Eagle Bulk Shipping Inc (EGLE) 2023 Q3 法說會逐字稿

Welcome to the Eagle Bulk Shipping Third Quarter 2023 Earnings Conference Call. (Operator Instructions) I would now like to hand the conference over to your speaker today, Gary Vogel, Chief Executive Officer.

歡迎參加 Eagle Bulk Shipping 2023 年第三季財報電話會議。 （操作員指示）現在，我想將會議交給今天的發言人、執行長 Gary Vogel。

I'd like to welcome everyone to Eagle Bulk's Third Quarter 2023 Earnings Call. To supplement our remarks today, I would encourage participants to access the slide presentation that is available on our website at eagleships.com. Please note that part of our discussion today will include forward-looking statements. These statements are not guarantees of future performance and are inherently subject to risks and uncertainties. You should not place undue reliance on these forward-looking statements. Please refer to our filings with the Securities and Exchange Commission for a more detailed discussion of the risks and uncertainties that may have a direct bearing on our operating results, our performance and our financial condition.

歡迎大家參加 Eagle Bulk 2023 年第三季財報電話會議。為了補充我們今天的發言，我鼓勵參與者訪問我們網站 eagleships.com 上提供的幻燈片演示。請注意，我們今天的討論內容將包括前瞻性陳述。這些聲明並不能保證未來的表現，並且本質上受風險和不確定性的影響。您不應過度依賴這些前瞻性陳述。請參閱我們提交給美國證券交易委員會的文件，以了解有關可能對我們的經營業績、業績和財務狀況產生直接影響的風險和不確定因素的更詳細討論。

Our discussion today also includes certain non-GAAP financial measures, including TCE revenues, adjusted net income, EBITDA and adjusted EBITDA. Please refer to the appendix in the presentation in our earnings release filed with the Securities and Exchange Commission for more information concerning non-GAAP financial measures and a reconciliation to the most comparable GAAP financial measures.

我們今天的討論還包括某些非 GAAP 財務指標，包括 TCE 收入、調整後淨收入、EBITDA 和調整後 EBITDA。有關非公認會計準則財務指標以及與最具可比性的公認會計準則財務指標的對帳的更多信息，請參閱我們向美國證券交易委員會提交的收益報告中的演示文稿附錄。

Please turn to Slide 6. The industry experienced a challenging market during Q3 with the BSI averaging just over 10,000 for the period, the weakest third quarter in 3 years. Our financial results for the quarter are reflective of the underlying freight environment that impacted our results as we generated a net loss of $5.1 million or $0.55 per share. We continue to execute on our strategy to monetize noncore older vessels. Specifically, we closed on the sale of the Sankaty Eagle, a mid-aged nonscrubber-fitted supramax. This was the third and last vessel in the Eagle Bulk transaction we previously disclosed. The sale of the 3 ships generated a total of $35 million in profit for us, implying a levered IRR of 70% based on just a 2-year investment period.

請翻到投影片 6。我們本季的財務表現反映了影響我們業績的基本貨運環境，因為我們產生了 510 萬美元或每股 0.55 美元的淨虧損。我們將繼續執行將非核心舊船貨幣化的策略。具體來說，我們完成了 Sankaty Eagle 號的銷售，這是一艘中年、未安裝洗滌器的超靈便型散裝貨船。這是我們之前披露的Eagle Bulk交易中的第三艘也是最後一艘船。這 3 艘船的出售為我們帶來了總計 3500 萬美元的利潤，這意味著僅基於 2 年的投資期，槓桿內部收益率就達到 70%。

Please turn to Slide 7. Q3, we achieved a net TCE of $11,482 representing an outperformance versus a benchmark BSI of $1,441 per ship per day or roughly 14%. Freight rates during the months of July and August remained depressed with the BSI averaging just 8,500. This weakness was driven by lower fleet utilization as a result of the continued low levels of vessel congestion globally. The BSI bottomed at 75-45 on August 7th and has since experienced a strong rally with the index reaching close to 15,000 by the end of September.

請翻到幻燈片 7。 7 月和 8 月的運費持續低迷，BSI 平均僅 8,500。這種疲軟是由於全球船舶擁堵程度持續較低導致船隊利用率下降所致。 BSI 指數於 8 月 7 日觸底 75-45，此後經歷強勁反彈，到 9 月底該指數已接近 15,000 點。

The Atlantic Basin was the main driver of this recovery in rates as we saw robust exports of soybeans and corn out of Brazil following a record crop being harvested this season. As we look to Q4, spot rates have come off from their highs and will remain supported with the BSI averaging approximately $13,700 for the month of October. As of today, we fixed approximately 68% of our owned available days for the fourth quarter at a net TCE of $15,655.

大西洋盆地是運費回升的主要動力，因為我們看到巴西本季收穫創紀錄的產量後大豆和玉米出口強勁。展望第四季度，現貨價格已從高點回落，並將繼續受到支撐，10 月 BSI 平均價格約為 13,700 美元。 截至今天，我們已將第四季自有可用天數的約 68% 固定在 15,655 美元的淨 TCE 上。

With that, I'd like to turn the call over to Costa, who will discuss our financial results for the period.

說到這裡，我想把電話轉給科斯塔，他將討論我們本季的財務表現。

Please turn to Slide 9. As mentioned earlier on the call, weak market fundamentals during the third quarter and particularly during the month of July and August, impacted our financial results for the period with net top line performance or TCE revenues totaling $54 million. This equates to an achieved TCE of $11,482 or about 5% above the level we indicated for our fixtures to date on our last earnings call. Although freight rates improved significantly during September, this was not really reflected in our results for Q3 due to the inherent lag when fixing business.

請翻到幻燈片 9。 正如早些時候在電話會議上提到的，第三季度，特別是 7 月和 8 月的市場基本面疲軟，影響了我們當期的財務業績，淨營收表現或 TCE 收入總計 5400 萬美元。這相當於實現了 11,482 美元的 TCE，或比我們在上次收益電話會議上指出的迄今為止的固定裝置水平高出約 5%。儘管9月份運費大幅上漲，但由於業務簽訂時存在固有的滯後性，這一情況並未真正反映在我們第三季的業績中。

As indicated earlier, we expect to see a meaningful increase to our TCE in Q4 based on the business we have fixed thus far. Vessel operating expenses improved approximately 7% quarter-on-quarter to total $29 million or $59.94 per day, in line with our outlook. OpEx improved primarily due to the decrease in repairs and discretionary upgrades, normalization crew costs post the completion of our crew management transition project and also benefited from the fact that we did not take delivery of any newly acquired vessels during the quarter.

