Costamare Inc (CMRE) 2023 Q4 法說會逐字稿

Thank you for standing by, ladies and gentlemen, and welcome to the Costamare Inc. conference call on the fourth quarter 2023 financial results. We have with us, Mr. Gregory Zikos, Chief Financial Officer of the company. (Operator Instructions) I must advise you that this conference is being recorded today, Wednesday, February 7, 2024.

女士們、先生們，感謝你們的耐心等待，歡迎參加 Costamare Inc. 關於 2023 年第四季度財務業績的電話會議。與我們同行的還有公司財務長 Gregory Zikos 先生。（操作員說明）我必須告知您，本次會議將於今天（2024 年 2 月 7 日星期三）進行錄製。

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.

我們想提醒您，本次電話會議包含前瞻性陳述。請花點時間閱讀簡報的第 2 號投影片，其中包含前瞻性陳述。

And I will now pass the floor to your speaker, Mr. Zikos. Please go ahead, sir.

現在請您的發言者齊科斯先生發言。請繼續，先生。

Thank you, Ed. Good morning, ladies and gentlemen. 2023 has been a growth year for customer. The company had revenues of $1.5 billion and generated net income of about $350 million. Liquidity stood at around $1 billion as of year-end, following our strategic decision in 2021 to enter into the dry bulk sector at an opportunity in the cycle.

謝謝你，艾德。早安，女士們，先生們。 2023 年對客戶來說是成長的一年。該公司營收為 15 億美元，淨利潤約 3.5 億美元。截至年底，我們的流動性約為 10 億美元，我們於 2021 年做出戰略決定，利用周期中的機會進入乾散貨行業。

We have grown during 2023, our newly established trading platform to an operator managing a fleet of 51 dry bulk vessels, having invested $200 million in the new venture. We have a long-term commitment to the sector whose fundamentals review positively.

2023 年，我們新建立的貿易平台發展成為一家管理 51 艘乾散貨船的船隊的營運商，並為新企業投資了 2 億美元。我們對基本面樂觀的產業做出長期承諾。

Regarding Neptune Maritime Leasing that the platform has been steadily growing on a prudent basis throughout 2023, having now concluded leasing transactions for 23 ships with a total value of about $250 million. We are committed to further growing the leasing business on the back of a healthy pipeline extending over the coming quarters.

至於Neptune Maritime Leasing，該平台在2023年一直在審慎的基礎上穩步增長，目前已完成23艘船舶的租賃交易，總價值約2.5億美元。我們致力於在未來幾季的健康管道的支持下進一步發展租賃業務。

On the owned dry bulk fleet side, we are executing our strategy to renew the dry bulk fleet and increase its average size. During the year, we took the decision to dispose of 12 smaller-sized vessels and have agreed to acquire 3 Capesize and Kamsarmax subject to market conditions.

在自有乾散貨船隊方面，我們正在執行更新乾散貨船隊並增加其平均規模的策略。年內，我們決定出售 12 艘小型船舶，並同意根據市場情況收購 3 艘好望角型船舶和 Kamsarmax 型船舶。

Our goal is to continue our expansion in the dry market. In the containership market, recent events have been contributing positively to the supply and demand dynamics, pushing up books and charter rates. Those recent developments are mitigating.

我們的目標是繼續擴大乾貨市場。在貨櫃船市場，最近發生的事件對供需動態產生了積極影響，推高了預訂和租船費率。這些最近的事態發展正在緩解。

The effects of oversupply in the containership market has shown us is expected to remain tight, at least until the Chinese New Year. We have, however, proactively secured employment for 95% and 78% of our open days for '24 and '25, respectively, putting our contracted revenues for the contingency versus that $2.5 billion with a remaining time charter duration of about 3.6 years.

貨櫃船市場供應過剩的影響表明，我們預計至少在農曆新年之前將保持緊張狀態。然而，我們在24 年和25 年的開放日中分別主動確保了95% 和78% 的就業，將我們的合約收入用於應急，而剩餘期租期限約為3.6 年，而合約收入為25 億美元。

Moving now to the slide presentation. On slide 3, you can see our annual results, net income was about $350 million or $2.95 per share. Adjusted net income was around $250 million or $2.7 per share. Our year-end liquidity stands at roughly $1 billion.

