Star Bulk Carriers Corp (SBLK) 2024 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 2024 financial results. We have with us Mr. Petros Pappas, Chief Executive Officer, Mr. Hamish Norton, President, Simos Spyrou, and Christos Begleris, Co-Chief financial officers, Mr. Nicos Rescos, Chief Operating Officer, and Mrs. Charis Plakantonaki, Chief Strategy Officer of the company.

謝謝各位的支持，女士們、先生們，歡迎參加 Star Bulk Carriers 關於 2024 年第四季財務業績的電話會議。我們出席的嘉賓有：執行長 Petros Pappas 先生、總裁 Hamish Norton 先生、Simos Spyrou 先生、聯合財務長 Christos Begleris、營運長 Nicos Rescos 先生，以及公司首席策略長 Charis Plakantonaki 女士。

(Operator Instructions)

（操作員指令）

I must advise you that this conference is being recorded today. We will now pass the floor to one of our speakers, Simos Spyrou. Please go ahead, sir.

我必須告訴你，今天我們正在錄製這場會議。現在我們將發言權交給我們的一位發言人，Simos Spyrou。先生，請繼續。

Thank you, operator.

謝謝您，接線生。

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 2024.

我是 Star Bulk Carriers 聯合財務長 Simos Spyrou，歡迎您參加我們關於 2024 年第四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 harbour statement on slide number two of our presentation.

在我們開始之前，請您花一點時間閱讀我們簡報第二張投影片上的安全港聲明。

In today's presentation, we will go through our Q4 results, Starbucks investment proposition, actions taken to create value for our shareholders, cash evolution during the quarter, an update on the Eagle Buck integration, vessel operations, fleet update, the latest on the ESG front, and our views on industry fundamentals before opening up for questions.

在今天的演示中，我們將介紹第四季度業績、星巴克的投資主張、為股東創造價值所採取的行動、本季度的現金變化、Eagle Buck 整合的最新情況、船舶運營、船隊更新、ESG 方面的最新情況，以及我們對行業基本面的看法，然後再回答問題。

Let us now turn to slide number three of the presentation for a summary of our fourth quarter, 2024 highlights.

現在讓我們轉到簡報的第三張投影片，以總結我們 2024 年第四季的亮點。

For the fourth quarter, 2024, the company reported the following.

對於 2024 年第四季度，該公司報告了以下內容。

Net income amounted to $42 million with adjusted net income of $41 million or $0.35 adjusted earnings per share.

淨收入為 4,200 萬美元，調整後淨收入為 4,100 萬美元，或每股調整後收益 0.35 美元。

Adjusted EBITDA was at $104 million for the quarter.

本季調整後的 EBITDA 為 1.04 億美元。

On December 2024, we announced and amended our dividend policy alongside the new 100 million share repurchase program.

2024 年 12 月，我們宣布並修改了股利政策，同時推出了新的 1 億股回購計畫。

Under this policy, the company may allocate up to 60% of excess cash flow towards dividends, with the remainder reserved for opportunistic share buybacks, growth initiatives, and fleet renewal.

根據這項政策，該公司可將高達 60% 的超額現金流分配給股息，剩餘部分則用於機會性股票回購、成長計畫和機隊更新。

For the fourth quarter, the excess cash flow amounted to $17.6 million.

第四季度，超額現金流為 1,760 萬美元。

And as per our new dividend policy, we declared the dividend per share of $0.09, payable on or about March 18, 2025.

根據我們的新股息政策，我們宣布每股股息為 0.09 美元，並將於 2025 年 3 月 18 日左右支付。

And we repurchased 500,000 Starbucks shares for a total amount of $7.4 million on an average price of $14.83 per share.

我們以平均每股 14.83 美元的價格回購了 50 萬股星巴克股票，總價值為 740 萬美元。

Overall, since December 2024 that we renewed our share repurchase program, we have bought back and subsequently cancelled 893,000.5 shares for a total cost of $13.5 million at an average price of $15.08.

總體而言，自 2024 年 12 月我們更新股票回購計畫以來，我們已回購並隨後取消了 893,000.5 股股票，總成本為 1,350 萬美元，平均價格為 15.08 美元。

As of today, the number of shares outstanding is 117,127,531.

截至今日，流通股數為 117,127,531 股。

Our Proforma total cost today stands at $452 million.

我們今天的預計總成本為 4.52 億美元。

Meanwhile, our Proforma total debt stands at $1.3 billion.

同時，我們的形式總債務為 13 億美元。

In February 2025, we received the credit committee approval for a senior secure revolving facility of an amount up to $50 million.

2025 年 2 月，我們獲得了信貸委員會的批准，可以獲得高達 5,000 萬美元的優先擔保循環信貸額度。

Finally, we currently have 13 debt-free vessels with an aggregate market value of $250 million and we will have raised additional costs of approximately $28 million to be used for free fleet renewal and general Corporate purposes.

最後，我們目前擁有 13 艘無債務船隻，總市值為 2.5 億美元，我們將籌集約 2,800 萬美元的額外成本，用於免費船隊更新和一般公司用途。

On the top right of the page, you will see our daily figures per vessel for the quarter.

在頁面的右上角，您將看到本季每艘船的每日數據。

Our time charter equivalent rate was $16,129 per vessel per day.

我們的定期租船等值費率為每艘船每天 16,129 美元。

Our combined daily OPEX and net cast G&A expenses per vessel per day amounted to 6,320.

