Star Bulk Carriers Corp (SBLK) 2025 Q3 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 third quarter 2025 financial results. We have 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; and Mrs. Charis Plakantonaki, and Mr. Constantinos Simantiras.

女士們、先生們，感謝你們的耐心等待，歡迎參加 Star Bulk Carriers 2025 年第三季財務業績電話會議。今天在場的有：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；以及 Charis Plakantonaki 女士和 Constantinos Simantiras 先生。

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

（操作員說明）我必須告知各位，本次會議正在錄音。現在我們把發言權交給您的發言人，斯皮魯先生，請開始。

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 in the third 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.

謝謝接線生。我是 Star Bulk Carriers 的聯合財務長 Christos Begleris，歡迎各位參加我們關於 2025 年第三季財務業績的電話會議。在開始之前，請您花一點時間閱讀我們簡報第 2 頁的安全港聲明。

In today's presentation, we will go through our third quarter company highlights, financial results, actions taken to create value for our shareholders, cash revolution during the quarter, vessel operations, our investments in our fleet, the latest on the regulatory front, and our views on industry fundamentals before opening up for questions.

在今天的演講中，我們將介紹公司第三季度的亮點、財務業績、為股東創造價值所採取的行動、本季度的現金流變化、船舶運營、船隊投資、監管方面的最新進展以及我們對行業基本面的看法，之後將開放提問環節。

Let us now turn to slide number 3 of the presentation for a summary of our third quarter 2025 highlights. The company reported the following. Net income amounted to $18.5 million. Adjusted Net Income of $32.4 million or $0.16 adjusted income per share.

現在讓我們翻到簡報的第 3 張投影片，總結一下我們 2025 年第三季的亮點。該公司報告如下：淨收入達1850萬美元。調整後淨利為 3,240 萬美元，即調整後每股收益 0.16 美元。

Adjusted EBITDA was $87 million for the quarter. During the third quarter, we repurchased 250,000 shares for a total of $4.4 million, while from the beginning of the fourth quarter until date, we have bought back 360,000 shares for $6.7 million.

本季調整後 EBITDA 為 8,700 萬美元。第三季度，我們回購了 25 萬股，總計 440 萬美元；而從第四季初至今，我們已回購了 36 萬股，總計 670 萬美元。

Our Board of Directors decided to continue prioritizing returns to shareholders given the company's strong position, declaring a dividend per share of $0.11 for the quarter payable on December 18, 2025. Our total cash date stands at $454 million. Meanwhile, our total debt stands at $1.028 billion.

鑑於該公司目前的強勁勢頭，董事會決定繼續優先考慮股東回報，並宣布派發每股 0.11 美元的季度股息，將於 2025 年 12 月 18 日支付。我們目前的現金總額為 4.54 億美元。同時，我們的總債務為10.28億美元。

Through undrawn revolver facilities, we have additional liquidity of $115 million resulting to proforma liquidity of more than $570 million. We have approximately $91 million remaining from our recently renewed share repurchase program. Finally, we currently have 15 debt-free vessels with an aggregate market value of $336 million.

透過未提取的循環信貸額度，我們額外擁有 1.15 億美元的流動資金，使預計流動資金超過 5.7 億美元。我們最近續簽的股票回購計畫還剩下約 9,100 萬美元。最後，我們目前擁有 15 艘無負債船舶，總市值達 3.36 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 $16,634 per vessel per day. Our combined daily OpEx and net cash General and Administrative expenses per vessel per day amounted to $6,421. Therefore, TCE less OpEx and cat G&A is approximately $10,213 per vessel per day.

在頁面右上角，您將看到本季每艘船舶的每日統計資料。我們的定期租船等效費率為每艘船每天 16,634 美元。我們每天每艘船舶的綜合營運支出和淨現金一般及行政費用為 6,421 美元。因此，每艘船每天的 TCE 減去營運支出和一般管理費用約為 10,213 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 increasing value of our shares and return capital to our shareholders.

第 4 頁概述了公司過去三年的資本配置政策，以及我們為加強公司實力、提高股票價值和向股東返還資本而採取的各種措施。

In total, since 2021, we have taken action totalling $2.8 billion in dividends, share buybacks, and debt repayments 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 net asset value.

自 2021 年以來，我們總共採取了 28 億美元的措施，包括派發股息、股票回購和償還債務，為股東創造價值。同時，Star Bulk 一直適時透過連續收購船隊，以等於或高於淨資產價值的價格發行股票，從而不斷擴大其平台規模。

On the top right-hand corner, we illustrate how the company has used both dividends and buybacks over time to return capital. We have returned in total $13.2 per share in dividends since 2021. This corresponds to approximately 70% of our current share price.

在右上角，我們展示了該公司如何隨著時間的推移，透過股利和股票回購來返還資本。自 2021 年以來，我們已累積派發每股 13.2 美元的股息。這相當於我們目前股價的約70%。

On the bottom of the page, we saw our net debt evolution. Since 2021, our average net debt has reduced by 50%reaching a level where it is covered by the fleet scrap value at a comfortable level. Slide 5, graphically illustrates the changes in the company's cash balance during the third quarter.

