Euroseas Ltd (ESEA) 2025 Q2 法說會逐字稿

Thank you for standing by, ladies and gentlemen, and welcome to the Euroseas Conference Call on the Second Quarter 2025 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. Please be reminded that the company announced their results with a press release that has been publicly distributed.

女士們、先生們，感謝大家的支持，歡迎參加 Euroseas 2025 年第二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。請注意，該公司透過已公開發布的新聞稿宣布了其業績。

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. 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. 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 whole statement and read it.

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。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。先生，請繼續。

Thank you. 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 three- and six-month period ended June 30, 2025.

謝謝。女士們、先生們，早安，感謝大家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 2025 年 6 月 30 日的三個月和六個月的財務表現。

Please turn to slide 3 of the presentation for our quarterly financial highlights. For the second quarter of 2025, we reported total net revenues of $57.2 million and a net income of $29.9 million or $4.29 per diluted share. Adjusted net income for the quarter was $29.2 million or $4.20 per diluted share. Adjusted EBITDA for the period stood at $39.3 million. Please refer to the press release for a reconciliation of adjusted net income and adjusted EBITDA. Our CFO, Tasos Aslidis, will go over our financial highlights in more detail later on in the presentation.

請翻到簡報的第 3 張投影片，了解我們的季度財務亮點。2025 年第二季度，我們報告的總淨收入為 5,720 萬美元，淨收入為 2,990 萬美元，即每股攤薄收益 4.29 美元。本季調整後的淨收入為 2,920 萬美元，即每股 4.20 美元。該期間調整後的 EBITDA 為 3,930 萬美元。請參閱新聞稿以了解調整後淨收入和調整後 EBITDA 的對帳情況。我們的財務長 Tasos Aslidis 將在稍後的演示中更詳細地介紹我們的財務亮點。

The company has declared a quarterly dividend of $0.70 per share for the second quarter of 2025, which will be payable on or about September 16, 2025, to shareholders of record as of September 9. This reflects a $0.05 increase or approximately 7.7% growth in the quarterly dividend payout compared to the $0.65 per share distributed in the first quarter. This highlights our confidence in Euroseas' operating strength and sustained cash flow generation. At the current rate, the increase to $0.70 per share corresponds to an annualized dividend yield of about 5.5%, which we believe is attractive and competitive within the containership sector, reflecting our ongoing commitment to deliver value to our shareholders.

該公司已宣布 2025 年第二季的季度股息為每股 0.70 美元，並將於 2025 年 9 月 16 日左右支付給 9 月 9 日登記在冊的股東。這反映出季度股息支出增加了 0.05 美元，約 7.7%，而第一季每股股息為 0.65 美元。這凸顯了我們對 Euroseas 的營運實力和持續現金流產生的信心。以目前的利率計算，每股 0.70 美元的漲幅相當於年化股息殖利率約為 5.5%，我們認為這在貨櫃船領域具有吸引力和競爭力，反映了我們持續致力於為股東創造價值的承諾。

Based on our charter coverage, we are very confident that our current dividend yield may be maintained comfortably for the next couple of years at least. Since initiating our share repurchase plan of up to $20 million in May 2022, we have repurchased 463,000 shares of our common stock in the open market for a total of about $10.5 million as of August 13, 2025. We will continue to utilize our repurchase program in a disciplined manner as our management team may decide that enhances our long-term shareholder value. Moreover, we are excited to announce the publishing of our 2024 ESG report, which is available on our website under the Sustainability section. This is the fifth consecutive year that we've published such a report. We are pleased to say that we feel the whole office is taking pride in our developments on all aspects of ESG and that the various KPIs we use to monitor our performance are mostly showing positive signs.

根據我們的章程覆蓋範圍，我們非常有信心，至少在未來幾年內，我們目前的股息殖利率可以輕鬆維持。自 2022 年 5 月啟動高達 2,000 萬美元的股票回購計畫以來，截至 2025 年 8 月 13 日，我們已在公開市場上回購了 463,000 股普通股，總額約為 1,050 萬美元。我們將繼續以嚴謹的方式利用我們的回購計劃，因為我們的管理團隊可能會決定提高我們的長期股東價值。此外，我們很高興地宣布發布 2024 年 ESG 報告，該報告可在我們網站的「永續發展」部分找到。這是我們連續第五年發布這樣的報告。我們很高興地說，我們感到整個辦公室都為我們在 ESG 各個方面的發展感到自豪，並且我們用來監控績效的各種 KPI 大多顯示出積極的跡象。

Please turn to slide 4, where we discuss our recent developments, including an update on our sales and purchase chartering and operation highlights. During the quarter, as already announced in May, we agreed to sell our motor vessel Marcos V for $50 million with delivery within October. Whilst we continue to have faith in the market, the price offered was simply too good to resist. The proceeds from the sale will thus eventually be used to further renew the fleet with younger vessels. Also at the start of June, we were able to charter our motor vessel Emmanuel P for 3 years at a highly profitable level of $38,000 per day.

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的最新情況以及營運亮點。在本季度，正如 5 月宣布的那樣，我們同意以 5000 萬美元的價格出售我們的機動船 Marcos V，並於 10 月交付。雖然我們仍然對市場充滿信心，但提供的價格實在太誘人了，讓人無法拒絕。出售所得最終將用於進一步更新船隊，增加更年輕的船隻。此外，在六月初，我們以每天 38,000 美元的高利潤水準租賃了我們的機動船 Emmanuel P，租期為 3 年。

On the operations side, there were certain planned repairs for motor vessel Evridiki G and motor vessel EM Corfu, which resulted in off-hire periods of approximately 12.5 and 10 days, respectively. This upgrading work was deemed necessary for our two elder vessels to be able to seamlessly perform the very lucrative charters that we agreed upon during Q1. The fleet experienced no other idle periods or commercial off-hire during the quarter.

在營運方面，機動船 Evridiki G 和機動船 EM Corfu 進行了一些計劃維修，導致停租期分別約為 12.5 天和 10 天。這項升級工作對於我們的兩艘老船來說被認為是必要的，以便能夠無縫地履行我們在第一季度達成的非常有利可圖的租船合約。本季度，船隊沒有經歷其他閒置期或商業停租。

Please turn to slide 5. Here, you can see that the company has a fleet of 22 vessels, including 15 feeder container ships and seven intermediate container ships with a cargo capacity of approximately 67,000 TEU and an average age below 13 years. As already disclosed, we expect the delivery of our two intermediate containership new buildings in the third and fourth quarter of 2027, each with a capacity of 4,300 TEU, which will further increase the size and reduce the average age of our fleet.

