Navios Maritime Partners L.P. (NMM) 2026 Q2 法說會逐字稿

Hello, and welcome, everyone joining today's Navios Maritime Partners Q2 2026 earnings call. (Operator Instructions) Please note this call is being recorded, and we are standing by if you should need any assistance.

各位好，歡迎各位參加今日 Navios Maritime Partners 2026 年第二季（Q2）財報電話會議。（接線員指示）請注意，本次電話會議將被錄音；如您需要任何協助，我們將隨時待命。

With us today from the company are Chairwoman and CEO, Ms. Angeliki Frangou; Chief Operating Officer, Mr. Stratos Desypris; Chief Financial Officer, Ms. Eri Tsironi; and Chief Trading Officer, Mr. Vincent Vandewalle. As a reminder, this conference call is being webcast.

今日與會的公司代表包括：董事長兼執行長 Angeliki Frangou 女士；營運長 Stratos Desypris 先生；財務長 Eri Tsironi 女士；以及交易長 Vincent Vandewalle 先生。提醒各位，本次電話會議將同步網路直播。

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.

如需收看網路直播，請前往 Navios Partners 網站 www.navios-mlp.com 的「投資人」專區。您將在頁面中間看到網路直播連結；本次財報電話會議所引用的簡報副本亦可於該處取得。

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. 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.

現在我將宣讀安全港聲明。本次電話會議可能包含依據 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）所定義、關於 Navios Partners 的前瞻性陳述。前瞻性陳述係指非歷史事實之陳述。此類前瞻性陳述係基於 Navios Partners 管理層目前之信念與預期，並受風險與不確定性影響，可能導致實際結果與前瞻性陳述存在重大差異。

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 this information contained in this conference call.

相關風險已於 Navios Partners 向美國證券交易委員會（SEC）提交之文件中更完整地說明。本文所載資訊應在該等風險背景下理解。Navios Partners 不承擔更新本次電話會議所含資訊之任何義務。

The agenda for today's call is as follows: First, Ms. Frangou will offer opening remarks. Next, Mr. Desypris will give an overview of Navios Partners segment data. Next, Ms. Tsironi will give an overview of Navios Partners' financial results. Then Mr. Vandewalle will provide an industry overview. And lastly, we'll open the call to take questions.

今日會議議程如下：首先由 Frangou 女士致開場致詞；接著由 Desypris 先生概述 Navios Partners 各業務分部資料；再由 Tsironi 女士概述 Navios Partners 財務結果；之後由 Vandewalle 先生提供產業概覽；最後開放提問。

Now I turn the call over to Navios Partners Chairwoman and CEO, Ms. Angeliki Frangou. Angeliki?

現在把電話交給 Navios Partners 董事長兼執行長 Angeliki Frangou 女士。Angeliki？

Good morning, and thank you all for joining us on today's call. I am pleased with our results. For the second quarter and first six months of 2026, we reported net income of $167.9 million and $274.3 million, EBITDA of $275.2 million and $487.8 million, earnings per common unit of $5.78 and $9.42. We also announced a $0.06 distribution per unit for the quarter.

各位早安，感謝各位參加今天的電話會議。我對我們的業績感到滿意。2026 年第二季及前六個月，我們分別錄得淨利 1.679 億美元與 2.743 億美元，EBITDA 為 2.752 億美元與 4.878 億美元，每普通單位盈餘為 5.78 美元與 9.42 美元。我們也宣布本季每單位配息 0.06 美元。

We continue to operate in a world marked with uncertainty and conflict. The war between Russia and Ukraine remains unresolved. The persistent attacks in the Strait of Hormuz and more recent ones in the Red Sea have caused persistent disruptions to global trade flows.

我們仍在一個充滿不確定性與衝突的世界中營運。俄羅斯與烏克蘭之間的戰爭仍未解決。荷姆茲海峽（Strait of Hormuz）持續遭受攻擊，以及近期紅海的攻擊事件，已對全球貿易流向造成持續性干擾。

Against this backdrop, trade has been surprisingly resilient and energy prices, while volatile, remain relatively muted. These conflicts are causing lasting implications for global trade patterns. Countries and companies are reassessing their exposure for critical resources to maritime chokepoints. They are placing greater value on supply chain resilience, looking to diversify through alternative suppliers, routes, storage capacity and transportation infrastructure. This trend may have a net effect of creating longer long-haul routes.

在此背景下，貿易展現出出乎意料的韌性，而能源價格雖然波動，但整體仍相對溫和。這些衝突正對全球貿易型態帶來長期影響。各國與企業正重新評估其對關鍵資源在海運咽喉要道的曝險程度，並更重視供應鏈韌性，尋求透過替代供應商、航線、儲存能力與運輸基礎設施來分散風險。此趨勢可能在淨效應上促成更長的長程航線。

As you can see on slide 3, our fleet has an average age of 8.7 years compared to an industry average of 13.7 years. Our tanker fleet with an average age of five years is particularly young relative to the broader tanker market. Overall, Navios fleet modernization program has created a fleet with almost 40% younger than the industry average and about 65% younger in comparison to the global tanker fleet, preparing us for the future. We believe the use of our fleet provides a competitive advantage through, among other things, lower operating cost, better fuel efficiency and higher charterer preference.

如投影片 3 所示，我們船隊平均船齡為 8.7 年，低於產業平均的 13.7 年。我們的油輪船隊平均船齡為 5 年，與更廣泛的油輪市場相比尤其年輕。整體而言，Navios 船隊現代化計畫打造出一支較產業平均年輕近 40% 的船隊；若與全球油輪船隊相比，約年輕 65%，使我們為未來做好準備。我們相信，使用我們的船隊可帶來競爭優勢，包括但不限於較低的營運成本、更佳的燃油效率以及更高的租家偏好。

Please turn to slide 4. Navios is a leading maritime transportation company owning, operating and chartering a modern fleet of 176 vessels across 3 segments and 15 asset classes. Our fleet is split in 2/3 by value with about 1/3 in each of the tanker, dry bulk and container segments. The overall value of our fleet, including a newbuilding program is $10.2 billion.

請翻到投影片 4。Navios 是領先的海運運輸公司，擁有、營運並租賃一支現代化船隊，共 176 艘船舶，涵蓋 3 個業務分部與 15 種資產類別。我們的船隊按價值分布約為三等分：油輪、散裝乾貨與貨櫃船各約占三分之一。包含新造船計畫在內，我們船隊的整體價值為 102 億美元。

Our fleet in the water has a $4.8 billion in net vessel equity value. We continue to make headway in reducing our net LTV towards our target of 20% to 25%. At the quarter end, we had a net LTV of 27.9%. Our balance sheet is strong with $625 million available liquidity and credit ratings of Ba3 from Moody's and BB from S&P.

