Euroseas Ltd (ESEA) 2024 Q4 法說會逐字稿

Thank you for standing by, ladies and gentlemen, and welcome to the Euroseas conference call on the fourth 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) I must advise you that this conference is being recorded today.

女士們、先生們，感謝大家的支持，歡迎參加 Euroseas 2024 年第四季財務業績電話會議。我們邀請到的是公司董事長兼執行長 Aristides Pittas 先生和財務長 Tasos Aslidis 先生。（操作員指示）我必須通知您，今天的會議將會被錄音。

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

請注意，該公司透過已公開發布的新聞稿宣布了這一結果。在將發言權交給皮塔斯先生之前，我想提醒大家，在今天的演示和電話會議中，Euroseas 將發表前瞻性聲明。這些聲明符合聯邦證券法的涵義。所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，涉及可能導致這些預期無法實現的風險和不確定性。

I kindly draw your attention to slide number 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 full statement and read it. And now I would like to pass the floor to Mr. Pittas. Please go ahead, sir.

我請您注意網路廣播簡報的第 2 張投影片，其中包含完整的前瞻性聲明，並且新聞稿中也包含相同的聲明。請花一點時間仔細閱讀並理解整個聲明。現在我想請皮塔斯先生發言。先生，請繼續。

Hello, everybody, and good morning. Thank you 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 3 and 12-month period ended December 31, 2024. Let's turn to slide 3 of the presentation to go over our income statement highlights.

大家好，早安。感謝您今天參加我們預定的電話會議。和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截至 2024 年 12 月 31 日的 3 個月和 12 個月期間的財務表現。讓我們翻到簡報的第 3 張投影片來回顧我們的損益表重點。

For the fourth quarter of 2024, we reported total net revenues of $53.3 million and a net income of $24.4 million or $3.49 diluted. Adjusted net income for the quarter was $23.3 million or $3.33 per diluted share. Adjusted EBITDA for the period was $32.8 million. Please refer to the press release for the reconciliation of adjusted net income and adjusted EBITDA. Our CFO, Tasos will go over our financial highlights in more detail later on in the presentation.

2024 年第四季度，我們報告的總淨收入為 5,330 萬美元，淨收入為 2,440 萬美元或攤薄後 3.49 美元。本季調整後的淨收入為 2,330 萬美元，即每股 3.33 美元。該期間調整後的 EBITDA 為 3,280 萬美元。有關調整後淨收入和調整後 EBITDA 的對帳信息，請參閱新聞稿。我們的財務長 Tasos 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 $0.65 per common share for the fourth quarter of 2024, increasing by $0.05 the quarterly dividend given throughout last year. The dividend will be payable on or about March 18 to shareholders of record on March 11.

作為公司普通股股息政策的一部分，我們的董事會宣布 2024 年第四季每股普通股派發 0.65 美元的季度股息，比去年全年的季度股息增加 0.05 美元。股息將於 3 月 18 日左右支付給 3 月 11 日登記在冊的股東。

The annualized dividend yield of our stock, given the current share price is approximately 7.8%. Additionally, the company is dividending off to all of its shareholders, the shares of Euroholdings Ltd., a subsidiary owning three oldest vessels, which represents about 5% of our NAV. The shares will be distributed on March 17 to all shareholders of record on March 7.

以目前股價計算，我們股票的年化股息殖利率約為 7.8%。此外，該公司還向所有股東派發 Euroholdings Ltd. 的股份，該公司是一家擁有三艘最老船隻的子公司，約占我們資產淨值的 5%。這些股票將於3月17日分發給3月7日登記在冊的所有股東。

As of February 27, 2025 and since the initiation of our repurchase program in May 2022, which has been extended since twice to May 2025, we have repurchased 425,000 of our common stock in the open market for a total consideration of about $9.25 million. We will continue to make measured use of the plan at management's discretion depending on the level of our stock price, aiming to enhance long-term shareholder value.

截至 2025 年 2 月 27 日，自 2022 年 5 月啟動回購計畫以來（該計畫已兩次延長至 2025 年 5 月），我們已在公開市場上回購了 425,000 股普通股，總對價約為 925 萬美元。我們將繼續根據股價水平，根據管理層的判斷，適度使用該計劃，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 January 7 and January 8, 2025, we took delivery of Motor/Vessel Dear Panel and Motor/Vessel Symeon P, respectively. These are two Eco EEDI Phase 3, 2,800 TEU feeder containership newbuilding’s that were built in Hyundai Mipo Dockyard in South Korea.

請翻到幻燈片 4，我們在此討論我們的最新發展，包括我們的銷售和採購、租船和營運亮點的最新情況。2025 年 1 月 7 日和 1 月 8 日，我們分別接收了 Motor/Vessel Dear Panel 和 Motor/Vessel Symeon P。這是兩艘 Eco EEDI 第三階段、2,800 TEU 支線貨櫃船新船，在韓國現代尾浦造船廠建造。

The vessels were financed through a combination of bank debt and loan funds as usually. Following the delivery, both vessels commenced charters with a duration of 34 to 36 months at a daily rate of $32,000 per day. Continuing on our chartering developments, Motor/Vessel Aegean Express has been fixed for a minimum of 10 months and up to 12 months at a rate of $16,700 per day with the earliest delivery being in November 2025.

這些船舶的融資通常透過銀行債務和貸款資金結合的方式進行。交付後，兩艘船開始租船，租期為34至36個月，日租金為32,000美元。我們的租船業務持續發展，愛琴海快運汽車/船舶的租船期最短為 10 個月，最長為 12 個月，租金為每天 16,700 美元，最快將於 2025 年 11 月交付。

Additionally, Motor/Vessel Synergy Keelung and Motor/Vessel Synergy Antwerp have been fixed for 36 to 39 months at $35,500 per day. Finally, Motor/Vessel EM Hydra secured a charter for 24 to 26 months at $19,000 per day with the earliest delivery expected in May 2027.

此外，Motor/Vessel Synergy Keelung 號和 Motor/Vessel Synergy Antwerp 號租期為 36 至 39 個月，租金為每天 35,500 美元。最終，Motor/Vessel EM Hydra 獲得了一份為期 24 至 26 個月的租船合同，租金為每天 19,000 美元，預計最早將於 2027 年 5 月交付。

Throughout this period, the fleet experienced no idle periods or commercial off-hire except for Motor/Vessel Diamantis P, which underwent necessary maintenance works for 23 days from December 16, 2024 to January 8, 2025, ensuring that the vessel can continue trading efficiently until the next dry-docking date.

在此期間，除馬達/船舶 Diamantis P 號外，船隊沒有經歷閒置期或商業停租。該船於 2024 年 12 月 16 日至 2025 年 1 月 8 日進行了 23 天的必要維護工作，確保該船能夠繼續高效航行直至下一次乾船塢日期。

Please turn to slide 5. On January 3, 2025, we contributed our three older vessels, Motor/Vessel Aegean Express, Motor/Vessel Diamantis P, and Motor/Vessel Joanna into a separate company, Euroholdings Ltd. in exchange for 100% of the shares of Euroholdings. Subsequently Euroholdings sold Motor/Vessel Diamantis for net proceeds of about $13 million.

請翻到投影片 5。2025 年 1 月 3 日，我們將三艘舊船（Motor/Vessel Aegean Express、Motor/Vessel Diamantis P 和 Motor/Vessel Joanna）捐贈給一家獨立公司 Euroholdings Ltd.，以換取 Euroholdings 100% 的股份。隨後，Euroholdings 出售了 Motor/Vessel Diamantis，淨收益約 1,300 萬美元。

Therefore, Euroholdings as of the end of January had cash of about $13 million plus on Motor/Vessel Aegean Express, which is on charter at $16,700 per day until minimum November '25. And Motor/Vessel Joanna, which is on charter until minimum October 2026 at $16,500 per day.