請翻到投影片 5。在這裡，您可以看到該公司擁有一支由 22 艘船舶組成的船隊，其中包括 15 艘支線貨櫃船和 7 艘中型貨櫃船，載貨能力約為 67,000 TEU，平均船齡不到 13 年。正如已經披露的那樣，我們預計兩艘中型貨櫃船新船將於 2027 年第三季和第四季交付，每艘運力為 4,300 TEU，這將進一步增加我們船隊的規模並降低平均船齡。

Please turn to slide 6 for a further update on our fleet employment. We continue to benefit from the strong forward coverage we have achieved. For 2025, very close to 100% of the company's available days have already been secured at an average rate of approximately $28,000 per day. Looking ahead into 2026, approximately 67% of our available days have been fixed at an even higher average rate of $31,600 per day. As can be seen on the chart, we only have one vessel opening up for the charter within the year, and we are optimistic that this will be affected at a very satisfactory rate too.

請翻到投影片 6 來了解我們車隊使用情況的進一步更新。我們繼續受益於我們所取得的強勁前瞻性覆蓋。到 2025 年，公司可用天數的接近 100% 已經得到保障，平均費率約為每天 28,000 美元。展望 2026 年，我們可用的天數中約有 67% 已固定，平均價格更高，為每天 31,600 美元。從圖表中可以看出，我們今年只有一艘船開放租賃，我們樂觀地認為這艘船也會受到非常令人滿意的影響。

Moving on to slide 8. We go over the market highlights in general for the second quarter of 2025. In the second quarter of 2025, one-year time charter rates continued to strengthen during the quarter, supported by limited vessel availability and sustained demand, particularly in the smaller segments. In the feeder segment, rates rose by 8% in the second quarter of 2025 compared to the first. Market activity was primarily concentrated on contract extensions that were concluded at or above prior benchmarks, a trend that carried over into July and has continued through the first weeks of August. New contracts remain fairly limited, primarily due to lack of vessels.

移至幻燈片 8。讓我們來回顧一下 2025 年第二季的市場亮點。2025 年第二季度，受船舶供應有限和需求持續（尤其是小型船舶）的推動，一年期定期租船費率在本季度繼續走強。在支線航線領域，2025 年第二季的運價較第一季上漲了 8%。市場活動主要集中在達到或超過先前基準的合約延期上，這一趨勢延續到了 7 月份，並持續到了 8 月份的前幾週。新合約仍然相當有限，主要原因是缺乏船隻。

As we move through the second half of 2025, the operating environment remains complex and volatile. Geopolitical tensions and ongoing conflicts continue to disrupt trade patterns while protectionist measures may create further inefficiencies. These dynamics have reshaped global flows and the level of uncertainty remains elevated. Consequently, forecasting the market is indeed particularly challenging. Average secondhand price index rose by about 4% in the second quarter of 2025 compared to the first, supported by limited vessel supply and ongoing competition among buyers looking to expand their fleet. The newbuilding price index remained stable in the second quarter. Demand for new buildings remains firm despite heightened market uncertainty stemming from the geopolitical tensions and the threat of even more tariffs.

進入2025年下半年，經營環境依然複雜多變。地緣政治緊張局勢和持續衝突持續擾亂貿易模式，而保護主義措施可能會進一步造成效率低下。這些動態重塑了全球流動，不確定性水準仍然很高。因此，預測市場確實特別具有挑戰性。2025 年第二季二手船平均價格指數較第一季上漲約 4%，這得益於船舶供應有限以及尋求擴大船隊的買家之間的持續競爭。第二季新造船價格指數維持穩定。儘管地緣政治緊張局勢和更多關稅威脅加劇了市場不確定性，但對新建築的需求仍然強勁。

Notably, Korean and Japanese shipyards have begun to command higher pricing relative to their Chinese counterparts, probably due to US trade measures and fees recently imposed on Chinese shipyard. Meanwhile, the idle fleet, excluding vessels under repair has continued to shrink, standing now at a negligible 150,000 TEU as of the end of July, representing just 0.5% of the global fleet. This marks a significant decline from the peak of 850,000 million TEU that was observed in February 2023. In parallel with the strong market, recycling activity also remains subdued with just eight vessels totaling 4,000 TEU sent for demolition year-to-date. Scrap prices have eased slightly to $430 per lightweight ton as of August 8, 2025, in parallel with lower steel prices generally. And last, the global containership fleet has already expanded by 4.1% year-to-date.

值得注意的是，韓國和日本的造船廠已開始比中國造船廠收取更高的價格，這可能是由於美國最近對中國造船廠採取的貿易措施和徵收的費用。同時，不包括維修船舶在內的閒置船隊規模持續萎縮，截至7月底，閒置船隊規模僅15萬TEU，僅佔全球船隊的0.5%。這與 2023 年 2 月 85 萬個 TEU 的峰值相比大幅下降。與市場強勁的同時，拆船活動卻依然低迷，今年迄今，僅有 8 艘共計 4,000 TEU 的船舶被送去拆解。截至 2025 年 8 月 8 日，廢鋼價格略為下降至每輕噸 430 美元，同時鋼材價格普遍下降。最後，今年迄今為止，全球貨櫃船隊規模已擴大 4.1%。

Please turn to slide 9 for our broader market overview, focusing on the development of 6 to 12 months’ time charter rates over the past 10 years. As illustrated in the graphs on this slide, containership charter rates extended the growth trajectory through the second quarter of 2025, standing comfortably above the 10-year average median rates, underpinned by constrained vessel availability and sustained demand strength across all segments.

請翻到投影片 9 查看我們更廣泛的市場概覽，重點在於過去 10 年內 6 至 12 個月定期租船費率的發展。如本投影片中的圖表所示，貨櫃船租船費率延續了成長軌跡，一直延續到 2025 年第二季度，遠高於 10 年平均中位數費率，這得益於船舶供應受限以及所有細分市場需求持續強勁。

Please turn to slide 10. The IMF July 2025 update presents a slightly more resilient global economic outlook than the previous report together with global trade developments continuing to dominate the forecast development. The global economy continues to exhibit stable yet underwhelming growth. Global GDP growth is projected at 3% for 2025 and 3.1% for 2026 with the 2025 and 2026 projections revised upwards by 0.2% and 0.1%, respectively, compared to the April 2025 reference forecast. At these levels, the forecasts are below the 2024 outcome of 3.3% global GDP growth and the pre-pandemic historical average of 3.7%.

