Seanergy Maritime Holdings Corp (SHIP) 2023 Q2 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 second quarter ended June 30, 2023 financial results. We have with us Mr. Stamatis Tsantanis, Chairman and CEO, and Mr. Stavros Gyftakis, Chief Financial Officer of Seanergy Maritime Holdings Corp. (Operator Instructions) Please be advised that this conference call is being recorded today, Wednesday, August 2, 2023.

女士們、先生們，感謝大家的耐心等待，歡迎參加 Seanergy Maritime Holdings Corp. 關於截至 2023 年 6 月 30 日的第二季度財務業績的電話會議。我們有 Seanergy Maritime Holdings Corp. 董事長兼首席執行官 Stamatis Tsantanis 先生和首席財務官 Stavros Gyftakis 先生（操作員說明） 請注意，本次電話會議將於今天（2023 年 8 月 2 日星期三）錄製。

The archived webcast of the conference call will soon be made on the Seanergy website, www.seanergymaritime.com. To access today's presentation and listen to the archived audio file, visit the Seanergy website following the webcast and presentations section under the Investor Relations page. Please now turn to the slide 2 of the presentation.

電話會議的存檔網絡直播很快將在 Seanergy 網站 www.seanergymaritime.com 上播出。要訪問今天的演示並收聽存檔的音頻文件，請按照投資者關係頁面下的網絡廣播和演示部分訪問 Seanergy 網站。現在請翻到演示文稿的幻燈片 2。

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 second quarter ended June 30, 2023 earnings release which is available on the Seanergy website, again, www.synergymaritime.com.

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2023 年6 月30 日的第二季度收益發布中，該發布可在Seanergy 網站www.synergymaritime.com 上獲取。

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

現在，我想將會議交給今天的發言者之一，即該公司董事長兼首席執行官斯塔馬蒂斯·坦塔尼斯 (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're presenting the financial results for the second quarter and first half of 2023, while also announcing the distribution of another cash dividend.

謝謝你，接線員。你好。我歡迎大家參加我們的電話會議。今天我們公佈2023年第二季度和上半年的財務業績，同時還宣布派發另一筆現金股息。

I'm very pleased to report a profitable quarter for Seanergy with our daily time charter equivalent outperforming the market index. We achieved the daily time charter equivalent of $18,700 or 20% above the index average for the quarter, leading to a quarterly net revenue of $28.3 million and net income of $700,000. This represents a sequential improvement compared to the first quarter of 2023, whereby revenue was $18 million and net loss came in at $4.2 million.

我很高興地報告 Seanergy 季度盈利，我們的日期租船表現優於市場指數。我們實現了日期租約相當於 18,700 美元，比本季度指數平均水平高出 20%，從而使季度淨收入達到 2830 萬美元，淨利潤達到 700,000 美元。與 2023 年第一季度相比，這代表了連續改善，當時的收入為 1800 萬美元，淨虧損為 420 萬美元。

In the second quarter, the Capesize market recovered from the seasonal weakness seen in the start of the year with the Baltic Capesize Index, averaging at $15,600, up from $9,100 in the first three months of the year. Demand for seaborne transportation remains strong, but charter rates came under pressure as historically low congestion as well as higher deadweight adjusted vessel speeds have resulted in a temporary effective vessel oversupply. It is encouraging to see strong increased ton-mile demand for key raw materials. And I'm very optimistic that the negative effects of the low congestion have already peaked.

第二季度，海岬型船市場從年初的季節性疲軟中恢復過來，波羅的海海岬型船指數平均為 15,600 美元，高於今年前三個月的 9,100 美元。海運需求依然強勁，但由於歷史上較低的擁堵率以及更高的載重量調整船速導致暫時有效的船舶供應過剩，租船費率面臨壓力。令人鼓舞的是，對關鍵原材料的噸英里需求強勁增長。我非常樂觀地認為，低擁堵的負面影響已經達到頂峰。

During the quarter, we remained consistent with our shareholder distribution strategy. We're looking to expand our fleet through accretive opportunities. As we will discuss in more detail, we agreed to acquire a Newcastlemax vessel at a great price, while we also repurchased about our 2% of our common shares in the open market at a significant discount over the current stock price. Lastly, we'll continue to optimize our balance sheet through $54 million of refinancing transactions that will reduce our interest rate margins and help neutralize a portion of the increase in benchmark interest rates.

本季度，我們與股東分配策略保持一致。我們希望通過增加機會來擴大我們的機隊。正如我們將更詳細討論的那樣，我們同意以優惠的價格收購一艘 Newcastlemax 船舶，同時我們還在公開市場上以較當前股價大幅折扣的價格回購了約 2% 的普通股。最後，我們將繼續通過 5400 萬美元的再融資交易優化我們的資產負債表，這將降低我們的利差並有助於抵消部分基準利率的增長。

Our overall liquidity increased by around $15 million through these transactions, and I'm glad to report that there are no currently loan maturities until 2025, which provides a clear runway for more shareholder distributions. Let's now move to slide number four to discuss our shareholder rewards initiatives.

通過這些交易，我們的整體流動性增加了約 1500 萬美元，我很高興地報告，目前貸款在 2025 年之前都沒有到期，這為更多股東分配提供了一條清晰的道路。現在讓我們轉到第四張幻燈片來討論我們的股東獎勵計劃。

Our Board has authorized the distribution of another regular quarterly dividend of $0.025 per share for the second quarter, which brings our total distributions since the commencement of our dividend program to $23.9 million or about $1.33 per share. This represents a 23% of current price levels. Moreover, during the quarter, we repurchased about $1.6 million worth of our common shares at an average price of $4.35 per share, which is 25% lower than our current price levels. We always monitor our shares' valuations combined with the liquidity, and we may emphasize share buybacks over dividends in the future quarters.

