Euroseas Ltd (ESEA) 2023 Q1 法說會逐字稿

Thank you for standing by, ladies and gentlemen, and welcome to the Euroseas conference call on the first-quarter 2023 financial results. We have with us Mr. Aristides Pittas, Chairman and Chief Executive Officer; and Mr. Anastasios Aslidis, Chief Financial Officer of the company. (Operator Instructions) I must advise you that this conference is being recorded today. Please be reminded that the company announced their results for the press release that has been publicly distributed.

女士們、先生們，感謝大家的耐心等待，歡迎參加有關 2023 年第一季度財務業績的 Euroseas 電話會議。與我們一起出席的還有董事長兼首席執行官 Aristides Pittas 先生；以及公司首席財務官 Anastasios Aslidis 先生。 （操作員指示）我必須通知您，今天的會議正在錄製。請注意，該公司公佈了已公開分發的新聞稿的結果。

Before passing the floor to Mr. Pittas, I would like to remind everyone that in today's presentation and conference call, Euroseas will be making forward-looking statements. These statements are within the meaning of the federal securities laws. Matters discussed may be forward-looking statements, which are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized.

在請皮塔斯先生髮言之前，我想提醒大家，在今天的演示和電話會議中，歐洲海洋公司將做出前瞻性聲明。這些聲明符合聯邦證券法的含義。討論的事項可能是前瞻性陳述，這些陳述基於當前管理層的預期，涉及可能導致此類預期無法實現的風險和不確定性。

I kindly draw your attention to slide number two of 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.

請您注意網絡廣播演示文稿的第二張幻燈片，其中包含完整的前瞻性聲明，新聞稿中也包含了相同的聲明。請花一點時間瀏覽並閱讀整個聲明。

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

現在我想請皮塔斯先生髮言。請繼續，先生。

Good morning, ladies and gentlemen, and thank you all for joining us today for our scheduled conference call. Together with me, Anastasios Aslidis, our Chief Financial Officer. The purpose of today's call is to discuss our financial results for the three-month period ended March 31, 2023.

早上好，女士們、先生們，感謝大家今天參加我們預定的電話會議。和我一起的還有我們的首席財務官阿納斯塔西奧斯·阿斯利迪斯 (Anastasios Aslidis)。今天電話會議的目的是討論我們截至 2023 年 3 月 31 日的三個月期間的財務業績。

Let us turn to Slide 3 of the presentation. Our first quarter financial highlights are shown here. For the first quarter of 2023, we reported total net revenues of $41.9 million and net income attributable to common shareholders of $28.8 million or $4.10 per diluted share. Adjusted net income attributable to common shareholders was $21.7 million or $3.09 per diluted share. Adjusted EBITDA for the period stood at $26 million.

讓我們轉向演示文稿的幻燈片 3。這裡顯示了我們第一季度的財務亮點。 2023 年第一季度，我們公佈的總淨收入為 4190 萬美元，歸屬於普通股股東的淨利潤為 2880 萬美元，即稀釋後每股收益 4.10 美元。調整後歸屬於普通股股東的淨利潤為 2170 萬美元，即稀釋後每股收益 3.09 美元。該期間調整後 EBITDA 為 2600 萬美元。

A reconciliation of adjusted net income attributable to common shareholders and adjusted EBITDA is presented in the press release. As part of the company's common stock dividend plan, our Board of Directors declared a quarterly dividend of $0.50 per common share for the first quarter of 2023, which is payable on or about June 16 to the shareholders of record on June 9, 2023.

新聞稿中提供了調整後歸屬於普通股股東的淨利潤和調整後 EBITDA 的調節表。作為公司普通股股息計劃的一部分，我們的董事會宣布 2023 年第一季度每股普通股 0.50 美元的季度股息，將於 6 月 16 日左右支付給 2023 年 6 月 9 日登記在冊的股東。

This is the fifth consecutive $0.50 dividend that we are paying. As of May 16, 2023, under our share repurchase plan of up to $20 million, which was announced in May 2022, we had repurchased 348,000 of our common stock in the open market, representing about 5% of our stock for a total of about $7 million. Our CFO Anastasios Aslidis will go over the financial highlights in more detail later on in the presentation.

這是我們連續第五次支付 0.50 美元的股息。截至 2023 年 5 月 16 日，根據我們於 2022 年 5 月宣布的高達 2000 萬美元的股票回購計劃，我們已在公開市場回購了 348,000 股普通股，約占我們股票的 5%，總共約700萬美元。我們的首席財務官阿納斯塔西奧斯·阿斯利迪斯 (Anastasios Aslidis) 將在稍後的演示中更詳細地介紹財務亮點。

Please turn to Slide 4 where we discuss our recent sale and purchase, chartering, and operational developments. As previously announced on April 6, 2023, the company took delivery of its first newbuilding vessel, motor vessel Gregos, an eco 2,800 teu feeder containership built at Hyundai Mipo Dockyard in South Korea. The vessel is EEDI Phase 3 compliant and equipped with a Tier III engine and other sustainability-linked features including installation of AMP, an alternative maritime power system.

請參閱幻燈片 4，我們在其中討論了我們最近的銷售和購買、租船和運營發展。正如之前於 2023 年 4 月 6 日宣布的那樣，該公司接收了其首艘新造船——機動船 Gregos，這是一艘在韓國現代尾浦造船廠建造的 2,800 teu 環保支線集裝箱船。該船符合 EEDI 第 3 階段標準，配備了 Tier III 發動機和其他與可持續發展相關的功能，包括安裝 AMP（一種替代海上動力系統）。

The acquisition was financed with a combination of our own funds and a sustainability-linked loan provided by Eurobank SA. Following its delivery, motor vessel Gregos commenced a 36- to 40-month charter with Asyad Lines at the gross daily rate of $48,000 per day.

