Euroseas Ltd (ESEA) 2024 Q2 法說會逐字稿

Thank you for standing by ladies and gentlemen, and welcome to the Euroseas conference call on the second quarter 2024 financial results. We have with us today, Mr. Tasos Aslidis, Chief Financial Officer of the company.

感謝各位女士們、先生們的支持，歡迎參加有關 2024 年第二季財務業績的 Euroseas 電話會議。今天與我們在一起的是公司財務長 Tasos Aslidis 先生。

(Operator Instructions). I must advise you that this conference is being recorded today. Please be reminded that the company announced the results for the press release that has been publicly distributed.

（操作員說明）。我必須告訴你，今天的會議正在錄製。請注意，該公司公佈的結果已公開發布的新聞稿。

Before passing the floor to Mr. Tasos, 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 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.

在請塔索斯先生發言之前，我想在今天的演示和電話會議中提醒大家這一點。歐洲海洋公司將發表前瞻性聲明。這些陳述符合聯邦證券法的涵義。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.

請您注意網路廣播簡報的第二張投影片，其中包含完整的前瞻性聲明，新聞稿中也包含相同的聲明。請花一點時間瀏覽並閱讀整個聲明。

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

現在我想請塔索斯·阿斯利迪斯先生發言。請繼續，先生。

Good morning, ladies and gentlemen, and thank you all for joining us today for second conference call. I'm Tasos Aslidis, CFO of Euroseas. Together with me is Simos Pariaros, our Chief Administrative Officer; our Chairman and CEO, Mr. Aristides Pittas, who is usually hosting our earnings calls, is not available for this presentation this quarter due to overlapping engagements.

早安，女士們先生們，感謝大家今天參加我們的第二次電話會議。我是 Euroseas 財務長 Tasos Aslidis。與我一起的是我們的首席行政官 Simos Pariaros；我們的董事長兼首席執行官阿里斯蒂德斯·皮塔斯 (Aristides Pittas) 先生通常主持我們的財報電話會議，但由於業務重疊，他無法參加本季度的演示。

The purpose of today's call is to discuss our financial results for the six-months and quarter ended June 30, 2024. Please turn to slide 3 of the presentation. To go over our income statement highlights. For the second quarter of 2024, we reported total net revenues of $58.7 million and a net income of $40.7 million or $5.84 per diluted share.

今天電話會議的目的是討論我們截至 2024 年 6 月 30 日的六個月和季度的財務表現。請翻到簡報的投影片 3。回顧一下我們的損益表亮點。2024 年第二季度，我們報告的總淨收入為 5,870 萬美元，淨利潤為 4,070 萬美元，即稀釋後每股收益 5.84 美元。

Adjusted net income for the quarter was $34.3 million, or $4.92 per diluted share. Adjusted EBITDA for the period was $42.3 million. A reconciliation of adjusted EBITDA to net income is presented in the press release that was released earlier today. I will provide you with some further details on our results later in the presentation.

該季度調整後淨利潤為 3,430 萬美元，或攤薄後每股收益 4.92 美元。該期間調整後 EBITDA 為 4,230 萬美元。今天稍早發布的新聞稿中介紹了調整後 EBITDA 與淨利潤的調節表。我將在稍後的演示中向您提供有關我們結果的更多詳細資訊。

As part of the company's common stock dividend policy, our Board of Directors declared a quarterly dividend of $0.60 per common share for the second quarter of 2024, which will be payable on or about September 17, to shareholders of record on September 9. The annualized dividend yield of our stock remains at around 6.5% based on the current share price.

作為公司普通股股息政策的一部分，我們的董事會宣布 2024 年第二季度每股普通股 0.60 美元的季度股息，將於 9 月 17 日左右向 9 月 9 日登記在冊的股東支付。以目前股價計算，我們股票的年化股息率維持在6.5%左右。

Our continuing dividend payments not only highlight our stable performance, but also reinforce our commitment to delivering sustained shareholder value. Along with our dividends, we return funds to our shareholders via our share repurchase program.

我們持續的股利支付不僅突顯了我們穩定的業績，也強化了我們對提供持續股東價值的承諾。除了股利之外，我們也透過股票回購計畫將資金返還給股東。

As of August 6, 2024. And since the initiation of our purchase program in 2022, we can repurchase 400,705 shares of our common stock in the open market for September of about $8.2 million. Our share repurchase plan of up to $20 million was extended for a year during 2023. And last month, our Board has extended it for yet another year. We will continue to use our share repurchase program at management discretion depending on the level of our stock price. For instance, our ability to increase long-term shareholder value.

截至 2024 年 8 月 6 日。自 2022 年啟動購買計畫以來，我們可以在 9 月在公開市場回購 400,705 股普通股，價值約 820 萬美元。我們高達 2000 萬美元的股票回購計畫在 2023 年延長了一年。上個月，我們的董事會將其又延長了一年。我們將根據我們的股價水平，繼續由管理層酌情使用我們的股票回購計劃。例如，我們增加長期股東價值的能力。

Please now turn to slide 4, where we discuss our recent sales and purchase chartering and other operational developments. Starting first, [M/V] front, we can report that the previously agreed to be sold vessel (technical difficulty) 27 countries.[ESEA] the container ship built in 2004 was the leader new owners.

現在請轉到幻燈片 4，我們在其中討論我們最近的銷售和採購租船以及其他營運發展。首先從[M/V]前面開始，我們可以報告先前同意出售的船舶（技術難度）27個國家。

The vessel was sold for approximately $10 million, resulting in a gain on sale of about $5.7 million or $0.82 per share. And having contributed to the company's total earnings of more than $42 million since its acquisition in 2017.

該船以約 1,000 萬美元的價格出售，銷售收益約 570 萬美元，即每股 0.82 美元。自2017年收購以來，為公司貢獻的總收入超過4,200萬美元。

During the last four months, there was quite an activity of our newbuilding program. On May 13, 2024 the delivery of our fifth newbuilding vessel from a series of line in the M/V Monica took place. M/V Monica is a fuel efficient 1,800 teu feeder vessels. Following the delivery the vessels come off charter for a minimum of 10-months to a maximum of 12-months at a rate of $16,000 per day.

在過去的四個月裡，我們的新造船計畫活動相當活躍。2024 年 5 月 13 日，我們交付了 M/V Monica 系列生產線中的第五艘新船。M/V Monica 是一艘節能的 1,800 teu 支線船。交付後，船舶的租期最短為 10 個月，最長為 12 個月，租金為每天 16,000 美元。

Subsequently, the six of our new buildings [Pepi Star] newbuild, fuel-efficient incumbency. You Feeder containerships and then change. Our system to Monica was delivered on June 24, 2024, Pepi Star this vessel is equipped with a Tier-3 engine and other sustainability features, including alternative maritime power installation. After delivering M/V Pepi Star per month charter for a minimum of 23 to a maximum of 25 months at a rate of $22,000 per day.

隨後，我們的六棟新建築[佩皮之星]新建，省油就職。你支線貨櫃船然後改變。我們向 Monica 提供的系統於 2024 年 6 月 24 日交付，Pepi Star 該船配備了 Tier-3 發動機和其他可持續發展功能，包括替代海上動力裝置。交付 M/V Pepi Star 月租後，租期最短 23 個月，最長 25 個月，每天費率 22,000 美元。

Furthermore, on July 19, 2024, we took delivery of our seventh new building M/V Pepi Star, an eco-friendly incumbency feeder container ship from the same yard like the others. Again, the vessel is EEDI Phase 3 compliant and features Tier-3 engine, along with other sustainability enhancements, including alternative maritime power.

此外，2024 年 7 月 19 日，我們從同一個船廠接收了第七艘新船 M/V Pepi Star，這是一艘環保的在用支線貨櫃船。該船再次符合 EEDI 第 3 階段標準，配備 Tier-3 發動機，以及其他永續性增強功能，包括替代海上動力。

The acquisition of M/V Pepi Star was partially financed with Piraeus Bank S.A. of and following delivery the vessel charter for a minimum of 25 to a maximum of 25 months at a rate of $24,250 per day. From the above one can observe the progressive increase of the rate. The Piraeus Bank were chartered, which fully reflect the market developments during the quarter.

M/V Pepi Star 的收購由比雷埃夫斯銀行 S.A. 提供部分融資，並在船舶租賃交付後以每天 24,250 美元的價格租期至少 25 個月至最長 25 個月。從上圖可以看出，該比率正在逐步增加。比雷埃夫斯銀行獲得特許，充分反映了本季的市場發展。

The two more vessels remaining in our new building program to [228,000] teu vessel. Very leverage initially scheduled for November and December 2024 have been rescheduled to January 2025, continuing our record here on the chartering side and the EBITDA was up, or new of 10 to match in 12 months, $13,000 a day starting from May 2024. While and redraw now that it started was extended for a minimum period starting from the beginning of August to a maximum period starting August 23, at an average gross daily rate of $13,500 per day.