請翻到第 10 張投影片。國際貨幣基金組織 (IMF) 2025 年 7 月更新的報告顯示，全球經濟前景比先前的報告略有彈性，全球貿易發展繼續主導預測發展。全球經濟持續呈現穩定但成長乏力的態勢。預計 2025 年全球 GDP 成長率為 3%，2026 年為 3.1%，與 2025 年 4 月的參考預測相比，2025 年和 2026 年的預測分別上調 0.2% 和 0.1%。從這些水準來看，預測低於2024年全球GDP成長3.3%的結果和疫情前3.7%的歷史平均值。

Global policy remains highly uncertain. Trumps' new tariffs took effect on Tuesday, August 7, with higher rates for most US trading partners, but some are still to be decided upon. Taken all together, these tariffs have pushed the average US tariff rate to 15.2% according to Bloomberg Economics, well above the 2.3% last year and the highest -- and this is the highest level since World War II. The short-term impact of this change, however, will probably not be huge. The United States economy is projected to grow by 1.9% in 2025 and accelerate slightly to 2% in 2026 according to the IMF.

全球政策仍然高度不確定。川普的新關稅於 8 月 7 日星期二生效，對大多數美國貿易夥伴的稅率將提高，但有些稅率仍有待決定。綜合起來，根據彭博經濟研究的數據，這些關稅已將美國的平均關稅稅率推高至15.2%，遠高於去年的2.3%，創下歷史最高水準——這是自二戰以來的最高水準。然而，這種變化的短期影響可能不會很大。根據國際貨幣基金組織預測，2025年美國經濟將成長1.9%，2026年將小幅加速至2%。

US growth forecast were revised upwards due to the easing trade tensions, improved financial conditions, the weaker dollar and the recent tax incentives aimed at stimulating business investment and consumer spending. In Europe, GDP accelerated driven by investment and net exports. Growth in the area is now predicted at 1% for 2025, up 0.2 percentage points from April projections. However, many European countries continue to face subdued domestic demand, manufacturing weakness and the lingering effects of the energy shock. Global inflation is expected to continue declining with headline inflation projected to fall to 4.2% in 2025 and 3.6% in 2026.

由於貿易緊張局勢緩和、金融狀況改善、美元走弱以及近期旨在刺激企業投資和消費者支出的稅收優惠政策，美國經濟成長預測被上調。歐洲方面，受投資和淨出口拉動，GDP加速成長。目前預計該地區 2025 年的成長率為 1%，比 4 月的預測高出 0.2 個百分點。然而，許多歐洲國家仍面臨國內需求低迷、製造業疲軟以及能源衝擊的持續影響。預計全球通膨將持續下降，預計 2025 年整體通膨率將降至 4.2%，2026 年將降至 3.6%。

In the euro area, inflation has gone down significantly. But in the US, it is still elevated as unemployment rate remains low. Emerging markets remain the primary drivers of global growth. India, for example, is forecast to expand by 6.4% in both 2025 and 2026, fueled by strong investment, robust agriculture and a dynamic services sector. The emerging five countries are also projected to post healthy growth. Also in China, growth has been revised upwards, driven by stronger-than-expected economic performance in the first half of the year, longer-than-anticipated tariffs between the US and China at least today and the positive impact of fiscal stimulus reforms aimed at clearing local government arrears, which have all boosted domestic demand.

在歐元區，通貨膨脹率已大幅下降。但在美國，由於失業率仍然較低，因此失業率仍然較高。新興市場仍然是全球成長的主要驅動力。例如，印度預計在強勁的投資、強勁的農業和充滿活力的服務業的推動下，2025 年和 2026 年的經濟成長率都將達到 6.4%。新興五國預計也將實現健康成長。中國經濟成長也被上調，因為上半年經濟表現優於預期，中美之間至少今天將維持的關稅期限長於預期，以及旨在清理地方政府欠款的財政刺激改革的積極影響，這些因素都提振了國內需求。

Turning to the containership demand outlook. Clarkson's latest estimates as of July 2025 project container trade to grow by 2.7% in 2025. This upward revision reflects the assumption that the Red Sea disruptions will persist in the near term, resulting in longer voyage distances and increased ton mile demand. For 2026, Clarkson assumes fading of these effects, projecting a contraction of 3%. Should rerouted volumes return to the Suez Canal, voyage distances will shorten despite underlying cargo volumes remaining relatively stable.

談到貨櫃船需求前景。克拉克森截至 2025 年 7 月的最新估計預計，2025 年貨櫃貿易將成長 2.7%。此次上調反映了這樣的假設：紅海航運中斷將在短期內持續下去，導致航行距離延長和噸英里需求增加。克拉克森認為，到 2026 年，這些影響將會消退，預計經濟將萎縮 3%。如果改道後的貨物返回蘇伊士運河，儘管基礎貨運量保持相對穩定，但航行距離將會縮短。

Turning on to slide 11, 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 12% of the fleet over 20 years old. Delivery as a percentage of total fleet stands at 7% for 2025, 5% for 2026, 7.5% for 2027 and 13% for 2028 onwards. As of August 8, 2025, the order book stands at 30.7% of the existing fleet, reflecting the ongoing wave of newbuilding activity across the sector.

翻到第 11 張投影片，您可以看到船隊整體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12%的船舶船齡超過20年。交付量佔船隊總量的比例為：2025 年為 7%，2026 年為 5%，2027 年為 7.5%，2028 年及以後為 13%。截至 2025 年 8 月 8 日，訂單量佔現有船隊的 30.7%，反映出整個產業新造船活動的持續浪潮。

Turning on to slide 12, however, we take a look over the fleet age profile and order book for ships in the 1,000 to 3,000 TEU range only, the sizes we mostly operate in. The order book here stands at just 5.4% as of August 2025, a completely different picture as you can see in the overall order book. According to Clarksons, newbuilding deliveries for feeder containerships are expected to remain limited over the coming years. In 2025, deliveries in this segment are projected to amount to 2.12% of the total fleet only. This already modest delivery schedule is expected to slow further to 1.5% in 2026, followed by 2.5% in 2027. A similar positive pattern also holds for vessels in the 3,000 to 6,000 TEU range.