現在轉到幻燈片演示。在投影片 3 上，您可以看到我們的年度業績，淨利潤約為 3.5 億美元，即每股 2.95 美元。調整後淨利潤約為 2.5 億美元，即每股 2.7 美元。我們的年末流動性約為 10 億美元。

Slide 4 regarding CBI, we have charted in periods of 51 vessels with the majority of the fleet being on index-linked agreements. On our leasing platform we have already invested around $120 million since inception, and NML has financed 23 assets through sale and leaseback transactions and has a very healthy pipeline going forward.

關於 CBI 的幻燈片 4，我們繪製了 51 艘船舶的圖表，其中大部分船隊簽訂了與指數掛鉤的協議。自成立以來，我們已經在我們的租賃平台上投資了約 1.2 億美元，NML 已透過售後回租交易為 23 項資產提供了融資，並且未來擁有非常健康的管道。

Slide 5, we have now acquired York's equity interest on a feeder containerships. I have now agreed to acquire one Capesize dry bulk vessel. In parallel, we have concluded the sale of two Supramax and three Handysize ships. While we have agreed to sell three more Handysize and one Supramax dry bulk ships.

幻燈片 5，我們現在收購了約克一艘支線貨櫃船的股權。我現在已同意購買一艘海岬型乾散裝貨船。同時，我們也完成了兩艘超靈便型船舶和三艘靈便型船舶的銷售。同時我們已同意出售另外三艘靈便型乾散裝貨船和一艘超靈便型乾散裝貨船。

Slide 6. During the fourth quarter, we have finalized the acquisition of one dry bulk vessels through a new classic license facility where we have roughly available $132 million for financing of further vessel acquisitions. We do continue to charter all our dry bulk vessels in the spot market, having entered into more than 40 chartering agreements since our last earnings release.

幻燈片 6。在第四季度，我們透過新的經典許可證設施完成了對一艘乾散貨船的收購，我們大約有 1.32 億美元可用於進一步收購船舶的融資。自上次財報發布以來，我們確實繼續在現貨市場租用所有乾散貨船，並已簽訂了 40 多項租船協議。

On the Contracted revenues side, as already mentioned, our revenue days are fixed 95% for '24 and 78% for '25. While our contracted revenues are $2.5 billion with a TEU-weighted average remaining duration of 3.6 years.

在合約收入方面，如前所述，我們的收入天數固定為 24 年的 95% 和 25 年的 78%。我們的合約收入為 25 億美元，標準箱加權平均剩餘期限為 3.6 年。

Moving to slide 7. During 2023, we have purchased approximately $6.3 million of common shares for a total consideration of $60 million. In addition, we continue to have a long uninterrupted dividend track record, boosted by strong sponsor support.

轉到投影片 7。2023 年，我們購買了約 630 萬美元的普通股，總代價為 6,000 萬美元。此外，在贊助商的大力支持下，我們繼續擁有長期不間斷的股息記錄。

Slide 8. As mentioned already, our liquidity stands at roughly $1 billion. This liquidity gives us the ability to look for opportunities to grow the company on a healthy basis.

幻燈片 8。如前所述，我們的流動性約為 10 億美元。這種流動性使我們能夠尋找機會使公司健康發展。

Moving to slide 9, charter rates, the containership markets have been rising lately across all segments. Having benefited from the Red Sea crisis, the idle capacity remains at low levels at 0.8%.

轉向幻燈片 9，租船費率，貨櫃船市場最近在所有領域都在上漲。受惠於紅海危機，閒置產能仍維持在0.8%的低水準。

And moving to the last slide, slide 10, you can see the recent dry bulk market trends in the spot and forward markets. Charter rates remain volatile having be corrected from the highs of Q4 2023. Today's order book is at 8.5% of the total fleet, with that concludes our presentation, and we can now take questions. Thank you.

