Star Bulk Carriers Corp (SBLK) 2023 Q4 法說會逐字稿

Thank you for standing by ladies and gentlemen, and welcome to the Star Bulk Carriers conference call on the fourth quarter 2023 financial results. We have with us Mr. Petros Pappas, Chief Executive Officer; Mr. Hamish Norton, President; Mr. Simos Spyrou, and Mr. Christos Begleris, Co-Chief Financial Officers; Mr. Nicos Rescos, Chief Operating Officer; and Mrs. Charis Plakantonaki, Chief Strategy Officer at the company.

感謝各位女士們、先生們的支持，歡迎參加 Star Bulk Carriers 關於 2023 年第四季財務業績的電話會議。與我們在一起的還有執行長 Petros Pappas 先生；哈米甚‧諾頓先生，主席；聯席財務長 Simos Spyrou 先生及 Christos Begleris 先生； Nicos Rescos 先生，營運長；以及公司首席策略長 Charis Plakantonaki 女士。

(Operator Instructions) I must advise you as this conference is being recorded today. We will now pass the floor over to you your speakers today. Mr. Spyrou, please go ahead.

（操作員指示）我必須通知您，因為今天正在錄製本次會議。現在我們將把發言權交給今天的發言者。斯皮魯先生，請繼續。

Yes, thank you, operator. I'm Simos Spyrou, Co-Chief Financial Officer of Star Bulk Carriers. And I would like to welcome you to our conference call regarding our financial results for the fourth quarter of 2023.

是的，謝謝你，接線生。我是 Star Bulk Carriers 聯合財務長 Simos Spyrou。歡迎您參加我們關於 2023 年第四季財務表現的電話會議。

Before we begin, I kindly ask you to take a moment to read the Safe Harbor statement on slide number 2 of our presentation. In today's presentation, we will go through our Q4 results, financings, and share buybacks, a short update on the Eagle Bulk transaction, fleet development and operations, the latest on the ESG front, and our views on industry fundamentals before opening up for questions.

在我們開始之前，我懇請您花點時間閱讀我們簡報第 2 號投影片上的安全港聲明。在今天的演講中，我們將在提問之前介紹我們的第四季度業績、融資和股票回購、Eagle Bulk 交易的簡短更新、船隊開發和運營、ESG 方面的最新動態以及我們對行業基本面的看法。 。

Let us now turn to slide number 3 of the presentation for a summary of our fourth-quarter 2023 highlights. Net income for the fourth quarter amounted to approximately $40 million and adjusted net income of approximately $64 million. Our adjusted EBITDA was $114 million for the quarter.

現在讓我們轉向簡報的第 3 張投影片，總結 2023 年第四季的亮點。第四季淨利約 4,000 萬美元，調整後淨利約 6,400 萬美元。本季調整後的 EBITDA 為 1.14 億美元。

For the fourth quarter, as per our existing dividend policy, we declared a dividend per share of $0.45 with record date as of March 12, 2024. Since June 2021, we have returned to shareholders $1.1 billion in dividend distributions and over $400 million in share buybacks.

對於第四季度，根據我們現有的股息政策，我們宣布每股股息為 0.45 美元，記錄日期為 2024 年 3 月 12 日。自 2021 年 6 月以來，我們已向股東返還 11 億美元的股息分配和超過 4 億美元的股票回購。

Our total costs today stands at $312 million pro forma for the delivery of our four remaining sold vessels and the repayment of the respective debt as well as the bridge facility. Meanwhile, our pro forma total debt stands at approximately $1.121 billion, translating into pro forma net debt of approximately $800 million.

目前，我們預計的總成本為 3.12 億美元，用於交付剩餘的四艘已售船舶、償還相應債務以及橋樑設施。同時，我們的預計總債務約為 11.21 億美元，預計淨債務約為 8 億美元。

On the top right of the page, you will see our daily figures per vessel for the quarter. Our time charter equivalent rate was $18,296 per vessel per day. Our combined daily OpEx and net cash G&A expenses per vessel per day amounted to $6,081. Therefore, our TCE less OpEx and G&A is approximately $12,215 per day per vessel.

在頁面右上角，您將看到本季每艘船的每日數據。我們的期租等效費率是每艘船每天 18,296 美元。每艘船每天的每日營運支出和淨現金管理費用總計達 6,081 美元。因此，扣除營運支出和一般管理費用後，每艘船每天的 TCE 約為 12,215 美元。

Looking towards fleet renewal, in the last 12 months, we have agreed to sell 17 vessels with an average age of 13.7 years and received insurance proceeds from one vessel, which was declared as a constructive total loss. Total gross proceeds from these vessels were $366 million.

在船隊更新方面，在過去 12 個月中，我們已同意出售 17 艘船舶，平均船齡為 13.7 年，並從一艘船舶獲得保險收益，該船舶被宣佈為推定全損。這些船隻的總收益為 3.66 億美元。

During the fourth quarter, we completed a $380 million repurchase of 20 million shares from Oaktree Capital. The shares were repurchased and subsequently cancelled. the Oaktree share buyback was funded from vessel sale proceeds of $254 million, plus $76 million of new debt financing, $13 million of proceeds from the ATM, and $38 million cash released from the minimum cash threshold of $2.1 million per vessel for the 18 vessels that have been sold.

第四季度，我們以 3.8 億美元的價格從橡樹資本 (Oaktree Capital) 回購了 2,000 萬股股票。這些股份被回購並隨後註銷。橡樹股票回購的資金來源為2.54 億美元的船舶出售收益，加上7,600 萬美元的新債務融資、1,300 萬美元的ATM 收益，以及從18 艘船舶每艘船210 萬美元的最低現金門檻中釋放3800 萬美元的現金。已售出。

Slide 4 graphically illustrates the changes in the company's cash balance during the fourth quarter. We started the quarter with $302 million in cash and generated positive cash flow from operating activities of $88.6 million. After including debt proceeds and repayments, CapEx payments for ESD and ballast water treatment system installations, the third quarter dividend payment, the Oaktree share repurchases, and ATM issuances, we arrived at a cash and cash equivalent balance of $282 million at the end of the quarter. This figure includes a $20 million adjustment as this amount was released from the vessel sales and went against the financing of the Oaktree share buyback.

