Genco Shipping & Trading Ltd (GNK) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Genco Shipping & Trading Limited third quarter 2025 earnings conference call and presentation. Before we begin, please note that there will be a slide presentation accompanying today's conference call. That presentation can be obtained from Genco's website at www.gencoshipping.com. To inform everyone, today's conference is being recorded and is now being webcast at the company's website, www.gencoshipping.com. (Operator Instructions) A webcast replay will also be available via the link provided in today's press release as well as the company's website.

女士們、先生們，早安，歡迎參加 Genco Shipping & Trading Limited 2025 年第三季收益電話會議和演示。在會議開始之前，請注意，今天的電話會議將附帶幻燈片演示。這份簡報可從Genco公司網站www.gencoshipping.com取得。特此通知各位，今天的會議正在錄製，並已在公司網站www.gencoshipping.com上進行網路直播。 （操作說明）網路直播回放也可透過今天新聞稿中提供的連結以及公司網站觀看。

At this time, I will now turn the conference over to the company. Please go ahead.

現在，我將把會議交給公司主持。請繼續。

Good morning. Before we begin our presentation, I note that in this conference call, we will be making certain forward-looking statements pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements use words such as anticipate, budget, estimate, expect, project, intend, plan, believe and other words and terms of similar meaning in connection with the discussion of potential future events, circumstances or future operating or financial performance. These forward-looking statements are based on management's current expectations and observations.

早安.在我們開始演講之前，我注意到，在本次電話會議中，我們將根據 1995 年《私人證券訴訟改革法案》的安全港條款做出一些前瞻性陳述。此類前瞻性陳述使用諸如預期、預算、估計、期望、預測、打算、計劃、相信等詞語以及其他類似含義的詞語和術語，來討論潛在的未來事件、情況或未來的經營或財務業績。這些前瞻性陳述是基於管理階層目前的預期和觀察。

For a discussion of factors that could cause results to differ, please see the company's press release that was issued yesterday, the materials relating to this call posted on the company's website and the company's filings with the Securities and Exchange Commission, including, without limitation, the company's annual report on Form 10-K for the year ended December 31, 2024, and the company's reports on Form 10-Q and Form 8-K subsequently filed with the SEC.

有關可能導致結果出現差異的因素的討論，請參閱公司昨天發布的新聞稿、公司網站上發布的與本次電話會議相關的材料以及公司向美國證券交易委員會提交的文件，包括但不限於公司截至 2024 年 12 月 31 日止年度的 10-K 表格年度報告，以及公司隨後向美國證券交易委員會提交的表格 10-KQ 證券交易委員會提交的表格 10-KQ 報告。

At this time, I'd like to introduce John Wobensmith, Chairman and CEO of Genco Shipping & Trading Limited.

在此，我謹向大家介紹 Genco Shipping & Trading Limited 的董事長兼執行長 John Wobensmith。

Good morning, everyone. Welcome to Genco's third quarter 2025 conference call. I will begin today's call by reviewing our Q3 2025 and year-to-date highlights. Additionally, we will provide an update on our value strategy, discuss our financial results for the quarter as well as the industry's current fundamentals before opening the call up for questions. For additional information, please also refer to our earnings presentation posted on our website.

各位早安。歡迎參加Genco 2025年第三季電話會議。今天，我將首先回顧我們 2025 年第三季和年初至今的亮點。此外，我們將介紹我們的價值策略的最新進展，討論本季的財務表現以及產業目前的狀況，然後開放問答環節。更多信息，請參閱我們網站上發布的盈利報告。

Starting on slide 5. During the third quarter, we continued to advance our value strategy, prioritizing returning cash to shareholders through market cycles and taking additional steps to further expand our earnings power for the benefit of shareholders. For the third quarter, we declared a dividend of $0.15 per share despite an intensive drydocking quarter, extending our track record of 25 quarters of consecutive dividends and marking the longest period of uninterrupted dividends in our drybulk peer group. Including the Q3 dividend, Genco has declared $7.065 in dividends per share, representing 43% of our current share price. In terms of Genco's ability to capitalize on a strong freight market, we remain optimistic for the remainder of 2025 and into 2026.

