Seanergy Maritime Holdings Corp (SHIP) 2022 Q4 法說會逐字稿

Thank you for standing by, ladies and gentlemen, and welcome to the Seanergy Maritime Holdings Corp. conference call on the fourth-quarter and year ended December 31, 2022 financial results. We have with us Mr. Stamatis Tsantanis, Chairman and CEO; and Mr. Stavros Gyftakis, Chief Financial Officer of Seanergy Maritime Holdings Corp.

女士們，先生們，感謝您的支持，歡迎參加 Seanergy Maritime Holdings Corp. 截至 2022 年 12 月 31 日的第四季度和年度財務業績電話會議。我們有董事長兼首席執行官 Stamatis Tsantanis 先生； Stavros Gyftakis 先生，Seanergy Maritime Holdings Corp. 首席財務官。

At this time, all participants are in listen-only mode. (Operator Instructions) Please be advised that today's conference is being recorded today, Tuesday, March 14, 2022. The archived webcast of the conference call and accompanying slides will be soon made available on the Seanergy website, www.seanergymaritime.com.

此時，所有參與者都處於只聽模式。 （操作員說明）請注意，今天的會議將於 2022 年 3 月 14 日星期二錄製。電話會議的存檔網絡廣播和隨附的幻燈片將很快在 Seanergy 網站 www.seanergymaritime.com 上提供。

Please now turn to slide 2 of the presentation. Many of the remarks today contain forward-looking statements based on the current expectations. Actual results may differ materially from the results projected from those forward-looking statements. Additional information concerning factors that can cause the actual results to differ materially from those in the forward-looking statements is contained in the fourth-quarter and year ended December 31, 2022 earnings release, which is available on the Seanergy website again.

現在請轉到演示文稿的幻燈片 2。今天的許多言論都包含基於當前預期的前瞻性陳述。實際結果可能與這些前瞻性陳述預測的結果存在重大差異。有關可能導致實際結果與前瞻性陳述中的結果存在重大差異的因素的更多信息包含在截至 2022 年 12 月 31 日的第四季度和年度收益報告中，該報告可再次在 Seanergy 網站上查閱。

I would now like to turn the conference over to one of our speakers today, the Chairman and CEO of the company, Mr. Stamatis Tsantanis. Please go ahead, sir.

我現在想把會議轉交給我們今天的一位發言人，該公司的董事長兼首席執行官 Stamatis Tsantanis 先生。請繼續，先生。

Thank you, operator. Hello. I would like to welcome everyone to our conference call. Today, we are presenting the financial results for the fourth-quarter and the full-year period of 2022. We are also pleased to announce the distribution of another cash dividend, which is basically equal to our net profit for the fourth quarter.

謝謝你，運營商。你好。歡迎大家參加我們的電話會議。今天，我們發布了第四季度和2022年全年的財務業績。我們也很高興地宣布派發另一筆現金股息，這與我們第四季度的淨利潤基本持平。

The fourth quarter was another profitable period for Seanergy and concluded our second consecutive profitable year. First and foremost, in 2022, we clearly prioritized shareholder rewards, as I will discuss in detail in today's call. We made generous distributions to our shareholders despite a series of macroeconomic and political challenges that occurred during the year.

第四季度是 Seanergy 的又一個盈利期，結束了我們連續第二個盈利年度。首先，在 2022 年，我們明確將股東回報放在首位，我將在今天的電話會議中詳細討論。儘管年內發生了一系列宏觀經濟和政治挑戰，我們仍向股東慷慨分配。

First, there was the invasion of Ukraine by Russia and the ongoing military conflict. Second, the heightened uncertainty about the probability of a significant slowdown in the global economy due to the spike in inflation. Last but not least, 2022 marked the third consecutive year of severe lockdowns in China, which negatively affected industrial production and economic growth.

首先是俄羅斯入侵烏克蘭和持續的軍事衝突。其次，由於通脹飆升，全球經濟顯著放緩的可能性增加了不確定性。最後但並非最不重要的一點是，2022 年是中國連續第三年實施嚴格封鎖，這對工業生產和經濟增長產生了負面影響。

However, the recent lifting of COVID-related lockdowns in China has already had a positive effect on general economic activity and steel production, and we expect to see accelerated raw material imports. We are bullish for the dry bulk market outlook, and we believe that Seanergy is very well-positioned to benefit over the next few years.

然而，最近中國解除與 COVID 相關的封鎖已經對總體經濟活動和鋼鐵生產產生了積極影響，我們預計原材料進口將加速。我們看好乾散貨市場前景，我們相信 Seanergy 處於有利地位，可以在未來幾年受益。

Turning to our highlights, with regards to our financial performance for the full-year period, net revenue reached $125 million, adjusted EBITDA was $65.6 million, while net income amounted to $17.2 million. As regards to fourth quarter, we recorded net revenues of $28.5 million and adjusted EBITDA of $12.5 million, while net income was equal to $0.5 million.

談到我們的亮點，關於我們全年的財務業績，淨收入達到 1.25 億美元，調整後的 EBITDA 為 6560 萬美元，而淨收入為 1720 萬美元。關於第四季度，我們錄得 2850 萬美元的淨收入和 1250 萬美元的調整後 EBITDA，而淨收入為 50 萬美元。

Since the fourth quarter of 2021, we delivered approximately $58.4 million of value to our shareholders in the form of dividends, share buybacks, and the repurchase of convertible securities. Our Board of Directors approved a cash dividend of $0.025 per share for the fourth quarter of 2022, which is effectively all of our net income. I'm confident that our financial performance will be able to support good shareholder returns throughout the shipping cycle.

自 2021 年第四季度以來，我們以股息、股票回購和可轉換證券回購的形式向股東交付了約 5840 萬美元的價值。我們的董事會批准了 2022 年第四季度每股 0.025 美元的現金股息，這實際上是我們所有的淨收入。我相信我們的財務業績將能夠在整個航運週期中支持良好的股東回報。

Regarding our vessel transactions during 2022, we sold or spun out our three oldest vessels built in 2004, 2005, and 2006; while in the same period, we acquired two modern Japanese vessels, the Honorship built in 2010 and the scrubber fitted Paroship built in 2012. These transactions have a positive impact both on our fleet's average age as well as our profitability based on lower fuel consumption, better rating on the Baltic Capesize Index, and scrubber premium earnings from the Paroship.

關於我們在 2022 年期間的船舶交易，我們出售或剝離了我們在 2004 年、2005 年和 2006 年建造的三艘最舊的船舶；而在同一時期，我們收購了兩艘現代日本船舶，分別是 2010 年建造的 Honorship 和 2012 年建造的裝有洗滌器的 Paroship。這些交易對我們船隊的平均船齡以及基於較低油耗的盈利能力產生了積極影響，波羅的海好望角型指數的評級更高，Paroship 的洗滌塔溢價收益更高。

During the second quarter of 2022, we concluded the spin-off of United Maritime Corporation, which commenced trading on the NASDAQ Capital Market on July 6, 2022, under the symbol USEA. All shares of United were distributed to our shareholders. United in its first year of operations generated a significant profit and distributed massive dividend to its shareholders and hopefully, to Seanergy's original shareholders that retained their United shares.

