Safe Bulkers Inc (SB) 2025 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 2025 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. (Operator Instructions)

女士們、先生們，感謝大家的支持，歡迎參加 Safe Bulkers 2025 年第一季財務業績電話會議。我們請到了董事長兼執行長 Polys Hajioannou 先生； Loukas Barmparis 博士，總裁；以及公司財務長 Konstantinos Adamopoulos 先生。（操作員指示）

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, www.safebulkers.com.

本次電話會議結束後，如果您需要有關電話會議或演示文稿的任何進一步信息，請聯繫 Capital Link，電話：（212）661-7566。我必須告訴你，今天的會議正在錄製。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。

Many of the remarks today contain forward-looking statements based on current expectations. Actual results may differ materially from results projected from these 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 first quarter 2025 earnings release, which is available on the Safe Bulkers website, again, 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大不相同的因素的更多信息，包含在 2025 年第一季度收益報告中，該報告可在 Safe Bulkers 網站（www.safebulkers.com）上查閱。

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

現在，我想將電話會議轉給今天的發言人，該公司董事長兼執行長 Polys Hajioannou 先生。先生，請繼續。

I will do the presentation. So good morning to all. I'm Loukas Barmparis, President of Safe Bulkers, and I'm welcoming you to our quarterly results. During the first quarter of 2025, we faced softer charter markets due to seasonality, geopolitical uncertainties and concerns related to tariffs, which could affect global trade and growth. We maintain our strong balance sheet and took delivery of our 12th new build. In this volatile environment, we continue to renew our fleet, focusing on operational excellence, environmental performance in relation to IMO regulations and the creation of long-term value for our shareholders, maintaining a strong capital structure, ample liquidity and a leverage of about 7%.

我將做演講。大家早安。我是 Safe Bulkers 總裁 Loukas Barmparis，歡迎您查看我們的季度業績。2025 年第一季度，由於季節性、地緣政治不確定性和與關稅相關的擔憂，我們面臨租船市場疲軟的問題，這可能會影響全球貿易和成長。我們維持了強勁的資產負債表，並交付了第 12 棟新建築。在這種動盪的環境中，我們繼續更新我們的船隊，專注於卓越營運、符合國際海事組織規定的環境績效以及為股東創造長期價值，保持強大的資本結構、充足的流動性和約 7% 的槓桿率。

Further to our repurchase program of roughly 3% of the company's common stock, which we fully completed, we've declared a $0.05 per share dividend, rewarding our common shareholders. We remain focused on capital allocation towards our new build program on improving our operational efficiency and environmental footprint as all our actions are targeting to increase the wealth of our shareholders.

繼我們全面完成約 3% 公司普通股的回購計畫之後，我們宣布每股派發 0.05 美元的股息，以獎勵我們的普通股股東。我們仍然專注於新建專案的資本配置，以提高我們的營運效率和環境足跡，因為我們所有的行動都是為了增加股東的財富。

Following a comprehensive review of the forward-looking statements language, which is presented in slide 2, let's proceed to examine the supply side dynamics in slide 4. The dry bulk fleet is projected to grow by about 2.8% on average in 2025 and in 2026 due to stable new deliveries and increased recycling with Panamax vessels comprising the largest share.

在全面回顧投影片 2 中呈現的前瞻性陳述語言之後，讓我們繼續研究投影片 4 中的供應方動態。由於新船交付量穩定以及拆解量增加，其中巴拿馬型船舶佔比最大，預計 2025 年和 2026 年乾散貨船隊平均增長約 2.8%。

The order book now stands at about 11% of the current fleet and new building orders have slowed. Asset prices are projected to weaken further in the second -- and secondhand ships price may fall in line with freight market. Recycling volumes are anticipated to rise through as market continues to prompt the retirement of older vessels. 30% of ship capacity in the order book will be capable of using alternative fuels upon delivery. And out of those ships, 40% can use LNG, 37% methanol and 23% ammonia; however, the dual fuel order book in the dry bulk sector is minimal.

