Navios Maritime Partners LP (NMM) 2024 Q4 法說會逐字稿

To all sides on hold, we do appreciate your patience and ask that you please continue to stand by. Your program will begin momentarily.

對於所有暫停的一方，我們非常感謝你們的耐心，並請你們繼續等待。您的程式將立即啟動。

Thank you for joining us for Navios Maritime Partners fourth 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.

感謝您參加 Navios Maritime Partners 2024 年第四季財報電話會議。今天與我們一起出席的公司有董事長兼執行長 Angeliki Frangou 女士、營運長 Efstratios Desypris 先生、財務長 Erifili Tsironi 女士和副董事長 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.navius-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.

提醒一下，本次電話會議正在透過網路直播。若要存取網路廣播，請造訪 Navios Partners 網站的投資者部分：www.navius-mlp.com。您會在頁面中間看到網絡直播鏈接，並且還可以在那裡找到今天的收益電話會議中提到的演示文稿的副本。

Now I will review the Safe Harbour statement. This conference call could contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1,995 about Navios Partners.

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所定義的有關 Navios Partners 的前瞻性陳述。

Forward-looking statements are statements that are not historical facts.

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.

此類前瞻性聲明是基於 Navios Partners 管理階層目前的信念和期望，並受風險和不確定性的影響，這可能導致實際結果與前瞻性陳述有重大差異。

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.

Navios Partners 向美國證券交易委員會提交的文件中對此類風險進行了更詳細的討論。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.

今天電話會議的議程如下：首先，弗蘭戈女士將致開幕詞。

Next, Mr. Desypris will give an overview of Navios Partners segment data.

接下來，Desypris 先生將概述 Navios Partners 部門的數據。

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

接下來，Tsironi 女士將概述 Navios Partners 的財務表現。然後 Petrone 先生將提供行業概況。最後，我們將開始回答問題。

Now I turn the call over to Navios Partners chairwoman and CEO Ms. Angeliki Frangou. Angeliki.

現在我將電話轉給 Navios Partners 董事長兼執行長 Angeliki Frangou 女士。安吉利基。

Good morning and thank you all for joining us on today's call. I am pleased with the results for the full year and the fourth quarter of 2024. For the full year we reported revenue of $1.33 billion of which $332.5 million related to the fourth quarter.

早安，感謝大家參加今天的電話會議。我對 2024 年全年和第四季的業績感到滿意。我們報告的全年收入為 13.3 億美元，其中第四季度收入為 3.325 億美元。

We also reported net income of $367.3 million and$94.7 million for the full year and the fourth quarter respectively.

我們也報告全年和第四季的淨收入分別為 3.673 億美元和 9,470 萬美元。

Earnings per common unit were $11.98 for the 2024 and $3.11 for the fourth quarter.

2024年每股收益為11.98美元，第四季每股收益為3.11美元。

Since the pandemic, our markets were driven primarily by geopolitical events of conflict in Ukraine and the Middle East. We don't know how these events will be resolved. We also don't know the extent to which nations will be subject to continuing or even expanded sanctions.

自疫情爆發以來，我們的市場主要受到烏克蘭和中東衝突等地緣政治事件的推動。我們不知道這些事件將如何解決。我們也不知道各國將在多大程度上受到持續甚至擴大的製裁。

In our view, the resolution of the conflicts in Ukraine and the Middle East may involve significant sanctions on oil producing nations, materially impacting world trade. In addition, the Trump administration has been vocal about its new tariff scheme but has not yet provided a complete roadmap, so we cannot fully understand its inevitable impact on global trade.

我們認為，烏克蘭和中東衝突的解決可能會對產油國實施嚴厲制裁，對世界貿易產生重大影響。此外，川普政府一直公開宣揚其新的關稅計劃，但尚未提供完整的路線圖，因此我們無法完全理解其對全球貿易的必然影響。

Please turn to slide 6. Navios Partners is a leading publicly listed shipping company with 176 vessels. These vessels have an average age of 9.8 years and are in three different segments and 16 asset classes. As you can see, the vessel value is approximately equal in each sector.

請翻到幻燈片 6。Navios Partners 是一家領先的上市航運公司，擁有 176 艘船舶。這些船舶的平均船齡為 9.8 年，分為三個不同部分、16 個資產類別。如您所見，每個航段的船舶價值大致相等。

We entered 2024 with a contracted revenue of $3.6 billion and $312.1 million of cash on our balance sheet.

進入 2024 年，我們的合約收入為 36 億美元，資產負債表上的現金為 3.121 億美元。

We also ended 2025 well positioned as 63% of our 2025 available days are fixed. As a result, a break-even is estimated at about $425 per open index date.

我們在 2025 年結束時也處於有利地位，因為 2025 年的可用天數中有 63% 是固定的。因此，預計每個開盤指數日的損益平衡點約為 425 美元。

Net LTV as of the end of the fourth quarter was calculated at 34.8%, resulting from a contraction in value primarily in the drive bike sector.

截至第四季末的淨 LTV 計算為 34.8%，主要是由於自行車行業的價值萎縮。

Please turn to slide 7. I would like to focus on a return on capital program. Under our dividend program, we pay $0.20 dividend per unit annually or $6.1 million in total for 2024. In addition, in 2024 we purchased 489,955 common units for $25 million under the unit repurchase program, including dividends, we intended a total of $31.1 million in 2024.

請翻到幻燈片 7。我想專注於資本回報計劃。根據我們的股息計劃，我們每年每股派息 0.20 美元，2024 年派息總額達 610 萬美元。此外，2024 年我們根據單位回購計畫以 2,500 萬美元的價格購買了 489,955 股普通股，包括股息在內，我們計劃在 2024 年共投資 3,110 萬美元。

Through February 7, 2025, we purchased a total of 585,420 common units for $29.2 million retiring 1.9% of the original float.

