Pangaea Logistics Solutions Ltd (PANL) 2025 Q1 法說會逐字稿

Good morning. My name is Chelsea, and I will be your conference operator today. At this time, I would like to welcome everyone to the Pangaea Logistics Solutions first-quarter 2025 earnings teleconference. Today's call is being recorded and will be available for replay beginning at 11:00 AM Eastern Standard Time. The recording can be accessed by dialing (888) 215-1487 domestically or (402) 220-4938 internationally. (Operator Instructions)

早安.我叫切爾西，今天我將擔任你們的會議接線生。在此，我謹代表 Pangaea Logistics Solutions 公司，歡迎各位參加 2025 年第一季業績電話會議。今天的電話會議正在錄音，將於美國東部標準時間上午 11 點開始提供回放。撥打國內電話 (888) 215-1487 或國際電話 (402) 220-4938 即可收聽錄音。（操作說明）

It is now my pleasure to turn the floor over to Stefan Neely with Vallum Advisors.

現在我很高興把發言權交給 Vallum Advisors 的 Stefan Neely。

Thank you, operator, and welcome to the Pangaea Logistics Solutions first-quarter 2025 results conference call. Leading the call with me today is CEO, Mark Filanowski; Chief Financial Officer, Gianni Del Signore; and COO, Mads Petersen.

謝謝接線員，歡迎參加 Pangaea Logistics Solutions 2025 年第一季業績電話會議。今天與我一起主持電話會議的有：執行長馬克·菲拉諾夫斯基；財務長詹尼·德爾·西尼奧雷；以及營運長馬茲·彼得森。

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. 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.

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，包括我們在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前瞻性聲明中預測的結果有重大差異。除法律要求外，我們不承擔更新前瞻性聲明的義務。在我們結束事先準備好的發言後，我們將開放提問環節。

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

接下來，我想把電話交給馬克。

Thank you, Stefan, and welcome to those joining us on the call today. After the market closed yesterday, we issued a press release detailing our first-quarter 2025 results. Our first-quarter performance reflects the continued disciplined execution of our cargo-focused business model. Despite seasonal softness early in the quarter, we delivered TCE rates that were 33% above the prevailing market, demonstrating the strength and differentiation of our commercial strategy.

謝謝斯特凡，也歡迎今天參加我們電話會議的各位。昨天股市收盤後，我們發布了一份新聞稿，詳細介紹了我們 2025 年第一季的業績。我們第一季的業績反映了我們以貨物運輸為中心的商業模式的持續穩健執行。儘管本季初市場疲軟，但我們的 TCE 殖利率仍比目前市場高出 33%，證明了我們商業策略的實力和差異化優勢。

This outperformance was supported by our long-term contracts of affreightment, which provided pricing stability through the winter months and allowed us to effectively manage market volatility later in the quarter. For the first quarter of 2025, we reported an adjusted net loss of approximately $2 million and adjusted EBITDA of $14.8 million as average market pricing declined 37% compared to the prior-year period. Despite this pressure, our results benefited from our countercyclical positioning and integrated fleet strategy.

這一優異表現得益於我們長期的貨運合同，這些合同在冬季提供了價格穩定性，並使我們能夠在季度後期有效地應對市場波動。2025 年第一季度，我們報告調整後淨虧損約為 200 萬美元，調整後 EBITDA 為 1,480 萬美元，原因是平均市場價格與去年同期相比下降了 37%。儘管面臨這種壓力，但我們的業績得益於我們的反週期定位和一體化船隊策略。

Total shipping days rose 24.6% year over year, primarily driven by the addition of SSI Handy fleet vessels. On a comparable basis, shipping days increased by 41%, underscoring the meaningful contribution of the acquisition to our operational scale. Importantly, we completed 160 days of planned off-hire for vessel dry dockings during the quarter, taking advantage of softer demand to complete a significant portion of our 2025 dry-docking schedule. With only four dockings remaining for the rest of the year, we are well positioned to optimize fleet availability during periods of stronger demand.

總運輸天數年增 24.6%，主要得益於 SSI Handy 船隊的加入。以可比口徑計算，出貨天數增加了 41%，凸顯了此次收購對我們營運規模的重大貢獻。重要的是，本季我們完成了 160 天的船舶乾船塢停租期，利用需求疲軟的機會完成了 2025 年乾船塢計畫的大部分。今年剩餘時間只剩下四次停泊機會，我們已做好充分準備，在需求旺盛時期優化船隊可用性。

Since the beginning of the year, our teams have made substantial progress integrating the SSI fleet into our operating platform. Integration efforts are proceeding as planned. And as we fully align the new vessels with our existing routes, we expect to unlock further operating efficiencies and enhance returns across our broader fleet.

