Star Bulk Carriers Corp (SBLK) 2025 Q2 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 second-quarter 2025 financial results. With us today, Mr. Petros Papas, Chief Executive Officer; Mr. Hamish Norton, President; Mr. Simos Spyrou; and Mr. Christos Begleris, Co-Chief Financial Officers; Mr. Nicos Rescos, Chief Operating Officer; Mrs. Charis Plakantonaki, Chief Strategy Officer of the company; and Constantino Simantiras, Head of Market Analysis of the company.

女士們、先生們，感謝大家的支持，歡迎參加 Star Bulk Carriers 關於 2025 年第二季財務業績的電話會議。今天與我們一起出席的有執行長 Petros Papas 先生、總裁 Hamish Norton 先生、聯合財務長 Simos Spyrou 先生和 Christos Begleris 先生、營運長 Nicos Rescos 先生、公司首席策略長 Charis Plakantonaki 女士以及公司市場分析主管 Constantino Simantiras。

(Operator Instructions) I must advise you that this conference is being recorded today. We now pass the floor to one of our speakers, Mr. Spyrou. Please go ahead.

（操作員指示）我必須通知您，今天的會議將會被錄音。我們現在請我們的一位發言者斯皮魯先生發言。請繼續。

Thank you, operator. I'm Simos Spyrou, Co-Chief Financial Officer of Star Bulk Carriers, and I would like to welcome you to our conference call regarding our financial results for the second quarter of 2025. Before we begin, I kindly ask you to take a moment to read the Safe Harbor statement on slide number 2 of our presentation.

謝謝您，接線生。我是 Star Bulk Carriers 聯合財務長 Simos Spyrou，歡迎您參加我們關於 2025 年第二季財務業績的電話會議。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 Q2 highlights, results, actions taken to create value for our shareholders, cash evolution during the quarter, a short update on the merger synergies, vessel operations, fleet update, the latest on the regulatory front, and our views on the industry fundamentals before opening up for questions.

在今天的演示中，我們將介紹第二季度的亮點、業績、為股東創造價值而採取的行動、本季度的現金變化、合併協同效應的簡要更新、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，然後再開放提問。

Let us now turn to slide number 3 of the presentation for a summary of our second-quarter 2025 highlights. The company reported the following: Net income amounted to $40,000 with adjusted net income of $13.2 million or $0.11 per share adjusted net income. Adjusted EBITDA was $69 million for the quarter. During the second quarter, we repurchased 3.3 million shares for a total of $54 million. Our Board of Directors decided to continue prioritizing returns to shareholders given the company's strong position, declaring a dividend of $0.05 per share for the quarter payable on September 10.

現在讓我們翻到簡報的第 3 張投影片，了解我們 2025 年第二季的亮點摘要。該公司報告如下：淨收入為 40,000 美元，調整後淨收入為 1,320 萬美元，或每股調整後淨收入 0.11 美元。本季調整後的 EBITDA 為 6,900 萬美元。第二季度，我們回購了 330 萬股，總計 5,400 萬美元。鑑於公司的強大地位，我們的董事會決定繼續優先考慮股東回報，宣布本季每股 0.05 美元的股息將於 9 月 10 日支付。

Our total cash today stands at $407 million. Meanwhile, our total debt stands at $1.12 billion. Through undrawn revolver facilities, we have additional liquidity of $115 million, resulting to pro forma liquidity of more than $0.5 billion. Finally, we currently have 12 debt-free vessels with an aggregate market value of $246 million.

我們今天的現金總額為 4.07 億美元。同時，我們的總債務為11.2億美元。透過未提取的循環信貸額度，我們擁有 1.15 億美元的額外流動資金，從而實現超過 5 億美元的預計流動資金。最後，我們目前擁有 12 艘無負債船舶，總市值為 2.46 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 $13,624 per vessel per day. Our combined daily operating expenses and net cash G&A expenses per vessel per day amounted to $6,277 per vessel. Therefore, our time charter equivalent less OpEx, less G&A is approximately $7,350 per day per vessel.

在頁面的右上角，您將看到本季每艘船的每日數據。我們的定期租船等價費率為每艘船每天 13,624 美元。我們每艘船每天的綜合營運費用和淨現金一般及行政費用總計為 6,277 美元。因此，我們的定期租船費用減去營運支出和一般及行政費用約為每艘船每天 7,350 美元。

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 our shareholders. In total, since 2021, we have taken actions totaling $2.75 billion in dividends, share buybacks, and debt repayment to create value for our shareholders. At the same time, Star Bulk has been growing the platform at opportune times through consecutive fleet buyouts by issuing shares at or above NAV.

