Diana Shipping Inc (DSX) 2024 Q2 法說會逐字稿

Hello and welcome to the Diana Shipping 2024 first quarter conference call and webcast. At this time, all participants are in a listen-only mode. The question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加戴安娜航運 2024 年第一季電話會議和網路廣播。此時，所有參與者都處於只聽模式。問答環節將在正式演講之後進行。（操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the call over to Edward Nebb, Investor Relations Advisor. Thank you. You may begin.

我現在想將電話轉給投資者關係顧問愛德華·內布 (Edward Nebb)。謝謝。你可以開始了。

Thank you, Darrell, and thanks to everyone who is joining us today for the Diana Shipping Inc. 2024 second quarter conference call. With us today from management is Semiramis Paliou, Chief Executive Officer who will introduce the other members of the management team.

謝謝達雷爾，也感謝今天參加戴安娜航運公司 2024 年第二季電話會議的所有人。今天與我們一起出席的是來自管理層的執行長 Semiramis Paliou，他將介紹管理團隊的其他成員。

And so, without further due, I will turn the call over to Ms. Paliou.

因此，無需進一步說明，我將把電話轉給帕利歐女士。

Thank you, Ed. Good morning, ladies and gentlemen, and welcome to Diana Shipping Inc.'s second quarter 2024 Financial Results Conference Call. I'm as Edward as I said, Semiramis Paliou, the CEO of Diana Shipping, and it's my pleasure to present alongside our esteemed team; Mr. Stacy Margaronis, Director and President; Mr. Ioannis Zafirakis, Director, CFO and Chief Strategy Officer; Mr. Eleftherios Papatrifon, Form Director; and Ms. Maria Dede, Chief Accounting Officer.

謝謝你，艾德。早安，女士們先生們，歡迎參加戴安娜航運公司 2024 年第二季財務業績電話會議。正如我所說，我是戴安娜航運公司執行長愛德華·塞米勒米斯·帕利烏，我很高興與我們尊敬的團隊一起出席； Stacy Margaronis 先生，董事兼總裁； Ioannis Zafirakis 先生，董事、財務長兼首席策略長； Eleftherios Papatrifon 先生，表格總監；以及首席會計官 Maria Dede 女士。

Before we begin, please review the forward-looking statements on Page 4 of the accompanying investor presentation. After a strong first quarter, the second quarter has remained resilient. The average Baltic time charter rate for Capesize vessels fell around 7%, while Panamax rates increased by 6% and Supramax rates rose by 16%.

在我們開始之前，請查看隨附的投資者簡報第 4 頁上的前瞻性陳述。經過第一季的強勁表現後，第二季仍保持彈性。波羅的海海岬型船舶的平均期租費率下降了 7% 左右，而巴拿馬型船的費率增加了 6%，超靈便型船的費率上漲了 16%。

Compared to recent years, the end of the second quarter and the start of the third quarter are somewhat muted. That sentiment remains strong, as shown by the time charter rates in our most recent period pictures.

與近幾年相比，第二季末和第三季初的情況有些平淡。正如我們最近時期圖片中的定期租船費率所示，這種情緒依然強勁。

Turning to slide 5, let's review our company snapshot. Founded in 1972 and listed on the New York Stock Exchange since 2005, Diana Shipping Inc. operates a fleet of 39 dry bulk vessels, five of which are mortgage-free, with an average age of 11 years and a total deadweight of approximately 4.4 million tonnes.

前往投影片 5，讓我們回顧一下我們公司的概況。Diana Shipping Inc. 成立於1972 年，自2005 年起在紐約證券交易所上市，營運一支由39 艘乾散貨船組成的船隊，其中5 艘為無抵押船舶，平均船齡為11 年，總載重量約440 萬載重噸噸。

We are expecting the delivery of two methanol dual-fuel newbuilding Kamsarmax dry bulk vessels in around 2027 and 2028. Our fleet utilization reached 99.5% in the second quarter of 2024, reflecting our efficient vessel management. As of the end of June, we employed 1,000 people at Sea and the shore. Financially, our net debt stands at 38% of market value with $140 million in cash reserves and total secured revenues of approximately USD145 million.