截至 2025 年 2 月 7 日，我們共計以 2,920 萬美元購買了 585,420 股普通股，退出了原始流通股的 1.9%。

As unitary purchases were well below estimated NAV, we effectively returned another $1.8 per unit of value to each unit holder through this NAV accretion.

由於單位購買量遠低於估計的淨值，我們透過此淨值增值有效地向每個單位持有人返還了每單位價值 1.8 美元。

As of February 7, 2025, we have $70.8 million available under a unit repurchase program. The volume and timing of further repurchase will be subject to general market and business conditions, working capital requirements, and other investment opportunities, among other factors.

截至 2025 年 2 月 7 日，我們根據單位回購計畫擁有 7,080 萬美元可用資金。進一步回購的數量和時間將取決於一般市場和商業狀況、營運資金需求和其他投資機會等因素。

Please turn to slide 8, where we provide a sales and purchase update for the fourth quarter in 2025 year-to-date sales we generated $18.8 million gross sales processed from the sale of two dry bulk vessels with an average age of 18.7 years.

請翻到幻燈片 8，我們在此提供 2025 年第四季的銷售和購買更新情況，年初至今的銷售額我們透過出售兩艘平均船齡為 18.7 年的干散貨船獲得了 1880 萬美元的總銷售額。

We acquired one vessel for an effective price of $25.4 million by exercising an option on a chartering vessel.

我們透過行使租賃船的選擇權，以 2540 萬美元的實際價格收購了一艘船。

We also received delivery of four previously announced new building vessels, three container ships and 1 tanker vessel. You can see the terms of the related charters on the slide.

我們還收到了四艘先前宣佈建造的新船、三艘貨櫃船和一艘油輪。您可以在投影片上看到相關章程的條款。

Contracted revenue update. We continue to focus on building contracted revenue which is now calculated at about $3.6 billion. We added $79 million of contracted revenue as follows $59.4 million relating to tankers and $19.6 million related to a container ship.

合約收入更新。我們繼續致力於增加合約收入，目前合約收入約為 36 億美元。我們增加了 7,900 萬美元的合約收入，其中與油輪相關的收入為 5,940 萬美元，與貨櫃船相關的收入為 1,960 萬美元。

Operating cash flow potential remains strong. For 2025, we have an estimated date even of $425 per open index day with 37% of our fleet available days open or indexed.

經營現金流潛力依然強勁。到 2025 年，我們預計每個開放指數日的租金將達到 425 美元，其中我們船隊的可用天數中有 37% 是開放或指數化的。

Please turn to slide 9, where we focus on how we are executing on a strategy. We have achieved a 23% decrease in net LTV since the year end 2022. In terms of fleet renewal and modernization, we have purchased 46 new buildings since the first quarter of 2021, of which 23 vessels have been delivered. We have also sold 33 vessels since the third quarter of 2022.

請翻到第 9 張投影片，我們將重點放在如何執行策略。自 2022 年底以來，我們的淨 LTV 已下降了 23%。在船隊更新和現代化方面，自2021年第一季以來，我們已購買46艘新船，其中23艘已交付。自 2022 年第三季以來，我們還出售了 33 艘船舶。

We provide a view of the evolution of our fleet through selected metrics. As you can see, our fleet is the same size as it was in the year end 2022.

我們透過選定的指標來提供我們船隊發展情況的視圖。如您所見，我們的機隊規模與 2022 年底相同。

Our fleet age remains about the same. We maximize energy efficiency by 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 34% since the end of 2022. I would also note that these steel values do not give any consideration to a $3.6 billion contracted revenue.

我們的機隊船齡基本上保持不變。我們透過維護一支採用最新技術的實用船隻隊伍來最大限度地提高能源效率。此外，從船舶價值可以看出，自 2022 年底以來，我們船隊的鋼材價值成長了約 34%。我還要指出的是，這些鋼鐵價值並沒有考慮 36 億美元的合約收入。

We present at the bottom of this slide the average analyst estimate of the company's NAV per unit for the period starting fourth quarter 2022 and ending fourth quarter 2024.

我們在本投影片底部展示了分析師對該公司 2022 年第四季至 2024 年第四季期間每單位資產淨值的平均估計值。

Navios per unit NAV increased by $32.2 to $143.2 an increase of 29% over the two year period.

Navios 每單位資產淨值增加了 32.2 美元，達到 143.2 美元，兩年間增長了 29%。

And I'll turn the presentation over to Mrs. Efstratios Desypris, Navios Partners, Chief Operating Officer Efstratios.

現在我將把演講交給 Navios Partners 的營運長 Efstratios Desypris 女士。

Thank you Angeliki. Good morning all.

謝謝你，Angeliki。大家早安。

Please turn to slide 10, which details our operating free cash flow potential for 2025.

請翻到第 10 頁，其中詳細介紹了我們 2025 年的經營自由現金流潛力。

We fixed 63% of our available days at the net average rate of $26,198 per day.

我們將 63% 的可用天數固定在每天 26,198 美元的淨平均費率上。

Contracted revenue almost covers our total cash expense for the year, leaving an estimated break-even of $425 per open index day.

合約收入幾乎涵蓋了我們全年的總現金支出，預計每個開盤指數日的損益平衡點為 425 美元。

We have 21,018 remaining open or index linked days that should provide substantial cash flow.

我們剩餘 21,018 個開倉日或與指數掛鉤的開倉日，應該能提供大量現金流。

So that you can perform your own sensitivity analysis on the right side of the slide, we provide our 56,387 available days by vessel type.

