Star Bulk Carriers Corp (SBLK) 2025 Q1 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 first quarter of 2025 financial results. We have with us today Mr. Petros Pappas, Chief Executive Officer; Mr. Hamish Norton, President; Mr. Simos Spyro; and Mr. Christos Begleris, Co-chief Executive officers; Mr. Nicos Rescos, Chief Operating Officer; and Mr. Charles Plakantonaki, Chief Strategy Officer of the company.

女士、先生們，感謝大家的支持，歡迎參加 Star Bulk Carriers 2025 年第一季財務業績電話會議。今天與我們在一起的有執行長 Petros Pappas 先生、總裁 Hamish Norton 先生、聯合執行長 Simos Spyro 先生和 Christos Begleris 先生、營運長 Nicos Rescos 先生以及公司首席策略長 Charles Plakantonaki 先生。

(Operator Instructions)

（操作員指示）

I must advise you that this conference is being recorded today. We'll now pass the floor over to one of your speakers for today, Mr. Spyrou. Thank you, sir. Please go ahead.

我必須告訴你，今天的會議正在錄製。現在我們將發言權交給今天的發言人斯皮魯先生。謝謝您，先生。請繼續。

Thank you, operator. I'm Christos Begleris, 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 first quarter of 2025.

謝謝您，接線生。我是 Christos Begleris，Star Bulk Carriers 的聯合財務長。歡迎您參加我們關於 2025 年第一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.

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 first quarter highlight results, action taken to create value for our shareholders, cash evolution during the quarter, an update on the Eagle Bulk transactions, vessel operations, fleet update, the latest on the regulatory front, and our views on industry fundamentals before opening up for questions.

在今天的演示中，我們將介紹第一季的重點業績、為股東創造價值而採取的行動、本季度的現金變化、Eagle Bulk 交易的最新情況、船舶運營、船隊更新、監管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 3 of the presentation for a summary of our first quarter, 2025 highlights. For the first quarter of this year, the company reported the following.

現在讓我們翻到簡報的第 3 張投影片，了解 2025 年第一季的亮點摘要。今年第一季度，該公司報告如下。

Net income amounted to $0.5 million with adjusted net loss of $7.8 million or $0.07 adjusted loss per share. Adjusted EBITDA was $49 million for the quarter.

淨收入為 50 萬美元，調整後淨虧損為 780 萬美元，即每股調整後虧損 0.07 美元。本季調整後的 EBITDA 為 4,900 萬美元。

During Q1, we repurchased $1.3 million shares for a total consideration of $19.6 million. For the first quarter, we declared a dividend per share of $0.05 payable on or on June 6, 2025. Despite the fact that no dividend would be due based on our existing dividend formula, our Board of Directors decided to continue prioritizing returns to shareholders, given the company's strong position.

第一季度，我們回購了價值 130 萬美元的股票，總對價為 1,960 萬美元。對於第一季度，我們宣布每股股息為 0.05 美元，將於 2025 年 6 月 6 日或之前支付。儘管根據我們現有的股息公式，我們不會支付股息，但考慮到公司的強大地位，我們的董事會決定繼續優先考慮股東回報。

Our performer total cash today stands at $437 million. Meanwhile, our performer total debt stands at $1.2 billion. Through a no-drawn revolver facility, we have additional liquidity of $50 million, resulting to perform a liquidity of almost half a billion. Finally, we currently have 13 debt-free vessels with an aggregate market value of $270 million.

我們今天的表演者總現金為 4.37 億美元。同時，我們的表演者總債務為 12 億美元。透過不提取循環信貸額度，我們獲得了 5,000 萬美元的額外流動資金，從而實現了近 5 億美元的流動資金。最後，我們目前擁有 13 艘無負債船舶，總市值為 2.7 億美元。

On the top right of the page, you will see our daily figures per vessel for the quarter. Our time charter rival and rate were 12,439 per vessel per day.

在頁面的右上角，您將看到本季每艘船的每日數據。我們的定期租船競爭對手的租金為每艘船每天 12,439 英鎊。

Our combined daily OpEx and net cash G&A expenses per vessel per day amounted to 6,217. Therefore, RTC-less OpEx, less-cash G&A is around $6,220 per day per vessel.

我們每艘船每天的營運支出和淨現金一般及行政費用總計為 6,217 美元。因此，扣除 RTC 營運支出和現金後的 G&A 成本約為每艘船每天 6,220 美元。

Since the Eagle Bulk transaction was completed on April 9, 2024, until today, the synergies achieved from the integration resulted to almost $40 million. Integration process has been completed across all departments.

自2024年4月9日Eagle Bulk交易完成至今，整合帶來的綜效已達近4,000萬美元。所有部門的整合過程已完成。

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。

In total, since 2021, we have taken actions of $2.6 billion in dividends, share buybacks, and debt repayments to create value for shareholders. At the same time, Star Bulk has been growing the platform at opportune times through consecutive flip buyouts by issuing shares at or above net asset value.

整體而言，自 2021 年以來，我們已採取 26 億美元的股利、股票回購和債務償還行動，為股東創造價值。同時，Star Bulk 透過發行等於或高於淨資產價值的股票，在適當時機透過連續的翻轉收購來擴大平台。

On the bottom of the page, we show our net debt evolution per vessel. Since 2021, our average net pay per vessel has decreased from $11.6 million per vessel to $5.4 million per vessel, which corresponds to a reduction of more than 50%. As a result of this deleveraging process, our current net debt is covered by the fleet scrap value.

在頁面底部，我們展示了每艘船的淨債務演變。自 2021 年以來，我們每艘船的平均淨工資已從每艘船 1,160 萬美元降至每艘船 540 萬美元，降幅超過 50%。由於這一去槓桿過程，我們目前的淨債務由船隊廢料價值所覆蓋。

Slide 5, graphically illustrates the changes in the company's cash balance during the fourth quarter. We started the quarter with $441 million in cash. We generated positive cash flow for operating activities of $49 million.