我們預計兩艘甲醇雙燃料新建Kamsarmax乾式散裝貨船將於2027年和2028年左右交付。2024年第二季度，我們的船隊利用率達到99.5%，反映了我們高效率的船舶管理。截至 6 月底，我們在海上和岸上僱用了 1,000 名員工。在財務方面，我們的淨債務佔市場價值的 38%，現金儲備為 1.4 億美元，擔保總收入約為 1.45 億美元。

On slide 6, we highlight key developments from the second quarter. We re-charted 8 vessels year-to-date with an average charter rate increase of 11% with high-quality counterparts. On June 18, 2024, we announced the pricing of $150 million placement in the Norwegian market of senior unsecured bonds maturing in July 2029 with an 8.75% fixed rate coupon.

在投影片 6 中，我們重點介紹了第二季的主要進展。年初至今，我們為 8 艘船舶進行了換租，與優質同業相比，平均租船費率增加了 11%。2024 年 6 月 18 日，我們宣佈在挪威市場發行 1.5 億美元的優先無抵押債券，將於 2029 年 7 月到期，固定利率為 8.75%。

The net proceeds from the bonds were used to refinance all of the company's USD125 million senior unsecured bonds due in 2026. As of July 2024, we raised USD25.3 million from the exercise of warrants under our ongoing warrant program with a further USD65 million as possible. On July 25, 2024, we signed USD167.3 million, six-year secured term loan facility with Nordea Bank secured by 10 vessels.

該債券的淨收益用於為該公司所有 2026 年到期的 1.25 億美元高級無抵押債券進行再融資。截至 2024 年 7 月，我們根據正在進行的認股權證計畫透過行使認股權證籌集了 2,530 萬美元，並可能進一步籌集 6,500 萬美元。2024 年 7 月 25 日，我們與 Nordea 銀行簽署了 1.673 億美元的六年期擔保定期貸款融資，由 10 艘船舶提供擔保。

This refinancing released two previously mortgaged vessels. We have secured revenue for 74% of the remaining ownership rate of 2024, amounting to approximately USD76.8 million and approximately USD68.9 million for 2025, covering 26% of the available ownership date. Ioannis will provide a more detailed analysis of our cash flow generation potential later on. Finally, we are pleased to declare a quarterly cash dividend for the quarter ending June 30 of $0.075 per common share, totaling approximately USD9.4 million.

此次再融資釋放了兩艘先前抵押的船舶。我們已確保 2024 年剩餘所有權率 74% 的收入約為 7,680 萬美元，2025 年約為 6,890 萬美元，涵蓋可用所有權日期的 26%。Ioannis 稍後將對我們的現金流量產生潛力進行更詳細的分析。最後，我們很高興宣布截至 6 月 30 日的季度現金股利為每股普通股 0.075 美元，總計約 940 萬美元。

slide 7 summarizes our recent chartering activity. Since our last earnings presentation, we have secured profitable time charters for 8 vessels. Specifically, we chartered 1 Ultramax vessel at a daily rate of USD15,400 for 316 days. We charted 6 Panamax and Post-Panamax vessels at a weighted average daily rate of USD15,455 for 259 days and 1 Newcastlemax vessel at USD28,700 for 438 days. slide 8 illustrates our strategy of staggered charters that we believe will result in positive free cash flows and efficient market participation. Now, I'll pass the floor to Ioannis for a detailed financial analysis. Ioannis?

投影片 7 總結了我們最近的租船活動。自上次收益報告以來，我們已獲得 8 艘船舶的獲利期租。具體來說，我們以每日 15,400 美元的價格租用了 1 艘 Ultramax 船舶，為期 316 天。我們以 15,455 美元的加權平均日費率租用了 6 艘巴拿馬型和超巴拿馬型船舶，為期 259 天，並租用了 1 艘紐卡斯爾型船舶，租期為 28,700 美元，為期 438 天。投影片 8 說明了我們的交錯特許策略，我們相信這將帶來積極的自由現金流和高效的市場參與。現在，我將請 Ioannis 進行詳細的財務分析。約阿尼斯？

Thank you. Thank you Semiramis. Here, we are again for our conference call for the results and we are going to be talking about the second quarter of 2024 financials. I think this slide, the most important point for someone to notice is the net loss of $2.8 million.