在頁面底部，我們看到了淨債務的變化。自 2021 年以來，我們的平均淨債務減少了 50%，達到一個可以被船隊報廢價值以較為合理的水平覆蓋的水平。第 5 張投影片以圖表形式展示了該公司第三季現金餘額的變化。

We started the quarter with $431 million in cash. We generated positive cash flow from operating activities of $92 million. After including vessel saving proceeds, debt proceeds, and repayments, CapEx payments for energy saving devices, and ballast water treatment systems, share buybacks, and the dividend payments for the second quarter, we arrived at the cash balance of $457 million at the end of the quarter.

本季初，我們擁有 4.31 億美元的現金。我們從經營活動中產生了9,200萬美元的正現金流。在計入船舶節約收益、債務收益和償還款項、節能設備和壓載水處理系統的資本支出、股票回購以及第二季度的股息支付後，我們得出該季度末的現金餘額為 4.57 億美元。

I will now pass the floor to our COO, Nicos Rescos, for an update on our operational performance and the investment we continue to make on our feet.

現在我將把發言權交給我們的營運長尼科斯·雷斯科斯，讓他介紹我們的營運表現以及我們持續進行的投資情況。

Thank you, Spyrou. Please turn to slide 6, where we provide an operational update. Over the expenses for Q3 2025 stand at $5,096 per vessel per day. Net cash G&A expenses were $1,325 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 scores.

謝謝你，斯派魯。請翻到第 6 頁，其中提供了營運更新。2025 年第三季的費用為每艘船每天 5,096 美元。同期，每艘船每天的淨現金一般及行政費用為 1,325 美元。此外，在船舶安全評分方面，我們在同行業公司中繼續名列前茅。

Slide 7, provides a fleet update and some guidance around our future dry dock and the relevant total off-hire days. During October, we entered into three prompt resale innovation agreements with Hengli Shipbuilding for [three] [82,000] deadweight scrubber [feet] that comes from as newbuildings, scheduled for delivery in Q3, 2026.

第 7 張投影片提供了船隊最新情況，並就我們未來的乾船塢和相關的總停租天數提供了一些指導。10 月份，我們與恆力造船簽訂了三份快速轉售創新協議，涉及三套來自新造船的 82,000 載重噸脫硫裝置，計劃於 2026 年第三季交付。

Our five -- newbuildings under construction at Qingdao Shipyard are expected to be delivered during Q3 and Q4 2026. We have secured $150 million in debt on the five [Hengli] newbuilding Kamsarmax, plus another $74 million expected against the three Hengli Kamsarmax vessels.

我們在青島造船廠建造的五艘新船預計將於 2026 年第三季和第四季交付。我們已為五艘[恆力]新建的卡姆薩爾型散裝貨船獲得了 1.5 億美元的債務融資，此外，預計還將為三艘恆力卡姆薩爾型散裝貨船獲得 7,400 萬美元的債務融資。

As of Q3, we have completed 51 EST installations with four vessels completed during the quarter, and with nine remaining in planned for 2025. On the top right of the page, we have our CapEx schedule illustrating our new building CapEx and vessel energy efficiency upgrade expenses.

截至第三季度，我們已完成 51 個 EST 安裝項目，其中 4 艘船舶在本季度完成安裝，另有 9 艘船舶計劃於 2025 年完成安裝。頁面右上角是我們的資本支出計劃表，其中列出了我們的新建築資本支出和船舶能源效率升級費用。

On the bottom of the page, we provide our expected driver expense schedule, which for the remaining of 2025 and '26 is estimated at $20 million and $47 million respectively. In total, we expect to have approximately 580 and [1,140] days for the same periods.

在頁面底部，我們提供了預計的司機費用表，2025 年剩餘時間和 2026 年剩餘時間的司機費用預計分別為 2000 萬美元和 4700 萬美元。總計，我們預計在同一時期內將有大約 580 天和 [1,140] 天。

Please turn to slide date for an update on our fleet. On the vessels sales front, we'll continue disposing non echo vessels opportunistically, reducing our average fleet age and improving overall fleet efficiency. We'll continue to optimize our fleet to selective disposals and acquisitions.

請翻到幻燈片日期部分查看我們車隊的最新情況。在船舶銷售方面，我們將繼續抓住機會處置非迴聲船舶，降低船隊平均船齡，提高船隊整體效率。我們將繼續優化我們的船隊，選擇性地處置和收購現有船隻。

During Q3, we sold and delivered six Kamsarmax and Supramax vessels, collecting total profits of $75.5 million. With another two Supramax Star Runner and Star Sandpiper delivered in October, generating around 24 -- $25 million in proceeds.

第三季度，我們售出並交付了六艘卡姆薩爾型和超靈便型船舶，共獲得 7,550 萬美元的利潤。10 月又交付了兩艘超大型散裝貨船“星際跑者號”和“星際沙鷸號”，產生了約 2,400 萬至 2,500 萬美元的收益。

We maintain eight long-term chartering contracts which provide flexibility and leverage across market cycles. Considering the aforementioned changes in our fleet mix, we operate one of the largest dry bulk fleet among US and European listed peers with 145 vessels, on a fully delivered basis and an average age of 11.9 years.

