EuroDry Ltd (EDRY) 2023 Q2 法說會逐字稿

Thank you for standing by. Ladies and gentlemen, welcome to the EuroDry conference call on the second quarter 2023 financial results.

謝謝你的支持。女士們、先生們，歡迎參加 EuroDry 關於 2023 年第二季度財務業績的電話會議。

We have with us today Mr. Aristides Pittas, Chairman and Chief Executive Officer, and Mr. Tasos Aslidis, Chief Financial Officer of the company. (Operator Instructions) I must advise you that this conference is being recorded today.

今天與我們在一起的還有公司董事長兼首席執行官 Aristides Pittas 先生和首席財務官 Tasos Aslidis 先生。 （操作員指示）我必須通知您，今天的會議正在錄製。

Please be reminded that the company announced its results with a press release that has been publicly distributed. Before passing the floor over to Mr. Pittas, I would like to remind everyone that in today's presentation and conference call, EuroDry will be making forward-looking statements. These statements are within the meaning of the federal securities laws. Matters discussed may be forward-looking statements, which are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized.

請注意，該公司通過公開發布的新聞稿公佈了其業績。在請 Pittas 先生髮言之前，我想提醒大家，在今天的演示和電話會議中，EuroDry 將做出前瞻性聲明。這些聲明符合聯邦證券法的含義。討論的事項可能是前瞻性陳述，這些陳述基於當前管理層的預期，涉及可能導致此類預期無法實現的風險和不確定性。

I kindly draw your attention to slide 2 of the webcast presentation, which has the full forward-looking statement and the statement was also included in the press release. Please take a moment to go through the whole statement and read it. And I now would like to pass the floor to Mr. Pittas. Please go ahead, sir.

請您注意網絡廣播演示文稿的幻燈片 2，其中包含完整的前瞻性聲明，該聲明也包含在新聞稿中。請花一點時間瀏覽並閱讀整個聲明。現在我想請皮塔斯先生髮言。請繼續，先生。

Good morning, ladies and gentlemen, and thank you all for joining us today for our scheduled conference call. Together with me is Mr. Tasos Aslidis, our Chief Financial Officer. The purpose of today's call is to discuss our financial results for the six-month period and quarter ended June 30, 2023. Please turn to slide 3 of the presentation.

早上好，女士們、先生們，感謝大家今天參加我們預定的電話會議。與我一起的還有我們的首席財務官 Tasos Aslidis 先生。今天電話會議的目的是討論我們截至 2023 年 6 月 30 日的六個月期間和季度的財務業績。請參閱演示文稿的幻燈片 3。

Our financial highlights are shown here. For the second quarter of 2023, we reported total net revenues of $10.3 million and a net loss of $1.2 million or $0.43 loss per basic and diluted share. Adjusted net loss was $1.3 million or $0.48, adjusted loss per basic and diluted share. Adjusted EBITDA for the quarter was $2.5 million.

我們的財務亮點如下所示。 2023 年第二季度，我們報告的總淨收入為 1030 萬美元，淨虧損為 120 萬美元，即每股基本股和稀釋股虧損 0.43 美元。調整後淨虧損為 130 萬美元，調整後每股基本虧損和稀釋每股虧損為 0.48 美元。本季度調整後 EBITDA 為 250 萬美元。

Please refer to the press release for the reconciliation between adjusted net loss and adjusted EBITDA. The Board of Directors approved the extension of its share repurchase program, which was originally established in August 2022 for another year. The program provided the company with authorization to purchase up to $10 million. Today, we have repurchased 216,000 of our common shares, i.e., about 8% of our total outstanding shares in the open market for about $3.25 million since the inception of the program.

請參閱新聞稿了解調整後淨虧損與調整後 EBITDA 之間的調節表。董事會批准將原定於 2022 年 8 月設立的股票回購計劃再延長一年。該計劃授權該公司購買最多 1000 萬美元。今天，自該計劃啟動以來，我們已回購了 216,000 股普通股，即公開市場已發行股票總數的約 8%，回購價格約為 325 萬美元。

The extension of our share repurchase program was approved by the Board of Directors as our stock is trading at a very large discount to our net asset value. Thus, buying our own stock represents an attractive investment opportunity for us. The Board will review the program after the period of 12 months or after the $10 million deployment. Share repurchases will be made from time to time for cash in open market transactions at prevailing market prices or in privately negotiated transactions.

由於我們的股票交易價格較我們的資產淨值有很大折扣，因此延長我們的股票回購計劃已獲得董事會批准。因此，購買我們自己的股票對我們來說是一個有吸引力的投資機會。董事會將在 12 個月後或 1000 萬美元部署後審查該計劃。股份回購將不時以現金形式在公開市場交易中按現行市場價格或私下協商交易進行。

The timing and amount of purchases under the program will be determined by management based upon market conditions and other factors. The program does not require the company to purchase any specific number or amount of shares and may be suspended or reinstated at any time at the company's discretion and without notice. We are also very pleased to announce that today we posted our 2022 ESG report on our website.

該計劃下的採購時間和金額將由管理層根據市場狀況和其他因素決定。該計劃不要求公司購買任何特定數量或金額的股票，並且公司可以自行決定暫停或恢復，恕不另行通知。我們還非常高興地宣布，今天我們在網站上發布了 2022 年 ESG 報告。

We are committed to launch all the three elements of ESG, the environment, our social impact, and our governance. We are certain that the commitment benefits all our stakeholders in more ways than one. Tasos will discuss on financial highlights in more detail later on in the presentation.

我們致力於推出 ESG 的所有三個要素：環境、社會影響和治理。我們確信這一承諾將以多種方式使我們所有利益相關者受益。塔索斯將在稍後的演示中更詳細地討論財務亮點。

Please turn to slide 4 for our operational highlights. After recovery early in the second quarter, the dry bulk market turned down again, reaching by July 2023 the very low level last seen in January of this year. This decline in the market rates also affected our results for the second quarter.

請參閱幻燈片 4 了解我們的運營亮點。在第二季度初復甦後，幹散貨市場再次下滑，到 2023 年 7 月達到今年 1 月份的極低水平。市場利率的下降也影響了我們第二季度的業績。

Currently, two of our vessels continue to be employed under index-linked charters until March 2024 and 2025, respectively, at 105.5% of the Average Baltic Kamsarmax index. Two other vessels are fixed at medium-term time charters at currently above market rates, whilst the remaining six vessels are employed under short-term charters. You can see the specifics of the various charters we concluded in the accompanying presentation, noting the big drop in charter rates since the beginning of the second quarter.