然而，翻到第 12 張幻燈片，我們只查看了 1,000 至 3,000 TEU 範圍內船舶的船隊年齡概況和訂單簿，這些是我們主要運營的尺寸。截至 2025 年 8 月，這裡的訂單量僅為 5.4%，這與整體訂單量的情況完全不同。克拉克森表示，預計未來幾年新造支線貨櫃船的交付量仍將有限。到 2025 年，該領域的交付量預計僅佔總船隊的 2.12%。預計這項原本就溫和的交付計畫將在 2026 年進一步放緩至 1.5%，2027 年將放緩至 2.5%。3,000 至 6,000 TEU 範圍內的船舶也呈現類似的正面模式。

Now let's move to slide 13, which shows the different supply fundamentals across the various containership sizes. As you can clearly see, the global order book remains heavily concentrated on the large vessels servicing main lane routes with significant capacity growth expected there. However, feeder and intermediate vessels, which are essential for regional distribution, face a very different supply outlook. Their order books are extremely limited and the existing fleet is relatively old with a large percentage of vessels over 20 years of age.

現在讓我們來看看第 13 張投影片，它展示了不同貨櫃船尺寸的不同供應基本面。您可以清楚地看到，全球訂單仍然主要集中在服務於主要航線的大型船舶上，預計這些航線的運力將大幅增長。然而，對於區域配送至關重要的支線船和中轉船卻面臨著截然不同的供應前景。他們的訂單極為有限，現有船隊相對較老，其中很大一部分船隻的船齡超過 20 年。

These aging units are prime scrapping candidates in the softening market, particularly as environmental regulations tighten. As a result, it is quite possible that the fleet capacity for feeder and intermediate containerships will actually decline even as the overall containership fleet continues to grow. This evolving supply backdrop supports a structurally tight market in our operating segments with favorable implications for vessel utilization and charter rates.

在市場疲軟的情況下，這些老化的設備是主要的報廢對象，尤其是在環境法規越來越嚴格的情況下。因此，儘管整體貨櫃船隊規模持續成長，但支線貨櫃船和中型貨櫃船的運力實際上很可能會下降。這種不斷變化的供應背景支持了我們營運部門的結構性緊張的市場，這對船舶利用率和租船費率產生了有利影響。

Turning on to slide 14. For the remainder of 2025, the rerouting away from the Red Sea is the major factor affecting the market. The other factor that may also have a significant impact, as already said during the year, is, of course, the US administration's packages that mostly took effect last week, but we still have things to see there. Following two attacks on cargo ships in the Red Sea in early July by Yemen's Houthi rebels’ fears of further escalation have delayed any meaningful return to the Suez route. As a result, a revised assumption is that the routing persist through the end of 2025 with the first possible reversal sometime in 2026.

翻到第 14 張投影片。對於 2025 年剩餘時間而言，遠離紅海的航線改道是影響市場的主要因素。正如今年已經提到的那樣，另一個可能產生重大影響的因素當然是美國政府的一攬子計劃，這些計劃大部分已於上週生效，但我們仍有一些事情需要觀察。7 月初，也門胡塞叛軍在紅海對兩艘貨船發動襲擊，由於擔心局勢進一步升級，蘇伊士運河的任何有意義的回歸都被推遲了。因此，修改後的假設是，這種路線將持續到 2025 年底，並可能在 2026 年某個時候出現第一次逆轉。

With the implementation of the new US tariffs following further negotiation with key trading partners ranging from 10% to 50% depending on product, environment trade flows could be disrupted further. At the moment, we expect the impact of global GDP and demand to remain relatively muted though. Against this backdrop, we therefore anticipate time charter rates to remain exceptionally strong for the remainder of 2025. Looking into 2026, market conditions will depend primarily on the status of geopolitical and economic events. Should the passage through the Suez Canal remain restricted, we expect the market to hold firm with only a modest decline. However, a faster-than-expected reopening could prompt a more pronounced market correction.

隨著美國與主要貿易夥伴進一步談判實施新關稅，根據產品不同，關稅稅率從 10% 到 50% 不等，環境貿易流動可能會進一步受到干擾。目前，我們預期全球 GDP 和需求的影響仍將相對溫和。因此，在此背景下，我們預計 2025 年剩餘時間內定期租船費率將保持異常強勁。展望2026年，市場狀況將主要取決於地緣政治和經濟事件的狀態。如果蘇伊士運河的通行持續受到限制，我們預期市場將保持堅挺，僅會出現小幅下滑。然而，比預期更快的重新開放可能會引發更明顯的市場調整。

Meanwhile, containership ordering activity continues to accelerate, further inflating an already elevated order book and posing longer-term supply challenges from 2027 onwards. Energy transition is gaining more and more traction in the sector with a clear industry shift towards alternative fuels and in particular, the medium-term solution of LNG. Most newbuilding orders encompass at least an LNG-ready option. That said, technical and economic headwinds are expected to keep the pace of adoption slow. Eco-efficient vessels are, of course, increasingly commanding a charter rate premium as charters and regulators intensify the focus on emissions compliance and sustainable transport solutions. The recent shift in US energy policy under the current administration marked by a more fossil fuel stance is likely to delay but definitely not derail the overall transition.

同時，貨櫃船訂購活動持續加速，進一步擴大了本已高企的訂單量，並對 2027 年及以後的長期供應構成挑戰。能源轉型在該領域越來越受到關注，產業明顯轉向替代燃料，特別是液化天然氣的中期解決方案。大多數新造船訂單至少包含一個液化天然氣就緒選項。話雖如此，預計技術和經濟阻力將使採用速度保持緩慢。當然，隨著租船公司和監管機構越來越關注排放合規性和永續運輸解決方案，生態高效船舶的租船費率也會越來越高。美國現任政府最近改變了能源政策，更傾向使用化石燃料，這可能會延緩但絕對不會阻礙整體能源轉型。

Now please turn to slide 15. The left-hand side slide graph shows the one-year time charter rate for 2,500 TEU containerships over the past 10 years. As of August 8, the one-year time charter rate for these containerships stood at just about $35,000 a day. While below its recent peak, this level remains exceptionally high and is well above both the historical average and median. In parallel, newbuilding and secondhand vessel prices have also risen over the past year and remain significantly above their long-term historical averages too. We have a significant amount of free liquidity, which we are constantly evaluating how to best use. We are returning part of this to our shareholders through our dividend and our stock repurchase plan. We are committed to offering our shareholders a good dividend through both good and bad times. And therefore, we are maintaining necessary reserves to cater for a possible downturn.