我們維持八份長期租船合同，這為我們提供了在市場週期中的靈活性和槓桿作用。考慮到上述船隊組成的變化，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 145 艘船舶，全部交付，平均船齡為 11.9 年。

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

現在我將把發言權交給我們的首席安全官 Charis Plakatonaki，請她介紹一下近期全球環境法規的發展。

Thank you, Nicos. Please turn to slide 9, where we highlight the key milestones on the [ESG] front. For the seven consecutive years, Star Bulk has published its annual environmental, social and governance report, which provides a comprehensive overview of the company's sustainability strategy, performance, and future goals.

謝謝你，尼科斯。請翻到第 9 頁，其中我們重點介紹了 [ESG] 方面的關鍵里程碑。星運散貨公司已連續七年發布年度環境、社會和治理報告，全面概述了公司的永續發展策略、績效和未來目標。

Through transparent and data-driven reporting, the publication highlights measurable progress toward long-term ESG objectives, supported by detailed action plans and sustainability focused key performance indicators.

該出版物透過透明且數據驅動的報告，重點介紹了在實現長期 ESG 目標方面取得的可衡量進展，並輔以詳細的行動計劃和以永續發展為重點的關鍵績效指標。

The report has been developed in accordance with the Global Reporting Initiative standards, the sustainability Accounting Standards for Marine Transportation, and aligns with the United Nations Sustainable Development Goals.

該報告依照全球報告倡議組織標準、海洋運輸永續會計準則編制，並與聯合國永續發展目標一致。

In October 2025, during the latest IMO, Mine Environment Protection Committee, the IMO member states decided to postpone the adoption of the natural framework for one year. The framework had been previously approved during the April [MEC].

2025 年 10 月，在國際海事組織礦山環境保護委員會最近一次會議上，國際海事組織成員國決定將自然框架的透過延後一年。該框架此前已於4月獲得批准。[MEC]。

Despite these developments around global regulations, the company's decarbonization strategy remains focused on future renewal, energy efficiency, and research and development on green technologies. We also continue to contribute to the work of the Maritime Emissions Reduction Center, together with our partners and have participated for one more year in the Carbon Disclosure Project on Climate Change and Water Security.

儘管全球法規發生了這些變化，但該公司的脫碳策略仍專注於未來的再生能源、能源效率以及綠色技術的研究和開發。我們也與合作夥伴一起繼續為海洋減排中心的工作做出貢獻，並再次參與了氣候變遷和水安全碳揭露計畫。

On the technology front, we have commenced assessing the application of Artificial Intelligence across the company, having completed the diagnostics, identified and prioritize these cases, and selected the first ones to be developed.

在技​​術方面，我們已經開始評估人工智慧在公司範圍內的應用，完成了診斷工作，確定了這些案例的優先級，並選出了首批要開發的專案。

We also continue our technology upgrades on Board our vessels, including firewall installations and Starlink deployment. As part of our enhanced corporate responsibility program, during Q3 2025, we delivered anti-harassment training to all employees across company offices in line with regulatory requirements.

我們也持續推進船上技術升級，包括防火牆安裝和星鏈部署。作為我們加強企業社會責任計畫的一部分，在 2025 年第三季度，我們按照監管要求，為公司所有辦公室的所有員工提供了反騷擾培訓。

I will now on the floor to our head of market analysis, Costantinos Simantiras for a market update and closing remarks.

現在我將請市場分析主管康斯坦丁諾斯·西曼蒂拉斯 (Costantinos Simantiras) 為大家帶來最新的市場狀況介紹和總結發言。

Thank you, Charis. Please turn to slide 10 for a brief update of supply. During the first 10 months of 2025, a total of $31.2 million Deadweight was delivered and $3.9 million Deadweight was sent for demolition for a Netflix growth of 2.6% year-to-date and 2.9% year-over-year. The newbuilding order book remains modest at 10.9% of the existing fleet as contracting activity has been solved during 2025, falling to a five-year low of $22.1 million Deadweight year-to-date.

謝謝你，查里斯。請翻到第 10 頁，了解最新的供應情況。2025 年前 10 個月，Netflix 共交付了價值 3,120 萬美元的 Deadweight，並送去拆除了價值 390 萬美元的 Deadweight，使其年初至今的增長率為 2.6%，同比增長率為 2.9%。由於 2025 年的合約活動已基本解決，新造船訂單量仍保持在現有船隊的 10.9% 左右，今年迄今的合約金額已降至五年來的最低點 2,210 萬美元載重噸。

Limited [CBR] capacity availability up to late 2027, high Shipbuilding costs and uncertainty over future green propulsion have kept new orders under control. Furthermore, the IMO's decision to postpone the adoption of the net zero framework for one year is likely to extend this order in ocean well into 2026.

到 2027 年底，[CBR] 產能有限，造船成本高昂，以及未來綠色推進技術的不確定性，使得新訂單受到控制。此外，國際海事組織決定將淨零排放框架的採用推遲一年，這可能會將海洋領域的這項秩序延續到 2026 年。

At the same time, the fleet is aging, and by the end of 2027, roughly 50% of the existing fleet will be over 50 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 during 2026 and 2027.

