EuroDry Ltd (EDRY) 2026 Q1 法說會逐字稿

Thank you for standing by, ladies and gentlemen, and welcome to EuroDry Limited conference call on the first quarter 2026 results. With us today, we have Mr. Aristides Pittas, chairman and Chief Executive Officer; and Ms. Athina Atalioti, Finance and Investment Manager. (Operator Instructions) I must advise you that this conference is being recorded today.

感謝各位女士、先生耐心等候，歡迎參加 EuroDry Limited 2026 年第一季業績電話會議。今天與會者包括董事長兼執行長 Aristides Pittas 先生，以及財務與投資經理 Athina Atalioti 女士。（接線員指示）我必須提醒各位，本次會議將被錄音。

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 everybody that in today's presentation. The conference call, EuroDry will be making forward-looking statements. These statements are within the meaning of the federal securities laws.

提醒各位，公司已透過新聞稿公布本次業績並已公開發布。在把時間交給 Pittas 先生之前，我想提醒大家，在今天的簡報與電話會議中，EuroDry 將作出前瞻性陳述。這些陳述屬於聯邦證券法所界定之範圍。

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. I kindly draw your attention to slide number 2 on the webcast presentation, which has the 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. And now I would like to pass the floor to Mr. Pittas. Please go ahead, sir.

所討論事項可能包含前瞻性陳述，係基於管理層目前的預期，並涉及風險與不確定性，可能導致該等預期無法實現。敬請各位留意網路直播簡報第 2 頁，其中載有完整的前瞻性陳述；同樣的陳述亦已納入新聞稿。請撥冗閱讀完整聲明。現在我把時間交給 Pittas 先生。先生，請開始。

Good morning, ladies and gentlemen. Thank you all for joining us today for our special conference call. Together with me is Athina Atalioti, who will go over the financial details in more detail. The purpose of today's call is to discuss our financial results for the three-month period ended March 31, 2026. Please turn to slide 3 on the presentation where we present our financial highlights.

各位女士、先生，早安。感謝各位今天參加我們的特別電話會議。與我一同出席的是 Athina Atalioti，她將更詳細地說明財務細節。今天會議的目的，是討論截至 2026 年 3 月 31 日止三個月期間的財務結果。請翻到簡報第 3 頁，我們在此呈現財務重點。

For the first quarter of 2026, we reported total net revenues of $12.8 million and net income attributable to controlling shareholders of $0.26 million or $0.09 earnings per diluted share. Adjusted net income attributable to controlling shareholders for the quarter was $0.33 million or $0.12 per diluted share. Adjusted EBITDA was $4.9 million. Please refer to the press release for a reconciliation of adjusted net income and adjusted EBITDA. Athina Atalioti will go over our financial highlights in more detail.

2026 年第一季，我們的淨營收總額為 1,280 萬美元，歸屬於控股股東之淨利為 26 萬美元，或稀釋後每股盈餘 0.09 美元。本季歸屬於控股股東之調整後淨利為 33 萬美元，或稀釋後每股 0.12 美元。調整後 EBITDA 為 490 萬美元。調整後淨利與調整後 EBITDA 之調節表請參閱新聞稿。Athina Atalioti 將更詳細說明我們的財務重點。

Since launching our share repurchase plan of up to $10 million, which was originally announced in August 2022 and successfully extended in 2023, 2024 and 2025 with current authorization to run through August 2026. We have repurchased 348,000 sales in the open market for a total of $5.6 million. Repurchases under the program are executed in a disciplined and measured manner at management's discretion.

自我們啟動最高 1,000 萬美元的庫藏股回購計畫以來（該計畫最初於 2022 年 8 月宣布，並於 2023、2024 與 2025 年成功延長，現行授權期限至 2026 年 8 月），我們已在公開市場回購 348,000 股，總金額 560 萬美元。該計畫下的回購將由管理層酌情，以審慎且有節制的方式執行。

We have decided to expand our newbuilding program by adding two Kamsarmax vessels, which will complement the two Ultramaxes already on order. We signed contracts with Xiangyu Shipbuilding for the construction of these 282,000 deadweight Eco-friendly Kamsarmax bulk carriers built to EEDI Phase 3 standards with delivery scheduled for the first and second quarters of 2028.

我們已決定擴大新造船計畫，新增兩艘 Kamsarmax 船舶，以補強目前已下單的兩艘 Ultramax。我們已與 Xiangyu Shipbuilding 簽署合約，建造這兩艘 82,000 載重噸、符合 EEDI 第 3 階段標準的環保型 Kamsarmax 散裝貨輪，預計於 2028 年第一季與第二季交付。

The total contract value is approximately $74 million, which will be financed through a combination of debt and equity. The contracts are conditional upon receiving a refund guarantee from a bank acceptable to the company. Once all 4 vessels are delivered, our fleet would be comprised entirely of model ships, the majority of which have been built for us directly. Turning to slide 4. We highlight our recent chartering and operational developments.

合約總價約為 7,400 萬美元，將以債務與股權的組合方式融資。合約以取得公司可接受之銀行所出具的退款保證為先決條件。待 4 艘船舶全數交付後，我們的船隊將完全由現代化船舶組成，其中多數為我們直接訂造。請翻到第 4 頁，我們將重點說明近期的租船與營運進展。

From a chartering perspective, our fixtures during the first quarter were predominantly short term. Currently, 4 of our vessels are employed on index-linked charters at 115% of the average Baltic Supramax 10 time charter index, providing continued exposure to market dynamics while preserving operational flexibility. The remaining 7 vessels are employed on trip-time charters with durations ranging from approximately 1 to just over 3 months, whilst only the Christos K is on a longer TC until December. Further details of the charters fixed during the period are provided in the accompanying slides. There were no idle or commercial off-hire periods during the quarter.

就租船而言，我們第一季的租約多以短期為主。目前，我們有 4 艘船舶採用指數連結租約，租金為波羅的海 Supramax 10 期租指數平均值的 115%，在維持營運彈性的同時，持續曝險於市場動態。其餘 7 艘船舶採航次期租（trip-time charters），租期約介於 1 個月至略高於 3 個月之間，僅 Christos K 以較長期的期租（TC）至 12 月。期間內所簽訂租約的更多細節載於隨附投影片。本季沒有閒置或商業性停租（off-hire）期間。

However, the motor vessel Sena underwent drydocking for approximately 28 days starting from December 18, 2025 to January 15, 2026. We had, had the very small part of our exposure through FFAs. Luckily, these hedges are not in the money, but the market has been stronger than we forecasted earning the majority of our fleet [hire rates]. In particular, on February 19, we sold 90 days of the Kamsarmax index, which is based on the average of 5 time charter routes for the second quarter of 2026 at $19,240 per day and an additional 90 days for the third quarter of 2026 at $17,250 per day. It's equivalent to one vessel.

