Euroseas Ltd (ESEA) 2026 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 2026 financial results. We have with us Mr. Aristides Pittas, Chairman and Chief Executive Officer; and Mr. Tasos Aslidis, Chief Financial Officer of the company.

感謝各位女士、先生耐心等候，歡迎參加 Euroseas 2026 年第二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，以及公司財務長 Tasos Aslidis 先生。

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

（接線員指示）我必須提醒各位，本次會議將於今日錄音。也請各位留意，公司已透過新聞稿對外公開發布本次業績。

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.

在把時間交給 Pittas 先生之前，我想提醒各位，在今天的簡報與電話會議中，Euroseas 將作出前瞻性陳述。這些陳述屬於聯邦證券法所定義之範疇。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。

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.

敬請各位注意網路直播簡報的第 2 頁投影片，其中載有完整的前瞻性陳述；同樣的陳述也已納入新聞稿。請撥冗閱讀並通覽該陳述全文。

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

現在，我想把時間交給 Pittas 先生。先生，請開始。

Good morning, ladies and gentlemen, and thank you all for joining us today for our scheduled conference call. I'd like to apologize for the delay, but I was caught in another very important phone call. Sorry about that. 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, 2026.

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。我想為延遲致歉，因為我剛好被另一通非常重要的電話耽擱。對此深感抱歉。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 2026 年 6 月 30 日止三個月及六個月期間的財務業績。

Please turn to slide three of the presentation for our quarterly financial highlights. For the second quarter of 2026, we reported total net revenues of $56.5 million and net income attributable to controlling shareholders of $33.2 million, or $4.74 per diluted share. Adjusted net income for the quarter was $32.9 million, or $4.70 per diluted share. Adjusted EBITDA for the period was $40.1 million.

請翻到簡報第 3 頁，查看我們的季度財務重點。2026 年第二季，我們的總淨營收為 5,650 萬美元，歸屬於控股股東之淨利為 3,320 萬美元，或每股稀釋後盈餘 4.74 美元。本季調整後淨利為 3,290 萬美元，或每股稀釋後 4.70 美元。本期間調整後 EBITDA 為 4,010 萬美元。

Please refer to the press release for a reconciliation of adjusted net income and adjusted EBITDA to net income. Our CFO, Tasos Aslidis will go over our financial highlights in more detail later on in the presentation.

請參閱新聞稿，以取得調整後淨利與調整後 EBITDA 與淨利之間的調節表。我們的財務長 Tasos Aslidis 稍後將在簡報中更詳細說明財務重點。

We are pleased to announce that our Board of Directors declared another quarterly dividend of $0.80 per share for the second quarter of 2026 as part of the company's common stock dividend plan. Based on current share price levels, the distribution reflects an annualized yield between 4.2% and 4.5% based on the recent range of share price.

我們很高興宣布，董事會依公司普通股股利計畫，宣告 2026 年第二季每股 0.80 美元的另一筆季度股利。以目前股價水準計算，該配發反映的年化殖利率約介於 4.2% 至 4.5%（依近期股價區間而定）。

Since the launch of our $20 million share repurchase program in May 2022, we have repurchased 480,000 shares in the open market through August 13, 2026, representing approximately 6.8% of our outstanding shares for a total consideration of around $11.4 million. We remain committed to executing the program in a disciplined and opportunistic manner, allocating capital prudently while enhancing long-term value for our shareholders.

自 2022 年 5 月啟動 2,000 萬美元庫藏股回購計畫以來，截至 2026 年 8 月 13 日，我們已在公開市場回購 480,000 股，約占已發行在外股數的 6.8%，總對價約 1,140 萬美元。我們仍將以嚴謹且把握時機的方式執行該計畫，在審慎配置資本的同時，提升股東的長期價值。

Please turn to slide 4 for an overview of our recent developments, covering key activities across vessel sale acquisitions, charter, and fleet operations. On the S&P front, as announced in mid-June, we entered into an agreement with Nantong CIMC Sinopacific Offshore & Engineering in China for the construction of two additional 1,800 TEU TLS containerships, sisters to the two we ordered in April 2026, with expected deliveries in December 2028 and March 2029. Total consideration for these vessels is approximately $64.5 million, which will be financed with a combination of debt aiming at 60% to 65%, and equity.

請翻到第 4 頁，了解我們近期發展概況，涵蓋船舶買賣與收購、租船以及船隊營運等關鍵活動。在買賣（S&P）方面，如同我們於 6 月中旬所公告，我們已與中國南通中集太平洋海工（Nantong CIMC Sinopacific Offshore & Engineering）簽訂協議，建造另外兩艘 1,800 TEU 的 TLS 貨櫃船，為我們於 2026 年 4 月訂造的兩艘姊妹船，預計分別於 2028 年 12 月與 2029 年 3 月交付。這兩艘船舶的總對價約為 6,450 萬美元，將以債務（目標占 60% 至 65%）與股權的組合方式融資。

On May 4, we entered into a joint venture with NRP Project Finance for our first intermediate newbuilding, motor vessel, Piraeus. The vessel is scheduled for delivery in Q1 2028. Under the terms of the agreement, NRP investors will acquire a 49% stake for approximately $12.2 million, with the transaction assuming at least 60% debt financing. The first capital contribution has already been paid.

5 月 4 日，我們與 NRP Project Finance 就我們第一艘中型新造船「Piraeus」輪成立合資企業。該船預計於 2028 年第一季交付。依協議條款，NRP 投資人將以約 1,220 萬美元取得 49% 的持股，且該交易假設至少 60% 以債務融資。第一筆資本出資已完成支付。

On the chartering side, we have secured multi-year charter extensions for motor vessel, Pepi Star, and motor vessel, Stephania K. Both vessels are fixed for a minimum of 24 to maximum of 26 months at a daily rate of $25,500 per day, providing earnings visibility through at least the first quarter of 2028. We had no technical or commercial off-hire days this period.

在租船方面，我們已為「Pepi Star」輪與「Stephania K」輪取得多年期租約展延。兩艘船均以每日 25,500 美元的日租金，固定最短 24 個月、最長 26 個月，至少可提供至 2028 年第一季的收益能見度。本期間我們沒有任何技術或商業性停租天數。

Now, please turn to slide 5. Our operating fleet consists of 21 vessels with a combined carrying capacity of approximately 61,000 TEU and an average age of 13 years. This includes six intermediate containerships with a carrying capacity of 25,500 TEU and an average age of 18 years, alongside 15 feeder containerships with a combined carrying capacity of 35,600 TEUs and an average age of nine years.

現在請翻到第 5 頁。我們的營運船隊由 21 艘船舶組成，合計運力約 61,000 TEU，平均船齡 13 年。其中包括 6 艘中型貨櫃船，運力 25,500 TEU、平均船齡 18 年；以及 15 艘支線（feeder）貨櫃船，合計運力 35,600 TEU、平均船齡 9 年。

We have 12 newbuilding vessels on order, eight feeders and four intermediate containers, with delivery schedules Q3 2027 through Q1 2029. Upon completion of our newbuilding program, our fleet will expand to 33 vessels with a total carrying capacity of approximately 97,000 TEU, positioning us with one of the youngest feeder and intermediate containership fleets in the market.

我們目前有 12 艘新造船訂單，包括 8 艘支線船與 4 艘中型貨櫃船，交付時程為 2027 年第三季至 2029 年第一季。待新造船計畫完成後，我們的船隊將擴增至 33 艘，總運力約 97,000 TEU，使我們成為市場上船齡最年輕的支線與中型貨櫃船船隊之一。

Please turn to slide 6 for a further update on our fleet employment and forward coverage. Our chartering coverage stands at 96% for 2026, 81% for 2027, and 47% for 2028 at highly attractive average daily rates of approximately $30,900 per day for 2026, $31,700 for 2027, and $32,300 for 2028. This insulates our earnings even if market rates soften when current charters expire.

