Diana Shipping Inc (DSX) 2024 Q3 法說會逐字稿

Greetings, and welcome to the Diana Shipping third-quarter 2024 conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Ed Nebb, Investor Relations. Please go ahead, Ed.

您好，歡迎參加戴安娜航運 2024 年第三季電話會議和網路廣播。（操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興將電話轉給投資者關係部的 Ed Nebb。請繼續，艾德。

Thank you, Kevin, and thanks to everyone who is joining us today for the Diana Shipping Inc. 2024 third-quarter conference call. With us today from management is Ms. Semiramis Paliou, Chief Executive Officer, who will introduce the other members of the management team. And so without further ado, I will turn the call now over to Semiramis Paliou. Please go ahead.

謝謝凱文，也感謝今天參加戴安娜航運公司 2024 年第三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首席執行官 Semiramis Paliou 女士，她將介紹管理團隊的其他成員。言歸正傳，我現在將電話轉給塞米勒米斯·帕利烏。請繼續。

Thank you, Ed. Good morning, ladies and gentlemen. Welcome to Diana Shipping Inc.'s third-quarter 2024 financial results conference call. As Ed said, I'm Semiramis Paliou, the Chief Executive Officer of the company. It's a pleasure to address you today alongside our esteemed team.

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 年第三季財務業績電話會議。正如艾德所說，我是塞米勒米斯·帕利烏，公司的執行長。今天很高興與我們尊敬的團隊一起向您發表講話。

Mr. Ioannis Zafirakis, Director, Chief Financial Officer and Chief Strategy Officer; Mrs. Maria Dede, Chief Accounting Officer; and Mr. Dave Van der Linden, Chief Commercial Officer of Steamship Shipbroking Enterprise Inc.

Ioannis Zafirakis 先生，董事、財務長兼首席策略長；瑪麗亞‧德德女士，首席會計官；以及 Steamship Shipbroking Enterprise Inc. 首席商務官 Dave Van der Linden 先生

Before we begin, I kindly remind you to review the forward-looking statements on page 4 of the accompanying investor presentation. The third quarter of the year has been a tale of two markets. Capesize vessels maintained the relative strength, averaging higher returns than in the previous quarter, while the smaller segments weakened significantly. This disconnect has persisted throughout the year, but became more pronounced as the market struggled to absorb the steady flow of Kamsarmax and Ultramax newbuildings. That said, we successfully secured period employment for nine vessels during the quarter, achieving an overall average rate higher than their previous fixtures.

在我們開始之前，我謹提醒您查看隨附的投資者簡報第 4 頁上的前瞻性陳述。今年第三季是兩個市場的故事。好望角型船舶保持相對強勢，平均回報高於上一季度，而小型船舶則顯著疲軟。這種脫節貫穿全年，但隨著市場難以吸收卡姆薩爾型和超靈便型新船的穩定流入，這種脫節變得更加明顯。儘管如此，我們在本季度成功確保了九艘船舶的定期僱傭，總體平均率高於先前的固定期限。

Turning to slide 5. Let's review our company's snapshot. Diana Shipping Inc. founded in 1972 and listed on the New York Stock Exchange since 2005. Operates a fleet of 38 dry bulk vessels, 7 of which are mortgage free.

轉到投影片 5。讓我們回顧一下我們公司的快照。戴安娜航運公司成立於 1972 年，並於 2005 年在紐約證券交易所上市。運營著一支由 38 艘乾散貨船組成的船隊，其中 7 艘是免抵押的。

Our fleet has an average age of 11 years and the total deadweight capacity of approximately 4.2 million tonnes. We anticipate the delivery of two methanol dual-fuel newbuilding Kamsarmax dry bulk vessels at the end of 2027 and early 2028, respectively. Fleet utilization reached 99.7% in the nine months period of 2024, highlighting our effective vessel management. As of the end of September, we employed 984 individuals at sea and the shore. Financially, our net debt stands at 37% of market value supported by USD186.8 million in cash reserves and total secured revenues of approximately USD135.3 million as of November 19.

