Costamare Inc (CMRE) 2020 Q2 法說會逐字稿

Thank you for standing by, ladies and gentlemen, and welcome to the Costamare Inc. Conference Call on the second quarter 2020 financial results. With us, we have Mr. Gregory Zikos, Chief Financial Officer of the company. (Operator Instructions) I must advise you that this event is being recorded today, Tuesday, July 28, 2020. We'd like to remind you that this conference call contains forward-looking statements. Please take a moment to read Slide #2 of the presentation which contains the forward-looking statements.

女士們、先生們，感謝你們的支持，歡迎來到 Costamare Inc.。關於 2020 年第二季財務表現的電話會議。與我們一起的還有公司財務長 Gregory Zikos 先生。（操作員說明）我必須告知您，此事件將於今天（2020 年 7 月 28 日星期二）錄製。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幻燈片#2，其中包含前瞻性陳述。

I'll now pass the floor to your speaker today, Mr. Zikos. Please go ahead, sir.

齊科斯先生，我現在請今天的發言者發言。請繼續，先生。

Thank you, and good morning, ladies and gentlemen. During the second quarter, the company delivered strong results. Liquidity stood at around EUR 220 million, and as already announced, during the second quarter of the year, we concluded our refinancing program, resulting in a smooth repayment profile with no meaningful debt maturities until 2024.

謝謝你們，早安，女士們、先生們。第二季度，該公司取得了強勁的業績。流動性約為 2.2 億歐元，正如已經宣布的那樣，我們在今年第二季度完成了再融資計劃，從而實現了平穩的還款狀況，在 2024 年之前沒有任何有意義的債務到期。

On the market side, data capacity has started decreasing, indicating improving market conditions. Demand continues to favor the larger and medium sizes and especially ships above 8,000 TEUs. Market activity has picked up, and we have chartered in total 24 ships during the quarter. After months of inactivity, the demolition market has reopened, and as part of our fleet renewal program, we have sold for demolition 2 7,000 TEU ships which we plan to replace with younger tonnage.

市場方面，數據容量開始下降，顯示市場狀況有所改善。需求繼續有利於大中型船舶，尤其是 8,000 TEU 以上的船舶。市場活動有所回升，本季我們總共租用了 24 艘船舶。經過幾個月的不活躍之後，拆解市場已重新開放，作為我們船隊更新計劃的一部分，我們已出售並拆解 2 艘 7,000 TEU 船舶，我們計劃用更年輕的噸位進行替換。

Moving now to the slides presentation. On Slide 3, you can see the highlights. We do maintain a strong balance sheet with liquidity of about EUR 220 million; leverage of approximately 40%; and no meaningful debt maturities until 2024. Adjusted net income for the quarter rose by approximately $5 million to $32 million. The adjusted EPS is $0.26, a 13% increase compared to Q2 2019. The net loss of $84 million is due to one-off noncash losses of close to $110 million relating to asset disposals.

現在轉到幻燈片演示。在幻燈片 3 上，您可以看到亮點。我們確實保持著強勁的資產負債表，流動性約 2.2 億歐元；槓桿約為40%；並且直到 2024 年才有意義的債務到期。該季度調整後淨利潤增加約 500 萬美元，達到 3,200 萬美元。調整後每股收益為 0.26 美元，較 2019 年第二季成長 13%。8,400 萬美元的淨虧損是由於與資產處置相關的近 1.1 億美元的一次性非現金損失所致。

Moving to Slide 4. Our adjusted net income for the first half of the year rose by approximately $25 million to $64 million. The adjusted EPS is $0.54, a 54% increase compared to the first half of 2019. Net losses for the first half of the year amounted to $58 million due to one-off noncash losses of about $110 million relating again to asset disposals. Since the beginning of the year, we have raised more than $435 million in debt financing.