投影片 4 以圖形方式說明了公司第四季現金餘額的變化。本季開始，我們擁有 3.02 億美元現金，經營活動產生的正現金流為 8,860 萬美元。After including debt proceeds and repayments, CapEx payments for ESD and ballast water treatment system installations, the third quarter dividend payment, the Oaktree share repurchases, and ATM issuances, we arrived at a cash and cash equivalent balance of $282 million at the end of the四分之一.這一數字包括 2000 萬美元的調整，因為這筆金額是從船舶銷售中釋放的，並且與橡樹股票回購的融資相抵觸。

Slide 5 illustrates a summary of the recently announced Eagle Bulk transaction. We have been working closely with Eagle Bulk team and our lawyers to be able to complete the merger in early April 2024. This transaction will create a global leader in dry bulk shipping with a large, diversified, and scrubber-fitted fleet of 167 vessels.

幻燈片 5 概述了最近宣布的 Eagle Bulk 交易。我們一直與 Eagle Bulk 團隊和我們的律師密切合作，以便能夠在 2024 年 4 月初完成合併。這項交易將打造乾散貨運輸領域的全球領導者，擁有一支由 167 艘船舶組成的大型、多元化且配備洗滌塔的船隊。

This is an all-stock transaction on NAV-to-NAV basis, with a combined market cap of approximately $2.6 billion. Eagle shareholders will receive 2.6211 shares of Star Bulk per share of Eagle. Star Bulk shareholders will own approximately 71%, and Eagle shareholders will own approximately 29% of the combined entity.

這是一項基於資產淨值對資產淨值的全股票交易，總市值約為 26 億美元。Eagle股東每股Eagle將獲得2.6211股Star Bulk股票。Star Bulk 股東將持有合併後實體約 71% 的股份，Eagle 股東將持有合併後實體約 29% 的股份。

Since the deal was announced, we filed with the SEC an F-4 registration statement with respect to the shares of Star Bulk common stock to be issued to Eagle shareholders pursuant to the Eagle merger agreement, which became effective on February 12, 2024.

自該交易宣布以來，我們向 SEC 提交了一份 F-4 登記聲明，內容涉及根據 Eagle 合併協議向 Eagle 股東發行的 Star Bulk 普通股，該協議於 2024 年 2 月 12 日生效。

The Board of Directors of Eagle fixed February 12, 2024, as the record date for the determination of Eagle shareholders are to receive notice of and vote at the special meeting. The Eagle special meeting will be held on April 5, 2024. Subject to shareholder approval and customary closing conditions, we expect that the Eagle merger will close shortly thereafter.

Eagle董事會確定2024年2月12日為確定Eagle股東的股權登記日，以收到特別會議通知並在特別會議上投票。Eagle特別會議將於2024年4月5日舉行。根據股東批准和慣例成交條件，我們預計 Eagle 合併將很快完成。

I will now pass the floor to our COO, Nicos Rescos to talk about our operational performance and then update on our fleet renewal and CapEx update.

現在我將請我們的營運長 Nicos Rescos 談談我們的營運績效，然後介紹我們機隊更新和資本支出的最新情況。

Thank you, Simos. Please turn to slide 6 where we provide an operational update. Operating expense, excluding nonrecurring expenses, was $4,977 for Q4 2023. Net cash G&A expenses were $1,104 per vessel per day for the same period. In addition, we'll continue to rate at the top amongst our listed peers in terms of rightship safety score.

謝謝你，西莫斯。請參閱投影片 6，我們在其中提供了最新的營運情況。2023 年第四季的營運費用（不包括非經常性費用）為 4,977 美元。同期每艘船每天的淨現金管理費用為 1,104 美元。此外，我們將繼續在右船安全評分方面在上市同行中名列前茅。

Please turn to slide 7 for an update on our fleet sales and our recent new building orders. In December, we entered into an additional three firm shipbuilding contracts with Qingdao Shipyard for the construction of 82,000 Kamsarmax newbuilding vessels at competitive price levels have increased the size of our order from two to five vessels. The vessels are being built in China for high specification, [fleet] with the latest fuel-efficient engine coming into production in 2024, a sharp generator reducing the energy requirements while subsea, and [alternate] marine power provisions. The above measures ensure best in class fuel consumption and emissions.

請參閱投影片 7，以了解我們的車隊銷售和最近的新建築訂單的最新資訊。12月，我們與青島造船廠簽訂了另外三份確定的造船合同，以具有競爭力的價格水平建造82,000艘卡姆薩爾型新造船，使我們的訂單規模從兩艘增加到五艘。這些船舶是在中國建造的，規格高，[船隊]配備了將於 2024 年投產的最新節能發動機、可降低海底能源需求的高性能發電機以及[備用]船舶動力供應。上述措施可確保最佳的燃油消耗和排放。

On the vessel sales front, we continue disposing of vessels opportunistically at historically attractive levels, having agreed during Q4 to sell seven vessels for total gross proceeds of $122 million, reducing our average fleet age and improving overall fleet efficiency. During Q1, we agreed to sell another two Capesize vessels, the Big Bank and the Pantagruel for total gross proceeds of $36.3 million.

在船舶銷售方面，我們繼續以具有歷史吸引力的水平機會性地處置船舶，並在第四季度同意出售七艘船舶，總收益為1.22 億美元，從而降低了我們的平均船隊年齡並提高了船隊的整體效率。在第一季度，我們同意出售另外兩艘好望角型船舶“Big Bank”和“Pantagruel”，總收益為 3,630 萬美元。

Furthermore, we took delivery of two out of the six long-term charter-in eco vessels that will be delivered to us throughout 2024 and specifically a tenacious (inaudible) Kamsarmax and tenacious Star Bulk Ultramax. Considering the aforementioned changes in our fleet mix, we operate one of the largest dry bulk fleets amongst US and European listed peers with 122 vessels on a fully delivered basis with an average age of 10.5 years.

此外，我們還接收了將於 2024 年交付給我們的六艘長期包租生態船舶中的兩艘，特別是一艘頑強的（聽不清）Kamsarmax 和頑強的 Star Bulk Ultramax。考慮到我們船隊結構的上述變化，我們運營著美國和歐洲上市同行中最大的干散貨船隊之一，擁有122艘已完全交付的船舶，平均船齡為10.5年。

Slide 8 provides a fleet update and some guidance around future drydock and the relevant total off-hire days. On the top right of the page, we provide a CapEx schedule, illustrating our newbuilding CapEx and vessel energy efficiency upgrade expenses, with 100% of our fleet now being ballast water treatment systems fitted.

幻燈片 8 提供了船隊更新以及有關未來乾船塢和相關停租總天數的一些指導。在頁面的右上角，我們提供了資本支出時間表，說明了我們的新建資本支出和船舶能源效率升級費用，我們的船隊現在 100% 都安裝了壓載水處理系統。

Our expected drydock expense for 2024 is estimated at $20.5 million for the dry-docking of 40 vessels. In total, we expect to have approximately 950 off-hire days for the same period.