我們的新建造計劃中還剩下兩艘船，容量為 [228,000] teu 船。原定於2024 年11 月和12 月進行的非常槓桿已重新安排到2025 年1 月，繼續我們在租船方面的記錄，並且EBITDA 有所上升，或者說從2024 年5 月開始，12 個月內增加了10 個槓桿，每天13,000 美元。而現在開始的重畫則延長了從8月初開始的最短期限，到從8月23日開始的最長期限，日均毛額為13,500美元。

The vessel will then proceed to set its fifth special survey drydock performance. She was then fixed and she will command the charter for a minimum of 23 and a maximum of 25 months. Is it another $16,500 rate, the [Joanna]. So the first 15-months are $19,000, the next six months $9,500 while the two months of Pepi Star of the charter at $16,500.

然後，該船將開始進行第五次特別檢驗乾船塢性能。隨後她被固定，將指揮該憲章至少 23 個月、最長 25 個月。是另外 16,500 美元的價格嗎？[喬安娜]。因此，前 15 個月的費用為 19,000 美元，接下來的六個月為 9,500 美元，而 Pepi Star 包機的兩個月為 16,500 美元。

Finally the vessel expenses was fixed for a minimum period of 18-months to a maximum period of 20-months at the rate of to [$15,100] per day, starting from middle of August. We are happy to report that during the second quarter, we had no idling period for conversion of (inaudible) regarding drydock motor vessel Synergy Keelung (technical difficulty) scheduled drydock which lasted approximately 19.5 days during the second quarter.

最後，從 8 月中旬開始，船舶費用固定為最短 18 個月到最長 20 個月，每天 [15,100 美元]。我們很高興地報告，在第二季度，我們沒有閒置機動船 Synergy Keelung（技術困難）預定乾船塢轉換（聽不清楚）的情況，該閒置期在第二季度持續了約 19.5 天。

Next please turn to slide 5 for an update of our current fleet profile. Our current fleet consists of 23 vessels in the water, including 16 feeder containerships, seven intermediate container with a total carrying capacity of just about 67,200 teu and now we say about 14 (inaudible) weighted by teu.

接下來請參閱投影片 5，以了解我們目前機隊概況的更新。我們目前的船隊由23 艘船舶組成，其中包括16 艘支線貨櫃船、7 艘中型貨櫃船，總運載能力約為67,200 標準箱，現在我們說按標準箱重量大約有14 艘（聽不清楚） 。

Turning to slide 6, you can see the two remaining vessels that are under construction, which are to be delivered. As I mentioned earlier, that in January in the first quarter of 2025. After the delivery of these two feeder containerships, our fleet will consist of 25 vessels with a total carrying capacity of just under 73,000 teu.

轉到幻燈片 6，您可以看到剩餘的兩艘正在建造中、即將交付的船隻。正如我之前提到的，那是 2025 年第一季的 1 月。這兩艘支線貨櫃船交付後，我們的船隊將由 25 艘船舶組成，總運載能力略低於 73,000 標準箱。

Turn to slide 7 for a graphical presentation of our vessel employment. As you can see in the slide, we have secured very strong charter coverage over the next two years with approximately 95% of our fleet fixed for 2024 in nearly [4% to 4.5%] for 2025. These are about charter coverage combined with profitable rates for the remaining of our charters positions us for final profitable quarters influencing our fleet liquidity through 2024 and 2025.

請參閱投影片 7，以圖形方式展示我們的船舶使用情況。正如您在幻燈片中所看到的，我們在未來兩年內獲得了非常強大的包機覆蓋範圍，大約 95% 的機隊在 2024 年固定，而在 2025 年則接近 [4% 至 4.5%]。這些是關於包機覆蓋範圍以及剩餘包機的盈利率，使我們能夠在最終盈利季度中影響到 2024 年和 2025 年我們的機隊流動性。

Our charter strategy is crucial in maximizing our revenues across market cycles and ensuring that we will capitalize on favorable market conditions. At this point, let me pass the floor to our Chief Administrative Officer, Mr. Simos Pariaros, to go over recent market developments. Simos go ahead.

我們的包機策略對於在整個市場週期中最大化我們的收入並確保我們利用有利的市場條件至關重要。現在，請允許我們的首席行政官 Simos Pariaros 先生介紹最近的市場動態。西莫斯繼續。

Thank you, Tasos, good morning from me as well. Ladies and gentlemen. Let's now move to slide 9 for a broader market review. Let's take a look first on charter rates, focusing on the development of 6 to 12-month time charter rates over the past 10-years. In the second quarter, continuing through the end of June 2024 containership charter rates experienced a strong increase across all segments.

謝謝你，塔索斯，我也早安。女士們，先生們。現在讓我們轉到幻燈片 9 以進行更廣泛的市場回顧。我們先來看看租船費率，重點在於過去10年6至12個月期租船費率的發展。第二季度，截至 2024 年 6 月，貨櫃船租船費率在所有細分市場均出現強勁成長。

If we look at the reference rate of over 2,500 teu containership, the 6 to 12-months charter rates stood at about $34,000 per day, much more than triple the almost $9,250 per day, which the market paid at the end of 2023. And well above the 10-year average of approximately $15,719 per day. These trends are consistent across both smaller and larger containership sizes, showing similar favorable comparisons to media and others that.

如果我們看一下超過 2,500 teu 貨櫃船的參考費率，6 至 12 個月的租船費率約為每天 34,000 美元，比 2023 年底市場支付的每天 9,250 美元高出三倍多。遠高於每天約 15,719 美元的 10 年平均值。這些趨勢在較小和較大貨櫃船尺寸上都是一致的，與媒體和其他媒體相比顯示出類似的有利比較。

Now moving on to slide 10. We go over some further market highlights, we mainly want to highlight here. But after climbing through the beginning of July, the market has shown signs of stabilizing in the past three to four weeks indicating as -- possibly at the temporary pause in the upward trend.

現在轉到投影片 10。我們回顧了一些進一步的市場亮點，我們主要想在這裡強調一下。但在經歷了 7 月初的攀升之後，市場在過去三到四週內出現了穩定跡象，顯示上升趨勢可能暫時暫停。

Let's hope that this will -- in the weeks to come. The increase up to the end of June is primarily attributed to ongoing disruption in Red Sea return to some degree of port congestion and an early peak season. With unexpectedly high volumes from Asia, predominantly to developing economies leading to a very tight market.

我們希望這會在未來幾週內實現。截至 6 月底的成長主要歸因於紅海返回的持續中斷，造成一定程度的港口擁塞和旺季提前。來自亞洲的產量出乎意料地高，主要是發展中經濟體，導致市場非常緊張。

The averages rate per day during the second quarter of 2024 increased by above 48% compared to the first quarter of 2024. While vessel prices increased as well and are now closer to the peak levels of 2022. The averages second hand price index also increased on average by about 15.5% in the second quarter of this year, over the first quarter.

與 2024 年第一季相比，2024 年第二季的日均流量增加了 48% 以上。同時，船舶價格也有所上漲，目前已接近 2022 年的高峰水準。今年第二季二手房平均物價指數也比第一季平均上漲約15.5%。

The newbuilding price index increased by about 1.4% in the second quarter of 2024 over the first quarter of the same year. Newbuilding prices continue to stay elevated due to inflation and extended yard forward cover. While newbuilding contract and has moderated from the exceptionally high levels observed during the COVID-19 pandemic.

2024年第二季新造船價格指數較同年第一季上漲約1.4%。由於通貨膨脹和船廠遠期覆蓋範圍的擴大，新船價格繼續保持高位。雖然新造船收縮，但較新冠肺炎 (COVID-19) 大流行期間觀察到的異常高水平有所放緩。

It still remains relatively robust, with sustained activity is primarily driven by cash-rich liner companies eager to renew their fleets with alternative fuel capable vessels. However, this is primarily focused on high -- on bigger size ships.

它仍然保持相對強勁，持續的活動主要是由現金充裕的班輪公司渴望用可替代燃料的船舶更新其船隊推動的。然而，這主要集中在大型船舶上。

As of July 15, 2024 the idle fleet, excluding vessels under repair, stood at a mere 170,000 teu as resulted just about 0.6% of the total fleet and it basically consists of ships that are under sections, as they their owned or related to [Iranian] interests. So essentially they can -- we can say that there is no hydro fleet at all.