因此，截至 1 月底，Euroholdings 在 Motor/Vessel Aegean Express 上持有約 1,300 萬美元現金，該船的租船費為每天 16,700 美元，最低租期為 2025 年 11 月。還有機動船/貨輪 Joanna，其租期至少到 2026 年 10 月，租金為每天 16,500 美元。

Euroholdings will dividend out the Euroholdings shares to shareholders providing every shareholder on record on March 7 with one Euroholdings share for every 2.5 Euroholdings -- Euroseas shares. Distribution will occur upon effectiveness of the registration statement and is expected to occur on March 17. Simultaneously, the shares will start trading on the NASDAQ.

Euroholdings 將向股東發放 Euroholdings 股票紅利，即每 3 月 7 日登記在冊的每位股東每持有 2.5 股 Euroholdings--Euroseas 股票即可獲得一股 Euroholdings 股票。分配將在註冊聲明生效後進行，預計將於 3 月 17 日進行。同時，該股票將在納斯達克開始交易。

Further details of the distribution will be provided in a subsequent press release. Whilst the regulatory clearance and listing processes are practically completed, there can be no assurance that the transaction will ultimately occur as if a material event occurs before the final implementation date, either the SEC or the NASDAQ may not finally sign off.

有關分發的更多詳細資訊將在後續新聞稿中提供。雖然監管審批和上市程序實際上已經完成，但無法保證交易最終會發生，因為如果在最終實施日期之前發生重大事件，美國證券交易委員會或納斯達克可能不會最終批准。

Please turn to slide 6 for an update on our current fleet profile. Our current fleet is comprised of 24 vessels in the water, including 17 feeder container ships and seven intermediate container carriers with a total carrying capacity of just under 71,000 TEU and an average age of about 13.5 years.

請翻到投影片 6 來了解我們目前機隊概況的最新情況。我們目前的船隊由 24 艘船組成，其中包括 17 艘支線貨櫃船和 7 艘中型貨櫃船，總運載能力略低於 71,000 TEU，平均船齡約為 13.5 年。

Following the contribution of the two vessels, M/V Joanna and M/V Aegean Express to Euroholdings, our fleet will be reduced to 22 vessels in the water with a carrying capacity of approximately 67,500 TEU and an average age of 12.8 years.

在將 M/V Joanna 和 M/V Aegean Express 兩艘船投入 Euroholdings 之後，我們的船隊將減少到 22 艘船隻，運載能力約為 67,500 TEU，平均船齡為 12.8 年。

Turning to slide 7. You can also see the two vessels that are currently under construction, which are expected to be delivered in the fourth quarter of 2027. These are 4,300 TEU vessels.

翻到幻燈片 7。還可以看到目前正在建造的兩艘船，預計在2027年第四季交付。這些是 4,300 TEU 船舶。

Let's now turn to slide 8 to see our full vessel employment charter. As you can see, the recent charters helped improve the visibility of our expected cash flows, and we have now secured strong charter coverage over the next two years with approximately 85% of our fleet fixed for 2025 and about 49% fixed for 2026.

現在讓我們翻到投影片 8 來查看我們的完整船舶僱用章程。如您所見，最近的租船合約有助於提高我們預期現金流的可見性，而且我們現在已經確保了未來兩年強有力的租船覆蓋率，其中約 85% 的船隊租船合約為 2025 年，約 49% 的船隊租船合約為 2026 年。

Let's move to slide 10 for our broader market overview, focusing on the development of 6 to 12-month time charter rates over the past 10 years. In the fourth quarter of 2024, containership charter rates experienced a slight decline, except for the larger segments where they held their levels.

讓我們轉到第 10 張投影片，了解更廣泛的市場概況，重點關注過去 10 年內 6 至 12 個月定期租船費率的發展。2024 年第四季度，貨櫃船租船費率略有下降，但較大的板塊除外，仍保持水準。

As you see from the graph on the slide, as of February 21, 2025, the 6 to 12-month charter rate for 2,500 TEU containership reached approximately $32,500 per day, which is more than three times the $9,400 per day median rate. Notably, this picture is also significantly higher than the 10-year average rate, which is approximately $16,500 per day. This positive trend is observed across all vessel sizes with the current rate significantly outpacing historical averages, highlighting the market's robust recovery and resilience.

從幻燈片上的圖表可以看出，截至 2025 年 2 月 21 日，2,500 TEU 貨櫃船的 6 至 12 個月租船費率達到每天約 32,500 美元，是每天 9,400 美元中位數費率的三倍多。值得注意的是，這一數字也明顯高於 10 年平均水平，約為每天 16,500 美元。所有規模的船舶都呈現出這種積極趨勢，當前運價大大超過歷史平均水平，凸顯了市場的強勁復甦和韌性。

Moving on to slide 11, we go over some further market highlights. As already shown during the last quarter of 2024, feeder vessel rates decreased by 9%, while the rates for Panamax and post-Panamax vessels rose. The Red Sea region continues to be a key factor in shaping the 2025 containership outlook. While the Gaza ceasefire has eased some tensions, the ongoing Houthi threat remains, and shipping lines may begin reducing via the Suez Canal. However, they will require clear evidence of a permanently reduced risk before making the shift.

我們繼續看第 11 張幻燈片，了解一些進一步的市場亮點。正如 2024 年最後一個季度所顯示的那樣，支線船運價下降了 9%，而巴拿馬型船和超巴拿馬型船的運價則上漲。紅海地區仍是影響2025年貨櫃船前景的關鍵因素。雖然加薩停火緩解了一些緊張局勢，但胡塞武裝的威脅依然存在，通過蘇伊士運河的航運線路可能會開始減少。然而，在做出轉變之前，他們需要明確的證據證明風險已經永久降低。

In the fourth quarter of 2024, average secondhand prices increased by approximately 7% compared to Q3 2024. While prices have risen significantly since the post-COVID period, they still are about 50% below the peak levels they had reached during the pandemic.

2024 年第四季度，二手房平均價格與 2024 年第三季相比上漲了約 7%。儘管自新冠疫情爆發以來價格大幅上漲，但仍比疫情期間的高峰水平低約 50%。

Also, the newbuilding price index increased by just 1% quarter-on-quarter, but still an increase, which is due to limited availability and increased competition between yards, particularly for eco units and larger feeders. As of February 10, 2025, the idle fleet stood at 0.2 million TEU or just 0.6% of the fleet.

此外，新船價格指數環比僅上漲 1%，但仍有所上漲，這是由於供應有限以及船廠之間的競爭加劇，尤其是對於生態型船舶和大型支線船舶而言。截至 2025 年 2 月 10 日，閒置船隊規模為 20 萬 TEU，僅佔船隊的 0.6%。

Recycling activity picked up just slightly with 58 vessels accounting for 83,000 TEU sent to scrapyards during 2024. Given that about 25% of the sub-8,000 TEU fleet is over 20 years old, we expect the recycling volumes to increase if market conditions soften. Scrapping prices eased slightly in Q4 to approximately $490 per lightweight ton but still remain around 20% above 2019 levels. Overall, the fleet grew in 2024 by a staggering 10.8%.

