Navios Maritime Partners LP (NMM) 2024 Q3 法說會逐字稿

Thank you for joining us for Navios Maritime Partners third quarter, 2024 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 Mrs Erifili Tsironi and Vice Chairman Mr Ted Petrone. As a reminder, this conference call is being forecast to access the webcast. Please go to the investors section of Navios partners' website at www.navios-mlp.com You'll see the webcasting 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.

感謝您今天參加 Navios Maritime Partners 2024 年第三季財報電話會議，該公司董事長兼執行長 MS Angeliki Frangou 與我們會面。營運長 Efstratios Desypris 先生、財務長 Erifili Tsironi 女士和副主席 Ted Petrone 先生。提醒一下，預計本次電話會議將透過網路廣播進行。請訪問 Navios 合作夥伴網站的投資者部分：www.navios-mlp.com 您將在頁面中間看到網絡廣播鏈接，並且還可以在那裡找到今天的收益電話會議中引用的演示文稿的副本。

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意義內的前瞻性陳述。關於 Navios 合作夥伴的前瞻性聲明並非歷史事實。

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. 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.

此類前瞻性陳述是基於 Navios 合作夥伴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，這些風險和不確定性可能導致實際結果與前瞻性陳述有重大差異。Navios 合作夥伴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。應根據此類風險來理解此處列出的資訊。Navios 合作夥伴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.

今天電話會議的議程如下。首先，弗蘭古女士將致開幕詞。接下來，Desypris 先生將概述 Navios 合作夥伴的細分數據。

Next Mrs. Tsironi will give an overview of Navios partners financial results. Then Mr Petrone will provide an industry overview and lastly, we will open the call to take questions.

接下來，Tsironi 女士將概述 Navios 合作夥伴的財務表現。然後 Petrone 先生將提供行業概述，最後我們將開始電話提問。

Now I turn the call over to Navios partners chairwoman and CEO MS Angeliki Franco Angeliki.

現在我將電話轉給 Navios 合作夥伴主席兼執行長 MS Angeliki Franco Angeliki。

Good morning. And thank you all for joining us on today's story. I am pleased with the results for the third quarter of 2024 and the nine-month period ended September 30, 2024. for the quarter. We reported revenue and the income of $340.8 million and $97.8 million, respectively. For the first nine months, we reported the revenue and net income of $1 billion and $272.6 million respectively.

早安.感謝大家加入我們今天的故事。我對 2024 年第三季以及截至 2024 年 9 月 30 日的九個月期間的業績感到滿意。我們報告的收入和收入分別為 3.408 億美元和 9780 萬美元。前 9 個月，我們報告的收入和淨利潤分別為 10 億美元和 2.726 億美元。

Earnings per common unit were $3.20 for the quarter and $8.87 for the first nine months.

該季度每普通單位收益為 3.20 美元，前 9 個月每普通單位收益為 8.87 美元。

These past 18 months has been a good time for shipping.

過去的 18 個月是航運的好時機。

All sectors have been performing well, more surprisingly, this performance has been in the face of slowing growth from China and Anaemic European economy and two-armed conflict The Ukrainian conflict is in its third year and is evolving dangerously with the addition of North Korean troops to the battle space.

所有產業都表現良好，更令人驚訝的是，這種表現是在中國成長放緩、歐洲經濟疲軟和兩武裝衝突的情況下取得的。加入，局勢正在危險地演變。

The war in Israel is in its second year, having expanded to Ian and now including the direct change of fire between Iran and Israel.

以色列的戰爭已經進入第二年，戰爭已經擴大到伊恩，現在還包括伊朗和以色列之間的直接交火。

In light of this, I question whether we are becoming insensitive to increasing risk of struggling economies and expanding conflict zones. At Navios we resiliently monitor these increasing risks and try to calibrate our business activity accordingly.

有鑑於此，我懷疑我們是否對經濟陷入困境和衝突地區擴大的風險變得不敏感。在 Navios，我們靈活地監控這些日益增加的風險，並嘗試相應地調整我們的業務活動。

Please now turn to slide six. Navios partners is a leading publicly listed shipping company with 179 vessels diversified in sixteen asset classes in three sectors. We have $331.9 million of cars on our balance sheet. We continue on our glide path to our target net leverage range of 20, 25%. As you can see a (inaudible) as of the end of the third quarter was 32.9% not meaningfully up from the last quarter.

現在請翻到第六張投影片。Navios Partners 是一家領先的上市航運公司，擁有 179 艘船舶，分佈於三個行業的 16 個資產類別。我們的資產負債表上有價值 3.319 億美元的汽車。我們繼續朝著 20% 至 25% 的目標淨槓桿率區間下滑。正如您所看到的（聽不清楚），截至第三季末，成長率為 32.9%，與上一季相比沒有明顯上升。

Please turn to slide seven. I would like to focus on how we are returning capital to our unit holders under our dividend program, we pay a 20¢ dividend per unit annually. In addition, we have $100 million unit purchase program. Under this program. Here to date, we purchased 351,125 units. We used $18.3 million to purchase 1.2% of the original float including dividends. We have returned a total of $22.9 million to our unit holders. In addition, the purchase of our unit was a creative, the analyst average estimate of our unit in NAV is now around $148 per unit. In contrast, our unit repurchase price averaged $52.1 by purchasing units. Well below analyst estimate NAV we capture a $33.7 million discount. This represents a creation of a dollar 0.11¢ to its remaining unit holder.