我們在水上營運船隊的淨船舶權益價值為 48 億美元。我們持續朝將淨 LTV（貸款價值比）降至 20% 至 25% 的目標推進。截至季末，淨 LTV 為 27.9%。我們的資產負債表穩健，可用流動性為 6.25 億美元，並獲穆迪（Moody's）Ba3 與標普（S&P）BB 的信用評等。

Please turn to slide 5. Diversification is a core strength of Navios and our platform provides optionality across markets. We complement this flexibility with a disciplined risk management culture, continuously monitoring and assessing our exposures, diligently evaluating and structuring transactions and maintaining robust insurance coverage, particularly important in a war risk environment.

請翻到投影片 5。多元化是 Navios 的核心優勢，我們的平台在各市場間提供選擇權（optionalities）。我們以嚴謹的風險管理文化來補強此一彈性，持續監控並評估曝險，審慎評估與架構交易，並維持健全的保險保障，尤其在戰爭風險環境下更為重要。

Please turn to slide 6. Since the beginning of the year, we have acted to capitalize on a robust tanker market and reposition our VLCC fleet for both the current cycle and the years ahead. We initially sold two 16-year-old VLCCs for an aggregate amount of $136.5 million. Sale prices were approximately 18% above the prior historical peak for vessels of this age.

請翻到投影片 6。自年初以來，我們採取行動把握強勁的油輪市場，並為當前週期及未來數年重新配置我們的 VLCC（超大型原油輪）船隊。我們先出售兩艘 16 年船齡的 VLCC，合計售價 1.365 億美元。該等售價約較同船齡船舶過往歷史高點高出 18%。

We subsequently acquired seven newbuilding VLCCs for an aggregate purchase price of $844 million, including the one vessel that remains subject to ongoing discussions. We have entered into period charters for these vessels for an average period of 6.1 years at an average net daily rate of $45,224.

隨後，我們收購七艘 VLCC 新造船，合計購買價格 8.44 億美元，其中包含一艘仍在持續討論中的船舶。我們已為這些船舶簽訂期租合約，平均租期 6.1 年，平均淨日租金 45,224 美元。

These transactions allow us to rebuild our VLCC fleet with modern tonnage supported by long-term employment. The associated charter arrangements are expected to generate approximately $700 million of revenue while reducing our residual value exposure measured at the end of the initial charters to roughly 40% below the 20-year historical average.

這些交易使我們得以以現代化船舶重建 VLCC 船隊，並以長期租約支撐其就業。相關租船安排預期可帶來約 7 億美元營收，同時將以初始租約期末衡量的剩餘價值曝險降至約較 20 年歷史平均低 40%。

Across the entire tanker segment, we have secured a total of $922 million of contracted revenue from 14 vessels with an average charter duration of approximately five years. Of this total, $893 million relates to 11 newbuilding tankers. This strategy enhances cash flow visibility, modernizes the fleet and positions the company to benefit from the current tanker market strength while retaining substantial upside for the next cycle.

就整體油輪分部而言，我們已自 14 艘船舶取得合計 9.22 億美元的已簽約營收，平均租期約 5 年。其中 8.93 億美元來自 11 艘油輪新造船。此策略提升現金流可視性、使船隊現代化，並使公司在保有下一輪週期可觀上行空間的同時，受益於當前油輪市場的強勢。

Turning to our Dry Bulk segment. There, we are systematically rotating into larger, more fuel-efficient vessels while increasing the quality and visibility of our contracted cash flows. We sold two Panamax vessels with an average age of 18 years for aggregate proceeds of $22.8 million. We then reinvested in three newbuilding Capesize vessels for an aggregate purchase price of $204 million.

接著談散裝乾貨分部。我們正系統性地輪替至更大型、燃油效率更高的船舶，同時提升已簽約現金流的品質與可視性。我們出售兩艘平均船齡 18 年的巴拿馬型（Panamax）船舶，合計處分收入 2,280 萬美元。之後我們再投資三艘海岬型（Capesize）新造船，合計購買價格 2.04 億美元。

Two of these Capesize newbuildings have been fixed on five-year charters, providing a minimum of $86 million in contracted revenue in addition to profit sharing potentially. Across the dry bulk fleet, we have secured $125 million of minimum contracted revenue from four vessels with an average charter duration of approximately three years.

其中兩艘海岬型新造船已以五年期租約固定，除潛在的利潤分成外，將提供至少 8,600 萬美元的已簽約營收。就整體散裝乾貨船隊而言，我們已自四艘船舶取得 1.25 億美元的最低已簽約營收，平均租期約 3 年。

In container ships, our focus is on harvesting the value of contracted backlog while preserving flexibility for future capital allocation. We sold 2 4,730 TEU vessels with an average age of 19 years for an aggregate proceeds of $64.5 million.

在貨櫃船方面，我們的重點是收割已簽約訂單積壓（contracted backlog）的價值，同時保留未來資本配置的彈性。我們出售兩艘 4,730 TEU 船舶，平均船齡 19 年，合計處分收入 6,450 萬美元。

The remaining fleet continues to provide meaningful cash flow visibility with $194 million of contracted revenue secured across six vessels with an average remaining charter duration of approximately three years. Overall, we have been monetizing mature assets at attractive values while building and maintaining contracted earnings and optionalities as charter market and asset values evolve.

其餘船隊仍提供具意義的現金流可視性：我們已在六艘船舶上鎖定 1.94 億美元的已簽約營收，平均剩餘租期約 3 年。整體而言，我們以具吸引力的價值將成熟資產變現，同時在租船市場與資產價值演變之際，建立並維持已簽約獲利與選擇權。

Please turn to slide 7, where we outline our recent developments. For the second quarter, revenue was $410.2 million. EBITDA was $275.2 million. Net income was $167.9 million. Earnings per common unit were $5.78. In terms of our balance sheet, net LTV was 27.9%, half of our total debt of $1.3 billion has no LTV covenant. 43% of our total debt is fixed rate. Our debt has a staggered maturity profile with no near-term refinancing cliff. We have $1.9 billion of debt-free vessel values across 55 vessels, representing potential incremental financing capacity.

請翻到投影片 7，我們在此概述近期進展。第二季營收為 4.102 億美元，EBITDA 為 2.752 億美元，淨利為 1.679 億美元，每普通單位盈餘為 5.78 美元。就資產負債表而言，淨 LTV 為 27.9%；我們總負債 13 億美元中有一半不含 LTV 財務契約（covenant）。總負債中 43% 為固定利率。我們的債務到期結構分散，短期內無再融資斷崖。我們在 55 艘船舶上擁有 19 億美元的無負債船舶價值，代表潛在的額外融資能力。

Available liquidity totaled $625 million. Contracted revenue backlog was $4.4 billion, extending through 2037. For the second half of 2026, contracted revenue exceeded projected cash operating cost by $151 million. As of August 12, 2026, Navios has 6,250 open or index-linked days in 2026, preserving participation in a stronger spot markets while maintaining a substantial contracted earnings base.

