Diana Shipping Inc (DSX) 2023 Q3 法說會逐字稿

Greetings. Welcome to Diana Shipping Inc. Third Quarter 2023 Conference Call and Webcast. (Operator Instructions). Please note this conference is being recorded. I will now turn the conference over to Ed Nebb, Investor Relations. Thank you. You may begin.

問候。歡迎參加 Diana Shipping Inc. 2023 年第三季電話會議和網路廣播。 （操作員說明）。請注意，本次會議正在錄製中。我現在將會議交給投資者關係部門的 Ed Nebb。謝謝。你可以開始了。

Well, thank you very much, and thanks to everyone joining us for the Diana Shipping Inc. 2023 Third Quarter Conference Call. With us today from management are Semiramis Paliou, Chief Executive Officer; and other members of the management team, whom she will introduce. And so without further ado, I will turn the call over to Ms. Paliou.

好吧，非常感謝你們，也感謝大家參加戴安娜航運公司 2023 年第三季電話會議。今天與我們一起出席的還有來自管理層的首席執行官塞米拉米斯·帕利烏 (Semiramis Paliou)；以及她將介紹的管理團隊的其他成員。因此，話不多說，我會把電話轉給帕利歐女士。

Thank you, Ed. So good morning, ladies and gentlemen, and welcome to Diana Shipping Inc.'s Third Quarter 2023 Financial Results Conference Call. I'm Semiramis Paliou, the CEO of the company. And it is my pleasure to present alongside our esteemed team, Mr. Stasi Margaronis, Director and President; Mr. Ioannis Zafirakis, Director, CFO and Chief Strategy Officer; Mr. Eleftherios Papatrifon, Director; and Ms. Maria Dede, Chief Accounting Officer.

謝謝你，艾德。女士們、先生們，早安，歡迎參加戴安娜航運公司 2023 年第三季財務業績電話會議。我是塞米勒米斯·帕利烏，公司執行長。我很高興與我們尊敬的團隊董事兼總裁 Stasi Margaronis 先生一起出席會議。 Ioannis Zafirakis 先生，董事、財務長兼首席策略長； Eleftherios Papatrifon 先生，董事；以及首席會計官 Maria Dede 女士。

Before we begin, I'd like to remind everyone to review the forward-looking statement on Page 4 of the accompanying presentation.

在開始之前，我想提醒大家閱讀隨附簡報第 4 頁的前瞻性聲明。

Q3 2023 has proven to be a profitable quarter for our company. Despite less robust market conditions. Our disciplined chartering strategy once again has largely insulated us from market weakening, enabling us to generate positive free cash flows. In line with the guidance provided during the company's previous earning calls, we are pleased to declare the distribution of a dividend for this quarter amounting to $0.15 per share payable as common stock.

事實證明，2023 年第三季對我們公司來說是一個有利可圖的季度。儘管市場狀況不太強勁。我們嚴格的租船策略再次在很大程度上使我們免受市場疲軟的影響，使我們能夠產生正的自由現金流。根據公司先前的財報電話會議期間提供的指導，我們很高興地宣布本季的股息分配為每股 0.15 美元，以普通股形式支付。

Since November 2021, we have paid $1.45 per share, a total of USD 130 million in cash dividends. In addition to that, we have distributed to our common shareholders in-kind dividends in the form of newly issued Diana Shipping Inc. common shares as well as OceanPal Inc. common and preferred shares.

自2021年11月起，我們已支付每股1.45美元，共1.3億美元現金股利。除此之外，我們也以新發行的 Diana Shipping Inc. 普通股以及 OceanPal Inc. 普通股和優先股的形式向普通股股東分配實體股利。

Turning to Slide 5. Our fleet comprises of 42 vessels with a total deadweight of approximately 4.7 million deadweight tons. Our fleet utilization has remained consistently high, reaching 99.7% for the 9 months ending September 30, 2023, attributed to our prudent and efficient management of our vessels. Additionally, as of the end of the third quarter, we employed 1,040 people at sea and the shore.