2022 年第二季度，我們完成了聯合海事公司的分拆，該公司於 2022 年 7 月 6 日在納斯達克資本市場開始交易，股票代碼為 USEA。美聯航的所有股份都分配給了我們的股東。 United 在其運營的第一年就產生了可觀的利潤，並向其股東分配了大量股息，並希望向保留其 United 股份的 Seanergy 原始股東分配。

In January 2023, we completed successfully the tender offer for Class E warrants, repurchasing approximately half of the outstanding securities, thus reducing dilution risk. On February 16, 2023, very recently, we effected a 10-to-1 reverse split of our common stock, and on March 3, we regained compliance with the NASDAQ's minimum bid requirements. We expect the increase of the nominal price of our shares to have a positive effect on the marketability and trading liquidity, mainly by eliminating certain price-related trading restrictions.

2023 年 1 月，我們成功完成了 E 類認股權證的要約收購，回購了約一半的已發行證券，從而降低了稀釋風險。 2023 年 2 月 16 日，也就是最近，我們對普通股進行了 10 比 1 的反向拆分，並在 3 月 3 日重新符合納斯達克的最低出價要求。我們預計我們股票名義價格的上漲將對市場流通性和交易流動性產生積極影響，主要是通過取消某些與價格相關的交易限制。

As regards to our financing updates, Seanergy has completed new financings and refinancings of almost $125 million in 2022. We are also working closely on other deals that would improve further our financing costs and release liquidity. We are constantly working towards optimizing our capital structure and preserving our liquidity while evaluating our options to refinance our indebtedness at lower interest rates.

關於我們的融資更新，Seanergy 已在 2022 年完成了近 1.25 億美元的新融資和再融資。我們還在密切合作其他交易，以進一步降低我們的融資成本並釋放流動性。我們不斷努力優化我們的資本結構並保持我們的流動性，同時評估我們以較低利率為債務再融資的選擇。

Following up on our environmental, social, and governance initiatives, in 2022, we released our first ESG report, which provides an overview of our policies and commitments on ESG matters. Our Board of Directors has also established a sustainability committee with the aim of advising the Board on relevant issues. We are guided by ESG principles in our operational and strategic objectives, and we recognize the growing importance of these efforts in achieving the best outcomes for all companies, stakeholders, and society.

繼我們的環境、社會和治理舉措之後，我們在 2022 年發布了第一份 ESG 報告，概述了我們在 ESG 事務上的政策和承諾。我們的董事會還成立了一個可持續發展委員會，旨在就相關問題向董事會提供建議。我們在運營和戰略目標中遵循 ESG 原則，並且我們認識到這些努力對於為所有公司、利益相關者和社會實現最佳成果的重要性越來越大。

Lastly, given the large discount of our share price as compared to its intrinsic value, I have decided to personally purchase another up to $1 million in additional common shares. I intend to commence my purchases following the release of our earnings, which is now, in line with our internal trading policy and restrictions.

最後，鑑於我們的股價與其內在價值相比有很大的折扣，我決定親自購買另外高達 100 萬美元的額外普通股。我打算在我們的收益發布後開始購買，這符合我們的內部交易政策和限制。

Turning to slide 2 (sic - slide 4) for a more detailed breakdown of shareholder returns, approximately $18.5 million in regular dividends and $4.5 million in extraordinary dividends have been declared since the fourth quarter of 2021. This represents approximately 20% of our current market cap. Additionally, during the same period, a significant capital was deployed in the repurchases of shares and other potentially dilutive securities. More specifically, $3.5 million has been allocated to share and warrant repurchases and $32 million was utilized in buyback convertible notes.

轉到幻燈片 2（原文如此 - 幻燈片 4）以更詳細地了解股東回報，自 2021 年第四季度以來已宣布約 1850 萬美元的定期股息和 450 萬美元的特別股息。這約占我們當前市場的 20%帽。此外，在同一時期，大量資金用於回購股票和其他可能具有稀釋性的證券。更具體地說，350 萬美元用於股票和認股權證回購，3200 萬美元用於回購可轉換票據。

On a final note, during 2022, our shareholders also received shares of our spin-off United Maritime, which in turn, as I mentioned before, after a very profitable series of transactions, has made significant distributions to its shareholders. Since the initiation of our capital returns in the beginning of 2022, Seanergy has paid approximately $22.9 million in cash dividends, translating to $1.275 per share. When including the value of the United Maritime shares received as part of the spin-off, total distributions amount to approximately $1.61 per Seanergy share or a 26% dividend yield based on this Friday's closing price.

最後一點，在 2022 年期間，我們的股東還收到了我們分拆出來的 United Maritime 的股份，正如我之前提到的，在一系列非常有利可圖的交易之後，United Maritime 又向其股東進行了大量分配。自 2022 年初啟動資本回報以來，Seanergy 已支付約 2290 萬美元的現金股息，相當於每股 1.275 美元。如果將作為分拆一部分獲得的 United Maritime 股票的價值包括在內，總分配額約為每股 Seanergy 股票 1.61 美元或基於本週五收盤價的 26% 的股息收益率。

Please turn over to slide 3 (sic - slide 5) to discuss our fleet's commercial developments. Our fleet currently consists of 16 Capesize vessels with an average age of 12 years, of which nine have scrubbers installed. Our latest acquisition, the Paroship, was placed into an index-linked time charter with a major European operator for a period of about 10 months.

請轉到幻燈片 3（原文如此 - 幻燈片 5）討論我們機隊的商業發展。我們的船隊目前由 16 艘平均船齡為 12 年的好望角型船舶組成，其中 9 艘安裝了洗滌器。我們最近收購的 Paroship 與歐洲一家主要運營商簽訂了一份為期約 10 個月的指數掛鉤定期租船合同。

Additionally, following our last quarterly update, we completed the sales of two of our oldest vessels, the Tradership and Goodship build in 2005 and 2006. Both vessels were delivered to their new owners in February of 2023.

此外，在我們上次季度更新之後，我們完成了兩艘最老船的銷售，分別是 2005 年和 2006 年建造的 Tradership 和 Goodship。這兩艘船都於 2023 年 2 月交付給了它們的新主人。

As regards to our commercial performance, the daily time charter equivalent in the fourth quarter was approximately $17,300, representing a 16% premium to the average Baltic Capesize Index. In the full-year period, we recorded a daily TCE of about $20,000 per ship per day or a 24% premium over the BCI. Our decision to focus on high-quality vessels and the scrubber premiums and by our fleet, in combination with some productive hedging through FFA conversions, have alleviated the effects of a falling spot market, and we view this as an important validation of our commercial strategy.

