Safe Bulkers Inc (SB) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Safe Bulkers conference call on the third-quarter 2024 financial results.

女士們、先生們，感謝你們的耐心等待，並歡迎參加 Safe Bulkers 關於 2024 年第三季財務業績的電話會議。

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)

與我們同行的還有董事長兼執行長 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）

Following this conference call, if you need any further information on the conference call or on the presentation, please contact Capital Link at (212) 661-7566. I must advise you that this conference is being recorded today. The archived webcast of the conference call will soon be made available on the Safe Bulkers' website at www.safebulkers.com.

在本次電話會議之後，如果您需要有關電話會議或演示的更多信息，請致電 (212) 661-7566 聯繫 Capital Link。我必須告訴你，今天的會議正在錄製。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 actual results to differ materially from those in the forward-looking statements is contained in the third quarter 2024 earnings release, which is available on the Safe Bulkers' website, again, at www.safebulkers.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有重大差異的因素的更多資​​訊包含在 2024 年第三季收益報告中，該報告可在 Safe Bulkers 網站 www.safebulkers.com 上取得。

I would now like to turn the conference call over to one of your speakers today, the Chairman and CEO of the company, Mr. Polys Hajioannou. Please go ahead, sir.

現在我想將電話會議轉交給今天的發言者之一，即公司董事長兼執行長 Polys Hajioannou 先生。請繼續，先生。

Okay. I will do the presentation. Good morning to all. I'm Loukas Barmparis, President of Safe Bulkers. We had a good quarter compared to the same quarter last year. However, the charter market is gradually softening along with continuing geopolitical uncertainties. We remain focused on capital allocation towards our newbuilds program on improving our operational efficiency and on rewarding our stockholders with a dividend of $0.05 per share of common stock.

好的。我將進行演示。大家早安。我是 Safe Bulkers 總裁 Loukas Barmparis。與去年同期相比，我們的季度表現良好。然而，隨著地緣政治不確定性的持續存在，包機市場正逐漸疲軟。我們仍然專注於新建項目的資本分配，以提高營運效率，並以每股普通股 0.05 美元的股息獎勵股東。

Following a comprehensive review of the forward-looking statements, which is presented in slide number 2, let us begin with a market update in slide number 4. The Cape market segment has been volatile throughout the quarter. All eight of our Capes are presently period chartered, boosting an average remaining charter duration of 2.6 years with an average daily rate of $23,600. This provides us with a considerable degree of cash flow visibility, topping $175 million in contracted revenue backlog from Capes alone. On the Panamax front, the charter market stands soft at low $10,000.

在對第 2 號投影片中呈現的前瞻性陳述進行全面審查之後，讓我們從第 4 號投影片中的市場最新情況開始。整個季度，開普敦市場一直波動較大。目前，我們所有 8 艘 Cape 船均採用定期租船，平均剩餘租船期限為 2.6 年，日均費率為 23,600 美元。這為我們提供了相當程度的現金流可視性，僅來自 Capes 的合約收入積壓就超過了 1.75 億美元。巴拿馬型船方面，租船市場疲軟，價格低至 10,000 美元。

Moving on to slide 5, we will present an overview of CRB Commodity Index fluctuation in basic commodity prices. Global disinflation continues raising the prospects of further easing of interest rates, but with a decreased rate, leading to higher for longer interest rates in the context of policy uncertainty. The geopolitical landscape with continuing tensions in the Middle East, the Red Sea and Ukraine underscores the heightened level of global uncertainty, which leads to softer global GDP growth expectations for 2025 and 2026 as reflected in the IMF October forecast for a growth of about 3.2% to 3.3% in the coming years, accompanied by control of inflationary pressures. The dry bulk demand outlook indicates slowing growth with significant uncertainty.

轉到投影片 5，我們將概述基本商品價格的 CRB 商品指數波動。全球通貨緊縮繼續提高了進一步寬鬆利率的前景，但隨著利率下降，在政策不確定性的背景下導致長期利率上升。中東、紅海和烏克蘭持續緊張的地緣政治格局凸顯了全球不確定性的加劇，導致2025年和2026年全球GDP成長預期疲軟，國際貨幣基金組織10月預測成長約3.2%未來幾年將成長至3.3 %，同時通膨壓力得到控制。乾散貨需求前景顯示成長放緩，並具有很大的不確定性。

According to BIMCO, the forecasted global dry bulk demand growth will have a 1% fall in 2025. China's slower growth may hinder demand for dry bulk commodities like iron ore and coal, while the impact of the recently introduced $1.4 trillion package over five years for the so-called local governments' hidden debt is expected to alleviate pressure on local authorities and free up funds for supporting economic growth and sustains many investors' expectations for more direct fiscal support next year.