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。整體而言，自 2021 年以來，我們已採取總計 27.5 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資產淨值的股票，在適當時機連續收購船隊，擴大平台規模。

On the bottom of the page, we saw our net debt evolution. Since 2021, our average net debt has been reduced by 46%, reaching a level where it is covered by the fleet scrap value. Given the fleet growth on a per vessel basis, it has decreased from $11.2 million per vessel to $5.3 million per vessel, a reduction of more than 53%.

在頁面底部，我們看到了我們的淨債務演變。自 2021 年以來，我們的平均淨債務減少了 46%，達到了可以用車隊廢料價值覆蓋的水平。考慮到每艘船的船隊成長，其成本已從每艘船 1,120 萬美元降至每艘船 530 萬美元，降幅超過 53%。

Slide 5 graphically illustrates the changes in the company's cash balance during the second quarter. We started the quarter with $437 million in cash. We generated positive cash flow from operating activities of $55 million. After including debt proceeds and repayments, CapEx payments for energy-saving devices and ballast water treatment systems installations, vessel sale proceeds, share buybacks, and the first quarter dividend payment, we arrived at a cash balance of $431 million at the end of the quarter.

投影片 5 以圖形方式展示了該公司第二季現金餘額的變化。本季開始時，我們的現金為 4.37 億美元。我們從經營活動中產生了 5,500 萬美元的正現金流。在計入債務收益和償還、節能設備和壓載水處理系統安裝的資本支出、船舶銷售收益、股票回購和第一季股息支付後，我們在本季末的現金餘額為 4.31 億美元。

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

現在，我將把發言權交給我們的營運長 Nicos Rescos，請他介紹綜效和營運績效的最新情況。

Thank you, Simo. Slide 6 provides an update on the Eagle integration and synergies. We're now closing the first year mark since the Eagle acquisition, near completion of our strategy and realizing significant cost savings in the operating and general and administrative expenses. Over $53 million of cumulative cost synergies have been achieved since April 2024.

謝謝你，西莫。投影片 6 提供了 Eagle 整合和協同作用的最新情況。現在，我們即將迎來收購 Eagle 以來的第一年，我們的策略已接近完成，並且在營運和一般及行政費用方面實現了顯著的成本節約。自 2024 年 4 月以來，已實現超過 5,300 萬美元的累積成本綜效。

Cost synergies achieved during Q2 2025 stands at approximately $13 million with operating expense and G&A savings for the Eagle fleet of approximately $1,990 per vessel per day. We expect to complete the phaseout of third-party crew managers by Q3 2025 and replacing with our crew platform, hence, meeting our targeted cost optimization.

2025 年第二季實現的成本綜效約為 1,300 萬美元，Eagle 船隊的營運費用和一般及行政費用節省約為每艘船每天 1,990 美元。我們預計到 2025 年第三季將逐步淘汰第三方機組管理人員，並以我們的機組平台取而代之，實現我們的成本優化目標。

Please turn to slide 7, where we provide an operational update. Operating expenses for Q2 2025 stands at $4,928. Net cash G&A expenses were $1,349 per vessel per day for the same period. In addition, we continue to rate at the top amongst our listed peers in terms of Rightship Safety Score.

請翻到投影片 7，我們在此提供營運更新。2025 年第二季的營運費用為 4,928 美元。同期，每艘船每天的淨現金一般及行政費用為 1,349 美元。此外，我們在 Rightship 安全評分方面繼續在同行中名列前茅。

Slide 8 provides a fleet update and some guidance around our future dry dock and the relevant total off-hire days. On the bottom of the page, we provide our expected dry dock expense schedule, which for the remaining of the year is estimated at $33 million for the dry docking of 30 vessels. In total, we expect to have approximately 1,000 off-hire days for the same period.