請翻到第 6 頁，以進一步了解我們的船隊就業情況與遠期覆蓋率更新。我們的租船覆蓋率為：2026 年 96%、2027 年 81%、2028 年 47%；平均日租金水準相當具吸引力，約為 2026 年每日 30,900 美元、2027 年 31,700 美元、2028 年 32,300 美元。即使現有租約到期時市場租金走弱，這也能為我們的獲利提供緩衝。

Moving on to slide 8, let me walk you through the market key developments that shaped the containership sector over the second quarter of 2028 -- '26, sorry. Container shipping markets continued their upward trajectory through the whole of Q2 and Q3 to date, driven by robust main lane demand and supply disruptions tied to the Middle East geopolitical tensions. Charter rates reached the highest level since before the COVID-19 pandemic, while freight rates extended their momentum, posting multiple gains through July.

接著看第 8 頁，我將帶各位回顧在 2028 年第二季——更正，是 2026 年——塑造貨櫃船產業的市場關鍵發展。貨櫃航運市場在整個第二季以及截至目前的第三季持續走升，主要受惠於主幹航線需求強勁，以及與中東地緣政治緊張局勢相關的供給中斷。租船費率升至 COVID-19 疫情前以來的最高水準，而運價也延續動能，至 7 月多次上漲。

On the asset side, second-hand vessel prices held steady during the second quarter compared with the first despite ongoing geopolitical uncertainties. The fundamentals remain solid, high supply of available tonnage and strong competition for prompt, charter fleet vessels continued to underpin valuations.

在資產面，儘管地緣政治不確定性仍在，二手船價格於第二季相較第一季維持穩定。基本面依然穩健；可用運力供給偏高，以及對可即期投入營運之租船船舶的激烈競爭，持續支撐資產估值。

Newbuilding prices also moved higher, up approximately 2% quarter over quarter, reflecting robust demand across the sector. Fleet utilization remains remarkably tight. Idle capacity, excluding vessels under repair, was just 200,000 TEU or 6% of the global fleet as of early July. This remains at historic lows and underscores the structural supply tightness we are seeing during this market cycle. Finally, recycling activity has been notably subdued year-to-date, with only 10 vessels accounting for 25,000 TEU sent to scrap through July. This further reflects the high-value environment for tonnage and limited incentive to recycle.

新造船價格亦走高，季增約 2%，反映全產業需求強勁。船隊利用率仍然非常吃緊。截至 7 月初，閒置運力（不含維修中的船舶）僅 200,000 TEU，約占全球船隊的 6%。這仍處於歷史低位，凸顯我們在本輪市場週期中所見的結構性供給緊縮。最後，今年迄今拆船活動明顯低迷，截至 7 月僅有 10 艘船、合計 25,000 TEU 被送往拆解。這也進一步反映目前運力資產價值偏高的環境，以及拆解誘因有限。

Meanwhile, the fleet grew by 2.6% year-to-date. Please turn to slide 9, which illustrates the development of 6 to 12-month time charter rates over the past decade. Across all vessel classes, from smaller feeders to the larger intermediate container segment, current charter rates remain notably above both their respective 10-year historical averages and median levels. These smaller vessel classes play an essential role in maintaining network flexibility and supporting regional and interregional trade flows, a role that has become increasingly critical amidst geopolitical uncertainties and supply chain disruptions. With scarce available tonnage and underlying demand holding firm, the conditions supporting elevated time charter rates appear broadly intact for now.

同時，船隊年初至今成長了2.6%。請翻到第9頁投影片，該頁展示過去十年6至12個月期定期租船（time charter）租金的走勢。在所有船型級別中，從較小的支線船（feeder）到較大的中型貨櫃船（intermediate）區間，目前的租金水準仍明顯高於各自的10年歷史平均值與中位數水準。這些較小船型在維持航線網路彈性、支撐區域與跨區域貿易流方面扮演關鍵角色；在地緣政治不確定性與供應鏈中斷之下，這項角色愈發重要。在可用運力稀缺且基礎需求仍然穩健的情況下，支撐定期租船租金維持高檔的條件目前看來大致仍然存在。

Please turn to slide 10, where we review the global macroeconomic backdrop and its implications for container shipping demand. According to the IMF July 2026 World Economic Outlook, global growth is projected at 3% in 2026, recovering to 3.4% in 2027, broadly unchanged cumulatively from April's forecast. The outlook is elevated energy prices and geopolitical tensions, particularly the Iran conflict and Ukraine-Russia war, are driving inflation and interest rates higher. However, AI-driven investment is supporting growth in technology-integrated countries. Meanwhile, global disinflation has stalled, with the inflation shock pushing the yield on the 10-year US.

請翻到第10頁投影片，我們將回顧全球總體經濟背景及其對貨櫃航運需求的影響。根據IMF於2026年7月發布的《世界經濟展望》，全球經濟成長率預估2026年為3%，並於2027年回升至3.4%，與4月的預測相比，累計而言大致不變。展望方面，能源價格高企與地緣政治緊張局勢，特別是伊朗衝突與俄烏戰爭，正推升通膨與利率。然而，AI驅動的投資正在支撐科技整合程度較高國家的成長。同時，全球去通膨進程已停滯，通膨衝擊推升了美國10年期公債的殖利率。

Treasury to approximately 4.7%. The US economy has remained comparatively resilient at 2.3% growth. China is projected to grow 4.6% this year, supported by infrastructure investment and high-tech exports, but decline to just 4.1% growth in 2027, while ASEAN-5 region is projected to slow to 4.1% in 2026, before recovering to 4.3% growth in 2027. On container trade, as measured in TEUs, volume is projected to moderate from 4.6% growth in 2025 to just 3.7% in 2026, reflecting tariff impacts and slower global growth overall due to the geopolitical disruptions.

至約4.7%。美國經濟相對具韌性，成長率為2.3%。中國今年預估成長4.6%，受基礎建設投資與高科技出口支撐，但到2027年將降至僅4.1%；而東協五國（ASEAN-5）地區預估2026年放緩至4.1%，之後於2027年回升至4.3%。就貨櫃貿易而言（以TEU計），在關稅影響以及地緣政治干擾導致全球整體成長放緩之下，運量增速預估將由2025年的4.6%降至2026年的3.7%。

Growth is expected to remain subdued at 3.4% in 2027, as the effects of the current disruption will take longer to dissipate. For container shipping specifically, containerized trade measured in TEU-miles is projected to grow by approximately 3.6% in 2026. However, we anticipate a normalization effect in 2027, with TEU-miles demand projected to decline by 4.8%, reflecting expectations of trade routes and sailing distances to return to historical patterns.

2027年成長預期仍將偏弱，為3.4%，因為本次干擾的影響需要更長時間才能消退。就貨櫃航運而言，以TEU-英里（TEU-miles）衡量的貨櫃化貿易量預估在2026年約成長3.6%。然而，我們預期2027年將出現正常化效應，TEU-英里需求預估將下滑4.8%，反映貿易航線與航行距離可望回歸歷史常態的預期。

Turning on slide 11, you can see the total fleet age profile and containership orderbook. Starting with the age profile in the upper left, the overall containership fleet remains relatively young, with a majority of vessels under 15 years of age and only about 15% of the fleet over 20 years old. However, this aggregate view is totally different when examining the feeder and intermediate segments in isolation, which we will explore in greater detail over the next several slides.