根據BIMCO預測，2025年全球乾散貨需求成長將下降1%。中國經濟成長放緩可能抑制對鐵礦石和煤炭等乾散貨商品的需求，而最近推出的五年1.4萬億美元一攬子計劃的影響預計將減輕地方政府的壓力，釋放地方政府的隱性債務。

Iron ore shipments are estimated to grow slightly, but weak Chinese demand and increased recycled steel usage are anticipated to restrict growth. Coal shipments may drop by about 3.5% due to rising renewable energy use in Asia and increased coal production in China and India. Grain shipments are predicted to rise by 1.5%, but maize supply remains tight, particularly from Ukraine. Minor bulk shipments in crude bauxite are expected to be a key growth driver as demand increases due to the energy transition.

鐵礦石出貨量預計將小幅成長，但中國需求疲軟和再生鋼用量增加預計將限製成長。由於亞洲再生能源使用量增加以及中國和印度煤炭產量增加，煤炭運輸量可能下降約 3.5%。預計穀物出貨量將成長 1.5%，但玉米供應仍然緊張，尤其是來自烏克蘭的玉米供應。隨著能源轉型導致需求增加，預計少量散裝原鋁土礦將成為主要成長動力。

Freight rates are likely to be softer, particularly for Panamax vessels due to the supply-demand imbalance expected from growing fleet sizes and moderating demand. Chinese economy faces challenges from weak domestic demand and real estate sector crisis impacting growth rates. The IMF projects China's GDP growth to be 4.5% in 2025 and 4.1% in 2026, signaling a gradual slowdown. The limited consumer spending and high debt levels are hampering economic recovery despite the recent fiscal stimulus measures.

由於船隊規模不斷擴大和需求放緩預計將導致供需不平衡，運費可能會走軟，尤其是巴拿馬型船舶。中國經濟面臨內需疲軟和房地產業危機影響成長的挑戰。國際貨幣基金組織預計中國2025年GDP成長率為4.5%，2026年為4.1%，預示中國經濟成長將逐步放緩。儘管最近採取了財政刺激措施，但有限的消費者支出和高債務水平正在阻礙經濟復甦。

The weakness in the steel and construction sectors is expected to reduce demand for key commodities such as iron ore. Trade barriers and external pressures could further limit China's growth potential with risks of inflation affecting domestic stability. India, on the other hand, is projected to experience the fastest growth among major economies with a forecasted 6.5% GDP increase in 2025 and 2026.

鋼鐵和建築業的疲軟預計將減少對鐵礦石等主要商品的需求。貿易壁壘和外部壓力可能進一步限制中國的成長潛力，通膨風險影響國內穩定。另一方面，印度預計將成為主要經濟體中成長最快的國家，預計 2025 年和 2026 年 GDP 將成長 6.5%。

India's expanding domestic market and manufacturing sector contribute positively to the dry bulk demand with infrastructure investments playing a vital role. Increased renewable energy and industrial growth will be key drivers for India's economic momentum. The agricultural productivity and favorable monsoon conditions could stabilize inflation and support growth, enhancing its food security.

印度不斷擴大的國內市場和製造業對乾散貨需求做出了積極貢獻，其中基礎設施投資發揮了至關重要的作用。再生能源的增加和工業成長將成為印度經濟成長的關鍵驅動力。農業生產力和有利的季風條件可以穩定通貨膨脹並支持成長，從而增強糧食安全。

Let's proceed now in slide 5 -- 6 to examine supply side dynamics. A combination of increased recycling and stable delivery rates is expected to balance the fleet expansions, yet supply growth may continue to outpace demand, exerting pressure on freight rates. The dry bulk fleet is projected to grow by about 3% on average in 2025 and 2026 due to stable new deliveries and increased recycling with Panamax vessels comprising the largest share.

