Safe Bulkers Inc (SB) 2024 Q1 法說會逐字稿

Thank you for standing by, ladies and gentlemen, and welcome to the Safe Bulkers conference call on the first-quarter 2024 financial results. We have us -- we have with us Mr. Polys Hajioannou, Chairman and Chief Executive Officer; Dr. Loukas Barmparis, President; and Mr. Konstantinos Adamopoulos, Chief Financial Officer of the company. (Operator Instructions)

女士們、先生們，感謝你們的耐心等待，歡迎參加有關 2024 年第一季財務業績的 Safe Bulkers 電話會議。我們有我們－我們有董事長兼執行長 Polys Hajioannou 先生； Loukas Barmparis 博士，總裁；以及公司財務長 Konstantinos Adamopoulos 先生。（操作員說明）

I must advise you that this conference is being recorded today, April 30, 2024. The archived webcast of this conference call will soon be made available on the Safe Bulkers website at www.safebulkers.com.

我必須告知您，本次會議將於今天（2024 年 4 月 30 日）進行錄製。本次電話會議的存檔網路廣播很快將在 Safe Bulkers 網站 www.safebulkers.com 上提供。

Many of the remarks today contain forward-looking statements based on current expectations. Actual results may differ materially from the results projected from those forward-looking statements. Additional information concerning factors that can cause the actual results to differ materially from those in the forward-looking statements is contained in the first-quarter 2024 earnings release which is also available on the Safe Bulkers website, again, www.safefulkers.com.

今天的許多言論都包含基於當前預期的前瞻性陳述。實際結果可能與這些前瞻性陳述預測的結果有重大差異。有關可能導致實際結果與前瞻性陳述中的結果存在重大差異的因素的更多資​​訊包含在 2024 年第一季度收益發布中，該發布也可在 Safe Bulkers 網站 www.safefulkers.com 上獲取。

I would now like to turn the conference call to one of your speakers today, the President of the company, Dr. Loukas Barmparis. Please go ahead, sir.

現在我想把電話會議交給今天的發言人之一，即公司總裁盧卡斯·巴爾帕里斯 (Loukas Barmparis) 博士。請繼續，先生。

Good morning to all. I'm Loukas Barmparis, President of Safe Bulkers. In the first quarter of 2024, we operated within a more robust market in comparison with the previous year. In alignment with our environmental, social, and governance strategy, we ordered one additional Phase 3 new build.

大家早安。我是 Safe Bulkers 總裁 Loukas Barmparis。與前一年相比，2024 年第一季我們的市場營運更加強勁。為了與我們的環境、社會和治理策略保持一致，我們額外訂購了一座第三期新建建築。

Concurrently, we're continuing to process of modernizing our fleet by divesting three other vessels. Moreover, we executed the prepurchase of 4.9 million shares of our common stock, while declaring a dividend of $0.05 per share of common stock.

同時，我們正在繼續剝離其他三艘船舶，對我們的船隊進行現代化改造。此外，我們也預購了 490 萬股普通股，同時宣布派發每股普通股 0.05 美元的股利。

Our strategic focus persist on fostering enduring value for our shareholders and upholding a resilient capital structure. This commitment is further evidenced by our efforts towards a young and energy-efficient fleet, thereby securing operational excellence in anticipation of forthcoming stringent environmental regulations. We ensure that our capital expenditure is adequately covered by our contracted future revenues, fortifying our balance sheet towards a trajectory of sustainable growth.

我們的策略重點始終是為股東創造持久價值並維護有彈性的資本結構。我們致力於打造年輕、節能的機隊，從而確保在即將到來的嚴格環境法規下實現卓越運營，這進一步證明了這一承諾。我們確保我們的資本支出能夠由合約中的未來收入充分覆蓋，從而鞏固我們的資產負債表，邁向可持續成長的軌道。

Subsequent to a comprehensive review of our forward-looking statements language presented on slide 2, our attention -- the transition to the market update on slide 4. Noteworthy is the volatility experienced in the Cape market segment. It is pertinent to highlight that four -- eight of our capes are presently period chartered, boosting on average remaining charter duration of exceeding two years with an average daily rate of approximately $24,400.