請翻到第七張幻燈片。我想重點介紹我們如何根據股息計劃向單位持有人返還資本，我們每年為每個單位支付 20 美分的股息。此外，我們還有 1 億美元的單位購買計劃。在這個計劃下。到目前為止，我們購買了 351,125 套。我們用 1830 萬美元購買了原始流通量的 1.2%（包括股息）。我們已向單位持有人返還總計 2,290 萬美元。此外，購買我們的單位是一個創意，分析師對我們單位資產淨值的平均估計目前約為每單位 148 美元。相比之下，我們的單位回購價格平均為 52.1 美元（以購買單位計算）。遠低於分析師估計的資產淨值，我們獲得了 3,370 萬美元的折扣。這意味著向其剩餘單位持有者創造了 0.11 美分。

We have around $81.7 million of availability under the unit purchase program. The volume and timing of further purchases will be subject to general market and business conditions, working capital requirements and other investment opportunities. Among other factors, please turn to slide eight.

根據單位購買計劃，我們有大約 8,170 萬美元的可用資金。進一步購買的數量和時間將取決於整體市場和商業狀況、營運資金需求和其他投資機會。除其他因素外，請參閱幻燈片八。

where we provide you an S&P update for the third quarter and two for 2024 quarter day sales. We generated $25.9 million gross sale profit from two drive bulk graphics with an average age of 19 years for acquisitions. We spent $212 million for two new buildings. Methanol already scrabble fed 7,900 (inaudible) containerships. These containerships were fixed for $43,247 net per day for five years.

我們為您提供第三季的標準普爾更新以及 2024 年季度日銷售額的兩份更新。我們從平均收購年齡為 19 年的兩個驅動器散裝顯示卡中獲得了 2590 萬美元的毛銷售利潤。我們斥資 2.12 億美元建造了兩棟新建築。甲醇已經為 7,900 艘（聽不清楚）貨櫃船提供了燃料。這些貨櫃船的固定價格為每天 43,247 美元，為期五年。

In terms of deliveries, we took delivery of three previously announced new building (inaudible) two or 5,300 TEU container six fixed at an average rate of $37,282 net per day for 5.3 years. And one was an (inaudible) and two time get fixed for 25,576 net per day for five years.

在交付方面，我們接收了三艘先前宣布的新建築（聽不清楚）的兩艘或 6 個 5,300 TEU 貨櫃，固定價格為每天 37,282 美元，為期 5.3 年。其中一次（聽不清楚）和兩次修復，每天 25,576 網，持續五年。

Contracted revenue update. Contracted revenue continues to be and is currently $3.9 billion. Up $200 million from the previous quarter. We added $421.7 million of contracted revenue in the third quarter and fourth quarter, quarter to date, $159.2 million was won two new buildings. 7,900 TEU containerships fixed at 43,247 net per day for five years.

合約收入更新。合約收入目前仍為 39 億美元。比上一季增加 2 億美元。我們在第三季和第四季增加了 4.217 億美元的合約收入，截至目前，我們贏得了兩座新建築，收入達 1.592 億美元。7,900 TEU 貨櫃船五年內固定為每天 43,247 艘淨噸。

$147.4 million from 54,250 TEU containerships fixed at $34,915 net per day for 2.3 years.

54,250 TEU 貨櫃船的 1.474 億美元固定在 2.3 年內每天淨值 34,915 美元。

$80.6 million from three Mr two tank is fixed for $24,544 net per day for three years and $34.5 million from one VACC tank is fixed at 44,438 net per day for 2.1 years. Our operating cash flow potentially remains strong with the fourth quarter of 2024. We estimated $1.8 million excess of contracted Revenue over total cash expense with 2,650 remaining opening index days.

三輛 Mr 2 坦克的 8,060 萬美元固定為每天淨額 24,544 美元，為期三年；來自一輛 VACC 坦克的 3,450 萬美元固定為每天淨額 44,438 美元，為期 2.1 年。到 2024 年第四季度，我們的營運現金流可能仍然強勁。我們估計，在剩餘 2,650 個指數開盤日的情況下，合約收入超出現金支出總額 180 萬美元。

Please turn to slide nine, where we focus on how we are executing on our strategy. We have achieved a 27% increase in net LPV since here in 2022. In terms of filtering new oil and modernization, we have purchased forty-six new buildings since the first quarter of 2021 of which nineteen vessels have been delivered. We have also sold thirty-one vessels since the third quarter of 2022.

請翻到第九張投影片，我們將重點放在我們如何執行我們的策略。自 2022 年以來，我們的淨 LPV 成長了 27%。在新油過濾和現代化方面，自2021年第一季以來，我們已購買了46座新建築，其中19艘船已交付。自 2022 年第三季以來，我們還銷售了 31 艘船舶。

We provide a view of the evolution of our fleet through selected metrics.

我們透過選定的指標提供我們機隊演變的視圖。

As you can see, a fleet is only slightly larger than it was in year. In 2022.

正如您所看到的，機隊僅比一年中稍大一些。2022 年。

A fleet remains about the same. We maximize energy efficiency by main maintaining a fleet of useful vessels with the latest technology. In addition, as you can see from vessels value, the steel value of our fleet has increased by about 31%. Since the end of 2023 I would like to point out that much of this increase has been from volatility in the container segment which dropped significantly post pandemic and has recovered in 2024 as a primary beneficiary of the redip conflict and longer ton miles. I would also note that these still values do not give any consideration to a $3.9 billion contracted revenue with a stable and performing fleet. Our financial metrics are strong and adjusted EBITA is up 5% over the first nine months of 2023 and 17.6% over the same period. In 2022 our cash balance is $332 million and current net leverage is 32.9% and material improvement since the end of 2023. And then, and in the past to reach a target of net (inaudible) of 20-25%.