我們每艘船每天的營運成本 (OPEX) 和淨營業費用 (G&A) 總計為 6,320。

Therefore, TCE less OPEx and Cash G&A is around $9,809 per vessel per day.

因此，TCE 減去 OPEx 和現金 G&A 約為每艘船每天 9,809 美元。

Since the Eagle Bulk transaction was completed on April 9, 2024, until today, The synergies achieved from the integration resulted to an amount approximately $22 million, and we have reached the threshold of $50 million in annualized synergies almost 12 months before our original schedule.

自2024年4月9日Eagle Bulk交易完成至今，整合所實現的綜效已達約2,200萬美元，我們比原計畫提前近12個月達到了5,000萬美元的年化協同效應門檻。

Slide 4 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 intrinsic value of our shares, and return capital to shareholders.

投影片 4 概述了公司過去三年的資本配置政策，以及我們用來加強公司、提高股票內在價值和向股東返還資本的各種手段。

Star Bulk has been growing the platform through consecutive buyouts by issuing shares at or above an [AB].

Star Bulk 透過連續收購來擴大平台，以每股或高於每股 1 美元的價格發行股票。[AB]。

In total, since 2021, we have taken actions of $2.6 billion to create value for our shareholders.

整體而言，自 2021 年以來，我們已採取 26 億美元的行動為股東創造價值。

On the bottom of the page, we show our net debt evolution per vessel.

在頁面底部，我們展示了每艘船的淨債務演變。

Our average net debt per vessel has decreased from $12.9 million per vessel to $5.4 million per vessel, a reduction of more than 50%.

我們每艘船的平均淨債務從每艘船 1,290 萬美元減少到每艘船 540 萬美元，減少了 50% 以上。

As a result of this deleveraging process, our current net debt is covered by the fleet crop value.

在這去槓桿過程的推動下，我們目前的淨債務已由船隊作物價值所覆蓋。

Slide 5 graphically illustrates the changes in the company's cash balance during Q4.

投影片 5 以圖形方式說明了公司第四季現金餘額的變化。

We started the quarter with $473 million in cash. We generated positive cash flow from operating activities of $76 million.

本季開始時，我們的現金餘額為 4.73 億美元。我們從經營活動產生了 7,600 萬美元的正現金流。

After including debt profits and repayments, CAPEX payments for ESD and balanced water treatment installations, and the third quarter dividend payment, we arrived at a cash balance of $441 million at the end of the fourth quarter.

在計入債務利潤和償還金額、ESD 和平衡水處理裝置的資本支出以及第三季度的股息支付後，我們在第四季末的現金餘額為 4.41 億美元。

And 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 整合的最新情況以及我們的營運績效。

Thank you, Simos.

謝謝你，西莫斯。

Slide 6 provides an update on Eagle integration and synergies.

幻燈片 6 提供了 Eagle 整合和協同作用的最新情況。

We continue to realize savings on the operating expense front as we take in-house (inaudible) of the former Eagle fleet, phasing out third party managers, and having centralized procurement on all stores, spare parts, bunkers, and lubricants.

隨著我們接管前 Eagle 機隊（聽不清楚）、逐步淘汰第三方管理人員以及對所有庫存、備件、燃油和潤滑油進行集中採購，我們繼續在營運費用方面實現節約。

Other side of technical management of the former Eagle fleet has been consolidating the company's headquarters in Athens, along with the implementation of uniform maintenance protocols and marine safety standards reflected in our low general administrative expenses.

前 Eagle 艦隊技術管理的另一面是鞏固公司在雅典的總部，同時實施統一的維護協議和海上安全標準，這反映在我們較低的一般行政費用中。

For Q4, OPEX and G&A savings for the Eagle fleet stood at $1,685 per vessel per day.

第四季度，Eagle 船隊的 OPEX 和 G&A 節省費用為每艘船每天 1,685 美元。

In addition, due to a scale and relations with the yards and service providers, we have reduced significantly the dragon of cost of the former. (inaudible)

此外，由於規模以及與船廠和服務商的關係，我們大幅降低了前者的成本之龍。（聽不清楚）

$4.4 million [every] quarter.

每季 440 萬美元。

Interest expense savings have accumulated thanks to the refinancing of the former Eagle debt, which took place in Q2 of 2024.

由於 2024 年第二季對前 Eagle 債務進行了再融資，因此累積了利息支出節省。

Cumulative cost energy since losing at $22 million.

自虧損以來的累計能源成本為 2,200 萬美元。

Our Q4 2024 synergies stand at $4.6 million, implying the run rate of $50 million annualized synergies that Simos mentioned before.

我們的 2024 年第四季協同效應為 460 萬美元，這意味著 Simos 之前提到的 5,000 萬美元年化協同效應的運行率。

Please go to slide 7, we will provide an operational update.

請翻到投影片 7，我們將提供營運更新。

OPEX for the fourth quarter stood at $5,056 and $5,123 for the full year of 2024.

第四季的 OPEX 為 5,056 美元，2024 年全年的 OPEX 為 5,123 美元。

Let (inaudible) G&A expenses were $1,264 per day and $1,284 per day for the same period, respectively.

讓（聽不清楚）同一時期的 G&A 費用分別為每天 1,264 美元和每天 1,284 美元。

In addition, we continue to rate at the top amongst illicit peers in terms of ridership safety scores.

此外，在乘客安全評分方面，我們在非法同行中繼續名列前茅。

Slide 8 provides a quick update and some guidance around the future driver and the relevant total of hire days.