今年年初以來，我們的團隊在將 SSI 車隊整合到我們的營運平台方面取得了實質進展。整合工作正按計劃進行。隨著新船與我們現有航線的全面銜接，我們期望能夠進一步提高營運效率，並提升我們整個船隊的收益。

We have seen vessel operating expenses decrease in areas like insurance, where our larger footprint reduces premiums and allows us to assume some added risks, and we are working on other operating cost synergies available as we exchange ideas with new relationships. By year-end, we hope to have implemented cost savings of at least $2.5 million annually. We have successfully expanded the capabilities of the Handy fleet, both geographically and cargo wise.

我們看到船舶營運費用在保險等領域有所下降，因為我們更大的業務規模降低了保費，並使我們能夠承擔一些額外的風險，我們正在與新的合作夥伴交流想法，以尋求其他可實現的營運成本協同效應。我們希望在年底前能實現每年至少250萬美元的成本節約。我們已成功擴展了 Handy 機隊在地理範圍和貨物運輸方面的運力。

Looking at the market environment, the dry bulk sector continues to experience elevated levels of volatility and uncertainty. While our operations are not directly impacted by proposed tariffs, including recently discussed port fees for Chinese-built or controlled vessels, we are closely monitoring potential indirect effects. Based on our review of the revised US trade representative port fees proposal, we do not expect any material impact to our owned fleet given our geographic focus and operating model.

從市場環境來看，乾散貨產業持續面臨高度波動和不確定性。雖然擬議的關稅（包括最近討論的針對中國建造或控制的船舶的港口費）不會直接影響我們的運營，但我們正在密切關注潛在的間接影響。根據我們對美國貿易代表修訂後的港口收費提案的審查，鑑於我們的地理重點和營運模式，我們預計不會對我們的自有船隊產生任何實質影響。

However, broader market dislocations could occur as global vessel deployment patterns shift in response to the evolving landscape. It's important to note that over 95% of our tonnage is tied to non-agricultural bulks, including iron ore, coal, cement, and aggregates, primarily across Atlantic, European, and Caribbean trade routes. This unique footprint continues to insulate us from some of the demand and policy volatility facing many other dry bulk operators.

然而，隨著全球船舶部署模式因情勢變化而轉變，可能會出現更廣泛的市場混亂。值得注意的是，我們 95% 以上的噸位都與非農產品散貨有關，包括鐵礦石、煤炭、水泥和骨料，主要透過大西洋、歐洲和加勒比海貿易路線運輸。這種獨特的佈局使我們免受許多其他乾散貨業者面臨的需求和政策波動的影響。

Turning to the second quarter, demand trends have remained steady across our key routes, though pricing continues to reflect global macro and trade policy uncertainties. As of today, we have booked 4,275 shipping days for the second quarter, generating a TCE of $12,524 per day. As we advance through 2025, we remain focused on a prudent capital allocation.

進入第二季度，儘管價格繼續反映全球宏觀經濟和貿易政策的不確定性，但我們主要航線的需求趨勢仍然保持穩定。截至今日，我們已為第二季預訂了 4,275 個出貨日，每天產生 12,524 美元的 TCE。展望2025年，我們將繼續專注於審慎的資本配置。

As we announced yesterday, our Board of Directors has authorized a new share repurchase program of up to $15 million in addition to declaration of a $0.05 dividend. This approach gives us added flexibility to return capital to shareholders through open-market repurchases of Pangaea shares, which we feel are undervalued after recent share price movements. In light of the recent pressure on the dry bulk market and ongoing trade uncertainty, we are maintaining a disciplined capital allocation strategy, prioritizing balance sheet strength, while continuing to deliver long-term value through shareholder returns.

正如我們昨天宣布的那樣，我們的董事會除了宣布派發每股 0.05 美元的股息外，還批准了一項新的股票回購計劃，金額高達 1500 萬美元。這種方法讓我們能夠更靈活地透過公開市場回購 Pangaea 股票來向股東返還資本，我們認為在最近的股價波動之後，Pangaea 的股票被低估了。鑑於近期乾散貨市場面臨的壓力和持續的貿易不確定性，我們堅持審慎的資本配置策略，優先考慮資產負債表的穩健性，同時繼續透過股東回報創造長期價值。

We will also continue to opportunistically evaluate strategic fleet transactions that support long-term efficiency, extend asset life, and preserve a competitive age profile. At the same time, we are investing in our port and logistics business, which remains a critical contributor to our margin profile. Our expansion at the Port of Tampa is progressing on schedule, and new operations in Port Charles, Louisiana and Port of Aransas in Texas demonstrate our commitment to this exciting supply chain expansion of our business offerings.