轉向投影片 4。我們上半年調整後的淨利潤增加了約 2500 萬美元，達到 6400 萬美元。調整後每股收益為0.54美元，較2019年上半年成長54%。由於與資產處置有關的一次性非現金損失約 1.1 億美元，上半年淨虧損達 5,800 萬美元。自今年年初以來，我們已籌集了超過 4.35 億美元的債務融資。

Slide 5. We have continued our efficient fleet operation with competitive operating expenses of just over $4,900 per day per vessel. We have recently taken delivery of our first 13,000 TEU containership out of a series of 5 sister vessels. The ship has commenced this 10-year charter with Yang Ming. The remaining 4 newbuildings will also commence their respective 10-year charters upon their deliveries. Finally, as part of our fleet renewal program, we sold 2 23-year old sister vessels, and as already mentioned, we plan to replace them with younger tonnage.

幻燈片 5。我們繼續保持高效的船隊運營，每艘船每天的運營費用略高於 4,900 美元，具有競爭力。最近，我們從一系列 5 艘姊妹船中接收了第一艘 13,000 TEU 貨櫃船。該船已與陽明海運開始為期十年的租約。其餘 4 艘新船也將在交付後開始各自的 10 年期租約。最後，作為我們船隊更新計畫的一部分，我們出售了 2 艘 23 年船齡的姊妹船，正如已經提到的，我們計劃用更年輕的噸位替換它們。

Moving to Slide 6. In a volatile charter environment, we have chartered in total 24 vessels during the quarter. Although the containership market has been negatively affected by the COVID outbreak, there are signs of improvement in charter rates and market activity over the past 2 months. The idle fleet has been decreasing while the order book has dropped to 9% and is expected to remain low. Finally, we will pay our 39th consecutive quarterly dividend in August. Insiders have been participating in the DRIP and since inception, have reinvested in total $90 million.

轉到投影片 6。在動盪的包租環境中，我們在本季總共包租了 24 艘船舶。儘管貨櫃船市場受到新冠疫情的負面影響，但過去兩個月的租船費率和市場活動有改善的跡象。閒置機隊一直在減少，而訂單量已降至 9%，並且預計將保持在較低水平。最後，我們將在 8 月連續支付第 39 個季度股息。內部人士一直參與 DRIP，自啟動以來，已再投資總額達 9,000 萬美元。

On the next slide, this is Slide 7, you can see the second quarter 2020 results. During the second quarter of this year, the company generated revenues of $112 million and adjusted net income of $32 million. Based on the above, the second quarter adjusted EPS increased by 13% from last year to $0.26. Our adjusted figures take into consideration the following noncash items: the accrued charter revenues, accounting gains or losses from asset disposals and other noncash items.

在下一張投影片上，這是投影片 7，您可以看到 2020 年第二季的結果。今年第二季度，該公司營收為 1.12 億美元，調整後淨利為 3,200 萬美元。綜上所述，第二季調整後每股盈餘較去年成長13%至0.26美元。我們調整後的數字考慮了以下非現金項目：應計包機收入、資產處置的會計損益和其他非現金項目。

On Slide 8, we are discussing our capital structure. Our leverage is comfortably below 50%. Net debt to 12-month trailing EBITDA is 3.3x and EBITDA over net interest expense is at 5.2x when our covenants have a minimum requirement of 2.5x coverage.

在投影片 8 上，我們正​​在討論我們的資本結構。我們的槓桿率輕鬆低於 50%。當我們的契約規定最低覆蓋率為 2.5 倍時，淨債務與 12 個月追蹤 EBITDA 比率為 3.3 倍，而 EBITDA 與淨利息支出比率為 5.2 倍。

On Slide 9, we are showing the revenue contribution for our fleet. Almost 100% of our contracted cash comes from first-class charterers like Maersk, MSC, Evergreen, Cosco, Yang Ming and Hapag-Lloyd.

在幻燈片 9 上，我們展示了我們機隊的收入貢獻。我們的合約現金幾乎100%來自馬士基、MSC、長榮、中遠、陽明、赫伯羅特等一流租屋者。

We have $2.1 billion in contracted revenues at a remaining time charter duration of about 3.5 years.

在剩餘期租期限約為 3.5 年的情況下，我們的合約收入為 21 億美元。

On the last 2 slides, we're discussing the market. As shown on Slide 10, charter rates are showing signs of improvement, mainly for the larger vessels. Box rates have risen by 25% over the past 3 months.