在對幻燈片 2 中呈現的前瞻性陳述語言進行全面審查之後，我們的注意力——向幻燈片 4 上的市場更新的過渡。值得注意的是開普敦市場所經歷的波動。值得強調的是，我們的四到八艘海岬目前是定期租船，使平均剩餘租船期限超過兩年，平均每日費率約為 24,400 美元。

This provides us with an appreciable degree of cash flow visibility, notwithstanding the prevailing daily market rate today of around $19,500. On the Panamax front, the charter market is at about $17,200.

儘管目前每日市場匯率約為 19,500 美元，但這為我們提供了相當程度的現金流可視性。巴拿馬型船方面，租船市場價格約為 17,200 美元。

Progressing to slide 5, we present an overview of our CRB commodity indexes, fluctuation in basic commodities future prices. The geopolitical landscape with tensions in regions such as Middle East, the Red Sea, and Ukraine underscores the heightened level of global uncertainty.

進入投影片 5，我們概述了 CRB 商品指數、基本商品期貨價格的波動。中東、紅海和烏克蘭等地區緊張的地緣政治格局凸顯了全球不確定性的加劇。

The global economic recovery is slow but steady. The dry bulk market is expected to remain strong in 2024 with a tightening supply and demand balance attributed to increased cargo volumes, particularly in the Capesize segment driven by higher iron ore shipments from Brazil to China -- and China.

全球經濟復甦緩慢但穩定。乾散貨市場預計將在 2024 年保持強勁，由於貨運量增加，供需平衡趨緊，尤其是在巴西至中國和中國的鐵礦石運輸量增加推動的海岬型船市場。

Rerouting away from the Red Sea and Panama Canal has also bolstering demand in smaller segments. There is expectation of virtual control of inflation, despite the delay in interest rate cuts, the expectation for global economy -- for global economic resilience remains strong. The IMF April forecast of 3.2% expansion in global GDP for both 2024 and 2025 is a combined by control of inflationary pressures.

遠離紅海和巴拿馬運河的航線也提振了較小航段的需求。儘管降息有所延遲，通膨預期得到實質控制，但對全球經濟的預期——全球經濟韌性依然強勁。IMF 4 月預測 2024 年和 2025 年全球 GDP 將成長 3.2%，這是與控制通膨壓力結合的結果。

According to BIMCO, the forecasted global dry bulk demand growth stands at 3%, increase for 2024. In China, the IMF April projection of GDP growth for 2024 stood at 4.6%. China faces challenges, of course, in growth dynamics driven by internal factors, while the resilience of India's robust domestic demand and sustained infrastructure investments emerges as a stabilizing force amidst the prevailing economic uncertainty.

據BIMCO稱，預計2024年全球乾散貨需求將成長為3%。在中國，國際貨幣基金組織 4 月對 2024 年 GDP 成長的預測為 4.6%。當然，中國在內部因素驅動的成長動力方面面臨挑戰，而印度強勁的內需和持續的基礎設施投資的韌性在當前經濟不確定性中成為穩定力量。

Let us now proceed to examine the supply side dynamics in slide 6. The dry bulk order book remains at single-digit percentages. Our outlook remains optimistic regarding the near- to medium-term trajectory of the freight market underscored by the low order book. Approximately 25% of the medium-sized fleet surpasses the 15-year mark, increasing the anticipated impact of fleet ageing and fleet and environmental regulations.

現在讓我們繼續研究投影片 6 中的供給方動態。乾散貨訂單仍維持個位數百分比。我們對低訂單量所凸顯的貨運市場近中期走勢仍持樂觀態度。大約 25% 的中型機隊超過了 15 年大關，增加了機隊老化以及機隊和環境法規的預期影響。

Vessels constructed in Japan have superior design efficiencies. 85% of our company's fleet compared to Japanese build vessels surpassing the global average of 40%. The strategic advantage positions our fleet favorable to compete within the environmental-based charter market.