我們將繼續抓住機會評估有助於提高長期效率、延長資產壽命和維持具有競爭力的資產年齡結構的策略性船隊交易。同時，我們也在投資港口和物流業務，這仍然是我們利潤率的重要貢獻者。我們在坦帕港的擴建工程正按計劃進行，路易斯安那州查爾斯港和德克薩斯州阿蘭薩斯港的新業務也表明了我們對這一激動人心的供應鏈業務擴張的承諾。

With that, I'd like to turn the call over to Gianni to review our first-quarter financial results.

接下來，我想把電話交給詹尼，讓他來回顧我們第一季的財務表現。

Thank you, Mark, and welcome to those joining us on the call today. Our first-quarter financial results reflect continued TCE outperformance relative to the broader market. First-quarter TCE rates were $11,390 per day, a premium of approximately 33% over the average published market rates for Panamax, Supramax, and Handysize vessels in the period, driven by strong execution across our core contracts and the expanded scale of our owned fleet.

謝謝馬克，也歡迎今天參加我們電話會議的各位。我們第一季的財務表現反映了 TCE 相對於大盤的持續優異表現。第一季 TCE 費率為每天 11,390 美元，比同期巴拿馬型、超靈便型和靈便型船舶的平均公佈市場費率高出約 33%，這主要得益於我們核心合約的強勁執行以及我們自有船隊的規模擴大。

While total shipping days increased year over year by 41% to 5,210, TCE rates earned declined by 36%, reflecting the decline in average market year over year. Our adjusted EBITDA for the first quarter was $14.8 million, a decrease of approximately $5.2 million relative to the prior-year period. Total charter hire expense decreased by 35% year over year, primarily due to a 37% decrease in prevailing market rates, partly offset by a 14% increase in chartered-in days.

雖然總出貨天數年增 41% 至 5,210 天，但 TCE 費率下降了 36%，反映出平均市場年減。我們第一季的調整後 EBITDA 為 1,480 萬美元，比去年同期減少了約 520 萬美元。包船租賃總支出較去年同期下降 35%，主要原因是市場現行價格下降 37%，但部分被包船天數增加 14% 所抵銷。

Our charter-in cost on a per-day basis was $10,108 in the first quarter of 2025. And through today, we booked approximately 1,795 days at $11,472 per day for the second quarter of 2025. Vessel operating expenses, net of technical management fees, increased by approximately 75% year over year, primarily due to the acquisition of the SSI fleet, which increased total owned days by 61% to 3,690.

2025 年第一季度，我們的每日包機成本為 10,108 美元。截至今日，我們已預訂了 2025 年第二季約 1795 天的租賃，每天價格為 11472 美元。船舶營運費用（扣除技術管理費後）年增約 75%，主要原因是收購了 SSI 船隊，導致總擁有天數增加 61% 至 3,690 天。

On a per-day basis, vessel operating expenses, net of technical management fees, increased by only 4% from an average of $5,300 per day last year to $5,528 per day in the first quarter of 2025. In total, our reported GAAP net loss attributable to Pangaea for the first quarter was approximately $2 million or a loss of $0.03 per diluted share compared to net income of $11.7 million or $0.25 per diluted share in the first quarter of last year.

以日計算，船舶營運費用（扣除技術管理費後）僅增加了 4%，從去年的平均每天 5,300 美元增加到 2025 年第一季的平均每天 5,528 美元。根據美國通用會計準則（GAAP），我們第一季歸屬於 Pangaea 的淨虧損總計約為 200 萬美元，即每股攤薄虧損 0.03 美元，而去年同期淨利潤為 1,170 萬美元，即每股攤薄收益 0.25 美元。

When excluding the impact of the unrealized losses from derivative instruments as well as other non-GAAP adjustments, our reported adjusted net loss attributable to Pangaea during the quarter was $2.1 million or a loss of $0.03 per diluted share compared to adjusted net income of $6.6 million or $0.14 per diluted share in the first quarter of last year.

若不計衍生性工具未實現損失的影響以及其他非GAAP調整，本季歸屬於Pangaea的調整後淨虧損為210萬美元，即每股攤薄虧損0.03美元，而去年第一季調整後淨利為660萬美元，即每股攤薄收益0.14美元。

Turning to cash flow and liquidity, total cash from operations decreased by $13.2 million year over year to net cash used in operations of $4.3 million due to a decrease in operating earnings and a $5.2 million increase in dry-docking costs year over year. We repaid over $11 million in long-term debt and finance lease obligations, and our interest expense was $6.1 million, an increase of $2.3 million due to the new debt facilities entered into during the second half of last year and the assumed debt and finance leases associated with the SSI acquisition.

