Navios Maritime Partners LP (NMM) 2023 Q4 法說會逐字稿

Thank you for joining us for Navios Maritime Partners fourth quarter 2023 earnings conference call. With us today from the company are Chairwoman and CEO, Ms. Angeliki Frangou; Chief Operating Officer, Mr. Efstratios Desypris; Chief Financial Officer, Ms. Eri Tsironi; and Vice Chairman, Mr. Ted Petrone.

感謝您參加 Navios Maritime Partners 2023 年第四季財報電話會議。今天與我們在一起的有公司董事長兼首席執行官 Angeliki Frangou 女士；營運長 Efstratios Desypris 先生；財務長 Eri Tsironi 女士；和副主席 Ted Petrone 先生。

As a reminder, this conference call is being webcast. To access the webcast, please go to the Investors section of Navios Partners' website at www.navios-mlp.com. You'll see the webcast link in the middle of the page. And a copy of the presentation referenced in today's earnings conference call will also be found there.

提醒一下，本次電話會議正在網路直播。若要觀看網路廣播，請造訪 Navios Partners 網站 www.navios-mlp.com 的投資者部分。您將在頁面中間看到網路廣播連結。今天的收益電話會議中引用的簡報的副本也將在那裡找到。

Now, I will review the Safe Harbor statement. This conference call could contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Partners. Forward-looking statements are statements that are not historical facts.

現在，我將回顧安全港聲明。本次電話會議可能包含 1995 年《私人證券訴訟改革法案》含義內有關 Navios Partners 的前瞻性陳述。前瞻性陳述為非歷史事實的陳述。

Such forward-looking statements are based upon the current beliefs and expectations of Navios Partners management and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements. Such risks are more fully discussed in Navios Partners' filings with the Securities and Exchange Commission.

此類前瞻性聲明是基於 Navios Partners 管理階層目前的信念和期望，並受到風險和不確定性的影響，可能導致實際結果與前瞻性陳述有重大差異。Navios Partners 向美國證券交易委員會提交的文件中更全面地討論了此類風險。

The information set forth herein should be understood in light of such risks. Navios Partners does not assume any obligation to update the information contained in this conference call.

應根據此類風險來理解此處列出的資訊。Navios Partners 不承擔更新本次電話會議中包含的資訊的任何義務。

The agenda for today's call is as follows. First, Ms. Frangou will offer opening remarks. Next, Mr. Desypris will give an overview of Navios Partners' segment data. Next, Ms. Tsironi will give an overview of Navios Partners' financial results.

今天電話會議的議程如下。首先，Frangou 女士將致開幕詞。接下來，Desypris先生將概述Navios Partners的細分數據。接下來，Tsironi 女士將概述 Navios Partners 的財務表現。

Then Mr. Petrone will provide an industry overview. And lastly, we'll open the call to take questions. Now, I'll turn the call over to Navios Partners Chairwoman and CEO, Ms. Angeliki Frangou. Angeliki?

隨後Petron先生將介紹產業概況。最後，我們將開始接受提問。現在，我將把電話轉給 Navios Partners 董事長兼首席執行官 Angeliki Frangou 女士。安吉利基？

Good morning, all, and thank you for joining us on today's call. I am pleased with the results of the fourth quarter and full year of 2023.

大家早安，感謝您參加今天的電話會議。我對 2023 年第四季和全年的業績感到滿意。

For the quarter, we reported revenue of $327.3 million and net income of $132.4 million. For the full year, we reported revenue of $1.3 billion and net income of $433.6 million. Net earnings per common unit was $4.30 for the quarter and $14.08 for the full year.

本季度，我們報告收入為 3.273 億美元，淨利潤為 1.324 億美元。我們報告全年收入為 13 億美元，淨利潤為 4.336 億美元。該季度每普通單位淨利潤為 4.30 美元，全年每普通單位淨利潤為 14.08 美元。

The general background in which we operate is important. In 2023, the world continued to experience disruption in normal trade routes. Regional conflict, initially in Ukraine and Russia and later in the Middle East, introduced uncertainty and inefficiency in transportation. Most recently, we have seen traffic in the Suez Canal reduced by over 50%.

我們經營的整體背景很重要。2023 年，世界正常貿易路線持續受到干擾。最初發生在烏克蘭和俄羅斯，後來發生在中東的地區衝突給運輸帶來了不確定性和低效率。最近，我們發現蘇伊士運河的交通量減少了 50% 以上。

This disruption is compounded by a drought, limiting traffic in the Panama Canal. Consequently, a typically seasonally slow Q1 has been surprisingly strong in 2024. In addition, the US and European economies seem to have managed inflationary pressures and are generally healthy.

乾旱加劇了這種破壞，限制了巴拿馬運河的交通。因此，通常季節性放緩的第一季在 2024 年卻出乎意料地強勁。此外，美國和歐洲經濟似乎已經控制住了通膨壓力，整體健康。

While there are pockets of weakness, the economies of most of the top 10 economies are growing. Further, China seems to be leveraging its export strength to counter the economic issues it is facing domestically. Should the current environment remain, we would expect trade to remain strong for 2024.

儘管存在一些疲軟的情況，但十大經濟體中的大多數經濟體都在成長。此外，中國似乎正在利用其出口實力來應對國內面臨的經濟問題。如果當前環境持續下去，我們預計 2024 年貿易將保持強勁。

However, I do note that this robust environment can change quickly should conflict-driven efficiencies clear and all economies suffer from a further wave of inflation. As usual, we continue to execute on our strategic initiative by focusing on things that we can control, such as reducing leverage, modernizing our energy efficiency, and taking long-term cover where available.

然而，我確實注意到，如果衝突驅動的效率明顯並且所有經濟體都遭受進一步的通膨浪潮，那麼這種強勁的環境可能會迅速改變。像往常一樣，我們繼續執行我們的戰略舉措，重點關注我們可以控制的事情，例如降低槓桿、實現能源效率現代化以及在可能的情況下採取長期保障。

Please turn to slide 7. Navios Partners is a leading publicly listed shipping company diversified in 15 asset classes in three sectors. We have $296.2 million of cash on our balance sheet. And in the fourth quarter, we earned about 5.4% interest on an annualized base in our cash balance sheet.

請翻到幻燈片 7。Navios Partners 是一家領先的上市航運公司，業務多元化，涉及三個領域的 15 個資產類別。我們的資產負債表上有 2.962 億美元的現金。在第四季度，我們的現金資產負債表中的年化利息約為 5.4%。

Our fleet modernization continues. In the period 2023 to 2024 year to date, we sold 17 vessels, generating gross sale proceeds of $327.6 million. We took delivery of two container ships, chartered out for over five years at an average net rate of $37,050 per day. We also added about $137 million of contracted revenue to our coverage with various long-term charters, mainly in the tankers segment.

