EuroDry Ltd (EDRY) 2024 Q2 法說會逐字稿

Thank you for standing by. Ladies and gentlemen, and welcome to the EuroDry Limited Conference call on the Second Quarter of 2024 Financial Results. We have with us today Mr. Tasos Aslidis, Chief Financial Officer of the company. At this time, all participants are on a listen-only mode. (Operator Instructions)

謝謝你的支持。女士們、先生們，歡迎參加 EuroDry Limited 2024 年第二季財務業績電話會議。今天我們的嘉賓是該公司財務長 Tasos Aslidis 先生。此時，所有參與者都處於僅監聽模式。（操作員說明）

I must advise you that this conference is being recorded today. Please be reminded that the company announced its results with a press release that has been publicly distributed.

我必須告訴你，今天的會議正在錄製。請注意，該公司透過公開發布的新聞稿公佈了其業績。

Before passing the floor to Mr. Aslidis, 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 security law. Matters discussed may be forwarding statements which are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized.

在請阿斯利迪斯先生發言之前，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。這些聲明符合聯邦安全法的涵義。討論的事項可能是基於當前管理層預期的轉發聲明，其中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 two of the webcast presentation which has a full forward-looking statement, and the same statement is also included to 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二張投影片，其中包含完整的前瞻性聲明，新聞稿中也包含相同的聲明。請花一點時間瀏覽並閱讀整個聲明。

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

現在，我想請阿斯利迪斯先生發言。請繼續，先生。

Good morning, ladies and gentlemen, and thank you all for joining us today for our scheduled conference call. I am Tasos Aslidis, the CFO of EuroDry. Together with me is Mr. Symeon Pariaros, our Chief Administrative Officer, and Ms. Athina Atalioti, our Finance Manager. Our Chairman and CEO, Aristides Pittas, who usually host this call, will not be able to join this presentation today due to overlapping engagements. The purpose of today's call is to discuss our financial results for the six-month period and quarter ended June 30, 2024.

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。我是 EuroDry 的財務長 Tasos Aslidis。與我一起的還有我們的首席行政官 Symeon Pariaros 先生和我們的財務經理 Athina Atalioti 女士。我們的董事長兼執行長 Aristides Pittas 通常會主持本次電話會議，但由於日程重疊，今天將無法參加本次演示。今天電話會議的目的是討論我們截至 2024 年 6 月 30 日的六個月期間和季度的財務表現。

Please turn to slide three of the presentation to see our financial highlights for the period. For the second quarter of 2024, we reported total net revenues of $17.4 million and a net loss attributable to controlling shareholders of $0.41 million or $0.15 loss per share, basic and diluted. Adjusted net loss attributable to controlling shareholders for the quarter was $0.45 million or $0.17 loss per share, basic and diluted.

請翻到簡報的第三張投影片，了解我們這段期間的財務亮點。2024 年第二季度，我們報告的總淨收入為 1,740 萬美元，歸屬於控股股東的淨虧損為 41 萬美元，即每股基本虧損和稀釋虧損 0.15 美元。本季調整後歸屬於控股股東的淨虧損為 45 萬美元，即每股基本虧損和稀釋虧損 0.17 美元。

Adjusted EBITDA for the quarter was $0.5 million. Please refer to the press release that was released earlier today for reconciliation of adjusted net loss attributed to controlling shareholders to adjusted EBITDA.

本季調整後 EBITDA 為 50 萬美元。請參閱今天稍早發布的新聞稿，以了解歸屬於控股股東的調整後淨虧損與調整後 EBITDA 的調節表。

We will go over our financial highlights in a bit more detail later in the presentation. As of August 8, 2024, we had repurchased a total of 313,318 shares of our common stock on the open market for a total of about $5 million under our repurchase plan of up to $10 million announced in August 2028. The program, which was renewed in August 2023 for another year, has been further extended for an additional year.

我們將在稍後的演示中更詳細地介紹我們的財務亮點。截至 2024 年 8 月 8 日，我們已根據 2028 年 8 月宣布的最高 1,000 萬美元的回購計劃，在公開市場上回購了總計 313,318 股普通股，總金額約為 500 萬美元。該計劃於 2023 年 8 月續簽一年，現已進一步延長一年。

We will continue to use our share repurchase program at management discussion depending on the level of our stock price to enhance our ability to increase long-term shareholder value. We are also very happy to announce our 2023 Sustainability Report, which was uploaded to our website today.

我們將根據股價水準繼續在管理層討論中使用股票回購計劃，以增強我們增加長期股東價值的能力。我們也非常高興地宣布我們的 2023 年永續發展報告，該報告已於今天上傳到我們的網站。

Please now turn to slide four for another view of our chartering, operational, and drydocking highlights. On the chartering side, you can see that most of our charters fixed during last quarter are for short periods that range from 20 to 25 days on the one end to 80 to 100 days on the other end.

現在請翻到第四張投影片，從另一個角度了解我們的租船、營運和乾船塢亮點。在租船方面，您可以看到我們在上一季固定的大多數租船期限都是短期的，從一端 20 到 25 天到另一端 80 到 100 天不等。

Even the motor vessels, the Ekaterini and Xenia, which are in longer-term charters until March and May 2025 respectively, have the rate of their charters linked to indices to the Baltic index earning 105.5% and 108% respectively above the average Baltic Kamsarmax index, an index based on the five Kamsarmax time charter routes.

即使是機動船 Ekaterini 和 Xenia（分別在 2025 年 3 月和 5 月之前簽訂長期租約），其租船率也與波羅的海指數掛鉤，其盈利分別比波羅的海 Kamsarmax 平均指數高 105.5% 和 108% ，基於5條Kamsarmax 期租航線的指數。

This strategy is consistent with our view to be exposed to the market as we believe the fundamental supply and demand trends present a strong possibility for the market to strengthen in the near and medium term.

這項策略與我們對市場的看法一致，因為我們相信基本的供需趨勢為市場在中短期內走強提供了極大的可能性。

It is expected that supply growth will be quite limited over the next couple of years due to the low average ordering for new vessels in the recent past, and thus it is likely that any demand growth to be translated increases to charter rates.

由於最近新船的平均訂購量較低，預計未來幾年的供應成長將相當有限，因此任何需求成長都可能轉化為租船費率的增加。

We plan to continue trading under short-term charters for the time being until employment rates start firming up and we see the potential positive effect of demand increases. You can see the specifics of the various charters we fixed in the relevant slide, slide four.

