Navios Maritime Partners LP (NMM) 2025 Q1 法說會逐字稿

Thank you for joining us from Navios Maritime Partners first quarter 2025 earnings conference call.

感謝您參加 Navios Maritime Partners 2025 年第一季財報電話會議。

With us today from the company are chairwoman and CEO Ms. Angeliki Frangou, Chief Operating Officer, Mr. Efstratios Desypris, Chief Financial Officer Ms. Erifili Tsironi, Chief Trading Officer Mr. Vincent Vandewalle.

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、首席交易長 Vincent Vandewalle 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.

提醒一下，本次電話會議正在進行網路直播。若要存取網路廣播，請造訪 Navios Partners 網站的投資者部分，網址為 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.

您會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提到的演示文稿的副本。

Now I will review the Safe Harbour State. 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州。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 合作夥伴的前瞻性陳述。

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

前瞻性陳述為非歷史事實的陳述。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。其他合夥人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 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.

今天電話會議的議程如下。首先，弗朗古女士將致開幕詞。

Next, Mr. Desypris will give an overview of Nave's partners segment data.

接下來，Desypris先生將概述Nave的合作夥伴細分數據。

Next, Mrs. Tsironi will give an overview of Nave's partners' financial results.

接下來，Tsironi 女士將概述 Nave 合作夥伴的財務表現。

Then Mr. Vandewalle will provide an industry overview, and lastly, we will open the call to take questions.

然後，Vandewalle 先生將提供行業概述，最後，我們將開始回答問題。

Now I send the call over to Navioschairwoman and CEO, Mrs. Angeliki Frangou. Angeliki.

現在我將電話轉給 Navios 董事長兼執行長 Angeliki Frangou 女士。安吉莉基。

Good morning and thank you all for joining us on today's call. I am pleased with the results for the first quarter of 2025 in which we reported revenue of $304.1 million and EBITDA of $147.6 million and an income of $41.7 million. Earnings per common unit worth $1.38 for the quarter.

早安，感謝大家參加今天的電話會議。我對 2025 年第一季的業績感到滿意，該季度我們的營收為 3.041 億美元，EBITDA 為 1.476 億美元，利潤為 4,170 萬美元。本季每普通股收益為 1.38 美元。

The economic environment over the past month has been particularly uncertain, with the global expectations being driven by the unpreciated US tariff proclamation followed by revisions, pauses, and exceptions. In response, sentiment and barriers in the US and other financial markets were extraordinarily volatile, recovering on last week in the US to the great tariff announcement levels. I would add that the tariff announcements conceal an underlying worry due to the wars in Ukraine and the Middle East.

過去一個月的經濟環境尤其不確定，全球預期受到美國未受重視的關稅聲明以及隨後的修改、暫停和例外情況的推動。受此影響，美國和其他金融市場的情緒和壁壘異常動盪，上周美國才恢復到關稅公告公佈時的水平。我想補充的是，關稅公告掩蓋了烏克蘭和中東戰爭帶來的潛在擔憂。

I remarked last quarter that we are waiting for more information as the US administration did not provide a concrete tariff roadmap. In general, this continues to be the case as the US administration tactically maneuvers a tariff regime, furthering its policy aspiration relating to national security and fiscal austerity.

我上個季度就曾表示，我們正在等待更多信息，因為美國政府沒有提供具體的關稅路線圖。總體而言，隨著美國政府策略性地操縱關稅制度，進一步推進其與國家安全和財政緊縮有關的政策願望，這種情況仍在繼續。

However, a faint outline is starting to emerge. While the future may be challenging, it appears the potential impact on maritime transportation may not be as severe as we initially feared, and I note that during this recent period of uncertainty, the spot rate market has generally been healthy, although uneven between the maritime sectors.

然而，一個模糊的輪廓開始顯現。雖然未來可能充滿挑戰，但對海上運輸的潛在影響似乎並不像我們最初擔心的那麼嚴重，而且我注意到，在最近這段不確定的時期，現貨運費市場總體上是健康的，儘管各海運部門之間並不均衡。

Preparing for difficult periods is part of our job requirements. In prior periods when sediment allowed, we enter into long term charter arrangements. We currently have a contract backlog of $3.4 billion. In addition, because of this and other measures, a contracted revenue is $12.5 million larger than our total cash expenses for the remaining nine months of 2025. We are also actively managing our interest rate risk today to fixed cost financing and hedging arrangements, around 30% of our long-term debt has a fixed interest rate of 5.5%.

為困難時期做好準備是我們工作要求的一部分。在沉積物允許的先前時期，我們會簽訂長期租船協議。我們目前有價值34億美元的合約積壓。此外，由於這項措施和其他措施，合約收入比我們 2025 年剩餘九個月的總現金支出高出 1,250 萬美元。我們也積極管理目前固定成本融資和避險安排的利率風險，我們約 30% 的長期債務的固定利率為 5.5%。

Please turn to slide 6. Navios Partners is a leading public listed shipping company with 174 vessels. These vessels have an average age of 9.9 years and are in three different segments and 16 asset classes. As you can see, the vessel value is approximately equal in each sector. We ended the first quarter with 343 million of cars on our balance sheet and Net LPV as of the end of the quarter, Q1, was calculated at 35.2%, slightly up from last quarter.

請翻到幻燈片 6。Navios Partners 是一家領先的上市航運公司，擁有 174 艘船舶。這些船舶的平均船齡為 9.9 年，分為三個不同的部分和 16 個資產類別。如您所見，每個區域的船舶價值大致相等。截至第一季末，我們的資產負債表上有 3.43 億輛汽車，截至第一季末的淨 LPV 計算為 35.2%，略高於上一季。

Please turn to slide 7. We sold three vessels with an average age of 19.1 years for around $35 million. We also received four previously announced new building vessels with employment.

