Pangaea Logistics Solutions Ltd (PANL) 2023 Q4 法說會逐字稿

Good morning. My name is Todd, and I will be your conference operator today. At this time, I would like to welcome everyone to the Pangaea Logistics Solutions fourth-quarter and full-year 2023 earnings teleconference.

早安.我叫托德，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 Pangea Logistics Solutions 第四季和 2023 年全年財報電話會議。

Today's call is being recorded and will be available for replay beginning at 11:00 AM Eastern Time. The recording can be accessed by dialing 800-839-5630 for domestic users or 402-220-2557 for international.

今天的通話正在錄音中，並將於東部時間上午 11 點開始重播。國內用戶可撥打 800-839-5630，國際用戶可撥打 402-220-2557 存取錄音。

(Operator Instructions) It is now my pleasure to turn the floor over to Stefan Neely with Vallum Advisors. Please go ahead.

（操作員說明）現在我很高興將發言權交給 Vallum Advisors 的 Stefan Neely。請繼續。

Thank you, operator. And welcome to the Pangaea Logistics Solutions fourth-quarter and full-year 2023 results conference call. Leading the call with me today is CEO, Mark Filanowski; Chief Financial Officer, Gianni Del Signore; and COO, Mads Petersen.

謝謝你，接線生。歡迎參加 Pangea Logistics Solutions 第四季和 2023 年全年業績電話會議。今天與我一起主持電話會議的是執行長 Mark Filanowski；財務長 Gianni Del Signore；營運長 Mads Petersen。

Today's discussion contains forward-looking statements about future business and financial expectations. Actual results may differ significantly from those projected in today's forward-looking statements due to various risks and uncertainties, including the risks described in our periodic reports filed with the SEC.

今天的討論包含有關未來業務和財務預期的前瞻性陳述。由於各種風險和不確定性，包括我們向美國證券交易委員會提交的定期報告中所述的風險，實際結果可能與今天的前瞻性聲明中預測的結果有顯著差異。

Except as required by law, we undertake no obligation to update our forward-looking statements. At the conclusion of our prepared remarks, we will open the line for questions.

除法律要求外，我們不承擔更新前瞻性聲明的義務。在我們準備好的發言結束後，我們將開放提問熱線。

With that, I would like to turn the call over to Mark.

說到這裡，我想把電話轉給馬克。

Thank you, Stefan, and welcome to those joining us on the call today. After the market closed yesterday, we issued a release detailing our fourth-quarter and full-year 2023 results.

謝謝你，Stefan，並歡迎今天加入我們電話會議的人們。昨天收盤後，我們發布了一份新聞稿，詳細介紹了 2023 年第四季和全年業績。

Our results were a good finish to the year, as we continued to achieve a consistent TCE rate premium above our benchmark indices. While the fourth quarter is generally a slower period for Pangaea as we exit the peak of our Arctic trade season, ongoing geopolitical trade disruptions have led to increased demand within our traditional trade routes, contributing to increased shipping days in the period, together with a corresponding increase in freight rates.

我們的業績為今年畫上了圓滿的句號，因為我們繼續實現了高於基準指數的持續 TCE 利率溢價。雖然隨著我們退出北極貿易季節的高峰，第四季度盤古大陸總體上是一個緩慢的時期，但持續的地緣政治貿易幹擾導致我們傳統貿易路線內的需求增加，導致該時期的運輸天數增加，以及相應的運輸天數。

We reported adjusted net income of $7.4 million for the fourth quarter and $31.4 million for the year. For the fourth quarter in 2023, our adjusted EBITDA of $19.7 million, though strong, declined on a year-to-year basis, even as our TCE rate exceeded our benchmark BSI Index by 27%. Market rate volatility can be impactful over quarterly periods, but our business model smooths the effects over longer periods.

我們報告第四季度調整後淨利潤為 740 萬美元，全年調整後淨利潤為 3,140 萬美元。2023 年第四季度，儘管我們的 TCE 率超出基準 BSI 指數 27%，但我們的調整後 EBITDA 為 1,970 萬美元，儘管強勁，但同比有所下降。市場利率波動可能會對季度產生影響，但我們的業務模式可以平滑較長時期內的影響。

Our markets in the current quarter are showing surprising strength on a seasonal basis, as global trade disruptions have led to persistent market inefficiencies, a dynamic supportive of a structurally higher freight rate environment.