為了方便您在投影片右側進行自己的敏感度分析，我們按船舶類型提供了 56,387 個可用天數。

Please turn to slide 11. We are constantly renewing our fleet in order to maintain a young profile.

請翻到第 11 張投影片。我們不斷更新我們的船隊，以保持年輕的形象。

We reduce our carbon footprint by modernizing our fleet, benefiting from new technologies and advanced environmentally friendly features.

我們利用新技術和先進的環保功能對機隊進行現代化改造，從而減少了碳足跡。

In Q4 and so far in Q1 we took delivery of four vessels, two 5,300 TEU container ships all charter out for an average period of 5.3 years at an average net daily rate of $36,818.

在第四季以及第一季迄今為止，我們接收了四艘船，兩艘 5,300 TEU 貨櫃船，平均租賃期為 5.3 年，平均每日淨租金為 36,818 美元。

One LR2 Aframax vessel which has been chartered out for five years at $25,253 net per day. And our first 7,700 TEU LNG dual fuel container ship which it chartered out for 12 years at an average rate of $41,753 per day.

一艘 LR2 阿芙拉型油船，租賃期五年，每日淨租金為 25,253 美元。我們的第一艘 7,700 TEU LNG 雙燃料貨櫃船已租賃 12 年，平均租金為每天 41,753 美元。

Following these deliveries, we have 23 additional new building vessels delivering to our fleet through 2028 representing $1.6 billion of investments.

繼這些船舶交付之後，到 2028 年，我們將有 23 艘新船加入我們的船隊，總投資額為 16 億美元。

In container ships we have five vessels to be delivered with a total acquisition price of about $0.6 billion.

在貨櫃船方面，我們有五艘船需要交付，總收購價格約為 6 億美元。

We have mitigated this risk with long term credit worth charters expected to generate about $0.5 billion in revenue over a six year average charter duration.

我們透過長期信用價值租船來降低這種風險，預計在六年的平均租船期內將產生約 5 億美元的收入。

In tankers, we have 18 vessels to be delivered for a total price of approximately $1 billion.

在油輪方面，我們有 18 艘船需要交付，總價格約為 10 億美元。

We started out 14 of these vessels for an average period of five years, expected to generate aggregate contracted revenue of about $0.7 billion.

我們共開工14艘此類船舶，平均開工週期為五年，預計總合約收入約為7億美元。

We have also been opportunistically replacing all the vessels. In 2024 and 2025 to date, we sold 11 vessels with an average age of 17.8 years for about $202 million. At the same time, we exercise purchase options of five charter in Japanese driver vessels with an average age of eight years for a total price of $142 million.

我們也一直在伺機更換所有船隻。截至 2024 年和 2025 年，我們共出售了 11 艘船舶，平均船齡為 17.8 年，售價約 2.02 億美元。同時，我們行使購買五艘日本驅動船的租賃選擇權，這些船的平均船齡為八年，總價格為 1.42 億美元。

Moving to slide 12, we continue to secure long term employment.

轉到第 12 張投影片，我們繼續確保長期就業。

In Q4 in 2025, the year-to-date, we created about $79 million additional contract revenue. Approximately $20 million is from container ships and about $59 million from tankers. Our total contracted revenue amounts to $3.6 billion. $1.4 billion relates to our tanker fleet, $0.2 billion relates to our driver fleet, and $2 billion relates to our container ships. So our attempts are extending through 2037 with a diverse group of quality counterparties.

2025 年第四季度，也就是年初至今，我們創造了約 7,900 萬美元的額外合約收入。約 2000 萬美元來自貨櫃船，約 5,900 萬美元來自油輪。我們的合約總收入達36億美元。 14 億美元與我們的油輪船隊有關，2 億美元與我們的司機船隊有關，20 億美元與我們的貨櫃船有關。因此，我們的嘗試將延續到 2037 年，與多元化的優質交易對手合作。

I now pass the call to Erifili Tsironi, our CFO, who will take you through the financial highlights.

現在我將電話轉給我們的財務長 Erifili Tsironi，他將向您介紹財務亮點。

Thank you, Efstratios, and good morning all.

謝謝你，埃夫斯特拉蒂奧斯，大家早安。

I will briefly review our unaudited financial results for the fourth quarter and year ended December 31, 2024. The financial information is included in the press release and summarized in the slide presentation available on the company's website.

我將簡要回顧我們截至 2024 年 12 月 31 日第四季和年度的未經審計財務結果。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 13, total revenue for the fourth quarter of 2024 increased to $333 million compared to $327 million for the same period in 23 due to higher fleet time charter equivalent rate and available days.

轉到幻燈片 13 上的盈利亮點，由於船隊定期租船等值費率和可用天數增加，2024 年第四季度的總收入從 23 年同期的 3.27 億美元增至 3.33 億美元。

A fleet rate for the fourth quarter of 2024 increased by 2.6% to $23,205 per day compared to Q4 '23 and our available days increased by 1.1% to 13,671 days.

2024 年第四季的車隊費率與 23 年第四季相比上漲 2.6% 至每天 23,205 美元，可用天數上漲 1.1% 至 13,671 天。

In terms of sector performance, the TCE rate for our dry bulk fleet and our container fleet increased by approximately 1% to $17,079 per day and $30,623 per day respectively. In contrast, the time charter rate for our tankers was approximately 3% lower at $26,646 per day.

就行業表現而言，我們的乾散貨船隊和貨櫃船隊的 TCE 費率分別上漲約 1%，達到每天 17,079 美元和每天 30,623 美元。相比之下，我們的油輪定期租船費率低約 3%，為每天 26,646 美元。

EBITDA was adjusted as explained in the slide footnote.