現在讓我們繼續在投影片 5 - 6 中檢查供應方動態。回收增加和穩定的交付率相結合預計將平衡船隊擴張，但供應增長可能繼續超過需求，對運費施加壓力。由於穩定的新交付量和回收量的增加（其中巴拿馬型船舶佔最大份額），乾散貨船隊預計在 2025 年和 2026 年平均增長約 3%。

Recycling volumes are anticipated to rise as weaker market conditions could prompt the retirement of older vessels. New building models have slowed as their order book now stands at about 10% of the current fleet. Supply could be marginally impacted by concession reductions as seen in Brazilian port concessions in 2024 due to smaller grain harvests.

由於市場狀況疲軟可能促使舊船退役，預計回收量將會增加。新的建築模型已經放緩，因為它們的訂單目前僅佔現有船隊的 10% 左右。供應可能會受到特許權減少的輕微影響，如 2024 年巴西港口特許權因糧食收成減少而減少。

Asset prices, which rose in 2024, are projected to weaken over the next two years and second-hand ships prices may fall in line with expected lower freight rates. Chinese shipyards are expanding, but unless bulk contracting increases, new building prices are unlikely to rise significantly. Currently, about 25% of the existing global fleet is older than 15 years. Safe Bulkers' fleet now counts 11 Phase 3 vessels on the water, all delivered after 2022.

資產價格在 2024 年上漲，預計在未來兩年內將走弱，二手船價格可能會隨著預期的運費下降而下跌。中國造船廠正在擴張，但除非大宗合約增加，否則新造船價格不太可能大幅上漲。目前，全球現有機隊中約 25% 的機齡超過 15 年。Safe Bulkers 的船隊目前有 11 艘第三階段船舶在水面上，全部於 2022 年之後交付。

In addition, 23 vessels have been environmentally upgraded and 11 are eco vessels having superior design efficiencies. 80% of our fleet comprises of Japanese built vessels, surpassing the global average of 40%, with our average fleet age being just 9.8 years. Overall, our fleet today is fundamentally upgraded and commercially more competitive than two years ago, underscoring our commitment to sustainable business.

此外，還有23艘船舶進行了環保升級，其中11艘是具有卓越設計效率的生態船舶。我們的船隊 80% 由日本建造的船舶組成，超過 40% 的全球平均水平，我們的平均船齡僅為 9.8 年。總體而言，我們今天的機隊已從根本上升級，比兩年前更具商業競爭力，這突顯了我們對永續業務的承諾。

We will continue to become even more commercially competitive as we have on our order book seven more Phase 3 vessels placed at prices well below the prevailing market to be delivered to us within the next two years. The impact of fleet aging and stringent environmental regulations will position our fleet favorably to comply within the stringent greenhouse gas targets.

我們將繼續變得更具商業競爭力，因為我們的訂單簿上還有七艘第三階段船舶，其價格遠低於當前市場，並將在未來兩年內交付給我們。機隊老化和嚴格的環境法規的影響將使我們的機隊能夠有利地遵守嚴格的溫室氣體目標。

Let's go now to slide 8. For our company update, we present an overview of our green fleet advantages. The fleet breakdown is presented in the top right graph, comprising of 46 vessels with 23 having undergone environmental upgrades, 11 being Phase 3, 11 being eco and the remaining one scheduled to be upgraded within this year.

現在讓我們轉到投影片 8。對於我們公司的最新動態，我們概述了我們的綠色機隊優勢。右上方圖表顯示了船隊詳細情況，包括 46 艘船舶，其中 23 艘已進行環保升級，其中 11 艘為第三階段，11 艘為生態升級，其餘一艘計劃在今年內升級。

The bottom graph presents our fleet renewal strategy with the divestment of 14 older vessels, acquisition of seven second-hand vessels, delivery of 11 Phase 3 newbuilds and an order book comprising of seven more Phase 3 newbuilds, resulting to a stable 10-year average fleet age over the past four years, as clearly presented in slide number 9, a trajectory of fleet expansion serving as a testament to our commitment towards sustainability.