投影片5以圖形方式說明了公司第四季現金餘額的變化。本季開始時，我們的現金為 4.41 億美元。我們為經營活動創造了 4,900 萬美元的正現金流。

After including debt process and repayments, CapEx payments for energy-saving devices and balanced water treatment system installments, based on sales proceeds, share buybacks, and the fourth quarter dividend payment, we arrived at a cash balance of $437 million at the end of the quarter.

在計入債務處理和償還、節能設備和平衡水處理系統分期付款的資本支出後，根據銷售收益、股票回購和第四季度股息支付，我們在本季末的現金餘額為 4.37 億美元。

I will now pass the floor to our COO Nicos Rescos, for an update on Engelbart integration and our operational performance.

現在，我將把發言權交給我們的營運長 Nicos Rescos，請他介紹 Engelbart 整合和我們的營運績效的最新情況。

Thank you, Christos.

謝謝你，克里斯托斯。

Slide 6 provides an update on the eco integration and synergies. We continue to realize savings this quarter on the operating expenses front, have a completed consolidation of ship management practices across the [Exigo] vessels and offices with the company's headquarters, furtherly reflecting our low-administrative expenses.

幻燈片 6 提供了生態整合和協同作用的最新情況。本季度，我們在營運費用方面繼續實現節約，並已完成 [Exigo] 船舶和辦公室與公司總部的船舶管理實踐整合，進一步反映了我們的低管理費用。

Importantly, we expect to complete the phase out of third-party crew managers by Q3 this year, replacing this critical function with our in-house crewing platform and that's realizing further cost optimization. On completion of the last remaining crew changes, our dedicated crewing pool will comprise of more than 5,000 seafarers.

重要的是，我們預計將在今年第三季完成第三方船員經理的淘汰，用我們的內部船員平台取代這項關鍵職能，從而實現進一步的成本優化。在完成最後一批船員換班後，我們的專用船員隊伍將由 5,000 多名海員組成。

For Q1, operating expenses and G$A savings for the Eagle fleet stand close to $2,140 per vessel per day. In addition, due to our scale relations with the shipyards and service providers, we have reduced significantly the drive up costs of the former Eagle fleet, a saving of $8.6 million for the quarter.

第一季度，Eagle 船隊的營運費用和 G$A 節省接近每艘船每天 2,140 美元。此外，由於我們與造船廠和服務提供商的規模關係，我們大幅降低了前 Eagle 船隊的成本，本季節省了 860 萬美元。

Interest expense savings have accumulated, thanks to the refinancing of the former Eagle debt, which took place during the second quarter of 2024. Almost $40 million of cumulative cost synergies have been achieved since closing on the bulk transaction in April 2024. Our cost synergies for Q1 stand at $18.4 million.

由於 2024 年第二季對前 Eagle 債務進行了再融資，利息支出節省已經累積起來。自 2024 年 4 月完成批量交易以來，已實現近 4,000 萬美元的累積成本綜效。我們第一季的成本綜效為 1840 萬美元。

Please start to slide 7 when we provide an operational update. Operating expense for Q1 2025 stands at $4,898 per vessel per day. Net catching expenses were $1,319 per vessel per day for the same period. In addition, we continue to rate at the top amongst our listed peers in terms of ride ship safety score.

當我們提供營運更新時，請從第 7 張投影片開始。2025 年第一季的營運費用為每艘船每天 4,898 美元。同一時期每艘船每天的淨捕撈費用為 1,319 美元。此外，在遊船安全評分方面，我們在同行中繼續名列前茅。

Slide 8 provides a flit update and some guidance around the future driver and the relevant total of our days. On the bottom of the page, we provide our expected dry dock expense schedule, which for the remaining of 2025 is estimated at $47 million for the dry docking of 38 vessels. In total, we expect to have approximately 1,210 of our days for the same period.

幻燈片 8 提供了飛行更新以及有關未來駕駛員和我們每日相關總數的一些指導。在頁面底部，我們提供了預計的乾船塢費用計劃，預計 2025 年剩餘時間內 38 艘船舶的乾船塢費用為 4700 萬美元。總體而言，我們預計同一時期的工作日約為 1,210 天。

We have arranged to frontload dry dock in the first half this year in order to take advantage of the drive-up market seasonality during the second half of the year.

我們已安排在今年上半年提前裝載乾船塢，以便利用下半年市場的季節性上漲。

On the top right of the page, we have our CapEx schedule, illustrating our new building CapEx and vessel energy efficiency upgrade expenses. Based on our latest construction schedule, our [five] comes from a new building vessel, constructed at Qingdao Shipyard, are expected to be delivered during the first half of 2026. For these vessels, we have secured $130 million of debt financing against the new building installments.

在頁面的右上角，我們有資本支出計劃，其中說明了我們的新建築資本支出和船舶能源效率升級費用。根據我們最新的建造計劃，我們的[五艘]新船來自青島造船廠建造，預計將於2026年上半年交付。對於這些船舶，我們已獲得 1.3 億美元的新船建造分期付款債務融資。

In line with IMO carbon reduction regulations, we will continue investing and 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.

根據國際海事組織的碳減排規定，我們將繼續投資和升級我們的船隊，採用最新的營運技術，改善我們的燃料消耗，減少我們的環境影響，進一步增強 Star Bulk 船隊的商業吸引力。

Regarding our energy-saving technologies retrofit program, we have so far completed 42 installations with another 21 plan for 2025.