本季我們的市場在季節性基礎上顯示出令人驚訝的強勁勢頭，因為全球貿易中斷導致持續的市場效率低下，這是結構性較高的運價環境的動態支撐。

With supply growth limited by worldwide shipbuilding capacity to produce new ships in our segment, we think there is a long runway for continued strong performance. Beyond the favorable dynamics being created by geopolitical disruption, we continue to see strong demand growth in the core trades that we serve, specifically construction aggregates, cement, and iron ore and iron products.

由於供應成長受到全球造船廠生產新船能力的限制，我們認為持續強勁的業績還有很長的路要走。除了地緣政治幹擾帶來的有利動力之外，我們繼續看到我們所服務的核心產業的需求強勁增長，特別是建築骨材、水泥、鐵礦石和鐵產品。

Through today, we've booked over 3,500 shipping days at an average TCE rate of $17,430 per day versus a market rate of approximately $13,000 per day in the first-quarter 2024. Given these favorable underlying demand conditions and our expanding cargo book, we intend to prioritize capital investment in fleet expansion and renewal while continuing to scale our onshore logistics capabilities.

截至今天，我們已經預訂了超過 3,500 個運輸日，平均 TCE 費率為每天 17,430 美元，而 2024 年第一季的市場費率約為每天 13,000 美元。鑑於這些有利的潛在需求條件和我們不斷擴大的貨運量，我們打算優先考慮對船隊擴張和更新進行資本投資，同時繼續擴大我們的陸上物流能力。

In addition to these organic and inorganic investments, we'll seek to further fortify our balance sheet, all while continuing to support a consistent return of capital program as demonstrated by our consistent quarterly cash dividend. At a strategic level, we remain focused on providing a growing base of integrated shipping and logistics solutions that address the unique demands of our customers.

除了這些有機和無機投資之外，我們還將尋求進一步強化我們的資產負債表，同時繼續支持一致的資本回報計劃，正如我們持續的季度現金股息所證明的那樣。在策略層面上，我們仍然專注於提供不斷增長的綜合運輸和物流解決方案，以滿足客戶的獨特需求。

To that end, following the acquisition of three marine port terminal operations in Florida and Maryland in mid-2023, we've been actively working to expand our onshore relationships with new and existing customers. During 2024, we will expand our footprint across the US Gulf Coast and in Florida through strategic joint operations, partnerships, and site leases.

為此，在 2023 年中期收購佛羅裡達州和馬裡蘭州的三個海港碼頭業務後，我們一直在積極努力擴大與新舊客戶的陸上關係。2024 年，我們將透過策略聯合營運、合作夥伴關係和場地租賃，擴大我們在美國墨西哥灣沿岸和佛羅裡達州的足跡。

We believe this approach is a lower-cost, less-capital-intensive method of entering a market, albeit one that allows us to build stronger relationships with current and potential customers and is centered on building around our ocean transport offerings. This accelerating dry bulk demand growth, limited volume of new-build dry bulk vessels scheduled to enter service over the coming years, and a focus on expansion of our fleet and port terminal operations sets up for a favorable strategic success in 2024 and beyond.

我們相信，這種方法是一種成本較低、資本密集程度較低的進入市場的方法，儘管這種方法可以讓我們與現有和潛在客戶建立更牢固的關係，並以我們的海洋運輸產品為中心。乾散貨需求的加速成長、計劃在未來幾年投入使用的新建乾散貨船數量有限，以及我們對船隊和港口碼頭業務擴張的關注，將為 2024 年及以後的戰略成功奠定基礎。

With that, I'll turn it over to Gianni for a deeper discussion of our fourth-quarter financial results.

接下來，我將把它交給詹尼，以更深入地討論我們第四季度的財務表現。

Thank you, Mark, and welcome to all of those joining us today. Our fourth-quarter financial results continue to emphasize the flexibility of our business model, as we were able to deliver premium returns amid market volatility, strong year-over-year growth in shipping days, all while reducing our vessel operating expenses per day.

謝謝你，馬克，歡迎今天加入我們的所有人。我們的第四季度財務業績繼續強調了我們業務模式的靈活性，因為我們能夠在市場波動的情況下提供優質回報，運輸天數同比強勁增長，同時減少每天的船舶運營費用。

Fourth-quarter TCE rates were approximately $17,684 per day, a premium of 27% over the average published market rates for Supermax and Panamax vessels in the period, which is supported by ice class performance early in the quarter, as well as our long-term COAs and forward bookings, which lock in rates for future cargo performance.