我們計劃暫時繼續根據短期租船進行交易，直到就業率開始走強，我們看到需求增加的潛在正面影響。您可以在相關投影片（投影片四）中看到我們固定的各種章程的具體細節。

During this period, the second quarter of 2024, our motor vessels, Starlight, Maria and Eirini P underwent their scheduled drydocking and repairs for approximately 23, 26 and 31 days respectively. Vessels Maria, Eirini and drydocks started in June in the second quarter and were completed in July and the related cost would mostly influence our third quarter results.

在此期間，即 2024 年第二季度，我們的機動船 Starlight、Maria 和 Eirini P 分別進行了約 23、26 和 31 天的預定乾船塢和維修。Maria、Eirini 和乾船塢於第二季 6 月開工，7 月完工，相關成本將主要影響我們第三季的業績。

Also, motor vessels Yannis Pittas and Christos K are currently undergoing their scheduled drydockings. In fact, we have decided to perform earlier the drydockings mostly for commercial reasons related to them being fully available for employment in case the market meaningfully recover in the near future. Finally, motor vessel Good Heart encountered a commercial off-hire last quarter, a waiting time of four and a half days between two charters.

此外，機動船 Yannis Pittas 和 Christos K 目前正在進行預定的乾船塢。事實上，我們決定提前進行乾船塢，主要是出於商業原因，因為如果市場在不久的將來出現有意義的復甦，幹船塢將完全可供就業。最後，機動船「好心號」在上個季度遇到了商業停租的情況，兩次包機之間的等待時間為四天半。

Subsequently, the vessel also experienced a technical off-hire for about 10 days due to a required main engine to co-judge a repair. Please turn to slide five. EuroDry fleet consists of 13 vessels including five Panamaxes carriers, five Ultramax, two Kamsarmaxes and 12 Supramax. We think of our fleet as having two clusters, a modern Eco-1 of eight vessels all built after 2014.

隨後，由於需要主機共同判斷維修，該船也經歷了約10天的技術停租。請翻到第五張投影片。EuroDry 船隊由 13 艘船舶組成，其中包括 5 艘巴拿馬型運輸船、5 艘 Ultramax 運輸船、2 艘 Kamsarmax 運輸船和 12 艘超靈便型運輸船。我們認為我們的船隊有兩個集群，一個由 8 艘船組成的現代化 Eco-1 集群，全部在 2014 年後建造。

And our vintage five Panamaxes all built in Japan at the highest standards of their time having been the all courses of the sector. Of our 13 dry bulk carriers have a total cargo capacity of about 920,000 dead weight tons and another stage of about 13.5 years.

我們的老式五艘巴拿馬型船均在日本按照當時的最高標準建造，成為該行業的佼佼者。我們的13艘乾散貨船的總載貨量約為92萬載重噸，另一階段約為13.5年。

At this point, I would like to remind you that as previously discussed, EuroDry owns 61% of the entities of the ship-owning companies that own motor vessels Christos K and Maria. The remaining 39% is owned by owners represented by NRP Project Finance, to which we refer as your representation as NRP Investors.

在此，我想提醒您，如前所述，EuroDry 擁有擁有 Christos K 和 Maria 機動船的船東公司 61% 的實體。剩餘的 39% 由 NRP Project Finance 代表的所有者所有，我們稱之為 NRP 投資者代表。

Next, please turn to slide six to see a graphical representation of our fleet employment. As you can see and consistent with my earlier remarks, fixed rate coverage for the remainder of 2024 stands at around 22% through charters. However, this feature excludes ships on index charters, which are open to market fluctuations, but nevertheless have secure deployment.

接下來，請翻到第六張投影片，查看我們車隊使用情況的圖形表示。正如您所看到的，與我先前的言論一致，2024 年剩餘時間內通過包機的固定利率覆蓋率約為 22%。然而，此功能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，但仍具有安全部署。

At this point, let me pass the floor to our Chief Administrative Officer, Mr. Symeon Pariaros, to go over the recent market developments.

現在，請允許我們的首席行政官 Symeon Pariaros 先生介紹最近的市場動態。

Thank you, Tasos. Good morning, ladies and gentlemen. Together, we will walk through some market highlights today. Turning now to slide eight, now, we will just go over the market highlights for the second quarter of 2024, up until recently.

謝謝你，塔索斯。早安，女士們先生們。今天我們將一起回顧一些市場亮點。現在轉到第八張幻燈片，我們將回顧截至最近的 2024 年第二季的市場亮點。

In the second quarter, the average spot market rate for Panamaxes was around $14,500 per day. By August, spot rates had slightly risen to just below $15,000. In the meanwhile, one year-time spot rates stood for Panamaxes at approximately $16,000 per day during the quarter and have suffered a slight softening in the past weeks.

第二季度，巴拿馬型船舶的平均現貨市場價格約為每天 14,500 美元。到 8 月份，即期匯率小幅升至略低於 15,000 美元。同時，本季巴拿馬型船的一年即期匯率約為每天 16,000 美元，在過去幾週略有走軟。

However, rates still represent a significant improvement from around $10,500 that was during the same period last year, which marks a notable increase of nearly 50%. This uplift in employment rates was primarily driven by the ongoing Panama and Red Sea disruptions. Excuse me again. Please now turn to slide nine to see some data from a recent IMF update.

然而，與去年同期的 10,500 美元左右相比，費率仍顯著提高，顯著上漲了近 50%。就業率的上升主要是由於巴拿馬和紅海持續的混亂所造成的。再次抱歉。現在請翻到第九張投影片，查看國際貨幣基金組織最近更新的一些數據。

The Fund sees a global economy to experience modest growth over the next two years with cooling activity in the U.S., stabilization in Europe, and stronger consumption and exports from China. As a result, the IMF has maintained its 2024 growth of 3.2%, consistent with its April projection, while slightly increasing next year's forecast by 0.1 percentage point to 3.3%, with China and India bringing the most notable upward revisions.

該基金組織預計，隨著美國經濟活動降溫、歐洲穩定以及中國消費和出口走強，全球經濟將在未來兩年溫和成長。因此，國際貨幣基金組織維持 2024 年經濟成長 3.2%，與 4 月的預測一致，同時將明年的預測小幅上調 0.1 個百分點至 3.3%，其中中國和印度的上調幅度最為顯著。

On the other end, Japan's growth has been revised the most downward for this year to 0.7% down from 0.9%, together with Russia in 2025, which is projected to go down from 1.5%, to 1.5% from 1.8% in the previous forecast.

另一方面，日本今年的成長率被下調幅度最大，從 0.9% 下調至 0.7%，俄羅斯 2025 年成長率預計從 1.5% 下調至 1.5%，此前預測為 1.8% 。

As the weight of China in drydock shipping is the driver of this market, we continue to monitor China's economy closely. Its property and infrastructure sectors, which have played a vital role in shaping this market over the past two decades, are not growing at levels seen in the past anymore, and despite the fact that the real estate sector has been saturated for more than three years now, we see different trades and commodities developing, like bauxite imports from Africa, along with others, which have given significant support to the drydock market and are expected to continue to do so.