關於我們的節能技術改造計劃，迄今為止我們已經完成了 42 個安裝，並計劃在 2025 年再完成 21 個安裝。

Please turn to slide 9 for an update on our fleet. On the vessel’s sales front, we'll continue disposing non-echo vessels opportunistically, reducing our average fleet date and improving overall fleet efficiency. During Q1, we agreed to sell some of our less efficient Supramax vessels, including Star Bittern, Star Omicron, and Star of Falcon.

請翻到投影片 9 來了解我們機隊的最新情況。在船舶銷售方面，我們將繼續適時處置非迴聲船舶，減少我們的平均船隊日期並提高整體船隊效率。在第一季度，我們同意出售一些效率較低的超靈便型船舶，包括 Star Bittern、Star Omicron 和 Star of Falcon。

Furthermore, during the second quarter, we have further agreed to sell Star Puffin, Star Canary, and Star Petrol Supramax vessels at attractive levels. We expect to receive an aggregate net sale proceeds of $38.6 million in the second and third quarter of 2025.

此外，在第二季度，我們還同意以優惠的價格出售 Star Puffin、Star Canary 和 Star Petrol Supramax 船舶。我們預計 2025 年第二季和第三季的淨銷售收益總額為 3,860 萬美元。

Following the rollover of the existing chartering contracts, we now have a total of nine chartering vessels. Considering the aforementioned changes in our fleet mix, we operate one of the largest lab of fleet amongst US and European listed peers with 150 vessels on a fully delivered basis and with an average age of 11.9 years.

隨著現有租船合約的展期，我們現在共有九艘租船。考慮到上述船隊結構的變化，我們運營著美國和歐洲上市同行中最大的船隊之一，擁有 150 艘完全交付的船舶，平均船齡為 11.9 年。

I will now pass the floor to our CSO Charis Plakantonaki for an update on recent global environmental regulation developments.

現在，我將請我們的首席策略長 Charis Plakantonaki 介紹最近全球環境法規的發展。

Thank you, Nicos. Please turn to slide 10, where we highlight the major developments on global environmental regulations.

謝謝你，尼科斯。請翻到第 10 張投影片，我們重點介紹了全球環境法規的主要發展。

The 83rd session of the IMO's Marine and Environment Protection Committee introduced a new net zero framework, marking a major regulatory milestone towards achieving climate neutrality in international shipping by 2050.

國際海事組織海洋與環境保護委員會第83屆會議推出了新的淨零框架，標誌著國際航運朝著2050年實現氣候中和邁出了重要的監管里程碑。

The new regulation introduces a greenhouse gas fuel intensity method, which is the way to weight greenhouse gas emissions per unit of energy used on board the ship. This is similar to the FuelEU regulation which came into force in January 2025. [IFSC] is required to report its fuel intensity annually to the IMO.

新法規引入了溫室氣體燃料強度法，即對船舶使用的每單位能源的溫室氣體排放量進行加權的方法。這與 2025 年 1 月生效的 FuelEU 法規類似。 [IFSC] 需要每年向國際海事組織報告其燃料強度。

Two tiers of requirements are set on the annual fuel intensity for a ship. A base target and a more stringent direct compliance target which each ship is required to meet.

為船舶年度燃油強度設定兩個層次的要求。每艘船舶都必須滿足一個基本目標和一個更嚴格的直接合規目標。

IFSC which generates compliance surplus can transfer surplus units to [SIPs] with the compliance deficit, or it can bank the units for later use within two subsequent calendar years.

產生合規盈餘的 IFSC 可以將盈餘單位轉移給存在合規赤字的 [SIP]，也可以將這些單位存入銀行，以便在隨後的兩個日曆年內使用。

A ship with a compliance deficit can use surplus units from other SIPs or purchase remedial units from the IMO at $100 or $380 per ton CO2 equivalent deficit, depending on whether the SIPs fuel intensity in between the base and direct targets or above the base target.

存在合規赤字的船舶可以使用其他 SIP 的剩餘單位，或以每噸二氧化碳當量赤字 100 美元或 380 美元的價格從國際海事組織購買補救單位，具體取決於 SIP 的燃料強度是介於基準目標和直接目標之間還是高於基準目標。

The profits from the new regulation will go into the IMO net zero fund to be set up and managed by the IMO. Part of the revenues are intended to be circulated directly back to the industry as a reward for using near zero fuels or energy sources which are near zero.

新法規產生的利潤將進入國際海事組織設立和管理的國際海事組織淨零基金。部分收入將直接返還給產業，作為使用近零燃料或接近零的能源的獎勵。

This new framework is set for adoption in October 2025, subject to final approval with the first reporting period starting on January 1, 2028.

該新框架將於 2025 年 10 月採用，需獲得最終批准，第一個報告期將於 2028 年 1 月 1 日開始。

Star Bulk remains focused on researching and adopting optimal strategies to ensure timely and efficient compliance with the new global regulations.

Star Bulk 將繼續致力於研究和採用最佳策略，以確保及時有效地遵守新的全球法規。

I will now pass the floor to our CEO Petros Pappas for a marketing and closing remarks.

現在，我將把發言權交給我們的執行長 Petros Pappas，請他發表行銷和結束語。

Thank you, Charis. Please turn to slide 11 for a brief update of supply. During the first four months of 2025, a total of 12.2 million dead weight was delivered and 1.1 million dead weight was sent to demolition for a net fleet growth of 11.1 million dead weight or 2.9% year on year.

謝謝你，查理斯。請翻到投影片 11 查看供應的簡要更新。2025 年前四個月，共交付 1,220 萬載重噸船舶，拆解 110 萬載重噸船舶，船隊淨增加 1,110 萬載重噸，年增 2.9%。

The new building of the book stands at a modest 10.3% of the existing fleet, with new contacts during Q1 falling to an eight-year low of 2.8 million dead weight. Limited CPR capacity availability up to second half 2027, high shipbuilding costs and uncertainty over future grain propulsion have kept new orders under control.

