EuroDry Ltd (EDRY) 2023 Q4 法說會逐字稿

Thank you for standing by, ladies and gentlemen, and welcome to the EuroDry Ltd. Conference Call on the Fourth Quarter of 2023 Financial Results.

女士們、先生們，感謝大家的支持，歡迎參加 EuroDry Ltd. 2023 年第四季財務業績電話會議。

We have with us today, Aristides Pittas, Chairman and Chief Executive Officer; and Mr. Tasos Aslidis, Chief Financial Officer of the company.

今天與我們在一起的還有董事長兼執行長阿里斯蒂德‧皮塔斯 (Aristides Pittas)；以及公司財務長 Tasos Aslidis 先生。

At this time, all participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session (Operator Instructions) I must advise you that this conference call is being recorded today, and please be reminded that the company announced, its results with a press release that has been publicly distributed.

此時，所有參與者都處於只聽模式。接下來將進行演示，然後進行問答環節（操作員說明） 我必須告知您，今天正在錄製本次電話會議，請注意，該公司通過已公開的新聞稿宣布了其結果分散式。

Before passing the floor over to Mr. Pittas, I would also like to remind everybody 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.

在請 Pittas 先生發言之前，我還想提醒大家，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涵義。所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 Number 2, of the webcast presentation, which has full forward-looking statement, and the same statement was also included in the press release. Please take a moment to go through the whole statement and read it.

請您注意網路廣播簡報的第 2 號投影片，其中包含完整的前瞻性聲明，新聞稿中也包含了相同的聲明。請花一點時間瀏覽並閱讀整個聲明。

And now I would like to pass the floor over to Mr. Pittas. Please go ahead, sir.

現在我想請皮塔斯先生發言。請繼續，先生。

Good morning, ladies and gentlemen, and thank you all for joining us today for our scheduled conference call.

早安，女士們、先生們，感謝大家今天參加我們預定的電話會議。

Together with me, I have Tasos Aslidis, our Chief Financial Officer. The purpose of today's call is to discuss our financial results for the three- and 12-months period ended December 31, 2023.

和我一起的還有我們的財務長 Tasos Aslidis。今天電話會議的目的是討論我們截至 2023 年 12 月 31 日的三個月和 12 個月的財務表現。

Please turn to Slide 3 of the presentation. Our financial results are shown here. For the fourth quarter of 2023, we reported total net revenues of $15.9 million, and net income attributable, to controlling shareholders of $0.3 million or $0.13 per basic and diluted share.

請參閱簡報的投影片 3。我們的財務表現如下所示。2023 年第四季度，我們報告的總淨收入為 1,590 萬美元，歸屬於控股股東的淨利潤為 30 萬美元，即每股基本股和稀釋股 0.13 美元。

Adjusted net income for the quarter was $1.9 million, or $0.70 per diluted share, mainly reflecting the contribution of FFA. Adjusted EBITDA for the period was $6.6 million. Please turn to the press release, for a full reconciliation of adjusted net income and adjusted EBITDA. Our CFO, Tasos Aslidis, will go over our financial highlights in more detail, later on in the presentation.

本季調整後淨利潤為 190 萬美元，即稀釋後每股收益 0.70 美元，主要反映了 FFA 的貢獻。該期間調整後 EBITDA 為 660 萬美元。請參閱新聞稿，以了解調整後淨利潤和調整後 EBITDA 的全面對帳。我們的財務長 Tasos Aslidis 將在稍後的演示中更詳細地介紹我們的財務亮點。

As of February 15, 2024, we had repurchased a total 273,120 shares of our common stock in the open market, for about $4.1 million, under our share repurchase plan of up to $10 million announced in August 2022, and extended for another year.

截至2024 年2 月15 日，根據2022 年8 月宣布的最高1,000 萬美元的股票回購計劃，我們已在公開市場回購了總計273,120 股普通股，回購金額約為410 萬美元，並延長了一年。

Please turn to Slide 4, for an overview of our sales and purchase chartering and operational highlights. On the chartering side, 11 of our 13 vessels are employed in short-term charters, whilst two vessels continue, to be employed under index-linked charters, until March 2024 and 2025, respectively, at 105.5% of the Average Baltic Kamsarmax five times charter index.

請參閱投影片 4，以了解我們的銷售和採購租船以及營運亮點的概述。在租船方面，我們的13 艘船舶中有11 艘用於短期租船，而兩艘船則繼續根據指數掛鉤租船進行租船，分別持續到2024 年3 月和2025 年3 月，達到波羅的海Kamsarmax 平均值的105.5%，五倍包機索引。

You can see the specifics of the various charters, we fixed in the accompanying presentation. There were no dry dockings repairs, or commercial off-hire time during the quarter. Our chartering strategy is largely driven by the market. We plan to continue with the same short-term charter strategy, until rates climb to levels that induce us to take more time charter cover or hedged through FFAs.

您可以看到我們在隨附的簡報中修復的各種章程的具體細節。本季沒有乾船塢維修或商業停租時間。我們的租船策略很大程度上是由市場驅動的。我們計劃繼續採用相同的短期租船策略，直到費率攀升至促使我們採取更多期租租賃或透過 FFA 對沖的水平。

Please turn to Slide 5. EuroDry's fleet consists of 13 vessels, including five Panamax, five Ultramax, two Kamsarmax and one Supramax drybulk carrier. EuroDry 13 drybulk carriers have a total current capacity, of approximately 920,000 deadweight, and an average age of 13.5 years.

請翻到投影片 5。EuroDry 的船隊由13 艘船舶組成，其中包括五艘巴拿馬型乾散裝貨船、五艘超靈便型乾散貨船、兩艘卡姆薩爾型乾散貨船和一艘超靈便型乾散貨船。EuroDry 13 艘乾散裝貨船目前總運力約 92 萬載重噸，平均船齡為 13.5 年。

I'd like to remind you that during the quarter, as previously announced and mentioned in our last earnings call, EuroDry has a 61% ownership of the entities that own Motor versus Christos K, and Maria K. The remaining 39% being owned, by owners represented by NRP Project Finance. Otherwise, refers to as the NRP investors.