艦隊基本不變。我們主要透過維護一支採用最新技術的有用船舶船隊來最大限度地提高能源效率。另外，從船舶價值可以看出，我們船隊的鋼材價值增加了約31%。我想指出，自2023 年底以來，這一增長很大程度上來自於集裝箱市場的波動，集裝箱市場在大流行後大幅下降，並於2024 年作為重傾衝突和更長噸英里的主要受益者而恢復。我還要指出的是，這些仍然值沒有考慮到擁有穩定且性能良好的機隊的 39 億美元合約收入。我們的財務指標強勁，調整後 EBITA 比 2023 年前 9 個月成長 5%，同期成長 17.6%。2022 年，我們的現金餘額為 3.32 億美元，目前淨槓桿率為 32.9%，自 2023 年底以來已有實質改善。然後，和過去一樣，達到 20-25% 的淨成長（聽不清楚）目標。

We present at the bottom of the slide. The average analyst estimates of the company's NAV for the period starting Q4 2022 and ending 23, 2024 NAV per unit. NAV increased by $37 to $148. An increase of 33.3% over the 21-month period.

我們在幻燈片的底部進行演示。分析師對公司從 2022 年第四季開始到 2024 年 23 日結束期間每單位資產淨值的平均估計值。資產淨值增加 37 美元至 148 美元。21 個月期間成長 33.3%。

I now turn the presentation over to Mr Efstratios Desypris Navios partners, Chief Operating Officer Efstratios.

我現在將簡報交給 Efstratios Desypris Navios 合作夥伴、營運長 Efstratios 先生。

Thank you again. Good morning.

再次感謝您。早安.

Please turn to slide ten, which details our operating pre potential for Q4 of 2024.

請參閱投影片 10，其中詳細介紹了我們 2024 年第四季的營運潛力。

We fix 81% of available days at the net average rate of $26,052 per day.

我們將 81% 的可用天數固定為每天 26,052 美元的淨平均費率。

Contracted revenue is expected to exceed total cash expense by $61.8 million. And we have 2,650 remaining open or index (inaudible) that should provide substantial additional cash flow.

合約收入預計將超過現金支出總額 6,180 萬美元。我們還有 2,650 家未平倉股票或指數股票（聽不清楚），應該會提供大量額外的現金流。

So that so that you can perform your own sensitivity analysis. On the right side of the slide, we provide 15,741 available days by vessel type.

這樣您就可以進行自己的敏感度分析。在幻燈片右側，我們按船舶類型提供了 15,741 個可用天數。

Please turn to slide eleven. We are constantly renewing the fleet. So, we maintain the high profile. We reduce our carbon footprint by modernizing our fleet, benefiting from new technologies and eco vessels with green characteristics.

請翻到投影片十一。我們不斷更新機隊。所以，我們保持高調。我們受益於新技術和具有綠色特徵的生態船舶，透過對船隊進行現代化改造來減少碳足跡。

In Q3 and so far in Q4, we took delivery of three vessels to 5,300 TEU container ships all sorted out for an average period of 5.3 years at an average net daily rate of $57,282.

在第三季和第四季迄今為止，我們接收了三艘5,300 TEU貨櫃船的交付，所有船舶的平均使用期限為5.3年，日均淨費率為57,282美元。

One of which has been chartered out for five years at $25,576 net per day.

其中一間已以每天淨價 25,576 美元的價格出租五年。

Following the deliveries, we have 27 additional new building vessels delivering to our fleet through 2028 representing $1.9 billion of investments in containerships. We have eight vessels to be delivered with a total acquisition price of $0.8 billion.

交付後，到 2028 年，我們還將有 27 艘新建造的船舶交付給我們的船隊，相當於 19 億美元的貨櫃船投資。我們有八艘船待交付，總收購價為 8 億美元。

We have mitigated these risks, this risk with the long-term credit worthy charges expected to generate $1.8 billion in revenue over a 6.6-year average duration in time. We have nineteen vessels to be delivered for a total price of approximately $1.1 billion after around fifteen of the vessels for an average period of five years expected. To generate aggregate contract revenue of about $0.7 billion.

我們已經減輕了這些風險，這種風險是透過長期信譽良好的費用預計將在 6.6 年的平均持續時間內產生 18 億美元的收入。我們將交付 19 艘船舶，總價約為 11 億美元，其中約 15 艘船舶預計平均交付期限為 5 年。產生約 7 億美元的總合約收入。

We have also been opportunistically replacing older vessels. In 2024 we sold nine vessels with an average age of 17.5 years for $183 million. At the same time, we exercise the options of five Japanese built vessels with an average age of eight years for a total price of $142.1 million.

我們也一直在機會性地更換舊船隻。2024 年，我們以 1.83 億美元的價格出售了 9 艘平均船齡為 17.5 年的船舶。同時，我們也行使了五艘平均船齡為八年的日本製造船舶的選擇權，總價為 1.421 億美元。

Moving to slide 12, we continue to secure long term employment in Q3 and in Q4, we created about $420 million additional contract revenue.

轉到投影片 12，我們在第三季度繼續確保長期就業，在第四季度，我們創造了約 4.2 億美元的額外合約收入。

Approximately $305 million from our containerships and about $150 million from our total contracted revenue amounts to $3.9 billion, $1.5 billion elites for fleet $0.3 billion relates to our driver fleet and $2.1 billion relates for containers.

我們的貨櫃船約為 3.05 億美元，我們的總合約收入約為 39 億美元，約 1.5 億美元來自船隊精英，3 億美元與我們的司機船隊有關，21 億美元與貨櫃有關。

So were extended through 2037 with a diverse group of quality counterparties.

與多元化的優質交易對手群體的合作期限延長至 2037 年。

Almost 50% of our contracted revenue is expected to be in in the by the end of 2026.

預計到 2026 年底，我們合約收入的近 50% 將實現。

I now pass the call to a CFO which will take you through the financial phase.