轉向幻燈片 5。我們的船隊由 42 艘船舶組成，總載重噸約為 470 萬載重噸。我們的船隊利用率一直保持在較高水平，截至 2023 年 9 月 30 日的 9 個月達到 99.7%，這歸功於我們對船舶的審慎和高效管理。此外，截至第三季末，我們在海上和岸上僱用了 1,040 名員工。

Moving on to Slide 6. Let's go over the key highlights from the third quarter and recent developments. We recently announced our intention to order two 81,200 deadweight methanol dual-fuel new-building Kamsarmax dry bulk vessels built at Tsuneishi Group for a purchase price of USD 46 million each. These vessels are expected to be delivered to the company by the second half of 2027 and the first half of 2028, respectively.

繼續看幻燈片 6。讓我們回顧一下第三季度的主要亮點和最近的發展。我們最近宣布有意向常石集團訂購兩艘81,200載重噸甲醇雙燃料新建Kamsarmax幹散貨船，每艘採購價為4,600萬美元。這些船舶預計將分別於2027年下半年和2028年上半年交付給該公司。

We take pride in our role as an industry leader, continually striving to enhance our fleet and operations for the benefit of our stakeholders and the environment. This investment underscores our dedication to sustainable shipping and positions us to meet the evolving demands of our industry while reducing our carbon footprint. In addition, we announced our participation in a joint venture entity that has ordered two high-spec commissioning service operation vessels, otherwise known as CSOV's to be built at VARD yards with the option to acquire two additional offshore wind service vessels. This is another reflection of our commitment to a greener and more sustainable shipping industry.

我們為自己作為行業領導者的角色感到自豪，不斷努力增強我們的機隊和運營，以造福利益相關者和環境。這項投資凸顯了我們對永續航運的奉獻，並使我們能夠滿足產業不斷變化的需求，同時減少碳足跡。此外，我們還宣布參與一家合資實體，該實體已訂購兩艘高規格調試服務營運船（也稱為 CSOV），將在 VARD 造船廠建造，並可選擇另外購買兩艘離岸風電服務船。這是我們致力於建立更綠色、更永續的航運業的另一個體現。

Furthermore, continuing through the renewal and modernization of our fleet, we have agreed to sell the motor vessel Boston for approximately USD 18 million. Also, we have converted the vast majority of Ocean Pal Inc. Series C preferred stock into Ocean Pal common shares at the point in time that we considered opportune. As of November 10, the company has secured revenue for 90% of the remaining ownership days of 2023, amounting to approximately USD 30.7 million of contracted revenues. Additionally, the company has secured approximately $108 million of contracted revenue for the year 2024, representing 46% of the available ownership date for the entire year. Ioannis will provide a more detailed analysis of our cash flow generation potential based on the current market environment.

此外，為了繼續更新和現代化我們的船隊，我們已同意以約 1800 萬美元的價格出售波士頓動力船。此外，我們在我們認為合適的時間點將絕大多數 Ocean Pal Inc. C 系列優先股轉換為 Ocean Pal 普通股。截至11月10日，該公司已獲得2023年剩餘所有權天數90%的收入，合約收入約為3,070萬美元。此外，該公司還獲得了 2024 年約 1.08 億美元的合約收入，佔全年可用所有權日期的 46%。 Ioannis 將根據當前市場環境對我們的現金流量產生潛力進行更詳細的分析。

Today, we are pleased to announce a quarterly dividend of $0.15 per common share, totaling approximately USD 16.2 million to be paid in the form of Diana Shipping Inc.'s common shares.

今天，我們很高興地宣布每股普通股 0.15 美元的季度股息，總計約 1,620 萬美元以戴安娜航運公司普通股的形式支付。

Moving on to Slide 7, let's review a summary of our recent chartering activity. We have continued to implement our disciplined chartering strategy by securing profitable time charters for eight vessels since our last earnings presentation in August 2023. To provide some detail, we have chartered two Ultramax vessels with a weighted average daily rate of USD 13,398 (sic) [USD 13,396] for a remaining average period of 351 days. Additionally, three Panamax Kamsarmax vessels have been chartered at a weighted average daily rate of USD 12,642 per day for a remaining average period of 283 days. And three Capesize new Newcastlemax vessels have been charted with a weighted average daily rate of USD 17,380 per day, and the remaining average period of 494 days.