EBITDA 已按照幻燈片腳註中的說明進行調整。

Excluding these amounts, adjusted EBITDA for Q4 '24 decreased by $45 million to $182 million compared to Q4 '23.

除這些金額外，2024 年第四季的調整後 EBITDA 與 2023 年第四季相比減少了 4,500 萬美元，至 1.82 億美元。

Please note that the '23 figures include the pre-payment of charter high received by our charterers, of which $47 million relates to periods from 2024 onwards. Net income for Q4 '24 was $95 million.

請注意，23 年的數字包括我們的租船人收到的租船高額預付款，其中 4,700 萬美元與 2024 年及以後的期間有關。24年第四季淨收入為9,500萬美元。

Total revenue for the full year 24 increased by $27 million to $1.33 billion compared to 2023.

24 全年總收入較 2023 年增加 2,700 萬美元，達到 13.3 億美元。

The increase in revenue was mainly a result of higher fleet time charter equivalent rates despite slightly lower available days. Our 2024 Fleet TCE was $22,924 per day.

收入的增長主要由於儘管可用天數略有減少，但船隊定期租船等值費率上升。我們的 2024 年車隊 TCE 為每天 22,924 美元。

In terms of sector performance, the TCE rate for our drybulk fleet rate increased by 18% to $16,959 per day compared to 2023. In contrast, TCE rates for our containers and tankers were approximately 10% and 5% lower, respectively.

就行業表現而言，與 2023 年相比，我們的乾散貨船隊的 TCE 費率上漲了 18%，達到每天 16,959 美元。相比之下，我們的貨櫃和油輪的TCE費率分別低約10％和5％。

For 2024, TCE rates for our containers stood at $30,370 per day, and for our tankers at $27,093 per day. Adjusted EBITDA for the year 2024 decreased by $16 million to $732 million compared to last year.

到 2024 年，我們的貨櫃的 TCE 費率為每天 30,370 美元，油輪的 TCE 費率為每天 27,093 美元。2024 年調整後 EBITDA 與去年相比減少 1,600 萬美元至 7.32 億美元。

Excluding the $47 million repayment mentioned earlier, 2024, EBITDA would have exceeded 2023 levels. Net income for 2024 stood at $367 million. Earnings per common unit for the fourth quarter and full year 2024 were $3.11 and $11.98 respectively.

除去前面提到的 4700 萬美元的還款，2024 年的 EBITDA 將超過 2023 年的水平。2024 年淨收入為 3.67 億美元。2024 年第四季和全年每股收益分別為 3.11 美元和 11.98 美元。

Turn to slide 14, I will briefly discuss some key balanced data. As of December 31, 2024, cash and cash equivalents, including restricted cash and time deposits in excess of 3 months by $312 million.

翻到第 14 張投影片，我將簡單討論一些關鍵的平衡數據。截至 2024 年 12 月 31 日，現金和現金等價物，包括限制性現金和超過 3 個月的定期存款為 3.12 億美元。

During the year we paid $282 million under our new building program, net of debt. We concluded the sale of 10 vessels for $190 million adding about $128 million cash after debt repayment.

本財年，我們根據新建築計劃支付了 2.82 億美元（扣除債務）。我們以 1.9 億美元的價格出售了 10 艘船舶，償還債務後增加了約 1.28 億美元的現金。

Long term borrowings, including the current portion net of deferred fees, increased by $267 million to $2.1 billion, mainly as a result of the delivery of 12 newbuilding vessels for which the expected delivery instalments were paid with debt. Net debt to book capitalization slightly increased to 34.7%.

長期借款（包括扣除遞延費用後的流動部分）增加了 2.67 億美元，達到 21 億美元，主要由於交付了 12 艘新船，這些船舶的預計交付分期付款是透過債務支付的。淨債務與帳面資本比率小幅上升至 34.7%。

Slide 15 highlights our debt profile. We continue to diversify our funding resources between bank debt and leasing structures. 28% of our debt has fixed interest rates at an average rate of 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 would like to note that the average margin for the floating rate debt for our new building program is 1.5%. Our maturity profile is target with no significant balloons due in any single year.

投影片 15 重點介紹了我們的債務狀況。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。我們的28％債務的利率固定，平均利率為5.5％。我們也透過將水上船隊浮動利率債務的平均利潤率降至 2% 來減輕部分增加的利率成本。我想指出的是，我們新建築計劃的浮動利率債務的平均利潤率為 1.5%。我們的目標是，在任何一年內，都不會出現重大的氣球貸款。

In Q4 2024, Navios Partners entered into two new credit facilities for up to $120 million to refinance the existing indebtedness of 11 vessels. In addition, we completed a $16 million sale and leaseback facility for one vessel.

2024 年第四季度，Navios Partners 達成兩項新的信貸協議，總額高達 1.2 億美元，用於為 11 艘船舶的現有債務進行再融資。此外，我們也為一艘船完成了價值 1,600 萬美元的售後回租業務。

Finally, recently, Navios Partners agreed to enter into an export credit agency backed facility for a total amount of up to $148.4 million in order to finance part of the acquisition cost of two new buildings, 7,903 EU container ships currently under construction.

最後，最近，Navios Partners 同意簽署一項由出口信貸機構支持的貸款，總額高達 1.484 億美元，用於資助兩艘新船（目前正在建造的 7,903 艘歐盟貨櫃船）的部分收購成本。

The facility matures 12 years after the delivery date of its vessel and bears interest at Sofra plus 125 basis points per annum. The facility remains subject to completion of definitive documentation is expected to close the first quarter of 2025.