我想提醒您，在本季度，正如我們之前宣布並在上次財報電話會議中提到的，EuroDry 擁有 Motor 與 Christos K 和 Maria K 等實體的 61% 所有權。 Project Finance 代表的業主負責。否則，稱為 NRP 投資者。

Please turn to Slide 6, which depicts our fleet employment graphically. As you can see, we practically have no cover after the current quarter. In Q1, we are very little exposed to the market, especially if we factor in FFAs. We have sold 90 days of FFA contracts for the equivalent of one Supramax vessel, and the 180 days of FFA contracts were the equivalent of two Panamax vessels, three ships equivalent in total. In the first quarter of 2024, at $10,000, $10,100 and $10,675 per day, respectively. Overall, we expect to be around breakeven rates in Q1.

請參閱投影片 6，它以圖形方式描述了我們的車隊使用情況。正如您所看到的，本季之後我們實際上沒有任何保障。在第一季度，我們對市場的曝險很小，特別是如果我們考慮FFA的話。我們已售出90天的FFA合約相當於一艘超靈便型船，180天的FFA合約相當於兩艘巴拿馬型船，總共相當於三艘船。2024 年第一季度，分別為每天 10,000 美元、10,100 美元和 10,675 美元。總體而言，我們預計第一季將達到損益平衡點。

Turning on to Slide 7. We go over the market highlights for the fourth quarter ended December 31, 2023, and up until recently. The average spot market rates for Panamaxes was hovering at around $15,000 per day in the fourth quarter of 2023. By year-end, spot rates rose to approximately $16,200 per day, reflecting amongst others, the effect of the Panama Canal drought.

開啟幻燈片 7。我們回顧了截至 2023 年 12 月 31 日的第四季度以及截至最近的市場亮點。2023 年第四季度，巴拿馬型船的平均現貨市場價格徘徊在每天約 15,000 美元。到年底，即期匯率升至每天約 16,200 美元，這反映出巴拿馬運河乾旱的影響。

Despite the Red Sea disruptions that ensued, they have since dropped, reflecting seasonal trends, the Chinese New Year, and the software activity in the Pacific. The one-year time charter rate, for Panamaxes averaged around $13,400 per day during the fourth quarter, rising to $14,350 by year-end.

儘管隨後發生了紅海幹擾，但此後其數量有所下降，這反映了季節性趨勢、中國新年和太平洋地區的軟體活動。第四季巴拿馬型船的一年期定期租船費率平均約為每天 13,400 美元，到年底升至 14,350 美元。

Contrary to spot rates, though one-year time charter rates have increased to $15,275 per day as of February 9, reflecting the rising confidence that, the market is bound to strengthen, as the global growth gains, steam ahead, and the effects of the Red Sea disruptions, become not pronounced.

與即期租船費率相反，儘管截至2 月9 日，一年期租船費率已升至每天15,275 美元，這反映出人們越來越有信心，隨著全球經濟成長的加速、前進以及經濟復甦的影響，市場必將走強。

Please now turn to Slide 9. With its latest update in January 2024, the IMF raised its forecast for global growth, compared to October 2023 outlook, from 2.9% to 3.1% for 2024 and 3.2% for 2025. As a result of greater-than-expected resilience in the United States and fiscal support of China. We expect to see this recovery, although the ITF also warns of risks from wars and inflation.

現在請翻到投影片 9。在 2024 年 1 月的最新更新中，國際貨幣基金組織將 2024 年全球經濟成長預測從 2.9% 上調至 3.1%，2025 年成長 3.2%，較 2023 年 10 月的預測上調。由於美國的韌性超出預期以及中國的財政支持。儘管 ITF 也警告戰爭和通貨膨脹的風險，但我們預計會看到這種復甦。

The forecast for 2024 and 2025 is, however, still below the historical average of the last 10 years of 3.8%. With elevated strength Central Bank policy rates, to fight inflation, a withdrawal of fiscal support amid high debt weighing on economy activity, and low underlying productivity growth. Inflation is falling faster than expected, in most regions. In the midst of unwinding supply side issues, and restrictive monetary policy.

然而，對 2024 年和 2025 年的預測仍低於過去 10 年 3.8% 的歷史平均值。隨著央行為了對抗通膨而提高政策利率，在高債務拖累經濟活動的情況下撤回財政支持，以及潛在生產力成長較低。大多數地區的通膨下降速度快於預期。在供給側問題緩解和限制性貨幣政策之中。

Global headline inflation is expected to fall to 5.8% in 2024, and to 4.4% in 2025, with the 2025 forecast having been revised down. With this inflation on steady growth, the likelihood of a hard landing has receded and risks to global growth are broadly balanced. However, new commodity price spikes from geopolitical shocks, including continued attacks in the Red Sea and supply disruptions, or more persistent underlying inflation, could perhaps prolong tight monetary conditions.

預計 2024 年全球整體通膨率將降至 5.8%，2025 年將降至 4.4%，2025 年的預測已下修。隨著通膨穩定成長，硬著陸的可能性已經減弱，全球成長面臨的風險大致平衡。然而，地緣政治衝擊帶來的新的大宗商品價格飆升，包括紅海的持續襲擊和供應中斷，或者更持久的潛在通膨，可能會延長緊縮的貨幣狀況。

For shipping, we continue to monitor China, India, and the ASEAN-5, which according to the IMF, will continue to grow quite strongly in the next couple of years. China having had major headwinds, due to lower confidence and underwhelming boost, to economic activity following its reopening up the COVID-19, as well as its persistent property sector issues, is still set to grow by another 4.6% in 2024, and 4.1% in 2025. India's growth is expected to be 6.5% in both 2024 and 2025.

對於航運，我們繼續關注中國、印度和東協五國，根據國際貨幣基金組織的說法，這些國家將在未來幾年繼續強勁成長。由於信心下降和重新開放COVID-19後經濟活動提振乏力，以及持續存在的房地產行業問題，中國在2024年仍將再增長4.6%和4.1% 2025年。預計印度2024年和2025年的成長率均為6.5%。

Drybulk trade demand is, therefore, focused presently to grow at 1.6% in 2024 and 2025, which is below historical average growth rate of 4.9%. Despite the improvement in demand in 2023, primarily fueled by China, and escalating geopolitical tensions, it is expected that rising trade distortions and geoeconomic fragmentation, will continue to weigh on the level of global trade.

