Euroseas Ltd (ESEA) 2025 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 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).

感謝各位女士、先生耐心等候，歡迎參加 Euroseas 2025 年第四季財務業績電話會議。今天與會者包括公司董事長兼執行長 Aristides Pittas 先生，以及財務長 Tasos Aslidis 先生。（接線員指示）。

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. Before passing the floor over 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.

我必須提醒各位，本次會議將於今日錄音。也請各位留意，公司已透過新聞稿公布本次業績，且該新聞稿已公開發布。在把時間交給 Pittas 先生之前，我想提醒大家，在今天的簡報與電話會議中，Euroseas 將會作出前瞻性陳述。這些陳述屬於聯邦證券法所定義之範圍。

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 included in the press release. Please take a moment to go through the whole statement and read it. And now I would like to pass the floor over to Mr. Pittas.

所討論事項可能包含前瞻性陳述，係基於管理層目前的預期，並涉及風險與不確定性，可能導致該等預期無法實現。敬請各位注意網路直播簡報第 2 頁投影片，其中載有完整的前瞻性陳述；同樣的陳述亦已納入新聞稿。請花一點時間完整瀏覽並閱讀該陳述。現在我把時間交給 Pittas 先生。

Please go ahead, sir.

先生，請開始。

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 3 and 12-month period ended December 31, 2025. Please turn to slide 3 of the presentation for our quarterly financial highlights.

各位女士、先生早安，感謝各位今天參加我們預定的電話會議。與我一同出席的是我們的財務長 Tasos Aslidis。今天會議的目的，是討論截至 2025 年 12 月 31 日止 3 個月及 12 個月期間的財務結果。請翻到簡報第 3 頁，查看我們的季度財務重點。

For the fourth quarter of 2025, we reported total net revenues of $57.4 million and net income of $40.5 million or $5.79 per diluted share. Adjusted net income for the quarter was $31.3 million or $4.48 per diluted share. Adjusted EBITDA for the period was $40.7 million. Please refer to the press release for the reconciliation of adjusted net income and adjusted EBITDA.

2025 年第四季，我們的淨營收總額為 5,740 萬美元，淨利為 4,050 萬美元，或稀釋後每股 5.79 美元。本季調整後淨利為 3,130 萬美元，或稀釋後每股 4.48 美元。本期間調整後 EBITDA 為 4,070 萬美元。調整後淨利與調整後 EBITDA 的調節表，請參閱新聞稿。

Tasos Aslidis will go over our financial highlights in more detail later on in the presentation. As part of the company's common stock dividend plan, we are pleased to announce that our Board of Directors increased the quarterly dividend by 7% to $0.75 per share for the fourth quarter of 2025. This represents an annualized dividend per share of $3, resulting in an annualized dividend yield of about 5% based on our current share price.

稍後在簡報中，Tasos Aslidis 將更詳細說明我們的財務重點。作為公司普通股股利計畫的一部分，我們很高興宣布董事會將 2025 年第四季的季度股利提高 7%，至每股 0.75 美元。這相當於每股年化股利 3 美元，依目前股價計算，年化股利殖利率約為 5%。

Additionally, since the launch of our $20 million share repurchase program in May 2022, we have repurchased 480,000 shares of our common stock in the open market, representing about 6.8% of our outstanding shares for an aggregate price of approximately $11.4 million.

此外，自 2022 年 5 月啟動 2,000 萬美元的庫藏股回購計畫以來，我們已在公開市場回購 480,000 股普通股，約占已發行在外股數的 6.8%，合計回購金額約 1,140 萬美元。

Following a few one-year extensions, the program was renewed for the third time in May 2025. We intend to continue executing our repurchase program in a disciplined manner, deploying capital when appropriate to support and enhance long-term shareholder value.

在數次一年期延長後，該計畫於 2025 年 5 月第三度續期。我們將以審慎且有紀律的方式持續執行回購計畫，在適當時機配置資本，以支持並提升股東長期價值。

Please turn to slide 4 for an overview of our recent developments where we highlight key progress across vessel sales and purchases chartering activity and operational performance. As previously announced, we successfully completed the sale and delivery of Motor Vessel Marcos V to her unaffiliated owners on October 20, 2025. This transaction generated a gain on sale of $9.2 million.

請翻到第 4 頁，查看近期發展概覽；我們在此重點說明船舶出售與購置、租船活動以及營運表現等方面的主要進展。如先前所公告，我們已於 2025 年 10 月 20 日成功完成「Marcos V」輪（Motor Vessel Marcos V）出售並交付予其非關聯買方。該交易帶來 920 萬美元的出售利益。

On the chartering front, we secured multiyear employment for several vessels, further strengthening our revenue stability. Motor Vessel Gregos, Terataki and Leonidas where all fixed for about three years at an attractive daily rate of $30,000 per day.

在租船方面，我們為多艘船舶取得多年期租約，進一步強化營收穩定性。「Gregos」、「Terataki」及「Leonidas」輪（Motor Vessel Gregos、Terataki 和 Leonidas）皆以具吸引力的日租金 30,000 美元，固定約三年期。

In addition, Motor Vessel EM Spetses was fixed for a minimum of 22 months to a maximum of 24 months at a daily rate of $21,500 per day. We had no idle or commercial off-hire days for the period. Now please turn to slide 5. Our on-the-water fleet currently consists of 21 vessels with a total carrying capacity of 61,000 TEUs with an average age of 13.1 years.

此外，「EM Spetses」輪（Motor Vessel EM Spetses）以日租金 21,500 美元，固定最短 22 個月、最長 24 個月。本期間我們沒有任何閒置或商業性停租天數。現在請翻到第 5 頁。我們目前在水上營運船隊共有 21 艘船，總運力 61,000 TEU，平均船齡 13.1 年。

This includes six intermediate vessels with the combined carrying capacity of approximately 25,500 TEU and an average age of 18.2 years and 15 Feeder vessels with the combined carrying capacity of about 35,000 TEU and an average age of 9.4 years.

其中包括 6 艘中型船舶，合計運力約 25,500 TEU，平均船齡 18.2 年；以及 15 艘支線（Feeder）船舶，合計運力約 35,000 TEU，平均船齡 9.4 年。

In addition, we have four intermediate vessels under construction each with a capacity of 4,484 TEUs, 2 of these are expected to be delivered in the third and fourth quarters of 2027 and the remaining two in the first and second quarter of 2028, adding a further 18,000 TEU capacity to our fleet.

另外，我們有 4 艘在建的中型船舶，每艘運力 4,484 TEU；其中 2 艘預計於 2027 年第三季與第四季交付，其餘 2 艘預計於 2028 年第一季與第二季交付，將為船隊再增加 18,000 TEU 的運力。

On a fully delivered basis, our fleet will grow to 25 vessels with a carrying capacity of approximately 80,000 TEU. (technical difficulty) Sorry for the interruption. We had a line break down. I hope you can hear me. I will continue.

在全數交付後，我們的船隊將成長至 25 艘，運力約 80,000 TEU。（技術問題）抱歉打斷一下。我們的線路中斷了。希望各位聽得到我。我將繼續。

I just described the 4,484 TEU vessels that we expect to take delivery in 2027 and 2028. So now please turn to slide 6 for a further update on our fleet employment. We continue to benefit from high level of forward coverage.

我剛才說明了我們預計於 2027 年與 2028 年交付的 4,484 TEU 船舶。現在請翻到第 6 頁，進一步更新我們的船隊租約覆蓋情況。我們持續受惠於高水準的遠期覆蓋率。

Looking ahead, we have secured a high degree of revenue visibility in the next several years. For 2026, 87% of our available voyage days have been fixed at an average daily rate of approximately $30,700 per day. In 2027, our coverage stands at about 71% with an average rate of around $31,900 per day whilst for 2028, we already have 41% of our days secured at an average rate of around $32,400 per day.