請翻到幻燈片 7。我們以約 3500 萬美元的價格出售了三艘平均船齡為 19.1 年的船隻。我們還收到了四艘先前宣佈建造並投入使用的新型船舶。

Two aframax/LR2 tankers which were fixed at an average rate of $26,349 net per day for five years. And two dual fuel 7,700 TEU container ships which were fixed at an average rate of $41,753 net per day for 12 years. For the remaining nine months of 2025, contracted revenue exceeds total cash expense by $12.5 million. We have 14,117 remaining opening in tax days. 34% of our available days, so we have significant cash generated opportunities.

兩艘阿芙拉型/LR2 油輪以平均每日淨租金 26,349 美元的價格租用，租期五年。另外還有兩艘雙燃料 7,700 TEU 貨櫃船，租期 12 年，平均日淨租金為 41,753 美元。2025 年剩餘的 9 個月，合約收入超過總現金支出 1,250 萬美元。我們還有 14,117 個納稅營業日，佔可用營業日的 34%，因此我們擁有大量現金創造機會。

Please turn to slide eight where we outline a return of capital program. Under a dividend program we pay $0.20 dividend per unit annually. In the first quarter of 2025 we paid a dividend of $1.5 million which is slightly less than the previous year's rate because of our buyback program. In addition, so far in 2025 we purchased 423,984 common units for $16.1 million including dividends, we returned a total of $17.6 million in 2025.

請翻到第八張投影片，我們在這裡概述了資本回報計畫。根據股息計劃，我們每年支付每單位 0.20 美元的股息。2025 年第一季度，我們支付了 150 萬美元的股息，由於我們的回購計劃，該股息略低於上一年的股息。此外，到 2025 年為止，我們以 1,610 萬美元（包括股息）購買了 423,984 股普通股，我們在 2025 年總共返還了 1,760 萬美元。

Under the entire unitur program we invested $41.1 million in 913,939 common units, purchasing around 3% of Navios partners public floor as measured when the program was launched. We estimate that we effectively returned $2.9 per unit of value through these purchases.

在整個 unitur 計劃下，我們投資了 4,110 萬美元購買了 913,939 個普通單位，購買了 Navios 合作夥伴公共樓層約 3%（以計劃啟動時的數據計算）。我們估計，透過這些購買，我們實際上每單位價值回報了 2.9 美元。

As of May 1, 2025, we had 58.9 million available under our unitary purchase 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 5 月 1 日，我們的統一購買計畫下有 5,890 萬個可用庫存。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 nine. Where we focus on how we execute our strategy in a period of increasing uncertainty at the top left of the slide, we outlined the challenges we have been addressing. I can say that we assemble a team regularly to dive into the details of emerging information in an attempt to understand how various risks are evolving.

請翻到第九張投影片。在幻燈片左上角，我們重點介紹瞭如何在日益不確定的時期執行我們的策略，並概述了我們一直在應對的挑戰。我可以說，我們定期組建一個團隊來深入研究新興資訊的細節，試圖了解各種風險是如何演變的。

While extreme outcomes remain possible, the market has been generally adapted to this entitlement and the underlying rate market relatively healthy. On the top right part of the slide, we underline how we are addressing the uncertain market and the things we have accomplished. As noted earlier, the $3.4 billion in contracted revenue stems from our action in past markets where sentiment allowed us to enter into long term charters. This is not the case now, but we remain alert for future possibilities. We are also focused on our interest rate risk, and we have been hedging this risk with hedges that will never require posting additional collateral.

儘管極端結果仍有可能出現，但市場整體上已經適應了這項權利，基礎利率市場也相對健康。在幻燈片的右上角，我們強調了我們如何應對不確定的市場以及我們已經取得的成就。如前所述，34 億美元的合約收入源自於我們在過去市場中的行動，當時的市場情緒允許我們簽訂長期租船合約。目前情況並非如此，但我們對未來的可能性保持警惕。我們也關注利率風險，我們一直在用不需要提供額外抵押品的對沖措施來對沖這種風險。

At the bottom of the slide, we continue to provide a view of the evolution of our fleet to electric metrics as you can see our fleet size and age are about the same. As they were on the year in 2022. However, about 26% of our fleet was acquired in the past four years, so we maximize energy efficiency by maintaining a fleet of useful vessels with the latest technology.

在幻燈片的底部，我們繼續展示我們的車隊向電動指標的演變過程，您可以看到我們的車隊規模和年齡大致相同。就像 2022 年的情況一樣。然而，我們船隊的約 26% 是在過去四年內收購的，因此我們透過維護一支採用最新技術的實用船隻船隊來最大限度地提高能源效率。

On the financial side, we focus on the leveraging and reduced net LTV from 45% at the end of 2022 to 35.2% at the end of the first quarter of 2025. I now turn the presentation over to Mr. Efstratios, Navios partners, chief operating officers.

在財務方面，我們專注於槓桿率，並將淨 LTV 從 2022 年底的 45% 降低到 2025 年第一季末的 35.2%。現在我將演講交給 Navios 合夥人、營運長 Efstratios 先生。

Good morning, all.

大家早安。

Please turn to slide ten which details of our operating free cash flow potential for the remaining nine months of 2025. We fixed 66% of available days at a net average rate of $25,703 per day. Contracted revenue exceeds our total cash expense by about $12.5 million and we have 14,117 remaining op or index linked days that should provide substantial additional cash flow. So, that you can perform your own sensitivity analysis on the right side of the slide, we provide our 41,901 available days per vessel type.

請翻到第十張投影片，其中詳細介紹了我們 2025 年剩餘九個月的經營自由現金流潛力。我們固定了 66% 的可用天數，平均淨價為每天 25,703 美元。合約收入超過我們的總現金支出約 1,250 萬美元，我們剩餘的營運或指數掛鉤天數為 14,117 天，這應該能帶來大量額外的現金流。因此，您可以在投影片的右側進行自己的敏感度分析，我們為每種船舶類型提供了 41,901 個可用天數。

Please turn to slide 11. We are constantly renewing our fleet in order to maintain a junk profile. We reduce our carbon footprint by modernizing our fleet, benefiting from new technologies and advanced environmental friendly features.

