Seanergy Maritime Holdings Corp (SHIP) 2024 Q3 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 third quarter and nine months ended September 30, 2024, financial results. We have with us Mr. Stamatios Tsantanis, Chairman and CEO; and Mr. Stavros Gyftakis, Chief Financial Officer of Seanergy Maritime Holding Corp.

女士們、先生們，感謝大家的支持，歡迎參加 Seanergy Maritime Holdings Corp 電話會議，了解截至 2024 年 9 月 30 日的第三季和九個月的財務表現。與我們同行的還有董事長兼執行長 Stamatios Tsantanis 先生；以及 Seanergy Maritime Holding Corp. 財務長 Stavros Gyftakis 先生

(Operator Instructions) Please be advised that today's conference call is being recorded today, Tuesday, November 5, 2024. The archived webcast of the conference call will soon be made available on the Seanergy website, www.seanergymaritime.com, under the Webcast and Presentations section under the Investor Relations page.

（操作員說明）請注意，今天的電話會議將於今天（2024 年 11 月 5 日星期二）錄製。電話會議的存檔網路廣播很快就會在 Seanergy 網站 www.seanergymaritime.com 投資者關係頁面下的網路廣播和演示部分提供。

Many of the remarks today contain forward-looking statements based on 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 third quarter and nine months ended September 30, 2024, earnings release which is available on the Seanergy website again at www.seanergymaritime.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有重大差異。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2024 年9 月30 日的第三季度和九個月的收益發布中，該收益發布可再次在Seanergy網站www.seanergymaritime 上查看.com。

I would now like to turn the conference over to one of your speakers today, the Chairman and CEO of the company, Mr. Stamatios 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 Stamatios Tsantanis 先生。請繼續，先生。

Thank you, operator, And welcome, everyone. Today, I'm excited to present our financial results for the third quarter and first nine months of 2024, along with updates of recent developments at Seanergy. Building on our record second-quarter performance, we maintained strong momentum in Q3. Thanks to the robust capesize market and our innovative commercial strategy, we once again outperformed the index.

謝謝接線員，歡迎大家。今天，我很高興向大家介紹我們 2024 年第三季和前 9 個月的財務業績，以及 Seanergy 的最新進展。在第二季創紀錄的業績基礎上，我們在第三季保持了強勁的勢頭。由於強勁的海岬型船市場和我們創新的商業策略，我們的表現再次跑贏指數。

In Q3, we delivered net income of $12.5 million and adjusted EBITDA of $26.8 million, a dramatic improvement from the prior year's Q3 net loss of $5 million and adjusted EBITDA of $9.5 million. For the first nine months, net income was $36.8 million, and adjusted EBITDA reached $78 million, a remarkable leap from the previous year's nine months loss and EBITDA of $8.5 million and $29.1 million, respectively.

第三季度，我們實現淨利潤 1,250 萬美元，調整後 EBITDA 為 2,680 萬美元，比去年第三季淨虧損 500 萬美元和調整後 EBITDA 950 萬美元有了顯著改善。前 9 個月的淨利潤為 3,680 萬美元，調整後 EBITDA 達到 7,800 萬美元，較去年 9 個月的虧損和 EBITDA 分別為 850 萬美元和 2,910 萬美元實現了顯著飛躍。

Our Board of Directors has approved a dividend of $0.26 per share, a cash dividend, and we're continuing share buybacks representing an annualized yield of approximately 11.1%. This quarter alone, buybacks amounted to $1 million, and we're carrying this momentum into Q4. Including these buybacks, our total capital return per share this quarter is approximately $0.30 per share. These actions reflect our unwavering commitment to maximizing shareholder value and aligning with our focused capesize strategy, which has proven highly successful.

我們的董事會已批准每股 0.26 美元的股息，即現金股息，並且我們正在繼續股票回購，年化收益率約為 11.1%。光是本季度，回購金額就達 100 萬美元，我們將這股勢頭帶入第四季。包括這些回購在內，本季我們的每股總資本回報約為每股 0.30 美元。這些行動反映了我們對股東價值最大化的堅定承諾，並與我們重點關注的海岬型船戰略保持一致，事實證明該戰略非常成功。

Commercial highlights. Our Q3 daily time charter equivalent rate of around $26,500 per day outperformed the Baltic Capesize Index by about 7%, and our nine-month daily TCE averaged around $25,800 above the $23,970 index average. By locking in about 40% of our fleet days at favorable rates, we maximized the returns and maintained a competitive edge. Looking ahead, we're well positioned to capitalize on capesize market trends to continue rewarding our shareholders.