此次收購的資金來源於我們的自有資金和歐洲銀行提供的與可持續發展相關的貸款。交付後，機動船 Gregos 開始與 Asyad Lines 簽訂為期 36 至 40 個月的租船合同，日租費率為 48,000 美元。

Two of our vessels whose contracts that were due in April and May 2023 were expanded at the rate but also duration that were better than anticipated, reflecting the resilience of the market and the apparent belief of charters that feeder vessels will be in short supply.

我們的兩艘合同於 2023 年 4 月和 5 月到期的船舶的延期率和工期都好於預期，反映出市場的彈性以及租船者明顯相信支線船舶將供不應求。

Motor vessel Synergy Keelung was fixed for a period of 24 to 26 months with a daily rate of $23,000 per day whilst EM Kea charter was extended for a period of 36 months, plus or minus 45 days at $19,000 per day.

機動船 Synergy Keelung 的租期為 24 至 26 個月，每日費率為 23,000 美元，而 EM Kea 租期則延長了 36 個月，加減 45 天，每日費率為 19,000 美元。

Earlier during this period, motor vessel Aegean Express was fixed between the minimum of four and the maximum six months period at $13,000 per day, and EM Hydra time charter contract was extended for a period of 12 to 14 months at the gross daily rate of $15,000 a day.

在此期間早些時候，機動船Aegean Express 的租期固定在最短4 個月到最長6 個月之間，每日租金為13,000 美元，而EM Hydra 期租合同則延長了12 至14 個月，每日毛費率為15,000 美元一天。

The Aegean Express completed its drydocking on February 8 and then experienced idle time of approximately 29 days, whilst we were dealing with Continental Shipping Line of Singapore, CSL, who repudiated its charter. Arbitration is now going against CSL, which we expect to win, but we expect to then face difficulties in enforcing the award as the charter seems to be trying to hide its assets.

愛琴海快運號於 2 月 8 日完成乾船塢，隨後經歷了大約 29 天的閒置時間，而我們正在與新加坡大陸航運公司 (CSL) 打交道，後者拒絕了其租船合同。目前仲裁正在針對 CSL，我們預計會獲勝，但我們預計在執行裁決時會遇到困難，因為章程似乎試圖隱藏其資產。

Please turn to Slide 5, where you can see our current fleet profile. Euroseas' current fleet is comprised of 18 vessels on the water, including 11 feeder containerships and 7 intermediate container carriers with a carrying capacity of about 56,000 teu and an average age of 16.5 years old.

請轉到幻燈片 5，您可以在其中看到我們當前的機隊概況。 Euroseas目前的船隊由18艘船舶組成，其中包括11艘支線集裝箱船和7艘中型集裝箱船，運載能力約為56,000 teu，平均船齡為16.5年。

Turning to Slide 6, we present our vessels under construction which consist of eight eco feeder containerships, five with a carrying capacity of 2,800 teu each, and three with a carrying capacity of 1,800 teu each expected to be delivered between Q2 2023 and Q4 2024. With the eight feeder containerships, we have a capacity of 19,400 teu. After the delivery of these new buildings, the fleet will consist of 26 vessels with a total carrying capacity of about 75,000 teu.

轉向幻燈片6，我們展示了我們正在建造的船舶，其中包括八艘生態支線集裝箱船，其中五艘每艘載重量為2,800 標準箱，三艘每艘載重量為1,800 標準箱，預計將於2023年第二季度至2024 年第四季度交付。我們擁有八艘支線集裝箱船，運力達 19,400 標準箱。這些新建築交付後，船隊將由26艘船舶組成，總運載能力約為75,000 teu。

Let's now turn to Slide 7 for the graphical presentation of our vessel employment. As you may see, we have very strong charter coverage throughout the next two years with about 91% of our fleet being fixed for 2023 and almost 66% for 2024. These figures also take into consideration the newbuilding deliveries. Our contracted revenues over the next two years are expected to generate in excess of $20 per share, which will be further boosted by the revenues from the rest of our unchartered days.

現在讓我們轉向幻燈片 7，以圖形方式展示我們的船舶使用情況。正如您所看到的，我們在未來兩年內擁有非常強大的包機覆蓋範圍，約91% 的機隊將在2023 年修復，近66% 將在2024 年修復。這些數字還考慮了新船交付量。未來兩年我們的合同收入預計將超過每股 20 美元，而我們剩餘的未知日子的收入將進一步提高這一收入。

Turning now to Slide 9, we review how the six- to 12-month time charter rates have developed over the last 10 years for the segments in which we mostly operate. While the container charter market saw a soft start to the year following the market weakness during the final months of 2022, charter rates started improving across all containership segments during the first quarter through mid-May 2023, with rates sitting at healthy levels, higher than the 10-year average and median levels.

現在轉向幻燈片 9，我們回顧了過去 10 年中我們主要經營的細分市場的 6 至 12 個月期租費率的發展情況。儘管繼2022 年最後幾個月市場疲軟之後，集裝箱租船市場今年開局疲軟，但截至2023 年5 月中旬的第一季度，所有集裝箱船市場的租船費率開始改善，費率處於健康水平，高於10 年平均水平和中位數水平。

As of last Friday, the six- to 12-month time charter rate for 2,500 teu containership stood at $18,750 per day whilst the rate for the 4,400 teu containership stood at $26,750 per day.

