Star Bulk Carriers Corp (SBLK) 2024 Q3 法說會逐字稿

Thank you for standing by, ladies and gentlemen, and welcome to Star Bulk Carriers Conference Call on the Third Quarter 2024 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 Executive Officer of the company. (Operator Instructions) I must advise you that this conference call is being recorded today.

女士們、先生們，感謝大家的支持，歡迎參加 Star Bulk Carriers 關於 2024 年第三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；以及公司執行長 Charis Plakantonaki 女士。（操作員指示）我必須通知您，今天正在錄製本次電話會議。

We will now pass the floor on to one of your speakers today, Mr. Begleris.

現在我們將請今天的一位發言者貝格勒里斯先生發言。

Thank you, operator. I'm Christos Begleris, Co-Chief Financial Officer at Star Bulk Carriers, and I would like to welcome you to our conference call regarding our financial results for the third quarter of 2024.

謝謝你，接線生。我是 Star Bulk Carriers 聯合財務長 Christos Begleris，歡迎您參加我們關於 2024 年第三季財務業績的電話會議。

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 third quarter results Star Bulk's investment proposition, actions taken to create value for our shareholders, cash evolution during the quarter, an update on the Eagle Bulk integration, vessel operations, fleet update, 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，我們將介紹 Star Bulk 第三季業績的投資主張、為股東創造價值所採取的行動、本季度的現金演變、Eagle Bulk 整合的最新情況、船舶運營、船隊更新、最新的在提問之前，ESG 前沿以及我們對產業基本面的看法。

Let us now turn to slide number 3 of the presentation for a summary of our third quarter 2024 highlights. For the third quarter 2024, the company reported the following: Net income amounted to $81 million with adjusted net income of $83 million or $0.71 adjusted earnings per share. Adjusted EBITDA was $143.4 million for the quarter. For the third quarter, as per our existing dividend policy, we declared a dividend per share of $0.60 payable on or about December 18, 2024. Our total liquidity today stands strong at $433 million.

現在讓我們轉向簡報的第 3 張投影片，總結 2024 年第三季的亮點。對於 2024 年第三季度，該公司報告如下：淨利潤為 8,100 萬美元，調整後淨利潤為 8,300 萬美元，即調整後每股收益 0.71 美元。本季調整後 EBITDA 為 1.434 億美元。對於第三季度，根據我們現有的股息政策，我們宣布將於 2024 年 12 月 18 日左右支付每股 0.60 美元的股息。目前，我們的總流動性強勁，達到 4.33 億美元。

Meanwhile, our total debt stands at $1.3 billion.

同時，我們的總債務為 13 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 18,843 per vessel per day. Our combined daily OpEx and net cash G&A expenses per vessel per day amounted to $6,376. Therefore, our TCE less OpEx and cash G&A is $12,647.

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 18,843 艘。每艘船每天的每日營運支出和淨現金管理費用總計達 6,376 美元。因此，我們的 TCE 減去營運支出和現金 G&A 為 12,647 美元。

Since the Eagle Bulk transaction was completed on April 9 this year, until the third quarter of 2024, the synergies achieved from the integration resulted to more than $9 million. Integration process is advancing smoothly across all departments, significant potential for further savings in OpEx and dry dock costs in 2025 and the remaining of 2024. We continued our fleet update for the quarter.

自今年4月9日完成Eagle Bulk交易以來，截至2024年第三季度，整合帶來的綜效超過900萬美元。所有部門的整合進程都在順利推進，在 2025 年和 2024 年剩餘時間內進一步節省營運支出和乾船塢成本的潛力巨大。我們繼續對本季的機隊進行更新。

During the third quarter, we have sold four vessels. three of these vessels, namely Star Hydrus in (inaudible) legal and Diva are expected to be delivered during the fourth quarter to their new owners for total gross proceeds of $50 million.

第三季度，我們賣了四艘船。其中三艘船，即（聽不清楚）legal 中的 Star Hydrus 和 Diva 預計將在第四季度交付給新所有者，總收益為 5,000 萬美元。

Please turn to slide 4 for a summary of Star Bulk's compelling value proposition. Why Star Bulk? Star Bulk is the largest US listed public company and second worldwide in terms of deadweight tons, specialized in dry bulk shipping with a higher trading liquidity. We operate a fleet of 156 vessels across all segments with an average age of 11.9 years.

請參閱投影片 4，以了解 Star Bulk 引人注目的價值主張的摘要。為什麼選擇星散裝？Star Bulk是美國最大、全球第二大載重噸上市公司，專門從事乾散貨運輸，交易流動性較高。我們經營著一支由 156 艘船舶組成的船隊，涵蓋各個領域，平均船齡為 11.9 年。

We operate a fleet of 80 eco vessels and have 98% of our fleet scrubber fitting, which provides a significant competitive advantage.

我們經營著一支由 80 艘生態船組成的船隊，並且擁有船隊 98% 的洗滌器配件，這提供了顯著的競爭優勢。

Star Bulk has proven to be a consolidator in the drybulk industry. Starting in 2018 through nine mergers, we have grown our fleet by 75% in number of vessels. Furthermore, we operate a fully integrated management platform that makes us the most efficient and consistently amongst the lowest OpEx and G&A operators while maintaining the highest Rightship ranking.

Star Bulk 已被證明是乾散貨行業的集運商。從 2018 年開始，透過九次合併，我們的船隊船舶數量增加了 75%。此外，我們經營著一個完全整合的管理平台，這使我們成為營運支出和管理費用最低的營運商中最高效且始終如一的營運商，同時保持最高的 Rightship 排名。

Since 2020, we have reduced our net debt per vessel by more than 50%, having retail level where the scrap value of our fleet comfortably covers our current net debt. Since 2021 through 15 consecutive dividend payments, we have declared quarterly dividends of over USD1.33 billion. We have taken advantage of historically elevated S&P values to sell some of our older and less efficient vessels using the equity proceeds to buy back our shares at prices significantly below net asset value.

自 2020 年以來，我們已將每艘船的淨債務減少了 50% 以上，零售水準使我們船隊的廢值可以輕鬆覆蓋我們當前的淨債務。自2021年以來，透過連續15次派息，我們已宣布季度股息超過13.3億美元。我們利用歷史上較高的標準普爾價值來出售一些舊的和效率較低的船舶，並利用股權收益以遠低於資產淨值的價格回購我們的股票。

Since 2021, we have bought back $443 million worth of Star Bulk's shares. Throughout the years, we have built solid corporate governance with a shareholder-friendly by having primarily independent Board members, including financial investors and other ship owners who have merged their fleet for shares.

自 2021 年以來，我們已回購了價值 4.43 億美元的 Star Bulk 股票。多年來，我們透過主要擁有獨立的董事會成員（包括財務投資者和其他透過入股合併船隊的船東）建立了堅實的、有利於股東的公司治理。

It is important for our investors that management incentives are aligned with shareholders. Last but not least, Star Bulk is an ESG pioneering shipping, being a leader in industry's efforts to decarbonize. There is total transparency with investors, timely and efficient compliance with environmental regulations and commitment to social responsibility.

對於我們的投資者來說，管理層激勵措施與股東保持一致非常重要。最後但並非最不重要的一點是，Star Bulk 是一家 ESG 航運先鋒，也是業界脫碳努力的領導者。對投資者完全透明，及時有效地遵守環境法規並致力於社會責任。

Slide 5 provides an overview of the company's capital allocation policy over the last three years and the various levers we have used to strengthen the company, increase the [increasing] value of our shares and return capital to our shareholders. Star Bulk has been growing the platform through consecutive fleet buyouts by issuing shares at or above NAV. In total, since 2021, we have taken actions of $2.5 billion to create value for our shareholders. On the bottom of the page, we show our net debt evolution. Our average net debt per vessel has decreased from $12.3 million per se to $5.7 million a reduction of more than 50%.