轉到最後一張投影片，即投影片 10，您可以看到近期乾散貨市場現貨和遠期市場的趨勢。包機費率自 2023 年第四季的高點修正後仍波動。今天的訂單量佔機隊總數的 8.5%，我們的演示到此結束，現在我們可以回答問題。謝謝。

Operator, we can take questions now.

接線員，我們現在可以提問了。

(Operator Instructions)

（操作員說明）

Christian Wetherbee, Citigroup.

克里斯蒂安‧韋瑟比，花旗集團。

Hey, good morning. This is [Matt] on for Chris. Thanks for taking the question, good morning. Yes, just wanted to touch a little bit a more on CBI last quarter, you mentioned having a fixed fleet of 59 dry bulk vessels on period charters, but this quarter 51.

嗨，早安。這是克里斯的[馬特]。感謝您提出問題，早安。是的，我只是想多談談上個季度的 CBI，您提到擁有一支由 59 艘定期租船幹散裝貨船組成的固定船隊，但本季為 51 艘。

So we were just wondering if you could provide a little bit more detail on sort of what drives that variability on the platform from quarter to quarter, but how that can affect profitability levels as well as the magnitude of potential shift in that profit? I think that would be great to start.

因此，我們只是想知道您是否可以提供更多詳細信息，說明推動平台每個季度發生變化的因素，但這會如何影響盈利水平以及利潤潛在變化的幅度？我認為這是一個很好的開始。

Yeah. Thanks for the question. Ed. First of all, you're right, it was closer to 59 ships that charter in the previous quarter. We mentioned 51. Now it has nothing to do with our intention to grow the company further. It is just that the during the last quarter specifically, there were some redeliveries which coincided altogether. And we and like we are now in the process of chartering in additional vessels.

是的。謝謝你的提問。埃德。首先，你是對的，上一季包租的船接近 59 艘。我們提到了51。現在這與我們進一步發展公司的意圖無關。只是在上個季度，有一些完全重疊的重新交付。我們現在正在租用更多船隻。

Now at the same time, I need to remind you that we also employ FFA. So I mean, instead of charter in a vessel at some point, if you don't find the suitable assets in the market. You can buy, for instance, FFA days for case of a Panamax. So the smaller amount of ship started in has absolutely no effect. And this would have been misconstrued as our willingness to assume the business quite the opposite.

同時，我需要提醒大家的是，我們也使用FFA。所以我的意思是，如果您在市場上找不到合適的資產，而不是在某個時候租船。例如，您可以為巴拿馬型船購買 FFA 天。所以開工的船數較少是絕對沒有影響的。這可能會被誤解為我們願意承擔與此相反的業務。

This is a long term strategic decision and we are committed to the dry bulk sector, both through CBI and also through our own dry bulk ships. So it is a matter of the deliveries that have coincided where the market is we may be buying FFAs instead of chartering in ships. And in this business, we need to be opportunistic. More ships will be chartered in when we'll find the right assets also other at the right price.

這是一項長期戰略決策，我們透過 CBI 和我們自己的乾散貨船致力於乾散貨領域。因此，這是一個與市場情況一致的交付問題，我們可能會購買 FFA，而不是租船。在這個行業中，我們需要機會主義。當我們以合適的價格找到合適的資產時，我們將租用更多的船舶。

Okay. Interesting. Okay. Thank you for the granularity. Just as a follow-up, wanted to touch a little bit more too, on the topic of share repurchases you've been holding off on buying back your stock over the last few months.

好的。有趣的。好的。感謝您的粒度。作為後續行動，我也想多談一點，關於股票回購的話題，您在過去幾個月一直推遲回購股票。

And just given the current plan that you guys have outstanding in terms of $30 million for common shares and $150 million for preferred. What was your plan moving forward with that and sort of how do you think about on how share count can move moving forward?

就目前的計劃而言，你們有 3000 萬美元的普通股和 1.5 億美元的優先股。您對此有何計劃？您如何看待股份數量如何向前發展？

Yeah. First of all, the share repurchases like the common stock dividends, this is a Board decision and these are subjects that are part of the Board discussion every quarter. But the leaving that aside for the time being, we are the majority shareholders, the founding family at above 60%. So both dividends and share repurchases, is that a healthy stock price.