截至 2024 年 7 月 15 日，閒置船隊（不包括正在維修的船舶）僅為 170,000 teu，僅佔船隊總數的 0.6% 左右，並且基本上由部分船舶組成，因為它們擁有或與 [伊朗]的利益。所以本質上他們可以──我們可以說根本沒有水力艦隊。

I will now give you some figures about container vessel recycling within this year. In during 2024, up to now 39 vessels accounting for about 54,000 teu have been scrapped. We expect demolition activity to increase moderately in the remainder of this year after a number of very quiet years due to the very high market.

我現在提供大家一些今年貨櫃船回收的數據。截至2024年，已有39艘船舶被報廢，總噸位約54,000 teu。由於市場非常高，我們預計在經歷了數年非常平靜的年份後，拆除活動將在今年剩餘時間內適度增加。

In the second quarter of 2024 scrapping prices softened slightly to approximately $545 per lightweight ton. On average, though still remaining above the average observed in the pre-pandemic year of 2019 by about 33%.

2024 年第二季度，報廢價格略為走軟，至每輕噸約 545 美元。平均而言，仍高於 2019 年大流行前一年的平均值約 33%。

Please now turn to slide 11. The latest update from IMF from July 2024. See the global economy to experience modest growth over the next two years. We've basically a cooling activity in the US as stabilization in Europe and stronger consumption and exports in China -- to this outlook remain more balanced. However, there are upside risks to inflation and price pressure stemming from the new trade or geopolitical tensions that may appear.

現在請翻到投影片 11。國際貨幣基金組織 2024 年 7 月的最新更新。預計全球經濟在未來兩年將溫和成長。隨著歐洲的穩定以及中國消費和出口的強勁，美國的經濟活動基本上已經降溫——這一前景仍然更加平衡。然而，由於可能出現的新的貿易或地緣政治緊張局勢，通膨和價格壓力存在上行風險。

Any further escalation of trade tension could raise bank risks -- increasing the cost of imported goods along the supply chain. As a result, the IMF as maintained this year growth forecast at 3.2%, consistent with its April projections.

貿易緊張局勢的任何進一步升級都可能增加銀行風險——增加供應鏈上進口商品的成本。因此，國際貨幣基金組織維持今年經濟成長預測為 3.2%，與 4 月的預測一致。

In the meantime, the forecast for 2025 was slightly reduced by 0.1%, to 3.3% with China and India, bringing the most notable upward revision. On the other hand Japan's growth has been revised much downwards for this year from 0.7% from 0.9% and the [Eurozone] in 2025 down to 1.5% from [1.9%] in the previous forecast and much lower than the 3.2% that is predicted for Russia for 2024.

同時，中國和印度對 2025 年的預測小幅下調 0.1%，至 3.3%，上調幅度最為顯著。另一方面，日本今年的成長已從 0.9% 大幅下調至 0.7%，而 [歐元區] 2025 年的成長則從先前預測的 [1.9%] 下調至 1.5%，遠低於預測的 3.2% 2024 年俄羅斯。

Overall, we see that the fleet continues to grow at a very fast pace, having expanded by about 6.5% only this year without accounting for idle vessel reactivation, which has been significant during 2024 the idle fleet sweep happening for up from about 800,000 teus about 12-months ago to just under 70,000 teus today.

總體而言，我們看到船隊繼續以非常快的速度增長，僅今年就增長了約6.5%，這還不包括閒置船舶的重新啟用，這在2024 年期間非常重要，閒置船隊清理量從約80 萬標準箱增加到約12 個月前到今天略低於 7 萬標準箱。

Now China economic momentum is quite good, as the country's economy has further matured, the world is looking for the next (inaudible) who leads this economic growth. In that respect India's growth is projected to remain robust at 7% this year. This upward revision is attributable mostly to improve private consumption. However, the IMF question, that growth is expected to slow down slightly in 2025 in India to 6.5%. In the meantime, the Asian five economies remain the main agent for the global economy with a forecast remaining broadly unchanged from [May-April].

現在中國經濟勢頭很好，隨著國家經濟的進一步成熟，世界正在尋找下一個（聽不清楚）引領這個經濟成長的人。在這方面，印度今年的經濟成長預計將保持在 7% 的強勁水平。這項向上修正主要歸因於私人消費的改善。不過，國際貨幣基金組織質疑，印度2025年經濟成長率預計將小幅放緩至6.5%。同時，亞洲五個經濟體仍然是全球經濟的主要推動者，預測基本上保持不變。[五月至四月]。

Now according to Clarksons forecast, containership trade demand is anticipated to rise by a record 16.7% in the tue -- tue terms in 2024 are up from the previous estimate of 9.2% back in April. And this is happening due to favorability routed through the Red Sea caused by ongoing disruptions in the area and also exceptionally good volumes from Asia to Europe and the US along with the developing countries.

現在，根據克拉克森的預測，貨櫃船貿易需求預計週二將成長創紀錄的 16.7%——2024 年週二的情況高於 4 月的 9.2% 的預期。之所以發生這種情況，是因為紅海地區持續的混亂造成了對紅海的有利，以及從亞洲到歐洲和美國以及發展中國家的異常良好的運輸量。

However, the effects of footy attacks in the Red Sea, that have caused these disruptions are expected to normalize at some point going forward, something that we expect will create significant challenges in the market for a period of time.

然而，造成這些幹擾的紅海足球襲擊的影響預計將在未來某個時候恢復正常，我們預計這將在一段時間內給市場帶來重大挑戰。

Now please turn to slide 12, where you can see the total fleet age profile and containership order book. The containership fleet is becoming older with about 30% of the capacity being older than 15-years, something that will work out a significant buffer in the medium future when these ships enter the historical average scrapping age. As the result [22] -- for the order book as a percentage that's up around 22%, reduced from a peak of 10%, which we saw last year.

現在請翻到投影片 12，您可以在其中看到船隊總船齡概況和貨櫃船訂單簿。貨櫃船船隊正在老化，約 30% 的運力船齡超過 15 年，這將在中期內當這些船舶進入歷史平均報廢年齡時產生顯著的緩衝。結果 [22]——訂單量百分比上升了 22% 左右，低於我們去年看到的 10% 的峰值。

Turning on to slide 15, please take note that the fleet age profile of the smaller groups of the fleet of either sector of the 1,000 to 3,000 teu range. The sizes of vessels are the backbone of our operation and the primary focus of our newbuilding program. The order book here stands at near [4.7%] as of the beginning of August 2024.

翻到投影片 15，請注意 1,000 至 3,000 teu 範圍內任一航段的較小船隊的船齡概況。船舶的規模是我們營運的支柱，也是我們新造船計畫的主要焦點。截至 2024 年 8 月初，這裡的訂單量接近 [4.7%]。

Now, according to Clarksons, new deliveries are projected to be approximately 8% within the entire 2024, with the vast majority of the ships already deliver the number drops to 1.8% in 2025 and 1% 2026 and beyond. Suggesting that going forward, we will have minimal deliveries of this size segment with over [50%] of the fleet of this size segment being over 15-years old. These favorable fundamentals, [sub debt] and anticipate that that adjusts the reduction in fleet size in the coming years.

現在，根據克拉克森的數據，預計2024 年全年新交付量約為8%，而絕大多數船舶已交付，這一數字到2025 年將下降至1.8%，到2026 年及以後將下降至1 %。這表明，展望未來，我們將減少該規模細分市場的交付量，並且該規模細分市場中超過 [50%] 的機隊機齡超過 15 年。這些有利的基本面、[次級債務]並預計將調整未來幾年機隊規模的縮減。

Let's now move to slide 14, where we discuss our outlook summary for the containership market. Despite the stabilization in July, the container shipping market contain significant gains throughout 2024. Freight rates capture at the highest level outside the pandemic period one top rate has climbed steadily to historically robust levels.

現在讓我們轉到幻燈片 14，我們在其中討論貨櫃船市場的展望摘要。儘管 7 月趨於穩定，但貨櫃運輸市場在 2024 年全年仍將大幅上漲。貨運費率達到疫情期間以外的最高水平，最高費率已穩定攀升至歷史最高水準。

The strong market conditions are largely driven by disruptions in the Red Sea. As mentioned before, we have four vessels today ready around the Cape of Good Hope leading to increased vessel demand and port congestion. Additionally, healthy container volumes are bolstered by a continuously strengthening global economy.