新造船數量僅佔現有船隊的 10.3%，第一季新簽約船舶數量降至八年來的最低水平，為 280 萬載重噸。到 2027 年下半年，加拿大太平洋造船廠 (CPR) 的產能有限，造船成本高昂，以及未來穀物推進的不確定性，導致新訂單受到控制。

At the same time, the fleet is aging, and by the end of 2027, approximately 50% of the fleet will be over 15 years old. Moreover, the increasing number of vessels undergoing the third special survey is estimated to reduce effective capacity by approximately 0.5% per annum between 2025 and 2027.

同時，船隊正在老化，到2027年底，約50%的船隊船齡將超過15年。此外，隨著接受第三次特別檢驗的船舶數量的增加，預計2025年至2027年期間有效運力每年將減少約0.5％。

The average stemming speed of the fleet corrected to a new record low of 10.8 knots in February, driven by soft freight rates, inflated bunker costs, and environmental regulations. Although speeds have rebounded slightly on the back of improved earnings and lower oil prices, they remain below last year's levels.

受運費疲軟、燃油成本上漲和環境法規的影響，2 月船隊平均航行速度降至 10.8 節的新低。儘管由於獲利增加和油價下跌，速度略有回升，但仍低於去年的水平。

In the medium term, new regulations on carbon emissions introduced by the IMO can be expected to continue to incentivize slow steaming and moderate effective supply.

從中期來看，國際海事組織推出的碳排放新規預計將持續激勵船舶慢速航行和適度有效供應。

Finally, global port congestion fully normalized in the second half of 2024 after a two-year decline that inflated effective supply by about 6%. In Q1 2025, loading port congestion shares due to weather disruptions, while congestion in Chinese discharge ports fell to historic lows, driven by a sharp drop in import volumes.

最後，在經歷了兩年的下降導致有效供應量增加約 6% 之後，全球港口擁堵狀況在 2024 年下半年完全恢復正常。2025 年第一季度，裝貨港擁堵主要由於天氣原因，而中國卸貨港擁堵則因進口量急劇下降而降至歷史最低水平。

For the remainder of 2025 and 2026, we expect congestion to have a neutral or slightly positive impact on the supply gain balance and to follow seasonal trends.

對於 2025 年剩餘時間和 2026 年，我們預計壅塞將對供應增益平衡產生中性或略微正面的影響，並遵循季節性趨勢。

Let us now turn to slide 12 for a brief update of demands. According to Clarkson's, after two years of strong demand expansion, total dieback trade is projected to contract during 2025 by 1.2% in tons and 0.4% in ton miles.

現在讓我們翻到第 12 張投影片來簡要了解一下最新要求。據克拉克森稱，經過兩年的強勁需求擴張，預計 2025 年枯萎病木材貿易總量將萎縮 1.2%（以噸計算）和 0.4%（以噸英里計算）。

President Trump's aggressive tariff negotiations and policy shifts since taking office have raised uncertainty in traditional forecasting models. Following Liberation Day, international agencies lowered their projections for global GPT growth and trade.

川普總統上任以來積極的關稅談判和政策轉變，增加了傳統預測模型的不確定性。解放日之後，國際機構紛紛下調全球GPT成長和貿易預測。

The IMF revised its 2025 global economic growth forecast to 2.8%, down from 3.3% in January, with the US forecast reduced to 1.8% from 2.7% and China to 4% from 4.6%. However, upward revisions could now be expected after the initial trade agreement between the US and China took place last weekend in Geneva.

國際貨幣基金組織將2025年全球經濟成長預測從1月的3.3%下調至2.8%，其中美國經濟成長預測從2.7%下調至1.8%，中國經濟成長預測從4.6%下調至4%。然而，上週末中美在日內瓦達成初步貿易協議後，現在可以預期會出現上調。

During the first quarter of 2025, total drive-back volumes were year on year, supported by strong bauxite and minor bulk shipments, while iron ore, coal, and grains volumes combined declined by 3.5% year on year. Suez Canal crossings remained at 50% of pre-Houthi attacks levels, and Red Sea passages will probably be slow to restart.

2025 年第一季度，受鋁土礦強勁和少量散裝貨物運輸的推動，總運輸量同比下降，而鐵礦石、煤炭和穀物總運輸量同比下降 3.5%。蘇伊士運河的過境量仍為胡塞武裝攻擊前的 50%，紅海航道的重啟可能會很緩慢。

China's GDP exceeded expectations during Q1 and grew 5.4%, fueled by more aggressive stimulus measures as of September 2024 and an increase in retail sales, industrial production, and exports. Chinese dry bulk imports contracted by 8.3% year on year. During the first quarter, driven by elevated inventories and rising domestic production of iron ore, coal, and grains throughout 2024.

受2024年9月以來更積極的刺激措施以及零售額、工業生產和出口的成長推動，中國第一季的GDP成長超出預期，達到5.4%。中國乾散貨進口量較去年同期下降8.3%。第一季度，受庫存增加以及2024年全年國內鐵礦石、煤炭和穀物產量上升的推動。

Can you hear us, operator?

接線員，你聽得到我們說話嗎？

Yes, we can hear you.

是的，我們能聽到你的聲音。

On the other hand, dry bulk imports from the rest of the world expanded by 4.5% year on year as lower commodity prices, easing monetary policy and pre-emptive stockpiling in anticipation of US tariffs helped stimulate demand for raw materials.

另一方面，由於大宗商品價格下跌、貨幣政策放鬆以及預期美國關稅而進行的預先儲備刺激了對原材料的需求，來自世界其他地區的干散貨進口量同比增長了 4.5%。

Growth has been driven mainly by developing Southeast Asian nations and the Middle East, while European imports have steadily increased since mid-2024. Iron ore trade is projected to contract by 1.3% in tons and by 0.6% in ton miles during 2025.