截至上週五，2,500 teu集裝箱船的6至12個月期租費率為每天18,750美元，而4,400 teu集裝箱船的費率為每天26,750美元。

Moving on to Slide 10, we go over some further market highlights. During the first quarter of 2023, one-year time charters continued to ease but have increased since by about 10% to 15% compared to the low levels of each for most segments during February 2023. The average daily charter rate during the first quarter of 2023 was down by 18% compared to the fourth quarter of 2022 as shown in the table.

轉到幻燈片 10，我們將進一步討論一些市場亮點。 2023 年第一季度，一年期期租繼續減少，但與 2023 年 2 月大多數細分市場的低水平相比，一年期期租租量增加了約 10% 至 15%。如表所示，2023 年較2022 年第四季度下降18%。

The general sentiment remained negative throughout the first quarter as many parties remained apprehensive about entering into new transactions given the current macroeconomic headwinds and uncertainty due to the impact of the environmental regulations. New building prices were roughly stable in Q1 2023 compared to Q4 2022 and have eased a little over recent months in some sizes but generally remained elevated amid cost inflation and extended yard forward cover.

由於當前宏觀經濟不利因素和環境法規影響帶來的不確定性，許多各方仍對開展新交易感到擔憂，整個第一季度的總體情緒仍然消極。與2022 年第四季度相比，2023 年第一季度的新建築價格大致穩定，近幾個月來，某些規模的新建築價格略有下降，但由於成本通脹和船廠遠期覆蓋範圍擴大，總體仍處於較高水平。

The ideal containership fleet as of April 24, 2023 stood at about 1.4% of the fleet, which peaked in February 2023 at 3%, which has been trending down ever since. Recycling activity has picked higher during Q1 with 30 vessels being scrapped. This trend is anticipated to continue for the remainder of 2023 and 2024.

截至 2023 年 4 月 24 日，理想的集裝箱船船隊約佔船隊的 1.4%，該比例於 2023 年 2 月達到峰值 3%，此後一直呈下降趨勢。第一季度回收活動有所增加，有 30 艘船舶被報廢。預計這一趨勢將在 2023 年剩餘時間和 2024 年持續下去。

Scrapping prices showed a modest improvement in the first quarter of 2023 to about 560,000 per lightweight ton. This is about 40% above the 2019 average. Finally, the containership fleet has grown by approximately 1.8% year to date without accounting for idle vessels reactivation.

2023 年第一季度報廢價格略有改善，達到每輕噸約 560,000 噸。這比 2019 年平均水平高出約 40%。最後，在不考慮閒置船舶重新啟用的情況下，集裝箱船隊今年迄今已增長約 1.8%。

Please turn to Slide 11. With latest update in April 2023, the IMF slightly lowered its global GDP growth estimate to 2.8% for this year before settling to 3% in 2024. This is primarily due to the effects of high inflation, tighter monetary policies, slowing economic activity, as well as the ongoing war between Russia and Ukraine and growing geopolitical tensions.

請參閱幻燈片11。根據2023 年4 月的最新更新，國際貨幣基金組織將今年全球GDP 增長預期小幅下調至2.8%，然後將2024 年調整至3%。這主要是由於高通脹、貨幣政策收緊的影響、經濟活動放緩，以及俄羅斯和烏克蘭之間持續的戰爭以及日益加劇的地緣政治緊張局勢。

However, the US and EU seem quite resilient despite the recent economic shocks primarily in financial sector. Quite noticeably, China seems to be on track to achieve an estimated growth rate of 5.2% for this year followed by a moderate growth of 4.5% for 2024.

然而，儘管近期經濟衝擊主要集中在金融領域，但美國和歐盟似乎仍具有相當的韌性。值得注意的是，中國今年似乎有望實現 5.2% 的預計增長率，並在 2024 年實現 4.5% 的溫和增長。

Growth in emerging markets and developing countries is expected to be quite below longer than trends in 2023 and 2024, with the IMF lowering growth projections more than previously expected. India is poised to grow by 5.9% in 2023 and 6.3% in 2024, which is under this trend. Also, Russia's economic growth albeit it was revised high for 2023 to 0.7% from 0.3%, the longer-term outlook versus from 2.1% to 1.3% for 2024.

預計新興市場和發展中國家的增長將遠低於 2023 年和 2024 年的趨勢，國際貨幣基金組織下調增長預測的幅度超出此前預期。印度預計2023年經濟增長5.9%，2024年增長6.3%，就是在這種趨勢下。此外，俄羅斯2023年經濟增長率從0.3%上調至0.7%，長期前景則從2024年的2.1%上調至1.3%。

According to the latest Clarksons estimates, container trade is projected to contract by 2.1% in 2023. However, in 2024, trade should improve as economic headwinds start to ease with trade growth projected at 3.3%. Rate and growth projections are being continuously revised as the effects in the financial sector, inflation, and geopolitical tensions on world growth and trade are being assessed.

根據克拉克森的最新估計，2023 年集裝箱貿易預計將萎縮 2.1%。然而，到 2024 年，隨著經濟逆風開始緩解，貿易增長預計為 3.3%，貿易情況應該會有所改善。隨著金融部門、通貨膨脹和地緣政治緊張局勢對世界增長和貿易的影響的評估，利率和增長預測正在不斷修訂。

Please turn to Slide 12, where you can see the total fleet age profile and containership orderbook. The containership fleet is relatively young with most vessels under 15 years old and only 10% of the fleet over 20 years old, the largest percentage of which though lies within feeder vessels, suggesting high potential recycling for these types of ships. The orderbook as a percentage of total fleet stands at the high of 28.7% as of May 2023.