商業亮點。我們第三季的日期租船等值費率約為每天26,500 美元，比波羅的海海岬型指數高出約7%，我們的9 個月每日TCE 平均費率比23,970 美元的指數平均值高出約25,800 美元。透過以優惠的價格鎖定約 40% 的機隊天數，我們實現了回報最大化並保持了競爭優勢。展望未來，我們處於有利地位，可以利用海岬型船市場趨勢繼續回報我們的股東。

For Q4, we expect an indicative time charter equivalent of approximately $23,400 a day, thanks to securing 42% of our days at a fixed daily rate of $28,000. Notably, the current spot rate is approximately $15,300 per day. For 2025, we've also locked in earnings for two vessels at an average rate of $24,000 a day with one agreement offering additional profit sharing above the rate.

對於第四季度，我們預計定期租約相當於每天約 23,400 美元，這要歸功於我們以 28,000 美元的固定日費率確保了 42% 的天數。值得注意的是，目前即期匯率約為每天 15,300 美元。到 2025 年，我們還以平均每天 24,000 美元的價格鎖定兩艘船的收入，其中一項協議提供高於該價格的額外利潤分享。

Fleet update. In October, we wrapped up our 2024 acquisitions by taking delivery of the 2012-built Kaizen ship, that's a capesize, completing another successful year of strategic fleet growth. The combined investment in Icon ship and Kaizen ship was $69.3 million, reflecting excellent value against their market estimates. Both vessels are on index-linked charters at a premium to the BCI with contracts extending into 2025.

艦隊更新。10 月，我們接收了 2012 年建造的 Kaizen 船（一艘海岬型船），結束了 2024 年的收購，完成了戰略船隊成長的另一個成功的一年。Icon Ship 和 Kaizen Ship 的總投資為 6,930 萬美元，與市場預期相比，體現出極高的價值。這兩艘船均採用與指數掛鉤的租約，價格高於 BCI，合約延長至 2025 年。

We also exercised an amazing purchase option of $20.250 million on the 2011-built Newcastlemax Titan ship, reinforcing our growth strategy with prime assets. Notably, the current value of the Titan ship exceeds $35 million. We now operate 19 vessels, and we will continue to explore strategic opportunities for disciplined growth. As always, our goal is to make well-timed acquisitions that maximize long-term returns aligning with favorable capesize market trends.

我們也對 2011 年建造的 Newcastlemax Titan 船行使了 2,025 萬美元的驚人購買選擇權，加強了我們利用優質資產的成長策略。值得注意的是，泰坦號目前的價值超過3500萬美元。我們現在營運 19 艘船舶，我們將繼續探索有紀律的成長的策略機會。一如既往，我們的目標是適時進行收購，以最大限度地提高長期回報，並與有利的海岬型船市場趨勢保持一致。

Legal and shareholder report. As you may be aware, last week, the High Court of the Marshall Islands dismissed the case brought against Seanergy by George Economou. This ruling reaffirms our adherence to good corporate governance processes and clears the path to continue pursuing our strategic goals. Additionally, at yesterday's AGM, our common shareholders showed their resounding support for Seanergy, our Board, and our strategy, approving our proposals and rejecting those of Mr. Economou. We greatly appreciate our shareholder support for our Board.

法律和股東報告。如您所知，上週，馬紹爾群島高等法院駁回了 George Economou 針對 Seanergy 提起的案件。這項裁決重申了我們對良好公司治理流程的堅持，並為繼續追求我們的策略目標掃清了道路。此外，在昨天的年度股東大會上，我們的普通股股東對 Seanergy、我們的董事會和我們的策略表示了強烈支持，批准了我們的提案並拒絕了 Economou 先生的提案。我們非常感謝股東對董事會的支持。

We believe these results show that Seanergy shareholders recognize the company's strategy and that the right Board and governance is in place to continue delivering strong value creation over the near- and long-term. Over the past few years, Seanergy's Board and management team have successfully positioned the company as a leading public pure-play growth-oriented capesize company.

我們相信這些結果表明 Seanergy 股東認可公司的策略，並且正確的董事會和治理已經到位，可以在近期和長期繼續創造強勁的價值。在過去的幾年裡，Seanergy 的董事會和管理團隊成功地將公司定位為領先的上市純成長型海岬型船公司。

With our thoughtful and focused approach, we believe Seanergy is well positioned to continue delivering strong outperformance through the cycle and attractive shareholder returns. Thank you again to our shareholders for the trust that they have placed in our Board. We look forward to continue to engage with our investors and taking actions that are in the best interest of all Seanergy shareholders.

憑藉我們深思熟慮和專注的方法，我們相信 Seanergy 處於有利位置，能夠在整個週期中繼續提供強勁的優異業績和有吸引力的股東回報。再次感謝我們的股東對我們董事會的信任。我們期待繼續與投資者合作，並採取符合所有 Seanergy 股東最佳利益的行動。

Before I hand over to Stavros to go over our financial performance, I want to emphasize that we're glad to put this matter behind us. We're here today to discuss our performance, how Seanergy is on track across all major goals with a powerful position in the capesize sector, and as such, we won't be commenting further on the matter with Mr. Economou.