下圖展示了我們的船隊更新策略，包括剝離14 艘舊船、收購7 艘二手船、交付11 艘第三階段新船以及包括另外7 艘第三階段新船的訂單，從而實現了穩定的10 年平均過去四年的機隊年齡，如第 9 號幻燈片中清楚展示的那樣，機隊擴張的軌跡證明了我們對永續發展的承諾。

In slide 10, we present Safe Bulkers' debt profile for the next couple of years, which stands at a very comfortable level throughout the period with adequate room for our CapEx spending and shareholders rewarding. As of September 30, 2024, our consolidated debt before deferred financing costs are about $500 million, including the EUR100 million unsecured -- the EUR100 million unsecured bond at 2.95% fixed coupon maturing in February 2027. Our consolidated leverage stands at a comfortable 32% and our net debt per vessel stood just below $9 million for an average age fleet of less than 10 years old.

在投影片 10 中，我們介紹了 Safe Bulkers 未來幾年的債務狀況，整個期間處於非常舒適的水平，為我們的資本支出和股東回報提供了足夠的空間。截至2024 年9 月30 日，我們扣除遞延融資成本之前的合併債務約為5 億美元，其中包括1 億歐元無擔保債券，即將於2027 年2 月到期、利率為2.95% 的1 億歐元無擔保債券。我們的綜合槓桿率為 32%，對於平均船齡不到 10 年的船隊來說，每艘船的淨債務略低於 900 萬美元。

Concluding the company update, in slide 11, we present Safe Bulkers' key attributes such as our sterling 65-years track record, a robust management ownership alignment, comfortable leverage of 32%, our ample liquidity of $295 million, our significant contracted backlog of $233 million, our green fleet advantage evidenced by a 7.4% decrease in fleet of greenhouse gas emissions and by our DryBMS Standards managed system implementation in anticipation of forthcoming environmental regulations.

在投影片11 中總結公司更新時，我們介紹了Safe Bulkers 的關鍵屬性，例如我們65 年的良好業績記錄、穩健的管理層所有權調整、舒適的32% 槓桿率、2.95 億美元的充足流動性、我們大量的合約積壓訂單。

We remain true in our commitment to expand by building a resilient company, owning a quality and competitive fleet strategically positioned to leverage on the regulatory landscape and reward our shareholders with a meaningful dividend payout ratio.

我們始終恪守承諾，透過建立一家有彈性的公司來實現擴張，擁有一支優質且具有競爭力的車隊，策略定位為利用監管環境，並以有意義的股息支付率回報股東。

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

現在請我們的財務長 Konstantinos Adamopoulos 介紹我們的季度財務概況。康斯坦丁諾斯，請發言。

Thank you, Loukas, and good morning to all. A general note. During the third quarter of 2024, we operated in a stronger charter market environment compared to the same period in 2023, with increased revenues due to higher charter hires, increased earnings from Scrubber fitted vessels and higher interest expenses due to increased interest rate environment.

謝謝你，盧卡斯，祝大家早安。一般說明。與 2023 年同期相比，2024 年第三季度，我們在更強勁的包機市場環境中運營，由於包機租金增加，收入增加，安裝洗滌器的船舶收入增加，利率環境惡化導致利息支出增加。

Let's now focus on our liquidity, our cash flows and our capital structure as presented in slide 13. We are maintaining a comfortable leverage of 32%. Our debt of $499 million remains comparable to our fleet scrap value of $330 million, although our fleet is young at just 9.9 years old. Our weighted average interest rate stood at 6.35%, inclusive of margin for our consolidated debt, with a portion of $100 million in euros fixed at 2.95% coupon for the unsecured five-year bond. We have already paid $94.6 million or 29% of our commitments for our CapEx in relation to our outstanding order book.

現在讓我們專注於投影片 13 所示的流動性、現金流量和資本結構。我們維持 32% 的舒適槓桿率。儘管我們的機隊還很年輕，只有 9.9 年的壽命，但我們 4.99 億美元的債務仍與 3.3 億美元的機隊報廢價值相當。我們的加權平均利率為 6.35%，包括合併債務的保證金，其中 1 億美元歐元的無擔保五年期債券的票面利率固定為 2.95%。我們已經支付了 9,460 萬美元，即我們與未完成訂單相關的資本支出承諾的 29%。

Our liquidity and capital resources stand strong at approximately $318 million, which together with a contracted revenue of about $250 million, gives a total of almost $570 million. This is more than double our outstanding CapEx of $232 million, and this provides flexibility to our management in capital allocation.