我們預計 2024 年 40 艘船的乾塢費用預計為 2,050 萬美元。總的來說，我們預計同期將有大約 950 個停租天數。

Based on our latest construction schedule, our newbuilding vessels, I expect to be delivered in Q4 2025, Q2 and Q3 2026. In line with EEXI, CII regulations, we will continue investing in upgrading our fleet with the latest operational technologies available and in improving our fuel consumption and reducing our environmental footprint, further enhancing the commercial attractiveness of the Star Bulk fleet.

根據我們最新的建造計劃，我們的新船預計將於 2025 年第四季、2026 年第二季和第三季交付。根據 EEXI、CII 法規，我們將繼續投資使用最新的營運技術升級我們的船隊，並改善我們的燃油消耗和減少我們的環境足跡，進一步增強 Star Bulk 船隊的商業吸引力。

Regarding our energy-saving devices program, we have completed and tested retrofits of 31 vessels, with 16 more to follow for retrofit by the end of 2024. The above numbers are based on current estimates around drydock, the retrofit planning, vessel employment, and yard capacity.

關於我們的節能設備計劃，我們已經完成並測試了 31 艘船舶的改造，到 2024 年底還有 16 艘船舶將進行改造。上述數字基於乾船塢、改造規劃、船舶使用和堆場容量的當前估計。

Finally, we're working together with Eagle management towards a seamless integration of the ship management process from April 2024 onwards, should the merger receive shareholder approval.

最後，如果合併獲得股東批准，我們將與 Eagle 管理層合作，從 2024 年 4 月起無縫整合船舶管理流程。

I'll now pass the floor to our Chief Strategy Officer, Charis Plakantonaki, for an ESG update.

現在我將請我們的首席策略長 Charis Plakantonaki 介紹 ESG 最新情況。

Thank you, Nicos. Please turn to slide 9, where we highlight our continued leadership on the ESG front.

謝謝你，尼科斯。請參閱投影片 9，其中我們強調了我們在 ESG 方面的持續領導地位。

Star Bulk, along with four other leading shipowners in Greece, have joined the Lloyd’s Register Foundation in establishing the Maritime Emissions Reduction Center in Athens-based non-profit organization. The center will support the development and adoption of new and existing solutions to reduce greenhouse gas emissions of the global fleet, while fostering the collaboration among maritime value chain stakeholders to safely navigate to net zero.

Star Bulk 與希臘其他四家領先船東一起，加入了勞埃德船級社基金會，在雅典的非營利組織中建立了海上減排中心。該中心將支持開發和採用新的和現有的解決方案，以減少全球船隊的溫室氣體排放，同時促進海事價值鏈利益相關者之間的合作，以安全地實現淨零排放。

For a third year in a row, Star Bulk has participated in the Carbon Disclosure Project maintaining its core of B, which indicates the maturity of management level for taking coordination action on climate issues. This score places Star Bulk above the industry average of B minus and also above the global average of C, which indicates awareness level.

Star Bulk連續第三年參與碳資訊揭露計畫並維持其B核心，這表明在氣候議題上採取協調行動的管理水準已經成熟。該分數使 Star Bulk 高於 B 負的行業平均水平，也高於 C 的全球平均水平，這表明了認知度水平。

On the regulatory front, Star Bulk has taken all necessary measures to prepare for and ensure compliance with the inclusion of shipping in the EU emissions trading scheme, which came into force on January 1, 2024. We have also prepared to timely align our ESG reporting with EU's corporate sustainability reporting directive, which will apply for the first time in the 2024 financial year, for reports published in 2025.

在監管方面，Star Bulk 已採取一切必要措施，為將航運納入 2024 年 1 月 1 日生效的歐盟排放交易計畫做好準備並確保遵守該計畫。我們也準備好及時將我們的 ESG 報告與歐盟企業永續發展報告指令保持一致，該指令將在 2024 財年首次適用於 2025 年發布的報告。

During Q4 2023, we continued enhancing our employee engagement and well-being programs, increasing the retention rates of our shore employees. With regard to regulation, Star Bulk is continuing to invest in new systems, technologies, policies and training to strengthen its communications and cybersecurity, including the deployment of high bandwidth Internet and next-generation firewalls on board its vessels.

2023 年第四季度，我們持續加強員工敬業度和福利計劃，提高岸上員工的留任率。在監管方面，Star Bulk 正在繼續投資新系統、技術、政策和培訓，以加強其通訊和網路安全，包括在船上部署高頻寬網路和下一代防火牆。

In December 2023, Star Bulk was granted the Sustainability Award at the annual Lloyd’s List Greek Shipping Awards.

2023 年 12 月，Star Bulk 在年度勞埃德名單希臘航運獎中榮獲永續發展獎。

I will now pass this call to our CEO, Petros Pappas, for a market update and his closing remarks.

我現在將把這次電話轉給我們的執行長彼得羅斯·帕帕斯 (Petros Pappas)，以了解市場最新情況和他的閉幕詞。

Thank you, Charis. Please turn to slide 10 for a brief update of supply. During 2023, a total of 35.3 million deadweight was delivered and 5.4 million deadweight was sent to demolition for a net fleet growth of 29.9 million deadweight or 3.1% year over year.

謝謝你，查里斯。請參閱投影片 10 以了解供應情況的簡要更新。2023年，共交付3,530萬載重噸，拆除540萬載重噸，船隊淨增加2,990萬載重噸，較去年同期成長3.1%。

Furthermore, 42.8 million deadweight were placed during the year where newbuilding order book presently standing at a still low level of 8.5% of the fleet. Limited shipyard capacity until late 2026, high sea building costs, and future green propulsion uncertainty are keeping new orders under relative control.

此外，年內新船訂單量為 4,280 萬載重噸，目前仍處於較低水平，佔船隊的 8.5%。到 2026 年底，造船廠產能有限、海上建造成本高昂以及未來綠色推進的不確定性使新訂單相對控制。

Furthermore, vessels above 20 and 15 years of age, stand at 8.5% and 20.6% of the fleet respectively. While scrap prices have stabilized at elevated levels and should make demolition of overage and energy inefficient tonnage and more attractive option during seasonal downturns over the next years.

此外，船齡超過20年和15年的船舶分別佔船隊的8.5%和20.6%。雖然廢鋼價格已穩定在較高水平，但應使超齡和能源效率低下的噸位拆除成為未來幾年季節性低迷期間更具吸引力的選擇。

During the second half of the year, the average steaming speed of the dry bulk fleet decreased to a new low of 10.95 knots due to downward pressures from inflated bunker costs and new environmental regulations. We expect the EEXI CII regulations to increasingly incentivize slow steaming, retrofits, and to help moderate supply over the next several years.