從現金流和流動性來看，由於經營收益下降以及乾船塢成本年增 520 萬美元，經營活動產生的現金總額年減了 1,320 萬美元，經營活動使用的現金淨額為 430 萬美元。我們償還了超過 1,100 萬美元的長期債務和融資租賃義務，利息支出為 610 萬美元，比去年下半年簽訂的新債務融資協議以及與 SSI 收購相關的承擔的債務和融資租賃增加了 230 萬美元。

We ended the quarter with $63.9 million in cash and total debt, including finance lease obligations, of approximately $390 million. In the near term, our capital allocation strategy will remain focused on preserving balance sheet optionality, a sustainable shareholder return program along with targeted capital-light investments in our stevedoring and logistics operations, and ongoing renewal and modernization of our dry bulk fleet. Additionally, we remain committed to a consistent and sustainable return of capital strategy.

本季末，我們持有現金 6,390 萬美元，總債務（包括融資租賃義務）約 3.9 億美元。短期內，我們的資本配置策略將繼續專注於保持資產負債表的靈活性、可持續的股東回報計劃，以及對我們的裝卸和物流業務進行有針對性的輕資本投資，並持續更新和現代化我們的干散貨船隊。此外，我們將持續致力於實施持續穩定的資本回報策略。

With that, we will now open the line for questions.

接下來，我們將開放提問通道。

(Operator Instructions) Liam Burke, B. Riley Securities.

（操作員說明）Liam Burke，B. Riley Securities。

Thank you. Good morning, Mark. Good morning, Gianni. Good morning, Mads.

謝謝。早上好，馬克。早上好，詹尼。早安，麥茲。

Good morning, Liam.

早上好，利亞姆。

Mark, you modified your returning cash to shareholder strategy by adding a buyback. Your dividend now is $0.05 versus $0.10 a quarter. Do you plan on -- I know the Board evaluates it every quarter, but is that a dividend you'd expect to pay through the cycle or are you going to go to more of a variable model there?

馬克，你修改了向股東返還現金的策略，增加了股票回購。您現在的股息是每季 0.05 美元，而之前的季度股息是 0.10 美元。你們打算——我知道董事會每季都會進行評估，但你們預計會在整個週期內支付股息，還是會採用更靈活的模式？

Liam, we haven't talked about the variable model yet. We've talked a lot about different ways to get returns to shareholders. My favorite is to reinvest in the business and add productive people and productive assets to the organization. And eventually, the stock market will recognize the inherent value in the operation and the shares. But sometimes, stock market doesn't agree with me.

利亞姆，我們還沒討論過變數模型。我們已經討論了很多為股東帶來回報的不同方法。我最喜歡的做法是將資金再投資於企業，為企業增加高效率的人才和資產。最終，股市會認識到這項業務和股票的內在價值。但有時候，股市並不站在我這邊。

We paid a pretty nice dividend over the years -- over the past few years. And that was one way to get return to shareholders. We've also been talking with people like you and other shareholders about the wisdom of a stock buyback. So with the share value dropping substantially over the past couple of months, we thought it was time to try a buyback and see if we can return value to shareholders in that way. We have new directors on the Board, have new opinions. And so I think we'll go another quarter, see how this -- the shares react, what -- how investors react regarding the new dividend rate and take it quarter by quarter and see how we go.

過去幾年，我們支付了相當可觀的股息。這是為股東帶來回報的一種方法。我們也一直在和像您這樣的股東以及其他股東討論股票回購是否明智。鑑於過去幾個月股價大幅下跌，我們認為現在是時候嘗試股票回購，看看能否透過這種方式為股東創造價值。董事會有了新董事，我們有了新的觀點。所以我認為我們會再觀察一個季度，看看股價會如何反應，投資者對新的股息率會有什麼反應，然後逐季觀察情況。

Great, thank you. You're still yielding 4.5% even at the new $0.05 per quarter. You called out an expense reduction program by the end of the year. Is that integration savings with the SSI fleet or is that just ongoing review of the operations and being able to pull out excess cost?

太好了，謝謝。即使以每季 0.05 美元計算，你的收益率仍然為 4.5%。你曾提出在年底前實施削減開支的計劃。這是與 SSI 車隊整合帶來的節省，還是只是對營運情況的持續審查並能夠削減多餘成本？

A little bit of both, Liam. We didn't enter the SSI transaction looking for significant cost savings, but there are some easy targets to attack when you've got a larger fleet and a larger operation that scale just gives you a little bit more power to drive cost decreases. One area was insurance, where we looked at P&I, we looked at hull, and we went to market a little more aggressively than we were able to in the past and drove some cost decreases. We'll -- we're learning from each other in regarding purchasing and other ways to save money with a larger fleet and a larger operation and it's working out.