同時，機隊正在老化，到 2027 年底，現有機隊中約 50% 的飛機將超過 50 年。此外，預計在 2026 年和 2027 年，接受第三次特別檢驗的船舶數量不斷增加，將使有效運力每年減少約 0.5%。

Average steaming speeds have picked up slightly in recent months supported by firmer freight rates and lower bunker prices but remain close to historical lows. Furthermore, environmental regulations become stricter every year and are expected to continue to incentivize slow steaming and moderate effective supply.

近幾個月來，受運費走強和燃油價格走低的支撐，平均航速略有提高，但仍接近歷史低點。此外，環境法規逐年收緊，預計將繼續鼓勵慢速航行和適度有效供應。

Finally, global port congestion eased during Q3 and has returned to long-term averages. For the remainder of 2025 and 2026, congestion is expected to follow seasonal trends and to have a relatively neutral impact on effective supply growth.

最後，全球港口擁擠情況在第三季有所緩解，並已恢復到長期平均水準。預計在 2025 年和 2026 年剩餘時間內，擁塞情況將遵循季節性趨勢，對有效供應成長產生相對中性的影響。

Let us now turn to slide 11 for a brief update of demand. According to Clarkson, total dry bulk trade during 2025 is projected to expand by 1.4% in ton-miles. Total dry bulk trade volumes underperformed during the first half, but experienced a strong recovery during the third quarter. Trade volumes increased by 5.1% year over year during Q3 supported by strong iron ore, grain and minor bulk exports and a recovery of coal volumes.

現在讓我們翻到第 11 張投影片，簡單了解一下需求狀況。根據克拉克森預測，2025 年乾散貨貿易總量將成長 1.4%（以噸英里計）。上半年乾散貨貿易總量表現不佳，但第三季強勁復甦。第三季貿易量年增 5.1%，這主要得益於鐵礦石、穀物和少量散裝貨物的強勁出口以及煤炭貿易量的復甦。

Ton-miles have received extra support from stronger Atlantic exports, longer Pacific trade distances and war-related inefficiencies. The recent ceasefire agreement in the Middle East has intensified the discussion for the return of Red Sea crossings and we should expect a gradual normalization during 2026.

噸英里數因大西洋出口增長、太平洋貿易距離延長以及戰爭造成的效率低下而得到額外支持。中東最近達成的停火協議加劇了關於恢復紅海通道的討論，我們應該期待在 2026 年逐步實現正常化。

Chinese drive up imports recovered and increased 4.4% year-over-year during the third quarter after having contracted by 4.2% during the first half. Imports to the rest of the world increased 4.6% year-over-year to a new record high and remain on a strong upward trend over the past two years as lower commodity prices and a weaker US dollar help stimulate demand for raw materials.

中國推動進口復甦，第三季年增 4.4%，而上半年則下降了 4.2%。對世界其他地區的進口年增 4.6%，創歷史新高，並且在過去兩年中保持強勁的上升趨勢，因為大宗商品價格下降和美元走軟有助於刺激對原材料的需求。

During 2026, [drivable] demand is projected to increase by 2.1% in ton-miles. The IMF forecast for global GDP growth stands at 3.1%, slightly below 2025 levels, while Chinese GDP is projected to slow down to 4.2% from 4.8% this year. US agreements with trade partners and the one-year truce with China should help reduce uncertainty and support trade activity over the next year.

預計到 2026 年，[可行駛的]需求將增加 2.1%（以噸英里計）。國際貨幣基金組織預測全球GDP成長率為3.1%，略低於2025年的水平，而中國GDP預計將從今年的4.8%放緩至4.2%。美國與貿易夥伴達成的協議以及與中國達成的一年休戰協議，應該有助於減少不確定性，並在未來一年內支持貿易活動。

Iron ore trade is expected to expand by 0.8% in 2025 and by 2.8% in 2026. During the first three quarters, Chinese steel production declined by 2.5% year-over-year, driven by output cuts that began in May with a target to reduce overcapacity, while output in the rest of the world increased by 0.5% year-over-year.

預計2025年鐵礦石貿易將成長0.8%，2026年將成長2.8%。今年前三季度，受5月開始的減產措施影響，中國鋼鐵產量年減2.5%，減產目標是減少產能過剩；而全球其他地區的鋼鐵產量年增0.5%。

China's property sector remains under pressure but record high steel exports have helped mitigate the weakness in domestic consumption. Iron ore imports increased to all-time highs during Q3, assisted by lower domestic production in the first half and seasonal restocking.

中國房地產業仍面臨壓力，但創紀錄的鋼鐵出口有助於緩解國內消費疲軟的影響。受上半年國內產量下降和季節性補給的影響，第三季鐵礦石進口量增加至歷史新高。

As of 2026, ton-miles are expected to benefit from new high-quality iron ore mines in Guinea that should gradually replace lower quality Chinese production and imports from shorter distances. Coal trade is expected to contract by 6.2% in 2025 and by 1.1% in 2026. Volumes experienced a strong recovery during Q3 after a strong pullback during the first half of 2025 due to weaker demand in China and India.