目前，我們的兩艘船舶繼續按照與指數掛鉤的租船合同租用，分別持續到 2024 年 3 月和 2025 年 3 月，達到波羅的海 Kamsarmax 平均指數的 105.5%。另外兩艘船以目前高於市場價格的中期定期租船合同租出，而其餘六艘船則以短期租船合同租用。您可以在隨附的演示文稿中看到我們得出的各種包機的具體信息，並註意到自第二季度初以來包機費率大幅下降。

During this quarter, we were helped by the two FFA positions we had taken in the prior quarter, as we mitigated the effects of the lower charter rates that are still prevailing. We realized a gain of $2.3 million due to these sales. Regarding dry docks and repairs, our motor vessel Santa Cruz and motor vessel Ekaterini P underwent drydock. The former for almost 24 days starting towards the end of the previous quarter, and the latter for 20-22 days during the second quarter. Furthermore, motor vessel Molyvos Luck was commercially off hire for two days during the quarter.

在本季度，我們得到了上一季度採取的兩個 FFA 職位的幫助，因為我們減輕了仍然普遍存在的較低包機費率的影響。通過這些銷售，我們實現了 230 萬美元的收益。關於乾船塢和維修，我們的機動船 Santa Cruz 和機動船 Ekaterini P 進行了乾船塢。前者從上一季度末開始持續近 24 天，後者在第二季度持續 20-22 天。此外，機動船 Molyvos Luck 在本季度停租兩天。

The incident that [cursed] us most during this quarter happened on April 29, 2023, when motor vessel Good Heart was detained by the US Coast Guard at Corpus Christi for certain deficiencies. It took a long time for the deficiencies to be rectified plus EuroDry had to provide a corporate guarantee on behalf of the owner and the managers, each of which posted the security of $2 million for alleged MARPOL violations. The vessel was able to sail on June 7 after these actions.

本季度最讓我們[詛咒]的事件發生在 2023 年 4 月 29 日，當時機動船 Good Heart 因某些缺陷在科珀斯克里斯蒂被美國海岸警衛隊扣押。這些缺陷花了很長時間才得到糾正，而且 EuroDry 還必須代表業主和管理人員提供公司擔保，每人為涉嫌違反 MARPOL 規定提供 200 萬美元的擔保。經過這些行動後，該船於 6 月 7 日得以啟航。

At the moment, there is no litigation, no claims or allegations against us or the manager. We believe that if the there are any, the majority of the costs will be covered by insurance.

目前，沒有針對我們或經理的訴訟、索賠或指控。我們相信，如果有的話，大部分費用將由保險承擔。

Nevertheless, we have taken a $500,000 provision in our Q2 accounts. The vessel was technically offhire for about 35 days during this period, which unfortunately resulted in the loss of the vessel's laycan period and the cancellation of a lucrative$25,000 per day charter, thus forcing us to seek alternative employment. The vessel was finally chartered at $18,500 per day until August 2023, although she had to incur an additional 13 days of waiting. At the completion of this current voyage, she will proceed to her scheduled drydock.

儘管如此，我們已在第二季度賬戶中撥備了 50 萬美元。在此期間，從技術上講，該船停租了大約35 天，不幸的是，這導致了該船閒置期的喪失，以及利潤豐厚的每天25,000 美元的租船合同被取消，從而迫使我們尋找替代工作。該船最終以每天 18,500 美元的價格租到 2023 年 8 月，儘管她還需要額外等待 13 天。當前航次完成後，她將前往預定的干船塢。

Please turn to slide 5, which shows the main particulars of the 10 vessels of composed of fleet, which includes five Panamax, two Ultramax, two Kamsarmax and one Supramax dry bulk carriers with a total cargo capacity of approximately 730,000 deadweight tonnes with an average age of around 13.5 years.

請參閱幻燈片5，顯示由船隊組成的10艘船舶的主要資料，其中包括五艘巴拿馬型、兩艘超靈便型、兩艘卡姆薩爾型和一艘超靈便型乾散貨船，總載貨量約為730,000載重噸，平均船齡約13.5年。

Now please turn to slide 6, which graphically shows our fleet employment. As you can see, our current fixed rate coverage for 2023 stands at around 31%. This figure excludes ships on index charters, which are open to market fluctuations that have secured employment. We currently trade our vessels in short-term charters reflecting the current state of the market. As in these the rates increase, we will aim to secure longer-term charters for some of our vessels.

現在請翻到幻燈片 6，它以圖形方式顯示了我們的車隊使用情況。如您所見，我們目前 2023 年的固定利率覆蓋率約為 31%。這一數字不包括指數租船的船舶，這些船舶容易受到市場波動的影響，從而保證了就業。我們目前以短期租船方式交易船舶，反映了當前的市場狀況。隨著這些船舶費率的增加，我們的目標是為我們的一些船舶獲得更長期的租船合同。

Turning on to slide 7. We go over the market highlights for the quarter ended June 30, 2023, up until last week. In the second quarter, we saw a much weaker dry bulk market across all sectors with the rates taking the tumble towards the end of the second quarter. During the second quarter of 2023, the average Panamax spot rate was around $10,500 per day. By June 30, spot rates have dropped to approximately $7,900 per day. And currently, we have increased a little bit to $8,700 per day.

轉到幻燈片 7。我們回顧截至 2023 年 6 月 30 日的季度截至上週的市場亮點。第二季度，我們看到所有行業的干散貨市場都大幅疲軟，運價在第二季度末大幅下跌。 2023 年第二季度，巴拿馬型船舶的平均即期價格約為每天 10,500 美元。到 6 月 30 日，即期匯率已降至每天約 7,900 美元。目前，我們已經增加了一點，達到每天 8,700 美元。

In the release, there is one year time charter. Panamax was approximately $14,100 per day during the second quarter, while the rates started trending low to about $11,900 per day by June 30, and they're currently standing at $10,725 per day. We witnessed a similar development with Supramaxes with declining rates. However, we have not seen this slight uptick in the recent days, as we currently do in the Panama spot market.

在該版本中，有一年期租約。第二季度巴拿馬型船的運價約為每天 14,100 美元，而到 6 月 30 日，運價開始走低至每天約 11,900 美元，目前為每天 10,725 美元。我們見證了超靈便型船舶的類似發展，但運價不斷下降。然而，最近幾天我們並沒有看到像目前巴拿馬現貨市場那樣的小幅上漲。

Please turn to slide 9. With its latest update in July 2023, the IMF latest forecast is modestly higher than its prior predictions late in April. However, it's still weak by historical standards. Global growth is projected to fall from an estimated 3.5% in 2022 to 3% in both 2023 and 2024 from previous predictions of 2.8% for 2023 and 3% in 2024. A much slowdown in global activity is anticipated in the second half of 2023 and first half of 2024, but not a recession with a look for a gradual stabilization in the second half of 2024. The latter is supported by the rate cuts in many areas around the world and the expectation that inflation will continue to fall.