可用流動性合計 6.25 億美元。已簽約營收訂單積壓為 44 億美元，延伸至 2037 年。就 2026 年下半年而言，已簽約營收超過預估現金營運成本 1.51 億美元。截至 2026 年 8 月 12 日，Navios 在 2026 年仍有 6,250 個開放日或與指數連結的天數，使我們在維持可觀的已簽約獲利基礎之同時，仍可參與更強勁的現貨市場。

Please turn to slide 8. Navios Partners announced a new $200 million common unit repurchase authorization, double the size of our current program. We view this program as an important tool for creating value for our common unitholders, particularly when our units trade at a meaningful discount to underlying NAV.

請翻到第 8 張投影片。Navios Partners 宣布一項新的 2 億美元普通單位回購授權，規模為我們現行計畫的兩倍。我們認為此計畫是為普通單位持有人創造價值的重要工具，特別是在我們的單位價格相對於其內含淨資產價值（NAV）出現顯著折價時。

In allocating capital to a unit repurchase program, we consider the relative attractiveness of alternative uses of capital, including the availability of investments that can enhance long-term cash flow generation, the preservation of liquidity, maintaining prudent leverage and safeguarding balance sheet strength. All of this must be considered in the context of an industry that suffers change quickly.

在將資本配置至單位回購計畫時，我們會考量資本其他用途的相對吸引力，包括是否有可提升長期現金流創造能力的投資機會、維持流動性、保持審慎槓桿，以及守護資產負債表的強健。所有這些都必須在一個變化迅速的產業背景下加以衡量。

Since the current program began in the second quarter of 2024, the company has repurchased 1.9 million common units for $92.6 million, including 135,846 units for $9.8 million in the second quarter of 2026. During the last 12 months, we returned $46 million of capital to our unitholders, of which $6 million was cash distribution in addition to $40 million of unit repurchases. Overall, the program has created a $6.30 per unit of accretion. Common units outstanding declined by about 6% from 30.2 million before the program to 28.3 million as of August 12, 2026.

自 2024 年第二季啟動現行計畫以來，公司已以 9,260 萬美元回購 190 萬個普通單位，其中包括 2026 年第二季以 980 萬美元回購 135,846 個單位。過去 12 個月，我們向單位持有人返還 4,600 萬美元資本，其中 600 萬美元為現金分配，另有 4,000 萬美元為單位回購。整體而言，該計畫帶來每單位 6.30 美元的增厚效果。流通在外的普通單位數量由計畫前的 3,020 萬個下降約 6%，至 2026 年 8 月 12 日的 2,830 萬個。

Please now turn to slide 9. Navios has been executing its strategy through a challenging environment. We are focused on building a platform of excellency. Over the past five years, we have grown contracted revenue by more than 30% to a record high of $4.4 billion. We have an EBITDA run rate of over $900 million and have expanded our fleet value, including our newbuilding program to $10.2 billion.

請現在翻到第 9 張投影片。Navios 一直在充滿挑戰的環境中執行其策略。我們專注於打造卓越的平台。過去五年，我們的已簽約收入成長超過 30%，達到創新高的 44 億美元。我們的 EBITDA 年化運行水準超過 9 億美元，並已擴大我們的船隊價值（包含新造船計畫）至 102 億美元。

Importantly, we have not sacrificed financial discipline in achieving these goals. In this process, we reduced our net loan-to-value by 38% to 27.9%. We recognize that there is more work ahead. But in an uncertain world, we believe that our proven platform, combining a diversified fleet with a disciplined risk management culture position us to continue delivering value through any market condition.

重要的是，在達成這些目標的過程中，我們並未犧牲財務紀律。在此過程中，我們將淨貸款對價值比（net loan-to-value）降低 38% 至 27.9%。我們知道仍有更多工作要做。但在不確定的世界中，我們相信我們經驗證的平台，結合多元化船隊與嚴謹的風險管理文化，使我們能在任何市場狀況下持續創造價值。

I now turn the presentation over to Mr. Stratos Desypris, Navios Partners' Chief Operating Officer. Stratos?

我現在把簡報交給 Navios Partners 的營運長 Stratos Desypris 先生。Stratos？

Thank you, Angeliki, and good morning, all. Please turn to slide 10, which details our operating free cash flow potential for the remaining six months of 2026. We fixed 77% of available days at a net average rate of $28,100 per day. Contracted revenue exceeds estimated total cash operating cost by $151.2 million, and we have 6,250 remaining open or index-linked days, offering meaningful upside.

謝謝你，Angeliki，各位早安。請翻到第 10 張投影片，該頁詳述我們在 2026 年剩餘六個月的營運自由現金流潛力。我們已以淨平均日租金 28,100 美元鎖定 77% 的可用天數。已簽約收入較估計的總現金營運成本高出 1.512 億美元，且我們仍有 6,250 天未鎖定或與指數連動的天數，提供可觀的上行空間。

Moving to slide 11. Our contracted revenue backlog provides strong earnings visibility in an uncertain market. Taking advantage of the current strong rate environment, we continue to grow contracted revenue. In Q2 and Q3 quarter-to-date, we added approximately $666 million, $439 million from six tankers, $38 million from two dry bulk vessels and $129 million from four containerships.

接著看第 11 張投影片。我們的已簽約收入積壓（backlog）在不確定的市場中提供強勁的獲利能見度。把握目前強勁的運價環境，我們持續增加已簽約收入。在第二季以及第三季截至目前，我們新增約 6.66 億美元，其中 4.39 億美元來自 6 艘油輪、3,800 萬美元來自 2 艘乾散貨船，以及 1.29 億美元來自 4 艘貨櫃船。

Total contracted revenue reached a record high of $4.4 billion, $2 billion for tankers, $2.1 billion for containerships and $0.3 billion for dry bulk. Charters are extended through 2037 with a diverse group of quality counterparties.

已簽約收入總額達到創新高的 44 億美元，其中油輪 20 億美元、貨櫃船 21 億美元、乾散貨 3 億美元。租約已延長至 2037 年，對手方為多元且具品質的客戶群。

Slide 12 summarizes the fleet developments for Q2 and Q3 quarter-to-date. During the period, we agreed to acquire three newbuilding VLCCs for $362 million with delivery expected in the second half of '28 and 2029. We also agreed to acquire one scrubber-fitted Japanese newbuilding Capesize vessel for $70 million. The vessel is expected to be delivered in the second half of 2029.

第 12 張投影片總結了第二季及第三季截至目前的船隊動態。期間內，我們同意以 3.62 億美元收購 3 艘新造 VLCC，預計於 2028 年下半年及 2029 年交付。我們也同意以 7,000 萬美元收購 1 艘配備洗滌器（scrubber）的日本新造海岬型（Capesize）船舶，預計於 2029 年下半年交付。

We also sold one 19-year-old 4,730 TEU containership for $34.5 million. Additionally, we took delivery of one newbuilding, Aframax/LR2 vessel, which is chartered out for about five years at a net daily rate of $27,420.