該筆貸款將在船舶交付後 12 年到期，利率為 Sofra 利率加每年 125 個基點。該設施仍需完成最終文件，預計 2025 年第一季關閉。

I now passed the call to Ted Petrone to take you through the industry sectioned.

現在我將電話轉給 Ted Petrone，請他帶您了解該行業的各個部分。

Thank you, Erifili.

謝謝你，埃里菲利。

Please turn to slide 17. On February 1st, the US announced an additional 10% tariffs on all existing duties for all products imported from China. On February fourth, Beijing announced additional tariffs of 10% to 15% on US goods, including coal, LNG, crude oil, agricultural machinery, and large autos. At this time, the announced tariffs are not expected to have a significant effect on global trade, as the combined US-China tariffs equal approximately 90 million metric tons, equal to only about 0.7% of global seaborne trade.

請翻到第 17 張投影片。2月1日，美國宣布對自中國進口的所有產品加徵10%的關稅。2月4日，北京宣布對美國煤炭、液化天然氣、原油、農業機械和大型汽車等產品加徵10%至15%的關稅。目前，宣布的關稅預計不會對全球貿易產生重大影響，因為中美兩國的關稅總額約為 9,000 萬公噸，僅佔全球海運貿易的 0.7% 左右。

On February first, the US announced 25% tariffs on Canada and Mexico for all products imported from each country except for energy and energy resources coming out of Canada. The tariffs on Canada and Mexico were postponed one month after discussions between the leaders of each country. The situation is fluid and bears monitoring, and there is a potential for further escalation should the expected negotiations not be successful.

2月1日，美國宣布對加拿大和墨西哥從兩國進口的所有產品徵收25%的關稅，但加拿大出口的能源和能源資源除外。經過兩國領導人的討論，對加拿大和墨西哥徵收關稅的時間被推遲了一個月。局勢瞬息萬變，值得密切關注，如果預期的談判未能成功，局勢有可能進一步升級。

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. In fact, the first week of February this year registered the lowest transits, 173 vessels since November of 2023.

請翻到第 18 張投影片來回顧目前的貿易中斷情況。通往蘇伊士運河的紅海入口是戰略海上中轉站，目前該入口的過境限制仍在持續。事實上，今年 2 月第一周的過境船隻數量是自 2023 年 11 月以來的最低水平，僅有 173 艘。

Red Sea disruptions have caused a rerouting of ships via the Cape of Good Hope, increasing costs and distances. In 2024, total ton or TEU mile increases per segment were estimated to be approximately 18% for containers, 1.5% for crude tankers, 8% for product tankers, and 5% for dry bulk.

紅海的混亂導致船隻不得不改道好望角，從而增加了成本並增加了距離。到 2024 年，每個航段的總噸位或 TEU 英里數估計將增加約 18%（貨櫃船）、1.5%（原油船）、8%（成品油船）和 5%（乾散貨船）。

Should the situation remain unchanged in 2025, total ton or TEU miles for all sectors are projected to experience only slight variations. Panama Canal transits are essentially back to normal numerically with slight restrictions on certain vessels drafts.

如果 2025 年情況保持不變，預計所有航線的總噸位或 TEU 英里數將只會發生輕微變化。巴拿馬運河的過境數量基本上恢復正常，只是對某些船舶的吃水略有限制。

Please turn to slide 20 for the review of the tanker industry. World GDP is expected to grow by 3.3% in 2025 based on the IMF's January forecast. The IEA projects a 1 million barrels per ton increase in global oil demand in 2025. Chinese crude imports slowed in 2024, averaging about 11.1 million barrels per day. Down 2% or about 0.2 million barrels per day compared to 2023.

請翻到第 20 頁查看油輪產業的回顧。根據國際貨幣基金組織 1 月的預測，預計 2025 年世界 GDP 將成長 3.3%。國際能源總署預測，2025年全球石油需求將增加100萬桶/噸。2024年中國原油進口放緩，平均每天約1,110萬桶。與 2023 年相比，下降 2% 或約 20 萬桶/日。

After a seasonally slow Q3, Q4 played out in a similar softer fashion on the back of the above mentioned slowing Chinese crude oil demand and OPEC plus delaying the unwinding of the 2.2 million barrels per day voluntary export cuts from December first until April first of 2025. The BDTI averaged 956 for Q4, basically unchanged from Q3, while the BCTI averaged 571, some 18% below Q3. However, in all cases, rates remained in line with long-term averages. Recent changes to US policies regarding tariffs and sanctions are dealt with in slides 17 and 21. Overall, these changes, along with normal seasonality and low global oil inventories, should support crude freight rates going forward.

由於第三季的季節性放緩，第四季的石油需求也同樣放緩，這主要是受上述中國原油需求放緩和石油輸出國組織 (OPEC) 的影響，加上每日 220 萬桶的自願出口削減計劃的執行時間從 12 月 1 日推遲到 2025 年 4 月 1 日。第四季 BDTI 平均為 956，與第三季基本持平，而 BCTI 平均為 571，比第三季低約 18%。不過，在所有情況下，利率仍與長期平均值一致。第 17 和 21 頁討論了美國關稅和製裁政策的最新變化。總體而言，這些變化加上正常的季節性和全球石油庫存低，應支撐未來的原油運費。

Please turn to slide 21.

