Safe Bulkers Inc (SB) 2024 Q4 法說會逐字稿

Thank you for standing by, ladies and gentlemen, and welcome to the Safe Bulkers conference call and fourth quarter 2024 financial results. 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.

謝謝各位的支持，女士們、先生們，歡迎參加 Safe Bulkers 電話會議和 2024 年第四季財務表現。我們邀請到的有公司董事長兼執行長 Polys Hajioannou 先生、總裁 Loukas Barmparis 博士和財務長 Konstantinos Adamopoulos 先生。

(Operator Instructions) The archive webcast of the conference call will soon be made available on the Safe Bulkers website at www.safebulkers.com. At this time, I'd like to turn the conference over to Dr. Loukas Barmparis. Please go ahead, sir.

（操作員指示）電話會議的存檔網路直播將很快在 Safe Bulkers 網站 www.safebulkers.com 上發布。現在，我想將會議交給 Loukas Barmparis 博士。先生，請繼續。

Good morning to all. I'm Loukas Barmparis, President of Safe Bulkers, and I'm welcoming you to, at our quarterly financial results. We are having being charter rates for environmentally upgraded vessels and our phase three new books and benefited from our caves that have period time charters. It seems that our policy for renewing our fleet and upgrading the existing vessel works and offers additional operational financial advantages.

大家早安。我是 Safe Bulkers 總裁 Loukas Barmparis，歡迎您參加我們的季度財務表現發表會。我們正在為環保升級的船隻和我們的第三階段新書制定租船費率，並從擁有定期租船的洞穴中受益。看來，我們更新船隊和升級現有船舶的政策是有效的，並提供了額外的營運財務優勢。

The capital market weakened during the fourth quarter of 2024, and this impacted our revenues and profitability. In this environment, our company maintains a strong capital structure with the required liquidity, with the leverage of about 35%, and we have declared the $0.05 per share dividend rewarding our common shareholders.

2024 年第四季資本市場疲軟，影響了我們的營收和獲利能力。在這種環境下，我們公司保持了強大的資本結構和所需的流動性，槓桿率約為 35%，我們已宣布每股 0.05 美元的股息獎勵我們的普通股股東。

We remain focused on capital allocation towards our new build program, on improving our operational efficiency and the environmental footprint, and all our actions are targeting to increase the wealth of our shareholders. Following the comprehensive review of the forward-looking statements, presented in slide two let's begin with a market update in slide four.

我們仍然專注於新建專案的資本配置，提高我們的營運效率和環境足跡，我們所有的行動都是為了增加股東的財富。在全面回顧了第二張投影片中呈現的前瞻性陳述之後，讓我們從第四張投影片中的市場更新開始。

The cap market segment has been moving that. The cap market segment has been moving downwards throughout the quarter. All eight of our caps are presently period chartered, with an average the remaining chartered duration of over two years, and another daily chatter rate of $22,000.

資本市場部分一直在推動這一進程。整個季度，資本市場類股一直在下滑。我們所有八個船艙目前均為定期租賃，平均剩餘租賃期限超過兩年，每日租賃費率為 22,000 美元。

This provides us with a considerable degree of cash flow visibility, topping $145 million in contracted revenue from caps alone. On the Panamax front, the chatter market stands soft at 9,000 with signs of improvement.

這為我們提供了相當程度的現金流可見性，僅從上限來看，合約收入就超過 1.45 億美元。巴拿馬型船方面，海運市場走勢疲軟，維持在 9,000 點，但有改善的跡象。

Go now to slide five, we will present an overview of the CRV commodity index fluctuation in basic commodity prices. The rising tariffs elevate policy and elevate the policy and pose a considerable downside risk for global growth and against this inflation. There are rising fears of higher for longer interest rates from central banks and lower investments globally in the context of this policy uncertainty.