至於我們的商業表現，第四季度的每日期租當量約為 17,300 美元，比平均波羅的海好望角型指數溢價 16%。在全年期間，我們記錄的每日 TCE 約為每艘船每天 20,000 美元，比 BCI 高出 24%。我們決定專注於高質量船舶和洗滌器溢價以及我們的船隊，結合通過 FFA 轉換進行的一些有效對沖，減輕了現貨市場下跌的影響，我們認為這是對我們商業戰略的重要驗證.

For the first quarter of 2023, we expect to earn daily time charter equivalent rate of $10,200, which may sound very low, but it's a premium of more than 40% over the average BCI year to date. In addition, we recently decided to convert the floating index-linked rates on two of our vessels to fixed rates at approximately $20,000 from the second quarter of 2023 until the end of the year. We are actively monitoring the FFA curve and considering further conversions as the market conditions and outlook improve.

對於 2023 年第一季度，我們預計每日定期租船費率將達到 10,200 美元，這聽起來可能很低，但比 BCI 年初至今的平均水平高出 40% 以上。此外，我們最近決定從 2023 年第二季度到年底，將我們兩艘船的浮動指數掛鉤利率轉換為固定利率，約為 20,000 美元。我們正在積極監測 FFA 曲線，並隨著市場狀況和前景的改善考慮進一步轉換。

I will now pass the call to our CFO, who is going to discuss our financial results before I return to discuss our market update. Stavros, please go ahead.

我現在將電話轉給我們的首席財務官，他將在我返回討論我們的市場更新之前討論我們的財務業績。斯塔夫羅斯，請繼續。

Thank you, Stamatis. Welcome, everyone, to our earnings call. Let us start by reviewing the main highlights of our financial statements for the fourth-quarter and 12 months period that ended on December 31, 2022. In the fourth quarter, we achieved net revenue of $28.5 million, reflecting a decrease from the net revenue of $56.7 million in the same period of 2021. Reduction in our revenue came as a result of the decline in the average daily time charter equivalent of fleet, which was mainly due to the increased volatility in spot earnings and the softer overall market conditions.

謝謝你，斯塔馬蒂斯。歡迎大家參加我們的財報電話會議。讓我們首先回顧一下我們截至 2022 年 12 月 31 日的第四季度和 12 個月期間的財務報表的主要亮點。第四季度，我們實現了 2850 萬美元的淨收入，反映出淨收入減少了2021 年同期為 5670 萬美元。我們的收入減少是由於機隊平均每日定期租船當量下降，這主要是由於現貨收入波動性增加和整體市場狀況疲軟。

Our adjusted EBITDA and net income stood at $12.5 million and $0.5 million, respectively. However, we remain profitable amid these unfavorable market conditions. And in fact, we were able to outpace the market as this is reflected in the Baltic Capesize Index.

我們調整後的 EBITDA 和淨收入分別為 1250 萬美元和 50 萬美元。然而，在這些不利的市場條件下，我們仍然盈利。事實上，我們能夠超越市場，因為這反映在波羅的海好望角型指數中。

For the 12-month period, net revenue was $125 million with our average daily time charter equivalent rate standing at $20,040 compared to net revenue of $153 million and an average daily time charter equivalent rate of $27,400 last year. Net income for the 12-month period was $17.2 million, while adjusted EBITDA reached $65.6 million. Earnings per share for the quarter and 12-month period were $0.03 and $0.97, respectively.

在 12 個月期間，淨收入為 1.25 億美元，我們的平均每日定期租船當量費率為 20,040 美元，而去年淨收入為 1.53 億美元，平均每日定期租船當量費率為 27,400 美元。 12 個月期間的淨收入為 1720 萬美元，而調整後的 EBITDA 達到 6560 萬美元。本季度和 12 個月期間的每股收益分別為 0.03 美元和 0.97 美元。

Concerning our balance sheet, our cash at the end of the fourth quarter remained robust and stood at $32.5 million in a year with approximately $28 million in dividend distributions and buybacks. At the same time, our assets sold to $514 million, while our debt also increased but remained at modest levels as it is reflected in our debt ratio of approximately 51%. Our net debt at the end of the year was $227.4 million.

關於我們的資產負債表，我們在第四季度末的現金保持強勁，一年內為 3250 萬美元，其中約 2800 萬美元用於股息分配和回購。與此同時，我們的資產出售至 5.14 億美元，而我們的債務也有所增加，但仍保持在適度水平，這反映在我們約 51% 的債務比率上。我們年底的淨債務為 2.274 億美元。

Finally, total shareholders' equity was $222 million as of December 31, 2022, from $245 million at the end of 2021. Overall, and given the softer Capesize market we witnessed in the second half of the year, our performance was satisfactory with the TCE and adjusted EBITDA outpacing our average performance over the last five years. The effective deployment of our corporate and commercial strategies allowed us to retain an adjusted EBITDA margin of 51.6%, just 5% below the record margin achieved in 2021.

最後，截至 2022 年 12 月 31 日，股東權益總額為 2.22 億美元，高於 2021 年底的 2.45 億美元。總體而言，鑑於我們在下半年目睹的好望角型市場疲軟，我們的 TCE 表現令人滿意調整後的 EBITDA 超過了我們過去五年的平均表現。我們公司和商業戰略的有效部署使我們能夠保持 51.6% 的調整後 EBITDA 利潤率，僅比 2021 年創下的創紀錄利潤率低 5%。

As regards to our operating expenses, we noted a rise in 2022 due to the high inflationary environment. Our average daily operating expenses excluding pre-delivery expenses, was $6,819, reflecting a 10% increase compared to the previous year. However, with most of our fleet now being managed in-house and with increased efficiency that we have seen as of late, we expect these expenses to be trimmed in the coming year.

關於我們的運營費用，我們注意到 2022 年由於高通脹環境而有所增加。不包括交付前費用，我們的平均每日運營費用為 6,819 美元，比上一年增長 10%。然而，由於我們的大部分機隊現在都在內部管理，而且我們最近看到效率有所提高，我們預計這些費用將在來年削減。

Moving on to our debt profile and some details on our financing updates, the senior debt outstanding at the end of 2022 was $249 million, which translates to $13.8 million per vessel, secured against an average market value per vessel of about $25.4 million. In a year that we accomplished the partial renewal of our fleet, we managed to retain our corporate leverage at modest levels at around 53%, despite the market values correcting by approximately 25% during the second half of the year.