如前所述，根據迄今為止我們已完成的業務，我們預計第四季度的 TCE 將有顯著成長。船舶營運費用較上季改善約 7%，達到 2,900 萬美元或每天 59.94 美元，符合我們的預期。營運支出的改善主要由於維修和自由裁量升級的減少，船員管理過渡項目完成後船員成本的正常化，以及由於我們在本季度沒有接收任何新收購的船隻。

General and administrative expenses decreased 5% quarter-on-quarter to total $10.7 million, in line with our outlook. Cash and costs came in at just under $9 million. Other operating expense items, which had a net positive impact for the quarter included a $4.9 million gain relating to the sale of the Sankaty Eagle, offset partially by a $700,000 cost relating to legal. Net interest expense, inclusive of cash interest expense, cash interest income and noncash deferred financing fees came in at $6.2 million for the quarter, which was modestly better than what we had previously guided at. Our interest expense increased as compared to the prior quarter as a result of the upside and subsequent drawdown on our credit facility in June.

一般及行政開支較上月下降 5% 至 1,070 萬美元，符合我們的預期。現金和成本略低於900萬美元。其他對本季產生淨正面影響的營運費用項目包括與出售 Sankaty Eagle 相關的 490 萬美元收益，但部分被與法律相關的 70 萬美元成本所抵銷。本季的淨利息支出（包括現金利息支出、現金利息收入和非現金遞延融資費用）為 620 萬美元，略優於我們先前預期的水平。由於 6 月份我們的信貸額度增加並隨後被提取，因此我們的利息支出與上一季相比有所增加。

Unrealized net P&L on derivatives for Q3 was negative $2 million. This was primarily attributed to our outstanding FFA positions as of September 30. After stripping out the noncash mark-to-market effect from derivatives, we generated an adjusted net loss for the quarter of $2.9 million or $0.31 per share basic and diluted. Please note that the convertible bond was deemed to be anti-dilutive this quarter from an EPS perspective. As such, the shares underlying the security were not included in the diluted share count. Adjusted EBITDA amounted to $15.6 billion.

第三季衍生性商品未實現淨損益為負 200 萬美元。這主要歸因於我們截至 9 月 30 日的未償還 FFA 部位。請注意，從每股盈餘角度來看，本季可轉換債券被視為具有反稀釋效果。因此，該證券的標的股票未計入稀釋股份數。調整後 EBITDA 為 156 億美元。

Please turn to Slide 10. We ended the quarter with a total cash position of $116 million, down $2 million as compared to June 30. We generated $3.8 million from operations. We produced $14.5 million from investing activities, which was primarily comprised of the proceeds from the sale of the Sankaty Eagle, and we used $20 million in financing comprised of the following: a $12.5 million payment relating to the quarterly amortization on our term loan, a $5.8 million payment relating to our Q2 dividend distribution and $1.8 million in payments primarily relating to advisory fees for the share repurchase transaction concluded in June. Please turn to Slide 11. Our liquidity position as of September 30 totaled $171 million, inclusive of $55 million in undrawn RCF availability. Total debt outstanding as of quarter end was $504.5 million comprised of the following: $104 million on the convertible bond base amount, $275 million on the term loan and $125 million on the RCF.

請翻到投影片 10。我們從投資活動中獲得了 1450 萬美元的收入，其中主要包括出售 Sankaty Eagle 的收益，我們使用了 2000 萬美元的融資，包括：與定期貸款季度攤銷相關的 1250 萬美元付款，與第二季度股息分配相關的 580 萬美元付款，以及主要與 6 月份完成的股票回購 180 萬美元的付款。請翻到投影片 11。截至季末，未償還債務總額為 5.045 億美元，包括：可轉換債券基礎金額 1.04 億美元、定期貸款 2.75 億美元以及 RCF 1.25 億美元。

In the third quarter, we entered into interest rate swaps on $75 million notional relating to the new upsized term loan amount. As of September 30, 75% of our total debt is now fixed and an removement in underlying interest rates. Inclusive of swaps that we have in place, the all-in weighted average interest rate on our total debt position is approximately 5.2% today. For more information on our debt facilities, please reference the debt term summary slides in the appendix. Please turn to Slide 12. As we look ahead into Q4, we are providing you with the following informational outlook. Owned available days is projected to be 4,560 after taking into consideration estimates for both scheduled and unscheduled off-hire.

第三季度，我們與新的增加的定期貸款金額簽訂了名義金額為 7500 萬美元的利率互換協議。截至 9 月 30 日，我們的總債務的 75% 現已固定，並且基礎利率已取消。包括我們現有的掉期合約在內，我們目前總債務的加權平均利率約為 5.2%。有關我們的債務融資的更多信息，請參閱附錄中的債務期限摘要幻燈片。請翻到投影片 12。考慮計劃和非計劃的停租估算後，自有可用天數預計為 4,560 天。

As I indicated earlier, as of today, we have fixed approximately 68% of our owned available days at a TCE of $15,655. Please note this figure is inclusive of our pro rata estimate for realized of big gains and losses for the period on a mark-to-market basis. On the expense side, we are projecting the following on a per owned days basis. Personal operating expenses are expected to remain flat in the range between 5,900 and 6,200. Noncash depreciation and amortization expense is projected to come in between $3,200 and 3,400. G&A cash expenses are forecast to come in between $1,700 and 1,900. As a reminder, this figure is based on our own fleet only and does not take into account our vessel operating days for the chartered in fleet.

正如我之前所說，截至今天，我們已將自有可用天數的約 68% 固定在 15,655 美元的 TCE 上。請注意，該數字包括我們根據市價基礎對該期間實現的大額收益和損失的按比例估計。在費用方面，我們根據自有天數進行如下預測。個人營運支出預計將保持穩定，介於 5,900 至 6,200 之間。非現金折舊和攤提費用預計在 3,200 美元至 3,400 美元之間。預計一般及行政費用現金支出將在 1,700 至 1,900 美元之間。提醒一下，這個數字僅基於我們自己的船隊，並沒有考慮到我們租用船隊的船舶營運天數。

Noncash stock-based compensation is estimated to come in between $300 million and $400 million. Net interest expense is expected to commit between $1,300 and 1,600. As of September 30, we had 9.3 million basic shares outstanding and 12.8 million diluted shares outstanding after taking into account the shares underlying the convertible bond and unvested equity awards.

非現金股票薪酬估計在 3 億至 4 億美元之間。預計淨利息支出在 1,300 美元至 1,600 美元之間。截至 9 月 30 日，考慮到可轉換債券的基礎股票和未歸屬股權獎勵後，我們已發行基本股票 930 萬股，已發行稀釋股票 1,280 萬股。

This concludes my remarks. I will now turn the call back to Gary, who will discuss industry fundamentals.