投影片 5 概述了公司過去三年的資本配置政策，以及我們用來增強公司實力、增加股票價值以及向股東返還資本的各種槓桿。Star Bulk 一直透過發行等於或高於資產淨值的股票來連續收購船隊，從而發展該平台。自 2021 年以來，我們總共採取了 25 億美元的行動，為股東創造價值。在頁面底部，我們顯示了我們的淨債務演變。我們每艘船的平均淨債務已從 1,230 萬美元減少到 570 萬美元，減少了 50% 以上。

As a result of the deleveraging process, our current net debt is covered by the fleet scrap value. Finally, we currently have six debt-free vessels with an aggregate market value of more than $100 million.

由於去槓桿化過程，我們目前的淨債務由船隊報廢價值覆蓋。最後，我們目前擁有六艘無債務船舶，總市值超過 1 億美元。

Slide 6 graphically illustrates the changes in the company's cash balance during the third quarter. We started the quarter with $486 million in cash. We generated positive cash flow from operating activities of $138 million. After including debt profits and repayments, CapEx payments and energy-saving devices and ballast water treatment system installments and the second quarter dividend payment, we arrived at a cash balance today of $473 million.

投影片 6 以圖形方式說明了公司第三季現金餘額的變化。本季初我們擁有 4.86 億美元現金。我們的經營活動產生了 1.38 億美元的正現金流。在計入債務利潤和償還、資本支出、節能設備和壓載水處理系統分期付款以及第二季度股息支付後，我們今天的現金餘額為 4.73 億美元。

I will now pass the floor to our Chief Operating Officer, Nicos Rescos, for an update on the Eagle Bulk integration and our operational performance.

現在我將請我們的營運長 Nicos Rescos 介紹 Eagle Bulk 整合和我們營運績效的最新情況。

Thank you, Christos. Slide 7 illustrates a summary of the Eagle Bulk transaction integration. The technical and commercial management of the ex-Eagle fleet has been established across Star Bulk offices in L.A and Singapore and Stamford, leveraging the combined global presence.

謝謝你，克里斯托。投影片 7 概述了 Eagle Bulk 交易整合。前 Eagle 船隊的技術和商業管理已在洛杉磯、新加坡和斯坦福的 Star Bulk 辦事處建立，充分利用了合併後的全球影響力。

The commercial teams for the Supramax and Ultramax vessels in the three continents completed their integration successfully, managing the second largest Supramax and Ultramax fleet globally, operating growth on voyage and time charter basis. Cree management is gradually taken in-house, phasing out third-party managers, while technical maintenance and Marine Quality Standards, processes and policies have been applied uniformly across the combined fleet. Procurement of stores, spare parts, bunkers and lubricants have been centralized for the combined fleet. These measures are expected to produce significant operating cost efficiencies. On the bottom of the page, you see an illustration of the synergies from Eagle Bulk integration.

三大洲超靈便型和超靈便型船舶的商業團隊成功完成整合，管理全球第二大超靈便型和超靈便型船隊，在航次和期租基礎上實現營運成長。Cree 的管理逐漸實行內部管理，逐步淘汰第三方管理人員，而技術維護和船舶品質標準、流程和政策已在整個聯合船隊中統一應用。聯合艦隊的物資、備件、燃油和潤滑油的採購已集中進行。這些措施預計將產生顯著的營運成本效率。在頁面底部，您可以看到 Eagle Bulk 整合協同效應的圖示。

Through OpEx, G&A and interest expense as well as savings on dry bookings, we have achieved more than $9 million in cost savings.

透過營運支出、一般管理費用和利息支出以及乾預訂的節省，我們節省了超過 900 萬美元的成本。

Please turn to slide 8, we will provide an operational update. OpEx was up $5,114 for Q3 2024. Net cash G&A expenses were $1,262 per vessel per day for the same period. In addition, we continue to raise at the top amongst our listed peers in terms of Rightship safety score.

請參閱投影片 8，我們將提供營運更新。2024 年第三季營運支出成長 5,114 美元。同期每艘船每天的淨現金管理費用為 1,262 美元。此外，我們在 Rightship 安全評分方面繼續在上市同行中名列前茅。

Slide 9 provides a fleet update and some guidance around our future dry dock and the relevant total of high days. On the bottom of the page, we provide our expected drive of expense schedule, which were the remaining of 2024 is estimated at $18.3 million for the dry docking of 15 vessels. In total, we expect to have approximately 420 off-hire days for the same period.

幻燈片 9 提供了船隊更新以及有關我們未來幹船塢和相關高天數總數的一些指導。在頁面底部，我們提供了預期的費用計劃，即 2024 年剩餘時間中 15 艘船的干塢預計費用為 1,830 萬美元。總的來說，我們預計同期將有大約 420 天的停租天數。

In 2025, we expect to dry dock 47 vessels for 1,200 of hard days and an expected cost of $53.8 million. On the top right of the page, we have our CapEx schedule, illustrating our newbuilding CapEx investment energy efficiency upgrade expenses with 100% of our fleet now being ballast water equipment fitted. Based on our latest construction schedule, our newbuilding vessels are expected to be delivered in Q4 2025 and 26. In line with EEXI and CII regulations, we will continue investing in upgrading our fleet with the latest operational technologies, aimed in improving our fuel consumption and reducing our environmental footprint, further enhancing the commercial attractiveness of the Star Bulk's fleet.

到 2025 年，我們預計 47 艘船將在幹塢中度過 1,200 天的艱苦日子，預計成本為 5,380 萬美元。在頁面的右上角，我們有我們的資本支出時間表，說明了我們的新造船資本支出投資能源效率升級費用，我們的船隊現在 100% 都安裝了壓載水設備。根據我們最新的建造計劃，我們的新船預計將於 2025 年第四季和 26 年交付。根據 EEXI 和 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，旨在提高我們的燃油消耗並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 retrofit program, we have completed 41 installations with three more remaining for retrofit by the end of 2024. We plan to retrofit [126] vessels with EFDs within next year. The above numbers are based on current estimates around dry dock commercial and retrofit planning, vessel employment and yard capacity.

關於我們的節能設備改造計劃，我們已完成 41 套安裝，到 2024 年底，還有 3 套需要改造。我們計劃在明年內對 [126] 艘船舶進行 EFD 改造。上述數字是根據目前對乾船塢商業和改造規劃、船舶使用和堆場容量的估計。

Please turn to slide 10 for an update on our fleet sales. On a vessel sales front, we continue disposing of vessels opportunistically at historically attractive levels. In 2024, we have sold 13 vessels for total gross proceeds of $233 million, reducing our average age and improving overall fleet efficiency. Following the rollover of Eagle Bulk's existing chartering contracts, we now have a total of 10 chartering vessels. As mentioned earlier, we have five firms shipbuiling contracts, working down shipyard, for the construction of five Kamsarmax newbuilding vessels and delivered in Q4 and first half 2026.

請參閱投影片 10，以了解我們車隊銷售的最新資訊。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出售船舶。2024 年，我們已出售 13 艘船舶，總收益達 2.33 億美元，降低了我們的平均船齡並提高了船隊整體效率。隨著Eagle Bulk現有租船合約的展期，我們現在共有10艘租船。如前所述，我們有五家公司在造船廠簽訂了造船合同，建造五艘 Kamsarmax 型新船，並於 2026 年第四季和上半年交付。

Considering the aforementioned changes in our fleet mix, we operate one of the largest dry bulk fleet among US and European listed peers with 156 vessels on a fully delivered basis and an average age of 11.9 years.