在最後兩張投影片中，我們正在討論市場。如幻燈片 10 所示，租船費率顯示出改善的跡象，主要是大型船舶。過去 3 個月，箱包價格上漲了 25%。

On Slide 11, the idle fleet has been reduced to slightly below 8%. The order book has fallen to 9% and it is expected to remain at low levels. As mentioned, our main priority is to cover our downside risk while at the same time looking for opportunities in such a volatile market environment.

在投影片 11 中，閒置機隊已降至略低於 8%。訂單量已降至9%，預計將維持在較低水準。如前所述，我們的首要任務是應對下行風險，同時在如此動盪的市場環境中尋找機會。

This concludes our presentation, and we can now take questions. Thank you. Operator, we can take questions now.

我們的演講到此結束，現在我們可以提問了。謝謝。接線員，我們現在可以提問了。

(Operator Instructions) The first question comes from Chris Wetherbee of Citi.

（操作員說明） 第一個問題來自花旗銀行的 Chris Wetherbee。

This is Liam on for Chris. So I just wanted to start off with the charter market. I know things have been pretty challenging there recently. But I just wondered if you could provide your thoughts on the outlook going forward. And also your perspective on charter durations and if you think that they might shorten in the current environment.

這是利亞姆替克里斯發言。所以我只想從包機市場開始。我知道最近那裡的事情非常具有挑戰性。但我只是想知道您是否可以提供您對未來前景的想法。還有您對包機期限的看法，以及您是否認為在當前環境下包機期限可能會縮短。

Yes. Generally, over the last couple of months, we have seen charter rates picking up. And as I mentioned in my commentary, this is especially for ships of 8,000 TEUs and above, where the supply and demand dynamics are favorable. Of course, we are not at the 2019 or sort of the fourth quarter of 2019 charter levels. But definitely, the market has been picking up both in terms of activity as well as in terms of charter rates. The same applies for the Panamax -- for the mini Panamax vessels. The feeder ships, they have not seen a lot of upside recently, leaving aside the smaller eco vessels. But generally, for the larger sizes, I see that the margin has been slightly improving. Apart from like increased activity, of course there are definitely extension options in charter's favor. However, we have seen fixtures ranging for longer periods now compared to the fixtures that we saw, let's say, in March, April.

是的。一般來說，在過去的幾個月裡，我們看到包機費率上升。正如我在評論中提到的，這尤其適用於 8,000 TEU 及以上的船舶，其供需動態有利。當然，我們還沒有達到 2019 年或 2019 年第四季的包機水準。但可以肯定的是，市場在活動和包機費率方面都在回升。這也適用於巴拿馬型船舶－小型巴拿馬型船舶。除了較小的生態船舶外，支線船舶最近沒有看到太多的上漲空間。但總的來說，對於較大尺寸，我發現利潤率略有改善。除了增加活動之外，當然還有對包機有利的延期選項。然而，與我們在三月、四月看到的比賽相比，我們現在看到的比賽時間範圍更長。

So I will say that generally, there are positive signs in the charter market. Now we cannot predict the market and we never do it. Container shipping is, I would say, 100% correlated to global GDP. So the more economies are opening up and people are likely resume their daily activities, I think the better it is going to be for the global trade, and consequently for container shipping.

所以我想說，總的來說，包機市場出現了積極的跡象。現在我們無法預測市場，我們也從不這樣做。我想說，貨櫃運輸與全球 GDP 100% 有關。因此，開放的經濟體越多，人們可能會恢復日常活動，我認為對全球貿易以及貨櫃運輸越好。

Got it. And I just had an additional question. We obviously understand that the order book is at historically low levels and that newbuilding activity is pretty minimal lately. But I'm just wondering, in your opinion, like what is driving this? Is this more structural in nature, such as being related to the IMO regulations? Or is it just based on the current macro environment?