幻燈片 8 提供了船隊最新情況以及有關我們未來幹船塢和相關總停租天數的一些指導。在頁面底部，我們提供了預計的乾船塢費用計劃，預計今年剩餘時間的 30 艘船舶乾船塢費用為 3300 萬美元。總體而言，我們預計同一時期將有大約 1,000 天的停租時間。

On the top right of the page, we have our CapEx schedule, illustrating our newbuilding CapEx and vessel energy efficiency upgrade expenses. Based on our latest construction schedule, our five Kamsarmax newbuilding vessels constructed at Qingdao Shipyard are expected to be delivered during 2026. For these vessels, we have secured $130 million of debt financing against the newbuilding 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船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，我們在青島造船廠建造的五艘卡姆薩爾型新船預計將於 2026 年交付。對於這些船舶，我們已獲得 1.3 億美元的新船分期債務融資。

In line with IMO carbon reduction regulations, we will continue investing and upgrading our fleet with the latest operational technologies available, aimed in improving our fuel consumption and reducing our environmental footprint and enhancing the commercial attractiveness of the Star Bulk fleet. Regarding our energy-saving technologies retrofit program, we have so far completed 47 installations with another 13 planned for 2025.

根據國際海事組織的碳減排規定，我們將繼續投資並採用最新的營運技術升級我們的船隊，旨在改善我們的燃料消耗，減少我們的環境影響，並增強 Star Bulk 船隊的商業吸引力。關於我們的節能技術改造計劃，迄今為止我們已經完成了 47 個安裝，並計劃在 2025 年再完成 13 個安裝。

Please turn to slide 9 for an update on our fleet. On the vessel sales front, we continue disposing non-Eco vessels opportunistically, reducing our average age and improving overall fleet efficiency. During the second quarter, we agreed to sell and deliver to the new owners some of our less efficient Supramax and Kamsarmax vessels, Tufin Bulker, Star Canari, Star Petrel, Oriol and Star Georgia.

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，我們繼續適時處置非環保船舶，以降低平均船齡並提高整體船隊效率。在第二季度，我們同意向新船東出售並交付部分效率較低的 Supramax 和 Kamsarmax 船舶，包括 Tufin Bulker、Star Canari、Star Petrel、Oriol 和 Star Georgia。

Furthermore, during the second quarter, we have further agreed to sell Star Nighthawk, Star Runner, Fani, Star Gold, Star Piper and Star O, which are expected to be delivered to the new owners by the end of the year. We expect to receive an aggregate net sales proceeds of $104 million during Q3 and Q4 2025.

此外，在第二季度，我們也同意出售Star Nighthawk、Star Runner、Fani、Star Gold、Star Piper和Star O，預計將於年底交付給新主人。我們預計 2025 年第三季和第四季的淨銷售收益總額將達到 1.04 億美元。

Following the rollover of [A bulk] existing chartering contracts, we now have a total of eight chartering vessels. Considering the aforementioned changes in our fleet mix, we operate one of the largest dry bulk fleets amongst US and European listed peers with 142 vessels on a fully delivered basis and with an average age of 11.9 years.

隨著[A bulk]現有租船合約的展期，我們現在共有八艘租船。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干散貨船隊之一，擁有 142 艘完全交付的船隻，平均船齡為 11.9 年。

I will now pass the floor to our Chief Strategy Officer, Charis Plakadonaki, for an update on recent global environmental regulation developments.

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

Thank you, Nico. Please turn to slide 10, where we highlight progress on our ESG priorities. In anticipation of the 84th session of the IMO MEPC in October 2025, we continue to assess the impact of the draft net zero framework approved by the IMO last April, and we researched future strategies to ensure timely and efficient compliance with the forthcoming global regulations expected to take effect in January 2028.

謝謝你，尼科。請翻到第 10 張投影片，我們重點介紹了 ESG 優先事項的進展。為迎接2025年10月舉行的第84屆國際海事組織海洋環境保護委員會會議，我們將繼續評估去年4月國際海事組織批准的淨零框架草案的影響，並研究未來戰略，以確保及時有效地遵守預計將於2028年1月生效的全球法規。

On the fueling maritime front, we have reviewed compliance options and selected the optimal strategy for 2025, 2026, entering a pooling agreement with an external party to cover 100% of tons CO2 deficit for '25 and partly for '26 given the cost effectiveness of purchasing surplus units.

在海上燃料供應方面，我們審查了合規選項，並選擇了 2025 年、2026 年的最佳策略，與外部方達成了一項聯合協議，以彌補 2025 年 100% 的二氧化碳排放量缺口，並考慮到購買剩餘單位的成本效益，彌補 2026 年的部分缺口。

Star Bulk remains committed to supporting the professional development of the next generation in the shipping industry. A total of 32 university students from Greece and abroad are currently undertaking internships across various departments of our company.