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，已交付船舶 156 艘，平均船齡為 11.9 年。

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

我現在請我們的首席策略長 Charis Plakantonaki 介紹 ESG 最新情況。

Thank you, Nico. Please turn to slide 10, where we highlight our continued leadership on the ESG front. The 6th Annual Star Bulk report has been published in accordance with the latest global reporting initiative requirements, developed with PwC's guidance, the report has received limited assurance from (inaudible) And has been reviewed by the company's ESG Committee.

謝謝你，尼科。請參閱投影片 10，我們在其中強調了我們在 ESG 方面的持續領導地位。第六屆年度 Star Bulk 報告已根據最新的全球報告倡議要求發布，在普華永道的指導下制定，該報告已獲得（聽不清楚）的有限保證，並已由公司 ESG 委員會審核。

Among its key milestones, the report highlights the impact materiality assessment conducted with the input from internal and external stakeholders and includes a comprehensive list of ESG-related key performance indicators, benchmarking the company's performance against previous years.

在其關鍵里程碑中，該報告強調了根據內部和外部利益相關者的意見進行的影響重要性評估，並包括與 ESG 相關的關鍵績效指標的全面列表，將公司的績效與前幾年進行比較。

Through the implementation of technical and operational measures to improve with energy efficiency, the company achieved a 4% reduction in scope Scope 1 greenhouse gas emissions compared to the previous year, a 5.8% improvement in fleet-wide CII and a 9.5% reduction in Scope 3 emissions.

透過實施提高能源效率的技術和營運措施，該公司實現了範圍 1 溫室氣體排放量比上年減少 4%，全機隊 CII 改善 5.8%，範圍 1 溫室氣體排放量減少 9.5% 3排放。

For the fourth consecutive year, Star Bulk has successfully submitted the 2023 Carbon Disclosure Project questionnaire. This year's submission expanded to include data on water management alongside climate change reporting. Preparations are underway for the fully maritime regulation coming into effect in January 2025, focusing on compliance strategies, such as biofuel adoption and leveraging the pooling and banking mechanisms outlined in the regulation.

Star Bulk 連續第四年成功提交 2023 年碳資訊揭露計畫問卷。今年提交的內容擴大到包括水管理數據和氣候變遷報告。目前正在為 2025 年 1 月生效的全面海事監管做準備，重點關注合規策略，例如採用生物燃料以及利用監管中概述的聯合和銀行機制。

On the global regulators front, we actively engaged with regulators and industry organizations, providing input and expertise to support the development of midterm greenhouse gas reduction measures expected to be adopted by the IMO in 2025. We continue to enhance well-being programs for our people and strengthen our contribution to society including the sponsoring of assets who qualified for the Paris 2024 Olympic Games.

在全球監管機構方面，我們積極與監管機構和行業組織合作，提供投入和專業知識，以支持 IMO 預計於 2025 年通過的中期溫室氣體減排措施的發展。我們持續加強人民福祉計劃，加強對社會的貢獻，包括贊助 2024 年巴黎奧運參賽資格的資產。

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

現在我將請我們的執行長彼得羅斯·帕帕斯 (Petros Pappas) 介紹市場最新情況並發表閉幕詞。

Thank you, Charis. Please turn to slide 11 for a brief update of supply. During the first 10 months of 2024, a total of [29.4 million] deadweight was delivered and 2.9 million deadweight was sent to demolition for a net fleet growth of 26.5 million deadweight or 2.6% year-to-date and 3% year-over-year. Uncertainty on future green propulsion high e-building costs and limited shipyard capacity until late 2026, due to increased competition from other vessel types have helped keep new orders under control.

謝謝你，查里斯。請參閱投影片 11 以了解供應情況的簡要更新。2024 年前 10 個月，總共交付了 [2,940 萬] 載重噸，並拆除了 290 萬載重噸，船隊淨增長為 2,650 萬載重噸，今年迄今增長 2.6%，同比增長 3%。未來綠色推進的不確定性，由於其他船舶類型的競爭加劇，電子建造成本高，造船廠產能有限，直到 2026 年底，這有助於控制新訂單。

The order book experienced a small increase and presently stands at 10.3%, while vessels above 20 and 15 years of age, stands at 9.5% and 23.5% of the fleet, respectively. The average steaming speed of the dry bulk fleet has stabilized at low levels of approximately 11 knots during the last six months due to inflated bunker costs and environmental regulations, including EEXI and CII, that increasingly incentifies slow steaming. However, as of 2024 and increasing number of vessels delivered during the 2009, 2013, shipbuilding boom would be going through their third special survey, moderating supply growth as a consequence.

訂單量小幅增長，目前佔 10.3%，而船齡超過 20 年和 15 年的船舶分別佔船隊的 9.5% 和 23.5%。過去六個月，由於燃油成本上漲以及包括 EEXI 和 CII 在內的環境法規日益加劇了慢速航行，幹散貨船隊的平均航行速度穩定在約 11 節的低水平。然而，截至 2024 年，隨著 2009 年和 2013 年交付的船舶數量不斷增加，造船熱潮將經歷第三次特別調查，減緩供應成長。

Global port congestion has fully normalized following a strong reduction that lasted two years and gradually inflated available supply by approximately 6%. Congestion is now expected to follow seasonal trends and the negative effect on the supply and demand balance will fade and could gradually reverse as of 2025.

全球港口擁塞在持續兩年大幅減少並逐漸使可用供應量增加約 6% 後已完全正常化。目前預計壅塞將遵循季節性趨勢，對供需平衡的負面影響將消退，並可能在 2025 年逐步扭轉。

Moreover, rising tensions in the Red Sea since late 2023 and the rerouting away from the Suez, continue to cause strong inefficiencies for trade, while crossings through the Panama Canal are expected to fully recover by the end of this year. As a result of the above trends, fleet growth is unlikely to exceed 3% per annum over the next couple of years, even under the assumption that the demolition activity remains at current low levels.

此外，自 2023 年底以來，紅海緊張局勢不斷升級，以及航線遠離蘇伊士運河，繼續導致貿易效率嚴重低下，而巴拿馬運河過境點預計將在今年年底完全恢復。由於上述趨勢，即使假設拆除活動仍保持在目前的低水平，未來幾年船隊成長也不太可能超過每年 3%。

Let us now turn to slide 12 for a brief update of demand. According to Clarksons, total dry bulk trade during 2024 is projected to expand by 5.2% in ton miles. During the first three quarters of 2024, total dry bulk trade volumes increased by 5.4% year-over-year due to record iron ore, coal and minor bulk exports while ton mile have received extra support all in efficiencies and strong long-haul Atlantic and exports.

現在讓我們轉向投影片 12，以了解需求的簡要更新。據 Clarksons 稱，2024 年乾散貨貿易總量預計將增加 5.2%（以噸英里計）。2024 年前三季度，由於鐵礦石、煤炭和小宗散貨出口創紀錄，乾散貨貿易總量同比增長5.4%，而噸英里運輸在效率和強勁的大西洋和長途運輸方面獲得了額外支持。

Despite the weak economic performance and the struggling property sector, Chinese dry bulk imports have increased by 6.4% year-to-date, supported by strength in infrastructure, manufacturing and end product exports. Imports to the rest of the world are experiencing a strong recovery over the last year as lower commodity prices and easing monetary policy is boosting raw materials demand.