我們的流動性和資本資源強勁，約 3.18 億美元，加上約 2.5 億美元的合約收入，總計近 5.7 億美元。這是我們未償資本支出 2.32 億美元的兩倍多，這為我們的資本配置管理提供了靈活性。

Furthermore, we have additional borrowing capacity in relation to two existing unencumbered vessels and seven newbuilds upon their delivery. We ensure that the capital expenditure is adequately covered by our contracted future revenues, fortifying our balance sheet towards a trajectory of sustainable growth.

此外，我們還擁有兩艘現有的無抵押船舶和七艘交付後的新船的額外借款能力。我們確保資本支出由我們未來合約收入充分覆蓋，從而鞏固我們的資產負債表，邁向可持續成長的軌道。

Moving to slide 14 with our quarterly financial highlights for the fourth (sic - third) quarter of 2024 in comparison to the same period of last year. Our adjusted EBITDA for the third quarter of 2024 stood at $41.3 million. This compares to $30.9 million for the same period in 2023. Our adjusted EPS for the third quarter of 2024 was $0.16, and this is calculated on a weighted average number of 106.8 million shares, in comparison to $0.08 during the same period in 2023, that was calculated on a weighted average number of 111.6 million shares.

前往投影片 14，我們將介紹 2024 年第四季（原文為第三季）與去年同期相比的季度財務摘要。2024 年第三季調整後 EBITDA 為 4,130 萬美元。相較之下，2023 年同期為 3,090 萬美元。我們2024 年第三季的調整後每股收益為0.16 美元，這是根據1.068 億股的加權平均數計算的，而2023 年同期的調整後每股收益為0.08 美元，根據1.116 億股的加權平均數計算的。

In slide 15, we present an overview of our quarterly operational highlights for the third quarter of 2024, again, in comparison to the same period of 2023. During the third quarter of 2024, we operated 45.27 vessels on average, those earning an average TCE of $17,108, compared to 44.13 vessels earning an average TCE of $14,861. The company's net income for the third quarter of 2024 was $25.1 million compared to net income of $15 million during the same period in 2023.

在投影片 15 中，我們再次概述了 2024 年第三季的季度營運亮點，並與 2023 年同期進行了比較。2024 年第三季度，我們平均營運 45.27 艘船舶，平均 TCE 為 17,108 美元，而 44.13 艘船舶的平均 TCE 為 14,861 美元。該公司2024年第三季的淨利為2,510萬美元，而2023年同期的淨利為1,500萬美元。

In conclusion to our presentation, we would like to point out that based on our financial performance, the company's Board of Directors has declared a $0.05 dividend per common share. We would like to emphasize that the company is maintaining a healthy cash position of about $90 million as of November 1, 2024, another $205 million in committed and available revolving credit facilities, thus a combined liquidity of $295 million.

在我們的演示結束時，我們想指出，根據我們的財務業績，公司董事會已宣布每股普通股派發 0.05 美元的股息。我們想強調的是，截至 2024 年 11 月 1 日，該公司保持著約 9,000 萬美元的健康現金狀況，另有 2.05 億美元的承諾和可用循環信貸額度，因此總流動性為 2.95 億美元。

Furthermore, we have contracted revenue for our noncancelable spot and period time charter contracts of $232 million. This is net of commissions and before Scrubber revenue and additional borrowing capacity in relation to our two unencumbered vessels and seven newbuilds. We believe our strong liquidity and our comfortable leverage will enable us to expand the fleet while still rewarding our shareholders.

此外，我們的不可取消現貨和定期租船合約的合約收入為 2.32 億美元。這是扣除佣金後的淨值，不包括洗滌器收入以及與我們的兩艘未負擔船舶和七艘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擴大機隊，同時仍然回報我們的股東。

We are now ready for the Q&A section.

我們現在準備好進行問答部分。

(Operator Instructions) Emily Harkins, Jefferies.

（操作員說明）Emily Harkins，Jefferies。

Hi. This is Emily on for Omar. Thank you for taking our questions. First, you outlined that consolidated leverage is 32% at the end of the quarter. I wanted to know, are you comfortable at this level? Are you striving to lower your debt? Is the goal to be debt-free, why or why not?