從第5張投影片開始。第三季度，我們繼續推動價值策略，優先考慮在市場週期中向股東返還現金，並採取額外措施進一步擴大獲利能力，以造福股東。第三季度，儘管船舶進行了密集的乾船塢作業，我們仍宣布每股派發 0.15 美元的股息，從而將我們連續 25 個季度派發股息的記錄延續下去，並創下了我們幹散貨同行中最長的連續派息紀錄。包括第三季股息在內，Genco 宣布每股股息 7.065 美元，相當於我們目前股價的 43%。就 Genco 利用強勁的貨運市場的能力而言，我們對 2025 年剩餘時間和 2026 年仍然保持樂觀。

By the start of Q4, we have completed 90% of our drydocking schedule for the year, which positions us well to maximize utilization in what has been a strong Q4 to date. Specifically, our Q4 TCE is currently estimated to be up more than 25% to over $20,000 per day on a fleet-wide basis for 72% of the quarter with strong freight rates being achieved by both our Capesize vessels at approximately $27,000 per day as well as our minor bulk fleet at approximately $16,000 per day. These rates compare favorably to our Q4 cash flow breakeven rate, which is estimated to be approximately $10,000 per day and represents an industry low breakeven rate.

到第四季初，我們已經完成了今年90%的乾船塢維修計劃，這使我們能夠在迄今為止表現強勁的第四季度最大限度地提高利用率。具體而言，我們預計第四季度總有效合約收入 (TCE) 目前將成長超過 25%，達到每天 20,000 美元以上（以整個船隊為單位），佔該季度的 72%。其中，我們的好望角型船舶運費約為每天 27,000 美元，小型散裝貨船運費約為每天 16,000 美元，均取得了強勁的運費。這些利率與我們第四季的現金流損益平衡利率相比很有優勢，該利率估計約為每天 10,000 美元，是業界最低的損益兩平利率。

In October, we took delivery of a 2020-built Capesize vessel, adding a modern high-specification vessel to our fleet during a seasonally strong point in the freight market. Notably, our first fixture on the vessel following delivery was booked for $29,000 per day net over 50 days, immediately generating earnings while also derisking the investment. This vessel acquisition represents the fourth high-specification fuel-efficient Capesize vessel that Genco has agreed to acquire since Q4 of 2023, further expanding the company's presence in a key sector with compelling supply and demand fundamentals.

10 月份，我們接收了一艘 2020 年建造的好望角型散裝貨船，在貨運市場季節性強勁時期，為我們的船隊增加了一艘現代化的高規格船舶。值得一提的是，在船舶交付後，我們的第一個固定租金為每天 29,000 美元，為期 50 天，這不僅立即產生了收益，也降低了投資風險。此次船舶收購是 Genco 自 2023 年第四季以來同意收購的第四艘高規格節能型好望角型散裝貨船，進一步擴大了該公司在供需基本面強勁的關鍵領域的業務。

Moving on to slide 6. When we implemented our value strategy in April 2021, we set out to accomplish three main objectives: transfer Genco into a low leverage, high dividend company, maintain significant flexibility for growth and pay a quarterly dividend based on cash flows less a voluntary quarterly reserve. Four years later, we are pleased to have made progress on each of these objectives. We have implemented a well-balanced capital allocation strategy, successfully capitalized on compelling vessel acquisitions, provided shareholders with uninterrupted dividends and opportunistically paid down debt. Specifically, over the past four years, we have invested nearly $347 million in high-quality modern vessels, distributed $264 million in dividends to shareholders and paid down $279 million in debt.

接下來是第6張投影片。我們在 2021 年 4 月實施價值策略時，著手實現三個主要目標：將 Genco 轉變為低槓桿、高股息的公司，保持相當大的成長彈性，並根據現金流減去自願季度儲備金來支付季度股息。四年後，我們很高興地看到，我們在實現這些目標方面都取得了進展。我們實施了均衡的資本配置策略，成功掌握了極具吸引力的船舶收購機會，為股東提供了不間斷的股息，並抓住機會償還了債務。具體來說，在過去的四年裡，我們投資了近 3.47 億美元用於高品質的現代化船舶，向股東分配了 2.64 億美元的股息，並償還了 2.79 億美元的債務。

Collectively, these actions have enabled Genco to establish a balance sheet that is built to effectively operate in a volatile market, create a highly differentiated risk/reward balance and increase the earnings power of the company to continue to pay regular quarterly dividends and create enduring long-term shareholder value.

總而言之，這些舉措使 Genco 能夠建立起一個能夠在動蕩的市場中有效運營的資產負債表，創造高度差異化的風險/回報平衡，並提高公司的盈利能力，從而繼續支付定期季度股息，並創造持久的長期股東價值。

On page 7, we highlight our fleet composition. We currently own a fleet of 17 Capesize vessels and 26 Ultramax and Supramax vessels. We continue to balance the high beta and the upside potential of the Capesize sector, along with the steadier earnings stream of the minor bulk ships. On a vessel ownership basis, our ownership splits are 40% Capes and 60% Ultras/Supras. However, when we view these splits on an asset value or net revenue basis, we are over 50% weighted towards the Capesize vessels, providing us significant operating leverage.