前往投影片 7，讓我們回顧一下我們最近的包機活動的摘要。自2023 年8 月上次收益報告以來，我們繼續實施嚴格的租船策略，確保八艘船舶獲得盈利的期租。為了提供一些細節，我們租用了兩艘Ultramax 船舶，加權平均每日費率為13,398 美元（原文如此）[ 13,396 美元] 剩餘平均期限為 351 天。此外，三艘巴拿馬型 Kamsarmax 船已以每天 12,642 美元的加權平均日租費租出，剩餘平均租期為 283 天。三艘海岬型新船 Newcastlemax 已入船，加權平均日費率為每天 17,380 美元，剩餘平均期限為 494 天。

Slide 8 illustrates our commitment to strategically chartering our vessels in a staggered manner. Our emphasis is on securing positive free cash flows through our disciplined employment strategy and positioning ourselves in a balanced way to participate in the market efficiently. I will now pass on the floor to Ioannis to provide a more detailed analysis of our financials.

投影片 8 說明了我們對以交錯方式策略性租船的承諾。我們的重點是透過嚴格的僱用策略確保積極的自由現金流，並以平衡的方式定位自己以有效地參與市場。現在我將請 Ioannis 提供有關我們財務狀況的更詳細分析。

Thank you, Semiramis. The financial highlights of this quarter can be summarized in this table. And we think that what is worth mentioning is the fact that our time charter revenue stood at $62 million compared to $73.8 million in the same 3 months in the previous year. And our earnings per common share on a diluted basis were $0.06 compared to $0.37 at the same quarter the previous year. At the same time, our cash, cash equivalent, time deposits, and restricted cash at the end of September 2023, it was -- they were $173 million point something. And during the end of the year in 2022, it was $143.9 million. Our long-term debt and finance liabilities. This is net of deferred financing cost, was $657.4 million compared to $663.4 million in December 31, 2022.

謝謝你，塞米勒米斯。此表總結了本季的財務亮點。我們認為值得一提的是，我們的期租收入為 6,200 萬美元，而去年同期 3 個月為 7,380 萬美元。我們的每股普通股攤薄收益為 0.06 美元，去年同期為 0.37 美元。同時，截至 2023 年 9 月末，我們的現金、現金等價物、定期存款和限制性現金達到 1.73 億美元。 2022 年底，這一數字為 1.439 億美元。我們的長期債務和金融負債。扣除遞延融資成本後，這一數字為 6.574 億美元，而 2022 年 12 月 31 日為 6.634 億美元。

Moving to the next slide. You can see what we said earlier, the decrease on the time charter revenues and the increased number of vessels. Although the operating expenses have been kept more or less at the same level, the TC equivalent rate has fallen due to market conditions to $15,891 per day compared to $23,289 per day in the previous year for the same 3-month period.

轉到下一張投影片。你可以看到我們之前所說的，定期租船收入的減少和船舶數量的增加。儘管營運費用大致保持在同一水平，但由於市場狀況，TC 等值費率已下降至每天 15,891 美元，而去年同期的 3 個月期間為每天 23,289 美元。

The same applies to the next slide, in the 9-month period, where, again, you can see the increased number of vessels compared to a lower time charter revenue that we had in this 9-month period, and that has resulted to a time charter equivalent rate of $17,235 compared to $23,363 in the same 9 months in the previous year. The operating expenses more or less the same, and we said $5,691 compared to $5,580 (sic) [$5,579] .

這同樣適用於下一張投影片，在 9 個月期間，您可以再次看到，與我們在這 9 個月期間的期租收入較低相比，船舶數量有所增加，這導致了定期租船等值費率為17,235 美元，而去年同期9 個月為23,363 美元。營運費用或多或少相同，我們說的是 5,691 美元，而我們說的是 5,580 美元（原文如此）[5,579 美元]。

The facts described earlier, had as a result the drop of our earnings per common share to $0.36 compared to $1.10 in the same 9 month period in the previous year 2022. If we see the same for the quarter, you can see that our earnings per common share diluted were $0.06 per share as compared to $0.37 during the first -- the 3-month period, the same 3-month period in the previous year.