我們的船隊平均船齡為 11 年，總載重量約 420 萬噸。我們預計兩艘甲醇雙燃料新建Kamsarmax乾式散裝貨船將分別於2027年底和2028年初交付。2024 年 9 個月期間，船隊利用率達到 99.7%，凸顯了我們有效的船舶管理。截至 9 月底，我們在海上和岸上僱用了 984 名員工。在財務方面，截至 11 月 19 日，我們的淨債務佔市場價值的 37%，由 1.868 億美元的現金儲備和約 1.353 億美元的總擔保收入支撐。

On slide 6, we outline the key developments from the third quarter through November. In July, we issued USD150 million senior unsecured bonds that are listed on the Oslo Stock Exchange maturing in July 2029 with a fixed coupon of 8.75%. The net proceeds were used to refinance the company's USD125 million senior unsecured bond due in 2026. The approval and publication of the company's prospectus for the bond listing on the Oslo Exchange was completed in October. In July, we signed a term loan facility with Nordea Bank secured by 10 vessels, drawing USD167.3 million to refinance two existing term loan facilities.

在投影片 6 中，我們概述了從第三季到 11 月的主要進展。7月，我們發行了1.5億美元優先無抵押債券，在奧斯陸證券交易所上市，到期日為2029年7月，固定票面利率為8.75%。所得款項淨額用於為該公司 2026 年到期的 1.25 億美元高級無抵押債券進行再融資。該公司在奧斯陸交易所債券上市的招股說明書已於10月完成批准和公佈。7 月，我們與 Nordea Bank 簽署了一項由 10 艘船舶擔保的定期貸款融資，提取 1.673 億美元，為兩項現有定期貸款融資進行再融資。

This refinancing related to previously financed vessels. In October, we entered USD80.2 million, seven-year secured term loan facility with Danish Ship Finance, maturing in April 2031, secured by seven vessels. These proceeds refinanced our existing loan with Danish Ship Finance, releasing two previously mortgaged vessels. In November, we completed a USD25 million tap issue under our outstanding senior unsecured bond due July 2029. issued at 102% of par value with a fixed coupon of 8.75%. This brought the total outstanding amount of the 2029 bond to USD175 million.

此次再融資與先前融資的船舶有關。10 月，我們與丹麥船舶融資公司簽訂了 8,020 萬美元的七年期擔保定期貸款協議，由七艘船舶提供擔保，將於 2031 年 4 月到期。這些收益為我們與丹麥船舶融資公司的現有貸款進行了再融資，釋放了兩艘先前抵押的船舶。11 月，我們根據 2029 年 7 月到期的未償還優先無抵押債券完成了 2,500 萬美元的一次性發行，發行價格為票面價值的 102%，固定票面利率為 8.75%。這使得2029年債券的未償還總額達到1.75億美元。

As of November 19, we have raised USD25.5 million through the exercise of 6,381,900 warrants under our ongoing warrant program. With the potential to raise an additional USD64.9 million under the full scope of the program. As of November 19, we have secured revenue for 78% of the remaining ownership days of 2024, amounting to approximately USD22.1 million and 38% of available ownership days in 2025, amounting to approximately USD95.8 million. Ioannis will provide further detail on our cash flow generation potential.

截至 11 月 19 日，我們根據正在進行的認股權證計劃，透過行使 6,381,900 份認股權證，籌集了 2,550 萬美元。在該計劃的全部範圍內，有可能額外籌集 6,490 萬美元。截至 11 月 19 日，我們已獲得 2024 年剩餘所有權天數 78% 的收入，約合 2,210 萬美元，以及 2025 年可用所有權天數 38% 的收入，約合 9,580 萬美元。Ioannis 將提供有關我們現金流產生潛力的更多詳細資訊。

Earlier this month, we released our 2023 ESG report, the fifth in a row underscoring our ESG strategy and commitment to sustainability. For the quarter ending September 30, 2024, we are pleased to declare a quarterly cash dividend of USD0.01 per common share, totaling approximately USD1.3 million.

本月早些時候，我們發布了 2023 年 ESG 報告，這是連續第五份報告，強調了我們的 ESG 策略和對永續發展的承諾。截至 2024 年 9 月 30 日的季度，我們很高興宣布派發每股普通股 0.01 美元的季度現金股息，總計約 130 萬美元。

On slide 7, we summarize our current chartering activity. Since our last earnings presentation, we have secured favorable time charters for nine vessels. Three Ultramax vessels at a weighted average daily rate of USD14,539 for 379 days. Five Panamax Kamsarmax and Post-Panamax vessels at a weighted average daily rate of USD12,664, for 155 days. One Newcastlemax vessel at USD26,800 for 699 days.