因此，目前乾散貨貿易需求預計在 2024 年和 2025 年將成長 1.6%，低於 4.9% 的歷史平均成長率。儘管主要由中國推動的2023年需求有所改善，而且地緣政治緊張局勢不斷升級，但預計貿易扭曲和地緣經濟分裂加劇將繼續影響全球貿易水平。

Please turn to Slide 10. Uncertainty about the future of fuels and high newbuilding prices have led to the low order book continuing. As of February 2024, the order book as a percentage of total fleet, is at only 8.5%, near the lowest historical levels. This suggests minimal fleet growth, over the next two to three years. Complementing this low fleet growth, we also have the effect of increased slow steaming and expected scrapping, due to the introduction of new environmental regulations. This could reduce the effective available bulk supply even further.

請翻到投影片 10。燃料未來的不確定性和新造船的高價格導致訂單量持續低迷。截至2024年2月，訂單量佔船隊總數的百分比僅8.5%，接近歷史最低水準。這顯示未來兩到三年機隊成長極小。由於新環境法規的出台，船隊成長緩慢，導致船隊緩慢成長和預期報廢的情況也隨之增加。這可能會進一步減少有效的可用批量供應。

Turning to Slide 11. Let us now look into the supply fundamentals in a bit more detail. As of February 2024, the total Drybulk vessel operating fleet was 13,600 vessels. According to Clarkson's latest report, new deliveries as a percentage of total fleet, are expected to be 3.6% in 2024, 2.9% in 2025 and 2.4% in 2026 onwards.

轉到投影片 11。現在讓我們更詳細地研究供應基本面。截至 2024 年 2 月，乾散貨船營運船隊總數為 13,600 艘。根據克拉克森的最新報告，預計2024年新交付量佔機隊總數的百分比為3.6%，2025年為2.9%，2026年後為2.4%。

The actual fleet growth is expected to be lower than the aforementioned figures, of course, due to scrapping and slippage. Also note that 8% of the fleet is older than 20 years old and, therefore, a good candidate for scrapping, especially if the market remains at current or lower levels.

當然，由於報廢和滑移，實際機隊成長預計將低於上述數字。另請注意，8% 的機隊車齡超過 20 年，因此是報廢的良好候選者，特別是在市場保持在當前或較低水平的情況下。

Please turn to Slide 12, where we summarize our outlook for the drybulk market. Drybulk markets -- drybulk shipping saw strong gains throughout the fourth quarter of 2023 marked by the Panamax Freight Index hitting $17,000 per day in December '23, reaching its highest level since mid-2022. Despite this, 2023 proved to be a comparatively moderate year for bulker's earnings, due to decreased fleet inefficiencies and the cumulative expansion of the fleet in the preceding years, which counteracted the robust freight recovery.

請參閱投影片 12，我們總結了我們對乾散貨市場的展望。乾散貨市場－乾散貨運輸在 2023 年第四季強勁成長，巴拿馬型貨運指數在 2023 年 12 月達到每天 17,000 美元，達到 2022 年中期以來的最高水準。儘管如此，事實證明，2023 年對於散裝貨船的盈利來說是相對溫和的一年，因為船隊效率低下的情況有所下降，而且前幾年船隊的累計擴張抵消了貨運的強勁復甦。

The uptick in the earnings, during Q4 is largely attributed, to the Panama Canal drought, leading to a reduction in-transit from approximately 10 per day to zero. 2024 is poised to be a stronger year for the drybulk sector, particularly if vessel supply continues to tighten, potentially leading, to spikes in freight markets. Historically, the first quarter of the year has always been the weakest for the drybulk, largely owing to the Chinese New Year, which dampens economic activity.

第四季營收的成長主要歸因於巴拿馬運河乾旱，導致運輸量從每天約 10 艘減少到零。 2024 年對乾散貨產業來說將是更強勁的一年，特別是如果船舶供應繼續收緊，可能導致貨運市場飆升。從歷史上看，乾散貨的第一季一直是最疲軟的，這主要是由於農曆新年抑制了經濟活動。

Contrary to prior expectations, it is proven to be stronger than anticipated, mainly due to the Red Sea disruptions. Regarding the supply side, as discussed, there has been minimal ordering of new ships, due to constraints in shipyard's availability, and the uncertainty surrounding the choice of the future fuel, despite there being some not insignificant orders for methanol-fueled vessels. The ratio of the order book to the existing fleet, as discussed, remains close to historically low levels, setting the stage for a potential recovery in charter rates, if demand returns to more typical levels.

與先前的預期相反，事實證明它比預期的要強，這主要是由於紅海的干擾。至於供應方面，正如所討論的，儘管甲醇燃料船舶的訂單量並不小，但由於造船廠可用性的限制以及未來燃料選擇的不確定性，新船的訂單很少。正如所討論的，訂單與現有船隊的比率仍然接近歷史低水平，如果需求恢復到更典型的水平，則為包機費率的潛在復甦奠定基礎。

Additionally, the implementation of emissions regulations such as EEXI and CII could further restrict supply, through increased scrapping, or reduced operational speeds, for certain vessels. On the demand side, China is important to monitor, it's potential to simulate demand, growth and sentiment will be critical, particularly considering challenges in the property sector, and sensitivity to government policies regarding coal.

此外，EEXI 和 CII 等排放法規的實施可能會透過增加報廢或降低某些船舶的營運速度來進一步限制供應。在需求方面，監測中國很重要，它模擬需求、成長和情緒的潛力至關重要，特別是考慮到房地產行業的挑戰以及對政府煤炭政策的敏感性。

Additionally, GDP growth in developed economies, and unforeseen developments could also contribute to demand growth. The timing of interest rate cuts by Central Banks as well as inflation easing, will also make way on global growth. The drought in the Panama Canal, which has caused prolonged waiting times, capacity limitations and increased pressure on shipping schedules continues.