Star Bulk 始終致力於支援航運業下一代的專業發展。目前共有32位來自希臘和國外的大學生在我公司各部門實習。

During Q2 2025, the company renewed its social responsibility commitments, including the sponsorship of athletes from Greece's national skeet shooting team and our continued support of the Union of Greek Shipowners' scholarship program.

2025 年第二季度，該公司重申了其社會責任承諾，包括贊助希臘國家飛碟射擊隊的運動員，並繼續支持希臘船東聯盟的獎學金計劃。

In preparation for the company's annual ESG report to be published in the third quarter of 2025, we are conducting a new impact analysis of our ESG material topics, engaging our internal stakeholders in accordance with the Global Reporting Initiative standards. We continue to invest in digitalization, cybersecurity, including the rollout of Starlink and onboard firewalls across our fleet, while actively exploring applications of AI technology in our operations.

為了準備將於 2025 年第三季發布的公司年度 ESG 報告，我們正在對 ESG 重要主題進行新的影響分析，並根據全球報告倡議組織的標準讓內部利害關係人參與其中。我們繼續投資數位化和網路安全，包括在我們的船隊中推出 Starlink 和機載防火牆，同時積極探索人工智慧技術在我們的營運中的應用。

I will now pass the floor to our Head of Market Analysis, Constantinos Simantiras, for a market update and closing remarks.

現在，我將把發言權交給我們的市場分析主管康斯坦丁諾斯·西曼蒂拉斯 (Constantinos Simantiras)，請他介紹市場最新動態並作結束語。

Thank you, Charis. Please turn to slide 11 for a brief update of supply. During the first half of 2025, a total of 18.1 million deadweight was delivered and 2.2 million deadweight was sent to demolition -- that brings net fleet growth of 15.9 million deadweight or 1.5% year to date and 2.9% over the last 12 months. The newbuilding order book remains modest at 10.8% of the existing fleet. Contracting activity was soft in the first half, falling to a nine-year low of just 9.7 million deadweight.

謝謝你，查理斯。請翻到投影片 11 查看供應的簡要更新。2025 年上半年，共交付 1,810 萬載重噸船舶，拆解 220 萬載重噸船舶，這使年初至今的淨船隊規模增長 1,590 萬載重噸，增幅為 1.5%，過去 12 個月內增長 2.9%。新船訂單量仍然較少，僅佔現有船隊的 10.8%。上半年船舶簽約活動疲軟，跌至九年來的最低水平，僅 970 萬載重噸。

Limited shipyard capacity up to second half 2027, high shipbuilding costs and uncertainty over future green propulsion have kept new orders under control. At the same time, the fleet is aging. And by the end of 2027, approximately 50% of the current fleet will be over 15 years old.

到 2027 年下半年，造船廠產能有限、造船成本高昂以及未來綠色推進的不確定性導致新訂單受到控制。與此同時，船隊正在老化。到 2027 年底，目前約有 50% 的船隊船齡將超過 15 年。

Moreover, the increasing number of vessels undergoing their third special survey is estimated to reduce effective capacity by approximately 0.5% per annum between 2025 and 2027. The average steaming speed of the fleet has slightly rebounded from Q1 record lows, supported by firmer freight rates and a relatively stable bunker environment.

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％。受運價走強和燃油環境相對穩定的支撐，船隊平均航速已從第一季的歷史低點略有回升。

However, speeds remain below last year levels and have stabilized at around NOK11. Furthermore, new IMO carbon regulations are expected to continue to incentivize slow steaming and moderate effective supply in the medium term.

不過，速度仍然低於去年的水平，並穩定在 11 挪威克朗左右。此外，預計國際海事組織的新碳排放法規將在中期內繼續激勵船舶慢速航行和適度有效供應。

Finally, global port congestion after experiencing a brief recovery in Q1 has now returned to long-term averages. For the remainder of 2025 and 2026, we expect congestion to follow seasonal trends and to have a neutral or slightly positive impact on the supply and demand balance.

最後，全球港口擁擠狀況在第一季經歷短暫復甦後，目前已恢復到長期平均水準。對於 2025 年剩餘時間和 2026 年，我們預計壅塞將遵循季節性趨勢，並對供需平衡產生中性或略微正面的影響。

Let us now turn to slide 12 for a brief update of demand. According to Clarksons, total dry bulk trade during 2025 is projected to contract by 0.9%, while ton miles are expected to expand by 0.2%. For 2026, trade growth is estimated at 0.3% in tons and 0.6% in ton miles.