我的發言到此結束。現在我將把電話轉回給 Gary，他將討論行業基本面。

Please turn to Slide 14. As mentioned earlier, freight rates have posted a meaningful recovery since early August. The Atlantic market is holding up well, thanks to strong grain exports out of both Brazil and now being supported by grain exports from the U.S. gulf as well. It's also benefiting due to a shortage of available tonnage in the region. Our drought in Central America has led to low water levels in Panama and force the canal authorities to put in place restrictions to the number of vessels transiting through the canal, leading to a rise in vessel delays.

請翻到投影片 14。大西洋市場表現良好，得益於巴西強勁的穀物出口，以及美國墨西哥灣穀物出口的支撐。該地區可用噸位的短缺也使其受益。我們中美洲的乾旱導致巴拿馬水位下降，迫使運河管理部門對通過運河的船隻數量進行限制，導致船隻延誤次數增加。

Under normal conditions, approximately 32 vessels can transit to the canal each way every day. Recently, that number has been reduced to around 25%. Just this week, the canal authority said the number, will be reduced further down to just 18 vessels per day by February. This reduction will continue to add to delays and also increase ton miles for vessels that are forced to use alternate routes. Rates in the Pacific Basin, which have benefited from elevated Chinese coal imports in recent months appear to have reached a seasonal peak in mid-October and have traded off.

正常情況下，每天大約有32艘船可以往返運河。最近，這一數字已降至25%左右。就在本週，運河管理局表示，到 2 月份，這一數量將進一步減少至每天 18 艘。這種減少將繼續增加延誤，並增加被迫使用替代航線的船舶的噸英里數。太平洋盆地的運費受益於近幾個月來中國煤炭進口量的增加，似乎已在 10 月中旬達到季節性高峰，隨後開始回落。

It's worth mentioning that the Israel Hamas conflict has not materially impacted the drybulk market as the Eastern Mediterranean is not a significant import or export region. However, the elevated risk from a macro perspective is real and could have meaningful consequences for global growth should the conflict widen. Please turn to Slide 15. Our scrubber position remains unchanged with 50 of our ships or 96% of our fleet being fitted with exhaust gas cleaning systems. Fuel prices generally rose during the third quarter with HSFO rising by 18% on increased demand from the Middle East for use in power generation and tighter HSFO supply as EU continued to be impacted by the ban on Russian crude and refined products.

值得一提的是，以色列哈馬斯衝突並未對乾散貨市場產生實質影響，因為東地中海並不是重要的進出口地區。然而，從宏觀角度來看，風險的上升是真實存在的，如果衝突加劇，可能對全球經濟成長產生重大影響。請翻到幻燈片 15。第三季燃料價格普遍上漲，其中高硫燃油 (HSFO) 價格上漲 18%，因為中東地區發電需求增加，且歐盟繼續受到俄羅斯原油和精煉產品禁令的影響，導致高硫燃油 (HSFO) 供應收緊。

VLSFO, which tends to be highly correlated with crude oil rose by 9%. As a result, fuel spread between HSFO and VLSFO averaged roughly $86 per ton for the third quarter. Notwithstanding the contraction in fuel spreads during the quarter, we've seen a meaningful widening in recent weeks due to a relative drop of HSFO prices stemming from increased supply of HSFO as more Russian crude is going into Asian markets and West African crude production increased as well relative to earlier this year.

與原油高度相關的VLSFO價格上漲了9%。因此，第三季 HSFO 和 VLSFO 之間的燃油價差平均約為每噸 86 美元。儘管本季度燃料價差有所收縮，但近幾週我們看到燃料價差大幅擴大，原因是隨著更多俄羅斯原油進入亞洲市場以及西非原油產量與今年早些時候相比有所增加，HSFO 供應增加導致 HSFO 價格相對下降。

The crude from these regions generally results in more HSFO production than from other regions. The current fuel spread for the fourth quarter now stands at around $150 per ton. Based on the 2024 forward curve of $115 per ton, we estimate our scrubbers would generate approximately $30 million of incremental earnings on an annualized basis. This translates to an incremental sea benefit of approximately $1,650 per day, representing a meaningful contribution in the current freight environment. Please turn to Slide 16. Mimicking the trend in freight rates, asset prices bottomed in August and have since traded up by approximately 10%.

這些地區的原油產量通常比其他地區的原油高硫燃料 (HSFO) 產量更高。目前第四季的燃油價差約為每噸 150 美元。根據 2024 年每噸 115 美元的遠期曲線，我們估計我們的洗滌器每年將產生約 3000 萬美元的增量收益。這意味著每天的海上收益將增加約 1,650 美元，對當前的貨運環境做出了有意義的貢獻。請翻到投影片 16。

Buying interest remains focused on a more modern tonnage and still seems to be dominated by European-based shipowners who tend to have more of an asset trader approach to investing. Asian buyers, which have generally been out of the market for most of the year appear to be showing interest again, and we view this as a positive signal for market sentiment and general direction. For Eagle, we continue to monitor the market and evaluate opportunities that can further optimize our fleet and enhance our competitive position. Since 2016, we've executed a total of 58 sell on purchase transactions turning over 52% of our fleet and generating incremental value for the enterprise and our shareholders.

購買興趣仍然集中在更現代化的噸位上，而且似乎仍然由歐洲船東主導，他們更傾向於採用資產交易者的方式進行投資。亞洲買家在今年大部分時間通常都沒有進入房地產市場，但現在似乎又表現出了興趣，我們認為這對市場情緒和整體方向來說是一個積極的信號。對於 Eagle，我們將繼續監測市場並評估可以進一步優化我們的船隊和增強我們的競爭地位的機會。自 2016 年以來，我們共執行了 58 筆買賣交易，占我們船隊的 52%，並為企業和股東創造了增量價值。

Please turn to Slide 17. Fleet supply growth slowed in Q3. Total of 113 drybulk newbuild vessels were delivered during the period as compared with 132 in the prior quarter. Newbuilding deliveries in Q3 were partially offset by 37 vessels, which were removed from the market and scrapped. Notably for Eagle, 12 midsized geared vessels were scrapped during the quarter. While still low, this represents a very significant increase and compares to just 9 midsized vessels scrapped during all of 2022 out of a fleet of approximately 4,100 vessels. As we have mentioned previously, despite high scrap prices that have averaged around $540 per tonne in 2023 thus far, the low level of demolition is not surprising given the strength in the underlying spot market during 2021 and '22 and the apparent shared sentiment by owners that rates will be strong going forward.