請翻到第 21 張投影片。

On January 10, 2025, the US Office of Foreign Assets Control (OFAC) issued new sanctions targeting Russian oil revenue, with the US adding 186 ships, mostly trading Russian oil, to its sanctions list. OFAC's action more than doubled the sanctioned vessels. As per the chart on slide 21, the total crude fleet now sanctioned is 9%. Both China and India have said they will not allow OFAC sanctioned vessels to discharge, leading the market to charter vessels from the regular fleet. The LCC spot rates for Middle East Gulf to China as of February eleventh are about 40% higher than January nineth, that is the day before OFAC sanctions were announced.

2025年1月10日，美國外國資產管制辦公室（OFAC）對俄羅斯石油收入發布新制裁，美國將186艘主要從事俄羅斯石油貿易的船隻列入製裁名單。OFAC 採取的行動使受制裁的船隻數量增加了一倍多。根據幻燈片 21 中的圖表，目前獲得批准的原油運輸船隊總量為 9%。中國和印度都表示不會允許受到 OFAC 制裁的船隻卸貨，這導致市場從常規船隊租用船隻。截至 2 月 11 日，中東海灣至中國的低成本航線現貨運價比 1 月 9 日（即 OFAC 制裁宣布前一天）高出約 40%。

Additionally, on February 4, 2025, the US reinstated the maximum pressure campaign against Iran. It instructs US agencies to rigorously enforce existing economic sanctions and introduce new measures targeting Iran's oil exports, with the goal of reducing them to zero from its 1.4 million barrels a day exports registered this past January.

此外，2025年2月4日，美國重啟對伊朗極限施壓行動。該文件指示美國機構嚴格執行現有的經濟制裁，並針對伊朗石油出口採取新措施，目標是將伊朗石油出口量從今年 1 月的每天 140 萬桶降至零。

Turn to slide 22. 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 1% in '25. Product ton miles, however, are expected to decline 0.5% in '25. This percentage increase incorporates continued Red Sea restrictions in 2025.

翻到第 22 張投影片。如前所述，由於穩固的供需基本面和不斷變化的貿易模式，原油和產品價格均保持在健康水準。預計25年原油噸英里數將成長1%。不過，預計25年產品噸英里將下降0.5%。這一百分比的增長考慮到了 2025 年繼續實施紅海限制措施。

Turn to the slide 23, the VLCC fleet contracted 0.2% in '24 and is expected to be similarly negative in 2025. The decline can be partially attributed to owners previous hesitant to order expensive, long-lived assets in light of engine technology concerns due to CO2 restrictions enforced since the beginning of 2024.

翻到第 23 頁，VLCC 船隊規模在 2024 年萎縮了 0.2%，預計 2025 年也將出現同樣的負成長。下降的部分原因是，由於自 2024 年初開始實施的二氧化碳限制措施導致引擎技術出現問題，船東此前不願訂購昂貴、長壽命的資產。

The current order book is 9.6% of the fleet, or 87 vessels after a record ordering spree in 2024. Vessels over 20 years of age are about 19.8% of the total fleet, 181 vessels, which is over two times the order book.

目前的訂單量佔船隊的 9.6%，即在 2024 年創下訂單熱潮後，訂單量達到 87 艘。船齡超過20年的船舶約佔總船隊的19.8%，共181艘，是訂單量的兩倍多。

Turning to slide 24, product tanker net fleet growth was 1.7% for '24 and is expected to be 4.3% in 2025.

第 24 頁顯示，2024 年成品油輪淨船隊成長率為 1.7%，預計 2025 年將達到 4.3%。

The current product tanker order book is 21.3% of the fleet and compares favourably to the 19.1% of the fleet, which is 20 years of age or older. In completing the tanker sector review, tanker rates across the board continue at healthy levels. The combination of moderate growth and global oil demand, OFAC sanctions no longer trading routes for both crude and product tankers, and the IMO 2023 regulations should provide for healthy tanker earnings going forward.

目前成品油輪訂單佔船隊總數的 21.3%，相比船齡 20 年或以上的船隊訂單佔比 19.1% 有所提升。在完成對油輪產業的審查後，油輪運價全面保持健康水準。溫和的成長和全球石油需求、OFAC 制裁不再是原油和成品油輪的貿易航線以及 IMO 2023 法規的結合，應能為未來油輪帶來健康的收益。

Please turn to slide 26 for a review of the dry bulk industry.

請翻到第 26 張投影片了解乾散貨產業的回顧。

Expectations for a seasonally strong Q4 started well with the BDI standing at 2,084 on October 1st. However, slowing Atlantic exports, along with unwinding congestion contributed to the index ending the quarter at 997, some 52% below its start. All three asset classes reached their lowest levels in December. Capes led away and Q4 down approximately 68%, with Panamaxes and supers down both about 33%. The yearly average BDI ended 2024 at $17.55, up 27% year on year, but approximately 21% below its 20 year average.

10 月 1 日，BDI 指數達到 2,084 點，市場對第四季將出現季節性強勁成長的預期開局良好。然而，大西洋出口放緩，加上交通擁堵緩解，導致該指數本季末報 997 點，比期初低約 52%。所有三種資產類別在 12 月均跌至最低水準。好望角型船領跌，第四季下跌約 68%，巴拿馬型船和超大型船隻均下跌約 33%。2024 年底，BDI 年度平均值為 17.55 美元，年增 27%，但比 20 年平均值低約 21%。

Durable trade is expected to grow at 0.6% in 2025, enhanced by about 0.9% increase in ton miles. Most of this growth is anticipated to come from additional Atlantic exports of iron ore and bauxite, the vast majority destined for China and Southeast Asia.

預計 2025 年耐用品貿易將成長 0.6%，噸英里數將增加約 0.9%。預計大部分成長將來自大西洋地區鐵礦石和鋁土礦的增加出口，絕大多數出口至中國和東南亞。

With Net fleet growth projected to outpace trade growth in '25, supply and demand fundamentals have weakened. However, the growing bauxite trade, a relatively low order book as compared to over age vessels and tightening GHG emission regulations remain positive factors.