展望未來，我們在未來數年已取得高度的營收可視性。就 2026 年而言，我們可用航行天數的 87% 已以平均日租金約 30,700 美元固定。2027 年的覆蓋率約為 71%，平均日租金約 31,900 美元；而 2028 年我們已先行鎖定 41% 的天數，平均日租金約 32,400 美元。

This forward coverage achieved through our disciplined chartering strategy allows us to balance market exposure with earnings stability across different phases of the cycle. It provides meaningful cash flow visibility and positions us to sustain profitability over the next several years, even in the event of a sudden market correction.

透過我們有紀律的租船策略所達成的遠期覆蓋，使我們能在不同景氣循環階段於市場曝險與獲利穩定性之間取得平衡。這提供了具意義的現金流可視性，並使我們即使在市場突然修正的情況下，仍能在未來數年維持獲利能力。

Moving on to slide 8. Let's review the key market developments during the fourth quarter of 2025. One-year time charter rates remained firm at historically elevated levels, supported in the near term by a substantial portion of the fleet being fixed forward. This forward coverage has helped sustain charter rate resilience even though the freight market softened amid increased vessel supply and seasonally weaker demand.

接著看第 8 頁。讓我們回顧 2025 年第四季的主要市場發展。一年期定期租船（time charter）租金維持堅挺，處於歷史相對高檔水準；短期內主要受惠於相當比例的船隊已提前以遠期方式固定。即使在船舶供給增加、需求季節性走弱導致運價市場轉弱的情況下，這種遠期覆蓋仍有助於維持租金的韌性。

The Shanghai Containerized Freight Index recovered by approximately 13% from near two-year lows recorded in late September. On a quarter-on-quarter basis, average rates across the major container segments were largely unchanged and continue to hover around similar high levels.

上海出口集裝箱運價指數（Shanghai Containerized Freight Index）自 9 月下旬所創近兩年低點回升約 13%。以季對季來看，主要貨櫃船型別的平均運價大致持平，並持續徘徊在相近的高檔水準。

Secondhand asset prices remained stable in the fourth quarter of 2025 compared to the previous quarter. This resilience was supported by limited vessel availability and continued competition among buyers seeking to expand their fleets amid ongoing trade disruptions.

2025 年第四季的二手資產價格相較前一季維持穩定。此一韌性主要受限於可供船舶數量有限，以及在貿易干擾持續之際，買方為擴張船隊而持續競爭所支撐。

Meanwhile, the newbuilding price index declined modestly, easing by 1.5% quarter-over-quarter. After an extended period of strong growth, container newbuilding prices softened compared to -- in the fourth quarter compared to the third as yards are mostly full till the end of 2028 and consequently, ordering activity has slowed. However, prices remain high by historical standards.

同時，新造船價格指數小幅下滑，季對季下降 1.5%。在經歷一段長時間的強勁成長後，貨櫃船新造船價格在第四季相較第三季有所走軟，因為船廠產能多數已排至 2028 年底，因而下單活動放緩。然而，價格仍高於歷史平均水準。

Idle fleet capacity has trended steadily downward and is now approaching negligible levels. Recycling activity remained muted in 2025 with just 11 vessels being scrapped during the year. Scrap prices have recently softened to around $435 per lightweight ton in Bangladesh. Overall, the global fleet expanded by approximately 7% in 2025.

閒置船隊運力一直穩步下降，目前已接近可忽略的水準。2025 年拆船回收活動仍然低迷，全年僅有 11 艘船舶報廢拆解。近期孟加拉的拆船價格已走軟至每輕噸約 435 美元。整體而言，全球船隊於 2025 年約擴張 7%。

Please turn to slide 9 for our broader market overview, focusing on the development of 6- to 12-month time charter rates over the past 10 years. As illustrated on the slide, charter rates across all major containership segments remain meaningfully above the respective 10-year historical averages and median levels. While rates have moderated from the extraordinary peaks of 2021 and 2022, they continue to reflect a structurally stronger earnings environment than the long-term norm.

請翻到第 9 頁，查看我們更廣泛的市場概覽，重點聚焦過去 10 年 6 至 12 個月期租（time charter）租金的發展。如投影片所示，所有主要貨櫃船分段的租金水準仍明顯高於各自 10 年歷史平均與中位數水準。儘管租金已自 2021 與 2022 年的異常高峰回落，但仍反映出相較長期常態更具結構性強勁的獲利環境。

This is particularly evident in the feeder and intermediate segments where demand remains solid. These vessel classes continue to play a critical role in maintaining network flexibility and supporting regional and intra-regional trade flows, especially amid ongoing geopolitical uncertainties and supply chain realignments. Moreover, limited vessel availability at the moment, combined with sustained demand continued to support the elevated time charter rates.

這在支線（feeder）與中型（intermediate）分段尤為明顯，因為需求仍然穩健。這些船型在維持航線網路彈性、支撐區域與區域內貿易流方面持續扮演關鍵角色，尤其是在地緣政治不確定性延續與供應鏈重新布局之際。此外，當前船舶供給有限，加上需求持續，仍支撐期租租金維持在高檔。

Please turn to slide 10. According to the IMF 2026 World Economic Outlook update, the global economy is projected to maintain a resilient expansion with GDP growth now forecast at 3.3% in 2026 and 3.2% in 2027, reflecting a slight upward revision to the outlook relative to last October's projections.

請翻到第 10 頁。根據 IMF《2026 年世界經濟展望》更新，全球經濟預計將維持具韌性的擴張，GDP 成長率目前預測 2026 年為 3.3%、2027 年為 3.2%，相較去年 10 月的預測略為上修。

Inflation pressures are expected to ease further with headline inflation declining from an estimated 4.1% in 2025 to 3.8% in 2026 and 3.4% in 2027, supporting a gradual return to target price stability. Despite relatively stable medium-term outlook, there are still meaningful downside risks though. These include the possibility that expectations around technology-driven growth proved too optimistic as well, of course, as the risk of escalating geopolitical tensions.

通膨壓力預期將進一步緩解，總體通膨率將自 2025 年估計的 4.1% 降至 2026 年的 3.8% 與 2027 年的 3.4%，有助於逐步回歸目標價格穩定。儘管中期展望相對穩定，但仍存在顯著下行風險。包括對科技驅動成長的預期可能過於樂觀，以及當然還有地緣政治緊張升級的風險。

Ongoing trade frictions and broader geopolitical fragmentation continue to create uncertainty for the global economy. The recent events in Venezuela, Greenland and the Middle East are reminders that external risks remain always present. That said, some trade pressures could possibly ease in 2026, which could help reduce the drag from the tariffs on overall growth.

持續的貿易摩擦與更廣泛的地緣政治碎片化，仍為全球經濟帶來不確定性。近期委內瑞拉、格陵蘭與中東的事件提醒我們，外部風險始終存在。不過，部分貿易壓力可能在 2026 年有所緩解，進而有助於降低關稅對整體成長的拖累。

In the United States, growth is projected to remain broadly steady with GDP growth expanding by about 2.4% in 2026 and 2% in 2027, although business and consumer sentiment appears subdued and inflation is expected to ease towards target only gradually.

在美國，成長預計大致維持穩定，GDP 成長率 2026 年約 2.4%、2027 年約 2%，不過企業與消費者信心似乎偏弱，且通膨預期僅會逐步朝目標回落。

Among emerging markets and developing economies, India is forecast to remain one of the fastest-growing major economies with GDP growth projected at about 6.4% for both 2026 and 2027, which is undermined by robust domestic demand and investment momentum.

在新興市場與發展中經濟體中，印度預計仍將是成長最快的主要經濟體之一，GDP 成長率 2026 與 2027 年皆約 6.4%，此一表現受強勁的內需與投資動能所支撐。

The ASEAN-5 region is projected to also maintain solid growth with expansion of 4.2% in 2026 and 4.4% in 2027, supported by strong domestic investment and technology exports even amid global trade uncertainties and tariff pressures.

東協五國（ASEAN-5）地區預計也將維持穩健成長，2026 年擴張 4.2%、2027 年 4.4%，在全球貿易不確定性與關稅壓力下，仍受強勁的國內投資與科技出口支撐。

Finally, China's growth trajectory is expected to moderate more with GDP forecast of 4.5% in 2026, down from 5% in 2025 and easing further to 4% in 2027. The slowdown reflects pressure from weaker external demand, subdued manufacturing investment and ongoing challenges in the property sector. While segments of the economy, particularly exports and AI-related investment continue to grow at a healthy pace, broader domestic demand remains soft, pointing to an increasingly K-shaped recovery.