接著看第11頁投影片，您可以看到整體船隊船齡結構以及貨櫃船訂單簿（orderbook）。先看左上角的船齡結構，整體貨櫃船船隊仍相對年輕，多數船舶船齡在15年以下，船齡超過20年的約占船隊15%。然而，若單獨檢視支線船與中型船兩個區間，這個總體觀點將完全不同；我們將在接下來幾頁投影片中更深入說明。

Turning to vessel deliveries, the top right chart illustrates scheduled new deliveries as a percentage of the existing fleet. Deliveries are projected at approximately 5.5% for 2026, 9.4% for 2027, and 24.2% for 2028 onwards, although actual fleet growth is expected to be somewhat lower due to slippage and future demolition activity. The bottom chart puts the current order book in historical context. At approximately 39.8% of the fleet as of August 2026, the order book has climbed to levels not seen in over 15 years, a development that warrants close attention as we think about the medium-term supply outlook for the sector.

再看新船交付，右上圖表顯示已排程的新船交付量占現有船隊的比例。交付量預估2026年約為5.5%、2027年為9.4%，而2028年及之後為24.2%；不過，由於交付延遲（slippage）以及未來拆船活動，實際船隊成長預期將略低。下方圖表則將目前訂單簿置於歷史脈絡中比較。截至2026年8月，訂單簿約為船隊的39.8%，已攀升至逾15年未見的水準；在思考本產業中期供給展望時，這項發展值得密切關注。

Turning on slide 12, we highlight the age profile and order book for the 1,000 to 3,000 TEU feeder segment. The supply here tells a markedly different story from the broader market. The age profile here is striking. Approximately 24% of the fleet is between 15 to 19 years, while 30% of the fleet is over 20 years old, meaning more than half of the feeder fleet is at or approaching scrapping age.

接著看第12頁投影片，我們重點說明1,000至3,000 TEU支線船（feeder）區間的船齡結構與訂單簿。此處的供給情況與整體市場呈現截然不同的故事。其船齡結構相當醒目。約24%的船隊船齡介於15至19年，而30%的船隊船齡超過20年，意味著超過一半的支線船船隊已達或接近報廢拆解年齡。

As environmental regulations tighten and compliance costs rise, a meaningful portion of these older vessels will likely exit the market over the coming years, depending on how challenging market conditions become. Against this aging backdrop, newbuilding activity in the sub- 3,000 TEU segment remains significantly restrained. As of August 2026, the order book stands at 17.6%, substantially below the broader market, which is 39.8%, with scheduled deliveries of just 3.1% for 2026, 6.8% for 2027, and 8.1% for 2028 and beyond.

隨著環保法規趨嚴、合規成本上升，未來幾年這些老舊船舶中相當一部分可能會退出市場，取決於市場環境變得多具挑戰性。在船隊老化的背景下，3,000 TEU以下區間的新造船活動仍明顯受抑。截至2026年8月，該區間訂單簿為17.6%，顯著低於整體市場的39.8%；已排程交付量僅為2026年3.1%、2027年6.8%，以及2028年及之後8.1%。

Let's move to slide 13 to focus on the intermediate segment, the other core segment of our fleet. As of August 2026, the order book in this segment stands at approximately 28% of the existing fleet. While higher than the feeder segment, this remains modest relative to the large mainline vessel classes, where newbuilding activity has been considerably more active.

我們移至第13頁投影片，聚焦於中型船（intermediate）區間，也就是我們船隊的另一個核心區間。截至2026年8月，該區間訂單簿約占現有船隊的28%。雖然高於支線船區間，但相較於大型主幹線船型級別仍屬溫和，後者的新造船活動明顯更為積極。

What makes this segment particularly compelling from a supply perspective is the age profile. About 36% of the fleet is between 15 to 19 years old, while 30% of vessels in this age range are over 20 years of age, meaning roughly two-thirds of the fleet is either at or approaching an age where retirement decisions become likely. Scheduled deliveries are projected at 3.8% for 2026, rising to approximately 7.8% in 2027, and 15.9% for 2028 and beyond.

從供給角度來看，使該區間特別具吸引力的是其船齡結構。約36%的船隊船齡介於15至19年，而在此船齡結構中約30%的船舶船齡超過20年，意味著約三分之二的船隊已達或接近可能做出退役決策的年齡。已排程交付量預估2026年為3.8%，2027年上升至約7.8%，而2028年及之後為15.9%。

However, when weighed against potential accelerated scrapping among the older tonnages, net fleet growth in this segment is expected to remain contained over the coming years. The interplay between a maturing fleet and the measured newbuilding pipeline continues to create a structurally supported environment for intermediate containership operators, despite an avoidable cascade effect, which of course will also take place.

然而，若考量老舊船舶可能加速拆解，該區間未來幾年的淨船隊成長預期仍將受控。成熟船隊與相對克制的新造船管線之間的互動，持續為中型貨櫃船營運商創造結構性支撐的環境，儘管可避免的連鎖下沉效應（cascade effect）當然也會發生。

Turning to slide 14. This chart places the dynamics we've discussed in broader context across the entire containership sector. What's evident is the pronounced concentration of newbuilding activity in the larger vessel classes. Neo-panamax and Post-Panamax segments carry orderbooks of 40% to 87% of their existing fleet, reflecting the significant capacity directed towards major mainlane trades. These are the segments facing the most acute oversupply risk.

接著看第14頁投影片。此圖將我們討論的動態放在整個貨櫃船產業的更廣泛脈絡中。顯而易見的是，新造船活動高度集中在較大型船型級別。新巴拿馬型（Neo-panamax）與後巴拿馬型（Post-Panamax）區間的訂單簿相當於其現有船隊的40%至87%，反映大量運能投向主要主幹線航線（mainlane trades）。這些區間面臨最為嚴峻的供給過剩風險。

By contrast, feeders and intermediate segments exhibit significantly lower orderbook activity, ranging from 14% to 28%, depending on vessel size. This modest ordering activity is occurring against an aging fleet backdrop. The gap between the wave of newbuildings in larger vessel classes and limited fleet renewal in feeders and intermediate segments points to structurally more favorable supply outlook for the sizes in which Euroseas operates. Now please turn to slide 15, where we summarize our outlook. Markets have gained meaningful momentum through July, with rates at decade highs supported by strong East-West demand amid these disruptions.

相較之下，支線船與中型船區間的訂單簿活動顯著較低，依船型大小約介於14%至28%。這種溫和的下單活動是在船隊老化的背景下發生的。大型船型級別的新造船浪潮與支線船及中型船區間有限的船隊汰舊更新之間的落差，指向Euroseas所營運船型尺寸在供給面具有結構性更有利的展望。現在請翻到第15頁投影片，我們將總結我們的展望。市場在7月以來取得顯著動能，在這些干擾之下，東西向需求強勁支撐運價處於十年高點。

A limited 2026 supply is supporting the near-term balance, though we do expect some of the moderation towards the end of the year. Looking ahead to 2027, the supply-demand picture shifts. Red Sea route normalization and the significant uptick in vessel deliveries could pressure the market. That said, capacity management, accelerated scrapping, and slower steaming could help absorb incremental supply. Geopolitical uncertainty also complicates timing of any normalization.

2026 年供給有限正在支撐短期供需平衡，不過我們確實預期在年底前後會出現一定程度的降溫。展望 2027 年，供需格局將發生變化。紅海航線正常化以及新船交付量顯著上升，可能對市場造成壓力。不過，運力管理、加速拆船以及降低航速，可能有助於吸收新增供給。地緣政治不確定性也使任何正常化的時點更難判斷。

Finally, the impact of tariffs has been more muted than feared. Though US trade policy remains a variable we are continuing to monitor closely. Turning to slide 16, the charts illustrate the strength of the current cycle. One-year time charter rates for 2,500 TEU containerships stand at $38,250 per day, substantially above the 10-year historical average of $24,000 and median of $16,000 per day.