我現在將電話轉給財務官，他將帶您完成財務階段。

Thank you, Stratos and good morning all. I will briefly review our audited financial results for the third quarter and first nine months of 2024. The financial information is included in the press release. And is summarized in the slide presentation available on the company's website.

謝謝斯特拉托斯，大家早安。我將簡要回顧我們 2024 年第三季和前 9 個月的經審計財務表現。財務資訊包含在新聞稿中。並在公司網站上的幻燈片簡報中進行了總結。

Moving to the earnings highlights on slide thirteen, total revenue for the third quarter of 2024 increased to $341 million compared to $323 million for the same period in 2023. Due to higher fleet time charter equivalent rate. Despite slightly lower available days, our fleet times out the equivalent rate for the third quarter of 2024 increased by 7% to 23,591 per day compared to Q3 2023.

轉向投影片 13 的收益亮點，2024 年第三季的總營收增至 3.41 億美元，而 2023 年同期為 3.23 億美元。由於船隊期租等效費率較高。儘管可用天數略有減少，但與 2023 年第三季相比，我們的機隊 2024 年第三季的超時等效率增加了 7%，達到每天 23,591 架次。

In terms of sector performance, the time charter rate for our dry bulk fleet increased by 32% to 18,632 per day compared to the same period in 2023.

就產業表現而言，我們的乾散貨船隊的期租率較 2023 年同期成長了 32%，達到每天 18,632 艘。

In contrast, time charter rates for our containers and tankers were approximately 11% and 7% lower respectively. Time charter equivalent rates for our containers stood at 30,710 per day and for our tankers at 25,788 per day for the third quarter of 2024.

相較之下，我們的貨櫃和油輪的期租費率分別低約 11% 和 7%。2024 年第三季度，我們貨櫃的期租等效費率為每天 30,710 艘，油輪的等效費率為每天 25,788 艘。

EBITA net income were addressed as explained in a slight footnote, excluding these amounts adjusted for the third quarter of 2024 increased by $22 million to $195 million compared to Q3 2023 adjusted net income for Q3 2024 increased by $14 million to $97 million. Compared to Q3, 2023 total revenue for the first nine months of 2024 increased by $22 million to $1 billion compared to the same period in 2023.

EBITA 淨收入按照小腳註中的解釋進行處理，不包括這些調整後的金額，2024 年第三季調整後的淨收入比2023 年第三季增加了2,200 萬美元，達到1.95 億美元，2024 年第第三季調整後的淨收入增加了1,400 萬美元，達到9,700 萬美元。與2023年第三季相比，2024年前九個月的總營收比2023年同期增加了2,200萬美元，達到10億美元。

The increase in revenue was mainly a result of higher fleet time charter equivalent rate. Despite slightly lower available days, our fleet times the equivalent rate for the first nine months of 2024 was 22,830 per day.

收入增加主要是因為船隊期租等效費率上升。儘管可用天數略低，但我們的機隊 2024 年前 9 個月的等效利用率為每天 22,830 架次。

In terms of sector performance time charter rate for our dry bulk fleet increased by 24% to 16,920 per day compared to the same period in 2023. In contract time, charter rates for our containers and tankers were approximately 13 and 6% lower respectively for the first nine months of 2024 ten equivalent rates for our containers stood at 30,275 per day and for our tankers, 27,241 per day. Adjusted the EBITA for the first nine months of 2024 increased by $29 million to $549 million compared to the same period last year adjusted net income for the first nine months of 2024 increased by $12 million to $262 million compared to the same period last year adjusted earnings per common unit for the first nine months of 2024 were $8.53. Turning to slide fourteen, I will briefly discuss some key balance with data as of September 30, 2024. car and car equivalent including restricted cost and time deposits in excess of three months with $332 million.

就產業績效而言，我們的乾散貨船隊的期租率較 2023 年同期成長了 24%，達到每天 16,920 艘。在合約期間內，我們的貨櫃和油輪的租船費率在2024 年前9 個月分別下降了約13% 和6%，我們的貨櫃和油輪的10 個等效費率分別為每天30,275 艘和每天27,241 艘。2024 年前 9 個月調整後 EBITA 比去年同期增加 2,900 萬美元，達到 5.49 億美元 2024 年前 9 個月調整後淨利潤比去年同期9調整後收益增加 1,200 萬美元，達到 2.62 億美元2024 年前9調整後收益增加 1,200 萬美元，達到 2.62 億美元2024 年前9調整後收益增加 1,200 萬美元，達到 2.62 億美元個月每個共同單位的成本為8.53 美元。轉向投影片 14，我將簡要討論截至 2024 年 9 月 30 日的數據的一些關鍵餘額。

During the first nine months of 2024 we paid $174 million under a new building program net of debt. We concluded the sale of five vessels for $104 million adding about $70 million cash after the repayment of debt, long term borrowings including the current portion net of deferred fees increased by $221 million to $2.1 billion.

2024 年前 9 個月，我們根據新建設計劃支付了 1.74 億美元（扣除債務）。我們以 1.04 億美元的價格出售了五艘船，在償還債務後增加了約 7,000 萬美元的現金，長期借款（包括扣除遞延費用的當前部分）增加了 2.21 億美元，達到 21 億美元。

As a result of the delivery of eight new building vessels for which their respective delivery in stormers were paid with debt net debt to book capitalization increased to 34.3%.

由於八艘新造船的交付，其各自的風暴船交付均以債務支付，淨債務佔帳面資本的比例增加至 34.3%。

Slide 15, highlights our debt profile. We continue to diversify our funding resources between bank debt and leasing structures. Thirty-one percent of our debt has fixed interest rate at an average rate of 5.5%.