下半年，受燃油成本上漲和新環保法規的下行壓力，乾散貨船隊平均航速降至10.95節的新低點。我們預計 EEXI CII 法規將越來越多地激勵慢速航行和改造，並有助於在未來幾年內調節供應。

Global port congestion adjusted lower over the last two years, and we expect that it will follow seasonal patterns from now on. In the short term, the combination of draught in Panama and Red Sea tensions has led to a major decrease of canal transits and is causing inefficiencies that are candidly mitigated by the seasonal market weakness. As a result of the above trends, nominal fleet growth is unlikely to exceed 2.5% per annum over the next few years.

全球港口擁擠情況在過去兩年中有所下降，我們預計從現在起它將遵循季節性模式。短期內，巴拿馬吃水和紅海緊張局勢的共同作用導致運河過境量大幅減少，並導致效率低下，但季節性市場疲軟無疑緩解了這個問題。由於上述趨勢，未來幾年名目機隊成長率不太可能超過每年 2.5%。

Let's now turn to slide 11 for a brief update of demand. According to Clarkson's, total dry bulk trade during 2023 is estimated to have expanded by 4.4% in ton-miles. Trade volumes during the fourth quarter increased by 6.2% year over year, supported by record coal and iron ore exports and a recovery of minor bulk trade while stronger Atlantic exports and inefficiencies have benefited ton-miles.

現在讓我們轉向投影片 11，了解需求的簡要更新。根據克拉克森的數據，2023 年乾散貨貿易總量預計將增加 4.4%（以噸海裡計算）。第四季的貿易量年增 6.2%，這得益於創紀錄的煤炭和鐵礦石出口以及小宗大宗貿易的複蘇，而大西洋出口的強勁和效率低下則使噸海裡受益。

China dry bulk imports increased by 12.2% despite weak macro sentiment and a struggling property sector. Gradual stimulus measures over the last year, heavy investment on infrastructure and manufacturing, and higher exports have provided support for raw materials demand.

儘管宏觀情緒疲軟且房地產產業陷入困境，但中國乾散貨進口成長了 12.2%。去年逐步實施的刺激措施、基礎設施和製造業的大量投資以及出口的增加為原材料需求提供了支撐。

On the other hand, dry bulk imports from the rest of the world declined by 2% as demand during the first half of 2023 was affected by high energy input costs related to the war in Ukraine and tightening monetary policy by Western economies in the airport to fight inflation. During 2024, dry bulk demand is projected to increase by 1% in tons with the IMF upgrading its global GDP growth forecast to 3.1%.

另一方面，由於2023年上半年的需求受到與烏克蘭戰爭相關的高能源投入成本以及西方經濟體在機場收緊貨幣政策的影響，來自世界其他地區的干散貨進口下降了2%。對抗通貨膨脹。2024年，隨著國際貨幣基金組織將全球GDP成長預測上調至3.1%，乾散貨需求預計將成長1%（以噸計）。

The Chinese economic recovery from zero COVID policy is still at early stages and is expected to accelerate once the property market stabilizes and consumer confidence returns. Demand from the rest of the world is experiencing a strong recovery since September, supported by declining energy, food and borrowing costs. Meanwhile, the year started with ton-miles receiving strong support by geopolitical and canal inefficiencies.

中國經濟從零疫情政策中復甦仍處於早期階段，一旦房地產市場穩定和消費者信心恢復，預計將加速復甦。自 9 月以來，在能源、食品和借貸成本下降的支撐下，世界其他地區的需求正在強勁復甦。同時，今年開始，噸英里數受到地緣政治和運河效率低下的大力支持。

Iron ore trade expanded by 6.2% during 2023 and is projected to contract by 0.4% during 2024. China crude steel production increased by 0.9% during 2023 after two consecutive years of contraction, supported by inflated steel product exports.

2023 年鐵礦石貿易成長 6.2%，預計 2024 年將萎縮 0.4%。在鋼材出口膨脹的支撐下，中國粗鋼產量在連續兩年收縮後，2023 年成長 0.9%。

Domestic iron ore output and stockpiles are moving higher, but still stand well below last year's levels. Crude steel production from the rest of the world declined by 1.2% during 2023, as the first half was affected by high energy costs and weak margins. Having said that, steel production ex China experienced a strong recovery during the fourth quarter and is expected to remain strong throughout 2024.

國內鐵礦石產量和庫存正在上升，但仍遠低於去年的水準。由於上半年受到能源成本高且利潤率低的影響，2023 年世界其他地區的粗鋼產量下降了 1.2%。話雖如此，中國以外的鋼鐵產量在第四季度經歷了強勁復甦，預計整個 2024 年將保持強勁。

Coal trade expanded by 6.9% during 2023 and is projected to contract by 1.4% during 2024. Global focus on energy security has inflated coal trade while the sampling of Russian exports has benefited ton-miles. Chinese imports surged by an impressive 61% compared to 2022. As thermal electricity increased by 6.4%, hydropower contracted by 4.9%, and domestic coal production growth was limited to 4.3%.

2023 年煤炭貿易成長 6.9%，預計 2024 年將萎縮 1.4%。全球對能源安全的關注導致煤炭貿易膨脹，而俄羅斯出口的抽樣則使噸英里受益。與 2022 年相比，中國進口量激增 61%，令人印象深刻。火力發電成長6.4%，水力發電收縮4.9%，國內煤炭產量成長限制在4.3%。

India is emerging as a leading coal importer with electricity demand currently outpacing domestic coal production growth and stockpiles at relatively low levels.

印度正在成為主要的煤炭進口國，目前電力需求超過國內煤炭產量成長，而庫存水準相對較低。

Grains trade contracted by 0.6% during 2023 and is projected to rebound by 2.9% during 2024. Grain trade was affected by decrease of exports from Argentina, the US, and Ukraine, while Brazil experienced record soybean and corn seasons that help fill the gap.

2023 年穀物貿易萎縮 0.6%，預計 2024 年反彈 2.9%。糧食貿易受到阿根廷、美國和烏克蘭出口減少的影響，而巴西經歷了創紀錄的大豆和玉米季節，有助於填補缺口。

Falling prices of agricultural commodities, better crop yields in North and South America, the recovery of Ukrainian volumes and increased demand from emerging economies are expected to inflate grain trade over the next years. Moreover, Panama Canal constraints this year will inflate ton-miles as historically, 25% of US exports are moving through the canal.