日本建造的船舶具有卓越的設計效率。與日本建造的船舶相比，我們公司85%的船隊超過了全球平均40%。戰略優勢使我們的機隊有利於在環保包機市場中競爭。

As some of the pure dry bulk companies with a substantial Phase 3 order book, strategically positioned below prevailing market valuations underscore our commitment to compete on the basis of operational and environmental excellence. Fleets comprising of efficient Japanese vessels and vessels delivered post 2014, will be able to remain relevant and compete within the regulatory frameworks and greenhouse gas targets.

由於一些擁有大量第三階段訂單的純乾散貨公司的策略定位低於當前市場估值，這突顯了我們在營運和環境卓越的基礎上進行競爭的承諾。由高效的日本船舶和 2014 年後交付的船舶組成的船隊將能夠在監管框架和溫室氣體目標範圍內保持相關性並參與競爭。

A look of our recent developments is presented on slide 8. This includes the declaration of 5% -- $0.05 dividend per common share, divestment of three older vessels, the delivery of two Phase 3 newbuilds alongside the initiation of orders of two additional Phase 3 vessels.

幻燈片 8 展示了我們最近的進展。其中包括宣布每股普通股派發 5% 至 0.05 美元的股息、剝離三艘舊船、交付兩艘第三階段新建船舶以及啟動另外兩艘第三階段船舶的訂單。

In slide 9, we present Safe Bulkers key attributes such as our robust management ownership alignment, comfortable leverage, ample liquidity, contracted revenues, a selling track record, and the quality and competitiveness of our fleet strategically positioned to leverage on the regulatory landscape remaining true in our commitment to expand by building a resilient company and reward our shareholders.

在幻燈片9 中，我們介紹了Safe Bulkers 的關鍵屬性，例如我們穩健的管理層所有權調整、舒適的槓桿率、充足的流動性、合約收入、銷售記錄以及我們戰略定位的船隊的品質和競爭力，以利用仍然真實的監管環境我們致力於透過建立一家有韌性的公司來擴大規模並回報股東。

Moving to slide 10. We present an insight into the advantage of our green fleet click. The breakdown presented in the top-right graph underscores the environmental credentials of our fleet comprising today of 46 vessels, with 20 vessels having undergone environmental upgrades, 9 being Phase 3 and 11 being eco, and the remaining six scheduled to be upgraded within this year.

轉到投影片 10。我們深入了解綠色車隊點擊的優勢。右上方圖表中的細分突顯了我們船隊的環保資質，該船隊目前擁有46 艘船舶，其中20 艘船舶已進行環保升級，其中9 艘為第三階段，11 艘為生態升級，其餘6艘計劃在今年內升級。

The bottom graph represents our fleet renewal strategy within -- with the divestment of 12 older vessels, acquisition of seven secondhand vessels, a steadfast order in comprising of seven plus one Phase 3 newbuilds, resulting to a stable 10-year average fleet age over the past four years, as confirmed by slide 11. This trajectory of fleet expansion sells attesting to our commitment towards sustainability.

下圖代表了我們的船隊更新策略——剝離了12 艘舊船，收購了7 艘二手船，堅定地訂購了7 艘加1 艘三期新船，從而使船隊平均船齡穩定在10年以上。機隊擴張的軌跡證明了我們對永續發展的承諾。

I now pass the floor to our CFO, Konstantinos Adamopoulos, for our quarterly financial overview.

現在請我們的財務長 Konstantinos Adamopoulos 介紹我們的季度財務概況。

Thank you, Loukas, and good morning to everyone. As a general note, during the first quarter of 2024, we operated in a stronger charter market environment compared to the same period in 2023. With increased revenue due to higher charter hires, these earnings from scrubber fitted vessels increased operating expenses and higher interest expenses due to increased interest rates.

謝謝你，盧卡斯，祝大家早安。整體而言，與 2023 年同期相比，2024 年第一季我們的包機市場環境更為強勁。由於租船租金增加而收入增加，安裝洗滌器的船舶帶來的收入增加了營運費用，並且由於利率上升而導致利息費用增加。

Let us focus now on our liquidity. Our cash flows and our capital structure, as presented in slide 13. We are maintaining a comfortable leverage of 34%. Our debt of $534 million remains comparable to our free scrap value of $338 million, although our fleet is about 10 years old.