投影片 8 提供了有關未來駕駛員和相關僱用天數總數的快速更新和一些指導。

At the bottom of the page, we provide our expected driver expense schedule, which for 2025 is estimated at $68 million for the dry docking of 53 vessels.

在頁面底部，我們提供了預計的駕駛員費用表，預計 2025 年 53 艘船舶的乾船塢費用為 6800 萬美元。

In total, we expect to have approximately [1645] days for the same period.

總的來說，我們預計同一時期大約有 [1645] 天。

We want to take advantage of the current slower market, we have arranged to front load dry docks during Q1 2025.

我們希望利用目前市場放緩的優勢，我們已經安排在 2025 年第一季預先裝載乾船塢。

On the top part of the page, we have our CAPEX schedule illustrating a new building CAPEX and better energy efficiency upgrades.

在頁面的頂部，我們有資本支出計劃，說明了新建築的資本支出和更好的能源效率升級。

Based on our latest construction schedule, our new building vessels are expected to be delivered in Q4 2025 and the first half of 2026.

根據我們最新的建造計劃，我們新建的船舶預計將於 2025 年第四季和 2026 年上半年交付。

For these vessels, we have secured $130 million worth of debt refinancing and yet delivering instalments.

對於這些船舶，我們已獲得價值 1.3 億美元的債務再融資，並正在分期交付。

In line with the exile and CII Regulations, we continue to invest in upgrading our fleet with the latest operational technologies available aim in improving our fuel consumption and reducing our environmental footprint.

根據流亡和 CII 法規，我們將繼續投資升級我們的車隊，採用最新的營運技術，旨在改善我們的燃料消耗並減少我們的環境影響。

Further enhancing the commercial attractiveness of the (inaudible) fleet.

進一步增強（聽不清楚）船隊的商業吸引力。

Regarding energy saving devices retrofit program, we have completed 42 installations by the end of 2024.

關於節能設備改造計劃，截至2024年底，我們已經完成了42個安裝。

We would like to retrofit another 23 vessels with ESTs during 2025.

我們希望在 2025 年為另外 23 艘船舶改裝 EST。

Please turn to slide 9 for [last case of our Fleet.]

請翻到第 9 張投影片[我們艦隊的最後一個案例。

On the vessel sales front, we continue disposing low level vessels of quite significantly.

在船舶銷售方面，我們繼續大量出售低等級船舶。

In 2024, we sold 13 vessels for total gross profits of $233 million, reducing our average fleet date and improving overall fleet efficiency.

2024年，我們出售了13艘船舶，總毛利為2.33億美元，減少了我們的平均船隊日期並提高了整體船隊效率。

[During Q1] we are going to sell more vessel bitter that is expected to be delivered to the new [owners] in Q2 2025.

[第一季] 我們將出售更多船用苦味酒，預計將於 2025 年第二季交付給新[船東]。

Following the rollover of the Eagle Bulk, existing chartering contracts, we now have a total of 10 chartering vessels.

隨著Eagle Bulk現有租船合約的展期，我們現在共有10艘租船。

We have five shipbuilding contracts within that shipyard for the construction of five new buildings.

我們在該船廠簽訂了五份造船合同，用於建造五座新船。

Considering the [aforement] changes in our fleet mix, we operate one of the largest driver fleets among US and European peers with 155 vessels on a fully delivered basis and an average age of 11.8 years.

考慮到我們船隊組合的上述變化，我們運營著美國和歐洲同行中最大的司機船隊之一，完全交付的船隻數量為 155 艘，平均船齡為 11.8 年。

[I will now] (inaudible) at the floor to Chief Strategy Officer Charis Plakantonaki. (inaudible)

[我現在]（聽不清楚）向首席策略長 Charis Plakantonaki 發言。（聽不清楚）

Thank you Nicos, please turn to slide 10 where we highlight our continued leadership on the [UC].

謝謝 Nicos，請翻到第 10 張投影片，我們重點介紹了我們在[加州大學]。

In 2024 Star Bulk has sustained its B score in the Carbon Disclosure Project, indicating effective environmental management.

2024 年，Star Bulk 在碳排放揭露計畫中保持了 B 級評分，顯示其環境管理有效。

We also attained the B score on water management, and new requirement under the CDP submitted for the first time.

我們在水資源管理方面也獲得了 B 評分，這是首次提交的 CDP 的新要求。

Star Bulk has achieved the Sapphire tier in the protecting Blue Whales and Blue Skies Vessel Speed Reduction Program in Southern California and the San Francisco regions, meeting the highest requirement of over 85% of distance travelled at less than 10 knots.

Star Bulk 在南加州和舊金山地區的「保護藍鯨」和「藍天」船舶減速計畫中獲得了藍寶石級別，滿足了 85% 以上的航行距離以低於 10 節的速度行駛的最高要求。

During Q4 '24, the Star Bulk fleet retained its average C+ score in the greenhouse gas rating from Rightship.

24年第四季度，Star Bulk 船隊在 Rightship 的溫室氣體評級中保持了平均 C+ 分。

We further improved the company Sustainalytics ESG Risk Smart Score to 18.4%, indicating low risk and maintaining Star Bulk opposition among US-listed peers.

我們進一步將公司的 Sustainalytics ESG 風險智慧評分提高至 18.4%，顯示風險較低，並維持 Star Bulk 在美國上市同業的競爭力。

Star Bulk was recognized in the Automated Mutual Assistance Vessel Rescue Award by the U.S. Coast Guard for its rescue operations that saved 17 people in total.