投影片 15 突顯了我們的債務狀況。我們持續在銀行債務和租賃結構之間實現融資資源多元化。我們 31% 的債務具有固定利率，平均利率為 5.5%。

We also have mitigated part of the increased interest rate cost by reducing the average margin for the floating rate debt for the in the water fleet to 2%. I note that the average margin for the floating rate debt of our new building program is 1.65%. Our maturity profile is targeted with no significant volumes due in any single year. In September 2024 Navios partners entered two new credit facilities. The first is for up to $130 million to refinance the existing (inaudible) of fixed vessels and finance part of the additional cost of one new building. LR two vessel.

我們也將水上船隊浮動利率債務的平均利潤率降低至 2%，緩解了部分增加的利率成本。我注意到我們新建築項目的浮動利率債務的平均利潤率為 1.65%。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。2024 年 9 月，Navios 合作夥伴獲得了兩項新的信貸安排。第一個是高達 1.3 億美元，用於為現有（聽不清楚）固定船舶提供再融資，並為一棟新建築的部分額外成本提供資金。LR兩艘船。

The trend relating to the new building is priced at terms of plus 150 basis points per annum and the remaining facility amount is priced at terms of plus 175 bits per annum.

與新大樓相關的趨勢定價為每年+150 個基點，剩餘設施金額的定價為每年+175 個基點。

The second facility is up to $48 million to refinance the existing debtness of three vessels and finance part of the acquisition cost of an Ultramax vessel. The facility bears interest of the sotra plus 175 basis points per annum or seventy basis points for any part of the loan secured by cash collateral.

第二筆貸款金額高達 4,800 萬美元，用於為三艘船舶的現有債務進行再融資，並為一艘 Ultramax 船舶的部分購買成本提供資金。該貸款的利息為 sotra 加上每年 175 個基點或現金抵押貸款任何部分的 70 個基點。

Turn to slide 16. You can see our ESG highlights. We continue to invest in new energy efficient vessels and reduce emissions through energy saving devices and efficient vessel operations. Navios is a social and 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 and now pass the call to Ted Petrone to take you through the industry section.

轉到投影片 16。您可以看到我們的 ESG 亮點。我們持續投資新型節能船舶，並透過節能裝置和高效能船舶運作減少排放。Navios 是一個有社會意識的團體，核心價值包括多元化、包容性和安全性。我們擁有強大的公司治理和明確的道德準則，而我們的董事會由大多數獨立董事組成，現在請 Ted Petrone 來帶您了解行業部分。

Thank you Eri. Please turn to Slide 18, for a review of current trade disruptions. The Red Sea entrance leading to the Suez Canal. A strategic maritime transit point continues to operate at restricted transit levels. Red sea disruptions have caused a rerouting of ships via the cape of good hope, increasing costs and ton miles. Since the first half of December 23 transits have reduced by 51% for containers. 55% for dry vessels and 50% for tankers. Panama Canal Daily transits are essentially back to normal.

謝謝你埃里。請參閱投影片 18，回顧目前的貿易中斷。通往蘇伊士運河的紅海入口。戰略性海上過境點繼續在有限的過境水平上運作。紅海擾亂導致船舶改道通過好望角，從而增加了成本和噸英里數。自 12 月 23 日上半月以來，貨櫃運輸量減少了 51%。乾船 55%，油輪 50%。巴拿馬運河每日過境基本恢復正常。

Please turn to slide twenty for a review of the tanker industry.

請翻到幻燈片二十來回顧油輪產業。

GDP is expected to grow at 3.2% in 2024 and 2025. Based on the IMFs October forecast. The IEA projects a $0.9 million barrels per day increase in world oil demand for 24 and a $1 million barrel per day increase in 2025. Chinese crude imports continue to disappoint averaging $11.1 million barrels a day through September down 3% or about 0.3 million barrels a day compared to the same period last year.

預計2024年和2025年GDP將成長3.2%。基於國際貨幣基金組織 10 月的預測。IEA預計24年世界石油需求將增加90萬桶/日，2025年將增加100萬桶/日。截至 9 月份，中國原油進口量持續令人失望，平均每天 1,110 萬桶，較去年同期下降 3%，即每天約 30 萬桶。

After a strong first half. Q3 seasonality played out on the back of refinery maintenance during the shoulder season combined with softening Chinese demand. However, current rates remain in line with long term averages. Product tankers held up better than crude even though swing tonnage, i. e uncoated tankers taking CPP was up over 60% for the same period. Last year, October saw increased crude movements, raising crude tanker rates. This should assist product tanker rates.

經過上半場的強勢表現。第三季的季節性因素是在淡季煉油廠維護以及中國需求疲軟的背景下出現的。然而，當前利率仍與長期平均值保持一致。儘管噸位波動，成品油輪的表現仍優於原油。同期採用 CPP 的無塗層油輪增加了 60% 以上。去年十月，原油運輸量增加，原油油輪運價上漲。這應該有助於成品油輪的運價。

The OPEC plus crude export cuts which were scheduled to commence unwinding on December 1st this year are currently planned to start January 1st 2025 which is implemented to further assist crude tanker rates.

原定於今年 12 月 1 日開始解除的歐佩克加原油出口減產目前計畫於 2025 年 1 月 1 日開始實施，以進一步協助原油油輪運價。

Turning to slide 21.

轉到投影片 21。

As previously mentioned, both crude and product rates remain at healthy levels due to solid supply and demand. Fundamentals and shifting trading patterns. Crude ton miles are expected to grow 2.8% in 2024 and a further 3.1% in 2025 product ton miles are expected to grow 7.9% in 2024 and a further 2% in 2025. These percentages increases incorporate continued red sea restrictions in 2024.