我們的董事會已授權在第二季度再分配每股 0.025 美元的定期季度股息，這使得自股息計劃開始以來我們的總分配達到 2,390 萬美元，即每股約 1.33 美元。這相當於當前價格水平的 23%。此外，在本季度，我們以每股 4.35 美元的平均價格回購了價值約 160 萬美元的普通股，比當前的價格水平低了 25%。我們始終結合流動性來監控股票的估值，並且我們可能會在未來幾個季度強調股票回購而不是股息。

In any case, the total capital return to our shareholders since the start of the program amounts to about $64 million, and I'm confident that this will continue to be the top priority for Seanergy's management.

無論如何，自該計劃啟動以來，我們股東的總資本回報約為 6400 萬美元，我相信這將繼續成為 Seanergy 管理層的首要任務。

Moving on to slide number five. This is an overview of our commercial developments. As you can see, our fleet has performed better than the Capesize market since the start of 2022, 18 months ago. In the past six months particularly, our TCE was 20% higher than the BCI. This is a result of our robust commercial performance, our hedging activities, as well as the investments made in improving our vessels' efficiency over the years.

繼續看第五張幻燈片。這是我們商業發展的概述。正如您所看到的，自 2022 年初（18 個月前）以來，我們的船隊表現優於海岬型船市場。特別是在過去六個月中，我們的 TCE 比 BCI 高出 20%。這是我們強勁的商業業績、對沖活動以及多年來為提高船舶效率而進行的投資的結果。

In addition to energy-saving devices, about three-fifths of our ships are scrubber-fitted, allowing them to earn fuel spread premiums. Currently, about 25% of our ownership days in the third quarter are fixed at an average daily rate above $21,000 a day. And 21% of our days for the rest of the year are fixed at an average rate of $22,000.

除了節能設備外，我們大約五分之三的船舶還安裝了洗滌器，使它們能夠賺取燃油價差溢價。目前，我們第三季度約 25% 的所有權天數固定在日均 21,000 美元以上。一年中剩餘時間裡，我們有 21% 的工作日固定在平均 22,000 美元。

In terms of TCE guidance for Q3, we expect our TCE to be equal to about $16,100, and this is assuming that our ships will learn the current FFA rate. This is 22% higher than the $13,200 average of the BCI in the third quarter to date.

就第三季度的 TCE 指導而言，我們預計我們的 TCE 約為 16,100 美元，這是假設我們的船舶將了解當前的 FFA 費率。這比第三季度迄今為止 BCI 的平均值 13,200 美元高出 22%。

As regards to vessel transactions, in May we agreed to add to our fleet our first new Newcastlemax vessel, which was built in 2011 at the max shipyard in China. The vessel deliveries are estimated to take place on about October 2023, initially through a 12-month bareboating charter, while Seanergy has a purchase option at the end of the charter period. The total cash outlay, assuming exercise of the purchase option next year, will be $30.5 million. Upon delivery, we expect the vessel to be deployed in an index-linked time charter at a significant premium to the BCI.

至於船舶交易，5 月份，我們同意將第一艘新的 Newcastlemax 船添加到我們的船隊中，該船於 2011 年在中國 Max 造船廠建造。船舶預計將於 2023 年 10 月左右交付，最初通過為期 12 個月的光船租賃，而 Seanergy 在租賃期結束時擁有購買選擇權。假設明年行使購買權，現金支出總額將為 3050 萬美元。交付後，我們預計該船將以與 BCI 相比大幅溢價的指數掛鉤期租進行部署。

Lastly, on our commercial developments, we extended the duration of three of our time charters at the same or better terms than before. Since April, the Championship extended its existing time charter for a period of 24 to 30 months with a higher premium over the index and a new fuel spread profit sharing scheme for Seanergy receiving the majority split. In June, the charter of the partnership exercised the second optional period with the extension period starting between August and November of this year, and also here, a higher fuel profit-sharing scheme for Seanergy.

最後，在我們的商業開發方面，我們以與以前相同或更好的條款延長了三個期租的期限。自 4 月以來，錦標賽將其現有期租合約延長了 24 至 30 個月，並提供了高於指數的溢價，並為 Seanergy 制定了新的燃油價差利潤分享計劃，獲得了多數股權。 6月，合夥企業章程行使了第二個可選期，延長期從今年8月至11月開始，同時還為Seanergy提供了更高的燃料利潤分享計劃。

The same charter elected to extend the time charter of the Lordship in direct continuation of the previous agreement. The extension will commence in October of 2023 and will last until August 2024, with an increase in the scrubber profit share accruing for synergy.

該憲章選擇延長上議院的時間憲章，直接延續先前的協議。延期將於 2023 年 10 月開始，一直持續到 2024 年 8 月，並增加洗滌器利潤份額以實現協同效應。

That concludes my rundown of this quarter's highlights, so I'm going to pass the floor to Stavros, our CFO, before returning for a brief market commentary.

我對本季度亮點的總結到此結束，因此我將把發言權交給我們的首席財務官 Stavros，然後再做簡短的市場評論。

Thank you, Stamatis, and welcome, everyone, to our second earnings call for 2023. Let us start by reviewing the main highlights of our financial statements for the second quarter and six months period that ended on June 30, 2023.