農產品價格下跌、北美和南美作物產量提高、烏克蘭產量恢復以及新興經濟體需求增加預計將在未來幾年推動糧食貿易。此外，今年巴拿馬運河的限制將導致噸英里數增加，因為從歷史上看，美國 25% 的出口是透過運河運輸的。

Minor bulk trade expanded by 3.7% during 2023 and is projected to expand by 3.9% during 20204. Minor bulk trade has the highest correlation to global GDP growth and is supported by improving global macroeconomic fundamentals. Atlantic steel shortages continue to incentivize Pacific exports and inflate backhaul trades. Furthermore, expanding West Africa bauxite exports generates strong ton-miles for Capesize vessels, with Guinea exports up 24% during 2023.

2023 年小宗大宗貿易成長 3.7%，預計 20204 年將成長 3.9%。小宗大宗貿易與全球 GDP 成長的相關性最高，並受到全球宏觀經濟基本面改善的支持。大西洋鋼鐵短缺繼續刺激太平洋出口並導致回程貿易膨脹。此外，西非鋁土礦出口的擴大為海岬型船舶帶來了強勁的噸英里數，幾內亞的出口量在 2023 年增長了 24%。

As a final comment, the outlook for the dry bulk market remains positive due to favorable supply dynamics, geopolitically driven inefficiencies in trade, and a recovery of demand supported by large global infrastructure investment needs for the world's green [transition].

最後，由於有利的供應動態、地緣政治驅動的貿易效率低下以及全球綠色能源的大型基礎設施投資需求支持的需求復甦，幹散貨市場的前景仍然樂觀。[過渡]。

Star Bulk expects to take advantage of the recent strength in the dry bulk market, having mostly maintained its diverse scrubber-fitted fleet in the spot market and will thus continue to create value for shareholders. Without taking any more of your time, I will now pass the floor over to the operator to answer any questions you may have.

Star Bulk 預計將利用近期乾散貨市場的強勁勢頭，在現貨市場上大部分維持其配備洗滌器的多元化船隊，從而繼續為股東創造價值。為了不耽誤您的時間，我現在將把發言權交給接線員來回答您可能提出的任何問題。

(Operator Instructions) Amit Mehrotra, Deutsche Bank.

（操作員指示）Amit Mehrotra，德意志銀行。

Thanks, operator. Hi, everybody. Good to talk to you all. I want to maybe start with the dividend expectations for the first quarter. There's obviously a lot of moving parts in terms of year-to-date bookings and asset sales, asset acquisitions. You've been helpful in the past in helping us calibrate, you know, directionally at least. Wondering if you can kind of help us synthesize all those moving parts in what our expectations to be of dividend in the first quarter.

謝謝，接線生。大家好。很高興與大家交談。我想先從第一季的股利預期開始。就年初至今的預訂、資產銷售、資產收購而言，顯然有很多變化。您過去一直在幫助我們進行校準方面提供了幫助，您知道，至少在方向上。想知道您是否可以幫助我們綜合所有這些活動部分，以達到我們對第一季股利的預期。

I was actually thinking that might be a CFO question but -- I mean, obviously we don’t give guidance on dividends. The first quarter is not looking at that.

我實際上在想這可能是一個財務長的問題，但是——我的意思是，顯然我們不會提供有關股息的指導。第一季沒有考慮這一點。

And we have provided a figure of pro forma costs as of today, Hamish, including the remaining deliveries for the four-vessel sale. So it's $112 million pro forma as of today. Amit, you should be only keeping us minimum liquidity, the $2.1 million per vessel that we have on the water right now. So it's -- pro forma for the last four deliveries, it's 110 vessels. Then you should add a figure of approximately $38 million, which is the dividend that we have just declared to be paid during the following days for Q4. So roughly, you can see how-- what is the remaining excess cash as of today and make your projection for the remaining of the quarter.

哈米甚，我們已經提供了截至今天的預估成本數字，包括四艘船銷售的剩餘交付量。截至今天，預估金額為 1.12 億美元。阿米特，您應該只為我們保留最低限度的流動性，即我們目前在水面上的每艘船 210 萬美元。因此，預計最近四次交付的船隻數量為 110 艘。然後您應該添加大約 3800 萬美元的數字，這是我們剛剛宣佈在接下來的幾天內支付的第四季度股息。粗略地說，您可以看到截至今天剩餘的多餘現金是多少，並對本季度剩餘時間進行預測。

Yeah, and working capital, Simos, do we expect working capital to be a source or a thing?

是的，還有營運資金，Simos，我們期望營運資金是一個來源還是一個東西？

More or less, it should be, you know, slightly negative.

或多或少，它應該是，你知道，稍微負面的。

Okay. That's helpful. And we can follow up on maybe more precise numbers later on.

好的。這很有幫助。我們稍後可以跟進更精確的數字。

I guess the second question for me, obviously, there's a lot of disruption in the Red Sea. I think there were some reports that maybe a few of your vessels have been kind of under threat in that region. I mean, Hamish, Petros, what do you guys think is going to happen now?

我想對我來說第二個問題顯然是，紅海有很多幹擾。我認為有一些報導說你們的一些船隻可能在該地區受到了威脅。我的意思是，哈米甚、佩特羅斯，你們認為現在會發生什麼事？

Obviously, we've seen container ship rates move higher. We've seen tanker rates move higher. Is there is there a synthetic reduction in capacity is occurring as you go -- dry bulk vessels go around the Cape of Good Hope. What are you seeing in terms of the latest for the dry bulk market in terms of what's happening in Red Sea?

顯然，我們已經看到貨櫃船費率上漲。我們看到油輪運價走高。幹散裝貨船繞行好望角時，運能是否會出現綜合下降。您對紅海幹散貨市場的最新情況有何看法？

Hi, Amit. Okay. First of all, let me explain the situation about our company. We have two cases of period charters where we asked our charters not to go through the Suez Canal, but legally, we could not do that because until that time, we did not know about the attacks to the Eagle bulk and Jainco vessels. And therefore, we got advice that we had to follow the charter party and send the vessels through Suez.

嗨，阿米特。好的。首先我先介紹一下我們公司的狀況。我們有兩個定期租船案例，我們要求我們的租船不要通過蘇伊士運河，但從法律上講，我們不能這樣做，因為直到那時，我們還不知道Eagle 散裝船和Jainco 船遭到襲擊。因此，我們得到的建議是我們必須遵循租船合約並透過蘇伊士運河運送船隻。

So the first vessel passed was back three times. Fortunately, it was not hurt, nobody on board nor the vessel. But while that was happening, the second vessel was already passing Suez, so we couldn't divert it. And that had to continue and it was attacked again. Going forward, we will not be passing Suez Canal anymore because we are obviously a target of the Houthis having -- being a public company registered in the US. So that was -- I wanted to clarify this so that people know.