現在翻到第五張投影片，我們將概述 CRV 商品指數中基本商品價格的波動。關稅上調將加劇政策壓力，對全球經濟成長和通膨構成相當大的下行風險。在這種政策不確定性的背景下，人們越來越擔心各國央行長期升息以及全球投資減少。

For our segment, we dissipate a relatively softer freight market. Over the following quarters as supply grows faster than demand, and we expect an increasing focus on existing decarbonization and on energy efficient new builds. The decision of the of the NPC 83 in April about the global fuel standard and the levy will detect the pace towards decarbonization.

對於我們的部門來說，我們消除了相對疲軟的貨運市場。在接下來的幾個季度中，由於供應成長速度快於需求，我們預計現有的脫碳和節能新建築將受到越來越多的關注。今年4月，全國人大第83次會議通過了全球燃料標準和徵稅的決定，將決定脫碳的步伐。

The global GDP growth expectations for 2025 and 2026, as reflected in the IMF's January forecast, called for a growth around 3.3% in the coming years, accompanied by a gradual control of inflationary pressures. According to [B,] the forecasted global dry bulk, demand will fall by 1% in 2025, followed by growth of 2.5% in 2026, with my bucks being the best performing sector.

國際貨幣基金組織1月預測顯示，2025年及2026年全球GDP成長預期為未來幾年成長3.3%左右，同時通膨壓力將逐步控制。根據[B]預測，全球乾散貨需求將在2025年下降1%，隨後在2026年成長2.5%，其中乾散貨是表現最好的產業。

China's slower growth may hinder demand for dry by commodities like iron ore and coal. Iron ore shipments are estimated to grow slightly, but with Chinese demand and increase the recycled steel usage and anticipated to restrict growth.

中國經濟成長放緩可能會阻礙對鐵礦石和煤炭等大宗商品的需求。鐵礦石出貨量預計將小幅增長，但隨著中國需求和再生鋼使用量的增加，預計將限製成長。

Coal shipments may drop by about 2.5% due to rising renewable energy in Asia and increased coal production in China and India. The shipments are predicted to rise by 2%, but the main supply remains tight, particularly for Ukraine, although this might change if a peace treaty is accepted during 2025.

由於亞洲再生能源的增加以及中國和印度煤炭產量的增加，煤炭出貨量可能下降約2.5％。預計出貨量將成長 2%，但主要供應仍然緊張，尤其是烏克蘭，但如果 2025 年達成和平條約，這種情況可能會改變。

Minor bulk shipments, including bauxite, are expected to be a key growth driver as demand increases due to the transition. The IMF project projects China's GDP growth to be 4.6% in 2025 and 4.5% in 2026, signalling a faster than expected slowdown in consumption amid delayed stabilization in the property market and a persistently low consumer confidence.

隨著轉型帶來的需求增加，包括鋁土礦在內的小宗散裝貨物預計將成為主要的成長動力。國際貨幣基金組織的專案預測中國2025年的GDP成長率為4.6%，2026年為4.5%，這意味著由於房地產市場延遲穩定以及消費者信心持續低迷，消費放緩的速度將快於預期。

Also, this projection reflects carryover from 2024 and the fiscal package announced in November largely upsetting the negative effect on investment from heighten the trade policy and certainty and property market drag.

此外，這項預測反映了2024年的延續，而11月宣布的財政方案在很大程度上抵消了貿易政策和確定性加強以及房地產市場拖累對投資的負面影響。

Trade barriers, tariffs, and external pressures could limit China's growth potential. The weakness in the steel and construction sector is expected to reduce demand for commodities such as iron ore. India, on the other hand, continues to perform as expected this process to experience the fastest growth among major economies with a forecasted 6.5% GDP increase in 2025 and 2026.

貿易壁壘、關稅和外部壓力可能會限制中國的成長潛力。鋼鐵和建築業的疲軟預計將減少對鐵礦石等大宗商品的需求。另一方面，印度繼續如預期般發展，成為主要經濟體中成長最快的國家，預計 2025 年和 2026 年 GDP 成長率為 6.5%。

Increasing the renewable energy and industrial growth will be key drivers for India's economic momentum. Its each expanding domestic market and manufacturing sector may continue to contribute positively to the drive back demand, with infrastructure investments playing a vital role.