現在讓我們專注於我們的流動性。我們的現金流量和資本結構，如投影片 13 所示。我們維持 34% 的舒適槓桿率。儘管我們的機隊機齡約為 10 年，但我們 5.34 億美元的債務仍與 3.38 億美元的免費報廢價值相當。

Our weighted average interest rate stood at 6.51% for our consolidated debt, with a portion of EUR100 million being fixed at 2.95% coupon in an unsecured five-year bond. We have paid $79 million of our capital expenditure requirement in relation to our existing order book and the remaining capital expenditure at $201 million.

我們的綜合債務加權平均利率為 6.51%，其中 1 億歐元的一部分固定為無擔保五年期債券，票面利率為 2.95%。我們已經支付了與現有訂單相關的 7,900 萬美元資本支出要求，剩餘資本支出為 2.01 億美元。

Our liquidity and capital resources stand strong at approximately $215 million, which together with a contracted revenue of about $276 million provides flexibility to our management and capital allocation. Furthermore, we have additional borrowing capacity in relation to seven existing unencumbered vessels and eight new builds upon their delivery.

我們的流動性和資本資源強勁，約 2.15 億美元，加上約 2.76 億美元的合約收入，為我們的管理和資本配置提供了靈活性。此外，我們還擁有與七艘現有的無抵押船舶和八艘交付後的新船相關的額外借款能力。

Moving on to slide 14, we have quarterly financial highlights for the first quarter of 2024 compared to the same period of 2023. Our adjusted EBITDA for the first quarter of this year stood at $46.8 million compared to $33.1 million for the same period in 2023.

繼續看投影片 14，我們提供了 2024 年第一季與 2023 年同期相比的季度財務亮點。今年第一季調整後的 EBITDA 為 4,680 萬美元，而 2023 年同期為 3,310 萬美元。

Our adjusted earnings per share for the first quarter of 2024 was $0.20, calculated on a weighted average number of 100.4 million shares compared to $0.10 during the same period in 2023 calculated on a weighted average number of 118.4 million shares.

根據 1.004 億股的加權平均數計算，我們 2024 年第一季的調整後每股收益為 0.20 美元，而 2023 年同期的調整後每股收益為 0.10 美元，根據 1.184 億股的加權平均數計算。

In slide 15, we present our quarterly operational highlights for the first quarter of 2024 in comparison to the same period of 2023. During the first quarter of this year, we operated 47.08 vessels on average, earning a TCE of an average of $18,158 compared to 43.3 (sic - see slide 15, "43.83") vessels and on average TCE of $15,760 during the same period in 2023.

在投影片 15 中，我們展示了 2024 年第一季與 2023 年同期相比的季度營運亮點。今年第一季度，我們平均營運 47.08 艘船舶，平均 TCE 為 18,158 美元，而 2023 年同期為 43.3 艘（原文如此 - 參見投影片 15，「43.83」）船舶，平均 TCE 為 15,760 美元。

The company's net income for the first quarter of 2024 was $25.3 million compared to net income of $19.3 million during the same period in 2023. Concluding in slide 16, we present a list of our Phase 3 vessels already in our fleet. The global economy is experiencing multiple challenges, persistent inflation, tight financial conditions, Russian invasion in Ukraine, Middle East crisis, all the way on the market outlook.

該公司2024年第一季的淨利為2,530萬美元，而2023年同期的淨利為1,930萬美元。在幻燈片 16 的最後，我們列出了我們船隊中已有的第 3 階段船舶的清單。全球經濟正經歷多重挑戰，持續的通膨、緊張的金融狀況、俄羅斯入侵烏克蘭、中東危機，一路影響後市。

Based on the financial performance, the company's Board of Directors declared a $0.05 dividend per common share. I would like to emphasize that the company is maintaining a healthy cash position of about $82 million also April 19, 2024. Another $164 million available in the revolving credit facilities. Overall, combined liquidity and capital resources of $246 million.