請翻到第 11 張投影片。我們不斷更新我們的船隊，以保持垃圾船形象。我們透過車隊現代化、利用新技術和先進的環保功能來減少碳足跡。

In 2025 we took delivery of four vessels, one or two Aframax vessels that have been sat out for five years at an average of $26,349 net per day. And Two LNG 7,700 TU LNZ dual fuel container ships that have been sat out for 12 years at an average rate of $41,753 net per day.

2025 年，我們接收了四艘船舶，其中一艘或兩艘阿芙拉型油輪已停駛五年，平均每天淨租金為 26,349 美元。還有兩艘 LNG 7,700 TU LNZ 雙燃料貨櫃船，已停運 12 年，平均每天淨租金為 41,753 美元。

Following these deliveries, we have 21 additional new building vessels delivering to our fleet through 2028 and representing $1.4 billion investment. In container ships, we have four vessels to be delivered with a total acquisition price of about $0.4 billion. We have mitigated this risk with long term credit worth charges expected to generate about $0.3 billion in revenue over a five-year average duration.

繼這些船舶交付之後，到 2028 年，我們將有 21 艘新船加入我們的船隊，總投資額達 14 億美元。在貨櫃船方面，我們有四艘船即將交付，總收購價格約為4億美元。我們已經透過長期信貸價值收費來降低這種風險，預計在五年平均期限內將產生約 3 億美元的收入。

In tankers we have 17 vessels to be delivered for a total price of approximately $1 billion. We tapped out 13 of those vessels for an average period of five years, expected to generate aggregate contracted revenue of about $0.6 billion. We have also been opportunistically replacing older vessels. In 2025, we sold three vessels with an average age of 19.1 years for about $35 million.

我們有 17 艘油輪需要交付，總價約 10 億美元。我們租出了其中的 13 艘船，平均租期為五年，預計總合約收入約為 6 億美元。我們也一直在尋找機會更換老舊船隻。2025年，我們以約3500萬美元的價格出售了三艘平均船齡為19.1年的船舶。

Moving to slide 12, we have a strong backlog of contracted revenue that we built over the previous years that create visibility in an uncertain environment. Our total contracted revenue amounts to $3.4 billion. $1.4 billion relates to our tanker fleet $1.2 billion relates to our driver fleet, and $1.8 billion relates to our containerships. Charters are extending through 2037 with a diverse group of quality counterparties.

轉到第 12 張投影片，我們在過去幾年中累積了大量合約收入，這在不確定的環境中創造了可見性。我們的合約總收入為 34 億美元。其中 14 億美元來自我們的油輪船隊，12 億美元來自我們的司機船隊，18 億美元來自我們的貨櫃船。租船合約將延長至 2037 年，與多家優質交易對手簽訂租船合約。

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

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。E.

Thank you, Efstratios and good morning, all. I will briefly review our unaudited financial results for the first quarter ended March 31, 2025. The financial information is included in the press release and summarized in the slide presentation available on the company's website.

謝謝你，Efstratios，大家早安。我將簡要回顧截至 2025 年 3 月 31 日的第一季未經審計的財務結果。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 first quarter of 2025 decreased by 4.6% to $304 million compared to $319 million for the same period in 2024 due to lower fleet time charter equivalent rate, available days, and revenue from freight voyages. Our fleet time charter equivalent rate for the first quarter of 2025 decreased by 1.1% to 21,271 per day, and our available days decreased by 0.6% to 13,456 days compared to Q1 '24.

轉到幻燈片 13 上的收益亮點，2025 年第一季的總收入為 3.04 億美元，較 2024 年同期的 3.19 億美元下降 4.6%，原因是船隊定期租船等效費率、可用天數和貨運航次收入下降。與 2024 年第一季相比，我們 2025 年第一季的船隊定期租船等效費率下降了 1.1%，至每天 21,271 艘，可用天數減少了 0.6%，至 13,456 天。

In terms of sector performance, the TCE for our container fleet increased by 2.2% to 30,5001 per day. In contrast, the TCE rate for a dry bulk and tanker fleet was 10.5% and 7.1% lower, respectively, at 12,722 per day for dry bulk and 26,082 per day for tanker vessels.

就產業表現而言，我們貨櫃船隊的 TCE 成長了 2.2%，達到每天 30,5001 磅。相比之下，乾散貨船和油輪船隊的 TCE 費率分別低 10.5% 和 7.1%，乾散貨船為每天 12,722 噸，油輪為每天 26,082 噸。

EBITDA adjusted as explained in the slight footnote. Excluding these amounts, adjusted the EBITDA for Q1 2025 decreased by $11 million to $154 million compared to Q1 2024. The decrease is driven primarily by $14 million roar revenue, a $7 million increase in vessel operating expenses, mainly due to a 4.8% increase in aerobic days and the change in the composition of our fleet partially mitigated by $12 million decrease in time charter and voyage expenses due to less freight voyages.

EBITDA 已按註腳的說明進行調整。除這些金額外，調整後的 2025 年第一季 EBITDA 與 2024 年第一季相比減少了 1,100 萬美元，至 1.54 億美元。下降的主要原因是 1400 萬美元的航行收入，船舶運營費用增加 700 萬美元，這主要是由於有氧天數增加 4.8% 以及船隊組成變化所致，而由於貨運航次減少導致定期租船和航次費用減少 1200 萬美元，則部分抵消了這一影響。

Adjusted net income for Q1 2025 was $48 million compared to $71 million in Q1 2024. Adjusted net income decreased by $24 million, mainly due to an $11 million decrease in adjusted, a $9 million increase in depreciation and amortization, and a $4 million increase in interest expense and finance cost net. Earnings and adjusted earnings per common unit were $1.38 and $1.58 respectively.