我們的機隊現代化仍在繼續。迄今為止，2023 年至 2024 年期間，我們出售了 17 艘船舶，銷售總收益達 3.276 億美元。我們接收了兩艘貨櫃船，租期超過五年，平均淨費率為每天 37,050 美元。我們還透過各種長期租船合約增加了約 1.37 億美元的合約收入，主要是在油輪領域。

For 2024, 63% of our 56,058 available days are fixed. This creates a current breakeven of $491 per open day. Let's now turn to slide 8.

到 2024 年，我們的 56,058 個可用天數中有 63% 是固定的。這使得當前每個開放日的收支平衡為 491 美元。現在讓我們轉向幻燈片 8。

On this slide, we provide an overview of our execution in terms of seven important metrics comparing 2023 to a base year of 2022. As you can see, our fleet remains about the same size today as it was in 2022, with all of the purchases and sales effectively being netted out as we modernize our fleet. Not accidentally, our fleet age remains the same.

在這張投影片中，我們透過將 2023 年與 2022 年基準年進行比較的七個重要指標來概述我們的執行情況。正如您所看到的，我們今天的機隊規模與 2022 年大致相同，隨著我們對機隊進行現代化改造，所有採購和銷售都有效地被扣除。我們的機隊年齡保持不變，這並非偶然。

We believe that while we must be patiently await the development of carbon-neutral technologies, we can maximize energy efficiency by maintaining a fleet of useful vessels containing current technology. In addition, as you can see from vessel's value, the diversity of our fleet has allowed the steel value of our fleet to improve by about 3% from 2022. I would also note that these steel values do not give any consideration to our contracted backlog, which, today, is about $3.3 billion.

我們相信，雖然我們必須耐心等待碳中和技術的發展，但我們可以透過維護一支採用現有技術的有用船舶船隊來最大限度地提高能源效率。此外，從船舶價值可以看出，我們船隊的多樣性使得我們船隊的鋼材價值從2022年開始提高了約3%。我還要指出的是，這些鋼鐵價值沒有考慮我們的合約積壓訂單，目前合約積壓訂單約為 33 億美元。

With a stable and performing fleet, our financial metrics have improved. Year over year, revenue is up 8% and adjusted EBITDA is up by 12%. These developments allow us to reduce our debt by 6% to $2 billion and increase our cash balance by about 70% to almost $300 million.

憑藉穩定且高效的機隊，我們的財務指標得到了改善。營收年增 8%，調整後 EBITDA 成長 12%。這些進展使我們的債務減少了 6%，達到 20 億美元，現金餘額增加了約 70%，達到近 3 億美元。

Consequently, we are on the path to our target net leverage of 20%, 25% with current net leverage of 38.2%. This is an improvement of 15% over year-end 2022. I would like now to turn the presentation over to Mr. Efstratios Desypris, Navios Partners Chief Operating Officer. Efstratios?

因此，我們正朝著 20%、25% 的目標淨槓桿率前進，目前淨槓桿率為 38.2%。這比 2022 年底提高了 15%。現在我想將演講交給 Navios Partners 營運長 Efstratios Desypris 先生。埃夫斯特拉提奧斯？

Thank you, Angeliki, and good morning, all. Please turn to slide 9, which details our operating free cash flow potential for 2024.

謝謝你，Angeliki，大家早安。請參閱投影片 9，其中詳細介紹了我們 2024 年的營運自由現金流潛力。

We fixed 63% of available days at an average rate of $24,910 net per day. This created an estimated operating breakeven of $491 per day for the remaining 20,497 days that are open or index days.

我們以每天 24,910 美元的平均費率固定了 63% 的可用天數。這使得在剩餘 20,497 天的開放日或指數日內，預計每天的營運損益平衡為 491 美元。

On the right side of the slide, we provide our 56,058 available days by vessel type so that you can perform your own sensitivity analysis. However, whatever number used, we should develop substantial cash flow in 2024. Please turn to slide 10.

在投影片右側，我們按船舶類型提供了 56,058 個可用天數，以便您可以執行自己的敏感度分析。然而，無論使用多少數字，我們都應該在 2024 年產生大量現金流。請翻到投影片 10。

We are always renewing the fleet so that we maintain a young profile. It is part of our strategy to reduce our carbon footprint by modernizing our fleet, benefiting from new technologies and eco-vessels with greener characteristics.

我們不斷更新機隊，以保持年輕的形象。這是我們策略的一部分，即透過我們的船隊現代化、受益於新技術和具有綠色特性的生態船舶來減少碳足跡。

During Q4 of 2023 and Q1 2024, we got delivery of two 5,300 TEU container ships, both chartered out for an average of 5.2 years at an average net daily rate of $37,050 per day, generating revenue of approximately $140 million. Following these deliveries, we have $1.6 billion remaining investment in 26 newbuilding vessels, delivering to our fleet through 2027.

2023 年第四季和 2024 年第一季度，我們交付了兩艘 5,300 TEU 貨櫃船，均租期為 5.2 年，日均淨費率為 37,050 美元/天，營收約為 1.4 億美元。在這些交付之後，我們還有 16 億美元的剩餘投資用於 26 艘新造船，到 2027 年交付給我們的船隊。

In container ships, we have 10 vessels to be delivered with a total acquisition price of approximately $736 million. We have mitigated this risk with long-term credit worth charters, generating about $0.9 billion in revenue over a 6.6-year average charter duration.

貨櫃船方面，我們有10艘船待交付，總收購價約7.36億美元。我們透過長期信用價值特許經營來降低這一風險，在 6.6 年的平均特許經營期限內創造了約 9 億美元的收入。

In the tanker space, we acquired 16 vessels for a total price of approximately $885 million. We chartered out 10 of these vessels for an average period of five years, generating revenue of about $0.5 billion. The dry bulk newbuilding program of eight vessels was completed in June 2023, with a delivery of the last capesize vessel.

在油輪領域，我們收購了 16 艘油輪，總價約 8.85 億美元。我們平均租用 10 艘此類船舶，租期為五年，創造了約 5 億美元的收入。八艘乾散貨新造船工程於 2023 年 6 月完成，最後一艘好望角型船舶交付。

We have also been opportunistically selling older vessels. 2023 and year to date in 2024, we have sold 17 vessels with an average age of 15.4 years for $327.6 million. We sold eight tanker vessels for about $213 million and nine dry bulk vessels for about $114.5 million.

我們也一直在機會主義地出售舊船。 2023 年和 2024 年迄今，我們已售出 17 艘船舶，平均船齡為 15.4 年，價值 3.276 億美元。我們以約 2.13 億美元的價格出售了 8 艘油輪，以約 1.145 億美元的價格出售了 9 艘乾散貨船。

Moving to slide 11, we continue to secure long-term employment for our fleet. In Q4 2023 and year to date, 2024, we have created about $140 million additional contracted revenue. Approximately $125 million comes from our tanker fleet and about $15 million comes from one dry bulk vessel.