第 7 頁，我們重點介紹了我們的船隊組成。我們目前擁有17艘好望角型散裝貨船和26艘超靈便型和超大型散裝貨船。我們繼續在海岬型船舶的高貝塔係數和上漲潛力與小型散裝貨船更穩定的收益流之間尋求平衡。以船舶所有權比例計算，我們的所有權分配為：40% 為海角型帆船，60% 為超大型帆船/超大型帆船。然而，當我們從資產價值或淨收入的角度來看待這些資產組合時，我們發現好望角型船舶的佔比超過 50%，這為我們提供了顯著的營運槓桿。

Turning to slide 8. With an industry low net loan-to-value ratio, a low cash flow breakeven rate and $430 million in undrawn revolver availability, we believe Genco remains in a highly advantageous position to successfully operate in the current volatile freight rate environment and continue to differentiate itself from its dry bulk peer group. Genco has the scale and operating leverage to benefit from a rising market while also having significant access to capital to take advantage of opportunities if they were to arise as we've demonstrated throughout the cycle.

翻到第8張幻燈片。憑藉業內較低的淨貸款價值比、較低的現金流盈虧平衡率以及 4.3 億美元的未提取循環信貸額度，我們相信 Genco 仍然處於非常有利的地位，能夠在當前波動的運費環境中成功運營，並繼續與乾散貨同行區分開來。Genco 擁有足夠的規模和營運槓桿，可以從不斷上漲的市場中受益，同時還擁有大量的資金，可以在機會出現時抓住機會，正如我們在整個週期中所展示的那樣。

Going forward, we remain focused on executing the three pillars of our value strategy, dividends, deleveraging and growth. Importantly, as we progress through the fourth quarter and position Genco for 2026, we do so with the majority of our drydock schedule complete, a further reduced cash flow breakeven level and significant operating leverage to capitalize on improving drybulk fundamentals.

展望未來，我們將繼續專注於執行價值策略的三大支柱：分紅、去槓桿化和成長。重要的是，隨著我們進入第四季度並為 Genco 2026 年做好準備，我們大部分的干船塢計劃已經完成，現金流盈虧平衡點進一步降低，並利用了顯著的營運槓桿來把握不斷改善的干散貨基本面。

Lastly, turning to page 9. Genco continues to prioritize strong corporate governance, which we believe is another key differentiator for the company relevant to the peer group. Specifically, Genco is the only listed drybulk shipping company with no related party transaction. We have a diverse and independent Board of Directors are highly transparent and provide detailed disclosures on company performance and initiatives while striving to provide a clear and thoughtful strategy to shareholders as we execute on our approach to capital allocation. We view this as a key part of Genco's identity as a company.

最後，翻到第9頁。Genco 繼續優先考慮強而有力的公司治理，我們認為這是該公司相對於同業群體的另一個關鍵差異化因素。具體來說，Genco 是唯一一家沒有關聯方交易的上市乾散貨運輸公司。我們擁有多元化且獨立的董事會，高度透明，並詳細揭露公司績效和各項舉措，同時努力為股東提供清晰周全的策略，以執行我們的資本配置方案。我們認為這是 Genco 公司身分認同的關鍵組成部分。

I will now turn the call over to Peter Allen, our Chief Financial Officer.

現在我將把電話轉交給我們的財務長彼得艾倫。

Thank you, John. On slides 11 through 14, we highlight our third quarter financial results. Genco recorded a net loss of $1.1 million or $0.02 basic and diluted net loss per share. Adjusted net loss was $0.01 per share, excluding a loss on debt extinguishment of $0.7 million. Adjusted EBITDA for Q3 totaled $21.7 million, an increase of 52% as compared to Q2.

謝謝你，約翰。第 11 至 14 頁重點介紹了我們第三季的財務表現。Genco則錄得淨虧損110萬美元，即每股基本及攤薄淨虧損0.02美元。調整後的淨虧損為每股 0.01 美元，不包括債務清償損失 70 萬美元。第三季調整後 EBITDA 總計 2,170 萬美元，比第二季成長 52%。

Our cash position as of September 30 was $90 million, which increased due to a drawdown of debt in the third quarter for the purchase of the Genco Courageous, which delivered in the fourth quarter. Our debt outstanding also increased to $170 million due to this purchase. The final installment representing 90% of the purchase price or $57.2 million was funded in October.

截至 9 月 30 日，我們的現金餘額為 9,000 萬美元，這主要得益於第三季提取債務購買了 Genco Courageous 號，該船已於第四季度交付。由於此次收購，我們的未償債務也增加到 1.7 億美元。最後一筆款項，即 5,720 萬美元，佔購買價格的 90%，已於 10 月支付。

Overall, since 2021, we have reduced our cash -- our debt balance from $450 million down to the current $170 million level, a reduction of 62%. Pro forma for this acquisition, our net loan-to-value is approximately 12%. Furthermore, our undrawn revolver availability is currently $430 million. With our full revolving credit facility structure, we plan to continue to actively manage our cash and debt positions to reduce interest expense while maintaining access to capital to quickly act on growth opportunities as we did with our most recent acquisition of a high-specification fuel-efficient Capesize vessel.