此外，已開發經濟體的 GDP 成長以及不可預見的事態發展也可能促進需求成長。各國央行降息和緩和通膨的時機也將為全球經濟成長讓路。巴拿馬運河的乾旱導致等待時間延長、運力限制和船期壓力持續增加。

As a result, trade has been redirected from the region, and has led to a rise in ton-mile demand, and a noticeable surge in freight rates. Furthermore, disruptions in the Red Sea have reduced dry cargo ship traffic along this route, compelling shipping companies, to either suspend voyages, or reroute to the Cape of Good Hope, consequently increasing vessel demand.

結果，貿易從該地區轉移，導致噸英里需求增加，運費顯著飆升。此外，紅海的干擾減少了該航線上的乾貨船運輸量，迫使航運公司暫停航行或改道至好望角，從而增加了船舶需求。

Let's turn to Slide 13. The left side of the slide shows the evolution of one-year time charter rates of Panamax drybulk vessels since 2002. As of February 9, 2024, the one-year time charter rate for Panamax ships, with a capacity of 75,000 deadweight tons stood at $15,275 per day, which is slightly above the historical medium of around $13,500 per day.

讓我們轉向投影片 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2024年2月9日，運力為75,000載重噸的巴拿馬型船舶的一年期租費率為每天15,275美元，略高於每天約13,500美元的歷史中間值。

On the other hand, as can be seen in the right graph, the historical price range for a 10-year old Japanese Kamsarmax vessel, which has a current price of around $26 million is significantly higher than the 10-year historical average on median price. Given the high vessel values, and the acquisition of the three Ultras in Q4, which have reduced our liquidity, we are currently reluctant to invest further in new vessels.

另一方面，如右圖所示，一艘船齡 10 年的日本 Kamsarmax 船的歷史價格範圍（目前價格約 2,600 萬美元）明顯高於 10 年歷史平均價格中位數。鑑於船舶價值較高，以及第四季度收購了三艘 Ultra，這減少了我們的流動性，我們目前不願進一步投資新船。

We prefer to spend some of our liquidity, to continue executing on our share repurchase program, as our share price trades, considerably below our net asset value. Further, as our liquidity builds up organically, we will continue monitoring the markets, for investment opportunities, which we can always further finance, either by levering up, through partnerships and/or disposal of older assets.

我們更願意花費一些流動資金來繼續執行我們的股票回購計劃，因為我們的股價交易遠低於我們的資產淨值。此外，隨著我們的流動性有機積累，我們將繼續監控市場，尋找投資機會，我們始終可以透過提高槓桿率、透過合作夥伴關係和/或處置舊資產來進一步融資。

Let me now pass the floor over to our CFO, Tasos Aslidis, to go over our various financial highlights in more details.

現在讓我請我們的財務長 Tasos Aslidis 詳細介紹我們的各種財務亮點。

Thank you very much, Aristides. Good morning from me as well, ladies and gentlemen.

非常感謝你，阿里斯蒂德斯。女士們、先生們，我也早安。

Over the next four slides, I will give you an overview of our financial highlights, for the fourth quarter and full year of 2023, and compare those to the same periods of last year.

在接下來的四張投影片中，我將向您概述 2023 年第四季和全年的財務亮點，並將其與去年同期進行比較。

For that, let's turn to Slide 15. For the fourth quarter of 2023, the company reported total net revenues of 15.9 million, representing a 5.2% increase, over total net revenues, of 15.1 million, during the fourth quarter of last year of 2022.

為此，我們來看幻燈片 15。2023 年第四季度，該公司報告總淨收入為 1,590 萬美元，比 2022 年第四季 1,510 萬美元的總淨收入成長 5.2%。

This was the result of the higher number of vessels we owned and operated in the fourth quarter of 2023, compared to the same period of 2022, offset by the lower time charter rates, our vessels earned in the fourth quarter of last year, compared to 2022.

這是因為與 2022 年同期相比，我們在 2023 年第四季擁有和營運的船舶數量較多，但被去年第四季我們的船舶與 2022 年同期相比較低的期租費率所抵銷。 2022 年。

We reported a net income for the period of 0.3 million, compared to a net income of 6.3 million, for the same period, the fourth quarter of 2022. It should be noted that the results for the fourth quarter of 2023, exclude a 0.37 million loss, attributable to minority interest, deriving from the 39% ownership of the NRP investors on vessels, Christos K and Maria.

我們報告的該期間淨利潤為 30 萬歐元，而 2022 年第四季同期的淨利潤為 630 萬歐元。值得注意的是，2023 年第四季的業績不包括因少數股東權益而產生的 37 萬虧損，該虧損源於 NRP 投資者 Christos K 和 Maria 擁有船舶 39% 的所有權。

Interest and other financing costs for the fourth quarter of 2023 increased to 2 million, compared to 1.5 million for the same period of 2022. Interest expense during the fourth quarter of last year was higher, mainly due to the increased amount of debt we carried, and the increased benchmark rates, of our loans during the period, as compared - to the same one in 2022.

2023年第四季的利息和其他融資成本增加至200萬，而2022年同期為150萬。去年第四季的利息支出較高，主要是由於與 2022 年同期相比，我們在此期間的債務金額增加以及貸款基準利率上升。

Adjusted EBITDA for the fourth quarter of 2023, was 6.6 million, compared to 7.3 million, for the same period of 2022. Basic and diluted earnings per share, attributable to controlling shareholders, for the fourth quarter of 2023, was $0.13, calculated on 2.7 million - approximately 2.7 million basic diluted weighted average number of shares outstanding, compared to $5.38 basic and $5.32 diluted for 2022, calculated on 2.8 million and 2.9 million basically diluted weighted average number of shares outstanding.

2023 年第四季調整後 EBITDA 為 660 萬美元，而 2022 年同期為 730 萬美元。2023 年第四季歸屬於控股股東的基本和稀釋每股收益為0.13 美元，以270 萬股計算- 約270 萬股基本稀釋已發行股票加權平均數，而2022 年基本稀釋每股收益為5.38 美元，稀釋後每股收益為5.32 美元。

Excluding the effect of the unrealized loss on derivatives on the earnings, for the fourth quarter of last year, the adjusted earnings per share, attributable to controlling shareholders, for the fourth quarter of 2023, would have been $0.71 basic and diluted, compared to adjusted earnings of $1.19 and $1.17 per share basic diluted, for the same period, the fourth quarter of 2022.