然而，機動船 Sena 自 2025 年 12 月 18 日至 2026 年 1 月 15 日進行坞修（drydocking）約 28 天。我們透過 FFA 的曝險占比非常小。所幸這些避險部位並未處於價內（not in the money），但市場表現強於我們的預測，使我們船隊大部分的收益（租金水準）優於預期。具體而言，2 月 19 日，我們賣出 2026 年第二季 Kamsarmax 指數 90 天部位（該指數以 5 條期租航線的平均值為基礎），價格為每日 19,240 美元；並另賣出 2026 年第三季 90 天部位，價格為每日 17,250 美元；合計相當於 1 艘船舶的曝險。

In addition, on March 30, we sold a further 90 days of the Kamsarmax index for the third quarter of 2026 and $17,100 per day, also equivalent to one vessel. Please turn to slide 5. EuroDry's current fleet consists of 11 vessels with an average age of around 13.8 years and the total carrying capacity of approximately 707,000 deadweight tonnes.

此外，3 月 30 日，我們再賣出 2026 年第三季 Kamsarmax 指數 90 天部位，價格為每日 17,100 美元，同樣相當於 1 艘船舶。請翻到第 5 頁。EuroDry 目前船隊由 11 艘船舶組成，平均船齡約 13.8 年，總載重能力約 707,000 載重噸。

In addition, we have two Ultramax vessels under construction with capacity of 63,500 deadweight tonnes each, scheduled for delivery in the second and third quarters of 2027 and two Kamsarmax vessels on order with capacities of 82,000 deadweight each scheduled for delivery in the first and second quarters of 2028. Upon delivery, our fleet will grow to 15 vessels with a total carrying capacity of approximately 1.05 million deadweight tonnes.

此外，我們有兩艘 Ultramax 船舶正在建造中，每艘載重 63,500 噸，預計於 2027 年第二季與第三季交付；另有兩艘 Kamsarmax 船舶已下單，每艘載重 82,000 噸，預計於 2028 年第一季與第二季交付。交付後，我們的船隊將成長至 15 艘船舶，總載重能力約 105 萬載重噸。

Next, please turn slide 6, where we graphically show our fleet employment. Our current fixed rate coverage for the remainder of the year stands at approximately 23.5% based on existing time charter agreements. This figure excludes our 4 vessels on index linked. (technical difficulty) slide 8, we review the general market highlights for the first quarter ended March 31, 2026, and recent developments from mid-May. Panamax spot rates improved from an average of approximately $13,290 per day during the first quarter to around $14,750 per day by the end of March and before strengthening further to approximately $22,300 per day as of last week.

接著請翻到第 6 頁，我們以圖表方式呈現船隊的用船情況。根據現有期租協議，我們今年剩餘期間的固定租金覆蓋率約為 23.5%。此數字不包含我們 4 艘採指數連結的船舶。（技術問題）第 8 頁，我們回顧截至 2026 年 3 月 31 日止第一季的一般市場重點，以及 5 月中旬以來的近期發展。Panamax 現貨運價由第一季平均約每日 13,290 美元，提升至 3 月底約每日 14,750 美元，並在上週進一步走強至約每日 22,300 美元。

Similarly, one-year rates have also increased with Clarksons assessing the standard Panamax 1-year time charter rate with approximately $18,000 per day as of May 15. Notwithstanding this improvement, one year charter rates continue to trade slightly below the remaining spot market levels. Turning to slide 9. We review the global macroeconomic backdrop and its implications for dry bulk shipping demand. According to the IMF April 2026 World Economic Outlook Update, global growth is projected to moderate to 3.1% in 2026 and 3.2% in 2027 with downside risks dominating the outlook.

同樣地，一年期租金也有所上升；Clarksons 評估截至 5 月 15 日，標準 Panamax 一年期租金約為每日 18,000 美元。儘管有所改善，一年期租金仍略低於目前現貨市場水準。請翻到第 9 頁。我們回顧全球總體經濟背景及其對乾散貨航運需求的影響。根據 IMF 於 2026 年 4 月發布的《世界經濟展望》更新，全球成長率預計在 2026 年放緩至 3.1%，2027 年為 3.2%，且下行風險主導整體展望。

The risk factors include the potential broadening of the Middle East conflict, uncertainty surrounding AI-driven productivity gains and the prospect of renewed trade tensions. Any of these could materially weaken growth and destabilize financial market. Global headline inflation is projected to edge higher than 2026 before resuming its downward trend in 2027 with a growth slowdown and inflationary prices expected to be most announced in emerging markets and developing economies. In the United States, the 2026 gold production was revised by the IMF modestly lower to 2.3%, while the 2027 outlook was revised slightly upwards to 2.1%.

風險因素包括中東衝突可能擴大、AI 驅動的生產力提升之不確定性，以及貿易緊張局勢再起的可能性。上述任一因素都可能實質削弱成長並擾動金融市場。全球整體通膨預計在 2026 年略為走高，之後於 2027 年恢復下行趨勢；預期成長放緩與通膨壓力最為明顯的地區將在新興市場與發展中經濟體。在美國，IMF 將 2026 年成長率小幅下修至 2.3%，並將 2027 年展望小幅上修至 2.1%。

The US economy continues to demonstrate resilience albeit on certain macroeconomic balances. The markets have priced in a more hawkish interest rate path, reflecting the inflationary impact of commodity-related supply shocks. The Federal Reserve remains in a wait-and-see mode with the rate cuts currently unfolds, pending further evidence of this in goods inflation. As of May 2026, the effective Fed funds rate stands at approximately 3.64% with rate cuts potentially resume from late 2026.

美國經濟持續展現韌性，儘管在某些總體經濟失衡面向仍有壓力。市場已反映較為鷹派的利率路徑，原因在於大宗商品相關供給衝擊帶來的通膨影響。聯準會仍採觀望態度，目前的降息進程仍在進行中，並等待商品通膨進一步降溫的證據。截至 2026 年 5 月，有效聯邦基金利率約為 3.64%，降息可能自 2026 年底起再度恢復。

Gradual depreciation of the US dollar is anticipated as monetary easing eventually takes hold. The then 5 region is projected to grow at a slightly lower rate than previously anticipated at approximately 4.1% in 2026 and 4.4% in 2027 due to external headwinds like Middle East energy shorts, geopolitical trade [fragmentation] and phasing export momentum.