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。根據克拉克森預測，2025 年乾散貨貿易總量預計將萎縮 0.9%，而噸英里預計將成長 0.2%。預計 2026 年貿易成長率為 0.3%（以噸計算）和 0.6%（以噸英里計算）。

President Trump's aggressive tariff negotiations and policy shifts have added uncertainty to traditional forecasting models. Nevertheless, the global economy showed considerable resilience in the first half of the year. In its latest report, the IMF upgraded global GDP forecast following easing trade tensions and recent US deals with the EU, Japan, and other nations.

川普總統積極的關稅談判和政策轉變為傳統預測模型增加了不確定性。儘管如此，上半年全球經濟仍展現出較強的韌性。在最新報告中，由於貿易緊張局勢緩和以及美國最近與歐盟、日本和其他國家達成協議，國際貨幣基金組織上調了全球 GDP 預測。

World growth was revised up by 0.2 percentage points to 3% for 2025 and 3.1% for 2026, while US and China GDP forecast for 2025 were upgraded by 0.2% and 0.8%, respectively. Similar upward revisions in trade forecast should be expected over the next coming months, especially if the trade route between the US and China is extended over the next quarter.

世界經濟成長預測分別調高0.2個百分點至2025年3%和2026年3.1%，而美國和中國2025年GDP成長預測分別調高0.2%和0.8%。預計未來幾個月貿易預測也會出現類似的上調，特別是如果美國和中國之間的貿易路線在下一季延長的話。

During the first half of 2025, total dry bulk volumes underperformed due to strong declines in coal and grain shipments. Iron ore trade was stable, while bauxite and minor bulk flows increased significantly. During the second half -- during the second quarter, ton-miles found support by stronger Atlantic exports, longer Pacific trade distances, and the ongoing Red Sea rerouting.

2025 年上半年，由於煤炭和穀物運輸量大幅下降，乾散貨總運量表現不佳。鐵礦石貿易穩定，鋁土礦及小宗散裝貨物流量大幅增加。在下半年，也就是第二季度，噸英里數得到了大西洋出口增加、太平洋貿易距離延長以及紅海航線改道持續推進的支持。

Chinese dry bulk imports contracted by 4.2% year over year in the first half, following two years of strong expansion in domestic output, imports, and rising stockpiles. However, China's GDP growth has exceeded expectations on the back of aggressive stimulus measures that began in September with an aim to revive domestic consumption, stabilize the housing market, and offset the impact of tariffs.

繼國內產量、進口量和庫存連續兩年強勁增長之後，今年上半年中國乾散貨進口量年減 4.2%。然而，在9月開始實施旨在恢復國內消費、穩定房地產市場和抵消關稅影響的積極刺激措施的支持下，中國的GDP成長超出了預期。

Dry bulk demand from the rest of the world has experienced a strong recovery over the last seven quarters, a trend that is expected to continue, supported by lower commodity prices and a weaker US dollar. During the first half of 2025, imports rose by 2.8% year over year, driven by Southeast Asia, India and Middle East demand.

過去七個季度，世界其他地區的乾散貨需求強勁復甦，受大宗商品價格下跌和美元走弱的支撐，這一趨勢預計將持續下去。2025年上半年，受東南亞、印度和中東需求的推動，進口量年增2.8%。

Iron ore trade is projected to contract by 1.2% in comps and by 0.7% in ton-miles during 2025. Chinese steel production fell 2.2% year on year during the first half, driven by Q2 output reductions to address overcapacity. However, iron ore imports are expected to gain support as port stockpiles have declined in recent months and domestic iron ore production contracted by 8.4% year to date. Furthermore, record high steel exports have partially offset weaker domestic demand, while steel production in the rest of the world was stable year over year.

預計 2025 年鐵礦石貿易量將年減 1.2%，噸英里數將下降 0.7%。由於第二季為解決產能過剩問題而減產，中國上半年鋼鐵產量年減 2.2%。不過，由於近幾個月港口庫存下降，今年迄今國內鐵礦石產量下降了 8.4%，鐵礦石進口預計將獲得支撐。此外，創紀錄的鋼鐵出口量部分抵消了國內需求的疲軟，而世界其他地區的鋼鐵產量則比去年同期保持穩定。

By late 2025, iron ore ton miles will receive support from new high-grade Atlantic iron ore mines that are expected to gradually replace lower quality imports and Chinese domestic production. Coal trade is projected to contract by 5.8% in tons and by 7.6% in ton-miles during 2025. Export volumes pulled back during the first half after reaching new record highs during the second half of 2024.