請參閱幻燈片 12，您可以在其中看到船隊總船齡概況和集裝箱船訂單簿。集裝箱船船隊相對年輕，大多數船舶船齡在 15 年以下，只有 10% 的船隊船齡超過 20 年，其中最大比例是支線船舶，這表明此類船舶的回收潛力很大。截至 2023 年 5 月，訂單量佔機隊總數的百分比高達 28.7%。

Clarksons expects new deliveries of about 9.7% for the current fleet to be delivered versus the beginning of 2023 for 2023, 10% in 2024, and 6.4% in 2025, with the majority of the deliveries scheduled for delivery in the second half of 2023 and the first half of 2024.

克拉克森預計，與2023 年初相比，2023 年現有機隊的新交付量將增加約9.7%，2024 年將增加10%，2025 年將增加6.4%，其中大部分交付計劃於2023 年下半年交付， 2024年上半年。

Turning now to Slide 13, we go over the fleet age profile and order book for ships in the 1,000 to 3,000 teu range in more detail. These sizes of vessels are the backbone of our operations and the primary focus of our newbuilding program. The order book here stands just 12% as of May 2023. Together with the fact that 23% of the big-sized vessels is older than 20 years old suggests that the fleet could even decline for feeder containerships in the ensuing two to three years.

現在轉向幻燈片 13，我們更詳細地了解 1,000 至 3,000 teu 範圍內船舶的船齡概況和訂單簿。這些尺寸的船舶是我們運營的支柱，也是我們新造船計劃的主要焦點。截至 2023 年 5 月，這裡的訂單量僅為 12%。再加上 23% 的大型船舶船齡超過 20 年，這表明支線集裝箱船的船隊甚至可能在接下來的兩到三年內下降。

According to Clarksons, new deliveries for 2023 are expected to be 9.4%, 2.5% has already been delivered, 5.6% in 2024, and 0.8% in 2025.

根據克拉克森的數據，預計 2023 年新增交付量為 9.4%，已交付量為 2.5%，2024 年為 5.6%，2025 年為 0.8%。

Let's move to Slide 14, where we discuss our outlook summary for the containership sector. Container markets remain significantly below last year's boom following a strong projection in the second half of 2022. Despite the fall in volumes, easing of congestion, and relative bottlenecks as well as increasing deliveries, the container time charter market has shown admirable resilience and even some gains in the recent months.

讓我們轉到幻燈片 14，我們在其中討論集裝箱船行業的展望摘要。繼對2022 年下半年的強勁預測之後，集裝箱市場仍顯著低於去年的繁榮水平。儘管運量下降、擁堵緩解、相對瓶頸以及交付量增加，但集裝箱期租市場表現出了令人欽佩的彈性，甚至一些近幾個月來的收益。

Further softening is possible though for the remainder of 2023 as deliveries of newbuilding vessels is expected to pick up pace in the second half of the year. In any event, time charter rates still are standing at 165% above pre-COVID 10-year median.

不過，由於新造船交付量預計將在下半年加快，2023 年剩餘時間可能會進一步疲軟。無論如何，定期租船費率仍比新冠疫情前 10 年的中位數高出 165%。

The container freight index also reversed course during the last couple of months and recovered a bit compared to January 2023 levels lately. It now stands at the level 8% lower than the January of 2022 peak but still 5% to 10% above the pre-COVID 10-year average.

集裝箱貨運指數在過去幾個月也出現逆轉，與 2023 年 1 月的水平相比最近有所回升。目前的水平比 2022 年 1 月的峰值低 8%，但仍比新冠疫情前 10 年平均水平高 5% 至 10%。

Container volumes have fallen by 7.5% year on year. The reversal of port congestion also released a good portion of the fleet, increasing effective supply. However, the vessel slowdown has offset the increase in supply at the end of the congestion board.

集裝箱吞吐量同比下降7.5%。港口擁堵狀況的扭轉也釋放了很大一部分船隊，增加了有效供給。然而，船舶放緩抵消了擁堵板結束時供應的增加。

There are still large challenges ahead, mainly on the supply side but also due to the macroeconomic developments, which are hard to predict and quantify.

未來仍面臨巨大挑戰，主要是供給方面，但宏觀經濟發展也難以預測和量化。

Thus determining the future shipping volumes and overall demand is very difficult. From 2024 onwards, market conditions are expected to remain challenging as the rates may decline again, if this does not already happen in the second half of 2023, due to a second consecutive year of substantial fleet expansion.

因此確定未來的運輸量和總體需求是非常困難的。從 2024 年起，預計市場狀況仍將充滿挑戰，因為由於機隊連續第二年大幅擴張，費率可能會再次下降（如果 2023 年下半年尚未發生這種情況）。

Market performance will remain sensitive to capacity management, vessel speeds, and a range of other inefficiencies, such as congestion that could alleviate pressure to some extent. The energy transition is another unknown that will affect the containership sector probably positively. While it's evident that a shift is taking place, in the short-term we can expect lower speeds thus shrinking vessel availability.

市場表現仍將對運力管理、船速和一系列其他低效率敏感，例如可以在一定程度上緩解壓力的擁堵。能源轉型是另一個可能對集裝箱船行業產生積極影響的未知因素。雖然很明顯這種轉變正在發生，但在短期內我們可以預期速度會降低，從而減少船舶的可用性。

The long-term outlook is [intricately] uncertain. One thing that is probably sure is that the spread between charter rates achieved by eco vessels relative to the older vessels is expected to further increase.