前面描述的事實導致我們的每股普通股收益下降至0.36 美元，而去年2022 年同一9 個月期間的每股收益為1.10 美元。如果我們在本季度看到同樣的情況，您可以看到我們的每股盈餘稀釋後的普通股為每股 0.06 美元，而第一個三個月期間為每股 0.37 美元，去年也是同樣的三個月期間。

All in all, in the slides, we are very happy that we have kept our debt level low for -- at $657.4 million. And at the same time, we have $173.6 million of cash in our accounts. So the net debt level is only $492 million. Once again, in the next slide, we would like to emphasize our prudent management of our debt -- and this basically shows to everyone that we have no maturities till for our loans until 2026. At the same time, you can see the smooth reduction of -- the projected smooth reduction of our debt balance, leading us to something like $340 million in 2026 as a total amount.

總而言之，在幻燈片中，我們很高興我們將債務水準保持在 6.574 億美元的低水準。同時，我們的帳戶裡還有 1.736 億美元的現金。因此淨債務水準僅 4.92 億美元。在下一張投影片中，我們想再次強調我們對債務的審慎管理——這基本上向所有人表明，我們的貸款直到 2026 年才到期。同時，您可以看到平穩減少- 預計我們的債務餘額將順利減少，到2026 年我們的債務總額將達到3.4 億美元左右。

Next slide talks about our free cash flow breakeven. You can see that our free cash flow breakeven is currently at $15,700. And if you compare that with the average daily time charter rate of fixed revenues for 2023 for the 90 days, and the 46% of the days in 2024, the one is $16,000 (sic) [$16,014], the other $16,155. It's pretty much okay considering what is happening in the market. And with that happy note, I'm going to pass the floor to Stasi Margaronis for some -- for the market review.

下一張投影片討論我們的自由現金流損益兩平。您可以看到我們的自由現金流損益平衡點目前為 15,700 美元。如果將其與 2023 年 90 天固定收入的平均每日定期租船費率以及 2024 年 46% 的天數進行比較，則其中一個為 16,000 美元（原文如此）[16,014 美元]，另一個為 16,155 美元。考慮到市場上正在發生的事情，這幾乎沒有問題。帶著這個愉快的心情，我將把發言權交給 Stasi Margaronis 進行一些市場審查。

Thank you, Ioannis. So dry bulk shipping earnings have exhibited interesting and somewhat surprising trends recently. Mainly due to the geopolitical developments and tight monetary policies pursued by most central banks around the globe with the exception perhaps of the China Central Bank. Spot dry bulk earnings have alternated widely, particularly in the last few weeks. But let's show the 12-month time charter rates, and these are shown on this slide. Capesize 1-year employment hire rates at around $15,250 per day. And the most recent peak being $30,000 a day in March 2022.

謝謝你，伊奧尼斯。因此，乾散貨航運收入最近表現出有趣且有些令人驚訝的趨勢。主要是由於地緣政治的發展和全球大多數央行所奉行的緊縮貨幣政策，中國央行或許是個例外。現貨乾散貨收益變化很大，特別是在過去幾週。但讓我們顯示 12 個月期租船費率，這些都顯示在這張投影片上。海岬型船一年期僱用費約為每天 15,250 美元。最近的高峰是 2022 年 3 月的每天 30,000 美元。

Today, the 12-month rate for Kamsarmax's is $14,250 a day. That was around $29,500 a day at the end of March last year. For Ultramax's, the 12-month hire rate is $13,500 per day, and the most recent peak was again $29,250 per day in March '22. So back then, it looked like for approximately the same daily hire, charterers could pick the most suitable vessel size for their needs.

如今，Kamsarmax 的 12 個月費率為每天 14,250 美元。去年 3 月底，這一數字約為每天 29,500 美元。對於 Ultramax 來說，12 個月的租金為每天 13,500 美元，最近的峰值在 22 年 3 月再次達到每天 29,250 美元。因此，當時看來，對於大致相同的日租金，承租人可以根據自己的需求選擇最合適的船舶尺寸。

On the next slide, we look at dry bulk demand. It has been well established by now that world GDP growth has a direct impact on demand for dry bulk carriers. The long-term average rate of annual GDP growth according to Clarkson stands at about 0.7% below the average long-term dry bulk growth rate expressed in ton miles. This helps us place into perspective the size of the long-term multiplier effect of about 1.25x GDP growth rate on dry bulk carrier demand growth. Latest statistics now from the IMF show forecast for China's GDP growth at 4.6% in 2024; for India, 6.3%; for the U.S. 1.5%; the euro area, 1.2%; and for the world, 2.9%.