拆解活動略有回升，2024 年將有 58 艘船舶、83,000 TEU 被送往廢料場。鑑於約有 25% 的 8,000 TEU 以下船舶船齡超過 20 年，我們預計，如果市場環境疲軟，回收量將會增加。第四季報廢價格略有下降，至每輕噸約 490 美元，但仍比 2019 年的水準高出約 20%。總體而言，2024 年船隊規模將成長驚人的 10.8%。

Please turn to slide 12. The IMF's latest update from January 2025 project stable yet somewhat underwhelming global economic growth with unchanged forecast from that in October '24, covering around levels -- similar levels for both 2025 and 2026. Undoubtedly, the new US administration's rapid policy changes and reversals, particularly concerning trade policies and geopolitical conflicts collectively pose risks to medium-term growth prospects.

請翻到第 12 張投影片。國際貨幣基金組織 (IMF) 最新預測顯示，2025 年 1 月全球經濟成長將保持穩定但略顯平淡，與 2024 年 10 月的預測一致，2025 年和 2026 年的水準大致相同。毫無疑問，美國新政府政策的快速變化和逆轉，特別是在貿易政策和地緣政治衝突方面，共同對中期成長前景構成風險。

Within this background, the US has seen an upward revision by the IMF with growth forecast trending to grow at 2.7%. This stands in stark contrast to other advanced economies, particularly in Europe, which have seen either downgrades or stagnant growth outlooks at around 1%.

在此背景下，國際貨幣基金組織上調美國經濟成長預測，將成長速度上調至2.7%。這與其他已開發經濟體（尤其是歐洲）形成了鮮明對比，這些經濟體的成長前景要么被下調，要么停滯在 1% 左右。

Emerging markets continue to drive global growth led by India, the ASEAN-5 countries and of course, China. China's growth appears to be slightly revised upwards, but in a lopsided sided fashion with projections of 4.6% this year and 4.5% next year. As the country continues to face steady domestic demand, persistent inflationary pressures and finally, and falling property and equity markets.

新興市場持續推動全球成長，其中印度、東協五國以及中國位居前列。中國經濟成長預期似乎略有上調，但幅度不大，預計今年為 4.6%，明年為 4.5%。由於中國繼續面臨穩定的國內需求、持續的通膨壓力以及房地產和股票市場的下跌。

India is projected to maintain steady economic growth of 6.5% in both 2025 and 2026, driven by strong investment activity, robust agricultural performance and continued expansion in the services sector, which remains a key engine of economic growth.

預計印度在 2025 年和 2026 年都將保持 6.5% 的穩定經濟成長，這得益於強勁的投資活動、強勁的農業表現以及服務業的持續擴張，服務業仍然是經濟成長的主要引擎。

Southeast Asian countries are also positioned for solid growth, benefiting from regional demand and investment momentum. Global inflation is expected to decline. However, the near-term trajectory may still face challenges with persistent services and wage inflation in several parts of the world, leading to the synchronized monetary policy responses. The risks to the global inflation outlook will be tilted to the upside given the prospect of increased protectionism, geopolitical tensions, derisking and demographic constraints. According to Clarksons, the container demand outlook for 2025 remains murky with many variables at play.

東南亞國家也有望實現穩健成長，受益於區域需求和投資動能。預計全球通膨將會下降。然而，短期內經濟成長軌跡仍可能面臨挑戰，全球多個地區服務業和薪資持續上漲，導致貨幣政策反應同步。鑑於保護主義加劇、地緣政治緊張局勢、去風險化和人口結構限制的前景，全球通膨前景的風險將傾向於上行。克拉克森表示，2025 年的貨櫃需求前景依然不明朗，有許多變數。

In its latest market report, Clarksons projects trade growth to decline by 1%. This is attributed to factors such as US tariffs, ongoing geopolitical risks in the Red Sea and despite the Gaza ceasefire that persisting Houthi threat, making a return to normal shipping operations more challenging.

克拉克森在其最新的市場報告中預測貿易成長將下降 1%。這是由於美國關稅、紅海持續存在的地緣政治風險以及儘管加薩停火但持續存在的胡塞威脅等因素造成的，使恢復正常航運運營更具挑戰性。

Looking into 2026, the containerized trade demand is forecast to decline even further by 3.9% with further potential for a demand supply imbalance due to continued fleet growth and possible easing of the Red Sea disruption. In light of this, we remain mindful that both the IMF and Clarksons projections could change depending on macroeconomic risks, US trade policy and evolving geopolitical tensions, which could impact medium-term growth prospects.

展望2026年，預計貨櫃貿易需求將進一步下降3.9%，由於船隊的持續成長和紅海中斷可能緩解，供需失衡的可能性將進一步增加。有鑑於此，我們仍然注意到，國際貨幣基金組織和克拉克森的預測都可能根據宏觀經濟風險、美國貿易政策和不斷變化的地緣政治緊張局勢而發生變化，這可能會影響中期成長前景。

Please turn to slide 13, where you can see the total fleet age profile and containership orderbook. The containership fleet is relatively young with most vessels under 15 years old and only 11% of the fleet over 20 years old. As of February 2025, the orderbook as a percentage stands at 27%. Turning on to slide 14, we go over the fleet age profile and orderbook only for ships in the 1,000 TEU to 3,000 TEU range, the sizes we mostly operate in.

請翻到第 13 張投影片，您可以看到船隊總船齡概況和貨櫃船訂單簿。貨櫃船隊相對年輕，多數船舶船齡不到15年，只有11%的船舶船齡超過20年。截至 2025 年 2 月，訂單佔比為 27%。翻到第 14 張投影片，我們只介紹了 1,000 TEU 至 3,000 TEU 範圍內船舶的船隊年齡概況和訂單，這些是我們主要營運的尺寸。

And there, we see a very different picture. The orderbook here stands at just 3.2% as of February 2025. According to Clarksons in 2025, new deliveries are projected to amount to just 2.1%. This pace would slow down even further in 2026 and 2027 with even fewer ships expected to be delivered. You can also notice that about 15% of the fleet in this size range is over 15 years old.

在那裡，我們看到了一幅截然不同的景象。截至 2025 年 2 月，這裡的訂單量僅為 3.2%。據克拉克森預測，2025 年新船交付量將僅佔 2.1%。2026 年和 2027 年，這一速度將進一步放緩，預計交付的船舶數量將更少。您還會注意到，這個規模範圍內的船隊中約有 15% 的船齡超過 15 年。

Let's move to slide 15. As shown in the previous two slides, the orderbook is predominantly focused on large containers. The increase in main lane volumes inevitably drives greater demand for regional distribution by feeder vessels as well.

讓我們翻到第 15 張投影片。如前兩張投影片所示，訂單主要集中在大型貨櫃上。主航線運量的增加也不可避免地會帶動對支線船區域配送的需求增加。

Thus, we believe that there will continue to be quite high demand for feeder and intermediate size vessels despite the cascading effect, of course, which pushes towards the use of larger ships when this is possible due to port capacity improvements and increased volume requirements. This category of ships is, however, aging extremely rapidly and currently, the percentage of vessels exceeding 20 years is on average about 27%.

因此，我們相信，儘管存在連鎖效應，當港口容量提高和運量需求增加時，會推動使用更大的船舶，但對支線船舶和中型船舶的需求仍將相當高。但該類船舶老化速度極快，目前船齡超過20年的船舶比例平均約27%。

All these ships are current candidates for scrapping in case there is a market decline also due to the new environmental regulations. 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 in the overall fleet.

如果新的環境法規導致市場下滑，所有這些船舶都將成為報廢的候選船舶。因此，與整體船隊中較大船型的預期成長相比，這些細分市場的船隊運力很可能會下降。

Moving on to slide 16. As already discussed, container shipping market saw substantial gains in 2024 with both freight and charter rates reaching levels not seen since the COVID period. However, in recent weeks, freight rates, particularly on the East Europe route have dropped sharply due to expectations of rerouting through the Suez Canal following the Gaza ceasefire.