總體而言，自 2021 年以來，我們的現金——債務餘額從 4.5 億美元減少到目前的 1.7 億美元，減少了 62%。根據此次收購的預期情況，我們的淨貸款價值比約為 12%。此外，我們目前還有 4.3 億美元的未動用循環信貸額度。憑藉我們完善的循環信貸安排，我們計劃繼續積極管理我們的現金和債務狀況，以減少利息支出，同時保持獲得資金的管道，以便迅速抓住成長機會，就像我們最近收購一艘高規格節能型好望角型船舶一樣。

Moving to Slide 15, we highlight our quarterly dividend policy, which targets a distribution based on 100% of operating cash flow less a voluntary reserve. For Q3, our Board of Directors declared a $0.15 per share dividend based on operating cash flow of approximately $21.5 million and a voluntary quarterly reserve of $14.9 million. Notably, for the third quarter of 2025, our dividend formula, including a voluntary reserve of $19.5 million, would have produced a $0.05 per share dividend.

翻到第 15 張投影片，我們將重點介紹我們的季度股利政策，該政策的目標是根據 100% 的經營現金流減去自願儲備金來進行分配。第三季度，董事會宣布派發每股 0.15 美元的股息，基於約 2,150 萬美元的經營現金流和 1,490 萬美元的自願季度儲備金。值得注意的是，根據我們的股息計算公式（包括 1,950 萬美元的自願儲備金），2025 年第三季每股股息為 0.05 美元。

However, on management's recommendation, the Board chose to reduce the voluntary reserve to $14.9 million for the quarter, resulting in the $0.15 per share dividend. This highlights our commitment to regular shareholder returns as well as our favorable view on the long-term fundamentals of the drybulk industry and the seasonally stronger freight rate environment that has emerged in the second half of this year.

然而，根據管理層的建議，董事會決定將該季度的自願儲備金減少至 1,490 萬美元，導致每股派發 0.15 美元的股息。這凸顯了我們對定期股東回報的承諾，以及我們對乾散貨產業長期基本面的樂觀看法，以及今年下半年出現的季節性運價走強環境。

Looking ahead to Q4 2025, we currently have 72% of owned available days fixed at approximately $20,000 per day as compared to our anticipated cash flow breakeven rate, excluding drydocking-related CapEx of approximately $9,000 per vessel per day. Our TCE has increased each quarter of this year and Q4 TCE estimates are currently projected to not only be the highest TCE of the year, but the highest quarterly level since 2022, highlighting the freight rate improvement seen in the second half of this year thus far.

展望 2025 年第四季度，我們目前已將 72% 的可用船舶天數固定為每天約 20,000 美元，而我們預計的現金流盈虧平衡點為每天約 20,000 美元，這還不包括與乾船塢相關的資本支出，每艘船每天約 9,000 美元。今年以來，我們的 TCE 每個季度都在增長，目前預計第四季度的 TCE 不僅將是今年最高的 TCE，而且將是自 2022 年以來最高的季度水平，這凸顯了今年下半年迄今為止貨運價格的改善。

Notably, this improvement has been led by our Capesize vessels, which in Q4 to date are currently fixed at approximately $27,000 per day, an increase of nearly 30% from $21,000 per day in Q3, further highlighting the significant operating leverage of the sector. We note that Genco, like much of the industry, has a large-scale drydocking program in 2025. Through the first nine months of the year, we have completed 16 of 19 scheduled drydockings with one more completed in early November.

值得注意的是，這項改善主要得益於我們的好望角型船舶，截至第四季度末，其日租金約為 27,000 美元，比第三季度的 21,000 美元增長了近 30%，進一步凸顯了該行業顯著的營運槓桿作用。我們注意到，與業內許多公司一樣，Genco 在 2025 年也有一個大規模的乾船塢計劃。今年前九個月，我們已完成 19 項計畫幹船塢維修的 16 項，另有一項已於 11 月初完成。

This resulted in Genco completing 90% of our full year 2025 drydockings with only two drydockings remaining as we look to maximize utilization in Q4. We believe Genco's high operating leverage as displayed in the second half of this year, combined with our low financial leverage, creates a solid risk/reward balance for shareholders while providing Genco with increased optionality for the company.

這使得 Genco 完成了 2025 年全年 90% 的塢修計劃，只剩下兩個塢修項目，我們希望在第四季度最大限度地提高利用率。我們認為，Genco 今年下半年展現出的較高經營槓桿，加上我們較低的財務槓桿，為股東創造了穩健的風險/回報平衡，同時為 Genco 提供了更大的公司選擇餘地。

I will now turn the call over to Michael Orr, our drybulk market analyst, to discuss industry fundamentals.