最後，關稅的影響比先前擔憂的更為溫和。不過，美國貿易政策仍是一項變數，我們將持續密切關注。接著看第 16 頁，圖表顯示本輪景氣循環的強勁程度。2,500 TEU 貨櫃船的一年期定期租船（time charter）日租金為 38,250 美元，顯著高於 10 年歷史平均的 24,000 美元以及中位數的 16,000 美元/日。

This is obviously reflected in asset values as well. The right chart shows newbuilding vessels are now priced at $45.5 million, versus a 10-year median and average of approximately $36.7 million, while the 10-year-old vessel is valued at $41 million compared to the historical average of $22.5 million and a median of $18.75 million. These elevated secondhand valuations, particularly without attached employment, present a less competitive risk reward profile at this stage of the cycle.

這也明顯反映在資產價值上。右側圖表顯示，新造船目前定價為 4,550 萬美元，相較之下 10 年中位數與平均約為 3,670 萬美元；而 10 年船齡船舶估值為 4,100 萬美元，對比歷史平均 2,250 萬美元與中位數 1,875 萬美元。在本輪循環的此階段，這些偏高的二手船估值（尤其是未附帶租約/就業安排者）呈現較不具競爭力的風險報酬結構。

Newbuilding, by contrast, offers greater pricing flexibility and cost predictability. This conviction has driven our decision to expand our order book expansion to 12 vessels. Building on the nine vessels we completed in early 2025. This strategic position, combined with our strong balance sheet and substantial liquidity, puts us in an enviable position, well-capitalized to pursue accretive opportunities when they arise, while our fleet benefits from lower operating costs and environmental advantages that differentiates us competitively. I will now turn the call over to Tasos, who will go over our financial results for the second quarter and first half of 2026 in more detail.

相較之下，新造船提供更大的定價彈性與成本可預測性。這項信念促使我們決定將訂單簿擴大至 12 艘。並在我們於 2025 年初完成的 9 艘船舶基礎上再行擴充。此一策略性布局，加上我們強健的資產負債表與充裕流動性，使我們處於令人稱羨的地位：資本實力雄厚，能在機會出現時追求具增益（accretive）的機會；同時，我們的船隊也受益於較低的營運成本與環境優勢，形成差異化的競爭力。接下來我把電話會議交給 Tasos，他將更詳細說明我們 2026 年第二季與上半年財務結果。

Thank you very much, Aristides. Good morning from me as well, ladies and gentlemen. Over the next five slides, I will give you the usual overview of our financial highlights for the second quarter and first half of 2026 and compare those results to the same period of last year. For that, let's turn to slide 18. For the second quarter of 2026, the company reported total net revenues of $56.5 million, representing a 1.3% decrease over total net revenues of $57.2 million during the second quarter of 2025.

非常感謝你，Aristides。各位女士、先生，大家早安，我也向各位問好。接下來五張投影片，我將照例概述我們 2026 年第二季與上半年的財務重點，並與去年同期比較。為此，請看第 18 頁。2026 年第二季，公司總淨營收為 5,650 萬美元，較 2025 年第二季的 5,720 萬美元下降 1.3%。

These were the result of the lower average number of vessels we owned and operated this past quarter in 2026, compared to the same second quarter of 2025, and it was partly offset by the increase in the time charter rates that we earned on average in the respective periods. The company reported net income of $32.6 million and net income attributable to controlling shareholders of $33.2 million for the second quarter of 2026 as compared to a net income attributable to controlling shareholders of $29.9 million for the same period for the second quarter of 2025. The net loss attributable to non-controlling shareholders of $0.6 million in the second quarter of 2026 represents the 49% ownership of the entities owning our newbuilding M/V Thrylos, which are represented by NRP investors. Interest and other financing costs for the second quarter of 2026 amounted to $2.7 million, compared to $4 million for the second quarter of 2025. This decrease is due to the decreased amount of debt and the decreased interest rate of our loans in the current period compared to the same period last year.

這主要是因為 2026 年本季我們持有並營運的平均船舶數量較 2025 年第二季為少，但部分被我們在相應期間平均取得的定期租船租金上升所抵銷。公司 2026 年第二季淨利為 3,260 萬美元，歸屬於控股股東之淨利為 3,320 萬美元；相較之下，2025 年第二季同期間歸屬於控股股東之淨利為 2,990 萬美元。2026 年第二季歸屬於非控股股東之淨損 60 萬美元，反映 NRP 投資人所代表、持有我們新造船 M/V Thrylos 之實體的 49% 持股。2026 年第二季利息及其他融資成本為 270 萬美元，較 2025 年第二季的 400 萬美元下降。此一下降係因本期負債金額降低，以及本期貸款利率較去年同期下降所致。

If we account for interest income, the respective amount become $1.3 million and $3.7 million for the second quarter of 2026 and 2025 respectively, and these are the figures shown in the net interest line in the table on the slide. As part of our liquidity management strategy, we entered into investments in equity and debt securities in the first quarter of 2026.

若計入利息收入，2026 年與 2025 年第二季的相應金額分別為 130 萬美元與 370 萬美元，這些數字即為投影片表格中「淨利息」一列所示。作為我們流動性管理策略的一部分，我們於 2026 年第一季開始投資於權益與債務證券。

For the three months ended June 30, 2026, the company recognized a $0.29 million unrealized mark-to-market gain on its investments in equity securities, resulting from an increase in the fair value of the investments. At the same time, we acquired debt securities with an initial cost of $20 million, classified as available for sale under GAAP, for which the fair value decreased between quarters, resulting in an unrealized loss of approximately $0.24 million during the second quarter of 2026. We did not have such investments in the second quarter of last year.

截至 2026 年 6 月 30 日止三個月，公司就其權益證券投資認列 29 萬美元未實現按市價評價（mark-to-market）收益，係因投資公允價值上升所致。同時，我們以 2,000 萬美元初始成本取得債務證券，依 GAAP 分類為可供出售（available for sale）；其公允價值於季度間下降，導致 2026 年第二季產生約 24 萬美元未實現損失。去年第二季我們並無此類投資。

It is worth noting that these investments are intended to be held to maturity, and as such, the loss is purely accounting in nature and there's no cash impact. In fact, these holdings continue to generate regular dividend income, which partially offsets any short-term valuation fluctuations. Adjusted EBITDA for the second quarter of 2026 was $40.1 million compared to $39.3 million during the same period of last year. Basic and diluted earnings per share attributable to controlling shareholders for the second quarter of the year were $4.77 and $4.74, basic and diluted, calculated on approximately 7 million of weighted average number of shares outstanding, compared to basic and diluted earnings attributable to controlling shareholders of $4.32 and $4.29 per share, basic and diluted respectively, for the second quarter of last year. Excluding the effect on the net income attributable to controlling shareholders for this quarter, for the unrealized gain on investments in equity securities, the adjusted earnings attributable to controlling shareholders for the second quarter of 2026 would have been $4.73 basic and $4.70 diluted, compared to adjusted earnings attributable again to controlling shareholders for $4.23 basic and $4.20 diluted for the same period of last year.