謝謝 Stamatis，歡迎大家參加我們的 2023 年第二次財報電話會議。首先讓我們回顧一下截至 2023 年 6 月 30 日的第二季度和六個月財務報表的主要亮點。

Amid the weaker-than-expected Capesize market, our financial performance was satisfactory with net revenue for the quarter reaching $28.3 million. Net revenue for the first half of the year was equal to $46.4 million, which figures are lower than the respective period of 2022, albeit once again in terms of TCE, we outperformed the BCI by approximately 20%. Meanwhile, our adjusted EBITDA in the second quarter was equal to $15.7 million and $19.6 million in the first half of the year. The respective figures for last year were $17.3 million and $34.2 million respectively.

在海岬型船市場弱於預期的情況下，我們的財務業績令人滿意，本季度淨收入達到 2830 萬美元。今年上半年的淨收入為 4640 萬美元，該數字低於 2022 年同期，儘管就 TCE 而言，我們的表現再次優於 BCI 約 20%。與此同時，我們第二季度調整後的 EBITDA 為 1570 萬美元，上半年為 1960 萬美元。去年的數字分別為 1,730 萬美元和 3,420 萬美元。

Nevertheless, in the second quarter of 2023, we returned in profitability, recording a net income of $700,000, trimming the net loss for the year so far to $3.5 million. With the bottom of the market now in the rear mirror, we are optimistic that we will continue on a profitable trajectory for the rest of the year.

儘管如此，我們在 2023 年第二季度恢復了盈利，實現淨利潤 70 萬美元，將全年淨虧損削減至 350 萬美元。隨著市場底部已經過去，我們樂觀地認為我們將在今年剩餘時間內繼續保持盈利軌道。

Moving onto our balance sheet. Despite the volatile market, the increased interest rates, as well as our continuous efforts to return capital to our shareholders through dividend distributions and buybacks, we obtained a solid cash position of approximately $22.5 million or $1.4 million per vessel.

轉向我們的資產負債表。儘管市場波動、利率上升，以及我們不斷努力通過股息分配和回購向股東返還資本，我們仍獲得了約 2,250 萬美元或每艘船 140 萬美元的穩定現金頭寸。

On the debt front, we retained a moderate debt ratio of 50%, while we achieved to even reduce our net debt since the beginning of the year by approximately 7%. The net debt at the end of the first half of the year stood at $212 million, a figure fully covered by the scrub value per fleet based on current scrub prices. I will return to discuss our debt profile further in a moment.

在債務方面，我們保持了50%的適度負債率，而自年初以來我們的淨債務甚至減少了約7%。上半年末的淨債務為 2.12 億美元，這一數字完全由基於當前擦洗價格的每支船隊的擦洗價值覆蓋。我稍後會回來進一步討論我們的債務狀況。

Let us now turn to slide 7 to discuss about stability performance. As I mentioned before, we outpaced the market benchmark in both the second quarter and first half of 2023. In specific, we achieved the TCE of $18,700 per day in the second quarter and $14,760 per day for the first six months of 2023. Our efficient commercial strategy and our decision to hedge part of our freight exposure for the second quarter have helped us to perform better than the market. As a result, we recorded an adjusted EBITDA of $19.6 million for the first half of the year with an improved margin in a period that Capesize freight rate remained overall subdued.

現在讓我們轉向幻燈片 7 來討論穩定性能。正如我之前提到的，我們在2023 年第二季度和上半年都超過了市場基準。具體來說，我們在第二季度實現了每天18,700 美元的TCE，在2023 年前六個月實現了每天14,760 美元的TCE。我們的高效商業策略以及我們對沖第二季度部分貨運風險的決定幫助我們的表現優於市場。因此，我們上半年的調整後 EBITDA 為 1,960 萬美元，在海岬型船運價整體低迷的時期，利潤率有所改善。

With an improved market outlook for the rest of 2023, we expect our financial performance to strengthen further. Meanwhile, our average daily operating expenses, excluding pre-delivery expenses, were $6,900 per day in the first half of the year, a figure very close to the levels recorded in 2022. The elevated OpEx are attributed mainly to price inflation in goods and services across the shipping sector as well as the global economy.

隨著 2023 年剩餘時間市場前景的改善，我們預計我們的財務業績將進一步增強。與此同時，上半年我們的平均每日運營費用（不包括交付前費用）為每天 6,900 美元，這一數字非常接近 2022 年的水平。運營支出的增加主要歸因於商品和服務的價格上漲整個航運業以及全球經濟。

Cash G&A, general and administrative expenses adjusted for certain non-cash items in the first half of the year, were $4.6 million. However, this figure includes administrative expenses incurred by Seanergy in managing United Maritime's operation in exchange of which we have received in fees approximately $1.3 million in the same period. On that basis, our actual cash G&A was approximately $3.2 million or $1,100 per ownership day, which is very competitive compared to our listed peers.

上半年現金管理費用、一般及管理費用（針對某些非現金項目進行調整）為 460 萬美元。然而，這一數字包括 Seanergy 在管理 United Maritime 運營過程中產生的行政費用，作為交換，我們在同一時期收到了約 130 萬美元的費用。在此基礎上，我們的實際現金管理費用約為 320 萬美元或每個所有權日 1,100 美元，與我們的上市同行相比非常有競爭力。

Let's now move to slide 8 to discuss our debt profile. Debt at the end of the second quarter was $235 million, including convertible notes, which are expected to be fully repaid by the end of the year. Given this number, the debt per vessel [totaled] $14.7 million, basically unchanged from the end of 2022. During the first half of 2023, we concluded $53.8 million of refinancings, which benefited Seanergy in numerous aspects.