現在我將把電話轉交給我們的乾散貨市場分析師邁克爾·奧爾，讓他來討論行業基本面。

Thank you, Peter. Beginning on slide 17, the drybulk freight rate environment meaningfully improved in Q3 and into Q4 to date as compared to earlier in the year levels. Capesize rates were driven by all-time high Brazilian iron ore shipments during the quarter, including exceeding 40 million tons of both July and August for the first time on record. Brazilian iron ore miner, Vale also reported their highest quarterly production since 2018. Supramax rates were led by augmented coal shipments to China as the country's domestic coal output declined during a period of strong demand.

謝謝你，彼得。從第 17 張投影片開始，與今年稍早的水平相比，第三季和第四季至今的干散貨運費環境有了顯著改善。好望角型散裝貨船運價受到本季巴西鐵礦石出貨量創歷史新高的影響，其中7月和8月的出貨量均首次超過4,000萬噸。巴西鐵礦石生產商淡水河谷也公佈了自 2018 年以來最高的季度產量。由於中國國內煤炭產量在強勁需求時期下降，導致對華煤炭出口增加，超靈便型散裝貨船運價因此上漲。

Furthermore, increased South American grain shipments were also supportive for the smaller class vessels. These factors resulted in the Baltic Capesize Index and Baltic Supramax Index to average approximately $26,000 and $14,000 per day, respectively, in Q3.

此外，南美洲糧食運輸量的增加也對小型船舶提供了支持。這些因素導致波羅的海好望角型船指數和波羅的海超靈便型船指數在第三季分別平均每天約為 26,000 美元和 14,000 美元。

Turning to page 18, we point to China's strong level of iron ore imports in recent months, led by increased seaborne supplies together with the restocking of iron ore inventories. Specifically, the country's iron ore imports in Q3 rose by 6% year over year after a softer first half. While China's iron ore stockpiles were drawn down as much as 8% in the year-to-date, stockpiles have now increased by 6% off of the 2025 lows. China's steel production has decreased year over year by 3%, while China continues to export over 10% of the steel produces mostly going to other Asian countries.

翻到第 18 頁，我們指出，近幾個月來，中國鐵礦石進口量強勁增長，這主要得益於海運供應的增加以及鐵礦石庫存的補充。具體而言，該國第三季鐵礦石進口量年增 6%，此前上半年成長放緩。儘管中國鐵礦石庫存今年迄今下降了 8%，但目前庫存已比 2025 年的低點增加了 6%。中國鋼鐵產量年減3%，但中國仍持續出口其鋼鐵產量的10%以上，主要出口到其他亞洲國家。

Turning to page 19, we highlight the long-haul iron ore and bauxite trade growth expected from Brazil and West Africa in the coming years. While the growth this year is expected to be marginal with first shipments likely to materialize in November, there are significant growth volumes expected in the coming years. Given the scale of the project, these volumes could absorb potentially over 200 Capesize vessels, which is more than the current Capesize newbuilding order book. Supply constraints and Capesize newbuilding activity combined with added long-haul train distances are two key catalysts for the sector.

翻到第 19 頁，我們將重點放在未來幾年巴西和西非的長途鐵礦石和鋁土礦貿易成長預期。儘管預計今年的成長幅度不大，首批貨物可能要到 11 月才能交付，但預計未來幾年銷量將大幅成長。鑑於該項目的規模，這些產量可能足以容納 200 多艘好望角型船舶，這比目前好望角型新造船訂單量還要多。供應限制和好望角型船新造活動，再加上長途鐵路運輸距離的增加，是該產業的兩大關鍵催化劑。

In terms of the grain trade as detailed on page 20, China has reportedly purchased at least four US soybean cargoes following the meeting of President Trump and President [Xi] last week. China has agreed to purchase a minimum of 25 million tons of soybeans per year from the US over the next three years. Prior to the summit, China had not purchased any US soybean cargoes as they had ramped up purchases of Brazilian agricultural products for much of the year.

關於糧食貿易，詳見第 20 頁，據報道，在川普總統和習近平主席上週會晤後，中國至少購買了四批美國大豆貨物。中國已同意在未來三年內每年從美國購買至少2500萬噸大豆。在峰會之前，中國沒有購買任何美國大豆貨物，因為今年大部分時間裡，中國都在加強對巴西農產品的採購。

Regarding the supply side outlined on slide 21, net fleet growth in the year-to-date is 3% on an annualized basis, split between 1% net fleet growth for Capesizes and 4% to 5% net fleet growth for Panamaxes down to Handysize. The Capesize segment continues to have the smallest order book among the drybulk sectors at 9% of the fleet. Additionally, as scrapping has remained low in recent years, the age of the global fleet has risen to nearly 13 years old, the highest average age of the global drybulk fleet since 2010. This has increased the pool of potential scrapping candidates as over 10% of the on-the-water fleet is 20 years or older, which is identical to the global drybulk order book as a percentage of the fleet.