請參閱幻燈片 9。國際貨幣基金組織在 2023 年 7 月進行了最新更新，最新預測略高於 4 月底的預測。然而，以歷史標準來看，它仍然很弱。全球經濟增長預計將從2022 年的3.5% 下降至2023 年和2024 年的3%，此前的預測為2023 年的2.8% 和2024 年的3%。預計2023 年下半年全球經濟活動將大幅放緩， 2024年上半年，經濟不會陷入衰退，而是會在2024年下半年逐步企穩。後者受到全球許多地區降息以及通脹將繼續下降的預期的支撐。

[Finally, the] opening appears to be uneven and volatile, even stalled some might say. New softness in the housing market, growing concerns on local government financing risks, and an uncertain external environment for the export sector, weigh on the economies near-term growth path.

[最後，]開盤似乎不平衡且不穩定，甚至有些人可能會說停滯不前。房地產市場的新疲軟、對地方政府融資風險的日益擔憂以及出口行業不確定的外部環境，都對經濟體的近期增長道路構成壓力。

Still, China's growth forecast of 5.2% in 2023 and 4.5% in 2024 remains unchanged while growth in other emerging and developing countries is projected to defy the overall global economic slowdown. There is strong demand from India, which has delivered the biggest upside price so far this year, with its high GDP growth in Q1 that exceeded expectations. This was driven by strong government CapEx and services, exports standing out against other parts of the world.

儘管如此，中國2023年5.2%和2024年4.5%的增長預測保持不變，而其他新興和發展中國家的增長預計將克服全球經濟整體放緩的影響。印度需求強勁，一季度GDP高增長超出預期，價格上漲幅度為今年以來最大。這是由強勁的政府資本支出和服務以及出口相對於世界其他地區脫穎而出所推動的。

Despite the general global slowdown, the US economy is focused to moderately grow by 1.8%, which compared to the previous IMF growth focus of 1.6%, seems to suggest that US can potentially avoid the recession concerns in the second half of 2023.

儘管全球經濟普遍放緩，但美國經濟仍聚焦溫和增長1.8%，而此前IMF的增長重點為1.6%，似乎表明美國有可能在2023年下半年避免衰退擔憂。

However, the IMF seems to have allowed this growth projections for the US for 2024, down to 1% from its previous 1.1% growth forecast. On the other side of the world, the Russian economy is faring better than expected. We have revised the estimate of 1.5% for 2023 from just 0.7% previously, despite the effect of the sanctions with the Western financial markets and many export markets for Russian companies and commodities closed. Europe is slow and will continue to be slower than earlier predicted, with a near 0.9% growth in 2023, and 1.5% growth in 2024.

然而，國際貨幣基金組織似乎同意美國2024年的增長預測，從之前的1.1%增長預測下調至1%。在世界的另一邊，俄羅斯經濟的表現好於預期。儘管受到西方金融市場製裁的影響以及俄羅斯公司和商品的許多出口市場關閉，我們仍將 2023 年的增長率預測從之前的 0.7% 修正為 1.5%。歐洲增長緩慢，並將繼續慢於此前的預測，2023 年增長近 0.9%，2024 年增長 1.5%。

Finally, according to the IMF, the only important area is for shipping India, China and ASEAN-5 will all continue to grow at the rate between 4.5% to 6.3% during both 2023 and 2024, the graph suggesting the dry bulk cargo demand could hold up well. This view is reflected in the latest Clarksons forecast and despite the slightly slower overall global growth expectations, drybulk trade demand is expected to return to a steady growth of 3.3% this year and 2.4% in 2024. The drybulk trade growth is improving, driven by the far east and the geopolitical tensions, which boost tonne-mile growth.

最後，根據國際貨幣基金組織的數據，唯一重要的航運領域是印度、中國和東盟五國在2023 年和2024 年期間都將繼續以4.5% 至6.3% 的速度增長，該圖表表明幹散貨需求可能會增長。堅持住。這一觀點反映在克拉克森的最新預測中，儘管全球整體增長預期略有放緩，但乾散貨貿易需求預計今年將恢復3.3%的穩定增長，2024年將恢復2.4%的穩定增長。幹散貨貿易增長正在改善，推動因素包括：遠東和地緣政治緊張局勢促進了噸英里的增長。

Please turn to slide 10. The order book continues to fuel positive market sentiment as it remains one of the lowest in history. The order book as a percentage of total fleet as on July 2023 stands at just 7.4%. This suggests minimal fleet growth over the next two to three years, potentially leading to higher markets even when historically other demand grow. Additionally, over the next couple of years, environmental regulations could further influence supply growth even by forcing some vessels to retire or using the operational speed.

請翻至幻燈片 10。訂單簿繼續推動積極的市場情緒，因為它仍然是歷史最低水平之一。截至 2023 年 7 月，訂單量佔船隊總數的百分比僅為 7.4%。這表明未來兩到三年機隊增長極小，即使歷史上其他需求增長，也可能導致市場上漲。此外，在未來幾年，環境法規可能會進一步影響供應增長，甚至迫使一些船舶退役或使用運營速度。

Turning to slide 11. Let us now look into supply fundamentals in a little bit more detail. According to Clarksons latest report, new deliveries as a percentage of total fleet are expected to be 3.8% in 2023, 3% in 2024, and 2.4% in 2025. As of July '23, the total dry bulk vessel operating fleet was 13,350 vessels, but the actual fleet growth is expected to be lower than the aforementioned figures due to scrapping and slippage. 8% of the fleet is older than 20 years old and a good candidate for scrapping, especially if the market remains at current levels.

轉向幻燈片 11。現在讓我們更詳細地研究供應基本面。根據克拉克森的最新報告，預計2023年新交付量佔船隊總數的比例為3.8%，2024年為3%，2025年為2.4%。截至23年7月，幹散貨船運營船隊總數為13,350艘但由於報廢和滑移，實際船隊增長預計將低於上述數字。 8% 的機隊車齡超過 20 年，很可能報廢，特別是如果市場保持在當前水平的話。

Please turn to slide 12 to summarize our outlook for the dry bulk market. The dry bulk market drifted downwards for most of 2023 Q2, while geopolitical uncertainties remain. Weaker trends in key regions such as European coal imports and the Chinese real estate sector coupled with lower port congestion, which aids active supply contributed to this market weakness across the sector.