由於中國在乾船塢航運中的比重是該市場的驅動力，因此我們將繼續密切關注中國經濟。其房地產和基礎設施行業在過去二十年中在塑造該市場方面發揮了至關重要的作用，儘管房地產行業已飽和三年多，但其增長速度已不再像過去那樣。不同的貿易和商品不斷發展，例如從非洲進口鋁土礦等，這為乾船塢市場提供了重大支持，並且預計將繼續如此。

So the question is, what will drive this market to more profitable levels if its main workforce is getting more and more tired? On this note, let's say a few things about India, which seem to be the next target that will help the world economy to continue growing at healthy levels and have material effects on the dry bulk trade as well.

所以問題是，如果這個市場的主要勞動力變得越來越疲勞，什麼會推動這個市場達到更高的利潤水準？就此而言，我們來談談印度的一些事情，印度似乎是下一個目標，它將幫助世界經濟繼續以健康的水平增長，並對乾散貨貿易產生重大影響。

In that respect, India's growth is projected to remain robust at about 7% this year. This upward revision is attributed to improve private consumption predominantly. However, for next year, the IMF has cautioned that growth is expected to slow down a bit to 6.5%. Meanwhile, the remaining economies in Asia, like the Asian Five Group, still remain the main engine for the global economy, with the forecast remaining broadly unchanged from April.

在這方面，印度今年的經濟成長預計將保持在 7% 左右的強勁水平。這項向上修正主要歸因於私人消費的改善。然而，國際貨幣基金組織警告稱，明年的成長預計將略有放緩至 6.5%。同時，亞洲其他經濟體，如亞洲五國集團，仍是全球經濟的主要引擎，預測與 4 月基本保持不變。

Now, according to Clarksons 10-mile demand for dry bulk trade, it's presently expected to grow by about 4.4% in 2024. This includes about 1.6% uplift for the entire year due to the Red Sea and Panama Canal disruptions. A longer duration of these disruptions in these regions could potentially drive demand even higher.

現在，根據克拉克森的10英里乾散貨貿易需求，目前預計2024年將成長4.4%左右。其中包括由於紅海和巴拿馬運河中斷導致的全年約 1.6% 的上漲。這些地區的中斷持續時間較長可能會推高需求。

Lower speeds and further congestion are other factors that could further boost demand this year. Demand in 2025 is projected to grow by about half percentage point assuming conditions in the Panama Canal and the Red Sea normalize and the conflicts are resolved in the Red Sea. If the situation in these areas remain unchanged we could be surprised on the upside, but at the moment, any prediction looks very uncertain.

較低的速度和進一步的擁塞是今年可能進一步提振需求的其他因素。假設巴拿馬運河和紅海狀況正常化且紅海衝突已解決，預計 2025 年需求將增加約半個百分點。如果這些領域的情況保持不變，我們可能會對上漲感到驚訝，但目前，任何預測看起來都非常不確定。

Now, please turn to slide 10. Unprecedented about the future of the fuels and high new building prices have led to the low orderbook continuing. As of August 2024, the orderbook, as a percentage of the total fleet, is only 9.7%, which is near the lowest historical levels.

現在，請翻到投影片 10。燃料的未來史無前例，加上新建築價格居高不下，導致訂單量持續低迷。截至2024年8月，訂單量佔船隊總數的比例僅9.7%，接近歷史最低水準。

This suggests a low fleet growth over the next couple of two to three years. Complementing this low fleet growth, we also have the effect of increased flow steaming and expected scrapping due to the introduction of the new environmental regulations. This could reduce the effective available bulk supply even further.

這顯示未來兩到三年機隊成長緩慢。與船隊的低成長相輔相成的是，由於新環境法規的出台，我們也受到了流量增加和預期報廢的影響。這可能會進一步減少有效的可用批量供應。

Now turning on to slide 11, let us now look into the supply fundamentals in a bit more detail. According to Clarksons latest report, new deliveries as a percentage of the total fleet are expected to be about 3.6% this year, 3.3% next year, and 4.7% in 2026 and onwards.

現在轉到投影片 11，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，預計今年新交付量佔機隊總數的比例約為3.6%，明年為3.3%，2026年及以後為4.7%。

The actual fleet growth is of course expected to be lower than the aforementioned figures due to scrapping and slippage. Also note that about 9% 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.

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，約 9% 的機隊車齡超過 20 年，因此很適合報廢，特別是在市場保持在當前或較低水平的情況下。

Please now turn to slide 12, where we summarize our outlook on dry bulk market. The bulk carrier market has been positive so far in 2024, with average freight rates rising by 35% year-over-year. Despite the slight softening during the last few weeks of July, rates remain healthy and above last year's levels.

現在請轉到投影片 12，我們總結了我們對乾散貨市場的展望。2024年迄今，散裝貨船市場一直向好，平均運價較去年同期上漲35%。儘管七月最後幾週略有疲軟，但利率仍保持健康並高於去年的水平。

Robust demand growth, especially in the Atlantic region, have positively impacted the market, with the global seaborne dry bulk trade indicator showing an increase. Additionally, disruptions in the Red Sea and Panama Canal have also contributed positively. Panama freight rates reached almost $16,000 per day in the second quarter of 2024, reflecting a 35% increase compared to the second quarter last year.

強勁的需求成長，尤其是大西洋地區的需求成長，對市場產生了積極影響，全球海運幹散貨貿易指標出現成長。此外，紅海和巴拿馬運河的中斷也產生了正面的影響。2024 年第二季度，巴拿馬運費達到近 16,000 美元/天，較去年第二季度成長 35%。

The outlook for the second half of 2024 is optimistic as seasonality kicks in. The rerouting of vessels away from the Red Sea remains a key focus, with Suez canal bulker transit staying relatively stable in recent months, leading to an estimated 1.2% increase in bulker demand.

隨著季節性的到來，2024 年下半年的前景樂觀。船舶遠離紅海的改道仍然是關鍵焦點，近幾個月蘇伊士運河散裝船過境保持相對穩定，導致散裝貨船需求預計增長 1.2%。

Restrictions on the Panama Canal have continued to impact the market, with bulker transit recently being less than a third of normal levels. However, additional daily slots through the rest of the year could increase bulker transits and bring trends back to normal, potentially slightly reducing the demand for ships.