最後，中國的成長軌跡預期將更為放緩，GDP 預測 2026 年為 4.5%，低於 2025 年的 5%，並於 2027 年進一步降至 4%。此一放緩反映外部需求轉弱、製造業投資低迷，以及房地產部門持續面臨挑戰所帶來的壓力。儘管部分經濟領域，特別是出口與 AI 相關投資仍以健康速度成長，但更廣泛的內需仍偏疲弱，顯示復甦型態愈發呈現 K 型。

On the containerized trade, according to Clarksons' latest estimates, containership trade growth is projected to soften with TEU/miles demand expected to decline by approximately 1% in 2026 and 5.5% in 2027. This decline is solely due to the expectation that trading through the Suez will normalize during these two years. Some of this artificial uplift in TEU miles demand is expected to unwind beginning in 2026 with a more pronounced impact anticipated in 2027.

在貨櫃化貿易方面，根據 Clarksons 最新估計，貨櫃船貿易成長預計將趨緩，TEU/英里需求預期於 2026 年約下滑 1%，並於 2027 年下滑 5.5%。此一下降完全源自對未來兩年蘇伊士運河通行將恢復常態的預期。部分由此造成的 TEU 英里需求「人為抬升」預計自 2026 年開始回吐，且 2027 年的影響將更為明顯。

At the same time, the substantial newbuilding capacity ordered during the pandemic period is scheduled for delivery over the coming years. This influx of tonnage is likely to outpace underlying demand growth at certain points in the cycle, particularly if geopolitical disruptions ease more rapidly than expected and vessels are able to return to more efficient routes.

同時，疫情期間大量下單的新造船產能，已排定於未來數年陸續交付。這波運力投入在景氣循環的某些時點可能超過基本面需求成長，尤其若地緣政治干擾比預期更快緩解、船舶得以回到更有效率的航線時更是如此。

Turning on to slide 11, you can see the total fleet age profile and containership outlook. The top left chart shows that the total containership fleet remains relatively young with the majority of vessels under 15 years of age and only about 13% of the fleet over 20 years old. This, however, changes drastically if you look in the feeder, intermediate segments in isolation, which we will go over in the next few slides.

接著看第 11 頁，您可以看到整體船隊船齡結構與貨櫃船展望。左上圖顯示，整體貨櫃船船隊仍相對年輕，多數船舶船齡低於 15 年，僅約 13% 的船隊船齡超過 20 年。然而，若單獨觀察支線與中型分段，情況將大幅不同，我們會在接下來幾頁進一步說明。

Staying on this slide for a moment, the top right chart illustrates scheduled new deliveries as a percentage of the existing fleet standing at approximately 5% for 2026, 8.5% for 2027 and 17.6% for 2028 onwards, although actual fleet growth is expected to be somewhat lower due to slippage and future demolition activity. The bottom chart shows that the order book has increased to close to 35% of the fleet as of February 2026.

在此頁稍作停留，右上圖顯示已排定的新船交付量占現有船隊的比例：2026 年約 5%、2027 年 8.5%，以及 2028 年及之後 17.6%；不過由於交付延遲（slippage）與未來拆解活動，實際船隊成長預期將略低。下方圖表顯示，截至 2026 年 2 月，訂單量已增加至接近船隊規模的 35%。

Let's turn to slide 12, where we highlight the fleet age profile and order book specifically for ships in the 1,000 to 3,000 TEU range, which represents our feeder fleet. As of February 2026, order book for vessels below 3,000 TEU stands at a relatively modest 10% of the fleet.

請翻到第 12 頁，我們將特別聚焦 1,000 至 3,000 TEU 船型（代表我們的支線船隊）的船齡結構與訂單量。截至 2026 年 2 月，3,000 TEU 以下船舶的訂單量僅約占船隊的 10%，屬相對溫和水準。

At the same time, roughly 28% of the fleet is over 20 years old. This dynamic points to a clear imbalance between limited newbuilding activity on one side and an aging fleet on the other. As environmental regulations tighten and compliance costs increase, a meaningful portion of these older vessels are likely to be scrapped.

同時，約 28% 的船隊船齡超過 20 年。此一態勢顯示：一方面新造船活動有限，另一方面船隊老化，兩者之間存在明顯失衡。隨著環保法規趨嚴與合規成本上升，這些老舊船舶中相當一部分很可能將被拆解報廢。

According to Clarksons, deliveries in this size range remain limited with newbuilding additions projected at only 2.4% of the fleet in 2026, followed by 3.9% in 2027 and 3.8% in 2028 and beyond. Let's move to slide 13 now to see the supply outlook for the 3,000 to 8,000 TEU segment, representing the intermediate containership segment.

根據 Clarksons，此尺寸區間的交付量仍然有限，新造船新增運力預計 2026 年僅占船隊 2.4%，2027 年為 3.9%，而 2028 年及之後為 3.8%。現在請看第 13 頁，以了解 3,000 至 8,000 TEU 分段（代表中型貨櫃船分段）的供給展望。

As of February 2026, the order book here stands at 17% of the fleet, a modest level compared to the largest main classes. Meanwhile, the age profile of this segment is also notably advanced with almost 29% of vessels being over 20 years old and another 37% between 15 and 19 years. With a limited newbuilding pipeline, net fleet growth in this segment is expected to remain contained over the next few years.

截至 2026 年 2 月，該分段訂單量約占船隊 17%，相較最大型主力船級屬溫和水準。同時，此分段的船齡結構也明顯偏高：近 29% 的船舶船齡超過 20 年，另有 37% 介於 15 至 19 年。在新造船供給管線有限的情況下，預期未來幾年此分段的淨船隊成長將維持受控。

Moving on to slide 14. This chart places those dynamics in a broader context across the entire containership sector. What becomes very clear is how sharply the order book is concentrated in the larger vessel classes. Neo-Panamax and Post-Panamax units show order books of 40% to nearly 80% of the existing fleets in line with the significant capacity being added to the main lane trades.

接著看第 14 頁。此圖將上述動態放在整體貨櫃船產業的更廣泛脈絡中。非常清楚的一點是：訂單量高度集中於大型船舶級別。新巴拿馬型（Neo-Panamax）與後巴拿馬型（Post-Panamax）的訂單量約為現有船隊的 40% 至接近 80%，與主幹航線貿易新增的大量運力相一致。

By contrast, the Feeders and Intermediate segment show significantly smaller order books ranging from just 4% to 18% depending on size, despite a meaningful share of these fleets between 20% and almost 40% already being more than 20 years old.

相較之下，支線與中型分段的訂單量明顯較小，依船型大小僅約 4% 至 18%，儘管這些船隊中已有相當比例（約 20% 至接近 40%）的船舶船齡超過 20 年。

This widening gap between newbuilding activity in the large vessel segments and the more limited replacement of smaller sizes highlights why our core segments remain structurally well positioned with minimal risk of oversupply.

大型船舶船型的新造船活動與較小船型較為有限的汰換之間的差距擴大，凸顯了為何我們的核心船型在結構上仍具備良好定位，且供給過剩風險極低。

Now please turn to slide 15 for a synopsis of our outlook on the container sector. Trends remain multifaceted. While time charter rates remain strong, weaker freight rates, firm fleet growth, macroeconomic uncertainty and the possibility of vessels being rerouted again via the Red Sea point to the potential for a softer market environment ahead.

現在請翻到第15頁，了解我們對貨櫃航運產業展望的摘要。趨勢仍然多面向。雖然期租租金仍然強勁，但較疲弱的運價、船隊成長穩健、總體經濟不確定性，以及船舶可能再次改道經由紅海的可能性，都指向未來市場環境可能轉為較疲軟。

Overall, time charter rates remain near historical highs. Looking into 2026, the container sector is expected to deliver one of the lowest order books in recent years with only 5% expected to be delivered versus 8.5% expected to be delivered in '27 and over 17% in 2028 and beyond. However, any return to normality in routes could release effective capacity back into the market, potentially putting pressure on rates and prompting further network adjustments.

