Euroseas Ltd (ESEA) 2024 Q3 法說會逐字稿

Thank you for standing by, ladies and gentlemen, and welcome to the Euroseas Conference Call on the third quarter 2024 Financial Results. We have with us Mr. Aristides Pittas, Chairman and Chief Executive Officer; and Mr. Tasos Aslidis, Chief Financial Officer of the company. (Operator Instructions)

女士們、先生們，感謝你們的耐心等待，歡迎參加有關 2024 年第三季財務業績的歐洲海洋電話會議。與我們一起出席的還有董事長兼執行長 Aristides Pittas 先生；以及公司財務長 Tasos Aslidis 先生。（操作員說明）

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

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

Before passing the floor to Mr. 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.

在請皮塔斯先生發言之前，我想提醒大家，在今天的演示和電話會議中，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涵義。

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.

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 2 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幻燈片 2，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發言。請繼續，先生。

Good morning, ladies and gentlemen, and thank you all for joining us today for our scheduled conference call. Together with me is Tasos Aslidis, our Chief Financial Officer. The purpose of today's call is to discuss our financial results for the quarter and nine-month period that ended on September 30, 2024. Let us turn to slide 3 of the presentation to go over our income statement highlights.

早安，女士們、先生們，感謝大家今天參加我們預定的電話會議。與我一起的是我們的財務長 Tasos Aslidis。今天電話會議的目的是討論我們截至 2024 年 9 月 30 日的季度和九個月的財務表現。讓我們轉向簡報的第 3 張投影片來回顧我們的損益表亮點。

For the third quarter of 2024, we reported total net revenues of $54.1 million and a net income of $27.6 million or $3.95 per diluted share. Adjusted net income for the quarter was $27.4 million or $3.92 per diluted share. Adjusted EBITDA for the period was $36.1 million.

2024 年第三季度，我們報告的總淨收入為 5,410 萬美元，淨利為 2,760 萬美元，即稀釋後每股收益 3.95 美元。該季度調整後淨利潤為 2,740 萬美元，或攤薄後每股收益 3.92 美元。該期間調整後 EBITDA 為 3,610 萬美元。

A reconciliation of adjusted EBITDA to net income is presented in the press release that was released earlier today. Tasos Aslidis will go over our financial highlights in more detail later on in the presentation.

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。Tasos Aslidis 將在稍後的演示中更詳細地介紹我們的財務亮點。

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 third quarter of 2024, which will be payable on or about December 16 to shareholders of record on December 9.

作為公司普通股股息政策的一部分，我們的董事會宣布 2024 年第三季的季度股息為每股普通股 0.60 美元，將於 12 月 16 日左右向 12 月 9 日登記在冊的股東支付。

The annualized dividend yield of our stock remains at around 5.7% based on our current share price. As of November 20, 2024, and since the initiation of our repurchase program in May 2022, we have repurchased 414,000 shares of our common stock in the open market for a total of about $8.8 million.

根據我們目前的股價，我們股票的年化股息殖利率維持在5.7%左右。截至 2024 年 11 月 20 日，自 2022 年 5 月啟動回購計畫以來，我們已在公開市場回購了 414,000 股普通股，總金額約為 880 萬美元。

Our share repurchase plan of up to $20 million was extended for another year in May 2024, and we will continue to make measured use of it at management discretion depending on the level of our stock price, aiming to enhance long-term shareholder value.

我們高達 2,000 萬美元的股票回購計畫於 2024 年 5 月再延長一年，我們將根據股價水平，繼續由管理層自行酌情使用，旨在提高長期股東價值。

Please turn to slide 4, where we discuss our recent developments, including an update on our sales and purchase, chartering and operational highlights. On the S&P front, we are pleased to announce the signing of a contract for the construction of 2 LNG-ready, eco-design, fuel-efficient containerships with a capacity of approximately 4,300 TEU each.

請參閱幻燈片 4，我們在其中討論了我們最近的發展，包括我們的銷售和採購、租船和營運亮點的最新情況。在標準普爾方面，我們很高興地宣布簽署了建造 2 艘液化天然氣、生態設計、節能貨櫃船的合同，每艘貨櫃船的容量約為 4,300 TEU。

These vessels will be built at Jiangsu New Yangzi Shipbuilding Company Limited in China and are scheduled for delivery in the fourth quarter of 2027. The total investment for each vessel is approximately $60 million with the financing structured as a combination of debt and equity. We paid from our available liquidity, the first 15% installments. Further installments start coming due in 2026. These vessels have eco engines and are LNG ready.

這些船舶將在中國江蘇新揚子造船有限公司建造，計劃於2027年第四季交付。每艘船的總投資約為6000萬美元，融資結構為債務和股權相結合。我們用可用流動資金支付了前 15% 的分期付款。後續分期付款將於 2026 年開始到期。這些船舶配備生態發動機，並可使用液化天然氣。

We also have two upcoming newbuilding deliveries, M/V Dear Panel and M/V Symeon P, which are expected to join our fleet on January 7, 2025, and January 8, 2025, respectively. Upon delivery, both vessels are set to commence charters for a minimum of 34 months and up to a maximum of 36 months, each at a highly favorable rate of $32,000 per day.

我們還有兩艘即將交付的新船，M/V Dear Panel 和 M/V Symeon P，預計分別於 2025 年 1 月 7 日和 2025 年 1 月 8 日加入我們的船隊。交付後，兩艘船將開始租期最短 34 個月、最長 36 個月，每艘船的租金非常優惠，為每天 32,000 美元。

Continuing on our chartering developments, M/V Synergy Busan has been fixed on an attractive time charter for a minimum of 36 months up to maximum 38 months at a rate of $35,500 per day commencing in December 2024. Also, M/V Tender Soul has secured the charter for a minimum of 34 months, maximum 36 months, at $32,000 per day starting in December 2024.

繼續我們的租船開發，M/V Synergy Busan 已從 2024 年 12 月開始簽訂一份有吸引力的期租合同，租期最短 36 個月，最長 38 個月，日租費為 35,500 美元。此外，M/V Tender Soul 已獲得從 2024 年 12 月開始的最短 34 個月、最長 36 個月的租船合同，租金為每天 32,000 美元。

In addition to these three year charters, we have been able to fix or extend expiring charters for some of our smaller and older vessels at very attractive rates for periods ranging between 11 and 12 months. Please see the presentation for more details. Regarding drydockings, M/V Joanna completed her scheduled dry dock over a period of 43 days from September 20 to November 2, after which she commenced a new charter, which had been secured since last quarter.

除了這三年的租船合約外，我們還能夠以極具吸引力的價格為一些小型和較舊的船舶修復或延長即將到期的租船合同，期限為 11 至 12 個月。請參閱演示以了解更多詳細資訊。關於乾船塢，M/V Joanna 在 9 月 20 日至 11 月 2 日的 43 天內完成了預定的干船塢，此後她開始了自上季度以來已獲得的新租船合約。

Please turn to slide 5 for an update on our current fleet profile. Our current fleet is comprised of 23 vessels, including 16 feeder containerships and seven intermediate container carriers with a total carrying capacity of just under 67,000 TEU, and an average age of 14 years.

請參閱投影片 5，以了解我們目前機隊概況的最新資訊。我們目前的船隊由 23 艘船舶組成，其中包括 16 艘支線貨櫃船和 7 艘中轉貨櫃船，總運載能力略低於 67,000 TEU，平均船齡為 14 年。

Turning to slide 6. You can see the four vessels that are currently under construction, two of which are to be delivered, as I mentioned earlier, in January 2025. The other two intermediate containerships are to be delivered in the fourth quarter of 2027. After the delivery of these two feeders and two intermediate containerships, our fleet will consist of 27 vessels with a total carrying capacity of approximately 81,000 TEU.

轉到投影片 6。您可以看到目前正在建造的四艘船，正如我之前提到的，其中兩艘將於 2025 年 1 月交付。另外兩艘中型貨櫃船將於2027年第四季交付。這兩艘支線貨櫃船和兩艘中間貨櫃船交付後，我們的船隊將由27艘船舶組成，總運載能力約為81,000 TEU。

Let's now turn to slide 7 to see our entire employment profile. The recent charters helped improve the visibility of our expected cash flows. And as you can see from the slide, we have now secured strong charter coverage over the next two years with approximately 70% of our fleet fixed for 2025 and about 35% fixed for 2026. This robust charter coverage at these very profitable rates assures us of significant profitability through 2025 and 2026.