預計到 2026 年，幾內亞新建的高品質鐵礦將使噸英里受益，這些鐵礦將逐步取代中國低品質的鐵礦生產和從較短距離進口的鐵礦。預計2025年煤炭貿易將萎縮6.2%，2026年將萎縮1.1%。由於中國和印度的需求疲軟，2025 年上半年銷售量大幅下滑，但第三季銷售量強勁反彈。

Chinese coal fundamentals have recently improved as domestic output is contracting, thermal electricity generation has recovered and domestic coal prices are moving higher due to the expectations of a colder winter.

近期，中國煤炭基本面有所改善，國內煤炭產量下降，火力發電生產恢復，且因預期冬季氣溫較低，國內煤炭價格走高。

India, new thermal energy capacity, strong demand from Southeast Asian economies and global focus on energy security are expected to support coal trade over the coming years. Grain trade is expected to expand by 2% during 2025 and by 5.3% in 2026. During the third quarter, total grain volume surged by 11% year-over-year, even by record harvest in Brazil and the US, and strong exports from Argentina following the temporary export tax suspension.

印度的新增火力發電產能、東南亞經濟體的強勁需求以及全球對能源安全的關注，預計在未來幾年支撐煤炭貿易。預計2025年糧食貿易將成長2%，2026年將成長5.3%。第三季度，儘管巴西和美國取得了創紀錄的豐收，阿根廷在暫時中止出口稅後出口強勁，但糧食總產量仍比去年同期增加了 11%。

Grain exports from other sources have recently increased but Black Sea volumes remain weak due to war-related disruptions. It is worth highlighting that China had not purchased any soybean cargoes before the October trade through. Since then, buying activity has resumed and is expected to intensify over the coming months as China agreed to buy [$12 million] tons in 2025 and [$25 million] tons per annum through 2028.

雖然近期其他地區的糧食出口增加，但由於戰爭造成的干擾，黑海地區的糧食出口量仍然疲軟。值得強調的是，在10月的貿易往來之前，中國並沒有購買任何大豆貨物。此後，採購活動已恢復，預計未來幾個月將進一步加強，因為中國同意在 2025 年購買價值 1,200 萬噸的商品，並在 2028 年之前每年購買價值 2,500 萬噸的商品。

Minor bulk trade is expected to expand by 5% during 2025 and by 2.1% in 2026. Minor bulk trade has the highest correlation with global GDP growth and continues to benefit from healthy outlooks across major economies.

預計2025年小宗貨物貿易將成長5%，2026年將成長2.1%。小額散貨貿易與全球 GDP 成長的相關性最高，並持續受益於主要經濟體良好的經濟前景。

White price differentials continue to fuel Chinese steel exports and backhaul trades despite rising protectionist measures. Furthermore, bauxite exports from West Africa continued their strong performance and helped inflate ton-miles for the Cape-side fleet.

儘管保護主義措施不斷加強，但白鋼價格差異仍推動了中國鋼鐵出口和回程貿易。此外，西非鋁土礦出口持續保持強勁勢頭，並幫助好望角船隊增加了噸英里數。

As a final comment, despite geopolitical uncertainties, we remain optimistic about the medium to long-term outlook for the drive of market, supported by a favorable supply outlook, stricter environmental regulations, and easing trade tensions.

最後，儘管地緣政治存在不確定性，但我們仍然對市場發展的中長期前景持樂觀態度，這得益於有利的供應前景、更嚴格的環境法規以及貿易緊張局勢的緩和。

We remain focused on actively managing our diverse scrubber fitted fleet to capitalize on market opportunities and deliver value to our shareholders. Without taking any more of your time, I will now pass the floor over to the operator to answer any questions you may have.

我們將繼續專注於積極管理我們種類繁多的配備脫硫裝置的船舶船隊，以把握市場機遇，為股東創造價值。為了不佔用您更多時間，我現在將麥克風交給接線員，由他來回答您可能有的任何問題。

(Operator Instructions)

（操作說明）

Chris Robertson, Deutsche Bank.

克里斯·羅伯遜，德意志銀行。

Thank you, operator. Good morning. Good afternoon, Team Star. Thank you for taking my questions. Assuming you guys can hear me. So my first question is looking at the new financings, you secured up to $204 million on the eight newbuilding assets being delivered in 2026. So taking these financings into account and then the regularly scheduled amortization or planned repayments during the year, what is your expectation around the total net change in debt in 2026 as a whole?

謝謝接線生。早安.下午好，星光團隊。謝謝您回答我的問題。假設你們能聽到我說話。所以我的第一個問題是，關於新的融資，你們為 2026 年交付的 8 艘新造船資產獲得了高達 2.04 億美元的資金。因此，考慮到這些融資以及一年中定期攤銷或計劃還款，您預計 2026 年債務淨變動總額是多少？

Just a clarification, please, we have secured financing for the first five -- that's $130 million, and we're in discussions about the financing of the last three that we have confirmed this month. So the final numbers and figures for those vessels will be actually disclosed during the next disclosure of [money].