請翻到幻燈片 17。本季共交付 113 艘乾散貨新船，而上一季為 132 艘。第三季的新船交付量被 37 艘船部分抵消，這些船隻從市場撤出並被拆毀。值得注意的是，對於 Eagle 來說，本季有 12 艘中型齒輪船被拆解。雖然這一數字仍然很低，但卻代表著非常顯著的增長，相比之下，在 2022 年全年約 4,100 艘船中，只有 9 艘中型船隻被拆毀。正如我們之前提到的，儘管到目前為止，2023 年廢鋼價格高企（平均約為每噸 540 美元），但考慮到 2021 年和 2022 年現貨市場的強勁表現，以及船東明顯認為未來價格將保持強勁，拆解量較低並不令人意外。

In terms of forward supply growth, the overall drybulk order book remains close to historically low levels of around 8.1% of the on-the-water fleet. Despite rising modestly in recent quarters, it's noteworthy that the delivery range of ships that have been ordered now extends more than 4 years even into 2028, lowering the impact of the order book even further as compared with headline numbers. For 2023, dry bulk net fleet growth is projected at 2.9%. The main driver of this low growth rate is a continuation of muted deliveries, which has occurred despite low levels of scrapping across all dry bulk segments. We also note that scrapping in '23 was forecast to be as high as $30 million deadweight last year, but that projection has continuously been revised downward and is now forecast at just 6.7 million deadweight tons.

就遠期供應成長而言，整體乾散貨訂單仍接近歷史最低水平，約佔水上船隊的 8.1%。儘管最近幾季有所增長，但值得注意的是，已訂購船舶的交付範圍現已延長 4 年以上，甚至延長至 2028 年，與總體數字相比，訂單的影響進一步降低。到 2023 年，乾散貨淨船隊規模預計成長 2.9%。造成這一低成長率的主要原因是交貨量持續低迷，儘管所有乾散貨板塊的拆船量都很低。我們也注意到，去年預計23年的拆船量將高達3,000萬載重噸，但這項預測不斷下調，目前預測僅670萬載重噸。

Total of 71 ships were ordered during Q3, down 60% from 169 ships during the prior quarter. Notably, this is the first time in 3 years that contracting was under 100 vessels for a quarter. It's also worth noting that the vast majority of orders being placed today will not be delivered until 2026 or even later. Please turn to Slide 18. The longer-term future supply dynamics continue to look very favorable. Based on delivery of the current order book as well as anticipated scrapping levels, the midsize fleet is expected to surpass the record average age of 11.8 years in mid-'24.

第三季共訂購了 71 艘船舶，較上一季的 169 艘下降了 60%。值得注意的是，這是三年來首次單季簽約船舶數量低於100艘。另外值得注意的是，目前下的絕大多數訂單要到 2026 年甚至更晚才能交付。請翻到投影片 18。根據目前訂單的交付情況以及預期的報廢水平，中型船隊預計將在24年中期超過11.8年的歷史平均船齡。

A positive from this trend is that there's an ever-increasing number of significantly older ships that will need to be recycled during the coming years. As we noted on the previous slide, the forecast for scrapping over the next year or 2 has been continually revised downwards, which only increases the average fleet age and adds to the pool of potential future scrapping candidates. It's worth noting that ships over 15 years of age need to dry dock every 30 months, which translates to a meaningful and ever increasing cost for ships as they age. Given limited yard capacity, relative cost advantages of secondhand ships versus newbuildings as well as uncertainty surrounding decarbonization and future fuel propulsion technology, we believe ordering and the resulting order book will remain low for some time.

這一趨勢的一個積極方面是，未來幾年需要回收的老舊船舶數量將不斷增加。正如我們在上一張幻燈片中提到的，未來一兩年內報廢船舶的預測一直在不斷下調，這只會增加船隊的平均船齡，並增加未來潛在的報廢船舶數量。值得注意的是，船齡超過15年的船舶每30個月需要進行一次乾船塢維修，這意味著隨著船舶年齡的增長，船舶成本會不斷增加。鑑於船廠容量有限、二手船相對於新船的相對成本優勢以及脫碳和未來燃料推進技術的不確定性，我們認為訂購量和由此產生的訂單量將在一段時間內保持低位。

We expect these dynamics combining a near record low order book with a near record fleet age to further improve the supply side in terms of fleet development in the coming years. Please turn to Slide 19. The IMF is currently projecting global GDP growth to reach 3% for 2023, unchanged from their previous forecast in July. For 2024, global GDP is expected to grow by 2.9%, which is a 10 basis point reduction compared to the July estimate. The forecast notes that both headline and core inflation rates are being brought under control in most countries. At the same time, the soft landing scenario where inflation control is achieved without a meaningful downturn in the economy looks increasingly likely.

我們預計，接近歷史最低水平的訂單量和接近歷史最高水平的船隊船齡相結合，將在未來幾年進一步改善船隊發展的供應方面。請翻到投影片 19。 2024年，全球GDP預期成長2.9%，比7月的預測下調了10個基點。預測指出，大多數國家的總體通膨率和核心通膨率都得到了控制。同時，通膨在經濟不出現明顯下滑的情況下實現軟著陸的情形看起來也越來越有可能。

The IMF does note that the GDP outlook faces potential downside risk from both the deepening of real estate crisis in China as well as volatility in commodity prices. In terms of the drybulk market, total trade demand for 2023 is expected to come in at 3.7% on a core basis and improved further to 4.6% once factoring in the ton mile effect. Please turn to Slide 20. Looking into the details of drybulk demand on this slide, we note that 2023 forecast for most commodities has improved since our last earnings call. Iron ore demand growth has been revised upward by 150 basis points to 3.9%, primarily on an upward revision in Chinese demand of 29 million tonnes.

國際貨幣基金組織確實指出，中國房地產危機加深以及大宗商品價格波動可能會使 GDP 前景面臨潛在的下行風險。就乾散貨市場而言，預計 2023 年的總貿易需求將在核心基礎上達到 3.7%，一旦考慮到噸英里效應，將進一步提高到 4.6%。請翻到幻燈片 20。鐵礦石需求成長預期上調 150 個基點至 3.9%，主要由於中國需求上調 2,900 萬噸。

Coal demand has also been revised upward by 70 basis points to 6.4% growth for 2023, an increased demand from China for both thermal coal and cooking coal, which has been partially offset by reductions in coal demand from Europe, India and Japan. Demand for minor bulks is generally holding steady with an upward revision of 60 basis points to 1.9% growth on an absolute basis for 2023, which is led by increases in trade demand for steel, scrap, aggregates as well as sugar.