強勁的市場狀況很大程度上是由紅海的擾亂所推動的。如前所述，我們今天有四艘船在好望角附近做好準備，導致船舶需求增加和港口擁擠。此外，持續走強的全球經濟也支撐了健康的貨櫃運輸量。

Freight rates have set and charter rates have more than doubled since the end of the year over the previous year, reaching the highest level outside of the COVID-19 period and the strong markets of the of 20-years ago of around 2004, 2005 period, where the market was also at extremely high levels. The contracts index has increased by 164% since the end of 2023.

自今年年底以來，運價已經確定，租船費率比上年增加了一倍以上，達到了除 COVID-19 時期和 20 年前的 2004 年、2005 年左右強勁市場之外的最高水平，市場也處於極高水平。自2023年底以來，合約指數已成長164%。

Looking into the second half of 2024. The developments in the Red Sea will play a critical role in shaping. The sector's immediate outlook the situation remains uncertain with any dilution heavily depend on the political landscape, even if conditions improve the distraction is expected to continue for several more months.

展望2024年下半年。紅海的事態發展將發揮關鍵作用。該行業的近期前景仍然不確定，任何稀釋都在很大程度上取決於政治格局，即使情況有所改善，這種分散注意力的情況預計還將持續數月。

In such a scenario charter were likely to opt for a much shorter duration charter. As we move now into 2025. The container shipping market is anticipated to face challenges, but particularly if disruptions in the Red Sea is. The fleet is projected to expand, create and capacity management challenges due to significant cumulative supply growth.

在這種情況下，租船者可能會選擇期限短得多的租船。現在我們已經進入 2025 年了。預計貨櫃運輸市場將面臨挑戰，尤其是在紅海出現中斷的情況下。由於累計供應量顯著成長，預計船隊規模將擴大，並帶來運力管理挑戰。

Nonetheless, forecasts indicate a respectable year for container trade volume growth. Additionally, for personnel reductions in the vessel fleet, driven by efforts to reduce emissions and adhere to bring policies may share alleviate some of the supply pressures potentially stabilizing the market.

儘管如此，預測顯示今年貨櫃貿易量成長可觀。此外，在減少排放和堅持政策的推動下，船隊人員減少可能會緩解部分供應壓力，從而穩定市場。

The energy transition and the decarbonization process of the world's fleet is steadily gaining momentum in the containership sector and definitely at a much faster pace than the rest of the shipping sectors, creating much more favorable dynamics for the newer eco vessels, some things that have worked very well for the newbuilding investment program of Euroseas.

貨櫃船產業的能源轉型和世界船隊的脫碳進程正在穩步發展，其速度肯定比其他航運產業快得多，為新型生態船舶創造了更有利的動力，其中一些措施已經奏效歐洲海洋的新造船投資計劃非常順利。

Going forward, we anticipate that the premium for charter rates achieved by eco vessels will further widen. This is because charter and the industry as a whole are becoming increasingly sensitive to greener transport options, thereby placing a higher volume on the vessels with lower environmental impact. Furthermore, the introduction of further environmental measures and carbon taxes worldwide will further boost the premium on this type of ships.

展望未來，我們預期生態船舶的包租費率溢價將進一步擴大。這是因為包機和整個行業對綠色運輸選擇越來越敏感，從而在對環境影響較小的情況下增加了船舶的運輸量。此外，全球進一步環保措施和碳稅的推出將進一步推高此類船舶的溢價。

Now moving on to the last slide of my part, slide number 15, please take a note from the significant increases in both charter rates and asset prices that we have seen during 2024 following the Red Sea developments. What is most interesting though, is that the newbuilding price index is almost at the highest historical levels, something that gives further value to our investment program and proves the rightness of our decision to proceed with a vast expansion of our fleet for our newbuilding program just a few years ago.

現在轉到我的最後一張幻燈片，即第 15 號幻燈片，請注意我們在 2024 年紅海事態發展後看到的租船費率和資產價格的大幅上漲。但最有趣的是，新造船價格指數幾乎處於歷史最高水平，這為我們的投資計劃帶來了進一步的價值，並證明了我們為新造船計劃大規模擴張船隊的決定的正確性。前。

Euroseas with a healthy cash balance to fund the remaining equity portion of our newbuilding program. We plan to continue returning money to our shareholders through dividends and share buybacks at management's discretion. And we continue to plan the renewal and expansion of our fleet with further investments that we believe will create further value to our shareholders.

歐洲海洋擁有健康的現金餘額，可以為我們新造船計畫的剩餘股權部分提供資金。我們計劃繼續透過管理層酌情決定的股利和股票回購方式向股東返還資金。我們繼續計劃透過進一步投資來更新和擴大我們的機隊，我們相信這將為我們的股東創造更多價值。

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

接下來，我將把發言權交回給我們的財務長 Tasos Aslidis，以進一步詳細介紹我們的財務亮點。

Thank you, Simos. Let me continue in the beginning that we provide you a little bit more detail on our financial and our financial results for the six and three month periods ended September -- and conversion benefited with the same period of last year.

謝謝你，西莫斯。首先讓我繼續向您提供有關我們的財務以及截至 9 月份的六個月和三個月期間的財務業績的更多詳細信息 - 與去年同期相比，轉換受益。

For that, let's turn to slide 17. For the second quarter of 2024, the company reported total net revenues of $58.7 million, representing a 23.1% increase over total net revenues. We're focused $7.7 million during the second quarter of last year.

為此，讓我們轉向幻燈片 17。2024 年第二季度，該公司報告總淨收入為 5,870 萬美元，比總淨收入成長 23.1%。去年第二季我們的重點是 770 萬美元。

This was the result of increased time charter rates on average with our vessels earned in the second quarter of this year compared to last year, but primarily due to the increase in the average number of vessels we own and operated in the second quarter of 2024 compared to the same period of last year. The company reported net income for the second quarter of 2024 $40.7 million compared to $28.9 million for the same quarter of 2023.

這是由於我們今年第二季度獲得的船舶平均定期租船費率與去年相比有所增加，但主要是由於我們在2024 年第二季度擁有和運營的平均船舶數量與去年相比有所增加。該公司報告 2024 年第二季淨利潤為 4,070 萬美元，而 2023 年同一季度淨利潤為 2,890 萬美元。

[Interest] and other financing costs for the second quarter of 2024 amounted to $3.5 million, partly offset by $1.4 million in Q2 interest income and because of the self financing of the (inaudible) for five new buildings, which and that benefit is in the interest capitalized.

2024 年第二季的[利息]和其他融資成本達 350 萬美元，部分被第二季利息收入 140 萬美元抵消，並且由於五座新建築的（聽不清）自籌資金，該收益在利息資本化。

This is to be compared to $2.4 million of interest expense in the finance costs in the second quarter of 2023, again, partly offset by $1.2 million in Q2 of interest income. This increase of interest expenses is primarily due to the increased amount of debt we carry in the current quarter compared to the same quarter of last year.

與 2023 年第二季財務成本中的 240 萬美元利息支出相比，同樣被第二季利息收入 120 萬美元部分抵銷。利息支出的增加主要是由於我們本季的債務金額與去年同期相比有所增加。

Adjusted EBITDA for the second quarter of 2024 was $42.3 million compared to $30.6 million achieved during the second quarter of last year. Basic and diluted earnings per share for the second quarter of 2024 were $5.89and $5.84. Base -- calculated on approximately $6.8 million basic and $7 million diluted weighted average number of shares outstanding compared to basic and diluted earnings per share of $4.17 and $4.15, respectively for the second quarter of last year, calculated on approximately [$6.9 million] and $7 million basic and diluted weighted average number of shares outstanding.

2024 年第二季調整後 EBITDA 為 4,230 萬美元，而去年第二季為 3,060 萬美元。2024 年第二季基本每股盈餘和稀釋每股盈餘分別為 5.89 美元和 5.84 美元。基礎－以約680 萬美元基本和700 萬美元稀釋已發行股票加權平均數計算，而去年第二季度的基本和稀釋每股收益分別為4.17 美元和4.15 美元，按約690 萬美元和7 美元計算萬股基本和稀釋加權平均已發行股份數。

Excluding the effect on the income of the unrealized gain on derivatives, the gain on sale of investments the amortization of below market time charters acquired and the vessel depreciation charges on the portion of the consolidation of vessels acquired is a tough time charges allocated to the below market prices.

排除衍生性商品未實現收益對收入的影響、投資銷售收益、所購買低於市場期租的攤銷以及所購船舶合併部分的船舶折舊費用，是分配給以下各項的艱難時間費用市場價格。

The adjusted earnings for the quarter ended June 30th, 2024, would have been $4.95 per share basic and $4.92 per share diluted compared to adjusted earnings of $4.19 and $4.17 per share basic and diluted for the quarter -- for the same quarter of last year.