翻到第 16 張投影片。正如前文所討論的，貨櫃航運市場在 2024 年實現了大幅增長，運費和租船費率均達到了新冠疫情以來的最高水準。然而，最近幾週，由於加薩停火後預期將改道蘇伊士運河，運費，特別是東歐航線的運費急劇下降。

This shift has yet to be reflected in the time charter market. Looking ahead, in 2025 and beyond, the container shipping market development is very uncertain, primarily driven by two factors, geopolitical risks and trade war-related issues. While the Gaza ceasefire has prompted discussions, it remains uncertain when shipping lines will resume rerouting through the Suez Canal.

這種轉變尚未在定期租船市場中反映出來。展望2025年及以後，貨櫃航運市場的發展非常不確定，主要受到地緣政治風險和貿易戰相關議題兩個因素的影響。儘管加薩停火引發了討論，但航運線何時能恢復通過蘇伊士運河的航線仍不確定。

On the trade war front, the anticipation of US -- of high US customs duties under the new Trump administration has led to a surge in early orders driving up freight rates. This is now reversing. The 10% tariff on Chinese goods and the 25% tariff on goods from Mexico and Canada set to take effect in March 2025, if that happens, plus tariffs on Europe yet to be determined and the recently announced fees on Chinese build and own vessels entering US ports. All these -- we remain to see how these controversial actions could lead to slower global growth.

貿易戰方面，由於預期美國新川普政府將徵收高額關稅，早期訂單激增，推高了運費。現在，情況正在逆轉。如果真的發生，對中國商品徵收 10% 的關稅，對來自墨西哥和加拿大的商品徵收 25% 的關稅，將於 2025 年 3 月生效，另外還有尚未確定的對歐洲的關稅，以及最近宣布的對中國建造和擁有的船隻進入美國港口的費用。所有這些——我們仍有待觀察這些有爭議的行動將如何導致全球經濟成長放緩。

Anyway, their full impact remains to be seen as they may also trigger additional inefficiencies, which may create opportunities as often happens in shipping. In the supply side, vessels ordered by shipping companies in the post-COVID years are now entering the market in large numbers. This trend, as discussed, is expected to continue in 2025 up to 2028. And based on cargo volume forecast, many of these vessels will likely struggle to fill their capacity.

無論如何，它們的全部影響仍有待觀察，因為它們也可能引發額外的效率低下，這可能會創造機會，就像航運中經常發生的那樣。供給方面，航運公司在後疫情時代訂購的船舶目前正大量進入市場。正如所討論的，這一趨勢預計將在 2025 年至 2028 年持續。根據貨運量預測，許多船舶可能難以達到其運力要求。

If the factors currently supporting the containership market begin to fade, the market downturn could be quite swift. However, potential reductions in vessel speeds driven by efforts to reduce emissions and support green initiatives may help ease supply pressures and contribute to market stability. The energy transition has continued to gain traction in the container sector.

如果目前支撐貨櫃船市場的因素開始消退，市場下滑可能會相當迅速。然而，為減少排放和支持綠色倡議而採取的措施可能會降低船舶航速，從而有助於緩解供應壓力並促進市場穩定。貨櫃領域的能源轉型持續受到關注。

Although there is a clear shift towards adopting new fuels, the pace of this transition is likely to be slower than anticipated due to technical and economic hurdles. Meanwhile, the premium for charter rates of eco-friendly vessels is expected to grow as both charterers and the industry as a whole become increasingly focused on sustainable transport solutions.

儘管人們明顯轉向採用新燃料，但由於技術和經濟障礙，這種轉變的速度可能比預期的要慢。同時，隨著租船人和整個產業越來越關注永續運輸解決方案，環保船舶的租船費率也預計會上漲。

Please turn to slide 16. The left-hand side -- slide -- graph depicts the strengthening in the containership market throughout the year. As of February 21, 2025, one-year time charter rate for 2,500 TEU containerships stood at $32,500.

請翻到第 16 張投影片。左側的幻燈片圖表描繪了全年貨櫃船市場的增強趨勢。截至 2025 年 2 月 21 日，2,500 TEU 貨櫃船的一年期租租金為 32,500 美元。

Newbuilding prices also picked up a little bit during the fourth quarter and into the beginning of 2025, reflecting consistent demand driven by the limited shipyard capacity, the rising construction costs. Over the long-term, elevated costs for greener technologies and stricter emission standards are expected to keep newbuilding prices -- are expected to help keep newbuilding prices high.

新船價格在第四季和 2025 年初也略有回升，反映出受造船廠產能有限和建造成本上升推動的持續需求。從長遠來看，綠色技術成本的上升和更嚴格的排放標準預計將使新造船價格保持在高位。

Similarly, secondhand vessel prices have increased from a low of $15 million in late 2023 to $31 million by December 2024, supported by the improving market sentiment and the robust charter demand. In this environment and with a very strong cash position, we continue to look at opportunities that will help us grow the company and enhance shareholder returns. And with that, I will pass the floor over to our CFO, Tasos Aslidis, to go over our financial highlights in further detail.

同樣，受市場情緒改善和租船需求強勁的支撐，二手船價格已從 2023 年底的 1500 萬美元低點上漲至 2024 年 12 月的 3100 萬美元。在這種環境下，憑藉非常強勁的現金狀況，我們將繼續尋找有助於公司發展和提高股東回報的機會。接下來，我將把發言權交給我們的財務長 Tasos Aslidis，讓他進一步詳細地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 four slides, I will give you an overview of our financial highlights for the fourth quarter and full year of 2024 and we will make the related comparisons to the same period of last year.

非常感謝您，阿里斯蒂德斯。女士們、先生們，我也向大家問好。在接下來的四張投影片中，我將概述我們 2024 年第四季和全年的財務亮點，並與去年同期進行相關比較。

For that, let's start by going to slide 19. For the fourth quarter of 2024, Euroseas reported total net revenues of $53.3 million, representing an 8.7% increase over total net revenues of $49.1 million during the fourth quarter of last year.

為此，讓我們從第 19 張投影片開始。2024 年第四季度，Euroseas 報告總淨收入為 5,330 萬美元，比去年第四季的總淨收入 4,910 萬美元成長 8.7%。

And that increase was mainly the result of the increased average number of vessels we operated in the fourth quarter of this year compared to the last year. We reported net income for the period of $24.4 million as compared to net income of $24.7 million for the fourth quarter of 2023.

這一增長主要是因為我們今年第四季營運的船舶平均數量與去年同期相比有所增加。我們報告本期淨收入為 2,440 萬美元，而 2023 年第四季淨收入為 2,470 萬美元。

Interest and other financing costs for the fourth quarter of 2024 amounted to $2.7 million, of which $0.56 million relates to interest income, imputed interest imputed interest, charged and capitalized in in relation to our newbuilding program compared to $2.5 million for the same period of last year, of which $0.26 million relates to imputed interest charged at capitalized in relation to our newbuilding program for that period.

2024 年第四季的利息和其他融資成本為 270 萬美元，其中 56 萬美元涉及利息收入、估算利息、與我們的新造船計劃相關的費用和資本化，而去年同期為 250 萬美元，其中 26 萬美元涉及與我們該期間的新造船計劃相關的費用和資本化的估算利息。

This increase is due to the increased amount of debt that we had in the current period compared to last. Also interest income during the fourth quarter of this year was $0.8 million compared to $0.5 million for the fourth quarter of 2023.