現在讓我們轉到第 8 張幻燈片來討論我們的債務狀況。第二季度末的債務為2.35億美元，其中包括可轉換票據，預計將在年底前全額償還。考慮到這個數字，每艘船的債務總計為 1470 萬美元，與 2022 年底基本持平。2023 年上半年，我們完成了 5380 萬美元的再融資，這使 Seanergy 在多個方面受益。

As discussed in detail during our first earnings call some months ago, we refinanced three of our vessels through two sale and leaseback agreements in the new sustainability-linked loan. The interest margin of the two sale and leaseback facilities are lower than the previous financings by 120 basis points and 50 basis points respectively. In addition with the refinancing of the Championship sale and leaseback, we have addressed all loan maturities until the second quarter of 2025, removing any potential pressure from the company, even if market recovery is slower than expected.

正如幾個月前我們在第一次財報電話會議上詳細討論的那樣，我們通過新的可持續發展相關貸款中的兩項售後回租協議為三艘船舶進行了再融資。兩項售後回租融資的息差分別比之前的融資低120個基點和50個基點。除了錦標賽出售和回租的再融資外，我們還解決了 2025 年第二季度之前的所有貸款到期問題，消除了公司的任何潛在壓力，即使市場復甦速度慢於預期。

Finally, we added approximately $15 million of extra liquidity, which came to support our shareholder rewarding initiatives and the acquisition of the Titanship, as discussed previously by Stamatis. Lastly, it is worth mentioning here that our leverage remains practically unaffected at around the 50% mark. Our overall debt strategy has allowed us, as you can see in the second graph, to retain a scrap coverage of total debt for another quarter above 90%.

最後，我們增加了大約 1500 萬美元的額外流動性，用於支持我們的股東獎勵計劃和收購泰坦飛船，正如 Stamatis 之前討論的那樣。最後，值得一提的是，我們的槓桿率幾乎沒有受到影響，保持在 50% 左右。正如您在第二張圖中看到的那樣，我們的整體債務策略使我們能夠在另一個季度將總債務報廢覆蓋率保持在 90% 以上。

The market value of our fleet at the end of the second quarter was $443.3 million or $27.7 million per vessel, almost twofold the debt per vessel service levels. Finally, as regards to our cash interest expenses, this will increase in the first half of 2023, which was inevitable given today's interest rate environment. However, our refinancing strategy did partly offset the steep increase in base rate through the last 15 months.

第二季度末，我們船隊的市場價值為 4.433 億美元，即每艘船 2770 萬美元，幾乎是每艘船服務債務水平的兩倍。最後，關於我們的現金利息支出，這將在 2023 年上半年增加，考慮到當今的利率環境，這是不可避免的。然而，我們的再融資策略確實部分抵消了過去 15 個月基本利率的急劇上升。

Let's now turn to slide 9. Our EBITDA guidance for the year is expected to surpass the $45 million mark even if the market in the second half of the year average is at $15,000 per day. Based on our current operational capacity, even a small increase in the expected freight rate of the second half would lead to an EBITDA above the $50 million mark. Here, it's worth mentioning that we have already fixed 21% of our ownership days at an average rate that exceeds $20,000. In addition, our new Newcastlemax is expected to be employed at a significant premium over the BCI index.

現在讓我們轉向幻燈片 9。即使下半年市場平均水平為每天 15,000 美元，我們今年的 EBITDA 指導預計也將超過 4500 萬美元大關。根據我們目前的運營能力，即使下半年的預期運價小幅上漲，EBITDA也會超過5000萬美元。在這裡，值得一提的是，我們已經以超過 20,000 美元的平均費率固定了 21% 的所有權天數。此外，我們的新 Newcastlemax 預計將以比 BCI 指數顯著溢價的價格使用。

Given all these actions and with the potential market rebound in progress, we expect that we will be able to increase our profits, enhance further Seanergy's value, and continue our shareholder rewards initiatives.

鑑於所有這些行動以及潛在的市場反彈的進展，我們預計我們將能夠增加利潤，進一步提高 Seanergy 的價值，並繼續我們的股東獎勵計劃。

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

我的評論到此結束。現在我將把電話轉回斯塔馬蒂斯，他將討論市場和行業基本面。斯塔馬蒂斯？

Thank you, Stavros. In the current year so far, we have seen a very healthy increase in the seaborne transportation of the main raw materials like iron ore, coal, and bauxite. However, the Capesize charter rates have been negatively affected by the increasingly effective supply of tonnage without any material increase in the actual number of new vessels. The effective tonnage supply increase is a result of the reduction in port congestion to historical low levels and the higher deadweight adjusted vessel speeds observed particularly in the larger ore carriers.

謝謝你，斯塔夫羅斯。今年到目前為止，我們看到鐵礦石、煤炭、鋁土礦等主要原材料的海運增長非常健康。然而，好望角型船舶的租船費率受到日益有效的噸位供應的負面影響，而新船的實際數量卻沒有任何實質性增加。有效噸位供應的增加是由於港口擁堵減少至歷史低水平以及觀察到的載重量調整後的船速較高（特別是在大型礦砂船中）的結果。

Such higher speeds are slightly counterintuitive, to say the least, given the recent emphasis placed on the reduction of the industry's carbon footprint. This has been the case for all dry segments across the board, as overall dry bulk ton-mile demand in the first half of the year grew approximately 5.5%, while effective tonnage supply was up by 7.1% according to broker reports.