在我交給斯塔夫羅斯檢查我們的財務表現之前，我想強調，我們很高興把這件事拋在腦後。今天我們在這裡討論我們的業績，Seanergy 如何在海岬型船領域佔據強大地位，實現所有主要目標的正軌，因此，我們不會與 Economou 先生進一步評論此事。

With that, Stavros, please go ahead, and I will return to provide a quick look at the capesize market conditions.

那麼，斯塔夫羅斯，請繼續，我將回來快速瀏覽一下海岬型船的市場狀況。

Thank you, Stamatios, and welcome to everyone joining us today for our earnings call. I'd like to take a moment to review the key highlights from our financial performance for the third quarter and the nine-month period ending September 30, 2024. In the third quarter, we expanded our record profitability to the nine-month period, driven by a robust capesize freight market and our strategic hedging initiatives as previously noted by Stamatios.

謝謝你，斯塔馬蒂奧斯，歡迎大家今天加入我們的財報電話會議。我想花點時間回顧一下我們第三季和截至 2024 年 9 月 30 日的九個月期間財務表現的主要亮點。在第三季度，在強勁的海岬型貨運市場和斯塔馬蒂奧斯之前提到的戰略對沖舉措的推動下，我們將創紀錄的盈利能力擴大到了九個月。

Our net revenue for the quarter reached $44.4 million, representing an impressive 80% increase year over year. Additionally, we reported adjusted EBITDA of $26.8 million, nearly tripling compared to the same quarter last year. Our net income stands at $12.5 million, a significant turnaround from the loss we experienced last year, translating to earnings per share of $0.61.

我們本季的淨收入達到 4,440 萬美元，年增 80%，令人印象深刻。此外，我們報告調整後 EBITDA 為 2,680 萬美元，幾乎是去年同期的兩倍。我們的淨利潤達到 1,250 萬美元，與去年的虧損相比出現了重大轉變，每股收益為 0.61 美元。

For the nine-month period, our net revenue and adjusted EBITDA are $125.8 million and $78 million, respectively, which reflects a substantial improvement over the prior year. Our profitability during this timeframe has reached new highs with a net income of $36.8 million, also a notable recovery from the net loss we reported in 2023, leading to an EPS of $1.8.

在這 9 個月期間，我們的淨收入和調整後 EBITDA 分別為 1.258 億美元和 7,800 萬美元，比前一年有大幅改善。在此期間，我們的獲利能力達到了新高，淨利潤為 3,680 萬美元，也從 2023 年報告的淨虧損中顯著恢復，每股收益為 1.8 美元。

Looking ahead, we remain optimistic that despite the temporary softening in the capesize freight market, we will achieve another strong quarter and close the year with similarly solid performance. Our confidence is reinforced by our strategy, having secured 40% of our fourth quarter days at a fixed average daily rate of approximately $28,000, significantly above current market rates.

展望未來，我們仍然樂觀地認為，儘管海岬型船貨運市場暫時疲軟，但我們將再次實現強勁的季度業績，並以同樣穩健的業績結束今年。我們的策略增強了我們的信心，第四季 40% 的天數以約 28,000 美元的固定平均日費率獲得，遠高於當前市場費率。

Turning to our balance sheet, I'm pleased to report a solid liquidity position. As of the end of the quarter, our cash reserves were $41.3 million, equating to roughly $2.3 million per vessel. This has been maintained despite ongoing dividends, share buybacks, and nearly $2.7 million equity payment related to the acquisition of the Kaizen ship, along with our regular debt repayments.

談到我們的資產負債表，我很高興地報告我們的流動性狀況良好。截至本季末，我們的現金儲備為 4,130 萬美元，相當於每艘船約 230 萬美元。儘管持續派發股息、股票回購、與收購 Kaizen 船舶相關的近 270 萬美元股本支付以及我們的定期債務償還，這一情況仍然得以維持。

Our consistent cash position enables us to pursue our strategic goals while ensuring operational flexibility and managing liquidity risk. Importantly, our success and stability have enabled us to declare nearly $13.6 million in cash dividends to shareholders thus far this year. Our outstanding debt as of the end of the third quarter was $242.4 million with a net debt to total assets ratio of approximately 38%.

我們穩定的現金狀況使我們能夠實現我們的策略目標，同時確保營運靈活性和管理流動性風險。重要的是，我們的成功和穩定性使我們今年迄今已向股東派發了近 1,360 萬美元的現金股息。截至第三季末，我們的未償債務為 2.424 億美元，淨負債與總資產的比率約為 38%。

Notably, the average market value of our vessels exceeds our debt per vessel by over $20 million. In terms of new financing arrangements, we have recently secured a $34 million loan facility from one of our existing lenders. This loan financed the $20.2 million purchase option for the Titan ship and refinanced the current $13.2 million indebtedness of the partnership. The loan has a five-year term with an interest rate of term SOFR plus 2.4% per annum, yielding a 50-basis-point improvement compared to the prior loan for the partnership.