第四季的 TCE 費率約為每天 17,684 美元，比該期間 Supermax 和巴拿馬型船舶平均公佈的市場費率溢價 27%，這受到本季度初冰級表現以及我們的長期表現的支持。期預訂，鎖定未來貨運績效的費率。

Our adjusted EBITDA declined year over year to $19.7 million. Our adjusted EBITDA margin also declined year over year to 14.9%, given volatility in rates which negatively impacted our charter-in expenses.

我們調整後的 EBITDA 年減至 1,970 萬美元。由於費率波動對我們的租船費用產生了負面影響，我們調整後的 EBITDA 利潤率也較去年同期下降至 14.9%。

We also recognized an unusually high canal transit fee during the quarter, resulting from environmental disruptions at the Panama Canal. This fee resulted in a $1 million negative impact to our adjusted EBITDA during the fourth quarter and a reduction in our overall TCE earned.

我們也意識到，由於巴拿馬運河的環境破壞，本季運河過境費異常高。這筆費用對我們在第四季度調整後的 EBITDA 產生了 100 萬美元的負面影響，而我們的總 TCE 收入減少了。

During the fourth quarter, we saw year-over-year increase in chartered-in days, which increased 33% due to increased demand from our customers and our ability to supplement our fleet with chartered-in vessels. However, in accordance with our short-term chartered-in strategy, we recognized higher spot chartered-in rates in comparison to our overall TCE, resulting in margin compression, which may happen during times of rising rate environment.

第四季度，我們的租船天數年增了 33%，這是由於客戶需求的增加以及我們透過租船補充船隊的能力。然而，根據我們的短期租船策略，與我們的整體TCE相比，我們認為現貨租船費率較高，導致利潤率壓縮，這可能在費率上升的環境下發生。

Through today, we've booked approximately 1,400 chartered-in days at an average cost of $17,100 per day in the first quarter of 2024. Furthermore, this dynamic was offset by lower vessel operating expenses net of technical management fee, which decreased by 4% year over year from an average of $6,200 per day last year to $5,900 per day in the fourth quarter of 2023. The decrease continues to highlight the success of our efforts to manage vessel operating expenses.

截至今天，我們已預訂了約 1,400 個包機天數，2024 年第一季的平均費用為每天 17,100 美元。此外，這項動態被扣除技術管理費後的船舶營運費用降低所抵消，該費用年減 4%，從去年的平均每天 6,200 美元降至 2023 年第四季的每天 5,900 美元。這一下降繼續凸顯了我們管理船舶營運費用的努力取得了成功。

As we have mentioned in the past, we utilize forward freight agreements and bunker swaps to selectively hedge our exposure to the market on our long-term cargo contracts and forward bookings. This approach helps us lock in future cash flows and minimize the impact of market volatility, but can lead to fluctuations in our reported results on a period-to-period basis.

正如我們過去提到的，我們利用遠期貨運協議和燃油互換來選擇性地對沖長期貨運合約和遠期預訂的市場風險。這種方法有助於我們鎖定未來現金流量並最大限度地減少市場波動的影響，但可能會導致我們報告的業績出現週期性波動。

Given the market volatility during the fourth quarter, our reported net income reflects an unrealized loss of approximately $5.7 million relating to the mark-to-market adjustments of bunker swaps, forward freight agreements, and our interest rate cap. In total, our reported GAAP net income attributable to Pangaea for the fourth quarter was $1.1 million or $0.02 per diluted share, compared to $15.5 million or $0.34 per diluted share in the fourth quarter of last year.

考慮到第四季度的市場波動，我們報告的淨利潤反映了與燃油掉期、遠期運費協議和利率上限的按市價調整相關的未實現損失約 570 萬美元。總的來說，我們報告的第四季度歸屬於Pangea 的GAAP 淨利潤為110 萬美元，即稀釋後每股收益0.02 美元，而去年第四季度為1550 萬美元，即稀釋後每股收益0.34 美元。

When excluding the impact of the unrealized losses from derivative instruments that I mentioned, as well as other non-GAAP adjustments, our reported adjusted net income attributable to Pangaea during the quarter was $7.4 million or $0.16 per diluted share, a decrease of $6.9 million or $0.16 per diluted share versus the fourth quarter of last year.