這一增長是由於我們本期的債務金額與上一期相比有所增加。今年第四季的利息收入為 80 萬美元，而 2023 年第四季的利息收入為 50 萬美元。

Adjusted EBITDA for the fourth quarter of this year increased to $32.8 million compared to $32.4 million for the corresponding period the fourth quarter of 2023. Basic and diluted earnings per share for the fourth quarter of 2024 were $3.51 and $3.49 per share calculated on about 7 million basic diluted weighted average number of shares outstanding compared to basic diluted earnings per share of $3.58 and [Technical Difficulty]

今年第四季調整後 EBITDA 增至 3,280 萬美元，而 2023 年第四季同期為 3,240 萬美元。2024 年第四季基本每股盈餘和稀釋每股盈餘分別為 3.51 美元和 3.49 美元，這是根據約 700 萬股基本稀釋加權平均流通股計算得出的，而基本稀釋每股收益為 3.58 美元，[技術難題]

Unfortunately his line just dropped. Let me call him back, please stand by.

很遺憾，他的電話斷了。我回撥給他，請稍候。

Okay. I am continuing from the point of the base of the earnings per share. So I might repeat the last part here. Basic diluted earnings per share for the fourth quarter of 2024 were $3.51 share basic and $3.49 shares diluted calculated on about 7 million weighted average number of shares outstanding, respectively. Compared to basic and diluted earnings per share of $3.58 and $3.56 per share basic diluted for the fourth quarter of 2023, which was calculated on the basis of about 6.9 million shares -- weighted average number of shares outstanding.

好的。我繼續從每股盈餘的基礎角度進行論述。所以我可能會在這裡重複最後一部分。2024 年第四季基本稀釋每股盈餘分別為 3.51 美元和 3.49 美元，以約 700 萬股加權平均流通股計算。相較之下，2023 年第四季的基本每股盈餘和稀釋每股盈餘分別為 3.58 美元和 3.56 美元，這是根據約 690 萬股（加權平均流通股數）計算得出的。

The adjusted earnings per share for the fourth quarter ending December 31, 2024, were $3.35 per share basic and $3.33 per share diluted compared to adjusted earnings of $3.62 and $3.61 per share basic and diluted respectively, for the same period of last year. I will refer you to the press release we issued earlier today for a reconciliation between earnings and adjusted earnings. Let us now look at the numbers for the corresponding full year period of year 2024 versus 2023.

截至 2024 年 12 月 31 日的第四季度調整後每股收益為基本每股 3.35 美元，稀釋每股 3.33 美元，而去年同期調整後每股收益基本每股 3.62 美元，稀釋每股 3.61 美元。我將向您推薦我們今天早些時候發布的新聞稿，以了解收益和調整後收益之間的對帳。現在讓我們來看看 2024 年與 2023 年全年對應的數字。

For the full year of 2024, we reported total net revenues of $212.9 million, representing a 12.4% increase over net revenues of $189.4 million during 2023, again, mainly the result of the increased number of vessels we own and operated, partly offset by the lower average time charter rates we earned in 2024. We reported net income for the year of $112.8 million, as compared to $114.5 million for the 12 months of 2023.

2024 年全年，我們的總淨收入為 2.129 億美元，比 2023 年的 1.894 億美元淨收入增長 12.4%，這主要得益於我們擁有和運營的船舶數量增加，但 2024 年我們獲得的平均定期租船費率較低，部分抵消了這一增長。我們報告的年度淨收入為 1.128 億美元，而 2023 年 12 個月的淨收入為 1.145 億美元。

Total interest and other financing costs for 2024 amounted to $10.6 million, of which $4.2 million relates to interest income, imputed interest charged at capitalized in relation to our newbuilding program compared to $6.4 million for 2023, of which $3.2 million is interest income.

2024 年的總利息和其他融資成本為 1,060 萬美元，其中 420 萬美元與利息收入有關，估算利息以資本化方式計算，與我們的新建船舶計劃有關；而 2023 年為 640 萬美元，其中 320 萬美元為利息收入。

So the total interest expense was $9.8 million. And that we included interest related to the imputed interest charged at capitalized in relation to our newbuilding program. Again, this increase is due to the higher amount of debt we carried in 2024 versus 2023. Interest income in 2024 was about $2.4 million versus $1.4 million in 2023 as a result of the higher cash balances we maintained during the year.

因此總利息支出為 980 萬美元。並且我們將與新造船計劃相關的資本化估算利息也包括在內。再次，這一增長是由於我們在 2024 年承擔的債務金額高於 2023 年。由於我們在當年維持了較高的現金餘額，2024 年的利息收入約為 240 萬美元，而 2023 年為 140 萬美元。

Adjusted EBITDA for 2024 increased to $135.8 million compared to $123.6 million during 2023, as a result of higher revenues and almost 10% increase. In terms of earnings per share, in 2024, basic earnings were $16.25 and diluted $16.18 calculated both approximately $6.9 million and $7 million, respectively, basic and diluted weighted average number of shares outstanding compared to $16.53 and $16.52 per share basic and diluted for the 12 months of 2023.

2024 年調整後 EBITDA 增至 1.358 億美元，而 2023 年為 1.236 億美元，原因是營收增加且增幅接近 10%。就每股盈餘而言，2024 年基本收益為 16.25 美元，稀釋收益為 16.18 美元，以流通股基本和稀釋加權平均數計算分別約為 690 萬美元和 700 萬美元，而 2023 年 12 個月基本和稀釋每股收益分別為 16.53 美元和 16.52 美元。

The adjusted earnings for the year of 2024 were $14.92 basic and $14.85 per share diluted compared to $14.99 and $14.98 for 2023. Again, our release -- our press release earlier today shows the exact reconciliation between earnings and adjusted earnings.

2024 年調整後每股基本收益為 14.92 美元，稀釋後每股收益為 14.85 美元，而 2023 年調整後每股基本收益為 14.99 美元，稀釋後每股收益為 14.98 美元。再次，我們今天早些時候發布的新聞稿顯示了收益和調整後收益之間的準確對帳。

Please now move to slide 20 to review some figures from our fleet and our fleet performance. Starting first with our utilization rate and first for the fourth quarter. During the fourth quarter of 2024, our overall utilization rate was 99.6% compared to 99.9% overall utilization rate for the fourth quarter of 2023.

現在請翻到第 20 張幻燈片來查看我們船隊和船隊表現的一些數據。首先從我們的利用率開始，然後是第四季。2024 年第四季度，我們的整體利用率為 99.6%，而 2023 年第四季的總體利用率為 99.9%。

Last year, in the fourth quarter, we operated 23 vessels, earning an average time charter equivalent rate of $26,479 per day compared to 19 vessels in the same period in the fourth quarter of 2023, earning on average $29,266 per vessel per day.

去年第四季度，我們營運 23 艘船舶，平均定期租船等值費率為每天 26,479 美元，而 2023 年第四季同期我們營運 19 艘船舶，平均每艘船舶每天的收入為 29,266 美元。

Our operating expenses, including management fees and G&A expenses, but excluding drydocking costs were a bit lower in the fourth quarter of 2024 compared to the previous year and stood at $7,728 per vessel per day in the fourth quarter of 2024 compared to $7,932 per vessel per day for the same period in 2023. At the bottom of this table in this section of this table, we can see the cash flow break-even rate, which also takes into account drydocking expenses, interest expenses and loan repayments.

2024 年第四季度，我們的營運費用（包括管理費和一般及行政費用，但不包括乾船塢成本）與前一年相比略有下降，為每艘船每天 7,728 美元，而 2023 年同期為每艘船每天 7,932 美元。在表的此部分底部，我們可以看到現金流量損益平衡率，其中還考慮了乾船塢費用、利息費用和貸款償還。

Last, for the fourth quarter of 2024, our daily cash flow break-even rate was $14,935 per vessel per day compared to a bit above $15,000 for the same period of 2023. Let's quickly look at the same numbers for the full year. During the full year of 2024, overall utilization rate was 99.7% compared to 98.6% for 2023.