2023 年煤炭需求成長預期也被上調 70 個基點至 6.4%，中國對動力煤和焦煤的需求增加，但歐洲、印度和日本的煤炭需求減少部分抵銷了這一成長。小宗散貨需求整體維持穩定，2023 年絕對成長率上調 60 個基點至 1.9%，主要得益於鋼鐵、廢料、骨材以及糖的貿易需求成長。

In terms of grains, trade demand growth has been revised upwards by 135 basis points to 3.7% in 2023. On the export side, increases in estimated trade volume has been led by Brazil and Russia, but also includes increases from Canada, Ukraine and Australia, partially offset by decreases from the U.S. and Argentina. Looking ahead to 2024, it's now projected for minor bulks to lead drybulk demand with growth of 3.2% on a core basis with increased demand forecast for nearly all minor bulk commodities. Major bulks are projected to grow at just 0.1% on a core basis with the increases in the grain trade being offset by decreases in both iron ore and coal. The strong minor bulk forecast is particularly important for Eagle Bulk, which historically derives approximately 2/3 of its cargo demand from minor bulk cargoes.

就穀物而言，2023 年貿易需求成長已上調 135 個基點至 3.7%。展望 2024 年，目前預計小宗散貨將引領乾散貨需求，核心成長率為 3.2%，幾乎所有小宗散貨商品的需求都預計將增加。預計主要散裝貨物核心貿易量僅增長 0.1%，因為穀物貿易量的增長被鐵礦石和煤炭貿易量的下降所抵消。強勁的小型散貨預測對 Eagle Bulk 來說尤其重要，因為該公司歷史上約 2/3 的貨物需求來自小型散裝貨物。

Please turn to Slide 21 for a recap. Given Eagle's exclusive focus on the midsized segment as well as a commercial platform that has a track record of meaningful outperformance, we continue to be in an optimal position to maximize utilization and capitalize on a rapidly evolving environment. Looking forward, we remain positive about the medium-term prospects for the dry bulk industry, particularly given strong supply side fundamentals. With a fully modern fleet of 52 predominantly scrubber-fitted vessels with approximately $170 million in total liquidity, Eagle is well positioned to continue to take advantage of opportunities for the benefit of all of our stakeholders.

請翻到投影片 21 看回顧。鑑於 Eagle 對中型市場的獨特關注以及擁有卓越績效記錄的商業平台，我們繼續處於最佳位置，可以最大程度地提高利用率並利用快速發展的環境。展望未來，我們仍然對乾散貨產業的中期前景持樂觀態度，特別是考慮到強勁的供應側基本面。 Eagle 擁有一支由 52 艘主要配備洗滌器的船隻組成的現代化船隊，總流動資金約為 1.7 億美元，因此該公司完全有能力繼續利用機會，為所有利益相關者謀福利。

With that, I'd like to now turn the call over to the operator and answer any questions you may have.

說完這些，我現在想將電話轉給接線員，並回答您可能提出的任何問題。

(Operator Instructions) Our first question comes from the line of Liam Burke with B. Riley Financial.

（操作員指示）我們的第一個問題來自 B. Riley Financial 的 Liam Burke。

Gary, you mentioned a number of things both on the supply and demand side to drive up rates or improve the rate environment. They're still trending below historical averages. Is there anything else out there that's holding rates back? Or is it just the market? I mean it would seem that supply is very tight. The demand for commodities is positive. It shouldn't take a whole lot to get rates going, especially with the tight fleet supply?

蓋瑞，您提到了供給面和需求面的一些因素，以推高利率或改善利率環境。它們仍低於歷史平均水平。還有什麼因素阻礙利率上漲嗎？還是這只是市場現象？我的意思是看起來供應非常緊張。大宗商品需求呈現正面態勢。提高費率不應該花費太多，特別是在船隊供應緊張的情況下？

Yes. First of all, we definitely see that the markets move fairly quickly and both directions is volatility, which I think speaks to your point about fairly tight balance in various markets. The supply side, I think our view is looks extremely compelling given the historically low order book, along with the almost record age. Having said that, we just haven't seen meaningful scrapping now for 6 years. As I mentioned, this quarter, 12 ships is not a big number, but at least it's significantly more than last year when it was 9 all year. We need to see that scrapping and I believe we are starting to see it because you just can't keep steel ships in a saltwater environment going forever.

是的。首先，我們確實看到市場變化相當快，並且兩個方向都存在波動，我認為這說明了你關於各個市場之間相當緊密的平衡的觀點。供應方面，我認為，考慮到歷史最低的訂單量以及接近創紀錄的年限，我們的觀點看起來非常有說服力。話雖如此，我們已經六年沒有看到任何有意義的廢棄了。正如我所提到的，本季 12 艘船並不是一個很大的數字，但至少比去年全年 9 艘船要多得多。我們需要看到這種報廢，我相信我們已經開始看到這種情況了，因為你不可能讓鋼製船舶永遠在鹽水環境中航行。

As I mentioned in my prepared remarks, ships over 15 years old, need to dry dock every 2.5 years. We think that's coming, that's scrapping, and that's really what's going to tighten up the supply side. On demand, demand has been, I think, strong on a relative basis from where it was expected. As I mentioned also in my prepared remarks, most commodity demands have been -- were revised upward over the last quarter. Having said that, I think the big headwind we faced this year was really an unwinding of congestion, much more efficiency in ports, particularly in China, not much congestion there.

正如我在準備好的演講中提到的，船齡超過 15 年的船舶每 2.5 年需要進乾船塢一次。我們認為這即將到來，這就是報廢，這確實會導致供應方收緊。就需求而言，我認為，需求相對預期強勁。正如我在準備好的演講中提到的那樣，大多數商品需求在上個季度都被上調了。話雖如此，我認為我們今年面臨的最大阻力實際上是擁堵問題的緩解，港口效率的提高，特別是在中國，那裡的擁堵問題並不嚴重。

On top of it, there's also a lot of ships taken out that for drydocking, newer ships every 5 years, and I mentioned the older ships every 2.5 years. During COVID, with Chinese Zero COVID policy, dry dock times went up significantly, and they're now back to normal. I think we faced an unwinding of global congestion that really was -- had a profound impact on the market. Having said that, we got to pre-COVID levels in terms of congestion. As I mentioned also in my prepared remarks, we're starting to see some bottlenecks in various areas. Panama Canal is one example. Also, there's a significant amount of congestion on smaller ships waiting to load sugar off Brazil and things like that. Congestion is a double-edged sword. It's when it comes, it takes supply out of the market. We inevitably it unwinds at times. I think that's one of the things we faced in 2023.