排除去年第四季衍生性商品未實現虧損對獲利的影響，與調整後的每股盈餘相比，2023年第四季歸屬於控股股東的調整後基本每股盈餘和稀釋後每股盈餘將為0.71美元2022 年第四季同期基本攤薄收益分別為 1.19 美元及 1.17 美元。

Typically, as we said in previous presentations, security analysts do not include the above items like unrealized loss and derivatives in the published estimates - of earnings per share and - that's why we're making this adjustment.

通常，正如我們在先前的演示中所說，證券分析師不會在公佈的每股收益估計中包括上述項目，例如未實現損失和衍生品，這就是我們進行此調整的原因。

Let us now look at the numbers for the corresponding 12-month period 2023 versus 2022. For the whole year of 2023, the company reported total net revenues of 47.6 million, representing a 32.2% decrease over total net revenues of 70.2 million during 2022, mainly the result of the lower time charter rates our vessels earned. We reported a net loss for the period of 2.9 million, as compared to a net income of 33.5 million for 2022.

現在讓我們來看看 2023 年與 2022 年相應 12 個月期間的數字。2023年全年，該公司的總淨收入為4,760萬美元，比2022年的7,020萬美元總淨收入下降32.2%，主要是由於我們的船舶所賺取的期租費率較低。我們報告期間的淨虧損為 290 萬歐元，而 2022 年的淨收入為 3,350 萬歐元。

Again, the results for the full year of 2023, exclude 0.37 million loss attributable to minority interests. Interest and other financing costs, for the 12 months of 2023, amounted to about 6.5 million, compared to 3.9 million during the same period of 2022. The reason being higher, again, is the higher level of debt we carried and the higher average benchmark rates that our loans had to pay.

同樣，2023年全年業績不包括少數股東權益造成的37萬虧損。2023 年 12 個月的利息和其他融資成本約為 650 萬歐元，而 2022 年同期為 390 萬歐元。同樣，較高的原因是我們的債務水平較高，而且我們的貸款必須支付的平均基準利率較高。

Adjusted EBITDA for 2023 was 14.6 million, compared to 43.2 million during 2022. Finally, basic and diluted loss per share attributable, to controlling shareholders for 2023, was $1.05, calculated on 2.7 million basic and diluted weighted average number of shares outstanding, compared to basic - diluted earnings per share of $11.66 and $11.61, respectively, for the whole year of 2022.

2023 年調整後 EBITDA 為 1,460 萬美元，而 2022 年為 4,320 萬美元。最後，根據270 萬股基本和稀釋已發行股票加權平均數計算，2023 年歸屬於控股股東的基本和稀釋每股虧損為1.05 美元，而2023 年基本- 稀釋每股收益分別為11.66 美元和11.61 美元。

The final adjustment related, to excluding the unrealized loss of derivatives on the loss for the year, after we do that, the adjusted earnings for 2023 attributable to controlling shareholders, would have been $0.13, basic and diluted, compared to adjusted earnings per share of $9.90 and $9.85 basic and diluted respectively for 2022.

最終調整涉及排除當年虧損中衍生性商品的未實現損失，在我們這樣做之後，歸屬於控股股東的2023 年調整後收益（基本和稀釋後）將為0.13 美元，與2023 年調整後每股收益相比。

Let's now turn to Slide 16, to review our fleet performance. We will start our review, by looking at our fleet utilization rates, for the fourth quarter and full year of both 2023 and 2022. First, during the fourth quarter of 2023, our commercial utilization rate was 100%, while our operational utilization rate was 99.5%, compared to 100% commercial and 99.7% operational for the fourth quarter of 2022.

現在讓我們轉向投影片 16，回顧一下我們的機隊表現。我們將透過查看 2023 年第四季和 2022 年全年的機隊利用率來開始審查。首先，2023 年第四季度，我們的商業利用率為 100%，營運利用率為 99.5%，而 2022 年第四季商業利用率為 100%，營運利用率為 99.7%。

On average, 12.2 vessels were owned and operated during the fourth quarter of 2023, earning another time charter equivalent rate of $14,570 per day, compared to 10.1 vessels in the same period of 2022, earning on average $16,689 per day.

2023 年第四季平均擁有和營運 12.2 艘船舶，每天賺取 14,570 美元的期租等值費率，而 2022 年同期有 10.1 艘船舶，平均每天賺取 16,689 美元。

Our total daily operating expenses, including management fees, general and administrative expenses, but excluding drydocking costs were $7,340 per vessel per day, during the fourth quarter of 2023, compared to $7,035 per vessel per day, for the fourth quarter of 2022. I'd like to note here that the figure for the fourth quarter of 2023 includes certain set-up expenses for our joint venture with NRP investors.

2023 年第四季度，我們的每日總營運費用（包括管理費、一般和行政費用，但不包括乾塢費用）為每艘船每天7,340 美元，而2022 年第四季度每艘船每天為7,035美元。我想在此指出，2023 年第四季的數字包括我們與 NRP 投資者合資企業的某些設立費用。

If we move further down on this table, we can see the cash flow breakeven rate, which takes also into account drydocking expenses, interest expenses and loan repayments. Thus, for the fourth quarter of 2023, our daily customer breakeven rate was $11,895 per vessel per day, compared to $13,089 per vessel per day, for the same period of 2022.

如果我們在這張表上進一步向下移動，我們可以看到現金流盈虧平衡率，其中還考慮了乾塢費用、利息費用和貸款償還。因此，2023 年第四季度，我們的每日客戶損益平衡率為每艘船每天 11,895 美元，而 2022 年同期為每艘船每天 13,089 美元。

Let's now look on the right part of the slide, to review the same figures for the full year. During the entire 2023, our commercial utilization rate, was 99.4%, while our operational utilization rate was 98.5%, compared to 99.8% commercial and 99.3% operational for 2022.

現在讓我們看一下投影片的右側部分，回顧全年的相同數字。2023 年全年，我們的商業利用率為 99.4%，營運利用率為 98.5%，而 2022 年商業利用率為 99.8%，營運利用率為 99.3%。

On average, 10.6 vessels were owned and operated during 2023, earning an average time charter equivalent rate of $12,528 per day, compared to 10.4 vessels for 2022, earning on average $21,304 per day.