由於預計25年淨船隊成長速度將超過貿易成長速度，供需基本面已減弱。然而，不斷增長的鋁土礦貿易、與老齡船舶相比相對較低的訂單量以及日益嚴格的溫室氣體排放法規仍然是積極因素。

Please turn to slide 27. The current order book stands at 10.5% of the fleet. Net fleet growth is expected to be 3% in 2025 as owners remove tonnage, that will be uneconomic due to IMO 2023 CO2 rules. Vessels over 20 years of age are about 11.7% of the total fleet, which is slightly higher than the order book, concluding our dry bulk sector review. Slowing growth in demand for natural resources should be balanced by restrictions in transiting the Red Sea. Longer haul trades of bauxite and iron ore from West Africa to Southeast Asia, and a low pace of new building deliveries should support freight rates going forward, as the freight futures market currently indicate.

請翻到第 27 張投影片。目前的訂單量佔船隊的10.5％。由於船東減少運力，預計 2025 年淨船隊成長率將達到 3%，但根據國際海事組織 2023 年二氧化碳排放規則，這將變得不經濟。根據我們對乾散貨業的審查結果，船齡超過 20 年的船舶約佔總船隊的 11.7％，這一數字略高於訂單量。自然資源需求成長的放緩應該與紅海運輸的限制相平衡。正如目前的貨運期貨市場所顯示的那樣，從西非到東南亞的鋁土礦和鐵礦石的長途貿易，以及新船交付速度較低，應該會支撐未來的運費。

Please turn the slide 29 for a review of the container industry. The Shanghai Container Freight Index SCFI is currently at 18.97, which matches the opening index of 2024 at approximately 49% down from its peak of 37.34 on July fifth of 2024, which was the highest level outside the pandemic era. In contrast to the previously mentioned box rates, container ship rates remained 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.

請翻到第 29 張投影片來回顧貨櫃產業。上海貨櫃運價指數 SCFI 目前為 18.97，與 2024 年年初指數持平，較 2024 年 7 月 5 日的峰值 37.34 下跌約 49%，而 37.34 是疫情時期以外的最高水準。與前面提到的貨櫃運價相比，由於船隻不斷改變航線遠離紅海並繞過好望角，貨櫃船運價保持堅挺，導致今年的 TEU 英里數增加了約 18％。

Firm time charter rates should remain the duration of the Red Sea disruption. However, continued record new building ordering and record fleet growth should eventually modify these gains and reverse course when the Middle East conflict finally settles and liner companies are certain of safe passage in the Red Sea.

在紅海危機持續期間，定期租船費率應保持不變。然而，當中東衝突最終平息、班輪公司確信紅海能夠安全通航時，持續創紀錄的新船訂單和創紀錄的船隊增長最終將改變這些漲幅並扭轉趨勢。

Although trade is expected to grow by 2.8% in '25, Net fleet growth of 10.1% in '24, followed by 5.9% in '25, should eventually pressure rates downward.

儘管預計25年貿易量將成長2.8%，但24年淨船隊成長率為10.1%，25年為5.9%，最終將對運費帶來下行壓力。

Turn to the slide 30, the current order book stands at 26.8% against 13.9% of the fleet 20 years of age or older, about 80% of the order book is for 10,000 TEU vessels or larger.

翻到第 30 頁，目前的訂單量為 26.8%，而船齡 20 年或以上的船舶訂單量為 13.9%，約 80% 的訂單量為 10,000 TEU 或更大的船舶。

In concluding to contain a sector review, should Suez Canal transits return to previously normal levels, supply and demand fundamentals will be challenging when combined with geopolitical uncertainties and continuing elevated order book. However, a world GDP growth of 3.3% for '25 and ongoing strength in the US economy provide a positive counterpoint for a challenging '25. This concludes my presentation. I would now like to turn the call over to Angeliki for a final comments. Angeliki.

最後，對產業進行回顧，如果蘇伊士運河運輸量恢復到先前的正常水平，再加上地緣政治的不確定性和持續增加的訂單，供需基本面將面臨挑戰。然而，25年世界GDP成長率為3.3%且美國經濟持續強勁，為充滿挑戰的25年提供了積極的支撐。我的演講到此結束。現在，我想將電話轉給 Angeliki，請他發表最後的評論。安吉利基。

Thank you, Ted.

謝謝你，泰德。

This completes our formal presentation and we open the call to questions.

我們的正式演講到此結束，現在我們開始回答問題。

Thank you. (Operator Instructions)

謝謝。（操作員指令）

Omar Nokta, Jefferies.

傑富瑞的奧馬爾諾克塔 (Omar Nokta)。

Thank you. Hey guys, good afternoon. Thanks for the detailed update as usual, always very much in depth.

謝謝。大家下午好。像往常一樣感謝您提供詳細的更新，總是非常深入。

One of the, Angeliki, in your opening comments, you mentioned all the uncertainty in the market these days and obviously that's always been the case, but it just seems like it's brewing clearly, with tariffs, sanctions, conflicts in the Middle East and Russia. It's all leading to a lot of unknowns.

其中之一，安吉利基，在您的開場白中，您提到了最近市場中的所有不確定性，顯然情況一直如此，但似乎它正在醞釀之中，包括關稅、制裁、中東和俄羅斯的衝突。這一切都導致了許多未知數。

How has that sort of affected your business?

這對您的業務有何影響？

Has this caused you to change anything in terms of how you're operating or in terms of capital deployment or shareholder rewards, any colour that you can get on that front?