儘管經濟表現疲軟且房地產行業陷入困境，但在基礎設施、製造業和最終產品出口強勁的支撐下，中國乾散貨進口今年迄今仍成長了 6.4%。去年，由於大宗商品價格下跌和寬鬆的貨幣政策提振了原材料需求，世界其他地區的進口強勁復甦。

During 2025, dry bulk demand is projected to increase by 1.3% in ton miles, while the IMF forecast for global GDP growth standing at 3.2%, the same as in 2024. While Chinese GDP is projected to slow down to 4.5% from 4.8% this year. The incoming Trump administration is expected to follow a pro tariff policy that may create headwinds for global trade amid possible Retaliation Act but will, in our view, have a moderate direct impact on dry bulk trade.

2025年，乾散貨需求預計將成長1.3%（以噸英里計算），而國際貨幣基金組織預測全球GDP成長率為3.2%，與2024年相同。而中國今年的 GDP 預計將從 4.8% 放緩至 4.5%。預計即將上任的川普政府將採取支持關稅的政策，這可能會在可能的報復法案中給全球貿易帶來阻力，但我們認為，這將對乾散貨貿易產生適度的直接影響。

During the last few months, the Chinese authorities have announced a string of of pro-growth measures that should help improve the economic outlook. The main goals of the various stimulus packages are to provide support on property prices to reduce the huge inventory of unsold houses to address local government debt through the issuance of [$10.1 trillion] special bonds and to boost private consumption.

過去幾個月，中國當局宣布了一系列促進成長措施，有助於改善經濟前景。各種刺激計劃的主要目標是為房價提供支持，減少大量未售出房屋的庫存，透過發行[10.1萬億美元]特別債券來解決地方政府債務問題，並刺激私人消費。

Moreover, should the Trump administration impose heavy traffic on Chinese tariffs on Chinese products, we expect additional measures to support domestic consumption and alleviate potential weakness in exports. Iron ore trade is expected to expand by 5.8% in ton miles in 2024 and 1% in 2025. During the first three quarters, Chinese steel production declined by 4.1% year-over-year, as the property market continues to face challenges, while strength from manufacturing and steel exports have helped provide parcel support.

此外，如果川普政府對中國產品徵收大量關稅，我們預計將採取更多措施來支持國內消費並緩解出口的潛在疲軟。預計 2024 年鐵礦石貿易將成長 5.8%（以噸英里計算），2025 年將成長 1%。前三季度，由於房地產市場持續面臨挑戰，中國鋼鐵產量年減4.1%，而製造業和鋼鐵出口的強勁提供了包裹支撐。

On the other hand, steel production from the rest of the world has experienced a recovery throughout the year and year-to-date have increased by 3.3% driven by strong demand from India and a gradual recovery in the Atlantic region. Preference for higher quality iron ore to meet environmental targets is expected to gradually inflate ton miles as new mine capacity of higher-quality iron ore will come online in the Atlantic over the next years and should gradually substitute

另一方面，在印度強勁需求和大西洋地區逐步復甦的推動下，全球其他地區的鋼鐵產量全年都在復甦，今年迄今已成長3.3%。隨著更高品質鐵礦石的新礦山產能將在未來幾年在大西洋上線，並應逐漸替代，預計為滿足環境目標而對更高品質鐵礦石的偏好將逐漸增加。

Chinese domestic production and imports of inferior quality. Coal trade is expected to expand by 5% during 2024 and contract by 2% in 2025. Global focus on energy security during the last years has inflated coal trade volumes, but growth has come primarily from shortfall Indonesian exports. Chinese coal imports presently stand at record levels and year-to-date have increased by 13.5%, as thermal electricity generation grew at a faster pace than domestic oil production during the first three quarters and stocks and coal stocks increased ahead of peak winter demand.

中國國內生產的進口產品品質較差。預計 2024 年煤炭貿易將成長 5%，2025 年將萎縮 2%。過去幾年全球對能源安全的關注導致煤炭貿易量激增，但成長主要來自印尼出口短缺。由於前三季火力發電成長快於國內石油產量，以及庫存和煤炭庫存在冬季需求高峰前增加，中國煤炭進口目前處於創紀錄水平，今年迄今已成長13.5%。

Moreover, the Indian economy has expanded at the fastest pace among [G-20] members that has led to a strong increase in energy demand. And along with inland infrastructure constraints on domestic production is inflating coal import requirements. Grain trade is expected to expand by 6.6% during 2024 and by 2.4% in 2025.

此外，印度經濟成長速度是[G-20]成員國中最快的，這導致能源需求強勁成長。隨著內陸基礎設施對國內生產的限制，煤炭進口需求也隨之增加。預計 2024 年糧食貿易將成長 6.6%，2025 年將成長 2.4%。

During the first three quarters, grain trade increased by 3.5%. But during the third quarter, it declined by 0.5%, driven by a correction of Brazilian corn exports, weak Black Sea volumes and better-than-expected Chinese production. US grain sales have experienced a strong increase and is expected to inflate grain volumes during Q4, while the increase of grain production worldwide, should continue to put pressure on grain prices and support grain trade in the medium term.

前三季度，糧食貿易成長3.5%。但在第三季度，由於巴西玉米出口調整、黑海產量疲軟以及中國產量優於預期，產量下降了 0.5%。美國糧食銷售強勁成長，預計第四季糧食產量將增加，而全球糧食產量的增加將繼續對糧食價格構成壓力，並在中期支撐糧食貿易。

Minor bulk trade has the highest correlation to global GDP growth and is expected to expand by 4.4% during 2024 and 2.6% in 2025. The positive regional steel price arbitrages and the potential of us to build up inventories before the implementation of tariffs continues to incentivize Chinese exports and backhaul trades while bauxite exports out of West Africa continued to expand at a strong pace that generate ton miles for the Capesize sector.

小宗大宗貿易與全球 GDP 成長的相關性最高，預計 2024 年將成長 4.4%，2025 年將成長 2.6%。積極的區域鋼鐵價格套利以及我們在關稅實施前建立庫存的潛力繼續刺激中國的出口和回程貿易，而西非的鋁土礦出口繼續強勁增長，為海岬型船行業創造了噸英里的產量。

As a final comment, we expect the relative Q1 market slowdown, but remain optimistic about the medium-term prospects of the dry bulk market, given the favorable supply picture, stricter environmental regulations and recent steps by the Chinese government to stimulate the economy. In a period of increased geopolitical uncertainties, we remain focused on actively managing our diverse scrubber fleet to take advantage of emerging market opportunities and continue creating value for our shareholders.

最後，我們預計第一季市場將相對放緩，但鑑於有利的供應情況、更嚴格的環境法規以及中國政府最近採取的刺激經濟措施，我們對乾散貨市場的中期前景保持樂觀。在地緣政治不確定性增加的時期，我們仍然專注於積極管理我們多元化的洗滌塔機隊，以利用新興市場機會並繼續為股東創造價值。

Over to you, operator.

交給你了，接線生。

(Operator Instructions) Omar Nokta, Jefferies.

（操作員說明）Omar Nokta，Jefferies。

I have a couple of questions. And maybe just first off on the synergies you're realizing following the merger with Eagle. You've got $9 million so far through the third quarter. Can you talk a little bit about where you think this starts to evolve from here? I know the initial target had been -- or maybe the existing target continues to be $50 million receivable within 12 to 18 months.

我有幾個問題。也許首先是您在與 Eagle 合併後所實現的協同效應。到目前為止，第三季您已有 900 萬美元。您能談談您認為從這裡開始演變的地方嗎？我知道最初的目標是——或者現有的目標可能仍然是在 12 至 18 個月內應收 5000 萬美元。

Do you feel that you're on pace for that? Does it happen sooner? And is there any more that can be extracted, do you think?