現在請翻到第 15 張投影片。左側幻燈片圖表顯示了過去 10 年內 2,500 TEU 貨櫃船的一年期租費率。截至 8 月 8 日，這些貨櫃船的一年期租租金僅為每天 35,000 美元左右。儘管低於近期峰值，但這一水平仍然非常高，遠高於歷史平均和中位數。同時，新造船和二手船的價格在過去一年中也有所上漲，並且仍遠高於長期歷史平均水平。我們擁有大量的自由流動資金，我們正在不斷評估如何最好地利用這些資金。我們將透過股利和股票回購計畫將其中一部分返還給股東。我們致力於無論在順境或逆境中為股東提供豐厚的股利。因此，我們保留必要的儲備，以應對可能出現的經濟衰退。

At the same time, we are keeping most of our costs available to help grow the company further. In this environment of extremely high prices and similarly high charter rates, we are not thinking of buying secondhand vessels unless we can simultaneously secure charter rates that will bring the residual value of the vessel at the end of the charter to a medium level. This is proving difficult to find though. Newbuilding prices have also increased substantially during the last five years. However, we feel this is a structural increase that will be very difficult to reverse. Prices will probably not grow at least significantly. We are therefore seriously considering options along this front.

同時，我們保留大部分成本以幫助公司進一步發展。在這種價格極高且租船費率也同樣高的環境下，我們不會考慮購買二手船，除非我們能夠同時確保租船費率，使租船期結束時船舶的剩餘價值達到中等水平。但事實證明這很難找到。過去五年間，新船價格也大幅上漲。然而，我們認為這是一種結構性成長，很難逆轉。價格可能不會大幅上漲。因此，我們正在認真考慮這方面的選擇。

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, Aristides. Good morning from me as well, ladies and gentlemen. As usual, I will use the next four slides to give you an overview of our financial highlights for the second quarter and first half of 2025 and again compare them to the same period of 2024.

謝謝你，阿里斯蒂德斯。女士們、先生們，我也向大家問好。像往常一樣，我將使用接下來的四張投影片向您概述我們 2025 年第二季和上半年的財務亮點，並再次將其與 2024 年同期進行比較。

For that, let's turn to slide 17 to review our results for the second quarter of 2025. During the quarter, the company reported total net revenues of $57.2 million, representing a small decrease of 25% of the total net revenues of $58.7 million during the second quarter of 2024. The company reported a net income for the period of $29.9 million as compared to net income of $4.75 million for the same period of 2024. This was the result of a gain on the sale of a vessel recorded during the same period of last year and the lower time charter rate of vessels earned in the second quarter of 2025 compared to the previous year -- the same quarter of the previous year, partly offset by the increase in the average number of vessels owned and operated during the second quarter of this year compared to last year.

為此，讓我們翻到第 17 張投影片來回顧 2025 年第二季的業績。本季度，該公司報告的總淨收入為 5,720 萬美元，較 2024 年第二季的總淨收入 5,870 萬美元小幅下降 25%。該公司報告本期淨收入為 2,990 萬美元，而 2024 年同期淨收入為 475 萬美元。這是由於去年同期記錄的船舶銷售收益以及 2025 年第二季度船舶定期租船費率與上年同期相比有所下降，但部分抵消了今年第二季度與去年相比擁有和運營的船舶平均數量有所增加。

Total interest and other financing costs for the second quarter of 2025 amounts to $4 million compared to $2.1 million for the second quarter of 2024. Capitalized interest charged on the corporate newbuilding program was $1.4 million for the second quarter of 2024 and that was the reason that we recorded lower interest expense taking into account the fixed interest income. This increase -- part of the increase was in addition to that is due to the increased amount of debt repaid in the current period over the same period of last year.

2025 年第二季的總利息和其他融資成本為 400 萬美元，而 2024 年第二季為 210 萬美元。2024 年第二季度，公司新造船計畫收取的資本化利息為 140 萬美元，這就是我們在考慮固定利息收入的情況下記錄的利息支出較低的原因。這一增長——部分原因是由於本期償還的債務金額比去年同期增加。

Adjusted EBITDA for the second quarter of 2025 was $39.3 million compared to $42.3 million achieved during the second quarter of 2024. Basic and diluted earnings per share for the second quarter of this year was $4.32 and $4.29 calculated on about 6.9 million and 7 million diluted weighted average number of shares outstanding compared to basic and diluted earnings per share of $5.89 and $5.84 respectively for the second quarter of 2024, again calculated on 6.9 million and 7 million weighted average number of shares outstanding.

2025 年第二季調整後 EBITDA 為 3,930 萬美元，而 2024 年第二季為 4,230 萬美元。今年第二季基本每股盈餘和稀釋每股盈餘分別為 4.32 美元和 4.29 美元，以約 690 萬股和 700 萬股稀釋加權平均流通股數計算，而 2024 年第二季基本每股盈餘和稀釋每股盈餘分別為 5.89 美元和 5.84 美元，同樣以 690 萬股和稀釋每股盈餘分別為 5.89 美元和 5.84 美元，同樣以 690 萬股和稀釋每股盈餘分別為 700 萬股稀釋股數加權平均流通股數。

Excluding the effect on the income of the unrealized losses due to the amortization of below market time charters acquired and the portion of the vessel depreciation allocated to the below market charters, the adjusted earnings per share for the quarter ended June 30, 2025, would have been $4.23 basic and $4.20 diluted compared to adjusted earnings of $4.95 and $4.92 basic diluted respectively from the same quarter of last year. With the later figure still including the recording of deferred revenues that we had to record due to rate averaging and so we had to recognize as a result of the charter of the relevant vessels being treated.

不計入因攤銷低於市場價格的定期租船而產生的未實現損失以及分配給低於市場價格租船的部分船舶折舊對收入的影響，2025 年 6 月 30 日結束的季度調整後每股收益為基本 4.23 美元，稀釋後每股稀釋後 4.20 美元，而去年同期調整後每股收益為基本 4.23 美元，稀釋後每股稀釋後 4.20 美元，而去年同期調整後每股收益分別為基本收益 4.949.9494.95 美元後每股收益。後面的數字仍然包括由於費率平均而必須記錄的遞延收入，因此我們必須將其確認為相關船舶租賃的結果。

Let's now look at the numbers for the corresponding six months period ended June 30, 2025, and compare it to the same period of last year. For the first half of 2025, we reported total net revenues of $113.6 million representing a 7.7% increase of the total net revenues of 105.4 million during the first half of 2024. We reported net income for the period of $66.8 million with a marginal difference of an increase over the $60.8 million for the first half of 2024. Total interest and other financing costs for the first half of 2025 amounted to $7.9 million, capitalized interest charges on corporate newbuilding program was $4 million for the first six months of 2025, for the same period of 2024, interest and other financing cost amounted to total $3.9 million which was inclusive of capitalized interest charged for finance and newbuilding program with recorded fixed interest income of $2.7 million for the same period of 2024.