隨著貨幣寬鬆最終發揮作用，預期美元將逐步走貶。該 5 地區預計在 2026 年與 2027 年的成長率將略低於先前預期，分別約為 4.1% 與 4.4%，原因在於外部逆風，例如中東能源短缺、地緣政治導致的貿易［碎片化］以及出口動能逐步消退。

Meanwhile, China's growth trajectory is projected to remain relatively resilient with a GDP growth of 4.4% in 2026 and 4% in 2027 supported in part by the country's technological and industrial competitiveness. Structural economic imbalances, however, remain a key challenge. Policy priorities continue to center on high-quality growth with emphasis and energy security, domestic consumption and technology-driven productivity gains.

同時，中國的成長軌跡預計仍將相對具韌性，2026 年 GDP 成長率為 4.4%、2027 年為 4%，部分受惠於該國在科技與產業方面的競爭力。然而，結構性經濟失衡仍是主要挑戰。政策重點仍聚焦於高品質成長，並強調能源安全、國內消費以及以科技驅動的生產力提升。

Turning on to the dry bulk sector. Clarksons projects dry bulk trade growth at approximately 2.5% in 2026 and 1.3% in 2027 suggesting continued albeit moderating demand for dry bulk vessels. While the broader global economy is still expected by the IMF to hold up, the risks are skewed to the downside by microeconomic uncertainty, geopolitical fragmentation and uneven regional trade activity. which may continue to weigh on trade flows and freight market dynamics. Please turn to slide 10 as we review the current state of the dry bulk order book.

接著談到乾散貨產業。Clarksons 預估乾散貨貿易量在 2026 年約成長 2.5%、2027 年成長 1.3%，顯示對乾散貨船舶的需求仍將延續，但增速趨緩。雖然 IMF 仍預期整體全球經濟可望維持韌性，但風險偏向下行，原因包括微觀經濟不確定性、地緣政治碎片化以及區域貿易活動不均，這些因素可能持續壓抑貿易流量與運價市場動態。請翻到第 10 頁，我們將檢視目前乾散貨新船訂單量（order book）的狀況。

As of May 2026, the order book stands at approximately 13.2% of the existing fleet, although higher than the cyclical low of 7% recorded in 2021, it remains among the lowest levels in history. For context, the order book accounted for 66% of the fleet in 2008, and around 24% in 2014. The persistent low level of new ordering activity reflects a combination of constraining factors, including limited shipyard capacity, elevated new building costs and continued uncertainty surrounding future fuel technologies and evolving environmental regulations. These supply side constraints could provide support for vessel utilization and freight rates over the moving term. Turning to slide 11.

截至 2026 年 5 月，訂單量約為現有船隊的 13.2%。雖然高於 2021 年所記錄的 7% 週期低點，但仍屬歷史低檔之一。作為對照，2008 年訂單量曾占船隊的 66%，2014 年約為 24%。新造船下單活動長期偏低，反映多項限制因素的綜合作用，包括船廠產能有限、新造船成本居高不下，以及對未來燃料技術與環境法規演進仍存不確定性。這些供給端限制，可能在未來一段期間支撐船舶使用率與運價。接著請看第 11 頁。

We examine the supply side fundamentals in greater detail. As of May 2026, the total dry bulk fleet comprises approximately 14,600 vessels, representing around 1.1 billion deadweight tons. According to Clarksons latest estimate, scheduled newbuilding deliveries as a percentage of the existing fleet are projected at 4.5% in 2026, 4.1% in 2027, 5.6% for 2028 and beyond. Actual fleet growth is, of course, expected to be slightly lower as slippage and demolition activity will offset a portion of the gross deliveries. Looking at the fleet age profile, approximately 11% of the global fleet is over 20 years old, representing vessels that could be considered for scrapping if market conditions moderate or environmental regulations tighten further.

我們將更深入檢視供給端基本面。截至 2026 年 5 月，乾散貨船隊總量約 14,600 艘，合計約 11 億載重噸。依據 Clarksons 最新估計，排定的新造船交付量占現有船隊的比例，2026 年預計為 4.5%、2027 年為 4.1%、2028 年及以後為 5.6%。當然，實際船隊成長預期會略低，因為延遲交付與拆船活動將抵銷部分總交付量。從船齡結構來看，全球船隊約 11% 船齡超過 20 年；若市場情況轉弱或環境法規進一步收緊，這些船舶可能被納入報廢拆解的考量。

Turning to slide 12, we summarize our outlook for the dry bulk market. Bulker markets have had a surprisingly stronger-than-expected start in 2026, with earnings growing particularly resilient through what is typically a seasonally soft period. Average Supramax and Panamax time charter rates rose by approximately 8% since the fourth quarter of 2025, reaching their strongest levels in two years and broadly in line with March 2024. Firm dry bulk trade trends continue to support vessel demand, driven by strong iron ore, grain and bauxite export volumes. The global seaborne minor-dried bulk trade has remained firm in 2026, partly supported by continued bauxite trade.

接著看第 12 頁，我們總結對乾散貨市場的展望。2026 年乾散貨市場開局出乎意料地強於預期，在通常屬於季節性淡季的期間，獲利仍展現相當韌性。自 2025 年第四季以來，Supramax 與 Panamax 的平均期租（time charter）租金約上升 8%，達到兩年來最強水準，整體大致與 2024 年 3 月相當。穩健的乾散貨貿易趨勢持續支撐船舶需求，主要由強勁的鐵礦石、穀物與鋁土礦出口量所帶動。2026 年全球海運小宗乾散貨貿易量維持穩健，部分亦受鋁土礦貿易持續支撐。

Additionally, total (inaudible) ore exports are projected to reach 60 million metric tons in 2026, providing a further boost. That said, uncertainty remains around Chinese iron ore demand amid the ongoing pressure in steel output. Across vessel sizes, Capesize vessels continue to outperform smaller vessel classes, although both the (inaudible) and Panamax segments supported meaningful gains during the first quarter and up till now, reflecting a broader improvement in (inaudible). Looking ahead to the remainder of 2026, we expect moderate gains potentially resulting in full revenues above the 2025 levels. Geopolitical disruption continues to create market inefficiences across local trade routes and FFA pricing points to firm market over the next 10 to 12 months.