在投影片 7 中，我們總結了目前的包機活動。自上次收益報告以來，我們已為九艘船舶獲得了優惠的期租。三艘 Ultramax 船舶的 379 天加權平均日費率為 14,539 美元。五艘巴拿馬型 Kamsarmax 和超巴拿馬型船舶的加權平均日費率為 12,664 美元，為期 155 天。一艘 Newcastlemax 船，租期 699 天，售價 26,800 美元。

Slide 8 highlights our disciplined chartering strategy. We focus on staggered medium- to long-term charters to avoid clustered maturities, ensuring earnings visibility and resilience against market downturns.

投影片 8 重點介紹了我們嚴格的包機策略。我們專注於交錯的中長期租船，以避免集中到期，確保獲利可見性和抵禦市場低迷的能力。

Now I'll pass the floor to Ioannis for a detailed financial analysis.

現在我將請 Ioannis 進行詳細的財務分析。

Thank you, Semiramis. We will go through very quickly the financial highlights for the third quarter 2024, where you can see that -- our time charter revenues have decreased by approximately $5 million from the third quarter 2023, being $62.1 million to $57.5 million for the third quarter of 2024. The net income has been $3.7 million, and the same period in 2023, it was $7.4 million. The good thing about our highlights is that we have managed to increase our cash and cash equivalents, time deposits and restricted cash. To $186.8 million.

謝謝你，塞米勒米斯。我們將快速瀏覽2024 年第三季的財務亮點，您可以看到－我們的期租收入較2023 年第三季減少了約500 萬美元，從2024 年第三季的6,210 萬美元減少到5750萬美元。淨利為 370 萬美元，2023 年同期為 740 萬美元。我們亮點的好處是我們成功增加了現金和現金等價物、定期存款和限制性現金。至 1.868 億美元。

Today, as we speak, the number is much higher, but that was as of September 30 compared to $161 million in December 31. The long-term debt has gone down from $642.8 million to $627 million. And looking at our balance sheet, as we said earlier, we have managed to be in a position to have our net debt compared to the values of our vessels at 37%, as we have already said. On the summary of selected financial and other data, you can see that in this quarter -- in this quarter, our time charter equivalent has dropped to $15,333 compared to $15,8000 at the same period last year. The operating expenses have increased to $5,964 compared to $5,621 at the same period last year.

今天，正如我們所說，這個數字要高得多，但這是截至 9 月 30 日的數據，而 12 月 31 日為 1.61 億美元。長期債務已從 6.428 億美元降至 6.27 億美元。從我們的資產負債表來看，正如我們之前所說，我們的淨債務與船舶價值相比達到了 37%，正如我們已經說過的那樣。在所選財務和其他數據的摘要中，您可以看到，在本季度中，我們的期租等值已降至 15,333 美元，而去年同期為 15,8000 美元。營運費用從去年同期的 5,621 美元增至 5,964 美元。

Looking at the nine-month period, the same numbers. i.e., the time charter equivalent rate has gone down to $15,162 compared to $17,235 for the nine-month period last year. And the daily expenses have increased to $5,900, approximately from $5,700 approximately.

看看九個月的時間段，數字是相同的。也就是說，與去年九個月期間的 17,235 美元相比，定期租船等值費率已降至 15,162 美元。日常開支也從大約 5,700 美元增加到 5,900 美元。

Having said all of the above, looking at our current debt profile and generally speaking, our balance sheet, we think that we are in a very good position. One of the indicators of that is -- the profile of the debt. As you can see in this slide, we have no maturities. Basically, we have managed to have no maturities up to 2029, which gives us a very nice profile and cash flow-wise, help us do our strategic things. At the bottom of this slide, you can see how well the debt decreases, and we end up in 2029, with slowly getting to lower and lower numbers.

綜上所述，看看我們目前的債務狀況以及一般而言我們的資產負債表，我們認為我們處於非常有利的位置。其中一項指標是債務狀況。正如您在這張投影片中所看到的，我們沒有到期日。基本上，我們已經設法在 2029 年之前沒有到期日，這給了我們一個非常好的形象和現金流，幫助我們做我們的策略性事情。在這張投影片的底部，您可以看到債務減少的程度，我們最終會在 2029 年，數字慢慢變得越來越低。

Next slide. If we go to the breakeven versus estimated revenue, we still have some days that are unfixed for 2024. But if we assume based on the FFA rates, that we fixed the unfixed rate for around $15,000. That will bring us to a time charter equivalent rate of $16,765 which is going to be above around $650 per day for our vessel for all of our vessels. As regards to 2025, more or less, we think we're going to be very close to our breakeven if we take as an assumption the current FFA rates having said all of these things.