現在讓我們來看看截至 2025 年 6 月 30 日的六個月期間的數字，並將其與去年同期進行比較。2025 年上半年，我們報告的總淨收入為 1.136 億美元，比 2024 年上半年的總淨收入 1.054 億美元成長 7.7%。我們報告本期淨收入為 6,680 萬美元，與 2024 年上半年的 6,080 萬美元相比略有增加。2025 年上半年利息和其他融資成本總額為 790 萬美元，2025 年前六個月公司新造船計劃的資本化利息費用為 400 萬美元，2024 年同期，利息和其他融資成本總額為 390 萬美元，其中包括融資和新造船計劃收取的資本化利息，2024 年同期記錄的固定收入為 270 萬美元。

Adjusted EBITDA for the first half of 2025 was $76.4 million compared to $63.9 for the same period of first half of last year. Basic and diluted earnings per share for the first half of 2025 were $9.53 and $9.60 respectively calculated once again 6.9 million and 7 million calculated on the diluted weighted average number of shares outstanding compared to basic and diluted earnings per share of $8.37 and $8.71 respectively for the same period of last year. Again, excluding the effect of income for the first half of the year of the unrealized loss/gain on derivatives, the gain outstanding on vessel and the amortization of below market charters, the adjusted earnings per share for the first six months of this year would have been $7.99 basic and $7.97 diluted compared to adjusted earnings per share of $7.63 basic and $7.57 diluted for the same period of 2024.

2025 年上半年調整後 EBITDA 為 7,640 萬美元，去年同期為 6,390 萬美元。2025 年上半年基本每股盈餘和稀釋每股盈餘分別為 9.53 美元和 9.60 美元，再次以稀釋加權平均流通股數計算為 690 萬股和 700 萬股，而去年同期基本每股盈餘和稀釋每股盈餘分別為 8.37 美元和 8.71 美元。同樣，排除上半年衍生品未實現損失/收益、船舶未償收益和低於市場租船攤銷的影響，今年前六個月的調整後每股收益基本為 7.99 美元，稀釋後為 7.97 美元，而 2024 年同期的調整後每股收益基本為 7.63 美元，稀釋後為 7.57 美元。

Now let's turn to slide 18 to review again as usual, our fleet performance. We'll start our review by looking at our fleet utilization rate for the second quarter of 2025 and 2024. Our fleet utilization rate is broken down into commercial and operational components. During the second quarter of both years, our commercial utilization rate stood at 100%, while our operational utilization rate was also similar in both quarters and stood at 99.9%. On average, 22 vessels were owned and operated during the second quarter 2025 at an average equivalent rate of $29,420 per day compared to 21.6 vessels for the same period of last year at an average of $31,639 per day.

現在讓我們翻到第 18 張投影片，像往常一樣再次回顧我們的機隊表現。我們將從查看 2025 年第二季和 2024 年第二季的車隊利用率開始進行審查。我們的車隊利用率分為商業和營運部分。在這兩年的第二季度，我們的商業利用率均為 100%，而我們的營運利用率在兩個季度也相似，均為 99.9%。2025 年第二季度，平均擁有和營運 22 艘船舶，平均日租金為 29,420 美元，而去年同期為 21.6 艘船舶，平均日租金為 31,639 美元。

Our total utilization including management and G&A expenses, but excluding drydocking costs were for the second quarter of 2025 $7,944 per vessel per day compared to $7,193 per vessel per day for the same period of last year. If we move further down on this table, we can see the cash flow breakeven rate, which also takes into account drydocking expenses, interest expenses and loan repayments. That in total for the second quarter of 2025, our daily cash flow breakeven revenue was $13,262 per vessel per day compared to $13,698 per vessel per day for the second quarter of the year before.

2025 年第二季度，我們的總利用率（包括管理和一般及行政費用，但不包括乾船塢成本）為每艘船每天 7,944 美元，而去年同期為每艘船每天 7,193 美元。如果我們進一步查看該表，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。整體而言，2025 年第二季度，我們的每日現金流損益平衡收入為每艘船每天 13,262 美元，而去年同期第二季為每艘船每天 13,698 美元。

Let us now review the same figures for the six-month period for both years. During the first half of 2025, our commercial utilization rate was 100%, our operational utilization rate stood at 99.6% compared to 99.9% commercial and 99.9% operational for the same period of six months of 2024. During this period, so the six months period of 2025, we operated 22.83 vessels at an average daily charter run rate of $28,468 per day while for the same period, the first six months of 2024, we operated 28.43 vessels at an average of $29,836 per day. Again our operational expenses including management fees and G&A expenses but not drydocking were $7,454 per day in the first half of this year compared to $7,563 for the same period of 2024.

現在讓我們回顧一下這兩年六個月的相同數據。2025 年上半年，我們的商業利用率為 100%，營運利用率為 99.6%，而 2024 年同期的商業利用率為 99.9%，營運利用率為 99.9%。在此期間，即 2025 年的六個月期間，我們運營 22.83 艘船隻，平均每日租船費率為 28,468 美元，而在同一時期，即 2024 年的前六個月，我們運營 28.43 艘船隻，平均每日租船費率為 29,836 美元。同樣，今年上半年，我們的營運費用（包括管理費和一般行政費用，但不包括乾船塢費用）為每天 7,454 美元，而 2024 年同期為 7,563 美元。

And again, moving further down in the table our capitalization revenues for the first six months of 2025 was $13,164 per vessel per day compared to $15,372 per vessel per day mainly the result of lower loan repayments of vessels during this year. At the bottom of the table we can also see how our common dividend translate on a dollar per vessel per day basis. And you can see that during the second quarter of 2025 that amounted to $2,275 vessel per day, while for the first six months of 2025 that amounted to $2,196 per vessel per day for the dividend payments.