根據財務業績，公司董事會宣布派發每股普通股 0.05 美元的股息。我想強調的是，截至 2024 年 4 月 19 日，該公司仍保持著約 8,200 萬美元的健康現金狀況。另外還有 1.64 億美元的循環信貸額度。整體而言，流動性和資本資源合計為 2.46 億美元。

Furthermore, we have contracted noncancelable spot and period time chartered contracts of $274 million, net of commissions and before scrubber revenue, as well as additional borrowing capacity in relation to seven unencumbered existing ships and eight new build upon delivery. We believe our strong liquidity and our comfortable leverage will enable us to expand further our fleet while still rewarding our shareholders.

此外，我們還簽訂了價值2.74 億美元的不可取消的現貨和定期租船合同，扣除佣金和脫硫塔收入之前，以及與七艘未負擔的現有船舶和八艘交付後的新船相關的額外借款能力。我們相信，我們強大的流動性和舒適的槓桿將使我們能夠進一步擴大我們的船隊，同時仍然回報我們的股東。

This concludes our presentation. We are now ready for the Q&A session.

我們的演講到此結束。我們現在準備好進行問答環節了。

(Operator Instructions) Omar Nokta, Jefferies.

（操作員說明）Omar Nokta，Jefferies。

Hey, guys. Thank you and good afternoon. A couple of questions for me. Maybe just first off, perhaps on the term charter market. I noticed you fixed the Maria for four to five years at just under $26,000. That ships a -- looks like a standard Cape, 10 years old, but the rate is pretty high relative to clearly, market averages in recent years and also even just forward assessments, whether it's the FFAs or the one-year, three-year, five-year charter market assessment. Is there something specific on the charter? Or is the ship -- is there anything specific on the shift that gives us this type of premium? Or is it simply the going rate now for a four- to five-year contract?

大家好。謝謝你，下午好。有幾個問題問我。也許只是首先，也許是在術語包機市場。我注意到您以不到 26,000 美元的價格將 Maria 修好四到五年。這看起來像一艘標準的海角船，船齡為10 年，但相對於近年來的明顯市場平均水平，甚至只是遠期評估，無論是FFA 還是一年期、三年期的評估，利率都相當高。章程有什麼具體內容嗎？或者是這艘船——班次上有什麼具體的東西可以給我們帶來這種類型的溢價嗎？或者這只是目前四到五年合約的現行費率？

Yes. This vessel was with a specific charter on index linked and as the market was rising in Q1. The charter wanted to change it into long-term period charter of fixed rates. So the company took advantage of that requirement and converted this to four-year charter, which as you said, is above the current market, given that the vessel is Japanese built and environmentally upgraded with various fixtures that have improved recently fuel consumptions.

是的。該船簽訂了與指數掛鉤的特定租約，並且隨著第一季市場的上漲。租船公司希望將其改為固定費率的長期租船合約。因此，該公司利用了這一要求，並將其轉換為四年期租船合同，正如您所說，鑑於該船是日本建造的，並且經過環保升級，並配備了最近改善了燃料消耗的各種固定裝置，因此該租期高於目前市場。

So we managed to achieve for four years -- minimum four years of $25,950 per day, which is a very healthy rate and the company locked in our build time. Also, at the same time, we had another vessel, a 2012 build, which we fixed forward for delivery in September of this year for 18 to 24 months at $26,000 a day, which is also a very healthy rate given that the fixture is on forward days. So there was this opportunity, and we had the right vessels at the right time available, and we managed to secure these long charters, which usually typically are available in markets of Capesize vessels.

因此，我們成功地在四年內實現了每天至少 25,950 美元的目標，這是一個非常健康的價格，而且公司鎖定了我們的建造時間。此外，與此同時，我們還有另一艘船，一艘2012 年建造的，我們將其定於今年9 月交付，為期18 至24 個月，每天費用為26,000 美元，考慮到該船的固定期限，這也是一個非常健康的價格前進的日子。因此，就有了這個機會，我們在正確的時間擁有了正確的船舶，並且我們設法獲得了這些長期租船合同，這些租船通常在海岬型船舶市場上可用。

Yeah, yeah. And obviously, the market's eased a bit. It's still obviously very solid, generally speaking. How would you characterize the liquidity now in the term market? Would you be able to repeat that type of duration going out 12 to 18 months or four years? Could you do that? Obviously, the rate may have come down, but is there enough liquidity still to be able to secure that type of visibility?