如前所述，由於供應和需求穩定，原油和成品油價格均保持在健康水準。基本面和不斷變化的交易模式。預計 2024 年原油噸英里將成長 2.8%，2025 年將進一步成長 3.1%；成品油噸英哩預計 2024 年將成長 7.9%，2025 年將進一步成長 2%。這些百分比的成長包含 2024 年持續的紅海限制。

Turn a slide twenty-two, fleet growth is projected to be zero and possibly negative for VLCCS in 2024 and 2025 combined. 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 (inaudible) two restrictions in force. Since the beginning of this year.

翻到第二十二張幻燈片，預計 2024 年和 2025 年 VLCCS 的船隊成長為零，甚至可能為負。這種下降的部分原因是業主對訂購昂貴的長期資產猶豫不決。鑑於宏觀經濟的不確定性和由於（聽不清楚）兩項現行限製而引起的引擎技術擔憂。從今年年初開始。

The current low order book is only 8.3% of the fleet or seventy-five vessels. One of the lowest in 30 years, vessels over 20 years of age are about 20.1% of the fleet or 184 vessels which is over two times the orderbook turn of the Slide 23, projected product tanker net fleet growth is 1.7% for this year and 4.3% for 2025. The current product tanker order book is 21.3% of the fleet and compares favourably to the 19.3% of the fleet which is 20 years of age or older.

目前訂單量較低，僅佔船隊的 8.3%，即 75 艘船。這是30 年來最低水準之一，船齡超過20 年的船舶約佔船隊的20.1%，即184 艘船舶，是幻燈片23 訂單量的兩倍多，預計今年成品油輪淨船隊增長率為1.7%， 2025 年為 4.3%。目前的成品油輪訂單量佔船隊的 21.3%，相比船齡 20 年或以上的船隊 19.3% 來說，這相當有優勢。

In concluding the tanker sector review tanker rates across the board continue at historically healthy levels. A combination of moderate growth in global oil demand, new longer trading routes for both crude and products as well as low to moderate order books. And the Imo 2023 regulations should provide for a healthier tanker earnings going forward.

油輪產業總體審查得出的結論是，油輪運價繼續保持在歷史健康水準。全球石油需求溫和成長、原油和產品新的更長貿易路線以及低至中等訂單量的組合。IMO 2023 法規應為未來的油輪收益提供更健康的保障。

Please turn to slide 25 for a review of the drive industry Q3 followed a similar pattern to the first half as robust Atlantic exports of iron ore, coal and grain continued resulting in the BDI averaging 871 slightly higher than the first half average of 1,836 with an assist from a counter cyclically strong Q1 Q3 ended 2% higher than it started with the BDI bouncing off a low in early August as cape slid away, finishing with the highest quarterly average of the year. While Panama's two soften slightly as of yesterday, the BDI was 1,374 after peaking at 2,110 in September 27, the anticyclical Q4 downturn has been led by Cape, assisted by Panamaxes which have underperformed supers here to date.

請參閱投影片 25，回顧傳動產業 第三季的走勢與上半年類似，大西洋鐵礦石、煤炭和穀物出口持續強勁，導致 BDI 平均 871 略高於上半年平均 1,836，反週期強勁的幫助第一季度第三季結束時比年初高出2%，BDI 從8 月初的低點反彈，因海角下滑，以今年最高的季度平均值結束。雖然巴拿馬兩艘船截至昨天略有走軟，但BDI 在9 月27 日達到2,110 的峰值後為1,374，第四季度的反週期下滑是由開普型船帶動的，巴拿馬型船迄今為止表現不佳。

Drive boat trade is expected to grow by 2.7% this year and 0.8% in 2025. Enhanced by a 5.2% and 1.3% increase in ton miles, respectively. Most of the growth is anticipated to come from additional Atlantic exports of the above mentioned cargos plus bauxite, the vast majority destined to China and Southeast Asia going forward, supply and demand, fundamentals remain intact, longer duration trades, the lower order book and tightening GHG emissions regulations remain positive factors.

驅動船貿易預計今年將成長 2.7%，2025 年將成長 0.8%。噸英里分別增加了 5.2% 和 1.3%。預計大部分成長將來自上述貨物和鋁土礦的額外大西洋出口，未來絕大多數將運往中國和東南亞，供需、基本面保持不變、貿易持續時間較長、訂單減少和緊縮溫室氣體排放法規仍然是積極因素。

Please turn to slide 26. The current order book stands at 10.3% of the fleet net fleet growth to 24 is expected to be 3.2% and only 2.9% in 2025 as owners removed tonnage that will be uneconomic due to the IMO 2023 co two rules. Vessels over 20 years of age are about 11.9% of the total fleet which is slightly higher than the overbook and concluding our dry bulk sector review, continuing demand for natural resources restrictions in transiting the Red Sea War and sanction related longer haul trades combined with slowing pace of new building deliveries all support freight rates going forward.

請翻至投影片 26。目前的訂單量佔船隊淨增長的 10.3%，到 24 艘預計增長 3.2%，到 2025 年僅為 2.9%，因為船東根據 IMO 2023 co 兩項規則取消了不經濟的噸位。船齡超過20 年的船舶約佔船隊總數的11.9%，略高於超額預訂，並總結了我們的干散貨行業審查、紅海戰爭期間對自然資源限制的持續需求以及與制裁相關的長途貿易以及放緩新建築交付的速度都支持未來的運費。

Please turn to slide 28 for a review of the container industry. The Shanghai container freight index. SCFI is currently at 23 and three, which is now only slightly higher than it opened the year at 1897 at approximately 38% down from its peak of 37,34 on July 5th this year, which was the highest level outside the pandemic era. In contrast to the previously mentioned box rate, container ship rates remain firm on the back of continued rerouting of vessels away from the Red Sea and around the cape of good hope causing TEU miles to increase by about 18% this year. As we noted last quarter, pressure for time charter rates should remain for the duration of the Red Sea disruption. However, continuing building order books and record fleet growth should eventually modify these gains and reverse costs when the Middle East conflict finally settles. Although trade is expected to grow by 5.4% in 24 and 2.9% in 2025. New building deliveries in 24 and 25 combined will be equivalent to approximately 16% of the fleet giving net fleet growth of about 10.3% this year followed by 5.3% in 2025. This should continue to pressure rates for some time.