除此之外，還有很多船舶被拆下進行乾船塢，新船每 5 年拆一次，而我提到的舊船每 2.5 年拆一次。在疫情期間，由於中國的零疫情政策，乾船塢時間顯著增加，現在已經恢復正常。我認為我們面臨的全球擁塞問題已經得到緩解，這確實對市場產生了深遠的影響。話雖如此，我們的擁擠程度已經回到了疫情之前的水平。正如我在準備好的演講中提到的那樣，我們開始看到各個領域出現了一些瓶頸。巴拿馬運河就是一個例子。此外，等待從巴西裝載糖等的小型船隻也出現了相當程度的擁擠。擁擠是一把雙面刃。當它出現時，就會帶走市場供應。有時，我們不可避免地會感覺到它放鬆。我認為這是我們在 2023 年面臨的問題之一。

Costa, you've got -- you're looking at a fourth quarter with sequentially higher spot rates. You've laid out what your CapEx requirements are for the quarter, but it looks like you're going to see a nice significant step-up in cash flow. You've got your stated dividend policy. What happens after that?

科斯塔，您看到，第四季的現貨匯率連續走高。您已經列出了本季度的資本支出需求，但看起來您將看到現金流的顯著增長。您已經有了明確的股利政策。那之後會發生什麼事？

I think our first kind of way to view that is on repayment of the RCF. We have $125 million of RCF drawn, -- although we don't have to pay anything down on that until 2026, mid-of '26, I think we'll likely look to repay that opportunistically. We also, of course, have the convert maturing in August. As we said, in a number of quarters now, we'll likely look to settle that with some sort of combination of cash and shares. We do have a number of months until we need to put a plan in place for that.

我認為我們第一種看待這個問題的方式是償還 RCF。我們已經提取了 1.25 億美元的 RCF，儘管我們直到 2026 年（2026 年中期）才需要償還任何款項，但我認為我們可能會趁機償還。當然，我們也將在八月迎來轉換期。正如我們所說，在未來的幾個季度裡，我們可能會考慮採用現金和股票相結合的方式來解決這個問題。我們確實還有幾個月的時間才能製定出相應的計劃。

Our next question comes from the line of Ben Nolan with Stifel.

我們的下一個問題來自 Stifel 的 Ben Nolan。

Gary, if I could go back to your Panama Canal stuff. I mean, obviously, there's been a lot of noise in the market about it. I know that the -- as the number of transits go down, still, my understanding is that the container ships are given preference. It's all of the other ships that are really bearing the brunt of the decline in transit. I guess my question though is how big of a deal is it for the Supramax and Ultramax segments, in particular. I mean, do you -- as part of your regular business have many ships going through there? Or is it just sort of on the margin?

加里，我可以再回顧一下你的巴拿馬運河的事情嗎？我的意思是，顯然市場上對此有很多喧囂。我知道——隨著中轉次數的減少，我的理解是貨櫃船仍然受到優先對待。其餘所有船舶實際上都承受著運輸量下降的嚴重影響。我的問題是，對於 Supramax 和 Ultramax 船舶領域來說，這到底有多大影響。我的意思是，你們的日常業務中是否有很多船隻經過那裡？或者說它只是處於邊緣狀態？

No, it's a meaningful part of the business, particularly for grain cargoes out of the U.S. Gulf to China and Asia, and that's the typical trade historically. Having said that, we're now routing ships through Suez, which adds about 10 days, and it's slightly more expensive as well in terms of canals use. That's separate from paying auction rates for Panama. It definitely is meaningful. The other thing is that, historically, it was fairly common for ships that were open. I'm talking about supramax/ultramax ships that were open on the West Coast of Central America and South America to ballast through the Panama Canal into a loading area, whether that would be MCSA, Colombia coal or the U.S. Gulf.

不，這是業務中很重要的一部分，特別是對於從美國墨西哥灣到中國和亞洲的穀物貨物來說，這是歷史上典型的貿易。話雖如此，我們現在是透過蘇伊士運河運輸船隻，這需要增加大約 10 天的時間，而且運河的使用成本也略高一些。這與支付巴拿馬的拍賣費率是分開的。這絕對是有意義的。另一件事是，從歷史上看，開放式船舶是相當常見的。我指的是中美洲和南美洲西海岸航行的超靈便型船舶，它們通過巴拿馬運河壓載進入裝貨區，無論是 MCSA、哥倫比亞煤炭還是美國墨西哥灣。

That's a nonstarter right now. There's a lack of ships that are able to get back into the Gulf in an efficient manner. Which also causes a lack of available tonnage there and is positive for rates coming out of the U.S. Gulf. We've seen that just this past week. Anecdotally, we fixed one of our ships out of the U.S. Gulf at a rate of $32,000 per trip to the Far East, that again was routed by Suez.

目前這根本是不可能的。缺乏能夠有效返回海灣的船隻。這也導致那裡可用噸位不足，並有利於美國墨西哥灣的運價。就在上週我們已經看到了這一點。 有趣的是，我們曾租過一艘船離開美國墨西哥灣，每次航行費用為 32,000 美元，駛往遠東地區，該船的航線也是經由蘇伊士運河。

Then just optically, the number of charter-in days that you guys have, I think it was 589 or something like that, was meaningfully below where it was last -- almost half of what it was last year, and it was even still meaningfully lower than what it was in the second quarter. Is that just the normal cyclical dynamic? Or maybe any color that you can give on the chartering book.

從視覺上看，你們的包機天數，我想是 589 天左右，明顯低於去年的水平——幾乎是去年的一半，甚至仍然明顯低於第二季度的水平。這只是正常的周期性動態嗎？或者您可以在租船書上提供任何顏色。

Yes, it's a good observation. I mean, essentially, the amount of short-term trading in and out, which is a fair amount of what we do is pretty static, but we had a number of charter in vessels. Given the weak market over the last number of months through the summer, those ships were redelivered options aren't declared. It's a normal ebb and flow. Then in a weaker rate environment as we take more ships on charter for whether it's for, call it, 3 to 5 months with options or a year with options, you start to see that grow. What happened previously was as the market -- as we had ships with options and the market was strong, those options get declared and that's, call it, a base, for every ship that you have in on period for a quarter that's roughly 90 days. What you're seeing there is a lack of those period in ships as they were redelivered given the weakness in the market.

是的，這是一個很好的觀察。我的意思是，從本質上講，短期進出貿易的數量（占我們貿易總量的相當一部分）相當穩定，但我們有大量租船業務。鑑於過去幾個月直至夏季的市場疲軟，這些船舶的重新交付選擇並未公佈。這是正常的潮起潮落。然後，在較低的費率環境下，隨著我們租用更多船舶，無論是 3 至 5 個月的租賃選擇權，還是一年的租賃選擇權，您都會開始看到成長。之前發生的情況是，由於市場——我們擁有帶有期權的船舶，而且市場強勁，這些期權就會被宣布，這就是你在一個季度（大約 90 天）內擁有的每艘船舶的基礎。您看到的情況是，由於市場疲軟，船舶重新交付，因此缺少這些期限。

As we look into the fourth quarter, obviously, you've announced that the rates are somewhat better than they had been. There should be in theory, a little bit of a bounce back in that charter in as you, in theory have options that are declared. Is that a fair assumption?