再次，在表格中進一步向下移動，2025 年前六個月我們的資本化收入為每艘船每天 13,164 美元，而去年同期為每艘船每天 15,372 美元，這主要是由於今年船舶貸款償還額較低。在表格底部，我們還可以看到我們的共同股息如何以每艘船每天一美元計算。您可以看到，2025 年第二季度，每艘船每天的股息支付額為 2,275 美元，而 2025 年前六個月，每艘船每天的股息支付額為 2,196 美元。

Moving on to slide 19, to review our debt profile. As of June 30 of this year, our total outstanding debt stood at $229.4 million with an average margin of approximately 2%, of which SOFR rate of about 4.23%, the overall cost of our senior debt is around 6.24%. In fact, a bit lower because of our debt -- the cost of our debt is swapped at the lower SOFR rate. So the overall cost of our debt on average is below 6.2%. Remaining loan repayments for 2025 amounts to about $10.8 million following the loan repayments of almost $30 million already in the first half of the year during which we actually repaid the balloon of a loan that matured.

翻到第 19 張投影片，回顧我們的債務狀況。截至今年 6 月 30 日，我們的未償還債務總額為 2.294 億美元，平均保證金約為 2%，其中 SOFR 利率約為 4.23%，我們的優先債務總成本約為 6.24%。事實上，由於我們的債務，成本會略低一些——我們的債務成本是以較低的 SOFR 利率進行掉期的。因此，我們的債務總成本平均低於 6.2%。2025 年剩餘的貸款償還額約為 1080 萬美元，而今年上半年我們已經償還了近 3000 萬美元的貸款，在此期間我們實際上償還了到期的大額貸款。

With these repayments, our debt at the end of the year will be $218.6 million. In 2026, we anticipate to make loan repayments of about $19.5 million with no balloon payments used while in 2027, we anticipate to make $16.9 million loan repayments alongside about $20 million of balloon payments, resulting in total payments in 2027 of $36.9 million. You can see the loan repayment for the outer years in this chart that we have on the slide.

加上這些還款，我們年底的債務將達到 2.186 億美元。2026 年，我們預計將償還約 1,950 萬美元的貸款，其中不涉及任何期末付款；而 2027 年，我們預計將償還 1,690 萬美元的貸款，以及約 2,000 萬美元的期末付款，因此 2027 年的總付款額將達到 3,690 萬美元。您可以在投影片上的圖表中看到未來幾年的貸款償還。

I would like to draw your attention to the bottom of this table of this slide where we present our cash flow breakeven level for the next 12 months broken down by its components. Overall, we expect a cash flow breakeven level of approximately $12,000 per vessel per day, a level meaning below the current daily earnings of our fleet.

我想提請大家注意這張投影片的底部，其中我們按組成部分列出了未來 12 個月的現金流損益平衡水準。總體而言，我們預計每艘船每天的現金流量損益平衡水準約為 12,000 美元，這一水準低於我們船隊目前的每日收入。

And information on our balance sheet and asset values is shown on slide 20, the last slide of my brief presentation of the financial results. As of June 30, our cash and other current assets in our balance sheet amounted to $126.8 million, while we have made advances for the newbuilding vessels of $18.1 million and hence the book value of our fleet on our books is $517.3 million, including in this figure the vessel that we have agreed to sell at the end of final charter.

我們的資產負債表和資產價值資訊顯示在第 20 張投影片上，這是我對財務結果的簡要介紹的最後一張投影片。截至 6 月 30 日，我們資產負債表中的現金和其他流動資產總額為 1.268 億美元，同時我們已為新造船舶預付了 1,810 萬美元，因此我們帳面上船隊的帳面價值為 5.173 億美元，其中包括我們同意在最終租船期結束時出售的船舶。

Our overall book value of our assets stood at the end of June at $662.1 million. On our liability side, as I mentioned earlier, stood at $229.4 million as of June 30, representing about 35% of the book value of our assets with our other liabilities amounting to about $30 million, thus leaving us with a book equity of a little more than $400 million or about $57.5 per share. It's also important to mention here, as a result, the market value of our fleet adjusted for the charters currently is significantly higher than its book value and is in the range of $680 million based on our own estimates.

截至 6 月底，我們資產的總帳面價值為 6.621 億美元。就我們的負債而言，正如我之前提到的，截至 6 月 30 日，負債為 2.294 億美元，約占我們資產帳面價值的 35%，其他負債約為 3000 萬美元，因此我們的帳面權益略高於 4 億美元，或每股約 57.5 美元。這裡還需要提到的是，因此，我們根據租船合約調整後的船隊的市場價值目前明顯高於其帳面價值，根據我們自己的估計，約為 6.8 億美元。

If you recall, the book value was $517 million. That as of the end of June, we estimate the total adjusted net asset value of our company to be around $565 million, resulting in a net asset value per share in excess of $80. Despite our stock trading at higher levels during the last several weeks of around $50 per share, this level still represents a significant discount of 35% to 40% to our net asset value and that despite -- that happened despite our revenue and earnings visibility making it evident that our stock will still offer further upside potential and prospective gains for our shareholders and investors.

如果你還記得的話，帳面價值是 5.17 億美元。截至 6 月底，我們估計公司調整後的總淨資產價值約為 5.65 億美元，每股淨資產價值超過 80 美元。儘管我們的股票交易價格在過去幾週內處於每股 50 美元左右的較高水平，但這一水平仍比我們的淨資產價值大幅折讓 35% 至 40%，儘管我們的收入和盈利前景看好，但這種情況仍然發生，這表明我們的股票仍將為股東和投資者提供進一步的上漲潛力和潛在收益。

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

現在，我想把發言權交還給阿里斯蒂德斯，讓他繼續通話。

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

謝謝你，塔索斯。請容許我回答大家可能提出的任何問題。

(Operator Instructions) Our first question comes from the line of Tate Sullivan with Maxim Group.

（操作員指示）我們的第一個問題來自 Maxim Group 的 Tate Sullivan。

With most of your days contracted for a year -- more than a year, I'm looking at the potential variability in the results. Do any of your containership contracts have different rates based on the voyage or are they all fixed regardless, please?

由於您的大部分工作日的合約期限為一年——超過一年，因此我正在研究結果的潛在變化。請問你們的貨櫃運輸組合中是否有基於航程的不同費率，還是都是固定的？

I think they're all fixed. All our contracts are fixed rate contracts.