你覺得你已經達到這個目標了嗎？它會發生得更早嗎？您認為還有更多可以提領的嗎？

Thank you, Omar. This is Nicos. Focusing on Q3, where you see the $6.5 million of synergies just for the quarter, gives a pretty good idea on what should be following on the consecutive quarters and throughout 2025. Expectation is that this threshold per quarter should improve, especially as we kick in with efficiencies on crew changes, which has been an expensive exercise we need to correct. And dry docks at much more efficient expenses.

謝謝你，奧馬爾。這是尼科斯。關注第三季度，您可以看到該季度的協同效應為 650 萬美元，這可以很好地了解連續幾個季度和整個 2025 年應該發生什麼。預計每季的門檻應該會提高，特別是當我們開始提高船員更換效率時，這是我們需要糾正的昂貴的做法。而且乾船塢的費用要高效率得多。

So I think we're on target and hopefully, we'll be reporting better numbers as well on Q4.

所以我認為我們已經達到了目標，希望我們在第四季也能報告更好的數據。

Yes. And just to add, the synergies are at $26 million annual run rate already. And where we've got sort of four quarters before we expect it to hit the final run rate. So I think we'll be there and we'll probably beat it.

是的。需要補充的是，每年的綜效已達 2,600 萬美元。在我們預計它達到最終運行率之前，我們還有大約四個季度的時間。所以我認為我們會到達那裡並且我們可能會擊敗它。

Okay. And just to make sure I hear it correctly, probably like the synergies that are to be realized from here and then sort of a bigger ratio or bigger amounts are on the operating cost, like the vessel OpEx and on the dry dockings?

好的。只是為了確保我沒聽錯，可能就像從這裡實現的協同效應一樣，然後在運營成本上有更大的比例或更大的數額，例如船舶運營成本和乾船塢？

$26 million dry dockings, yes. The $26 million run rate is only OpEx and G&A. On top of this, you should have the dry docks that Nicos made reference during his presentation. We did not have any dry docks on the Eagle back fleet during the third quarter. So the figure that you see there of $6.5 million includes only OpEx, G&A and interest expense savings for this specific quarter.

2600萬美元的乾船塢，是的。2,600 萬美元的營運費用僅包括營運支出和一般行政費用。最重要的是，您應該擁有尼科斯在演講中提到的乾船塢。第三季度，我們的鷹後艦隊沒有任何乾船塢。因此，您看到的 650 萬美元的數字僅包括該特定季度的營運支出、一般管理費用和利息費用節省。

I see. And then I guess it's still early days. It's just one quarter officially post merger. What do you think -- and this is a modeling question, but what should we be modeling for G&A on, say, an ongoing basis?

我懂了。然後我想現在還太早。合併後才正式完成四分之一。您怎麼看——這是一個建模問題，但我們應該在持續的基礎上為 G&A 建模什麼？

So Omar, this is Simos. The figure that we have actually, the split that we have in the -- for the third quarter for the Eagle Bulk -- ex Eagle Bulk office, G&A is [$13,700 per day] per vessel. So we have managed to bring it significantly lower than the figure that Eagle had during the last quarter of operation. We expect that as we move ahead, we will be in a position to further reduce the office expenses and head count expenses of Stamford and Singapore and bring it closer to the figure that Athens, the Athens office had up to last quarter.

奧馬爾，這是西莫斯。我們實際上得到的數字是，Eagle Bulk 第三季前 Eagle Bulk 辦事處的 G&A 分配是每艘船 [每天 13,700 美元]。因此，我們設法將其顯著低於 Eagle 在上一季營運期間的數字。我們預計，隨著我們的前進，我們將能夠進一步減少斯坦福德和新加坡的辦公室費用和人員費用，使其更接近雅典辦事處截至上季的數字。

Okay. Great. And just a final one on my end, more market more market color. And Petros, you discussed this a little bit, but I just wanted to get maybe a bit more flavor or feel for how you've been seeing this market develop recently? Clearly, Capes have been the outperformer really all year.

好的。偉大的。這只是我的最後一篇，更多的市場更多的市場色彩。Petros，您對此進行了一些討論，但我只是想了解您最近如何看待這個市場的發展？顯然，Capes 全年表現都非常出色。

And even recently, even though there's been some volatility, Capes have definitely been firmer. But the sub cape seem to be a bit stuck. And just wanted to see if you could maybe give a sense of what's driving that divergence?

即使最近，儘管出現了一些波動，但好望角肯定更加堅挺。但副海角似乎有點卡住了。只是想看看您能否說明造成這種差異的原因是什麼？

Omar, yes. Well, actually, the Capes have been doing okay for the quarter. They haven't been doing that great because the average for Q4 has been [20,800]. And it was last week and a couple of days ago that actually last week that it did extremely well. But the average has been [20,800].

奧馬爾，是的。嗯，實際上，海角隊本季表現還不錯。他們的表現並不是那麼好，因為第四季的平均值是[20,800]。上週和幾天前，實際上上週它表現得非常好。但平均值已經[20,800]。

It's not that huge. And also, it's not just the smaller sizes, the Supramax average has been about [14,500]. So it is actually the problem is actually with the Panamaxes. And it's a bit surprising because if you look at the Panamax, the quantities that have been carried during 2024 they have been 9.3% in tons higher than the equivalent last year.

沒那麼大。而且，不僅僅是尺寸較小，超靈便型船舶的平均尺寸約為[14,500]。所以其實問題出在巴拿馬型船。這有點令人驚訝，因為如果你看巴拿馬型船，你會發現 2024 年運輸的數量比去年同期增加了 9.3%（以噸計）。

So actually, I was wondering, and I had the discussion with our analysis department. And the reasons of the falling on the Panamaxes are as follows. First of all, the supply is 3.4%, which is on the relatively high side, 3.4% already. Then a big problem has been the reduction of congestion. On the Panamax side, most of the reduction in congestion has been on those vessels.

所以實際上，我很想知道，並且我與我們的分析部門進行了討論。巴拿馬型船舶墜落的原因如下。首先，供應量是3.4%，已經是比較高的了，已經是3.4%了。那麼一個大問題就是減少壅塞。在巴拿馬型船方面，壅塞的緩解主要歸功於這些船舶。

Then a third problem has been the fact that of the additional tons this year have been Indonesian coal to China. And this is -- as you know, this is a very short distance. Thereafter, Brazil decreased their corn exports by 7 million tons compared to last year, and that's long distance, although Argentina actually increased their's, they do a lot of that on small -- on Supra vessels, where Brazil exports mostly on Panamax. And therefore, the decrease affected the Panamaxes.

第三個問題是，今年增加的噸數中，有印尼煤炭運往中國。如你所知，這是一個非常短的距離。此後，巴西的玉米出口量與去年相比減少了700 萬噸，這是一個很長的距離，儘管阿根廷實際上增加了玉米出口量，但他們在小型Supra 船上完成了很多工作，而巴西主要通過巴拿馬型船舶出口。因此，下降影響了巴拿馬型船。

Then of course, the opening up of the Panama Canal didn't help a lot. Russia exported less grains from the Black Sea. And there was a number of Panamax tonnage released from the reduction in the Chinese cost of trade. So all that actually conspired in reducing actual demand in ton miles for the Panamax sector.

當然，巴拿馬運河的開通並沒有太大幫助。俄羅斯從黑海出口的穀物減少。中國貿易成本的降低也釋放了一些巴拿馬型船的噸位。因此，所有這些實際上都減少了巴拿馬型船行業的實際噸英里需求。

Ben Nolan, Stifel.