目前訂單量約佔現有船隊的 11%，新船訂單數量已放緩。預計第二季資產價格將進一步走弱——二手船價格可能會隨貨運市場下跌。隨著市場繼續推動老舊船舶退役，預計回收量將會增加。訂單中30%的船舶運力在交貨時將能夠使用替代燃料。其中，40%的船舶可以使用LNG，37%可以使用甲醇，23%可以使用氨；然而，乾散貨領域的雙燃料訂單很少。

We do have two dual fuel newbuilds on order with delivery by Q1 2027. And currently, about 25% of the existing global fleet is older than 15 years. Safe Bulkers fleet now counts 12 Phase 3 vessels on the water, all delivered after 2022.

我們確實訂購了兩艘雙燃料新船，預計將於 2027 年第一季交付。目前，全球現有船隊中約有25%的船齡超過15年。Safe Bulkers 船隊目前共有 12 艘第三階段船舶，全部於 2022 年後交付。

In addition, 24 vessels have been environmentally upgraded and 11 are eco vessels having superior design efficiencies. 80% of our fleet comprises of Japanese build vessels, surpassing the global average of 40%, while our average fleet age is about 10 years old.

此外，24艘船舶已進行環保升級，其中11艘為設計效率更高的生態船舶。我們的船隊 80% 由日本建造的船隻組成，超過 40% 的全球平均水平，而我們船隊的平均船齡約為 10 年。

We believe that as energy-efficient designs will have an advantage in the coming years, we will become even more commercially competitive as we have on our order book six more Phase 3 vessels, which were placed at prices well below the prevailing market to be delivered to us by the first quarter of 2027, positioning us favorably to compete within the stringent greenhouse gas targets.

我們相信，由於節能設計在未來幾年將具有優勢，我們的商業競爭力也將進一步增強，因為我們的訂單中還有六艘第三階段的船舶，這些船舶的售價遠低於現行市場價格，並將於 2027 年第一季度交付給我們，使我們在嚴格的溫室氣體目標範圍內競爭中處於有利地位。

It is worth noting that MEPC 83 has adopted the new environmental regulation in relation to global fuel standard which conceptually is similar to fuel regulation. The global implementation of a fuel standard that penalizes the excess of fuel carbon intensity compared to specific predeterminant reducing limits broadens the scope of the regional fuel issue and will substantially affect the vessel tradability 2028 onwards, promoting the use of alternative fuels and the energy-efficient Phase 3 vessels. The recent decisions of MEPC 83 dictate a faster pace towards decarbonization.

值得注意的是，MEPC 83通過了與全球燃料標準相關的新環境法規，其概念與燃料法規類似。全球範圍內實施的燃料標準對燃料碳強度超過特定預定減排限值的行為進行懲罰，擴大了區域燃料問題的範圍，並將對2028年及以後的船舶可貿易性產生重大影響，促進替代燃料的使用和節能型第三階段船舶。MEPC 83 的最新決定要求加快脫碳步伐。

Moving on to slide 5, we present an overview of the demand and basic commodities trade. The combination of trade war as expressed through tariffs and the Chinese property crisis elevates policy uncertainty and pose a considerable downside risk for global growth and against this inflation. For our segment, we anticipate a softer freight rate market and supply grows faster than demand, and we expect an increasing focus on the existing fleet decarbonization and energy-efficient new buildings.

轉到投影片 5，我們概述了需求和基本商品貿易。以關稅為表現形式的貿易戰和中國房地產危機加劇了政策的不確定性，對全球經濟成長和通膨構成了相當大的下行風險。對於我們的部門，我們預計貨運市場將會疲軟，供應成長速度將快於需求，我們預計將更加關注現有船隊的脫碳和節能新建築。

The global GDP growth expectations for 2025 and 2026 as reflected in the IMF's April forecast call for a growth around 2.8% in the coming years, combined by a gradual control of inflationary measures. According to BIMCO the forecasted global dry bulk demand will be from minus 1% to 0% in 2025, followed by a growth of -- from 1.5% to 2.5% in 2026 with grains and minor bulks being the best performing sectors.