值得注意的是，我們船舶的平均市場價值超過每艘船舶的債務超過 2,000 萬美元。在新的融資安排方面，我們最近從現有貸款機構之一獲得了 3,400 萬美元的貸款融資。這筆貸款為泰坦號飛船的 2,020 萬美元購買選擇權提供了資金，並對合夥企業目前 1,320 萬美元的債務進行了再融資。該貸款期限為五年，利率為定期 SOFR 加每年 2.4%，與該合夥企業先前的貸款相比，貸款利率提高了 50 個基點。

The new facility will amortize through four quarterly payments of $1.2 million, followed by 16 payments of $0.9 million and a $14.8 million balloon payment at maturity. Additionally, we entered into a $28.5 million sale and leaseback agreement with the Japanese lessor to partially finance the acquisition of the Kaizen ship. Under this arrangement, the vessel was sold and chartered back on a bareboat basis with options to repurchase at specified prices after October 2028.

新設施將透過四次季度支付 120 萬美元進行攤銷，隨後進行 16 次支付 90 萬美元，並在到期時一次性支付 1,480 萬美元。此外，我們也與日本出租人簽訂了價值 2,850 萬美元的售後回租協議，為收購 Kaizen 船舶提供部分資金。根據這項安排，該船以光船形式出售並租回，並可選擇在 2028 年 10 月後以指定價格回購。

Moreover, at the end of the bareboat period, Seanergy will be obliged to purchase the vessel for approximately $8.3 million. This financing entails an interest rate of one-month term SOFR plus 2.5% per annum with amortization over 72 monthly payments of approximately $0.3 million. Lastly, concerning our buyback activity, year-to-date, we have repurchased 404,041 common shares at an average price of $9.58 per share, totaling $3.9 million. All repurchased shares have been canceled and removed from our share capital.

此外，在光船期結束時，Seanergy 將有義務以約 830 萬美元的價格購買該船。這項融資的利率為一個月期 SOFR 加每年 2.5%，分 72 個月付款攤銷，金額約 30 萬美元。最後，關於我們的回購活動，今年迄今為止，我們已以每股 9.58 美元的平均價格回購了 404,041 股普通股，總計 390 萬美元。所有回購的股份已被註銷並從我們的股本中刪除。

That concludes my review of our financial results. I will now pass the call back to Stamatios, who will provide insights into the capesize market and industry fundamentals. Stamatios?

我對我們財務表現的回顧到此結束。我現在將把電話轉給斯塔馬蒂奧斯，他將提供有關海岬型船市場和行業基本面的見解。斯塔馬蒂奧斯？

Thank you, Stavros. In the third quarter of 2024, the capesize market continued its upward momentum with the Baltic Capesize Index averaging $24,900 a day, up from $22,700 in Q2. For further perspective, BCI's year-to-date average of approximately $24,000 marks a significant leap from last year's $12,700. That's almost double. Demand is driving the strong market, especially with increased cargo flows from the Atlantic Basin. Capesize tonne mile demand is up 4% in 2024, outpacing fleet growth of just 2%.

謝謝你，斯塔夫羅斯。2024 年第三季度，海岬型船市場持續保持上升勢頭，波羅的海海岬型船指數平均每日 24,900 美元，高於第二季度的 22,700 美元。從更進一步的角度來看，BCI 年初至今的平均收入約為 24,000 美元，較去年的 12,700 美元有了顯著飛躍。這幾乎是兩倍。需求正在推動市場的強勁發展，尤其是來自大西洋盆地的貨運量增加。2024 年海岬型船噸英哩需求將成長 4%，超過船隊僅 2% 的成長。

Key demand highlights include Brazilian iron ore. Exports are up 6% year-to-date, fueled by efficiency gains at Vale. This positive trend is likely to extend, keeping demand strong. Guinea bauxite exports surged 17%, driven by aluminum's critical role in the industry and energy transition. We expect steady growth here in the years to come.

主要需求亮點包括巴西鐵礦石。在淡水河谷效率提升的推動下，今年迄今出口量增加了 6%。這種正面趨勢可能會延續，從而保持需求強勁。受鋁在工業和能源轉型中發揮關鍵作用的推動，幾內亞鋁土礦出口激增 17%。我們預計未來幾年這裡將穩定成長。

While typical inventory cycles and weather can create short-term fluctuations, demand for iron ore and bauxite has solid long-term potential. The Simandou iron ore project in Guinea is set to further boost capesize demand by 2026 with initial exports expected as soon as late 2025.

雖然典型的庫存週期和天氣可能會造成短期波動，但對鐵礦石和鋁土礦的需求具有堅實的長期潛力。幾內亞的西芒杜鐵礦石計畫預計到 2026 年將進一步增加海岬型船的需求，預計最快將於 2025 年底開始出口。

Coal demand. China's coal imports are climbing as domestic supply struggles to keep pace with demand. While renewables will eventually become more dominant in the future, coal remains essential in China, India, and Southeast Asia and will likely follow a steady demand path over the next 10 to 15 years. On the supply side, capesize vessel additions are limited. The current order book stands at the lowest level of the last 20 years and upcoming environmental regulations will likely restrict growth even further.