知道了。我還有一個問題。我們顯然知道訂單處於歷史低位，而且最近的新造船活動非常少。但我只是想知道，在您看來，是什麼推動了這種情況？這本質上是否更具結構性，例如與 IMO 法規相關？還是只是基於當前的宏觀環境？

It's a lot of things. First of all, yes, you're right, like the order book today is close to 9%, which is probably the lowest figure we have experienced over the last years, and it's a couple of things. First of all, liners or like ship owners, they don't want to commit today, especially, where there's still some uncertainty in the market. Especially for charter owners like us, it would be difficult to commit without -- especially for the larger vessels, without fixed employment in place.

有很多事情。首先，是的，你是對的，今天的訂單量接近 9%，這可能是我們過去幾年經歷過的最低數字，這有幾個原因。首先，班輪公司或像船東一樣，他們今天不想做出承諾，特別是在市場仍然存在一些不確定性的情況下。特別是對於像我們這樣的包租船東來說，如果沒有固定的就業機會，就很難做出承諾，尤其是對於較大的船舶。

Secondly, the capital markets -- the debt capital markets, commercial bank debt, although it is there, it's much more scarce compared to the debt levels we saw in the past. And so until people feel more comfortable regarding where the market is heading, I think it's going to be difficult to see, I would say, increased activity in newbuilding ordering soon, which, as you understand, this is positive for the supply and demand dynamics.

其次，資本市場——債務資本市場、商業銀行債務，雖然它存在，但與我們過去看到的債務水平相比，它稀缺得多。因此，在人們對市場走向感到更加放心之前，我認為很難看到新造船訂單活動很快就會增加，正如你所理解的，這對供需動態是積極的。

And I would say that from 2022 onwards, today's order book is very, very thin. So overall, this is, I would say, a positive development. And on top of that, I would have to add that we have also seen some increased activity in demolition. We know that the demolition market was closed because of the COVID outbreak during the second quarter of the year. Demolition activity has resumed. I cannot predict what's going to be the total number of TEUs which will be scrapped during the year, but this is also a positive sign as well.

我想說，從 2022 年開始，今天的訂單量非常非常少。總的來說，我想說，這是一個正面的發展。除此之外，我還必須補充一點，我們也看到拆除活動增加。我們知道，由於今年第二季新冠疫情的爆發，拆除市場關閉了。拆除活動已恢復。我無法預測年內報廢的標準箱總數是多少，但這也是一個正面的跡象。

Got it. And just really quickly, one final question. I know you guys have a preferred shares buyback program. Can you just please update us on that program and how much you guys have repurchased to date and possibly in the second quarter? And then how much of that is still outstanding from that program?

知道了。很快，最後一個問題。我知道你們有優先股回購計畫。您能否向我們介紹該計劃的最新情況以及您迄今為止（可能在第二季度）回購了多少商品？那麼該計劃中有多少尚未完成？

We didn't do any -- in total, the program has been for like up to $15 million. We didn't make any purchases during the last months because the price of the preferred has moved up. I think today, it's $20, $21 and above. We did some purchases during the first quarter, which -- like we announced in April, but since then, we haven't done anything. I think the program is still open and opportunistically, we're going to be assessing it. But at the level of $20, $21, I think we would wait.

我們沒有做任何事情——該計劃總共花費了大約 1500 萬美元。過去幾個月我們沒有買任何東西，因為首選價格上漲了。我認為今天的價格是 20 美元、21 美元及以上。我們在第一季進行了一些採購，就像我們在四月宣布的那樣，但從那以後，我們沒有採取任何行動。我認為該計劃仍然是開放的並且是機會主義的，我們將對其進行評估。但在 20 美元、21 美元的水平上，我認為我們會等待。

Our next question comes from Ben Nolan of Stifel.

我們的下一個問題來自 Stifel 的本諾蘭。

So I wanted to circle around on a couple of things. First, with respect to the balance sheet and the debt specifically. Subsequent to the refinancing, I just looked and there was the previous [2.5 $113 million] repayment schedule for 2020 and then $291 million for 2021. Can you maybe update me on what this post refinancing repayment schedule looks like for this year, next?

所以我想討論一些事情。首先，具體涉及資產負債表和債務。再融資之後，我查看了之前的 2020 年 [2.5 1.13 億美元] 還款計劃，然後是 2021 年的 2.91 億美元。您能否向我介紹今年和明年的再融資還款計劃的最新情況？

Yes. For the second half of 2020, the repayment schedule is close to $77 million and for 2021, the whole repayment schedule including some small balloons, is now close to $135 million. And for 2022, it's $129 million.