到2025年底，鐵礦石噸英里數將得到大西洋新高品位鐵礦石礦山的支持，這些新高品位鐵礦石礦山預計將逐步取代質量較低的進口鐵礦石和中國國內鐵礦石。預計2025年煤炭貿易量將下降5.8%（以噸計），噸英里數將下降7.6%。2024 年下半年出口量創下新高後，上半年回落。

Chinese and Indian thermal electricity production declined, domestic coal production increased and stockpiles reached all-time highs. Weak coal fundamentals and rising renewable energy production in China create downside risks. However, global focus on energy security, strong demand from Southeast Asian economies, and the recovery of Australia coal ton miles should gradually provide support on coal trade.

中國和印度的火力發電產量下降，國內煤炭產量增加，庫存達到歷史最高水準。中國煤炭基本面疲軟以及再生能源產量不斷上升帶來了下行風險。不過，全球對能源安全的關注、東南亞經濟體的強勁需求以及澳洲煤炭噸英里數的回升應該會逐漸為煤炭貿易提供支撐。

Grain trade is projected to contract marginally by 0.1% in tons, but to expand by 1.9% in ton-miles during 2025. During the first half, total grain volumes dropped by 3.7% year over year, driven by a sharp decline in Black Sea and European exports and weaker Chinese demand.

預計到 2025 年，穀物貿易量將小幅下降 0.1%（以噸為單位），但噸英里數將增加 1.9%。上半年，受黑海和歐洲出口大幅下降以及中國需求減弱的影響，糧食總產量較去年同期下降3.7%。

Latin America exports remained relatively flat at elevated levels following a strong Brazilian soya bean season and increased volumes from Argentina. Moreover, falling commodity prices, a weaker US dollar, and pent-up demand are expected to boost grain trade activity during the rest of 2025 and 2026.

由於巴西大豆季節強勁以及阿根廷產量增加，拉丁美洲出口保持相對穩定的高水準。此外，預計大宗商品價格下跌、美元走弱以及被壓抑的需求將在 2025 年剩餘時間和 2026 年推動糧食貿易活動。

Minor bulk trade is projected to expand by 2.1% in tons and by 3.6% in ton-miles during 2025. Minor bulk trade is closely tied to global GDP growth and has benefited from improving outlook across major economies. The favorable price arbitrage continues to fuel Chinese steel exports and backhaul trades, while bauxite exports from West Africa expanded by 31% in the first half, generating strong ton miles for the Capesize fleet.

預計 2025 年小宗散貨貿易量將以噸位計算成長 2.1%，以噸英里計算成長 3.6%。小宗散貨貿易與全球GDP成長密切相關，並受惠於主要經濟體前景的改善。有利的價格套利繼續推動中國鋼鐵出口和回程貿易，而西非鋁土礦出口在上半年增長了31%，為好望角型船隊帶來了強勁的噸位海裡數。

As a final comment, despite ongoing global geopolitical uncertainties, we remain optimistic about the medium- to long-term outlook for the dry bulk market, supported by favorable supply outlook, stricter IMO environmental regulations and China's accumulating stimulus measures. We remain focused on actively managing our diverse scrubber-fitted fleet to capitalize on market opportunities and deliver value to our shareholders.

最後，儘管全球地緣政治不確定性持續存在，但在良好的供應前景、更嚴格的國際海事組織環境法規和中國不斷累積的刺激措施的支持下，我們仍然對乾散貨市場的中長期前景持樂觀態度。我們將繼續致力於積極管理配備洗滌器的多樣化船隊，以利用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) Chris Robertson, Deutsche Bank.

（操作員指示）德意志銀行的克里斯·羅伯遜。

Just given the recent strengthening in the midsized segment in terms of the rates, do you have any expectations around further divestment of older tonnage in kind of the smaller segments? Or do you expect to target maybe one particular segment or another or just particular age profiles going forward?

鑑於近期中型船舶市場的運價不斷走高，您是否預期小型船舶市場中老舊船舶的撤資將會增加？或者您希望針對某個特定群體或特定年齡層的人？

Disposals of smaller ships. Chris, the intention is to continue disposing of smaller vessels, smaller, older and inefficient vessels going forward. And that is also a kind of a hedge in case the market does not go the way we think it will.