2025 年第一季調整後淨收入為 4,800 萬美元，而 2024 年第一季為 7,100 萬美元。調整後淨收入減少 2,400 萬美元，主要原因是調整後淨收入減少 1,100 萬美元，折舊和攤提增加 900 萬美元，利息支出和財務成本淨額增加 400 萬美元。每股普通股收益和調整後收益分別為 1.38 美元和 1.58 美元。

Turning to slide 14, I will briefly discuss some key balancing data. As of March 2025, cash and cash equivalents, including restricted cash and time deposits in excess of three months, were $343 million. During the quarter we pay $33 million under our new building program, net of debt. We concluded the sale of one vessel for $8 million, adding about $1 million cash after debt repayment.

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 2025 年 3 月，現金和現金等價物（包括限制現金和超過三個月的定期存款）為 3.43 億美元。本季度，我們根據新建築計劃支付了 3,300 萬美元（扣除債務）。我們以 800 萬美元的價格出售了一艘船，償還債務後又增加了約 100 萬美元的現金。

Long term borrowings, including the current portion net of deferred fees, remained in line with 2024 year-end figures at $2.1 billion, despite the delivery of three new building vessels during the quarter. Net debt to capitalization improved to 34.1%.

儘管本季交付了三艘新船，但包括扣除遞延費用後的當前部分在內的長期借款仍與 2024 年年底的數字持平，為 21 億美元。淨債務資本化率改善至34.1%。

Slide 15 highlights our debt profile. We continue to diversify our funding sources between bank debt and leasing structures. Following our $88 million interest rates in Q1 2025, 30% of our debt and payable liabilities have fixed interest at an average rate of 5.5%. We also have mitigated part of the increased interest rate cost by reducing the average margin for our drone floating rate debt and bareboat liabilities to 1.9%. I would like to know that the average margin for the drone floating rate debt of our new building program is 1.4%. A 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資金來源多元化。以我們 2025 年第一季 8,800 萬美元的利率，我們 30% 的債務和應付負債的固定利率平均為 5.5%。我們也透過將無人機浮動利率債務和光船債務的平均保證金降低至 1.9% 來減輕部分增加的利率成本。我想知道我們新建築項目的無人機浮動利率債務的平均利潤率為 1.4%。目標是實現到期日概況，即任何一年內均無重大氣球債務到期。

In Q1 2025, Navios partners agreed to extend the maturity of a sail and list back facility for 11 vessels until 2029 at improved terms. I now pass the call to Vincent Vandewalle, Navios partners, Chief Trading Officer, to take you through the industry section. Vincent.

2025 年第一季度，Navios 合作夥伴同意以更優惠的條件將 11 艘船舶的起航及歸位服務期限延長至 2029 年。現在我將電話轉給 Navios 合夥人兼首席交易官 Vincent Vandewalle，請他帶您了解行業部分。文森特。

Thank you, Erifili. Please turn to slide 17. Feasibility into the global trade has been clouded by many tariff announcements. It appears that 3.7% of the global trade will be subject to declared tariffs. Announced tariffs are not expected to have a significant effect on tankers and dry bulk trade a part of grains.

謝謝你，埃里菲利。請翻到第 17 張投影片。許多關稅公告為全球貿易的可行性蒙上了陰影。看來全球 3.7% 的貿易將受到申報關稅的影響。預計公佈的關稅不會對油輪和乾散貨貿易以及部分穀物產生重大影響。

The heaviest tariff impacts will be on containers, cars, and LPG. We will continue to monitor how further developments affect global trading.

受關稅影響最嚴重的將是貨櫃、汽車和液化石油氣。我們將繼續關注進一步的事態發展如何影響全球貿易。

Please turn to slide 18. US tariffs on Chinese imports rose to 145% on a wide range of goods as of early April. China retaliated with 125% tariffs. The US also imposed tariffs of 10% to 50% on most other countries.

請翻到第 18 張投影片。截至 4 月初，美國對多種中國進口商品的關稅已升至 145%。中國則以125%的關稅進行報復。美國也對大多數其他國家徵收10%至50%的關稅。

On April 9th, the US posted all tariffs for 90 days except for the tariffs on China. The US is currently negotiating tariffs on a country-by-country basis.

4月9日，美國公佈了除中國產品外，所有產品加徵關稅的為期90天。美國目前正在逐國談判關稅。

On April 17, USTR released a revised Section 301 fees proposal targeting Chinese vessel operators and Chinese built ships with extra port fees when calling US ports. These fees are to take effect from October 2025.

4月17日，美國貿易代表辦公室公佈了修改後的301條款收費提案，針對中國船舶營運商和中國建造的船舶，要求其在停靠美國港口時繳納額外的港口費用。這些費用將於 2025 年 10 月起生效。

Please turn to slide 19 for a review of the current trade disruptions. The Red Sea entrance leading to the Suez Canal is a strategic maritime transit point. It continues to operate at restricted transit levels. Through the end of April, transit through the Suez Canal were lower than the 24 average. Red Sea disruptions have caused rerouting of ships via the Cape of Good Hope, raising costs and distances last year. Should the situation remain unchanged during the rest of '25, we believe that total TomTU miles are projected to experience modest improvements across all sectors.

請翻到第 19 張投影片來回顧目前的貿易中斷情況。紅海入口通往蘇伊士運河，是重要的海上中繼站。它繼續在受限的運輸水平下運行。截至四月底，通過蘇伊士運河的船舶數量低於平均24艘。去年，紅海的混亂導致船隻改道經好望角，增加了成本並增加了航程。如果 2025 年剩餘時間內情況保持不變，我們相信所有行業的 TomTU 總里程預計將略有改善。

Before we move to the analysis per sector, please be reminded that the analysis that follows may be materially different depending on the final outcome of the tariff discussions.