巴拿馬運河的限制持續影響市場，最近散裝貨船的運輸量還不到正常水準的三分之一。然而，今年剩餘時間內每日增加的班次可能會增加散裝貨船的運輸量，並使趨勢恢復正常，可能會略微減少對船舶的需求。

Now, looking ahead to the next year, again, we have to take under consideration the timing of the return to normality of the two major facilities of Suez Panama, something that is really hard to predict considering the geopolitical circumstances in the Middle East.

現在，展望明年，我們必須再次考慮蘇伊士巴拿馬兩大設施恢復正常的時間，考慮到中東的地緣政治局勢，這確實很難預測。

In any case, the relatively small and manageable orderbook, the introduction of further environmental regulations, the rising operational drydocking cost, which makes the operations of other ships less competitive, creates favorable dynamics which could trigger a very strong market if the world economy grows at a healthy pace and dry bulk trade demand creates the necessary spark.

無論如何，相對較小且易於管理的訂單量、進一步環境法規的出台、不斷上升的干船塢運營成本（這使得其他船舶的運營競爭力下降）創造了有利的動力，如果世界經濟以同樣的速度成長，可能會引發一個非常強勁的市場。

Electricity demand world-wide is growing at a fast pace, greatly supported by the introduction of Artificial Intelligence and the electrification of the vehicle fleet, something that provides great support in the dry bulk market. However, as renewables further penetrate the electricity mix, coal trade dynamics and prospects remain to be further evaluated in the immediate future.

在人工智慧的引入和車隊電氣化的大力支持下，全球電力需求正在快速增長，這為乾散貨市場提供了巨大的支持。然而，隨著再生能源進一步滲透到電力結構中，煤炭貿易動態和前景在不久的將來仍有待進一步評估。

Let's now turn to slide 13. The left side of the slide shows the evolution of one-year time charter rates of Panama's vessel since 2005. As of August, the one-year time charter rate for Panama ships with capacity of about 75,000 tons was just below $16,000 per day, which is approximately 16% above the historical median rate, which is in the region of $13,500 per day. Vessel prices, as you can clearly see, are well above average prices seen in previous years.

現在讓我們轉向投影片 13。幻燈片左側顯示了自 2005 年以來巴拿馬船舶一年期租船費率的演變。截至8月，運力約75,000噸的巴拿馬船舶的一年期租費率略低於每天16,000美元，比歷史中位數費率（每天13,500美元）高出約16%。正如您可以清楚地看到的，船舶價格遠高於前幾年的平均價格。

And with that, I will now pass the floor to our CFO, Tasos Aslidis to continue with some financial data.

接下來，我將請我們的財務長 Tasos Aslidis 繼續介紹一些財務數據。

Thank you very much, Symeon. As mentioned in the beginning of the presentation, together with Athina, we will give you an overview of our financial highlights for the second quarter and first half of 2024 and compare them to the same periods of last year.

非常感謝你，西蒙。正如簡報開頭所提到的，我們將與 Athina 一起向您概述 2024 年第二季和上半年的財務亮點，並將其與去年同期進行比較。

I will now pass the floor to Athina first to start her view. Athina, please go ahead.

現在我將首先請 Athina 開始她的觀點。雅典娜，請繼續。

Thank you very much, Tasos. Good morning for me as well, ladies and gentlemen. Let's turn to slide 15. For the second quarter of 2024, the company reported total net revenues of $17.4 million, representing a 68.7% increase over total net revenues of $10.3 million during the second quarter of 2023, which was the result of the higher time charter rate our vessels earned and the increased average number of vessels operated during the second quarter of 2024, compared to the same period of 2023.

非常感謝你，塔索斯。我也早安，女士們、先生們。讓我們翻到投影片 15。2024 年第二季度，該公司公佈的總淨收入為 1,740 萬美元，比 2023 年第二季的總淨收入 1,030 萬美元增加 68.7%，這是由於我們的船舶獲得的期租費率較高，與2023 年同期相比，2024 年第二季營運的平均船舶數量有所增加。

The company reported net loss attributable to controlling shareholders for the period of $0.41 million, as compared to net loss attributable to controlling shareholders of $1.2 million for the same period of 2023. The net gain attributable to the non-controlling interest of about $80,000 in the second quarter of 2024 represents the gain attributable to the 39% ownership by the NRP investors.

該公司報告期間歸屬於控股股東的淨虧損為41萬美元，而2023年同期歸屬於控股股東的淨虧損為120萬美元。2024 年第二季非控股權益歸屬的淨收益約為 80,000 美元，代表 NRP 投資者 39% 所有權歸屬的收益。

Interest and other financing costs, including interest income for the second quarter of 2024, amounted to $2 million, compared to $1,250,000 for the same period of 2023. Interest expense during the second quarter of 2024 was higher mainly due to the increased amount of debt and the increased benchmark rate of our loan, while interest income was lower due to lower cash balances during the period as compared to the same period of last year.

利息和其他融資成本（包括 2024 年第二季的利息收入）為 200 萬美元，而 2023 年同期為 125 萬美元。2024年第二季利息支出較高，主要是因為債務金額增加和貸款基準利率上升，而利息收入較低是由於期內現金餘額較去年同期減少。

Adjusted EBITDA for the second quarter of 2024 was $5 million, compared to $2.5 million achieved during the second quarter of 2023. Basic and diluted loss per share attributable to the company for the second quarter of 2024 was $0.15, calculated on about $2.7 million basic and diluted weighted average number of shares outstanding, compared to loss per share of $0.43, calculated on about $2.8 million basic and diluted weighted number of shares outstanding for the second quarter of 2023.

2024 年第二季調整後 EBITDA 為 500 萬美元，而 2023 年第二季為 250 萬美元。根據約270 萬美元的基本和稀釋已發行股票加權平均數計算，2024 年第二季度公司的基本和稀釋每股虧損為0.15 美元，而根據約280 萬美元的基本和稀釋加權平均計算，每股虧損為0.43 美元2023 年第二季已發行股票的加權數量。

Excluding the effect on the loss attributable to controlling shareholders for the quarter of the unrealized gain on derivatives, the adjusted loss for the quarter ended June 30, 2024, would have been $0.17 per share basic and diluted, compared to adjusted loss of $0.48 per share basic and diluted, respectively, for the quarter and June 30, 2023. Usually, security analysts do not include the above items in their public estimates of earnings per share.

不包括衍生性商品未實現收益對本季控股股東虧損的影響，截至 2024 年 6 月 30 日的季度調整後基本虧損和攤薄虧損將為每股 0.17 美元，而調整後虧損為每股 0.48 美元分別為本季度和2023 年6 月30 日的基本資料和稀釋資料。通常，證券分析師不會將上述項目納入其每股收益的公開估計中。

Let's now look at the numbers for the corresponding six-month period ended June 30, 2024 and compare it to last year. For the first half of this year, the company reported total net revenues of $31.9 million, representing a 47% increase over total net revenues of $21.7 million during the first half of 2023, which was the result of the increase in time charter rates of our vessels earn and the increased average number of vessels operating during the first half of 2024, compared to the same period of 2023.