是啊是啊。顯然，市場有所緩和。一般來說，它顯然仍然非常堅固。您如何描述目前期限市場的流動性？您能否重複這種持續時間 12 至 18 個月或四年？你能做到嗎？顯然，利率可能已經下降，但是否仍有足夠的流動性來確保這種可見度？

Look, these charters come at the spots when you have a very hot Cape spot market. So if the spot market is $40,000, so going even higher than $40,000, charter can book contracts, can cover in the futures market their exposure and such deals are available, so long you have the right vessel available at the right moment. Most of our Capesizes, almost all of them, they are on period charters.

看，當開普敦現貨市場非常火爆時，這些租船就會出現。因此，如果現貨市場價格為40,000 美元，甚至高於40,000 美元，租船可以預訂合同，可以在期貨市場上彌補其風險敞口，並且只要您在正確的時間擁有合適的船舶，就可以進行此類交易。我們大多數的海岬型船，幾乎全部，都是定期租船。

Some of them, they expire in '25, some in '26. But in a hot market, let's assume we have a hot market in the second half of the year could be opportunity. One charter wants to extend one year ahead of time. One of the other vessels that put those switch an existing charter into something longer and bigger. So all the scenarios, we are very hands-on on what's going on in the freight market as we are working in-house all our chartering activities.

其中一些在 25 年到期，一些在 26 年到期。但在火熱的市場中，假設下半年市場火爆，這可能是個機會。一份租約希望提前一年延長。其中一艘將現有的包租船改造成更長更大的船。因此，在所有情況下，我們都非常了解貨運市場上正在發生的事情，因為我們在內部進行所有租船活動。

And when the opportunity arises, we try to take the advantage of such requirements. On the Kamsarmax vessels, of course, the charter durations are much shorter because the forward curve is not moving usually that fast as with Capesize rates and on those one, the charters are more like one year or 1.5 year duration.

當機會出現時，我們會嘗試利用這些要求。當然，在 Kamsarmax 船上，租船期限要短得多，因為遠期曲線通常不像海岬型船運價那麼快，而在這些船舶上，租船期限更像是一年或 1.5 年。

Okay. Thanks for that color. And then just a separate topic, just on the capital allocation. I just wanted to ask what you're thinking in terms of the buyback going forward. You bought a good amount of stock, obviously, under the 5 million share authorization from late last year.

好的。謝謝那個顏色。然後是一個單獨的話題，關於資本配置。我只是想問一下您對未來回購的想法。顯然，根據去年年底的 500 萬股授權，你買了大量股票。

You did cancel just before finishing the full $5 million, you effectively got close to it, but you didn't do all of it, but you went ahead and terminated it. I just wanted to get a sense, any reason why you canceled it with a little bit left to go. And any thoughts on a new one. And then also, is it just simply the stock performance being so strong as why you backed off on the buyback recently?

你確實在完成全部 500 萬美元之前取消了，你實際上已經接近它了，但你沒有完成全部，但你繼續並終止了它。我只是想了解一下，為什麼你在還剩一點時間的情況下取消了它。以及關於新的任何想法。另外，僅僅是股票表現如此強勁，才導致您最近放棄回購了嗎？

About capital allocation. As you are aware, we -- I mean, we push our earnings from operations towards the new investments because it's very important to renew the fleet and to be competitive in the following years because the new regulations will have a substantial -- will create substantial problems to ships that cannot perform and we don't want to leverage the [coverage].

關於資本配置。如你所知，我們——我的意思是，我們將營運收入推向新投資，因為更新機隊並在接下來的幾年中保持競爭力非常重要，因為新法規將產生巨大的影響無法執行任務的船舶出現問題，我們不想利用[覆蓋範圍]。

So I want to point out that the leverage today is -- this quarter was 34%. In terms of the buyback program -- the buyback program almost exhausted, but we -- I mean, we all believe in the company that the price of our stock, I'm repeating it's our belief is quite low compared to the asset value.