截至 2024 年 6 月 30 日的季度調整後基本收益為 4.95 美元，稀釋後每股收益為 4.92 美元，而去年同期的調整後基本收益和稀釋後每股收益分別為 4.19 美元和 4.17 美元。

We make these adjustments because usually secured dynamics do not include the above items in their published estimates of earnings per share. Let's look now the numbers for the corresponding six month periods ended June 30, 2024 and compare them with 2023. So for the first half of this year, the company reported total net revenues of $105.4 million representing 17.6% increase over total net revenues of $89.6 million during the first half of 2023.

我們做出這些調整是因為通常有保障的動態不會將上述項目納入其公佈的每股盈餘估計中。現在讓我們來看看截至 2024 年 6 月 30 日的相應六個月期間的數字，並將其與 2023 年進行比較。因此，今年上半年，該公司報告的總淨收入為 1.054 億美元，比 2023 年上半年的總淨收入 8,960 萬美元成長了 17.6%。

The company also reported a net income for the period of $60.8 million compared to $57.6 million for the first half of last year. Interest and other financing costs for the first half of 2024 amounted to $6.6 million, again, partly offset by $2.7 million of interest income compared to $4 million in 2023, the first half of 2023 offset by $2.3 million of imputed interest income. Again, the increase of interest expense is due to the higher levels of debt that we carry on average this year versus last year.

該公司還報告稱，本季淨利潤為 6,080 萬美元，而去年上半年為 5,760 萬美元。2024 年上半年的利息和其他融資成本為 660 萬美元，部分被 270 萬美元的利息收入抵消，而 2023 年為 400 萬美元，2023 年上半年被 230 萬美元的估算利息收入抵消。同樣，利息支出的增加是由於我們今年的平均債務水準高於去年。

Adjusted EBITDA for the first six months of this year were $66.9 million compared to $56.6 million achieved during the first half of 2023. Basic and diluted earnings per share for the first half of this year were $8.77 and $8.71, respectively, calculated on approximately [$6.9 million] basic and $7 million diluted weighted average number of shares outstanding compared to basic and diluted earnings of $8.28 and $8.25, respectively, calculating about $7 million shares outstanding for the same period, the first half of 2023.

今年前 6 個月的調整後 EBITDA 為 6,690 萬美元，而 2023 年上半年則為 5,660 萬美元。今年上半年的每股盈餘和稀釋每股盈餘分別為8.77 美元和8.71 美元，以約[690 萬美元] 基本和700 萬美元稀釋後發行在外股票加權平均數計算，而基本收益和稀釋收益分別為8.28 美元和8.25 美元，計算 2023 年上半年同期已發行股票約 700 萬美元。

Excluding again, the effect on the net income for the first half of the unrealized gain on derivatives, the gain on vessel on a sale of a vessel, the amortization of below market time charters acquire and the related vessel depreciation. The adjusted earnings per share for the six month period ended June 30, 2024, would have been $7.63 and $7.57 basic and diluted, respectively, compared to adjusted earnings per share of $7.29 basic and $7.26 diluted for the same period of last year.

再次排除衍生性商品未實現收益、船舶出售收益、低於市場期租的攤銷以及相關船舶折舊對上半年淨利的影響。截至2024 年6 月30 日的六個月期間，調整後每股基本收益和稀釋後每股收益將分別為7.63 美元和7.57 美元，而去年同期調整後基本每股收益為7.29 美元，稀釋後每股收益為7.26 美元。

Let's now turn to slide 18 to review our fleet performance. As usual, we'll start our review by looking at the fleet utilization rates for the second quarter of 2024 and 2023. Our fleet utilization rate is broken down into commercial and operational components. During the second quarter of 2024 our commercial utilization rate was 100% in our operational utilization rate was 99.8%.

現在讓我們轉到幻燈片 18 來回顧我們的機隊表現。像往常一樣，我們將首先查看 2024 年第二季和 2023 年第二季的機隊利用率。我們的機隊利用率分為商業和營運部分。2024 年第二季度，我們的商業利用率為 100%，營運利用率為 99.8%。

(technical difficulty) [13] vessels owned and operated during the second quarter of 2024 on average, again, about $31,639 per day compared to 18 vessels for the same period of 2023. And on average $30,151 per day. Our total daily operating expenses, including management fees, general and administrative expenses, but excluding drydocking costs versus -- [$1,943] per vessel per day during the second quarter of 2024 compared to $7,829 per vessel per day for the second quarter of last year.

（技術難度）[13] 2024 年第二季擁有和營運的船舶平均每天約為 31,639 美元，而 2023 年同期為 18 艘。平均每天 30,151 美元。我們的日常總營運費用，包括管理費、一般和行政費用，但不包括乾塢費用，2024 年第二季每艘船每天的費用為[1,943 美元]，而去年第二季每艘船每天的費用為7,829 美元。

If we look further down in the table, we can see the (technical difficulty) breakeven rate for the second quarter of 2024, which amounted to $13,000 -- almost $13,700 per vessel per day compared to $13,841 per vessel per day for the same period of last year.

如果我們進一步查看表格，我們可以看到 2024 年第二季度的（技術難度）盈虧平衡率為 13,000 美元，即每艘船每天幾乎 13,700 美元，而 2024 年同期每艘船每天為 13,841 美元 去年。

And finally, if we look at the very last line of the table of this slide, we can see the common dividend that we paid expressed in dollars per day per vessel. So for the second quarter of 2024 that amounted to [$21,047], while for the same period of last year, which amounted [$21,117] per vessel per day.

最後，如果我們查看這張幻燈片表格的最後一行，我們可以看到我們支付的共同股息以每艘船每天的美元表示。因此，2024 年第二季的費用為 [21,047 美元]，而去年同期，每艘船每天的費用為 [21,117 美元]。

(inaudible) slide, let's discuss, let's now move to review the six month figures for 2024 and 2023. So during the first half of 2024 our commercial and operational utilization rate was 99.9% leased compared to 99.1% commercial [98.7%] operational for the same period of last year.

（聽不清楚）投影片，讓我們討論一下，現在讓我們回顧一下 2024 年和 2023 年的六個月數據。因此，2024 年上半年，我們的商業和營運租賃利用率為 99.9%，而去年同期的商業營運利用率為 99.1% [98.7%]。

On others, we owned and operated 20.4 vessels in the first half of this year, earning $29,836 per day compared to 17.5 vessels earning another $29,714 per vessel per day for the same periods. The first six months of 2023. Operating expenses, again, including management fees and G&A, but not drydock cost are there $7,563 per vessel per day in the first half of this year compared to $7,948 for the same period of last year.

在其他方面，今年上半年我們擁有並經營 20.4 艘船舶，每天賺取 29,836 美元，而同期有 17.5 艘船舶，每艘船每天賺取 29,714 美元。2023 年前六個月。同樣，包括管理費和一般行政費用（但不包括乾塢成本），今年上半年每艘船每天的營運費用為 7,563 美元，而去年同期為 7,948 美元。

It will again down to our break-even levels for the first six months of 2024, we said $15,372 per vessel per day break-even level compare to $13,996 for the first six months of 2023. Until we group dividend now break-even that on a per day per vessel basis in 2024. Our dividend payments amounted to to $2,238 per vessel per day compared to $2,194 for the same period of last year.

2024 年前六個月，它將再次降至我們的盈虧平衡水平，我們表示，每艘船每天的盈虧平衡水平為 15,372 美元，而 2023 年前六個月的盈虧平衡水平為 13,996 美元。直到 2024 年，我們將按每艘船每天計算的股息進行分組，以實現收支平衡。我們的股息支付額為每艘船每天 2,238 美元，而去年同期為 2,194 美元。

Next slide, slide 19, to review our debt profile and our forward breakeven levels. As of June 30, our total debt stood at approximately $208 million. And that figure does not include the loan. We do to finance our last delivery package [bar], which we took delivery in July.

下一張投影片，即投影片 19，回顧我們的債務狀況和遠期損益平衡水準。截至 6 月 30 日，我們的總債務約為 2.08 億美元。而且這個數字還不包括貸款。我們這樣做是為了資助我們最後一個交付包裹 [bar]，我們於 7 月交付了該包裹。

The chart grow that show there the repayments show -- debt repayments over the next two years. Both bar to include the repayments that come that are related to the Pepi Star. As you can see in 2024, we will have to make loan repayments of approximately $17 million in the first half, and we expect to make an additional $17.1 million of repayments and the balloon payment of about $1.8 million in the second half of the year for total loan repayment amount of about $35.9 million.