現在讓我們來看看截至 2024 年 6 月 30 日的相應六個月期間的數字，並將其與去年進行比較。今年上半年，該公司公佈的總淨收入為 3,190 萬美元，比 2023 年上半年的總淨收入 2,170 萬美元增長了 47%，這是我們定期租船費率上漲的結果。比，2024 年上半年船舶收入和平均營運船舶數量增加。

The company reported a net loss attributable to controlling shareholders of $2.2 million as compared to a net loss attributable to controlling shareholders of $2.7 million for the first half of 2023. The net loss attributable to the non-controlling interest of about $50,000 in the first half of 2024 represents the loss attributable to the 39% ownership of the NRP investors. Interest and other financing costs, including interest income for the first half of 2024 amounted to $4.1 million compared to $2.9 million for the same period of 2023.

該公司報告歸屬於控股股東的淨虧損為 220 萬美元，而 2023 年上半年歸屬於控股股東的淨虧損為 270 萬美元。2024年上半年，非控制權益造成的淨虧損約5萬美元，相當於NRP投資者39%所有權造成的虧損。2024 年上半年的利息和其他融資成本（包括利息收入）為 410 萬美元，而 2023 年同期為 290 萬美元。

This increase is mainly due to the increased amount of debt in the current period, as well as the increase in the benchmark rate of our loans, while interest income was lower due to lower cash balances compared to the same period of 2023. Adjusted EBITDA for the first half of 2024 was $7.1 million compared to $4.8 million achieved during the first half of 2023.

這一增長主要是由於本期債務金額增加以及貸款基準利率上升，而由於現金餘額較2023年同期減少，利息收入較低。2024 年上半年調整後 EBITDA 為 710 萬美元，而 2023 年上半年則為 480 萬美元。

Basic and diluted loss per share attributable to the company for the first half of 2024 was $0.81, calculated on about $2.2 million basic and diluted weighted average number of shares outstanding, compared to a loss per share of $0.98, calculated on about $2.9 million basic and diluted weighted average number of shares outstanding.

根據約220 萬美元的基本和稀釋已發行股票加權平均數計算，2024 年上半年該公司的每股基本和稀釋虧損為0.81 美元，而根據約290 萬美元的基本和稀釋加權平均股數計算，每股虧損為0.98 美元。

Excluding the effects on the net loss attributable to controlling shareholders for the first half of the year of the unrealized gain on derivatives, the adjusted loss for the six-month period ended June 30, 2024 would have been $1.35 per share basic and diluted, compared to adjusted loss of $0.33 per share basic and diluted respectively for the six-month period ended June 30, 2023, excluding the unrealized loss on derivatives. As previously mentioned, usually security analysts do not include the above items in their public estimates of earnings per share.

剔除衍生性商品未實現收益對上半年歸屬於控股股東的淨虧損的影響，截至2024 年6 月30 日止六個月期間的調整後虧損為每股1.35 美元，基本虧損和稀釋虧損為每股1.35美元。如前所述，證券分析師通常不會將上述項目納入其每股收益的公開估計中。

Let's now turn to slide 16 to review our fleet performance. We will start our review by looking at our fleet utilization rate for the second quarters of 2024 and 2023. As usual, our fleet utilization rate is broken down into commercial and operational components.

現在讓我們轉到幻燈片 16 來回顧我們的機隊表現。我們將首先查看 2024 年第二季和 2023 年第二季的機隊利用率。與往常一樣，我們的機隊利用率分為商業和營運部分。

During the second quarter of 2024, our commercial utilization rate was 99.6%, while our operational utilization rate was 99.4%, compared to 98.3% commercial and 95% operational for the second quarter of last year.

2024 年第二季度，我們的商業利用率為 99.6%，營運利用率為 99.4%，而去年第二季度商業利用率為 98.3%，營運利用率為 95%。

On average, testing vessels were owned and operated during the second quarter of 2024, earning an average time charter equivalent rate of $14,427 per day, compared to 10 vessels in the same period of 2023, earning an average $12,179 per day.

平均而言，2024 年第二季擁有和營運的測試船平均每日租金等值收入為 14,427 美元，而 2023 年同期有 10 艘測試船，平均每日收入為 12,179 美元。

Our total daily operating expenses, including management fees, general and administrative expenses, but excluding drydocking costs were $7,062 per vessel per day during the second quarter of 2024, compared to $7,656 per vessel per day for the second quarter of 2023.

2024 年第二季度，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7,062 美元，而2023 年第二季度每艘船每天為7,656美元。

If we move forward down on this table, we can see that -- we can see the cash flow breakeven levels, which takes into account, in addition to the above, the drydocking expenses, interest expenses, and low expense. For the second quarter of 2024, our daily cash flow breakeven levels were $16,214 per vessel per day, compared to $14,128 per vessel per day for the same period of 2023.

如果我們在這張表上向下移動，我們可以看到——我們可以看到現金流盈虧平衡水平，除了上述之外，還考慮了乾塢費用、利息費用和低費用。2024 年第二季度，我們的每日現金流損益平衡水準為每艘船每天 16,214 美元，而 2023 年同期為每艘船每天 14,128 美元。

Let us now go over the same figures for the six-month period of 2024 and compare them to the same period of last year. During the first half of 2024, our commercial and operational rate was 99.8% and 98.7% respectively, compared to 99% commercial and 97.4% operational for the same period of last year.

現在讓我們回顧一下 2024 年 6 個月期間的相同數據，並將其與去年同期進行比較。2024年上半年，我們的商業率和營運率分別為99.8%和98.7%，而去年同期的商業率和營運率分別為99%和97.4%。

On average, 13 vessels were owned and operated during the first half of 2024, adding an average time charter equivalent rate of $13,452 per day, compared to 10 vessels in the same period of 2023, adding on average $11,393 per day.

平均而言，2024 年上半年擁有和營運 13 艘船舶，平均定期租船等價物增加每天 13,452 美元，而 2023 年同期有 10 艘船，平均每天增加 11,393 美元。

Our vessel operating expenses again, including management fees and general and administrative expenses were $6,964 per vessel per day in the first half of this year, compared to $7,306 per vessel per day for the same period of last year.