是的。2020 年下半年，還款計畫接近 7,700 萬美元；2021 年，包括一些小額氣球在內的整個還款計畫目前接近 1.35 億美元。到 2022 年，這一數字將達到 1.29 億美元。

Nice. Perfect. Now, that's helpful. The next thing I was going to ask is really related to the newbuilding market, and you talked a little bit about sort of the state of the world as it relates to where we are at the moment. But I'm curious if there's been any uptick among the liners for potentially looking to add newbuildings. Or is it a little too early for that? And then also, maybe if you could comment on sort of the competitive landscape for some of those newbuilding orders. Is there still a lot of capital chasing that kind of thing? Or has it become a little bit more selective?

好的。完美的。現在，這很有幫助。我要問的下一件事確實與新造船市場有關，您談到了一些世界狀況，因為它與我們目前所處的位置有關。但我很好奇，希望增加新船的班輪數量是否有增加。或者現在說這個有點太早了？另外，也許您可以評論一下其中一些新造船訂單的競爭格局。現在還有很多資本在追逐這種東西嗎？或者說它變得更有選擇性了？

Look, we haven't seen any real newbuilding activity recently, apart from a couple of small exceptions where previous options have been exercised for a couple of newbuildings from liner companies. But apart from that, we have not seen any real activity. Now of course, as the market develops and this may change, and as I said, from 2022 onwards, the order book is very, very thin. It's like minimal. We haven't seen anything today.

看，我們最近沒有看到任何真正的新造船活動，除了一些小例外，即班輪公司的幾艘新造船行使了先前的選擇權。但除此之外，我們還沒有看到任何實際的活動。當然，現在隨著市場的發展，這種情況可能會發生變化，正如我所說，從 2022 年開始，訂單量會非常非常少。這就像最小的。今天我們什麼也沒看到。

Now as a company, generally, we have been quite active in newbuilding transactions. And this is something we would definitely look at, and we've done a lot of newbuilding deals in the past. So this is something that is definitely of interest to us. But I think today, it is a bit premature to forecast when the newbuilding market is going to return. This could be sooner or later. I think it's a matter of time. But today, I don't think that we have any clear visibility.

現在作為一家公司，總的來說，我們在新船交易方面一直相當活躍。這是我們肯定會考慮的事情，我們過去已經完成了很多新造船交易。所以這絕對是我們感興趣的事情。但我認為今天預測新造船市場何時回歸還為時過早。這可能是遲早的事。我認為這只是時間問題。但今天，我認為我們沒有任何清晰的可見性。

Okay. Helpful. And then I have 2 just little quick ones, if I could. The first is on the idle capacity. Obviously, it's coming down, closer to 8%. It's definitely moving in the right direction. Looks like maybe you guys only have 1, maybe 1 or 2 that are idle. Have you guys been able to deploy your ships without sort of being hit by some of this downturn as much as everybody else? Or could you maybe talk to sort of how you fared and expect to fare in the environment that we're in?

好的。有幫助。如果可以的話，我還有兩個快速的小東西。首先是閒置產能。顯然，它正在下降，接近 8%。它絕對是朝著正確的方向發展。看來你們可能只有 1 個，也許 1 或 2 個是閒置的。你們是否能夠像其他人一樣部署自己的船隻，而不會受到經濟低迷的影響？或者您能否談談您在我們所處的環境中的表現和期望表現？

Yes. We have a couple of ships that -- today that don't have employment yet, but we are in the process of employing them. I would say that -- but these are small ships. So I don't think that it could change the fundamentals of our P&L for this quarter or like for the next quarter. Generally, we have been active. We did, in total, 24 new chartering arrangements since the last quarterly results, which I do consider to be a big figure. Also, there are a couple of small ships where we are now discussing employment and generally, I wouldn't worry about those.