本諾蘭，史蒂菲爾。

And by the way, that was a -- that was a very comprehensive answer there Petros. So I appreciate that it's helpful to me. The -- I did have a couple of questions, though. First, sort of following up with the market trends and so forth. I was curious if you have -- and appreciating that you talked a little bit about sort of the impact of the election and change in administration in the United States.

順便說一句，這是佩特羅斯的一個非常全面的答案。所以我很感激它對我有幫助。不過，我確實有幾個問題。首先，跟進市場趨勢等。我很好奇你是否有——並且很高興你談到了美國選舉和政府更迭的影響。

But have you seen any change in and customer activity yet. Is there any sort of front running of potential tariffs or anything of that sort? And maybe is that something you would expect or probably not?

但您是否看到客戶活動有任何變化？是否有任何形式的潛在關稅預售或類似情況？也許這是您所期望的，或者可能不是？

Well, actually, Ben, actually, we have not seen much yet. But we do expect to see some short-term boost in trade because of what people are afraid is coming. And we have a view about what the Trump effect is going to be, if you want, I can talk about that.

嗯，實際上，本，實際上，我們還沒有看到太多。但我們確實預期貿易會出現一些短期成長，因為人們擔心這種情況即將發生。我們對川普效應有一個看法，如果你願意，我可以談談。

Sure.

當然。

Okay. So US trade -- US bulk trade actually is not huge. It's US trades about -- is about 5% on exports and 2% on imports. So there is going to be a relatively small direct effect. But what is going with the actual effect, let's take the tariffs to begin with. So if there are big tariffs on China, what will happen is that China will import less from the US and will import more from South America.

好的。所以美國的貿易——美國的大宗貿易其實並不龐大。美國的貿易額約為出口額的 5% 和進口額的 2%。因此，直接影響相對較小。但實際效果如何，我們先從關稅說起。因此，如果對中國徵收高額關稅，將會發生的情況是，中國將從美國進口更少，並從南美進口更多。

So that is going to create longer distances and will probably -- more important will create more congestion because the South American ports are perhaps less efficient than the US ports. And also, there's going to be more demand from the same ports.

因此，這將造成更長的距離，並且可能——更重要的是，造成更多的擁堵，因為南美港口的效率可能低於美國港口。而且，同樣的港口也會有更多的需求。

So I think that -- I would consider that will be a positive effect. Also, such tariffs, I believe, will stimulate China to boost their economy, and I think as a countermeasure. So I think that may also become a positive result of such tariffs.

所以我認為——我認為這將產生積極的影響。此外，我相信，此類關稅將刺激中國提振經濟，我認為這是對策。所以我認為這也可能成為此類關稅的正面結果。

A third point of tariffs would be that -- a negative point would be that it is probable that it will create -- will have a negative effect on the world economy. We cannot evaluate that right now, but we believe there's going to be less trade overall at the end of the day. Specifically, we believe that tariffs will influence container ships more than anything else, because there's more such trade to the US from China.

關稅的第三點是──負面影響是它很可能會產生──將對世界經濟產生負面影響。我們現在無法評估這一點，但我們相信最終總體貿易量將會減少。具體來說，我們認為關稅對貨櫃船的影響最大，因為中國對美國的此類貿易更多。

And if that happens and the reduction in trade on container ships, that will then affect Supramax specials because when container ships are doing very well, there's a cannibalization of commodities from container ships to Supramax vessels.

如果這種情況發生，貨櫃船貿易減少，就會影響超靈便型船舶的特價，因為當貨櫃船表現良好時，商品就會從貨櫃船轉移到超靈便型船舶。

Now another effect of the Trump -- the Trump policies could could be that the Ukraine war stops. And that had created inefficiencies up to now. But we think here that Europe will not give up their assumptions right away. So that will probably continue. And hopefully, there's going to be reconstruction in Ukraine which would be a very positive thing because that would create also major congestion.

現在，川普政策的另一個影響可能是烏克蘭戰爭停止。到目前為止，這造成了效率低下。但我們認為歐洲不會立即放棄他們的假設。所以這種情況可能會持續下去。希望烏克蘭能夠進行重建，這將是一件非常積極的事情，因為這也會造成嚴重的擁擠。

And we think there's going to be more exports from -- both from Russia and Ukraine from the Black Sea. So we consider that as a positive as well.

我們認為俄羅斯和烏克蘭的黑海出口將會增加。所以我們認為這也是正面的。

Now what could be a big negative, would be the fact that -- I mean you saw, I think -- at least I saw, that Iran is kind of retracting on their nuclear plants as far as creating nuclear weapons is concerned. And I think that this probably has to do with a certain fear of what Mr. Trump might do. But a side effect of that could be that the Iranians might stop supporting the Otis. And if that happens, it's a potential that the Red Sea will open.

現在可能有一個很大的負面因素，那就是——我的意思是你看到了，我想——至少我看到，就製造核武而言，伊朗正在放棄其核工廠。我認為這可能與對川普可能採取的行動的某種恐懼有關。但這樣做的副作用可能是伊朗人可能會停止支持奧蒂斯。如果這種情況發生，紅海就有可能開放。

And if the Red Sea opens, that is not going to be a positive for shipping. We all know that a big percentage of vessels actually go through the Cape Good Hope and therefore, ton miles increase.

如果紅海開放，這不會對航運產生正面影響。我們都知道，很大一部分船隻實際上經過好望角，因此噸英里數增加了。

And a final point, I think that Trump administration would probably effect the dollar, would probably strengthen the dollar, which is not good for commodity trade and might reduce oil prices, which is not good for vessel speeds.

最後一點，我認為川普政府可能會影響美元，可能會升值美元，這對大宗商品貿易不利，並可能降低油價，這對船速不利。

So, Overall, there are positives and negatives. We actually see more positives and it except if it leads to an opening up of the Red Sea. That could actually balance towards a negative.

所以，總的來說，有正面的一面，也有負面的一面。我們實際上看到了更多的積極因素，除非它會導致紅海的開放。這實際上可能會走向負面。

Yes, that was a lot more than I was counting on. Very helpful. I appreciate it.

是的，這比我預期的要多得多。非常有幫助。我很感激。

I knew you would ask the question, so was prepared.

我知道你會問這個問題，所以我做好了準備。

Yes, you always are. So changing gears, just for my second question. You guys have been implementing and spending money on the energy savings devices. I'm curious now that you've had them or there's quite a number of them that are in the fleet and you've been using them. Have you done any postmortem at all in terms of figuring out what your actual return on the investment has been and what your excess excess cash flow is relative to vessels that don't have that equipment?

是的，你總是這樣。所以改變齒輪，只是為了我的第二個問題。你們一直在實施節能設備並花錢。我現在很好奇你是否已經擁有它們，或者艦隊中有相當多的它們並且你一直在使用它們。您是否做過任何事後分析，弄清楚您的實際投資回報是多少，以及相對於沒有該設備的船舶，您的超額現金流量是多少？

Ben, this is Nicos. We are trying to figure out what is the answer to the question before we install them. So it's pretty much doing module testing before we install anything. And importantly, we do see trials in every ship that is fitted. So we have actual numbers that we count on, and we make our forecast on that basis.

本，這是尼科斯。在安裝它們之前，我們試圖找出問題的答案。因此，在我們安裝任何東西之前，它幾乎是在進行模組測試。重要的是，我們確實在每艘安裝的船上看到了試驗。因此，我們有可靠的實際數字，並在此基礎上做出預測。

The short answer is the repayment period is in between two to three years, depending on the measure, which ranges from ducts all the way to change in propellers. And the efficiency we get, as tested is anything between 6% to 10%, depending on the combination of technologies you use.