2023 年平均擁有和營運 10.6 艘船舶，平均定期租船收益為每天 12,528 美元，而 2022 年為 10.4 艘船舶，平均每天收益為 21,304 美元。

Our total operating expenses for the year, again, including management fees, G&A expenses, but excluding drydocking cost, averaged $7,106 per vessel per day in 2023, compared to $6,698 per day per vessel for 2022. At the bottom of the table, we can again see here the cash flow breakeven rate for the year, which in 2023 amounted to $12,944 per vessel per day, compared to $12,991 for 2022.

同樣，我們今年的總營運費用（包括管理費、一般及行政費用，但不包括乾塢費用），2023 年每艘船平均每天 7,106 美元，而 2022 年每艘船每天平均 6,698 美元。在表格底部，我們可以再次看到當年的現金流盈虧平衡率，2023 年為每艘船每天 12,944 美元，而 2022 年為 12,991 美元。

Let's now turn to Slide 17 to review our debt profile. As of December 31, 2023, our outstanding bank debt was approximately 104.8 million, and in 2024, it is about 87 million. In 2024, our total debt repayments, including balloon payments, amount to about 18 million, while they are set to decrease, to about 9.7 million approximately, both in 2025 and 2026.

現在讓我們轉向投影片 17 來回顧我們的債務狀況。截至2023年12月31日，我們的未償銀行債務約為1.048億，2024年約為8,700萬。到 2024 年，我們的債務償還總額（包括大額付款）將達到約 1,800 萬美元，而到 2025 年和 2026 年，債務償還總額將減少至約 970 萬美元。

It is worth mentioning in this slide, that the average margin of our debt, which is about 2.46% and assuming a SOFR rate of about 5.6% as of earlier this month. And including the cost of the portion of the debt we have - for which we have interest rate swaps. We estimate our total cost of our senior debt, as of the end of last year was around 7.8%.

這張投影片中值得一提的是，我們的債務平均利潤率約為 2.46%，假設截至本月初的 SOFR 利率約為 5.6%。包括我們擁有的部分債務的成本——我們對此進行了利率掉期。我們估計，截至去年底，我們的優先債務總成本約為 7.8%。

At the bottom of this slide, we can see our projected cash flow breakeven level for the next 12 months, breaking down into its various components. Overall, we expect our cash flow breakeven level to be around $12,378 per vessel per day, and our EBITDA breakeven rate, to be around $8,000 per vessel per day. In that rate, our EBITDA breakeven rate includes operating expenses, G&A expenses and drydocking costs.

在這張投影片的底部，我們可以看到未來 12 個月的預期現金流損益平衡水平，細分為各個組成部分。總體而言，我們預計現金流量損益平衡水準約為每艘船每天 12,378 美元，EBITDA 盈虧平衡率約為每艘船每天 8,000 美元。依照這個比率，我們的 EBITDA 損益平衡率包括營運費用、一般管理費用和乾塢費用。

I'm almost concluding my presentation. And for that, let's move to the next slide, Slide18, where we can see some highlights from our balance sheet in a simplified way. We offer a snapshot of our assets and liabilities in this slide. As of December 31, 2023, cash and other assets stood on our balance sheet at about 27.5 million. The book value of our vessels was approximately 203.6 million, resulting in total book value for our assets of about 231 million.

我的演講即將結束。為此，讓我們轉到下一張幻燈片 Slide18，在這裡我們可以以簡化的方式看到資產負債表中的一些亮點。我們在這張投影片中提供了我們的資產和負債的快照。截至 2023 年 12 月 31 日，我們資產負債表上的現金及其他資產約為 2,750 萬美元。我們船舶的帳面價值約為2.036億美元，我們資產的總帳面價值約為2.31億美元。

On our liability side, our main liabilities are our debt, which as mentioned previously, spend -- stood at about 104.8 million as of December 31, representing about 45.4% of the book value of our assets, and we had additional liabilities of about 6.8 million. That means that the book value of our shareholders' equity was about 110 million, translating to about $39 book value per share, and this figure excludes the book value of the minority interest that we have.

在我們的負債方面，我們的主要負債是我們的債務，正如前面提到的，截至12 月31 日，支出約為1.048 億美元，約占我們資產帳面價值的45.4%，另外我們還有約6.8 % 的額外負債。這意味著我們股東權益的帳面價值約為1.1億美元，相當於每股帳面價值約39美元，這個數字不包括我們擁有的少數股權的帳面價值。

However, the market value of our fleet is higher in our book value. And we estimate, based on our own estimates and other market transactions that the market value of our fleet spend at about 239 million. We suggest that our NAV per share is in excess of $51.

然而，我們機隊的市場價值高於我們的帳面價值。根據我們自己的估計和其他市場交易，我們估計我們機隊的市值約為 2.39 億美元。我們建議每股資產淨值超過 51 美元。

Our shares recently trade at around $21, thus at a substantial discount compared to our net asset value. This discount represents a significant opportunity for appreciation for our shareholders and investors.

我們的股票最近交易價格約為 21 美元，因此與我們的資產淨值相比有很大折扣。此次折扣對我們的股東和投資者來說是一個升值的重要機會。

And with that, I would like to end my brief financial presentation and turn the floor back to Aristides.

至此，我想結束我簡短的財務介紹，然後回到阿里斯蒂德斯。

Thank you, Tasha. Let me now open up the floor for any questions we may have.

謝謝你，塔莎。現在請容許我回答我們可能提出的任何問題。

Thank you. (Operator Instructions)

謝謝。（操作員說明）

Tate Sullivan, Maxim Group.

泰特·沙利文，馬克西姆集團。

Hello. Good day. Thank you. Can you - can we talk a little bit, about the FFA hedges that you put in place in October and November? I mean you indicated that, it's for three vessels equivalent, but then in your table, you have two vessels on index-linked charters. So do one of those FFA hedges last, for almost half a year? Can you talk more about that, please?