Star Bulk 因其救援行動共拯救了 17 人而榮獲美國海岸防衛隊頒發的自動互助船舶救援獎。

During Q4 '24, we actively engaged with our stakeholders to closely monitor the IMO developments regarding global marketplace measures for the reduction of greenhouse gas emissions. We also explored optimal compliance strategies for the FuelEU Maritime regulation which came into force on January 1, 2025.

24年第四季度，我們積極與利害關係人合作，密切關注國際海事組織關於減少溫室氣體排放的全球市場措施的發展。我們也探討了 2025 年 1 月 1 日生效的 FuelEU 海事法規的最佳合規策略。

We continue our employee well-being and engagement programs, having increased the retention rate of our shore employees, as well as our corporate social responsibility initiatives. On the technology front, we are progressing with the upgrade of digital infrastructure and cybersecurity systems on board the Star Bulk [fleet].

我們繼續推行員工福利和參與計劃，提高了岸上員工的留任率，並繼續實施企業社會責任措施。在技​​術方面，我們正在對 Star Bulk 號船上的數位基礎設施和網路安全系統進行升級[艦隊]。

In [December 24], the company received the Deal of the Year Award at Lloyd’s List Greek Shipping Awards for accomplishing the merger with Eagle Bulk.

[12月24日]，該公司因完成與Eagle Bulk的合併，榮獲《勞氏日報》希臘航運獎「年度最佳交易獎」。

I will knock on the floor to our CEO Petros Pappas for a market update and disclosing remarks.

我將拜訪我們的執行長 Petros Pappas，了解市場最新動態並揭露評論。

Thank you. Charis.

謝謝。查理斯。

Please turn to slide 11 for a brief update of supply.

請翻到投影片 11 查看供應的簡要更新情況。

During 2024, a total of 33.8 million dead weight was delivered, and 3.8 million dead weight was sent to demolition for a net fleet growth of 30 million dead weight or 3% year-on-year.

2024年，共交付3,380萬載重噸的船舶，拆解380萬載重噸的船舶，船隊淨增加3,000萬載重噸，較去年同期成長3%。

The Newbuilding order book increased over the last two years, but still stands at a relatively low level of 10.5% of the fleet.

過去兩年新船訂單有所增加，但仍處於相對較低的水平，僅佔船隊的 10.5%。

Contracting decreases to 47.3 million dead weight during 2024, due to limited available shipyard capacity up to [2027]. (inaudible) building costs and future green propulsion uncertainty.

由於 2027 年可用的造船廠產能有限，2024 年合約量將下降至 4,730 萬載重量。 （聽不清楚）建築成本與未來綠色推進的不確定性。

Vessels above 20 years and 15 years of age stand at 9.8% and 24.9% of the fleet, while scrap prices have stabilized at relatively elevated levels, and along with high drive of costs should induce demolition of [overages] and energy inefficient tunnels during seasonal downturns.

船齡超過 20 年和 15 年的船舶分別佔船隊總數的 9.8% 和 24.9%，而廢鋼價格已穩定在相對較高的水平，加上成本高漲，在季節性低迷時期，將會導致[過剩]船舶和能源效率低下的隧道被拆除。

Moreover, an increasing number of vessels delivered during the 2009, 2011 shipbuilding boom will go through their third special survey during 2025 and 2026 and help [tri] effective capacity by approximately 0.5% per annum.

此外，2009年和2011年造船熱潮期間交付的越來越多的船舶將在2025年和2026年接受第三次特別檢驗，並將幫助[tri]有效運力每年提高約0.5％。

The average [steaming] speed of the fleet has decreased to a new low of 10.8 knots as reduced earnings, high bunker costs, and stricter environmental regulations provide a strong incentive to slow [steam].

由於收益減少、燃油成本高企以及環境法規越來越嚴格，船舶平均航行速度已降至 10.8 節的新低。[蒸氣]。

Global port congestion was fully normalized during the second half of 2024 following a strong reduction that gradually inflated supply by approximately 6% over the last two years.

在過去兩年中，全球港口擁擠狀況大幅減少，供應量逐漸增加約 6%，之後在 2024 年下半年完全恢復正常。

Congestion presently stands slightly above last year's levels and is expected to follow seasonal trends.

目前的擁塞程度略高於去年的水平，預計將呈現季節性趨勢。

Focusing on canal inefficiencies, Panama transits of dry-back vessels have almost fully recovered.

重點解決運河效率低下的問題，巴拿馬幹背船的過境運輸已幾乎完全恢復。

Whilst the recovery of Red Sea crossings is expected to take time as the ceasefire agreement looks fragile and will mainly affect smaller vessel sizes.

由於停火協議看起來很脆弱並且主要影響較小的船隻，因此紅海過境點的恢復預計需要時間。

As a result of the above trends, fleet capacity growth will not exceed 3% per annum during 2025 and 2026, while effective supply growth might drop below 2% per annum after adjusting for changes in speed, congestion, and light do of hires.

基於上述趨勢，2025 年和 2026 年期間，船隊運力成長率將不會超過每年 3%，而經速度、擁塞和租用量變化調整後，有效供應成長率可能會降至每年 2% 以下。

Let us now turn to slide 12 for a brief update of demand.