請參閱投影片 28 以回顧貨櫃產業。上海貨櫃運價指數。SCFI 目前為 23 點和 3 點，僅略高於 1897 年年初的水平，較今年 7 月 5 日的峰值 37.34 下降約 38%，這是大流行時代之外的最高水平。與先前提及的箱費相比，貨櫃船費率保持堅挺，原因是船舶繼續改道遠離紅海並繞過好望角，導致今年 TEU 里程增加約 18%。正如我們上季度指出的那樣，在紅海中斷期間，定期租船費率的壓力應該仍然存在。然而，當中東衝突最終解決時，持續增加訂單和創紀錄的機隊成長最終將改變這些收益並扭轉成本。儘管預計24年貿易將成長5.4%，2025年將成長2.9%。24 月和 25 月的新建築交付量合計將相當於機隊的 16% 左右，今年機隊淨增長約為 10.3%，2025 年將成長 5.3%。這應該會在一段時間內繼續給利率帶來壓力。

Turn a Slide 29, Net (inaudible) growth is expected to be 10.3% for 2024 and a further 5.3% for 2025.

翻到投影片 29，預估 2024 年淨（聽不清楚）成長率為 10.3%，2025 年進一步成長 5.3%。

The current order book stands at 24.7% against 14.3% of the fleet. 20 years of age or older, about 80% of the orderbook is for 10,000 TEU vessels and larger.

目前訂單量為 24.7%，而船隊訂單量為 14.3%。船齡 20 年或以上的船舶，約 80% 的訂單是 10,000 TEU 及以上的船舶。

In concluding the container sector review, longer term supply and demand, fundamentals remain challenged due to economic and geopolitical uncertainties and an elevated order book. However, trade growth improvements, increasing ton miles and the world GDP growth of 3.2% for both 2024 and 2025 provide a counterpoint to a challenging 2025.

在總結貨櫃產業回顧時，由於經濟和地緣政治的不確定性以及訂單量的增加，長期供需、基本面仍面臨挑戰。然而，貿易成長的改善、噸英里的增加以及 2024 年和 2025 年世界 GDP 成長 3.2% 與充滿挑戰的 2025 年形成鮮明對比。

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

我們的演講到此結束。我現在想將電話轉給 Angeliki 以徵求她的最終意見。安傑利基。

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

謝謝你，泰德。我們的正式演講到此結束，我們開始提問。

(Operator Instructions).

（操作員說明）。

We'll hear first from Omar Nokta at Jeffries. Please go ahead. Your line is open.

我們將首先聽到 Jeffries 的 Omar Nokta 的聲音。請繼續。您的線路已開通。

Thank you. Hi, good morning, good afternoon. Thanks for the update. You can tell obviously, you know, quite morning Angeliki, you can tell very clearly from, you know, the presentation and the release. You know, you are continuing to execute on the strategy selling older vessels acquiring newer ones which are, you know, derisked with the contract on delivery and you are all and clearly just adding more backlog. You know, here recently we have seen several shipping markets sort of becoming a bit less exciting than what we have been used to seeing in the past couple of years. Ship values maybe look to perhaps peak or at least have been easing from the recent levels. Is that something you are seeing, you know, pressure on asset prices? And does that present an opportunity you think for Navios to take advantage, you know, perhaps owners with weaker hands?

謝謝。你好，早安，下午好。感謝您的更新。你可以清楚地看出，你知道，早安 Angeliki，你可以從演示和發布中清楚地看出。你知道，你正在繼續執行出售舊船收購新船的策略，你知道，這些新船在交付合約中沒有風險，而且你顯然只是增加了更多的積壓。你知道，最近我們看到幾個航運市場變得不像過去幾年那麼令人興奮。船舶價值可能會達到峰值，或至少已經從最近的水平回落。你知道，這是資產價格面臨的壓力嗎？您認為這是否為 Navios 提供了一個利用機會，您知道，也許是手牌較弱的所有者？

Good morning. And I think, you know, we see the sport market, but you know, sport market is today. If you see on the last 18 months, we have seen a surprisingly strong market in all the sectors of shipping. And I say, surprisingly because basically you have anaemic growth in Europe, you have China, which is I would say, and you have two geopolitic, you have two wars, Ukrainian in here and in a different phase. And with this in the two years again, in a totally different phase. So, I would say that this period is clearly a period of intensified risk, and we are being cautious, but we are focusing on these strategies. As you said, I mean, we you saw that we added about $420 million of contracted revenue $3.9 billion modernizing athlete.

早安.我認為，我們看到了體育市場，但您知道，體育市場就是今天。如果你看看過去 18 個月，我們發現航運所有領域的市場都出乎意料地強勁。我說，令人驚訝的是，因為基本上歐洲成長乏力，我想說的是中國，還有兩場地緣政治，兩場戰爭，烏克蘭在這裡，處於不同的階段。兩年後再次出現這種情況，處於完全不同的階段。所以，我想說，這個時期顯然是一個風險加劇的時期，我們是謹慎的，但我們正在關注這些策略。正如你所說，我的意思是，你看到我們在現代化運動員的合約收入中增加了約 4.2 億美元，合約收入為 39 億美元。

And continue, we got delivery (inaudible) and we are, you know, and we have a clear focus on our leverage net LTC going with a target of 20-25% and focusing on the returning capital to our unit holders. I will not take a single weak weakness on the moment to say that I will change the strategy. You have to do it in a longer term, and you know, to see really something changing.