整體而言，期租租金仍接近歷史高點。展望2026年，貨櫃航運產業預期將呈現近年最低之一的訂單簿，預計僅有5%交付，相較之下，'27年預計交付8.5%，而2028年及之後則超過17%。然而，若航線回歸常態，可能會將有效運力釋放回市場，進而對租金造成壓力並促使進一步的航線網路調整。

Looking further ahead to 2027, when containership deliveries are set to accelerate, we could experience additional softening in container shipping markets. While capacity management and higher demolition management and higher demolition activity may help to mitigate part of this pressure, the sector still faces the potential for a more challenging supply-demand balance.

再往後看至2027年，當貨櫃船交付量預計加速時，貨櫃航運市場可能會出現進一步走軟。雖然運力管理以及更高的拆船管理與更高的拆船活動可能有助於緩解部分壓力，但該產業仍面臨供需平衡更具挑戰的可能性。

The energy transition continues to pick up speed in the containership sector. Alternative fuels are clearly on the horizon, but the shift is not happening overnight. Technical challenges, economic hurdles and delays in finalizing the IMO Net Zero framework mean the journey to zero emissions will be gradual. Still, the momentum is undeniable, and the industry is steadily charting a course towards an even cleaner future.

能源轉型在貨櫃船領域持續加速。替代燃料顯然已近在眼前，但轉變不會一蹴可幾。技術挑戰、經濟門檻，以及IMO淨零框架定案延宕，意味著邁向零排放的旅程將是循序漸進的。儘管如此，動能無庸置疑，產業正穩步朝向更潔淨的未來航行。

Let's turn to slide 16. The left-hand graph shows the cycle of the one year time charter rate for 2,500 TEU containerships over the past 10 years. As of February 20, 2026, the one year time charter rate stands at $36,000 per day, well above both the 10-year historical average and median levels.

我們來看第16頁。左側圖表顯示過去10年2,500 TEU貨櫃船一年期租租金的循環走勢。截至2026年2月20日，一年期租租金為每日36,000美元，明顯高於10年歷史平均與中位數水準。

This firm rate environment is mirrored in asset values as well. Newbuilding vessels are now valued at approximately $43 million compared to a 10-year median of $35 million and an average of roughly $36 million.

這樣的強勁租金環境也反映在資產價值上。新造船目前估值約4,300萬美元，相較10年中位數3,500萬美元與約3,600萬美元的平均值。

Likewise, 10-year-old secondhand vessels are currently valued at $37.5 million, significantly higher than the 10-year historical median of $15 million and historical average of about $21 million. The continued firmness in charter rates and asset values highlights the underlying resilience of the containership market and reflects the robust long-term fundamentals that continue to underpin demand for these vessels.

同樣地，10年船齡的二手船目前估值為3,750萬美元，顯著高於10年歷史中位數1,500萬美元與約2,100萬美元的歷史平均。期租租金與資產價值持續維持強勢，凸顯貨櫃船市場的內在韌性，並反映支撐此類船舶需求的強勁長期基本面。

Our financial strength allows us to act strategically as attractive investments emerge in both the secondhand and newbuilding segments. Supported by our strong liquidity profile and revenue visibility, we believe we are well positioned to further enhance shareholder returns. Our investors can rely on us continuing to offer a meaningful dividend as our recent 7% increase demonstrates, whilst retaining excess earnings for further optimized growth.

我們的財務實力使我們能在二手船與新造船兩個市場出現具吸引力的投資機會時，採取策略性行動。在強勁的流動性結構與收入能見度支持下，我們相信自身具備進一步提升股東報酬的良好條件。投資人可期待我們持續提供具意義的股利，正如近期股利提高7%所示，同時保留超額盈餘以進一步優化成長。

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

接下來，我將把時間交給我們的財務長Tasos Aslidis，請他更詳細說明我們的財務重點。

Thank you very much, Aristides. Good morning from me as well, ladies and gentlemen. Over the next few slides, I will give you the usual overview of our financial highlights for the fourth quarter and full year of 2025 and compare them to the same periods of the year before, 2024. For that, let's turn to slide 18.

非常感謝你，Aristides。各位女士、先生，早安，我也向各位問候。接下來幾張投影片，我將照例概述我們2025年第四季與全年財務重點，並與前一年2024年同期進行比較。為此，請翻到第18頁。

For the fourth quarter of 2025, the company reported total net revenues of $57.4 million, representing a 7.7% increase over total net revenues of $53.3 million during the fourth quarter of 2024; the increase is mainly due to the result of the higher charter rates earned in the fourth quarter of 2025 compared to the corresponding period of the previous year, partly offset by the decreased average number of vessels that we operated in the fourth quarter of 2025.

2025年第四季，公司總淨營收為5,740萬美元，較2024年第四季的5,330萬美元增加7.7%；此增幅主要來自2025年第四季相較前一年同期所賺取的較高租金，部分被2025年第四季我們營運的平均船舶數量下降所抵銷。

Consequently, and including the $9.2 million gain on the sale of our vessel MV Marcos V during the fourth quarter, we reported a net income for the period of $40.5 million as compared to a net income of $24.4 million for the fourth quarter of 2024.

因此，並包含第四季出售本公司船舶MV Marcos V所產生的920萬美元收益，我們該期間淨利為4,050萬美元，相較2024年第四季淨利2,440萬美元。

Total interest and other financing costs for the fourth quarter of 2025 amounted to $3.4 million compared to $4.1 million for the fourth quarter of the previous year before accounting for $0.6 million of imputed interest income related to the self-financing of the pre-delivery payments for one of our new buildings at the time, which was capitalized.

2025年第四季利息及其他融資成本合計為340萬美元，較前一年第四季的410萬美元為低；上述比較尚未計入當時我們對其中一艘新造船的交船前付款採自籌資金所產生、並予以資本化的60萬美元推算利息收入。

This decrease is mainly due to the decreased benchmark interest rates of our bank's loans in the current period in the fourth quarter of 2025, partly offset by the slightly higher amount of debt we carried. During both periods, we recorded interest income of about $0.8 million. Adjusted EBITDA for the fourth quarter of 2025 increased to $40.7 million compared to $32.8 million for the corresponding period of 2024, a 24% increase, primarily due to the higher revenues we collected.

此下降主要由於2025年第四季本期銀行貸款的基準利率下調，部分被我們承擔的債務金額略為增加所抵銷。在兩個期間，我們皆認列約80萬美元的利息收入。2025年第四季調整後EBITDA增至4,070萬美元，較2024年同期的3,280萬美元增加24%，主要因我們收取的營收較高。

Basic and diluted earnings per share for the fourth quarter of 2025 were $5.82 and $5.79 respectively, calculated approximately about 7 million basic diluted weighted average number of shares outstanding compared to basic diluted earnings per share of $3.51 and $3.49, respectively, for the fourth quarter of 2024.

2025年第四季基本與稀釋每股盈餘分別為5.82美元與5.79美元，係以約700萬股基本及稀釋加權平均流通股數計算；相較之下，2024年第四季基本與稀釋每股盈餘分別為3.51美元與3.49美元。

Excluding the gain on the sale of vessel and the unrealized income or loss on derivatives, the adjusted earnings per share for the fourth quarter of 2025 would have been $4.50 basic and $4.48 diluted; one of our highest quarters compared to adjusted earnings per share of $3.35 basic and $3.33 diluted for the same period of 2024, during which we also had to adjust our results for the contribution of the fair value of below market charter rate contracts and the related depreciation.

若排除出售船舶收益以及衍生性金融工具的未實現損益，2025年第四季調整後每股盈餘將為基本4.50美元、稀釋4.48美元；這是我們表現最佳的季度之一，相較2024年同期調整後每股盈餘為基本3.35美元、稀釋3.33美元；而在2024年同期，我們亦需就低於市場水準的期租合約公允價值貢獻及其相關折舊對結果進行調整。

Let's now look at the numbers for the full year 2025 and compare them to the full year of 2024. For the full year of 2025, the company reported total net revenues of $227.9 million, representing a 7% increase over the total net revenues of $212.9 million during the fourth quarter of -- during the full year of 2024.