在我們進行每個行業的分析之前，請注意，根據關稅討論的最終結果，後面的分析可能會有重大差異。

Please turn to slide 21 for the review of the dry bulk industry. A seasonal lower Q1 developed due to weather patterns, cyclones, and typical seasonality.

請翻到第 21 張投影片，查看乾散貨產業的回顧。由於天氣模式、氣旋和典型的季節性因素，出現了季節性較低的 Q1。

Rates for all three asset classes declined Q1 '25 versus Q1 '24, and in Q1, average revenue declined 46% for Capesize, 38% for Panamax, and 32% for supra.

與 2024 年第一季相比，2025 年第一季所有三種資產類別的運費均有所下降，第一季度，好望角型船平均收入下降 46%，巴拿馬型船平均收入下降 38%，超大型船平均收入下降 32%。

Going into Q2, the stock market started to recover due to seasonally higher volumes of iron ore, bauxite, and grain. Dry bulk rate is expected to decline by 1.2% in '25, while ton miles are expected to decrease by 0.4%. To mounds are positively affected by Atlantic export of iron ore and bauxite from West Africa, destinated primarily for China and Southeast Asia, which cushion the fall in overall demand and supporting caps in particular.

進入第二季度，由於鐵礦石、鋁土礦和穀物的季節性增加，股市開始復甦。預計25年乾散貨運價將下降1.2%，而噸英里數預計將下降0.4%。西非向大西洋出口鐵礦石和鋁土礦，主要銷往中國和東南亞，對鐵礦石和鋁土礦產生了積極影響，緩解了整體需求的下降，尤其支撐了上限。

Please turn to slide 22. The current order book stands at 10.3% of the fleet. Net fleet growth is expected to be 3.1% in '25 as owners remove tonnage that will be uneconomical due to the EO 2023 CO2 rules. Vessels over 20 years of age are about 11.5% of the total fleet, which is slightly higher than the order book.

請翻到第 22 張投影片。目前訂單量佔船隊的 10.3%。由於 2023 年二氧化碳排放法規出台，船東將淘汰不經濟的船舶噸位，因此 25 年淨船隊成長率預估為 3.1%。船齡超過20年的船舶約佔整個船隊的11.5％，略高於訂單量。

In concluding our dry bulk sector review, slowing demand growth for natural resources may be balanced by restrictions in transiting the Red Sea, long haul rates of bauxites, and iron ore from West Africa to Asia, and a low pace of new building deliveries. This should support higher freight rates as the freight future market currently indicates, particularly for caps.

總結我們對乾散貨產業的回顧，紅海過境限制、從西非到亞洲的鋁土礦和鐵礦石長途運輸費率以及新船交付速度緩慢可能會抵消自然資源需求成長放緩的影響。正如貨運期貨市場目前顯示的那樣，這應該會支持更高的運費，特別是對於上限而言。

Please turn to slide 24 for the review of the tanker industry. World GDP is expected to grow by 2.8% in '25 based on the IMF April forecast. The IEA projects 0.7 million barrels per day increase in global all amount in '25. Chinese crude imports slowed in '24, averaged about 11.1 million barrels per day, down 2% or 0.2 million barrels per day compared to '23. Imports in March were 12 million barrels per day, up 4% year on year, leaving Q1 imports at 11 million barrels per day, slightly down over '24.

請翻到第 24 張幻燈片，查看油輪產業的回顧。根據國際貨幣基金組織 4 月的預測，預計 2025 年世界 GDP 將成長 2.8%。國際能源總署預測2025年全球石油產量將增加70萬桶/日。2024 年中國原油進口量放緩，平均每天約 1,110 萬桶，較 2023 年下降 2% 或每天 20 萬桶。3月進口量為每天1,200萬桶，年增4%，第一季進口量為每天1,100萬桶，較24年略為下降。

Crude tanker earnings have remained healthy in recent weeks after firming in February with support from Asian refineries that replaced Russian and Iranian barrels with non-sanctioned imports. The geopolitical backdrop remains fluent with tighter sanctions, uncertainty regarding Red Sea passage, possible Russian-Ukraine war resolution, and consequences from the tariff war.

受亞洲煉油廠以非制裁進口原油取代俄羅斯和伊朗原油的支持，原油油輪收益在 2 月走強後，近幾週一直保持健康。地緣政治背景依然動盪，制裁更加嚴厲，紅海通行的不確定性，俄烏戰爭可能的解決，以及關稅戰的後果。

In addition, OPEC plus announced the unwinding of their 2.2 million barrels per day voluntarily export cuts from April 1, '25, where after a series of upward revisions announced the increase in production by about 1 million barrels per day. The BCTI averaged 905 for Q1 '25, 5% down on Q4 '24, while the BCTI averaged 706, some 24% above Q4.

此外，歐佩克等產油國宣布自2025年4月1日起取消每日220萬桶的自願減產，此前在經過一系列上調後，歐佩克宣布每日增產約100萬桶。2025 年第一季 BCTI 平均為 905，比 2024 年第四季下降 5%，而 BCTI 平均為 706，比第四季高出約 24%。

However, rates remained in line with the long-term averages. Overall, the political environment, along with the normal seasonality, reduction of the fee due to the sanctioned vessels, and a lower global oil inventories should support crude freight rates.

然而，利率仍與長期平均值一致。總體而言，政治環境、正常的季節性、受制裁船隻導致的費用降低以及全球石油庫存減少應該會支撐原油運費。

Please turn to slide 25. On January 1, '25, 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.

請翻到第 25 張投影片。2025年1月1日，美國外國資產管制辦公室（OFAC）針對俄羅斯石油收入發布了新的製裁措施，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's actions more than doubled the sanctioned vessels. The total sanctioned vessels is now about 10% of the tanker fleet. Both China and India have said that they will not allow OFAC sanctioned vessels to discharge.