你好。再會。謝謝。我們可以談談你們在 10 月和 11 月實施的 FFA 對沖嗎？我的意思是，您指出，這相當於三艘船，但在您的表格中，您有兩艘與指數掛鉤的租船合約。那麼，其中一項 FFA 對沖是否會持續近半年？能多談談嗎？

So when you have vessels that are not fixed, which was the situation back in October, the hedge also works, for the unfixed vessels that you will fix, within the first quarter of the year. It isn't 100% correlated with the FFA, but the correlation is still very, very significant. So at the time that we did it, we had really nothing fixed. So, we covered the three vessels for around $10,000 a day.

因此，當您有未修復的船舶時（即 10 月份的情況），對於您將在今年第一季內修復的未修復的船舶，對沖也適用。它與 FFA 並不是 100% 相關，但相關性仍然非常非常顯著。所以當我們這樣做的時候，我們真的什麼都沒有解決。因此，我們每天為這三艘船支付約 10,000 美元。

We thought that the market was going to be lower, $10,000 was for Q1, a number that we felt comfortable with. And that's why we did it. It turns around that, the market has been stronger. So all these three FFAs will result in a slight loss. But that's fine. It's equivalent to having fixed three ships for $10,000 a day. The remaining will be somehow higher figure as Q1 is tending to be.

我們認為市場將會走低，第一季為 10,000 美元，我們對這個數字感到滿意。這就是我們這樣做的原因。事實證明，市場變得更加強勁。所以這三個FFA都會造成輕微的損失。但那很好。相當於一天花一萬美元修三艘船。剩餘的數字將比第一季的趨勢更高。

Okay. And this was a similar strategy, I recall, and you said as well to most of the first quarters in previous years?

好的。我記得這是一個類似的策略，你也說過前幾年第一季的大部分時間都是如此？

Whenever we feel that the market will be significantly lower, than where it is at the current stage, and where the FFAs predicted will be, we might hedge a percentage of our fleet through FFAs. It's equivalent as if we had taken let's say, charter on three ships, $10,000 a day at that time, for three months.

每當我們認為市場將明顯低於現階段以及FFA預測的水平時，我們可能會透過FFA對沖我們機隊的一部分。這相當於我們租了三艘船，當時每天 1 萬美元，為期三個月。

Okay. Thank you. And a bit – follow-up, another question on the joint venture with NRP investors. Did you - the chartering since you took delivery of those ships were they already fixed? Did they already have fixed charters in place? Or have you contracted those ships since acquiring in the JV as well?

好的。謝謝。接下來是關於與 NRP 投資者成立合資企業的另一個問題。自從您接收這些船舶以來，您的租船合約是否已經確定？他們是否已經制定了固定的章程？或者說，自從收購合資公司以來，您也曾與這些船舶簽訂合約嗎？

Yes. They didn't have any charter. One of them was finishing up one of its charter. So I think it had about 1.5 months left. But since then, we have been fixing all the ships on short-term charters in anticipation of a better market in Q2.

是的。他們沒有任何章程。其中之一正在完成其一份章程。所以我認為還剩下大約 1.5 個月。但從那時起，我們一直在以短期租船方式修理所有船舶，以期第二季市場會更好。

And Tasos, will the - will next quarter or this current quarter not have the roughly $400,000 of costs to form the JV? Is that --

Tasos，下個季度或本季不會有大約 40 萬美元的組建合資企業的成本嗎？就是它--

That's correct.

這是正確的。

That's correct. Okay.

這是正確的。好的。

That's correct. A portion of the set-up fees that shared to be expensed and we - rather was reflected in our G&A number this quarter.

這是正確的。我們共同承擔的部分設定費已反映在本季度的一般管理費用中。

Okay. And last for me. As you mentioned, any changes in China's coal policy, are you referring to the headlines that have been out there? Maybe Chinese will increase industrial output, with some stimulus measures, and - do you have any - is it a meaningful portion of your fleet, currently carrying coal, or has in the past?

好的。最後對我來說。正如您所提到的，中國的煤炭政策有什麼變化，您指的是目前的頭條新聞嗎？也許中國會透過一些刺激措施來增加工業產出，而且──你們有沒有──它是你們船隊中有意義的一部分，目前運載煤炭，還是過去運載煤炭？

Indeed, we have quite a few vessels that regularly pick up coal in that area. So, we are affected, by whatever China decides, that can move both ways. So, we really don't know what their policy, is going to be.

事實上，我們有不少船隻定期在該地區裝載煤炭。因此，無論中國做出什麼決定，我們都會受到影響，這可能是雙向的。所以，我們真的不知道他們的政策是什麼。

Thank you very much. Have a good day.

非常感謝。祝你有美好的一天。

Thank you. Tate.

謝謝。泰特。

Kristoffer Skeie, Arctic Securities

克里斯多福‧斯基 (Kristoffer Skeie)，北極證券

Hello, and good afternoon. Thank you for, and good morning. Thank you for the good presentation. It seems like your timing on the vessel acquisition in Q4, was very good. And given that the asset prices have continued, to appreciate in value. Would you sort of consider selling some of the older vessels in your fleet now? Or sort, of how do you see that going forward?

你好，下午好。謝謝你，早安。感謝您的精彩介紹。看來你們在第四季收購船隻的時機非常好。鑑於資產價格持續升值。現在您會考慮出售船隊中的一些舊船嗎？或者說，您如何看待未來的發展？

Yes, that's a possibility, as you say, not currently. We're not currently considering a sale. But we do have in mind that if prices improve further, which we think will happen, we think that the market, is going to be stronger in Q2 and Q3, than what it is now. And that will result in higher earnings for the ships. But also higher prices, and we might take that opportunity, to sell one or two of the older vessels. But no decision has been taken along those lines yet.

是的，正如你所說，這是一種可能性，但目前還沒有。我們目前不考慮出售。但我們確實考慮到，如果價格進一步上漲（我們認為這將會發生），我們認為第二季和第三季的市場將比現在更強勁。這將為船舶帶來更高的收入。但價格也更高，我們可能會利用這個機會出售一兩艘舊船。但尚未就此做出任何決定。

Okay. Okay. Great. Thanks. That's it from me.

好的。好的。偉大的。謝謝。這就是我說的。

Yeah, Thanks.

是的，謝謝。

Thank you, Kristoffer.

謝謝你，克里斯多福。

Poe Fratt, Alliance Global Partners

Poe Fratt，聯盟全球合作夥伴

Hi, Aristides. Hi, Tassos. I just had a couple of - questions about clarifications. Aristides, you were talking about coal in China. Are you talking about met or thermal?