請容許我澄清一下，我們已經為前五個項目獲得了融資——總額為 1.3 億美元，我們正在討論本月已確認的最後三個項目的融資事宜。因此，這些船舶的最終數量和數據將在下次披露時公佈。[錢]。

Okay, got it. I guess just related then to planned amortization during 2026, could you comment on that?

好的，明白了。我猜這與2026年的計畫攤銷有關，您能對此發表一下看法嗎？

Our advertization will remain around the $50 million mark per quarter. What is happening is that, some older facilities are getting refinanced and then the new facilities for the new buildings have an amortization profile of 17 years but not impacting in any major way the amortization profile of [Star Bulk]. So our amortization profile will remain around $50 million to $52 million per quarter for 2026.

我們的廣告支出將維持在每季約 5000 萬美元。目前的情況是，一些老舊設施正在進行再融資，而新建築的新設施的攤銷期為17年，但這不會對攤銷情況產生任何重大影響。[星際散貨]。因此，到 2026 年，我們的攤銷額將保持在每季約 5,000 萬美元至 5,200 萬美元。

That's helpful. Thank you. As a follow-up to that, just as it relates to the dividend policy on the minimum cash balance per owned vessel, is that being calculated based on the proforma size of the fleet after the new build deliveries or should we think about that as an average number per quarter as the deliveries are taking, or is it being calculated right now as proforma?

那很有幫助。謝謝。作為後續，關於每艘自有船舶最低現金餘額的股息政策，該政策是根據新造船交付後的預計船隊規模計算的，還是應該根據交付情況按季度平均計算，或者目前是按預計規模計算的？

Okay, so our dividend policy is perhaps slightly confusing, but the 2 point, you referring to the $2.1 million per ship that we have to keep on our balance sheet before we want to pay a dividend?

好的，我們的股息政策可能有點令人困惑，但是您說的第二點，是指在我們支付股息之前，每艘船必須在資產負債表上保留 210 萬美元嗎？

Yes, Hamish, yeah.

是的，哈米甚，沒錯。

Okay, well, so basically there has been no change to that, and we're so far above that level in terms of our cash balance that we -- it's not been an obstacle to any dividend payments in the last few years. We have something on the order of $450 million of cash and we have 142 vessels growing by the number of new buildings.

好的，基本上情況沒有變化，而且我們的現金餘額遠高於這個水平，因此——在過去幾年裡，這並沒有成為我們支付股息的障礙。我們擁有約 4.5 億美元的現金，並且有 142 艘船舶，隨著新船的建造，船舶數量還在增加。

To Chris's question though, I mean, the amount of CapEx -- equity CapEx required for the newbuildings have already been covered by proceeds of past vessel sales. So essentially, funds that we have been using for operations to pay dividends are not impacted from already generated.

不過，對於克里斯的問題，我的意思是，新造船所需的資本支出（股權資本支出）已經由過去船舶銷售的收益支付。因此，本質上，我們一直用於營運並支付股息的資金不會受到已產生資金的影響。

I think I understand the question. I think I was misunderstanding the question. We don't have to allocate cash to specific accounts. We just take the number of vessels and multiply it by 2.1. And that our aggregate cash has to be greater than that.

我想我明白這個問題了。我想我誤解了這個問題。我們不必將現金分配到特定帳戶。我們只需將船隻數量乘以 2.1，然後我們的現金總額必須大於這個數字。

Right, yeah. My question was related on the number of vessels specifically, Hamish, the 2.1 times, the certain number. Now, is that number being -- is that number proforma the new build deliverings or like in 4Q for example, is that as the fleet stands today or are you already taking into account the number of newbuildings?

對，沒錯。我的問題具體是關於船隻的數量，哈米甚，2.1倍，確定的數量。那麼，這個數字是指——這個數字是指新建造的船舶交付的預估數量，還是像第四季度那樣，是指目前的船隊規模，還是已經將新建造的船舶數量考慮在內了？

I mean it's as the fleet stands today, but we're so far above that level that it's not impacting our ability to pay dividends. It's not even close.

我的意思是，這是就目前的船隊情況而言，但我們遠遠高於那個水平，所以這不會影響我們支付股息的能力。根本沒得比。

Right, okay. Alright. Last question for me, just turning to rates. Looking at the strong rate performance right now in the sub-cape segments, do you attribute that to a waterfall impact from the stronger Cape size rates or is that a function of the stronger demand fundamentals in the sub-cape segment?

好的。好吧。最後一個問題，關於利率方面。鑑於目前海角以下區域的強勁利率表現，您認為這是由於海角區域利率走強帶來的連鎖反應，還是由於海角以下區域需求基本面走強所致？

First of all, I think there is a spillover effect from the bigger vessels. But let's not forget that the grain trade improved by 11% during Q3. And that coal did very well as well during the third quarter. So that helped a lot the Kamsarmax vessels and on the Supramax vessels, minor trade was doing well, as well. And I think also, perhaps there was an urgency in ordering more cargos, whilst we didn't know whether there's -- there was going to be major tariffs and that also helped out.