所以我想指出，今天的槓桿率是——本季為 34%。就回購計劃而言——回購計劃幾乎用盡了，但我們——我的意思是，我們都相信公司，我重複一遍，我們的信念與資產價值相比相當低。

So from time to time, we may take the advantage of the opportunity to initiate an additional buyback program, although this has not been yet decided. And the other one is that at the same time, we reward our shareholders with a steady dividend until now $0.05 per share which is also, I think, reasonable on the basis also of the capital increases because we expect that the stock price -- the price of our stock increasing -- the price of our stock will increase as the new regulations will come and play a major role in the charter market.

因此，我們有時可能會利用這個機會啟動額外的回購計劃，儘管這尚未決定。另一個是，與此同時，我們以穩定的股息獎勵我們的股東，到目前為止，每股 0.05 美元，我認為，基於資本增加，這也是合理的，因為我們預計股價 -我們的股票價格上漲— —隨著新法規的推出並在包機市場中發揮重要作用，我們的股價將會上漲。

Thank you. No, that makes sense. Appreciate it. That's it for me. Thank you.

謝謝。不，這是有道理的。欣賞它。對我來說就是這樣。謝謝。

Climent Molins, Value Investor's Edge.

克萊門特·莫林斯，價值投資者的優勢。

Good afternoon. Thank you for taking my questions. Following up on Omar's question on the repurchases, could you provide some commentary on the average price paid per share and on the amount that was spent post quarter end?

午安.感謝您回答我的問題。繼奧馬爾關於回購的問題之後，您能否對每股支付的平均價格以及季度末後支出的金額提供一些評論？

Yes. That's the shift.

是的。這就是轉變。

Look, we don't declare the exact prices. But what we can say is that we have almost exhausted the existing buyback program. And any decision in the future will depend on the capital allocation that we think it's better. So we can -- for example, I could say that we move towards an acquisition of a newbuild vessel, as you are aware. So this plays an important role. So we are targeting also the newbuild market and of course, basically, we believe that our price is quite low compared to the net asset value of our fleet.

看，我們沒有公佈確切的價格。但我們可以說的是，我們幾乎已經用盡了現有的回購計畫。未來的任何決定都將取決於我們認為更好的資本配置。因此，我們可以—例如，如您所知，我可以說我們正在朝著收購一艘新建船舶的方向邁進。所以這起著重要的作用。因此，我們也瞄準了新建市場，當然，基本上，我們認為與我們船隊的資產淨值相比，我們的價格相當低。

Of course, if I may add, you may see the last quarter, the stock price was between $4 and $5. So you have a low part -- a low price on the bottom part and in the upper part. So it was in that range. The purchase was in the market range.

當然，如果我可以補充一下，你可能會看到上個季度，股價在​​ 4 美元到 5 美元之間。所以你有一個較低的部分——底部和上部的價格較低。所以它就在這個範圍內。購買的商品在市場範圍內。

What I may add more what's happening right now in the market and the most important thing to take note of, we have secondhand prices rising in the last two quarters, especially in the first quarter of this year with a strong freight market, and we see this on all type of vessels on all the spectrum from Ultramax, Kamsarmax, Capesize, all of secondhand price vessels are rising by $3 million, $4 million the last quarter so.

我還可以補充一點，目前市場上正在發生的事情，最需要注意的是，我們的二手價格在過去兩個季度都在上漲，特別是在今年第一季度，貨運市場強勁，我們看到從Ultramax 、Kamsarmax、好望角型所有類型的船舶來看，所有二手船的價格都上漲了300萬美元，上個季度上漲了400萬美元。

And the company is also using some of its older ships, as you have noticed, as cash -- as cashing on those older ships to finance new acquisitions, mainly on new technology Phase 3 -- IMO Phase 3 vessels.