我認為它們都已修復。我們所有的合約都是固定利率合約。

Okay. And no dependability on the voyage. Okay. And then on the planned sale of one of your ships and if you do decide to sell other ships in a good market, are there any trends in terms of the potential buyers? Are they from specific countries or specific entities? And have you disclosed the buyer of the ship, please?

好的。且航行中沒有任何可靠性。好的。那麼，關於你們計劃出售其中一艘船，以及如果你們決定在良好的市場上出售其他船隻，潛在買家方面有什麼趨勢嗎？他們來自特定國家還是特定實體？請問您是否透露過該船的買家？

The buyer of the ship is MSC. They are, as you know, the biggest buyer around over the last few years buying older ships. I don't anticipate that we will be selling anything else within this year. You never know, obviously. But we have fixed all the vessels and I don't think we will be selling anything else.

該船的買家是MSC。如你所知，他們是過去幾年購買舊船的最大買家。我預計今年我們不會再銷售任何其他產品。顯然，你永遠不知道。但我們已經修好了所有船隻，我認為我們不會再出售任何其他東西。

(Operator Instructions) Our next question comes from the line of Mark Reichman with NOBLE Capital Markets.

（操作員指示）我們的下一個問題來自 NOBLE Capital Markets 的 Mark Reichman。

Always nice to see another strong quarter. I just had a few questions. The feeder and intermediate containership segments have small order books. You've mentioned the fleet is relatively old and the shift towards adopting new fuels remains slow. So how are you thinking about your fleet in terms of growth in the number of intermediates versus feeders and newbuilds versus secondhand? I think you've mentioned you're not really interested in secondhand, but just kind of interested in your thoughts there.

很高興看到又一個強勁的季度。我只是有幾個問題。支線貨櫃船和中型貨櫃船領域的訂單量較小。您提到船隊相對較老舊，採用新燃料的進程仍然緩慢。那麼，您如何看待您的船隊在中型船舶與支線船舶以及新建船舶與二手船舶數量的增長方面？我想你已經提到你對二手貨並不是很感興趣，只是對你在那裡的想法感興趣。

Yes, sure. We don't -- I mean, we would buy 10, 15-year-old vessels if we could find a suitable charter that would bring the residual value down at the end of the charter. But this is something that we have been trying to do and without much success because the asking prices of the ships are too high. So I think it's rather difficult that we invest now in ships that are in the water currently. We like both sectors, the feeder sector and the intermediate sector. The dynamics are very, very similar, order books of below 7%, 8% and ships over 20 years old in excess of 20 years -- of 10%. So the dynamic is very nice over there. We look at potential projects, and we will see how we will move ahead.

是的，當然。我們不會——我的意思是，如果我們能找到合適的租船合同，在租船期結束時降低殘值，我們就會購買 10 年或 15 年船齡的船隻。但我們一直在嘗試這樣做，但沒有取得多大成功，因為船舶的要價太高。所以我認為我們現在投資在水中的船隻是相當困難的。我們看好這兩個領域，即支線領域和中間領域。動態非常非常相似，訂單量低於 7%、8%，而船齡超過 20 年的船舶則為 10%。所以那裡的動態非常好。我們研究潛在的項目，並看看如何向前邁進。

Do you think the supply-demand characteristics for these segments provide a relatively high level of durability to the rate outlook despite the uncertainties that you mentioned?

儘管您提到存在不確定性，但您是否認為這些細分市場的供需特徵為利率前景提供了相對較高的持久性？

It provides some durability. I mean we all know that the cascading effect is quite significant with container ships, which means that if the rates for the bigger ships drop substantially, we would naturally expect to see a drop in the smaller vessels as well. However, we do feel that the supply-demand fundamentals offer some significant protection against as severe drops as may happen.

它提供了一定的耐用性。我的意思是，我們都知道，貨櫃船的連鎖效應非常顯著，這意味著，如果大型船舶的運價大幅下降，我們自然也會看到小型船舶的運價下降。然而，我們確實認為，供需基本面能夠有效防止可能發生的大幅下跌。

Okay. And then just the last question was the drydocking expenses were $3.5 million for the first six months of 2025. But based on the information on slide 19, is it fair to say that drydocking activity will be light over the next 12 months?

好的。最後一個問題是，2025 年前六個月的乾船塢費用為 350 萬美元。但是根據幻燈片 19 上的信息，是否可以說未來 12 個月的乾船塢活動將會很少？

Yes.

是的。

Yes. I think so. I think we had two vessels that drydocked in the first part of the year. And I think our schedule is lighter for the next 6 or 12 months.

是的。我認為是的。我認為今年上半年我們有兩艘船進入乾船塢。我認為未來 6 到 12 個月我們的行程會比較輕鬆。

(Operator Instructions) Our next question comes from Climent Molins with Value Investor's Edge.

（操作員指示）我們的下一個問題來自 Value Investor's Edge 的 Climent Molins。

Most has already been covered, but I wanted to ask whether you have any plans on what to do with the proceeds of the sale of the Marcos V. Could you comment on potential avenues to allocate that capital? Could special dividends be in the cards? Or would you prefer to make a debt prepayment or allocate it towards the newbuild on order?

大部分內容已經涵蓋，但我想問一下，您是否有計劃處理出售 Marcos V 所得的收益。您能否評論一下分配該資本的潛在途徑？有可能發放特別股利嗎？或者您更願意提前償還債務或將其分配給訂購的新建房屋？

We are considering the various options. The vessel will be delivered within October. And we are looking at various options. We will let you know more when we next talk.

我們正在考慮各種選擇。該船將於十月內交付。我們正在考慮各種選擇。我們下次談話時會告訴您更多。

Yes. I think our Board will meet sometime in November, and we'll make a decision on how those proceeds will be best utilized among the options you mentioned.

是的。我認為我們的董事會將在 11 月的某個時候開會，我們將決定如何在您提到的選項中最好地利用這些收益。

And we have reached the end of the question-and-answer session. I would like to turn the floor back to Mr. Pittas for closing remarks.

問答環節現已結束。我想請皮塔斯先生作最後發言。

Thank you very much all for attending our today's call, and we will be back with you in 3 months' time.

非常感謝大家參加我們今天的電話會議，我們將在三個月後再次與您聯繫。

Hoping to deliver similarly good results.

希望能夠取得同樣好的結果。

Probably. Thank you.

大概。謝謝。

Bye, everybody.

再見，各位。

Thank you. And this concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束，大家可以斷開連線了。感謝您的參與。