現在我們來看2025年全年的數字，並與2024年全年比較。2025年全年，公司總淨營收為2億2,790萬美元，較2024年全年的總淨營收2億1,290萬美元增加7%。

And that, again, mainly is a result of the higher number of vessels we own and operated and the higher average time charter equivalent rates we earned during 2025. We reported a net income for the year of 2025 of $137 million compared to a net income of $112.8 million during 2024.

而這同樣主要是因為我們擁有並營運的船舶數量增加，以及2025年所賺取的平均期租等效（TCE）租金較高。我們2025年全年淨利為1億3,700萬美元，相較2024年淨利1億1,280萬美元。

Total interest and other financing costs for the 12 months of 2025 amounted to $15.1 million, again, not including $0.1 million of imputed interest income compared to interest and other financing costs of $13.8 million during 2024, not including a gain of $4.2 million of this interest income in relation to our newbuilding program.

2025年12個月的利息及其他融資成本合計為1,510萬美元，同樣不包含10萬美元的推算利息收入；相較之下，2024年的利息及其他融資成本為1,380萬美元，且不包含與我們新造船計畫相關、作為利息收入的420萬美元收益。

This increase is mainly due to the increased amount of debt in the current period compared to the same period of 2024. Adjusted EBITDA for the 12 months of 2025 increased to $155.9 million compared to $135.8 million during 2024, a 15% increase, again, primarily as a result of the higher revenues we collected.

此增加主要由於本期債務金額較2024年同期增加。2025年12個月調整後EBITDA增至1億5,590萬美元，較2024年的1億3,580萬美元增加15%，同樣主要因我們收取的營收較高。

For the full year of 2025, we recorded a $19.4 million gain on sale of vessels, a $10 million gain on the sale of Motor Vessel Diamantis early in the year and a $9.2 million gain on the sale of Motor Vessel Marcos V compared to $5.7 million gain on the sale of Motor Vessel EM Astoria we recorded during 2024.

就2025年全年而言，我們錄得出售船舶收益1,940萬美元，其中包括年初出售「Motor Vessel Diamantis」的1,000萬美元收益，以及出售「Motor Vessel Marcos V」的920萬美元收益；相較之下，我們於2024年錄得出售「Motor Vessel EM Astoria」的570萬美元收益。

Basic and diluted earnings per share for 2025 were $19.73 and $19.72, respectively, calculated on about 6.9 million basic diluted weighted average number of shares outstanding compared to basic diluted earnings per share of $16.25 and $16.20 during 2024.

2025年的基本及稀釋每股盈餘分別為19.73美元及19.72美元，係以約690萬股基本及稀釋加權平均流通股數計算；相較之下，2024年的基本及稀釋每股盈餘分別為16.25美元及16.20美元。

Again, excluding the gain on sale of vessels, the unrealized income or loss of derivatives -- on derivatives and the contribution of the fair value of below market time charter contracts and related depreciation for the relevant periods, the adjusted earnings per share for the 12 months ended December 31, 2025, would have been $16.75 basic and $16.74 diluted compared to $14.92 basic and $14.87 diluted for 2024.

同樣地，若排除出售船舶收益、衍生性金融工具的未實現收益或損失（—就衍生性金融工具而言），以及相關期間低於市場水準之期租合約公允價值貢獻及其相關折舊，則截至2025年12月31日止12個月的調整後每股盈餘將為基本16.75美元、稀釋16.74美元；相較之下，2024年為基本14.92美元、稀釋14.87美元。

Now let's turn to slide 19, which highlights our fleet performance. As usual, we report our utilization rate there and our utilization figures are near 100% across all periods. So I will not get into describing in detail the individual utilization rates.

現在我們來看第19頁投影片，該頁重點呈現我們的船隊營運表現。如同以往，我們在此揭露使用率，而各期間的使用率數據幾乎接近100%。因此我就不再逐一詳細說明各項使用率。

On average, 21.22 vessels were owned and operated during the fourth quarter of 2025, earning an average time charter equivalent rate of $30,268 per day compared to 23 vessels during the fourth quarter of 2024, earning on average $26,479 per day.

2025年第四季平均擁有並營運21.22艘船舶，平均期租等值（TCE）日租金為30,268美元；相較之下，2024年第四季為23艘，平均日租金為26,479美元。

Our total daily operating expenses, including management fees, G&A expenses, but excluding drydocking costs were $8,284 per day during the fourth quarter of 2025 compared to $7,728 per vessel per day for the same period, the fourth quarter of 2024.

我們的每日總營運費用（包含管理費與一般及行政費用，但不含進塢成本）於2025年第四季為每日8,284美元；相較之下，2024年第四季同期間為每艘船每日7,728美元。

If we move further down on this table, we can see the cash flow breakeven levels, which take into account the above expenses and in addition, interest and drydocking expenses and loan repayments without accounting for balloon payments. For the fourth quarter of 2025, our daily cash flow breakeven level on that basis was $13,009 per vessel per day compared to $14,936 per vessel per day for the fourth quarter of 2024.

若我們在此表再往下看，可看到現金流損益兩平水準，其已納入上述費用，並另外計入利息與進塢費用以及貸款償還（不含期末一次性大額償還款，亦即 balloon payments）。以此基礎計算，2025年第四季我們的每日現金流損益兩平水準為每艘船每日13,009美元；相較之下，2024年第四季為每艘船每日14,936美元。

Finally, below the breakeven line, you can see the dividend we distributed expressed in dollars per vessel per day. And that amounts to a little more than $2,000 for $2539 for the fourth quarter of 2025, where the dividend was increased than $2,035 for the fourth quarter of 2024.

最後，在損益兩平線下方，您可以看到我們發放的股利，以每艘船每日美元金額表示。2025年第四季約略高於2,000美元，為2,539美元；而2024年第四季為2,035美元，顯示股利有所提高。

Let's move quickly and review the annual figures on the right part of this slide. Again, the full year -- for the full year of 2025 and 2024, utilization rates were near 100%, so let me jump and say that on average, 22.2 vessels were owned and operated during 2025, earning on average $29,107 per day compared to 21.7 vessels in 2024, earning on average $28,054 per day.

我們快速移動到本頁右側，檢視年度數據。同樣地，2025年與2024年全年使用率皆接近100%，因此我直接說明：2025年平均擁有並營運22.2艘船舶，平均每日收益為29,107美元；相較之下，2024年平均為21.7艘，平均每日收益為28,054美元。

Total operating expenses for the full year, including management fees and G&A expenses, but again, without counting for drydocking costs were $7,600 in 2025 compared to $7,526 in 2024. The cash flow breakeven level for the full year ended up being $13,100 in 2025 compared to $14,794 for 2024. And again, in the last line, we can see the dividend we paid expressed in dollars per vessel per day, and that amounted to $2,335 in 2025 versus $2,131 in 2024.

全年總營運費用（包含管理費與一般及行政費用，但同樣不計入進塢成本）2025年為7,600美元，2024年為7,526美元。全年現金流損益兩平水準最終為：2025年13,100美元，2024年14,794美元。同樣地，在最後一行可看到我們支付的股利，以每艘船每日美元金額表示：2025年為2,335美元，2024年為2,131美元。

Let's now turn to slide 20. And in this slide, we want to provide a better perspective of the depth of our contract coverage, especially in light of the recent charter that we concluded Aristides mentioned earlier in the presentation.

現在我們翻到第20頁投影片。在這一頁，我們希望就合約覆蓋深度提供更清楚的視角，特別是考量到我們近期完成的租約（Aristides稍早在簡報中已提及）。

The table shown presents the development of our fleet ownership days over the period of the next three years at an estimated breakdown of how many days are available for hire and how many days are already contracted.

所示表格呈現未來三年我們船隊「自有船舶天數」的變化，並估計拆分為可供出租的天數，以及已簽約的天數。

It incorporates assumptions about delivering dates for the vessels under construction, scrapping days for older ships, estimate drydocking and timing and duration, utilization rate assumption going forward and estimates for contracted days and average contracted rate. Please note that the data presented in this table represents our internal estimates provided for indicative purposes and used for modeling future time charter equivalent revenues and actual results may differ.