長期前景[複雜]不確定。可以肯定的一件事是，生態船舶相對於舊船的包租費率之間的差距預計將進一步擴大。

Smaller-sized vessels, the segments we mainly operate in, are expected to perform relatively better due to potential scrapping of overaged vessels and the lower number of new deliveries, all these pointing to a healthier supply situation. Without doubt though, cascading of larger vessels to trades currently served by this size could mitigate any distances to an extent.

由於超齡船舶可能報廢以及新交付數量減少，我們主要運營的小型船舶預計將表現相對較好，所有這些都表明供應狀況更加健康。但毫無疑問，將較大的船隻級聯到目前這種規模的貿易中可以在一定程度上縮短任何距離。

Let's move to Slide 15. The left chart shows the evolution of one-year time charter rate for containers with a capacity of 2,500 teu since 2010. Following the industry's exceptional highs in 2022, the market has now normalized with one-year time charter rate currently standing $18,750 per day. As our [hopes] said, this is still a much higher level than the historical median and a very profitable level too.

讓我們轉向幻燈片15。左圖顯示了自2010 年以來2,500 teu 集裝箱的一年期租船費率的演變。繼2022 年行業達到異常高點之後，市場現已以一年期租船費率正常化目前每天的費用為 18,750 美元。正如我們的[希望]所說，這仍然比歷史中位數高得多，而且也是一個非常有利可圖的水平。

The right-hand chart shows the historical range for newbuilding and 10-year-old containerships with a capacity of 2,500 teu. Total contracting activity over the past two years distributed between relatively few shipyards concurrently with rising inflation which moves different prices up solidly.

右圖顯示了運力為 2,500 teu 的新造船和 10 年船齡集裝箱船的歷史範圍。過去兩年的總承包活動分佈在相對較少的造船廠之間，同時通貨膨脹不斷上升，導致不同的價格大幅上漲。

Even though we believe contacting activity has been hampered so far this year, newbuilding prices remaining at very high levels on the backs of the inflationary environment. Prices for 10-year old second-hand containerships which skyrocketed in May 2022 to $56 million have since eased to around $20.5 million, a level still significantly higher than the historical median.

儘管我們認為今年迄今為止的聯繫活動受到阻礙，但在通脹環境的支持下，新造船價格仍保持在非常高的水平。 10 年船齡二手集裝箱船的價格在 2022 年 5 月飆升至 5600 萬美元，此後已回落至 2050 萬美元左右，這一水平仍顯著高於歷史中值。

In this environment, we will continue to reward our shareholders through our steady quarterly dividend which currently yields about 10% annually and by executing on our share repurchase program, which we believe represents a very attractive investment opportunity since our shares trade at 40% of their intrinsic value.

在這種環境下，我們將繼續通過穩定的季度股息（目前年收益率約為10%）以及執行股票回購計劃來回報股東，我們認為這是一個非常有吸引力的投資機會，因為我們的股票交易價格為40%。內在價值。

Our sole contracted revenue coverage throughout 2023 and 2024 at healthy rates will also allow us to take delivery of the remaining eight newbuilding vessels and, at the same time, continue to evaluate investment opportunities with low risk that will incrementally increase our earnings and growth.

我們在 2023 年和 2024 年以健康的價格獲得的唯一合同收入覆蓋範圍也將使我們能夠接收其餘八艘新造船，同時繼續評估低風險的投資機會，從而逐步增加我們的收益和增長。

And with that, I will pass the floor to our CFO, Tasios Aslidis, to go over our financial highlights in further detail.

接下來，我將請我們的首席財務官 Tasios Aslidis 進一步詳細介紹我們的財務亮點。

Over the next four slides, I will give you an overview of our financial highlights for the first quarter of 2023 and compare the results to the same period of last year.

在接下來的四張幻燈片中，我將向您概述 2023 年第一季度的財務亮點，並將結果與​​去年同期進行比較。

For that, let's turn to Slide 17. For the first quarter of 2023, the company reported total net revenues of $41.9 million, representing a 7.6% decrease over total net revenues of $45.4 million during the first quarter of 2022. The company reported net income for the period of $28.8 million as compared to net income of $29.9 million for the first quarter of 2022.

為此，讓我們轉向幻燈片17。2023 年第一季度，該公司報告的淨收入總額為4190 萬美元，比2022 年第一季度的淨收入總額4540 萬美元下降7.6%。該公司報告的淨利潤該期間淨利潤為 2880 萬美元，而 2022 年第一季度淨利潤為 2990 萬美元。

Interest and other financial costs for the first quarter of 2023 amounted to $0.9 million, partly offset by imputed interest of $1.1 million, which is capitalized and is due to the self-financing of the pre-delivery installments of our newbuilding program. In addition, we set $0.23 million of interest income. For the same period of last year, the interest and finance costs amounted to $1 million. We had no imputed interest and practically no interest income last year.

2023 年第一季度的利息和其他財務成本為 90 萬美元，部分被 110 萬美元的估算利息所抵消，該利息已資本化，是由於我們新造船項目交付前分期付款的自籌資金所致。此外，我們還設定了23萬美元的利息收入。去年同期，利息和財務成本為100萬美元。去年我們沒有估算利息，實際上也沒有利息收入。

The increase in the top line of our interest expense is due to the increased amount of debt and the increase in the weighted average LIBOR/SOFR rate in the current period compared to the same period of 2022. Adjusted EBITDA for the first quarter of this year was $26 million, compared to $31.1 million achieved during the first quarter of 2022.