轉到投影片 11，我們繼續確保我們的機隊長期就業。2023 年第四季和 2024 年迄今，我們創造了約 1.4 億美元的額外合約收入。大約 1.25 億美元來自我們的油輪船隊，大約 1500 萬美元來自一艘乾散貨船。

Our total contracted revenue amounts to $3.3 billion. $1.1 billion relates to our tanker fleet, $0.4 billion relates to our dry bulk fleet, and $1.8 billion relates to our container ships. Charters are extended through 2037, with a diverse group of quality counterparties. About 50% of our contracted revenue is expected to be earned in the next two years.

我們的合約總收入達 33 億美元。 11 億美元與我們的油輪船隊相關，4 億美元與我們的乾散貨船隊相關，18 億美元與我們的貨櫃船相關。特許經營期限延長至 2037 年，擁有多元化的優質交易對手。我們約50%的合約收入預計將在未來兩年內獲得。

I now pass the call to Eri Tsironi, our CFO, which will take you through the financial highlights. Eri?

我現在將電話轉給我們的財務長 Eri Tsironi，他將向您介紹財務亮點。埃里？

Thank you, Efstratios, and good morning, all. I will briefly review our unaudited financial results for the fourth quarter and the year ended December 31, 2023. The financial information is included in the press release and is summarized in a slide presentation available on the company's website.

謝謝你，Efstratios，大家早安。我將簡要回顧我們第四季和截至 2023 年 12 月 31 日的年度未經審計的財務表現。財務資訊包含在新聞稿中，並在公司網站上提供的幻燈片簡報中進行了總結。

Moving to the earnings highlights on slide 12, total revenue for the fourth quarter of 2023 decreased to $327 million compared to $371 million for the same period in 2022, on the back of 6% less available days and 5% lower combined time charter equivalent rate.

轉向投影片 12 的收益亮點，2023 年第四季的總收入下降至 3.27 億美元，而 2022 年同期為 3.71 億美元，原因是可用天數減少 6%，綜合期租當量費率降低 5% 。

Revenue in Q4 2023, compared to Q3 2023, increased by $4.1 million on the back of higher combined time charter equivalent rate despite lower available days. Time charter revenue for the three-month period is understated by $10.5 million. Because US GAAP rules require the recognition of revenue for our charters with de-escalating rates on a straight-line basis.

與 2023 年第三季相比，2023 年第四季的營收增加了 410 萬美元，儘管可用天數較低，但由於綜合期租等效費率較高。三個月期間的期租收入被低估了 1,050 萬美元。因為美國公認會計準則規則要求以直線遞減的費率確認我們的包機收入。

In terms of sector performance, TCE rates for the fourth quarter of 2023 for our dry bulk fleet increased by 6.5% to $16,902 per day, compared to the same period in 2022. In contrast, our container and tank TCE rates were approximately 11% lower, compared to the same period last year, at $30,356 and $27,562 per day, respectively.

就產業表現而言，與 2022 年同期相比，我們幹散貨船隊 2023 年第四季的 TCE 費率成長了 6.5%，達到每天 16,902 美元。相比之下，我們的貨櫃和儲罐 TCE 費率比去年同期低約 11%，分別為每天 30,356 美元和 27,562 美元。

EBITDA, net income, and EPU were adjusted as explained in the slide footnote. Excluding these amounts, adjusted EBITDA for Q4 2023 increased to $227 million, 13% higher compared to the same period last year and almost 31% higher compared to Q3 2023.

EBITDA、淨利潤和 EPU 按照幻燈片腳註中的說明進行了調整。排除這些金額，2023 年第四季調整後 EBITDA 增至 2.27 億美元，比去年同期成長 13%，比 2023 年第三季成長近 31%。

Adjusted net income for Q4 2023 increased to $133 million, 18% higher compared to Q4 2022 and 61% higher compared to Q3 2023. Total revenue for 2023 increased by 8% to $1.3 billion compared to $1.2 billion for the same period in 2022.

2023 年第四季調整後淨利增至 1.33 億美元，較 2022 年第四季成長 18%，較 2023 年第三季成長 61%。2023 年總營收成長 8%，達到 13 億美元，而 2022 年同期為 12 億美元。

Time charter revenue for the period is understated by $40.7 million. Because US GAAP rules require the recognition of revenue for our charters with de-escalating rates on a straight-line basis. The increase in revenue was mainly a result of a 10% increase in our available days to 54,766 compared to 49,804 in 2022.

該期間的定期租船收入被低估了 4,070 萬美元。因為美國公認會計準則規則要求以直線遞減的費率確認我們的包機收入。收入的成長主要是由於我們的可用天數從 2022 年的 49,804 天增加了 10% 至 54,766 天。

Our combined TCE rate for 2023 was lower at $22,337 per day compared to the same period last year. In terms of sector performance, both tankers and containers enjoyed improved rates compared to the same period last year. 2023 time charter equivalent rates for our tankers increased by 36% to $28,662 per day and for our containers, by approximately 8% to $33,770 per day compared to the same period last year.

與去年同期相比，我們 2023 年的綜合 TCE 費率較低，為每天 22,337 美元。從業界表現來看，油輪和貨櫃運價均較去年同期改善。與去年同期相比，2023 年我們油輪的期租等效費率增加了 36%，達到每天 28,662 美元，貨櫃的等效費率則增加了約 8%，達到每天 33,770 美元。

In contrast, our dry fleet TCE rate was 36% lower compared to the same period last year at $14,422 per day. Adjusted EBITDA for 2023 increased by 12% to $748 million compared to $668 million in 2022. Adjusted net income for 2023 increased by 11% to $383 million compared to $430 million last year.

相比之下，我們的乾船隊 TCE 費率比去年同期低 36%，為每天 14,422 美元。2023 年調整後 EBITDA 成長 12%，達到 7.48 億美元，而 2022 年為 6.68 億美元。2023 年調整後淨利比去年的 4.3 億美元成長 11%，達到 3.83 億美元。

Our net income was negatively affected by a $55 million reduction and the positive impact of the amortization of unfavorable leases, and a $41 million increase in our interest expense, net of interest income, due to the increase in our debt levels and the interest rate costs. Adjusted earnings per common unit for 2023 were $12.45.

我們的淨利潤受到 5500 萬美元的減少和不利租賃攤銷的積極影響的負面影響，以及由於我們的債務水平和利率成本的增加，我們的利息支出（扣除利息收入）增加了 4100 萬美元。2023 年調整後每普通單位收益為 12.45 美元。

Turning to slide 13, I will briefly discuss some key balance sheet data. As of December 31, 2023, cash and cash equivalents, including restricted cash and time deposits in excess of three months, were $296 million.