繼續我們的債務概況和我們融資更新的一些細節，2022 年底未償還的高級債務為 2.49 億美元，相當於每艘船 1380 萬美元，以每艘船約 2540 萬美元的平均市場價值為擔保。在我們完成部分機隊更新的一年裡，儘管市場價值在下半年修正了約 25%，但我們設法將公司槓桿率保持在 53% 左右的適度水平。

Additionally, during 2022, we completed the $10 million buyback of convertible notes, while another $8 million were repaid in the beginning of this year. Meanwhile, a decrease was noted in our cash interest and finance expenses in 2022, which reached $10.8 million versus $11 million in the previous year. This becomes even more remarkable, considering the sharp tightening of Fed's interest rates, a sheer 400 basis points increase during the period. Our efforts to improve the overall terms of our facilities continued this year with total financing and refinancing of $124.8 million, with the average margin of our facilities dropping further to 2.9% as of December 31, 2022, versus 3.2% the year before.

此外，在 2022 年期間，我們完成了 1000 萬美元的可轉換票據回購，而在今年年初又償還了 800 萬美元。與此同時，我們在 2022 年的現金利息和財務費用有所減少，達到 1080 萬美元，而上一年為 1100 萬美元。考慮到美聯儲利率大幅收緊，在此期間增加了 400 個基點，這變得更加引人注目。今年，我們繼續努力改善我們設施的整體條款，融資和再融資總額為 1.248 億美元，截至 2022 年 12 月 31 日，我們設施的平均利潤率進一步下降至 2.9%，而前一年為 3.2%。

I would now move on to discuss the financing transactions that have taken place since our last update in more detail. In December, we entered a $16.5 million loan facility with our existing lender, Alpha Bank, to finance part of the acquisition cost of our latest Capesize, the Paroship. The facility has a term of four years, while the interest rate is 2.9% plus SOFR and will amortize through four quarterly installments of $0.5 million, followed by 12 quarterly installments of $400,000 and a $9.6 million balloon payment at maturity.

我現在將繼續更詳細地討論自我們上次更新以來發生的融資交易。 12 月，我們與現有貸方 Alpha Bank 達成了 1650 萬美元的貸款安排，以資助我們最新的好望角型船 Paroship 的部分購置成本。該貸款期限為四年，利率為 2.9% 加上 SOFR，將通過四次 50 萬美元的季度分期付款，隨後是 12 次 400,000 美元的季度分期付款和到期時的 960 萬美元氣球付款。

Meanwhile, in connection with the recent sale of Goodship and Tradership, the company prepaid on February the $12.9 million outstanding on the AB Bank facility, which was secured by these two vessels. In addition to these transactions, the company has recently obtained one commitment letter from one of our existing lenders, Danish Ship Finance for a loan facility of up to $15.8 million. The support of our banks is apparent even in today's volatile market conditions.

同時，就最近出售的 Goodship 和 Tradership 而言，該公司於 2 月預付了由這兩艘船擔保的 AB Bank 融資未償還的 1290 萬美元。除了這些交易之外，該公司最近還從我們現有的貸方之一丹麥船舶融資公司獲得了一份承諾書，提供高達 1580 萬美元的貸款額度。即使在當今動蕩的市場條件下，我們銀行的支持也是顯而易見的。

This facility will be used to partly finance the repurchase of the Championship currently under sale and leaseback with Cargill. With this transaction, we will not have any debt maturities until the second quarter of 2025. The loan will bear interest at a rate of 2.65% plus SOFR adjusted annually subject to the achievement of certain carbon emissions targets, and the term of the agreement will be five years. Moreover, we are in progress discussions for a sale and leaseback transaction of up to $19 million in order to refinance at improved terms an existing sale and leaseback agreement for one of our 2010-built Capes.

該貸款將用於部分資助目前正在與嘉吉公司進行售後回租的錦標賽的回購。通過此次交易，我們在 2025 年第二季度之前不會有任何債務到期。貸款的利率為 2.65% 加上 SOFR，根據某些碳排放目標的實現情況每年調整一次，協議期限將五年。此外，我們正在討論一項高達 1900 萬美元的售後租回交易，以便以改進的條款為我們 2010 年建造的 Capes 之一的現有售後租回協議進行再融資。

Moving on, and before returning the call back to Stamatis, I would like to discuss our operating leverage and some guidance for our company's performance once charter rates have been stabilized at healthier levels. The potential for higher EBITDA in 2023 is clear as it is illustrated in the graph you see. Even if rates settle this year at the same numbers as in 2022, we expect our EBITDA to overcome the $60 million; while if a great year of 2021 is repeated, our projections show an EBITDA of $148 million. At the same point in the year, these projections are obviously subject to significant uncertainty, but the increase in potential profitability is clear.

繼續前進，在將電話返回給 Stamatis 之前，我想討論一下我們的運營槓桿和一旦租船費率穩定在更健康的水平後對我們公司業績的一些指導。正如您所看到的圖表所示，2023 年 EBITDA 更高的潛力是顯而易見的。即使今年的利率與 2022 年的數字相同，我們也預計我們的 EBITDA 將超過 6000 萬美元；如果重現 2021 年的豐收年，我們的預測顯示 EBITDA 為 1.48 億美元。在今年的同一時間點，這些預測顯然受到重大不確定性的影響，但潛在盈利能力的增加是顯而易見的。

This concludes my review. I will now turn the call back to Stamatis, who will discuss the market and the industry fundamentals. Stamatis?

我的評論到此結束。我現在將電話轉回給 Stamatis，他將討論市場和行業基本面。斯塔馬蒂斯？

Thank you, Stavros. Let's now elaborate on the Capesize demand and supply fundamentals. In 2022, the Capsize market started off with a strong first half and ended on a weaker Q3 and Q4, diverging from the usual historical pattern. As discussed in the beginning of this call, the global picture was negatively affected by the invasion of Ukraine by Russia and the ongoing military contract. In addition, rising inflation had a negative impact on the global economy by increasing the uncertainty in industrial input costs.

謝謝你，斯塔夫羅斯。現在讓我們詳細說明好望角型船的供需基本面。 2022 年，Capsize 市場以上半年強勁開局，以較弱的第三季度和第四季度結束，偏離了通常的歷史模式。正如本次電話會議開始時所討論的那樣，全球形勢受到俄羅斯入侵烏克蘭和正在進行的軍事合同的負面影響。此外，通脹上升增加了工業投入成本的不確定性，對全球經濟產生了負面影響。

Lastly, 2022 was the third consecutive year of lockdowns in China, which resulted in a negative macroeconomic backdrop, punctuated by falling industrial production and economic growth. The average level of the Baltic Capesize Index for the year 2022 was approximately 16,200, with a first-half average of 18,200 and the second-half average of 14,300. We're pleased to see the market achieve these levels amidst slower industrial activity, and we are confident of further improvements as conditions normalize.

最後，2022 年是中國連續第三年實行封鎖，導致宏觀經濟背景不佳，工業生產和經濟增長下滑。波羅的海好望角型指數2022年平均水平約為16200點，上半年平均水平為18200點，下半年平均水平為14300點。我們很高興看到市場在工業活動放緩的情況下達到這些水平，並且我們有信心隨著情況正常化而進一步改善。

Let's discuss now the high-level demand and supply picture for 2023 and onwards. In terms of vessel demand during 2022, China's industrial production fell due to squeezed profit margins and weaker real estate activity. The manufacturing Purchasing Managers' Index fell to its lowest level since the COVID lockdowns and to the second-lowest level since 2010. So far in 2023, we have seen a reversal of these negative trends as the latest two months' manufacturing PMI in China registered the highest increases over the past 10 years.