至少可以說，考慮到最近人們對減少行業碳足蹟的重視，這種更高的速度有點違反直覺。根據經紀商報告，所有乾散貨市場的情況都是如此，今年上半年干散貨噸英里總需求增長了約 5.5%，而有效噸位供應則增長了 7.1%。

Looking at the actual order book of new vessels, it currently stands at the lowest levels in several decades. Considering the importance of ship supply when it comes to long-term dry bulk market direction, we remain optimistic for the positive dry bulk trend. Overall, dry bulk ton-miles are expected to grow by around 3.3% and 2.5% in 2023 and 2024 respectively, with corresponding fleet growth of 2.9% and 1.9% respectively. Given that the large part of the 2023 deliveries have already taken place and that the trend of decline and congestion seem to reach the bottom over the past months, the balance seems quite positive.

從新船實際訂單量來看，目前處於幾十年來的最低水平。考慮到船舶供應對於乾散貨市場長期走向的重要性，我們對乾散貨的積極趨勢保持樂觀。總體而言，幹散貨噸英里預計在 2023 年和 2024 年分別增長 3.3% 和 2.5% 左右，相應的船隊增長分別為 2.9% 和 1.9%。鑑於 2023 年的大部分交付已經完成，而且過去幾個月下降和擁堵的趨勢似乎已經觸底，平衡似乎相當積極。

Moving on to Capesize demand. China iron ore imports in the first half of 2023 were up by 7.7% year on year, which is a massive increase. As we discussed in our last quarterly update, the lower iron ore inventories would be a driver of increased imports regardless of domestic steel market conditions. China's economy have taken longer to recover from the COVID lockdowns than we had initially anticipated, but we view the delay as reasonable given the magnitude of the economic setback.

接下來是海岬型船的需求。 2023年上半年中國鐵礦石進口量同比增長7.7%，增幅較大。正如我們在上一季度更新中討論的那樣，無論國內鋼鐵市場狀況如何，鐵礦石庫存下降都將成為進口增加的推動因素。中國經濟從新冠疫情封鎖中恢復的時間比我們最初預期的要長，但考慮到經濟衰退的嚴重程度，我們認為延遲是合理的。

As iron ore inventories remain at low levels while steel production and exports have recently picked up steam, the eventual recovery in the general economy is performing very favorable conditions for the Capesize market. Looking beyond iron ore, seaborne coal exports have also seen significant growth this year with full-year ton-miles expected to be up by 5.4% according to research. Coal trade volumes are generally subject to seasonality, but the important thing is that higher average coal volumes are setting higher floor for the Capesize utilization and charter rates compared to the years before 2021. This, along with the ever increasing bauxite volumes, should result in a sustainable upward trend for demand drivers.

由於鐵礦石庫存保持在較低水平，而鋼鐵生產和出口最近有所回升，總體經濟的最終復甦為海岬型船市場創造了非常有利的條件。除了鐵礦石之外，今年海運煤炭出口也出現了顯著增長，根據研究，全年噸英里預計將增長 5.4%。煤炭貿易量通常受到季節性影響，但重要的是，與2021 年之前的幾年相比，平均煤炭量的增加為好望角型船舶的利用率和租船費率設定了更高的下限。這一點，再加上不斷增加的鋁土礦量，應該會導致需求驅動因素的可持續上升趨勢。

Regarding the general economic environment, it should be noted that since early 2022, the world economy dealt with a combination of unusual circumstances, punctuated by a record-high inflation, rising interest rates, and China being in complete lockdown for three years. This is now mostly behind us. With significant higher ton-mile demand, China (technical difficulty) to support the market as well as massive infrastructure projects globally.

就總體經濟環境而言，值得注意的是，2022年初以來，世界經濟經歷了一系列不尋常的情況，通脹創歷史新高、利率上升、中國三年全面封鎖等。現在這一切已經過去了。隨著噸英里需求顯著增加，中國（技術難度）支持市場以及全球的大型基礎設施項目。

Moving on to Capesize vessel supply. Based on the limited outstanding order book, the outlook for the Capesize sector remains very encouraging. The Capesize and VLOC order book scheduled for 2023 delivery amounts to only about 1% of the total fleet with total order book across all delivery years being only about 4.8% of the existing fleet. The limited new building activity of the last few years has kept fleet growth at very low levels, and Capesize fleet growth in 2024 is not expected to surpass 1%.

接下來是好望角型船舶供應。基於有限的未完成訂單，海岬型船行業的前景仍然非常令人鼓舞。計劃於 2023 年交付的好望角型和 VLOC 訂單量僅佔船隊總數的 1% 左右，所有交付年份的總訂單量僅佔現有船隊的 4.8% 左右。過去幾年有限的新造船活動使船隊增長保持在非常低的水平，預計 2024 年海岬型船隊增長不會超過 1%。

Despite the limited long-term fleet growth in the Cape market, during the first half of the year, the volatility in charter rates have been mainly a result of mostly short-term factors. These factors have led to an increase in effective ton and supply, so it would be worth taking a few moments to discuss the main factors causing that.

儘管開普敦市場的長期船隊增長有限，但今年上半年，包機費率的波動主要是由短期因素造成的。這些因素導致了有效噸數和供應量的增加，因此值得花一些時間來討論造成這種情況的主要因素。

The first is the historical low fleet congestion. This is attributed mainly due to better weather conditions globally as well as the release of more than 250 vessels from the grain corridor in Ukraine. The second factor would be increased vessel speed. It has been observed that in the main long haul C3 route, many large ore carriers are sailing at excessive speeds shoring up shortened tonnage over supply.