煤炭需求。由於國內供應難以跟上需求，中國的煤炭進口量正在攀升。儘管再生能源最終將在未來佔據主導地位，但煤炭在中國、印度和東南亞仍然至關重要，並且在未來 10 至 15 年中可能會遵循穩定的需求路徑。在供應方面，好望角型船舶的新增數量有限。目前的訂單處於過去 20 年來的最低水平，即將出台的環境法規可能會進一步限製成長。

By 2025, net fleet growth could drop to 1% or even zero, especially with a heavy dry-docking schedule as many vessels from the 2010, 2012 build period will undergo mandatory surveys. Newbuilding orders face barriers such as high cost, limited shipyard slots, and environmental requirements. This tight supply outlook supports a very favorable market balance for the capesize owners in the coming years.

到 2025 年，船隊淨成長可能下降至 1% 甚至為零，尤其是在幹船塢計畫繁忙的情況下，因為 2010 年和 2012 年建造期間的許多船舶將接受強制性檢驗。新造船訂單面臨成本高、船廠船位有限和環境要求等障礙。這種緊張的供應前景為未來幾年海岬型船船東提供了非常有利的市場平衡。

To conclude, Seanergy is positioned to leverage the positive long-term capesize trends with three main objectives. Capital returns, we prioritize shareholder returns through dividends and share buybacks. Fleet growth, we focus on strategic fleet growth that delivers strong returns on capital, positioning us for increased shareholder value. Financial strength. We are committed to managing these goals alongside capesize market volatility, maintaining a balance sheet that supports flexibility, while maximizing returns. Seanergy is delivering on these goals as reflected in our financial performance and share price growth.

總而言之，Seanergy 致力於利用好望角型船的長期積極趨勢，實現三個主要目標。資本回報，我們透過股利和股票回購優先考慮股東回報。機隊成長，我們專注於策略機隊成長，以帶來強勁的資本回報，為我們增加股東價值做好準備。資金實力。我們致力於在海岬型船市場波動的同時管理這些目標，維持支持靈活性的資產負債表，同時最大化回報。Seanergy 正在實現這些目標，這反映在我們的財務表現和股價成長中。

On that note, I would like to turn the call over to the operator. So operator, please take the call. Thank you.

關於這一點，我想將電話轉給接線員。所以接線員，請接聽電話。謝謝。

(Operator Instructions) Liam Burke, B. Riley Financial.

（操作員指令）Liam Burke，B. Riley Financial。

There seems to be a technical issue with Liam Burke's line. Are you happy to take the next question?

利亞姆·伯克的線路似乎有技術問題。您願意回答下一個問題嗎？

Yes, please. And we can come back to Liam if he's back on.

是的，請。如果利亞姆回來了，我們可以回來談談他。

Mark Reichman, NOBLE Capital Markets.

馬克‧賴克曼 (Mark Reichman)，NOBLE 資本市場。

Thank you. Your guidance for operating days during the fourth quarter is a little above our estimate. I think we had fewer operating days associated with the Squireship, Premiership, and the Paroship. And so I was just wondering what your thoughts are on the first and second quarters of 2025. I mean, was any off-hire or dry-docking activities deferred? Just some visibility there would be helpful.

謝謝。您對第四季度營業天數的指導略高於我們的估計。我認為我們與鄉紳、英超和教區相關的營運天數較少。我只是想知道您對 2025 年第一季和第二季有何想法。我的意思是，是否有任何停租或乾塢活動被推遲？只要有一些可見度就會有幫助。

Hi, Mark. Good to hear from you. Yes, I mean, there will be some dry dockings there. We are usually trying to time those in the first quarter where the market is historically softer. So we expect to have, I mean, approximately six dry dockings next year, three we expect to do in the first quarter and then another three in each of the remaining three quarters of the year.

嗨，馬克。很高興收到你的來信。是的，我的意思是，那裡會有一些乾船塢。我們通常會嘗試將這些時間安排在市場歷史上較為疲軟的第一季。因此，我的意思是，我們預計明年將進行大約 6 次乾船塢活動，其中 3 次將在第一季進行，然後在今年剩餘的三個季度中每年進行 3 次。

Okay. So three in the first quarter, three over the course of the remaining nine months, okay.

好的。第一季三個，剩​​下九個月三個，好。

Exactly.

確切地。

Those three over the remaining course of the nine months, are those kind of evenly -- can you just kind of put one in per quarter, or do you expect those to be --

在這九個月的剩餘時間裡，這三個人是均勻的——你能每季投入一個嗎？--

Yes, we have timed those to be one per quarter.

是的，我們已將其安排為每季一次。

Okay.