值得注意的是，這些投資意在持有至到期，因此該損失純屬會計認列，並無現金影響。事實上，這些持倉仍持續產生定期股利收入，可部分抵銷任何短期估值波動。2026 年第二季調整後 EBITDA 為 4,010 萬美元，去年同期為 3,930 萬美元。本年度第二季歸屬於控股股東之基本與稀釋每股盈餘分別為 4.77 美元與 4.74 美元（基本與稀釋），係以約 700 萬股加權平均流通在外股數計算；相較之下，去年第二季歸屬於控股股東之基本與稀釋每股盈餘分別為 4.32 美元與 4.29 美元。若排除本季歸屬於控股股東淨利中、來自權益證券投資未實現收益的影響，則 2026 年第二季歸屬於控股股東之調整後每股盈餘將為基本 4.73 美元、稀釋 4.70 美元；相較之下，去年同期歸屬於控股股東之調整後每股盈餘為基本 4.23 美元、稀釋 4.20 美元。

Let's now look at the numbers on the same slide and look at the numbers corresponding to the six-month period ended June 30, and compare them to the same period of last year. For the first half of 2026, the company reported total net revenues of $112.3 million, representing a 1.1% decrease over total net revenues of $113.6 million during the first half of last year. The same reasons that are used to explain the quarterly decline apply here. The company reported a net income for the period of $65.1 million, a net income attributable to controlling shareholders of $65.7 million, as compared to net income and net income attributable to controlling shareholders of $66.8 million for the same period for the first half of 2025. Total interest and other financing costs for the first half of 2026 amounted to $5.7 million.

現在我們看同一張投影片上的數字，聚焦於截至 6 月 30 日止六個月期間，並與去年同期比較。2026 年上半年，公司總淨營收為 1.123 億美元，較去年上半年的 1.136 億美元下降 1.1%。用以解釋季度下滑的相同原因在此亦適用。公司本期淨利為 6,510 萬美元，歸屬於控股股東之淨利為 6,570 萬美元；相較之下，2025 年上半年同期的淨利及歸屬於控股股東之淨利均為 6,680 萬美元。2026 年上半年利息及其他融資成本合計為 570 萬美元。

Total interest for financing cost for the first half of 2025 amounted to $7.9 million. The decrease, again, due to the lower levels of debt on average and the lower interest rate paid. Accounting for interest income for the respective amount become $two.44 million and [$3.37 million] for the first half of 2026 and 2025, and these are the two figures shown on the slide, and they include the net interest that we recognize. Adjusted EBITDA for the first half of 2026 was $81 million compared to $76.4 million for the same period of last year. Basic and diluted earnings per share attributable to controlling shareholders for the first half of 2026 were $9.44 basic and $9.39 diluted, compared to $9.63 basic and $9.60 diluted for the same period of 2025.

2025年上半年融資成本的利息總額為790萬美元。該下降同樣是由於平均負債水準較低以及支付的利率較低所致。計入相應金額的利息收入後，2026年與2025年上半年分別為244萬美元及[337萬美元]；這就是投影片上顯示的兩個數字，且包含我們認列的淨利息。2026年上半年調整後EBITDA為8,100萬美元，較去年同期的7,640萬美元增加。2026年上半年歸屬於控股股東的基本及稀釋每股盈餘分別為基本9.44美元及稀釋9.39美元，對比2025年同期的基本9.63美元及稀釋9.60美元。

The adjusted earnings per share attributable to controlling shareholders for the six months ended June 30, 2026, would have been $9.45 basic and $9.40 diluted, compared again to adjusted earnings for the same period of last year of $7.99 basic and $7.97 diluted. Let's now turn to slide 19 to review our fleet performance. We'll start our review by looking at the fleet utilization rate for the second quarters of 2026 and 2025. As usual, our fleet utilization rate is broken down into commercial and operational components. During the second quarter of 2026 and 2025, commercial utilization was for both periods 100%, while operational utilization was 99.9% as expected.

截至2026年6月30日止六個月，歸屬於控股股東的調整後每股盈餘本應為基本9.45美元及稀釋9.40美元；再次對比去年同期的調整後每股盈餘為基本7.99美元及稀釋7.97美元。現在讓我們翻到第19頁投影片，檢視我們的船隊表現。我們將從觀察2026年與2025年第二季的船隊使用率開始。如往常一樣，我們的船隊使用率分為商業使用率與營運使用率兩個部分。在2026年與2025年第二季，兩個期間的商業使用率皆為100%，而營運使用率如預期為99.9%。

On average, 21 vessels were owned and operated in the second quarter of 2026, earning an average Time Charter Equivalent rate of $30,306 per day, compared to 22 vessels for the same period of last year, earning an average $29,420 per day. Our total daily operating expenses include management fees, G&A expenses, but excluding dry docking costs, were $8,036 per vessel per day in the second quarter of this year, compared to [$7,694] per vessel per day in the second quarter of 2025. If we move further down on this table, we can see as always, the daily cash flow break-even levels, which takes into account, in addition to the operating expenses, the dry docking expenses, interest expenses, and loan repayments without accounting for balloon repayments, and all of those are expressed on a per vessel per day basis. For the second quarter of 2026, our daily cash flow break-even rate was $12,233 per vessel per day as compared to $13,261 for the same period, the second quarter of 2025. At the very bottom of this table, you can see the dividend we paid, expressed in dollars per vessel per day.

2026年第二季平均擁有並營運21艘船舶，平均期租等效（TCE）日租金為30,306美元；相比去年同期為22艘船舶，平均日租金為29,420美元。我們的每日總營運費用（包含管理費與一般及行政（G&A）費用，但不含進塢費用）在今年第二季為每艘船每日8,036美元，對比2025年第二季為每艘船每日[7,694]美元。若我們在此表中再往下看，一如往常可見每日現金流損益兩平水準；除營運費用外，亦納入進塢費用、利息費用及貸款償還（不計入期末一次性償還／balloon repayments），且皆以每艘船每日為基礎表示。2026年第二季，我們的每日現金流損益兩平日租金為每艘船每日12,233美元，相較於2025年第二季同期的13,261美元。在此表最底部，您可看到我們支付的股利，以每艘船每日美元表示。

In the second quarter of 2026, this amounted to $2,916, compared to $2,275 in the same period of last year. The increase reflecting the increase in the actual amount of dividend paid and the reduction in the number of vessels. Let's now look at the right-hand side of this table and review the same metrics for the first half period. During the first half period for 2026, both operational and commercial utilization rates were at 100%, while operational utilization rate for the corresponding period of 2025 was 99.6%, and commercial was again 100%. On average, for the six-month period, we owned and operated 21 vessels, earning an average Time Charter Equivalent rate of $30,330 per day, compared to 22.83 vessels we operated in the same period of last year, earning an average of $28,468 per day.

2026年第二季該數額為2,916美元，相較去年同期為2,275美元。此增加反映實際支付股利金額的提高以及船舶數量的減少。現在讓我們看此表右側，檢視上半年期間的相同指標。2026年上半年期間，營運與商業使用率皆為100%；而2025年同期的營運使用率為99.6%，商業使用率同樣為100%。以六個月期間平均計算，我們擁有並營運21艘船舶，平均期租等效日租金為30,330美元；相比去年同期我們營運22.83艘船舶，平均日租金為28,468美元。

Operating expenses, again, including management fees and G&A expenses, but not dry docking costs, averaged $7,963 per vessel per day this year compared to $7,454 for the same period for the first half of 2025. The break-even levels, again, at the bottom of this table, were $12,290 for the six months of this year compared to $13,163 for 2025. And the common dividend expressed in dollars per day per vessel in the first half of this year amounted $2,839, up 29% from $2,196 in the first quarter of last year. Let's now move to the next slide, which has less numbers and aims to provide a better perspective of the depth of our contract cover that I previously discussed in an earlier slide. This table presents the development of our fleet ownership days over the period of the next three years because we have newbuildings coming in, and an estimated breakdown of how many days are available for hire and how many days are already contracted.