轉向投影片 13，我將簡要討論一些關鍵的資產負債表資料。截至2023年12月31日，現金和現金等價物，包括受限的現金和超過三個月的定期存款，為2.96億美元。

During 2023, we paid $465 million of pre-delivery installments on our newbuilding program, vessel acquisitions, and other capitalized expenses. We sold 15 vessels for $259 million net, adding about $163 million cash after the repayment of their respected debt.

2023 年，我們為新造船項目、船舶收購和其他資本化支出支付了 4.65 億美元的交付前分期付款。我們以 2.59 億美元的淨價出售了 15 艘船舶，在償還其受人尊敬的債務後，增加了約 1.63 億美元的現金。

Long-term borrowings, including the current portion, net of deferred fees, reduced to $1.86 billion. Net debt-to-book capitalization decreased to 33.8%.

長期借款（包括目前部分，扣除遞延費用）減少至 18.6 億美元。淨負債與帳面資本比率下降至 33.8%。

Slide 14 highlights our debt profile. We continue to diversify our funding resources between bank debt and leasing structures, while 36% of our debt has fixed interest at an average rate of 5.6%. We also try to mitigate part of the increased interest rate cost, having reduced the average margin of our floating rate debt by approximately 40 basis points to 2.3% from 2.7% at 2022 year-end.

投影片 14 重點介紹了我們的債務狀況。我們繼續在銀行債務和租賃結構之間實現融資資源多元化，而 36% 的債務具有固定利率，平均利率為 5.6%。我們也嘗試減輕部分增加的利率成本，將浮動利率債務的平均利潤率從 2022 年底的 2.7% 降低約 40 個基點至 2.3%。

Our maturity profile is targeted with no significant volumes due in any single year. In terms of our newbuilding program, 80% of our newbuilding financing is already concluded or in documentation phase at an average margin of 1.8% for floating rate debt. In January 2024, we have signed a $40 million facility with a new lender to refinance three vessels, where we managed to decrease our margin and extend maturity.

我們的成熟度概況的目標是任何一年都不會產生大量到期量。就我們的新船計畫而言，我們80%的新船融資已經完成或處於文件階段，浮動利率債務的平均利潤率為1.8%。2024 年 1 月，我們與一家新貸款機構簽署了一項 4000 萬美元的融資協議，為三艘船舶提供再融資，我們成功地降低了保證金並延長了到期日。

Turning to slide 15, you can see our ESG initiatives. We continue to invest in new energy-efficient vessels and reduce emissions through energy-saving devices and efficient vessel operations. In February 2024, Navios, in collaboration with Lloyd's Register, founded the global maritime emissions reduction center that will focus on optimizing the existing global fleet efficiency.

翻到投影片 15，您可以看到我們的 ESG 舉措。我們持續投資新型節能船舶，透過節能裝置和高效能船舶運作減少排放。2024 年 2 月，Navios 與勞埃德船級社合作成立了全球海運減排中心，該中心將專注於優化現有的全球船隊效率。

Navios is a socially conscious group, whose core values include diversity, inclusion, and safety. We have strong corporate governance and clear code of ethics, while our Board is composed by, majority, independent directors.

Navios 是一個具有社會意識的團體，核心價值包括多元化、包容性和安全性。我們擁有強而有力的公司治理和明確的道德準則，而我們的董事會主要由獨立董事組成。

I'll pass the call to Ted Petrone to take you through the industry section. Ted?

我會將電話轉給 Ted Petrone，帶您了解業界部分。泰德？

Thank you, Eri. Please turn to slide 17 for review of current trade disruptions. The Panama and Suez Canals, two strategic maritime transit points, continue to operate at restricted transit levels.

謝謝你，埃里。請參閱投影片 17 以回顧目前的貿易中斷。巴拿馬和蘇伊士運河這兩個戰略性海上過境點繼續在有限的過境水平上運作。

With regard to the Suez Canal, the Red Sea disruptions have caused a rerouting of ships via the Cape of Good Hope, increasing costs and ton-miles. Since the end of November, transits have reduced by 75% for containers, 51% for product tankers, 16% for crude tankers, and 34% for dry bulk vessels. Panama Canal daily transit restrictions stand at 24 vessels, 33% below normal.

就蘇伊士運河而言，紅海擾亂導致船舶改道經過好望角，從而增加了成本和噸英里數。自11月底以來，貨櫃過境量減少了75%，成品油輪減少了51%，原油油輪減少了16%，乾散貨船減少了34%。巴拿馬運河每日過境船隻數量為 24 艘，比正常水平低 33%。

Please turn to slide 19 for review of the tanker industry. World GDP grew at 3.1% in 2023 and is expected to grow by 3.1%, again, in 2024 based on the IMF's January forecast. There's 85% correlation of world oil demand to global GDP growth.

請參閱投影片 19 回顧油輪產業。根據國際貨幣基金組織 1 月的預測，2023 年世界 GDP 成長 3.1%，預計 2024 年將再次成長 3.1%。世界石油需求與全球 GDP 成長有 85% 的相關性。

In spite of economic uncertainties and the crisis in the Ukraine and Red Sea, the IEA projects a 1.2 million barrels per day increase in world oil demand for 2024 to 103 million barrels per day. Chinese crude imports continue to rise, averaging 11.3 million barrels per day in 2023, an 11% increase over 2022.

儘管存在經濟不確定性以及烏克蘭和紅海危機，IEA 預計 2024 年世界石油需求將增加 120 萬桶/日，達到 1.03 億桶/日。中國原油進口量持續增加，2023年平均每天1,130萬桶，比2022年增加11%。

After a seasonally low Q3, all sector rates increased in Q4 on the back of higher global demand and increasing refinery throughput led by China and India. Additionally, seaborne crude and clean trading patterns, which were initially diverted to longer-haul routes due to Russian sanctions, have once again been rerouted by the above-mentioned Red Sea disruptions.

在第三季季節性低迷之後，由於全球需求增加以及以中國和印度為首的煉油廠產量增加，所有行業的費率在第四季度均有所上升。此外，海運原油和清潔貿易模式最初因俄羅斯制裁而轉向長途航線，但由於上述紅海中斷而再次改變路線。

These even longer-haul routes continue to increase ton-miles, putting pressure on both costs and rates. Recent rates remain firm, having risen on the back of rising demand. The Saudi and Russian export cuts have been somewhat mitigated by increased Atlantic exports.

這些甚至更長的航線繼續增加噸英里，給成本和費率帶來壓力。近期利率依然堅挺，因需求成長而上升。大西洋出口增加在一定程度上緩解了沙烏地阿拉伯和俄羅斯的出口削減。

Turning to slide 20. As previously mentioned, both crude and product rates remained strong across the board due to healthy supply and demand fundamentals, minimal fleet growth, and shifting trading patterns. Product tankers are also aided by healthy refinery margins that discounted Russian crude exported to the Indian Ocean and the Far East, returning to the Atlantic as clean product.