此外，總計（聽不清）礦石出口量預計在 2026 年達到 6,000 萬公噸，進一步帶來助益。不過，在鋼鐵產量持續承壓的情況下，中國鐵礦石需求仍存在不確定性。就不同船型而言，Capesize 船舶持續優於較小船型；然而，（聽不清）與 Panamax 船型在第一季及迄今亦錄得顯著漲幅，反映（聽不清）整體改善。展望 2026 年剩餘期間，我們預期將有溫和增長，全年收入可能高於 2025 年水準。地緣政治干擾持續造成區域航線的市場低效率，而 FFA 價格顯示未來 10 至 12 個月市場仍偏強。

Several key factors are expected to shape the outlook for 2027, the coal trade, higher gas prices are expected to provide some support with imports into Europe, Japan and career anticipated to rise. Although global coal volumes are still forecast by Clarksons to decline by approximately 2% in 2026. Emerging bottlenecks as the Panama Canal represents an additional source of potential supply tightening. Capesize vessels are expected to continue outperforming, supported by forming bauxite trade flows. (inaudible) iron ore project is set to boost iron ore production as part of China's Belt and Road strategy supporting Chinese industrial activity, reducing reliance on Australian and Brazilian imports and displacing lower grade domestic productions.

有數項關鍵因素預期將形塑 2027 年展望：煤炭貿易方面，較高的天然氣價格預期將提供一定支撐，歐洲、日本與（聽不清）進口量預計上升。儘管 Clarksons 仍預測全球煤炭運量在 2026 年約下滑 2%。巴拿馬運河可能出現的新瓶頸，亦是潛在供給收緊的額外來源。Capesize 船舶預期將持續表現領先，並受鋁土礦貿易流形成所支撐。（聽不清）鐵礦石專案將提升鐵礦石產量，作為中國「一帶一路」策略的一部分，支撐中國工業活動、降低對澳洲與巴西進口的依賴，並取代部分低品位的國內產量。

Finally, geopolitical developments that disrupt trade routes and reduce operational efficiency remains the single most important unknown. On the supply side, the newbuilding orders have accelerated in recent months and we gain further momentum in the foreseeable future despite the lack of maritime (inaudible).

最後，會干擾貿易航線並降低營運效率的地緣政治發展，仍是最重要且唯一最大的未知數。在供給端方面，近月新造船訂單加速，我們預期在可預見的未來仍將進一步增溫，儘管缺乏海事（聽不清）。

Looking ahead to 2027, bulk markets are expected to see another year of moderate earnings with fleet growth likely to outpace trade growth. Nevertheless, several factors could help keep the market in relative balance, including the evolution of the Middle East conflict dynamics, the ramp-up of the (inaudible) project and Chinese demand trends. Coal policy, vessel speeds and fleet renewal and demolition activity will also remain important variables.

展望 2027 年，散裝市場預期將再迎來一年溫和獲利，且船隊成長可能超過貿易成長。儘管如此，仍有多項因素可望協助市場維持相對平衡，包括中東衝突態勢的演變、（聽不清）專案的產能爬坡，以及中國需求趨勢。煤炭政策、船速，以及船隊更新與拆船活動，也將持續是重要變數。

Our base case assumes a moderately softer market environment although in 2027 although a prolonged conflict scenario, particularly involving Iran could weigh more heavily on global GDP growth, and by extension, on the dry bulk demand. Let's turn to slide 13 for a review of our position on the dry bulk market cycle. As of May 15, 2026, the 1-year time charter rate for a standard 75,000 deadweight tonne Panamax vessel stood at approximately $18,000 per day. This is considerably above the historical median of $13,375 per day. This higher rate environment is reflected, although disproportionately as we think, in the secondhand asset market.

我們的基本情境假設 2027 年市場環境將溫和轉弱；然而，若衝突情境延長，特別是涉及伊朗，可能對全球 GDP 成長造成更大壓力，並進而影響乾散貨需求。接著請看第 13 頁，回顧我們對乾散貨市場週期的看法。截至 2026 年 5 月 15 日，一艘標準 75,000 載重噸 Panamax 船舶的一年期租租金約為每日 18,000 美元，明顯高於歷史中位數的每日 13,375 美元。我們認為，這種較高的租金環境已反映在二手資產市場中，且反映程度我們認為有些不成比例。

Values for 10-year-old Panamax bulk carriers are extremely firm. At approximately $28.5 million, current prices sit well above both the historical median of $19.5 million and the 10-year average of approximately $19 million. We are very reluctant to invest at these prices in secondhand assets. Nevertheless, as we believe that modernizing our fleet is important for the future of our company and the newbuilding values are still at decent levels. We have decided to utilize our liquidity to order two Kamsarmax vessels, thus positioning our fleet to benefit from a market improvement which we believe will come at some point in the coming years.

10 年船齡的 Panamax 散裝船價值極為堅挺。以約 2,850 萬美元計，目前價格遠高於歷史中位數 1,950 萬美元，以及約 1,900 萬美元的 10 年平均水準。我們非常不願意在此價位投資二手資產。儘管如此，我們認為船隊現代化對公司未來很重要，而新造船價格仍處於合理水準。我們已決定運用流動性訂造兩艘 Kamsarmax 船舶，使我們的船隊得以在未來幾年某個時間點（我們相信將會出現）市場改善時受益。

And with that, I will now turn over the floor to Athina Atalioti for a closer look at our first quarter financial performance.

接下來，我將把時間交給 Athina Atalioti，請她更深入說明我們第一季的財務表現。

Thank you very much, Aristides. Good morning from me as well, ladies and gentlemen. Over the next 5 slides, I will give you an overview of our financial highlights for the first quarter of 2026 and compare those results to the same period as last year. For that, let's turn to slide 15. For the first quarter of 2026, the company reported total net revenues of $12.79 million, representing a 38.9% increase over total net revenues of $9.21 million during the first quarter of 2025 which was the result of the increased time charter rates our vessels earned during the first quarter of 2026, partly offset by the decreased average number of vessels owned and operated during the first quarter of 2026 compared to the same period of 2025.

非常感謝你，Aristides。我也向各位女士先生道早安。接下來 5 張投影片，我將概述我們 2026 年第一季的財務重點，並與去年同期比較。為此，請翻到第 15 頁。2026 年第一季，公司報告的淨營收總額為 1,279 萬美元，較 2025 年第一季的淨營收總額 921 萬美元增加 38.9%。此增長主要來自我們船舶在 2026 年第一季所取得的期租租金上升，但部分被 2026 年第一季相較 2025 年同期自有並營運船舶平均艘數下降所抵銷。

The company reported a net income attributable to controlling shareholders of $0.26 million as compared to a net loss attributable to controlling shareholders of $3.7 million for the same period of 2025. Interest and other financing costs for the first quarter of 2026 decreased to $1.5 million as compared to $1.8 million for the same period of 2025. Interest expense during the first quarter of 2026 was lower, mainly due to the decreased benchmark rate for our loans and a decreased average debt during the first quarter of 2026 as compared to the same period of last year. In the first quarter of 2025, we recorded a gain on the sale of $2.1 million relating to the sale of motor vessels. There were no vessel sales in the respective quarter of 2026.