首先是車隊擁堵率處於歷史低位。這主要歸因於全球天氣條件較好以及烏克蘭糧食走廊釋放了 250 多艘船隻。第二個因素是增加船速。據觀察，在主要的長途C3航線上，許多大型礦砂船都以超速航行，以支撐減少的噸位過剩。

Needless to say that increased speeds have an exponential effect on the CO2 emissions. We have calculated that if 100 ships reduced their speeds only by 1 knot, the annual reduction in CO2 emissions would be more than 500,000 tons. Overall, we expect to see congestion to start increasing towards historical averages in the next months.

不用說，速度的提高對二氧化碳排放量有指數級的影響。我們測算，如果100艘船舶航速僅降低1節，每年可減少二氧化碳排放50萬噸以上。總體而言，我們預計未來幾個月擁堵情況將開始增加至歷史平均水平。

In addition, the speeding ships should start abiding by the new environmental regulations. Once the temporary effective oversupply of ships is reduced, we strongly believe that the Capesize freight rates should bounce back to much higher levels.

此外，超速航行的船舶也應開始遵守新的環境法規。一旦船舶暫時有效的供應過剩現象得到緩解，我們堅信海岬型船運價應該會反彈至更高水平。

Seanergy is in a great position to deliver high returns in this favorable environment. Rewarding our shareholders through distributions remains our highest priority, and we will continue doing so based on the strength of our pure-play Capesize exposure and our high-quality fleet.

Seanergy 處於有利的位置，可以在這種有利的環境中實現高回報。通過分配回報股東仍然是我們的首要任務，我們將根據我們的純海岬型船業務和高質量船隊的實力繼續這樣做。

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

關於這一點，我想將電話轉回給接線員並回答您可能有的任何問題。接線員，請接聽電話。

(Operator Instructions) Tate Sullivan, Maxim Group.

（操作員說明）Tate Sullivan，Maxim Group。

I wonder if we could start with the press release from July 6 which included the repurchase details as well as the bareboat and charter acquisition of the Newcastlemax. Can you start in why you structured acquisition that way and the benefits of that structure please in this current market?

我想知道我們是否可以從 7 月 6 日的新聞稿開始，其中包括 Newcastlemax 的回購細節以及光船和包租收購。您能否首先介紹一下為什麼要以這種方式構建收購以及該結構在當前市場中的好處？

So I'm going to start with the fact that the fleet of the company was reduced recently due to the sales of the older ships to United Maritime, so we wanted to re-increase the number of ships under our commercial and technical management. However, we wanted to find ways not to spend too much of the cash of the company. And we found this bareboat agreement with very prestigious Japanese owners, and they accepted that we charter-in the ship for a period of time of about a year. And then we have a purchase option to acquire it.

因此，我首先要說的是，由於將舊船出售給聯合海事公司，最近該公司的船隊有所減少，因此我們希望重新增加我們商業和技術管理下的船舶數量。然而，我們想找到不花費公司太多現金的方法。我們與非常有聲望的日本船東達成了光船協議，他們接受了我們租船大約一年的時間。然後我們有一個購買選項來獲取它。

So overall, I think it's a great deal for the company because we increased the operating leverage significantly by Newcastlemax vessel. At the same time, the cash outlay remains quite limited, so we have cash for other purpose as well like stock buybacks or whatever. And the overall deal is a great deal because, all things being into consideration, the bareboat hire, the advance payments, as well as the purchase option, the overall price of that vessel is quite low. It's lower than the recent transactions we've seen in the market. So it's a win, win, win situation and for us, and that's why we decided to do it.

總的來說，我認為這對公司來說是一筆很大的交易，因為我們通過紐卡斯爾型散貨船顯著提高了運營槓桿。與此同時，現金支出仍然相當有限，因此我們還有其他用途的現金，例如股票回購或其他用途。總體而言，這筆交易很划算，因為考慮到所有因素，包括光船租金、預付款以及購買選擇權，該船的總體價格相當低。它低於我們最近在市場上看到的交易量。所以這對我們來說是雙贏、雙贏、雙贏的局面，這就是我們決定這樣做的原因。

And did I hear you say that -- in one of the remarks that it should have a premium to the BCY as a 2011 built vessel? And why would that quite be the case (inaudible)

我是否聽到您在其中一次評論中說過，作為 2011 年建造的船舶，它應該比 BCY 具有溢價？為什麼會是這樣（聽不清）

It does -- it does indeed, yes. Just to put things into perspective, where at in the filings of other companies that they have acquired Newcastlemax vessels for something in the region of close to $80 million, eight zero. Those ships, we understand they are chartered to the BCI at 145% to 150%, so 1.45%, 1.5%. This ship we bought for a fraction of that price. So we bought it for $30 million, $31 million point something.

確實如此——確實如此，是的。客觀地說，在其他公司的備案文件中，他們以接近 8000 萬美元（八個零）的價格收購了 Newcastlemax 型船舶。據我們了解，這些船舶以 145% 至 150% 的價格租給 BCI，即 1.45%、1.5%。我們以這個價格的一小部分購買了這艘船。所以我們以 3000 萬美元、3100 萬美元的價格買下了它。

And it's chartered -- it's going to be chartered to the BCI at a premium in excess of 20%. So we're spending a fraction of what other companies are paying for similar tonnage, and the revenue-generating capacity of that ship is going to be, I'm not going to say as good as, but very, very good premium over the BCI. So in respect of return on the investment, I say that this is incomparable.