最後，2024 年第四季度，我們的每日現金流損益平衡率為每艘船每天 14,935 美元，而 2023 年同期略高於 15,000 美元。讓我們快速看一下全年相同的數字。2024 年全年整體利用率為 99.7%，而 2023 年為 98.6%。

For the whole year, we operated on average 21.7 vessels, earning above $28,000 per day on average compared to 18.3 vessels for the whole year of 2023, earning on average about $29,700 per vessel per day. On the cost side, on the operating cost side, for the full year, again, including running expenses, management fees and G&A, but not including drydocking costs, we averaged $7,526 per vessel per day in 2024 compared to $7,875 per vessel per day in 2023, showing an improvement of about just below 5% improvement on the cost side.

全年我們平均營運 21.7 艘船隻，平均每天收入超過 28,000 美元，而 2023 年全年平均營運 18.3 艘船隻，平均每艘船隻每天收入約為 29,700 美元。在成本方面，在營運成本方面，就全年而言，同樣包括營運費用、管理費和一般及行政費用，但不包括乾船塢成本，2024 年我們平均每艘船每天 7,526 美元，而 2023 年每艘船每天 7,875 美元，成本方面改善了約 5% 以下。

The cash flow break-even rate for 2024, including again, the interest expense -- cash interest expenses, drydocking expenses and loan repayments was about $14,800 for 2024 compared to $14,150 in 2023, the increase partly due or mainly due to higher drydocking expenses and a little bit higher interest expenses.

2024 年的現金流盈虧平衡率（再次包括利息支出——現金利息支出、乾船塢支出和貸款償還）約為 14,800 美元，而 2023 年為 14,150 美元，增長部分或主要原因是乾船塢支出增加以及利息支出略有增加。

At the bottom of this table, we can look at another line which shows our common dividend expressed in dollars per day per vessel and in both on the quarterly -- for the last quarter and for the full year. So in all cases, our interest translates to around $2,000 per vessel per day for the fourth quarter of '23, '24 and about $2,100 per vessel per day for the respective full years.

在此表的底部，我們可以看到另一行，其中顯示了我們的普通股息，以每艘船每天的美元數額表示，以及上一季和全年的普通股息。因此，在所有情況下，我們的利益相當於 23 年和 24 年第四季每艘船每天約 2,000 美元，以及相應全年每艘船每天約 2,100 美元。

Let's now move to slide 21 to review our debt profile. As of December 31, 2024, our total debt stood at approximately $208 million, and that figure does not include about $52 million of additional debt that we assumed in January -- in early January 2025 to finance the delivery of our last 2, 2,800 TEU newbuilding’s.

現在讓我們翻到第 21 張投影片來回顧我們的債務狀況。截至 2024 年 12 月 31 日，我們的總債務約為 2.08 億美元，該數字還不包括我們在 2025 年 1 月初為交付最後 2 艘 2,800 TEU 新船而承擔的約 5,200 萬美元的額外債務。

Including this latest $52 million in our loan book in 2025, we expect loan repayments of about $24.4 million and additionally, loan repayments of about $16.25 million. In 2026, we have scheduled repayments of about $19.55 million with no balloon payments due during that year.

包括我們 2025 年貸款帳簿中最新的 5,200 萬美元在內，我們預計貸款償還約 2,440 萬美元，此外，貸款償還約 1,625 萬美元。2026 年，我們計劃償還約 1,955 萬美元，當年無需支付大額還款。

In 2027, we have to make payments -- loan payments of $16.85 million along with scheduled balloon payments of $20 million. As of the end of last year, our senior debt carried an average margin of 2.1%, adding that to a base off rate of about 4.3%, this results in total cost of debt of around 6.4%. Because we have swapped part of our debt -- part of our SOFR exposure for a lower SOFR level, our adjusted overall debt cost amounts to about 6.34% under these assumptions of SOFR.

2027 年，我們必須付款——1685 萬美元的貸款以及 2000 萬美元的預定大額付款。截至去年年底，我們的優先債務平均利潤率為 2.1%，加上約 4.3% 的基準利率，總債務成本約為 6.4%。由於我們已經將部分債務（部分 SOFR 曝險）換成了較低的 SOFR 水平，因此根據這些 SOFR 假設，我們的調整後總債務成本約為 6.34%。

And if we actually include in the averages, the last two loans that I mentioned earlier that were -- that they have a smaller margin over SOFR, the overall cost of our debt, including those loans drops below 6.3%. I would like to draw your attention finally on this slide at the bottom of the slide, where we present our projected cash flow break-even for the next 12 months and we break it down in its components.

如果我們實際上將我之前提到的最後兩筆貸款納入平均值中——它們的利潤率低於 SOFR，那麼包括這些貸款在內的我們的總債務成本就會降至 6.3% 以下。最後，我想提請大家注意這張幻燈片底部的這張幻燈片，其中我們展示了未來 12 個月預計的現金流盈虧平衡，並將其分解成各個組成部分。

But overall, we expect our cash flow break-even for 2025 essentially to be around $12,600 per vessel per day, a level that is significantly below the average daily earnings of our fleet. To conclude my brief remarks, let's move to slide 22 to review some highlights from our balance sheet as we do every time. Our balance sheet is very simple.

但總體而言，我們預計 2025 年的現金流盈虧平衡點基本上在每艘船每天 12,600 美元左右，這一水平遠低於我們船隊的平均每日收入。為了結束我的簡短發言，讓我們像往常一樣，翻到第 22 張投影片來回顧我們資產負債表中的一些亮點。我們的資產負債表非常簡單。

It includes cash and some other current assets, advances we paid for our new buildings and of course, the book value of our assets in the water. Thus, as of December 31, we had cash and other current assets of about $90.3 million, while we made advances for our newbuilding program near $57 million. And we also have the book value of our assets, which is about $443.4 million, resulting in total book value of our assets in our balance sheet of $590.6 million.

其中包括現金和一些其他流動資產、我們為新建築支付的預付款，當然還有我們在水中的資產的帳面價值。因此，截至 12 月 31 日，我們的現金和其他流動資產約為 9,030 萬美元，同時我們為新造船計劃預付了近 5,700 萬美元。我們的資產帳面價值約為 4.434 億美元，因此我們資產負債表中的資產總帳面價值為 5.906 億美元。

On the liability side, we had debt that, as I mentioned in the previous slide, $207.3 million as of the end of last year, and that represents about 35% of the book value of our assets. We also had various other liabilities that amounted altogether about $18 million of about -- or about 3% of the book value of our assets, which leaves has a book value of our shareholders' equity about $365 million, give or take, or around $52 per share.

在負債方面，正如我在上一張投影片中提到的，截至去年年底，我們的債務為 2.073 億美元，約占我們資產帳面價值的 35%。我們還有其他各種負債，總額約 1,800 萬美元，約占我們資產帳面價值的 3%，這意味著我們股東權益的帳面價值約為 3.65 億美元，或每股 52 美元左右。

However, it is important here to note that the charter adjusted market value of our fleet is significantly higher than its book value. We estimate as of the end of last year, the charter adjusted market value of our fleet to be about $130 million higher than its book value. That adds about $20 per share to our net asset value, bringing our net asset value per share to close $72.