下一張投影片。如果我們達到損益平衡與預期收入，那麼 2024 年我們仍有一些天數沒有確定。但如果我們根據 FFA 費率假設，我們將不固定費率固定為 15,000 美元左右。這將使我們的定期租船等價費率達到 16,765 美元，這將高於我們所有船舶每天約 650 美元。至於 2025 年，我們認為，如果我們將目前的 FFA 利率作為所有這些因素的假設，我們認為我們將非常接近盈虧平衡。

If we move to slide number 14, we have just declared a dividend of $0.01, but since 2021, the third quarter of 2021, we have never missed a dividend payment. And the intention is to keep that in the future as well. Having said all of these things, now it's time to pass the floor to our -- to the Chief Commercial Officer of Steamship Shipbroking Enterprises, Dave Van der Linden for the market overview. Dave?

如果我們轉到第 14 張投影片，我們剛剛宣布派發 0.01 美元的股息，但自 2021 年以來，即 2021 年第三季度，我們從未錯過股息支付。我們的目的是在未來也要保持這一點。在說了所有這些事情後，現在是時候請我們的 Steamship Shipbroking Enterprises 首席商務官 Dave Van der Linden 來了解市場概況了。戴夫？

Thank you, Ioannis, and welcome again to all participants on this call. Now for a brief market update. The recurring theme during this year's conference call has been the important role that geopolitical developments have played in the shipping industry. And the third quarter of this year has been no exception. Rerouting of dry bulk vessels away from the Red Sea remains in focus with Suez Canal transits, hovering at about 40% less compared to the second half of 2023.

謝謝 Ioannis，並再次歡迎本次電話會議的所有參與者。現在簡單介紹一下市場最新情況。今年電話會議反覆出現的主題是地緣政治發展在航運業中扮演的重要角色。今年第三季也不例外。乾散貨船遠離紅海的改道仍然是蘇伊士運河過境的焦點，與 2023 年下半年相比，減少約 40%。

Clarksons estimates that the Red Sea disruption has increased bulk carrier tonne-mile demand by about 1.2%. However, the Chinese economy has continued to struggle with the property sector being the biggest drag on economic growth. So far, there has been little impact on imports, even though demand has been weakening.

克拉克森估計，紅海擾亂導致散裝船噸英里需求增加了約 1.2%。然而，中國經濟持續陷入困境，房地產業成為經濟成長的最大拖累。到目前為止，儘管需求一直在減弱，但對進口影響不大。

The continued imports, coupled with lower domestic demand have led to a significant buildup of commodity inventories. Having said that, the Chinese government is determined to support the economy via several stimulus measures. As can be seen from the graph on this slide, the 12-month time charter levels unusually peaked in Q1 this year. That being said, Q3 levels were resilient on the back of increased congestion in South America and a steady cargo flow into India and Southeast Asia.

持續的進口加上國內需求的下降導致大宗商品庫存大幅增加。儘管如此，中國政府決心透過多項刺激措施支持經濟。從這張投影片的圖表中可以看出，12 個月期租船水準在今年第一季異常達到高峰。話雖如此，由於南美擁堵加劇以及印度和東南亞的貨運穩定流入，第三季的水平保持了彈性。

Moving to the next slide for some macroeconomic news. The IMF forecasts that the global economy will grow by 3.2% in 2024 and by 3.3% in 2025. The IMF reports a weaker outlook for China, Latin America, and the EU. The Chinese economy is projected to grow by 5% in 2024, 4.5% year after and by 4.1% in 2026. These forecasts, however, have not considered the recently announced stimulus package in China involving the raising of debt to support the economy.