所以第一艘經過的船又回來了三次。幸運的是，它沒有受傷，船上和船上都沒有人。但當這種情況發生時，第二艘船已經經過蘇伊士運河，所以我們無法改變它的航線。這種情況必須繼續下去，並且再次受到攻擊。展望未來，我們將不再經過蘇伊士運河，因為我們顯然是胡塞武裝的目標——我們是一家在美國註冊的上市公司。所以我想澄清這一點，以便人們知道。

Now, let me give you a few examples. If you had a vessel in the US Gulf and you wanted to go to Qingdao in China, it would be a business of like 10,000 miles. But if Panama Canal doesn't work for bulk carriers as it doesn't right now, you would have to go through Suez Canal and that would be 14,100 miles. Therefore, 41% longer distance. And when and if you cannot do the Canal, then you have to go through the Cape, which is 15,400 miles. And therefore, it's 54% higher longer than it would be through the Panama Canal.

現在，讓我給大家舉幾個例子。如果你在美灣有一艘船，想要去中國青島，那麼行程就需要 10,000 英里。但如果巴拿馬運河不適用於散裝貨船，就像現在一樣，您將必須經過蘇伊士運河，這將是 14,100 英里。因此，距離延長了 41%。如果你不能通過運河，那麼你就必須通過海角，全長 15,400 英里。因此，它比通過巴拿馬運河的時間長 54%。

And then again, if you're in Rotterdam and you want to go to Qingdao, if you go through Suez Canal, it would be 11,000 miles, and through the Cape, it would be 14,300 miles. Therefore, 30% longer. So if in theory, no vessel passes through Suez or Panama Canal and the voyage started in the US Gulf or the continent, that would be like a 35% increase in miles, which basically is about between 10 and 15 days longer. So on trips that are 50 days long, they would become 60 or 65 days longer. So this is the worst possible situation.

再說一遍，如果你在鹿特丹，想去青島，如果經過蘇伊士運河，那就是11,000英里，經過好望角，那就是14,300英里。因此，時間延長了30%。因此，如果從理論上講，沒有船隻經過蘇伊士運河或巴拿馬運河，並且航程從美國灣或大陸開始，那麼里程數將增加 35%，基本上會增加約 10 到 15 天。因此，對於 50 天長的旅行，它們會變得更長 60 或 65 天。所以這是最糟糕的情況。

If you start from Brazil, it would -- you don't have a problem, you just go through the Cape. Or if you start more to the south, same thing. If you're in the Mediterranean and you don't go through Suez Canal, it's even worse because you have to go to Gibraltar all the way around. Therefore -- and because front hauls or backhauls are less than the inter-Atlantic or inter-Pacific or inter-Indian oceans trades. I would say that if both canals were totally closed, that would mean an increase in -- a decrease in supply of vessels of about 8%.

如果你從巴西出發，那就沒有問題，只需穿過好望角即可。或者如果你從更南邊開始，同樣的事情。如果你在地中海，不走蘇伊士運河，那就更糟了，因為你得繞道去直布羅陀。因此，因為前程或回程少於大西洋間、太平洋間或印度洋間的貿易。我想說的是，如果兩條運河完全關閉，這將意味著船隻供應增加——減少約 8%。

This has not happened in exactly. Of course, through Panama Canal, we're not going, but there's a lot of vessels that are going through Suez Canal. So I would venture to a say that the effect right now of the supply is about -- for both canals would be about 3%, 4%. Sorry about the long explanation.

這並沒有完全發生。當然，我們不會通過巴拿馬運河，但是有許多船隻正在通過蘇伊士運河。因此，我冒昧地說，目前兩條運河的供應影響約為 3%、4%。抱歉這麼長的解釋。

Okay. That's very helpful. Thank you, Petros.

好的。這非常有幫助。謝謝你，佩特羅斯。

I guess my last question -- and then I'll hand it over. I wanted to ask Mr. Hamish, because obviously, Hamish, you have very deep corporate finance background. And I guess I've just been amazed. If I look at over the last five years, the way you guys have grown, I think you've added 55, 60 vessels through ship per share deals that were actually struck below the public equity value of the company, which is remarkable. And obviously, now you're adding this Eagle transaction.

我猜出我的最後一個問題——然後我會把它交給你。我想問哈米甚先生，因為顯然，哈米甚，你有非常深厚的企業財務背景。我想我只是感到驚訝。如果我看看過去五年你們的成長方式，我認為你們已經透過每股船舶交易增加了 55 到 60 艘船舶，這些交易實際上低於公司的公共股本價值，這是值得注意的。顯然，現在您要添加此 Eagle 交易。

So the promise of this Star Bulk becoming a platform to this low debt structure is coming to fruition. And I guess the only question I had is, is there a certain amount of size where you guys just become too big to manage or can this thing continue depending on the opportunities that present themselves. So Hamish, I was wondering if you could answer that question.

因此，Star Bulk 成為低債務結構平台的承諾即將實現。我想我唯一的問題是，是否有一定的規模，你們會變得太大而無法管理，或者這件事能否繼續取決於出現的機會。哈米甚，我想知道你是否能回答這個問題。

And then also are you seeing greater interest? Because it becomes a little bit of the snowball effect where more and more of these deals come -- get done, more and more of these deals get done, maybe more and more come to you as well to -- if you could talk about that?

那麼您是否也看到了更大的興趣呢？因為這有點像滾雪球效應，越來越多的交易來了——完成，越來越多的交易完成了，也許越來越多的交易也來找你——如果你能談談的話？

Well, first of all, from your lips to God's ears. This is how we would love to have everything work out. First of all, let's get the Eagle deal done first before worrying about what to do next. There's a little bit of not wanting to bite off more than we can chew. And we do need to integrate Eagle properly and make sure we keep the best of both companies before we start looking for follow-on deals.

嗯，首先，從你的嘴唇到上帝的耳朵。這就是我們希望一切順利的方式。首先，我們先把老鷹的交易搞定，然後再考慮下一步怎麼辦。有一點不想咬太多我們能咀嚼的東西。我們確實需要正確整合 Eagle，並確保在開始尋找後續交易之前保留兩家公司的優勢。

But look I don't think there is a specific level at which the company is too big to manage. We are a pretty small company compared to say, you know, a large airline or a large container line. And those companies are quite well-managed. And I think, Nicos Rescos may have something to say about our ability to manage a fleet of two or four times the size. But if a container line or an airline can do it, I think we can do it.