在下一張投影片中，我們關注乾散貨需求。迄今為止，世界 GDP 成長對乾散貨船的需求有直接影響，這一點已得到充分證實。根據克拉克森的數據，年 GDP 的長期平均成長率比以噸英里表示的平均長期乾散貨成長率低約 0.7%。這有助於我們了解約 1.25 倍 GDP 成長率對乾散貨船需求成長的長期乘數效應的大小。國際貨幣基金組織最新統計顯示，預估2024年中國GDP成長率為4.6%；印度為 6.3%；美國為1.5%；歐元區，1.2%；就全球而言，為 2.9%。

According to statistics published by Clarksons research demand for dry bulk cargo transportation in 2024 is estimated to grow by about 1.8% in ton mile. For 2025, we forecast a growth of 1.6%. In terms of steel demand, in 2024, Braemar reports that steel production is expected to remain flat in China, increase about 4% in the rest of the world.

根據克拉克森研究機構公佈的統計數據，預計2024年乾散貨運輸需求將以噸英里增長約1.8%。 2025 年，我們預計成長 1.6%。在鋼鐵需求方面，Braemar報告稱，2024年中國鋼鐵產量預計將持平，而世界其他地區的鋼鐵產量將增加約4%。

These projections are primarily supported by increased steel demand from India. For the iron ore trade, the forecast is that it will decline marginally in 2024 due to weaker steel production in China, which may be counterbalanced by improving industrial demand in the United States and Asia.

這些預測主要受到印度鋼鐵需求增加的支持。對於鐵礦石貿易，預計由於中國鋼鐵產量疲軟，2024 年鐵礦石貿易將小幅下降，而美國和亞洲工業需求的改善可能會抵消這一影響。

Coking coal demand is expected to increase somewhat next year, but thermal coal is expected to initially shrink by 1.5% to just over 1 billion tons in 2024 and by a further 1% in 2025. The grain trade is anticipated to show growth of 3% next year and reach 550 million tons and increase by a further 5% in 2025 due to firm forecast for global grain production.

預計明年煉焦煤需求將有所增加，但動力煤預計到 2024 年將減少 1.5%，略高於 10 億噸，2025 年進一步減少 1%。糧食貿易預計將增長 3%由於對全球糧食產量的堅定預測，明年將達到5.5 億噸，並在2025 年進一步成長5%。

As for the minor bulk trade such as fertilizers, agribulks and steel products, these are expected to increase by 3% in 2024 and 4% in 2025. These are trades affecting the employment prospects primarily of our Ultramax vessels.

至於化肥、農產品和鋼鐵產品等小宗大宗貿易，預計 2024 年將成長 3%，2025 年將成長 4%。這些貿易主要影響我們的 Ultramax 船舶的就業前景。

On Slide 20, we look at the dry bulk supply. According to statistics provided by Clarkson, dry bulk fleet capacity in 2024 is expected to increase by 2.2% and by only 0.9% in 2025. Overall dry bulk carrier new-building orders stands at about 8.1% of the existing fleet with a figure for Capes being 5.2% of the existing fleet, for Panamaxes 11% and Ultramax Supramaxes at 9.2%.

在投影片 20 上，我們研究了乾散貨供應。根據克拉克森提供的統計數據，預計2024年干散貨船隊運力將成長2.2%，2025年僅成長0.9%。整體乾散貨船新造訂單量約佔現有船隊的8.1%，其中好望角船球隊的數字佔現有船隊的 5.2%，巴拿馬型船佔 11%，Ultramax 超靈便型船佔 9.2%。

As for the age of the fleet, overall 12% of the bulker fleet is 20 years or older. For Capes, the percentage is only 3%. All these elderly ships will form potential scrapping candidates, especially in a weak market. Average speeds have fallen this year, partly owing to softer freight markets. And as Clarksons point out, environmental regulations could keep speed down for quite a while. However, reduced congestion has helped increase the availability of tonnage worldwide.