然而，需要注意的是，我們船隊的租船調整市場價值明顯高於其帳面價值。我們估計，截至去年年底，我們船隊的租船調整市場價值比其帳面價值高出約 1.3 億美元。這使我們每股淨值增加約 20 美元，使我們每股淨值接近 72 美元。

On a pro forma basis for the Euroholdings spin-off that Aristides mentioned earlier, if as we -- as of December 31, we exclude the value of the assets that has been contributed to Euroholdings after the spin-off of those -- of that company, we will serve to adjust our NAV by about 5%. So the NAV after the spin-off, we expect to be around $68.2 per share.

根據阿里斯蒂德斯先前提到的 Euroholdings 分拆的備考基礎，如果我們——截至 12 月 31 日——排除該公司分拆後對 Euroholdings 貢獻的資產價值，我們將調整我們的資產淨值約 5%。因此，我們預計分拆後的資產淨值約為每股 68.2 美元。

In either case or after the spin-off, given that our stock is currently trading around $34 per share, you can see a significant substantial discount -- we can see that we take a significant discount to our net asset value, highlighting the substantial upside potential that our shares have and the gains that would be expected for our shareholders and investors. And with that, I would like to turn the floor back to Aristides to continue the call.

無論是哪種情況，或者在分拆之後，考慮到我們股票目前的交易價格約為每股 34 美元，您可以看到一個相當大的折扣——我們可以看到，我們的淨資產價值有一個很大的折扣，突顯了我們股票的巨大上漲潛力以及我們的股東和投資者預期的收益。現在，我想把發言權交還給阿里斯蒂德斯，讓他繼續發言。

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

謝謝你，塔索斯。現在請容許我回答大家可能提出的任何問題。

(Operator Instructions) Mark Reichman, NOBLE Capital Markets.

（操作員指示）NOBLE Capital Markets 的 Mark Reichman。

Yes. While we haven't removed the two vessels from our estimates yet, I mean, it seems pretty safe to do so. And the question is regardless of whether the distribution occurs on March 17 or even July 17, Euroseas income statements for the -- will be based on the drop-down as of January 8. Is that correct?

是的。雖然我們還沒有從估計中剔除這兩艘船，但我的意思是，這樣做似乎是相當安全的。問題是，無論分配發生在 3 月 17 日還是 7 月 17 日，Euroseas 的收入報表都將基於 1 月 8 日的下拉清單。對嗎？

Yes.

是的。

And second, the expected scheduled off-hire days, including the laid up, what are your expectations for 2025? I think we have 50 days a quarter. Does that seem ?

其次，預計的停租天數（包括閒置天數）對 2025 年有何預期？我認為我們每個季度有 50 天。這看起來？

I think we have very little drydocking because that is really what the off-hire is only when we have a drydock because commercial off-hire we're not having these days with the high charter rates. And technical breakdowns, you can calculate one day per quarter to be pretty safe. So it all depends on drydocking and we have extremely few drydocking’s this year.

我認為我們很少進行乾船塢作業，因為只有當我們擁有乾船塢時，才會真正進行停租，因為如今由於租船費率較高，我們無法進行商業停租。對於技術故障，你可以計算出每季一天，這是相當安全的。所以一切都取決於乾船塢，而今年我們的乾船塢次數極少。

I think we're budgeting about 70, 75 days for drydocking’s in 2025.

我認為我們預計 2025 年的乾船塢維修時間約為 70 到 75 天。

70 to 75 for the full year. Well, that's reflected in your projections here on your break-even. I mean you have very little spend in there for drydocking. And then just the last question. The rate for the NB Oakland, it looked like it increased to $42,000 from $35,500.

全年70至75。嗯，這反映在您對損益兩平的預測中。我的意思是，你在那裡花的錢很少用於乾船塢。接下來是最後一個問題。NB 奧克蘭的費率似乎從 35,500 美元上漲到了 42,000 美元。

And you've got the Emmanuel and the Arena, which are both similar intermediate vessels, which come up for recharter in, I believe, April. Would you kind of expect a similar rate as to the Oakland for those vessels?

還有 Emmanuel 號和 Arena 號，它們都是類似的中型船舶，我相信它們將在四月份重新出租。您是否期望這些船隻的運費與奧克蘭號的運費相似？

I don't think the Oakland has increased. I mean the $42,000 on the Oakland has been getting it for quite a long time. Current market is at $35,500, which is what we did on the Synergy Antwerp the Synergy Keelung just two or three weeks ago. So this is the current market for those ships. These ships, they don't open up yet.

我不認為奧克蘭有增加。我的意思是奧克蘭的 42,000 美元已經花了相當長一段時間了。目前的市場價格為 35,500 美元，這正是我們兩三週前在 Synergy Antwerp 和 Synergy Keelung 上所做的事情。這就是這些船舶的當前市場。這些船還沒有開放。

So charters are waiting a little bit to see how the market develops. And we have to see how we will be able to fix them. But current market is $35,500 is what we did on our near sister vessels.

因此，包機公司正在等待一段時間，觀察市場如何發展。我們必須想辦法解決這些問題。但目前的市場價格是 35,500 美元，這是我們近親船隻的價格。

Yes. For three-year charters, $35,500.

是的。三年租船費為 35,500 美元。

Yes, that's for three years. If we do a shorter duration, it will be probably a higher rate, but we would like to fix for a longer duration.

是的，已經三年了。如果我們持續時間較短，那麼利率可能會更高，但我們希望持續時間更長。

And so -- and this is the final question. If the distribution happens on the 17, would that mean Euroholdings first day of trading would be the 18?

所以——這是最後一個問題。如果分配發生在 17 日，這是否意味著 Euroholdings 的第一個交易日將是 18 日？

I think we have to get back on you on that, but I believe the 17 would be the first day of trading. There will be some when issue trading possibilities even before that, but we will probably -- we will issue a release clarifying to these technicalities.

我認為我們必須就此回复您，但我相信 17 日將是交易的第一天。在此之前，可能會出現一些發行交易的可能性，但我們可能會發布一份新聞稿來澄清這些技術細節。

(Operator Instructions) Poe Fratt, Alliance Global Partners.

（操作員指示）Poe Fratt，Alliance Global Partners。

Tasos, can you -- well, one, Aristides I'd like to compliment you because you always not only do a thorough overview of the container ship market, but also it's a very measured one, which I really appreciate. You highlight a lot of things that potentially could go wrong, but I really appreciate that. But Tasos, could you Tasos talk about fourth quarter OpEx or G&A per day? It looks like it was over $1,000. You're forecasting about 35% lower than that going into the first quarter.

塔索斯，你能——嗯，首先，阿里斯蒂德斯，我想稱讚你，因為你不僅總是對貨櫃船市場進行徹底的概述，而且還非常慎重，我真的很欣賞。您強調了很多可能出錯的事情，但我真的很感激。但是 Tasos，您能談談第四季度的營運支出或每日一般及行政開支嗎？看起來好像超過 1,000 美元了。您預測第一季的銷售額將比這個數字低 35% 左右。

And was that because of the spin-off? Or can you just highlight any maybe unusual G&A expenses that happened in the fourth quarter?

這是因為衍生作品嗎？或者您能否重點介紹一下第四季度發生的任何可能不尋常的 G&A 費用？

Yes. I mean, typically, our fourth quarter you'd see a little bit bump on the G&A. [It's up] not so much on the expense for the spin-off, but there is a year-end bonus that certain -- the company pays that is reflected in the fourth quarter numbers.

是的。我的意思是，通常情況下，我們第四季的一般及行政費用會略有增加。增加的幅度不大，主要不是因為分拆帶來的支出，而是因為公司發放的年終獎金——這反映在了第四季的數據中。

And then as you mentioned, you're going to report the first quarter with ex the spinout, correct, just from a modeling standpoint?