是的。首先，股票回購，如普通股股息，這是董事會的決定，這些是董事會每季討論的主題。但先不說這個，我們是大股東，創始家族持股60%以上。所以無論是股利還是股票回購，才是健康的股價。

We are all like that. The stock price go higher well we are 100% aligned at the same time regarding the optimal capital allocation, we need to be able to tap new opportunities when like there are. So we bought back common stock worth of $60 million during the years or sort of June last year, and we also did some parts of this in the past some years ago, I'm not saying that we sort of excluded.

我們都是這樣的。股價走高，我們在最佳資本配置方面同時 100% 一致，我們需要能夠在出現新機會時挖掘新機會。因此，我們在去年或去年 6 月回購了價值 6,000 萬美元的普通股，幾年前我們也回購了部分股票，我並不是說我們將其排除在外。

This is a Board decision and those issues are discussed, but I'm not ready to tell you that we're going to be buying back more stock like next quarter or in two quarters time, this is all subject to market condition. And this is subject to the view we take regarding the optimal capital allocation of the company. So I'm afraid I cannot be more specific on that simply because this is an ongoing discussion.

這是董事會的決定，這些問題已得到討論，但我還沒有準備好告訴您，我們將在下個季度或兩個季度內回購更多股票，這一切都取決於市場狀況。這取決於我們對公司最優資本配置的看法。因此，恐怕我無法更具體地說明這一點，因為這是一個正在進行的討論。

And for the time being, we feel that this is something that could happen the next quarter or the quarter after all like during '24. But I'm not in a position to give you an exact timing, depends on market conditions.

目前，我們認為這可能會在下個季度或下個季度發生，就像 24 世紀一樣。但我無法給你確切的時間，取決於市場狀況。

Got it. Got it. Understood on. So it would be fair to assume that for, you know, for the foreseeable future at elevated stock prices, it's unlikely that repurchases are going to be executed on? Correct.

知道了。知道了。明白了。因此，可以公平地假設，在可預見的未來，在股價上漲的情況下，不太可能執行回購？正確的。

No, I didn't say that because, I believe that the stock is undervalued. And if you look at some NAV calculations, you will see that the stock value also considering the value of the containerships and also of the dry bulk vessels and the contracted revenues from the containerships and the net debt, I think on a known and like a NAV basis, the stock is worth much more than the $10 or like $11.

不，我沒有這麼說，因為我認為該股票被低估了。如果您查看一些資產淨值計算，您會發現股票價值還考慮了貨櫃船和乾散貨船的價值以及貨櫃船的合約收入和淨債務，我認為在已知的情況下根據資產淨值(NAV) 計算，該股票的價值遠高於10 美元或11 美元左右。

So the fact that we are not buying back shares is not because we don't believe that the stock is undervalued. We definitely believe that the stock is undervalued. However, we still may find it the optimal way to use that cash in order to buy ships or in order to boost the CBI or natural my time leasing.

因此，我們不回購股票並不是因為我們不認為該股票被低估。我們絕對相信該股票被低估。然而，我們仍然可能發現它是使用這些現金購買船舶或提高 CBI 或自然時間租賃的最佳方式。

But it doesn't mean that because we don't buy back shares, we don't feel that the stock is undervalued quite the opposite. The stock has been undervalued for quite some time now, as is in most of the cases, this is what's happening with the shipping stocks. So we are definitely trading at below NAV.

但這並不意味著因為我們不回購股票，我們就不覺得股票被低估了，恰恰相反。該股已經被低估相當長一段時間了，在大多數情況下，航運股就是這樣。因此，我們的交易價格肯定低於資產淨值。

Understood. Thank you very much for all of you further color, I'll turn it over.

明白了。非常感謝大家的進一步上色，我會把它翻過來的。

Ben Nolan, Stifel.

本諾蘭，史蒂菲爾。

Morning, Greg, I had a couple, but I wanted to start with the asset sales that you guys did. As I noted in the release, you posted the net income after debt repayment. But could you give the gross proceeds from the assets.