現在讓我們翻到投影片 7 來了解我們的整個就業概況。最近的章程有助於提高我們預期現金流的可見度。正如您從幻燈片中看到的那樣，我們現在已在未來兩年內獲得了強大的包機覆蓋範圍，我們的機隊中約70% 的機隊將在2025 年固定，約35% 的機隊將在2026 年固定。以如此高的利潤率提供強大的包機覆蓋範圍，確保我們在 2025 年和 2026 年之前實現可觀的獲利能力。

Let's now move to slide 9 for a broader market review. Based on the development of six- to 12-month time charter rates over the past 10 years, as presented by Clarksons, we see that in the third quarter of 2024, we witnessed a robust recovery in containership charter rates across all segments of interest.

現在讓我們轉到幻燈片 9 以進行更廣泛的市場回顧。根據克拉克森(Clarksons) 介紹的過去10 年6 至12 個月期租船費率的發展情況，我們看到，在2024 年第三季度，我們見證了所有利益領域的貨櫃船租船費率的強勁復甦。

For example, the six to 12-month charter rate for 2,500 TEU containership reached approximately $30,750 per day, more than triple the $9,270 per day recorded at the close of 2023. Notably, this figure is also nearly double the 10-year average of approximately $16,000 per day.

例如，2,500 TEU 貨櫃船的 6 至 12 個月租船費率約為每天 30,750 美元，是 2023 年底記錄的每天 9,270 美元的三倍多。值得注意的是，這個數字也幾乎是 10 年平均每天約 16,000 美元的兩倍。

This upward trajectory is consistent across both smaller and larger vessel sizes, reflecting favorable comparisons to historical benchmarks and underscoring the resilience and strong recovery of the market.

無論是小型還是大型船舶，這種上升軌跡都是一致的，反映出與歷史基準的良好比較，並強調了市場的彈性和強勁復甦。

Moving on to slide 10, we go over some further market highlights. In the third quarter of 2024, one year time charter rates experienced a strong upward trend across all segments, reflecting a 40% increase in average charter rates compared to Q2 2024.

繼續看幻燈片 10，我們將回顧一些進一步的市場亮點。2024 年第三季度，一年期定期租船費率在所有領域均呈現強勁上升趨勢，平均租船費率較 2024 年第二季度增長了 40%。

This increase was driven by the tightening supply in larger vessel sizes and the reduced availability also in the feeder sectors. However, in October and November to date, we've seen a slight easing in rates for smaller ships up to 2,500 TEU, though no such correction is evident on the larger sizes.

這一增長是由於大型船舶供應緊張以及支線行業供應量減少所推動的。然而，從 10 月和 11 月至今，我們發現 2,500 TEU 以下的小型船舶的費率略有下降，但較大尺寸的船舶沒有明顯的調整。

The Red Sea region, of course, continues to play a critical role in shaping the container market outlook for the remaining couple of months of 2024, and rerouting is also expected to continue through 2025.

當然，紅海地區在塑造 2024 年剩餘幾個月的貨櫃市場前景方面繼續發揮關鍵作用，預計路線調整也將持續到 2025 年。

In the third quarter, the average secondhand price index rose by approximately 2% over Q2, although prices remain around 50% below the pandemic peaks despite the notable increases we saw within the year. Newbuilding prices saw a 2.6% increase over the same period, reflecting sustained high levels due to cost inflation and lengthy yard commitments with new slot availability now extended beyond 2028.

第三季度，二手價格指數平均較第二季度上漲約 2%，儘管年內價格顯著上漲，但仍比疫情高峰低 50% 左右。新造船價格同期上漲 2.6%，反映出由於成本通膨和長期的船廠承諾而導致價格持續居高不下，而新船位的可用時間現已延長到 2028 年以後。

A fresh wave of newbuilding orders spurred by this year's profitable market conditions has further extended shipyards backlogs. As of November 4, the idle fleet stands at 0.2 million TEU or 0.7% of the fleet, a stark contrast to the peak of 0.8 million TEU in February 2023. This decline in idle capacity, which is largely composed of sanctioned Iranian ships, signals near total fleet utilization.

今年有利可圖的市場狀況刺激了新一波新造船訂單，進一步擴大了船廠的積壓訂單。截至11月4日，閒置船隊數量為20萬標準箱，佔船隊的0.7%，與2023年2月80萬標準箱的峰值形成鮮明對比。閒置運力（主要由受制裁的伊朗船隻組成）的下降表明船隊利用率已接近尾聲。

Recycling activity has slightly picked up, but with still a negligible 55 vessels totaling less than 80,000 TEU having been sent to scrap yards year-to-date. Given that about 25% of the sub-8,000 TEU fleet is over 20 years old, we anticipate recycling volumes to increase if and when market conditions soften.

回收活動略有回升，但今年迄今仍有 55 艘船舶被送往廢品場，總量不到 80,000 TEU。鑑於 8,000 TEU 以下船隊中約 25% 的船齡超過 20 年，我們預計，如果市場狀況疲軟，回收量將會增加。

Scrapping prices eased slightly in Q3 to approximately $500 per lightweight ton, though they remain roughly 25% above 2019 levels. The fleet overall has grown in 2024 by 9% year-to-date.

第三季報廢價格略有回落，至每輕噸約 500 美元，但仍比 2019 年水準高出約 25%。2024 年迄今為止，機隊整體成長了 9%。

Please turn to slide 11. The IMF's latest update from October 2024 projects stable yet somewhat underwhelming global economic growth with forecast remaining the same for 2025 as well, around 3.2%.

請翻到投影片 11。國際貨幣基金組織 2024 年 10 月的最新更新預測，全球經濟成長穩定但有些平淡，2025 年的預測也維持不變，約 3.2%。

The outlook remains relatively balanced, though risks of inflation not easing further significantly have resurfaced, primarily driven by potential trade or geopolitical tensions that the new Trump administration may result in.

儘管通膨風險未能進一步顯著緩解，但前景仍然相對平衡，這主要是由於川普新政府可能導致的潛在貿易或地緣政治緊張局勢。

Whilst the US has shown resilience with upgraded growth projections according to the IMF, other advanced economies, particularly in Europe, have seen either downgrades or stagnant growth outlooks. This mixed landscape underscores the need for careful management of sectoral dynamics and monetary policy to help maintain stability and ensure a soft landing.

儘管美國表現出韌性，根據國際貨幣基金組織上調的成長預測，但其他已開發經濟體，特別是歐洲的經濟體，要么下調了評級，要么增長前景停滯。這種複雜的局面凸顯出需要謹慎管理部門動態和貨幣政策，以幫助維持穩定並確保軟著陸。

Emerging markets continue to drive global growth, led by India, the ASEAN five countries, and still China. While China's growth appears to be slower than previously anticipated at 4.8% this year and 4.5% next year, the extra stimulus recently announced may boost productivity growth.

新興市場持續推動全球成長，其中以印度、東協五國以及中國為首。儘管中國的經濟成長似乎低於先前預期的今年 4.8% 和明年 4.5%，但最近宣布的額外刺激措施可能會提振生產力成長。

India is projected to grow at 7% in 2024, and a further 6.5% in 2025, supported by significant investment, strong demand in technology and infrastructure expansions. Southeast Asian countries are also poised for solid growth, benefiting from the regional demand and investment momentum.

在大量投資、技術和基礎設施擴張的強勁需求的支持下，印度預計 2024 年將成長 7%，2025 年將進一步成長 6.5%。受惠於區域需求和投資勢頭，東南亞國家也有望穩健成長。

According to Clarksons data, containerized trade demand for 2024 is projected to increase to 17.9%, primarily because of the uplift effect of ton miles from the Red Sea rerouting. This bump in the demand will not increase further in 2025, but neither reverse swiftly as Clarksons suggested in the previous quarter. Now Clarksons forecast trade demand continuing to grow in 2025 at 3.1%. Looking ahead to 2026, a more modest growth of 2.2% is anticipated.

根據克拉克森的數據，2024年貨櫃貿易需求預計將成長至17.9%，這主要是由於紅海改道帶來的噸英里提升效應。到 2025 年，這種需求成長不會進一步增加，但也不會像克拉克森上一季所暗示的那樣迅速逆轉。現在，克拉克森預測 2025 年貿易需求將持續成長 3.1%。展望 2026 年，預期成長率將更為溫和，為 2.2%。

Please turn to slide 12, where you can see the total fleet age profile and containership order book. The containership fleet is relatively young with most vessels under 15 years old and only 11% of the fleet over 20 years old. As of November 2024, the order book as a percentage of the fleet is back up at around 25%.