國際貨幣基金組織4月預測顯示，2025年及2026年全球GDP成長預期為未來幾年成長2.8%左右，同時採取逐步控制通膨的措施。根據 BIMCO 預測，2025 年全球乾散貨需求將下降 1% 至 0%，而 2026 年則將成長 1.5% 至 2.5%，其中穀物和小宗散貨需求將表現最佳。

China's slower growth may hinder demand for dry bulk commodities like iron ore and coal. Iron ore shipments are estimated to slightly grow as a result of weak Chinese demand and increased recycled steel usage. Coal trade will be affected by the rising renewable energy use in Asia and the increased coal production in China and India.

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。由於中國需求疲軟和再生鋼使用量增加，鐵礦石出貨量預計略有成長。亞洲再生能源使用量的增加以及中國和印度煤炭產量的增加將影響煤炭貿易。

Grain and minor bulk shipments are predicted to rise and expected to be a key growth driver. The IMF projects China's GDP growth to be 4% in 2025 and in 2026, signaling a slowdown in consumption amid delayed stabilization in the property market and persistently low consumer confidence and trade uncertainty.

預計穀物和小宗散裝貨物運輸量將會增加，並有望成為主要的成長動力。國際貨幣基金組織預測中國2025年和2026年的GDP成長率將為4%，這意味著由於房地產市場延遲穩定、消費者信心持續低迷以及貿易不確定性，消費將放緩。

India, on the other hand, continues to perform and is projected to experience the fastest growth among major economies with a forecasted 6.2% GDP increase in 2025 and 2026. Increased renewable energy and industrial growth will be key drivers for India's economic momentum. Its expanding domestic market and manufacturing sector may continue to contribute positively to the dry bulk demand with infrastructure investments playing a vital role.

另一方面，印度繼續表現出色，預計將成為主要經濟體中成長最快的國家，2025 年和 2026 年 GDP 成長率預計為 6.2%。再生能源和工業成長將成為印度經濟發展的主要驅動力。在基礎設施投資發揮重要作用的情況下，其不斷擴大的國內市場和製造業可能會繼續對乾散貨需求做出積極貢獻。

Summing up the supply-demand equilibrium on slide 6. The supply growth is expected to continue to outpace demand, accepting pressure on freight rates. The Cape market segment has been weak through the year. On the other hand, all eight of our Capes are presently period chartered with an average remaining charter duration of two years at an average daily charter rate of $23,000 versus about $16,000 on the spot market, providing us visibility of cash flows, topping USD137 million in contract revenue backlog from Capes alone, excluding the scrubber benefit. On the Panamax front, the charter market stands soft at about $11,500.

投影片 6 總結了供需平衡。預計供應成長將繼續超過需求，從而對運費造成壓力。開普敦市場全年表現疲軟。另一方面，我們所有八艘好望角型油輪目前均為定期租賃，平均剩餘租船期為兩年，平均每日租船費率為 23,000 美元，而現貨市場約為 16,000 美元，這為我們提供了現金流的可視性，僅好望角型油輪的合同收入積壓就超過 1.37 億美元，這收益還不包括洗滌器。巴拿馬型船方面，租船市場疲軟，租金約 11,500 美元。

Moving to slide 8, we present an overview of our quarterly highlights. We have declared our 14th consecutive quarterly dividend of $0.05, representing a 5.5% dividend yield, while at the same time, our free cash flow finance our newbuilding program. Furthermore, we completed the repurchase program of 3 million common shares. We maintained ample liquidity, profitability and capital resources of $276 million and a comfortable leverage of 37%. While we achieved zero vessels for 2024 in the D&E carbon intensity CII rating of IMO.