正如您所注意到的，該公司還使用一些舊船作為現金，用這些舊船兌現來為新的收購提供資金，主要是新技術第 3 階段——IMO 第 3 階段船舶。

On the other hand, we have to say that the opportunity for fleet renewal is not unlimited, given the fact that most of the shipyards are now quoting builds in second half '27 or even first half '28. So the opportunities are becoming less and fewer and fewer. So you may find the old, but you have good relations with yards in Japan, both every now and then.

另一方面，我們不得不說，鑑於大多數造船廠現在都在報價 27 年下半年甚至 28 年上半年的建造，船隊更新的機會並不是無限的。所以機會越來越少。所以你可能會發現舊的，但你時不時地與日本的船廠有良好的關係。

And this is the opportunity one should not be losing when such a build is available to take advantage and book the best. That's why we need liquidity, not only for share repurchase, but also to take advantage of those opportunities when they arise. And I don't think in the next six to nine months, something will change.

當這樣的構建可以利用並預訂最好的東西時，這是一個不應該失去的機會。這就是為什麼我們需要流動性，不僅用於股票回購，而且還用於在這些機會出現時利用它們。我認為在接下來的六到九個月內，事情不會改變。

To the contrary, we believe that we are entering into a tighter market. We know that the latest data from Suez Canal is that passages are 66% lower than -- now than they were in end of November when the crisis become. We see that the strikes on merchant shipping by the Yemen rebels is continuing. So we don't expect this to change anytime soon, which will add fuel to the present freight market.

相反，我們認為我們正在進入一個更緊張的市場。我們知道，蘇伊士運河的最新數據顯示，現在的通行量比 11 月底危機爆發時減少了 66%。我們看到也門叛亂分子對商船的攻擊仍在繼續。因此，我們預計這種情況不會很快改變，這將為當前的貨運市場增添動力。

So the company must be ready to make use of its liquidity, not only on share repurchase, but on other opportunities as they arise before this -- all these opportunities are gone because we cannot order a new build for 2028 delivery. You can understand it's four years forward is too far away, and the cost of redelivery installments is very high. So when the opportunity arises for early builds, we should be able to move quickly.

因此，公司必須準備好利用其流動性，不僅用於股票回購，還用於在此之前出現的其他機會——所有這些機會都消失了，因為我們無法訂購 2028 年交付的新產品。你可以理解，四年後的時間太遙遠了，重新交付分期付款的成本非常高。因此，當早期建構的機會出現時，我們應該能夠迅速採取行動。

Thanks for the color. I also wanted to ask about operating expenses, which increased quarter over quarter, although from a very low starting point. Could you provide some commentary on the forecast you have for operating expenses for the remainder of the year?

謝謝你的顏色。我還想問營運費用，儘管起點非常低，但營運費用逐季增加。您能否對今年剩餘時間的營運費用預測提供一些評論？

Usually, the operating expenses that we see in the first quarter a little bit more -- a little increased. And the reason is that because there's substantial supplies of spares that will be used for the dry dockings. And so you may see -- if you compare the last quarter of the year and the first quarter of this year, you will see that there is a substantial increase. However, we don't expect that in the -- annually, we have a substantially different figure.

通常，我們在第一季看到的營運費用會多一點——增加一點。原因是因為有大量備件供應將用於乾船塢。所以你可能會看到，如果你比較今年最後一個季度和今年第一季度，你會發現有大幅成長。然而，我們預計每年的數字不會有很大不同。

Makes sense. That's all for me. Thank you for taking my questions and congratulations for the quarter.

說得通。這就是我的全部。感謝您回答我的問題並對本季表示祝賀。

Thank you.

謝謝。

There are no further questions in the queue. I'd like to hand the call back to management for closing remarks.

隊列中沒有其他問題。我想將電話轉交給管理階層以供結束語。

Thank you very much for attending this quarter -- our quarter results webcast and we're looking forward to discuss again with you in the next quarter. Have a nice day.

非常感謝您參加本季的季度業績網路廣播，我們期​​待在下個季度再次與您討論。祝你今天過得愉快。

Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。此時您可以斷開線路並度過美好的一天。