就船隊船齡而言，散裝船船隊中有12%的船隊船齡為20年或以上。對於海角來說，這一比例僅為 3%。所有這些老舊船舶都將成為潛在的報廢候選者，尤其是在市場疲軟的情況下。今年平均速度下降，部分原因是貨運市場疲軟。正如克拉克森斯指出的那樣，環境法規可能會在相當長一段時間內抑制速度。然而，擁堵的減少有助於增加全球可用噸位。

Congestion seems to have reached levels marginally above pre-COVID levels. As mentioned in previous calls, environmental regulations could potentially reduce supply from this year to the end of 2025 by about 1.5% to 2% per annum slower speeds and retrofit time of energy-saving devices.

擁擠程度似乎已略高於新冠疫情前的水準。正如先前的電話會議中所提到的，環境法規可能會導致從今年到 2025 年底的供應量每年減少約 1.5% 至 2%，節能設備的速度和改造時間也會變慢。

Looking at the new-building deliveries and scrapping, according Clarksons new-building deliveries for Capes in 2024 are expected to stand at 3.6 million tons. Deliveries of Panamaxes and Kamsarmax's, will be 5.4 million deadweight. And for Supramax, Ultramax deliveries will come to 6.1 million deadweight.

從新船交付量和報廢量來看，克拉克森預計 2024 年 Capes 的新船交付量將達到 360 萬噸。巴拿馬型船和卡姆薩爾型船的交貨量將為 540 萬載重噸。至於超靈便型靈便型靈便型靈便型靈便型靈便型靈便型靈便型靈便型靈便型靈便型靈便型靈便型靈便型靈便型靈便型靈便型靈便型靈便型靈便型靈便型靈便型靈便型靈便型靈便運輸

On the demolition side, 3.2 million deadweight worth of Capes are expected to be scrapped in 2024, an estimated 2.9 million deadweight worth of Panamax Kamsarmaxes might be scrapped next year, and around 2.4 million deadweight worth of Ultramax, Supramax tonnage would head for demolition in 2024.

在拆除方面，預計2024 年將報廢320 萬載重噸的好望角型船舶，估計明年可能報廢290 萬載重噸的巴拿馬型卡姆薩爾型船舶，大約240 萬載重噸的Ultramax 和超靈便型船舶將在2024 年進行拆除。2024 年。

If the above forecast materializes, the Capesize fleet will increase next year by just 1%. The Panamax, Kamsarmax fleet by 2.9% and the Ultramax, Supramax fleet by 3.5%. If we include forecast for smaller Handysize bulkers in deadweight terms, the overall bulk carrier fleet is expected to grow by just 2.2% next year, as mentioned earlier on.

如果上述預測成為現實，明年好望角型船隊數量將僅增加 1%。巴拿馬型、卡姆薩爾型船隊成長了 2.9%，超靈便型、超靈便型船隊成長了 3.5%。如前所述，如果我們將小型靈便型散裝貨船的載重量計算在內，明年整體散裝船船隊預計僅增長 2.2%。

A brief look at asset prices now. According to Clarksons, new-building prices across the board have increased by about 8% to the end of September from the beginning of the year. For Capes, prices have gone up by just under 7%, to $64.5 million. For Panamax, Kamsarmaxes prices have increased by 4.5% to $35 million. And for Ultramax, Supramax ships prices have increased by about 8% to $35 million.

現在簡單看一下資產價格。 Clarksons的數據顯示，截至9月底，新樓價格較年初全面上漲約8%。 Capes 的價格上漲了不到 7%，達到 6,450 萬美元。巴拿馬型船的卡姆薩爾型船價格上漲了 4.5%，達到 3,500 萬美元。對於 Ultramax 和 Supramax 船舶而言，價格上漲了約 8%，達到 3,500 萬美元。

These are prices for vessels with modern Tier 3 main engines ready to comply with Phase 3 EEDI regulations. Increases in raw material and labor costs have been the main driver of these price increases supported obviously by firm demand for new-buildings, primarily from other sectors than bulk carriers and tankers. As regards TO secondhand prices, since the beginning of this year, the 5-year old Clarksons Bulker Index has dropped by about 3% to the end of October. This trend is primarily driven by sentiment and environmental considerations as regards to future regulations.