首先，我認為大船會產生外溢效應。但我們不能忘記，第三季糧食貿易成長了 11%。第三季煤炭市場表現也非常好。所以這對卡姆薩爾型散裝貨船和超靈便型散裝貨船的貿易都有很大的幫助，小型貿易也進展順利。而且我認為，或許是因為當時我們不知道是否會徵收高額關稅，所以才急於訂購更多貨物，這也起到了一定的幫助作用。

Thank you. I'll turn it over. Thank you, guys.

謝謝。我把它翻過來。謝謝大家。

Thank you, Chris.

謝謝你，克里斯。

(Operator Instructions)

（操作說明）

Omar Nokta, Jeffries.

奧馬爾諾克塔，傑弗里斯。

Thank you. Hey, guys, good afternoon. I just wanted to ask, maybe just to follow-up to the newbuildings, and I guess maybe in general about fleet composition. You've acquired these three Kamsarmax that'll deliver next year. You've got the other five Kamsarmax newbuildings and as I recall that chartered in maybe long-term last year, was it five other Kamsarmax, so.

謝謝。嘿，各位，下午好。我只是想問一下，也許是想了解一下新建造的艦艇的情況，也可能是想了解一下艦隊的組成情況。您已購買這三台 Kamsarmax，它們將於明年交付。你們還有另外五艘 Kamsarmax 型新造船，我記得去年可能租了很久，是另外五艘 Kamsarmax 型船嗎？

You've been very active on the Kamsarmax front and at least with respect to, say, bringing in newbuildings there. And just wanted maybe to kind of get a refresh as to what's behind that, what is it maybe specifically about that class that keeps you coming back to it, or say versus the Ultras/Capes.

您在卡姆薩爾型油輪領域非常活躍，至少在引進新船方面是如此。我只是想了解背後的原因，這個職業究竟有什麼特別之處讓你一直玩下去，或者說，它與超級英雄/披風英雄相比有什麼不同。

Hi, Omar. First of all, we ordered Kamsarmax because our existing Kamsarmax fleet is getting older. So we need to do some renewal on that level. Second, we actually, our S&P department managed to get very early deliveries during 2026 which we expect to be a good year. The price was -- the prices were low. The vessels had scrappers. So they're echo vessels. So that we're happy with how they're doing -- how they will be doing.

你好，奧馬爾。首先，我們訂購 Kamsarmax 是因為我們現有的 Kamsarmax 船隊已經老舊了。所以我們需要在這個層面上進行一些革新。其次，實際上，我們的標普部門已經成功獲得了 2026 年的早期交付，我們預計這將是豐收的一年。價格很低。這些船隻配備了拆船機。所以它們是迴聲血管。所以我們對他們現在的表現以及未來的發展都感到滿意。

Then, think about this. Two Capes and maxes at $35 million equals $70 million, which basically is the cost of the Capesize. It's difficult to find Capesize vessels to order for anywhere close to 2025. I mean, I think that, if we were going to order, it would probably be end '27 or '28. So who knows what will happen in three years from now.

然後，想想這個問題。兩艘海岬型帆船，每艘造價 3,500 萬美元，總計 7,000 萬美元，基本上就是一艘海岬型帆船的成本。很難找到2025年左右可以訂購的好望角型船舶。我的意思是，我覺得，如果我們要訂購的話，那可能要到 2027 年底或 2028 年底了。所以誰也不知道三年後會發生什麼事。

But if you calculate that Capesize may, let's say two Capesize maxes. We do $16,500 per day, meaning $33,000 per day for two vessels minus $10,000 for the OpEx. That actually ends up at $23,000. So we get EBITDA of $23,000 and [do] two vessels, which actually would equal a charter rate equivalent of $29,000 for a cape. Therefore, as long as we cannot order [Capes], and we found the opportunity to order Kamsarmax delivering very early, comparatively. And as we think that the investment will bring the same results with the cap, we went ahead and bought Kamsarmax.

但如果你計算一下，假設好望角型船可能是兩艘好望角型船的最大值。我們每天的收入是 16,500 美元，也就是說兩艘船每天的收入是 33,000 美元，減去 10,000 美元的營運費用。最終實際金額是 23,000 美元。因此，我們獲得了 23,000 美元的 EBITDA，並運營兩艘船，這實際上相當於在海角租船的租金為 29,000 美元。因此，只要我們不能訂購[Capes]，我們就有機會訂購Kamsarmax，而且交貨速度相對較快。由於我們認為這項投資與上限一樣會帶來相同的結果，所以我們買了 Kamsarmax。

Wow, okay, Petra, thank you. That's actually very interesting and clear, the methodology there. I guess, as you kind of think about that, because I know in the past, and I know Hamish, we've talked about this, post the Eagle transaction, you've been a bit -- you've been a bit maybe bottom heavy in terms of the Ultras, Supras and hoping to maybe naturally get into [Capes] to kind of even things out.