營運費用同樣包含管理費與一般及行政（G&A）費用，但不含進塢費用；今年平均為每艘船每日7,963美元，對比2025年上半年同期為7,454美元。此表底部的損益兩平水準同樣顯示：今年六個月為12,290美元，對比2025年為13,163美元。而今年上半年以每艘船每日美元表示的普通股股利為2,839美元，較去年第一季的2,196美元增加29%。現在讓我們移至下一張投影片，數字較少，旨在更好地呈現我先前在較早投影片中討論過的合約覆蓋深度。此表呈現未來三年期間我們船隊的自有船舶天數變化（因為我們將有新造船交付），並估計可供出租的天數以及已簽約的天數拆分。

It incorporates assumptions about delivery times for the vessels under construction, scrapping times for older vessels, estimated dry docking duration and timing, utilization rate assumptions going forward, and estimates for contracted days and average contracted rate per day. Please note that the data presented in this table represents our internal estimates provided only for illustrative purposes to be used for modeling future Time Charter Equivalent revenues, and of course, actual results might differ. Nevertheless, we believe this provides a useful visibility into our forward revenue and earnings profile. Although our contracted coverage has been discussed earlier, just for reference, I will mention that the contract coverage currently stands at approximately 96% for the remainder of 2026, 81% for 2027, and almost 47% for 2028. While our average contracted rate for those periods are $30,858 for 2026, $31,658 for 2027, and $32,310 for 2028.

其中納入對在建船舶交付時間、老舊船舶拆解時間、預估進塢期間長度與時點、未來使用率假設，以及已簽約天數與每日期約平均簽約租金的估計。請注意，本表所示資料為我們的內部估計，僅供示意用途，用於建立未來期租等效（TCE）收入的模型；當然，實際結果可能有所不同。儘管如此，我們相信這能為我們未來收入與獲利輪廓提供有用的能見度。雖然我們的合約覆蓋先前已討論過，僅供參考，我將提及目前合約覆蓋約為：2026年剩餘期間約96%、2027年為81%、2028年接近47%。而上述期間的平均簽約租金分別為：2026年30,858美元、2027年31,658美元、2028年32,310美元。

Moving on to slide 21 to review our debt profile. As of June 30, our total outstanding bank debt stood at about $208 million, with an average interest rate margin of around 2%. We assume here a three-month SOFR rate of 3.76%. Our total debt cost amounts to about a little more than 5.75%, which is well within the prevailing rate for our peers. Turning to our debt amortization profile on the top left of this slide, we can see that in 2026, total repayments amounted to $19.6 million, consisting of approximately $9.06 million of scheduled loan repayments and $10.49 million of already paid loan obligations.

接著看第21頁投影片，檢視我們的債務概況。截至6月30日，我們未償還的銀行借款總額約為2.08億美元，平均利差約2%。我們在此假設三個月期SOFR利率為3.76%。我們的總債務成本約略高於5.75%，完全落在同業目前的水準範圍內。再看本頁左上方的債務攤還概況，我們可見2026年的總償還金額為1,960萬美元，其中約906萬美元為既定貸款分期償還，1,049萬美元為已支付的貸款義務。

In 2027, total debt service increases to approximately $36.85 million, inclusive of a balloon payment of $20 million. In 2028, repayments of loans are lower, down to $12 million, and no balloon payments due. Looking farther ahead, 2029 includes total repayments of $40.6 million, which includes $10.6 million of scheduled loan repayments and a $30 million balloon. 2030 includes total repayments of $33.8 million, split between $7.4 million of scheduled repayments and $26.4 million of balloon. Historically, we have been able to finance balloon payments on favorable terms, and we expect to maintain that capacity of doing it in the future if we choose to do so.

2027年，總債務償付增加至約3,685萬美元，其中包含2,000萬美元的期末一次性償還（balloon payment）。2028年，貸款償還較低，降至1,200萬美元，且無到期一次性償還款。再往後看，2029年包含總償還4,060萬美元，其中包括1,060萬美元的既定分期償還以及3,000萬美元的期末一次性償還；2030年包含總償還3,380萬美元，分別為740萬美元的既定分期償還與2,640萬美元的期末一次性償還。歷史上，我們一直能以有利條件為期末一次性償還款進行融資；若我們選擇如此，預期未來也能維持此能力。

These figures reflect our current debt profile and do not include financing that we will assume to finance our newbuilding program. At the bottom of this table, we can show our vessel month forward revenue rate, which stands at $13,382 per vessel per day, and you can see the components is broken down. Let me conclude this presentation by turning to slide 22 for a quick review of selected highlights from our balance sheet. As usual, we present our balance sheet in a simplified way, in the form of one bars. On the left bar, we show the asset side.

這些數字反映我們目前的債務概況，且不包含我們預計用於新造船計畫的融資。在此表底部，我們展示以船舶月份為基礎的遠期收入日租金，為每艘船每日13,382美元，且您可看到其組成項目已拆分。讓我以翻到第22頁投影片作結，快速回顧資產負債表的若干重點。如往常一樣，我們以簡化方式呈現資產負債表，以單一長條圖的形式展示。在左側長條，我們展示資產端。

We have the current assets of cash and other current assets of approximately $226 million. We have made approximately $74 million of advances against our newbuilding program, and the book value of our fleet stands at about $453 million, bringing the total assets in our balance sheet to $753 million. Moving to the right bar, the liabilities, there we mentioned we have a bank debt of $208 million and additional liabilities of about $21 million, and a small amount of minority investment, resulting in about $523 million of book shareholders' equity. However, the true shareholders' equity should be adjusted for the market value of our fleet, which is significantly higher than its book value. We estimate that our current fleet is valued at approximately $660 million, which translates to a net asset value for the company of more than $725 million, or about $103 per share.

我們目前的流動資產，包括現金及其他流動資產，約為2.26億美元。我們已就新造船計畫預付約7,400萬美元，船隊帳面價值約為4.53億美元，使得資產負債表上的總資產達到7.53億美元。再看右側的負債部分，我們提到銀行負債為2.08億美元，另有約2,100萬美元的其他負債，以及少量的少數股權投資，因此帳面股東權益約為5.23億美元。然而，真正的股東權益應依船隊的市值進行調整，因其市值顯著高於帳面價值。我們估計目前船隊市值約為6.60億美元，換算後公司的淨資產價值超過7.25億美元，約為每股103美元。

The current price levels, which although have increased, still trade below to our net asset value, and this valuation gap presents an opportunity for both our shareholders, but also to investors that want to consider investing in Euroseas. With that, I'll turn the floor back to Aristides to moderate the question and answer period.

目前的價格水準雖然已上升，但仍低於我們的淨資產價值，而這個估值落差為我們的股東以及有意投資 Euroseas 的投資人帶來機會。接下來我把時間交回給 Aristides，由他主持問答環節。

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，歡迎各位提出任何問題。

(Operator Instructions) Mark Reichman, Noble Capital Markets.

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

Yes. So advances for vessels under construction. So those were about $74 million at June 30. And I was just wondering if you could just maybe kind of walk us through how much additional equity capital will need to be contributed to the newbuild program between now and first quarter 2029. And just maybe the breakout between…

是的。關於在建船舶的預付款。截至6月30日大約是7,400萬美元。我想請教，能否請你們大致說明一下，從現在到2029年第一季，新造船計畫還需要投入多少額外的股權資本？以及大概的拆分在於……

Can just spoke up?

可以請你再大聲一點嗎？

Can you hear me?

你聽得到我嗎？

Yes. I can hear you. So I think on the top of my head, the overall cost of our newbuilding program is around $560 million, and we plan to finance it about 60% debt. So roughly speaking, the equity requirements altogether would be around $230 million, of which $74 million have been made.

可以。我聽得到。我先憑印象回答，我們整體新造船計畫的總成本大約是5.60億美元，我們計畫以約60%的負債來融資。因此粗略來說，整體所需的股權資金約為2.30億美元，其中已投入7,400萬美元。

Okay. That's helpful. And then the fleet table on page 7, I think what's interesting is, clearly, the older vessels remain on attractive charters while you've got this much younger fleet coming. But because six of those vessels were built between 2001 and 2009 and have charters that are expiring over the next several years, what are your thoughts on whether you continue to operate those as the newbuilds arrive? Do you plan to sell some?