轉到投影片 20。如前所述，由於健康的供需基本面、最小的船隊成長以及不斷變化的貿易模式，原油和成品油價格均保持強勁。成品油輪也受益於健康的煉油廠利潤，這些利潤對出口到印度洋和遠東的俄羅斯原油進行打折，然後作為清潔產品返回大西洋。

Crude ton-mile growth increased by 6.2% in 2023 and is expected to grow by a further 4.1% in 2024. Similarly, product ton-miles increased 9.6% in 2023 and are expected to grow 7.3% in 2024. These percentage increases anticipate some continued canal restrictions but could rise based on the duration of these sanctions.

2023 年原油噸英里成長率將成長 6.2%，預計 2024 年將進一步成長 4.1%。同樣，2023 年產品噸英里增長 9.6%，預計 2024 年將增長 7.3%。這些百分比的增長預計會繼續受到運河限制，但可能會根據這些制裁的持續時間而上升。

Turning to slide 21. VLCC net fleet growth is projected at 2.2% for 2023 and a negative fleet growth of 0.5% for 2024. This decline can be partially attributed to owners' hesitance to order expensive, long-lived assets in light of macroeconomic uncertainty and engine technology concerns due to CO2 restrictions enforced since the beginning of the year.

轉到投影片 21。預計 2023 年 VLCC 船隊淨成長為 2.2%，2024 年船隊負成長為 0.5%。這種下降的部分原因是，鑑於宏觀經濟的不確定性以及由於年初以來實施的二氧化碳排放限製而引發的發動機技術擔憂，船東對訂購昂貴、壽命長的資產猶豫不決。

The current record-low order book is only 2.6% of the fleet or only 23 vessels, one of the lowest in 30 years. Vessels over 20 years of age are about 17% of the total fleet or 157 vessels, which is almost seven times the order book.

目前的訂單量創歷史新低，僅佔船隊的 2.6%，即只有 23 艘船，是 30 年來最低的訂單之一。船齡超過 20 年的船舶約佔船隊總數的 17%，即 157 艘船舶，幾乎是訂單量的七倍。

Turning to slide 22. Product tanker net fleet growth was 2.1% for 2023 and projected to be only 1.4% for 2024. The current product tanker order book is 12.7% of the fleet, one of the lowest on record and is approximately equal to 14.6% of the fleet which is 20 years of age or older.

轉到投影片 22。2023 年成品油輪船隊淨成長率為 2.1%，預計 2024 年僅 1.4%。目前成品油輪訂單量佔船隊的 12.7%，是有記錄以來的最低水準之一，約等於船齡 20 年或以上船隊的 14.6%。

In concluding the tanker sector review, tanker rates across the board continue at historically healthy levels. The combination of below-average global inventories, growth in oil demand, new longer trading routes for both crude and products as well as one of the lowest order books in three decades, and the IMO 2023 regulations, should provide for healthy tanker earnings going forward.

在結束油輪產業審查時，油輪運價全面繼續保持在歷史健康水準。全球庫存低於平均水平、石油需求增長、原油和產品新的更長貿易路線以及三十年來最低的訂單量之一，以及國際海事組織2023 年法規，這些因素結合在一起，應該會為未來的油輪收益提供健康的保障。

Please turn to slide 24 for review of the dry bulk industry. The first eight months of 2024 rates in all sectors remain muted, as record Chinese imports were mitigated by unwinding congestion. Chinese raw material demand continued throughout '23 on the back of persistent economic stimulus and continued stockpiling.

請參閱投影片 24，以了解乾散貨產業的回顧。2024 年頭 8 個月，所有產業的利率仍保持低迷，因為中國創紀錄的進口因緩解擁堵而有所緩解。在持續的經濟刺激和持續的庫存的支持下，中國的原材料需求在整個 203 年持續成長。

Strong Atlantic exports of iron ore, bauxite, and grain in Q4 led both the BDI and CAPE rates to peak on December 4 at 3,346 points and $54,584, respectively. The BDI opened 2024 at 2,093 and the year-to-date average standard is approximately 1,600, levels rarely seen in the early part of the year.

第四季大西洋鐵礦、鋁土礦和穀物出口強勁，導致 BDI 和 CAPE 費率在 12 月 4 日分別達到 3,346 點和 54,584 美元的高峰。BDI 2024 年開盤價為 2,093 點，年初至今的平均水平約為 1,600 點，這是年初罕見的水平。

Despite the negative headlines, Chinese imports of iron ore, coal, soybeans, and bauxite in '23 were up 16% over 2022. With regard to iron ore, China's GDP grew at 5.2% in Q4 of '23. Chinese continued stimulus measures and stocking should assist iron ore demand, which recorded record imports in 2023 of 1.16 billion tonnes.

儘管有負面新聞，但 2023 年中國鐵礦石、煤炭、大豆和鋁土礦的進口量比 2022 年增加了 16%。鐵礦石方面，23 年第四季中國 GDP 成長 5.2%。中國持續的刺激措施和庫存應有助於提振鐵礦石需求，2023 年鐵礦石進口量創歷史新高，達 11.6 億噸。

Coal trade continues to be impacted by the war in Ukraine, as the ban on Russian coal shifted trading patterns towards longer-haul routes. Global imports are expected to increase 3% or about 19 million tonnes second half of 2024 over the first half of 2024.

煤炭貿易繼續受到烏克蘭戰爭的影響，因為對俄羅斯煤炭的禁令將貿易模式轉向長途航線。預計2024年下半年全球進口量將比2024年上半年增加3%，約1,900萬噸。

As with coal, the global grain trade is also impacted by the war in Ukraine, shifting trading patterns toward longer-haul routes. Seaborne grain trade volume is expected to grow by 1.9% in 2024.

與煤炭一樣，全球糧食貿易也受到烏克蘭戰爭的影響，貿易模式轉向長途航線。預計2024年海運糧食貿易量將成長1.9%。

Going forward, supply and demand fundamentals remain intact. A normally seasonally stronger Q2, the historical low order book, continuing canal restrictions, and tightening GHG emissions regulations remain positive factors which are reflected in the period and FFA market.

展望未來，供需基本面依然完好。通常季節性較強的第二季度、歷史最低訂單量、持續的運河限制以及收緊的溫室氣體排放法規仍然是積極因素，這些因素都反映在該期間和 FFA 市場中。

Please turn to slide 25. The current order looks standard 8.5% of the fleet, one of the lowest since the mid-1990s. Net fleet growth to 2023 was 3.1% and is expected to be only 2.3% in 2024, as owners remove tonnage that will be uneconomic due to IMO 2023 CO2 rules enforced since the beginning of this year. Vessels over 20 years of age are about 10.1% of the total fleet, which compares favorably with the historically low order book.