圖表的成長顯示了償還情況——未來兩年的債務償還。兩者都禁止包括與佩皮之星相關的還款。正如您所看到的，到 2024 年，我們將不得不在上半年償還約 1700 萬美元的貸款，我們預計下半年將額外償還 1710 萬美元，並一次性支付約 180 萬美元。 3,590萬元。

In 2025, our projected loan repayments are about $22 million, along with balloon payments for (inaudible) $17.5 million. And we typically -- we refinanced our balloon payments. And in 2026, we do not have any balloon payments due, but we have to make loan repayments of around $15 million. We also show in this chart, our payments for -- loan repayments and balloon payments for 2027.

到 2025 年，我們預計償還貸款約為 2,200 萬美元，以及（聽不清楚）1,750 萬美元的一次性付款。我們通常會為巨額付款進行再融資。到 2026 年，我們沒有任何到期的大筆付款，但我們必須償還大約 1500 萬美元的貸款。我們還在這張圖表中顯示了 2027 年貸款償還和大額付款的付款情況。

Our senior debt sales and average margin of about 2.17% and assuming a base off rate of 5.25%, our senior debt has a total cost as of June 30 of around 7.4%. If we include in the cost of the debt, the savings we have achieved by swapping a portion about 10% of our debt at the base rate of 3.4% instead of 5.25%, the overall cost comes down to about 7.1%. We expect to assume additional debt for the two vessels to be delivered towards the end of the year, beginning of next now of around $55 million, so the $208 million that we said as of June 30, plus the loan we do for Pepi Star, plus the loans for the upcoming deliveries will be report our total indebtedness.

我們的優先債務銷售和平均利潤率約為 2.17%，假設基礎利率為 5.25%，截至 6 月 30 日，我們的優先債務總成本約為 7.4%。如果我們將大約 10% 的債務以 3.4%（而不是 5.25%）的基本利率進行交換所節省的成本計入債務成本，那麼總體成本將降至 7.1% 左右。我們預計將在今年年底（明年初）交付的兩艘船承擔額外債務約 5500 萬美元，因此我們截至 6 月 30 日所說的 2.08 億美元，加上我們為 Pepi Star 提供的貸款，加上即將交付的貸款將報告我們的總債務。

I'd like to draw your attention to the bottom of this slide, where we present the levels and components of our expected cash flow breakeven for the next 12 months and show the breakeven advisers definitions and concentrate on in the final one, including interest and loan repayments. Our projected cash flow breakeven level for the next 12 months is expected to be around $12,921 per vessel per day.

我想提請您注意這張投影片的底部，其中我們介紹了未來12 個月預期現金流損益平衡的水平和組成部分，並在最後一張幻燈片中展示了盈虧平衡顧問的定義和重點，包括利息和收入。我們預計未來 12 個月的現金流損益平衡水準預計約為每艘船每天 12,921 美元。

To sum up our presentation, let's move to the next slide, slide 20, to review our balance sheet. This slide presents our assets and liabilities in a simplified format. Our assets mainly include cash and other current assets, advances for vessels under construction and of course, our book value for our vessels in the water shown here.

為了總結我們的演示，讓我們轉到下一張投影片（投影片 20）來回顧我們的資產負債表。這張投影片以簡化的格式展示了我們的資產和負債。我們的資產主要包括現金和其他流動資產、在建船舶的預付款，當然還有圖中所示的下水船舶的帳面價值。

As of June 30, 2024, we had cash and other current assets amounting to about $85.5 million, which have paid advances for our newbuilding program of about $41.5 million, while the book value of our vessels stood at around $420 million, resulted in total assets at book value of about $547.5 million.

截至 2024 年 6 月 30 日，我們擁有約 8,550 萬美元的現金和其他流動資產，其中已支付約 4,150 萬美元的新造船項目預付款，而我們船舶的帳面價值約為 4.2 億美元，導致總資產帳面價值約5.475億美元。

On the liability side, as I mentioned, as of June 30, our debt stood at $208 million, which represents approximately 38% of the book value of our assets. We also get other liabilities like the fair value of below market charters, and other liabilities altogether amounting to about 3.5% of our total assets, leaving the rest to be our net book value.

在負債方面，正如我所提到的，截至 6 月 30 日，我們的債務為 2.08 億美元，約占我們資產帳面價值的 38%。我們也承擔其他負債，例如低於市場租船合約的公允價值，其他負債總計約占我們總資產的 3.5%，其餘為我們的帳面淨值。

However, it is important to highlight here that the market value of our fleet significantly exceeds its book value. We estimate that the charter adjusted value for our fleet to be around $550 million, which translates to a net asset value for the company of about $458 million or around $65 per share.

然而，這裡需要強調的是，我們機隊的市場價值大大超過其帳面價值。我們估計，我們機隊的包機調整後價值約為 5.5 億美元，這意味著該公司的資產淨值約為 4.58 億美元，即每股 65 美元左右。

Our closing price yesterday was just under $36 a share, a level that indicates a significant discount to our NAV, and thus, we believe represents a considerable appreciation potential for our shareholders and investors.

我們昨天的收盤價略低於每股 36 美元，這一水平表明我們的資產淨值有很大折扣，因此，我們相信對我們的股東和投資者來說具有相當大的升值潛力。

With that, we'll finish our remarks -- our prepared remarks, and we would like to open the floor for questions. If there are any.

至此，我們將結束我們的發言——我們準備好的發言，我們願意開始提問。如果有的話。

(Operator Instructions).

（操作員說明）。

Tate Sullivan, Maxim Group

泰特沙利文，馬克西姆集團

My question is on charter coverage. I mean, already 95% for this year and 44% for next year and probably to increase. Can you talk about how you view your counterparty is, and how your customers honored contracts in the last five years? I think maybe you had just one customer to pull out of a withdrawal from an existing contract. Can you talk about that, please?

我的問題是關於包機覆蓋範圍。我的意思是，今年已經是 95%，明年是 44%，而且可能還會增加。您能談談您如何看待您的交易對手以及您的客戶在過去五年中如何履行合約嗎？我想也許您只有一位客戶需要退出現有合約。你能談談這個嗎？

That's correct, quite Tate. We had pretty much the overwhelming majority of our customers stayed true to their signature and to the contracts. We have only one instance a couple of years ago that of a charter that defaulted. So we expect to be able to collect on our charter contracts.

這是正確的，非常泰特。我們幾乎絕大多數客戶都忠於他們的簽名和合約。幾年前，我們只遇到一例違約的租船合約。因此，我們希望能夠根據我們的包機合約收取費用。

As the market recovers the portion of our contracted revenues that represents above market charters has declined. So while at the end of last year that we had, we estimated about $150 million worth of contracted revenues that were at above market charters, that number now is significantly lower, is below $30 million, I believe, in the last calculation. So as long as the market stays at the current levels, so fluctuate around the current levels, I think that risk is minuscule.

隨著市場的恢復，我們的合約收入中高於市場租船的部分已經下降。因此，雖然去年年底我們估計合約收入約為 1.5 億美元，高於市場水平，但現在這個數字要低得多，我相信在上次計算中低於 3000 萬美元。因此，只要市場保持在當前水平，圍繞當前水平波動，我認為風險很小。

In any case, the liner companies have extremely strong balance sheets and extremely profitable year this year. It would be a very big surprise to see that request for negotiating older charters. At the moment, liners makes tons of money on the ships, even on expensive ships that they have chartered over the last few years. So I think the question at the moment, it's not much of an issue for us. It's -- there is no risk at the moment on that.

無論如何，班輪公司今年的資產負債表非常強勁，獲利能力也非常好。看到談判舊章程的要求將是一個非常大的驚喜。目前，班輪公司在船舶上賺了很多錢，即使在過去幾年租用的昂貴船舶上也是如此。所以我認為目前的問題對我們來說並不是什麼大問題。目前沒有風險。

And then with the increase in the ship values, particularly and then newbuild prices increasing with your leverage level relative to the ship's asset value, would you look to acquire secondhand ships more than possibly place newbuild orders at this time?

然後，隨著船舶價值的增加，特別是隨著您相對於船舶資產價值的槓桿水平的增加，新造船價格也隨之增加，您是否會考慮在此時購買二手船而不是下新造船訂單？

I think, as I believe we have discussed in the past, we have our antennas out for opportunities that may appear. We try to make sure that we evaluate properly the risk of every others' acquisition. Prices now the rates high, prices are also high. And we would do a second investor leave the residual value risk at the end of the employment of a vessel is acceptable, typically bringing the value of the vessel below historical average or even lower than that.