今年上半年，我們的船舶營運費用（包括管理費和一般行政費用）為每艘船每天 6,964 美元，而去年同期為每艘船每天 7,306 美元。

Again, if we look further down in the table, we can see the cash flow breakeven rate for the third six months of 2024, which is $13,101 per vessel per day, compared to $13,661 per vessel per day for the first half of 2023.

同樣，如果我們進一步查看表格，我們可以看到 2024 年第三個月的現金流盈虧平衡率為每艘船每天 13,101 美元，而 2023 年上半年每艘船每天為 13,661 美元。

Let's turn our attention to slide 17 to review our debt profile. As of June 30, 2024, our outstanding past debt stood at $98.1 million and expected to decline to about $67.5 million by the end of 2026. In the remainder of 2024, our debt repayment amounted to about $8.5 million.

讓我們將注意力轉向投影片 17 來回顧我們的債務狀況。截至 2024 年 6 月 30 日，我們的未償過去債務為 9,810 萬美元，預計到 2026 年底將下降至約 6,750 萬美元。2024 年剩餘時間裡，我們的債務償還約 850 萬美元。

Then, in both 2025 and 2026, loan repayments are usually decreased to about $10.5 million and $11.6 million respectively, significantly reducing our cash flow breakeven level.

然後，在 2025 年和 2026 年，貸款償還額通常分別減少至約 1,050 萬美元和 1,160 萬美元，這大大降低了我們的現金流盈虧平衡水準。

It is worth mentioning on this table that the total cost of our senior debt with an average margin of about 2.39% and assuming a three-month swap rate of 5.25% is 7.64%. Including the swap portion of debt, the cost of our senior debt stands at about 7.43%.

在此表中值得一提的是，我們的平均保證金約為2.39%的優先債務的總成本，假設三個月掉期利率為5.25%，則為7.64%。包括債務掉期部分，我們的優先債務成本約為7.43%。

At the bottom of this slide, we can see our projected cash flow breakeven level for the next 12 months broken down into its various components. Overall, we expect our overall cash flow breakeven level to be around $12,639 per vessel per day, and dollar EBITDA break even level to be around $8,745 per vessel per day.

在這張投影片的底部，我們可以看到我們預計的未來 12 個月的現金流量損益平衡水準細分為各個組成部分。總體而言，我們預計整體現金流損益平衡水準約為每艘船每天 12,639 美元，美元 EBITDA 損益平衡水準約為每艘船每天 8,745 美元。

And with that, I will pass the floor back to our CFO, Anastasios.

接下來，我將把發言權交給我們的財務長 Anastasios。

Thank you very much, Athina. Let's now conclude our presentation by moving to slide 18 where we can see some highlights from our balance sheet. This slide offers a snapshot of our assets and liabilities. As of June 30, 2024, cash and other current assets stood at about $22.8 million in our balance sheet.

非常感謝你，雅典娜。現在讓我們轉到幻燈片 18 來結束我們的演示，在這裡我們可以看到資產負債表中的一些亮點。這張投影片提供了我們的資產和負債的概況。截至 2024 年 6 月 30 日，我們的資產負債表中的現金及其他流動資產約為 2,280 萬美元。

The other major component, the book value of our vessels was approximately $197.2 million, resulting in total book value of our assets of about $220 million. On the liability side, our debt as of the end of June, as Athina previously mentioned, stood at about $98 million, representing around 44.6% of the book value of our assets, while other liabilities amounted to about $5.2 million or about 2.4% of our total assets.

另一個主要組成部分，我們船舶的帳面價值約為 1.972 億美元，導致我們資產的總帳面價值約為 2.2 億美元。在負債方面，正如Athina 先前提到的，截至6 月底，我們的債務約為9,800 萬美元，約占我們資產帳面價值的44.6%，而其他負債約為520 萬美元，約占我們資產帳面價值的2.4%。

The remaining book value of $116.7 million, inclusive of the book value of our minority shareholder interest, the NRP investors, of about $9.7 million, if we subtract the minority shareholder's book value, $107 million of book value attributed to our controlling shareholders and resulting in a book value per share of about $38.

剩餘帳面價值為1.167 億美元，包括我們少數股東權益（NRP 投資者）的帳面價值約970 萬美元，如果我們減去少數股東的帳面價值，則歸屬於我們控股股東的帳面價值為1.07 億美元，從而得出每股帳面價值約為38美元。

However, based on market transactions and other market reports, we can value our fleet as of June 30 way above the order book value and we estimate that to be $270 million worth, more than $70 million or approximately 37% higher than the respective book values, thus suggesting an NAV per share in excess of $63.

然而，根據市場交易和其他市場報告，截至6 月30 日，我們對機隊的估值遠高於訂單帳面價值，我們估計價值2.7 億美元，比相應帳面價值高出超過7,000 萬美元，即約37% ，因此顯示每股資產淨值超過 63 美元。

Our share price, trading around or between $20 and $24 recently, trades at a substantial discount compared to our net asset value, and thus represent a significant opportunity for appreciation potential for our shareholders and investors.

我們的股價最近在 20 至 24 美元左右或之間交易，與我們的資產淨值相比有很大折扣，因此對我們的股東和投資者來說是一個巨大的升值潛力機會。

At this point, our presentation is completed and I would like to open the floor for questions, if there are any.

至此，我們的演示已經完成，如果有任何問題，我想請大家提問。

Thank you. At this time, we will be conducting a question-and-answer session. (Operator Instructions)

謝謝。此時，我們將進行問答環節。（操作員說明）

Mark Reichman, Noble Capital Markets.

馬克‧賴克曼（Mark Reichman），諾布爾資本市場。

Good morning. It seems like the net revenue -- our estimates were pretty much in line with the actuals this quarter. Where we were off were the voyage expenses and the dry docking expenses, and so I was kind of wondering if you could just kind of provide a little more color on those two line items for the quarter and expectations for the remainder of the year?

早安.看起來淨收入——我們的估計與本季度的實際情況基本一致。我們的出發點是航行費用和乾塢費用，所以我想知道您是否可以就本季的這兩個項目以及今年剩餘時間的預期提供更多資訊？

Yes, I think the drydock expenses first depend on when drydock is happened. We have 13 vessels. They drydock twice every five years, so about one vessel or another should be drydocked every quarter. Last quarter, we had more than one drydock. We had one drydock completed during the quarter. We had a couple of drydocks starting in the quarter, which got some cost attribution to them.

是的，我認為進塢費用首先取決於進塢時間。我們有13艘船。他們每五年進塢兩次，因此每季應進塢大約一艘船或另一艘船。上季度，我們擁有多個乾船塢。我們在本季完成了一個乾船塢。從本季開始，我們有幾個乾船塢，這給它們帶來了一些成本。

So that resulted in the higher drydocking cost. On the same note, as I mentioned already, we have two drydocks scheduled for next quarter and two drydocks are being performed at the time of the quarter. So we should expect a little higher drydock expenses next quarter as well.