OFAC 的行動使受制裁船隻數量增加了一倍以上。目前受制裁船隻總數約佔油輪船隊的 10%。中國和印度都表示不會允許受到OFAC制裁的船隻卸貨。

VOCC spot rates from the Middle East to China as of April, 29 are about 125% higher than the day before OFAC sanctions were announced. On February 4, '25, the US reinstated the maximum pressure campaign against Iran, instructing US agencies to rigorously enforce existing economic sanctions and introduce new measures targeting Ireland's all exports. The stated goal is to reduce all exports to zero from the recent 1.4 million barrels per day. OFAC has sanctioned additional vessels since its initial announcement, mostly in regards to Iranian oil exports.

截至 4 月 29 日，從中東到中國的 VOCC 現貨運價比 OFAC 制裁宣布前一天高出約 125%。2025年2月4日，美國重啟對伊朗極限施壓，指示美國相關部門嚴格執行現有經濟制裁，並對愛爾蘭所有出口產品採取新措施。既定目標是將所有出口量從目前的每天140萬桶減少到零。自首次宣布製裁以來，OFAC 已對更多船隻實施了製裁，主要涉及伊朗石油出口。

Please turn to slide 26. Seaborne crude and product tankers continue to be affected by the war in Ukraine. Both crude and product markets remains at healthy levels.

請翻到第 26 張投影片。海運原油和成品油油輪繼續受到烏克蘭戰爭的影響。原油和產品市場均保持健康水準。

Please turn to slide 27. The VLCC fleet contracted 0.1% in '24 and is expected to contract in '25. This decline can be partially attributed to owners hesitant to order vessels in light of unresolved technology requirements relating to CO2 restrictions.

請翻到第 27 張投影片。2024年VLCC船隊規模萎縮了0.1%，預計2025年還會萎縮。這種下降部分歸因於船東由於與二氧化碳限制有關的尚未解決的技術要求而不願訂購船舶。

The current order book is 10.8% of the fleet, or 98 vessels after a record ordering spree in '24. Vessels over 20 years of age are about 19.8% of the total fleet or 181 vessels, which is about two times the audible.

在 2024 年創下訂單狂潮之後，目前的訂單量佔船隊的 10.8%，即 98 艘船。船齡超過 20 年的船舶約佔總船隊的 19.8%，即 181 艘，約為可聽見聲音的兩倍。

Turning to slide 28, product tanker net fleet growth was 1.7% for 24 and is expected to increase to 4.3% in '25. The current product tanker order book has 21.5% of the fleet, slightly more than the 18.8% of the fleet, which is 20 plus years of age.

翻到第 28 張幻燈片，24 年成品油輪淨船隊成長率為 1.7%，預計 25 年將增至 4.3%。目前成品油輪訂單佔船隊總數的 21.5%，略高於船齡 20 多年的 18.8%。

Concluding the tanker market overview, tanker rates continue at healthy levels. The combination of moderate growth in global oil demand, OFAC sanctions reducing the numbers of available vessels, no longer trade routes for both crude and products, and the AIMO 23 regulations should provide for healthy tanker earnings going forward.

總結油輪市場概況，油輪運價持續維持健康水準。全球石油需求溫和成長，OFAC 制裁減少可用船隻數量，原油和成品油貿易航線不再，以及 AIMO 23 法規的出台，這些因素綜合起來，應該能為油輪未來帶來健康的收益。

Please turn to slide 30 for the review of the container industry. The Shanghai Container Freight Index is currently at 1,341, the lowest since December '23, and down approximately 64% from the recent peak of 3,734 on July 5, '24. We note that was the highest level outside the pandemic area.

請翻到第 30 張投影片，查看貨櫃產業的回顧。上海貨櫃運價指數目前為1,341點，為2023年12月以來的最低點，較2024年7月5日的近期高點3,734點下跌約64％。我們注意到，這是疫情地區以外的最高水準。

Containerships rates remained firm because of the Red Sea, causing Tu miles to increase by about 18% in '24. Firm time charter rates should remain for the duration of the Red Sea disruption. However, continuation and record new building ordering and record fleet growth should eventually modify these gains. Tariffs, particularly the current 145% tariffs on US imports of Chinese goods, will have a significant effect on demand and trade should they remain at these recent announced levels.

由於紅海的影響，貨櫃船運價保持堅挺，導致 Tu 航運里程在 24 年增加了約 18%。在紅海海域擾亂航運期間，定期租船費率應保持穩定。然而，持續且創紀錄的新造船訂單和創紀錄的船隊成長最終應該會改變這些漲幅。關稅，特別是目前美國對中國進口商品徵收的 145% 關稅，如果維持在最近宣布的水平，將對需求和貿易產生重大影響。

Turning to slide 31, the current order book stands at 28.5% against 13.7% of the fleet 20 years of age or older. About 80% of the order book is for 10,000 TEU vessels or larger. Although trade is expected to grow by 0.3% in '25, net free growth is expected to grow by 6.3% in '25, following a 10.1% net free growth in 24.

翻到第 31 張幻燈片，目前的訂單量為 28.5%，而 20 年或以上的船隊訂單量佔 13.7%。約80%的訂單為10,000 TEU或更大的船舶。儘管預計25年貿易額將成長0.3%，但預計25年的淨自由成長率將達到6.3%，而24年的淨自由成長率為10.1%。

Additionally, should Suez Canal transits return to previous normal levels, supply and demand fundamentals will be challenging. However, a world GDP growth of 2.8% for '25 provides a somewhat positive counterpoint for a challenging '25. If the tariffs and especially the 145% on US imports on Chinese goods remain, it will have a significant effect on the demand and trade. This concludes our presentation. I would now like to turn the call over to Angeliki for her final comments. Angeliki.

此外，如果蘇伊士運河運輸量恢復到先前的正常水平，供需基本面將面臨挑戰。然而，2025年全球GDP成長率為2.8%，為充滿挑戰的2025年帶來了一定的正面影響。如果美國對中國進口商品徵收關稅，尤其是145%的關稅，將對需求和貿易產生重大影響。我們的演講到此結束。現在我想把電話交給 Angeliki 來做最後的評論。安吉莉基。

Thank you, Vincent. This completes a formal presentation and we open the call to questions.