我們利息支出的增加是由於本期債務金額增加以及加權平均 LIBOR/SOFR 利率與 2022 年同期相比增加。 今年第一季度調整後 EBITDA 2022 年第一季度實現的收入為2600 萬美元，而2022 年第一季度實現的收入為3110 萬美元。

Basic and diluted earnings per share for the first quarter of 2023 were $4.11 and $4.10 respectively, calculated on about 7 million basic and diluted weighted average number of shares outstanding, compared to basic and diluted earnings per share of $4.15 and $4.13 respectively, calculated on 7.2 million shares for the same period of last year.

根據約700 萬股基本和稀釋已發行股票加權平均數計算，2023 年第一季度的基本每股收益和稀釋每股收益分別為4.11 美元和4.10 美元，而根據7.2 股計算的基本每股收益和稀釋每股收益分別為4.15 美元和4.13 美元。去年同期為 100 萬股。

Excluding the effect on the income for the quarter of the unrealized loss on derivatives, the amortization of below-market time charters acquired, the depreciation charged due to the increased value of the vessels acquired with below-market charters, and the gain on the sale of vessel, the adjusted earnings per share for the quarter ended March 31, 2023 would have been $3.10 per share basic and $3.09 per share diluted, compared to adjusted earnings of $3.71 and $3.70 basic and diluted respectively for the same period of last year after making similar adjustments for the previous-year period. Usually, security analysts do not include the above items in their published estimates of earnings per share that's why we provide you with the adjusted figures.

不包括衍生品未實現損失、所購低於市場期租船的攤銷、因低於市場價租船所購船舶價值增加而收取的折舊以及出售收益對本季度收入的影響截至2023 年3 月31日的季度調整後每股基本收益為3.10 美元，稀釋後每股收益為3.09 美元，而去年同期調整後基本收益和稀釋後每股收益分別為3.71 美元和3.70 美元。上年同期也進行了類似的調整。通常，證券分析師不會在其公佈的每股收益估計中包含上述項目，這就是我們為您提供調整後的數據的原因。

Let's now turn to Slide 18 to review our fleet performance. We will start our review by looking at our fleet utilization rates for the first quarter of 2023 in comparison to last year's. As usual, our fleet utilization rate is broken into commercial and operational. In the first quarter of 2023, our commercial utilization rate was 98.1% while our operational utilization rate was 100% compared to 99.6% commercial and 99.5% operational for the first quarter of last year.

現在讓我們轉向幻燈片 18 來回顧我們的機隊表現。我們將通過與去年相比查看 2023 年第一季度的機隊利用率來開始我們的審查。與往常一樣，我們的機隊利用率分為商業和運營。 2023年第一季度，我們的商業利用率為98.1%，運營利用率為100%，而去年第一季度商業利用率為99.6%，運營利用率為99.5%。

On average, 17.1 vessels were owned and operated during the first quarter of this year earning an average time charter equivalent rate of $29,231 per vessel per day, compared to 16 vessels owned and operated in the same period the first quarter of 2022, earning on average $33,986 per vessel per day.

平均而言，今年第一季度擁有和運營 17.1 艘船舶，每艘船每天的平均期租等值費率為 29,231 美元，而 2022 年第一季度同期擁有和運營的船舶為 16 艘，平均收益為每艘船每天33,986 美元。

Our total daily operating expenses per vessel including management fees, general and administrative expenses averaged $8,074 per day during the first quarter of this year, compared to $7,329 per vessel per day for the first quarter of 2022.

今年第一季度，我們每艘船的每日總運營費用（包括管理費、一般和行政費用）平均為每天 8,074 美元，而 2022 年第一季度為每艘船每天 7,329 美元。

If we move further down this table, we can see the cash flow breakeven rate which we set to meet during the first quarter of this year and which takes into account also drydocking expenses, interest costs, and loan repayments.

如果我們進一步向下移動該表，我們可以看到我們設定的今年第一季度達到的現金流盈虧平衡率，並且還考慮了乾塢費用、利息成本和貸款償還。

Thus, for the first quarter of 2023, our cash flow breakeven rate was $14,160 per vessel per day compared to $14,059 per vessel per day during the first quarter of 2022.

因此，2023 年第一季度，我們的現金流盈虧平衡率為每艘船每天 14,160 美元，而 2022 年第一季度為每艘船每天 14,059 美元。

Finally, in the very last line of this table, you can see the common dividend that we paid expressed in dollars per day. In the first quarter of 2023, we paid the equivalent of $2,292 per vessel per day in dividends. We had no dividend paid for the first quarter of 2022.

最後，在此表的最後一行，您可以看到我們以每天美元表示的共同股息。 2023 年第一季度，我們為每艘船每天支付相當於 2,292 美元的股息。 2022 年第一季度我們沒有支付股息。

Let's now move to slide 19 to review our debt profile. As of March 31, 2023, our outstanding debt was $121 million that includes debt for our newbuilding, which we drew before the end of the quarter. At the same time -- as of the same date, our scheduled debt repayments for 2023 including the amount we paid in the first quarter would amount to $27.14 million, while our balloon payments amount to $30.73 million in 2023. Of this balloon payment, we have already repaid two for $17.4 million and $6.2 million, and we're in the process of financing the other one.