請翻到投影片 25。目前的訂單量佔機隊的 8.5%，是自 1990 年代中期以來的最低訂單之一。到 2023 年，船隊淨增長率為 3.1%，預計到 2024 年僅為 2.3%，因為船東會移除由於今年年初以來實施的 IMO 2023 年二氧化碳排放規則而變得不經濟的船舶。船齡超過 20 年的船舶約佔船隊總數的 10.1%，這與歷史上較低的訂單量相比是有利的。

In concluding our dry bulk sector review, continuing demand for natural resources, restrictions in transiting both the Panama and Suez canals, war- and sanction-related longer-haul trades, combined with the slowing pace of newbuilding deliveries, all support freight rates going forward.

在結束我們的乾散貨產業審查時，對自然資源的持續需求、巴拿馬和蘇伊士運河過境的限制、與戰爭和製裁相關的長途貿易，加上新船交付速度放緩，所有這些都支持未來的運費。

Please turn to slide 27 for review of the container industry. The SCFI currently stands at 2,166, up some 150% over its 2023 low of 887 on September 29, and 14% higher than the open 2024.

請參閱投影片 27 以回顧貨櫃產業。SCFI 目前為 2,166 點，較 9 月 29 日觸及的 2023 年低點 887 點上漲約 150%，較 2024 年開盤價上漲 14%。

Downward pressure from reduced trade and increasing deliveries for most of '23 brought SCFI levels back down to pre-pandemic levels. However, a slight improvement in trade flow followed by rerouting of vessels away from the Red Sea and around the Cape of Good Hope for increased ton-miles, which propelled SCFI levels back above the previously mentioned pre-pandemic levels.

23 年大部分時間，貿易減少和交付增加帶來的下行壓力使 SCFI 水平回落至大流行前的水平。然而，貿易流量略有改善，隨後船隻改道遠離紅海並繞著好望角增加噸英里數，這推動 SCFI 水平回到先前提到的大流行前水平之上。

Upward pressure for time charter rates should remain for the duration of the Red Sea disruption. However, continuing record fleet growth should eventually modify these gains and reverse costs when the Middle East conflict settles.

在紅海中斷期間，期租費率的上行壓力仍將持續。然而，當中東衝突解決時，持續創紀錄的機隊成長最終將改變這些收益並扭轉成本。

Though the trade is expected to grow by 3.8% in '24 and 3.1% in '25, newbuilding deliveries in '24 and '25 will be equivalent to approximately 17% of the fleet after record net fleet growth of 8% this year followed by similar level in 2025. This should continue to put pressure on rates for some time.

儘管預計貿易量將在24 年增長3.8%，在25 年增長3.1%，但在今年船隊淨增長創紀錄的8% 之後，24 年和25 年的新船交付量將相當於船隊的約17%. 2025 年達到類似水準。這應該會在一段時間內繼續給利率帶來壓力。

The graph on the lower left shows a continuing growth in US consumer purchases of goods, which is still about pre-pandemic levels in line with recently reported US GDP growth for 2023. Imports in the US have slowed, easing port takeaway, bottlenecks, and port congestion. But inventories may be affected by the longer ton-miles due to previously mentioned trade disruptions.

左下圖顯示美國消費者的商品購買量持續成長，仍約為疫情前的水平，與最近報告的 2023 年美國 GDP 成長一致。美國進口放緩，緩解了港口外送、瓶頸和港口擁擠。但由於前面提到的貿易中斷，庫存可能會受到更長噸英里的影響。

Turning to slide 28, net fleet growth was 8.2% for 2023 and is expected to be 8% for 2024. The current order book stands at 23.6% against 12.3% of the fleet 20 years of age or older. About 72% of the order book is 10,000 TEU vessels or larger.

轉向投影片 28，2023 年機隊淨成長率為 8.2%，預計 2024 年為 8%。目前的訂單量為 23.6%，而 20 年及以上機隊的訂單量為 12.3%。大約 72% 的訂單是 10,000 TEU 或更大的船舶。

In concluding the container sector review, supply and demand fundamentals remain challenged due to economic and geopolitical uncertainties in an elevated order book. However, the prospect of Chinese stimulus, increasing ton-miles, and world GDP growth of 3.1% for '24 provide a counterpoint to a challenging '24.

在總結貨櫃產業審查時，由於訂單增加中的經濟和地緣政治不確定性，供需基本面仍面臨挑戰。然而，中國的刺激措施、增加的噸英里數以及 24 年世界 GDP 成長 3.1% 的前景與充滿挑戰的 24 年形成了鮮明對比。

This concludes our presentation. I would now like to turn it over to Angeliki for her final comments. Angeliki?

我們的演講到此結束。我現在想將其轉交給 Angeliki 徵求她的最終意見。安吉利基？

Thank you, Ted. This completes our formal presentation, and we open the call to questions.

謝謝你，泰德。我們的正式演示到此結束，我們開始提問。

(Operator Instructions) Omar Nokta, Jefferies.

（操作員說明）Omar Nokta，Jefferies。

Thank you. Hey, guys. Good morning. Good afternoon. Thanks for the update. Very good detail, I think, just on the company and the market overall. I just had a couple of follow-ups. And maybe just kind of big picture, I wanted to ask about strategy.

謝謝。大家好。早安.午安.感謝更新。我認為，關於公司和整個市場的細節非常好。我剛剛進行了幾次跟進。也許只是大局觀，我想問策略。

You show on slide 8 the priorities in '23, which were deleveraging and fleet renewal, building the backlog, and maintaining profitability. You generally, I would say, executed on that.

您在幻燈片 8 中展示了 23 年的優先事項，即去槓桿化和船隊更新、建立積壓訂單以及保持盈利能力。我想說，你通常會執行這一點。

How do you see strategy in '24? Does that change in any way relative to '23, especially in the context of what's going on disruption-wise in the Black Sea and the Red Sea? Thank you.

您如何看待 24 世紀的策略？相對於 23 世紀，這種情況是否有任何變化，特別是在黑海和紅海正在發生破壞的情況下？謝謝。

Good morning, Omar. I mean, basically, we have actually put a page here, I mean, on the strategy, page 8. And this is -- our target is, one, as we have very well-articulated, is to have a 20%, 25% net LTV.

早上好，奧馬爾。我的意思是，基本上，我們實際上在這裡放了一個頁面，我的意思是，關於策略，第 8 頁。我們的目標是，正如我們已經明確闡述的那樣，目標之一是擁有 20%、25% 的淨 LTV。

And we gave a forecast. We gave -- we have about 176 vessels, and we have done that in '23, even though we sold 17 vessels; keeping the average age the same; increasing our revenue to about $1.3 billion; creating an adjusted EBITDA of almost $750 million; and net cash of almost $300 million.