關於第 21 頁幻燈片中概述的供應方面，今年迄今的淨船隊年化增長率為 3%，其中好望角型船淨船隊增長率為 1%，巴拿馬型船到靈便型船淨船隊增長率為 4% 至 5%。在乾散貨船領域，好望角型散裝貨船的訂單量仍然最少，僅佔船隊總數的 9%。此外，由於近年來拆船率一直很低，全球船隊的平均船齡已上升至近 13 年，這是自 2010 年以來全球乾散貨船隊的平均船齡最高值。由於超過 10% 的在役船舶船齡已達 20 年或以上，這增加了潛在拆解候選船舶的數量，而全球乾散貨訂單佔船隊的比例也與之相同。

This implies net replacement of tonnage over time as opposed to any material net fleet growth. While we expect volatility in the freight market, the foundation of a low supply growth picture provides a solid basis for our constructive view of the drybulk market going forward.

這意味著隨著時間的推移，噸位將實現淨替換，而不是船隊出現任何實質的淨增長。雖然我們預期貨運市場會出現波動，但低供應成長的局面為我們對未來乾散貨市場的建設性看法提供了堅實的基礎。

This concludes our presentation, and we would now be happy to take your questions.

我們的演講到此結束，現在我們很樂意回答各位的問題。

(Operator Instructions)

（操作說明）

Omar Nokta, Jefferies.

奧馬爾諾克塔，傑富瑞集團。

Just wanted to get maybe just a sense, I know you talked about it a bit, but just sort of in terms of what we're seeing in the freight market, it looks like we've been building on this improvement that was -- you first were talking about back in August when you reported 2Q results. Capes have gotten stronger. We've seen the Panamax and Supramax segments have all started lifting here into year-end. I just wanted to get a sense from your perspective, is this a seasonality thing? Or is this something much bigger? Is it Simandou? How would you characterize sort of this improvement that we've just been continuing to see here in the second half?

我只是想了解一下情況，我知道您之前也談到過，但就我們目前在貨運市場看到的情況而言，看起來我們一直在鞏固這種改善——您在 8 月份公佈第二季度業績時首次談到了這一點。披風變得更強了。我們看到，到了年底，巴拿馬型和超巴拿馬型散裝貨船市場都開始回升。我只是想從你的角度來看，這是否與季節性有關？還是說，這背後隱藏著更大的秘密？是西芒杜嗎？您如何評價我們在下半季持續看到的這種進步？

Yeah, Omar. So I think it's sort of all of the above in the sense that, yes, it's seasonal. We typically have a late Q3, Q4 stronger freight market. But this time around, we're also seeing record Brazilian iron ore exports in the second half. That obviously has been very positive because of the long-haul ton-mile creation nature of that.

是的，奧馬爾。所以我覺得它兼具以上所有特點，因為，是的，它具有季節性。通常情況下，第三季末、第四季貨運市場會更強勁。但這次，我們也看到巴西下半年的鐵礦石出口量創下歷史新高。顯然，由於長途運輸的噸英里數創造特性，這帶來了非常積極的影響。

And we've had an increase on the coal trades. China domestic demand has increased when domestic coal production actually has gone down. There's been a strong grain trade driven by South America on the minor bulk side, a lot of soybeans being bought by the Chinese really in record quantities at this point. And then we've also had the USTR with the self-sanctioning, which really reduced some of the tonnage count in the Atlantic, which we've been able to actually take full advantage of.

煤炭貿易量也有所增加。中國國內煤炭產量實際下降的同時，國內需求卻增加。南美洲推動了小宗散貨貿易的強勁成長，中國目前購買的大豆數量創下歷史新高。此外，美國貿易代表辦公室還採取了自我制裁措施，這確實減少了大西洋上的一些船舶噸位，而我們已經能夠充分利用這些措施。

Yeah. So it seems like, as you said, just a handful of things coming together. And then maybe just on that -- as a follow-up, just on that final point you brought up the USTR, the China fees that went into effect briefly against US shipping. Those have now been postponed for 12 months. Just want to get a sense, how did that affect things, I guess, from your view in terms of how it affected, say, drybulk rates, that the Chinese fees? And then how did it affect Genco?