現在讓我們轉到幻燈片 19 來回顧我們的債務狀況。截至 2023 年 3 月 31 日，我們的未償債務為 1.21 億美元，其中包括我們在本季度末之前提取的新造船債務。與此同時，截至同一日期，我們計劃的2023 年債務償還（包括第一季度支付的金額）將達到2,714 萬美元，而我們在2023 年的大額付款將達到3,073 萬美元。在這筆大額付款中，我們已經償還了其中兩筆 1,740 萬美元和 620 萬美元，我們正在為另一筆提供融資。

Looking at the chart on the top left part of the -- corner of the slide, we can see also our debt repayment scheduled for the following years beyond 2023. As you can see, our debt repayment is expected to decline -- or debt is expected to decline [in all of those] three years. And we have additional balloon payments in 2025 amounting to about $22 million.

查看幻燈片左上角的圖表，我們還可以看到我們計劃在 2023 年之後的未來幾年償還債務。正如您所看到的，我們的債務償還預計會下降，或者債務正在減少預計[在所有這些]三年內都會下降。我們將在 2025 年額外支付約 2200 萬美元的額外款項。

If we look here above the cost of our debt, the average margin on our debt is about 2.71% and assuming a LIBOR rate of about 5.34% on the top of it, we can estimate the total cost of our senior debt to be 8.05%. However, if we include it in our cost of debt calculation, the part of our debt, the interest of which is [note] for interest rate swap holders, the cost of our debt will drop to about 6.25% as about 50% of our debt is hedged at the cost of around 1.7%.

如果我們看看我們的債務成本，我們的債務平均利潤率約為 2.71%，並假設 LIBOR 利率約為 5.34%，我們可以估計優先債務的總成本為 8.05% 。然而，如果我們將其納入我們的債務成本計算中，即我們的債務部分，其利息是利率掉期持有者的[注]，那麼我們的債務成本將下降至約6.25%，因為我們的債務成本約為我們的50%。債務的對沖成本約為 1.7%。

As it's noted on the top part of the slide, we expect to assume additional debt to finance the remainder of our newbuilding program, the eight vessels that Aristides mentioned earlier. And we estimate that debt to be around $190 million to $200 million.

正如幻燈片頂部指出的那樣，我們預計將承擔額外的債務，為我們的新造船計劃的其餘部分（阿里斯蒂德斯之前提到的八艘船）提供資金。我們估計債務約為 1.9 億至 2 億美元。

Looking now at the bottom of the table, we can see our cash flow breakeven level projected for the next 12 months. And that level is expected to be -- remain similar to what we had in the first quarter and be around $14,251 per vessel per day, a big part of which is our loan repayments $4,073 per vessel per day correspond to repayments of loans.

現在查看表格底部，我們可以看到未來 12 個月預計的現金流盈虧平衡水平。預計這一水平將與第一季度的水平相似，約為每艘船每天 14,251 美元，其中很大一部分是我們的貸款償還額，每艘船每天 4,073 美元相當於貸款償還額。

To conclude our presentation, let's move to Slide 20 to review some balance sheet highlights. As of March 31, 2023, our assets included cash and other current assets that amounted to about $51.3 million.

為了結束我們的演示，讓我們轉到幻燈片 20 來回顧一些資產負債表要點。截至 2023 年 3 月 31 日，我們的資產包括現金和其他流動資產，總計約 5130 萬美元。

We have made advances for our newbuilding program, which at the end of the quarter stood at about $98 million. The book value of our 17 vessels in the water as of March 31 stood at around $211.8, resulting in a total book value for our assets of about $361 million.

我們的新造船項目已取得預付款，截至本季度末約為 9800 萬美元。截至 3 月 31 日，我們入水的 17 艘船舶的賬面價值約為 211.8 美元，因此我們資產的總賬面價值約為 3.61 億美元。

On the liability side, our debt as of March 31, 2023, as previously mentioned, stood at $121 million representing 33.5% of the book value of our assets. The fair value of our recently acquired charters, below-market charters, is about $31.1 million, and that is reported in our balance sheet.

在負債方面，如前所述，截至 2023 年 3 月 31 日，我們的債務為 1.21 億美元，占我們資產賬面價值的 33.5%。我們最近獲得的低於市場價格的租船的公允價值約為 3110 萬美元，這已在我們的資產負債表中報告。

Other liabilities also amounted to about $10.7 million or 3% of our total book value of our assets. It should be noted though that the market value of our fleet including the value of our charters is much higher than its book value. Based on our own estimates, the charter-adjusted value of our fleet plus change in the market value of our newbuilding contracts is approximately worth $328 million as of the end of the month as compared to the book value of our vessels less the fair value of below-market charters of about $180 million.

其他負債也達到約 1,070 萬美元，占我們資產賬面總價值的 3%。但值得注意的是，我們機隊的市場價值（包括包機價值）遠高於其賬面價值。根據我們自己的估計，截至本月底，我們船隊的包租調整價值加上新造船合同的市場價值變化約為3.28 億美元，而我們船舶的賬面價值減去船舶的公允價值則約為3.28 億美元。低於市場價約 1.8 億美元的租船合同。

And this translates to a net asset value for our company of about $346 million or a little more than $49 per share. Recently, our shares have been trading in the range of $18 to $19 per share, thus representing a significant discount, as Aristides mentioned earlier, to our net asset value and provide good appreciation potential for our shareholders and investors based on these measures.

這意味著我們公司的淨資產價值約為 3.46 億美元，即每股 49 美元多一點。最近，我們的股票交易價格在每股18 美元至19 美元之間，正如阿里斯蒂德斯前面提到的，這對我們的資產淨值來說是一個很大的折扣，並根據這些措施為我們的股東和投資者提供了良好的升值潛力。

With that, I would like to close my remarks and turn the floor back to Aristides to continue the discussion.