好的。

So in the stronger quarters -- yes, please go ahead.

因此，在更強勁的季度——是的，請繼續。

Well, the second question I had, you mentioned the sustainable strong balance sheet as you position to expand your fleet. What are your expectations in terms of capital expenditures for the remainder of 2024 and 2025? And any thoughts on acquisition sales or sales and leasebacks?

好吧，我的第二個問題，您提到了在擴大機隊規模時可持續的強勁資產負債表。您對 2024 年剩餘時間和 2025 年的資本支出有何預期？對收購銷售或售後回租有何想法？

Well, good morning from me. Mark, we're always open to explore strategic conservative acquisitions. So there might be some acquisitions announced maybe in Q4, maybe in Q1. But we intend to keep and maintain a very healthy balance sheet without disrupting the leverage facility. We're not going to go above our estimate, but there might be one or two ships announced in the following quarters.

好吧，我早安。馬克，我們始終願意探索策略性保守收購。因此，可能會在第四季度或第一季度宣布一些收購。但我們打算在不破壞槓桿工具的情況下維持和維持非常健康的資產負債表。我們不會超出我們的估計，但在接下來的幾個季度可能會宣布一兩艘船。

Okay, great. Well, that's very helpful. Thank you.

好的，太好了。嗯，這很有幫助。謝謝。

You're very welcome. Have a great day.

非常不客氣。祝你有美好的一天。

Lars Eide, Arctic Securities.

拉爾斯·艾德，北極證券。

Hello. First of all, congrats on another great quarter.

你好。首先，恭喜又一個偉大的季度。

Thank you, Lars.

謝謝你，拉爾斯。

My question is about the market. We've been reading recently that there's been some issues getting boxes out of Guinea, that government will ban on export of PGA. Are you familiar with this situation? Or could you shed some light on this?

我的問題是關於市場的。我們最近讀到，從幾內亞運出箱子時出現了一些問題，政府將禁止 PGA 出口。你熟悉這種情況嗎？或者你能解釋一下嗎？

Well, we've heard some rumors about potential disruptions in West Africa, but those rumors have not been substantiated. I'm pretty sure that whatever disruption is out there will come back into normality pretty soon. So we don't anticipate any long-term effect on that front at all.

嗯，我們聽說過一些關於西​​非可能出現混亂的傳言，但這些傳言尚未得到證實。我很確定無論發生什麼幹擾都會很快恢復正常。因此，我們預計這方面不會產生任何長期影響。

Okay, so short lived then. Okay, great. Thank you very much.

好吧，那麼短暫。好的，太好了。非常感謝。

Thank you. Have a good afternoon.

謝謝。祝你下午好。

Tate Sullivan, Maxim Group.

泰特·沙利文，馬克西姆集團。

Thank you. Hi. Good day. Stamatios, can you go into a background on the dividend decision to increase the dividend slightly from $0.25 to $0.26. I was thinking maybe a slight decrease with what the rates did quarter over quarter. Did you decide to reduce your cash reserve? Or how did you think about it?

謝謝。你好。再會。Stamatios，您能否介紹一下將股息從 0.25 美元略微增加到 0.26 美元的股息決定的背景。我認為利率可能會比季度略有下降。您決定減少現金儲備嗎？或者說你是怎麼想到的？

Good morning, Tate. Nice to hear from you and happy election day. Stavros is going to give you the background of the decision for the dividend, which we discuss internally with the Board. But Stavros is going to give you a little bit of a background about that.

早上好，泰特。很高興收到你的來信，祝選舉日快樂。斯塔夫羅斯將向您介紹股息決定的背景，我們將與董事會進行內部討論。但斯塔夫羅斯將為您提供一些相關背景知識。

Thanks so much. Hi, Tate. So basically, the dividend we're distributing is 50% of operating cash flow. The Board, we had extensive discussions. They have decided not to reserve any amount and not to account also for the buybacks that we concluded during the quarter.

非常感謝。嗨，泰特。所以基本上，我們分配的股利是營運現金流的 50%。董事會，我們進行了廣泛的討論。他們決定不保留任何金額，也不考慮我們在本季完成的回購。

The reason for that is that we are very positive on the market. The cash position of the company is very strong. And at the same time, we have very decent coverage for this quarter. We have 40% of our days at 28,000. And basically, the average is coming out nicely. So we saw no reason to do an extraordinary reserve or to deduct the buybacks.

原因是我們對市場非常樂觀。該公司的現金狀況非常強勁。同時，我們本季的報道非常好。我們有 40% 的時間在 28,000 號工作。基本上，平均值表現得很好。因此，我們認為沒有理由進行額外儲備或扣除回購。

Great. Thank you. And then can you talk -- confirm the total cash outflow or the amount for the Kaizen ship in the current quarter and then the purchase option for the Newcastle Max? Is it about a $60 million cash outflow? And how much of that will be financed?