我們也以 3,450 萬美元出售 1 艘船齡 19 年、4,730 TEU 的貨櫃船。此外，我們接收交付 1 艘新造 Aframax/LR2 船舶，並以約五年期租出，淨日租金為 27,420 美元。

We continue to actively renew our fleet to maintain a young age profile. We have 29 newbuilding vessels delivering to our fleet through 2029, representing $2.5 billion of investment. Based on our financing, both agreed and in process, we have about $290 million of equity remaining to be paid.

我們持續積極更新船隊，以維持年輕的船齡結構。我們有 29 艘新造船將於 2029 年前交付加入船隊，代表 25 億美元的投資。根據我們已同意及正在進行中的融資安排，尚有約 2.9 億美元的股權資金需支付。

We have mitigated the residual value risk of our newbuilding program with long-term creditworthy charters expected to generate about $1.8 billion in contracted revenue over a five-year average charter duration.

我們透過長期且具信用的租約，降低新造船計畫的殘值風險；該等租約預計在平均五年的租期內帶來約 18 億美元的已簽約收入。

Moving to Slide 13. Our diversified fleet provides revenue visibility and market exposure. For the year, we have 53,546 available days, of which 88% are fixed and 12% are open or indexed. I would note that while we generally favor long-term charters, until recently, period charters made little sense in the dry bulk sector as the rates were weak for a prolonged period of time. Thus, about 24% of our dry bulk fleet is open or indexed.

接著看第 13 張投影片。我們多元化的船隊提供收入能見度與市場曝險。就全年而言，我們有 53,546 個可用天數，其中 88% 已鎖定、12% 為未鎖定或與指數連動。我想指出，雖然我們通常偏好長期租約，但直到最近，乾散貨產業的期租（period charters）因運價長期疲弱而缺乏吸引力。因此，我們約 24% 的乾散貨船隊天數為未鎖定或與指數連動。

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

我現在把電話會議交給我們的財務長 Eri Tsironi，她將帶各位了解財務重點。Eri？

Thank you, Stratos, and good morning, all. I will briefly review our unaudited financial results for the second quarter and the first half of 2026. The financial information is included in the press release and is summarized in the slide presentation available on the company's website.

謝謝你，Stratos，各位早安。我將簡要回顧我們 2026 年第二季及上半年的未經審計財務結果。相關財務資訊已包含於新聞稿中，並彙整於公司網站上的投影片簡報。

Moving to the earnings highlights on slide 14. Total revenue for the second quarter of 2026 increased by 25% to $410 million compared to $328 million for the same period in 2025 due to higher combined time charter equivalent rate despite lower available days. Our combined TCE rate for the second quarter of '26 increased by 24% to $28,512 per day, while our available days decreased by 2% to 13,152 days compared to Q2 2025.

接著看第 14 張投影片的獲利重點。2026 年第二季總營收較 2025 年同期的 3.28 億美元增加 25% 至 4.10 億美元，主因為綜合期租等效（TCE）運價上升，儘管可用天數較少。我們 2026 年第二季的綜合 TCE 日租金上升 24% 至每日 28,512 美元，而可用天數較 2025 年第二季下降 2% 至 13,152 天。

In terms of sector performance, our TCE rate per day was higher by 53% to $23,682 for our bulkers and by 25% to $33,159 for our tankers. Our Q2 2026 TCE rate per day for our containerships was in line with 2025 levels at $31,191 per day.

就各部門表現而言，我們散裝船的 TCE 日租金上升 53% 至 23,682 美元；油輪的 TCE 日租金上升 25% 至 33,159 美元。我們貨櫃船 2026 年第二季的 TCE 日租金與 2025 年水準相當，為每日 31,191 美元。

EBITDA, net income and earnings per common unit for the second quarter and the first half of 2026 were adjusted as explained in the press release and in the slide footnote. Adjusted EBITDA for Q2 2026 increased by $70 million to $242 million compared to Q2 '25. The increase was primarily driven by the increase in revenue and a $2 million decrease in vessel operating expenses due to a decrease in OpEx days.

如新聞稿及投影片註腳所述，2026 年第二季及上半年的 EBITDA、淨利與每普通單位盈餘已進行調整。2026 年第二季調整後 EBITDA 較 2025 年第二季增加 7,000 萬美元至 2.42 億美元。增幅主要來自營收增加，以及因 OpEx 天數下降導致船舶營運費用減少 200 萬美元。

Fleet OpEx daily rate was in line with '25 levels at $7,152. Adjusted EBITDA was negatively affected by a $14 million increase in time charter and voyage expenses, primarily reflecting additional insurance premiums reimbursed by charterers. Adjusted net income for Q2 '26 increased by $71 million to $135 million. Adjusted earnings and net earnings per common unit for the second quarter of '26 were $4.65 and $5.78, respectively.

船隊 OpEx 日費率與 2025 年水準一致，為 7,152 美元。調整後 EBITDA 受到期租與航次費用增加 1,400 萬美元的負面影響，主要反映由承租人補償的額外保險保費。2026 年第二季調整後淨利增加 7,100 萬美元至 1.35 億美元。2026 年第二季每普通單位調整後盈餘與每普通單位淨利分別為 4.65 美元與 5.78 美元。

Total revenue for the first half of '26 increased by 21% to $767 million compared to $632 million for the same period in '25 due to higher combined time charter equivalent rate despite lower available days. Our combined TCE rate for the first half of '26 increased by 22% to $27,098 per day, while our available days decreased by 2% to 26,256 days compared to the first half of '25.

2026 年上半年總營收較 2025 年同期的 6.32 億美元增加 21% 至 7.67 億美元，主因為綜合期租等效（TCE）運價上升，儘管可用天數較少。我們 2026 年上半年的綜合 TCE 日租金上升 22% 至每日 27,098 美元，而可用天數較 2025 年上半年下降 2% 至 26,256 天。

In terms of sector performance, our TCE rate per day was higher in all 3 sectors as follows: 47% increase to $20,632 for our bulkers, 24% increase to $32,694 for our tankers and 2% increase to $31,444 for our containerships.

就各部門表現而言，我們三個部門的 TCE 日租金均上升，分別如下：散裝船上升 47% 至 20,632 美元；油輪上升 24% 至 32,694 美元；貨櫃船上升 2% 至 31,444 美元。

Adjusted EBITDA for the first half of '26 increased by $120 million to $446 million compared to the first half of '25. The increase was primarily driven by the increase in revenue and a $2 million decrease in vessel operating expenses due to a decrease in OpEx days. Fleet OpEx daily rate was 2% higher than '25 levels at $7,174.