謝謝。謝謝塞米拉米斯。在這裡，我們再次召開業績電話會議，我們將討論 2024 年第二季的財務狀況。我認為這張投影片最值得人們注意的一點是 280 萬美元的淨虧損。

However, this has been influenced from some noncash items like the pricing of the warrants and also our shareholding in OceanPal calculation accounting wise. Otherwise, we would have been on the positive side of -as regards to net income.

然而，這受到了一些非現金項目的影響，例如認股權證的定價以及我們在 OceanPal 計算會計方面的持股。否則，我們的淨收入就會處於正面的一面。

Our cash and cash equivalents stand at $140 million, and our long-term debt and finance liabilities, net of deferred financial cost has been decreased -- has decreased on entities at $613.5 million.

我們的現金和現金等價物為 1.4 億美元，我們的長期債務和金融負債（扣除遞延財務成本）已減少，實體減少了 6.135 億美元。

Moving to the next slide. Our ownership days have decreased compared to the ownership days for the same quarter in 2023, but we have kept the utilization very high. And of course, the time charter equivalent rate has decreased to USD15,106 compared to USD17,311 in the same quarter this year.

轉到下一張投影片。與 2023 年同季度的擁有天數相比，我們的擁有天數有所減少，但我們保持了很高的利用率。當然，期租等值費率已從今年同一季度的 17,311 美元降至 15,106 美元。

Now, in the 6-month period, again, you can see the ownership days that have increased and also the decrease, sorry, and also the time charter equivalent that has decreased to 15,000 approximately from 17,900 in the previous 6 months. The daily operating expenses, we have kept at very similar levels.

現在，在 6 個月期間，您再次可以看到所有權天數增加了，也可以看到減少了，抱歉，以及期租約當量從前 6 個月的 17,900 減少到大約 15,000。我們的日常營運費用保持在非常相似的水平。

Moving to our debt profile. We are very happy, as we have said in the past, the way we have managed our credit facilities, together with the sale and leaseback facilities and also the senior unsecured bond. Basically, the way now the debt profile is that we don't have basically, we have no maturity except a small one in 2028, and we start having maturities in 2029.

轉向我們的債務狀況。正如我們過去所說，我們對信貸安排、售後回租安排以及優先無擔保債券的管理方式感到非常滿意。基本上，現在的債務狀況是，我們基本上沒有到期日，除了 2028 年的一小筆到期日外，我們從 2029 年開始有到期日。

Also, if you notice at the bottom graph, the projected senior unsecured bond balance together with the sale and leaseback and amortized balance, and the loan balances is supposed to be decreasing steadily and slowly until 2029 onwards. In the next slide, here again, we show that based on our fixed base, and our own fixed days if we were to project using the FFA rates as of July 26, 2024, there is some room to have a profit in 2024 and also cash flow wise, and also in 2025.

此外，如果您在底部圖表中註意到，預計高級無抵押債券餘額以及售後回租和攤銷餘額以及貸款餘額預計將穩步緩慢減少，直到 2029 年以後。在下一張投影片中，我們再次展示，根據我們的固定基數和我們自己的固定天數，如果我們使用截至 2024 年 7 月 26 日的 FFA 利率進行預測，2024 年還有一定的盈利空間，而且現金流方面，2025 年也是如此。

As regards our dividend policy we are very happy also that we managed to accumulate since 2021, the third quarter 2021, $2.634 per common share. And this is you can see that and also our CEO also mentioned that we just announced another USD0.075 per share. I think Stasi Margaronis is going to follow now with the dry bulk market overview.

至於我們的股利政策，我們也很高興自 2021 年以來，也就是 2021 年第三季度，我們成功累積了每股普通股 2.634 美元的股利。這是你可以看到的，我們的執行長也提到我們剛剛宣布另外每股 0.075 美元。我認為 Stasi Margaronis 現在將介紹乾散貨市場概況。

Thank you, Ioannis. As mentioned in our last call, geopolitical developments have continued to have a profound effect on developments in the dry bulk carrier market during the second quarter of this year as well.