早安，格雷格，我有幾個，但我想從你們所做的資產出售開始。正如我在新聞稿中指出的，您發布了償還債務後的淨收入。但您能否給出這些資產的總收益？

I can tell you that for the ships we sold after debt repayment, the net cash in total for the '23 is close to $80 million more or less $79 million.

我可以告訴你，我們在償還債務後出售的船舶，23 年的淨現金總額接近 8000 萬美元，大約為 7900 萬美元。

Okay. I guess my question is how much is that debt that we should expect to be repaid?

好的。我想我的問題是我們應該償還多少債務？

I guess I'm sorry, this data for those [EPSA] has been repaid. So I mean, we sold receives we paid back the debt and the net equity proceeds were like $80 million for all the ships. Now the new ships we bought in total board also to come agreed to buy. It's like four Capes. And you can assume that those are going to be funded with a leverage of close to 60% of the asset value. I think these are, I think --

我想我很抱歉，這些 [EPSA] 的數據已被償還。所以我的意思是，我們出售了收入並償還了債務，所有船舶的淨股權收益約為 8000 萬美元。現在我們買的新船總板也來同意購買了。就像四件斗篷一樣。您可以假設這些資金的融資槓桿接近資產價值的 60%。我認為這些是我認為--

Okay, great. And my next question had to do with the Neptune Leasing program. And you're still a little bit more to go under your original commitment, but obviously it's growing. How do you think about it longer term? Is this something where once you reach sort of your commitment level that amount would grow?

好的，太好了。我的下一個問題與海王星租賃計劃有關。距離最初的承諾還有一點距離，但顯然它正在增長。從長遠來看，您如何看待這個問題？一旦您達到某種承諾水平，金額就會增加嗎？

Or do you think in time your relative position shrinks because there's no capital coming in from other sources that you mean that you're an effective position is a little bit diluted? Or how are you thinking about that business?

或者您認為您的相對頭寸會隨著時間的推移而縮小，因為沒有其他來源的資本進入，您的意思是您的有效頭寸被稀釋了一點？或者您如何看待這項業務？

Now look after now this business has grown. I mean, when we started, we started consolidating that, you know the business and we bought the same holdings interest in March of '23. So we took about three quarters of operation and over those three quarters, the business has from funding a one to two basis. We are like a '23 today funded and with a very strong pipeline going forward.

現在照顧這個業務已經成長了。我的意思是，當我們開始時，我們開始整合，你知道這個業務，我們在 23 年 3 月購買了相同的控股權益。因此，我們進行了大約三個季度的運營，在這三個季度中，該業務的融資基礎從一到兩個。我們就像一家'23'公司，今天已獲得資金支持，並且未來擁有非常強大的管道。

So our goal is to further grow the business and in order to boost our returns. As you can imagine, we are also focusing on but leveraging our equity, so boosting our returns at the same time being able to participate in more transactions with our equity shareholding.

因此，我們的目標是進一步發展業務並提高回報。你可以想像，我們也注重利用我們的股權，因此在提高我們的回報的同時能夠以我們的股權參與更多的交易。

Now when we reach the $250 million were with but leverage the $250 million, it could be total deals of a depending on the asset and the levers between $800 billion, $900 billion, whatever the but levers will be. I think it's going to be a meaningful size at this point in time, we're going to see how the I mean, how like it and whether we're going to grow the business further, whether we want to have other people joining what are the alternatives.

現在，當我們達到 2.5 億美元但槓桿達到 2.5 億美元時，交易總額可能會在 8,000 億美元至 9,000 億美元之間，具體取決於資產和槓桿，無論槓桿是什麼。我認為此時此刻這將是一個有意義的規模，我們將看看我的意思是什麼，有多喜歡它，以及我們是否要進一步發展業務，我們是否想讓其他人加入是替代方案。

I think a lot of things I'm not ready to talk about this yet. I mean the fact that we have options, it's a good thing. The fact that it is a growing. It's good as well. And I have to stress that it's not growing for the sake of growth. It's growing based on deals that we feel from a credit perspective and also from a returns perspective, including the back leverage makes sense.