現在讓我們討論 2023 年及以後的高層次需求和供應情況。就 2022 年的船舶需求而言，由於利潤率受壓和房地產活動疲軟，中國工業生產下降。製造業採購經理人指數跌至 COVID 封鎖以來的最低水平，並跌至 2010 年以來的第二低水平。到 2023 年為止，隨著中國最近兩個月的製造業採購經理人指數登記，我們已經看到這些負面趨勢的逆轉過去 10 年來的最高增幅。

Other forward-looking indicators such as excavator sales, which have historically been good predictors of future construction activity have also turned upwards, while profit margins and utilization for steel mills are rebounding strongly, and Brazilian iron ore exports are finally back on track for a better performance. This supported both from incremental improvements in the real estate construction and car production among others. Aside from China, we expect massive infrastructure projects in the Middle East area, which are in excess of USD1.5 trillion until 2030, as well as India's accelerated economic growth rate to be key factors for raw material demand.

挖掘機銷量等其他前瞻性指標在歷史上一直是未來建築活動的良好預測指標，也出現了上升趨勢，而鋼廠的利潤率和利用率正在強勁反彈，巴西鐵礦石出口終於回到了更好的軌道上表現。這得益於房地產建設和汽車生產等方面的逐步改善。除中國外，我們預計中東地區到 2030 年將超過 1.5 萬億美元的大型基礎設施項目，以及印度加速的經濟增長將成為原材料需求的關鍵因素。

Moving on to vessel supply, figures are very encouraging for the Capesize sector. First, the current new vessel order book is at the lowest point in decades. The combination of high steel prices and high interest rates directly reduces the incentive for new vessel orders, while limited shipyard capacity would make it almost impossible to get new vessels delivered before the end of 2025 at best.

轉向船舶供應，好望角型船行業的數據非常令人鼓舞。首先，目前的新船訂單處於幾十年來的最低點。高鋼價和高利率的結合直接降低了新船訂單的積極性，而有限的船廠產能將導致幾乎不可能在 2025 年底之前交付新船。

As regards to demolition, high scrap prices are likely to incentivize the continued demolition of ineffective tonnage over the next years, especially as stricter environmental regulations set in. Along with the potential for fleet speed reduction due to EEXI and CII, the new regulations, the effective Capesize fleet capacity will be firmly under control or even reduce in the coming years.

在拆解方面，高廢鋼價格可能會在未來幾年刺激無效噸位的繼續拆解，尤其是在更嚴格的環境法規出台的情況下。隨著 EEXI 和 CII 導致船隊速度下降的可能性，新法規、未來幾年，好望角型船隊的有效運力將被牢牢控制甚至減少。

Concluding, as a closing remark, I'm pleased with our financial performance during a very volatile year for the Capesize market. We are consistent to our pledge to deliver strong shareholder returns by executing significant distributions and creating significant accretion. Seanergy remains in an excellent position to capitalize on the expected strong markets in the next years.

最後，作為結束語，我對我們在好望角型市場非常動蕩的一年中的財務表現感到滿意。我們始終如一地承諾通過執行重大分配和創造重大增長來提供豐厚的股東回報。 Seanergy 仍然處於有利地位，可以利用未來幾年預期的強勁市場。

On that note, I would like to turn the call over to the operator and answer any questions you may have. Operator, please take the call. Thank you.

就此而言，我想將電話轉給接線員並回答您可能提出的任何問題。接線員，請接電話。謝謝。

(Operator Instructions) Tate Sullivan, Maxim Group.

（操作員說明）Tate Sullivan，Maxim Group。

Hello. Thank you. Good day, Stamatis and Stavros. Stamatis, you commented on supporting good shareholder returns through cycles, and I think -- correct me if I'm wrong, I think you'll have a gain on the sale of about $8 million in this current quarter from selling two vessels. I mean, how do you consider that gain when you evaluate your quarterly dividend since it is a one-time and just in light the dividend amount that you announced today as well, please?

你好。謝謝。美好的一天，Stamatis 和 Stavros。 Stamatis，你評論過通過週期支持良好的股東回報，我認為 - 如果我錯了請糾正我，我認為你將在本季度通過出售兩艘船獲得約 800 萬美元的銷售收益。我的意思是，當你評估你的季度股息時，你如何看待這種收益，因為它是一次性的，而且只是考慮到你今天宣布的股息金額，請問？

Hi, Tate. Good morning, and thanks for the question. Well, obviously, yes, we're going to have a gain from the sale of the ships. At the same time, Q1 so far has been trading at around $10,000 a day. So we have to see what's going to be the final impact on that at the end of the quarter, and then we will decide. But it's not going to be a static approach.

嗨，泰特。早上好，謝謝你的提問。嗯，很明顯，是的，我們將從出售船隻中獲利。與此同時，到目前為止，第一季度的交易價格一直在每天 10,000 美元左右。因此，我們必須在本季度末查看對此產生的最終影響，然後我們再做出決定。但這不會是一個靜態的方法。

If obviously, the market has turned to where we want it to go and where it appears that it is going, then obviously we will try and reward our shareholders more generously, to put it this way. Right now, the reduction of the dividend has been in order to reflect the very bad market that we experienced in Q1, or we're experiencing so far, and we're trying to preserve cash and liquidity as much as we can. Obviously, as things change in the future and as things improve, we have had an excellent track record in paying out to our shareholders to the best of our capacity.

如果很明顯，市場已經轉向我們想要它去的地方，而且看起來它正在去的地方，那麼顯然我們會嘗試更慷慨地回報我們的股東，這樣說。現在，減少股息是為了反映我們在第一季度經歷的非常糟糕的市場，或者我們目前正在經歷的，我們正在努力盡可能多地保留現金和流動性。顯然，隨著未來情況的變化和情況的改善，我們在盡最大努力向股東支付款項方面有著出色的記錄。

Thank you. Yes. And you mentioned the repurchases, and I mean the China PMI reading a couple of weeks ago was the highest since, what, 2012. But then, I mean, since that PMI reading, have you seen or even before that China booking more voyages? Are there any other tangible data points that you can point to in terms of China demand for the dry bulk sector, please?

謝謝。是的。你提到了回購，我的意思是幾週前的中國 PMI 讀數是自 2012 年以來的最高水平。但是，我的意思是，自 PMI 讀數以來，你是否看到甚至在此之前中國預訂了更多的航次？關於中國對乾散貨行業的需求，您還有其他具體數據點可以指出嗎？

Demand is not only China-driven. I mean, we keep saying China and China, but I think China contributed more to the negative market of 2022. And we believe it's going to contribute a lot in the upside but have in mind that China and the PMI was so weak in 2022 because they had the third consecutive year of almost a full year lockdown. As you can understand, this had a severe impact in industrial production. Things start to turn very agile.