謝謝你，伊奧尼斯。正如我們在上次電話會議中提到的，地緣政治的發展也繼續對今年第二季乾散貨船市場的發展產生深遠影響。

The 12-month time charter rate for Capes started the year at $19,500 per day and the latest fixtures were around $22,100 per day. For Kamsarmaxes, the figures were $14,500 per day and $15,600 respectively. And for Supramaxes, rates started the year at $13,000 a day, and recent fixtures were around $14,000 per day.

Capes 的 12 個月定期租船費率年初為每天 19,500 美元，最新租期約為每天 22,100 美元。對於 Kamsarmax 來說，這一數字分別為每天 14,500 美元和 15,600 美元。對於超靈便型船舶，今年年初的費用為每天 13,000 美元，最近的固定費用約為每天 14,000 美元。

The highest levels for Capes and Kamsarmaxes were reached in March this year at $27,000 a day and $17,000, respectively. Rates reached their highest level early this month for Supramaxes at around $16,000 a day.

今年 3 月，海角型和卡姆薩爾型船的最高水準分別達到每天 27,000 美元和 17,000 美元。本月初，超靈便型船舶的費率達到最高水平，約為每天 16,000 美元。

As reported by Clarksons, during the first five months of this year, average sector earnings were USD15,750 per day, up 40% on a year-on-year basis. The main reasons for this firmness were firm bulker demand in the Atlantic created by, firstly, Brazilian iron ore exports, secondly, Guinea bauxite exports. Thirdly, Brazilian grain exports, Fourth, US East Coast coal and grain exports, and finally, manganese ore shipments from West Africa, mainly Ghana and Gabon.

根據Clarksons報道，今年前5個月，該產業的平均收入為每天15,750美元，較去年同期成長40%。造成這種堅挺的主要原因是大西洋散裝需求強勁，首先是巴西鐵礦石出口，其次是幾內亞鋁土礦出口。第三是巴西的糧食出口，第四是美國東岸的煤炭和糧食出口，最後是來自西非（主要是加納和加彭）的錳礦石出口。

According to Braemar, due to its use in steelmaking China remains the dominant driver for manganese imports, while shipments to India might be rising soon as well. Growth in this group of commodity shipments mentioned above is expected to add 500 billion ton-miles to dry bulk demand this year alone, which would represent about 45% of dry bulk demand growth in ton-miles.

據Braemar稱，由於錳用於煉鋼，中國仍是錳進口的主要動力，對印度的出口量也可能很快增加。上述這類大宗商品運輸量的成長預計光是今年就會使乾散貨需求增加 5,000 億噸海裡，約佔乾散貨需求成長（以噸海裡計算）的 45%。

Added to the above have been the positive impact from the Red Sea and Panama Canal disruptions, which according to Clarksons have increased bulker demand by about 1.2% over the last 12 months.

除此之外，紅海和巴拿馬運河中斷也帶來了正面影響，克拉克森表示，過去 12 個月，散裝貨船需求增加了約 1.2%。

As regards to Panama Canal, bulker transit until recently have been 1/3 their normal number. These might start increasing during the second half of the year, which will somewhat reduce ton-mile demand going forward.

至於巴拿馬運河，直到最近，散裝貨船運輸量僅為正常數量的 1/3。這些可能會在今年下半年開始增加，這將在一定程度上減少未來的噸英里需求。

Average bulker earnings in 2021 were $26,887 per day and in 2022, $20,478. So, the market has plenty of catching up to do before reaching those levels. Turning to macroeconomics. The expected GDP growth figures as published by the IMF, are shown in this slide.

2021 年散裝貨船平均收益為每天 26,887 美元，2022 年為每天 20,478 美元。因此，在達到這些水平之前，市場還有很多工作要做。轉向宏觀經濟學。這張投影片顯示了國際貨幣基金組織公佈的預期 GDP 成長數據。

World GDP growth, which has been adjusted slightly upward to 3.2% this year and 3.3% in 2025 is supportive for demand for bulk carriers, particularly through its effect on minor bulk trade. Overall, Clarksons predict that dry bulk ton-mile trade growth this year will be 3.9%, outpacing fleet growth of 3.1%.