這是否導致您在營運方式、資本配置或股東獎勵方面做出任何改變？

I think that's a very good question, Omar. Good morning.

奧馬爾，我認為這是非常好的問題。早安.

The big thing is you saw solid results for 2024.

最重要的是你看到了 2024 年的堅實成果。

Look at 2025, I mean as a company we did the whole strategy and you see that you don't have the economic factors but you have a lot of geopolitical events that how they will be resolved we have a very important, it can be very important drivers for our business from the Ukraine conflict, Middle East with the Red Sea and Iran, and additionally then you have the tariffs.

看看 2025 年，我的意思是作為一家公司，我們制定了整個策略，你會發現你沒有經濟因素，但你有很多地緣政治事件，這些事件將如何解決，我們有一個非常重要的，它可以成為我們業務非常重要的驅動力，從烏克蘭衝突、中東的紅海和伊朗，此外還有關稅。

I can give you take for example the last days of the Biden administration, you had a sanctions on the dark fleet. That meant by that meant 9% of the tanker fleet was basically removed.

我可以舉個例子，拜登政府執政的最後幾天，對黑暗艦隊實施了製裁。這意味著9%的油輪船隊基本上被撤走了。

As much as inefficient, and then you can have an event where a Red Sea opens, which we haven't seen it yet. This kind of events can be substantially change the market on one sector or the other. So, the big benefit of Navios is your diversified fleet, I mean a big pillar of stability at $3.6 billion of contracted revenue. We have time to think. And a break even per day of $425 with two-third of our days contracted.

效率低下，然後就會發生紅海開啟的事件，這是我們還沒見過的。這類事件可能會大幅改變某個領域的市場。因此，Navios 的最大優勢在於您的多樣化船隊，我的意思是，36 億美元合約收入的穩定支柱。我們有時間思考。我們簽訂了三分之二的工作日，每天的損益兩平為 425 美元。

And a lot of our open days, which are dry bulk, being indexed with an ability to really see the forward market and be able to capture, the upside. So basically, you need to watch.

我們的許多開放日都是乾散貨交易，這些交易都已編入指數，使我們能夠真正了解遠期市場，並能夠抓住上行空間。所以基本上，你需要觀察。

If you can tell me how these events will unfold or how tariffs will be applied, it can have quite significant differences on the on the market perspectives of either tanker, dry bulk or containers. I mean, TED had nine minutes going through the different sectors. I can tell you there is infinite possibility.

如果您能告訴我這些事件將如何展開或關稅將如何實施，那麼這可能會對油輪、乾散貨或貨櫃的市場前景產生相當大的影響。我的意思是，TED 花了九分鐘討論不同的領域。我可以告訴你，可能性是無限的。

Yes, yeah, no, definitely, yeah, that's a great point and obviously the benefit of diversification where you're not just stuck, bracing for one outcome, I guess, maybe just in terms of, in container shipping and, 2024 was amazing in terms of freight rates and then chartering activity.

是的，是的，不，當然，是的，這是一個很好的觀點，顯然多樣化的好處在於你不會僅僅停留在一種結果上，我想，也許只是在集裝箱運輸方面，2024 年的運費和租船活動令人驚嘆。

Obviously we come into '25, the market's still relatively tight given the divergence from the Red Sea. What is the how would you characterize, your customer base at the moment in terms of chartering habits? Is there still an elevated level of interest to secure vessel capacity or has that waned given all this uncertainty?

顯然，我們進入25年，考慮到紅海的分歧，市場仍然相對緊張。從租船習慣來看，您目前的客戶群有什麼特色？人們對確保船舶運力的興趣是否仍然很高，還是由於存在所有這些不確定性，這種興趣已經減弱了？

Now if you take that from the majors, from the liner companies, you see that there is an appetite for tonnage. There's an appetite for duration, and we have seen it all over. I mean there was basically anything we have seen on Red Sea is it has not changed this view. We have not seen the Suez Canal opening because there's still a lot of uncertainty. We are talking about. Security of the crew, I mean, cargo and vessels, so I don't think that you'll see quickly unless you see a stable environment, you will not see a change on this.

現在，如果你從主要班輪公司的角度來看，你會發現，它們對噸位有需求。人們對持續時間有渴望，我們已經看到了這一切。我的意思是，我們在紅海看到的一切基本上都沒有改變這種觀點。我們還沒有看到蘇伊士運河開通，因為仍有許多不確定性。我們正在談論。我的意思是船員、貨物和船隻的安全，所以我認為你不會很快看到，除非你看到一個穩定的環境，否則你不會看到這方面的變化。

Okay, well, great, well.

好的，很好，很好。

Sorry, go ahead, continue.

抱歉，請繼續。

I was just saying that it will still continue to go around the gate, so you still have that.

我只是說它仍然會繼續繞著大門轉，所以你仍然擁有它。

Yeah, makes sense. Well, great, thanks, Angeliki. I really appreciate the comments. I'll turn it over.

是的，有道理。好吧，太好了，謝謝你，Angeliki。我非常感謝這些評論。我把它翻過來。

Thank you, and it appears that we have no further questions at this time. I will now turn the program back to Angeliki for any additional or closing remarks.

謝謝，目前看來我們沒有其他問題了。現在我將節目單交還給 Angeliki，請他發表任何補充意見或結束語。

Thank you. This. Quarterly results.

謝謝。這。季度業績。

Thank you.

謝謝。

Thank you. This does conclude today's presentation. Thank you for your participation. You may disconnect at any time.

謝謝。今天的演講到此結束。感謝您的參與。您可以隨時斷開連線。