然後，正如您所提到的，您將報告第一季的分拆情況，對嗎，僅從建模的角度來看？

What's going to happen is that we expect to include -- I mean, Euroseas will include the Euroholdings vessel up to the date of the actual distribution. So I think it will include earnings from Euroholdings up until March 17, assuming that is the distribution date.

我們預計將會包括——我的意思是，Euroseas 將包括 Euroholdings 船隻直至實際分配日期。因此我認為它將包括截至 3 月 17 日 Euroholdings 的收益（假設那是分配日期）。

So it will have those extra vessels, but we will provide an adjusted earnings to reflect the continuing fleet. Because what we are distributing a very small percentage, we will not have to report historically -- we won't have to adjust historically the results of Euroseas to reflect the continuing (technical difficulty). I mean it was very different in the EuroDry case seven years ago.

因此它將擁有這些額外的船隻，但我們將提供調整後的收益以反映持續的船隊規模。因為我們分配的比例很小，所以我們不必根據歷史情況進行報告——我們不必根據歷史情況調整歐洲海事組織的結果來反映持續的（技術難度）。我的意思是七年前的 EuroDry 案例非常不同。

In this case, it will be like we are selling the vessel or providing dividends. So the formal accounting numbers will include the two of the three vessels up until March 17. They will include the capital gain from Diamantis also on Euroseas, but we will provide some adjustment and some explanatory (technical difficulty).

在這種情況下，這就像我們在出售船隻或提供股息一樣。因此，截至 3 月 17 日，正式統計數字將包括三艘船中的兩艘。它們將包括 Diamantis 在 Euroseas 的資本收益，但我們將提供一些調整和一些解釋（技術難度）。

(technical difficulty) So it's going to -- the first quarter is going to be a little noisy. And just a little bit of a nitpicky thing. But in your time charter chart, the fleet profile, it shows the Antwerp is not having any follow-on work after March. I just want to make sure and confirm that, that also was awarded a three-year time charter at $35,500 just like the Keelung.

（技術難題）所以第一季將會有點混亂。這只是一件有點吹毛求疵的事。但在您的定期租船圖表和船隊概況中，顯示安特衛普號在三月之後沒有任何後續工作。我只是想確認一下，那艘船也像「基隆號」一樣，獲得了一份為期三年、租金為 35,500 美元的定期租船合約。

Yes. I mean I have in front of me the slide from my computer though, not from the version that we shared on the web, and it does show Antwerp having $35,500 until May 28.

是的。我的意思是，我面前的幻燈片是我電腦上的，而不是我們在網路上分享的版本，它確實顯示安特衛普在 5 月 28 日之前擁有 35,500 美元。

It's just (technical difficulty). But can you just highlight how much you're going to spend on the newbuilds in 2025 and 2026 and '27, if you have those numbers handy?

這只是（技術難度）。但是，如果您手邊有這些數字，您能否重點介紹一下 2025 年、2026 年和 2027 年您將在新建船舶上花費多少錢？

I think -- I don't think we have any payments to do on 2025.

我認為—我認為我們在 2025 年不需要支付任何款項。

Correct. So it's nothing on 2025.

正確的。所以 2025 年不算什麼。

And I think the next time we pay is 2026, and I will tell you momentarily. So we make -- we have to make an installment -- progress installment payment in the fall, in the third quarter of 2026 and then the remaining in 2027 for one of our vessels and the same for the other one, I believe, yes. There will be $6 million investment in 2026. So $12 million -- nothing in 2025, $12 million for both vessels in 2026 and the remaining in 2027.

我認為我們下次付款是在 2026 年，我稍後會告訴你。因此，我們必須在秋季（2026 年第三季）支付分期付款，然後在 2027 年支付其中一艘船的剩餘款項，另一艘船的剩餘款項也一樣，我相信，是的。2026年將投資600萬美元。所以 1200 萬美元——2025 年無需支付，2026 年支付兩艘船的 1200 萬美元，剩餘的金額在 2027 年支付。

(Operator Instructions) Mark Reichman, NOBLE Capital Markets.

（操作員指示）NOBLE Capital Markets 的 Mark Reichman。

Yes. I just wanted to clarify. So the first quarter 2025 when you report, so those two vessels will be in your earnings until March 17. It won't be based on the drop-down date. It won't be based on the January 8. And then so that would also -- you mentioned some adjustments. What were some of those adjustments that will.

是的。我只是想澄清一下。因此，當您在 2025 年第一季進行報告時，這兩艘船將在您的收益中，直到 3 月 17 日。它不會基於下拉日期。它不會以 1 月 8 日為基礎。那麼這也將會—您提到了一些調整。將會做出哪些調整？

I think we will provide the figure without those vessels as well.

我想我們也會提供沒有這些容器的模型。

With and without the vessels.

有或沒有容器。

Yes.

是的。

(Operator Instructions) Poe Fratt, Alliance Global Partners.

（操作員指示）Poe Fratt，Alliance Global Partners。

Sorry, just two quick ones, if I may. Well, first of all, congratulations on increasing the dividend. And then secondly, can you just talk about stock buybacks, Tasos? It looks like you -- the last time you reported in the third quarter versus the fourth quarter, you bought back about 11,000 shares at just under, I think, $40. Can you just talk about stock buybacks and how they -- what priority they are in your capital allocation process?

抱歉，如果可以的話，我只想快速問兩個問題。嗯，首先恭喜您增加股利。其次，塔索斯，您能談談股票回購嗎？看起來你——上次你報告第三季與第四季的業績時，你以略低於 40 美元的價格回購了大約 11,000 股。您能否談談股票回購以及它們在您的資本配置過程中的優先順序？

Aristides, do you want to answer that on yourself or?

阿里斯蒂德斯，你想親自回答這個問題嗎？

So obviously, we've been more involved with all the procedures and the practicalities of getting the Euroholdings over the bar, and we're happy that we have reached that point. We will have to wait and see how we trade after the spin-off. But it is always something that we have in mind, and we might use. We have also been looking at various investment opportunities because indeed, we have quite a lot of cash.

因此，顯然，我們更多地參與了讓 Euholdings 跨越障礙的所有程序和實際操作，我們很高興已經達到了這一點。我們將不得不拭目以待，看看分拆後我們的交易情況如何。但它始終是我們心中想著的、而且可能會用到的東西。我們也一直在尋找各種投資機會，因為我們確實擁有相當多的現金。

So unless we proceed with an investment opportunity with buying an asset supported by a time charter or whatever. If we feel that our share price doesn't respond as we are hoping it will, we might be using it again, yes.

因此，除非我們繼續進行投資機會，購買由定期租船或其他方式支持的資產。如果我們覺得我們的股價沒有像我們希望的那樣做出反應，我們可能會再次使用它，是的。

I mean in any event, our shares probably represent the best investment opportunity, and we always have that in the back of our mind to when we decide about capital budgeting.

我的意思是，無論如何，我們的股票可能代表著最好的投資機會，當我們決定資本預算時，我們總是會考慮到這一點。

(Operator Instructions) I'm not showing any further questions at this time. I'd now like to hand the call back over to Mr. Aristides Pittas for any closing remarks.

（操作員指示）我現在沒有其他問題。現在我想將發言權交還給阿里斯蒂德斯·皮塔斯先生，請他做最後發言。

Thank you all for being part of this discussion today. We will be back to you in three months' time to go over Q1 results. Thank you very much. Bye-bye.

感謝大家今天參與本次討論。我們將在三個月後與您聯繫，討論第一季的業績。非常感謝。再見。

Thank you. This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

謝謝。今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路。享受剩餘的一天。