世界 GDP 成長率今年已小幅上調至 3.2%，2025 年將成長至 3.3%，這對散裝貨船的需求起到了支撐作用，特別是透過其對小型散貨貿易的影響。總體而言，克拉克森預測今年乾散貨噸英里貿易成長將為 3.9%，超過船隊成長 3.1%。

Slower bulk carrier operating speed down about 1% so far this year and the gradual rise in port congestion from last year's lows, particularly in Brazil, are also likely to support that. Turning to the demand side. Major bulk commodities such as iron ore, coal and grains are all expected to grow this year around 2% to 3%. As for 2025, iron ore shipments are expected by Clarksons to drop by 1% to 1.576 billion tonnes, as well as thermal coal growth, which might come in negative by 1% and reach 1.033 billion tonnes.

今年迄今為止，散裝貨船運作速度較慢，下降了約 1%，而港口擁堵情況從去年的低點開始逐漸上升，尤其是在巴西，也可能會支撐這一趨勢。轉向需求端。鐵礦石、煤炭、糧食等主要大宗商品今年預計成長2%至3%左右。克拉克森預計，到2025年，鐵礦石出貨量將下降1%，至15.76億噸，動力煤出貨量也可能出現負成長1%，達到10.33億噸。

The rest of the major commodities should show some growth going into 2025. Chinese seaborne iron ore imports were up 7% year-on-year between January and May this year, reaching 505 million tonnes. These were supported by softer iron ore prices despite concerns about stocks in Chinese ports.

到 2025 年，其他主要商品應該會出現一些增長。今年1月至5月，中國海運鐵礦石進口量較去年同期成長7%，達5.05億噸。儘管人們對中國港口的庫存感到擔憂，但鐵礦石價格走軟為這些因素提供了支撐。

The seaborne minor bulk trade is also expected to grow by about 3% in 2024 and by the same percentage next year and reached 2.269 billion tonnes. This trade is more directly related to world growth and macroeconomic headwinds are expected to ease somewhat for the rest of this year and into 2025.

預計2024年海運小宗散裝貿易量將成長3%左右，明年也將成長相同比例，達到22.69億噸。這種貿易與世界成長更直接相關，預計今年剩餘時間和 2025 年宏觀經濟阻力將有所緩解。

That lending support to shipments of such commodities as Agri bulks, fertilizers, sugar, minerals and related products. Demand from China is expected to remain strong through the end of this year and into 2025. However, the potential concept of a strong La Nina event later this year could bring weather disruptions in the operation of key exporters such as Australia and Brazil and Indonesia.

這為農產品、化肥、糖、礦物及相關產品等大宗商品的運輸提供了支持。預計今年底至 2025 年，中國的需求將保持強勁。然而，今年稍後可能發生的強烈拉尼娜事件可能會對澳洲、巴西和印尼等主要出口國的營運帶來天氣幹擾。

On slide 17, we turn to supply. According to Clarksons, bulk carrier contracting has so far been slower in 2024 compared to 2023 with 148 vessels contracted between January and May this year, down 40% year-on-year. Deliveries are currently projected to reach 35 million deadweight this year before easing back in 2025 to around 33 million tonnes.

在投影片 17 上，我們轉向供應。據Clarksons稱，與2023年相比，2024年散裝貨船的簽約速度較慢，今年1月至5月期間簽約了148艘船，年減40%。目前預計今年的交付量將達到 3,500 萬噸，然後在 2025 年回落至 3,300 萬噸左右。

The Capesize fleet is expected to increase by 1.8% this year and by near 1.3% in 2025. For the Panamax Kamsarmaxes, the expected increases are 3.5% and 3%, respectively. The Handymax fleet is expected to increase by 4.1% this year and about the same in 2025.

好望角型船隊預計今年將成長 1.8%，2025 年將成長近 1.3%。對於巴拿馬型 Kamsarmaxes，預計增幅分別為 3.5% 和 3%。今年靈便型船舶船隊預計將成長 4.1%，2025 年將成長約 4.1%。

Looking at the order book, according to figures provided by Clarksons, as of 1st July this year, there were 26.2 million deadweight worth of Capes on order, representing just 6.6% of the trading fleet.

從訂單簿來看，根據克拉克森提供的數據，截至今年7月1日，好望角船訂單量為2,620萬載重噸，僅佔貿易船隊的6.6%。

The 32.7 million deadweight worth of Panamaxes on order represents 13% of the existing fleet. On the Handymax side, there were 26.8 million deadweights on order, which were 11.1% for the trading fleet. According to Braemar, congestion is apparently on the rise again.