需求不僅由中國驅動。我的意思是，我們一直在說中國和中國，但我認為中國對 2022 年的負面市場貢獻更大。我們相信它將對上行做出很大貢獻，但要記住中國和 PMI 在 2022 年非常疲軟，因為他們已經連續第三年幾乎整年處於封鎖狀態。如您所知，這對工業生產產生了嚴重影響。事情開始變得非常敏捷。

At the same time, it's not only the vast infrastructure projects that we expect to happen in the Far East area. We also see that there's going to be $1.5 trillion of new infrastructure investments in the UAE area, together with Saudi Arabia that have already started. So this is going to absorb a lot of steel and a lot of iron ore and coking coal demand in our opinion.

同時，我們預計在遠東地區進行的不僅僅是龐大的基礎設施項目。我們還看到，阿聯酋地區將有 1.5 萬億美元的新基礎設施投資，連同已經開始的沙特阿拉伯。因此，我們認為這將吸收大量鋼鐵和大量鐵礦石和煉焦煤需求。

So overall, we feel that the market is getting into a very strong infrastructure phase. Combined with the Chinese reopening of the economy, I believe that from a demand perspective, we will see much, much better numbers than compared to last year.

所以總的來說，我們認為市場正在進入一個非常強大的基礎設施階段。結合中國經濟的重新開放，我相信從需求的角度來看，我們會看到比去年好得多的數字。

Thank you. And Stavros, further, I'm looking at the numbers, but can you remind me the fees from related parties? Is that related to United Maritime or some gain on bunker fuel, or is the gain on bunker fuel within the lower operating expenses?

謝謝。 Stavros，此外，我正在查看這些數字，但你能提醒我關聯方的費用嗎？這與 United Maritime 或船用燃料的收益有關，還是在較低的運營費用範圍內獲得的船用燃料收益？

No, this is -- hi, Tate. As you very correctly pointed out, these are fees and income from United. So basically, as you may recall, United is managing the operations of Seanergy. So Seanergy is getting an administrative fee out of United, and at the same time, the dry bulk vessels of United are being managed by Seanergy's in-house dry bulk management company.

不，這是——嗨，泰特。正如您非常正確地指出的那樣，這些是來自聯合航空的費用和收入。所以基本上，正如您可能還記得的那樣，United 正在管理 Seanergy 的運營。因此，Seanergy 從 United 那裡收取管理費，同時，United 的干散貨船由 Seanergy 內部的干散貨管理公司管理。

Lastly, Seanergy is also earning fees on the earnings of United ships and on the sale and purchase activity of United. This should be seen in conjunction with the small increase that we had in our G&As. The income from United is there to set of the increase, which has incurred as a result of Seanergy basically managing United's operations.

最後，Seanergy 還從 United 船舶的收入和 United 的買賣活動中賺取費用。這應該與我們的 G&A 的小幅增長結合起來看待。來自 United 的收入可以確定增長，這是由於 Seanergy 基本上管理 United 的運營而產生的。

Thank you very much.

非常感謝。

Thank you, Tate.

謝謝你，泰特。

J Mintzmyer.

J·明茨邁爾。

Hi. Good afternoon, gentlemen. Thanks for taking my question.

你好。下午好，先生們。感謝您提出我的問題。

Hello, J. Nice to hear from you.

你好，J。很高興收到你的來信。

Yeah. The first question I had, I'm looking at your results, and it's been 2.5 months since the end of the year. You had the convertible repurchase; you had two ships that you sold. I'm wondering if you have a pro forma figure for liquidity. How much cash liquidity you have right now?

是的。我的第一個問題，我正在看你的結果，距離年底已經過去了 2.5 個月。你有可轉換回購；你賣了兩艘船。我想知道你是否有流動性的備考數字。您現在有多少現金流動性？

Right now, we are, if I recall well, in the mid-20s, $20 million, but please have in mind that we have certain refinancings lined up now, which are to the benefit, of course, of the overall capital structure. So this figure is going to change depending on what's going to be the final agreement on that. But that's a good region, I mean, anywhere between, let's say, $25 million and $30 million-plus, if I remember well.

現在，如果我沒記錯的話，我們在 20 年代中期有 2000 萬美元，但請記住，我們現在已經安排了某些再融資，這當然有利於整體資本結構。所以這個數字將根據最終達成的協議而改變。但這是一個很好的地區，我的意思是，如果我沒記錯的話，介於 2500 萬美元和 3000 萬美元以上之間的任何地方。

Thank you. Yeah. I was wondering on the convertible repurchase, I thought that was very accretive, good job on that. But you left about $3 million of those outstanding. What was the thought process behind that? And is there a potential to wrap up the rest of those?

謝謝。是的。我想知道可轉換回購，我認為這是非常增值的，在這方面做得很好。但是你留下了大約 300 萬美元的未償還款項。這背後的思考過程是什麼？是否有可能完成其餘的工作？

Yeah. So there was absolutely no reason. It was just the way we wanted to get on with the housekeeping effect of whatever that was on the basis of the agreement. And we expect for that to close completely, hopefully, within the first half of the year. So in the next few months, we will most likely, sorry, extinguish the whole thing.

是的。所以完全沒有理由。這正是我們想要繼續處理基於協議的任何內容的管家效應的方式。我們希望它能在今年上半年完全關閉。所以在接下來的幾個月裡，我們很可能會，抱歉，把整個事情都撲滅。

Sounds good. Looking forward to that one. I know last time we talked a little bit back in January, the goal was to maintain a fixed dividend level, which, of course, would have been $0.25 a share. I see you cut the dividend by 90% today. Can you talk a little bit about what changed your mind there in February and March? Is it just the weak rates, or is there something else going on?

聽起來不錯。期待那個。我知道上次我們在 1 月份談過一點，目標是維持固定的股息水平，當然，這應該是每股 0.25 美元。我看到你今天削減了 90% 的股息。你能談談二月和三月是什麼改變了你的想法嗎？僅僅是利率疲軟，還是有其他原因？

Well, we are still fully committed in providing very general shareholder returns. As I explained to Tate before, we wanted to preserve liquidity. We saw the market going down to $2,000 a day, as you understand. I mean, a couple of weeks ago, the market was literally at $2,000 a day, and we wanted to maintain as much cash as possible, not to have any liquidity concerns.