增加再生能源和工業成長將成為印度經濟發展的主要動力。其不斷擴大的國內市場和製造業可能繼續對需求回升做出積極貢獻，其中基礎設施投資發揮至關重要的作用。

Let's proceed now to examine the supply side dynamics in slide six. Supply growth is expected to outpace demand, exerting pressure on fair trades. The tribal fleet is projected to grow by about 2.8% on average in 2025 and in 2026. Your stable new delivers and increase the sacking with Panama's vessels comprising the largest share.

現在讓我們繼續檢查第六張投影片中的供應側動態。預計供應成長將超過需求，對公平交易造成壓力。預計2025年和2026年部落船隊平均成長約2.8%。您的穩定新交付和增加的解僱，其中巴拿馬的船隻佔最大份額。

The now stands at about 10.6% of the current fleet, and the new orders have slowed. Asset prices weakened during the second half of 2024 and the weaken further and the second that seed prices may fall in line with trade markets.

目前，該數量約佔現有船隊的 10.6%，新訂單數量已放緩。2024 年下半年資產價格走弱，並且會進一步走弱，第二個原因是種子價格可能隨著貿易市場而下跌。

Recycling volumes are anticipated to rise as weaker market conditions could prompt the retirement of all the vessels. Only 30% of the ship's capacity in the loop will be capable of using alternative fuels upon delivery. And an additional 14% will be ready for future conversion.

由於市場環境疲軟可能導致所有船舶退役，預計回收量將上升。該環路中只有 30% 的船舶容量在交付時能夠使用替代燃料。另外 14% 將為未來的轉換做好準備。

Out of the cap, about [6 41%] may use LNC 37% methanol, and 23% are expected to use ammonia. We believe that energy efficient designs will have an abundance in the coming years and we expect that environmental emissions regulations are going to drive 1% fall in Clu speed in 2025 and in 2026, affecting supply by about the same percentage.

在該上限之外，約 [6 41%] 可能使用 LNC 37% 的甲醇，預計 23% 將使用氨。我們相信，未來幾年節能設計將會大量出現，我們預計環境排放法規將導致 2025 年和 2026 年碳排放速度下降 1%，對供應的影響也將達到相同的百分比。

Currently, about 25% of the existing global fleet is older than 15 years. Saint Bart's fleet now counts 11 page 3 verses on the water, all delivered after 2022. In addition, we have 11 eco ships, which have a superior design efficiency compared to the past. 8% of our fleet comprises of Japanese built vessels. Surpassing the global average of 40% with our average fleet agent, about 10 years old.

目前，全球現有船隊中約有25%的船齡超過15年。聖巴特船隊目前共有 11 艘 3 頁船在水面上交付，全部在 2022 年後交付。此外，我們還有11艘生態船舶，其設計效率與過去相比更為卓越。我們的船隊中有 8% 的船隻是日本建造的。我們的機隊代理的平均機齡約為 10 年，超過全球平均 40%。

We will continue to become even more commercially competitive as we have another book of seven more phase three vessels, place the prices well below the prevailing market to be delivered to us within the next two years. Overall, our fleet today is fundamentally upgraded and commercially more competitive than two years ago and scoring our commitment to sustainable business.

我們將繼續提高商業競爭力，因為我們又預訂了另外七艘第三階段的船隻，這些船隻的價格遠低於現行市場價格，並將在未來兩年內交付給我們。總體而言，我們今天的機隊比兩年前有了根本性的升級，商業競爭力更強，並體現了我們對永續業務的承諾。

The increasing impact of fleet aging and seeing regulations will position our fleet favourably to compete within the greenhouse gas targets. Moving to slide eight for our company update, we will present an overview of our Green Fleet advantage.

