯著提升了財務靈活性。在全球局勢動盪不安的當下，航運市場難免出現波動。受地緣政治環境的影響，市場仍充滿不確定性。但即便如此，主要經濟體仍在成長，各產業的貿易量仍持續攀升。

In the midst of these shifting dynamics, C3is performance remains solid, and we have proved that we have built resilient and organic foundations adaptable to this changing environment. We will, therefore, continue with our strategy with our debt-free balance sheet of enhancing our fundamental ability to both further develop existing core businesses as well as explore potential new growth businesses. We would like to thank you for joining us today and look forward to having you with us again at our next call for the results of the fourth quarter of 2025.

在當前瞬息萬變的市場環境下，C3的業績依然穩健。我們已證明，我們建立了能夠適應不斷變化的環境的強大且穩健的有機基礎。因此，我們將繼續秉持零負債的資產負債表，推動我們的策略，增強自身實力，從而進一步發展現有核心業務，並探索潛在的新增長業務。感謝您今天蒞臨本次電話會議，我們期待在下次電話會議上再次與您相聚，共同探討2025年第四季的業績。

This concludes today's conference call. Thank you for participating. You may now all disconnect. Have a nice day.

今天的電話會議到此結束。感謝各位的參與。現在可以斷開連線了。祝您愉快。