巴拿馬型船訂單總載重量為 3,270 萬載重噸，佔現有船隊的 13%。大靈便型船舶方面，訂單量為2,680萬載重噸，佔貿易船隊的11.1%。據布雷馬稱，擁堵情況顯然再次加劇。

Leading this trend, our ports in Brazil, where according to the International Grain Council annual conference report in June, many of the factors that caused a surge in congestion in 2023 are reappearing today as well. Some of these are sugar exports putting pressure on sugar terminals and soybean exports likely to carry over into the third quarter corn export season.

引領這一趨勢的是我們巴西的港口，根據國際糧食理事會 6 月的年會報告，導致 2023 年擁堵激增的許多因素今天也再次出現。其中一些是食糖出口給食糖終端帶來壓力，而大豆出口可能會延續到第三季玉米出口季節。

Turning to asset prices now. According to Clarkson, the overall change in bulk carrier asset values in July over the past 12 months was an increase of 22%. Kamsarmaxes and particularly Capes, lead this overall increase.

現在轉向資產價格。克拉克森表示，過去12個月中7月散貨船資產價值的整體變化增加了22%。卡姆薩爾型船，特別是好望角型船，引領了整體成長。

According to Clarkson's, 5-year-old Capes are worth about $64 million today, and the resale newbuilding price stands at around $77 million. 5-year-old Kamsarmaxes are selling at around $38.5 million, while newbuilding resale would bring about $43.5 million today. All these are for ships with conventional engines.

根據克拉克森的數據，5 年船齡的 Capes 目前價值約為 6,400 萬美元，新船的轉售價格約為 7,700 萬美元。 5 年船齡的卡姆薩爾型船舶售價約為 3,850 萬美元，而新船轉售如今的售價約為 4,350 萬美元。所有這些均適用於配備傳統引擎的船舶。

On the demolition side, according to Simpson Spence & Young during the first half of 2024, around 190 bulkers were committed to be scrapped, amounting to 3.73 million deadweight. Statistics provided by Grafton show that 5.4 million deadweight worth of bulk carriers were sold for scrap in 2023 and 2.3 million deadweight tons have been scrapped so far this year. Prices have remained relatively steady at between $510 and $525 per life weight.

在拆船方面，根據Simpson Spence & Young的數據，2024年上半年，約190艘散裝貨船預計將被拆解，總計373萬載重噸。Grafton提供的統計數據顯示，2023年有540萬載重噸的散裝貨船被出售為廢品，今年迄今已報廢230萬載重噸。價格相對穩定，在每終重 510 美元至 525 美元之間。

Scrapping in 2025 will very much depend on the state of the freight market at this time as well as sentiment for the medium-term prospects of the industry. It is worth noting that most of the huge numbers of bulkers that were delivered between 2009 and '11 will soon have to pass their third special survey and to be required to comply with the latest environmental restrictions on emissions. Depending on the overall condition and state of the market, several of these ships will be sold for scrap.

2025 年的報廢將在很大程度上取決於目前貨運市場的狀況以及產業中期前景的情緒。值得注意的是，2009年至11年間交付的大量散裝貨船中的大多數很快就必須通過第三次特別檢驗，並被要求遵守最新的環境排放限制。根據市場的整體狀況和狀況，其中幾艘船舶將出售為廢品。

So, on slide 18, we have the outlook of our industry, and we list several items as bullet points, which are positive and negative for our industry. Braemer and Clarksons believe that the Capesize market is expected to continue benefiting through the second half of this year from firm Atlantic iron ore, bauxite and manganese exports.

因此，在幻燈片 18 中，我們對行業前景進行了展望，並列出了幾個項目作為要點，這些項目對我們行業來說是積極的和消極的。Braemer 和 Clarksons 認為，今年下半年好望角型船市場預計將繼續受益於大西洋鐵礦石、鋁土礦和錳出口的穩定。

The latter have recently started being shipped, not only in [gear and] Ultramaxes, but larger vessels as well. Looking ahead into 2025, Clarksons predict that there could be a small easing in markets as dry bulk trade is projected to grow by 1% in ton-miles, slightly below the fleet growth of about 2.5%.