是的。我們有幾艘船——今天還沒有使用，但我們正在使用它們。我想說的是──但這些都是小船。因此，我認為這不會改變我們本季或下一季損益表的基本面。總的來說，我們一直很活躍。自從上一季業績發布以來，我們總共完成了 24 項新的租船安排，我確實認為這是一個很大的數字。另外，我們現在正在討論幾艘小船的就業問題，一般來說，我不會擔心這些。

I think up to now we have been chartering our vessels, admittedly, at levels which are lower compared to, as I said earlier, the last quarter of 2019 or like beginning of 2020. But still, these are at above breakeven levels. And you saw our profitability this quarter like adjusted EPS of $0.26, which is something that I would say makes sense, it's something respectable.

我認為到目前為止，誠然，我們租船的水平低於我之前所說的 2019 年最後一個季度或 2020 年初的水平。但這些仍高於損益平衡水準。您看到了我們本季的獲利能力，例如調整後每股收益為 0.26 美元，我認為這是有道理的，這是值得尊敬的。

Yes. I agree. And then last for me is the write-off. It's pretty big. Could you maybe just talk through -- obviously, I guess it's forced by selling assets. But maybe as you look at your balance sheet as compared to the state of the market, first of all, is there -- do you think you need to maybe do further write-offs in the future? And b, is it simply selling ships that is a catalyst to cause that to happen? Or is there another mechanism?

是的。我同意。最後對我來說是註銷。它相當大。你能不能談談——顯然，我猜這是因為出售資產而被迫的。但也許當你將你的資產負債表與市場狀況進行比較時，首先，你認為你未來是否需要進一步沖銷？b，僅僅是出售船隻就可以成為導致這種情況發生的催化劑嗎？或是有其他機制嗎？

I think, look, the write-off, and I can be more specific, it comes from the 2 7,000 TEU vessels we sold, 23 years old which like we sold for scrap at the price of close to like $10 million each. And they had a book value of close to $32 million. And then because we have a third sister vessel, we also took an impairment. There were commercial reasons why we thought that it would make sense to scrap those ships and then use the equity generated at, I would say, a healthy scrap price in order to replace those vessels with a younger tonnage. And this is what we would expect to do. Because with this equity generated, you can buy ships at similar size, 10 or 12 or 15 years old. So let's say, 8 to 10 years younger, with minimum type of incremental cash outflows. This was the logic behind that.

我認為，看，沖銷，我可以更具體地說，它來自我們出售的 2 艘 7,000 TEU 船舶，船齡 23 年，就像我們以每艘接近 1000 萬美元的價格出售為廢品一樣。他們的帳面價值接近 3200 萬美元。然後因為我們有第三艘姊妹船，我們也受到了損害。出於商業原因，我們認為報廢這些船舶是有意義的，然後使用以合理的報廢價格產生的股本，用更年輕的噸位替換這些船舶。這就是我們期望要做的。因為有了這些資產，你就可以購買類似大小、10 年、12 年或 15 年船齡的船舶。比方說，年輕 8 到 10 歲，增量現金流出最少。這就是背後的邏輯。

That's pretty much it. Now for the future, I cannot predict. But I think those ships -- and they also had some dry docking expenses which we took into considerations. And looking at asset values today, we took the commercial decision to dispose of those ships and then use the equity for new acquisitions. This is pretty much it.

差不多就這樣了。現在對於未來，我無法預測。但我認為這些船隻——而且它們也有一些我們考慮到的乾塢費用。看看今天的資產價值，我們做出了商業決定，出售這些船舶，然後使用股權進行新的收購。差不多就是這樣了。

Okay. And so as you look at the balance of your fleet, there aren't any other -- that you can foresee as of now. There aren't any other big potential write-offs coming down towards you?

好的。因此，當你查看你的艦隊的平衡時，你會發現目前沒有任何其他的可以預見的。沒有其他潛在的大筆沖銷會降臨到您身上嗎？

Look, I cannot predict. We have some other ships which are of similar age. As a company, generally, we have been used, and we like managing all the tonnage. We don't have an issue with that. However, it depends on market conditions. But I have to stress that having some accounting gains or losses in this instance doesn't mean that those assets have not been profitable and that they didn't have a positive cash-on-cash return over the last 10, 15 years we had them in our fleet. Because those accounting losses, of course, don't take into account the cash flow generated from those vessels. It is just a difference between the book value and the sale proceeds. That's all.