我們給出了預測。我們擁有大約 176 艘船，我們在 23 年就做到了這一點，儘管我們出售了 17 艘船；保持平均年齡相同；將我們的收入增加至約 13 億美元；調整後 EBITDA 接近 7.5 億美元；淨現金近3億美元。

Contracted revenue is a very important element in our strategy that gives us ability to navigate. So we have about $3.3 billion. And we've managed to bring net LTV to 38%. As we've seen, the disruptions which have contributed to the better market -- and also, we've seen economies that are -- the top 10 economies are doing pretty well even with some weaknesses.

合約收入是我們策略中非常重要的要素，它使我們有能力進行導航。所以我們大約有 33 億美元。我們已成功將淨 LTV 提高至 38%。正如我們所看到的，這些擾亂因素促進了更好的市場，而且我們也看到了十大經濟體的表現相當不錯，儘管存在一些弱點。

We believe that as we are continuing and we think the 2024 developing, we will have a much better understanding how the market will perform. And that will give us a lot of options.

我們相信，隨著我們的持續努力以及 2024 年的發展，我們將更了解市場的表現。這將為我們提供很多選擇。

Thanks, Angeliki. And I guess, as you mentioned in the opening remarks that you'll focus on what you can control, given all the uncertainty.

謝謝，安吉利基。我想，正如您在開場白中提到的，考慮到所有的不確定性，您將專注於您可以控制的事情。

Obviously, the 38% LTV is, obviously, much stronger than where it was. Part of that is obviously incoming cash. You've also had asset value appreciation. You just said you've sold 17 ships recently. You have been taking delivery of several of the contracted newbuildings. You have more newbuildings to come.

顯然，38% 的 LTV 明顯比原來強得多。其中一部分顯然是現金收入。您還獲得了資產增值。你剛才說你最近賣了17艘船。你們已經接收了幾艘合約新船的交付。您還有更多新建築即將到來。

Just -- we've seen very firm prices in the sale and purchase market, at least what it looks like, particularly in dry bulk and tankers. How do you see Navios kind of reacting in this context of rising value? The disruptions have led to higher incoming cash flow. It's also now led, perhaps, to rising values.

只是——我們在銷售和採購市場上看到了非常堅挺的價格，至少看起來是這樣，特別是乾散貨和油輪。您如何看待 Navios 在價值不斷上漲的背景下所做的反應？這些幹擾導致現金流入增加。也許現在它也導致了價值的上升。

Are you expecting to sell more ships into strength and take advantage of these opportunities and perhaps, help you delever sooner? And if that's the case, any specific segments that you see an opportunity to sell into strength?

您是否希望出售更多船舶以增強實力並利用這些機會，也許可以幫助您更快地去槓桿化？如果是這樣的話，您認為有哪些特定細分市場有機會進行強勢出售？

We are very disciplined in that, and you have seen us over the last couple of years. We always compare residual value, sale value, and charter rate.

我們在這方面非常自律，你在過去幾年也看到了我們。我們總是比較剩餘價值、銷售價值和租船費率。

When we see -- I mean, we just sold a 15-year-old VLCC with a special survey due. I mean, that was at a historically high level, considering the CapEx. And at the same time, we may take opportunities of fixing others. So this is something that we will do constantly, with the target of the 20%, 25% net LTV.

當我們看到——我的意思是，我們剛剛出售了一艘 15 年船齡的 VLCC，並進行了一項特別調查。我的意思是，考慮到資本支出，這是歷史最高水準。同時，我們可能會利用機會修復其他問題。因此，這是我們將不斷做的事情，目標是 20%、25% 的淨 LTV。

It works both ways. You can create either cash flow up front or through the cash flows over the period. We just did a five-year deal on the tanker segment on product. That was at historically high level, very historically high. So this is something that we are concentrating, and we are taking -- and we are maximizing the opportunity.

它是雙向的。您可以預先建立現金流量，也可以透過期間的現金流量建立現金流量。我們剛剛就油輪產品領域達成了為期五年的協議。這是歷史上的高水平，非常歷史上的高水平。所以這是我們正在集中精力、正在採取的事情——我們正在最大限度地利用這個機會。

One of the things we have to realize is that this kind of a market we are having -- we have a strong market in shipping -- that is driven from disruption and inefficiencies: Red Sea, Panama Canal, conflicts, and good economies. We don't know how much of what is actually affecting the market. That's why you see us being -- taking the opportunity on fixing and also keeping in other sectors spot exposure. It's a balance.

我們必須認識到的一件事是，我們擁有的這種市場——我們擁有強大的航運市場——是由幹擾和低效率驅動的：紅海、巴拿馬運河、衝突和良好的經濟。我們不知道有多少因素真正影響了市場。這就是為什麼我們會抓住機會修復並保持其他行業的現貨敞口。這是一種平衡。

Yeah. No, that makes sense. And maybe a final one for me. Ted discussed the container market and how that's strengthened here recently. Obviously, a lot of uncertainty ahead, given the order book.

是的。不，這是有道理的。也許對我來說是最後一件事。泰德（Ted）討論了容器市場以及最近該市場如何加強。顯然，考慮到訂單簿，未來存在許多不確定性。

You do have a handful -- not a big amount -- but you have a handful of smaller vessels that come available for new charter. Has there been any shift in how liners have approached you or ship owners in general about -- looking for vessels? Any sort of sense you can give on potential duration relative to what had been available, say, three months ago?

你確實有一些——數量不是很多——但你有一些較小的船隻可供新租用。班輪公司與您或一般船東聯繫尋找船隻的方式是否有任何變化？對於相對於可用期限（例如三個月前）的潛在期限，您有何看法？

If there is one sector that Red Sea has been very affected in a positive way, it has been the container sector. So I mean, definitely, we have seen -- we have about four vessels that are coming open. And this is a kind of an environment where we judge whether you can do a two-year charter and create a contracted revenue or a sale.

如果說紅海有一個產業受到了非常正面的影響，那就是貨櫃產業。所以我的意思是，我們肯定已經看到——我們有大約四艘船即將開放。在這種環境中，我們判斷您是否可以簽訂為期兩年的特許合約並創造合約收入或銷售。

This is the kind of opportunity that you will be looking. Definitely, the additional -- around the Cape and additional strengths of containers that you need has positively affected that sector. But it's a disruption that you don't know when, how this will change.

這就是您將尋找的機會。當然，開普敦周圍的額外貨櫃以及您所需的額外優勢對該行業產生了積極影響。但這是一種顛覆，你不知道什麼時候、如何改變。

Yeah, definitely. Okay. Well, thanks, Angeliki. That's it for me. I'll turn it over.

是的，絕對是。好的。嗯，謝謝，安吉利基。對我來說就是這樣。我會把它翻過來。

Thank you.

謝謝。

Christian Wetherbee, Citi Group.

克里斯蒂安‧韋瑟比，花旗集團。

Hey, thanks. I guess, I wanted to come back to the debt target, your leverage target that you mentioned, I think, 25%.

嘿，謝謝。我想，我想回到債務目標，你提到的槓桿目標，我認為是 25%。

So can you talk about your timing? How do you think -- obviously, the market is stronger now. So does that accelerate the timeline at all in terms of reaching that? I want to get a sense of how you think about that.