處置小型船舶。克里斯，我們的目標是繼續處理小型、小型、老舊和低效率的船隻。如果市場走勢不如我們所願，這也是一種對沖。

Got you. I guess as a follow-up to that, when you think about investing in the fleet on the vessels that you do decide to keep, there's obviously the current technologies out there like different paints and whole treatment and things like that. But what other technology options are you guys looking into or you expect to maybe come on to the scene over the next few years that will help continue to improve efficiency of the current fleet without having to invest in alternative fuel technology as another more expensive option.

明白了。我想作為後續行動，當您考慮對您決定保留的船隻進行投資時，顯然會採用現有的技術，例如不同的油漆和整體處理等等。但是，你們正在研究哪些其他技術選擇，或者你們預計在未來幾年內可能會出現哪些技術選擇，這將有助於繼續提高當前車隊的效率，而不必投資替代燃料技術作為另一個更昂貴的選擇。

Hi, Chris. This is Nicos. We're looking at various technologies and testing all sorts of -- from cleaning robots to testing carbon capture technology. We think this is going to be a long journey until we are able to replace engines to new fuels. So we are looking at various options of how to optimize performance. We're lately changing propellers on the bigger ships. But if we go with efficiency devices, ESPs, we're able to reduce consumption by about 10%.

你好，克里斯。這是尼科斯。我們正在研究各種技術並進行測試——從清潔機器人到測試碳捕獲技術。我們認為，在我們能夠用新燃料取代引擎之前，這將是一段漫長的旅程。因此，我們正在研究如何優化性能的各種選擇。我們最近正在更換大型船舶的螺旋槳。但如果我們採用高效能設備 ESP，我們就能夠減少約 10% 的消耗。

So there are measures. There are investments to be made with a short return on investment horizon. And we see this has been the trend for the next, let's say, five to seven years.

所以有措施。有些投資的投資報酬期很短。我們看到這將成為未來五到七年的趨勢。

(Operator Instructions) Omar Nokta, Jefferies.

（操作員指示）奧馬爾·諾克塔（Omar Nokta），傑富瑞（Jefferies）。

Just wanted to ask about the market, and you touched on it a little bit. But we have seen a bit of a resurgence here, perhaps not maybe substantially, but definitely an improvement from the first half, which maybe seems a bit unexpected, I would say, for this time of year. Can you give me just a sense of what's behind this move from your angle? And especially given that we're seeing it across all segments, what's it telling us about seasonality and perhaps maybe your outlook as a result of what we're seeing today?

只是想問市場狀況，你稍微提到了一點。但我們在這裡看到了一些復甦，也許不是實質性的，但肯定比上半年有所改善，我想說，對於今年的這個時候來說，這似乎有點出乎意料。您能否從您的角度解釋一下這項舉措背後的原因？特別是考慮到我們在所有領域都看到了這一點，它告訴我們關於季節性的什麼信息，也許也許是根據我們今天看到的情況，您對未來的看法是什麼？

Hi, Omar. Yes, seasonality is a factor. But also keep in mind that June exports actually reached an all-time high. So that actually was the beginning of the better market that we saw. We think that part of it is expediting import-exports prior to potential effects of the tariffs.

你好，奧馬爾。是的，季節性是一個因素。但也請記住，六月出口實際上達到了歷史最高水準。所以這實際上是我們所看到的更好的市場的開始。我們認為其中一部分是在關稅的潛在影響之前加快進出口。

And we also have another theory in this office, which we call ocean imbalance. We realized at some point a couple of months ago that there were many vessels in the Pacific, many more than usual and lesser vessels in the Atlantic. And that actually started an upturn in the Atlantic. And also think about it physically, when there are less vessels than what's required, they need to [ballast]. And therefore, that adds into the inefficiencies. Also, we saw some extra grain exports from Brazil, and that helped as well.

我們辦公室還有另一個理論，我們稱之為海洋不平衡。幾個月前的某個時候，我們意識到太平洋上有很多船隻，比平常多得多，而大西洋上的船隻則較少。這實際上引發了大西洋局勢的轉變。從物理角度考慮，當船隻數量少於所需時，他們需要[壓艙物]。因此，這進一步加劇了效率低下的問題。此外，我們還看到巴西出口了一些額外的糧食，這也有幫助。

Now as far as the future is concerned, we're pretty positive about Q4. As we've said in the past, the second half of the year, there's more trade than the first half of the year with the well-known 54%, 46% ratio between the two halves. 54 for the second half. That, of course, changes over time.