是的。所以，正如你所說，似乎只是少數幾件事湊到了一起。然後，也許就此而言——作為後續，就您提到的最後一點，美國貿易代表辦公室（USTR）對美國航運短暫生效的中國關稅而言。這些項目現已延後12個月。我只是想了解一下，從您的角度來看，中國徵收的費用對乾散貨運費產生了哪些影響？那麼，這對Genco公司產生了什麼影響呢？

So from affecting revenues and affecting Genco, it's completely immaterial. Affecting the management team, we, as I like to say, had a lost weekend, that Columbus Day weekend because we spent an inordinate amount of time diverting ships. We had four ships that were going in. And so -- but we were able to successfully divert those vessels to different discharge ports. And then, of course, Monday of Columbus Day weekend, the Chinese clarified the port fee side of it and it will allow US companies to come in with Chinese-built vessels and not have any port fees.

因此，無論對收入或對發電公司而言，這都完全無關緊要。就管理團隊而言，正如我常說的，我們度過了一個毫無意義的周末，也就是哥倫布日那個週末，因為我們花了太多時間改變船隻航向。我們有四艘船要進港。因此——但我們成功地將這些船隻改道至不同的卸貨港。當然，在哥倫布日長週末的星期一，中國方面澄清了港口收費問題，這將允許美國公司使用中國製造的船舶入境，而無需支付任何港口費用。

Of course, 80% of our fleet is Chinese-built. So that was -- that took a lot of risk off the table. And we -- even if those port fees had remained in place, we're really talking about seven to eight Capesize vessels that we had already worked out a way to trade those ships at the same earnings level as they're trading now. Good news is all of that's been taken off the table for at least a year, but we're well prepared if that comes back into effect for some reason.

當然，我們船隊中 80% 的船隻都是中國製造的。所以，這大大降低了風險。即使港口費用仍然有效，我們實際上也只是在談論七到八艘好望角型散裝貨船，我們已經找到了一種方法，讓這些船舶以與現在相同的收益水平進行交易。好消息是，所有這些措施至少在一年內都不會實施，但如果出於某種原因再次實施，我們也做好了充分的準備。

Okay. Yeah. So if indeed it does come back in 12 months' time, it seems like it's a fairly negligible impact on Genco.

好的。是的。因此，如果12個月後它真的恢復運行，那麼對Genco的影響似乎微乎其微。

It's just a change of strategy a little bit. I mean our minor bulks are trading very much so in the Atlantic anyway and not doing a lot of Chinese business. And on the Capes, as I said, there are plenty of other trades on the Capes that the seven or eight that we have that are Japanese and South Korean-built, we'll find alternative employment without any material impact on the company.

只是稍微調整了一下策略而已。我的意思是，我們的小批量貨物主要在大西洋進行貿易，並沒有做太多與中國的業務。正如我所說，在科德角，還有很多其他行業，我們擁有的七八艘日本和韓國製造的船隻，我們可以在不給公司造成任何實質影響的情況下，為它們找到替代就業機會。

Liam Burke, B. Riley Securities.

利亞姆·伯克，B. Riley Securities。

John, you've been investing in the Capesize on the investments. But do you have a look at the non-Capesize? Or is it just the asset coming online that's attractive and gives you the proper return?

約翰，你一直在投資好望角型船舶。但是，您是否考慮過非海岬型船型？或者，只是即將上線的資產才具有吸引力，並能帶來適當的回報？

Yeah. So look, we have a strong minor bulk fleet. We continue to operate that, and we have no plans to divest out of minor bulks. We have quite a commercial operating platform there. But when we look at the market as a whole, and we look at the low order book, which Michael Orr pointed out at a little more than 10% versus ships that are 20 years and older overall basically match that number.

是的。你看，我們擁有一支強大的小型散裝船隊。我們將繼續經營這些業務，並且沒有計劃剝離小型散裝貨船業務。我們在那裡擁有一個相當成熟的商業營運平台。但當我們從整體上看市場，並觀察邁克爾·奧爾指出的低訂單量（略高於 10%）時，20 年及以上船齡的船舶總體數量基本上與此相符。

So there is no fleet growth that is anticipated at least now for the drybulk industry as a whole. The Capesize sector has better supply dynamics and being much lower than on the minor bulk side. And when we couple that with the demand growth that we see coming, particularly out of West Africa, but also I think Vale is going to have some growth as well, and there'll be some further growth on the bauxite trade. But that Simandou and the tonnage that is really going to ramp up, we think, in the second half of next year also creates demand growth. So low supply and demand growth, that bodes well for the sector, and that's why we're focused in terms of acquisitions more on the larger vessels than the midsize.