現在讓我們翻到第 12 張投影片來簡短了解需求的最新情況。

According to Clarkson’s, during 2024, total dry bulk trade expanded by 3.3% in tons and 5% in ton miles, supported by record high coal, iron ore, and minor bulk exports.

克拉克森表示，在煤炭、鐵礦石和小宗散貨出口創紀錄的推動下，2024 年乾散貨貿易總量（以噸計算）增長了 3.3%，以噸英里計算增長了 5%。

Canal inefficiencies and favourable weather conditions for Atlantic exporters during the first half of the year, inflated to mile growth, but a strong correction in grain trade since July and weaker iron ore trade gradually reversed the positive effect and led to a weaker 4th quarter.

今年上半年，運河效率低下以及大西洋出口國的氣候條件有利，導致英里數增長，但自 7 月以來，穀物貿易的強勁調整和鐵礦石貿易的疲軟逐漸扭轉了積極影響，導致第四季度貿易表現疲軟。

Despite weak economic performance and a struggling property sector, China's total drive-back imports increased by 19.5% over the last two years, supported by post-COVID recovery and strength in infrastructure, manufacturing, and exports.

儘管經濟表現疲軟、房地產行業舉步維艱，但在後疫情時代的經濟復甦以及基礎設施、製造業和出口強勁增長的推動下，中國過去兩年的進口總額仍增長了 19.5%。

Imports to the rest of the world experienced a strong recovery during the last five quarters as lower commodity prices and easing monetary policy helped boost demand for raw materials.

由於大宗商品價格下跌和貨幣政策放鬆推動原材料需求增加，過去五個季度世界其他地區的進口強勁復甦。

During 2025, dry bulk trade is projected to increase by 0.4% in tons and 0.9% in ton miles, with the IMF forecasting global GDP growth at 3.3%. China's GDP is projected to slow down to 4.6% from 4.8% in 2024, while India's GDP should remain stable at 6.5%. Trump's administration pro tariff policy is expected to create headwinds.

2025 年，乾散貨貿易量預計將成長 0.4%（以噸計算），噸英里數預計將成長 0.9%，而國際貨幣基金組織預測全球 GDP 成長率為 3.3%。預計2024年中國GDP成長率將從4.8%放緩至4.6%，而印度GDP成長率應維持穩定在6.5%。川普政府的支持關稅政策預計將帶來阻力。

For global trade, but the direct impact on dry bulk is relatively small and difficult to forecast.

對於全球貿易而言，但對乾散貨的直接影響相對較小且難以預測。

Chinese dry bulk imports are expected to slow down during 2025, as domestic production of iron ore, coal, and grains increased throughout 2024, while stocks stand at high levels.

由於 2024 年國內鐵礦石、煤炭和穀物產量增加，而庫存處於高位，預計 2025 年中國乾散貨進口量將放緩。

Having said that, Chinese authorities announced strong stimulus measures in September with a target to boost private consumption, help stabilize the property market, and minimize the negative effect of a potential trade war.

儘管如此，中國政府在9月宣布了強有力的刺激措施，目的是促進私人消費，幫助穩定房地產市場，並盡量減少潛在貿易戰的負面影響。

Iron ore trade expanded by 5.3% during 2024 and is projected to expand by 1% during 2025.

2024 年鐵礦石貿易將成長 5.3%，預計 2025 年將成長 1%。

Crude steel production in China declined by 1.9% during 2024, but during the fourth quarter showed signs of stabilization and increased by 6.1% year-over-year.

2024年中國粗鋼產量下降1.9%，但第四季呈現穩定跡象，較去年同期成長6.1%。

Crude steel production in the rest of the world increased 2.1% during 2024, driven by strong growth in India and Turkey. Iron ore trade will most likely underperform during the first half of 2025, as the [La Nina] wet weather conditions will lead to a return of seasonal disruptions for exports at the time that Chinese stockpiles and domestic production have increased.

受印度和土耳其強勁成長的推動，2024年世界其他地區的粗鋼產量將成長2.1%。2025 年上半年，鐵礦石貿易很可能會表現不佳，因為 [拉尼娜] 潮濕天氣條件將導致在中國庫存和國內產量增加的情況下，出口再次出現季節性中斷。

Nevertheless, new iron ore Atlantic mines of high quality will come online towards the end of 2025, gradually substituting low quality Chinese domestic production and Indian exports positively impacting capsized on [Mars].

儘管如此，到 2025 年底，大西洋地區新的優質鐵礦石礦山將投產，逐步取代中國國內生產的低品質鐵礦石和印度出口的鐵礦石，這將對鐵礦石價格產生正面影響。[火星]。

Coal trade expanded by 6.5% during 2024 and is projected to contract by 2.7% during 2025.

2024年煤炭貿易將成長6.5%，預計2025年將萎縮2.7%。

Global focus on energy security during the last years, inflated coal trade volumes, but growth has come primarily from short haul Indonesian exports. Chinese coal imports increased by 14.5% in 2024, following higher thermal electricity production and the country's strategic decision to lift stockpiles.

近年來，全球關注能源安全，煤炭貿易量膨脹，但成長主要來自於印尼的短途出口。由於火力發電產量增加以及國家增加庫存的戰略決策，2024 年中國煤炭進口量將增加 14.5%。

Indian coal imports were stable during most of 2024, but suffered a strong pullback during the fourth quarter. Domestic production of coal in China and India grew at a higher pace than consumption during the second half, being a negative indicator for coal imports during the first half of 2025.