偉大的。謝謝。然後您能談談 - 確認本季的總現金流出或 Kaizen 船的金額，然後是 Newcastle Max 的購買選擇嗎？是不是有 6000 萬美元的現金流出？其中有多少資金將提供？

There was only $2.7 million of the Kaizen ship. I mean we have paid part of the equity as an initial advance back in the second quarter. So in this current quarter, I think we had only $2.7 million. And then there is basically zero outflow for the Titan ship. The purchase option was favorable. It came out at around I don't know, it's around 60%, 65% of your market value. So we took financing for the entire amount. So basically, no outflows for these ships. The outflow was minimal.

Kaizen 號的造價只有 270 萬美元。我的意思是我們在第二季支付了部分股權作為初始預付款。因此，在本季度，我認為我們只有 270 萬美元。然後泰坦船基本上是零流出。購買選擇是有利的。我不知道它的價格大約是你市場價值的 60%、65% 左右。因此我們獲得了全額融資。所以基本上，這些船隻沒有資金外流。流出量極小。

Okay, great. And Stamatios, you covered the market outlook too, and it looks like a good increase in the supply of iron ore from the largest mining companies. Does that, I mean, overtake the amount of China demand? Or how has it worked historically, or should we not be too concerned about too much supply in the market?

好的，太好了。Stamatios，您也介紹了市場前景，看起來最大的礦業公司的鐵礦石供應量大幅增加。我的意思是，這是否超過了中國的需求量？或者它在歷史上是如何運作的，或者我們不應該太擔心市場上的供應過多？

Well, I mean, as far as the vessel supply is concerned, then we feel that 2025 is going to be a zero increase or even a negative increase on the vessel supply. And the reason is, number one, because the order book is very limited. And also, we expect a very heavy dry dock schedule. Because I remind you, Tate, that the majority of the ships were built in 2010, and they are now going to be undergoing their third annual -- sorry, special survey. That means that we expect to see a lot of tonnage entering the dry docks starting after the Chinese New Year and thereafter. So there will be a lot of tonnage unavailable for a big part of the year.

嗯，我的意思是，就船舶供應而言，那麼我們認為2025年船舶供應將是零成長，甚至是負成長。原因是，第一，因為訂單非常有限。而且，我們預計乾船塢時間表會非常繁忙。因為我提醒你，泰特，大多數船隻都是在 2010 年建造的，現在它們將接受第三次年度——對不起，特別調查。這意味著我們預計在農曆新年之後及之後將有大量噸位進入乾船塢。因此，一年中的大部分時間都會有大量的噸位無法使用。

And again, you have zero pretty much zero increase of the fleet, which is not really going to make an impact on the increase. At the same time, demand, it appears to be quite strong. I mean the actual trade flows of the volumes is very healthy. We don't see any disruptions.

再說一次，機隊的成長幾乎為零，這實際上不會對成長產生影響。同時，需求似乎也相當強勁。我的意思是實際貿易量非常健康。我們沒有看到任何干擾。

And China, again, I remind you that no matter the local slowdown, it appears that the steel-producing industry is continuing to be exporting a lot of steel. So we don't really see any slowdown as far as the steel production is concerned. Moving on to coal and bauxite, that is also quite strong. We don't see any slowdown in coal and bauxite. So overall, the picture for Q4 of 2024 as well as the overall picture of 2025 appears to be quite favorable, to put it this way.

至於中國，我再次提醒大家，無論當地經濟放緩，鋼鐵生產業似乎仍持續出口大量鋼材。因此，就鋼鐵生產而言，我們並沒有真正看到任何放緩。再來看煤炭和鋁土礦，這也相當強勁。我們沒有看到煤炭和鋁土礦產量有任何放緩。因此，總體而言，2024 年第四季的情況以及 2025 年的整體情況似乎相當有利。

Thank you. And last from you, Stavros, on the leverage along with discussions with the Board, are you comfortable going -- I mean, keeping around 2 times to 3 times leverage ratio to that? Or are you looking at it relative or a bit different?

謝謝。最後，Stavros，關於槓桿率以及與董事會的討論，您是否願意繼續 - 我的意思是，保持大約 2 倍到 3 倍的槓桿率？或者你認為它是相對的還是有點不同？

Yes, we have covered that, Tate, but I mean, the matter is dynamic. We might be taking some more leverage than the targeted leverage on some acquisitions, but then we have very steep amortization of the facilities. So by the time we do the follow-on acquisition and again, I mean, we tapped the debt market, then the leverage on the previous acquisition has gone down very quickly and very steeply. So we're comfortable provided that the market holds at these levels, and we can amortize the facilities as quick as we do.

是的，我們已經討論過這一點，泰特，但我的意思是，這個問題是動態的。在某些收購中，我們可能會採取比目標槓桿更多的槓桿，但我們的設施攤提非常陡峭。因此，當我們進行後續收購時，我的意思是，我們再次利用了債務市場，那麼先前收購的槓桿率已經非常迅速且急劇地下降。因此，只要市場保持在這些水平，我們就感到放心，我們可以盡快攤還設施。

Thank you for all the color. Have a great rest of day.