當排除我提到的衍生工具未實現損失以及其他非GAAP 調整的影響時，我們報告的本季度歸屬於Pangea 的調整後淨利潤為740 萬美元，即稀釋後每股0.16 美元，減少了690 萬美元或與去年第四季相比，稀釋後每股收益為 0.16 美元。

Moving on to cash flows, total cash from operations decreased by $9 million year over year to $23.9 million due to decrease in TCE rates. At quarter-end, the company had $99 million in cash and total debt, including financial lease obligations of approximately $268 million. Of the $268 million in debt, approximately $20 million represents a balloon payment that is due in May of this year.

說到現金流，由於 TCE 費率下降，營運總現金年減 900 萬美元，至 2,390 萬美元。截至季末，該公司擁有 9,900 萬美元現金和總債務，其中包括約 2.68 億美元的融資租賃義務。在 2.68 億美元的債務中，約 2,000 萬美元是今年 5 月到期的大額付款。

This credit facility is currently locked at a fixed rate of 3.96%. And we are currently evaluating numerous refinancing partners as well as the potential of paying off the debt and owning the underlying vessels outright.

該信貸額度目前鎖定為 3.96% 的固定利率。我們目前正在評估眾多再融資合作夥伴以及償還債務和完全擁有相關船舶的潛力。

During the quarter, we continued to see relatively muted impact from higher interest rates due to our fixed rate and capital rate debt, as well as benefits from interest-yielding deposits which generated nearly $1 million in interest income. At the end of the fourth quarter of 2023, the ratio of net debt to trailing 12-month adjusted EBITDA was 2.1 times.

在本季度，由於我們的固定利率和資本利率債務，以及產生近 100 萬美元利息收入的生息存款的好處，我們繼續看到利率上升的影響相對較小。截至 2023 年第四季末，淨負債與過去 12 個月調整後 EBITDA 的比率為 2.1 倍。

As Mark mentioned, our capital allocation focus in 2024 is investing in growth by expanding our onshore footprint in owned vessel capacity. Our current balance sheet and the strong cash flow profile of our business gives us the flexibility to be thoughtful about the most advantageous ways to finance our growth plans.

正如馬克所提到的，我們 2024 年的資本配置重點是透過擴大我們在自有船舶運力方面的陸上足跡來投資成長。我們目前的資產負債表和強勁的業務現金流狀況使我們能夠靈活地考慮為我們的成長計畫提供資金的最有利方式。

Importantly, I would reiterate that we continue to prioritize a consistent return of capital strategy. We believe that our current dividend is one that we can sustain through the market cycle. With that, we will now open the line for questions.

重要的是，我要重申，我們繼續優先考慮一致的資本回報策略。我們相信我們目前的股利是我們可以在整個市場週期中維持的股利。現在，我們將開通提問熱線。

(Operator Instructions) Liam Burke, B. Riley.

（操作員說明）Liam Burke，B. Riley。

Yes, good morning, Mark. Good morning, Gianni.

是的，早上好，馬克。早上好，賈尼。

Hi, Liam.

嗨，利亞姆。

Mark, can we discuss the charter hire -- charter-in expenses that sort of squeezed your margin during this quarter? Flexing your fleet using leased vessels, chartered-in vessels as part of your overall strategy, was this a short-term anomaly in terms of the margin squeeze? And does that make you think about your longer-term strategy about chartering vessels?

馬克，我們可以討論一下包機租金——本季擠壓了你們利潤的包機費用嗎？作為您整體策略的一部分，使用租賃船舶、包租船舶來調整您的船隊，這是否是利潤擠壓的短期異常現象？這是否讓您考慮租船的長期策略？

No, the strategy is still solid, Liam. This isn't unusual for us in times of -- where we book cargo forward today, and we don't perform until a month from now. Things can happen in the market that cause the chartered-in fleet to be a bit more costly as market rates rise.

不，這個策略仍然可靠，利亞姆。這對我們來說並不罕見——我們今天預訂貨物，直到一個月後才執行。隨著市場價格上漲，市場上可能會發生一些事情，導致包租船隊的成本更高。

When they go the other way, it becomes cheaper for us to bring in ships. So we're careful on the cargo we book and the timing we take to charter in ships. But when we have a big spike like we did in December, unexpected, it can temporarily cause a little disruption.