因此，至少目前來看，乾散貨運輸業整體上預計不會出現船隊成長。好望角型船舶的供應動態較好，價格也比小型散裝貨船低很多。再加上我們預見到的需求成長，特別是來自西非的需求成長，我認為淡水河谷也會有一些成長，鋁土礦貿易也會進一步成長。但我們認為，西芒杜油田以及明年下半年產量將大幅提升的噸位也將創造需求成長。因此，低迷的供需成長對該產業來說是個好兆頭，這也是為什麼我們在收購方面更注重大型船舶而不是中型船舶的原因。

Great. With your fleet renewal, your debt balance has moved up to finance the asset acquisitions. Outside of fleet renewal, do you anticipate accelerating that debt reduction as you're seeing strong cash flows on the higher rates?

偉大的。隨著車隊更新換代，您的債務餘額增加，用於為資產購置提供資金。除了車隊更新之外，鑑於高利率帶來的強勁現金流，您是否預計會加快債務削減？

Look, we have a dividend formula in place. So we will definitely be sticking to that. We have a reserve of a little less than $20 million a quarter that's built into that. We think that is sufficient at this point. So I see us continuing to do fleet renewal. And as I said, we here before, we're concentrated right now anyway on the larger vessels.

你看，我們已經制定了分紅方案。所以我們一定會堅持這樣做。我們每季都預留了略低於 2,000 萬美元的儲備金。我們認為目前這樣就足夠了。所以我認為我們會繼續進行車隊更新換代。正如我之前所說，我們現在主要關注的是大型船舶。

(Operator Instructions)

（操作說明）

Michael Mathison, Sidoti.

麥可·馬西森，西多蒂。

Congratulations on the demand growth. I just had a question regarding Chinese demand for coal. You mentioned that their demand is up. Have you seen any signs of switching the source of their imports from the US to Brazil or other providers?

恭喜需求成長。我有一個關於中國煤炭需求的問題。你提到他們的需求量上升了。您是否發現任何跡象表明他們將進口來源從美國轉向巴西或其他供應商？

Yeah. I think because of the USTR, we've seen less -- a lot less coal come out of the US, and it has come from other areas. From a ton-mile standpoint, I would say it's been fairly neutral, but we do expect US coal exports to tick up in the next six months because of USTR going away. And I think the -- I think there's also a push in the US right now by the current administration to beef up coal export. So we do expect to see some growth again in that area.

是的。我認為由於美國貿易代表辦公室（USTR）的緣故，我們看到美國煤炭產量減少了——而且減少了很多，煤炭都來自其他地區。從噸英里數來看，我認為情況相當穩定，但我們預計未來六個月美國煤炭出口將因美國貿易代表辦公室的關閉而略有上升。而且我認為──我認為目前美國現任政府也在大力推動煤炭出口。因此，我們預計該領域將再次出現成長。

Poe Fratt, AGP, Alliance Global Partners.

Poe Fratt，AGP，Alliance Global Partners。

John, you -- on page 9 of your presentation, you highlight your corporate governance and how it's very strong and the best in the industry. Can you just give us a reason for adopting a poison pill in early October?

約翰，你在簡報的第 9 頁重點介紹了你的公司治理，以及它如何非常強大，是業內最好的。你能給我們一個理由，為什麼要在十月初就採取毒丸計畫嗎？

Yeah. I mean I think it's -- we had a shareholder that quickly accumulated a little less than a 15% position. And so as all poison pills, we want to do what's right for all shareholders. And so what that means is that we can slow things down so that we can make sure that if there is something to be done, that again, we can get the best transaction for shareholders. And we also -- I'll add, we did it in the most shareholder-friendly way in that we put it in place for just less than a year, and we spent a lot of time on structuring that, again, to be as shareholder-friendly as we could.

是的。我的意思是，我認為——我們有一位股東迅速累積了略低於 15% 的股份。因此，和所有毒丸計畫一樣，我們希望做對所有股東都有利的事。這意味著我們可以放慢速度，以便確保如果需要採取行動，我們能夠為股東爭取最佳交易。而且，我還要補充一點，我們以最有利於股東的方式實施了這項措施，實施時間不到一年，並且我們花了大量時間來構建這項措施，再次強調，是為了盡可能地有利於股東。

Would you categorize the move, John, as preemptive? Or was it in response to signals from the largest shareholder?

約翰，你認為這種做法屬於先發制人嗎？或者，這是對最大股東發出的信號的回應？

No, I would characterize it only to the speed in which the 15% was acquired. And again, if there was any process, you want to slow it down. And again, the idea is to maximize value for all shareholders, and that can be accomplished by putting that in place.

不，我只會用獲得這 15% 的速度來描述它。再說一遍，如果有任何流程，你都想讓它慢下來。再次強調，我們的理念是為所有股東創造最大價值，而這可以透過落實這些措施來實現。

There are no further questions at this time. This concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.

目前沒有其他問題了。今天的電話會議到此結束。感謝您的參與，請您斷開線路。