公司報告歸屬於控股股東的淨利為 26 萬美元，相較之下，2025 年同期歸屬於控股股東的淨損為 370 萬美元。2026 年第一季的利息及其他融資成本降至 150 萬美元，低於 2025 年同期的 180 萬美元。2026 年第一季利息費用較低，主要由於我們貸款的基準利率下降，以及 2026 年第一季的平均負債較去年同期減少。2025 年第一季，我們因出售機動船舶而錄得 210 萬美元的出售收益。2026 年相對應季度則沒有船舶出售。

Adjusted EBITDA for the first quarter of 2026 was $4.87 million compared to a negative $1.02 million during the first quarter of 2025. Basic and diluted earnings per share attributable to controlling shareholders for the first quarter of 2026 was $0.09 calculated on 2,796,647 and 2,828,521 basic and diluted weighted average number of shares outstanding compared to basic and diluted loss per share attributable to controlling shareholders of $1.35 for the first quarter of 2025 calculated on 2,737,297 basic and diluted weighted average number of shares outstanding.

2026 年第一季的調整後 EBITDA 為 487 萬美元，相較於 2025 年第一季為負 102 萬美元。2026 年第一季歸屬於控股股東之基本及稀釋每股盈餘為 0.09 美元，係以 2,796,647 股（基本）及 2,828,521 股（稀釋）的加權平均流通股數計算；相較之下，2025 年第一季歸屬於控股股東之基本及稀釋每股虧損為 1.35 美元，係以 2,737,297 股的基本及稀釋加權平均流通股數計算。

Excluding the effect on the net income attributable to controlling shareholders for the quarter of the unrealized loss on derivatives, the adjusted income attributable to controlling shareholders for the quarter ended March 31, 2026, would have been $0.12 per share basic and diluted compared to an adjusted loss of $2.07 per share basic and diluted attributable to controlling shareholders, respectively, for the quarter ended March 31, 2025. Usually, security analysts do not include the above items in their published estimates of earnings per share. Turning to slide 16, we review our fleet performance for the first quarter of 2026 with comparison to the same period of 2025.

若排除本季衍生性金融工具未實現損失對歸屬於控股股東之淨利的影響，截至 2026 年 3 月 31 日止季度，歸屬於控股股東之調整後損益將為基本及稀釋每股 0.12 美元；相較之下，截至 2025 年 3 月 31 日止季度，歸屬於控股股東之調整後虧損分別為基本及稀釋每股 2.07 美元。通常，證券分析師在其公開發布的每股盈餘預估中不會納入上述項目。接著請看第 16 頁投影片，我們將回顧 2026 年第一季的船隊營運表現，並與 2025 年同期比較。

Beginning with utilization, our commercial utilization rate reached 100% in the first quarter of 2026, while our operational utilization rate was 99.7%, resulting in overall utilization of 99.7%. This compares favorably to the first quarter of 2025 when commercial utilization stood at 98.4%, operational at 99% and overall at 97.4%, reflecting a meaningful improvement in fleet deployment efficiency year-over-year.

先從使用率開始，2026 年第一季我們的商業使用率達到 100%，營運使用率為 99.7%，使整體使用率為 99.7%。相較之下，2025 年第一季商業使用率為 98.4%、營運使用率為 99%、整體使用率為 97.4%，顯示我們的船隊部署效率較去年同期有顯著提升。

On average, 11 vessels were owned and operated during the first quarter of 2026, earning an average time charter equivalent rate of $14,416 per day. This compares to an average of 12.8 vessels in the same period of 2025, earning an average TCE rate of $7,167 per vessel per day, reflecting a more than doubling of earnings on a per vessel basis year-over-year.

2026 年第一季平均有 11 艘船舶為自有並營運，平均期租等效（TCE）日租金為 14,416 美元。相較之下，2025 年同期平均為 12.8 艘船舶，平均每艘船的 TCE 日租金為 7,167 美元，反映每艘船的收益較去年同期增加逾一倍。

Turning to operating costs. Total operating expenses, including management fees and G&A expenses, but excluding dry docking costs were $7,479 per vessel per day during the first quarter of 2026 compared to $7,604 per vessel per day during the same period of 2025, reflecting a modest increase.

接著談營運成本。2026 年第一季的總營運費用（包含管理費與一般及行政費用（G&A），但不含進塢（dry docking）成本）為每艘船每日 7,479 美元；相較之下，2025 年同期為每艘船每日 7,604 美元，反映小幅增加。

Finally, our cash flow breakeven rate, which takes into account the operating expenses, drydocking costs, interest expense and scheduled loan repayments, excluding balloon payments, stood at $12,514 in the first quarter of 2026 compared to $11,528 in the first quarter of 2025 with a TCE rate of about $14,400 comfortably exceeding the breakeven rate of $12,540. Please turn to slide 17. This slide serves as a calculation tool, which enables our shareholders and investors to assess the earnings potential in the remainder of 2026 in the current environment. The table shown in this slide has two components.

最後，我們的現金流損益兩平日租金（納入營運費用、進塢成本、利息費用與既定貸款償還（不含期末一次性償還款／balloon payments））在 2026 年第一季為 12,514 美元，相較於 2025 年第一季的 11,528 美元；而 TCE 約 14,400 美元，明顯高於 12,540 美元的損益兩平水準。請翻到第 17 頁投影片。本頁作為計算工具，使股東與投資人能在目前環境下評估 2026 年剩餘期間的獲利潛力。本頁表格包含兩個部分。

The top chart refers to our fixed rate contract. As you can see, our contract coverage in fixed contract rate is about 23% for the rest of the year. It is about 50% in the second quarter but declined to 15% in the third, and this is very small for the fourth quarter. This chartering strategy reflects our expectation that the market will be quite positive as indeed, it is indicated by the forward traded market. The rest of our vessels are employed in contract linked to the relevant to their (inaudible) bulk dry index.

上方圖表為我們的固定費率合約。如各位所見，今年剩餘期間固定合約費率的覆蓋率約為 23%。第二季約為 50%，但第三季降至 15%，第四季則非常低。此一租船策略反映我們預期市場將相當正向，且遠期交易市場亦顯示如此。我們其餘船舶則採用與其相關（聽不清）散裝乾貨指數連結的合約。

Our calculator indicatively shows the Supramax and Panamax consumer involving forward rate as of May 15, 2026 and also shows how this index level gets translated related to rates for our ships. We actually display the final blended rate for the open days of our fleet, which you can see right below the Supramax and Panamax forward rate in the table and which efficacy tends to be very similar to the index levels.