2024 年大部分時間印度煤炭進口量保持穩定，但在第四季遭遇大幅回檔。下半年，中國和印度國內煤炭產量成長高於消費量，這對 2025 年上半年的煤炭進口來說是一個負面指標。

Having said that, increasingly competitive international coal prices may incentivize Chinese and Indian coal imports during the next few years, while strong demand from Southeast Asian economies will continue to provide support.

話雖如此，日益激烈的國際煤炭價格競爭可能會刺激未來幾年中國和印度的煤炭進口，而東南亞經濟體的強勁需求將繼續提供支持。

The rates expanded by 2.9% during 2024 and is projected to expand by 2.2% during 2025.

2024 年利率將成長 2.9%，預計 2025 年將成長 2.2%。

Grain exports contracted by 2.5% during the second half of 2024, driven by a strong reduction of Brazil corn exports to China and weakness in Australian and Russian wheat exports, with a strong negative effect on to miles of smaller sizes during the 4th quarter.

2024 年下半年，穀物出口萎縮了 2.5%，因為巴西對中國的玉米出口大幅減少，以及澳洲和俄羅斯小麥出口疲軟，對第四季小尺寸穀物出口產生了強烈的負面影響。

US exports recovered during the last quarters, while the Brazilian soybean season is projected to be strong due to rising uncertainty on US-China geopolitics, creating an incentive to import from Latin America during the second quarter of 2025. Furthermore, a potential resolution of the war in Ukraine is viewed as a tailwind for grains trade inflating Black Sea demand for middle-sized vessels.

美國出口在最近幾季有所復甦，由於中美地緣政治不確定性加劇，預計巴西大豆季節將表現強勁，從而刺激巴西在 2025 年第二季度從拉丁美洲進口。此外，烏克蘭戰爭的潛在解決方案被視為穀物貿易的順風，增加了黑海對中型船的需求。

Minor bulk trade expanded by 4.7% during 2024 and is projected to expand by 2% during 2025.

2024 年小宗散貨貿易將成長 4.7%，預計 2025 年將成長 2%。

Minor bulk trade has the highest correlation to global GDP growth and is supported by improving global macroeconomic fundamentals.

小宗散貨貿易與全球GDP成長的關聯性最高，並受到全球宏觀經濟基本面改善的支持。

China's steel exports reached record high levels during 2024 and are expected to pull back due to rising protectionist measures. By importing nations, while bauxite exports out of West Africa increased by 13% during 2024 and should continue to generate strong ton miles for curb sized vessels.

2024 年，中國鋼鐵出口達到歷史最高水平，預計因保護主義措施升級而回落。透過進口國，西非的鋁土礦出口在 2024 年成長了 13%，並且應該會繼續為整流船舶產生強勁的噸位英里數。

As a final comment, we expect the volatile market in 2025, as the aggressive approach of the new US administration implies changes in international trade patterns amid the imposition of tariffs and subsequent retaliation acts. We nevertheless remain cautiously optimistic about the medium-term outlook for the drive of market, given the favourable supply picture, stricter environmental regulations. And the recent steps by the Chinese government to stimulate the economy.

最後，我們預計 2025 年市場將會出現動盪，因為美國新政府的激進做法意味著在徵收關稅和隨後的報復行動中國際貿易格局將會改變。儘管如此，考慮到有利的供應狀況和更嚴格的環境法規，我們對於市場驅動的中期前景仍然保持謹慎樂觀。以及中國政府最近採取的經濟刺激措施。

In a period of increased geopolitical uncertainty, we remain focused on actively managing our diverse scrapper fitted fleet to take advantage of emerging market opportunities and to continue creating value for our shareholders.

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樣化的廢料組裝船隊，以利用新興市場機會並繼續為我們的股東創造價值。

Without taking any more of your time, I will now pass the floor over to the operator to answer any questions you may have.

不再佔用大家的時間，現在我將把發言權交給接線員，來回答大家的任何問題。

Thank you. (Operator Instructions)

謝謝。（操作員指令）

Chris Robertson, Deutsche Bank.

德意志銀行的克里斯·羅伯遜。

Hey, good morning, everybody, and thank you for taking my questions. This might be a question for Nicos, just going back to the cost energies and savings from the Eagle bulk merger. You guys mentioned you're able to pull forward some of the savings ahead of schedule, so I'm just wondering here how much runway you think we have left in terms of future savings. Have we reached kind of a floor for OPEX per day, from your perspective? And are there any inflationary counter forces that might, be a counterbalance to that?

嘿，大家早安，感謝你們回答我的問題。這可能是 Nicos 應該思考的問題，回到 Eagle 批量合併帶來的成本、能源和節省的問題。你們提到你們能夠提前實現部分儲蓄，所以我只是想知道你們認為我們在未來的儲蓄方面還剩下多少空間。從您的角度來看，我們每天的 OPEX 是否已經達到最低水平？是否存在可以抵銷通膨影響的反作用力？

Thank you, Chris. I think we have more margin for improvement here, whether it is on crew wages, we're still aligning crew wages. I think we have a good way to go to improve this margins further. I will reserve any comments to what we expect, but we think it's going to be significant and we're still aligning operating expenses as we're restructuring the entire way, things we've done in the past. So I think we are not there yet realizing the full scale of efficiencies and.