兩者兼具一點，利亞姆。我們進行 SSI 交易並不是為了大幅節省成本，但當你擁有更大的車隊和更大的營運規模時，就有一些容易著手的目標，因為規模優勢會讓你更有能力降低成本。其中一個領域是保險，我們研究了船東互保協會險、船體險，並且比以往更加積極地開拓市場，從而降低了一些成本。嗯——我們在採購方面互相學習，也在探索如何透過擴大車隊和營運規模來節省資金，而且效果不錯。

Great. Thank you, Mark.

偉大的。謝謝你，馬克。

Poe Fratt, AGP.

Poe Fratt，AGP。

Hey, good morning. Can you just help me, Mark. Help me understand the dividend cut. You've consistently said in previous presentations that you've wanted to maintain a dividend over the cycle that's sustainable. That dividend was $0.10 a quarter. Now you're changing it to $0.05 a quarter. And now you're saying it's sustainable over the cycle. What changed?

嘿，早安。馬克，你能幫幫我嗎？請幫我理解一下股息削減的原因。您在先前的演講中一直表示，您希望在整個週期中保持可持續的股息。該股息為每季 0.10 美元。現在你們把它改成每季 0.05 美元。現在你卻說它在整個週期中是可持續的。發生了什麼變化？

Well, a lot of things change, Poe. As I explained, we have a different thought process on the Board regarding the viability of a share buyback. We want to keep a consistent dividend, and it doesn't necessarily mean a consistent amount. It is -- our operation does sustainably produce cash flow that's available for different ways to return capital to shareholders.

嗯，很多事情都會改變，坡。正如我解釋的那樣，董事會對於股票回購的可行性有不同的看法。我們希望保持穩定的股息，但這並不一定意味著股息金額要保持不變。確實如此——我們的營運能夠持續產生現金流，可以透過不同的方式向股東返還資本。

And that's what we're trying to do is come up with a prudent approach to address the need for shareholders to have some kind of return on their shares. We saw an opportunity here, a potential opportunity to do something good for shareholders by announcing the share buyback. So like I mentioned, there's different ways to provide a return, and we're trying a couple of different ways this time.

而我們正在努力做的，就是找到一種審慎的方法來滿足股東希望獲得某種股票回報的需求。我們看到了一個機會，一個透過宣布股票回購來為股東做些好事的潛在機會。正如我剛才提到的，提供回報的方式有很多種，這次我們正在嘗試幾種不同的方式。

So can you, Mark, tell me how the share buyback will work? Are you going to be in the market every quarter buying the difference, $3.2 million that you're going to save on paying the dividend? A lot of companies announced share buybacks but never fall through with them. Could you just talk about how you're going to approach the stock buyback?

馬克，你能告訴我股票回購計畫將如何運作嗎？你打算每季都進軍市場，買入差價股票，從而節省320萬美元的股息支付費用嗎？許多公司宣布了股票回購計劃，但最終都沒有兌現。您能否談談您打算如何進行股票回購？

We're approaching at least one bank this week after this call to set up a program, Poe. The Board has asked us to review with them in advance any potential share buybacks based on price availability of capital, et cetera. So it will be -- it won't be a constant rolling program. It will be when the Board feels it's the right time to purchase shares in the market.

Poe，在這通電話之後，我們本週將與銀行至少接洽，以建立一個專案。董事會要求我們事先與他們審查任何潛在的股票回購計劃，審查依據是價格、資金可用性等因素。所以，它不會是一個持續進行的滾動項目。當董事會認為時機成熟時，就會在市場上購買股票。

And then, Mark, in the context of -- with the SSI transaction, you now have a large shareholder. That also large shareholder is represented, obviously, on the Board, but they also bought shares in early April. Do you -- are you concerned at all about the increased concentration in ownership? I mean, one of the things that the market often has said is that your public float is limited. And can you just talk about how that was considered in this decision?

然後，馬克，就 SSI 交易而言，你現在有了一個大股東。這位大股東顯然在董事會中佔有一席之地，而且他們還在 4 月初購買了股份。你是否——你是否對所有權集中度的提高感到擔憂？我的意思是，市場經常表達的一點是，你的公眾持股數量有限。您能否談談在做出這項決定時是如何考慮這一因素的？

Yes. The $15 million isn't a large share of our outstanding float. We estimate our float to be around 40%. And we think there's an opportunity there to buy shares without decreasing the float substantially. And regarding the concentration of the largest shareholder who now has 28%, there is a cap there of 30% that came about as a result of the negotiations regarding that deal. So I don't think it will go up substantially as a result of any share buyback we might do.