我想很多事情我還沒準備好談論這件事。我的意思是我們有選擇，這是一件好事。事實是它正在成長。這也不錯。我必須強調，它不是為了成長而成長。它的成長是基於我們從信用角度和回報角度認為的交易，包括反向槓桿是有意義的。

So this is sort of a growing business with, say, completes the rest of our assets. You don't expect to have the volatility of the returns you have with the dry bulk vessels or sort of CBI, but it is, let's say, a steady return, which does make sense and there are a lot of options at the moment where we're going to be reaching the $1 billion of deals or $800 billion, whatever that is depending on the PAT level so we are quite positive on that line of business.

因此，這是一項不斷成長的業務，比方說，完善了我們的其餘資產。你不希望乾散貨船或 CBI 的回報出現波動，但可以說，它是穩定的回報，這確實有意義，而且目前有很多選擇我們將達到10 億美元或8000 億美元的交易，這取決於PAT 水平，因此我們對該業務非常樂觀。

Okay. And I guess my last question relates to container business. And obviously your existing book is well covered, et cetera, asset values have fallen certainly from the peak? Are you getting to a place where maybe deals and returns in the container market are getting close to something that you'd look to maybe come back to and invest in that space again or your views there still some room to go?

好的。我想我的最後一個問題與貨櫃業務有關。顯然你現有的書已經涵蓋得很好了，等等，資產價值肯定已經從高峰下降了？您是否已經到了貨櫃市場的交易和回報正在接近您希望再次投資該領域的地步，或者您認為還有一些空間？

I think there is still some room to go there and you can never predict the market, but it would take it one by one. If we look at new buildings, newbuilding payments or containers, if they still remain at very high levels. So I mean, it is the first.

我認為還有一些空間可以到達那裡，你永遠無法預測市場，但它會一一採取。如果我們看看新建築、新建築付款或貨櫃，它們是否仍然保持在非常高的水平。所以我的意思是，這是第一個。

And then the second thing, also second hand prices still they have leverage which have come off. They may come off even more, but where they are today buying at levels that would make sense if you have to have first of all, if you want to have a good understanding of your sort of residual valuation with some potential upside.

第二件事，二手價格仍然具有槓桿作用，但已經下降。它們可能會下跌更多，但如果你必須先購買，如果你想很好地了解你的剩餘估值和一些潛在的上漲空間，那麼它們今天的買入水平是有意義的。

I think that with that, we still have some way to go, of course, as well as like the new building say, will continue kicking in whether the asset prices in new deals may make sense in a year's time more like six months or like in two years, I cannot tell.

我認為，當然，我們還有很長的路要走，就像新大樓所說的那樣，將繼續影響新交易中的資產價格在一年後（例如六個月或類似的時間）是否有意義。兩年後，我不能說。

But for the time being I think we need to be willing to be patient there if we want to have a well-structured transaction with like manageable downside and also with some residual upside.

但就目前而言，我認為，如果我們想要進行結構良好的交易，同時具有可控的下行空間和一些剩餘的上行空間，我們需要願意耐心等待。

Right. Okay. I appreciate. Thanks, Greg.

正確的。好的。我很欣賞。謝謝，格雷格。

Thank you. And thank you, Ben.

謝謝。謝謝你，本。

Climent Molins, Value Investor's Edge. Hello, Clement. Your line is now live.

克萊門特·莫林斯，價值投資者的優勢。你好，克萊門特。您的線路現已上線。

I'm sorry, I'm sorry on that. Good morning. Thank you for taking my questions. I wanted to follow up on the question on CBI. Could you provide some commentary on how the segment fair during the quarter. And secondly, has recent turmoil in the Red Sea have an effect on the rates you are engaged on specifically on CBI?