但我認為，公司規模並沒有達到一個特定的水平而無法管理。與大型航空公司或大型貨櫃運輸公司相比，我們是一家相當小的公司。而且這些公司管理得相當好。我認為，Nicos Rescos 可能對我們管理兩倍或四倍規模的機隊的能力有話要說。但如果貨櫃班輪公司或航空公司能做到，我想我們也能做到。

And we haven't seen an increase in interest yet. But I think it's reasonable to think we might, once the Eagle deal is closed.

我們還沒有看到興趣增加。但我認為，一旦老鷹交易完成，我們可能會這樣做，這是合理的。

Thank you. Congrats on all your success, everybody. Appreciate it.

謝謝。祝賀大家取得成功。欣賞它。

Omar Nokta, Jefferies.

奧馬爾諾克塔，傑弗里斯。

Thank you. Hey, guys. Good morning -- or sorry, good afternoon. I just wanted to touch on a couple of questions. In the back and forth you had and then also, Petros, in some of your opening comments just discussing the market. Clearly, 4Q was a bit stronger than a lot of us we're thinking going into the quarter. And so far, 1Q is averaging quite a bit better definitely than last year, but also your bookings to date are higher here in 1Q versus 4Q.

謝謝。大家好。早安——或者抱歉，下午好。我只想談幾個問題。在來來回回的過程中，佩特羅斯在您的一些開場評論中也討論了市場。顯然，第四季的表現比我們許多人對本季的預期要強一些。到目前為止，第一季的平均值肯定比去年好很多，而且第一季的預訂量也比第四季更高。

So just wanted to ask, you mentioned that the disruptions that are going on the Red Sea in the Panama Canal may be smoothed out a bit of the 1Q decline that we normally would see. Obviously, that seems like it's a main or it's a big piece of what's happening. But is there also something else happening? Is there a demand story that's driving this as well? Or do you attribute what we're seeing in the market here really just due to the disruptions?

所以我想問一下，您提到巴拿馬運河紅海發生的中斷可能會在我們通常會看到的第一季下降中得到一定程度的緩解。顯然，這似乎是正在發生的事情的一個主要部分或一個重要部分。但還有其他事情發生嗎？是否有一個需求故事也推動了這一點？或者您認為我們在市場上看到的情況實際上只是由於中斷造成的嗎？

Hi, Omar. First of all, I should also add the effect that the Ukraine war is having in the market because or else, I cannot -- does not export any more to closer destinations in Europe, but they have to export towards China and India. And therefore, that also has an effect. So all this, along with the Panama Canal and the Red Sea, these three inefficiencies are creating a major positive for shipping and they are affecting the market during a quarter that would otherwise be slower.

嗨，奧馬爾。首先，我還應該補充烏克蘭戰爭對市場的影響，因為否則，我不能——不再向歐洲更近的目的地出口，但他們必須向中國和印度出口。因此，這也有影響。因此，所有這一切，加上巴拿馬運河和紅海，這三個低效率的問題正在為航運業帶來重大積極影響，並在一個季度內影響市場，否則該季度的市場將會放緩。

But overall, I would say that -- first of all, I think that these inefficiencies will continue to exist. I don't see them going away very soon. It will have to be several months or even years before we go back to normality. So I think they will continue to support the market for a while.

但總的來說，我想說的是——首先，我認為這些低效率的現象將繼續存在。我不認為他們會很快離開。我們需要幾個月甚至幾年的時間才能恢復正常。所以我認為他們將繼續支撐市場一段時間。

Apart from that, we see a strong US economy, a strong Indian economy. We believe that China will support its economy going forward. And this is very important because during 2023, it was China single-handedly that supported the trade. I think that they increased the imports by about 280 million tons where the rest of the world was actually negative. So we think China will continue because they have not yet accomplished their goals. Along with US and Indian economies, we think that the rest of the world starts to recover as well. And don't forget the environmental regulations. These are going to affect supply. There's no question about that.

除此之外，我們還看到強勁的美國經濟和強勁的印度經濟。我們相信中國將支持其經濟向前發展。這非常重要，因為2023年期間，是中國一手支持了貿易。我認為他們增加了約 2.8 億噸進口，而世界其他地區實際上是負進口。所以我們認為中國會繼續下去，因為他們還沒有實現他們的目標。我們認為，與美國和印度經濟一樣，世界其他地區也開始復甦。並且不要忘記環境法規。這些都會影響供應。毫無疑問。

And on top of that, we have a relatively low order book at 8.5%. You will be seeing influx of vessels of about 3% to 3.5% every year. We think up to now, there hasn't been much scrapping because the margins are decent. But in the future, they will have to scrap more. So with 3%, 3.5% influx and scrapping of about 1%, 1.5%, it's -- we may be seeing 2%, 2.5% need for demand. And already just the inefficiencies cover that and go any further than that. So personally, I see-- for these reasons. I see a strong market during '24 and most probably '25 as well.

最重要的是，我們的訂單率為 8.5%，相對較低。每年您將看到約 3% 至 3.5% 的船隻湧入。我們認為到目前為止，還沒有太多報廢，因為利潤率還不錯。但在未來，他們將不得不廢棄更多。因此，隨著 3%、3.5% 的流入和大約 1%、1.5% 的報廢，我們可能會看到 2%、2.5% 的需求需求。而且效率低下已經涵蓋了這一點，而且還不止於此。出於這些原因，我個人認為。我認為 24 年的市場很強勁，很可能 25 年的市場也很強勁。

Great. Thank you, Petros, for that detail.

偉大的。謝謝佩特羅斯提供的詳細資料。

And then maybe just wanted to switch gears, just on the other topic or one of the topics being the dividend. I think Amit was mentioning and clearly that's been happening, which is that you've become a bit more dynamic in terms of managing the fleet. It was much easier for me or for us when you had those 128 shifts and it was fairly static and it was very easy for us to model the dividend. Given the buybacks, I guess just in general, with you being a bit more active on the fleet front, you're seemingly perhaps more transaction oriented. Any sort of thoughts on tweaking the dividend policy to a percentage of earnings payout or do you like, say the strategic honesty or clarity of just the ending cash balance approach?

然後也許只是想換個話題，換個話題，或者其中一個話題是股息。我認為阿米特提到了這一點，而且顯然這種情況正在發生，那就是你在管理車隊方面變得更有活力了。當你有 128 個輪班時，這對我或我們來說要容易得多，而且它相當靜態，我們很容易對股息進行建模。考慮到回購，我想總的來說，隨著您在機隊方面更加活躍，您似乎可能會更加以交易為導向。關於將股利政策調整為收益支付的一定比例，您有什麼想法嗎？或者您喜歡，例如期末現金餘額方法的策略誠實性或清晰度？

I think we value the fact that you can't get it wrong, If it ends up depending on cash on your balance sheet that you have. A percentage of any other quantity could somehow due to some unanticipated events not match up with cash that you actually have. So I think we do like this formulation. I feel your pain as far as our forecasting is.