謝謝你，文森。正式演示到此結束，我們開始提問。

(Operator Instructions)

（操作員指示）

Omar Nokta, Jefferies.

傑富瑞的奧馬爾諾克塔 (Omar Nokta)。

Thank you. Hi Angeliki. Hi everyone. Good afternoon.

謝謝。你好，Angeliki。大家好。午安.

Thank you for the update. .

感謝您的更新。。

Clearly a lot of, fast moving, very quick changing dynamics, in the geo macro and clearly you've done a good job obviously navigating through this and I think on slide 9 you highlight, the securing the liquidity and having the revenue stability and basically optimizing the balance sheet as much as you can in this environment has been, first and foremost what you've been focusing on, I guess as we think about. How things are from here, it seems that share repurchase have somewhat accelerated this year relative to the pace that we saw in '24. Just wondering as you kind of think about how things are situated today, any change in how you approach capital allocation, whether the buyback, pace changes or you know fleet renewals that takes a back seat, do you focus on cash preservation, any kind of changes or shifts, you would say in this environment for Navios.

顯然，在宏觀地理中存在許多快速變化的動態，您顯然已經很好地應對了這些變化，我認為在第 9 張幻燈片中您強調了確保流動性、保持收入穩定性以及在這種環境下盡可能地優化資產負債表，這首先也是最重要的，我想這也是我們所考慮的。從目前的情況來看，今年的股票回購速度相對於 24 年的速度有所加快。只是想知道，當您思考當今的情況時，您對資本配置的方式有任何變化嗎？無論是回購、速度變化還是您知道的船隊更新都處於次要地位，您是否專注於現金保全，您會說在這種環境下 Navios 會發生任何類型的變化或轉變。

Thank you and good morning to you. To be honest, there's one big thing patience. I mean, we are living in an incredible uncertainty. I mean on top of two wars that were already complicated, the Ukrainian and Russian war and the Middle East war, we are basically having US tariffs. The administration is looking to reshape trade on volume and origination of goods. So, this is a very big thing because basically we are changing the global trading pattern. To what extent how this is something we will have to see. And to be honest, during these very uncertain times, what we did before is the most important thing is more important than what we are doing today and before this period what we did we as you very well said in page 9, we build liquidity, $340 million in advance. We built $3.4 billion of contracted revenue, giving us flexibility on the medium.

謝謝您，早安。說實話，耐心很重要。我的意思是，我們生活在一個難以置信的不確定性之中。我的意思是，除了兩場已經很複雜的戰爭，烏克蘭和俄羅斯的戰爭以及中東戰爭之外，我們基本上還要面對美國關稅。該政府正在尋求重塑商品數量和原產地的貿易。所以，這是一件非常重要的事情，因為從根本上我們正在改變全球貿易模式。我們將拭目以待，看看這種情況會發展到何種程度。老實說，在這些非常不確定的時期，我們之前所做的事情是最重要的事情，比我們今天所做的事情更重要，在此之前我們所做的，正如你在第 9 頁中所說的那樣，我們提前建立了 3.4 億美元的流動性。我們實現了 34 億美元的合約收入，這讓我們在媒介上擁有了靈活性。

Also, with that, we have, short term flexibility, our operating cash flow, we have $12.5 million excess of contracted, revenue this year on the nine months over at the total cash expenses on the last on the 2025 on the ninth month. This gives you flexibility of thinking. On top You look, you focus on your balance sheet, you focus on the leveraging. We provided a 22% deleveraging from the end of 22 to the day. With a new athlete, a modernized athlete. And also, as you can see today, we also concentrating on mitigating interest rate risk. We have 30% of our debt fixed. Because I think in this environment you are better off to be more conservative, and we are fixed at an average rate of 5.5.

此外，有了這些，我們就有了短期彈性，我們的營運現金流，今年前九個月的合約收入比 2025 年最後九個月的總現金支出多出 1,250 萬美元。這讓你的思維更加靈活。最重要的是，你要專注在你的資產負債表，專注於槓桿作用。我們從22日末到當天提供了22%的去槓桿。擁有一位新運動員，一位現代化的運動員。而且，正如您今天所看到的，我們也致力於降低利率風險。我們已經固定了30%的債務。因為我認為在這種環境下你最好採取更保守的態度，而我們的平均利率固定在 5.5。

Now, on top of all this, we look on how we return capital to our how we can return to our shareholders, to our unit holders, and we have a program, a dividend program. And a buyback. And we are here looking on that as well as we're looking on what the new environment will develop. This is a situation that we need to Almost every day, concentrate and see what is changing. Look at the news of last night. You wrote a piece about the Houthis. What was the day before. We see that today, tomorrow there's going to be negotiations between the US and China. There was a stimulus in China in this kind of environment, you need to be focus on the important thing and keep all the flexibility there.

現在，除了這一切之外，我們還在考慮如何將資本返還給我們的股東、我們的單位持有人，我們有一個計劃，一個股息計劃。並回購。我們在這裡關注這一點，同時也關注新環境將會如何發展。我們需要幾乎每天集中精力觀察這種情況正在發生什麼變化。看看昨晚的新聞。您寫了一篇有關胡塞武裝的文章。前一天是什麼日子。我們看到今天、明天美國和中國之間將進行談判。在這種環境下，中國出現了刺激因素，你需要專注於重要的事情並保持所有的靈活性。

Yes, thanks, Angeliki, that makes a lot of sense. Focus on what you can control, I guess maybe just in that in that context. You were obviously very, not this year but in prior years you had been very acquisitive, especially on new buildings where there were opportunities to enter into long term charters to de-risk those investments, and you did so, in a fleet renewal process by selling the older ships.