當他們走另一條路時，我們引進船隻變得更便宜。因此，我們對預訂的貨物和租船的時間非常謹慎。但當我們出現像 12 月那樣的大幅高峰時，出乎意料的是，它可能會暫時造成一些幹擾。

We're also -- it depends a little bit on where -- if you're comparing to the charter-in cost to the market, it depends a little bit on where that increase in market rates occurred. If it occurred in the places where we are active, say the North Atlantic -- North Atlantic did spike a bit more than the rest of the world.

我們也——這在一定程度上取決於地點——如果你與市場的租船成本進行比較，這在一定程度上取決於市場費率上漲發生的地點。如果它發生在我們活躍的地方，例如北大西洋，北大西洋的峰值確實比世界其他地區高一些。

So if you're comparing our charter-in cost to the worldwide rates, then we're a little bit higher than if you compare to just the North Atlantic market.

因此，如果您將我們的包機成本與全球費率進行比較，那麼我們的價格會比僅與北大西洋市場進行比較要高一些。

Great. And Liam, if I could just add -- it's Gianni. Just to add, it's not necessarily -- when we look at it on a quarterly -- a quarter-by-quarter basis, we'll see these -- potentially, these reductions in margin or expansion in margin.

偉大的。利亞姆（Liam），如果我可以補充的話－他是詹尼（Gianni）。只是補充一下，當我們按季度查看時，我們不一定會看到這些——可能是利潤率的下降或利潤率的擴張。

And for example, Q1 of '22, we were in a similar situation. The chartered-in fleet did have a negative margin for the first quarter of '22. But -- so we look at it quarter by quarter, and then these spikes in market rates can result in that margin squeeze.

例如，22 年第一季度，我們也處於類似的情況。22 年第一季包租機隊的利潤率確實為負。但是，我們每個季度都會觀察，然後市場利率的飆升可能會導致利潤率擠壓。

But for the full year -- just to say it, for the full year of 2023, the margin on our chartered-in fleet was around $1,800 a day. So it was a positive, and it continues to be. So I don't think there's any -- it is unfortunate for the quarter. But when we look at it on a long-term basis, it's consistent with what we want to accomplish.

但就全年而言——順便說一句，2023 年全年，我們包租機隊的利潤約為每天 1,800 美元。所以這是積極的，而且仍然如此。所以我認為沒有任何影響——這對本季來說是不幸的。但當我們從長遠來看，它與我們想要實現的目標是一致的。

Yeah. We do look at the pieces, what it costs us to charter in ships versus -- and what those charter-in ships produce against our charter -- cargo book or spot cargoes.

是的。我們確實會研究這些細節，我們租船的成本與我們租船的成本相比，以及這些租船對我們的租船產生的影響——貨書或現貨貨物。

But the concept here is that we free up tonnage on our own ships that can then participate in a higher market. So although we do look at the pieces, we're really trying to make the whole work better.

但這裡的概念是，我們釋放自己船舶的噸位，然後可以參與更高的市場。因此，儘管我們確實關注了各個部分，但我們確實在努力使整個作品變得更好。

Great. Thank you, Mark. On the first-quarter partial fixtures, sequentially, it's almost flat, where typically you'd expect it to be down, with first quarter being a seasonally slow quarter. Is that primarily the Panama Canal, or there are other things in there that's giving you a -- really, it looks like a seasonally strong -- I mean, a strong -- seasonally slow first quarter?

偉大的。謝謝你，馬克。從第一季的部分賽程來看，它幾乎持平，通常您預計它會下降，而第一季是季節性放緩的季度。主要是巴拿馬運河，還是還有其他東西給你帶來了——真的，它看起來像是季節性強勁——我的意思是，強勁——季節性緩慢的第一季？

Yeah. Hi, Liam. It's Mads here.

是的。嗨，利亞姆。這裡是麥茲。

Hi, Mads.

嗨，麥德斯。

The Panama Canal, of course, has an effect. But I think the main driver is also the fact that we were able to put cargo in Q4 that we are now executing on in Q1 at what are historical, pretty attractive levels. So of course, it's a result of the general strengthening, but also the fact that we were able to secure some pretty decent paying forward cover.