轉到下一張投影片了解一些宏觀經濟新聞。國際貨幣基金組織預測，2024年全球經濟將成長3.2%，2025年將成長3.3%。國際貨幣基金組織報告稱，中國、拉丁美洲和歐盟的前景較弱。預計2024年中國經濟成長5%，2026年成長4.5%，2026年成長4.1%。然而，這些預測並未考慮中國最近宣布的刺激計劃，其中涉及舉​​債支持經濟。

For the Eurozone, growth predictions are mere 0.8% this year and 1.2% in 2025. And the IMF prediction of GDP growth in India is 6.5% for next year, while for the US, the prediction is 1.9%. For a brief commodities update, according to Commodore Research, global steel production, excluding China, is beginning to contract. According to Braemar, year-to-date global steel production stands at 1.25 billion tonnes which is nearly 2% lower than at this time last year. Having said that, the World Steel Association is predicting a pickup of more than 1% in 2025.

對於歐元區，今年的成長預測僅為 0.8%，2025 年為 1.2%。國際貨幣基金組織預測印度明年的GDP成長為6.5%，而美國的預測為1.9%。根據 Commodore Research 的數據，就大宗商品的簡短更新而言，除中國外，全球鋼鐵產量正開始萎縮。據 Braemar 稱，今年迄今全球鋼鐵產量為 12.5 億噸，比去年同期下降近 2%。儘管如此，世界鋼鐵協會預計 2025 年成長率將超過 1%。

Regarding iron ore, Clarksons expect this trade to remain flat, both in '25 and '26 at around 1.6 billion metric tonnes per annum. It is understood that iron ore inventories in China stand at a 10-year high, around 160 million tonnes. Clarksons projected coking coal volumes are also remaining steady for '25 and '26 around 275 million tonnes per annum. And as regards to thermal coal, the projection is for volumes to drop to 1.037 billion tonnes next year, which should be around 2% compared to 2024.

至於鐵礦石，克拉克森預計鐵礦石貿易量將在 25 年和 26 年保持平穩，每年約 16 億噸。據了解，中國鐵礦石庫存創10年來新高，約1.6億噸。克拉克森預計 25 年和 26 年煉焦煤產量也將保持穩定，每年約 2.75 億噸。至於動力煤，預計明年產量將下降至 10.37 億噸，較 2024 年下降 2% 左右。

And to 1.025 billion tonnes in 2026, which would be another 1% down over 2025. The 2025 grain season is expected to grow to 552 million tonness, which is an increase of 2% compared to this year. While for '26 grain trade might reach 565 million tonnes, which will be another 2% increase. The biggest growth we will see -- we expect to see in minor bulks. Trade in miner bulks is expected to grow by 3% in '25 and reached 2.3 billion tonnes and by another 2% in '26, reaching 2.341 billion tonnes supported mainly by growth in the bauxite and manganese ore trade as well as an increase in cement, coke -- pet coke volumes as global construction activity is expected to pick up.

2026 年產量將達 10.25 億噸，比 2025 年再下降 1%。2025年糧季預計成長至5.52億噸，比今年增加2%。而26年糧食貿易量可能達到5.65億噸，將再成長2%。我們將看到的最大成長是小批量成長。礦產散裝貿易預計在 25 年增長 3%，達到 23 億噸，在 26 年再增長 2%，達到 23.41 億噸，主要受到鋁土礦和錳礦石貿易增長以及水泥增長的支持焦炭——隨著全球建築活動的增加，石油焦銷售量預計將回升。

Moving to slide 3, moving to slide 17. Covering fleet development. The overall bulk carrier order book stood at the end of October at around 10.3% of the existing fleet. The order book for Capes and above continues to be the smallest of all types of bulkers with 29.5 million deadweight tonnes, which represents about 7.5% of the current trading fleet. The order book for Kamsarmax is 36.7 million deadweight, which is about 14% of the current fleet.

轉到投影片 3，轉到投影片 17。涵蓋機隊發展。截至 10 月底，散裝貨船整體訂單量約佔現有船隊的 10.3%。好望角及以上散裝貨船的訂單量仍然是所有類型散裝貨船中最小的，為 2,950 萬載重噸，約佔目前貿易船隊的 7.5%。Kamsarmax的訂單量為3,670萬載重噸，約佔現有船隊的14%。

If you look at projected deliveries, according to statistics prepared by Braemar, the Capesize fleet is expected to grow by about 5 million deadweight tonne in 2025 and 6 million in 2026. For Kamsarmax, the figures are 9 million deadweight comps next year and 14 million the year after. Ultramaxes are expected to grow by 10 million in 2025 and by 7 million in 2026. All these figures are net of expected dilutions from the fleet. According to Clarksons, only 5.2 million deadweight tonne worth of bulkers are expected to be sold for scrubbed this year.