請參閱投影片 12，您可以在其中看到船隊總船齡概況和貨櫃船訂單簿。貨櫃船船隊相對年輕，多數船舶船齡在15年以下，只有11%的船隊船齡超過20年。截至 2024 年 11 月，訂單量佔機隊比例回升至 25% 左右。

Turning, however, on to slide 13, we go over the fleet age profile and order book for ships in the 1,000 to 3,000 TEU range. These sizes of vessels are the backbone of our operations and where the primary focus of our newbuilding program was.

然而，轉向幻燈片 13，我們回顧了 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營運的支柱，也是我們新造船計畫的主要重點。

The order book here currently stands at only 4%. According to Clarksons, new deliveries are projected to be approximately 8% for 2024, but the vast majority of these ships has already been delivered and very few more ships are to be delivered this year.

目前這裡的訂單量僅 4%。據克拉克森稱，預計 2024 年新船交付量約為 8%，但其中絕大多數船舶已經交付，今年將交付的船舶很少。

Also, the percentage of new deliveries is expected to drop to 1.7% in 2025 and 1.2% in 2026 and beyond, suggesting that going forward, we will have minimal deliveries in this size segment. With over 50% of the fleet of this size segment being over 15 years old, we have anticipated a significant reduction in the fleet size in the coming years.

此外，新交付量的百分比預計將在 2025 年下降至 1.7%，在 2026 年及以後下降至 1.2%，這表明未來該尺寸細分市場的交付量將降至最低。由於該規模細分市場中超過 50% 的機隊機齡超過 15 年，我們預計未來幾年機隊規模將大幅縮減。

A similar picture of very limited new buildings of just 5% of the fleet and extremely high number of vessels over 15 years old of 60% exists in the other size range where our company is very active, the 3,000 to 6,000 TEU.

類似的情況也存在於我們公司非常活躍的其他尺寸範圍（3,000 至6,000 TEU）中，即非常有限的新建築僅佔船隊的5%，而船齡超過15 年的船舶數量極高（60% ）。

This data is evident in slide 14. The order book is predominantly focused on large containerships with significant capacity growth expected in those vessel sizes utilized on the main lane routes. This increase in main lane volumes drives greater demand for regional distribution by feeder vessels, highlighting the critical role feeders play in supporting the overall global shipping network.

該數據在投影片 14 中顯而易見。訂單主要集中在大型貨櫃船上，預計在主航線上使用的這些船舶尺寸的運力將顯著增長。主航線運量的增加推動了支線船舶對區域配送的更大需求，凸顯了支線船舶在支援整個全球航運網路方面發揮的關鍵作用。

The aging of the feeder and intermediate-sized containership fleet is also even more pronounced through the percentage of vessels exceeding 20 years, which is on average about 25% of the fleet in these sizes. All these ships are prime candidates for scrapping in case there is a slight correction of rates, also due to the new stringent environmental regulations.

支線和中型貨櫃船船隊的老化現像也更加明顯，船齡超過 20 年的船舶比例平均約為這些規模船隊的 25%。如果由於新的嚴格環境法規而導致費率略有調整，所有這些船舶都將成為報廢的主要候選者。

Thus, it is highly likely that the fleet capacity in these segments will decline in contrast to the anticipated growth in the larger vessel categories and the overall fleet.

因此，與大型船舶類別和整體船隊的預期成長相比，這些細分市場的船隊運力很可能會下降。

Moving on to slide 15, we summarize our views. The container shipping markets have shown strong momentum throughout 2024, fueled by the disruptions in the Red Sea and robust demand across key trade routes, particularly to developing economies.

轉到投影片 15，我們總結了我們的觀點。受紅海幹擾和主要貿易路線（尤其是發展中經濟體）強勁需求的推動，貨櫃運輸市場在 2024 年表現出強勁勢頭。

Both charter and freight rates have remained elevated with expectations that this trend will persist for the remainder of the year. Following a summer slowdown, the market has rebounded with fresh vigor, as charterers are actively forward-fixing vessels for multiyear charters into 2025, reflecting a positive outlook by the charterers.

租船費率和運費均保持在較高水平，預計這一趨勢將在今年剩餘時間內持續下去。經過夏季的放緩後，市場以新的活力反彈，因為承租人正在積極將多年期租船租到 2025 年，這反映出承租人對未來的樂觀態度。

As we look ahead to 2025 and beyond, the container shipping markets are likely to face some headwinds. The easing of Red Sea disruptions, when it occurs, may gradually shift dynamics. But geopolitical uncertainties in the Middle East make it challenging to predict when the Suez Canal will return to pre-crisis operational levels. A prolonged adjustment period could allow the market to stabilize smoothly.

展望 2025 年及以後，貨櫃運輸市場可能會面臨一些阻力。當紅海幹擾發生時，其緩解可能會逐漸改變動態。但中東地緣政治的不確定性使得預測蘇伊士運河何時恢復到危機前的運作水準具有挑戰性。較長的調整期可以讓市場平穩且穩定。

While vessel supply is projected to be lower than the record delivery years of 2023 and 2024, it will likely remain above demand, which should lead to a slightly corrected market over the next couple of years. However, environmental regulations and sustainability initiatives may affect these dynamics with reduced vessel speeds to lower emissions potentially easing market pressures.

雖然船舶供應預計低於 2023 年和 2024 年創紀錄的交付年份，但很可能仍高於需求，這將導致未來幾年市場略有調整。然而，環境法規和永續發展措施可能會影響這些動態，降低船速以降低排放，從而可能緩解市場壓力。

Indeed, the energy transition within the containership sector continues to progress, though technical and economic challenges are not allowing the pace of adoption of new technologies and fuels to advance as fast as most would wish. Nevertheless, the growing demand for eco-friendly vessels is expected to drive a premium in charter rates for the more eco vessels.

事實上，貨櫃船產業的能源轉型仍在繼續取得進展，儘管技術和經濟挑戰不允許新技術和燃料的採用速度像大多數人希望的那樣快。儘管如此，對環保船舶不斷增長的需求預計將推動環保船舶的租船費率上漲。

Now please turn to slide 16 for my concluding remarks. The left-hand side slide graph depicts the strengthening in the containership market throughout the year. As of November 15, 2024, the one year time charter rate for 2,500 TEU containerships stood at $30,750.

現在請翻到投影片 16，聽聽我的總結發言。左側幻燈片描繪了全年貨櫃船市場的走強。截至2024年11月15日，2,500 TEU貨櫃船的一年期租費率為30,750美元。

Meanwhile, newbuilding prices for these size vessels also picked up throughout 2024, reflecting consistent demand driven by limited shipyard capacity, rising construction costs, and compliance with environmental regulations. Over the long term, elevated costs for greener technologies and stricter emission standards are expected to keep newbuilding prices high.

同時，這些尺寸船舶的新造船價格在 2024 年也有所上漲，反映出造船廠產能有限、建造成本上升以及遵守環境法規推動的持續需求。從長遠來看，綠色技術的成本上升和更嚴格的排放標準預計將使新船價格保持在高位。

Similarly, secondhand vessel prices have shown a strong recovery, rebounding from a low of $15 million in late 2023 to $28 million by November 2024, supported by improving market sentiment and robust charter demand.

同樣，在市場情緒改善和租船需求強勁的支撐下，二手船價格也顯示出強勁復甦，從 2023 年末 1500 萬美元的低點反彈至 2024 年 11 月的 2800 萬美元。

We are very happy that we placed these orders for these two 4,300 TEU vessels as we feel that newbuilding prices do not have much room for correction, and there will be a huge need for replacement of ships of this size in the near future.

我們很高興收到這兩艘4,300 TEU船的訂單，因為我們認為新造船價格沒有太大的調整空間，並且在不久的將來會有巨大的更換這種規模船舶的需求。

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

接下來，我將請我們的財務長 Tasos Aslidis 進一步詳細介紹我們的財務亮點。

Thank you very much, Aristides. Good morning from me as well, ladies and gentlemen. Over the next 4 slides, I will give you an overview of our financial highlights for the third quarter and nine months period ended September 30, 2024, and compare them as usual to the same periods of last year. I will not go through every number in the slides that follow, but rather focus on the most important points.