是的。1500萬美元在我們未償付的流通股中佔比並不大。我們估計我們的浮動利率約為 40%。我們認為這是一個在不大幅減少流通股的情況下購買股票的機會。至於目前持股比例為 28% 的最大股東，由於相關交易的談判結果，持股比例上限設定為 30%。所以我認為，即使我們進行股票回購，股價也不會大幅上漲。

Great. And then, Gianni, you often in previous quarters have talked about not only your forward cover that you talked about. You booked 47 vessels at $12,500 roughly. Where will shipping days end in the second quarter? Sort of what percentage of your shipping days -- expected shipping days in the second quarter have been booked?

偉大的。詹尼，你之前幾季經常談到的不僅僅是你之前談到的前期封面。你預訂了 47 艘船，總價約為 12,500 美元。第二季出貨天數將止於何時？你們第二季的預計出貨天數已經預訂了多少百分比？

Yes, so I think we gave out the indication so far for the quarter. We had 4,275 days at $12,500. I think our total fleet right now is somewhere around 65 vessels total. And I think that's been right around where we've been for the quarter. So the 65-vessel average fleet over the quarter is our projected total for this quarter.

是的，所以我覺得我們已經給出了本季目前的大致情況。我們以 12,500 美元的價格運營了 4,275 天。我認為我們目前的船隊總數大約有 65 艘船。我認為這基本上就是我們本季以來的大致情況。因此，本季平均船隊規模為 65 艘，這是我們對本季船隊規模的預測總數。

Got you. So you're like 80% booked for the quarter. You also -- in previous quarters, Gianni, at least the last couple of quarters, you talked about your -- how your chartered hire expenses were running. Do you have a figure for how many days you've chartered in for the quarter and the cost?

抓到你了。所以你們這個季度的檔期已經排滿了80%左右。吉安尼，你之前幾個季度，至少最近幾個季度，也談到了你的包機租賃費用情況。請問您能否提供本季包船天數和費用的具體數據？

Yes, I can. Absolutely. It was -- I think I mentioned it in my prepared remarks earlier, but we booked 1,795 days at $11,472. So we still have about -- our margin on our chartered-in fleet is around $1,052 or $1,052, the margin on our chartered-in fleet.

是的，我可以。絕對地。是這樣的——我想我之前在準備好的演講稿中提到過，我們預訂了 1795 天，價格為 11472 美元。所以我們租入船隊的利潤大約是 1,052 美元，也就是 1,052 美元，這是我們租到船隊的利潤。

Great. Sorry, I missed that. And then, Mads, can you talk about the operating efficiencies that were mentioned in the press release about integrating the Handys? Can you -- beyond the insurance, can you just talk about whether there are additional operating efficiencies that you're -- and sort of the nature of those? And then also, where do you stand towards that $2.5 million? Are you a quarter of the way towards realizing that or are we going to see that over the rest of the year, the $2.5 million of cost savings?

偉大的。抱歉，我錯過了。那麼，Mads，你能談談新聞稿中提到的關於整合 Handys 的營運效率提升嗎？除了保險之外，您能否談談您是否還有其他提高營運效率的措施，以及這些措施的性質？那麼，你對那250萬美元的籌資進度有什麼進展呢？你們已經完成了實現這一目標的四分之一，還是說我們將在今年剩餘的時間裡看到節省 250 萬美元的成本？

Yes, so on the trading synergies, I think it's mostly outside what Mark mentioned on the cost side, which is a continuous process across all the ships in the fleet. You always try to optimize that. It's mainly around the commercial synergies where we have been able to use the Handy vessels in some of the trades we have historically done on especially our Supra fleet.

是的，所以就貿易協同效應而言，我認為它主要超出了馬克提到的成本方面，這是一個貫穿艦隊所有船隻的持續過程。你總是試著優化這一點。主要在於商業協同效應，我們已經能夠將 Handy 型船舶用於我們過去一直使用 Supra 船隊進行的一些貿易中。

And so that's both geographical in terms of trading in areas where you need a little bit of ice experience or it's a commodity or another geographical focus. That's primarily where the synergies have come and the sort of -- which is also what the -- as Mark also mentioned, was the primary driver, right? It wasn't a cost reduction ambition only. It was really to grow the top line rather than just reduce cost. But we are trying to do that.