聽著，我無法預測。我們還有一些年齡相仿的其他船隻。作為一家公司，一般來說，我們已經被使用了，我們喜歡管理所有的噸位。我們對此沒有意見。不過，這取決於市場情況。但我必須強調，在這種情況下出現一些會計損益並不意味著這些資產沒有盈利，也不意味著它們在我們過去 10、15 年裡沒有獲得正的現金回報。他們在我們的艦隊中。因為這些會計損失當然沒有考慮到這些船舶產生的現金流。這只是帳面價值和銷售收入之間的差異。就這樣。

(Operator Instructions) Next question comes from J. Mintzmyer, Value Investor's Edge.

（操作員說明）下一個問題來自價值投資者邊緣的 J. Mintzmyer。

Congrats on a stable quarter and a period of otherwise market uncertainty. Excellent. Yes. So as I'm looking at your total fleet balance, I noticed that you scrapped the 2 vessels, Kolkata, and I was looking to the Kure at the third sister ship, you have a short-term charter on that. It was previously reported demolished, but it looks like you're employing it now. Is there any sort of update on that? Do you plan on demolishing that after the short-term charter? Or do you think there's a market to keep her on the water?

恭喜您度過了一個穩定的季度和一段市場不確定的時期。出色的。是的。因此，當我查看你們的總船隊餘額時，我注意到你們報廢了兩艘船，加爾各答，我正在尋找第三艘姊妹船的吳號，你們有一份短期租船合約。之前有報告說它已被拆除，但現在看來您正在使用它。有任何更新嗎？您打算在短期包租後拆除它嗎？或者你認為有市場可以讓她繼續留在水面上嗎？

Yes. We sold the 2 vessels, just for the record, the Kokura and the Kawasaki. And then we have the third sister ship, the Kure, which is currently under charter. For this Kure, because this is a sister ship, we have taken an impairment which has been factored in, in the Q2 results.

是的。我們賣了兩艘船，僅供記錄，即“小倉”號和“川崎”號。我們還有第三艘姊妹船「吳號」，目前正在包租中。對於這艘吳號，因為這是一艘姊妹船，我們在第二季度的業績中考慮了減損。

Now what's going to happen with this vessel? It depends on market conditions which are generally volatile. We may take the view that we may sell this vessel and the cash proceeds could be used for younger tonnage. Or depending on market condition, we may find deployment for this, I'd say, for the next 6, 9 months and then take the decision not to scrap it. I mean those decisions are taken 100% based on market conditions rather than on consideration regarding accounting figures. So I'm afraid I cannot predict. It could be sold, but it could also be held. However, just to be consistent with the sale of the other 2 sister ships, we decided to take an impairment loss on the third ship as well. This is pretty much it.

現在這艘船會發生什麼事？這取決於通常波動的市場狀況。我們可能認為我們可以出售這艘船，並將現金收益用於購買更年輕的噸位。或者根據市場情況，我們可能會在接下來的 6、9 個月內對此進行部署，然後決定不廢棄它。我的意思是，這些決定是 100% 根據市場狀況而不是考慮會計數據而做出的。所以恐怕我無法預測。它可以出售，但也可以持有。然而，為了與其他兩艘姊妹船的出售保持一致，我們決定對第三艘船也提列減損損失。差不多就是這樣了。

Excellent. So no decision on that one yet? I know it was initially -- it came across the wire as all 3 of them being scrapped. So it's an interesting change there. Look, a little detail you disclosed on the Sealand Washington, Michigan, Illinois, Kolkata, Kingston, that set of 6 there. You disclosed that those have a base rate, I think, of 16,000. There's like a 50-50 profit share in kind of a range of 12,000 to 25,000. What index is that? Is that like a ConTex or a HARPEX? Or is that actual line or profits? How is that determined?