當我們展望第四季度時，顯然，您已經宣布利率比以前有所改善。從理論上講，該憲章應該會有所反彈，因為理論上你們有已宣布的選擇。這是一個合理的假設嗎？

Well, I would say it this way. I think directionally, over the medium term, I think you'd see that number grow, but I wouldn't speak to the fourth quarter because as you start to take ships in, it takes time to build that up and then declare options on top of new charters. I wouldn't -- I don't want to give guidance that, that number will increase significantly in Q4, but I think you'll see us trending back to kind of a more average or mean number as we go forward.

嗯，我會這麼說。我認為從中期來看，你會看到這個數字成長，但我不會談論第四季度，因為當你開始接收船隻時，需要時間來建立這個數字，然後在新的租船合約上宣布選擇權。我不會——我不想預測這個數字會在第四季度大幅增加，但我認為，隨著時間的推移，你會看到我們趨向於回到一個更平均或平均的數字。

Our next question comes from the line of Greg Lewis with BTIG.

我們的下一個問題來自 BTIG 的 Greg Lewis。

Gary, I was curious, just as we watch the rate market, and I think you were touching on it a little bit. Can you talk a little bit more about kind of what drove the higher rate performance over the last couple of months and really the Q4 bookings look a lot better, I think, are looking a lot better than I think a lot of us thought maybe before the quarter started?

加里，我很好奇，就在我們觀察利率市場的時候，我想你稍微觸及了這一點。您能否再多談一下過去幾個月推動費率表現上升的原因是什麼？

Yes. I mean I think the main driver is grain. Historically, the South American grain market was a Q2 event that's built into July. What we're seeing now is really robust grain. I mean, as I mentioned in my remarks, Brazil had a record crop. We're still seeing very significant amounts. Also in the U.S., the beginning of the year, exports in the U.S. grain exports were down 26% in the beginning of the year, and they're making up for that in a meaningful way. Overall, we expect them to be down sequentially year-over-year, but significantly up on the latter part of the year, which is, of course, the fourth quarter, which is typically the strongest. When you combine the grain exports out of Brazil, along with out of the Gulf, that's the main driver out of the Atlantic.

是的。我的意思是，我認為主要的驅動力是穀物。從歷史上看，南美穀物市場是 7 月的第二季事件。我們現在看到的是真正強勁的糧食。我的意思是，正如我在發言中提到的，巴西的產量創下了歷史新高。我們仍然看到非常顯著的數量。同樣在美國，今年年初，美國穀物出口下降了 26％，他們正在以有意義的方式彌補這一缺口。整體而言，我們預期銷售額將年比會下降，但下半年會大幅上升，當然第四季的銷售額通常是最強勁的。如果將巴西和墨西哥灣地區的糧食出口結合起來，就會發現這是大西洋地區糧食出口的主要動力。

Of course, as I mentioned, ton-mile days are going up as ships go via Suez instead of Panama and/or wait at Panama for transit. In the Pacific, what drove rates, I think a significant amount of increase in coal voyages particularly in China, and that's abated a bit. I think those were the main drivers. Again, it was definitely led and continues to be led by the Atlantic.

當然，正如我所提到的那樣，由於船舶途經蘇伊士而不是巴拿馬和/或在巴拿馬等待過境，噸英里天數正在增加。在太平洋，我認為推動運費上漲的原因是煤炭運輸量大幅增加，特別是中國的煤炭運輸量，而這個數字已經減弱。我認為這些是主要驅動因素。再次強調，這一趨勢肯定是由大西洋主導的，而且將繼續由大西洋主導。

Then I did have another one. You mentioned that scrubber, the high sulfur fuel kind of fell off. I know you guys are always looking to hedge freight. Is this something where we could maybe hedge some fuel but kind of lock in a decent scrubber spread here as we kind of look out over the fuel curve?

然後我確實又吃了另一個。您提到了洗滌器，高硫燃料脫落了。我知道你們一直在尋求對沖運費。這是我們是否可以對沖一些燃料但又能鎖定一個合適的洗滌器價差並觀察燃料曲線的方法？

The answer is yes. We definitely can. We had a meaningful scrubber hedge position going into 2020, which ended up being very beneficial given what happened with COVID. Having said that, we haven't done hedged fuel spreads over the last couple of years for a number of reasons. The numbers, except for recently when they spiked up in 2022. The forwards were still significantly below that significantly backwardated. I think our view is we're open to it. We monitor the market. When you combine the transaction cost and the wide bid as that happens in the futures market, we just don't think it's that compelling.

答案是肯定的。我們一定可以。進入 2020 年，我們持有大量的洗滌器對沖部位，考慮到新冠疫情的狀況，這最終變得非常有利。話雖如此，由於多種原因，過去幾年我們並沒有進行燃油價差對沖。這些數字，除了最近在 2022 年飆升之外。我想我們對此持開放態度。我們監控市場。當你將交易成本和期貨市場上的廣泛出價結合起來時，我們只是認為它並不那麼引人注目。

One for Costa. I'm not even sure if we have -- if you have this readily available. Any kind of color around how many dry docks we should be thinking about for next year?

一分給科斯塔。我什至不確定我們是否有—您是否可以隨時獲得這些。我們明年應該考慮要建造多少個乾船塢？

Yes. We do -- if you look back in the appendix page, we do offer kind of a CapEx schedule. Yes, in terms of dry docks for next year, it's about 10 or so.

是的。我們確實——如果你回顧附錄頁面，我們確實提供了一種資本支出計劃。是的，就明年的乾船塢而言，大約有10個左右。

Then just as we think about that, and do we try to attach those with kind of the strength of the market?

那麼正如我們所思考的那樣，我們是否嘗試將這些與市場的力量聯繫起來？

There's sort of a window that we are able to affect the drydock and that's dependent on the special survey date. It fluctuates between probably 3 to 5 months roughly. There is some wiggle room there that we can kind of try to optimize based on the market and based on the position of the ships.

我們能夠在某個時間段內影響乾船塢，這取決於特別檢驗的日期。其波動時間大概為 3 至 5 個月。這裡存在一些迴旋餘地，我們可以根據市場和船舶的位置嘗試進行最佳化。

Really, what I'm wondering is, Q1 is seasonally weak should -- if we think about throughout the year, would we expect a few more maybe in Q1 than the rest of the year kind of?