該表納入多項假設，包括在建船舶的交付日期、老舊船舶的拆解天數、進塢的估計時點與期間、未來使用率假設，以及已簽約天數與平均簽約租金的估計。請注意，本表所呈現之數據為我們內部估計，僅供指示性用途，並用於建模未來期租等值（TCE）收入；實際結果可能有所差異。

Nevertheless, we believe this provides useful visibility into our forward revenue and earnings profile. Our contract coverage currently stands at approximately 87% for 2026, 71% for 2027 and about 41% for 2028, as Aristides mentioned earlier. Average contracted rates are approximately $30,700, 31,890 and $32,400 per day for the respective years.

儘管如此，我們認為這能對未來收入與獲利輪廓提供有用的可視性。如Aristides先前所述，我們目前的合約覆蓋率約為：2026年87%、2027年71%、2028年約41%。各年度平均簽約租金約為每日30,700美元、31,890美元及32,400美元。

We hope this framework will assist investors and analysts in evaluating any potential forward by making their own assumption for the uncontracted days of the fleet and coming to an estimate of our revenues and future profitability.

我們希望此架構能協助投資人與分析師評估任何潛在的前瞻情境：針對船隊尚未簽約的天數自行作出假設，並據此估算我們的收入與未來獲利能力。

Let's now turn to slide 21 to review our debt profile. As of December 31, 2025, our total outstanding bad debt stood at about $218.4 million with an average interest rate margin of about 2% we assume a three-year SOFR rate of 3.7%, the total cost of our debt stands at about 5.7%, which is well within the prevailing rates for our segment and peers.

現在我們來看第21頁投影片，以檢視我們的負債概況。截至2025年12月31日，我們未償還的總債務約為2.184億美元，平均利率加碼約2%；若假設三年期SOFR為3.7%，則我們的總負債成本約為5.7%，此水準完全落在本產業分項及同業的現行利率範圍內。

Turning to our debt amortization profile. In 2026, scheduled repayments amount to approximately $19.5 million. In 2027, our total debt service, debt repayments increases to about $36.8 million, consisting of $16.8 million of regular repayments and a $20 million balloon payment. Repayments moderate to approximately $12 million in 2028 with no balloon maturities during that year.

接著看我們的債務攤還概況。2026年，預定償還金額約為1,950萬美元。2027年，我們的總債務服務（債務償還）增加至約3,680萬美元，其中包含1,680萬美元的例行償還，以及2,000萬美元的期末一次性大額償還款（balloon payment）。2028年償還金額回落至約1,200萬美元，且該年度沒有balloon到期。

Looking further ahead, 2030 includes total repayments for about $33.8 million, again, comprising $7.4 million of scheduled repayments and a $26.4 million balloon repayment. In the past, we were able to refinance balloon repayments routinely if we chose to do so, and this remains our expectation for the upcoming balloon payments over the next five years shown in this chart. If we choose to refinance them, we expect to be able to do so relatively straightforwardly.

再往後看，2030年的總償還金額約為3,380萬美元，同樣包含740萬美元的預定償還，以及2,640萬美元的balloon償還。過去若我們選擇這麼做，通常都能例行性地為balloon償還進行再融資；對於本圖所示未來五年即將到來的balloon付款，我們仍預期可採取相同作法。若我們選擇再融資，預期流程將相對順利。

Please also note that this schedule show here does not include debt that we expect to draw to finance the construction of our four new buildings, which we estimate to be in the range of $140 million to $150 million for the four vessels. Overall, our debt maturity profile remains well targeted with no significant near-term refinancing pressure.

另請注意，此處所示的時程並未包含我們預期為四艘新造船建造所提取的融資債務；我們估計四艘船合計融資金額約在1.4億至1.5億美元之間。整體而言，我們的到期結構仍維持良好配置，短期內並無顯著的再融資壓力。

At the bottom of this slide, we show our cash flow breakeven estimate for the next 12 months broken down by its key components. On this basis, our total cash flow breakeven level for the next 12 months stands approximately $12,200 per vessel per day, a level well below the contracted and prevailing earnings of our fleet.

在本頁底部，我們列示未來12個月的現金流損益兩平估計，並按主要構成項目拆分。以此基礎計算，未來12個月我們的總現金流損益兩平水準約為每艘船每日12,200美元，明顯低於我們船隊已簽約及市場現行的收益水準。

Given the average earnings of our fleet for 2026 stand above $30,000 per vessel per day, one can appreciate the cash flow generation that our vessels provide. To sum up my remarks, let's move to slide 22 to review some highlights from our balance sheet. As of the end of last year, cash and other current assets totaled $188.7 million. We've already made about $35.9 million in advances for our newbuilding vessels.

鑑於我們船隊2026年的平均收益高於每艘船每日30,000美元，便可理解我們船舶所帶來的現金流創造能力。總結我的說明，讓我們移至第22頁投影片，檢視資產負債表的一些重點。截至去年年底，現金及其他流動資產合計為1.887億美元。我們已就新造船支付約3,590萬美元的預付款。

The book value of our fleet stood at $465 million, bringing -- $465.9 million, bringing the total book value of our assets to about $700 million. On the liability side, as I mentioned in the previous slide, we had debt amounting to $218.6 million and other liabilities amounting to about $18.2 million, resulting in a shareholder's book equity of roughly $463 million. However, the market value of our fleet is significantly higher than their respective book value.

我們船隊的帳面價值為4.65億美元——更精確地說是4.659億美元，使我們資產的總帳面價值約為7億美元。在負債端，如我在上一張投影片提到的，我們的債務為2.186億美元，其他負債約為1,820萬美元，因此股東帳面權益約為4.63億美元。然而，我們船隊的市場價值顯著高於其各自的帳面價值。

According to our last estimates, our fleet is valued at approximately $664 million, which translates into a net asset value for our company of about $660 million or around $93.7 per share. With our last closing price in the recent trading range of $62.4 per share, our stock trades at almost 33% discount to charter adjusted net asset value. That highlights the appreciation potential that our stock has given the discount and the depth of our contracted revenues.

根據我們最新的估值，我們的船隊價值約為6.64億美元，換算後我們公司的淨資產價值約為6.60億美元，或每股約93.7美元。以我們近期交易區間內的最新收盤價每股62.4美元計算，我們的股票相較於經租約調整後的淨資產價值，折價接近33%。這凸顯了在折價以及已簽約收入深度的支撐下，我們股票所具備的升值潛力。

And with that, let me pass the floor back to our Aristides to continue the call.

接下來，我把時間交回給Aristides，請他繼續主持電話會議。

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

謝謝你，Tasos。現在我開放現場，歡迎各位提問。

(Operator Instructions) Mark Reichman, Noble Capital Markets.

(接線員指示) Mark Reichman，Noble Capital Markets。

Well, I know you've got some of those balloon payments coming up, but I was just wondering, given your strong liquidity and contracted backlog, how are you prioritizing kind of between the dividends and share repurchases, secondhand acquisitions and potential new build orders including your capital allocation priorities?

我知道你們有一些大額到期還款（balloon payments）即將到來，但我想請教，在你們流動性強勁且合約在手訂單（backlog）充足的情況下，你們如何在股利與庫藏股回購、二手船收購，以及潛在新造船訂單之間做優先順序安排？也包括你們的資本配置優先事項。

Yeah. We will continue giving a strong dividend to our shareholders. We will continue looking at opportunities to grow the company [accretively]. We don't see such opportunities currently on the secondhand market. So we are more focused on the new building market.

是的。我們將持續向股東提供強勁的股利。我們也會持續尋找能夠讓公司成長的機會，而且是具增益性（accretively）的方式。目前我們在二手市場看不到這樣的機會。因此我們更聚焦於新造船市場。

We will keep very moderate leverage. And we will capitalize whenever there is an investment opportunity to do. I think that's the strategy in one minute.

我們會維持非常溫和的槓桿。只要有投資機會，我們就會把握。我想這就是用一分鐘總結的策略。

Okay. On the last call, you had mentioned that containership orders had accelerated as charters had committed to take new ships on charter for longer periods, even with deliveries well into the future. And I think you had mentioned that with that new supply, you thought that rates for older vessels to experience pressure beyond 2026 unless demand accelerates.