出色的。那麼還沒做出決定嗎？我知道它最初是——當它們全部被報廢時，它就通過了電線。所以這是一個有趣的改變。看，你在 Sealand 華盛頓、密西根、伊利諾伊、加爾各答、金斯頓披露的一個小細節，那是 6 件套。您透露，我認為這些的基本費率是 16,000。大約有 50-50 的利潤分成，範圍在 12,000 到 25,000 之間。那是什麼指數？是不是像 ConTex 或 HARPEX？還是這是實際的線或利潤？這是如何確定的？

It is a pre-agreed index with a charterer. And this is based on a specific broker who comes up with the latest fixtures for those type of vessels. And we use that index. It is a very -- it is a specific broker with whom we both agree to sort of determine the charter rate for those specific vessels. This happens on a monthly basis.

這是與租船人預先商定的指數。這是基於為這些類型的船舶提供最新固定裝置的特定經紀人。我們使用該索引。這是一個非常--它是一個特定的經紀人，我們都同意與他一起確定這些特定船隻的租船費率。這種情況每個月發生一次。

All right. Very interesting. We'll have to continue to follow that and see what happens. Final question. Like -- you have 4 more newbuilds coming in. I know that the first one was just delivered here in July. Can you remind us -- I know they're fully financed, but can you remind us what the remaining installment payments are for those 5 vessels?

好的。很有意思。我們必須繼續關注並看看會發生什麼。最後一個問題。就像——還有 4 艘新船即將到來。我知道第一個是七月剛交貨的。您能否提醒我們 - 我知道他們的資金充足，但您能否提醒我們這 5 艘船的剩餘分期付款是多少？

It's -- yes, they are fully financed on a pre and post-delivery basis. The post delivery, it is for a 10-year period because those ships have a 10-year charter. The remaining equity CapEx from our side, in the previous quarter, we have announced it was close to $31 million. Now with the delivery of the first vessel, it's around, I would say, $24 million, $25 million. This is the remaining CapEx, equity CapEx from our side for the total of the 4 remaining newbuildings to be delivered. So as you can see, it's pretty minimal.

是的，他們在交付前和交付後都有充分的資金支持。交付後，期限為 10 年，因為這些船舶的租約約為 10 年。我們方面的剩餘股本資本支出，在上一季度，我們宣布接近 3,100 萬美元。現在隨著第一艘船的交付，我想說，大約是 2400 萬美元、2500 萬美元。這是我們方剩餘 4 艘待交付新造船的剩餘資本支出、權益資本支出。正如您所看到的，它非常小。

Right. Just $25 million of equity CapEx. What about on the financing side? How much more financing needs to be drawn down just so we can sort of model your balance sheet going forward?

正確的。股本資本支出僅 2,500 萬美元。融資方面呢？還需要提取多少融資才能讓我們對您未來的資產負債表進行建模？

The financing, it's going to be drawn over the next month up until the first half of 2021. So it's not something that's going to be drawn tomorrow, and there may be some changes in the schedule. I don't have the full figure in front of me right now. However, I have to be careful because we have not announced the acquisition price. So by giving you the full number and then someone divides by 5 and make some adjustment, probably someone can come close to the acquisition price, which I'm afraid we have not announced. So I'm afraid I have to stop here.

融資將於下個月提取，直至 2021 年上半年。所以這不是明天抽籤的事情，而且賽程可能會有一些變化。現在我面前還沒有完整的人物。不過，我必須小心，因為我們還沒有公佈收購價格。所以給你完整的數字，然後有人除以5並進行一些調整，可能有人可以接近收購價格，恐怕我們還沒公佈。所以恐怕我必須在這裡停下來。

(Operator Instructions) We have no other questions at this time. So we'll go back to Mr. Zikos for closing remarks. Thank you.

（操作員說明） 目前我們沒有其他問題。我們將請 Zikos 先生致閉幕詞。謝謝。

Thank you for dialing in today and being with us. We are looking forward to speaking to you again during the next quarterly results call. Thank you.

感謝您今天撥通電話並與我們同在。我們期待在下一次季度業績電話會議上再次與您交談。謝謝。

This concludes today's conference. You may now disconnect. Thank you.

今天的會議到此結束。您現在可以斷開連線。謝謝。