因此，這導致了更高的乾塢成本。同樣，正如我已經提到的，我們計劃在下個季度進行兩個乾船塢，並且本季正在執行兩個乾船塢。因此，我們預計下個季度的乾船塢費用也會稍高一些。

On the revenue side, the voyage expenses have to do with the time of contract the vessels enter when they are booked. If we have to travel to get to the area that we load the cargo, we get paid the balance bonus, but at the same time, we pay for the voyage expenses. And depending whether we have only time charter contracts or voyage contracts included by the select, we might have more or less voyage expenses.

在收入方面，航次費用與船舶訂艙時簽訂合約的時間有關。如果我們必須前往裝載貨物的區域，我們會獲得餘額獎金，但同時我們也要支付航程費用。根據我們是否只有定期租船合約或包含在選擇中的航次合同，我們可能會有更多或更少的航次費用。

That's helpful. Then the second part of my question is, we've been in kind of a favorable charter rate environment and that looks to kind of continue or at least is stabilized maybe for the remainder of the year with a little more uncertainty in 2025.

這很有幫助。那麼我的問題的第二部分是，我們一直處於有利的包機費率環境中，這種情況看起來會持續下去，或者至少在今年剩餘時間內保持穩定，但2025 年的不確定性會更大一些。

I guess my question is even though we produce positive EBITDA, I mean, we've had two consecutive quarters of negative EPS. And so what -- I guess, what will be the variable to move EPS into the positive category? Or would you kind of expect positive EBITDA and negative EPS in the third quarter?

我想我的問題是，即使我們產生了正的 EBITDA，我的意思是，我們已經連續兩個季度出現負每股收益。那又怎樣——我猜，將每股盈餘轉入正值的變數是什麼？還是您預期第三季 EBITDA 為正而 EPS 為負？

I guess I'm just kind of looking for, I mean, we're in kind of a favorable environment, yet, we've had two consecutive quarters of loss on a per share basis. And so what dynamic changes that looking ahead?

我想我只是在尋找，我的意思是，我們處於有利的環境中，但是，我們已經連續兩季每股虧損。那麼，展望未來，會有哪些動態變化呢？

I think it's a combination, of course, of the market, but also on how many vessels, in our case, have to go through drydock. As you can see slide 16, we give you there the breakeven level per day. So to cover our expenses, we said in the past, in the first six months of this year, we had a breakeven cost of $13,000 per day.

我認為這當然是市場的結合，但在我們的例子中，還有多少艘船隻必須經過乾船塢。正如您在投影片 16 中看到的那樣，我們為您提供了每天的損益平衡等級。因此，為了支付我們的開支，我們過去說過，今年前六個月，我們每天的損益平衡成本為 13,000 美元。

That is, if you convert this to a gross time charter equivalent rate, probably our vessels needed to earn around $14,500 to $15,000 a day to breakeven in the first six months, the year -- as you can see on slide 16, 13,450. So that is the metric that you should follow.

也就是說，如果您將其轉換為總期租費等值費率，我們的船舶可能需要每天賺取約14,500 至15,000 美元才能在今年的前六個月實現收支平衡- 正如您在幻燈片16 的13,450 中看到的那樣。這就是您應該遵循的指標。

If you look again on slide 17, going, and this is for the next 12 months, so it's not broken down by quarter, we expect to have a breakeven level of $12,000 on a cash flow basis, of course, $6,000. So we should be able to earn in excess of $14,000 to have a cash flow positive balance, but also earnings because loan repayments roughly are equivalent to our depreciation.

如果你再看一下投影片 17，這是未來 12 個月的情況，因此沒有按季度細分，我們預計現金流量的損益兩平水準為 12,000 美元，當然是 6,000 美元。因此，我們應該能夠賺取超過 14,000 美元的收入，以實現現金流量正平衡，同時也能獲得收入，因為貸款償還大致相當於我們的折舊。

Okay. And so that's kind of sensitive to what the time charter rates will look like. But I mean, as long as over the next 12 months, if the time charter equivalent rates hold, you should be -- maybe you have a little wider spread, or you'll need to kind of get your expenses down, which would maybe mean fewer drydocking expenses. But there's still a fairly, I guess it's not a real wide margin between breakeven and the time charter equivalent rate, so, okay. Well, no, that's very helpful. I appreciate that. Is there any additional color on that?

好的。因此，這對期租費率很敏感。但我的意思是，只要在接下來的 12 個月內，如果定期租船等價費率保持不變，您應該 - 也許您的價差更大一些，或者您需要降低費用，這可能會意味著更少的干塢費用。但我想，盈虧平衡點和定期租船等效費率之間仍然存在相當大的差距，所以，好吧。嗯，不，這非常有幫助。我很欣賞這一點。上面還有其他顏色嗎？

I think the only additional color I would say is that we, as seen us all alike, supply in the drydock market is very tight in the sense of the order book. The orders that have been placed over the last -- of the previous three years were low. That creates very low supply growth over the next couple of years.

我認為我要說的唯一額外的色彩是，正如我們所有人所看到的那樣，幹船塢市場的供應從訂單意義上來說非常緊張。過去三年的訂單量很低。這導致未來幾年的供應成長非常低。

So really, we are waiting to see whether demand will return to average -- historical average of higher levels. And that would be translated directly to rate increases. That's why we're keeping most of our fleet exposed to the market, because we anticipate and we hope that there will be a situation where the market will perform better.

因此，實際上，我們正​​在等待需求是否會恢復到平均水平——歷史平均水平的較高水平。這將直接轉化為升息。這就是為什麼我們將大部分機隊暴露在市場上，因為我們預計並希望市場表現得更好。

That's very helpful. Thank you very much.

這非常有幫助。非常感謝。

You are welcome.

不客氣。

Lars Eide, Arctic Securities.

拉爾斯·艾德，北極證券。

Hello. How are you?

你好。你好嗎？

Good, good.

好，好。

Great. Good to hear. Just a quick one from me. I think you mentioned, Good Heart for this quarter, but just in general, how should we think about off-hire days for a vessel with multiple chargers within the same quarter? Is there like a general form or will it vary from case to case?

偉大的。很高興聽到。我只是簡單介紹一下。我想您提到了本季度的好心，但總的來說，我們應該如何考慮同一季度內配備多個充電器的船舶的停租日？是否有通用的形式，或會根據具體情況而有所不同？

The commercial off-hire that we reported was, I would rather say, an exception to have to wait before you book your next charter. Of course, any technical off-hires are a matter of incidences given on operations. The rates we typically report include any ballast leg that is part of the charter. So if there is a ballast leg in the charter, we include the ballast bonus minus the voyage expenses to provide the time charter equivalent for the whole period. So I would say for our own modeling purposes, we use an average of one to one and a half days of off-hire per quarter, our capital average outside drydocking.