2026 年上半年調整後 EBITDA 較 2025 年上半年增加 1.20 億美元至 4.46 億美元。增幅主要來自營收增加，以及因 OpEx 天數下降導致船舶營運費用減少 200 萬美元。船隊 OpEx 日費率較 2025 年水準高 2%，為 7,174 美元。

Adjusted EBITDA was negatively affected by a $15 million increase in time charter and voyage expenses, primarily reflecting additional insurance premiums reimbursed by charterers and a $3 million increase in general and administrative expenses, mainly due to higher euro-dollar exchange rate prevailing during the first half of '26. Adjusted income for the first half of '26 increased by $121 million to $233 million. Adjusted earnings and earnings per common unit for the first half of '26 were $8.00 and $9.42, respectively.

調整後 EBITDA 受到不利影響，主要因期租與航次費用增加 1,500 萬美元，主要反映由承租人補償的額外保險保費，以及一般及行政費用增加 300 萬美元，主要由於 '26 年上半年歐元兌美元匯率較高所致。'26 年上半年調整後淨利增加 1.21 億美元至 2.33 億美元。'26 年上半年調整後每股盈餘及每普通單位盈餘分別為 8.00 美元與 9.42 美元。

Turning to slide 15. I will briefly discuss some key balance sheet data. As of June 30, '26, cash and cash equivalents, including restricted cash and time deposits in excess of three months were $469 million. In addition, we had $156 million available under two revolving credit facilities. During the first half of '26, we paid $190 million under our newbuilding program, net of debt, and we concluded the sale of four vessels for $123 million, adding about $99 million cash after debt repayment.

接著看第 15 頁投影片。我將簡要說明一些關鍵的資產負債表數據。截至 '26 年 6 月 30 日，現金及約當現金（包括受限制現金及超過三個月的定期存款）為 4.69 億美元。此外，我們在兩項循環信用額度下尚有 1.56 億美元可用額度。於 '26 年上半年，我們在新造船計畫下支付 1.90 億美元（扣除債務後淨額），並完成出售四艘船舶，售價 1.23 億美元，在償還債務後增加約 9,900 萬美元現金。

Long-term borrowings, including the current portion and the senior unsecured bond net of deferred fees increased by $103 million to $2.26 billion following the delivery of five new buildings during the first half of the year. Net debt to book capitalization improved to 30.6%.

長期借款（包括流動部分及扣除遞延費用後的高級無擔保債券）在上半年交付五艘新造船後增加 1.03 億美元至 22.6 億美元。淨負債對帳面資本化比率改善至 30.6%。

Slide 16 highlights our debt structure. At quarter end, we had 55 debt-free vessels, including 19 vessels securing our unutilized revolving credit facilities. We have a diversified financing base consisting of leasing structures in Japan and China, more than 15 active banking relationships and a $330 million senior unsecured bond trading in the Oslo Bors.

第 16 頁投影片重點說明我們的債務結構。截至季度末，我們有 55 艘無負債船舶，其中 19 艘用於擔保我們未動用的循環信用額度。我們擁有多元化的融資基礎，包括日本與中國的租賃架構、超過 15 家活躍的銀行往來關係，以及一筆在奧斯陸證券交易所（Oslo Bors）交易的 3.30 億美元高級無擔保債券。

In addition, 43% of our debt is fixed at an average interest rate of 6.3%, while 50% carries no loan-to-value covenant. We have also partly mitigated higher interest rate costs by lowering the average margin on our floating rate debt and bareboat liabilities for the in the water fleet to 1.7%.

此外，我們 43% 的債務為固定利率，平均利率為 6.3%，而 50% 的債務不含貸款價值比（loan-to-value）契約限制。我們亦透過降低在營船隊之浮動利率債務與光船租賃負債的平均利差至 1.7%，部分緩解利率上升帶來的成本。

I would like to note that the average margin for the committed floating rate debt of our newbuilding program is 1.5%. Our maturity profile is staggered with no significant balloons due in any single year until 2030 when the bond matures. Finally, in July, we concluded the financing of one newbuilding Capesize vessel under a 10-year bareboat contract with purchase options with an implied financing amount of $64.6 million and a 6% fixed interest rate.

我想補充說明，我們新造船計畫之已承諾浮動利率債務平均利差為 1.5%。我們的到期結構分散，在 2030 年債券到期之前，各年度均無任何單一年份需償還的重大到期大額款（balloons）。最後，我們於 7 月完成一艘新造海岬型（Capesize）船舶的融資，採 10 年期光船租約並附購買選擇權，隱含融資金額為 6,460 萬美元，固定利率為 6%。

I'll now pass the call to Vincent Vandewalle, Navios Partners' Chief Trading Officer, to take you through the industry section. Vincent?

接下來我將把電話交給 Navios Partners 的首席交易長 Vincent Vandewalle，帶各位進入產業部分。Vincent？

Thank you, Eri. Please turn to slide 18. Strait of Hormuz closure has created a major energy and shipping shock, affecting about 20% of the worldwide crude, product and LNG flows. The disruption has tightened tanker availability and driven freight rates sharply higher. Rates for VLCCs hit all-time highs, reaching $602,000 per day and remain elevated with a significant portion of the fleet trapped inside the Gulf.

謝謝你，Eri。請翻到第 18 頁投影片。荷姆茲海峽關閉造成重大的能源與航運衝擊，影響全球約 20% 的原油、成品油與 LNG 流量。此一中斷使油輪供給趨緊並推升運價大幅上漲。VLCC 運價創歷史新高，達到每日 602,000 美元，且仍維持在高檔，因為相當一部分船隊被困在波斯灣內。

The shortfall has been partially mitigated by increased crude volumes from U.S.A., Brazil, Venezuela, Guyana heading to both Europe and Asia adding more ton-miles. At the same time, renewed disruption in the Red Sea has led Saudi crude to alternatively being shipped via the Mediterranean to Asia.

供給缺口部分由美國、巴西、委內瑞拉、蓋亞那增加原油出口至歐洲與亞洲所緩解，並帶來更多噸海里。同時，紅海再度出現中斷，導致沙烏地原油改以經地中海轉運至亞洲。

Higher fuel costs and security of supply concerns are driving the purchasing and transportation of commodities and finished goods. This has raised rates in the dry bulk sector for both Capesizes and Panamaxes and has continued to support container time charter rates. The conflict in the Ukraine and the recent Panama Canal draft reductions due to El Nino also add ton-miles for most vessel types.

燃料成本上升與供應安全疑慮正推動大宗商品與成品的採購與運輸。這使乾散貨市場中海岬型與巴拿馬型船的運價上升，並持續支撐貨櫃船期租運價。烏克蘭衝突以及近期因聖嬰現象導致巴拿馬運河吃水限制下調，也為多數船型增加噸海里需求。

With negotiations between the US and Iran at an impasse and the Strait of Hormuz and South Red Sea effectively closed, vessels utilization will continue to run at high levels, supporting elevated rates for the near term.