請參閱幻燈片 12，總結我們對乾散貨市場的展望。 2023 年第二季度的大部分時間裡，幹散貨市場持續下滑，地緣政治不確定性依然存在。歐洲煤炭進口和中國房地產行業等關鍵地區的趨勢疲軟，加上港口擁堵程度減輕，有助於供應活躍，導致整個行業市場疲軟。

Aside from lower port congestion [woes], slower speeds are moderating this active supply growth because newly introduced emission regulations will result in slower speeds. Also, the macroeconomic environment improved during the quarter as inflation started coming down in many countries around the world [and that is similar] to revise the economic outlook forecast upwards. Nevertheless, uncertainty remains over the scale and timing of potential market improvements with a range of scenarios surrounding key factors, including the global and Chinese economy as discussed and the aforementioned supply impacts from regulations.

除了減少港口擁堵[問題]之外，較慢的速度也正在減緩這種活躍的供應增長，因為新出台的排放法規將導致速度較慢。此外，隨著全球許多國家的通脹開始下降（類似的情況），本季度宏觀經濟環境有所改善，從而上調了經濟前景預測。儘管如此，潛在市場改善的規模和時間仍然存在不確定性，圍繞關鍵因素的一系列情景，包括所討論的全球和中國經濟以及上述監管對供應的影響。

On balance though, some improvement in earnings is expected to materialize in the coming quarters as supply demand fundamentals appear more balanced for the remainder of 2023.

但總的來說，隨著 2023 年剩餘時間供需基本面似乎更加平衡，預計未來幾個季度盈利將有所改善。

We drive trade volumes up, especially for iron ore and coal and the modest casual fleet growth on the supply side, we would expect that we will have a strong foundation for rates to increase further in 2024, provided the global economy continues to grow as per recent analyst focus.

我們推動貿易量增加，特別是鐵礦石和煤炭貿易量，以及供應方面休閒船隊的適度增長，我們預計，只要全球經濟按照最近分析師關注的焦點。

Let us now turn to slide 13. The left side of the slide shows the evolution of one year time charter rates of Panamax dry bulk vessels since 2002. As of August 4, the one year time charter rate for a Panamax vessel with a capacity of 75,000 deadweight tonne, stood at $10,725 per day, lower than the median.

現在讓我們轉向幻燈片13。幻燈片左側顯示了自2002 年以來巴拿馬型乾散貨船一年期租船費率的演變。截至8 月4 日，巴拿馬型乾散貨船一年期租船費率75,000 載重噸，每日 10,725 美元，低於中位數。

On the other hand, you can see the historical price range for a 10-year old Panamax vessel which has a current price of $21.5 million. Over the past year, dry bulk prices have been gradually coming down from the previous high levels, yet they are still higher than historical average and median prices. The different development of vessel prices and market rate has become [the part of the reflection].

另一方面，您可以查看一艘已有 10 年船齡的巴拿馬型船舶的歷史價格範圍，其當前價格為 2150 萬美元。過去一年來，幹散貨價格從前期高位逐步回落，但仍高於歷史平均價格和中位價格。船價和市場運價的不同發展成為[反思的一部分]。

The former remained at relatively high levels, while charter rates have declined significantly. As prices have started to retreat, we are conservatively positioning the company to take advantage of a probable improvement in rates in the following quarters. Our strong balance sheet will continue to be used to further stock repurchases and potential vessel acquisitions.

前者仍保持在較高水平，而包機費率則大幅下降。隨著價格開始回落，我們對公司持保守態度，以利用接下來幾個季度利率可能改善的機會。我們強大的資產負債表將繼續用於進一步股票回購和潛在的船舶收購。

Let me now pass the floor over to our CFO, Tasos, to go over various financial highlights in more detail. Tasos, the floor is yours.

現在讓我請我們的首席財務官 Tasos 更詳細地介紹各種財務亮點。塔索斯，地板是你的。

Thank you very much, Aristides. Good morning from me as well, ladies and gentlemen. Over the next four slides, I will give you an overview of our financial highlights for the second quarter and first half of 2023 in comparison to the same periods of last year. Let's turn to slide 15.

非常感謝你，阿里斯蒂德斯。女士們、先生們，我也早上好。在接下來的四張幻燈片中，我將向您概述 2023 年第二季度和上半年與去年同期相比的財務亮點。讓我們翻到幻燈片 15。

For the second quarter of 2023, the company reported total net revenues of $10.3 million, representing a 50.7% decrease over total net revenues of $21 million during the second quarter of last year, which -- the decrease was mainly the result of the lower time charter rates or vessel served during the second quarter of this year compared to last. And [secondly], the increase of idle period of the vessel Good Heart as Aristides mentioned earlier.

2023 年第二季度，該公司報告的總淨收入為 1030 萬美元，比去年第二季度的總淨收入 2100 萬美元下降了 50.7%，下降的主要原因是時間較低與去年相比，今年第二季度的租船費率或船舶服務情況。 [其次]，正如阿里斯蒂德斯之前提到的，“好心”號船隻閒置時間的增加。

The company reported net loss for the period of $1.2 million as compared to a net income of $10.6 million for the same period in the second quarter of last year. Interest and other financing costs for the second quarter of 2023 amounted to $1.4 million compared to $0.8 million for the same period of 2022.

該公司報告期內淨虧損 120 萬美元，而去年第二季度同期淨收入為 1060 萬美元。 2023 年第二季度的利息和其他融資成本為 140 萬美元，而 2022 年同期為 80 萬美元。

Interest expense during the second quarter of this year was primarily mainly due to the increased amount of debt that we carry and the increased LIBOR and SOFR rates, our loans debt over the period compared to last year. Interest income for the second quarter of this year stood at about $140,000 compared to practically no interest income during the same period of 2022. Adjusted EBITDA for the second quarter of 2023 was $2.5 million compared to $13.7 million during the second quarter 2022.

今年第二季度的利息支出主要是由於我們的債務金額增加，以及與去年同期相比，LIBOR 和 SOFR 利率以及我們的貸款債務增加。今年第二季度的利息收入約為 14 萬美元，而 2022 年同期幾乎沒有利息收入。2023 年第二季度調整後 EBITDA 為 250 萬美元，而 2022 年第二季度為 1,370 萬美元。

Basic and diluted loss per share for the second quarter of 2023 was $0.43, calculated on about 2.76 million weighted average number of shares outstanding compared to earnings per share of $3.66 basic and $3.61 diluted completed to about 2.9 million worth average number of shares outstanding for the second quarter of 2022.