如果看看預計的交付量，根據 Braemar 準備的統計數據，好望角型船隊預計 2025 年將增長約 500 萬載重噸，2026 年將增長 600 萬載重噸。對 Kamsarmax 來說，明年的載重噸數為 900 萬艘，後年為 1,400 萬艘。預計 2025 年超靈便型船舶將成長 1,000 萬艘，2026 年將成長 700 萬艘。所有這些數字均扣除了機隊的預期稀釋。據克拉克森稱，預計今年僅出售價值 520 萬載重噸的散裝貨船進行清洗。

And for 2025, the figure is expected to reach 9.2 million deadweight in 2026 and for an excess of 40 million tonnes deadweight.

到2025年，這一數字預計將達到920萬載重噸，到2026年將超過4,000萬載重噸。

New environmental regulations are expected to drive many ships to the scrapyards. Ship demolition decisions are primarily driven by the state of the freight market sentiment and age. For Capes and Supramaxes the years 2010 through 2012 were the highest delivery volume years seen for a long time. And for Panamax and Kamsarmaxes the peak delivery years were 2011 through 2013. This means that a considerable number of vessels will soon become 15 years old. Which particularly for Capes is a crucial age barrier as regards to the cost of a third special survey and the ability to charter to the main players in the dry bulk market.

新的環境法規預計將導致許多船舶被送往廢棄物場。船舶拆解決定主要取決於貨運市場情緒和船齡狀況。對於好望角型散裝貨船和超靈便型散裝貨船來說，2010 年至 2012 年是長期以來交付量最高的年份。對於巴拿馬型和卡姆薩爾型，交付高峰年份是 2011 年至 2013 年。這意味著相當一部分船舶的船齡很快就會達到15年。對於第三次特別調查的成本以及向乾散貨市場主要參與者租船的能力而言，特別是對於好望角來說，這是一個至關重要的年齡障礙。

According to Clarksons, 24% of Handymax Ultramax transitions 15 years or older as well as 26% of Panamaxes and 17% of Capes. Newbuilding prices of Capes according to Clarksons have moved up so far this year by over 14%, whereas new building prices of smaller ships have seen rises about half of that. Recent weakness in the charter market has seen some asset values come down from the peak levels earlier this year. five-year-old Kamsarmaxes are now around $34 million and a 10 year stand around $25 million which is down double digits. For Capes, five- and ten-year old ships secondhand prices eased about 2% from their peak and stand now at around $63 million and $44 million, respectively.

據 Clarksons 稱，24% 的靈便型超靈便型船、26% 的巴拿馬型船和 17% 的海岬型船已經過渡到 15 年或以上。據克拉克森稱，今年迄今為止，好望角型船舶的新造船價格已上漲了 14% 以上，而小型船舶的新造船價格則上漲了約一半。最近包機市場的疲軟導致一些資產價值從今年稍早的高峰水準回落。五年船齡的 Kamsarmax 型船目前售價約 3,400 萬美元，十年船齡的 Kamsarmax 船售價約 2,500 萬美元，下降了兩位數。對於好望角來說，五年和十年船齡的船舶二手價格較峰值下降了約 2%，目前分別約為 6,300 萬美元和 4,400 萬美元。

Ultramax 5- and 10-year-old values are currently around $33 million and $24 million, respectively.

Ultramax 5年和10年的價值目前分別約為3,300萬美元和2,400萬美元。

Turning to Slide 18 for the outlook. According to [Frawleys] and Clarksons, positive factors for 2025 are the following: continued import growth into India and Southeast. Possibility of a strong Brazilian soybean season, increased congestion and slower speeds, the recent stimulus measures in China and continuing risk for the Red Sea transit. Possible negative factors for 2025 are worldwide lower, iron ore consumption protection measures leading to trade wars, steel production outside of China falling back, bulk fleet growth outpacing demand and the easing of tensions in the Middle East, which could result in more Red Seat transits. Considering the entire picture of headwinds and boosting factors for the dry bulk trades, Clarksons project a slight easing for bulk carriers' earnings in 2025 as tonne-mile demand is expected to grow by about 1.3%, versus a supply growth of around 3%.