在美國與伊朗談判陷入僵局、且荷姆茲海峽與南紅海實質關閉的情況下，船舶利用率將持續維持高檔，支撐短期內的高運價。

Medium-term trade adjustments will depend on how long oil prices stay elevated and whether demand for other commodities like coal rise to substitute for LNG or decreased fertilizer availability affects crop supply later this year. Strategic and commercial crude and product reserves will need to be restocked, which should keep tanker rates elevated over the long term. However, prolonged Hormuz closure could still trigger a global slowdown or a recessionary demand shock, which could affect all shipping markets.

中期的貿易調整將取決於油價維持高檔的時間長短，以及煤炭等其他商品需求是否上升以替代 LNG，或化肥供應減少是否會在今年稍晚影響作物供給。戰略與商業原油及成品油庫存需要補庫，這應可在長期維持油輪運價於高位。然而，荷姆茲海峽長期關閉仍可能引發全球成長放緩或衰退式需求衝擊，進而影響所有航運市場。

Please turn to slide 20 for the review of the dry bulk industry. Demand growth for dry bulk trade has been relatively stable over the last 25 years at about 4% average annual ton-mile growth. The current order book stands about 14% of the total fleet and is expected to remain low due to high newbuilding prices, uncertainty about new fuel regulations, yard availability and general market outlook. The fleet is aging quickly with 39% of the vessels 15 years old with older vessels far exceeding those on order. Supply should be constrained over the medium term.

請翻到第 20 頁投影片，回顧乾散貨產業。過去 25 年乾散貨貿易需求成長相對穩定，噸海里年均成長約 4%。目前訂單量約為總船隊的 14%，由於新造船價格高、對新燃料法規的不確定性、船廠產能可用性以及整體市場展望等因素，預期將維持在低位。船隊老化速度很快，39% 的船舶船齡已達 15 年，而老舊船舶數量遠超過在手訂單。中期供給應將受到限制。

Please turn to slide 21. The main driver of dry bulk demand will be strong Atlantic basin iron ore growth over the next several years with new projects in Guinea, Brazil and Liberia. The largest new project is Simandou in Guinea, which started shipments at the end of last year and is expected to ramp up to 120 million tons by '28. All its year-to-date shipments were about 9 million long-haul tons from 0 last year.

請翻到第 21 頁投影片。未來數年乾散貨需求的主要驅動力將是大西洋盆地鐵礦石的強勁成長，來自幾內亞、巴西與賴比瑞亞的新專案。其中最大的新專案為幾內亞的 Simandou，於去年底開始出貨，預計到 '28 年將提升至 1.2 億噸。今年迄今其出貨量約為 900 萬噸長航線貨量，而去年為 0。

Vale in Brazil has three new projects totaling 50 million tons expected to start exporting by the end of '26. Liberia adds 10 million tons of exports in '26. In total, these 180 million tons are all long-haul ton-mile trades, creating demand for an additional 249 capes. With the current order book of only 227 capes due by '28, a further tightening of supply and demand is expected over the next years, benefiting rates. Overall, the dry bulk market looks positive based on steady long-term demand growth and a constrained supply of vessels.

巴西的 Vale 有三個新專案合計 5,000 萬噸，預計於 '26 年底前開始出口。賴比瑞亞於 '26 年新增 1,000 萬噸出口。合計而言，這 1.8 億噸皆為長航線噸海里貿易，將創造額外 249 艘海岬型船的需求。由於目前訂單簿中至 '28 年交付的海岬型船僅 227 艘，預期未來數年供需將進一步收緊，有利於運價。整體而言，基於長期需求穩健成長與船舶供給受限，乾散貨市場展望正向。

Please turn to slide 23 for the review of the tanker industry. As to supply, we see a tanker order book of 26%. About 50% of the fleet is already over 15 years old, rising quickly in the next few years. With older vessels exceeding the order book and yards offering first deliveries in late '28 or early '29, supply is set to be tight for several years.

請翻到第 23 頁投影片，回顧油輪產業。就供給而言，我們看到油輪訂單簿為 26%。約 50% 的船隊船齡已超過 15 年，且未來幾年將快速上升。由於老舊船舶數量超過訂單簿，且船廠提供的首批交付時間在 '28 年末或 '29 年初，供給在未來數年將維持緊俏。

Please turn to slide 24. The US Office of Foreign Assets Control, OFAC, the EU and the UK continue to sanction Russian and Iranian oil revenues and ships delivering their crude and product cargoes. The US recently imposed sanctions on five Iranian-linked VLCCs and three product tankers, along with sanctions on several individuals and companies involving trades in Iranian cargoes or aiding payments to Iran. These tight sanctions have two main effects.

請翻到第 24 頁投影片。美國財政部外國資產控制辦公室（OFAC）、歐盟與英國持續制裁俄羅斯與伊朗的石油收入，以及運送其原油與成品油貨物的船舶。美國近期對五艘與伊朗相關的 VLCC 與三艘成品油輪實施制裁，並對多名個人與公司施加制裁，涉及伊朗貨物交易或協助向伊朗付款。這些嚴格制裁主要帶來兩項影響。

Sanctioned oil volumes from these countries have more difficulty finding willing buyers, raising demand for compliant barrels and non-sanctioned vessels to carry that oil. With 875 mostly overage tankers now sanctioned, the fleet has already seen a significant reduction of about 15.3% of total capacity. The tanker market also looks positive over the medium term based on a low order book compared with an aging and reduced fleet due to sanctions.

來自這些國家的受制裁石油量更難找到願意購買的買家，因而提高對合規原油以及承運該等原油之非受制裁船舶的需求。由於目前已有 875 艘（多為高船齡）油輪遭制裁，船隊總運力已顯著減少約 15.3%。在中期而言，油輪市場亦呈現正向，因為相較於船隊老化且因制裁而縮減的船隊規模，訂單簿偏低。

Please turn to slide 26 for a review of the container industry. After the COVID pandemic, container ship orders were mainly for the biggest units with fleet expansions in the large vessels set to continue at high level. Currently, 72% of the order book for ships with 9,000 TEU capacity or greater and only 24% of the order book is for 2,000 to 9,000 TEU capacity where Navios is most active. Note that by '29, more than 50% of the 2,000 to 9,000 TEU fleet will be 20 years old or older. Smaller segments of the fleets are well positioned to take advantage of the shifting trading patterns.