謝謝你，克里斯。我認為我們在這方面還有更大的改進空間，無論是在船員工資方面，我們仍然在調整船員工資。我認為我們還有很長的路要走來進一步提高利潤率。我將保留對我們的預期的任何評論，但我們認為這將是重大的，而且我們仍在調整營運費用，因為我們正在進行整個重組，這是我們過去所做的事情。所以我認為我們尚未實現全面提高效率。

(inaudible) Chris, [Hamish] Norton, the cost savings are easy to prove, but there are probably also some revenue synergies which are very hard to prove out, but we think they're there.

（聽不清楚）克里斯、[哈米甚]諾頓，成本節約很容易證明，但可能還存在一些很難證明的收入協同效應，但我們認為它們存在​​。

Yeah.

是的。

Especially. On the supermarket side, yeah.

尤其。是的，在超市那邊。

I guess, turning to the market for a moment, you guys talked a little bit about potential trade war and how it could impact the grain trade here, but can you remind us what is the ton mile advantage, let's say, of Brazilian soybeans versus US? And what kind of impact that would have if the Chinese diversify and go more heavily into Brazilian crop.

我想，回到市場問題上，你們談到了潛在的貿易戰以及它將如何影響這裡的穀物貿易，但你能否提醒我們一下，巴西大豆與美國大豆相比，在噸英里方面的優勢是什麼？如果中國實現種植多元化並加大對巴西農作物的進口，將會產生什麼樣的影響呢？

I do not know offhand, but I would, I would suppose it's about 10% to 15% longer than miles, plus the fact that, I think that South American ports are probably not as efficient as US ports, so that might create more congestion.

我不知道，但我會猜測它比英里長約 10% 到 15%，再加上我認為南美港口可能不如美國港口高效，所以這可能會造成更多的擁堵。

Okay, got it. And the last question for me, just as it relates to the fleet renewal program and you guys mentioned the best thing, the non-eco vessels over time. There's quite a number of [camps or Max] vessels that kind of fit that age profile. So just any comments around how the [S&P] market, the appetite for some of those types of vessels is in the current market.

好的，明白了。對我來說最後一個問題是與船隊更新計劃有關，你們提到了最好的事情，即隨著時間的推移非生態船舶。有相當多的 [營地或 Max] 船隻符合這種年齡層。因此，關於[標準普爾]市場以及當前市場對某些類型船舶的需求的任何評論。

Prices have fallen, especially more on older vessels than the younger vessels. We expect that the market will improve in the next, several months, and that it will give us an opportunity to continue to sell older and perhaps less efficient vessels, as time goes by.

價格已經下降，特別是老舊船舶的價格下降幅度比新船舶的下降幅度更大。我們預計，未來幾個月市場將會好轉，隨著時間的推移，我們將有機會繼續銷售較舊且效率較低的船舶。

All right, great.

好的，太好了。

Thank you for taking my questions. I'll turn it over.

感謝您回答我的問題。我把它翻過來。

Thank you.

謝謝。

Thank you.

謝謝。

Omar Nokta, Jefferies.

傑富瑞的奧馬爾諾克塔 (Omar Nokta)。

Thank you. Hey guys, good afternoon. Good morning. Just a couple of questions for me, more just on sort of the capital allocation of the updated policy on that. I just first and it's very simple, but what would you say is kind of for us the best way to calculate or reconcile the definition of excess cash? Should we just assume it's basically operating cash flow, less your debt payments, and scheduled dry docks, is it as simple as that?

謝謝。大家下午好。早安.我只有幾個問題，主要是關於更新後的政策的資本配置。我只是首先，這很簡單，但您認為對我們來說，計算或協調過剩現金的定義的最佳方法是什麼？我們是否應該假設它基本上是經營現金流，減去債務支付和預定的乾船塢，就這麼簡單？

Hi, Omar, this is Christos. That's actually pretty accurate. So, it's operating cash flow, less our debt principal, repayments, less dry dock expenses for a specific quarter, of course, subject to $2.1 million cash threshold that we have for each vessel that we have in our fleet. So that should, essentially generate, what is available for dividends, as well as the 40% that we have announced, that is for other general corporate purposes.

你好，奧馬爾，我是克里斯托斯。這確實非常準確。因此，它是營運現金流減去我們的債務本金、還款額，再減去特定季度的乾船塢費用，當然，還要遵守我們船隊中每艘船 210 萬美元的現金門檻。因此，這基本上可以產生可用於股息的資金，以及我們宣布的用於其他一般公司用途的 40%。

Okay, thank you. And then just maybe kind of following up on that part, you mentioned that the 40%, so clearly the $0.09 dividend is, it seems to be that 60% of excess cash. Share buybacks look like they in January lined up with that 40% remainder.

好的，謝謝。然後也許可以繼續說一下那部分，您提到了 40%，所以顯然 0.09 美元的股息似乎是超額現金的 60%。股票回購看起來與 1 月的 40% 剩餘部分一致。

I guess the first question on that is that by design? And then the other question is sort of, in the past you had [earmarked] dividends kind of with 100% of your excess cash. Now we've shifted to 60%, back, prior to the latest update to the policy, ship sales funded buybacks that the evaluation made sense.

我想第一個疑問是，這是設計使然嗎？另一個問題是，過去您用 100% 的剩餘現金來分配股利。現在我們已經轉向 60%，回到最新政策更新之前，船舶銷售資助的回購評估是有意義的。

Kind of when you think about it going forward, is the plan to keep the buybacks contained within [that] 40% or up to 100% presumably, of ongoing cash or do vessel sales continue to be a source of buyback if that opportunity makes sense.