好的。在上一次電話會議中，你曾提到，隨著承租人承諾以更長期間承租新船，即使交付時間在更久之後，貨櫃船的新造船訂單已加速。我記得你也提到，隨著新增供給，你認為除非需求加速，否則老舊船舶的租金在2026年之後可能會面臨壓力。

So it just seems like the containership market is kind of transitioning towards those newer vessels. But do you -- it sounds like you kind of expect scrapping to accelerate meaningfully over the next two to three years? And to what extent do you think that could offset the new deliveries?

所以看起來貨櫃船市場正逐步轉向較新的船舶。但你是否——聽起來你預期未來兩到三年拆船會明顯加速？你認為這在多大程度上可以抵消新船交付量？

Scrapping will not happen unless we see charter rates falling, right? Because now even very old vessels continue to get employment at very decent rates. So as soon as the market drops, though, I would expect a significant increase in the number of ships that go to the scrapyard because indeed, the average age of the fleet has grown dramatically.

除非我們看到租船費率下滑，否則拆船不會發生，對吧？因為現在即使非常老的船仍然能以相當不錯的費率取得工作。不過，一旦市場下跌，我預期送往拆船廠的船舶數量會大幅增加，因為整體船隊的平均船齡確實已大幅上升。

So first step that will happen is the market will drop at some point, perhaps because the world find some equilibrium and we start trading through this Suez and don't have such disruptions. That will mean there will be too many ships around. That will mean the market will fall, charter rates will drop, vessels will be scrapped, older vessels will be scrapped and then we will be buying more secondhand vessels at significantly lower prices.

所以第一步會發生的是，市場在某個時間點會下跌，可能是因為全球找到某種均衡，我們開始能夠經由蘇伊士運河航行，不再有這些干擾。那將意味著市場上的船舶數量過多。那將意味著市場走弱、租船費率下滑、船舶被拆解，老舊船舶會被拆解，然後我們將以顯著更低的價格買進更多二手船。

The newbuilding market has grown sufficiently as we discussed. But now one can expect to take a newbuilding delivery in 2029 onwards. So this makes quite a lot of people reluctant to place order when they're going to receive the vessels three, four years down the line.

如我們所討論，新造船市場已經成長到一定程度。但現在可以預期，新造船交付要到2029年之後。因此，很多人不太願意下單，因為要在三、四年後才會收到船舶。

Okay. And then just -- I asked this question generally every conference call. Could you just provide some visibility on the off-hire or drydocking days in 2026 and maybe even 2027?

好的。接著——我幾乎每次電話會議都會問這個問題。你能否提供一些關於2026年，甚至可能2027年的停租（off-hire）或進塢（drydocking）天數的能見度？

It will be -- I'll be happy to provide that, I mean, I do have on the top of my head, the drydocking schedule for the next --

我很樂意提供。我腦中其實有接下來的進塢排程，--

It's very, very limited. It's very, very limited for this year.

非常、非常有限。今年非常、非常有限。

So I've gone through most of the as I said, imminent [drydockings].

所以如我所說，我已經完成了大部分近期的[進塢]。

We have two, I think, within the year.

我想今年內有兩次。

Yeah. And whatever (multiple speaker).

是的。以及其他(多位講者)。

And the expenses are pretty minimal for the next 12 months so --

而且未來12個月的費用相當低，所以--

You can tell from the chart on slide 21 that the drydocking component is very small per day, so that is reflective, I guess for the day.

你可以從第21頁投影片的圖表看出，進塢的每日成本占比非常小，所以我想這也反映在每日數據上。

Tate Sullivan, Maxim.

Tate Sullivan，Maxim。

Inarguably, I think asset values and the long-term contracting value for the sector has gone up and M&A probably lifting higher, but separately on the other side, I mean, I see operating expenses per day of $7,000 roughly in the fourth quarter, up about 5% year-over-year. Based on our exposure in the sector, can you talk -- is pricing higher for crew cost supplies? Or what do you see across your businesses?

無可否認，我認為本產業的資產價值與長期合約價值都上升了，而併購（M&A）可能也推升到更高水準；但另一方面，我看到第四季每日營運費用約7,000美元，年增約5%。根據我們在該產業的觀察，你能談談——船員成本、補給品的價格是否更高？或你在你們的業務中看到什麼情況？

A big part of those, Tate, is the dollar-euro exchange rate that was -- that moved opposite for us during the fourth -- during the latter part of 2025. A portion of our operating expenses are in euros, the management fee and some other expenses. So that is part of it.

Tate，其中很大一部分是美元兌歐元匯率——在第四季、也就是2025年後段，匯率走勢對我們不利。我們的部分營運費用以歐元計價，包括管理費以及其他一些費用。所以這是其中一部分原因。

Are you seeing any higher salary costs, salaries?

你們有看到薪資成本上升嗎，薪資？

You mean crew salaries?

你是指船員薪資嗎？

Yeah, crew salaries and probably not to that 5% increase amount. Or is that --

對，船員薪資，可能沒有到5%增幅那麼高。還是說那是--

Increases are below 5%, both on crew costs and G&A. It's mainly the euro-dollar thing that has increased a little bit spare part, management fee costs things like that affected by the euro-dollar.

船員成本與一般及行政費用（G&A）的增幅都低於5%。主要是歐元兌美元因素，使得備品、管理費等這類受歐元兌美元影響的成本略有上升。

Also, please note that on the quarter at least, where we operated 2 vessels less in the fourth quarter of this year, the G&A component is divided by a smaller number of ships. And so that's why the -- you see probably a little bit bigger jump on a per day basis -- on a per vessel basis.

另外請注意，至少就該季度而言，我們在今年第四季少營運了2艘船，因此G&A的部分是由較少的船舶數去分攤。所以這就是為什麼——你看到按每日——按每艘船每日計算的數字，可能會有稍微更大的跳升。

Okay. And while I have you too, I mean, the dividend policy impressive streak of dividend increases. How do you -- you and your Board evaluate the dividend? I mean, how do you compare what you see from other containership companies? Are you looking at a 20%, 30% payout ratio or depending on your fleet?

了解。另外我也想問，你們的股利政策——股利連續上調的紀錄令人印象深刻。你和董事會如何評估股利？我的意思是，你們如何與其他貨櫃船公司相比？你們會看20%、30%的配息率，還是會依船隊狀況而定？

We don't have a steady payout ratio that some other companies have, but we do have a strategy of providing a very decent dividend to our shareholders. I think our current dividend yield of around 5% is about the lowest levels we will have with that.

我們不像某些公司那樣有固定的配息率，但我們確實有一個策略，就是向股東提供相當可觀的股利。我認為我們目前約5%的股利殖利率，大概是我們會維持的最低水準。

So if need, we might pay out more out of our -- repay more out of our revenues in dividends so that we continue to pay a very decent dividend.

因此如有需要，我們可能會從營收中拿出更多來發放股利，以便持續支付相當可觀的股利。

Poe Fratt, Alliance Global Partners.

Poe Fratt，Alliance Global Partners。

You've covered a lot of ground and you always do a comprehensive overlook of the -- overview of the industry. Aristides, if you could just highlight what the near-term prospects are for some of your upcoming open days, specifically looking at the older assets, the Corfu, the [Evridiki] -- I never pronounce this correctly, but --

你已經涵蓋了很多面向，而且你一向都會對——對產業做非常全面的檢視——概覽。Aristides，如果你能簡要說明一下你們接下來幾次開放日的短期展望，特別是針對較老的資產，像是 Corfu、[Evridiki]——我一直唸不對，但——

Evridiki, it's the name of my grandmother.

Evridiki，是我祖母的名字。

I know, and I always apologize for pronouncing her name incorrectly. I just can't get it. But if you could just talk about the prospects there? And then at what point do you considering -- consider scrapping those older assets?