轉到幻燈片 8，我們概述了本季的亮點。我們宣布連續第 14 個季度派發 0.05 美元的股息，相當於 5.5% 的股息收益率，同時，我們的自由現金流為我們的新造船計劃提供資金。此外，我們也完成了300萬股普通股的回購計畫。我們保持了充足的流動性、獲利能力和 2.76 億美元的資本資源，以及 37% 的舒適槓桿率。而我們在國際海事組織 (IMO) 的 D&E 碳強度 CII 評級中實現了 2024 年船舶數量為零的目標。

Lastly, recently, we took delivery of our 12 Phase 3 newbuild serving as a testament to our commitment towards sustainability. In Slide 9, we present our return to shareholders of $73.6 million paid in common dividends and $69 million paid in common shares repurchases since 2022. We have been consistent in generating sustainable returns across market fluctuation as a result of our track record, management and our overall business model.

最後，最近，我們接收了 12 艘第三階段新建船舶，證明了我們對永續發展的承諾。在投影片 9 中，我們展示了自 2022 年以來向股東支付的普通股股息為 7,360 萬美元，普通股回購為 6,900 萬美元。憑藉我們的業績記錄、管理和整體業務模式，我們始終能夠在市場波動的情況下獲得可持續的回報。

Concluding the company's update on slide 8, we present our strong fundamentals. Safe Bulkers is a dry bulk company with $390 million market cap, 47 vessels on the water, having $317 million scrap value. We maintain significant firepower with $128 million cash, $149 million in undrawn RCFs and $176 million borrowing capacity against our significant order book of six newbuilds, mainly in Japanese shipyards.

在第 8 張投影片上總結公司的最新情況時，我們展示了我們強勁的基本面。Safe Bulkers 是一家乾散貨公司，市值為 3.9 億美元，擁有 47 艘在水船舶，廢料價值為 3.17 億美元。我們擁有強大的火力，擁有 1.28 億美元的現金、1.49 億美元的未提取循環信用貸款和 1.76 億美元的借貸能力，而我們主要在日本造船廠訂購了六艘新船。

We consistently focus on our majority Japanese fleet, which has advantage on energy efficiency and lower CO2 taxation, reflected in our CII rating of zero vessels at the bottom ratings of D&E for 2024. We maintain a young technologically advanced fleet, strong balance sheet, comfortable leverage and a low net debt per vessel of $8.5 million for a 10-year-old fleet.

我們始終專注於主要以日本船隊為主的船隊，該船隊在能源效率和二氧化碳稅較低方面具有優勢，這體現在我們對 2024 年 D&E 最低評級中為零艘船舶的 CII 評級中。我們擁有一支年輕且技術先進的船隊，資產負債表強勁，槓桿率適宜，並且對於一支船齡 10 年的船隊來說，每艘船的淨債務較低，為 850 萬美元。

We have built a resilient business model with cash flow visibility of $203 million in revenue backlog, healthy expansion for sizable fleet that achieves scale and a minimum 5% annualized dividend strategically positioned to leverage on the environmentally regulatory landscape.

我們已經建立了一個有彈性的商業模式，其現金流可視性為 2.03 億美元的收入積壓，可實現規模化運營的大型船隊的健康擴張，以及至少 5% 的年化股息，戰略性地利用環境監管環境。

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

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

Thank you, Loukas, and good morning to all. During the first quarter of 2025, we operated in a weaker charter market environment compared to the same period in 2024 with decreased revenues, decreased earnings from scrubber-fitted vessels and increased operating expenses.

謝謝你，Loukas，大家早安。2025 年第一季度，與 2024 年同期相比，我們的租船市場環境較弱，收入下降，安裝洗滌器的船舶的收益下降，營運費用增加。

Moving now on slide 2 with our quarterly financial highlights for the first quarter of 2025 compared to the same period of last year. Our adjusted EBITDA for the first quarter of 2025 stood at $29.4 million compared to $64.3 million for the same period in 2024. Our adjusted earnings per share for the first quarter of 2025 was $0.05, calculated on a weighted average number 105.1 million shares compared to $0.20 during the same period in 2024. Calculated weighted average number of 110.4 million shares.