成長主要受到東南亞發展中國家和中東地區的推動，而自 2024 年中期以來，歐洲的進口量穩步增長。預計2025年鐵礦石貿易量將下降1.3%（以噸計算），噸英里數將下降0.6%。

During Q1, China's steel production increased by 1.1% year on year, supported by strong exports and lower input costs. During the rest of the year, government efforts to reduce steel overcapacity and growing protectionist measures by major steel importers may curb steel output.

第一季度，受出口強勁和投入成本下降的支撐，中國鋼鐵產量年增1.1%。在今年剩餘時間內，政府削減鋼鐵過剩產能的努力以及主要鋼鐵進口國日益增加的保護主義措施可能會抑制鋼鐵產量。

However, iron ore imports are expected to gain support as Chinese port stockpiles have declined in recent months and domestic iron ore production fell by 11.7% in Q1 2025. Iron ore to miles are projected to receive further support by late 2025 as new high-grade Atlantic iron ore mines begin operations, progressively replacing lower quality Chinese domestic production and imports.

不過，由於近幾個月中國港口庫存下降，且2025年第一季國內鐵礦石產量下降11.7%，預計鐵礦石進口將獲得支撐。隨著新的高品位大西洋鐵礦石礦開始運營，逐步取代中國國內生產和進口的低品位鐵礦石，預計到 2025 年底，鐵礦石價格將獲得進一步支撐。

Coal trade is projected to contract by 3.2% in tons and by 3.6% in ton miles during 2025. Falling record high imports in 2024, Chinese and Indian coal imports sharply contracted in early 2025, driven by a robust domestic coal production and year-on-year contraction of thermal electricity generation.

預計2025年煤炭貿易量將萎縮3.2%（以噸計算），噸英里數將萎縮3.6%。2024年，中國和印度的煤炭進口量創歷史新高，但受國內煤炭產量強勁和火力發電量年比萎縮的影響，2025年初，這兩個國家的煤炭進口量將大幅萎縮。

Rising renewable energy production in China and elevated coal inventories heightened downside risks for imports while falling coal prices over the past six months have further compressed profit margins for international coal miners. Nevertheless, strong demand from Southeast Asian economies is expected to provide some support on coal trade over the next year.

中國再生能源產量的增加和煤炭庫存的增加增加了進口的下行風險，而過去六個月煤炭價格的下跌進一步壓縮了國際煤礦企業的利潤率。儘管如此，東南亞經濟體的強勁需求預計將對明年的煤炭貿易提供一定支撐。

Grain trade is projected to contract by 2.1% in tons but expand by 0.6% in ton miles during 2025. The Q1 total grain exports declined by 5.6% year on year, driven by nearly 50% drop in Chinese imports.

預計 2025 年穀物貿易量將以噸數計算萎縮 2.1%，但以噸英里計算將增加 0.6%。第一季糧食出口總量較去年同期下降5.6%，其中中國進口量下降近50%。

The Brazilian soybean season was delayed, affecting long haul shipments early in the year, but exports surge over the past two months, driven by increased Chinese buying to build inventories ahead of the US export season.

巴西大豆季節推遲，影響了年初的長途運輸，但過去兩個月出口激增，因為中國增加購買量以在美國出口季節到來之前建立庫存。

But the recent US-China trade agreement may boost US exports to China during Q4, mirroring the trade deal during President Trump's first term, but the 2025 grain trade outlook will also depend on the strength of China's harvest.

但最近達成的中美貿易協定可能會在第四季提振美國對中國的出口，這與川普總統第一任期內的貿易協定如出一轍，但2025年的糧食貿易前景也將取決於中國的收成情況。

Minor bulk trade is projected to expand by 0.4% in tons and by 0.8% in ton mileage during 2025. Minor bulk trade may encounter challenges from heightened trade tensions due to its close ties to global GDP, but recent progress in US-China trade relations could drive upward revisions to full-year projections.

預計 2025 年小宗散裝貿易噸位將成長 0.4%，噸位里程將成長 0.8%。由於與全球GDP密切相關，小宗散貨貿易可能會面臨貿易緊張局勢加劇的挑戰，但近期中美貿易關係的進展可能會推動全年預測上調。

Bauxite exports from West Africa continued the strong performance and expanded by 31% during Q1, generating strong to miles for the capsized fleet.

西非鋁土礦出口延續強勁表現，第一季成長 31%，為傾覆船隊創造了 2000 多英里的航行里程。

As a final comment, we expect the volatile market in 2025, as the US administration clearly states a wish to reset the trade landscape. We nevertheless remain cautiously optimistic about the medium-term outlook for the dry bulk market, given the favorable supply picture, stricter IMO environmental regulations.

最後，我們預期 2025 年市場將出現波動，因為美國政府明確表示希望重塑貿易格局。儘管如此，鑑於良好的供應情況和國際海事組織更為嚴格的環境法規，我們仍然對乾散貨市場的中期前景持謹慎樂觀的態度。

An accumulation of stimulus measures by the Chinese government and positive signals from the US-China tariffs negotiations. In a period of increased geopolitical uncertainty, we remain focused on actively managing our diverse, scrubber-fitted fleet to take advantage of emerging market opportunities and create value for our shareholders.

中國政府刺激措施不斷積累，中美關稅談判釋放正面訊號。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配備洗滌器的多樣化船隊，以利用新興市場機會並為股東創造價值。

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，現在我將把時間交給接線員來回答你們的任何問題。

(Operator Instructions)

（操作員指示）

Omar Nokta, Jefferies.

諾克塔（Omar Nokta），傑富瑞集團。

Thank you. Thanks, operator. Hi, Petros. Hi guys, thanks for the update.