而且它是特許的——它將以超過 20% 的溢價特許給 BCI。因此，我們的支出只是其他公司為類似噸位支付的費用的一小部分，而且該船的創收能力將是，我不會說那麼好，但比其他公司有非常非常好的溢價。腦機接口。所以說到投資回報率，我說這是沒有可比性的。

And then the last one on that, thank you for the detail, is what -- in terms of buying the ship at the end of the 12-month bareboat period for $20 million, what do you need to see in the market to exercise that option?

最後一個，謝謝您提供的詳細信息，就是在 12 個月的光船期結束時以 2000 萬美元購買這艘船，您需要在市場上看到什麼才能行使這一權利選項？

I think we'll go -- we will most likely exercise that option. I don't think that we will not exercise the option. So it's pretty much a high degree of certainty that we will most likely exercise that option.

我想我們會去——我們很可能會行使這個選擇。我不認為我們不會行使這個選擇權。因此，我們很有可能會行使這一選擇權。

Great. And one other for me too is you had high utilization in the second quarter. That was the main factor that caused the revenue to exceed my expectations of the 99% high in at least four quarters. Any -- should that decrease in the coming quarters with any scheduled downtime?

偉大的。對我來說，另一件事是第二季度的利用率很高。這是導致至少四個季度營收超出我預期的99%高位的主要因素。任何 - 在未來幾個季度中，如果有計劃的停機時間，這種情況是否會減少？

I mean, we have pretty much reported all the drydocks that we have until the year end. We don't have any material drydocks until the year end. So I would assume that 98% to 99% is a safe assumption for the remaining of the year.

我的意思是，我們幾乎已經報告了年底前擁有的所有乾船塢。到年底我們還沒有任何材料幹船塢。因此，我認為 98% 到 99% 對於今年剩餘時間來說是一個安全的假設。

And then last one for -- were any of the deposits made for the bareboat charter in 2Q or all the payments related to that are in 3Q and the rest occur in the second half of last year?

最後一個問題是——是否有任何在第二季度為光船租賃支付的押金，或者所有與此相關的付款都在第三季度支付，其餘的都發生在去年下半年？

Hi, Tate. This is Stavros. The first $3.5 million have already been deposited. So there's only one $3.5 million deposit which remains at the delivery of the ship which is (technical difficulty) the fourth quarter. So that's the only remaining outlay before we take delivery of the vessel.

嗨，泰特。這是斯塔夫羅斯。首批 350 萬美元已存入。因此，在第四季度（技術難度）交付船舶時，只剩下一筆 350 萬美元的訂金。這是我們接收船舶之前唯一剩餘的支出。

All right, well. Excellent. Great to hear your update. Have a great rest of the day.

好吧，好吧。出色的。很高興聽到你的更新。祝你這一天好好休息。

Kristoffer Skeie, Arctic Securities.

克里斯托弗·斯基 (Kristoffer Skeie)，北極證券。

Hello, gentlemen. Congrats on another great quarter. So regarding the Newcastlemax acquisition, it seems like a great deal. Obviously, you're getting quite a good premium compared to conventional capes from running newcs compared to BCI. And from a strategic standpoint, are you looking to add more newcs or if this is just a one-off?

先生們好。祝賀又一個偉大的季度。因此，對於收購 Newcastlemax 來說，這似乎是一筆很大的交易。顯然，與 BCI 相比，運行 newcs 與傳統的 Cape 相比，您可以獲得相當高的溢價。從戰略角度來看，您是否希望添加更多新功能，或者這只是一次性的？

Well, I cannot really answer this question. We might have similar opportunities in the future that we will take into serious consideration. If the economics work well for us, it's pretty similar the trait. So these types of ships, they pretty much carry the same cargoes, which is iron ore, coal, and bauxites.

嗯，我實在無法回答這個問題。未來我們可能會有類似的機會，我們會認真考慮。如果經濟學對我們來說運作良好，那麼它的特徵就非常相似。因此，這些類型的船舶幾乎攜帶相同的貨物，即鐵礦石、煤炭和鋁土礦。

So from a commercial perspective and from the same -- we're going to use the same charters as we already have in a company that we know and we trust, and we have excellent relationship for the last many, many years. So overall, the good take is for the ship, if it's a good quality, we might as well look at additional Newcastlemaxs or Capes and restructure.

因此，從商業角度來看，我們將使用與我們所了解和信任的公司相同的章程，並且我們在過去很多年中保持著良好的關係。因此，總的來說，這艘船的優點是，如果質量好，我們不妨考慮額外的 Newcastlemaxs 或 Capes 並進行重組。

But it's not that we're open for new acquisitions. Overall, for us, it's a more -- a general approach over shareholder rewards as well. So for us, it's going to take -- it will have to be a very good deal to take it into consideration.

但這並不是說我們對新收購持開放態度。總的來說，對我們來說，這也是一種更普遍的股東獎勵方法。因此，對我們來說，這將是一個非常好的協議，才能考慮到這一點。

Thank you. And when we're looking at that for values now where it seems to be sort of quite disconnected to time charter rates. So what's your view on the current disconnection? I mean, something has to give here, at least when we're looking at this from a historical perspective. What's your view? What's holding the values up now?