請參閱投影片 18 以了解前景。根據 [Frawleys] 和 Clarksons 的說法，2025 年的正面因素如下：印度和東南部地區的進口持續成長。巴西大豆季節可能強勁、擁擠加劇和速度減慢、中國最近的刺激措施以及紅海過境的持續風險。2025年可能的負面因素包括全球範圍內的下降、鐵礦石消費保護措施導致貿易戰、中國以外的鋼鐵產量回落、散裝船隊增長超過需求以及中東緊張局勢緩和，這可能導致更多的紅座過境。考慮到乾散貨貿易的整體不利因素和推動因素，克拉克森預計 2025 年散裝貨船的利潤將略有放緩，因為噸英里需求預計將增長約 1.3%，而供應增長約為 3%。

However, for 2026, Clark has predicted a cautiously positive outlook for the bulk carrier market. Even though dry bulk demand in tonne-mile is expecting to grow again, a little over 1% in supply projected to grow again by around 3%. They foresee impacts from environmental policies to remain in focus with new regulations having a range of positive impacts for supply demand. Also slower operating speeds, longer dry dock stays, demolition of older units should help the market going forward.

然而，對於 2026 年，克拉克預計散裝貨船市場的前景將謹慎樂觀。儘管以噸英里計算的乾散貨需求預計將再次增長，但略高於 1% 的供應量預計將再次增加 3% 左右。他們預計環境政策的影響將繼續受到關注，新法規將對供應需求產生一系列積極影響。此外，較慢的運行速度、較長的乾船塢停留時間以及舊設備的拆除都將有助於市場的發展。

[Divco] and Clarksons regard as a positive factor, the Simandou iron ore project in Guinea, which starts production in late 2025 and will gradually contribute to longer shipping distance of high-quality iron ore into 2026. And looking even further ahead, BHP Billiton states in their latest economic and commodity outlook report that population growth, urbanization, the infrastructure decarbonization capital stock replacement and rising living standards are expected to drive demand for ferrous and nonferrous metals as well as fertilizers for decades to come. That's it for the market.

[Divco]和Clarksons認為，幾內亞Simandou鐵礦石計畫是一個正面因素，該計畫將於2025年底投產，並將逐步有助於延長優質鐵礦石的運輸距離，直至2026年。展望未來，必和必拓在其最新的經濟和大宗商品展望報告中表示，人口增長、城市化、基礎設施脫碳、資本存量替代和生活水平的提高預計將在未來幾十年內推動對黑色金屬和有色金屬以及化肥的需求來。這就是市場的情況。

I will now pass the call back to our CEO Semiramis Paliou, to provide the most important financial highlights and takeaway points from our quarterly earnings call.

現在，我將把電話轉給我們的執行長 Semiramis Paliou，以提供我們季度財報電話會議中最重要的財務亮點和要點。

Thank you, Dave. Before concluding today's presentation, I'd like to highlight our ongoing ESG initiatives. Diana Shipping Inc. is committed to promoting eco-friendly technologies and modernizing our fleet. It's committed to transparently sharing emission data to ensure accountability.

謝謝你，戴夫。在結束今天的演講之前，我想強調我們正在進行的 ESG 舉措。戴安娜航運公司致力於推廣環保技術並使我們的船隊現代化。它致力於透明地共享排放數據以確保問責制。

To build on partnerships and collaborations to advance our sustainability goals to develop an equity diversity and inclusion program while continuously investing in our people. Moving on to slide 20. To summarize, Diana Shipping Inc. stands on a strong foundation built on over 15 years of industry expertise and nearly 20 years on the New York Stock Exchange. A seasoned management team adapt at addressing industry challenges, strong stakeholder relationship and a disciplined strategy approach.

建立夥伴關係和協作，推動我們的永續發展目標，制定股權多元化和包容性計劃，同時不斷投資我們的員工。繼續看投影片 20。總而言之，Diana Shipping Inc. 擁有超過 15 年的行業專業知識和近 20 年在紐約證券交易所上市的堅實基礎。經驗豐富的管理團隊能夠適應應對產業挑戰、牢固的利害關係人關係和嚴格的策略方法。

A solid balance sheet with a strong cash position and a countercyclical mindset. Ongoing fleet modernization efforts. A robust ESG strategy and the focus on rewarding our shareholders when possible. And with that, thank you for joining us today.

穩健的資產負債表、充足的現金狀況與反週期思維。正在進行的機隊現代化工作。穩健的 ESG 策略，並盡可能專注於回報股東。感謝您今天加入我們。

We now look forward to addressing your questions during the Q&A session.