我認為，正如我們過去討論過的那樣，我們已經做好了準備，尋找可能出現的機會。我們盡力確保正確評估其他所有人收購的風險。現在物價高，物價也高。我們會做第二個投資者，讓船舶使用結束時的殘值風險是可以接受的，通常會使船舶的價值低於歷史平均水平，甚至更低。

So we are looking -- we have the capacity, we have the liquidity, and we're looking both at the second-tier market and also on the newbuilding market. But for the time being, we are sitting tight, I guess, given the developments.

所以我們正在尋找——我們有能力，我們有流動性，我們正在尋找二線市場和新造船市場。但我想，鑑於事態的發展，目前我們仍按兵不動。

Lars Eide, Arctic Securities.

拉爾斯·艾德，北極證券。

First of all, congratulations on the great quarter. I just have a couple of questions. I was wondering your voyage expenses trend positive for the quarter. How large was the bunker gain effect on voyage expenses following the sale of Astoria?

首先，恭喜這個偉大的季度。我只有幾個問題。我想知道你們本季的航程費用呈正趨勢。出售阿斯托利亞號後，燃油收益對航程費用的影響有多大？

I guess, the voyage expense have to do really with sale of bunkers when we can change charter. It's -- I don't think there was something that was dramatically out of the ordinary, simply -- we typically have very low voyage expenses because the vessels are chartered. And in certain cases, we might have some gains because we -- when we sell the fuel to the next charter, we make money on the transaction, and that I guess is what is reflected in this quarter.

我想，當我們可以換租船時，航次費用確實與燃油的銷售有關。我不認為有什麼特別不尋常的事情，簡單地說，我們的航程費用通常非常低，因為船隻是包租的。在某些情況下，我們可能會獲得一些收益，因為當我們將燃料出售給下一個包機時，我們會在交易中賺錢，我想這就是本季所反映的。

So it's a small amount compared to the overall level of revenues in any case. But it has to do primarily with what I said, sometimes we -- when we change charter, we sell the fuel that is the inventory that's on the board and that could result on a small gain or a small loss.

因此，無論如何，與整體收入水平相比，這只是一個很小的數字。但這主要與我所說的有關，有時我們——當我們改變包機時，我們出售燃料，即船上的庫存，這可能會導緻小額收益或小額損失。

Additionally, in terms of drydockings, you had two vessels to drydocking during the quarter. How should we -- or what can we expect for the second half of '24? Any cost -- any potential dockings?

此外，就乾塢而言，本季有兩艘船需要乾塢。我們該如何——或者我們對 24 年下半年可以期待什麼？任何費用—任何潛在的對接嗎？

We had two vessels completing the drydock. The one was primarily done in Q1. We had really one drydock that took place this quarter Synergy Keelung. For Q3, I believe we already said in the presentation, we have Joanna that is going to go through drydock. On the top of my head, I don't have any other vessels that we expect. But I can get back to you on that. I mean, about what -- we have seven new buildings of the 23 so 16 vessels is on the regular drydocking cycle. So on average one to two vessels would be going through some form of special of survey, either in water or drydock every quarter. I can get more specific about the profile of the upcoming drydockings.

我們有兩艘船完成乾船塢。該項目主要是在第一季完成的。我們確實在本季 Synergy Keelung 進行了一次乾船塢活動。對於第三季度，我相信我們已經在演示中說過，我們的喬安娜將通過乾船塢。在我的頭頂上，我沒有任何我們期望的其他船隻。但我可以就此回覆你。我的意思是，我們在 23 艘船中新建了 7 艘，因此有 16 艘船處於定期乾船塢循環中。因此，平均每季一到兩艘船將在水中或乾船塢中進行某種形式的特殊檢驗。我可以更具體地了解即將進行的乾船塢的概況。

But from the nine newbuildings, we don't expect anything. (Multiple speakers)

但這九艘新船，我們不抱任何期望。（多位發言者）

Thank you very much from me.

非常感謝我。

(Operator Instructions)

（操作員說明）

Mark Reichman, Noble Capital.

馬克·賴克曼（Mark Reichman），貴族資本。

The premium that eco-vessels garner, and I was just kind of curious on your thoughts, where exactly does the containership market stand in terms of lowering emissions over time? And what are the implications for your fleet? And how are you planning in terms of developing your fleet as the demands for lowering emissions grows? So that's the first question.

生態船舶獲得的溢價，我只是對您的想法感到好奇，貨櫃船市場在隨著時間的推移降低排放方面到底處於什麼位置？這對您的機隊有何影響？隨著減排需求的成長，您如何規劃發展您的車隊？這是第一個問題。

Okay. I mean there are a couple of ways we're looking at these. One, increase the -- we have embarked on a pretty significant fleet renewal through our newbuilding program. These vessels consume a lot less fuel and have a very direct effect on reducing emissions. The second component is that, we are pursuing a retrofit program. We have already kept three vessels gone through that, that involves a significant investment from us, which, in some cases, we share with the charter of the vessel, because they benefit as well. And in the cases that we have done it, we have registered a reduction of fuel consumption of the order of 25% to 30%.

好的。我的意思是，我們有幾種看待這些問題的方法。第一，增加——我們已經透過新造船計劃開始了相當重大的船隊更新。這些船舶消耗的燃料少得多，對減少排放有非常直接的影響。第二個部分是，我們正在實施改造計畫。我們已經讓三艘船經歷了這個過程，這涉及我們的大量投資，在某些情況下，我們與船舶的租賃共享投資，因為它們也受益。在我們做到這一點的情況下，我們的燃油消耗量減少了 25% 到 30%。

So correspondingly, emissions of the same magnitude have been reduced from those vessels. As we move through our drydocking cycle of the vessels, depending on the market conditions, we are judging with the buyers of doing it or pursuing retrofits for our elder vessels. The newbuildings, I think are the best vessels that can be built with today's technology and contribute directly to lower emissions. Simos, do you have anything to add or?

因此，相應地，這些船舶的排放量也減少了。當我們完成船舶的乾塢週期時，根據市場狀況，我們正在與買家一起判斷是這樣做還是對我們的舊船進行改造。我認為新造船是利用當今技術建造的最好的船舶，並直接有助於降低排放。Simos，您還有什麼要補充的嗎？

I wanted to add, Mark, on the retrofits because this is -- this has a better cost with it. We are trying to share that with some of our clients if they have the interest, which they usually have because they have the vessel under their charter, they make most of their savings. So they have interest to participate and that works well for us as well.

馬克，我想補充一點關於改造的內容，因為這樣可以降低成本。我們正試圖與一些有興趣的客戶分享這一點，他們通常有興趣，因為他們在租船合約下擁有這艘船，他們賺了大部分積蓄。所以他們有興趣參與，這對我們來說也很有效。

Also, I wanted to mention that the newbuildings of the same size of the same capacity, we have noticed that our 2,800 teu vessels and the 1,800 ships that we have gotten delivery of, they perform about 40% lower fuel consumption than ships of the same size that we own or have owned in the past, which is impressive.

另外，我想提一下，相同尺寸、相同運力的新造船，我們注意到我們的 2,800 teu 船舶和我們已交付的 1,800 艘船舶，它們的燃油消耗比相同船舶的船舶低約 40%我們擁有或過去擁有的規模，令人印象深刻。

And this is strongly for the conventional ships. If you add the or the LNG option or you use the LNG, the savings are even more. So we are happy with the developments and our actions in terms of renewing our fleet and try to contribute from our side as much as possible to the decarbonization throughout process of the world fleet.

這對於常規船舶來說是非常重要的。如果您添加 或 LNG 選項或使用 LNG，節省的費用甚至更多。因此，我們對船隊更新的進展和行動感到滿意，並努力為世界船隊的整個過程中的脫碳做出盡可能多的貢獻。

And the second question is, when I look at slide 10, and I see the shipping rates, it kind of implies that the third quarter should be pretty strong as well with maybe hard to say whether rates have peaked in July or August, but certainly looking at these numbers, it seems like the third quarter should be a pretty strong one with good cash flow.

第二個問題是，當我查看幻燈片 10 時，我看到運費，這意味著第三季也應該相當強勁，也許很難說運費是否在 7 月或 8 月達到頂峰，但可以肯定從這些數字來看，第三季似乎應該是個相當強勁的季度，現金流也不錯。

So as you think about capital allocation going forward, in your press release, you mentioned evaluating accretive investment opportunities. But with the market values exceeding book values by a fairly large margin, it doesn't seem like the best time to go out and buy secondhand vehicles, so -- or secondhand vessels. So would you be more inclined to invest in newbuilds? Or will there be the timing will be right where if you can pick up secondhand vehicles closer to book value, so to speak, and then retrofit them, how are you -- kind of you thinking about newbuilds versus acquiring secondhand vessels and retrofitting them?