繼續，我們得到了交付（聽不清楚），我們，你知道，我們明確關注我們的槓桿淨 LTC，目標為 20-25%，並專注於向我們的單位持有人返還資本。我不會趁現在有一點點弱點就說我會改變策略。你必須從長遠來看，才能看到真正的改變。

Okay, thank you for that. And I guess.

好的，謝謝你。我猜。

And I will ask that, I mean, basically today, everyone is well capitalized in the moment that one month won't change the equilibrium. So, you need to be focused on the long-term strategy because you really need to see a real trend out of that.

我會問，我的意思是，基本上今天，每個人都資本充足，一個月不會改變均衡。因此，您需要專注於長期策略，因為您確實需要從中看到真正的趨勢。

Yeah, that makes that makes sense. And I guess, you know, you did mention just a month and you know, recently, but you take a body of work and over the past 12 months, clearly, markets have been fairly strong, I guess when you think about, as you mentioned, there's two wars and there's just a lot of geopolitical and macro risks. And obviously the election today in the US i guess just in general, you mentioned, does not change a strategy for Navios. But do you think about when you think about the company going into 2025 is there a part of the business where you want to add more fixed cover to just the risk, everything overall or do you like the approach you have now. And is there any part of the business you think that just needs to have contract cover, whether that's tankers dry or containers? As you look ahead.

是的，這是有道理的。我想，你知道，你確實提到了一個月，你知道，最近，但你做了很多工作，在過去 12 個月裡，顯然，市場相當強勁，我想當你想到時，前面提到，有兩場戰爭，而且存在著許多地緣政治和宏觀風險。顯然，您提到的今天美國的選舉，我想總體而言，不會改變 Navios 的策略。但是，當您考慮公司進入 2025 年時，您是否會考慮在業務的一部分中，您希望為風險、整體情況添加更多固定保險，或者您是否喜歡現在的方法。您認為業務中是否有任何部分只需要合約保障，無論是乾貨油輪還是貨櫃？當你展望未來時。

I will tell you one thing, the beauty of how we have modelled the businesses. We are opportunistic on the cover. I mean, we did amazing. We awarded a lot of contracted revenue and container sector which if you told me a year ago, I wouldn't have expected the strength and we did an incredible nicely adding almost $300 million in the container sector, which is very nice. So, we have the luxury of selecting the moment that we have the contracted revenue so that we, we actually get very nice returns. So, you are not going to go and sit on a weak moment on the market. So, we, we do that opportunistically.

我會告訴你一件事，我們的商業模式的美妙之處。我們在封面上是機會主義的。我的意思是，我們做得很好。我們授予了很多合約收入和貨櫃部門，如果你一年前告訴我，我不會預料到會有這樣的實力，我們在貨櫃部門做了令人難以置信的出色貢獻，增加了近3 億美元，這非常好。因此，我們可以選擇獲得合約收入的時刻，這樣我們實際上就能獲得非常好的回報。因此，你不會坐視市場疲軟的時刻。所以，我們，我們會趁機這樣做。

That makes sense. Yeah, certainly. And I guess maybe just finally you mentioned that the capital returns, you have the dividend and the share of purchases, and you put $18 million to work here maybe over the past. I know you mentioned that, you know, it's at the discretion of the board and you know, there's no promises, but just in general as we think about the capital returns thus far, is this the type of pace you'd like to keep moderate purchases on an ongoing basis? Any reason you think that you would need to slow that down or perhaps step it up.

這是有道理的。是的，當然。我想也許你最後提到了資本回報，你有股息和購買份額，你可能在過去投入了 1800 萬美元在這裡工作。我知道你提到過，你知道，這是由董事會自行決定的，你知道，沒有任何承諾，但總的來說，當我們考慮迄今為止的資本回報時，這是你想要保持的節奏嗎？您認為需要放慢速度或加快速度的任何原因。

You know, we have the use of disclaimers as you know, but we are deliberate with the strategy we articulated well in advance and we are executing on that even though this is a, we have to be cautious in this kind of a market. But we are here to execute on a very deliberate strategy. We also are a target on leverage on modernizing athlete and putting money to work. But we also feel that attending capital to our unit is a part of our strategy.

你知道，我們使用免責聲明，但我們是經過深思熟慮的，我們提前明確了策略，並且我們正在執行該策略，儘管這是一個，但我們必須在這種市場上保持謹慎。但我們來這裡是為了執行一項非常深思熟慮的策略。我們的目標還包括使運動員現代化並投入資金。但我們也認為向我們的部門提供資本是我們策略的一部分。

Yeah, great. Well, thanks Angeliki. That's it for me. I will turn it over.

是的，太棒了。嗯，謝謝安吉利基。對我來說就是這樣。我會把它翻過來。

Thank you. And we have no further questions from our group. Angeliki. I will turn the floor back to you for any additional or closing remarks you have.

謝謝。我們小組沒有進一步的問題。安傑利基。如果您有任何補充或結束語，我將轉回給您。

Thank you, this complete quarterly result. Thank you.

謝謝您，這是完整的季度結果。謝謝。

Ladies and gentlemen, this does include our meeting for today. We thank you all for your participation. You may now disconnect your lines.

女士們、先生們，這確實包括我們今天的會議。我們感謝大家的參與。現在您可以斷開線路。