謝謝。謝謝，接線生。你好，Petros。大家好，感謝更新。

(multiple speakers)

（多位發言者）

Mentioned -- yeah, you were mentioning just at the end of your comments, expecting a bit of a volatile year just given everything that's going on. It does feel when we look at dry bulk that seems to be in somewhat of a holding pattern in terms of where rates are. Rates aren't terrible. They're also not exciting. We're just sort of in this interesting period.

提到——是的，您在評論的最後提到，考慮到正在發生的一切，預計今年將會有些動盪。當我們觀察幹散貨時，我們確實感覺到，就費率而言，它似乎處於某種等待狀態。價格還不算太高。它們也並不令人興奮。我們正處於這個有趣的時期。

We've also seen asset values hold up seemingly quite well, especially, it's confirmed by your latest sales. I just want to get a sense from you. What do you think is ahead here for this market? I know it's probably a big picture question.

我們也看到資產價值似乎保持得相當好，特別是您的最新銷售情況證實了這一點。我只是想從你那裡得到一些感覺。您認為這個市場的前景如何？我知道這可能是一個大問題。

But just in general, when we think of where asset values are and then where the underlying rates are, something has to give at some point. Any kind of -- any feeling you have for how this market starts to progress here in the coming quarters?

但一般來說，當我們考慮資產價值在哪裡以及基礎利率在哪裡時，在某個時候必須做出一些讓步。您對未來幾季這個市場的發展有何感覺？

Thank you, Omar. Let me quote somebody first. Niels Bohr, the guy, the father of the atomic energy, said that predictions, prediction is very difficult, especially about the future.

謝謝你，奧馬爾。讓我先引用一下某人的話。原子能之父尼爾斯·玻爾說過，預測非常困難，尤其是關於未來的預測。

Yes.

是的。

And that that tells you that it's people to foresee anyway, we have uses over here. So I'll talk for a few minutes about that. There are pros and cons in this market. The pros are mostly geopolitical and macro. The cons are more micro, I would say. Let me start.

這告訴你，無論如何，人們都可以預見，我們在這裡有用途。我將花幾分鐘談論這個問題。這個市場有利有弊。優點主要體現在地緣政治和宏觀。我想說，缺點比較微小。讓我開始吧。

On the pros, we have the bauxite from West Africa and the iron ore from West Africa and Brazil that are coming in the future, especially, during -- due to the environmental regulations, China and others will need higher content, iron in the iron ore, and that will actually incentivize importing iron ore from longer distances.

積極的一面是，我們有來自西非的鋁土礦以及來自西非和巴西的鐵礦石，這些礦石未來都會供應，特別是由於環境法規，中國和其他國家將需要鐵礦石中鐵含量更高的礦石，這實際上將激勵從更遠的地方進口鐵礦石。

So that is going to be a positive, especially when the new or iron ore, seamen do camps, for example, in starting to export their first [dust] towards the end of the year. So that's one thing.

所以這將是一個積極的方面，特別是當新的或鐵礦石海員在年底開始出口他們的第一批[灰塵]時。這是一回事。

The environmental regulations are going to help in general. And that is a very important thing and it will start to bite as time as years go by.

整體而言，環境法規將會有所幫助。這是非常重要的事情，隨著時間的推移，它將開始發揮作用。

Then we have the potential of -- if the war in Ukraine stops, we have a potential reconstruction over there, which will also lead to congestion, and that could also happen in Gaza and Syria, if that war stops. And if there is an agreement in Iran, that would also incentivize trade. So these are potentialities that I think will come in the next months or very few years and it will be very positive.

那麼我們就有可能──如果烏克蘭戰爭停止，我們就可以在那裡重建，這也會導致擁堵，如果戰爭停止，加薩和敘利亞也可能發生這種情況。如果伊朗達成協議，這也將刺激貿易。所以我認為這些潛力將在未來幾個月或幾年內出現，而且將是非常積極的。

Then we have China boosting the economy because of what's happening and the way that the US President has treated them. And that's going to be a positive as well because on the corners, you, China is actually going to be reducing imports the way we see it.

然後，我們看到中國因為正在發生的事情以及美國總統對待他們的方式而推動經濟。這也是一件積極的事，因為從各個方面來看，正如我們所見，中國實際上正在減少進口。

Now, oil prices, if oil prices go down, this is a good macro effect. In the sense that it will help GDPs of various countries. And if the dollar goes down as is being forecasted, that is also a positive for trade because it reduces the cost of raw materials. It reduces the cost of freight in local currencies, and it also reduces the vessel prices in local currencies.

現在，油價，如果油價下降，這是一個很好的宏觀效應。從某種意義上來說，這將有助於各國的GDP。如果美元像預測的那樣下跌，這對貿易也是有利的，因為它會降低原材料的成本。它降低了以當地貨幣計算的運費成本，也降低了以當地貨幣計算的船舶價格。

So they would be willing potentially to pay more dollars for them, so these are generally the positives.

因此他們可能願意為此支付更多的錢，所以這些通常都是正面的。

The negatives, one big negative is China itself, on coal, they will be importing less coal going forward, but this is going to be a story in general about coal. I think coal will be traded less every year. However, I think that the environmental regulations effect will counter the [cold] negative future.

在負面因素中，一個很大的負面因素是中國本身，就煤炭而言，中國未來將減少煤炭進口，但這將是一個關於煤炭的整體情況。我認為煤炭交易量每年都會減少。不過，我認為環境法規效應將會抵銷負面的未來。

Also, China is trying to increase their own grain production, and they're engaging in GM crops. So that could be a negative as well. And if it is true that they will cut their crude steel production, then iron ore will reduce as well. So China is a potential negative, then Red Sea opening is going to be negative. Fortunately, bulk carriers have been less affected than other types of vessels, but that's going to be negative, anyway.