非常感謝你，阿里斯蒂德斯。女士們、先生們，我也早安。在接下來的 4 張幻燈片中，我將向您概述我們第三季和截至 2024 年 9 月 30 日的九個月期間的財務亮點，並將其與去年同期進行比較。我不會詳細介紹接下來幻燈片中的每個數字，而是專注於最重要的點。

Let's indeed start and turn for that to slide 18. For the third quarter of 2024, we reported total net revenues of $54.1 million, representing a 6.9% increase over total net revenues of $50.7 million during the third quarter of 2023, a result that was mainly due to the higher number of vessels we operated in the third quarter of this year, partly offset by lower average charter earnings our vessels earned.

讓我們開始並轉向幻燈片 18。2024 年第三季度，我們報告的總淨收入為 5,410 萬美元，比 2023 年第三季度的總淨收入 5,070 萬美元增長 6.9%，這一結果主要是由於我們運營的船舶數量增加今年第三季度，我們船舶賺取的平均包機收入下降部分抵消了這一影響。

Interest and other financing costs for the third quarter of 2024 amounted to $3.2 million after deducting capitalized interest of $0.9 million charged on the cost of our newbuilding program for a total interest and other financing cost of $4.1 million compared to $1.8 million for the same period of 2023 after again deducting the imputed, the capitalized interest of $0.9 million charged for the cost of our newbuilding program, and this happens because we are self-financing the predelivery installments.

在扣除新造船項目成本中收取的90 萬美元資本化利息後，2024 年第三季的利息和其他融資成本為320 萬美元，利息和其他融資成本總額為410 萬美元，而2024 年第三季的利息和其他融資成本為180 萬美元。

The increase of interest expenses in 2024 is due to the increased amount of debt that we had on our books during the period as compared to last year.

2024年利息支出增加是由於該期間我們帳上的債務金額較去年增加。

Interest income for the third quarter of 2024 was $0.7 million compared to $0.4 million for the same period of last year. Adjusted EBITDA for the third quarter of 2024 increased to $36.1 million compared to $34.5 million during the third quarter of 2023, primarily due to the higher revenues we had for the period, as I mentioned above.

2024 年第三季的利息收入為 70 萬美元，去年同期為 40 萬美元。2024 年第三季調整後 EBITDA 增至 3,610 萬美元，而 2023 年第三季為 3,450 萬美元，這主要是由於我們在該期間的收入增加，正如我上面提到的。

Basic and diluted earnings per share for the third quarter of 2024 were $3.97 and $3.95, respectively, calculated on about 7 million basic and diluted weighted average number of shares outstanding compared to basic and diluted earnings per share of $4.67 and $4.65 for the third quarter of 2023, calculated on about 6.9 million of basic and diluted weighted average number of shares outstanding.

2024 年第三季的基本和稀釋每股盈餘分別為3.97 美元和3.95 美元，以約700 萬股基本和稀釋已發行股票加權平均數計算，而2024 年第三季基本和稀釋每股盈餘分別為4.67 美元和4.65 美元。

Excluding certain nonrecurring noncash items from our results, the adjusted earnings attributable to common shareholders for the quarter ended September 30, 2024, would have been $3.94 basic and $3.92 diluted compared to adjusted earnings of $4.08 and $4.07 basic and diluted for the same period of last year, a period for which we also excluded the gain on the sale of a vessel. A more detailed reconciliation of this adjustment is provided in our press release.

排除業績中的某些非經常性非現金項目，截至2024 年9 月30 日的季度調整後歸屬於普通股股東的基本收益為3.94 美元，稀釋後收益為3.92 美元，而上年同期調整後基本收益和稀釋收益分別為4.08 美元和4.07 美元年，在此期間我們也排除了出售船舶的收益。我們的新聞稿中提供了有關此調整的更詳細的調節。

Let's now look at the numbers for the corresponding nine months period ended September 30, 2024, and compare it to last year. For the first nine months of this year, the company reported total net revenues of $159.6 million, representing a 13.7% increase over total net revenues of $140.3 million during the first nine months of 2023, again, as a result of the higher number of vessels we owned and operated, to a lesser degree, in this case, offset by the lower average charter rates of vessels earned.

現在讓我們來看看截至 2024 年 9 月 30 日的相應九個月期間的數字，並將其與去年進行比較。今年前 9 個月，該公司報告總淨收入為 1.596 億美元，比 2023 年前 9 個月的總淨收入 1.403 億美元增長 13.7%，這也是由於船舶數量增加所致在這種情況下，我們擁有和經營的程度較低，但被所賺取的船舶平均包租費率較低所抵消。

Interest and other financing costs for the nine months amounted to $7.1 million, again, after deducting the imputed capitalized interest of $3.6 million charge on the financing of the cost of the early payments for our newbuildings for a total interest payment on our debt of $10.7 million compared to $7.1 million for last year, again, after adjusting for the imputed interest.

在扣除新造船提前付款融資費用的 360 萬美元推定資本利息後，這九個月的利息和其他融資成本再次達到 710 萬美元，債務利息支付總額為 1,070 萬美元與去年的710 萬美元相比，在調整推算利息後，這數字同樣為710 萬美元。

This increase in this case, too, is due to the higher levels of debt we carried in our balance sheet. Interest income for the nine months of 2024 was $1.6 million compared to $0.9 million for the same period of last year.

在這種情況下，這種增加也是由於我們資產負債表中的債務水準較高所致。2024 年 9 個月的利息收入為 160 萬美元，去年同期為 90 萬美元。

Adjusted EBITDA for the first nine months of 2024 was $102.9 million compared to $91.1 million for the first nine months of 2023, the increase due to the higher revenues we get for the period. Basic and diluted earnings per share for the first nine months of 2024 were $12.75 and $12.66, respectively, calculated on 6.9 million and 7 million basic and diluted weighted average number of shares outstanding compared to basic and diluted earnings per share of $12.95 and $12.90 for the first nine months of 2023.

2024 年前 9 個月的調整後 EBITDA 為 1.029 億美元，而 2023 年前 9 個月的調整後 EBITDA 為 9110 萬美元，這一增長是由於我們在此期間獲得的收入增加。2024 年頭9 個月的基本和稀釋每股盈餘分別為12.75 美元和12.66 美元，以690 萬股和700 萬股基本和稀釋已發行股票加權平均數計算，而2024 年前9 個月的基本和稀釋每股收益分別為12.95 美元和12.90 美元。

Again, excluding the effect on the income for the first nine months of 2024 of certain noncash nonrecurring items, the adjusted earnings per share for the nine months period ended September 30 would have been $11.57 basic and $11.49 diluted compared to $11.37 and $11.33 basic and diluted, respectively, for 2023, a period in which we have excluded also gain on the sale of a vessel.

同樣，排除某些非現金非經常性項目對2024 年前9 個月收入的影響，截至9 月30 日的9 個月期間調整後每股收益將為11.57 美元基本收益和11.49 美元稀釋收益，而基本和稀釋收益分別為11.37 美元和11.33 美元分別為 2023 年，在此期間我們也排除了出售船舶的收益。

Let's now turn to slide 19 to review our fleet performance. We'll start our review by looking at our fleet utilization rates for the third quarter of 2024, 2023, and for the equivalent nine months period. As usual, we break down our fleet utilization rate into commercial and operational.

現在讓我們轉到幻燈片 19 來回顧我們的機隊表現。我們將首先查看 2024 年第三季、2023 年以及相當於 9 個月期間的機隊利用率。像往常一樣，我們將機隊利用率分為商業和營運兩部分。

I will not go through every number here one by one, but I will only point out that our total utilization rate was between 99.2% and 99.8% in 2024 and for the most part of 2023, except the beginning of last year when a vessel of ours had some more technical off of heart attack.

這裡我不會一一列舉每個數字，但我只想指出，2024年和2023年的大部分時間裡，我們的總利用率在99.2%到99.8%之間，除了去年年初，當時一艘船我們的心臟病發作時有一些更技術性的問題。

On average, we owned and operated 23 vessels during the third quarter of 2024, earning an average time charter equivalent rate of $26,480 per day compared to 19 vessels that we operated in the same period of 2023, earning on average $30,074 per day.

平均而言，我們在 2024 年第三季度擁有和運營 23 艘船舶，平均每天賺取 26,480 美元的定期租船等值費率，而 2023 年同期我們運營 19 艘船舶，平均每天賺取 30,074 美元。

Our total operating expenses, including management fees, G&A expenses, but excluding drydocking costs, were $7,249 per vessel per day during the third quarter of 2024 compared to $7,692 per vessel per day for the same period of last year.