請翻到第 26 頁投影片，回顧貨櫃產業。COVID 疫情後，貨櫃船訂單主要集中在最大型船舶，大型船舶的船隊擴張預計將持續維持高水準。目前，9,000 TEU 以上船舶占訂單簿的 72%，而 2,000 至 9,000 TEU（Navios 最活躍的區間）僅占訂單簿的 24%。請注意，到 '29 年，2,000 至 9,000 TEU 船隊中將有超過 50% 的船舶船齡達 20 年或以上。較小船型的船隊區隔具備良好條件，可把握貿易型態轉移所帶來的機會。

As shown at the right-hand graph, growth in non-mainline trades far exceeds the traditional mainline trades to the US and Europe due to the tariffs and higher growth in developing countries. Trades involving the Southern Hemisphere, mostly served by smaller sized vessels are expected to see continued healthy growth as this trade shift continues. Overall, Navios fleet is well positioned within the container market and continues to benefit from long-term employment with our high-quality charters.

如右側圖表所示，受關稅影響以及開發中國家較高成長帶動，非主幹航線貿易的成長遠超過傳統往美國與歐洲的主幹航線。涉及南半球的貿易（多由較小型船舶服務）預期將在此貿易轉移持續之際維持健康成長。整體而言，Navios 船隊在貨櫃市場中的配置良好，並持續受益於與高品質承租人簽訂的長期租約。

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

以上為我們的簡報內容。接下來我想把電話交給 Angeliki Frangou，請她做最後的評論。Angeliki？

Thank you, Vincent. This completes the formal presentation. We open the call to questions.

謝謝你，Vincent。以上完成正式簡報。我們現在開放提問。

(Operator Instructions)

（接線員指示）

Omar Nokta, Clarksons Securities.

Omar Nokta，Clarksons Securities。

Nice update today, and thank you for the overall market commentary and company update. Clearly, I guess, as we think about things, there continues to be a good amount of uncertainty, as you highlighted, across the different markets. But freight rates are very firm across all of your segments, and you've been taking advantage of that.

今天的更新很不錯，也謝謝你們對整體市場的評論與公司近況更新。很明顯地，我想，當我們思考這些事情時，正如你所強調的，不同市場之間仍然存在相當程度的不確定性。但你們所有業務分部的運價都非常堅挺，而你們也一直在善用這樣的環境。

And I just wanted to ask about the dry bulk fleet as it is now because that seems to be really where there is the most spot exposure, call it, or at least you do have vessels on charters that are on an index-linked basis. I just wanted to get a sense from you, as you look ahead with this fleet in particular, is the idea or the plan to continue deploying these vessels the way that they are, which is on these spot-linked charters? Or do you start to look to convert some of these on to fixed rate contracts?

我想請教目前的乾散貨船隊狀況，因為那似乎是現貨曝險最大的部分，或者至少你們確實有一些船舶是以指數連結的方式租出。我想了解的是，當你們特別展望這支船隊的未來時，想法或計畫是否會繼續以目前這種方式部署這些船舶，也就是採用這些與現貨連動的租約？還是你們會開始考慮把其中一些轉為固定費率合約？

Omar, I think this is a good observation. I mean, basically, if you see on Stratos' slide, there is -- we have about 6,250 days that are opening mainly are index is a dry bulk days. What we see is a very firm market. We have been able to fix even our very, very old cape on 2.5-year durations at healthy rates by historical standards. So you will see some contracted revenue because it's at levels that do make sense.

Omar，我認為這是個很好的觀察。基本上，如果你看 Stratos 的投影片，我們大約有 6,250 天即將到期，主要是乾散貨、以指數為基礎的天數。我們看到市場非常堅挺。即使是我們非常、非常老的海岬型船（cape），我們也能以 2.5 年期、以歷史標準來看相當健康的租金水準完成鎖定。所以你會看到一些已簽約收入，因為目前的水準確實合理。

But we also keep -- you will have part of that also on index. So you will have seen that we added in the contracted revenue and Stratos can take you through a little bit on the recent deals we did.

但我們也會保留——其中一部分也會維持在指數連結上。所以你會看到我們把它納入已簽約收入，而 Stratos 也可以帶你稍微回顧一下我們最近做的幾筆交易。

Actually, Omar, I mean, as Angeliki said, we have about 25% of our days for the second half of this year, which are indexed on the dry bulk. And this is very important because on index, you see the strength of the spot market today, and we are able to capture that 100% basically.

其實，Omar，正如 Angeliki 所說，我們今年下半年大約有 25% 的營運天數是乾散貨指數連結。這非常重要，因為在指數連結下，你可以看到目前現貨市場的強勢，而我們基本上能夠 100% 地捕捉到這個強勢。

And on top of that, we have already fixed another two vessels on longer duration. It's an average of about two years on average. And as Angeliki pointed out, one of the vessels was a 21-year-old vessel, which we fixed for two years, taking out the age to 23.5. So this is indications of a very, very healthy market with good prospects. People feel that this market is there at least for the foreseeable future.

此外，我們已經另外把兩艘船以較長期間完成鎖定，平均約兩年。正如 Angeliki 指出的，其中一艘是 21 年船齡的船舶，我們把它固定兩年，等於把船齡延伸到 23.5 年。這些都顯示市場非常、非常健康且前景良好。大家認為至少在可預見的未來，這個市場仍會存在。

Yes. Got it. Understood. And then maybe just one follow-up, and I'll pass it back. Obviously, nice to see the share buyback. You've nearly exhausted the original $100 million. You're commencing a new $200 million buyback you announced today. Just a really simple question. Does this new $200 million replace what's left of the $100 million? Or is the plan to finish off the remainder of the $100 million before shifting towards the new one?

好的，了解，明白。那再追問一個問題，我就交回去。很高興看到你們的庫藏股回購。你們幾乎已用完原先的 1 億美元額度。今天你們宣布啟動新的 2 億美元回購。很簡單的問題：這新的 2 億美元是否取代原先 1 億美元計畫剩餘的額度？還是計畫先把 1 億美元的剩餘額度用完，再轉向新的計畫？

This is on top of the remaining. So we gave visibility as we are coming to the end of our $100 million. We bought about 6% of our shares. So we are ready to position the company, doubling our buyback.

這是加在剩餘額度之上。所以我們在接近 1 億美元計畫尾聲時提供了能見度。我們已回購大約 6% 的股份。因此我們已準備好為公司定位，把回購規模加倍。

Kristoffer Skeie, Arctic Securities.

Kristoffer Skeie，Arctic Securities。

Congrats on another great quarter. So my question relates a bit to what Omar was touching upon. The LTV is now 27.9% as of quarter end. And I was wondering if you could give some guidance on when you expect the target to be reached? And what do you expect that will change in terms of the capital allocation? So -- and on the $200 million buyback program, is it fair to assume that we could expect more than $10 million a quarter?

恭喜又一個很棒的季度。我的問題與 Omar 剛才提到的有點相關。季度末的 LTV 現在是 27.9%。我想請問你們預期何時能達到目標？以及在資本配置方面，你們預期會有哪些改變？另外，關於 2 億美元的回購計畫，是否可以合理假設我們每季可能會看到超過 1,000 萬美元的回購？

Kristoffer, the thing -- the one thing I can tell you is that we doubled today our buyback, and we have been doing that while we are building quite significantly -- we build a lot of value for the company. And this buyback is measured by the considerations we have, which is we are renewing our fleet. We have a $4.2 billion newbuilding program, rebuilding and renewing our fleet quite significantly.