因此，這既有地理方面的區別，例如在需要一些冰塊交易經驗的地區進行交易，或者冰塊是一種商品，或者有其他地理方面的關注點。這主要就是協同效應的來源，而且──正如馬克也提到的──也是主要驅動力，對吧？這不僅是降低成本的目標。其真正目的是為了提高營收，而不僅僅是降低成本。但我們正在努力做到這一點。

And it's -- vessel technical management and operations is a lot. Many, many components goes into that and everything is being scrutinized, as we always did. But of course, the fact that we have access to more experienced, larger pool of crew and more additional resources makes that sort of synergy and cost optimization possible. But that's a continuous process and it will -- some of these things are bigger undertakings that take a little bit longer to realize, but some of them we are working on crystallizing in the shorter horizon.

而且，船舶技術管理和營運的工作量非常大。這其中涉及很多很多方面，所有方面都會受到嚴格審查，就像我們一直以來所做的那樣。當然，我們能夠獲得經驗更豐富、規模更大的船員隊伍和更多額外資源，這使得這種協同效應和成本優化成為可能。但這是一個持續的過程，其中一些事情是更大的工程，需要更長的時間才能實現，但我們正在努力在較短的時間內將其中一些事情落實到位。

Great. And then on the terminal side, you're talking about the expansion of the Tampa and then down in Texas. Could you just maybe quantify what that could mean to second -- I'm sorry, second-half operating results? Is it going to move the needle on the terminaling revenue or is it just an incremental add-on that will add maybe 10% to revenues?

偉大的。然後，在航站樓方面，你們談到了坦帕的擴建，以及德克薩斯州的擴建。您能否量化一下這對下半年——抱歉，是下半年的經營業績意味著什麼？它能否對終端收入產生顯著影響，還是僅僅會帶來約 10% 的營收成長？

Yes. I think highly dependent on the start date, we're still projecting within this year, late Q3, Q4 start. So it will be incremental to this year. It will add about $150 million, $200 million of EBITDA for this year. Really, that's going to be a project that will be in full swing for 2026 in Tampa and then also in Texas and that's where we'll see the real contribution for that.

是的。我認為這很大程度上取決於開工日期，我們仍然預計會在今年內，第三季末或第四季開始。所以今年的增幅會比較大。今年將增加約 1.5 億美元至 2 億美元的 EBITDA。確實，這個項目將在 2026 年在坦帕全面展開，然後在德克薩斯州也會如此，屆時我們將看到它真正的貢獻。

And then anything else on the horizon on the terminaling business to further expand?

那麼，碼頭業務未來還有什麼其他擴張計畫嗎？

Poe, we'll add the Tampa, Lake Charles, and Port Aransas terminals this year. What we found is that once we're in a place, more stuff comes to us. So we have no -- nothing on the books in addition to those three for this year. But once they're up and running, business kind of shows up, additive business.

Poe，我們今年將新增坦帕、查爾斯湖和阿蘭薩斯港碼頭。我們發現，一旦我們身處某個地方，就會有更多的東西湧向我們。所以，除了這三項之外，我們今年沒有其他安排。但一旦它們運作起來，業務就會隨之而來，而且是不斷成長的業務。

Great. Thanks for your time.

偉大的。感謝您抽出時間。

Thanks, Poe.

謝謝你，坡。

(Operator Instructions) [Michael Matheson], Sidoti & Company.

（操作說明）[Michael Matheson]，Sidoti & Company。

Congratulations on your performance in a difficult quarter.

恭喜你在如此艱難的季度中取得如此佳績。

Thank you, Mike.

謝謝你，麥克。

I just have a couple of questions. First, in Q1, long-term contracts really helped you out in a difficult TCE environment. What percent of Q2 and onward is already booked on a long-term basis?

我只有幾個問題。首先，在第一季度，長期合約在艱難的TCE環境下確實對你有幫助。在第二季及以後的訂單中，長期預訂的百分比是多少？

Gianni?

吉安尼？

Yes, so when we look at the balance of the year, really, our contract cover kicks in during ice season, the summer ice season in Q3. So we're heading into that in Q3, and that covers our ice class vessels. And then on average, we've discussed our contract cover on average for the year. And across our owned fleet, it averages around 30%. So when we look over a longer period of time, that's typically the contract cover that we'll have on our fleet, and I think that remains true for this year as well.

是的，所以當我們回顧今年的剩餘時間時，實際上，我們的合約保障是在冰球賽季期間生效的，也就是第三季的夏季冰球賽季。所以我們在第三季將著手處理這個問題，這涵蓋了我們的冰級船舶。然後，我們平均討論了我們全年的合約保障範圍。在我們自己的車隊中，平均約為 30%。所以從更長的時間跨度來看，這通常是我們車隊所享有的合約保障，我認為今年也是如此。

Okay, great. Looking at uses of cash, we've already talked about dividends versus buybacks. It's clear what your strategy is there. Of course, you're also consistently paying down debt. Can we expect further debt paydowns, or do dividends and share buybacks take priority?