好吧，我們仍然完全致力於提供非常普遍的股東回報。正如我之前向泰特解釋的那樣，我們希望保持流動性。如您所知，我們看到市場每天跌至 2,000 美元。我的意思是，幾週前，市場實際上是每天 2,000 美元，我們希望保持盡可能多的現金，而不是擔心任何流動性問題。

But if there's the right opportunity or if there's anything in the horizon, we might need to move. The question is that we're fully committed in providing shareholder returns, and we will get back to certain levels that we feel will be more than adequate in the near future. We just wanted the market sentiment to get back to some positive levels. When, again, the market is at $2,000 a day that made us a little bit nervous in paying out a whole dividend amount. So we just wanted to be cautious about it.

但是，如果有合適的機會或地平線上有任何事情，我們可能需要搬家。問題是我們完全致力於提供股東回報，我們將回到我們認為在不久的將來綽綽有餘的某些水平。我們只是希望市場情緒回到一些積極的水平。當市場再次達到每天 2,000 美元時，我們在支付全部股息時有點緊張。所以我們只是想對此保持謹慎。

Right. Yeah. Those rates were very scary in February. Of course, right now, they're looking a lot better. I know you have higher cash breakeven levels, but you must be pretty close to turning cash flow positive. You mentioned your liquidity is about $25 million to $30 million.

正確的。是的。這些利率在二月份非常可怕。當然，現在，他們看起來好多了。我知道你有更高的現金收支平衡水平，但你一定非常接近將現金流轉為正值。您提到您的流動資金約為 2500 萬至 3000 萬美元。

Is there a reasonable minimum that you would like to maintain? I'm just curious because you have such a great opportunity to repurchase shares. You can buy back those convertibles. I'm just wondering what kind of buffer you have at this moment?

是否有您希望維持的合理最低限度？我只是很好奇，因為你有這麼好的回購股票的機會。你可以買回那些敞篷車。我只是想知道你現在有什麼樣的緩衝？

Well, we're generally very comfortable if we can maintain, let's say, at the minimum of $1.5 million per ship. I mean, this is what we have in mind to be absolutely -- but again, this is not a static approach. If we see the market and the outlook being very positive, and we're able to secure cash flow by converting floating to fixed as we have already started doing already, then we will be even more in our payouts, we'll be more generation or payout.

好吧，如果我們能夠維持每艘船至少 150 萬美元，我們通常會感到很舒服。我的意思是，這就是我們的想法——但同樣，這不是靜態的方法。如果我們看到市場和前景非常樂觀，並且我們能夠像我們已經開始做的那樣通過將浮動轉換為固定現金流來確保現金流，那麼我們將獲得更多的支出，我們將成為更多的一代或支出。

If the market outlook -- I mean, if, for example, we come to a point where we see Q1 next year pricing at $3,000 or $5,000 a day, we might be a little bit more cautious. But overall, we feel that market is now turning into a more sustainable level, and we will be able to again start maximizing our shareholder returns to the extent possible. Also, as a final point I want to make is that my strong commitment in the company will be fully, fully applied in the near future by me making purchases in the open market. So I'm fully committed in what I've said, and I will continue doing so, as I have done all the way up and down and mostly down, to be honest.

如果市場前景——我的意思是，例如，如果我們看到明年第一季度的定價為每天 3,000 美元或 5,000 美元，我們可能會更加謹慎一些。但總的來說，我們認為市場現在正在轉向一個更可持續的水平，我們將能夠再次開始盡可能地最大化我們的股東回報。另外，最後一點我想說的是，我在公司的堅定承諾將在不久的將來通過我在公開市場上的購買得到充分、充分的應用。所以我完全致力於我所說的話，我將繼續這樣做，因為我一直在做，老實說，我一直在上下，大部分時間都是在做。

Yeah. Looking forward to the stronger rates and stronger returns. Final question, thank you so much for your time this morning, you talked about the related party fees with managing the United Maritime's fleet. You mentioned there's some sales and purchase stuff in there as well. United Maritime had a massive gain on sale with some of the tankers there. Is there going to be any proceeds from that going to Seanergy, or are those only on the new vessels?

是的。期待更高的利率和更高的回報。最後一個問題，非常感謝你今天早上抽出時間，你談到了管理聯合海事船隊的關聯方費用。你提到那裡也有一些銷售和採購的東西。 United Maritime 在那裡出售了一些油輪，獲得了巨大的收益。是否會有任何收益流向 Seanergy，還是僅用於新船？

Well, no. I mean, United's proceeds are United's proceeds. So there's no profit sharing in whatever we do. However, the company is making 1% on the sales proceeds, and when you make such a big profit from the sales of United's ships, then that is reflected on the commission that Seanergy is making on the sale of the vessels.

好吧，不。我的意思是，美聯航的收益就是美聯航的收益。所以無論我們做什麼，都沒有利潤分享。但是，該公司從銷售收入中抽取 1%，當您從 United 船舶的銷售中獲得如此大的利潤時，這就會反映在 Seanergy 對船舶銷售收取的佣金上。

So that's as far as it goes, but other than that, there's no other profit sharing agreement. The two companies are separate, and the shareholders in both cases have been very generously rewarded for 2022.

所以就目前而言，但除此之外，沒有其他利潤分享協議。這兩家公司是獨立的，兩家公司的股東在 2022 年都得到了非常豐厚的回報。

Excellent. And I'm looking forward to more details in the filings. Thank you, both, for your time today.

出色的。我期待著文件中的更多細節。謝謝你們今天的時間。

Of course, J. Nice to hear from you. Thank you.

當然，J. 很高興收到你的來信。謝謝。

Tate Sullivan, Maxim Group.

泰特沙利文，馬克西姆集團。

Thank you for taking a follow-up. Stavros, circling back on the vessel operating expenses per day, I mean, they did drop 7% year over year and drop quarter-over-quarter as well. Is some of the $6,651 in 4Q from bunker fuel gains? And what's a reasonable run rate going forward, the daily OpEx, please?

感謝您的跟進。 Stavros，回到每天的船舶運營費用上，我的意思是，他們確實同比下降了 7%，環比也下降了。第 4 季度的 6,651 美元中有一部分來自燃油收益嗎？未來的合理運行率是多少，每日運營支出，請問？

Thanks, Tate. No, bunkers are not coming to the OpEx calculation. So OpEx, concerns only operating expenses and no voyage expenses. So that's mainly crew expenses. The majority of -- around 60% of the operating expenses has to do with crew. Then you got spares and supplies, and then you have also insurance. The increase in the OpEx can be basically apportioned mainly on the inflationary environment and the fact that stores and supplies have gone up.

謝謝，泰特。不，掩體不會進入 OpEx 計算。因此，OpEx 僅涉及運營費用，不涉及航程費用。所以這主要是船員費用。大部分 - 大約 60% 的運營費用與船員有關。然後你有備件和用品，然後你也有保險。 OpEx 的增加基本上可以主要歸因於通貨膨脹環境以及商店和供應品增加的事實。

At the same time, forwarding cost due to COVID has also increased. And also, crew expenses have generally -- and especially repatriation, traveling expenses, and accommodation have increased a lot. And also, please bear in mind that we have expanded the fleet load. We have acquired many new ships, and basically in order to crew these vessels and have the quality of the crew that Seanergy wants on its ships, we have been paying top dollars for our crews. That's the reason behind the increase in OpEx.