我們的計算器以 2026 年 5 月 15 日的遠期運費（forward rate）為基礎，示意呈現 Supramax 與 Panamax 的走勢，並顯示該指數水準如何轉換為我們船舶的相關運價。我們實際上展示的是船隊可用天數（open days）的最終加權平均（blended）運價，您可在表格中 Supramax 與 Panamax 遠期運價下方看到；其有效性通常與指數水準非常接近。

Based on these assumptions and by further assumed for simplicity, $7,500 per day per vessel OpEx and G&A costs and the 5% commission rate, one can estimate the EBITDA contribution. The final result is additionally adjusted for our preliminary (inaudible) expenses expected during the year. This overall exercise demand to provide a tool to calculate our EBITDA for 2026.

在上述假設基礎上，並為簡化起見，假設每艘船每日營運費用（OpEx）與 G&A 成本為 7,500 美元，以及 5% 的佣金率，即可估算 EBITDA 的貢獻。最終結果另會就我們預期年度內發生的初步（聽不清）費用進行調整。整體而言，此一演算旨在提供一個用以計算我們 2026 年 EBITDA 的工具。

Obviously, one can enter his or her own assumptions about the rate to do that. It is worth observing that at current FFA rate, one would expect an annualized EBITDA rate of $34 million. Of course, one can make his or her own assumptions of how the market might turn out. In the rest of 2026, (inaudible) can also fully reestimate our EBITDA dependent to the average rate and by our open day. For example, a change of $1,000 per day in the average rate and would result in a $2.2 million change in our 2026 EBITDA.

當然，使用者也可以輸入自己對運價的假設來進行估算。值得注意的是，以目前 FFA 運價推估，年化 EBITDA 約為 3,400 萬美元。當然，各位也可自行假設市場可能的走勢。在 2026 年剩餘期間，（聽不清）亦可依平均運價與我們的可用天數重新估算 EBITDA。舉例而言，平均運價每日變動 1,000 美元，將導致我們 2026 年 EBITDA 變動約 220 萬美元。

Turning to slide 18. We review our debt profile and cash flow breakeven estimate. As of March 31, 2026, our outstanding debt stood at $109 million carrying an average margin of approximately 1.99%. Assuming a three-month swap rate of 3.64% as of that date, the all-in cost of our senior debt averaged 5.63%. The upper chart illustrates our debt amortization schedule.

接著看第 18 頁投影片。我們回顧負債結構與現金流損益兩平估算。截至 2026 年 3 月 31 日，我們未償還債務為 1.09 億美元，平均加碼利差約 1.99%。以該日三個月期交換利率 3.64% 假設，我們優先債務（senior debt）的全包成本（all-in cost）平均為 5.63%。上方圖表顯示我們的債務攤還時程。

Scheduled debt repayments totaled approximately $12.2 million during 2026, $21 million in 2027, $17 million in 2028 and $28.8 million in 2029, inclusive of balloon payment of approximately $1.2 million, $10.2 million, $6.7 million and $19 million, respectively. Please note that although we have arranged the debt financing of our two Ultramax newbuildings, our current debt figure that I quoted includes only the portion of one of the two loans drawn to date representing the predelivery payments made thus far. The 2027 and 2028 repayments figures includes scheduled repayments under both newbuilding loan facilities that we have started growing to finance our Ultramax newbuilding, newbuildings with are scheduled for delivery during the second and third quarter of 2027.

2026 年預定債務償還約 1,220 萬美元，2027 年 2,100 萬美元，2028 年 1,700 萬美元，2029 年 2,880 萬美元；其中分別包含約 120 萬美元、1,020 萬美元、670 萬美元與 1,900 萬美元的期末一次性償還款（balloon payment）。請注意，雖然我們已安排兩艘 Ultramax 新造船的債務融資，但我方所引用的目前債務數字僅包含迄今已動用的兩筆貸款之一的部分金額，該金額代表截至目前已支付的交船前款項（predelivery payments）。2027 年與 2028 年的償還金額亦包含兩項新造船貸款融資下的既定償還，我們已開始動用該等融資以支應預計於 2027 年第二季與第三季交付的 Ultramax 新造船。

Turning to the bottom of this slide, we present our cash flow breakeven estimate for the next 12 months, broken down by major components. Our EBITDA breakeven level starts at $8,035 per day, while our all-in cash flow breakeven incorporating operating expenses, dry docking costs, interest expense and loan repayment is estimated at $12,310 per day.

在本頁下方，我們呈現未來 12 個月的現金流損益兩平估算，並按主要構成項目拆分。我們的 EBITDA 損益兩平水準為每日 8,035 美元；而納入營運費用、進塢成本、利息費用與貸款償還的全包現金流損益兩平水準估計為每日 12,310 美元。

Let's move now to my final slide, slide 19 to review some highlights from our balance sheet as of March 31, 2026. This slide offers a snapshot of our assets and liabilities and hopefully provide a concise picture of our financial position. On the other side, tax and other assets stood at approximately $31.6 million. Advances for newbuildings amounted to approximately $14.4 million and the book value of our vessels was approximately $163.1 million bringing our total assets to approximately $209.1 million. On the liability side, total debt stood at approximately $100.9 million, while other short term liabilities amounted to $5 million for combined liabilities of approximately $105.8 million, representing roughly 51% of total assets.

接著進入最後一頁投影片，第 19 頁，回顧截至 2026 年 3 月 31 日資產負債表的一些重點。本頁提供我們資產與負債的概覽，希望能簡明呈現財務狀況。另一方面，稅項及其他資產約為 3,160 萬美元。新造船預付款約為 1,440 萬美元，我們船舶的帳面價值約為 1.631 億美元，使總資產約為 2.091 億美元。在負債端，總債務約為 1.009 億美元，其他短期負債為 500 萬美元，合計負債約 1.058 億美元，約占總資產的 51%。

Shareholders' equity on a book value basis stood at approximately $93.8 million or $32.45 per share. However, based on our internal estimates and external valuations, the market value of our fleet is meaningfully above its book value. We estimate the current market value of our vessels at approximately $226.9 million compared to a book value of approximately $163.1 million, implying an excess value of approximately $63.9 million, adjusting for this difference yields an estimate net asset value in excess of $52.77 per share.

以帳面價值計算，股東權益約為 9,380 萬美元，或每股 32.45 美元。然而，根據我們的內部估計與外部估值，我們船隊的市值顯著高於其帳面價值。我們估計船舶目前市值約為 2.269 億美元，相較帳面價值約 1.631 億美元，意味著超額價值約 6,390 萬美元；將此差異調整後，估計每股淨資產價值（NAV）超過 52.77 美元。

When compared to the recent trading range of our shares, which has moved up to around $21 recently, it becomes evident that there is a substantial discount to our estimated net asset value and by extension, a significant potential assets for both shareholders and potential investors. We remain committed to executing our strategy and creating long-term value for our shareholders, and we believe the current share price represents a compelling entry point relative to our estimated net asset value.