我知道，而且我總是為把她的名字唸錯而道歉。我就是唸不順。但如果你能談談那邊的展望？然後你們會在什麼時點考慮——考慮報廢那些較老的資產？

I can tell you, Poe, that on all our modeling, we had been assuming up to very recently that the vessels will be scrapped. But the market has proven too strong for this to happen. So we will pass the special surveys and charter them out for minimum one, hopefully, two years. We are discussing with potential charterers, but I can't make any further comment at this point.

Poe，我可以告訴你，在我們所有的模型中，直到不久之前我們一直假設這些船舶會被報廢。但市場證明強勁到讓這件事不會發生。因此我們會通過特檢並將其出租，至少一年，希望兩年。我們正在與潛在承租方討論，但目前我無法再進一步評論。

Okay. My -- the implication is that rates are high enough to keep those in the fleet active until maybe the 2027-time frame, maybe 2028? So --

好的。我的——我的推論是，運價夠高，足以讓這些船維持在船隊中營運到大概 2027 年，甚至 2028 年？所以——

Yeah, I would say, Poe, that they're going to pass the special survey now. So they will potentially have another three years of life if they pass the special survey, we will be able to train them for another three years before we need another extensive survey. And that's probably the time that they will be scrapped.

是的，Poe，我會說它們現在會通過特檢。所以如果通過特檢，它們可能還有另外三年的壽命；若通過特檢，我們就能讓它們再跑三年，之後才需要再做一次更大型的檢驗。而那大概就是它們會被報廢的時間點。

Okay. And with the extensive board cover, as you -- as Tasos says, it makes it simpler for us to model out the cash flows and how your financial position is going to look. And even with newbuild costs of $140 million to $150 million, I think, over the next two years, I have you in a net cash position, assuming that you don't need to finance those newbuild payments.

好的。而且有了你——如 Tasos 所說的——非常全面的說明，這讓我們更容易去建模現金流，以及你們的財務狀況會長什麼樣子。即便未來兩年新造船成本是 1.4 億到 1.5 億美元，我的模型仍顯示你們會是淨現金部位，前提是你們不需要為那些新造船付款融資。

What -- you have bought stock back fairly not as sizable as maybe you would have hoped just given the potential volume constraints. You've increased the dividend. Even with the higher dividend, you're still be in a net cash position.

你們——你們有回購股票，但規模不算大，可能是因為潛在的成交量限制，沒有達到你們原本希望的程度。你們也提高了股利。即使在較高的股利水準下，你們仍會是淨現金部位。

At what point -- and you're talking about newbuilds potentially, but newbuilds would be 2029, 2030 delivery at this point in time. What -- are you thinking at all about a special dividend to distribute some of the cash to shareholders? I mean you're -- at least in my model, you're overcapitalized when I look at out into 2027 and even 2028. Is a special dividend something you might consider?

在什麼時點——而你們也在談可能的新造船，但以目前來看，新造船會是 2029、2030 年交付。你們——有沒有在考慮發放特別股利，把部分現金分配給股東？我的意思是——至少在我的模型裡，當我看到 2027 甚至 2028 年，你們是資本過剩的。特別股利是你們可能會考慮的選項嗎？

You are correct, I think, in your calculations. We're not really considering a special dividend at this stage. So probably we are hopeful that we will be able to find a use for the extra capital that we currently have, better use than returning it to shareholders. But we will continue providing a very decent dividend to our shareholders.

我認為你的計算是正確的。我們現階段並沒有真正考慮特別股利。所以我們希望能為目前手上的額外資本找到用途，而且是比回饋給股東更好的用途。但我們會持續向股東提供非常不錯的股利。

Yeah. And implied in that, Aristides, I had you increased the dividend in the middle of the year, not at the beginning of the year. Is the potential cadence of dividend increases going to be a little quicker because of how much cash you have on the balance sheet and how much cash you get.

是的。而且在這之中，Aristides，我的假設是你們會在年中而不是年初提高股利。由於資產負債表上的現金很多、且現金流入也很多，股利調升的節奏是否可能會更快一些？

That's very probable, but I really can't comment on how we will decide. But the dividend will be decent. Hopefully, our share price will appreciate and then we will feel that we need to always have a minimum dividend and therefore, increase the dividend as well.

這很有可能，但我真的無法評論我們會如何決定。但股利會是相當不錯的。希望我們的股價會上漲，然後我們會覺得需要一直維持一個最低股利，因此也會提高股利。

(Operator Instructions) Climent Molins, Value Investors.

(接線員指示) Climent Molins，Value Investors。

Most has already been covered, but I wanted to follow up on Tate's question on the cost side. Is your OpEx guidance for 2026 based on the current euro and USD exchange rate?

大部分都已經談到了，但我想延伸追問 Tate 關於成本面的問題。你們對 2026 年的營運費用（OpEx）指引，是以目前的歐元與美元匯率為基礎嗎？

What's the question -- what is the guidance for what is that we assume for the dollar-euro exchange rate?

你的問題是——指引中我們假設的美元兌歐元匯率是多少？

Exactly. Because your guidance aims lower than Q4 OpEx, and it was like what were the key drivers behind that?

沒錯。因為你們的指引比第四季的 OpEx 還低，所以我想了解背後的主要驅動因素是什麼？

I think there is -- basically, every year, we're making a budget for our expected OpEx for the following year and which reflects potentially special expenses required for certain ships during the period and an assumption for the dollar-euro exchange rate.

我認為——基本上，每一年我們都會為下一年的預期 OpEx 編列預算，其中會反映在該期間某些船舶可能需要的特殊費用，以及對美元兌歐元匯率的假設。

So I think we expect the dollar-euro exchange rates to remain in the high teens, $1.15 to $1.20 range. And typically, we budget -- we are finalizing the budgets for this year now, but we -- as a base, we assume the 3% overall increase for our OpEx expenses. I don't know whether I captured this exactly what you asked for --

所以我想我們預期美元兌歐元匯率會維持在 1.15 到 1.20 的高十幾區間。而通常我們在編列預算——我們現在正在完成今年的預算，但我們——作為基準，我們假設 OpEx 總體增加 3%。我不確定我是否精準回答了你所問的——

Yes. I was asking like your assumption on the euro-USD exchange rate because you mentioned that as the driver behind the cost increase.

有的。我是在問你們對歐元兌美元匯率的假設，因為你提到那是成本上升的驅動因素。

I mean it is in the high teens $1.15 to $1.20.

我的意思是，它會在 1.15 到 1.20 的高十幾區間。

If you -- but for 2025, we started off with $1.05, we ended at $1.18. So that was -- and our costs are maybe, I would say, about 25% overall euro-related.

如果你——但在 2025 年，我們一開始是 1.05，最後到 1.18。所以那是——而我們的成本我想大約有 25% 整體上是與歐元相關的。

That's helpful.

這很有幫助。

And (inaudible).

以及(聽不清楚)。

Mark Reichman, Noble Capital Markets.

Mark Reichman，Noble Capital Markets。

I just wanted to follow up on Poe's question. You've got the four intermediate vessels to be delivered in '27 and '28. But when you look at your feeder vessels, I mean, you've got a few that are aging. So it's now the time to start ordering some feeder vessels? I mean if there's the lead time, if you're telling us that Evridiki and Corfu probably have about three years left?

我只是想延伸追問 Poe 的問題。你們有四艘中型船預計在 27 年與 28 年交付。但當你看你們的支線船（feeder vessels）時，我是說，你們有幾艘也在老化。所以現在是開始下單一些支線船的時候嗎？我的意思是，如果有交期，而你們告訴我們 Evridiki 和 Corfu 大概只剩三年？

Of course. But then we are looking into that possibility to report yet.

當然。但我們正在評估那個可能性，目前還沒有可以對外說明的內容。

We have reached the end of the question-and-answer session. Mr. Pittas, I'd like to turn the floor back to you for closing comments.

我們已到問答環節的結束。Pittas 先生，我想把時間交還給您做結語。

Thank you all for attending our today's conference call, and we will be back in three months' time with similar kind of results. Thank you.

感謝各位參加今天的電話會議，我們將在三個月後帶著類似的結果回來。謝謝。

Thanks, everybody.

謝謝各位。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

各位女士先生，今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與，祝您有美好的一天。