巴拿馬運河當然有影響。但我認為主要驅動力還在於我們能夠在第四季度將貨物運送到第一季度，而我們現在正在以歷史上相當有吸引力的水平執行貨物。所以，當然，這是整體加強的結果，但也是我們能夠獲得一些相當不錯的預付保障這一事實。

Great. Thank you, Mads. Thank you, Mark. Thank you, Gianni.

偉大的。謝謝你，麥茲。謝謝你，馬克。謝謝你，賈尼。

Yup. Thanks, Liam.

是的。謝謝，利亞姆。

Poe Fratt, Alliance Global Partners.

Poe Fratt，聯盟全球合作夥伴。

Good morning, Mark. Good morning, Gianni. Good morning, Mads. Good to see you on Monday.

早上好，馬克。早上好，賈尼。早安，麥茲。很高興週一見到你。

Hey, can we just dig a little deeper in the charter hire expense? It was roughly $34 million for the quarter. Do you have -- I'm calculating that your charter-in days were about $1,700 -- $1,750. And so I'm calculating a chartered-in expense in the fourth quarter of just over $19,000. Is that -- are those numbers close, or can you give us an idea of those (multiple speakers) --?

嘿，我們可以更深入地了解包機租賃費用嗎？該季度的銷售額約為 3400 萬美元。我計算一下，您的包機天數約為 1,700 美元 - 1,750 美元。因此，我計算出第四季的包租費用略高於 19,000 美元。這些數字是否接近，或者您能給我們一些想法嗎？（多位發言者）－？

Yeah, I can give you the numbers, Poe.

是的，我可以給你數字，坡。

That'd be great.

那簡直太好了。

So yes. And actually, in my prepared -- in our remarks earlier in the call, I did also mention what the charter-in cost is for the first quarter, what we've sort of booked and encouraged so far. So you have that as well.

所以是的。事實上，在我準備好的電話會議早些時候的演講中，我也提到了第一季的包機成本是多少，以及到目前為止我們已經預訂和鼓勵的成本。所以你也有這個。

But for the fourth quarter, the charter-in cost was $17,986 per day. The charter-in days were -- approximately 1,800 charter-in days.

但第四季的包機成本為每天 17,986 美元。包機天數約 1,800 個包機天數。

Okay, great. And then looking at that forward chartered-in cost of 1,300 days at $17,100, how many -- can you give me an appreciation for sort of how the whole quarter might look like? Will the chartered-in days be close to what they were in the fourth quarter, and the cost should be a little bit lower just because maybe you can avoid that spike that you saw in December?

好的，太好了。然後看看 1,300 天的遠期包機成本為 17,100 美元，您能否讓我了解整個季度的情況？包租天數是否會接近第四季度的水平，成本應該會稍微低一點，因為也許您可以避免 12 月看到的高峰？

Well, we're pretty close to the end of the quarter here. So I don't expect significant changes to what we said. But you're right; the fleet remains around -- we're still around 45 to 50 vessels. Q4, we had about 44 total fleet.

嗯，我們已經接近本季末了。因此，我預計我們所說的話不會有重大變化。但你是對的；船隊仍然存在——我們仍然有大約 45 到 50 艘船。第四季度，我們的機隊總數約為 44 架。

So yeah, I think as far as volume of activity, it's relatively similar. And then since we are pretty close to the end, I think the numbers that we gave there are a very good indication of what it will be for the full quarter.

所以，是的，我認為就活動量而言，它相對相似。由於我們已經接近尾聲，我認為我們提供的數字很好地表明了整個季度的情況。

Okay, great. And then, Mads, are you -- or I guess, another thing on just the forward cover. I mean, do you have -- for the rest of the year, are you -- can you give me an idea of sort of how your forward cover looks for the rest of the year and then your chartered-in costs? Are you willing to sort of look beyond just this quarter or this exact date and time?

好的，太好了。然後，麥茲，你是——或者我猜，是封面上的另一件事。我的意思是，您是否——在今年剩下的時間裡——您能告訴我您在今年剩餘時間裡的遠期保險以及您的包機費用嗎？您是否願意關注本季或具體日期和時間之外的情況？

So Poe, we don't give out beyond the first quarter. But as far as our core business, the sort of core contract that we're operating in our typical long-term cover -- we discussed our long-term cover on our own fleet remains the same.