船隊老化和航行法規的影響日益增大，將使我們的船隊在溫室氣體目標的競爭中處於有利地位。接下來是第八張投影片，介紹我們的公司最新動態，概述我們的綠色車隊優勢。

The fleet breakdown is presented in the top right half comprising of 46 vessels with 24 having undergone environmental gas, 11 being phase 3 vessels, and 11 being echo vessels. The bottom graph presents our fleet renewal strategy with the vestment of 14 older vessels, a position of 7 second-hand vessels, delivery of 11 phase three news, and an order book comprising of seven more phase three nil’s.

船隊分類顯示在右上半部分，由 46 艘船組成，其中 24 艘已接受環境氣體處理，11 艘為第 3 階段船隻，11 艘為迴聲船隻。以下的圖表展示了我們的船隊更新策略，其中包括 14 艘老舊船隻、7 艘二手船隻、11 艘第三階段新船的交付以及包含 7 艘第三階段新船的訂單。

Resulting to a relatively stable 10-year average fleet age over the past four years as still representing slide nine, a trajectory of fleet expansion serving as a testament to our commitment towards sustainability. It's like them.

過去四年，機隊平均船齡 10 年，保持相對穩定，仍處於第九位，機隊擴張的軌跡證明了我們對永續發展的承諾。就像他們一樣。

We send back its debt profile for the next couple of years, which stands at very comfortable levels throughout that period with a deepest room for our capital spending. As of December 31, 2024, our consolidated debt before the deferred the financing costs stood at $545 million including the EUR100 million as secured bond, a $295 fixed coupon, but trading in February 2027.

我們將在未來幾年內恢復其債務狀況，在此期間，其債務狀況將處於非常舒適的水平，並為我們的資本支出提供了最大的空間。截至 2024 年 12 月 31 日，我們在遞延融資成本之前的合併債務為 5.45 億美元，其中包括 1 億歐元的擔保債券、2.95 億美元的固定票面利率，但交易時間為 2027 年 2 月。

Unconsolidated leverage stands at a considerable 35%. With our net debt per vessel stood just below $9 million for an average age fleet of just 10 years old. Concluding the company updating slide 11 with essentially back attributes such as K Sterling's 65-year track record, a robust management ownership alignment, comfortable leverage of 35%, our ample liquidity of $276 million, our significant contracted backlog of $205 million. Our GreenFleet advantages evidenced by 7.4% decrease in fleet AR GET emissions and by outright BMS standards management system implementation.

未合併槓桿率高達35%。我們的船隊平均船齡僅 10 年，每艘船的淨債務略低於 900 萬美元。最後，該公司更新了第 11 張投影片，其中基本上回顧了一些屬性，例如 K Sterling 65 年的業績記錄、強大的管理所有權協調、35% 的舒適槓桿率、2.76 億美元的充足流動資金、2.05 億美元的大量合約積壓訂單。我們的綠色車隊優勢體現在車隊 AR GET 排放量減少 7.4% 以及全面實施 BMS 標準管理系統。

We remain too in our commitment to expand by building a resilient company, owing a quality and competitively strategically position to levels on the regulatory landscape and create long-term wealth for our shareholders. I now pass the floor to our CFO for our financial so that the Konstantin, the floor is yours.

我們始終致力於透過建立一家具有韌性的公司來實現擴張，在監管層面擁有高品質和具有競爭策略地位，並為我們的股東創造長期財富。現在我將發言權交給我們的財務財務官，康斯坦丁，您可以發言了。

Thank you, Loukas, and good morning to everyone. During the fourth quarter of 2024, we operated in a weaker charter market environment compared to the same period in 2023. We decreased revenues due to lower charter highs, decreased earnings from star defeated vessels, and increased operating expenses.

謝謝你，Loukas，大家早安。2024 年第四季度，與 2023 年同期相比，我們的租船市場環境較弱。由於租船價格下降、明星船隻收益減少以及營運費用增加，我們的收入有所下降。

FEA's focus now on our liquidity, cash flows, and our capital structure as presented in slide 13. We maintain a comfortable leverage of 35%. A debt of $545 million remains comparable to a fixed-up value of $331 million although I think it's just 10 years old. Our weighted average interest rate of our debt stood at 6.12% for our consolidated debt.