2024 年第三季度，我們的總營運費用（包括管理費、一般及行政費用，但不包括乾塢費用）為每艘船每天 7,249 美元，而去年同期為每艘船每天 7,692 美元。

If we look further down in the table, we can see the cash flow breakeven rate for the third quarter of 2024, which amounted to $13,629 per vessel per day compared to $13,594 per vessel per day for the same period of 2023. And finally, if we look at the very last line of the table, we can see the common dividend that we paid expressed in dollars per day per vessel. So for the third quarter of this year, that amounted to $2,013, while for the same period of last year, it amounted to $2,012 per vessel per day.

如果我們進一步查看表格，我們可以看到 2024 年第三季的現金流盈虧平衡率為每艘船每天 13,629 美元，而 2023 年同期為每艘船每天 13,594 美元。最後，如果我們查看表格的最後一行，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，今年第三季的費用為 2,013 美元，而去年同期，每艘船每天的費用為 2,012 美元。

Quickly reviewing the nine months figures. For the nine months period, we owned and operated on average 21.3 vessels, earning a time charter equivalent rate of $28,614 per day compared to 18 vessels for the same period of last year, earning on average $29,843 per day.

快速回顧一下這九個月的數據。在這 9 個月期間，我們平均擁有和營運 21.3 艘船舶，平均每天賺取 28,614 美元的定期租船費，而去年同期有 18 艘船，平均每天賺取 29,843 美元。

Our total operating expenses, again, including management fees and G&A expenses, but not drydocking costs, were $7,452 per vessel per day in the nine months period of this year compared to $7,858 per vessel per day for the nine months of 2023.

同樣，我們的總營運費用（包括管理費和一般行政費用，但不包括乾塢費用）在今年9 個月期間為每艘船每天7,452 美元，而2023 年9 個月期間每艘船每天為7,858美元。

Cash flow breakeven levels for the first nine months of this year, $14,743 compared to $13,853 during the first nine months of 2023. Figures are per vessel per day. And our dividend for the nine months expressed again on a per vessel per day basis, it was $2,163 for 2024 and $2,134 per vessel per day for 2023.

今年前 9 個月的現金流損益平衡水準為 14,743 美元，而 2023 年前 9 個月的現金流損益平衡水準為 13,853 美元。數字為每艘船每天。我們這九個月的股息再次以每艘船每天計算，2024 年為 2,163 美元，2023 年為每艘船每天 2,134 美元。

After that overview of the fleet highlights, let's move to slide 20 to review our debt profile and our forward cash flow breakeven levels. As of September 30 of this year, our total debt stood at approximately $220 million.

在概述了機隊亮點之後，讓我們轉到幻燈片 20 來回顧我們的債務狀況和遠期現金流盈虧平衡水平。截至今年 9 月 30 日，我們的總債務約為 2.2 億美元。

As you can see from the graph on the top left of the slide, in the remaining of 2024, we expect to make loan repayments of approximately $11 million and so have a balloon payment of about $1.8 million. In 2025, we anticipate loan repayments of approximately $21 million and balloon payments of about $16.25 million.

正如您從幻燈片左上角的圖表中看到的那樣，在 2024 年剩餘時間內，我們預計將償還約 1,100 萬美元的貸款，因此一次性支付的金額約為 180 萬美元。到 2025 年，我們預計貸款償還額約為 2,100 萬美元，一次性還款額約為 1,625 萬美元。

Furthermore, in 2026, we have no scheduled balloon payments, and we expect to make loan repayments -- sorry, we expect to make loan repayments of $16 million and we have a balloon payment, I'm sorry, of about $20 million. These figures do not include two additional financings we have entered into, to partly finance the two newbuildings we are taking delivery of in early January 2025.

此外，到 2026 年，我們沒有預定的大額付款，我們預計將償還貸款——抱歉，我們預計償還貸款 1600 萬美元，但抱歉，我們有大約 2000 萬美元的大額付款。這些數字不包括我們為 2025 年 1 月初交付的兩艘新船提供部分資金而進行的兩項額外融資。

For those two vessels, we expect to draw $26 million of debt each for a total of $52 million of additional debt, which will add about $4 million per year of incremental repayments.

對於這兩艘船，我們預計每艘將提取 2,600 萬美元的債務，額外債務總額為 5,200 萬美元，這將每年增加約 400 萬美元的增量還款。

As of September 30, our senior debt carried an average margin of about 2.13%, which if we combine it with the base SOFR rate of about 4.5%, would result in a total cost of our debt of about 6.63%. We have, however, swapped a small portion of our SOFR exposure, about 9%, for fixed rates to a lower base rate.

截至 9 月 30 日，我們的優先債務平均利潤率約為 2.13%，如果我們將其與約 4.5% 的基本 SOFR 利率相結合，我們的債務總成本約為 6.63%。然而，我們已將一小部分 SOFR 曝險（約 9%）換成固定利率至較低的基本利率。

So our overall cost of debt is actually a little lower. It's about 6.53%, and will drop slightly further when the two loans I mentioned earlier, that we're going to draw for our newbuilding vessels, are included in the calculation.

所以我們的整體債務成本其實要低一些。約為 6.53%，當我之前提到的兩筆貸款（我們將為新建船舶提取的貸款）包含在計算中時，該利率還會進一步略有下降。

I would like to draw your attention to the bottom of this slide, where we present the level and components of our projected cash flow breakeven for the next 12 months. As you can see, we expect that to be around $12,544 per vessel per day, lower by about $1,000 per day than our 2024 number so far, and that is mainly due to lower loan repayments. Please note that this figure does include the two vessels and the financing of which we expect to take delivery of in January 2025.

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 個月預計現金流損益平衡的水平和組成部分。正如您所看到的，我們預計每艘船每天的費用約為 12,544 美元，比 2024 年迄今為止的數字低約 1,000 美元，這主要是由於貸款償還額減少。請注意，這個數字確實包括我們預計在 2025 年 1 月交付的兩艘船和融資。

To sum up my part of the presentation, let's move to slide 21 to review our balance sheet in a simplified format. Our assets in our balance sheet include cash and other current assets, advances for vessels under construction and, of course, the book value of our assets in the water.

為了總結我的簡報部分，讓我們轉到投影片 21，以簡化的格式回顧我們的資產負債表。我們資產負債表中的資產包括現金和其他流動資產、在建船舶的預付款，當然還有我們水中資產的帳面價值。

As of September 30, 2024, we had cash and other assets amounting to about $94.3 million, we had made advances for our newbuilding program of about $36.6 million, and we had book value for our assets standing around $450 million, resulting in total assets in our balance sheet of a book value of about $581 million.

截至 2024 年 9 月 30 日，我們的現金和其他資產約為 9,430 萬美元，我們為新造船項目預付了約 3,660 萬美元，資產帳面價值約為 4.5 億美元，總資產為我們的資產負債表帳面價值約5.81 億美元。

On the liabilities side, as I mentioned, as of September 30, we had debt that stood at $220 million, representing about 38% of the book value of our assets. We also had other liabilities like the fair value of below market charters acquired and yet other liabilities amounting in total to about 2.8% of the book value of our assets, leaving the rest around $343 million to be our net book value. That figure alone indicates that the book value per share of our fleet to be around $49.

在負債方面，正如我所提到的，截至 9 月 30 日，我們的債務為 2.2 億美元，約占我們資產帳面價值的 38%。我們還有其他負債，例如低於市場價格的租船公允價值，而其他負債總計約占我們資產帳面價值的 2.8%，剩下的約 3.43 億美元是我們的帳面淨值。光是這個數字就顯示我們機隊的每股帳面價值約為 49 美元。

However, it is important to highlight that the market value of our fleet is significantly higher than its book value. We estimate the charter adjusted value of our fleet to be around $590 million, that is $140 million more than its book value, adding about $20 per share to the value of our shares for a total NAV, net asset value, per share in the range of $69 to $70, a level that indicates that our stock trading recently around $42 per share represents a significant discount to our net asset value. And thus, we believe it offers considerable appreciation potential to our shareholders and investors.

然而，需要強調的是，我們機隊的市場價值明顯高於其帳面價值。我們估計我們機隊的包機調整後價值約為 5.9 億美元，比其帳面價值高出 1.4 億美元，每股總資產淨值 (NAV) 價值增加約 20 美元。顯示我們的股票交易最近在每股42 美元左右，比我們的資產淨值有很大的折扣。因此，我們相信它為我們的股東和投資者提供了巨大的升值潛力。

With that, I would like to turn the floor back to Aristides to continue the call.