這些是配備現代 Tier 3 主引擎並準備遵守第 3 階段 EEDI 法規的船舶的價格。原材料和勞動力成本的上漲是價格上漲的主要驅動力，這顯然受到對新船的強勁需求的支撐，新船主要來自散裝貨船和油輪以外的其他行業。 TO二手價格方面，自今年初以來，已有5年歷史的克拉克森散裝貨船指數至10月底已下跌約3%。這一趨勢主要是由對未來法規的情緒和環境考慮所推動的。

Turning to Slide 21. We look at several factors, which could affect positively the dry bulk market and some of them in a negative way. On the positive side, according to Braemar now, Indian major infrastructure projects with positive implications for dry bulk commodities are in the pipeline and include ports, steelmaking, coal-fired power generation and airport construction.

轉向投影片 21。我們研究了幾個因素，這些因素可能對乾散貨市場產生正面影響，也可能對其中一些產生負面影響。布雷馬現在表示，從積極的一面來看，印度對乾散貨商品產生積極影響的大型基礎設施項目正在醞釀中，包括港口、煉鋼、燃煤發電和機場建設。

According to Commodore Research, Chinese iron ore imports will increase in coming quarters to make up for the continuously dropping iron ore stockpile. Chinese importers have reportedly entered into agreements to purchase record volumes of U.S. agricultural goods, mainly soybean. If these shipments materialize, they are expected to provide strong support to Kamsarmax's earnings during the forthcoming grain shipment season.

Commodore Research表示，未來幾季中國鐵礦石進口量將增加，以彌補持續下降的鐵礦石庫存。據報道，中國進口商已達成協議，購買創紀錄數量的美國農產品，主要是大豆。如果這些發貨得以實現，預計將在即將到來的糧食運輸季節為 Kamsarmax 的盈利提供強有力的支持。

The small new-building order book provides a high degree of confidence that the market will not suddenly become flooded with new-buildings, which would increase supply and disrupt what appears to be a balanced supply-demand situation, which we have been going through over the past few quarters.

新建築訂單量較小，這讓人們高度相信市場不會突然充斥著新建築，這會增加供應並擾亂我們多年來一直在經歷的供需平衡局面。過去幾個季度。

Finally, due to persistent drought restrictions in the Panama Canal have been imposed, which have led to significant delays according to Maersk Broker and are having an impact on global vessel availability. On the negative side now, there are plenty of geopolitical disruptions around the globe, which could easily have a negative effect on global GDP growth and consequently, on demand for the shipment of dry bulk commodity. Unpredictable weather conditions, a result of the change in climate have an adverse effect on grain cars and separately lead to the closure of loading ports of bulk commodities, putting pressure on bulk carrier rates by reducing the availability of commodities ready to be shipped.

最後，據馬士基經紀公司稱，由於持續乾旱，巴拿馬運河實施了限制，導致船舶嚴重延誤，並對全球船舶可用性產生影響。從負面來看，全球各地存在大量地緣政治幹擾，這很容易對全球 GDP 成長產生負面影響，進而對乾散貨商品的運輸需求產生負面影響。氣候變遷導致的不可預測的天氣條件對運糧車產生不利影響，並分別導致大宗商品裝貨港關閉，透過減少準備裝運的商品供應量，對散裝貨船費率造成壓力。

Finally, sentiment might play a negative role as well. Even though today's sentiment is neutral to slightly negative, it might suddenly turn positive and lead to the influx of new building orders for ships, which would come from 2026 onwards and join the fleet.

最後，情緒也可能發揮負面作用。儘管今天的情緒為中性至輕微負面，但它可能會突然轉為正面，並導致新造船訂單大量湧入，這些訂單將從 2026 年開始加入船隊。

Regardless of all the above, as we have repeatedly pointed out in our conference calls and meetings with analysts and investors, the Diana shipping chartering strategy is being determined by taking the agnostic view as regards to the future of earnings. This policy has served us well through the years and will, in all likelihood, continue to do so into the future.

不管上述情況如何，正如我們在電話會議以及與分析師和投資者的會議中反覆指出的那樣，戴安娜航運的租船策略是透過對未來收益採取不可知的觀點來確定的。多年來，這項政策一直為我們提供了良好的服務，並且很可能在未來繼續發揮作用。

As regards to our balance sheet, strength has always been and will remain our priority, and all future investments will be done with its preservation as a major criterion in the decision-making process.

在我們的資產負債表上，實力一直是、也將繼續是我們的首要任務，未來所有的投資都會以保住實力作為決策的主要標準。

I'll now pass the call to our CEO, Ms. Semiramis Paliou for a summary of the company's priorities and future goals. Thank you.