好的，太好了。從現金用途來看，我們已經討論過度紅與股票回購的問題了。你的策略很明確。當然，你也在持續償還債務。我們可以期待進一步償還債務，還是股利和股票回購才是優先事項？

No, I think we -- as far as our debt paydown, the $11 million we paid in Q1, that is a pretty consistent number for the next almost two years right through the end of 2026. Our first meaningful balloon payment is in early 2027. I think we're amortizing debt at a decent rate. We have well-priced debt on our fixed-rate facilities and others that are capped. So I think we're pretty comfortable with our debt payment profile going forward and I don't see us really going after anything in a meaningful way until that balloon payment comes due.

不，我認為就我們的債務償還而言，我們在第一季支付的 1,100 萬美元，在接下來的近兩年時間裡，直到 2026 年底，都將是一個相當穩定的數字。我們第一筆實質的大額還款將在 2027 年初進行。我認為我們目前的債務攤銷速度還算合理。我們的固定利率貸款和其他有利率上限的貸款定價合理。所以我覺得我們對未來的債務償還計劃相當滿意，而且我認為在到期償還最後一筆大額債務之前，我們不會真的去追討任何債務。

Great. Well, thank you and good luck.

偉大的。謝謝，祝你好運。

Thank you.

謝謝。

Poe Fratt, ADP.

Poe Fratt，ADP。

Yes. Gianni, could you just clarify that last comment on the 30% of your capacity is generally sold or committed? Is that 30% of your owned fleet or 30% of what you typically run quarter to quarter when you include the chartered-in capacity?

是的。Gianni，你能否解釋一下關於你們30%的產能通常已被售出或預定的說法？這是指您自有機隊的 30%，還是指您通常每季運營的機隊規模（包括租入的運力）的 30%？

No. When we think about long-term contract cover, it's on the owned fleet. That 30% number is on the owned fleet only. And then the charter-in fleet presents arbitrage opportunities, and they're traded to make the owned fleet more efficient, to position vessels appropriately. But when we think about long-term contract cover, that's on the owned fleet is the number we're discussing.

不。當我們考慮長期合約保障時，指的是自有車隊。這個30%的數字僅指自有車隊。然後，租入的船隊提供了套利機會，透過交易這些船隊，可以提高自有船隊的效率，使船舶部署得更合理。但當我們考慮長期合約保障時，我們討論的是自有車隊的保障數量。

Great. Yes, I just wanted to clarify that. And then, Mark, going back to your prepared remarks or when you talked about the dividend and the stock buyback, you indicated that your preference is growth. Can you talk about the S&P market right now and how you're viewing the S&P market?

偉大的。是的，我只是想澄清一下。然後，馬克，回到你準備好的發言稿，或者當你談到股息和股票回購時，你表示你更傾向於成長。您能談談目前標普500指數的走勢以及您對標普500指數的看法嗎？

Yes. Second-hand prices are still pretty expensive, Poe, in relation to what the market returns today. So we've held off buying any new ships until that equation gets a little more favorable to owners. So we just added 15 ships at the end of the year. So it's time to sort of catch our breath and wait for the market to make a turn one way or the other.

是的。波，與目前的市場回報相比，二手商品的價格仍然相當昂貴。因此，我們一直沒有購買任何新船，直到這種情況對船東更有利一些為止。所以我們在年底又增加了15艘船。所以現在是時候喘口氣，等待市場出現轉機了。

Great, that's helpful.

太好了，這很有幫助。

Thank you. And at this time, there are no further questions in the queue. So I'd like to turn the call back over to Mark Filanowski for any closing remarks.

謝謝。目前，隊列中沒有其他問題了。那麼，我想把電話交還給馬克·菲拉諾夫斯基，請他作總結發言。

Thanks, everyone, for joining us today for interesting times. Flexibility and adaptability are the key to success in this environment, and we're pretty good at that. So please feel free to contact us with any further questions at investors@pangaeals.com. Thanks again.

感謝各位今天與我們共度這段精彩時光。在這個環境中，靈活性和適應性是成功的關鍵，而我們在這方面做得相當不錯。如有任何疑問，請隨時聯絡我們，電子郵件地址是 investors@pangaeals.com。再次感謝。

Thank you, ladies and gentlemen. This concludes today's program, and we appreciate your participation. You may disconnect at any time. On behalf of our client, we would like to thank you for joining. This concludes the program.

謝謝各位女士、先生。今天的節目到此結束，感謝各位的參與。您可以隨時斷開連線。我們謹代表客戶感謝您的參與。節目到此結束。