此外，中國正努力提高本國的糧食產量，並正在研究基改作物。所以這也可能是負面的。如果他們確實要削減粗鋼產量，那麼鐵礦石價格也會隨之下降。因此，中國是一個潛在的負面因素，那麼紅海開局也將是負面因素。幸運的是，散裝貨船受到的影響比其他類型的船舶要小，但無論如何，這都是負面的。

Then we see that there's not a lot of scrapping and the order book is usually about 3.5% per annum and scrapping is 0.5%. So we actually need 3%, we have 3% increase in vessels. We need 3% increase in demand to negate that.

然後我們發現報廢的情況不多，訂單量通常約為每年 3.5%，報廢率為 0.5%。所以我們實際上需要 3%，我們的船隻數量增加了 3%。我們需要增加 3% 的需求來抵銷這項影響。

And as a final major point, if oil prices go down, as I said, it's a positive in the sense that it's good for the economies in the world. But on the micro effect would be that vessel would speed up.

最後要說的是，如果油價下跌，正如我所說，這對世界經濟來說是件好事。但微觀效應是船隻會加速。

So having said pros and cons, my view is that we're probably going to be seeing a similar market with not too many ups and downs, following seasonal patterns, meaning that second half should be stronger than the first half, but without amazing results.

所以說了優點和缺點之後，我的觀點是，我們可能會看到一個類似的市場，不會有太多的起伏，遵循季節性模式，這意味著下半年應該比上半年更強勁，但不會有驚人的結果。

But if anything like Ukraine reconstruction or Iran opening and more, they know that happens, then I think that this is going to be an extra bonus for the market. So I -- summing up, I think we will be seeing a moderate year with potential upward potential in case the war stops.

但如果像烏克蘭重建或伊朗開放等事件發生，他們知道會發生，那麼我認為這將為市場帶來額外的好處。所以，總而言之，我認為如果戰爭停止，我們將看到一個溫和的一年，並且具有潛在的上升潛力。

Thanks, very obviously incredibly detailed and I had a couple of follow-ups that you answered in those, in your response, so I appreciate that. So, I'll pass it over. That's it for me. Thank you.

謝謝，顯然非常詳細，我有幾個後續問題您在回覆中回答了，所以我很感激。所以，我就不再提了。對我來說就是這樣。謝謝。

Chris Robertson, Deutsche Bank.

克里斯·羅伯遜，德意志銀行。

Hey, good morning, guys. Thank you for taking my questions. Just wanted to dial in here on the recent asset sales on how to think about timing for delivery and incoming cash over the next couple quarters?

嘿，大家早安。感謝您回答我的問題。只是想了解最近的資產銷售情況，如何考慮未來幾季的交付時間和現金流入？

And should we be thinking about those aggregate sales proceeds is basically being kind of 50-50 or are some of the older assets, kind of more weighted in the near term and if you could talk about kind of the cadence of incoming cash?

我們是否應該考慮這些總銷售收益基本上是 50-50 的比例，或者一些舊資產在短期內佔比更大，您能否談談現金流入的節奏？

Chris, all vessels that we have announced, the three vessels that we have announced that have been committed to be sold are basically being delivered to their buyers in the second and early third quarter of this year.

克里斯，我們宣布的所有船隻，我們宣布承諾出售的三艘船隻基本上都將在今年第二季和第三季初交付給買家。

Therefore, the total proceeds that we have announced of $38.5 million are basically fully received the delivery of its vessel during this quarter and the beginning of next.

因此，我們宣布的 3850 萬美元的總收益基本上是在本季度和下個季度初交付船舶時全部收到的。

Got it. Okay, thank you. And could you just as a follow up to that, how are you guys thinking about the use of the sales proceeds here? Are you reserving that cash on the balance sheet for potential reinvestment opportunities? Or are you looking at kind of further share repurchases here as shares continue to trade as a meaningful discount to this company?

知道了。好的，謝謝。您能否進一步問一下，你們是如何考慮使用銷售收益的？您是否將資產負債表上的現金保留給潛在的再投資機會？或者您是否正在考慮進一步回購股票，因為該公司股票的交易價格仍然具有顯著的折扣？

Chris, as long as our shares trade at a meaningful discount when EV, today's levels, essentially, the opportunity to buy back shares at a significant discount to net asset value by using proceeds from vessels sold at net asset value, essentially looks a very nice arbitral for us. Therefore, we think that the first priority is essentially on buybacks.

克里斯，只要我們的股票在今天的水平上以有意義的折扣交易，那麼就有機會利用以淨資產價值出售的船舶的收益以低於淨資產價值的大幅折扣回購股票，這對我們來說本質上是一個非常好的仲裁。因此，我們認為首要任務基本上就是回購。

Got it. That's very clear. Thank you for that. I'll turn it over.

知道了。這非常清楚。謝謝你。我把它翻過來。

Thank you, Chris.

謝謝你，克里斯。

Doug Smith, Everest.

道格史密斯，珠穆朗瑪峰。

Thank you, [Lucilla]. As you show in your slides, the order book over the last five years has been relatively controlled, but this demolition has been negligible, and as you mentioned about 0.5% a year.

謝謝你，[露西拉]。正如您在幻燈片中所展示的，過去五年的訂單量相對受到控制，但這種破壞可以忽略不計，正如您所提到的，每年約為 0.5%。

So as a result, the net fleet growth over the last five years has significantly exceeded the underlying growth in ton miles. What is your view of -- what demolition is likely to do over the next few years and what if -- what can you attribute as the causality of the low demolition rate over the last five years?

因此，過去五年的淨船隊增長量大大超過了噸英里的基本增長量。您如何看待未來幾年拆除可能產生的影響？如果發生這種情況，您認為過去五年拆除率低的原因是什麼？

Yeah. Well, to be able to cover that gap of 3%, I think that the environmental regulations will play a big role. I think that the exports from West Africa and the increased exports from Brazil in the future of high-quality iron will also be able to increase to miles.