哇，好的，佩特拉，謝謝你。這個方法論確實非常有趣且清晰。我想，當你仔細考慮這個問題時，因為我知道過去，而且我也認識哈米甚，我們之前也討論過這個問題，在鷹隊交易之後，你有點——你可能在Ultras、Supras方面投入過多，希望能夠自然而然地進入[Capes]，以使情況更加平衡。

What do you think you can do there then? Obviously, Petros, you just mentioned, the arbitrage perhaps of acquiring cancers versus capes, but is there a means to maybe bolster the cape presence? Is it seems like obviously you said new buildings are far off. How about the sale and purchase market?

那你覺得你到那裡能做什麼呢？顯然，Petros，你剛才提到了，或許可以透過獲取癌症患者來彌補與超能力者之間的差距，但有沒有辦法加強超能力者的存在呢？看來你顯然是說了新建築還遙遙無期。買賣市場狀況如何？

Well, the Supras actually, there's a an equivalent calculation for the Supras as well. But, there also -- we have engaged in a trade which we call the pendulum trade. We returned, especially the Supras, you can return to the Atlantic with steel cargos and other cargos, which is not as easy for the Kamsarmax.

其實，Supra 也有類似的計算方法。但是，我們也進行了一種我們稱之為鐘擺式交易的交易。我們回來了，特別是 Supra 型貨輪，你可以載著鋼鐵貨物和其他貨物返回大西洋，這對 Kamsarmax 型貨輪來說就沒那麼容易了。

And then, and you can do that at low teams right now. But then on the front [haul], you can do $23,000 to $25,000. And therefore, if you add the two and divide by two, you get an average of around $17,000 which makes Supras, Ultras equivalent to Kamsarmax. And therefore, by as according to the calculation I gave you earlier, equivalent to Capes. And actually Supras are cheaper, Supra, new buildings are cheaper than Kamsarmax.

而且，你現在就可以在低階球隊中做到這一點。但是，在前線（運輸）上，你可以賺到 23,000 到 25,000 美元。因此，如果將兩者相加再除以二，平均約為 17,000 美元，這使得 Supra 和 Ultra 的價格與 Kamsarmax 相當。因此，根據我之前給你的計算，相當於 Capes。實際上，Supra 更便宜，Supra 的新建築比 Kamsarmax 更便宜。

And I wanted to know what we could do around Capes.

我想知道我們可以在海角附近做些什麼。

Okay. Around capes. Right now, everybody keeps the Capes close to his chest. And they are expensive. And everybody, whoever sells Capes likes to sell the worst performers that they have. And therefore, to find an opportunity is not as easy. Or you have to pay a very high price and not for new buildings, for second-hand.

好的。圍繞著海岬。現在，每個人都對超能力者守口如瓶。而且它們價格昂貴。而且所有賣披風的人都喜歡賣他們店裡最糟糕的披風。因此，尋找機會並不容易。或者你必須付出非常高的價格，而且不是購買新建築，而是購買二手建築。

I mean, if there are cases where second-hand vessels are -- prices are equal to those of newbuildings. When we took over Eagle Bulk, we had a big number of Supras under our ownership. So during the last 1.5 or 2 years, we have disposed of about 28 Supras. And therefore, we're bringing the balance of Capes, Kamsarmax, and Supras more on an equal food basis.

我的意思是，如果二手船的價格與新船的價格相同的話。當我們接管 Eagle Bulk 時，我們旗下擁有大量的 Supra 車款。因此，在過去的1.5到2年裡，我們已經處理了大約28輛Supra。因此，我們正在努力使 Capes、Kamsarmax 和 Supras 之間的食物攝取更加均衡。

Thank you, Petro.

謝謝你，Petro。

And sorry, and we're keeping basically our Ultramaxes. We have sold the Supras which are older, not echo, and we're keeping the better vessels.

抱歉，我們基本上會保留我們的 Ultramax 系列產品。我們已經賣掉了那些比較老舊的Supra船，它們不是迴聲船，我們保留了性能更好的船隻。

Yeah, no, certainly, well, very detailed response as usual, Petros, but obviously very logical. So very helpful to understand that, and it looks like the value really is perhaps now, even though the outlook may be more exciting as we think about it just sort of conceptually that the outlook may be more exciting for Capes if you have them great, but if you want to deploy capital, it sounds like the sub caps is where it's at. Thanks guys. I'll turn it over.

是的，不，當然，Petros，你的回答一如既往地非常詳細，而且顯然非常合乎邏輯。理解這一點非常有幫助，而且現在看來它的價值可能確實很高，儘管從概念上講，前景可能更令人興奮，如果你擁有Capes，前景當然更好，但如果你想部署資本，聽起來子Capes才是更好的選擇。謝謝各位。我把它翻過來。

Thank you, Omar.

謝謝你，奧馬爾。

We have reached the end of the question-and-answer session. I'd like -- I'd now like to turn the call back over to Mr. Papas for closing comments.

問答環節到此結束。我現在想把電話交還給帕帕斯先生，請他作總結發言。

No further comments, operator. Thank you very much for listening in. And good night.

沒有其他意見了，操作員。非常感謝您的收聽。晚安。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。現在您可以斷開線路了，感謝您的配合。