就未來而言，我們對第四季非常樂觀。正如我們過去所說的那樣，下半年的貿易量比上半年要多，眾所周知，上半年和下半年的比例分別為 54% 和 46%。下半年為 54。當然，這會隨著時間而改變。

Then we see a number of iron ore shipments coming from Brazil and Australia in the second half. The weather is better as well. The US soybean season is starting. Coal seems to be doing a bit better than previously. Of course, the ocean imbalance is going to remain. This is not something that is mended immediately.

下半年我們將看到大量鐵礦石從巴西和澳洲運來。天氣也更好了。美國大豆季節即將開始。煤炭的表現似乎比以前好。當然，海洋不平衡現象仍將持續存在。這不是可以立即解決的事情。

One question we have about Q4 is the tariffs, what effect they will have and what is going to happen there, but that's something nobody can tell. And if you won't go further for 2026, I could talk to you for the next 10 minutes. But we generally are looking forward to a relatively good year for 2026. If you want me to expand, I could.

我們對第四季的一個疑問是關稅，它會產生什麼影響以及會發生什麼，但這是沒有人能夠預料的。如果您不願意將時間延長到 2026 年，我可以與您聊 10 分鐘。但我們總體上期待 2026 年是相對好的一年。如果你想讓我擴展，我可以。

Thank you. That's helpful. I appreciate the detail there. And maybe just for a point of clarity, you mentioned at the beginning of your remarks -- answer to my question that June exports hit a high. Was that just -- are you referring to a specific commodity? Or was that just naturally kind of the seaborne trade?

謝謝。這很有幫助。我很欣賞那裡的細節。也許只是為了澄清一點，您在發言開始時提到—回答我的問題，六月出口創下新高。那隻是──您指的是一種特定的商品嗎？或者這只是一種自然的海上貿易？

I'm referring to tons traded.

我指的是交易噸數。

Okay. Okay. And then maybe just a bit more of like a financial question. Given, obviously, the stock has done well this year and recently, you've been very active buying back the stock. You just recharged with the $100 million buyback. How do you view kind of the use of the buyback here in the second half? You obviously -- again, you're fairly active in the past few months. The stock has reacted favorably. Do you continue this path? Or do you kind of maybe go back to the idea of the dividend taking up a bigger percentage of the free cash flow?

好的。好的。然後也許這更像是財務問題。顯然，鑑於該股票今年表現良好，並且最近您一直非常積極地回購股票。您剛剛透過 1 億美元的回購進行了充值。您如何看待下半年回購的用途？顯然，你在過去幾個月相當活躍。該股反應良好。你會繼續這條路嗎？或者您會回到股息佔自由現金流更大比例的想法？

Well, so Omar, it's Hamish Norton. We are basically going to try to do what's the right thing for the shareholders. That's basically how we think. If our stock gets cheaper, we'll probably use cash flow to -- or at least cash from ship sales to buy back stock and maybe some cash flow as well.

好吧，奧馬爾，我是哈米甚諾頓。我們基本上會盡力為股東做正確的事。我們基本上就是這麼想的。如果我們的股票變得更便宜，我們可能會使用現金流 - 或至少使用船舶銷售的現金來回購股票，也許還會使用一些現金流。

If our stock does well, we'll probably use cash to basically build up a reserve on our balance sheet for opportunities that we think may get quite good later on. At this point, we're probably not going to buy ships because we think that the pricing is a little high for building up the fleet, but we do think there will be some opportunities in the foreseeable future.

如果我們的股票表現良好，我們可能會使用現金在資產負債表上建立儲備，以應對我們認為以後可能會出現很好機會的情況。目前，我們可能不會購買船舶，因為我們認為組建船隊的價格有點高，但我們確實認為在可預見的未來會有一些機會。

Probably we will not increase our dividend above roughly 60% of cash flow, and it may not be that much. But we will pay a dividend.

我們可能不會將股息提高到現金流的 60% 左右以上，而且可能不會那麼多。但我們會支付股息。

Thank you. And at this time, we have no other questions. I will turn the call back to the management team.

謝謝。目前我們沒有其他問題。我會將電話轉回管理團隊。

Thank you, operator. No further comments. Have a great summer, everybody, and thank you for following our performance.

謝謝您，接線生。沒有進一步的評論。祝大家有個愉快的夏天，感謝大家關注我們的表演。

Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending, and we do ask that you please disconnect your lines.

謝謝您，先生。女士們、先生們，今天的電話會議到此結束。再次感謝您的參加，我們懇請您斷開您的線路。