當您考慮未來時，計劃是將回購控制在持續現金的 40% 或最高 100% 以內，或者如果機會合理的話，船舶銷售是否繼續成為回購的來源。

Well, the answer is we may use, 40% or even more of cash to buy back shares, but we also may use sales of ships to buy back shares.

嗯，答案是我們可能會用 40% 甚至更多的現金來回購股票，但我們也可能用出售船舶的方式來回購股票。

We're retaining the flexibility, frankly, to use the cash for the best, use from the shareholder's point of view.

坦白說，我們保留靈活性，以便從股東的角度以最佳方式利用現金。

We sometimes will be share buybacks and sometimes maybe keeping the cash on hand for possible better opportunities later.

我們有時會回購股票，有時也許會保留手頭上的現金以備日後可能出現的更好的機會。

Basically what we're saying is that we're not going to pay out more than 60% of cash flow as a dividend.

基本上，我們的意思是，我們不會將超過 60% 的現金流作為股息支付。

And no, just to give an example, the excess cash that we announced for the fourth quarter was $17.6 million.

不，僅舉個例子，我們宣布的第四季超額現金為 1760 萬美元。

The 60% which is the maximum distribution available for dividend.

60% 是可用於股利的最高分配額。

Corresponds to the $0.09 per share dividend that we announced. The remaining, this is about $10.2 million.

相當於我們宣布的每股0.09美元的股息。剩下的，大約是1020萬美元。

The remaining $7.4 million has been already used to buy within the within January, the 500,000 Starbucks shares out of this excess [cars] that we said at $14.83 per share. But in the meanwhile, since we announced the new share repurchase program, we have also bought, in addition to that, an additional 393,000 shares which were financed by the vessel sales.

剩下的 740 萬美元已於 1 月用於購買這些過剩汽車中的 50 萬股星巴克股票，價格為每股 14.83 美元。但同時，自從我們宣布新的股票回購計畫以來，我們還額外購買了 393,000 股股票，這些股票的資金來自船舶出售。

So it's a combination of the excess cash flow that we described in the dividend formula and the vessel sale profits.

因此，它是我們在股利公式中描述的超額現金流和船舶銷售利潤的組合。

Okay, well, thank you. That's clear. So yeah, definitely, capital returns are not contained within the net excess cash and investment sales can fund, it. Well, good. Well, that's it for me. I'll turn it over.

好的，謝謝。這很清楚。所以，是的，資本回報肯定不包含在淨超額現金和投資銷售所能提供的資金範圍內。嗯，很好。嗯，對我來說就這樣了。我把它翻過來。

(Operator Instructions)

（操作員指令）

Clement Mullins, Value Investors.

克萊門特·馬林斯 (Clement Mullins)，價值投資者。

Good afternoon.

午安.

Thank you for taking my questions. Most has already been covered, but I wanted to ask about the seven vessels 10 chartered in under long-term agreements. Could you confirm whether those seven contracts are at a fixed rate? And secondly, could you talk a bit about what portion of the $26 million in chartering expenses for the quarter were attributable to those vessels?

感謝您回答我的問題。大部分內容已經講到了，但我想問一下根據長期協議租用的七艘船隻的情況。你能否確認這七份合約是否都是固定利率的？其次，您能否談談本季 2,600 萬美元的租船費用中有多少部分歸因於這些船舶？

Yeah. The first part of the question I can answer, yes, there are fixed, levels. They're chartered in at fixed levels for the initial seven-year duration, and there are, a couple of optional years, but, the fixed duration is at the same levels, yes.

是的。我可以回答問題的第一部分，是的，有固定的等級。在最初的七年期限內，它們以固定水平進行租賃，並且有幾年是可選的，但固定期限是在同一水平，是的。

And on the second part of your question, this is not only the chartering expense for these seven vessels. We have in addition chartering in the normal course of business, a few vessels during the quarter, we have three remaining legacy, chartering vessels from the [Igala] as a company that are redelivered by the end of June, these three vessels. So, this chartering expense that they have in the, P&L includes both the long-term chartering vessels that we have, and you've mentioned the seven vessels, plus the additional shorter durations.

關於你問題的第二部分，這不僅僅是這七艘船的租賃費用。此外，我們還在正常業務過程中租賃了幾艘船隻，本季度，我們還有三艘剩餘的船隻，作為一家公司從[Igala]租賃，這些船隻將在 6 月底前交付。因此，他們在損益表中的租船費用包括我們擁有的長期租船，以及您提到的七艘船，以及額外的較短租期的船隻。

Makes sense. And could you provide some colour on what portion of the $26 million was actually attributable to the long-term chatter.

有道理。您能否說明一下這 2,600 萬美元中有多少實際上歸因於長期的爭論？

About 50%.

大約 50%。

All right. That's very helpful. I'll turn it over.

好的。這非常有幫助。我把它翻過來。

Thank you for taking my questions.

感謝您回答我的問題。

Thank you.

謝謝。

Thank you.

謝謝。

If there are no further questions at this time. I'd like to hand the floor back over to Mr. Pappas for any clothing.

如果現在沒有其他問題。我想將地板交還給帕帕斯先生，讓他處理任何衣服。

Thank you, there are no further closing remarks.

謝謝，沒有其他的結束語。

Thank you for listening in.

感謝您的收聽。

This concludes today's conference call. You may disconnect your lives at this time.

今天的電話會議到此結束。此時，你們可以斷絕彼此的生活。

Thank you for your participation.

感謝您的參與。