所以 Poe，我們不會在第一季之後放棄。但就我們的核心業務而言，我們在典型的長期保險範圍內運營的核心合約類型 - 我們討論了我們自己機隊的長期保險範圍仍然相同。

But in the near term, we're always booking forward into subsequent quarters. And the market is always changing. But we haven't really -- we haven't given out those longer term, other than our long-term numbers on our long-term contracts.

但在短期內，我們總是提前預訂後續幾季的航班。而且市場總是在變化。但我們還沒有真正給出那些長期合同，除了我們的長期合約上的長期數據。

And in terms of the charter-in fleet, Poe, our approach or strategy around that hasn't really changed. The vast majority of that is short term in nature, so that will always reprice relatively quickly.

就包機機隊而言，Poe，我們的方法或策略並沒有真正改變。其中絕大多數本質上是短期的，因此總是會相對快速地重新定價。

We're not looking to add up a significant amount of charter-in (inaudible) longer period, for instance. That's not part of the strategy, really.

例如，我們不打算在更長的時間內增加大量的包機（聽不清楚）。實際上，這不是戰略的一部分。

Yeah. You sort of want to avoid taking market bets other than with your own fleet, right, Mads? You don't want to charter in long term and get exposed to negative moves in the market.

是的。除了你自己的艦隊之外，你有點想避免接受市場賭注，對吧，麥茲？您不想長期租船並受到市場負面波動的影響。

Yeah, 100% correct, right? I mean, the charter-in fleet for us is, essentially, an arbitrage around the own fleet and a way to employ the entire fleet of the company in a more sort of sensible way rather than ending up ballasting too fast and pick up a cargo just because you don't want to fix it in the ship.

是的，100%正確，對吧？我的意思是，對我們來說，包租船隊本質上是圍繞自己的船隊進行套利，是一種以更明智的方式利用公司整個船隊的方式，而不是最終壓載得太快並提貨。

So it goes back to what Mark said earlier that you sort of have to look at the whole, not just pick out the charter-in. Because it serves a purpose in the greater picture of things where you will -- in a quarter like this, you can have a quarter that just, in that particular part of the business, looks a little disrupted as Mark said.

所以這又回到了馬克之前所說的，你必須著眼於整體，而不僅僅是挑選包機。因為它在更大的情況下發揮了作用——在這樣的一個季度中，你可以有一個季度，在業務的特定部分，就像馬克所說的那樣，看起來有點混亂。

Yeah. And I know that you're hesitant to sort of talk about your forward cover book. But has anything changed where you typically have 10 to 12 working -- 10 to 12 ice class vessels working during the ice season over the course of, call it, the summer and early fall?

是的。我知道你在談論你的封面書時有些猶豫。但是，在夏季和初秋的冰季期間，通常有 10 到 12 艘工作的 10 到 12 艘冰級船舶在工作，這有什麼變化嗎？

Yeah, that part of the fleet is owned, primarily so. So we don't expect any huge changes in that part of the fleet, no.

是的，這部分機隊是擁有的，主要是擁有的。因此，我們預計這部分機隊不會發生任何巨大變化，不會。

But if we have booked other business that those ships now have to leave to go north into the Arctic, we may -- it is a more active part of the season for us, that third quarter, not just because the ships go north, but because then we have to replace -- take some ships from the market to participate in moving cargoes that we've booked. We probably have a little higher charter-in fleet during that period.

但是，如果我們已經預訂了這些船隻現在必須離開以向北進入北極的其他業務，我們可能會——對我們來說，第三季度是這個季節更活躍的部分，不僅因為船隻向北行駛，而且因為那時我們必須更換——從市場上取出一些船隻來參與我們預訂的貨物的運輸。在此期間，我們的包機機隊可能略多一些。

Okay. And then, Mads, are you seeing anything on the demand side, changes either positive, negative, that you can highlight for the rest of the year?

好的。然後，Mads，您是否看到需求方面發生任何積極或消極的變化，您可以在今年剩餘時間強調這一點？

I think I want to point to what's in Mark's written comments, that we are seeing increased amounts in the businesses and in trades where we're pretty busy such as construction material. That is not just across the ships we own or operate, but also in our terminals business.