我們現在期待在問答環節中解答您的問題。

(Operator Instructions) Climent Molins, Value Investors.

（操作員指令）Climent Molins，價值投資者。

Good afternoon. Thank you for taking my questions. I wanted to start by asking about your minority investment in four CSOVs. Could you provide an update on when the vessels are expected to be delivered and whether you expect any additional equity for these vessels? And secondly, could you talk a bit about how these vessels will be employed, be it on term contract or in the spot market?

午安.感謝您回答我的問題。我想先詢問您對四家 CSOV 的少數股權投資情況。您能否提供有關船舶預計何時交付的最新資訊以及您是否期望這些船舶獲得額外權益？其次，您能否談談如何使用這些船舶，是按定期合約還是在現貨市場？

Okay. This is Ioannis speaking. We our total commitment on those versus this EUR50 million. And there is another -- there is -- we have already paid the around EUR33 million of those EUR35 million and we expect to pay the other EUR15 million soon. The delivery of those vessels are scheduled to be by the first one by September 2025 and a vessel after and eventually after every three months, we are supposed to have a delivery of the next three vessels every three months.

好的。這是揚尼斯的講話。我們對這 5000 萬歐元的整體承諾。還有一個 - 我們已經支付了這 3500 萬歐元中的約 3300 萬歐元，我們預計很快就會支付其餘的 1500 萬歐元。這些船隻計劃於 2025 年 9 月交付第一艘，之後每三個月交付一艘，最終每三個月交付接下來的三艘。

Now as regards the employment, we have not secured any employment yet. But if we were to share a preference, we prefer to enter long-term employment.

現在就業方面，我們還沒有找到工作。但如果我們有共同的偏好，我們更願意進入長期就業。

That's helpful. Thank you. I also wanted to ask about your capital allocation priorities. Could you talk a bit further about how you plan to balance fleet renewal, deleveraging, and shareholder returns going forward? And secondly, is there any appetite to potentially repurchase shares given the discount you're trading at?

這很有幫助。謝謝。我還想問一下你們的資本配置優先順序。您能否進一步談談您計劃如何平衡未來機隊更新、去槓桿化和股東回報？其次，考慮到您的交易折扣，您是否有興趣回購股票？

Now being listed since 2005, we have shown to everybody how disciplined we are as regards the questions that you have asked. Be certain that we will do what we have to do at the right time in the cycle. But being more specific with regards to your questioning, unfortunately, we cannot be more specific -- renewal of the fleet will happen at the appropriate time. And of course, we have shown in the past that, again, at the appropriate time, share repurchase can happen. The big thing for the bigger picture for everyone is to look at our balance sheet and see that all of your questions we have prepared the company to have the option to be able to do these things, but it has to happen at the appropriate time.

自 2005 年被列入名單以來，我們已經向大家展示了我們對您提出的問題是多麼嚴格。確保我們會在周期的正確時間做我們必須做的事情。但不幸的是，對於你的問題，我們不能更具體地回答你的問題——機隊的更新將在適當的時間進行。當然，我們過去已經證明，在適當的時候，股票回購是可以發生的。對於每個人來說，大局觀中最重要的是查看我們的資產負債表，看看您提出的所有問題我們都已經準備好，公司可以選擇能夠做這些事情，但它必須在適當的時間發生。

So to cut the long story short, the answer to your question is in direct. And it is that we have the means of doing what you have asked. As regards to asset allocation, we are not in a position to respond.

長話短說，你的問題的答案是直接的。而是我們有辦法完成您所要求的事。關於資產配置的問題，我們無法回應。

All right. Makes sense. That's all for me. Thank you for taking my questions.

好的。有道理。這就是我的全部。感謝您回答我的問題。

Thank you very much for the question.

非常感謝你的提問。

Thank you. We reached the end of our question-and-answer session. I'd like to turn the floor back over for any further or closing comments.

謝謝。我們的問答環節結束了。我想重新發言以徵求進一步的意見或結束意見。

So once again, thank you for joining us today, and we look forward to speaking to you again at one of our next financial results call. Thank you very much.

再次感謝您今天加入我們，我們期待在下一次財務業績電話會議上再次與您交談。非常感謝。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路廣播到此結束。此時您可以斷開線路並度過美好的一天。我們感謝您今天的參與。