現在轉到投影片 2，其中展示了我們 2025 年第一季與去年同期相比的季度財務亮點。我們 2025 年第一季的調整後 EBITDA 為 2,940 萬美元，而 2024 年同期為 6,430 萬美元。我們 2025 年第一季的調整後每股收益為 0.05 美元，以加權平均數 1.051 億股計算，而 2024 年同期為 0.20 美元。計算加權平均數為1.104億股。

On the graph on the top, during the first quarter of 2025, we operated 46 vessels on average, aiming an average daily time charter equivalent of $14,655 compared to $47.08 vessels on average aiming time charter equivalent of $18,158 during the same period in 2024.

如上圖所示，2025 年第一季度，我們平均營運 46 艘船舶，目標日均定期租船費為 14,655 美元，而 2024 年同期，我們平均營運 46 艘船舶，目標日均定期租船費為 18,158 美元。

Our daily vessel operating expenses increased by 6% to $5,765 for the first quarter of 2025 compared to $5,442 for the same period in 2024. Daily vessel running expenses, excluding dry docking and pre-delivery expenses increased by 10% to $5,546 for the first quarter of 2025 compared to $5,038 for the same period in 2024.

2025 年第一季度，我們的每日船舶營運費用為 5,765 美元，而 2024 年同期為 5,442 美元，成長了 6%。2025 年第一季度，船舶每日運作費用（不包括乾船塢費用和交付前費用）為 5,546 美元，而 2024 年同期為 5,038 美元，成長 10%。

Concluding our presentation on slide 13, we present a quick overview of our quarterly operational highlights for the first quarter of 2025. We would like to highlight that based on our 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 around $122 million as of May 9, 2025, another $128 million available in committed revolving credit facilities. So we have a combined liquidity and capital resources of $250 million.

在第 13 張投影片的簡報結束時，我們簡要概述了 2025 年第一季的季度營運亮點。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。我想強調的是，截至 2025 年 5 月 9 日，公司保持著約 1.22 億美元的健康現金狀況，另有 1.28 億美元可用於承諾的循環信貸額度。因此，我們的流動資金和資本資源總額為 2.5 億美元。

Furthermore, we have contracted revenue from our noncancelable spot and period time charter contracts of $179 million net of commissions and before any additional scrubber revenue. We also have additional borrowing capacity in relation to six new builds upon the delivery and one existing new build, which is debt free. We believe our strong liquidity and our comfortable leverage provide flexibility to our management in capital allocation and this would enable us to expand the fleet further, build a resilient company, create a long-term prosperity for our shareholders.

此外，我們從不可取消的現貨和定期租船合約中獲得了 1.79 億美元的淨收入（扣除佣金和任何額外的洗滌器收入）。我們還擁有與交付的六個新建築和一棟現有新建築相關的額外借貸能力，這些建築沒有債務。我們相信，我們強大的流動性和舒適的槓桿為我們的管理層在資本配置方面提供了靈活性，這將使我們能夠進一步擴大船隊，打造一家有韌性的公司，為我們的股東創造長期繁榮。

Thank you, and we are now ready to take your questions.

謝謝，我們現在可以回答您的問題了。

(Operator Instructions)

（操作員指示）

Omar Nokta, Jefferies.

諾克塔（Omar Nokta），傑富瑞集團。

Thank you. Hi guys, good afternoon. Thank you for the update. Clearly, you've been buying back shares at a fairly decent rate, I'd say, clearly over the past few years. You launched the 5 million share buyback three months ago. You finished it up fairly quickly. How are you thinking about buybacks from here? Obviously, there's still a lot of uncertainty just given the macro, but the outlook maybe seem to have gotten slightly better perhaps just based off of the way the financial markets have acted here post this China, US agreement. And maybe that brings about a more positive attitude. Just wanted to get a sense from you, how does that sort of this backdrop affect your view on further share repurchases from here?