2023 年第二季度的基本和稀釋每股虧損為0.43 美元，按加權平均已發行股票數計算，約為276 萬股，而基本每股收益為3.66 美元，稀釋後每股收益為3.61 美元，2023年第二季度的平均已發行股票數約為290 萬股。 2022 年第二季度。

Excluding the effect on the loss of the unrealized gain on derivatives, the adjusted loss for the quarter ended June 30, 2023, which has been $0.48 per share base and diluted, compared to the second quarter of 2022, where we will have $3.43 basic and $3.38 diluted income per share respectively. Usually secured channels do not include the unrealized part of the earnings in the [published] segment, and that's why we adjust our results as well.

不包括衍生品未實現收益損失的影響，截至2023 年6 月30 日的季度調整後虧損為每股0.48 美元，基礎和稀釋後每股虧損為0.48 美元，而2022 年第二季度我們的基本和稀釋每股收益為3.43 美元。稀釋後每股收益分別為 3.38 美元。通常，安全渠道不包括[已發布]細分市場中未實現的收入部分，這也是我們調整結果的原因。

Let's now look as the number for the corresponding six-month periods ending June 30, 2023, and 2022. For the first half of this year, the company reported total net revenues of $21.7 million, representing a 44.8% decrease over total net revenues of $39.3 million during the first half of 2022, which again the result of lower time charter rates our vessels during the first half of this year. The company reported net loss for the period of $2.7 million as compared to a net income of $21.1 million during the first half of 2022.

現在讓我們看一下截至2023 年6 月30 日和2022 年6 月30 日的相應六個月期間的數字。今年上半年，該公司報告的總淨收入為2170 萬美元，比2022 年6 月30日的總淨收入下降了44.8%。 2022 年上半年我們的租金為 3,930 萬美元，這又是由於今年上半年我們的船舶定期租船費率較低的結果。該公司報告期內淨虧損 270 萬美元，而 2022 年上半年淨利潤為 2110 萬美元。

Interest and other financing costs for the first half of 2023 amounted to $2.9 million (sic - see Presentation, "2.49") compared to $1.4 million for the same period of last year. This increase, again, is mainly due to the increased amount of debt, we can eliminate the increase in the benchmark rates or launch set to pay compared to the same period of the previous year.

2023 年上半年的利息和其他融資成本達 290 萬美元（原文如此 - 參見演示文稿，“2.49”），而去年同期為 140 萬美元。同樣，這一增長主要是由於債務金額的增加，我們可以消除基準利率的增加或推出設定支付與上年同期相比。

For this period as well, we get interest income, which amounted to almost $0.4 million compared to practically no interest income during the same period of 2022. Adjusted EBITDA for the first half of this year was $4.8 million compared to $26.4 million achieved during the first half of 2022. Basic and diluted loss per share for the first half of this year was $0.98, calculated on 2.8 million base diluted weighted average number of shares outstanding, compared to gain of $7.35 basic and $7.25 diluted for the same period, for the six months of 2022.

在此期間，我們也獲得了近 40 萬美元的利息收入，而 2022 年同期幾乎沒有利息收入。今年上半年調整後的 EBITDA 為 480 萬美元，而上半年的調整後 EBITDA 為 2640 萬美元。 2022年上半年的每股基本和稀釋虧損為0.98 美元，按280 萬股稀釋後已發行股票的加權平均數計算，而同期基本盈利和稀釋後盈利分別為7.35 美元和7.25 美元。 2022 年的幾個月。

Again, we will exclude the effect of the loss for the first half of this year, the unrealized loss of derivatives, the adjusted loss attributable to common shareholders for the six months year ended June 30, 2023, would have been $0.33 basic and diluted, as compared to a gain of $6.77 basic and $6.68 diluted for the first half of 2022.

同樣，我們將排除今年上半年虧損、衍生品未實現虧損、截至 2023 年 6 月 30 日止六個月的普通股股東調整後虧損的影響，基本和稀釋後的虧損將為 0.33 美元，相比之下，2022 年上半年基本收益為6.77 美元，稀釋收益為6.68 美元。

Let's now move to slide 16 to review our fleet performance. As usual, we will start our review by looking at our fleet utilization rates for the second quarter of 2023 and compare it to the second quarter of 2022. Our fleet utilization rate is broken down to commercial and operations.

現在讓我們轉到幻燈片 16 來回顧一下我們的機隊表現。與往常一樣，我們將首先查看 2023 年第二季度的機隊利用率，並將其與 2022 年第二季度進行比較。我們的機隊利用率分為商業和運營。

During the second quarter of 2023, our commercial utilization rate was 98.3%, while our operational utilization rate was 95% compared to 99.4% commercial and 99% operational for the second quarter of last year. On average, 10 vessels were owned and operated during the second quarter of 2023, earning a time charter equivalent rate of $12,179 per day compared to 10.79 vessels that we own and operated during the second quarter of last year, [earning equivalent rate] almost twice as much, $23,490 per vessel per day.

2023 年第二季度，我們的商業利用率為 98.3%，運營利用率為 95%，而去年第二季度商業利用率為 99.4%，運營利用率為 99%。平均而言，我們在2023 年第二季度擁有和運營10 艘船舶，每天賺取12,179 美元的定期租船等值費率，而我們去年第二季度擁有和運營的10.79 艘船舶，[賺取等值費率]幾乎是兩倍每艘船每天 23,490 美元。

Our total daily operating expenses including management fees, averaged $6,780 per vessel per day during the second quarter of this year compared to $5,867 per vessel per day for the second quarter of 2022. General and administrative expenses expressed on a per vessel basis amounted to $876 for the second quarter of 2023 compared to $695 for the second quarter of last year.

我們的日常總運營費用（包括管理費）在今年第二季度平均為每艘船每天6,780 美元，而2022 年第二季度每艘船每天為5,867 美元。按每艘船計算的一般和管理費用為876 美元。 2023 年第二季度的銷售額為 695 美元，而去年第二季度為 695 美元。

If we move further down in this table, we can see the cash flow breakeven level, which we had to pay for the second quarter of this year, and which takes into account drydocking expenses, interest expenses, loan repayments and dividends is paid in cash. We had no dividends for this period. Thus, for the second quarter of 2023, our daily cash flow breakeven rate was $14,120 (sic - see presentation, "14,128") per vessel per day compared to 11,980 per vessel per day for the same period of the last year.