FEA 現在的重點是我們的流動性、現金流量和資本結構，如投影片 13 所示。我們維持舒適的35%槓桿率。儘管我認為只有 10 年的歷史，但 5.45 億美元的債務仍然與 3.31 億美元的固定價值相當。我們的合併債務加權平均利率為 6.12%。

With a portion of EUR100 million being fixed at 2.95% coupon in an unsecured five-year bond. We have already paid $84 million or 29% for our CapEx in relation to our outstanding order book. Our liquidity and capital resources stand strong at approximately $276 million which together with the contracted revenue of about $205 million.

其中 1 億歐元部分固定為 2.95% 票面利率，為五年期無擔保債券。我們已經支付了 8,400 萬美元（佔未完成訂單的 29%）的資本支出。我們的流動資金和資本資源強勁，約 2.76 億美元，加上合約收入約 2.05 億美元。

Makes a total of $481 million and this is more than double our outstanding CapEx of $206 million of the new builds. Providing flexibility to our management in capital allocation. Furthermore, we have additional boiling capacity in relation to those seven new builds upon their delivery.

總計 4.81 億美元，這是我們新建項目未償還資本支出 2.06 億美元的兩倍多。為我們的管理階層提供資本配置的彈性。此外，對於這七款新機型，我們在交付時還擁有額外的煮沸能力。

We strive to ensure that the capital expenditure is adequately covered by our contracted future revenues, fortifying a balance sheet towards the trajectory of sustainable growth. Moving on to slide 14, with our quarterly financial highlights for the fourth quarter of 2024 compared to the same period of 2023.

我們努力確保資本支出充分由我們簽訂的未來收入所涵蓋，從而鞏固資產負債表，並走上永續成長的軌道。前往第 14 張投影片，其中列出了我們 2024 年第四季與 2023 年同期的季度財務亮點。

Our adapted EBITA for the fourth quarter of 2024 was $40.7 million. Compared to $50.7 million for the same period of 2023 and adapted pennies per share for the fourth quarter of 2024 which is$0.15. This calculated on a weighted average number of 106.4 million shares in comparison to $0.25 during the same period in 2023, that calculated on a weighted average number of 111.6 million shares.

我們 2024 年第四季的調整後 EBITA 為 4,070 萬美元。相比之下，2023 年同期為 5,070 萬美元，2024 年第四季每股收益調整為 0.15 美元。這是根據 1.064 億股的加權平均數計算的，而 2023 年同期的每股收益為 0.25 美元，是根據 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. Quarter of 2024 compared to the same period of 2023. During that quarter, we operated 45.9% verses on average, earning an average PC of $16,521. In comparison to 45.93 vessels, earning an average of TC of $18,321.

在投影片 15 中，我們概述了本季的營運亮點。2024 年本季與 2023 年同期相比。在該季度，我們的平均營運率為 45.9%，平均 PC 收益為 16,521 美元。相比之下，有 45.93 艘船的平均 TC 收入為 18,321 美元。

The company's net income for the fourth quarter of 2024 was $19.4 million compared to net income of $27.6 million during the same period in 2023. Concluding our presentation, we would like to highlight that based on our financial performance, the company's board of directors declared the $0.05 dividend per common share.

該公司 2024 年第四季的淨收入為 1,940 萬美元，而 2023 年同期的淨收入為 2,760 萬美元。在結束我們的演示時，我們想強調的是，根據我們的財務業績，公司董事會宣布每股普通股派發 0.05 美元的股息。

We'd like to emphasize that the company is maintaining a hefty cash position of about $130 million as of February 14, 2025 another $165 million in available involving credit facilities. The combined liquidity and capital resources of $295 million.