謝謝。大家好，下午好。感謝您的更新。顯然，我想說，過去幾年來，你們一直以相當不錯的速度回購股票。三個月前，你們啟動了500萬股股票回購計畫。你很快就完成了。您如何看待從這裡開始的回購？顯然，從宏觀角度來看仍然存在許多不確定性，但從中美達成協議後金融市場的表現來看，前景似乎已經略有改善。這也許會帶來更積極的態度。只是想了解一下，這種背景如何影響您對進一步股票回購的看法？

Yes. As you're aware, we always react on a very consistent basis and according to certain principles. So the things that we are considering in order to initiate a buyback program is, first of all, what is the condition of the market, so in profitable markets, we tend to buy more shares.

是的。如您所知，我們總是以非常一致的方式並根據某些原則做出反應。因此，為了啟動回購計劃，我們首先要考慮的是市場狀況如何，因此在獲利市場中，我們傾向於購買更多股票。

The second is the price of our stock. So if the stock price -- if we think that the stock price is depressed, we may initiate buyback programs. Generally, as already said several times, we believe that our stock is undervalued. So quite often, it's worth investing for everybody, not only for us, it's worth investing in our stock instead of buying a new ship.

第二個是我們的股票價格。因此，如果我們認為股價下跌，我們可能會啟動回購計畫。總的來說，正如我們已經多次說過的，我們認為我們的股票被低估了。因此，很多時候，對每個人來說，這都是值得投資的，不僅對我們來說，投資我們的股票比購買新船更值得。

Yeah, makes sense. And I guess maybe just as you kind of think about the idea of buying your stock, the -- obviously, NAV seems across different metrics or different members is calculating, it's definitely materially above the current stock price. What would you -- how could you -- can you maybe just give perhaps how you're seeing the sale and purchase market as it is now? We understand that values have been rather elevated given where freight rates are and some of the uncertainty in the market. But can you just give a flavor of what you're seeing in ship values and how things are looking directionally?

是的，有道理。我想也許就像您在考慮購買股票的想法一樣，顯然，根據不同的指標或不同的成員的計算，資產淨值肯定大大高於當前股價。您會怎麼樣－您怎麼做－您能否或許簡單談談您對現在的銷售和購買市場的看法？我們理解，考慮到運費水平和市場的一些不確定性，價格已經相當高了。但是您能否簡單介紹一下您所看到的船舶價值以及事物的發展方向？

Yes. Hello Omar. The S&P values, I would say that have dropped in the last six months around 25% on the older ships and around 10% or 15% on the very modern ships. So it's not really attractive prices to start buying ships right now, considering where the freight market is. So at this point of time, we are not doing much. We have our newbuilding’s to take delivery of.

是的。你好，奧馬爾。我想說，在過去六個月裡，標準普爾指數對於老式船舶下跌了約 25%，而對於非常現代化的船舶則下跌了約 10% 或 15%。因此，考慮到貨運市場的現狀，現在購買船舶的價格並不是很有吸引力。因此目前我們做的還不多。我們有新船需要接收。

And we are doing the buyback from time to time. But of course, also the buyback, we don't want to do it too fast or too much in hurry because the company still has to take delivery of six ships. And we don't plan to do a very fast buyback until the market improves -- freight market improves.

我們會不時進行回購。但當然，對於回購，我們不想太快或太匆忙，因為公司仍需接收六艘船。在市場好轉（貨運市場好轉）之前，我們不打算進行快速回購。

So we are there, and we are waiting for the opportune time to buy stock once it remains depressed in a situation that we have better signs of some improvement in the freight market. If the freight market stays at current levels, we're not going to rush and buying more stock at such a freight market because we have to keep all companies' options open.