說到這裡，我想請阿里斯蒂德繼續通話。

Thank you, Tasos. Let's now open up the floor for any questions we may have. Thank you.

謝謝你，塔索斯。現在讓我們開始討論我們可能提出的任何問題。謝謝。

We'll now be conducting a question-and-answer session.

我們現在將進行問答環節。

(Operator Instructions)

（操作員說明）

Mark Reichman with NOBLE Capital Markets.

NOBLE Capital Markets 的 Mark Reichman。

Good morning. See, I had a question about the two fuel-efficient container vessels that will be delivered in the fourth quarter of 2027. What rates would be required for those vessels to achieve breakeven? And also, if you could provide maybe a little more detail on the financing plans? And what are the implications for the remainder of your fleet?

早安.我對將於 2027 年第四季交付的兩艘節能貨櫃船有疑問。這些船舶需要多少費率才能達到損益兩平？另外，您能否提供更多有關融資計劃的細節？這對您的其餘機隊有何影響？

Yes. Mark, I think that assuming a 20-year life for the vessels, you could -- if we had something below $20,000 per day for the whole duration, that would be profitable. But obviously, we are hoping to achieve better rates than that.

是的。馬克，我認為假設船隻的使用壽命為 20 年，如果我們在整個期間每天的收入低於 20,000 美元，那將是有利可圖的。但顯然，我們希望獲得比這更好的利率。

We did pay the down payment 15% on each of the two vessels just last week. The next installments come with steel cutting, which starts in 2026, and the ships will be delivered in 2027. We anticipate that at the end of the day, we will end up paying for the ships with debt of 60%, 65% and equity of the remaining.

就在上週，我們確實為兩艘船分別支付了 15% 的首付。下一批船舶將於 2026 年開始進行鋼材切割，船舶將於 2027 年交付。我們預計最終，我們將以 60%、65% 的債務和剩餘部分的權益來支付船舶的費用。

Okay. And Euroseas has done a great job keeping its fleet employed at profitable rates. And I was just wondering, what are your expectations for Diamantis and Aegean Express, whose time charters expire at the end of November and December, respectively?

好的。歐洲海洋航空在維持其機隊的僱用率方面做得非常出色。我只是想知道，您對 Diamantis 和 Aegean Express 的期租分別於 11 月底和 12 月底到期有何期望？

Both of these ships, obviously, will be fixed within the next couple of weeks. We are seeing interest in the vessels at levels, I would say, between $13,000 and $20,000 for a year or 1.5 years, things like that. We are still not in play -- ready to announce something because we are negotiating, but they will be fixed. The market is positive and it's helping us, right? So we've achieved great rates. Thank you very much. It's the market as they say.

顯然，這兩艘船都將在未來幾週內修復。我想說，我們看到人們對這些船隻的興趣程度在一年或 1.5 年的 13,000 美元到 20,000 美元之間，諸如此類。我們還沒有開始行動——準備宣布一些事情，因為我們正在談判，但它們將會得到解決。市場是正面的，這對我們有幫助，對嗎？所以我們取得了很高的利率。非常感謝。正如他們所說，這就是市場。

That's great.

那太棒了。

Tate Sullivan with Maxim Group.

泰特·沙利文與馬克西姆集團。

Can you expand on the decision to go and expand the newbuild effort to larger class ships with TEUs of about 4,000. Did you mention it was based on your analysis of that size ship having an older age in the global fleet?

您能否進一步擴大新建船舶的決定，將新建工作擴展到 TEU 約為 4,000 的大型船舶。您是否提到這是基於您對全球船隊中年齡較大的那艘大型船舶的分析？

Absolutely. I mean, we have seen feeder and intermediate vessels up to 6,000 TEU vessels. The order book in all those sectors is between 4% to 5%. And between 50% to 60% of the existing fleet is over 15 years old. So these newer ships are much more economical, much more environmentally friendly.

絕對地。我的意思是，我們已經看到最多 6,000 TEU 的支線船和中間船。所有這些行業的訂單量都在 4% 到 5% 之間。現有機隊中 50% 至 60% 的機齡超過 15 年。因此，這些新型船舶更加經濟、更環保。

They have a lot of much nicer attributes than the older ships. We are very confident that there will be the need for these type of vessels. And we thought that we have six 4,500 TEU vessels in our fleet, which are all between 10 and 15 years old. And we think that we should order a couple of replacements for them.

它們有很多比舊船更好的屬性。我們非常有信心將會需要這些類型的船隻。我們認為我們的船隊中有六艘 4,500 TEU 的船舶，船齡均在 10 至 15 年之間。我們認為我們應該為它們訂購一些替代品。

And did you say this orders with a ship, a new shipyard in China? And how did you evaluate its, its capability? And did it have available slots versus South Korea? How did you look at.

你是說這個訂單是在中國的新造船廠建造的嗎？你是如何評價它的、它的能力的？它有對韓國的機會嗎？你怎麼看的。

The shipyard is called the New Yangzi, Jiangsu, but it is right now the best, I would say, private shipyard in China. It's been established for quite a few years. We actually built -- well, EuroDry built some Kamsarmaxes there 10 years ago. This is one of the best Chinese shipyards. It's not new despite the fact that the name says New Yangzi Shipyard.

該造船廠名為江蘇新揚子，但我想說，它是目前中國最好的私人造船廠。它已經成立了好幾年了。我們實際上建造了——嗯，10 年前 EuroDry 在那裡建造了一些 Kamsarmax。這是中國最好的造船廠之一。儘管名字上寫著“新揚子造船廠”，但這並不新鮮。

And then to confirm, you said the delivery of the two newbuilds in the first quarter, did you say January 7 and January 8? I mean, you've been on time for the other ships, it seems like, can you confirm those dates?

然後再確認一下，你說第一季交付兩艘新船，你說的是1月7日和1月8日嗎？我的意思是，你似乎已經準時到達其他船隻了，你能確認這些日期嗎？

Yes, I can confirm early January. In fact, the ships could have been delivered in November and December, but it was our choice to ask the shipyard to go a bit slower, so that when they are delivered, they are delivered with a 2025 notation rather than a 2024 notation.

是的，我可以在一月初確認。事實上，這些船本來可以在11月和12月交付，但我們選擇要求船廠慢一點，這樣交付時就以2025符號而不是2024符號交付。

Thank you both.

謝謝你們倆。

Poe Fratt with Alliance Global Partners.

坡弗拉特 (Poe Fratt) 與聯盟全球合作夥伴。

You've covered a lot, but I just wanted to sort of get if you wouldn't mind giving your rate expectations for the Monica, which is a 2024 newbuild that's up for -- it's open and starting in either March or May of next year.

您已經介紹了很多內容，但我只是想知道您是否介意給出您對莫妮卡 (Monica) 的價格預期，這是一座 2024 年新建的建築，將於明年 3 月或 5 月開放並啟動年。

Correct. It's a bit too early to say for this ship what we will do, because you've seen these ships get anything from $16,000 to $24,000 a day for a couple of years. So it really will depend on the rates we see starting next year, except if we were to see something very good being offered to us before the end of the year, which makes us to fix it already. But it's really difficult to say at this point.

正確的。現在說我們要為這艘船做什麼還為時過早，因為您已經看到這些船在幾年內每天的收入從 16,000 美元到 24,000 美元不等。因此，這實際上取決於我們從明年開始看到的費率，除非我們在年底之前看到向我們提供了一些非常好的東西，這使得我們已經解決了這個問題。但現在真的很難說。

Okay. And I assume it's the same thing with the three intermediates that are coming up in the first quarter of next year?

好的。我認為明年第一季推出的三種中間體也是同樣的情況嗎？

Which ones?

哪些？

The three intermediates, the Antwerp, the Rena P, and the Emmanuel P.

三個中間體：Antwerp、Rena P 和 Emmanuel P。

Yes. We are in discussions trying to see if we can achieve good rates for big enough periods. And there is interest on the ships, and we might be able to announce something this side of the year. We will see.

是的。我們正在討論，試圖看看我們是否能夠在足夠長的時間內實現良好的利率。人們對這些船隻很感興趣，我們也許可以在今年下半年宣布一些事情。我們會看到。

They don't come through in Q1, I think, because the optional periods are touched. Very likely, the charters will keep them until the outer part of the optional delivery period.