是的，謝謝，Angeliki，這很有道理。專注於你可以控制的事情，我想也許只是在那種情況下。顯然，您非常，不是今年，而是前幾年，您一直非常具有收購精神，特別是在購買新船時，有機會簽訂長期租船合約以降低這些投資的風險，而且您透過出售舊船來更新船隊。

How are you thinking about that right now. Are there still opportunities given the noise in the market. To continue to, acquire assets whether they're new buildings or in the open market that come with contracts or has that quieted down in this market.

您現在對此有何看法？鑑於市場混亂，是否還有機會？繼續收購資產，無論是新建築還是在公開市場上附帶合約的資產，或是在這個市場已經平靜下來的資產。

Charter deals where you will have a new building with a charter. It's not at this point. There's a lot of uncertainty, so you don't see it. But today, you may see new builds developing. The United States is repositioning, and we have to be very aware of that. And that will mean different trading patterns that we have to be serviced by different vessels with particular specifications. So, we are very open to this. You need to follow exactly how it is developing. I mean, United States will have And needs that we have to be secured by a fleet that they will like to have visibility about. I don't think that today we can make, you can say one way or the other. You need to be very flexible and see how you position. The good thing is that we are basically so a lot of the oldest vessels with this is something that, makes us feel comfortable having a modernized fleet.

租賃交易是指您將透過租賃的方式擁有一棟新建築。目前還不是這樣。存在著很多不確定性，所以你看不到它。但今天，您可能會看到新的建築正在開發中。美國正在重新定位，我們必須意識到這一點。這意味著不同的貿易模式需要我們採用具有特定規格的不同船隻來提供服務。因此，我們對此持非常開放的態度。您需要準確地追蹤它的發展過程。我的意思是，美國需要一支他們希望能夠看到我們的艦隊來保護我們。我不認為我們今天能夠做到，你可以這麼說。你需要非常靈活，並了解自己的定位。好消息是，我們基本上擁有許多最老的船隻，這讓我們對擁有一支現代化的船隊感到放心。

And we have a lot of ability to wait and see how this is developing. We don't have to rush into one direction or the other.

我們有足夠的能力去等待並觀察事情會如何發展。我們不必急於朝某個方向前進。

Certainly, and maybe just one final one if you if you don't mind, just in terms of the three main parts of the business which are containers, tankers, dry off, each are moving in their own direction with some excitement potentially had for tankers with OPEC. Dry bulk is still kind of meandering, perhaps, not exciting but not bad, and then containers up until very recently you had a very active, we would say liner appetite for charters. How would you count it from your vantage point. What are you seeing in terms of asset values in those segments. Is there one that feels maybe very firm, perhaps, one that's, whether it's rising or is there softness you see in one segment. Just can you get some color from your eyes on vessel values.

當然，如果您不介意的話，也許我最後再問一個問題，就業務的三個主要部分而言，即集裝箱、油輪、乾散貨，每個部分都在朝著自己的方向發展，而油輪可能會因 OPEC 而受到一些關注。幹散貨運輸可能仍然有些曲折，並不令人興奮，但也不算太壞，而直到最近，貨櫃運輸一直非常活躍，我們可以說班輪對租船的興趣很大。從你的角度來看你會如何計算呢？您認為這些領域的資產價值如何？有沒有一種感覺可能非常堅定，也許，一種，無論它是否上升，或者在某一部分是否看到柔軟。您能否從船舶價值的角度來判斷其價值？

I mean, you have seen that tankers and especially this you have a very good you have very good with the function of fleet of 10%, it gives you and the other book, it gives you a good positioning and you see that the values of the vessels have been in this market there's a lot of sales and you see it in a good level, but I will say one thing. What I was very surprised that given the uncertainty that we were facing. It is amazing how you can see that the spot market, which is really an indication of how we are transacting today. If you want to have a real data on every day, even in the darkest moments, is what is the sport market.

我的意思是，你已經看到了油輪，特別是這艘油輪，它有 10% 的船隊功能，它給你和另一本書，它給你一個很好的定位，你看到這些船的價值在這個市場上有很多銷量，你看到它處於一個很好的水平，但我要說一件事。考慮到我們所面臨的不確定性，我對此感到非常驚訝。令人驚訝的是，現貨市場確實顯示了我們今天的交易情況。如果你想每天擁有真實的數據，即使在最黑暗的時刻，那就是運動市場。

And you can say that in a dry bulk which you have a real depth of the sport market. You see that it was healthy levels. I mean, don't forget about a month ago. The world looks like we are coming to a new Great Depression. So having this data point where you saw, I'm not talking, I'm talking sport market at this point where a person, an entity is willing to trade with all this uncertainty, I think the world kept quite well, I would say so. Patience, I mean, the good thing is we have done a lot of work prior to this situation, and this gives us the ability to have a time to think and see how we can go to the next opportunities.

你可以說，在乾散貨領域，你擁有真正的運動市場深度。您會發現它處於健康水平。我的意思是，不要忘記一個月前的事。世界似乎即將陷入新一輪大蕭條。因此，有了你所看到的這個數據點，我不是在說，我在說體育市場，在這個點上，一個人，一個實體願意在所有這些不確定性的情況下進行交易，我認為世界保持得相當好，我會這麼說。耐心，我的意思是，好處是我們在這種情況發生之前已經做了很多工作，這讓我們有時間思考並看看如何抓住下一個機會。

Yes, thanks, Angeliki. That's very helpful.

是的，謝謝，Angeliki。這非常有幫助。

Thank you. This does conclude today's question and answer session. I will now turn the program back over to Angeliki for any additional or closing remarks.

謝謝。今天的問答環節到此結束。現在我將節目交還給 Angeliki，請他發表任何補充或結束語。

Please complete a presentation for the Q1 results.

請完成第一季業績的示範。

Thank you.

謝謝。

This does conclude today's program.

今天的節目到此結束。

Thank you for your participation. You may disconnect at any time.

感謝您的參與。您可以隨時斷開連線。