真的，我想知道的是，第一季是季節性疲軟，如果我們考慮全年，我們是否預計第一季的疲軟程度會比今年其他時間的疲軟程度要高一些？

Right now for Q1, we have 3 scheduled -- for full year calendar '24, we actually have 6. A bit last night than I mentioned before.

目前，對於第一季度，我們已經安排了 3 個，而對於 24 年全年，我們實際上有 6 個。

(Operator Instructions) Our next question comes from the line of Omar Nokta with Jefferies.

（操作員指示）我們的下一個問題來自 Jefferies 的 Omar Nokta。

Gary, you outlined that ship values have been on the rise kind of since August and generally have been pretty firm even with the downshift we've seen in rates in the recent quarters. Just wanted to ask kind of what do you think is behind the uptick? You mentioned there's been a focus on modern tonnage. How much of this sort of brides and firmness in the secondhand market has to do with people looking or scrambling perhaps to modernize ahead of regulations versus, say, are bullish on the outlook. Is there any way to maybe sort of qualify that to give us a sense of what's driving the strength in the S&P market?

加里，您概述了船舶價值自 8 月以來一直呈上漲趨勢，即使最近幾季運費有所下降，但總體而言仍然相當堅挺。只是想問一下，您認為這種上漲背後的原因是什麼？您提到，人們一直關注現代噸位。這類新娘和二手市場的堅挺在多大程度上與人們在法規出台之前尋求或爭先恐後地進行現代化改造有關，而不是對前景持樂觀態度。有沒有什麼方法可以讓我們了解標準普爾市場走強的因素？

My view is it's really driven by future rate expectation in the sense that you don't need to modernize today, let's say, in particular versus if you think the market is going to be flat for a while. I mean, people are seeing the slide we put up, which speaks to the average age against the order book, I think, is extremely compelling. Notwithstanding the fact that we're approaching record age, the order book and our slide speaks just to the midsize is at 9%. People see that. That, combined with the fact that companies have made significant amounts of money over the last couple of years are positioning themselves, I think, for what we believe is going to happen, and that is that these older ships inevitably will have to scrap and the headwinds that we've seen on some of the demand side will abate and that will be extremely positive.

我的觀點是，這實際上是由未來利率預期所驅動的，從某種意義上說，你今天不需要進行現代化，特別是如果你認為市場在一段時間內會保持平穩。我的意思是，人們看到了我們放出的幻燈片，上面顯示了訂單簿的平均年齡，我認為，這是非常引人注目的。儘管我們已接近創紀錄的年齡，但訂單和幻燈片顯示中型企業的比例僅為 9%。人們看到了這一點。再加上過去幾年各家公司已經賺得盆滿缽滿，我認為，它們正在為我們認為將要發生的事情做好準備，那就是這些老舊船舶不可避免地將不得不報廢，而我們所看到的部分需求方面的阻力將會減弱，這將是非常積極的。

There's simply not the capacity to put new supply into the market in a meaningful way in a short time span. At the moment, you're ordering ships, typically, you're talking about 2026, even 2027. As these older ships start to scrap and you've got any kind of reasonable demand pop, I think people are planning for that. I also think part of the reason, aside from the age profile is and we've spoken about this before, right, the uncertainty around things like carbon pricing, future propulsion regulations, CII and what that's going to mean. ETS is coming into effect in January. When you put all those things together, older ship is going to become less efficient, even noncompetitive and people see that. To me, it's really about an expectation of a more robust rate environment going forward. The numbers and the graphs that illustrate that, I think, as I said before, I think, are quite compelling.

根本就沒有能力在短時間內以有意義的方式向市場投放新的供應。目前，你訂購的船舶通常都是 2026 年，甚至 2027 年。我還認為，除了年齡結構之外，部分原因是（我們之前已經談過這個問題）圍繞碳定價、未來推進法規、CII 及其意義等方面的不確定性。 ETS 將於一月生效。當把所有這些因素放在一起時，人們就會看到，舊船的效率會降低，甚至失去競爭力。對我來說，這實際上意味著對未來更強勁的利率環境的預期。正如我之前所說，我認為說明這一點的數字和圖表非常引人注目。

Second question I just have is, clearly, the Eagle Bulk got a pretty good amount of liquidity even after the buyback of the Oaktree position. You've got a pretty solid balance sheet. Just in terms of the convert that comes due next year, I think it's July, I know you've been asked this in the past. Any thoughts on how you envision that maturity playing out, assuming it stays in the money, do you take your capital and sort of do a cash, it would take it out for cash? Or do you prefer to have it convert into equity? Any thoughts there updated thoughts ahead of that?

我的第二個問題是，顯然，即使在回購 Oaktree 頭寸之後，Eagle Bulk 仍然獲得了相當不錯的流動性。你的資產負債表相當穩健。就明年到期的轉換而言，我認為是七月，我知道你過去曾被問過這個問題。您對於成熟期的設想有什麼想法，假設它保持價內值，您是否會將您的資本轉換為現金，還是將其取出換成現金？或者您更願意將其轉換為股權？在此之前有什麼想法或更新的想法嗎？

Yes. I think it's very much dependent on where things are in terms of the -- our share price, the rate environment. It is in August. As Costa mentioned, there's a very good chance. It's a combination of cash and shares. We believe we have a lot of different options in that regard where a new data extension of convert a combination, again, and part of that will be how comfortable we are and what our cash balance looks like and how much we want to use of that. It's shipping, and next August is a long way away. We're definitely focused on it, but we don't have to make any decisions now. Again, where the shares are trading, I think, will also be an important part of our decision process as we go forward.

是的。我認為這在很大程度上取決於我們的股價、利率環境等情況。現在是八月。正如科斯塔所說，這是一個非常好的機會。它是現金和股票的組合。我們相信，在這方面我們有很多不同的選擇，其中一種新的數據擴展可以再次轉換組合，其中一部分將取決於我們的舒適度、我們的現金餘額以及我們想要使用多少現金。正在出貨，距離明年八月還很遠。我們肯定會關注它，但我們現在不必做出任何決定。再說了，我認為，股票交易的位置也將成為我們未來決策過程中的重要部分。

I'm showing no further questions at this time. I'd like to hand the call back over to Gary Vogel for closing remarks.

我目前沒有其他問題。我想將電話轉回給加里·沃格爾 (Gary Vogel)，讓他做最後發言。

Thank you, operator. We have nothing further, but I'd like to thank everyone for joining us today and wish everyone a good weekend.

謝謝您，接線生。我們沒有其他話要說，但我還是要感謝大家今天的參加，並祝大家週末愉快。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。