我認為，它們在第一季沒有實現，因為可選週期被觸及。包機很可能會將其保留到可選交付期結束為止。

Okay, Tasos. And then you're seeing more -- just to sort of paraphrase, you're seeing more interest in the intermediates that are coming up than the feeders, it sounds like. And then Tasos, following up on your comment that they'll keep the option period, that would imply that the current rates in the low to mid-20s are attractive for charterers and they would hold on to them as long as possible because the renewal rates would probably be higher.

好吧，塔索斯。然後你會看到更多——換句話說，你會看到對即將出現的中間體比供給者更感興趣，聽起來像是這樣。然後 Tasos，根據您的評論，他們將保留選擇期，這意味著當前 20 多歲的費率對租船人來說很有吸引力，他們會盡可能長時間地保留這些費率，因為續約利率可能會更高。

That's right.

這是正確的。

Okay. And then if we can flip over to the deliveries in the first quarter, you're financing $52 million, it sounds like. And it sounds like you've lined up the financing. What's the tenor of that debt? Is it five years? Should we assume five years?

好的。然後，如果我們可以轉到第一季的交付情況，聽起來您將融資 5,200 萬美元。聽起來你已經安排好融資了。該債務的期限是多少？是五年嗎？我們應該假設五年嗎？

I think it's, in one case, it's 10 years because in one case we are, we are doing or we're in the process of arranging a sales back style financing in, in another case, about six years, I think.

我認為，在一種情況下，這是 10 年，因為在一種情況下，我們正在做或我們正在安排回售式融資，在另一種情況下，我認為大約需要六年。

Six years. Okay. And it sounded like at least I heard you say that it would add about 4 million to amortization. We're looking at 225 and beyond. And that includes the lease, you know, the lease pay down too?

六年了。好的。聽起來至少我聽到你說這會增加大約 400 萬的攤提費用。我們正在考慮 225 及以上。這包括租賃，你知道，租賃還款也減少了嗎？

Yes.

是的。

Okay. Great. And then relative to what you're spending, the newbuild delivery payments upon delivery, that $52 million, will that finance all that? Or will that create a little bit of extra cash? Or can you give me -- I guess, a short way of saying, what's the newbuild delivery payments that are due in the first quarter of '25?

好的。偉大的。然後，相對於您的支出，新建交付付款，即交付時支付的 5,200 萬美元，能承擔所有這些費用嗎？或者這會創造一點額外的現金嗎？或者你能給我——我想，簡單地說，25 年第一季到期的新建交付付款是多少？

I don't think we have -- I think, that would pretty much finance the remaining amount for the newbuilds.

我認為我們沒有——我認為，這幾乎可以為新造船提供剩餘的資金。

Okay. And then could we just go over the decision to build versus buying? If you could just sort of talk about whether you assessed what was out there as far as secondhand tonnage? You have a chart in the presentation with 10-year-old assets that are, I think, pretty attractive relative to newbuild prices, it depends on your outlook for rates.

好的。然後我們可以重新考慮建造還是購買的決定嗎？您能否談談您是否評估過二手噸位？簡報中有一張包含 10 年歷史資產的圖表，我認為相對於新建資產價格而言，這些資產相當有吸引力，這取決於您對利率的展望。

But can you just talk about whether you assess buying something in the secondhand market versus committing to a newbuild?

但你能談談你是否評估在二手市場購買東西與承諾購買新產品之間的關係嗎？

We are always looking at secondhand opportunities. But recently, prices for secondhand vessels have risen substantially. But of course, charter rates have also risen. So we are trying to see if we can find something that we can charter straight along when we buy it for a significant period of time. We haven't been able to find something that makes sense financially in the secondhand market at this stage.

我們一直在尋找二手機會。但近期，二手船價格大幅上漲。當然，包機費率也有所上漲。因此，我們正在嘗試看看是否能找到一些可以在購買相當長一段時間後直接包租的東西。現階段我們還無法在二手市場找到經濟上有意義的東西。

And of course, the new vessels, they come with many more eco characteristics than the older vessels. So they are significantly better vessels and more fit for the future and the immediate future. So that's the reason we are buying newbuilds.

當然，新船比舊船有更多的生態特徵。因此，它們是更好的船隻，更適合未來和不久的將來。這就是我們購買新船的原因。

Also, we don't think that newbuilding prices can drop significantly from where they are, because the cost of building ships has increased. Indeed, the yards are making profits, but not substantial profits, not huge profits. There's not much room for them to lower prices. And of course, they won't for the next couple of years, because all the yards have a huge order book.

此外，我們認為新造船價格不會大幅下降，因為造船成本已經增加。確實，船廠在獲利，但不是實質利潤，不是巨額利潤。他們降價的空間已經不大了。當然，他們在接下來的幾年裡不會這樣做，因為所有船廠都有大量的訂單。

They are sitting on orders. So they will not be inclined to take business at a discount. Therefore, we feel that newbuilding prices will not get much better. And the future for these ships seems extremely attractive.

他們正在等待命令。因此他們不會傾向於打折做生意。因此，我們認為新船價格不會有太大改善。這些船舶的未來似乎極具吸引力。

Great. Just to clarify, do you buy these out of -- are these resales or are these new orders?

偉大的。澄清一下，您購買這些產品是出於轉售還是新訂單？

No, no. These are orders that we are placing ourselves.

不，不。這些是我們自己下的訂單。

Okay. Great. So it doesn't -- the order book goes up just slightly. And then I think I heard that you paid a 15% deposit in the fourth quarter -- this quarter, $18 million. And I thought I heard that you didn't have any progress payments in 2025, but you'll have progress payments in '26. Do you have handy the amount of progress payments that are due in '26? And then also, if you wouldn't mind, what will be due in '27?

好的。偉大的。所以事實並非如此——訂單量僅略有上升。然後我想我聽說你們在第四季度支付了 15% 的定金——本季度，1800 萬美元。我想我聽說您在 2025 年沒有任何進度付款，但您將在 26 年獲得進度付款。您手邊有 26 年到期的進度付款金額嗎？另外，如果您不介意的話，27 年到期的是什麼？

Yes. I'll be able to provide you with our schedule. I think usually we start making -- the second payment is when the steel cutting starts, when they actually start building the ship. That will be something that happens late in 2026.

是的。我可以向您提供我們的時間表。我認為通常我們會開始支付——第二筆付款是在鋼材切割開始時，也就是他們真正開始建造船的時候。這將在 2026 年底發生。

Late in '26 or late in '25, Tasos?

26 年末還是 25 年末，Tasos？

Late in '26, because it takes about less than a year to actually build a ship. The ships are to be delivered in Q4 '27. So sometime late in '26, we should have the next payment due.

26 年末，因為實際建造一艘船大約需要不到一年的時間。這些船舶將於 27 年第四季交付。因此，在 26 年晚些時候的某個時候，我們應該會收到下一筆付款。

Okay. But nothing you won't have any progress payments in 2025?

好的。但2025年你不會收到任何進度付款嗎？

No.

不。

That's correct.

這是正確的。

Okay. And so is it roughly -- I was estimating, five progress payments of 10% and 50% payment upon delivery. Clearly, I was wrong on the deposit level, it's 15%. But can you give me the rest of the sort of timeline for how the payments are spread out and what's due upon delivery?

好的。大致情況也是這樣——我估計，五次進度付款，分別是交付時支付 10% 和 50%。顯然，我對存款水準的判斷是錯誤的，是 15%。但你能給我剩下的時間表，說明如何分攤付款以及交貨時應付款嗎？

It's 15% advance payment. Then it's three installments of 10%, and the remaining is paid upon delivery. So starting from Q4 '26, you can say the next payment and then put in another two 10% in the first half of next year and the repayment at the beginning of the fourth quarter of 2027.

這是15%的預付款。然後分三期付10%，剩下的貨到付。因此，從 26 年第 4 季開始，您可以說下一次付款，然後在明年上半年再付兩個 10%，並在 2027 年第四季初還款。

Okay. So 45% upon delivery. That's really helpful. And then Tasos, can you just go -- you drydocked the Joanna in the third quarter, more in the fourth quarter. Can you just give us an upcoming schedule on drydocks that you plan for '25?

好的。所以交貨時45%。這真的很有幫助。然後塔索斯，你可以走了嗎？您能給我們提供一下您 25 年計畫的乾船塢時間表嗎？

I think there is very little that is due in 2025. Let me just see if I can pull it up quickly. So we have, I think, a couple of vessels -- we have definitely one vessel in the third quarter. And we have a bunch of in-water surveys.