嗨，阿里斯蒂德斯。嗨，塔索斯。我只是有幾個關於澄清的問題。阿里斯蒂德斯，您剛才談論的是中國的煤炭。你說的是氣象還是熱能？

Both, actually.

事實上，兩者都是。

Okay. And then when you talk about the first quarter FFAs being out of the money, or underwater when I look at Page 6, though, there are a couple of your vessels that, are trading at TC rates that - or spot rates that, are well under the FFAs. Are they still underwater, you think, for the full quarter? Or do you think they'll level out, over the course of the quarter?

好的。然後，當您談到第一季的 FFA 資金短缺或水下時，當我查看第 6 頁時，您的幾艘船正在以 TC 匯率進行交易，或者即期匯率，情況良好根據 FFA。您認為整個季度它們仍然處於水下嗎？或者您認為它們會在本季度內趨於平穩嗎？

Yes. I think these vessels -- these levels where you see below $10,000 are mainly small positional voyages that, is that the ships will end up in areas, where we expect they make higher -- take a higher charter afterwards. So, combining both of these, I think the average for every vessel, is going to be above $10,000 a day. Therefore, that's why we say that the hedge as well, negatively, let's say, during this quarter.

是的。我認為這些船隻——你看到的低於 10,000 美元的水平主要是小型定位航行，這些船隻最終將到達我們預計它們會賺得更高的地區——之後會採取更高的租船合約。因此，將這兩者結合起來，我認為每艘船的平均每天將超過 10,000 美元。因此，這就是為什麼我們說對沖也是負面的，比如說，在本季。

Okay. That's helpful. And then --

好的。這很有幫助。進而--

Although, if I understand correctly, Tasos can correct me. The loss has really been taken in Q4, because we have to account for that. Tasos?

不過，如果我理解正確的話，塔索斯可以糾正我。損失確實是在第四季度發生的，因為我們必須考慮到這一點。塔索斯？

Yes, that's correct on the GAAP numbers. On the GAAP number the unrealized loss we don't take it into this quarter, we'll take it when it actually occurs during the first quarter of next year. So, the unadjusted numbers, the loss is there. But when we adjust them, we exclude the unrealized losses. These losses so far are unrealized. So, they will be reflected in our adjusted numbers, next quarter.

是的，GAAP 數字是正確的。在 GAAP 數字中，我們不會將未實現虧損計入本季度，而是在明年第一季實際發生時將其計入。因此，未經調整的數字，損失就在那裡。但當我們調整它們時，我們排除了未實現的損失。到目前為止，這些損失尚未實現。因此，它們將反映在我們下個季度調整後的數字中。

Yes, they'll essentially shift from unrealized to realized either, maybe in the gain, because of where you marked it at the end of the year?

是的，它們基本上會從未實現變為已實現，也許是在收益中，因為你在年底標記的位置？

Correct. Yes.

正確的。是的。

Correct.

正確的。

If -- during the first quarter, the market is lower than it was at the end of last year, the losses would be less. And they might turn to gains. But we - since we have more vessels open in the market, we prefer the market to be stronger overall.

如果第一季市場低於去年年底，損失就會減少。他們可能會轉向收益。但我們 - 由於我們有更多的船舶在市場上開放，我們希望市場整體走強。

Yes. Understood. And you don't have any FFAs that, extend into the second quarter, or the rest of the year, correct?

是的。明白了。你們沒有任何延期至第二季或今年剩餘時間的 FFA，對嗎？

That's correct.

這是正確的。

Okay. And then Aristides, I think in your formal presentation or your comments, you said that this quarter, you're going to be close to breakeven, you think. Is that the total breakeven, including debt amortization? So like 12,000 and change? Or is it that closer to that EBITDA breakeven?

好的。然後阿里斯蒂德斯，我認為在您的正式演示或評論中，您說本季度您將接近收支平衡。這是包括債務攤提在內的總損益平衡嗎？那麼像 12,000 並改變嗎？還是更接近 EBITDA 損益平衡點？

No. I think around that 12,000 level.

不。我認為大約是 12,000 水平。

Okay. And then with your stock buyback program, it seems like you're buying stock at roughly an average price of around $15. Stock is good 30% above that, what's your stance on stock buybacks, as we stand right now, with the stock over $20?

好的。然後，透過您的股票回購計劃，您似乎以大約 15 美元左右的平均價格購買股票。股價比這個數字高出 30%，你對股票回購持什麼立場，就像我們現在的立場，股價超過 20 美元？

We will continue buying back stock, because still the price is extremely low. We would have been doing it more aggressively, if the liquidity in the stock was high. But unfortunately, the liquidity within the company, the trading liquidity within the company's stock is very low, which doesn't allow us to be very aggressive, on our repurchase program. Yes --

我們將繼續回購股票，因為價格仍然極低。如果股票的流動性很高，我們會更積極採取行動。但不幸的是，公司內部的流動性、公司股票的交易流動性非常低，這不允許我們在回購計畫上採取非常積極的行動。是的--

There are certain guidelines on how much you can buy based on the trading volume. So - and we are trying to use - to exhaust the allowance - the trading allowance, but it is more given our trading liquidity.

根據交易量，您可以購買多少有一定的指導原則。因此，我們正在嘗試使用交易津貼來耗盡津貼，但更多的是考慮到我們的交易流動性。

Great. Understood. Thank you so much.

偉大的。明白了。太感謝了。

Thank you, Poe.

謝謝你，波。

Thank you, Poe.

謝謝你，波。

With no further questions, I would like to turn the conference back over to Mr. Pittas for closing comments.

沒有其他問題了，我想將會議轉回皮塔斯先生進行總結評論。

Thank you all for participating in today's call. We will be back with you in three months' time to discuss the results of the first quarter.

感謝大家參加今天的電話會議。我們將在三個月後與您回來討論第一季的結果。

Thank you.

謝謝。

Have a good day and a good weekend.

祝你有美好的一天和愉快的周末。

Thank you. This will conclude the conference. You may disconnect your lines at this time.

謝謝。會議就此結束。此時您可以斷開線路。