我認為我們重視這樣一個事實：如果最終取決於您資產負債表上的現金，您就不會出錯。由於一些意外事件，任何其他數量的百分比可能會與您實際擁有的現金不符。所以我認為我們確實喜歡這個表述。就我們的預測而言，我感受到你的痛苦。

Omar, this is Simos. Just to reiterate again, what I said before to Amit, we gave a figure of our cash balance pro forma today as of the delivery of the last four vessels to be delivered within the following months. This is $312 million.

奧馬爾，這是西莫斯。再次重申，我之前對阿米特說過的話，我們今天給出了截至接下來幾個月內交付的最後四艘船的預計現金餘額數字。這是 3.12 億美元。

On purpose, we said that we are releasing the $2.1 million for a minimum cost threshold for the 18 vessels that have been sold. So you may assume that after the delivery of the last vessel, all the proceeds of the sale are used for the financing of the two blocks that we have acquired during the fourth quarter and the repayment of the bridge facility.

我們特意表示，我們將為已售出的 18 艘船舶發放 210 萬美元的最低成本門檻。因此，您可能會認為，在最後一艘船交付後，所有銷售收入都將用於我們在第四季度獲得的兩個區塊的融資以及橋樑設施的償還。

So the $312 million cash pro forma that we have as of today is the net cash -- net of any sale proceeds, and it includes only the $2.1 million threshold for the remaining 110 vessels. The $38 million of cash that we will distribute as a dividend for the fourth quarter and any cash above this is potentially the dividend free cash for the first quarter. So you may start modeling out of this balance the dividend for the first quarter.

因此，截至目前，我們所擁有的 3.12 億美元現金是淨現金——扣除任何銷售收益，並且僅包括剩餘 110 艘船舶的 210 萬美元門檻。我們將作為第四季度股息分配的 3800 萬美元現金以及任何高於此的現金都可能成為第一季的無股息現金。因此，您可以開始根據這一平衡對第一季的股息進行建模。

Nathan Ho, Bank of America.

內森‧何 (Nathan Ho)，美國銀行。

Hey, good afternoon, team. I think I'd like to just maybe follow up a little bit more on the fleet strategy, especially post-acquisition. How we should be thinking about your fleet size over 2024 and 2025? Obviously, a pretty significant expansion, but still I think, nearly 30% of your current fleet approximately 15 years and older. How much of a focus is it to source additional vessel sale opportunities from here?

嘿，下午好，團隊。我想我可能想對機隊策略進行更多跟進，尤其是收購後的策略。我們應該如何考慮您在 2024 年和 2025 年的機隊規模？顯然，這是一個相當顯著的擴張，但我仍然認為，您目前機隊中近 30% 的機隊年齡約為 15 年及以上。從這裡尋找額外的船舶銷售機會有多重要？

Well, I think we are going to be focused on growth as well as fleet renewal. So I think the fleet is probably going to be quite dynamic for a while basically because we do need to make sure that we sell older vessels at the appropriate time and that we buy newer vessels at the appropriate time and entering into business combinations that are attractive saying to our shareholders. So I don't see us sort of sitting back and relaxing. We do, as I said, have to make sure we do a good job integrating Eagl, but so hopefully, that will not take all of 2024.

嗯，我認為我們將專注於成長和機隊更新。因此，我認為船隊可能會在一段時間內充滿活力，基本上是因為我們確實需要確保在適當的時間出售舊船，並在適當的時間購買新船，並進行有吸引力的業務合併對我們的股東說。所以我不認為我們會坐下來放鬆。正如我所說，我們確實必須確保做好 Eagl 的整合工作，但希望這不會花費 2024 年的全部時間。

Got it. Okay. That's helpful.

知道了。好的。這很有幫助。

And maybe just a follow-up on both Omar and Amit's questions regarding the Red Sea. How have your conversations with some of the P&I clubs and insurers been surrounding ensuring charters through the Suez Canal now? Has that been -- or do see that as like a significant capacity restraint moving forward for, say, other carriers from an economic standpoint to transit across? Thanks.

也許只是奧馬爾和阿米特有關紅海問題的後續行動。您現在與一些保賠協會和保險公司圍繞著確保包機通過蘇伊士運河的對話進展如何？從經濟角度來看，這是否是——或者是否認為這對其他承運人來說是一種重大的運力限制？謝謝。

Up till a couple of weeks ago, the cost has not gone up that much. Right now, it's gone up a little bit. We are well covered at relatively low rates. But as I said, we won't be going through Red Sea so doesn't apply anymore. For whoever does, I suppose the more vessels that are hit, the higher insurance rates that will be asked by the insurers.

直到幾週前，成本還沒有上漲那麼多。現在，已經上漲了一點點。我們以相對較低的費率獲得良好的保障。但正如我所說，我們不會穿越紅海，因此不再適用。無論誰這樣做，我想被擊中的船隻越多，保險公司要求的保險費率就越高。

But overall, the cargo has to go to its destination and it's a matter of calculation. So let's say, a guy starts from the continent with the charter with his chartered vessel, he will have to calculate whether it pays off to go through the Cape or through the Suez Canal. As far as with the Suez Canal, he will also have to take into account the potential risks. But just looking at the cost, it's going to be, let's say, 11 days longer through the Cape. So he will have to pay higher and bankers for 11 days. But through Suez Canal, he will have to pay for the cost of the Canal plus the insurance. So as the insurance increases, it's possible that at the end of the day, it won't make much difference whether he goes through the Cape or through Suez.

但總的來說，貨物必須到達目的地，這是一個計算問題。比方說，一個人帶著他的包租船從大陸出發，他必須計算通過海角還是通過蘇伊士運河是否值得。至於蘇伊士運河，他還必須考慮潛在的風險。但僅考慮成本，假設穿越好望角的時間要長 11 天。因此他將不得不向銀行家支付更高的11天工資。但透過蘇伊士運河，他必須支付運河費用加上保險。所以隨著保險的增加，有可能到最後，他是走好望角還是走蘇伊士運河，並沒有太大差別。

Got it. Perfect. Thanks again. That's really helpful.

知道了。完美的。再次感謝。這真的很有幫助。

We have reached the end of our question-and-answer session. I would like to turn the conference back over to management for closing remarks.

我們的問答環節已經結束。我想將會議轉回管理階層進行閉幕致詞。

No remark, operator. Thank you very much.

不用說，操作員。非常感謝。

Thank you. This will conclude today's conference. You may disconnect your lines at this time and thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路，感謝您的參與。