我們想強調的是，截至 2025 年 2 月 14 日，該公司維持著約 1.3 億美元的雄厚現金頭寸，另外還有 1.65 億美元的可用信貸額度。流動資金和資本資源合計為 2.95 億美元。

Furthermore, we have contracted revenue from a non-considerable sport in period and charters of almost $200 million out of commissions and the cover revenue and additional boarding capacity in relation to seven new bids upon the delivery.

此外，我們還從一項不太重要的定期運動和包船中獲得了近 2 億美元的收入，這些收入來自佣金以及與交付時七個新投標相關的保險收入和額外的登船能力。

We believe a strong liquidity and our comfort of leverance will enable us to expand the fleet, build are, resilient company, and to create long-term prosperity for our shareholders. This is a presentation. We are now ready for the Q&A session.

我們相信，強大的流動性和舒適的槓桿率將使我們能夠擴大船隊，打造有韌性的公司，並為股東創造長期繁榮。這是一個簡報。我們現在準備好進入問答環節。

Thank you. We will now conduct a question-and-answer session.

謝謝。我們現在將進行問答環節。

(Operator Instructions)

（操作員指令）

Omar Nokta, Jefferies. Please proceed.

傑富瑞的奧馬爾諾克塔 (Omar Nokta)。請繼續。

Thank you. Hey guys, good afternoon. Thank you for the update. I guess just, a couple questions on my end and maybe just perhaps first on the share buyback. You announced the $5 million program in November. You went to work fairly quickly, buying $1.5 million but then in December you went ahead and terminated it. So, I just want to get a sense, is there a trigger maybe that kickstarted the buyback program and there was just something that caused you to terminate it outright? Or is it just the way you safe brokers tends to do its share buybacks?

謝謝。大家下午好。感謝您的更新。我想我這裡只有幾個問題，也許首先是關於股票回購的問題。您在 11 月宣布了這項 500 萬美元的計劃。你很快就開始行動，購買了價值 150 萬美元的項目，但隨後在 12 月你又終止了該項目。所以，我只是想知道，是否存在一個觸發因素，啟動了回購計劃，而有什麼事情導致你直接終止它？或者這只是安全經紀人回購股票的方式？

Look, from time to time, we are, we are doing a buyback programs, especially when we feel that, our market, the price of the stock market is very low and we execute always, a portion of it. So, this has happened in the past, it can happen again in the future. We believe really that the assets, the valuation of our carbon is quite low compared to the net asset value, especially because, we have, made all these investments, since the last two years.

你看，我們不時會進行回購計劃，特別是當我們覺得我們的市場，股票市場的價格非常低的時候，我們總是會執行其中的一部分。所以，這種事情過去發生過，未來也可能再次發生。我們確實相信，與淨資產價值相比，我們的碳資產估值相當低，特別是因為我們在過去兩年中進行了所有這些投資。

We have upgraded our fleet, we have renewed our fleet, we have new builds, and, we offered to our shareholders a solution where, when they invest on asset, they have the ability to invest in a company which, basically has a better operational financial prospects with the same number of ships, because of Iran, with a lower fuel consumption and advanced energy efficiency.

我們已經升級了我們的船隊，更新了我們的船隊，我們有新的建造，並且我們為股東提供了一個解決方案，當他們投資資產時，他們有能力投資一家公司，由於伊朗的存在，該公司在擁有相同數量的船舶的情況下，基本上擁有更好的運營財務前景，並且燃料消耗更低，能源效率更高。

If I may ask what Loukas said sometimes the company evaluates the program also related to the current trade market. So, if the company feels that the current trade market is not for me, or it's too much weaker than what we thought it would be. We may slow it down or we may stop it for a quarter and continue later.

我可以問 Loukas 是否說過，有時公司會評估與當前貿易市場相關的計劃。因此，如果公司覺得目前的貿易市場不適合我，或比我們想像的要弱得多。我們可能會放慢速度，或暫停一段時間，稍後再繼續。

All these parameters are assessed, on a daily basis the program develops and as the market develops, when we have more clear sight of market, the program can always bereaved. In the next sport that I mean.