因此，當您考慮未來的資本配置時，您在新聞稿中提到了評估增值投資機會。但由於市場價值大幅超過帳面價值，現在似乎不是購買二手車或二手船的最佳時機。那麼您會更傾向投資新船嗎？或者說，如果你能在適當的時機購買接近帳面價值的二手船，然後對其進行改裝，你會考慮新建船舶還是購買二手船並進行改裝？

As I mentioned earlier, I think we are looking always for interesting investment opportunities. We realize that the second term prices are elevated. And the deals that we will be willing to do the transactions, that we will be willing to enter, which have to have acceptable residual value risk. That could be the scrap price if the vessel is over or a price that is well within historical averages or some time -- or below historical averages. So we will not buy, obviously, vessel without being able to secure a charter at the same time that brings down our cost to the levels I mentioned.

正如我之前提到的，我認為我們一直在尋找有趣的投資機會。我們意識到第二期價格上漲。我們願意進行的交易，我們願意進入的交易，必須具有可接受的殘值風險。如果船舶報廢，這可能是報廢價格，或者價格遠低於歷史平均或某個時間，或低於歷史平均水平。因此，顯然，如果無法同時獲得租船合同，我們不會購買船舶，從而將我們的成本降低到我提到的水平。

We do look also the newbuilding market, and we try to create a balance between returning funds to our shareholders. The dividends and the share buyback as well is approved on that, retaining certain liquidity in case opportunities appear. And of course, we still have to complete the funding of our newbuilding program.

我們也確實關注新造船市場，並努力在向股東返還資金之間建立平衡。股利和股票回購也獲得批准，保留一定的流動性以防機會出現。當然，我們仍然需要完成新造船計畫的融資。

So our balance sheet starts building more liquidity in the second half of the year and to the next year. And this question that you're asking will become more pressing than how we can use that extra liquidity, but we are trying to balance it between those three areas.

因此，我們的資產負債表開始在下半年和明年建立更多的流動性。你問的這個問題將變得比我們如何使用額外的流動性更加緊迫，但我們正在努力在這三個領域之間取得平衡。

But the bottom-line Mark is, that we won't take market exposure today secondhand prices. As Tasos said, there has to be a very low residual risk and any secondhand project that we may look at needs to be covered with its asset that breaks down the residual value to very manageable levels.

但馬克的底線是，我們不會對今天的二手價格進行市場曝光。正如塔索斯所說，剩餘風險必須非常低，我們可能考慮的任何二手項目都需要用其資產來覆蓋，將剩餘價值分解到非常易於管理的水平。

At the moment, the market is not offering such projects. So we're not really interested at today's secondhand prices. The newbuilding front has opportunities that we are exploring. The yards are extremely busy, and they're offering slots way down the road. So this is something that we are evaluating. We feel that newbuilding prices although high for several reasons, including the very high numbers that the world, the inflation was in the last three, four years in the world which has created a trend that cannot go back.

目前市場上還沒有提供此類項目。所以我們對今天的二手價格並不真正感興趣。新造船領域有我們正在探索的機會。院子裡非常繁忙，他們在路邊提供停車位。所以這是我們正在評估的事情。我們認為，新造船價格雖然很高，但有幾個原因，包括過去三四年世界通貨膨脹率非常高，這造成了無法逆轉的趨勢。

And also the fact that modern ships are of different quality and different specifications than older ones, meaning that the cost of building a modern ship of the same size is the fact of more expensive today than it was a few years ago simply because of the specifications of the ship. And this can also not reverse. So I think bottom line is that at the moment

而且現代船舶的品質和規格與舊船舶不同，這意味著建造相同尺寸的現代船舶的成本實際上比幾年前更貴，這僅僅是因為規格的原因船的。而這也是無法逆轉的。所以我認為目前的底線是

We're evaluating.

我們正在評估。

We're evaluating. Exactly.

我們正在評估。確切地。

Climent Molins, Value Investor's Edge.

克萊門特·莫林斯，價值投資者的優勢。

I wanted to start by asking about the vessels coming open later this year, which accepting the Synergy Busan are mostly in the feeder segment. Should we expect some of these vessels to be forward fixed over the coming weeks, or are you comfortable waiting until closer to redelivery?

我想先詢問今年稍後開通的船舶，這些船舶接受 Synergy Busan 的大部分是支線航線。我們是否應該期望其中一些船隻在未來幾週內得到修復，或者您是否願意等到接近重新交付？

I think, we are in the market to look for charter for these vessels. Of course, you cannot dictate on the market your wishes. As you, I'm sure you know the market became a little softer in July compared to June. So I think, which is a function of many developments, one is that there is an evolving geopolitical scene with all the troubles around the world. At the same time, it's a seasonally low period in the summer. So we believe that at the end of the summer, we have a clear picture of how forward we can fix some of these vessels. The market is still there, but it's a little softer, we have to admit in July on that compared to June.

我認為，我們正在市場上尋找這些船隻的包租服務。當然，你不能向市場決定你的意願。作為您，我相信您知道 7 月的市場與 6 月相比有些疲軟。所以我認為，這是許多事態發展的結果，其中之一是地緣政治格局不斷變化，世界各地出現了各種問題。同時，夏季也是季節性淡季。因此，我們相信，在夏季結束時，我們對如何修復其中一些船隻有了清晰的認識。市場仍然存在，但與 6 月相比，我們不得不承認 7 月的市場有點疲軟。

We still have received a few indications from the ship that we could have replied, and they could have been extremely profitable, but we have decided as a company to wait a few weeks and reevaluate things after the summer holidays come closer to an end, and as people get back to their work and reevaluate the conditions at the time.

我們仍然從船上收到了一些跡象，表明我們可以回复，而且他們本來可以非常有利可圖，但我們已經決定作為一家公司等待幾週，並在暑假接近結束後重新評估事情，並且當人們回到工作崗位並重新評估當時的條件時。

That is very helpful. You also mentioned you expect the spread between modern and older vessels to widen going forward. I was wondering if you could provide some commentary on the EU ETS. And whether you expect it to have a significant -- like to lead to a significant portion of recent newbuilds to be employed in Europe? And if so, do you think this could lead to some inefficiencies?

這非常有幫助。您還提到您預計現代船舶和老式船舶之間的差距未來會擴大。我想知道您是否可以對歐盟排放交易體系提供一些評論。您是否預計它會產生重大影響——例如導致近期新造船的很大一部分在歐洲使用？如果是這樣，您認為這會導致效率低下嗎？

Clearly, the more, I don't use the word penalties, but the more fees are placed on the emissions and which are higher from the older ships, the bigger the difference, the gap will be between young ships and older ships, and that naturally could create on sort of a 2 Tier market chartering wise for younger versus older ships. It would make younger ships more attractive, and we would justify our new building program even more so.

顯然，我不使用「罰款」這個詞，而是對排放徵收的費用越多，而且老船的排放費越高，差異就越大，年輕船和老船之間的差距就越大，而且自然可以為較年輕的船舶和較老的船舶創建二級市場租賃明智的選擇。這將使年輕的船舶更具吸引力，我們將更加證明我們的新建造計劃是合理的。

And as a company, we anticipated that things will go like that when we took the decision to invest such a big amount of our capital, especially for the size of our company to a new building program which at the time was 50% of our current fleet. The decision was based on these fundamentals. But the industry will have to pay for the pollution that it creates, and going forward, this will even intensify. So we have great beliefs in those modern ships.

作為一家公司，當我們決定投資如此大量的資金時，我們預計事情會像這樣，特別是對於我們公司的規模來說，新的建築項目當時占我們目前的 50%艦隊。該決定是基於這些基本原理。但該產業必須為其造成的污染付出代價，而且未來這種情況甚至會加劇。所以我們對這些現代船舶充滿信心。

Thank you. We have reached the end of the question-and-answer session. I'll turn the call back over to Mr. Aslidis for closing remarks.

謝謝。我們的問答環節已經結束。我會將電話轉回給阿斯利迪斯先生做總結發言。

I would like to thank everybody for your interest and for joining our call today, and I would like to renew our to see each other at least via the earnings call in three months' time. Enjoy the rest of the summer everybody.

我要感謝大家的關注並參加今天的電話會議，我想至少在三個月後透過財報電話會議再次見面。大家盡情享受剩下的夏天吧。

Thank you also very much from my side.

我這邊也非常感謝你們。

This concludes today's conference. We disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。我們此時會斷開您的線路。感謝您的參與。