如果我們在這張表中進一步向下移動，我們可以看到我們今年第二季度必須支付的現金流盈虧平衡水平，其中考慮了乾船塢費用、利息費用、貸款償還和以現金支付的股息。在此期間我們沒有股息。因此，2023 年第二季度，我們的每日現金流盈虧平衡率為每艘船每天 14,120 美元（原文如此 - 參見演示文稿，“14,128”），而去年同期為每艘船每天 11,980 美元。

Now let's go to the right part of this table to look at the figures for the first half of 2023 and compare them with the equivalent period of last year. During the first half of 2023, our commercial utilization rate was 99%, and our operational utilization rate was 99.7%, compared to 97.4% commercial, and 99.3% operational for the same period of last year. On average, 10 vessels were owned and operated during the first half of the year, having a time charter equivalent rate of $11,393 per vessel per day, compared to 10.17 vessels we operated during the same period of 2022 and on average, $24,025 per vessel per day.

現在我們到這個表的右邊看一下2023年上半年的數據，並與去年同期進行比較。 2023年上半年，我們的商業利用率為99%，運營利用率為99.7%，而去年同期商業利用率為97.4%，運營利用率為99.3%。今年上半年，我們平均擁有和運營 10 艘船舶，期租等值費率為每艘船每天 11,393 美元，而 2022 年同期我們運營著 10.17 艘船，平均每艘船每天 24,025 美元。天。

Our vessel operating expenses, again, including management fees were $6,424 per vessel per day for the first half of '23, from $5,806 per vessel per day for the same period of last year. And G&A expenses again expressed on a third day per vessel basis were $882 this year compared to $778 for the first six months of 2022. Similarly, looking at the bottom of this table, we can see the cash flow breakeven rate for the first half of 2023, which, as I mentioned before operations are from drydocking expenses, interest expenses, and loan repayments.

2023 年上半年，我們的船舶運營費用（包括管理費）為每艘船每天 6,424 美元，而去年同期為每艘船每天 5,806 美元。今年每艘船第三天的一般管理費用為 882 美元，而 2022 年前六個月為 778 美元。同樣，查看此表的底部，我們可以看到 2022 年上半年的現金流盈虧平衡率。 2023年，正如我之前提到的，運營費用來自乾塢費用、利息費用和貸款償還。

In 2023, we had $13,661 per vessel per day compared to $12,387 per vessel per day for the same period of last year, as we paid higher operating, dry docking and interest expenses, partly offset by lower loan repayments. Let's now turn to the next slide, slide 17 to review our debt profile. As of June 30, 2023, we had outstanding bank debt of about $78 million. Looking at the chart on the top of the slide, you can see that our debt repayments during the first half of this year amounted to about $17.8 million, including a balloon payment, which was subsequently refinanced with $5.7 million scheduled for the second half of 2023.

2023 年，我們每艘船每天的收入為13,661 美元，而去年同期每艘船每天為12,387 美元，因為我們支付了更高的運營、幹塢和利息費用，部分被較低的貸款償還額所抵消。現在讓我們翻到下一張幻燈片（幻燈片 17）來回顧我們的債務狀況。截至 2023 年 6 月 30 日，我們的未償銀行債務約為 7800 萬美元。查看幻燈片頂部的圖表，您可以看到我們今年上半年的債務償還額約為 1780 萬美元，其中包括一筆大額付款，隨後計劃於 2023 年下半年再融資 570 萬美元。

In 2024, our debt repayments are set to decrease to $9.7 million, excluding any balloon payments, followed by the further decrease down to $6.7 and $6 million in 2025 and 2026, respectively. As of June 30, 2023, the average margin on our debt is about 2.64%, in which we had the SOFR rate of 3.37% (sic - see Presentation, "5.37") [in the] portion of our debt covered by our interest swaps, swaps contracts, we estimate that the total cost of our senior debt at the end of the quarter growth is about 7.7%. At the bottom of this table, we can see our projected cash flow breakeven rate for the next 12 months, blocking down to its various components. Overall, we expect the customer breakeven level of around $12,816 per vessel per day.

到 2024 年，我們的債務償還額將減少至 970 萬美元（不包括任何巨額付款），隨後在 2025 年和 2026 年分別進一步減少至 6.7 美元和 600 萬美元。截至 2023 年 6 月 30 日，我們債務的平均利潤率約為 2.64%，其中我們的利息覆蓋的債務部分的 SOFR 率為 3.37%（原文如此 - 參見演示文稿“5.37”）掉期，掉期合約，我們估計我們的優先債務總成本在季度末增長約為7.7%。在此表的底部，我們可以看到未來 12 個月的預計現金流盈虧平衡率（包括各個組成部分）。總體而言，我們預計客戶盈虧平衡水平約為每艘船每天 12,816 美元。

In the same chart in the middle, you can see our EBITDA breakeven rate, which includes our operating expenses, G&A expenses and drydocking costs, and we expect about $8,139 per vessel per day. Let's now move to the next slide, slide 18, the last slide of my brief overview of financial results. You can see in this slide some highlights from our balance sheet in a simplified way.

在中間的同一張圖表中，您可以看到我們的 EBITDA 盈虧平衡率，其中包括我們的運營費用、一般管理費用和乾塢費用，我們預計每艘船每天約為 8,139 美元。現在讓我們轉到下一張幻燈片，即幻燈片 18，這是我對財務業績簡要概述的最後一張幻燈片。您可以在這張幻燈片中以簡化的方式看到我們資產負債表中的一些亮點。

As of June 30, 2023, cash and other assets stood in our balance sheet at about $48.6 million. The book value of our vessels was approximately $144 million, resulting in a total book value of our assets of about $192.6 million. On our liability side, our debt as of June 30, 2023, as I mentioned earlier, was around $78 million, representing 54.2% of the book value of our assets, while other liabilities amounted to $4.1 million (sic - see Presentation, "4.5") or 2.7% (sic - see Presentation, "3.1") of the book value of our assets, which in turn resulted in book shareholders' equity of about $110.7 million, translating to $39.1 per share.

截至 2023 年 6 月 30 日，我們資產負債表中的現金和其他資產約為 4860 萬美元。我們船舶的賬面價值約為 1.44 億美元，因此我們資產的總賬面價值約為 1.926 億美元。在我們的負債方面，正如我之前提到的，截至2023 年6 月30 日，我們的債務約為7800 萬美元，占我們資產賬面價值的54.2%，而其他負債達410 萬美元（原文如此-參見演示文稿，“4.5”） ”）或我們資產賬面價值的 2.7%（原文如此 - 參見演示文稿“3.1”），這反過來導致賬面股東權益約為 1.107 億美元，折合每股 39.1 美元。

However, based on our own estimates and market transactions, we estimate that the market value of our vessels was above their book value and stood at about $173 million, suggesting that our NAV per share to be in excess of $49 per share.