後者最近開始運輸，不僅包括齒輪和超靈便型船舶，還包括大型船舶。展望 2025 年，克拉克森預測市場可能會小幅放緩，因為乾散貨貿易預計將增長 1%（以噸英里計算），略低於船隊約 2.5% 的增長。

This assumes that the Red Sea disruption will gradually ease as the year progressed. Impact from environmental policies will influence earnings going forward that 25% of the bulk carrier fleet capacity is estimated to have been rated DOE for CII last year. This fact, together with even slower operating speed, ESD retrofitting and the demolition of all the units will also influence the supply-demand balance over the next few quarters.

這假設紅海幹擾將隨著時間的推移逐漸緩解。環境政策的影響將影響未來的收益，去年估計有 25% 的散裝船船隊能力被評為 DOE CII。這一事實，加上運行速度較慢、ESD改造和所有單位的拆除，也將影響未來幾季的供需平衡。

Therefore, there is no firm direction that the market is expected to go from the rest of this year and into 2025. However, as we have mentioned on numerous past conference calls, Diana strategy is to avoid predicting future trends in fleet earnings and charter vessels in a staggered way as has been the case in 2005.

因此，預計從今年剩餘時間到 2025 年，市場的走向並沒有明確的方向。然而，正如我們在過去的多次電話會議中提到的那樣，戴安娜王妃的策略是避免像 2005 年那樣以交錯的方式預測船隊收益和包租船舶的未來趨勢。

This strategy helps avoid the cluster of vessels opening at the same time and smoothens out the company's cash flow over the medium and long-term. I'll now pass the call to our CEO, Semiramis to provide some important takeaway points from our quarterly earnings call. Thank you.

這項策略有助於避免船舶同時開業的情況，並平滑公司中長期的現金流。現在，我將把電話轉給我們的執行長塞米勒米斯，以提供我們季度財報電話會議中的一些重要要點。謝謝。

Thank you, Stasi. Before summarizing to today's presentation, I'd like to highlight our ESG initiatives. We are committed to promoting eco-friendly technologies, modernizing our fleet and transparently sharing emission data.

謝謝你，史塔西。在總結今天的演講之前，我想先強調一下我們的 ESG 舉措。我們致力於推廣環保技術、實現機隊現代化並透明地分享排放數據。

We build on partnerships and collaborations to further our goals. We have developed an equity diversity and inclusion program, and we continuously invest in our people. For the past 4 years, we have published our ESG report and we remain committed to embracing and improving our standards.

我們建立夥伴關係和協作來進一步實現我們的目標。我們制定了股權多元化和包容性計劃，並不斷投資於我們的員工。在過去的 4 年裡，我們發布了 ESG 報告，並且仍然致力於採用和改進我們的標準。

So, moving on to slide 20. In summary, Diana Shipping Inc. with over 50 years of experience and nearly 20 years on the niche has an experienced management team ready to factor industry challenges. We maintain strong stakeholder relationships and a disciplined strategy, focusing on a solid balance sheet, a countercyclical approach, fleet modernization, rewarding our shareholders whenever possible and the robust ESG strategy. Thank you for joining us today. We now look forward to addressing your questions during the Q&A session.

那麼，繼續看投影片 20。總之，戴安娜航運公司擁有 50 多年的經驗和近 20 年的利基市場經驗，擁有一支經驗豐富的管理團隊，隨時準備好應對產業挑戰。我們保持牢固的利害關係人關係和嚴格的策略，專注於穩健的資產負債表、反週期方法、機隊現代化、盡可能獎勵股東以及穩健的 ESG 策略。感謝您今天加入我們。我們現在期待在問答環節中解答您的問題。

(Operator Instructions).

（操作員說明）。

Thank you. I am not showing any questions at this time. I'd like to turn the floor back over to management for closing remarks.

謝謝。我目前沒有提出任何問題。我想將發言權交還給管理階層作結束語。

Thank you. So once again, thank you all for joining us today. Thank you.

謝謝。再次感謝大家今天加入我們。謝謝。

This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

今天的電話會議到此結束。我們感謝您的參與。此時您可以斷開線路。享受你一天剩下的時間。