謝謝你所有的顏色。祝您有個愉快的一天。

Have a great day, Tate. Thank you.

祝你有美好的一天，泰特。謝謝。

Thank you.

謝謝。

Mark Reichman, NOBLE Capital Markets.

馬克‧賴克曼 (Mark Reichman)，NOBLE 資本市場。

Thank you. I just had two follow ups. The first is on the return of capital. You've articulated the dividend policy pretty well. But in terms of the share repurchases, I mean, how are you thinking about that? Are you just kind of thinking about repurchasing to cover the shares that have been issued under options programs? Or how do you think about that relative to maintaining a good level of float in the market?

謝謝。我剛剛進行了兩次跟進。首先是資本回報。您已經很好地闡明了股息政策。但就股票回購而言，我的意思是，您對此有何看法？您是否只是在考慮回購以覆蓋根據選擇權計劃發行的股票？或者，相對於維持市場良好的流通水平，您如何看待這一點？

Well, thanks. It's a great question. We prioritize dividends over share buybacks. There are days that we feel that the stock might be a little bit more pressured. There's a selling pressure on the stock. And that -- those days, we initiate some buyback programs. That's how we do it. So it's very dynamic. We monitor the stock performance on a daily basis. When there is a need for us to do buybacks, we do buybacks. Overall, we prioritize dividends over buybacks.

嗯，謝謝。這是一個很好的問題。我們優先考慮股息而不是股票回購。有幾天我們覺得該股可能面臨更大的壓力。該股票有拋售壓力。那些天，我們啟動了一些回購計畫。我們就是這樣做的。所以它非常有活力。我們每天監控股票表現。當我們需要回購時，我們就會回購。總的來說，我們優先考慮股息而不是回購。

Thank you. And the second question is just related to the whole theme of emissions, reductions. How are you thinking about your fleet? I mean, newer fleets tend to have lower maintenance expenses. Perhaps they can get better rates in the market. I mean, how do you feel like your fleet is positioned? I know there's some uncertainty with rules and regulations and fuels. So how are you and your Board kind of thinking about that?

謝謝。第二個問題與排放、減排的整個主題有關。您如何看待您的機隊？我的意思是，較新的車隊往往維護費用較低。也許他們可以在市場上獲得更好的價格。我的意思是，你覺得你的艦隊的定位如何？我知道規則、法規和燃料存在一些不確定性。那麼您和您的董事會對此有何看法？

That's a great question. Seanergy has been a pioneer in that field since 2015-2016 by installing a number of energy-saving devices and telemetry on board of our ships. We have taken the strategic decision that we will not move for now in newbuildings because we're not convinced that the new vessels actually offer any tremendous improvement versus the existing ones, especially if you factor in the amount of money you pay for those ships, which is almost double than a quality 10-year-old vessel.

這是一個很好的問題。自 2015 年至 2016 年以來，Seanergy 一直是該領域的先驅，在我們的船上安裝了許多節能設備和遙測設備。我們已經做出戰略決定，暫時不會建造新船，因為我們不相信新船實際上比現有船有任何巨大的改進，特別是如果你考慮到購買這些船所支付的金額，這幾乎是一艘10 年船齡的優質船舶的兩倍。

So having said all that, we are skeptical about the newbuildings. We do not really see any impact. And from a financial point of view, given that the forward market is anywhere between, let's say, $20,000 and $23,000, it doesn't really justify an investment. The $75 million ship has a breakeven of close to $30,000 or above $30,000 a day. So it doesn't really justify that investment in our opinion.

話雖如此，我們對新造船持懷疑態度。我們並沒有真正看到任何影響。從財務角度來看，考慮到遠期市場價格介於 20,000 美元和 23,000 美元之間，這並不能真正證明投資的合理性。這艘造價 7,500 萬美元的船舶每天的損益平衡接近 3 萬美元或超過 3 萬美元。因此，我們認為這並不能真正證明這種投資的合理性。

So we invest on the existing ships. We make them more economical. We have done a number of improvements. There is a big spectrum of things that we do to improve our ships. So we're very happy with the results so far, and we're taking a wait-and-see approach that the solution of the so-called vessel of tomorrow or the ship of tomorrow is going to appear in the following years. But so far, we will just enjoy the cash flow of the existing ships.

所以我們投資現有的船舶。我們讓它們更加經濟。我們做了一些改進。我們做了很多事情來改進我們的船舶。因此，我們對迄今為止的結果非常滿意，我們正在採取觀望態度，所謂的「明日之船」或「明日之船」的解決方案將在未來幾年內出現。但到目前為止，我們只能享受現有船舶的現金流。

That's great. Thank you very much. Bye-bye.

那太棒了。非常感謝。再見。

Thank you.

謝謝。

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。