那麼您能談談您的時間安排嗎？你覺得怎麼樣——顯然，現在市場更強勁了。那麼，這是否會加速實現這一目標的時間表呢？我想了解一下您對此有何看法。

I think one of the issues I'll say, you have these disruptions that if I take you back in October 1, 2023, nobody knew what will happen. And we saw a totally different market that created cash flows and a value coming up.

我認為我要說的問題之一是，如果我在 2023 年 10 月 1 日帶你回去，沒有人知道會發生什麼。我們看到了一個完全不同的市場，它創造了現金流和價值。

If we look on 2024, I think this is something that we'll see how it develops because you can have disruptions, change, geopolitical events. And then you will see the real -- the economies, how they are performing, which are not generally doing badly. But you don't know how much of the wind is from the one side or the other.

如果我們展望 2024 年，我認為我們將看到它如何發展，因為可能會出現破壞、變化、地緣政治事件。然後你會看到真實的經濟體，它們的表現如何，通常表現並不差。但你不知道有多少風來自一邊或另一邊。

And that will actually give you the opportunity because you may have values coming up. We have seen values coming on the dry bulk, on tankers coming up. You don't know how that will affect in a significant way.

這實際上會給你機會，因為你可能會出現價值觀。我們已經看到乾散貨和油輪的價格上漲。你不知道這會產生怎樣的重大影響。

We have a nice -- a very strong Q1 that we haven't seen for a long time. This developing over the year can bring you very quickly in your target.

我們有一個很好的——非常強大的第一季度，我們已經很久沒有見過了。這一年的發展可以讓你很快實現目標。

Okay.

好的。

We will have on the second half -- we will have the opportunity to know better. Sorry.

我們將在下半場——我們將有機會更好地了解情況。對不起。

Okay. No, that's helpful. I appreciate it. And I guess, yeah, I mean, when you think about the disruptions on the container side, whether it be Red Sea or Panama Canal, I guess, two questions for you, and maybe more operational. So bear with me, I guess.

好的。不，這很有幫助。我很感激。我想，是的，我的意思是，當你想到貨櫃方面的中斷時，無論是紅海還是巴拿馬運河，我想，有兩個問題要問你，也許更具操作性。所以請耐心聽我說，我想。

Are you seeing anything from a demand standpoint transferring more to US West Coast over US East Coast? And then I think -- and I guess, generally speaking, are you seeing liner companies change the way they deploy vessels to account for this? So are strings getting longer, more vessels being added on each one of these strings?

從需求的角度來看，您是否認為向美國西海岸轉移的數量多於向美國東海岸轉移的數量？然後我想——我想，一般來說，你是否看到班輪公司改變了他們部署船隻的方式來解決這個問題？那麼，繩子是否會變得越來越長，每條繩子上都會添加更多的船隻？

I don't know how transparent that is to you as a vessel owner. But any comments you have there would be helpful in terms of how the operations are changing as a result of what's going on with the Red Sea.

我不知道這對您作為船東來說有多透明。但是，您的任何評論都會有助於了解因紅海發生的情況而導致的操作變化。

We've had some very interesting conversations with some of the liners. But Ted will give you -- in depth. I think this is a sector that is very, very much affected by both events.

我們與一些班輪進行了一些非常有趣的對話。但特德會給你——深入的。我認為這個行業受到這兩個事件的影響非常非常大。

Hey, Chris. I would say it's a sector that's affected the most. 34% of all containers seem to go through that area, 20% of the vessels. You've had a lot of switching over to the West Coast. They've been -- the associates have been moving their ships around.

嘿，克里斯。我想說這是受影響最大的行業。 34% 的貨櫃（20% 的船隻）似乎經過該區域。您已經多次轉向西海岸。他們的同事一直在移動他們的船隻。

So obviously, if you look at the SCFI going from the Far East into the West Coast, it's tripled since November. So there's a lot of movement around of cargo. So a lot of inefficiencies. Maybe it settles down. Maybe we've seen a high.

很明顯，如果你看看從遠東到西海岸的 SCFI，你會發現它自 11 月以來增加了兩倍。因此，貨物的流動量很大。所以效率低很多。或許就這樣安定下來了。也許我們已經看到了一個高峰。

But there's going to be a continuing upward pressure, while this major sector gets eliminated, right? I mean, you're just moving routes around. And now they've got to figure out what ships are going to go where. It's changing the landscape, and it looks to be with us for a while.

但在這個主要產業被淘汰的同時，還會有持續的上漲壓力，對嗎？我的意思是，你只是在移動路線。現在他們必須弄清楚哪些船要開往哪裡。它正在改變景觀，而且看起來將與我們共存一段時間。

Do you have a sense of what you think the actual capacity reduction is from sort of the variety of disruptions going on in the market?

您是否知道實際產能減少是由於市場上發生的各種混亂造成的？

Well, if you have -- think about it. We have 34% of the containers going through and 20% of the vessels. So you're having the bigger vessels go. It's a bigger disruption for Europe. It's probably more inflationary.

好吧，如果你有——想一想。我們有 34% 的貨櫃和 20% 的船舶在通過。所以你要讓更大的船出發。這對歐洲來說是一個更大的破壞。可能通膨更加嚴重。

So it's sort of a mainline shift that's going to have to be diverted. Now the mainline ships can't come to the States, but you have to fill in with the smaller ships. And so that's affecting the US, with the 14,000 to 16,000.

所以這是一種必須轉移的主線轉變。現在幹線船隻無法到達美國，但你必須用較小的船隻來填補。這對美國有 14,000 到 16,000 人的影響。

Okay.

好的。

I mean, in a ton-mile of rail, I think that you can see that you can build -- they will judge it afterwards. But it can have over 10% ton-mile effect on this.

我的意思是，在一噸英里的鐵路中，我認為你可以看到你可以建造——他們會在事後做出判斷。但它可能對此產生超過 10% 的噸英里影響。

Overall, the world. I'm just going to Europe. It's a good 33% more on the rail. So that you know --

總而言之，世界。我只是要去歐洲。鐵路上的費用增加了 33%。讓你知道--

Yeah, (multiple speakers). Fantastic. Well, thanks so much for the time. I appreciate it.

是的，（多個發言者）。極好的。嗯，非常感謝您抽出時間。我很感激。

Thank you.

謝謝。

Thank you. At this time, I would like to turn the call back to Angeliki for any closing remarks.

謝謝。此時，我想將電話轉回給 Angeliki，讓其發表結束語。

Thank you. This completes our quarterly result. Thank you.

謝謝。我們的季度業績就此完成。謝謝。

And this does conclude today's call. We thank you for your participation. You may disconnect at any time.

今天的電話會議到此結束。我們感謝您的參與。您可以隨時斷開連線。