我想我想指出馬克的書面評論中的內容，即我們看到我們非常繁忙的業務和行業（例如建築材料）的金額有所增加。這不僅涉及我們擁有或經營的船舶，還涉及我們的碼頭業務。

So we feel pretty confident about the demand going forward there in those commodities. I mean, we're not a big sort of long-haul iron ore owner operator. So there, I think -- I read the same data that you do. And I think demand-wise, things look pretty good, not fantastic, but okay. And that, combined with an attractive supply side, we feel pretty confident about where the market is and where it's heading.

因此，我們對這些商品的未來需求非常有信心。我的意思是，我們不是大型長途鐵礦石自有業者。所以，我想──我讀到的數據和你讀到的數據是一樣的。我認為從需求角度來看，情況看起來相當不錯，不是太棒，但還可以。再加上有吸引力的供應面，我們對市場的現況和發展方向都非常有信心。

Okay. And then you talked about the terminal business. There was a sequential drop in revenues there. Margins were still healthy, but there's a seasonal drop in -- or a sequential drop in revenue in the stevedore & terminaling.

好的。然後您談到了終端業務。那裡的收入連續下降。利潤率仍然健康，但裝卸和碼頭收入出現季節性下降或連續下降。

Is that seasonal and we should expect to pick up in this quarter and the rest of the year into the fourth quarter? Can you just give me an idea of sort of the cadence of that business?

這是季節性的嗎？您能否讓我了解一下該業務的節奏？

It depends on demand -- ships coming into our terminals. So I don't think the decrease was that much. It could be affected by the number of ships that come into port during that quarter. Our most active port is Port Everglades. And there, we have -- we do container ships. We load ferries. We discharge dry bulk goods, commodities that come in.

這取決於需求——船舶進入我們的碼頭。所以我認為下降幅度並沒有那麼大。它可能會受到該季度進港船舶數量的影響。我們最活躍的港口是大沼澤地港。在那裡，我們有－我們做貨櫃船。我們裝載渡輪。我們卸載乾散貨、進來的商品。

So it really depends on the schedule of those ships that are visiting the ports. We do have some more active things happening in some of the other ports, So things should move up this year, Poe. The Port Everglades business is new to us from last June. And so I think in the beginning, you'll see a little bit of ups and downs, but not significant. They've been fairly steady.

所以這實際上取決於那些訪問港口的船隻的時間表。我們確實在其他一些港口發生了一些更活躍的事情，所以今年的事情應該會有所進展，坡。自去年六月以來，大沼澤港業務對我們來說是新業務。所以我認為在一開始，你會看到一些起伏，但並不顯著。他們的表現一直相當穩定。

Okay. And then, Gianni, if you could just highlight where that $1 million transit fee -- what part of the expense line did it come in? Was it in voyage expense or charter hire? I know it's nitpicky, but I just wanted to sort of understand where that was recognized.

好的。然後，Gianni，如果您能強調一下那 100 萬美元的過境費——它來自費用項目的哪一部分？是航程費用還是包機租金？我知道這很挑剔，但我只是想了解這是在哪裡得到認可的。

Yeah. It was recognized through voyage expenses, which obviously impacted our overall TCE. And I think we spoke about this in our last call regarding the situation at Panama Canal.

是的。它是透過航次費用確認的，這顯然影響了我們的整體 TCE。我想我們在上次關於巴拿馬運河局勢的電話會議中談到了這一點。

And unfortunately, we were there, and we had to bid on a slot to get through. And it was $1 million impact to voyage expenses and reduction -- equivalent reduction in TCE and adjusted EBITDA. So yeah, that's where it's recognized.

不幸的是，我們在那裡，我們必須競標一個時段才能通過。這對航程費用和減少產生了 100 萬美元的影響，相當於 TCE 和調整後 EBITDA 的減少。是的，這就是它被認可的地方。

Great. Thanks a lot. Very helpful. Have a great day.

偉大的。多謝。很有幫助。祝你有美好的一天。

Thanks, Poe.

謝謝，波。

(Operator Instructions) And at this time, I show no further questions in queue. I'll go ahead and turn the call back to Mark Filanowski for any additional or closing remarks.

（操作員說明）此時，我在隊列中沒有顯示任何其他問題。我將繼續將電話轉回給馬克·菲拉諾夫斯基（Mark Filanowski），以獲取任何補充或結束語。

Thank you for joining us today for our call, and we'll see you next quarter.

感謝您今天參加我們的電話會議，我們下個季度再見。

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

今天的電話會議到此結束。我們感謝您的參與。您可以隨時斷開連線。