然而，根據我們自己的估計和市場交易，我們估計我們船舶的市場價值高於其賬面價值，約為 1.73 億美元，這表明我們的每股資產淨值超過每股 49 美元。

Recently, our share price is trading around $14, thus representing a steep discount to our net asset value, which in terms of debt, significant appreciation potential for our shareholders and investors. And with that, I conclude my remarks, and I turn the floor back to Aristides to continue the call.

最近，我們的股價約為 14 美元，因此我們的資產淨值大幅折扣，就債務而言，我們的股東和投資者俱有巨大的升值潛力。我的發言到此結束，然後請阿里斯蒂德斯繼續通話。

Thank you, Tasos. I now open up the floor for any questions we may have.

謝謝你，塔索斯。現在我請大家回答我們可能提出的任何問題。

(Operator Instructions) Tate Sullivan, Maxim Group.

（操作員說明）Tate Sullivan，Maxim Group。

Thank you. Good day. You mentioned a strong foundation for higher rates and positioning the fleet. Is that mainly moving off of more FFAs? Are you repositioning ships? Or what did you imply by that?

謝謝。再會。您提到了提高費率和定位機隊的堅實基礎。這主要是為了擺脫更多的FFA嗎？您正在重新定位船隻嗎？或者說你這句話暗示了什麼？

First of all, mainly we are trading our ships spot at this stage because freight rates are low in anticipation of higher freight rates. So we will be able to capture the market. Of course, we are not taking out any FFAs to hedge the positions at these levels. We are really preparing ourselves to be ready to capitalize on the strengthened market if that happens.

首先，現階段我們主要進行船舶現貨交易，因為預計運價將會上漲，因此運價較低。這樣我們就能佔領市場。當然，我們不會拿出任何FFA來對沖這些水平的頭寸。如果發生這種情況，我們確實做好了充分準備，以利用市場走強的機會。

And you gave a lot of detail on the Good Heart and the MARPOL violation. Did that possibly reflect more stringent regulations in that specific port? Or can you give detail to start there, please? And was that the first MARPOL violation for your fleet (inaudible)?

您提供了有關“好心號”和《防污公約》違規行為的大量細節。這是否可能反映了該特定港口更嚴格的規定？或者您能提供詳細信息嗎？這是您的船隊第一次違反《防污公約》嗎（聽不清）？

Yes. I spend some time on it because it was a relatively big incident. The vessel was out of service for 48 days for us, and we incurred a few expenses there, and it was one of the reasons -- probably the main reason why we didn't have a profitable quarter as we thought we would have had despite the two dry dockings that we had during this quarter. So that's why I spent some more time on that.

是的。我花了一些時間在這上面，因為這是一個比較大的事件。這艘船對我們來說停運了 48 天，我們在那裡產生了一些費用，這是原因之一 - 可能是我們沒有實現我們認為本可以實現的季度盈利的主要原因我們在本季度進行的兩次幹船塢。這就是為什麼我花了更多時間在這上面。

There has been no specific allegation of any wrongdoing, but it might come. But we are insured for that. I don't think it reflects any significant change in anything. It was just an unfortunate incident that may happen and happened during this instance.

目前還沒有針對任何不當行為的具體指控，但這種情況可能會發生。但我們對此有保險。我認為這並沒有反映出任何重大變化。這只是在這種情況下可能發生並發生的不幸事件。

What did the commentary about future -- the potential future $2 million payments reflect? And did you say you posted a reserve of $500,000 for that? And does insurance cover if that -- is the amount of $2 million? Can you put some context to those numbers?

關於未來（未來可能支付 200 萬美元）的評論反映了什麼？您是否說過為此預留了 500,000 美元的儲備金？如果是 200 萬美元，保險是否承保？您能為這些數字提供一些背景信息嗎？

Sure. We had to post a guarantee for $2 million for EuroDry and for $2 million for the former manager. So it's essentially a guarantee for $4 million, which is, by far, the maximum amount that we may need to pay if we are -- (multiple speakers) if indeed that has occurred, and [resolved to be] with the Department of Justice. So this is a maximum that would be payable.

當然。我們必須為 EuroDry 提供 200 萬美元的擔保，為前任經理提供 200 萬美元的擔保。因此，這本質上是 400 萬美元的保證，這是迄今為止我們可能需要支付的最高金額，如果我們——（多位發言者）如果確實發生了這種情況，並且 [決定] 與司法部。所以這是應付的最高限額。

In previous instances that we have seen in the past, amounts up to $1.5 million have been paid for that -- for similar things. We think that this will be covered by insurance. There will be some costs that will not be covered by insurance, which is why we have agreed to put up a reserve on our accounts to take a provision for $500,000. We don't expect that we will need to pay anything in excess of that.

在我們過去見過的案例中，類似的事情已經支付了高達 150 萬美元的費用。我們認為這將由保險承保。有些費用是保險無法承保的，因此我們同意在我們的賬戶上設立 500,000 美元的準備金。我們預計不需要支付超過此金額的任何費用。

Okay. And then, I mean, with the cash breakeven level, I mean, just my last on that point of -- you said around 14,000, that number excluding the Good Heart? I mean, would it been closer to 12, 12.5, do you have that number handy here. Maybe we can take it offline.

好的。然後，我的意思是，就現金收支平衡水平而言，我的意思是，這只是我最後的一點——你說的是 14,000 左右，這個數字不包括“好心”？我的意思是，是否更接近 12、12.5，你手邊有這個數字嗎？也許我們可以讓它離線。

[Breakeven number for that quarter] -- that number, the cash breakeven includes loan repayments and everything.

[該季度的盈虧平衡數字]——這個數字，現金盈虧平衡包括貸款償還和一切。

It includes a bit of elevated expenses from Good Heart.

其中包括來自 Good Heart 的一些高額費用。

Okay. I'll back into that. And then on the potential slow steaming, I mean you mentioned energy efficient, existing ship index, EEXI, the CII carbon intensity indicator rating and then maybe some changes with the EU carbon tax going forward. Has there been any -- are you preparing for any potential -- I mean, financial situations with any of those regulations? Or anybody experienced any financial implications or could they in the fleet? And maybe it's a topic for an offline discussion as well.

好的。我會回到那個。然後關於潛在的慢航，我的意思是您提到了能源效率、現有船舶指數、EEXI、CII 碳強度指標評級，然後可能是歐盟碳稅的一些變化。我的意思是，是否存在任何潛在的財務狀況與這些法規有關？或者有人經歷過任何財務影響，或者他們在車隊中可能經歷過任何財務影響嗎？也許這也是一個離線討論的話題。

Yes. No, this is a nice topic for a general discussion. Very briefly, the EU ETS regulation that will come in the effect as of next year will affect financially the charterers mainly that wants to bring goods into Europe or out of Europe. So it won't really affect us in particular, it will affect Europe. The other regulations, the main effects that they will have is that they will result in us needing to [speed] go at lower speeds.