是的。嗯，為了彌補 3% 的差距，我認為環境法規將發揮重要作用。我認為未來西非的出口量以及巴西增加的高品質鐵出口量也能夠大幅增加。

You know, increasing ton miles is much more important than increasing tons. I think these things will, definitely cover part of that 3%. Then if we have any reconstruction in the places that I mentioned earlier, that will create congestion and that's going to be important as well.

你知道，增加噸英里比增加噸位重要得多。我認為這些東西肯定會涵蓋那 3% 的一部分。那麼，如果我們在我之前提到的地方進行任何重建，那就會造成擁堵，這也將很重要。

Now, you will see that in the last quarter, the order book was just 2.9 million tons dead weight. And I think this could be a result of not being able to foresee what is going to happen. Lately, the geopolitical regulations have been affecting us a lot. We do not know where this is going.

現在，你會看到，上個季度的訂單量只有 290 萬載重噸。我認為這可能是由於無法預見將要發生的事情造成的。最近，地緣政治法規對我們影響很大。我們不知道這將會怎樣。

So people actually do not order, plus the vessels are pretty expensive. So if that trend continues and then it is possible that the order book will actually drop. I think it has dropped already to a certain degree, and I believe that this will continue.

所以人們其實不訂購，而且容器也相當昂貴。因此，如果這種趨勢持續下去，那麼訂單量實際上可能會下降。我認為它已經下降到一定程度，而且我相信這種情況將會持續下去。

And if the market remains medium, I think people will just not order. And plus, let's not forget that we do not know, which will be the engines of the future, which will -- which is going to be the fuel of the future. So all that creates a very hazy future that discourages ordering and that is actually going to be good for the market.

如果市場保持中等水平，我認為人們不會訂購。另外，我們不要忘記，我們不知道哪些將成為未來的引擎，哪些將成為未來的燃料。因此，所有這些都會造成未來情況非常模糊，不利於訂購，而這實際上對市場有利。

Yes, if you sell a number of your older ships, can you provide any color on how the buyer is going to use them? These ships do not seem to be leaving the fleet. As the ships age and get over 20 years, what's their use? Why are they not being retired?

是的，如果您出售一些舊船，您能否提供買家將如何使用它們的資訊？這些船隻似乎沒有離開艦隊。隨著船舶老化，服役超過20年，它們還有什麼用途？他們為什麼還不退休？

Does your customers have any -- are they willing to pay a premium or a more efficient or modern ship, or is there no premium that's you can recognize in the market?

您的客戶是否有任何—他們是否願意支付溢價或更有效率或更現代化的船舶，或者市場上是否存在您能識別的溢價？

Well, first of all, for as long as the vessels are not making a loss, people do not scrap. That's one thing. Secondly, the buyers are Chinese. Now, I'm not sure what they're seeing. What we are seeing is that the return on investment on these vessels is not good enough for us.

首先，只要船舶不虧損，人們就不會拆毀它們。這是一回事。其次，買家是中國人。現在，我不確定他們看到了什麼。我們看到的是，這些船舶的投資回報對我們來說不夠好。

And we have very low operating expenses, and we have scrappers. We actually have probably among the lowest operating expenses. And still, the return is not good enough. And therefore, we get rid of them. And what they are thinking and what kind of IRR they can survive with, it's -- I suppose their own matter, unless if they know something about China that we don't.

我們的營運費用非常低，而且我們有廢料回收機。事實上，我們的營運費用可能是最低的。但回報仍然不夠好。因此，我們擺脫了它們。他們在想什麼，以及他們能夠以什麼樣的內部收益率生存下來，我想這是他們自己的事情，除非他們了解一些我們不知道的中國情況。

Do you see the environmental regulations as being a catalyst that's going to actually cause ships to be scrapped? Or is that unlikely to happen for the foreseeable future?

您是否認為環境法規會成為導致船舶報廢的催化劑？或者在可預見的未來這不太可能發生？

It will definitely slow down speeds. It will take longer time to install ESDs in shipyards and to keep the vessels in a better condition so that they consume less and to clean their hull more often. So that they don't burn more fuel, which will be a punishment for high consumers.

這肯定會降低速度。在船廠安裝 ESD 並保持船舶處於更好的狀態需要更長的時間，以便它們消耗更少的能源並更頻繁地清潔船體。這樣他們就不會燃燒更多的燃料，這對高消耗者來說是一種懲罰。

Now, I think there may be a few, a number of older, heavier consumer, consuming Chinese vessels that may not be as competitive as others. And the result of those will be that they won't be making any profit.

現在，我認為可能有一些較老、消耗量較大的中國船隻可能不如其他船隻具有競爭力。結果是他們不會賺取任何利潤。

So I think that there will be a percentage that is cap because of these reasons and perhaps, we won't get to vessels that we won't get to keep vessels over 20 years of age at some point. But I think the immediate effect is going to be on speed and delays in dry bulks, and then scrapping will follow.

因此，我認為由於這些原因，一定比例將會受到限制，也許在某個時候我們將無法保留那些船齡超過 20 年的船隻。但我認為直接的影響將體現在乾散貨船的速度和延誤上，隨後將導致船舶報廢。

Thank you. At this time, I'd like to turn the floor back over to management for any additional or closing comments.

謝謝。現在，我想將發言權交還給管理層，請他們發表任何補充或結束評論。

No further comments, operator. Thank you very much.

操作員，沒有進一步的評論。非常感謝。

Ladies and gentlemen, thank you for your participation. This concludes today's event. You may disconnect your lines or log off the webcast at this time and enjoy the rest of your day.

女士們、先生們，感謝你們的參與。今天的活動到此結束。現在您可以斷開線路或退出網路廣播，享受剩餘的一天。