謝謝。當我們現在查看價值時，它似乎與期租費率完全無關。那麼您對當前的斷網有何看法？我的意思是，至少當我們從歷史的角度來看這個問題時，這裡必須做出一些貢獻。你的看法是什麼？現在是什麼支撐著價值觀？

That's a great question. First of all, if you look at the buyers for the Capesize and the Newcastlemax since the beginning of the year, if not for the last two years all together, they're very, very serious players. You don't have like speculative acquisitions from the cape. So you' see names that are very serious players. And for them, it represents a great value in their investment as it is for us.

這是一個很好的問題。首先，如果你看看今年年初以來海岬型船和紐卡斯爾型船的買家，即使不是過去兩年的總和，也會發現他們都是非常非常認真的玩家。你不會從海角進行投機性收購。所以你會看到一些非常認真的球員。對於他們來說，這代表了他們的投資的巨大價值，對我們來說也是如此。

So what we see in the value of the Capesize vessel, knowing that the overall order book on an annual basis is around 1% to 1.5% versus, there's zero, almost zero order book going forward. The fleet is getting older. We have the new regulations coming in. So the best fundamentals right now, they appear to be in the Capes and the Newcastlemax segment.

因此，我們看到好望角型船舶的價值，知道每年的總體訂單量約為 1% 至 1.5%，而未來的訂單量為零，幾乎為零。艦隊正在老化。我們即將出台新的規定。因此，目前最好的基本面似乎是在 Capes 和 Newcastlemax 部分。

So people see that there's a lot of liquidity coming from other segments of the shipping universe like container ships and tankers. And splashing $30 million to $50 million, depending on the age of the vessel to acquire tonnage, or $20 million to $50 million for some people, it might be a rounding error. But overall, you see very serious players getting back into the game. And in my opinion, that's a good sign.

因此，人們看到大量流動性來自航運領域的其他領域，如集裝箱船和油輪。根據獲得噸位的船舶的年齡，花費 3000 萬至 5000 萬美元，或者對某些人來說花費 2000 萬至 5000 萬美元，這可能是一個四捨五入的錯誤。但總的來說，你會看到非常認真的玩家重新回到遊戲中。在我看來，這是一個好兆頭。

Looking at your (inaudible) you've obviously taken on some coverage which have some well times, I must say. So another great job led on there. But what's your view going forward, and what rate would you need to see in order to book quite a lot of 2024 days?

我必須說，看看你的（聽不清），你顯然已經接受了一些有一些良好時期的報導。於是，又一項偉大的工作就此展開。但您對未來有何看法？您需要什麼價格才能預訂 2024 年的大部分航班？

Well, for 2024, I cannot give you an answer because 2024 is going to be the first year that we're going to have all these regulations kicking in. So in our opinion, you will see a lot of speed adjustments coming in in 2024.

好吧，對於 2024 年，我無法給你答案，因為 2024 年將是我們所有這些法規生效的第一年。所以在我們看來，你會看到 2024 年會有很多速度調整。

I would like to remind everyone on this call the fact that even though people are saying that the average fleet speed is lower than what it used to, that's actually not correct. If you look at the deadweight adjusted speed of the fleet, it's actually much higher. So if you look at all the ore carriers on C3, ships between 250 and 400,000 tons, most of them are going with 14, 15, 16 knots. In my opinion, that's completely inexplicable going at this kind of speeds and emitting this kind of CO2 up in the atmosphere.

我想提醒大家，儘管人們說平均船隊速度比以前低，但這實際上是不正確的。如果你看看艦隊的自重調整速度，它實際上要高得多。因此，如果你看看 C3 上的所有礦石運輸船，即 250 至 40 萬噸之間的船舶，其中大多數的航速為 14、15、16 節。在我看來，以這種速度行駛並向大氣中排放這種二氧化碳是完全無法解釋的。

So one way or another, they would have to abide by the new regulations. And they would have to cut speeds. We're told many, many times that the reason why the market is at these low levels is not only the congestion which is is at historical low levels, but the fact that the large ore carriers can speed up to these excessive speeds. And that creates a big and temporary oversupply of tonnage.

因此，無論如何，他們都必須遵守新規定。他們將不得不降低速度。我們多次被告知，市場處於如此低水平的原因不僅是處於歷史低水平的擁堵，而且是大型礦石運輸船可以加速到如此高的速度。這造成了噸位的暫時性大幅供應過剩。

Once that is more regulated and more controlled and disciplined, I expect we're going to see a better market. So to answer your question about 2024, it's the first year that you have not only the CII and EEXI, but also the EU ETS. And that's going to be the first monetary impact for many people calling or not calling EU because there's going to be more discipline on the speeds.

一旦監管、控制和紀律更加嚴格，我預計我們將看到一個更好的市場。因此，回答你關於 2024 年的問題，這是不僅有 CII 和 EEXI，還有 EU ETS 的第一年。對於許多打電話或不打電話給歐盟的人來說，這將是第一個貨幣影響，因為對速度的約束將會更加嚴格。

So we're all very much more optimistic for 2024. I'm not going to give you a number, but my projections, but I wouldn't be too soon to fix something for 2024 for going forward.

因此，我們對 2024 年都更加樂觀。我不會給你們一個數字，而是我的預測，但我不會太快地為 2024 年確定一些未來的事情。

Great. Thanks a lot, and, yes, I look forward to 2024.

偉大的。非常感謝，是的，我期待 2024 年。

(Operator Instructions) There are no further questions. This concludes today's conference call. Thank you for your participation. You may now disconnect.

（操作員說明）沒有其他問題。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。