好的。這很有幫助。另外，第7頁的船隊表我覺得很有意思：顯然較老的船舶仍在相當有吸引力的租約之下，同時你們也將迎來更年輕的船隊。但由於其中有六艘建於2001年至2009年，且其租約將在未來幾年到期，想請問你們對於在新造船交付後是否仍會繼續營運這些船有何看法？你們是否計畫出售部分船舶？

And then -- and I guess just related to that question, on page 20, you have 20.8 vessels for 2026, which would imply 21 vessels through the first three quarters and maybe 20 vessels in the fourth quarter. So maybe you could just kind of square that up as part of the discussion.

另外——我想這也與前述問題相關——在第20頁，你們2026年的數字是20.8艘，這似乎意味著前三季是21艘，第四季可能是20艘。也請你們在討論中順便把這點說明清楚。

Yes. We are not thinking of selling any vessels currently. The market is so strong that it makes sense operating the elder vessels as well. So we are fixing these ships for one years, at least, charters. So this will become an issue maybe one years down the line if the market has dropped significantly.

是的。我們目前沒有考慮出售任何船舶。市場非常強勁，因此連較老的船舶也值得繼續營運。所以我們至少會把這些船以一年期的租約來鎖定。如果市場大幅下滑，這可能會在大約一年後才會成為需要處理的議題。

But for now, I think that the earnings that these older vessels generate are worth keeping them.

但就目前而言，這些較老船舶所帶來的獲利值得我們保留它們。

And in slide 20, I think we have indicative figures, the one elder vessels that you, I think, essentially pinpointed, we are negotiating to recharter. At the end of 2027, we start getting the newbuildings in. So there might be some assumptions about some disposals then, but one can make their own assumptions about how many vessels we will be operating.

至於第20頁投影片，我想我們提供的是指示性數字；你所點出的那艘較老船舶，我們基本上正在洽談續租。到2027年底我們才會開始接收新造船。因此屆時可能會有一些關於處分的假設，但大家也可以自行推估我們最終會營運多少艘船。

On page 20 of the presentation, I think you have 20.8 and you've got 21 vessels in your portfolio. So what accounts for the 20.8? Is that the one single dry docking?

在簡報第20頁，我想你們寫的是20.8，而你們的船隊是21艘。那20.8是怎麼來的？是因為有一艘船進坞維修嗎？

I think we have one vessel that we are modeling as potential to be sold, one of the elder ones. But we are in the process of negotiating an extension to its charter at this point.

我想我們在模型中把其中一艘較老的船假設為可能出售。但目前我們正在洽談延長它的租約。

I see. We should assume 21 week to the…

了解。我們應該假設全年維持21艘到……

Yeah. The model shows that one vessel, namely EM Corfu, provisionally has a potential for.

是的。模型顯示其中一艘船，也就是 EM Corfu，暫時被列為具有潛在的……

Okay. So we could -- you could assume potentially 21 vessels for the remainder of the year, but you could sell one maybe by the fourth quarter, in which case that would get to the $20.7 mark?

好的。所以我們可以——你們也可以假設今年剩餘時間可能維持21艘，但也可能在第四季出售一艘，如此就會變成20.7左右？

That is a very slight possibility. That was a thought in our model a few months ago, but now we are seeing significant interest in that vessel, so it will probably be extended with the charter for at least one years. So that postpones the selling time by a couple of years.

那是非常小的可能性。那是我們幾個月前在模型中的想法，但現在我們看到市場對那艘船有顯著興趣，因此它很可能至少會續租一年。所以出售時間會往後延幾年。

I see. Okay. And then just last question. So you had a little over $164 million in restricted and unrestricted cash, I think about $208 million of debt. So how do you kind of think about the capital allocation in terms of putting that marginal dollar to work in newbuilds, acquisitions, debt repayments, dividends and of course, your share repurchases, which you have highlighted?

了解。好的。最後一個問題。你們的受限與非受限現金合計略高於1.64億美元，負債大約2.08億美元。那你們如何看待資本配置：把邊際的一美元用在新造船、併購、償債、股利，當然還有你們強調的庫藏股回購？

Yes. This is balancing act that we need to do because we do have this $160 million as you say. Of course, we have another $160 million to pay for our newbuilds during the next couple of years. However, we will be making a similar amount, I think, in the next couple of years. So there will be enough money to look into further investments perhaps growing the dividend, perhaps share repurchase.

是的。這是一個我們需要拿捏的平衡，因為如你所說我們有這1.60億美元。當然，未來幾年我們還需要再支付約1.60億美元用於新造船。不過，我認為未來幾年我們也會賺到相近的金額。因此資金將足以讓我們考慮進一步投資、或許提高股利、或許進行股票回購。

Everything is on the table and we discuss it in our quarterly Board of Directors meetings in order to best utilize the capital.

所有選項都在考量範圍內，我們會在每季的董事會會議中討論，以便最有效地運用資本。

Tate Sullivan, Maxim Group.

Tate Sullivan，Maxim Group。

And you provided a newbuild commitment number earlier. And with the number of ships under construction and your experience in the last two, three years with building new ships, is it reasonable to forecast any delays in delivery schedules at this point given the busier shipyards? Or it seems quite consistent, but would love to appreciate your comments, please.

你們先前提供了新造船承諾金額。以目前在建船舶的數量，以及你們過去兩三年建造新船的經驗來看，考量船廠更為繁忙，現在是否合理預期交付時程會有任何延遲？目前看起來相當一致，但也希望聽聽你們的看法，謝謝。

Yes. At this point, we don't foresee any delay in the construction of the ships. Of course, we will only know closer to the delivery times, but shipyards in general seem to be more or less making their delivery schedules.

是的。就目前而言，我們不預期船舶建造會有任何延遲。當然，只有更接近交付時間時我們才會更確定，但整體而言，船廠似乎大致都能按其交付時程進行。

Yes. It's been impressive and your streak has been as well. And then your contracting strategy for the newbuilds, would you say consistent to your prior newbuilds contracts in terms of fixing multiyear contracts? Is there any change in the discussions to change contract structures in the containership industry to have floors and the potential of upside to those rates? Any you comment on that, please?

是的。這確實令人印象深刻，你們的交付紀錄也同樣如此。另外，關於新造船的簽約策略，你會說在鎖定多年期租約方面，是否與你們先前的新造船合約一致？在貨櫃船產業中，是否有任何討論要改變合約結構，例如加入保底（floor）以及利率/租金上行的可能性？也請你們評論一下，謝謝。

Yes, not really. The idea is to fix longer-term charters if we can. But it's a bit too early for us to do that right now. If we were to do it right now, we would have to accept the lower rates than what we think we can get if we wait a little longer. We fixed the four intermediate ships, as you know, but the remaining eight ships, we're waiting to see if we can get a good rate.

是的，不太算。我們的想法是，如果可以的話，盡量鎖定較長期的租約。但就目前而言，對我們來說還有點太早。如果我們現在就做，就必須接受比我們認為再等一段時間能拿到的更低的租金水準。如各位所知，我們已經把四艘中型船舶的租約固定下來了，但剩下的八艘船，我們在等看看是否能拿到一個好的租金。

We have not seen any change in the contract structure, like a floor and a cap. Whatever discussions we have are the traditional sort of flat rate, possibly with some early expiring options to do three or four years or one or three years.

我們沒有看到合約結構有任何變化，例如設置下限與上限。我們目前的任何討論都還是傳統的固定租金形式，可能會附帶一些可提前到期的選擇權，例如做三或四年，或一年或三年。

(Operator Instructions) Poe Fratt, Alliance Global Partners.