Kristoffer，我能告訴你的一件事是，我們今天把回購規模加倍，而我們在這麼做的同時，也在相當顯著地——為公司創造大量價值。這個回購是基於我們的各項考量來衡量的，其中包括我們正在更新船隊。我們有一個 42 億美元的新造船計畫，正在相當大幅度地重建並更新我們的船隊。

And we are deleveraging at the same time, leverage today is about 27%, which is quite significantly reduced from when we started this process. So our buyback is based on an ability to have a flexible company to be able to operate in any market condition and without creating stress in the system. So this is where we are, and we are working on towards the 20% to 25% level.

同時我們也在去槓桿。目前槓桿約 27%，相較於我們開始這個流程時已大幅降低。因此，我們的回購是建立在公司能保持彈性、能在任何市場狀況下運作、且不會在系統中造成壓力的能力之上。這就是我們目前的狀態，我們正朝 20% 到 25% 的水準努力。

Stephanie Moore, Jefferies.

Stephanie Moore，Jefferies。

This is Peter Sullivan calling on behalf of Stephanie Moore. My question was centered around counterparty concentration, looking at revenue backlog standing at $4.4 billion going through 2037. How do you guys evaluate concentration risk within the backlog? Which metrics should investors focus when assessing counterparty quality and then renewal risk across all three subsectors? And then as your backlog has expanded, has this changed over time?

我是 Peter Sullivan，代表 Stephanie Moore 來電。我的問題聚焦在交易對手集中度。你們的收入積壓（revenue backlog）為 44 億美元，延伸至 2037 年。你們如何評估積壓訂單中的集中度風險？投資人在評估交易對手品質，以及三個子產業的續約風險時，應該關注哪些指標？另外，隨著你們的積壓訂單擴大，這些情況是否隨時間有所改變？

Peter, for us, risk is something very, very important. It's not about -- as you very well said, we have a backlog of $4.4 billion, which is quite significant and until 2037, but absolute -- the most important thing is what we collect.

Peter，對我們而言，風險是非常、非常重要的事情。重點不在於——正如你說的，我們有 44 億美元、直到 2037 年的積壓訂單，這確實相當可觀，但最重要的是我們實際能收回多少。

So the risk management is quite significant because we are in different sectors, the huge diversification between oil -- major oil companies to [green houses] to major container counterparties. So basically, you have a lot of different entities. And Stratos can give a little bit on concentrations.

因此風險管理非常關鍵，因為我們跨足不同產業，從石油——大型石油公司，到[green houses]，再到主要的貨櫃航運交易對手，具備高度多元化。基本上，你面對的是許多不同的實體。而 Stratos 可以補充一些關於集中度的資訊。

I mean if you see on the presentation, Peter, you can see that the counterparties that we have are basically, I would say, blue chip counterparties. They are top of the line in say, rated names. And as Angeliki said, it's on the oil side, of course, you have oil majors and major oil players. But there is also diversification between the segments.

Peter，如果你看簡報，你會看到我們的交易對手基本上可以說是藍籌等級。我會說，它們都是一流的、例如在評等上屬於優質的名稱。正如 Angeliki 所說，在石油端，當然你有石油巨頭與主要石油業者；但各業務分部之間也有分散。

So you're not exposed in just one segment. You see that the contracted revenue comes about 50-50 between containers and tankers. And this changes depending on the opportunities that you see in the market. And we are always focusing on the quality of the counterparty in order to make sure that this counterparty can always perform the contract irrespective of the market conditions.

所以你不會只曝險在單一分部。你會看到已簽約收入大約是貨櫃與油輪各占 50-50。這會依你在市場上看到的機會而改變。我們始終聚焦交易對手的品質，以確保無論市場狀況如何，該交易對手都能履行合約。

Perfect. Very helpful. And then as a follow-up, you've spoken about a longer-term reconfiguration of global supply flows driven by geopolitical and national security considerations.

很好，非常有幫助。接著追問，你們談到由地緣政治與國家安全考量所驅動的全球供應流向長期重整。

As shipping routes lengthen and vessel deployment patterns kind of evolve over time, how should investors think about the balance between the benefits of higher ton mile demand and then the associated increases with operating costs such as fuel, insurance, crewing, et cetera? Then I'll pass it on.

隨著航線拉長、船舶部署模式也會隨時間演變，投資人應如何看待更高的噸海里需求所帶來的好處，與營運成本（例如燃油、保險、船員等）上升之間的平衡？我問完就交給下一位。

Let me explain one thing. The longer ton-mile is like removing from the supply of vessels. Like I will give you an example. I mean, we thought Red Sea under the previous condition was long, taking 10 days more for the container vessels to go around the Cape of Africa.

我先解釋一點。噸海里拉長就像是把船舶供給從市場上移除一部分。我舉個例子：在先前的情況下，我們認為紅海繞行已經很長，貨櫃船繞過非洲好望角要多花 10 天。

Today, the disruption that is happening with Red Sea and the Strait of Hormuz, which basically the VLCCs cannot go down, that adds via Mediterranean 2.5 times -- I mean, quite significant more days. You are talking about 2.5 times the voyage and Vincent has gone in depth on that. So the disruptions today add to the ton miles. So basically, we are paid for more days at sea.

今天，紅海與荷姆茲海峽的干擾正在發生，基本上 VLCC 無法通行，改走地中海路線會增加到 2.5 倍——也就是多出相當可觀的天數。你談的是航程變成 2.5 倍，Vincent 也已深入說明。因此，今天的干擾增加了噸海里。基本上，我們因為在海上航行的天數更多而獲得報酬。

And just to add to what Angeliki is saying, for us, the longer ton miles, the fuel cost and the voyage expenses that are associated because we are focusing mostly on time charters. For us, this is a pass-through. So basically, the rate environment that we see is benefiting operators like us that operate on longer-term duration in the time charters.

再補充 Angeliki 的說法，對我們而言，噸海里拉長所伴隨的燃油成本與航次費用，因為我們主要聚焦於期租（time charters），對我們來說是可轉嫁的。因此，我們看到的運價環境，對像我們這種以較長期間期租營運的業者是有利的。

And the insurance cost--

而保險成本——

(Operator Instructions) This does conclude today's question-and-answer session. I will now turn the meeting back to Angeliki for closing remarks.

（接線員指示）今天的問答環節到此結束。我現在把會議交回 Angeliki 作結語。

Thank you. This completes our Q2 results. Thank you.

謝謝。以上完成我們的第二季（Q2）業績說明。謝謝。

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。我們感謝各位撥冗參與。您現在可以斷線。