簡而言之，還款期在兩到三年之間，具體取決於措施，從管道一直到更換螺旋槳。經過測試，我們獲得的效率在 6% 到 10% 之間，具體取決於您使用的技術組合。

Okay. And there haven't been any variance relative to sort of what you had modeled and tested, it's come in as expected?

好的。與您建模和測試的內容相比，沒有任何差異，它是否符合預期？

It is coming as expected because we did not install anything unless we've run the calculation, the mathematical calculations behind it. The effect beyond, of course, getting better consumptions and burning less fuel. So we know that the repayment is quite specific is that the CII rating of the vessel improves once you fit the the devices. So we follow a very careful approach of when and what to install. Some ships we will just leave out.

它正如預期的那樣，因為我們沒有安裝任何東西，除非我們運行了計算，背後的數學計算。當然，其效果不僅僅是獲得更好的消耗和燃燒更少的燃料。所以我們知道，償還是非常具體的，一旦您安裝了設備，船舶的 CII 等級就會提高。因此，我們對安裝時間和安裝內容採取非常謹慎的方法。有些船隻我們將不予考慮。

But vessels that require an upgrade to remain competitive until we have much more clear picture on the CII reduction rate post 2026 or fuels or retrofits. We prefer to keep everything upgrade to remain competitive. And it seems to be working. That's why you see us continue with the plan.

但是，在我們對 2026 年後 CII 降低率、燃料或改造有更清晰的了解之前，需要升級才能保持競爭力的船舶。我們更願意保持一切升級以保持競爭力。它似乎正在發揮作用。這就是為什麼我們會繼續執行這個計劃。

Chris Robertson, Deutsche Bank.

克里斯·羅伯遜，德意志銀行。

I shout out to Omar and Ben for taking most of the good questions there. I wanted to follow up, though, on Ben's questions related to the Energy segment devices. But I noticed you mentioned in the slide here around the use of biofuels. Wondering if you could speak specifically on that, if that's biodiesel, if that's for use in the secondary tanks in certain areas, I guess, just in Europe, kind of the economics around biofuel and the availability in terms of where you could pick that up as a bunker?

我向奧馬爾和本表示感謝，他們提出了大部分好問題。不過，我想跟進 Ben 提出的與能源領域設備相關的問題。但我注意到您在幻燈片中提到了生物燃料的使用。想知道您是否可以具體談談這一點，如果那是生物柴油，如果那是用於某些地區的二級儲罐，我想，就在歐洲，生物燃料的經濟學以及您可以在哪裡獲得它的可用性作為掩體？

Chris, this is Charis. So while we are looking into biofuels within the scope of Fully Maritime Regulation, which basically requires that we reduce the carbon intensity of the fuel that we burn. And it is -- there is a pooling mechanism this regulation, which basically enables us to use biofuels on a few vessels and this way generate credit for the remaining of the vessels, which trade in and out of Europe. This regulation is relevant only for our trade in and out of European ports. Now we are getting in discussions with bankers suppliers.

克里斯，這是查里斯。因此，當我們在全面海事監管範圍內研究生物燃料時，這基本上要求我們降低所燃燒燃料的碳強度。這項規定有一個匯集機制，基本上使我們能夠在幾艘船上使用生物燃料，這樣就可以為進出歐洲進行貿易的其餘船隻產生信貸。該法規僅適用於我們進出歐洲港口的貿易。現在我們正在與銀行供應商進行討論。

At the moment, the biofuel we're looking into is (inaudible), which is the most available and the most tested to burn in our engine rooms, there is availability for the quantities that we expect we will need in order to comply with the regulation for 2025.

目前，我們正在研究的生物燃料是（聽不清楚），這是我們機艙中最容易燃燒且經過最嚴格測試的生物燃料，我們預計需要的數量是可用的，以便遵守2025 年的監管。

Now what may change the landscape here is the global regulations that are expected to be decided within 2025 to come into effect in 2027, which, at that point in time, we'll refer to the entire globe. So once we see relevant measures at a global level, so for us, this means that we'll have to reduce carbon intensity fuel burn in our global trade. This will require additional qualities of biofuels. So this is the talent. The talent will be from 2027 onwards.

現在，可能改變這裡格局的是全球法規，預計將於 2025 年決定並於 2027 年生效，屆時我們將指的是整個全球。因此，一旦我們在全球範圍內看到相關措施，對我們來說，這意味著我們必須減少全球貿易中的碳強度燃料燃燒。這將需要生物燃料具有更高的品質。所以這就是天賦。人才將從2027年開始。

For 2025, we do not expect to have difficulty in sourcing the biofuels that we need to comply the regulation.

到 2025 年，我們預計在採購遵守法規所需的生物燃料方面不會遇到困難。

Okay. That's helpful. And just as a follow-up to that, I guess, as it relates to your fleet, but potentially the broader fleet, are there any tweaks or upgrades to your engines or just engines in general across the fleet that would need to be done in order to burn the biofuel?

好的。這很有幫助。我想，作為後續行動，因為它與您的機隊有關，但可能與更廣泛的機隊有關，是否需要對您的發動機或整個機隊的發動機進行任何調整或升級？

No, no. Biofuels are already tested, and we can burn them in our engine rooms without any further modification.

不，不。生物燃料已經經過測試，我們可以在我們的機艙中燃燒它們，而無需任何進一步的修改。

Yes. The [30%] is basically 70% fuel oil, right, and 30% biodiesel and that mix work.

是的。[30%] 基本上是 70% 燃油（對）和 30% 生質柴油，並且可以混合使用。

Hamish, is there any additional maintenance required in burning that type of fuel? Does it create any issues down the road where it would increase costs anywhere?

哈米甚，燃燒這種燃料需要任何額外的維護嗎？它是否會造成任何問題，從而增加任何地方的成本？

You have to use the right lubricating oil and Nicos may be more familiar with that than I am. But I think that is -- I think basically, as long as you burn it relatively quickly after you buy it, it works well. I think it can go bad if you leave it a long time.

你必須使用正確的潤滑油，尼科斯可能比我更熟悉這一點。但我認為——我認為基本上，只要你買了之後相對較快地燃燒它，它的效果就很好。我認為如果放置時間太長，它可能會變質。

This is Nicos. Hamish is correct, a lifetime of the fuel walls to keep it on board. However, as this is intended for the European trade as Hamish has mentioned, we've done our work in terms of the frequency of calls in Europe and we have a pretty good idea of what tons we will require to comply with surely US, especially after the Eagle merger, where we have a lot more Supras and these are the ships that are calling heavily into Europe. But we don't expect any difference on operating expense maintenance or any sort of damages to be done with fuels. It's pretty safe to use and we've tested it.

這是尼科斯。哈米甚是對的，燃料牆的一生都可以讓它留在船上。然而，正如哈米甚所提到的那樣，這是針對歐洲貿易的，我們已經根據歐洲的呼叫頻率完成了工作，並且我們非常清楚我們需要多少噸才能遵守美國的要求，特別是在Eagle 合併之後，我們有更多的Supra 船，這些船大量停靠在歐洲。但我們預期營運費用維護不會有任何差異，也不會因燃料而造成任何形式的損害。使用起來非常安全，我們已經對其進行了測試。

So we're good.

所以我們很好。

And Chris, just a follow-up for your modeling purposes. These are costs that through our charter parties, we are able to pass on to our charterers. So this wouldn't be extra cost for Star Bulk.

克里斯，只是出於建模目的的後續行動。這些成本可以透過我們的租船合約轉嫁給我們的承租人。因此，對於 Star Bulk 來說，這不會產生額外成本。

Bendik Fulton Nyttingnes, Clarkson Securities.