(接線員指示) Poe Fratt，Alliance Global Partners。

I was wondering if you could help me reconcile the dry docking activity that's on page 6 with the information in your 20-F. The 20-F is showing six dry docks or intermediate and special surveys over the second half of the year. And the slide on page 6 only shows two. So I was just -- is there more dry docking activity ahead of us? And certainly, in '27, there will be, but I was just looking about -- asking about the rest of 2026.

我想請您協助我把第6頁的進塢維修活動，和你們20-F裡的資訊對照起來。20-F顯示今年下半年有六次進塢或中間/特別檢驗。但第6頁的投影片只顯示兩次。所以我想問的是——後面是否還會有更多進塢活動？當然，2027年會有，但我主要是想問2026年剩下的部分。

In the rest of 2026, we have three dry dockings to be done. The remaining three perhaps that you see might be in water, the dry docks, which is a small delay of one day and a minimal cost. We have three big dry dockings within this quarter and the next one on three of our elder vessels, the Evridiki, the EM Corfu, and the Jonathan P.

在2026年剩下的時間裡，我們有三次進塢要做。你看到的另外三次，可能是水上檢修（in-water）而非進乾塢，這只會造成一天的小延誤，成本也很低。我們在本季以及下一季有三次較大型的進塢，針對我們三艘較老的船舶：Evridiki、EM Corfu，以及Jonathan P。

Okay. That's helpful. And I apologize if I missed this when you reported your first quarter numbers. But can you just talk about the equity investments that you've made and the nature of those equity investments and sort of the risk profile potentially of those equity investments?

好的。這很有幫助。如果我在你們公布第一季數字時漏掉了，先跟你們致歉。但你能否談談你們所做的股權投資、這些股權投資的性質，以及這些股權投資可能的風險輪廓？

I think, yes. These are bond funds just to get a little bit of a higher return than just deposits. These are bond funds investing in investment-grade bonds. So it's a very safe investment and very liquid. And then we have one additional investment in a capital protected structured fund, which again is capital protected and depending on various parameters, might give us a little bit of a higher return.

我想可以。這些是債券基金，目的只是為了取得比單純存款稍高一點的報酬。這些債券基金投資於投資等級債券。所以這是非常安全且流動性很高的投資。另外我們還有一項投資是在一個保本的結構型基金中，同樣是保本，並且會依不同參數，可能帶來稍高一些的報酬。

So it's really actually cash management, but trying to get a little bit more than just the pure deposit rate.

所以這其實是現金管理，只是希望拿到比純存款利率稍微高一點的收益。

Okay. That's helpful. I'm sorry, Tasos, I didn't understand.

好的。這很有幫助。抱歉，Tasos，我沒有聽懂。

No, it can be easily liquidated if we need the funds, which we will not need because we have $160 million outside this $39 million, $38 million that is involved in.

不，如果我們需要資金，它可以很容易變現；但我們不會需要，因為除了這筆涉及的3,900萬美元、3,800萬美元之外，我們還有1.6億美元。

Okay. But just to clarify, you're not investing in individual companies and with a higher risk profile than a bond fund?

好的。但我想再確認一下，你們不是投資在個別公司、而且風險輪廓比債券基金更高的那種投資，對嗎？

Yes. No, it is not that.

是的。不是那樣。

Climent Molins, Value Investor's Edge.

Climent Molins，Value Investor's Edge。

I wanted to follow-up on Mark's question on your older vessels. We've seen some forward fixtures in recent months, but mostly on modern tonnage. Could you talk a bit about the dynamics of forward fixing on older vessels? Is that something widely available? And if that were the case, how does the implied discount compared to more modern vessels?

我想延續Mark關於你們老舊船舶的問題。我們近幾個月看到一些遠期租約（forward fixtures），但多數是在較新船型上。你能否談談老舊船舶做遠期鎖定的市場動態？這種做法是否普遍可行？如果可以的話，相較於較新船舶，其隱含折價大概是多少？

There is actually a lack of vessels today. So one can fix even the vessels that open up within the next three to six months quite easily at very decent rates. Very small discounts to the more modern ones, mainly reflecting the fact that they consume less fuel. But overall, the market is very tight, and that is why we expect we will be able to fix our three ships that open up within this year, later towards the end of the year. But I think we will be able to fix them within the next month or so.

其實目前市場上船舶是短缺的。因此，即便是未來三到六個月內才會空出的船，也可以很容易以相當不錯的租金鎖定。相較於較新船舶，折價非常小，主要反映的是新船耗油較少。但整體而言，市場非常吃緊，這也是為什麼我們預期今年內會空出的三艘船，能在今年稍晚、接近年底時完成鎖定。不過我想我們大概在接下來一個月左右就能把它們固定下來。

Okay. That's helpful. And final question for me. The order book for smaller vessels is significantly lower than for the larger sizes. Have you seen any cascading from larger vessels cannibalizing routes that are usually serviced by smaller vessels?

好的。這很有幫助。我最後一個問題。小型船舶的訂單量（order book）明顯低於大型船舶。你們是否看到大型船舶下沉（cascading），去「侵蝕」原本通常由小型船舶服務的航線？

And looking ahead, do you think this is a risk or is unlikely to have a material impact?

展望未來，你認為這會是一個風險，還是不太可能造成實質影響？

Well, the markets are totally unstable due to the geopolitical developments. So that makes it difficult for liner companies to adjust their schedules significantly. So the answer is no. Currently, the lines are in a difficult position trying to carry the cargo they have to carry. It's difficult for them to optimize routes.

嗯，由於地緣政治發展，市場完全不穩定。這使得班輪公司很難大幅調整其航班安排。所以答案是否定的。目前航商處境艱難，正努力承運他們必須承運的貨量。他們很難去最佳化航線。

When things normalize, if things normalize at some point, they have to at some point, I do not know if it's in three months or in a year or two. But when things normalize, that's when the lines start to try to optimize, and optimization, of course, leads to increasing the size of the ships that serve various ports. So yes, we will see the cascading effect as things normalize, but to now, we don't really see that.

當情況恢復正常時——如果在某個時間點能恢復正常的話，總有一天會的，我不知道是三個月後、還是一年或兩年後。但當情況正常化時，航商才會開始嘗試最佳化，而最佳化當然會導致在各港口服務的船舶尺寸變大。所以是的，當情況正常化時，我們會看到下沉效應，但到目前為止我們並沒有真正看到。

And also, if you look at slide 14 and you see the size groups, the elder fleet percentage and order book, between the larger sizes where there is a huge order book and allows, there are some other sizes that also are relatively balanced. So although what our activities could happen, will happen, we were farther away from the larger ships that will cascade down. They have to push other sizes down, which are also balanced. It is a little bit less of an issue than if we owned 8,000 TEU vessels.

另外，如果你看第14頁投影片，看到各尺寸分組、老舊船隊占比與訂單量，在較大尺寸那邊訂單量很大；而也有一些其他尺寸其實相對平衡。所以即便我們所說的情況可能會發生、也會發生，我們距離那些會往下下沉的大型船舶其實還更遠一些。它們必須先把其他尺寸往下擠，而那些尺寸本身也相對平衡。因此，這個問題比起我們若持有8,000 TEU船舶時要小一些。

(Operator Instructions) It appears we have no further questions at this time. Mr. Pittas, I'd like to turn the floor back over to you for closing comments.

(接線員指示) 看來目前沒有其他問題。Pittas先生，我想把時間交還給您做結語。

Thank you all for standing by and listening to our presentation. And we'll be back to you in three months' time. Thank you.

感謝各位在線等候並聆聽我們的簡報。我們三個月後再與各位聯繫。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。