所有這些參數都經過評估，程序每天都在發展，隨著市場的發展，當我們對市場有更清晰的認識時，程序總是可以實現。我指的是下一項運動。

Okay, so that makes sense then in terms of, looking at the share price versus NAV in a vacuum isn't the only decision if the freight market is there and supports, positive cash flow, then that would be a trigger given the market is softer so far, okay.

好的，那麼從某種意義上來說，單獨地觀察股價與資產淨值並不是唯一的決定，如果貨運市場存在並且支持正現金流，那麼這將是一個觸發因素，因為到目前為止市場較為疲軟，好吧。

Right, and then when you have trade market approaching or reaching all expenses like it did late in December and you consider that it could wait for a couple of months.

是的，然後當貿易市場接近或達到所有費用時，就像 12 月下旬一樣，你會認為可能還要等待幾個月。

Got it. That's clear. Yeah, and maybe just follow up just in terms of kind of the underlying NAP itself and you know what we've been seeing in asset values. Can you give just a sense from your perspective, it feels that even though the freight market has softened in the past, two or three months. Asset values at least from what we're seeing quoted by the various brokers seem elevated.

知道了。這很清楚。是的，也許只是跟進一下基礎的 NAP 本身，你知道我們在資產價值中看到的情況。您能否從您的角度來看待這一點，感覺儘管貨運市場在過去兩三個月有所疲軟。至少從我們看到的各經紀人報價來看，資產價值似乎被抬高了。

There hasn't really been much pressure. Would you say that the values are firm or is there just simply not enough business being transacted to have a good time?

確實沒有太大壓力。您認為這些價值觀是堅定的還是只是因為交易量不夠而無法讓人感到愉快？

Yes, look the market has a lot in December and January and prices have definitely been affected in we can say that older ships have been affected by as much as 25% once younger ships are 15%. But at the same time, there are many.

是的，看看 12 月和 1 月的市場情況，價格肯定受到了影響，我們可以說，老舊船舶受到的影響高達 25％，而新舊船舶的影響為 15％。但同時，也有很多。

This Made a lot of money, especially in other categories like tankers or on ships always looking to buy in the, in a cheaper sector, which is at the moment the drive back sector. So, I don't think that the prices have a long way to go unless the market the trade market continues to slide.

這賺了很多錢，特別是在其他類別，如油輪或船舶，總是希望在更便宜的領域購買，目前這是回程領域。因此，我認為，除非貿易市場繼續下滑，否則價格不會有太大上漲空間。

So if the, if the state market stabilizes as the last few weeks. I don't think that the values will have a great deal of way to go down, maybe another five, 10% and at the same time when buying power is around, especially in the Greek market that Francis will strengthen in the second half of this year but on the current levels.

因此，如果州市場像過去幾週一樣穩定下來。我認為價格不會大幅下跌，可能還會下跌 5% 到 10%，同時當購買力尚可時，尤其是希臘市場，弗朗西斯將在今年下半年加強，但價格仍維持在當前水平。

Okay. Very good. Well, thank you. That's it for me.

好的。非常好。好吧，謝謝你。對我來說就是這樣了。

Thank you. At this time, I would like to turn the call back over to management for closing comments.

謝謝。現在，我想將電話轉回給管理層，請他們發表最後評論。

Okay, thank you very much for attending this conference call that we have today for the Q4 and the year and financial results and we are looking forward to dis to discuss again with you the following quarter. Thank you very much.

好的，非常感謝您參加我們今天關於第四季度和年度財務業績的電話會議，我們期待在下個季度再次與您討論這個問題。非常感謝。

Thank you. This does conclude today's teleconference. You may disconnect your life at this time.

謝謝。今天的電話會議到此結束。此時你可以斷絕與生活的關係。

Thank you for your participation and have a great day.

感謝您的參與並祝您有愉快的一天。