至此，我想結束我的發言，然後請阿里斯蒂德繼續討論。

Thank you, Tasios. Let us open up the floor for any questions you may have.

謝謝你，塔西奧斯。讓我們歡迎您提出任何問題。

(Operator Instructions) Climent Molins, Value Investor's Edge.

（操作員說明）Climent Molins，價值投資者的優勢。

I wanted to start by asking about the tender. The vessel was initially scheduled to be delivered in the second quarter of 2023, but it seems the delivery starts in the first quarter of 2024. Could you provide some commentary on the reason behind the delays and whether we should expect any financial impact?

我想首先詢問招標的情況。該船最初計劃於 2023 年第二季度交付，但似乎將於 2024 年第一季度開始交付。您能否就延遲背後的原因以及我們是否應該預期受到任何財務影響提供一些評論？

I'm not sure that that vessel was ever scheduled for the second quarter. It was scheduled for the fourth quarter, and it has been delayed by a month or so to be delivered in the beginning of 2024. We have seen some small delays in some of the ships in the region of a month or two because of issues in South Korea with the shipyards. They had some labor issues and some difficulties in sourcing material and equipment.

我不確定該船是否曾安排在第二季度。原定於第四季度交付，現已推遲一個月左右，原定於 2024 年初交付。我們發現該地區的一些船舶由於以下問題而出現了一兩個月的小幅延誤。韓國設有造船廠。他們遇到了一些勞工問題，在採購材料和設備方面也遇到了一些困難。

But it's minor delays of one to two months. I don't expect there to be huge delays.

但這只是一到兩個月的小延遲。我預計不會有嚴重的延誤。

We have vessel Terataki scheduled for the second quarter of 2023 and [that proceeds] to early July 2023.

我們計劃於 2023 年第二季度和 [持續] 到 2023 年 7 月上旬交付 Terataki 號船。

Yes, correct.

是，對的。

All right. That's helpful. Most of your newbuild program remains open. And how should we be seeing about securing new contracts? Will you comfortable employing them on short-term charters or will you still be looking for medium-term employment?

好的。這很有幫助。您的大部分新建計劃仍然開放。我們應該如何看待獲得新合同？您是否願意以短期合同僱用他們，還是仍會尋找中期工作？

It will really depend on what the market environment is towards the end of the year. Because the Terataki, which will be delivered beginning of July instead of end of June as was the initial plan, is already fixed to Asyad Lines at $48,000 per day for three years together with the Gregos some time ago at the peak of the market.

這實際上取決於年底的市場環境。因為 Terataki 號原本計劃於 7 月初交付，而不是最初計劃的 6 月底交付，但在市場高峰期前一段時間，它已經與 Gregos 一起以每天 48,000 美元的價格固定在 Asyad Lines 上，為期三年。

The remaining vessels, which are all going to be delivered in 2024, we are not in a hurry to fix now because we would get extremely discounted rates if we wanted and insisted in trying to fix them today. So we will wait for the right opportunity to fix them. We know that these are very modern and efficient vessels, much more economical than similar-sized vessels that were built 10 and 15 years ago. So we are pretty confident they will be fixed at very good rates. But how good, it will really depend on the market.

其餘的船隻均將於 2024 年交付，我們現在並不急於修復，因為如果我們想要並堅持今天修復它們，我們將獲得極大的折扣。所以我們會等待合適的機會來修復它們。我們知道這些是非常現代化和高效的船舶，比 10 和 15 年前建造的類似尺寸的船舶要經濟得多。因此，我們非常有信心它們將以非常優惠的價格修復。但到底有多好，這真的取決於市場。

Yes, it makes sense. And regarding the Aegean Express, you mentioned you expect to win the proceedings, but that the execution may be difficult as the charter is hiding its assets. How should we think about the timing for the resolution of the proceeding?

是的，這是有道理的。關於愛琴海快運，您提到您希望贏得訴訟，但執行可能會很困難，因為憲章隱藏了其資產。我們應該如何考慮訴訟解決的時間安排？

I think that within the next couple of months, certainly within -- by our next call, this will have been resolved, the legal issues will have been resolved, and we will know we if we had won the award, which we think is a no brainer. But when you're in arbitration, you're never 100% sure. But as I said, the most difficult thing is to recover from a charterer who is hiding and indeed was the smallest charterer from all the charters that we have in all our other ships. We have to see how that will go.

我認為在接下來的幾個月內，當然是在我們下一次電話會議之內，這個問題將得到解決，法律問題將得到解決，我們將知道我們是否贏得了該獎項，我們認為這是一個不用想也知道。但當您參與仲裁時，您永遠無法 100% 確定。但正如我所說，最困難的事情是從隱藏的承租人那裡恢復過來，他實際上是我們所有其他船舶的所有租船人中最小的承租人。我們必須看看事情會如何發展。

All right. Thanks for the color.

好的。謝謝你的顏色。

(Operator Instructions) At this time, I'll turn the floor back to Mr. Pittas for closing remarks.

（操作員指示）此時，我將請 Pittas 先生髮表閉幕詞。

Thanks, everybody, for listening to us today, and we will be back in three months' time with the Q2 results.

感謝大家今天聆聽我們的講話，我們將在三個月後返回第二季度的結果。

Thanks, everybody. Have a nice day.

謝謝大家。祝你今天過得愉快。

Thank you, everyone. This will conclude today's call. You may disconnect your lines at this time. Thank you for your participation.

謝謝大家。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。