所以我們就在那裡，等待合適的時機買入股票，一旦情況持續低迷，我們就會看到貨運市場出現一些改善的跡象。如果貨運市場保持在當前水平，我們不會急於在這樣的貨運市場上購買更多庫存，因為我們必須為所有公司保留選擇權。

Yeah, that makes sense. Great. Well, thank you. I'll turn it back.

是的，這很有道理。偉大的。好的，謝謝你。我會把它轉回去。

Climent Molins, Value Investor's Edge.

克萊門特·莫林斯，價值投資者的優勢。

Hi, good afternoon and thank you for taking my questions. I wanted to start by following up on Omar's questions on buybacks. Could you confirm whether the 3 million share program was exhausted during the first quarter? And if not, how much was spent post quarter end?

大家好，下午好，感謝您回答我的問題。首先我想回答一下奧馬爾關於回購的問題。您能否確認 300 萬股計畫是否在第一季用完了？如果沒有，那麼季度結束後花了多少錢？

Yeah. This, I think, we have reported and has been exhausted, yes. So 3 million have been purchased. So the program has been completed.

是的。是的，我想我們已經報告過這一點，並且已經用盡了。所以買了300萬。這樣程序就完成了。

Yeah. I was asking if you could clarify whether any repurchases were done after quarter end for modeling purposes, mostly?

是的。我問的是，您是否可以澄清季度末之後是否主要為了建模目的而進行回購？

After quarter end. Only in the first quarter, I mean, the whole repurchase program was completed within the first quarter.

季度結束後。僅在第一季度，我的意思是整個回購計劃就在第一季內完成了。

That's very helpful. Thank you. And I also wanted to ask about your Cape sizes, which are all now employed on medium-term contracts. You have a couple of those coming up later this year. Is there any appetite to trade them on spot? Or would you prefer to fix them on time charters?

這非常有幫助。謝謝。我還想問一下你們的 Cape 尺寸，它們現在都簽訂了中期合約。今年稍後您將會推出其中的幾款產品。是否有興趣進行現貨交易？還是您更願意按照定期租船的方式修理？

Yes. The one has come -- is coming open this month. At the moment, the charter rates, the period charter rates are not at the levels we would hold for a long period. We will opt for (inaudible) in the spot market at the current levels and try then after a month or so to refix or maybe on period if there is a better environment. The other one will come open is another one that most likely will come around August.

是的。那個已經來了——這個月就要開放了。目前，租船費率、定期租船費率尚未達到我們願意長期維持的水平。我們將選擇現貨市場當前水平的（聽不清楚），然後在一個月左右後嘗試重新修復，或者如果出現更好的環境，則可能在某個時期進行修復。另一個即將開放的項目很可能在八月左右開放。

Again, we will judge at the time we will go if delivered in August, that's the earlier part of the window. If delivered at that point, we will see at the time what is the best thing to do. Generally, we are trading the stock market unless we see employment period employment of a couple of years above 20,000, then we consider the period of employees.

再次，我們將在八月交付時進行判斷，這是視窗的早期部分。如果在那時交付，我們將在當時看看最好的做法是什麼。一般我們在股票市場交易，除非我們看到就業期在幾年以上的就業人數超過20,000人，那麼我們才會考慮員工的期限。

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

有道理。謝謝。對我來說這就是一切。感謝您回答我的問題，並祝賀本季取得的成績。

Thank you.

謝謝。

Thank you. At this time, I'll turn the floor back to management for closing remarks.

謝謝。現在，我將把發言權交還給管理階層，請他們作最後發言。

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

非常感謝您參加我們的成果網路廣播，我們期​​待在下個季度再次與您討論。祝你今天過得愉快。謝謝。

This will conclude today's conference. You may disconnect your lines at this time. Thank you for your participation. Have a wonderful day.

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。祝您有美好的一天。