與近期股價交易區間相比（近期已上升至約 21 美元），可明顯看出股價相對於我們估計的每股淨資產價值存在顯著折價；因此，對現有股東與潛在投資人而言，亦代表可觀的潛在資產價值。我們仍致力於執行既定策略並為股東創造長期價值，且我們相信目前股價相對於估計的每股淨資產價值而言，提供了具吸引力的進場點。

With that, I will hand the call back to Aristides to continue.

那麼，我將把電話交回給 Aristides 繼續。

Thank you, Athina. Maybe now we'll open up the call for any questions we may have.

謝謝你，Athina。現在我們也許可以開放電話讓大家提問。

(Operator Instructions) Mark Reichman, Noble Capital Partners.

（接線員指示）Mark Reichman，Noble Capital Partners。

I really do appreciate slide 17. That's very helpful. And so I was wondering, could you provide some additional detail regarding the financing strategy for the newly ordered Kamsarmax vessels and the expected impact on leverage levels?

我真的很感謝第 17 頁投影片，這非常有幫助。因此我想請教，能否就新訂購的 Kamsarmax 船舶之融資策略，以及對槓桿水準的預期影響，提供更多細節？

Sure. We don't intend to have predelivery financing, I think. So we will get, upon delivery, financing to the order of 60% approximately. As you know, there is ample supply of bank financing these days. Many banks are courting us to provide this financing with. So we are pretty sure that the very modest level of financing that we will require, we will be able to do it.

當然。我想我們不打算做交船前融資（predelivery financing）。因此我們會在交船時取得融資，約為 60% 左右。如你所知，近來銀行融資供給相當充裕，許多銀行都在爭取為我們提供這筆融資。所以我們相當確定，對於我們所需的、非常溫和的融資規模，我們將能夠完成。

And then how does management evaluate the trade-off between continued share repurchases and funding fleet expansion opportunities in the current market environment?

另外，在目前的市場環境下，管理層如何評估持續回購股票與資助船隊擴張機會之間的取捨？

Yes. We're trying to balance everything as you say. We are continuing the repurchase of stock because our share price is extremely low. On the other hand, we want the liquidity in our stock in the stock that is trading to continue improving as it has over the last six months. So we are careful not to overdo it and be too aggressive in this process.

是的。我們正如你所說，試著在各方面取得平衡。我們持續回購股票，因為我們的股價極度偏低。另一方面，我們也希望我們股票的流動性（交易量）能如過去六個月那樣持續改善。因此我們很謹慎，不會做得過頭、在這個過程中過於激進。

We've decided that we will do this vessels, which will help us in the future, these 4 newbuilding vessels. And the remaining earnings, we will see what we will do. But for now, we are pretty covered with these 4 vessels that we have on order.

我們已決定要做這些船舶，也就是這 4 艘新造船，未來會對我們有幫助。至於剩餘的盈餘，我們會再看看要怎麼運用。但就目前而言，我們已經因為這 4 艘已下單的船而相當到位。

And then just lastly, are there additional opportunities for fleet renewal vessel acquisitions or selective asset sales if secondhand vessel prices remain elevated? And I'm really kind of looking at the Panamax vessels in your fleet that have that average age of, looks like around 21 years.

最後一個問題，如果二手船價格仍維持在高檔，是否還有其他船隊汰舊更新的收購機會，或選擇性資產出售的機會？我主要是看你們船隊中的 Panamax 船舶，平均船齡看起來大約 21 年。

Correct. These are potential sale candidates at some point in time. For the time being, they are earning significant time charter equivalents of about $20,000 per day or close to that level which obviously is helping us build up our cash reserves. But we will decide later towards Q3, if we will dispose one of them or not.

沒錯。這些在某個時間點可能會成為潛在的出售標的。就目前而言，它們的期租等價（TCE）收益相當可觀，大約每天 20,000 美元或接近該水準，這顯然有助於我們累積現金儲備。不過我們會在之後、接近第三季時再決定是否要處分其中一艘。

(Operator Instructions) Poe Fratt, Alliance Global Partners.

（接線員指示）Poe Fratt，Alliance Global Partners。

Can you, Aristides, just discuss your hedging strategy? It looks like you have the equivalent of one when dry bulker hedged in the second quarter and then two in the third quarter. Can you just talk about what you're seeing now on the curve and maybe looking into the fourth quarter on whether you'd continue to hedge?

Aristides，你能談談你們的避險策略嗎？看起來你們在第二季避險了相當於 1 艘乾散貨船的部位，第三季則是 2 艘。你能談談你們目前在遠期曲線上看到什麼，以及展望第四季是否會繼續避險嗎？

Yes. Poe, you're right. We felt that the market will not be that strong so we consider hedging a little bit at the levels that we did, which was $19,000 for Q2 and $17,000 for Q3. The market has been stronger. So today, FFA rates are higher than that.

是的。Poe，你說得對。我們認為市場不會那麼強，因此我們考慮在當時的水準做一些避險，也就是第二季 19,000 美元、第三季 17,000 美元。市場後來更強，所以今天的 FFA 報價高於那些水準。

We evaluate the situation in our weekly meetings and we'll decide if we will take more cover either through time charter in a few of our vessels or through further FFAs. But this is something which is dynamic and that we look upon every week.

我們在每週會議中評估情勢，並決定是否要透過讓部分船舶簽訂期租，或透過進一步的 FFA 來增加避險覆蓋。但這是一個動態的事情，我們每週都會檢視。

Great. And then would you -- with the addition of the two additional newbuilds, can you just highlight your newbuild CapEx for 2026, '27 and '28?

很好。那麼，隨著新增兩艘新造船，你能否說明你們 2026、2027 與 2028 年的新造船資本支出（CapEx）？

I think we can arrange to send this to you separately, but I don't have the numbers on my head. But we will send them to you, okay?

我想我們可以另外安排把這些資料寄給你，但我現在腦中沒有具體數字。不過我們會寄給你，好嗎？

Okay. That's great. And then can you -- you didn't buy -- there's quite a discrepancy between your estimated net asset value and where your stock currently is trading. You didn't buy any stock in the first quarter. Can you just help us -- maybe help me understand what you can do to try to close that gap, that discount to your NAV, Aristides?