我寧願說，我們報告的商業停租是一個例外，您必須等待才能預訂下一個包機。當然，任何技術性的停工都是由於營運方面的原因造成的。我們通常報告的費率包括租船合約中的任何壓載段。因此，如果租船合約中存在壓載航段，我們會將壓載獎金減去航次費用，以提供整個期間的期租等值。因此，我想說，出於我們自己的建模目的，我們平均每季使用一到一天半的停租時間，這是我們在幹船塢外的資本平均值。

Okay, that's great. Thank you very much. That's all from me.

好的，太好了。非常感謝。這就是我的全部。

You are welcome.

不客氣。

Poe Fratt with AGP.

坡·弗拉特 (Poe Fratt) 與 AGP。

Good afternoon, Tasos.

下午好，塔索斯。

Hi, Poe.

嗨，坡。

I was just wondering, if you do sort of the math, we'll pull in on the last question. If you sort of do the math on what's in drydock and what you've highlighted, I'm sort of coming up with an idle day number in the third quarter of about 150 days. Is that --?

我只是想知道，如果你算一下，我們就會討論最後一個問題。如果你對乾船塢裡的情況以及你強調的內容進行數學計算，我會得出第三季大約 150 天的閒置天數。是那個——？

In the third quarter, we would have two full drydocks, so that's roughly 50 days, plus two continuing drydocks, another, let's say, 35 days. So I would say around 85 days, give or take, would be the off-hire days due to drydock in the third quarter. That is the order of magnitude now. Now they can play up or down a bit, but I assume 25 days for the two full drydocks, and because two are at the 10th of the quarter, I assume something like 35 days.

在第三季度，我們將有兩個完整的乾船塢，大約 50 天，再加上兩個持續的乾船塢，另一個，比如說 35 天。所以我想說，大約 85 天，或多或少，將是由於第三季乾船塢而停租的天數。這就是現在的數量級。現在他們可以稍微上調或下調，但我假設兩個完整的乾船塢需要 25 天，而且因為兩個乾船塢都在本季度的第 10 日，所以我假設大約 35 天。

Yes, I guess I was looking at the Maria and Eirini that were still on dry dock in July. That added to that, it looks like about 50 days, and then you have the two other ones. So maybe she might be over 100.

是的，我想我正在看七月仍在幹船塢上的瑪麗亞號和埃里尼號。除此之外，看起來大約有 50 天，然後還有另外兩天。所以也許她可能已經超過100歲了。

Yes, it could be, yeah, but I didn't have in front of me the days in Q3 of Maria and Eirini, but if it's 50, then total would be a little more than 100, yes

是的，可能是的，但我沒有在第三季度瑪麗亞和埃里尼的日子，但如果是 50，那麼總數將略高於 100，是的

Okay.

好的。

I think here is 43 days that we have that were in Q3, plus roughly 50 give or take for the other two, yes, 100 days I would say.

我認為第三季我們有 43 天，加上另外兩天的大約 50 天，是的，我想說 100 天。

And then do you have any drydocks currently scheduled for the fourth quarter and should it be a pretty quiet quarter from a drydocking perspective?

那麼，您目前是否計劃在第四季度進行乾船塢？

I think to the best of my recollection, I think it's a pretty quiet quarter, a pretty dry quarter, drydocking wise.

據我所知，我認為這是一個非常安靜的季度，一個非常乾燥的季度，就乾塢而言。

When you look at the drydock program, it seemed to slow down a little bit in the second quarter. Is that a function of the stock price and correspondingly how sensitive is the stock buyback program to the stock price?

當你查看乾船塢計劃時，你會發現第二季度的進度似乎有所放緩。這是股價的函數嗎？

The stock buyback program has to comply with certain limits that are imposed by the SEC. We cannot buy back more than a certain percentage of the daily volume, and we cannot trade during the whole day. So we're utilizing it in full, to the full extent that we can, but because of the lower volume and the other limits, we have to buy back fewer stocks.

股票回購計畫必須遵守 SEC 施加的某些限制。我們不能回購超過每日交易量的一定比例，也不能全天交易。因此，我們正在充分利用它，盡我們所能，但由於成交量較低和其他限制，我們必須回購更少的股票。

Exactly, and further to what Tasos mentioned, it's not only a matter of volume. When you buy back shares on behalf of your company, you cannot buy from the offer. So it has to be a match on our bid. So otherwise, we cannot go aggressive.

確切地說，正如塔索斯所提到的，這不僅僅是數量問題。當您代表公司回購股票時，您不能透過要約購買。所以它必須與我們的出價相符。否則的話，我們就不能採取激進的行動。

As you know, buyback rules are extremely restrictive and they are there to protect the participants of the market. So we have to follow them and respect them. So it is not up to us to increase the liquidity and try to buy more stock. We're doing the best we can, and we will possibly continue to do so, but we have to follow the rules.

如您所知，回購規則極為嚴格，目的是保護市場參與者。所以我們必須跟隨他們並尊重他們。因此，我們不應該增加流動性並嘗試購買更多股票。我們正在盡力而為，並且可能會繼續這樣做，但我們必須遵守規則。

We're doing the best we can because we think it's a great opportunity to buy back our stock. It's a great opportunity. We want to be the first to exploit it to the maximum extent.

我們正在盡力而為，因為我們認為這是回購股票的絕佳機會。這是一個很好的機會。我們希望成為第一個最大限度地利用它的人。

That's really helpful. We have lessened the intention to slow down. It was just a technical question. That's great. Thank you so much, Tasos and Symeon.

這真的很有幫助。我們減少了放慢速度的意圖。這只是一個技術問題。那太棒了。非常感謝塔索斯和西蒙。

You're welcome, Poe.

不客氣，波。

Thank you. So we have reached the end of the question and answer session. I'll turn the call back over to Mr. Tasos, the CFO for closing remarks.

謝謝。我們的問答環節已經結束了。我將把電話轉回給財務長塔索斯先生做總結發言。

Thank you very much for attending. I would like to wish everybody a good remaining of the summer, and we look forward to seeing all of you again in our Q3 earnings call sometime in November. Bye-bye everybody.

非常感謝您的出席。我祝大家有個愉快的夏天，我們期待在 11 月的某個時候在我們的第三季財報電話會議上再次見到大家。大家再見。

And this concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，大家可以掛斷電話了。感謝您的參與。