是的。不，這是一個適合一般性討論的好話題。簡而言之，將於明年生效的歐盟排放交易體係法規將對主要希望將貨物運入歐洲或運出歐洲的承租人產生財務影響。所以它不會真正影響我們，特別是它會影響歐洲。其他法規的主要影響是，它們將導致我們需要以較低的速度行駛。

If ships go at lower speeds is a positive, obviously, for the market because it effectively reduces supply vessels. Of course, all companies are taking measures to try and reduce the carbon footprint, and we are doing the same. This is done through some modifications that one can do on the vessel. This is done through technological developments, use of digitalization and things like that.

如果船舶以較低的速度行駛，顯然對市場來說是積極的，因為它有效地減少了補給船。當然，所有公司都在採取措施嘗試減少碳足跡，我們也在做同樣的事情。這是通過對船隻進行一些修改來完成的。這是通過技術發展、數字化的使用等來實現的。

Thank you for all the comments. Have a good rest of the day.

感謝您的所有評論。好好休息一天吧。

(Operator Instructions) Kristoffer Skeie, Arctic Securities.

（操作員指令）Kristoffer Skeie，北極證券。

Hello gentlemen. Thanks a lot for running through the market, and I appreciate all the colors on the numbers. Just want to sort of first touch upon the market. What do you see as a sort of near-term catalyst for any improvement in the rates? It seems like it's a bit sluggish and not that directional currently. Do you believe that we might see any revival of congestion during second half? I mean you've seen the Panama Canal, the restrictions there have led to some improvement, at least for the container liners now, do you think that will make [sure] for the drybulk vessels as well?

先生們好。非常感謝您瀏覽市場，我很欣賞數字上的所有顏色。只是想先接觸一下市場。您認為什麼是利率改善的近期催化劑？目前看來，它有點遲緩，而且沒有那麼大的方向。您認為下半年擁堵情況可能會再次出現嗎？我的意思是，您已經看到了巴拿馬運河，那裡的限制已經帶來了一些改善，至少對於現在的集裝箱班輪來說，您認為這也會對乾散貨船產生影響嗎？

I think that congestion has been extremely little during the last couple of months, abnormally little. There are bound to be effects, I think that will increase it. Also, there is historically an increase in the demand for certain cargoes during the third quarter and the fourth quarter.

我認為過去幾個月擁堵情況非常少，少得不正常。肯定會有影響，我認為這會增加它。此外，從歷史上看，第三季度和第四季度某些貨物的需求有所增加。

So this historical increase, I think, will happen again. And we are coming out of the seasonally quiet period. Thus, we think that we will see improving rates. But as I said, there are various conflicting views now and possibilities that can happen. So it's really difficult to call the market at this stage.

所以我認為這種歷史性的增長將會再次發生。我們正在走出季節性淡季。因此，我們認為我們將會看到利率的提高。但正如我所說，現在存在各種相互衝突的觀點和可能發生的可能性。所以說現階段市場確實很難打電話。

Thank you. And with regards to that, I mean, you have had this great overview over one year time charter rate versus asset values. It seems like values are disconnected now from rates. What's your view on that? I mean, you touched upon it, but do you believe that values are set to come down or that's not a big disconnect, it typically don't last that long that is my experience.

謝謝。就這一點而言，我的意思是，您已經對一年期租船費率與資產價值進行了很好的概述。看來價值現在與利率脫節了。您對此有何看法？我的意思是，你談到了它，但你是否相信價值觀會下降，或者這不是一個很大的脫節，它通常不會持續那麼久，這是我的經驗。

Yes. You're absolutely right. That's why one has to be by the values have to drop significantly for charter rates to improve further. Currently, charter rates are not improving. So we have started to see values dropping a little bit. We will have to see how this whole thing plays out. But the values during this last month in July did see some headwinds and they draw -- and they are on a dropping mode. We will have to see what will happen.

是的。你是絕對正確的。這就是為什麼租船費率必須大幅下降才能進一步提高。目前，包機費率沒有改善。所以我們開始看到價值略有下降。我們必須看看整個事情如何發展。但七月最後一個月的價格確實遇到了一些阻力，並且它們處於下降狀態。我們必須看看會發生什麼。

There is an expectation by most owners that because of the very low order book at some point when demand picks up, we should see a significant revival in charter rates. I think this is a valid expectation.

大多數船東預計，由於需求回升時訂單量非常低，我們應該會看到租船費率大幅回升。我認為這是一個合理的期望。

Yeah. I totally agree. And I mean, with regards to -- I mean, you have '24 and '25 and a growth that looks extremely promising. So it should provide sort of a backdrop in terms of asset values. And with that in mind, how do you consider share buybacks compared to vessel acquisitions?

是的。我完全同意。我的意思是，關於——我的意思是，你有'24和'25，而且增長看起來非常有希望。因此，它應該為資產價值提供某種背景。考慮到這一點，與船舶收購相比，您如何看待股票回購？

Vessel acquisition is something that we are -- yes, I'll tell you. I think I know where you're going. Vessel acquisitions, we will -- we are considering at this stage because the company -- I think that if prices drop a little bit, we will be able to see profitable projects in the market. But still one of the most profitable projects is to buy back our own stock, which is trading at such a significant discount to our NAV. So definitely, we will continue the process of purchasing stock. And we are looking at the possibility of maybe acquiring one more vessel.

船舶收購是我們的工作——是的，我會告訴你。我想我知道你要去哪裡。船舶收購，我們將——我們現階段正在考慮，因為公司——我認為如果價格稍微下降，我們將能夠在市場上看到有利可圖的項目。但最賺錢的項目之一仍然是回購我們自己的股票，該股票的交易價格比我們的資產淨值大幅折扣。因此，我們肯定會繼續購買庫存的過程。我們正在考慮再購買一艘船隻的可能性。

Thank you. That's all from me. Thanks a lot.

謝謝。這就是我的全部。多謝。

Thank you. (Operator Instructions) There are no further questions at this time. I would now like to turn the floor back over to Aristides for closing comments.

謝謝。 （操作員說明） 目前沒有其他問題。我現在想把發言權轉回阿里斯蒂德斯以供結束評論。

Well, thank you all for listening in to our today's conference call. We will be back to you in three months' time. Enjoy the rest of the summer.

好的，感謝大家收聽我們今天的電話會議。我們將在三個月後回复您。享受夏天剩下的時光。

Thanks, everybody, for attending.

謝謝大家的出席。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。