同時，由於 COVID 導致的轉發成本也增加了。而且，船員費用普遍——尤其是遣返、旅行費用和住宿費用增加了很多。另外，請記住我們已經擴大了車隊負荷。我們已經獲得了許多新船，基本上為了給這些船配備船員並擁有 Seanergy 希望其船上的船員素質，我們一直在為我們的船員支付高價。這就是 OpEx 增加的原因。

Thank you. And then on the refinancing seems very active. Is it securing new relationships or establishing new relationships with lenders and also decreasing the floating rate during a rising interest rate environment for those refinancings? Can you talk a little bit more about --

謝謝。然後在再融資上似乎很活躍。它是與貸方建立新的關係還是建立新的關係，並在利率上升的環境下為這些再融資降低浮動利率？你能多談談——

(multiple speakers) Yeah. Basically, the refinancing, the one that we announced now that concerns the Championship, this will be refinanced through one of our existing lenders, Danish Ship Finance. The reason behind these refinancings were mainly commercial. This vessel was financed through a sale and leaseback agreement with Cargill, whereby the charter had the biggest profit share, the biggest share of the profit from the scrubber, and there was a small discount versus the index due to the financing background of this agreement.

（多個揚聲器）是的。基本上，再融資，我們現在宣布的與錦標賽有關的再融資，將通過我們現有的貸方之一 Danish Ship Finance 進行再融資。這些再融資背後的原因主要是商業性的。這艘船是通過與嘉吉公司簽訂的售後回租協議融資的，租船公司的利潤份額最大，洗滌塔的利潤份額最大，由於該協議的融資背景，與指數相比有小幅折扣。

Now, we are refinancing the ships through a third-party lender, and the commercial arrangement would be more beneficial for the company. It will include a premium to the index and the majority of the scrubber profit sharing will be on the account of Seanergy. Next refinancings that we have lined up are mainly aimed at expanding our relationships with the Japanese lenders, which are very competitive, both on their overall terms and on their pricing.

現在，我們正在通過第三方貸款人為船舶再融資，商業安排對公司更有利。它將包括指數的溢價，大部分洗滌器利潤分享將由 Seanergy 承擔。我們安排的下一次再融資主要是為了擴大我們與日本銀行的關係，這些銀行在整體條款和定價方面都非常有競爭力。

Thank you very much. Have a great rest of the day.

非常感謝。好好休息一天。

Thanks, Tate.

謝謝，泰特。

Kristoffer Skeie, Arctic.

Kristoffer Skeie，北極。

Hello, gentlemen. Congrats on the quarter.

先生們好。祝賀這個季度。

Hello. Good morning, good afternoon. Nice to hear from you.

你好。早上好，下午好。很高興聽到你的消息。

Likewise. Good afternoon. So I understand the rationale behind the dividend reduction for the cost. So it makes perfect sense given how the market has been. But as you pointed out, I mean, the supply side, it looks fantastic going forward and into '24.

同樣地。下午好。所以我理解為成本減少股息背後的理由。因此，考慮到市場的情況，這是完全有道理的。但正如你所指出的，我的意思是，供應方面，未來和進入 24 年看起來都很棒。

So the outlook is definitely strong. And in connection with that, I was looking at how are you considering capital allocation going forward in terms of acquiring vessels versus share buybacks or dividends?

因此，前景絕對強勁。與此相關，我正在研究您如何考慮收購船舶與股票回購或股息方面的未來資本分配？

That's a great question. I think we will be fully in line and consistent with what we did in 2022. In 2022, we sold three of our older ships, and we bought two more modern ships. So the net cash effect has been minimal for the company, if you think about it. So we will likely do the same, maintain pretty much the same number of ships.

這是一個很好的問題。我認為我們將與 2022 年的做法完全一致。2022 年，我們賣掉了三艘舊船，又買了兩艘現代船。因此，如果你仔細想想，淨現金對公司的影響微乎其微。所以我們可能會做同樣的事情，維持幾乎相同數量的船隻。

If we can renew the fleet by selling an older ship and buying more modern, we will most likely do it. At the same time, we were super generous in our distributions in 2022. I must remind you that we paid out approximately $1.28 in today's value, which is more than 20%-plus dividend yield. And if you count in the value of the distributions from United, that's another $0.30, so it has been a very, very generous distribution we did in 2022.

如果我們可以通過出售舊船和購買更現代的船來更新艦隊，我們很可能會這樣做。與此同時，我們在 2022 年的分配中非常慷慨。我必須提醒你，我們支付了約 1.28 美元的今天價值，超過 20% 以上的股息收益率。如果算上來自美聯航的分配價值，那又是 0.30 美元，所以我們在 2022 年進行了非常非常慷慨的分配。

So we will continue to have a balanced approach in our capital allocation in 2023. We're going to keep cash for a potential fleet renewal, but our priority remains in generating and paying good shareholder returns. Another point I must say here, we have provided a sensitivity analysis on the EBITDA in today's call. And as you can see, with a very modest $20,000 BCI time charter, the company is going to make $75 million of EBITDA.

因此，我們將在 2023 年繼續採用平衡的資本配置方法。我們將為潛在的機隊更新保留現金，但我們的首要任務仍然是產生和支付良好的股東回報。我必須在這裡說的另一點是，我們在今天的電話會議中提供了對 EBITDA 的敏感性分析。正如您所見，憑藉 20,000 美元的 BCI 定期租船合同，該公司將獲得 7500 萬美元的 EBITDA。

So we're talking about the massive potential cash flow generating capacity. And if we move up to, let's say, 2021's figures, then we're talking something in the region of $100 million plus, $110 million of EBITDA. Please rest assure that our shareholders will have a very, very generous distribution if we come to these figures.

所以我們談論的是巨大的潛在現金流產生能力。如果我們上升到，比方說，2021 年的數字，那麼我們談論的是 1 億美元以上的 EBITDA，1.1 億美元。請放心，如果我們得出這些數字，我們的股東將獲得非常非常慷慨的分配。

Okay. Thanks a lot. Have a great day.

好的。多謝。祝你有美好的一天。

Thank you. Have a great afternoon.

謝謝。祝你下午愉快。

Thank you for your questions. (Operator Instructions) There are no further questions. I will hand back the conference for closing remarks.

謝謝你的問題。 （操作員說明）沒有進一步的問題。我將把會議交還給閉幕詞。

Thanks very much for attending today's call, and please stand by in the next few weeks for providing additional information about the company's capital structure and business development. So thank you very much for tuning into our call today, and have a great day afternoon. Thank you.

非常感謝您參加今天的電話會議，請在接下來的幾週內提供有關公司資本結構和業務發展的更多信息。非常感謝您今天撥通我們的電話，祝您下午愉快。謝謝。