好，太好了。另外，你們的估計淨資產價值（NAV）與目前股價之間有相當大的落差。你們第一季沒有買回任何股票。你能否協助我們——或協助我——理解你們能做些什麼來縮小這個差距、也就是縮小相對 NAV 的折價，Aristides？

Well, the stock price increased substantially during the quarter, right, from what was it, $12, $13 up to $21. So it's been increasing. Nevertheless, we are still having the buyback program active and we have executed a few purchases during the last few days. We will continue executing on that, but only a little bit marginally because as I said to Mark previously, for us, it's important that we keep up the liquidity in the stock growing. So we won't be extremely aggressive on that.

嗯，股價在該季度大幅上升，對吧？從多少來著，12、13 美元上升到 21 美元。所以它一直在上漲。儘管如此，我們的回購計畫仍在進行中，而且我們在最近幾天已執行了幾筆買回。我們會持續執行，但只會小幅度地進行，因為如我先前對 Mark 所說，對我們而言，維持股票流動性持續提升很重要。因此我們不會在這方面非常激進。

Okay. Great. And then from a cost standpoint, the two things that I'm sort of focused on looking forward are bunker costs and also insurance costs. Can you just discuss your exposure to potential increases in both those areas?

好的，很好。接著從成本角度來看，我比較關注未來兩項：燃油（bunker）成本以及保險成本。你能談談你們在這兩方面面臨潛在上升的曝險嗎？

Yes. On the bunker side, actually are on time charter basis which means that the charterer is responsible for placing the bunkers and paying for them. So it's not a huge issue for us as long as there is availability of bunkers, we don't really mind the higher price. Of course, the charterer minds it, so it affects his decisions. On the insurance cost, there is increased war risk insurance in several areas. But as our vessels do not trade there, we are not affected.

可以。在燃油方面，實際上我們多數是期租（time charter）模式，這表示由承租人負責加油並支付燃油費用。因此只要燃油供應充足，對我們而言不是很大的問題，我們並不太在意價格較高。當然，承租人會在意，所以會影響他的決策。至於保險成本，在若干地區戰爭風險保險確實上升。但由於我們的船舶不在那些地區營運，因此不受影響。

Tate Sullivan, Maxim Group.

Tate Sullivan，Maxim Group。

(inaudible) the voyage days in the first quarter were a bit below I forecasted, and you mentioned some repositioning in the press release given global dynamics, do you think the repositioning between charters will be a quarterly occurrence? Or was that special situation related to the first quarter?

（聽不清）第一季的航行天數比我預測的略低，而你們在新聞稿中提到因全球動態而進行一些重新部署（repositioning）。你認為租約之間的重新部署會成為每季都會發生的情況嗎？還是那是第一季的特殊狀況？

No, I think it was a special situation in the first quarter. It happened that we had a lot of repositioning. But on average, I don't -- I expect it to be narrowed to what we've been advising.

不，我認為那是第一季的特殊狀況。剛好我們有很多重新部署。但平均而言，我不——我預期會收斂到我們先前所指引的水準。

And then the voyage expenses, there was a gain related to those repositioning's and maybe the bulk fuel sale that's certainly a one -- a quarterly event as well. Not -- I think the last time that occurred was two-odd years ago. Is that correct?

另外，航次費用方面，有一筆與那些重新部署相關的收益，以及可能還有散裝燃油出售（bulk fuel sale），那當然也不是——我想那也不是每季都會發生的事件。我記得上一次發生大概是兩年多前。這樣對嗎？

Yes, exactly.

是的，完全正確。

Okay. And then last, your comments on the Panama Canal. Is that an emergent dynamic removing some vessel voyage from the fleet? Or has that been consistent in the first two months of this quarter?

好的。最後，你對巴拿馬運河的評論。這是否是一個新出現的動態，正在從船隊中移除一些船舶航次（voyage）？還是說在本季前兩個月一直都是如此？

No, it's practically an emerging dynamic because we are seeing more and more tankers cross the Panama Canal who pay higher fees to pass and for whom it's more important to pass through the canal. And that has practically squeezed the dry bulk out of the canal. It's a consequence of the war in Iran and the fact that on the tanker sector, there's been a significant shift on the trading patterns.

不，這幾乎是一個正在浮現的動態，因為我們看到越來越多油輪穿越巴拿馬運河，它們支付更高的通行費，而且對它們而言通過運河更為重要。這實際上把乾散貨擠出了運河。這是伊朗戰爭的後果，以及在油輪市場，交易航線型態出現顯著轉變所導致。

Mark Reichman, NOBLE Capital Partners.

Mark Reichman，NOBLE Capital Partners。

I just wanted to follow up on -- when you look at the fixed rate coverage for the remainder of 2026, it's about 23.5%. And if you're expecting rates to kind of remain strong, I can understand why you would want to leave exposure to the market. And we're only in May. But looking to 2027, if you're expecting the market to weaken a little bit or rates to go down, at what point do you try to start preparing for that or 2027 to maybe increase your fixed rate coverage as you head into 2027?

我想追問一下——當你看 2026 年剩餘期間的固定費率覆蓋率，大約是 23.5%。如果你預期運價會維持強勁，我能理解你會想保留對市場的曝險。我們現在才 5 月。但展望 2027 年，如果你預期市場會稍微轉弱或運價下滑，你會在什麼時點開始為 2027 年做準備、也就是在進入 2027 年前提高固定費率覆蓋率？

Indeed, you're right. We are looking into this mark, but rates for 2027 are quite lower than where they are today. But we are also looking at the alternative, which is to time charter maybe a couple of vessels for a year's time so that we cover a little bit of the 2027 exposure. We wouldn't do too much, but it is possible that we will fix a couple of ships in longer TCE or covered with FFA.

確實，你說得對。我們正在研究這點，Mark，但 2027 年的運價遠低於今天的水準。不過我們也在看另一個替代方案，也就是可能把一兩艘船以一年期的期租方式租出，讓我們能覆蓋一部分 2027 年的曝險。我們不會做太多，但我們有可能會以較長的 TCE 固定幾艘船，或用 FFA 來覆蓋。

There are no further questions at this time. I would like to turn the floor back over to Mr. Pittas for closing remarks.

目前沒有其他問題。我想把時間交回給 Pittas 先生作結語。

Thank you all for listening in to our results of today. We look forward to discussing again in Q2, which, as we all know, is going to be a pretty good quarter based on what we are seeing today. Thank you all.

感謝各位收聽我們今天的業績結果。我們期待在第二季再次討論；如大家所知，根據我們目前所看到的情況，第二季將會是相當不錯的一季。謝謝各位。

Thank you. This will conclude today's conference. You may disconnect at this time and thank you for your participation.

謝謝。今天的電話會議到此結束。您現在可以掛線，並感謝您的參與。