我認為 2025 年到期的金額非常少。讓我看看能不能快速拉起來。所以我認為我們有幾艘船——我們在第三季度肯定有一艘船。我們有很多水下調查。

So, there isn't really -- as I see here on a draft schedule I have in front of me, we have one drydock and a bunch of in-waters. I can get you a more detailed schedule offline, if you want.

所以，實際上並沒有——正如我在我面前的時間表草案中看到的那樣，我們有一個乾船塢和一堆水下船。如果您願意，我可以為您提供更詳細的離線時間表。

Okay. Is that in the year, Tasos, for '25?

好的。塔索斯，那是 25 年嗎？

The drydock that I see, we have it in the third quarter of 2025. The in-waters are various quarters.

我看到的乾船塢將於 2025 年第三季建成。水中有不同的區域。

Okay. Great. And then I know I had one other question that just slip my mind, I apologize. Okay, so if you look at the Aegean Express, it's a '97 built. It sounds like you have interest. But is that a potential sale candidate along with the Diamantis P?

好的。偉大的。然後我知道我還有一個問題忘記了，我很抱歉。好吧，如果你看一下愛琴海快車，你會發現它是 97 年建造的。聽起來你很有興趣。但它是否會與 Diamantis P 一起成為潛在的銷售候選人？

We can always sell for the right price, an old ship or a newer ship. But generally, as you've seen, we feel very comfortable in operating also the older ships. We think this is one of the advantages of Eurobulk, our managers, that they can handle older ships.

無論是舊船還是新船，我們總是能以合適的價格出售。但總的來說，正如您所看到的，我們對運營舊船也感到非常自在。我們認為這是我們的管理者 Eurobulk 的優勢之一，他們可以處理舊船。

I know they are not extremely popular to the investment community, but we can do a good job with them. And in times like this where the markets are strong, it makes sense to generally keep these vessels. Usually, you can make more than what you would if you sold them.

我知道它們在投資界並不是很受歡迎，但我們可以用它們做得很好。在市場強勁的時期，保留​​這些船隻是有意義的。通常，您可以賺到比出售它們更多的錢。

Okay. But at some point in time, probably over the next two years, those are retirement candidates?

好的。但在某個時間點，可能是在未來兩年內，這些人都是退休候選人？

Of course. If the market corrects and the drydock becomes due, it might not make sense to pass another drydock. So that's really when we sell a ship.

當然。如果市場調整且乾船塢到期，那麼通過另一個乾船塢可能沒有意義。這就是我們出售船舶的真正時間。

Okay. And then Tesla, you talked about the, you know, forward-looking, you know, opexs and breakeven levels. Are you seeing any, any major changes in any of the cost categories? Is there any inflation, you know, whether it's insurance or any other areas? Looking into 2025?

好的。然後特斯拉，你談到了，你知道，前瞻性的，你知道的，營運支出和損益平衡水準。您是否發現任何成本類別有任何重大變化？你知道，無論是保險領域還是其他領域，是否有通貨膨脹？展望 2025 年？

Nothing. Not that I can report. I mean there is some cost inflation, obviously, in every aspect of our lives, including in maintaining the ships. But to the best of my understanding, nothing sticks out as we prepare our analysis. Certain insurance costs, although not vessel related, like D&O insurance fluctuates and lately has been trending down, for example. But I mean, these things could change.

沒有什麼。不是我可以報告的。我的意思是，顯然，我們生活的各個方面都存在著一定的成本膨脹，包括維護船舶。但據我所知，在我們準備分析時沒有什麼突出的地方。例如，某些保險費用雖然與船舶無關，但會波動，並且最近呈下降趨勢。但我的意思是，這些事情可能會改變。

Climent Molins with Value Investor's Edge.

克萊門特·莫林斯（Climent Molins）與價值投資者的優勢。

Hi, good afternoon. Most has already been covered, but I wanted to follow up on the recent newbuild additions. Could you talk a bit about how you expect to market the vessels? Do you expect to secure a contract in the near term? Or are you comfortable waiting until closer to delivery?

嗨，下午好。大多數內容已經涵蓋，但我想跟進最近新增的內容。您能談談您希望如何行銷這些船隻嗎？您希望在短期內獲得合約嗎？或者您願意等到臨近交貨嗎？

We are very comfortable waiting until closer to delivery. If, however, we are offered a good rate for a big period, we would proceed with such a charter. But we are very, very comfortable waiting closer to delivery. It's still quite far away, the delivery.

我們非常放心地等待，直到臨近交貨。然而，如果我們在很長一段時間內獲得優惠的價格，我們就會繼續簽署這樣的包機。但我們非常非常舒適地等待臨近交貨。距離送貨還很遠。

Makes sense. Yes, that's helpful. And after recent contract additions, you have solid earnings visibility throughout 2025 and even into 2026. Could you talk a bit about how you think about your dividend? Is there any appetite to potentially raise it going forward?

有道理。是的，這很有幫助。在最近增加合約後，您可以在 2025 年甚至 2026 年獲得穩定的盈利可見性。能談談您對股息的看法嗎？未來是否有可能提高這一水平？

Yes. We discuss dividends regularly in our Board meetings, and we will have a discussion on that again during our next Board meeting when we look at the final results of the year. And we will decide at the time. Generally, we always want to give a good dividend yield to our shareholders. We think it's important. So as long as our financials allow that, we do that.

是的。我們定期在董事會會議上討論股息，並在下次董事會會議上查看本年度的最終業績時，我們將再次討論這一問題。我們將在那時做出決定。一般來說，我們總是希望為股東提供良好的股息殖利率。我們認為這很重要。因此，只要我們的財務狀況允許，我們就會這麼做。

Of course, you have to always balance the growth of the company, the new acquisitions, the share repurchase program which we have in place, because we feel that we are trading at a discount. So there are quite a few things that one can do with the liquidity, and we will discuss again next quarter.

當然，你必須始終平衡公司的成長、新的收購、我們現有的股票回購計劃，因為我們覺得我們正在打折交易。因此，人們可以利用流動性做很多事情，我們將在下個季度再次討論。

Makes sense. Yeah. Thanks for the go. That's all for me. Thank you for taking my questions.

有道理。是的。感謝您的光臨。這就是我的全部。感謝您回答我的問題。

Thank you.

謝謝。

Mark Reichman with NOBLE Capital Markets.

NOBLE Capital Markets 的 Mark Reichman。

I think you may have just answered it, but with the rate environment remaining positive, so should Euroseas' cash flow outlook. So I was just going to ask Tasos if he could maybe discuss the capital allocation priorities for 2025, like you mentioned, that balancing between investing in the business, paying out dividends, funding buybacks, etcetera.

我想您可能剛剛回答了這個問題，但由於利率環境仍然樂觀，歐洲海洋的現金流前景也應該如此。所以我只是想問 Tasos，他是否可以討論 2025 年的資本配置優先事項，就像你提到的那樣，在業務投資、支付股息、資金回購等之間取得平衡。

I think Aristides answered that question. I think we always look at all of these components of our distribution and capital allocation policy, and we try to provide, as Aristides said, a good yield for our dividend. Of course, chartering more ships at attractive rates would be positive in deciding to look more positively at growing the dividend. But it's decision to be taken at the next Board meeting. And I revert to what Aristides described earlier.

我認為阿里斯蒂德回答了這個問題。我認為我們總是關注我們的分配和資本配置政策的所有這些組成部分，正如阿里斯蒂德所說，我們努力為我們的股息提供良好的收益率。當然，以有吸引力的價格租用更多船舶對於決定更積極地考慮增加股息將是積極的。但這將在下次董事會上做出決定。我回到阿里斯蒂德斯之前描述的內容。

Earlier. Thank you very much. Thank you, guys.

早些時候。非常感謝。謝謝你們，夥計們。

Thank you. At this time, I'll pass the floor back to Mr. Aristides Pittas for closing remarks.

謝謝。這次，我將把發言權交還給阿里斯蒂德斯·皮塔斯先生，讓他致閉幕詞。

Thank you, everybody, for listening in, and we'll be together with you in three months' time to discuss how this very good year for Euroseas ended up finally.

謝謝大家的收聽，三個月後我們將與大家一起討論歐洲海洋的美好一年最終如何結束。

Thank you to everyone who joined us today. This does conclude today's teleconference. We thank you for your participation. You may now disconnect your lines at this time.

感謝今天加入我們的所有人。今天的電話會議到此結束。我們感謝您的參與。此時您可以斷開線路。