本迪克‧富爾頓‧尼廷尼斯 (Bendik Fulton Nyttingnes)，克拉克森證券公司。

So at least on our numbers, the travel market seems to be pricing in quite a discount to secondhand values your stock included. So I would love to hear your thoughts on the current situation in the S&P market?

因此，至少從我們的數據來看，旅遊市場的定價似乎比您的庫存所包含的二手價值有相當大的折扣。所以我很想聽聽您對標準普爾市場當前狀況的看法？

In what we think -- where we think prices will move?

我們認為價格將會走向何方？

Yes.

是的。

Well, prices react to chartering rates. Therefore, on the smaller vessels, we'll probably see downside for as long as they're not doing as well, especially on Panamax. On the Supra as well, probably because they follow Panamaxes to a degree. On the Capes -- the Capes, the picture is much better in the sense that the order book is like 7.4%, which is very low. And then there's expectations that there's going to be longer longer route to trade going forward more iron ore from Brazil and more bauxite from West Africa and later on, more iron ore from West Africa and therefore, more ton miles.

好吧，價格對租船費率做出反應。因此，在小型船舶上，只要它們表現不佳，我們就可能會看到下行趨勢，特別是在巴拿馬型船舶上。在 Supra 上也是如此，可能是因為它們在一定程度上追隨巴拿馬型船。在海角海角——海角海角的情況要好得多，訂單量約為 7.4%，非常低。然後，預計未來會有更長的貿易路線，更多來自巴西的鐵礦石和更多來自西非的鋁土礦，隨後，更多來自西非的鐵礦石，因此，更多的噸英里。

So I think that on the Capes, the pricing will be more resilient. And let's not forget that there's not too much availability for new buildings. So people will necessarily turn to secondhand. And that will probably underpin prices to a degree. So overall, bigger vessels, not a huge issue, probably more of a problem with Panamax for as long as they are a weak.

因此，我認為在海角地區，定價將更具彈性。我們不要忘記，新建築的可用空間不多。所以人們必然會轉向二手。這可能會在一定程度上支撐價格。因此，總體而言，更大的船隻並不是一個大問題，但只要巴拿馬型船實力較弱，問題可能更大。

And I guess slight follow-up on that one. You did mention the softness in Panamax relative to the other segments. Do you see that as more of a structural thing? Or do you expect it to be temporary?

我想對此會有輕微的後續行動。您確實提到了巴拿馬型船相對於其他船型的疲軟。您認為這更多的是結構性的事情嗎？還是你認為這只是暫時的？

Yes. Well, what do Panamaxes carry? Panamaxes carrier, grains and coal. So it will depend on what happens with these two cargoes. We think that on the grain side, there's going to be more trade going forward.

是的。那麼，巴拿馬型船運載什麼？巴拿馬型運輸船、穀物和煤炭。因此，這將取決於這兩批貨物的情況。我們認為在穀物方面，未來將會有更多的貿易。

on the coal side the long-term -- in the long term, it's going to be less coal trade. But I think that in the shorter term and especially with the Trump transition that might not happen.

從長遠來看，煤炭方面—從長遠來看，煤炭貿易將會減少。但我認為，從短期來看，尤其是川普上台後，這種情況可能不會發生。

So -- and of course, as we said because of the need to use higher quality ingredients in steelmaking, which is iron ore and coal. And those are mostly situated in the Atlantic. We think that long haul will remain. So long haulage is more important than tons themselves. So I think that it will revert to a better market going forward.

當然，正如我們所說，因為煉鋼時需要使用更高品質的原料，即鐵礦石和煤炭。這些大多位於大西洋。我們認為，長期的局面仍將存在。因此，長途運輸比噸數本身更重要。所以我認為未來市場將會恢復到更好的狀態。

Of course, let's not forget that Panamax, the Panamax order book is the highest, at around, I think, 14.1%. And that is not going to help a lot. So overall, on the trade side, we are positive for the medium, longer term, on the Panamaxes. But as I said before, we're more positive on the Capes and the Supras, depending on what happens with the Red Sea and with container ships.

當然，我們不要忘記巴拿馬型船，巴拿馬型船的訂單量是最高的，我認為約為 14.1%。但這並沒有太大幫助。因此，總體而言，在貿易方面，我們對巴拿馬型船的中長期持樂觀態度。但正如我之前所說，我們對好望角和蘇普拉斯更加樂觀，這取決於紅海和貨櫃船的情況。

Clement Mullens, Value Investors Edge.

克萊門特·穆倫斯，價值投資者邊緣。

Most has already been covered, but I wanted to ask a bit about your fleet strategy going forward. You now have 10 vessels time charter under long-term agreements. Could you talk a bit about how you're seeing on the trade-off between time chartering versus bagging when you think about renewing the fleet, especially considering the somewhat alleviated asset values you were talking about before on the midsize segment?

大部分內容已經介紹過了，但我想問你們未來的機隊策略。您現在擁有 10 艘長期協議下的定期租船。您能否談談當您考慮更新船隊時，您如何看待期租與裝袋之間的權衡，特別是考慮到您之前談到的中型船隊的資產價值有所減輕？

Can you please repeat that time charter versus what?

您能重複一下期租合約與什麼嗎？

I'm sorry -- I think versus purchasing. Yes, purchase access. I think I'll let Petros take care of the size differences and so on. But I think one thing to be clear about is that with our share trading below net liquidation value of hard assets, we're not intending to buy big fleets of vessels for cash or to place large newbuilding orders for cash. We understand that with the share trading basically below the net liquidation value that shareholders are looking for us if we're going to make an investment in ships, it should be basically buying our shares.

抱歉——我認為與購買相比。是的，購買存取權限。我想我會讓 Petros 處理尺寸差異等問題。但我認為需要明確的一件事是，由於我們的股票交易價格低於硬資產的淨清算價值，我們不打算以現金購買大型船隊或以現金下達大型新造船訂單。我們知道，如果我們要投資船舶，股票交易基本上低於股東尋求我們的淨清算價值，基本上應該購買我們的股票。

So that's the near term. I think for the longer term, obviously, we'll have to renew the fleet.

這就是近期的情況。我認為從長遠來看，顯然我們必須更新機隊。

And Petros, maybe you want to talk to that subject.

佩特羅斯，也許你想談談這個話題。

Yes, yes. On the -- on purchasing of vessels, as Hamish said exactly, on chartering in vessels, it will depend on pricing. I mean we -- the vessels that we have chartered in, actually, we did them in extremely good levels for us. After that, when the market improved, they went up much farther were up like [$2,000 or $3,000] per day. And therefore, we stopped doing chartering in.

是的，是的。在購買船舶方面，正如哈米甚所說，在船舶租賃方面，這將取決於定價。我的意思是我們——我們租用的船隻，實際上，我們為我們做到了非常好的水平。之後，當市場好轉時，它們的漲幅就更大了，例如每天 [2,000 美元或 3,000 美元]。因此，我們停止了包機。

If the market slows down and ideas fall to previous levels, then we will do more of that. We have a very good relationship with Japanese owners. And I'm sure that they appreciate the strength of our company. And the good cooperation that we always had on chartering deals. And I think that we'll do more of them.

如果市場放緩並且創意下降到以前的水平，那麼我們會做更多的事情。我們與日本業主的關係非常好。我確信他們欣賞我們公司的實力。我們在租船交易方面一直保持著良好的合作。我認為我們會做更多這樣的事。

But the prices that make sense, at charter level.

但在包機層面上，價格是有意義的。

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 further remarks, operator. Thank you very much.

運營商，無需進一步評論。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。

Thank you. Bye-bye.

謝謝。再見。