你好。這是奧馬爾的艾米麗。感謝您接受我們的提問。首先，您概述了本季末的綜合槓桿率為 32%。我想知道，你在這個水平上感到舒服嗎？您正在努力降低債務嗎？目標是無債務，為什麼或為什麼不？

Could you please speak a little bit slower because the sound is not very clear.

請你說得慢一點，因為聲音不是很清楚。

Yeah, of course. I wanted to ask; you outlined that consolidated leverage is 32% at the end of the quarter. And we wanted to know are you comfortable at this level? Or you're striving to lower your debt? And is the goal to be debt free?

是的，當然。我想問；您概述了本季末的綜合槓桿率為 32%。我們想知道您對這個級別感到滿意嗎？還是您正在努力降低債務？目標是無債務嗎？

Yes. Good morning to you. No, this is a very comfortable level. We don't plan to reduce it much further. We take newbuilding deliveries in the next three years. So this ratio or anything below 40% is good enough. Even if it raises to 45% or 50% in later years, it's still a very comfortable ratio given the age of the fleet.

是的。早安.不，這是一個非常舒服的水平。我們不打算進一步減少它。我們將在未來三年內接收新船交付。所以這個比率或任何低於 40% 的比率就足夠了。即使在以後幾年提高到 45% 或 50%，考慮到機隊的年齡，這仍然是一個非常舒適的比例。

Thank you. And as a follow-up, Panamax spot rates have lagged in comparison to other dry bulk classes such as the Capes and Supramaxes. Could you please provide some color as to why there might be a discrepancy there?

謝謝。隨之而來的是，巴拿馬型散裝貨船的即期運價落後於好望角型散裝貨船和超靈便型散裝貨船等其他乾散貨類別。您能否提供一些顏色來解釋為什麼可能會有差異？

Look, the company owns Panamaxes and Kamsarmaxes, Post-Panamax, and Capes. So basically, on the medium to large dry bulk assets. And we don't own any Ultramaxes or any Handys. There is not one category that you can decide to expand on. It's opportunistic if you will expand -- the company will expand in Kamsarmax or Capes in future. It remains to be seen according to opportunities that appear.

看，該公司擁有巴拿馬型船、卡姆薩爾型船、後巴拿馬型船和好望角型船。基本上，是針對中型到大型乾散貨資產。我們不擁有任何 Ultramax 型船舶或靈便型船舶。沒有一個類別是您可以決定擴展的。如果你要擴張，那就是機會主義——公司未來將在 Kamsarmax 或 Capes 擴張。這還有待根據出現的機會來觀察。

Capesize vessels are not that many, and their market is -- even in periods of low market, they have been doing well in recent years because of demand from China. And of course, in the future if there's opportunity to expand in that sector of the market, we will do so. But we need to see lower prices to do that.

好望角型船舶數量並不多，但它們的市場卻是——即使在市場低迷時期，由於中國的需求，它們近年來也表現良好。當然，如果將來有機會在該市場領域進行擴張，我們也會這樣做。但我們需要看到更低的價格才能做到這一點。

Thank you.

謝謝。

(Operator Instructions) Thank you. It appears we have no further questions at this time. I would now like to turn the floor back over to management for closing comments.

（操作員說明）謝謝。目前看來我們沒有其他問題了。我現在想將發言權交還給管理層以徵求結束意見。

Okay. Thank you for -- just a quick remark also in terms of how comfortable we feel with a 32% consolidated leverage. I mean, you can see in slide 13, the leverage in comparison with the scrap value of the vessels when they are 25 years old. You understand that we feel extremely comfortable because we're just about less than $200 million from that price.

好的。謝謝您——只是簡單地說一下我們對 32% 的綜合槓桿感到有多舒適。我的意思是，您可以在幻燈片 13 中看到槓桿與船舶 25 年報廢價值的比較。您知道，我們感覺非常舒服，因為我們的價格只有不到 2 億美元。

Now thank you for attending this conference call, and we're looking forward to discuss again with you in our next quarter for the next quarter and year-end financial results. Thank you very much.

現在感謝您參加本次電話會議，我們期待在下個季度再次與您討論下個季度和年終的財務表現。非常感謝。

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

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