對不起，對此我感到抱歉。早安.感謝您回答我的問題。我想跟進 CBI 的問題。您能否就該部門在本季度的公平情況提供一些評論。其次，最近紅海的動盪是否對您專門關注的 CBI 利率產生了影響？

Okay. Regarding CBI we don't provide in our press release detailed segmental information, neither for CBI know like for the dry bulk on vessels or like containers or for natural, my time leasing. There will be some information in our 6-K filings. But for the time being, I'm afraid this is not part of our press release presentation, so we provide the full picture.

好的。關於 CBI，我們沒有在新聞稿中提供詳細的分部信息，CBI 也不知道船舶或集裝箱上的干散貨或天然的、我的分時租賃。我們的 6-K 檔案中將會包含一些資訊。但目前，恐怕這不是我們新聞稿演示的一部分，所以我們提供完整的情況。

For every business we provide the number of assets, CBI that are that sort of investors, for example, with alternate description about the transactions there, like, for example, that most of the ships are chartered in and at index linked charter rates. And so I'm afraid this for CBI.

對於每項業務，我們都會提供此類投資者的資產數量、CBI，以及有關交易的替代描述，例如，大多數船舶都是按照與指數掛鉤的租船費率租用的。所以我擔心 CBI 會這樣做。

Now regarding the Red Sea events in the in the CBI business, I cannot say that we had a huge effect and are now reported as charters or like the profitability of for the case say, for instance, the C2, C3, or C5 and may not be affected by that and by that area.

現在，關於 CBI 業務中的紅海事件，我不能說我們產生了巨大的影響，現在以包機或類似案例的盈利能力報告，例如 C2、C3 或 C5，並且可能不受那個和那個區域的影響。

So I cannot say that we saw something which made the market much more volatile for the Capes have a [46.4] Q4. We saw increased volatility because of adverse weather conditions in China. But this was not linked to the sort of productivity because the options so concluded I cannot say that we saw any major effect in the CBI business.

因此，我不能說我們看到了一些使市場更加波動的因素，因為 Capes 的第四季為 [46.4]。由於中國的惡劣天氣條件，我們看到波動性加劇。但這與生產力的類型無關，因為如此得出的選擇我不能說我們在 CBI 業務中看到了任何重大影響。

Makes sense. Thank you. I also want to follow up on Ben's question on net preleasing. As I understand it. It's fully consolidate in your financial statements. You mentioned potentially adding leverage to free up capital. But I was wondering, was there any debt outstanding on Neptune as of year end?

說得通。謝謝。我還想跟進本關於網路預租的問題。據我了解。它完全合併在您的財務報表中。您提到可能會增加槓桿以釋放資本。但我想知道，截至年底，海王星上是否還有未償債務？

There is a because Neptune it is capitalized by our equity. And in that transaction, we conclude as Neptune naturally get a back leverage. So it gets that from third party providers for every transaction it is entering into. So there is also leverage the natural level.

因為海王星它是由我們的股權資本化的。在那次交易中，我們得出結論，海王星自然會獲得後向槓桿。因此，它從第三方提供者獲取其所進行的每筆交易的資訊。所以自然也就存在槓桿水平。

Now generally, the leverage of Neptune is at low levels in the region of I don't know, between 35% to 45% depending on the transactions. But yes, but in order to cover a solid returns on our equity investments in Neptune, we need to have some but leverage that as well, however, at lower levels.

目前，海王星的槓桿率總體處於較低水平，在我不知道的區域，根據交易情況，在35%到45%之間。但是，是的，但是為了讓我們在海王星的股權投資獲得穩定的回報，我們也需要一些槓桿，但要在較低的水平上。

Makes sense. Thanks for the color. That's all for me. Thank you for taking my questions.

說得通。謝謝你的顏色。這就是我的全部。感謝您回答我的問題。

This concludes our question and answer session. I would like to turn the conference back over to Mr. Zikos for any closing remarks.

我們的問答環節到此結束。我想將會議轉回由 Zikos 先生發表閉幕詞。

Thank you all for dialing in and for your interest in Costamare we are looking forward to speaking with you again during the next quarterly results. Thank you very much, bye.

感謝大家的撥通以及對 Costamare 的興趣，我們期待在下一個季度業績期間再次與您交談。非常感謝，再見。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。