現在，我將把電話轉給我們的執行長 Semiramis Paliou 女士，以簡要介紹公司的優先事項和未來目標。謝謝。

Thank you, Stasi. So before we open the call to the question-and-answer session, I would like to summarize the key points from today's presentation. First, our continual emphasis is on generating and securing positive free cash flows. We uphold a robust balance sheet through proactive management of our capital structure.

謝謝你，史塔西。因此，在我們開始問答環節之前，我想先總結一下今天演講的要點。首先，我們持續強調產生和確保正的自由現金流。我們透過積極管理資本結構來維持穩健的資產負債表。

With these opportunities to renew and modernize our fleet, capitalizing on appealing sustainable shipping projects as part of our opportunistic approach. And thirdly, our dedication persists in adhering to a strategy that offers stability in a cyclical business while striving to maximize long-term shareholder value. So we look forward to addressing your questions during the Q&A session.

借助這些更新和現代化我們的船隊的機會，利用有吸引力的永續航運項目作為我們機會主義方法的一部分。第三，我們始終堅持在週期性業務中提供穩定性的策略，同時努力實現長期股東價值最大化。因此，我們期待在問答環節中解答您的問題。

Thank you. We will now conduct the question-and-answer session. (Operator Instructions) Our first question is from [Bendik Myterson] with Clarksons Securities. .

謝謝。我們現在將進行問答環節。 （操作員說明）我們的第一個問題來自 Clarksons 證券公司的 [Bendik Myterson]。 。

With regards to the CSOV joint venture, you mentioned that this is sort of the initial phase with the two firm vessels and the two new-builds -- or the two options. How should we think about Diana going forward in terms of growth between the bulker market and the offshoring market?

關於 CSOV 合資企業，您提到這是初始階段，有兩艘固定船和兩艘新建船，或者說有兩個選擇。我們該如何看待戴安娜在散裝貨船市場和離岸市場之間的成長方面的未來發展？

This is Ioannis Zafirakis speaking. As we have said many times in the past and during this call, we are interested in green projects, but everything has to be in a manageable scale. Our core business certainly remains dry bulk. Having said that, all projects related to green and they have a green element into them, it's something that we look carefully into and we may have an interest. We are not in a position to tell you that this may end up as a major investment for us or not. Currently, what you see is what it is. We are participating with a percentage in the building of two CSOV's and there is still the pending option for another two.

我是揚尼斯·扎菲拉基斯（Ioannis Zafirakis）。正如我們在過去和這次電話會議中多次說過的那樣，我們對綠色專案感興趣，但一切都必須在可管理的規模內。我們的核心業務當然仍然是乾散貨。話雖如此，所有與綠色相關的項目都包含綠色元素，這是我們仔細研究的東西，我們可能對此感興趣。我們無法告訴您這最終是否會成為我們的一項重大投資。目前，所見即所得。我們正在參與兩座 CSOV 的建設，另外兩座仍有待決定。

Okay, perfect. And do you have any color to give us on the structure of that joint venture?

好的，完美。能否介紹一下該合資企業的結構？

Can you repeat your question because you are breaking up.

你能重複一下你的問題嗎，因為你們要分手了。

Yes, sorry. Can you tell us anything about the structure of that joint venture in terms of percentage share who the other parties are?

是的，抱歉。您能告訴我們有關該合資企業的結構的資訊嗎？其他方的股份百分比是多少？

At the moment, you have to stay with the press release. Certainly, in the future, you will be able to have more information on that. But whatever you read in the press release that we have issued, I think it's the major information that you can have today.

目前，您必須關注新聞稿。當然，將來你將能夠獲得更多這方面的資訊。但無論您在我們發布的新聞稿中讀到什麼，我認為這都是您今天可以獲得的主要資訊。

(Operator Instructions). There are no further questions at this time. I would like to turn the conference back over to management for closing comments.

（操作員說明）。目前沒有其他問題。我想將會議轉回管理層以徵求結束意見。

Thank you all for joining us today, and we look forward to talking to you again on our next earnings call in a few months. Thank you very much.

感謝大家今天加入我們，我們期待在幾個月後的下一次財報電話會議上再次與您交談。非常感謝。

Thank you. This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路，感謝您的參與。