Seanergy Maritime Holdings Corp (SHIP) 2025 Q1 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 first quarter ending March 31, 2025, 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，感謝大家的支持，歡迎參加 Seanergy Maritime Holdings Corp 關於截至 2025 年 3 月 31 日的第一季財務業績電話會議。與我們一同出席的還有 Seanergy Maritime Holdings Corp. 董事長兼執行長 Stamatis Tsantanis 先生和財務長 Stavros Gyftakis 先生。

(Operator Instructions) Please be advised that this conference call is being recorded today, Tuesday, May 27, 2025. The archived webcast of the conference call will soon be made available on the synergy website. www.seanergymaritime.com under the Webcast & Presentations section under the Investor Relations page.

（操作員指示）請注意，本次電話會議將於今天（2025 年 5 月 27 日，星期二）進行錄音。電話會議的存檔網路直播將很快在協同網站上發布。 www.seanergymaritime.com 位於投資者關係頁面下的網路直播和簡報部分。

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 certain factors that can cause the actual results to differ materially from those in the forward-looking statements is contained in the first quarter ended March 31, 2025 earnings release, which is available on the Seanergy website again, 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。有關某些可能導致實際結果與前瞻性陳述中的結果大不相同的因素的更多信息，包含在截至 2025 年 3 月 31 日的第一季度收益報告中，該報告可在 Seanergy 網站 www.seanergymaritime.com 上再次查閱。

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人，該公司的董事長兼首席執行官斯塔馬蒂斯·坦桑尼斯先生。先生，請繼續。

Thank you, operator, and welcome, everyone. Today, we're going to be presenting our financial results and company updates for the first quarter of 2025. Following a year of record financial performance shareholder rewards and targeted fleet expansion, Seanergy entered 2025 with strong momentum and a clear strategic vision. We positioned the company to fully leverage the positive long-term fundamentals of the Capesize market and our actions in the first quarter of the year reflect our continued commitment to disciplined growth balance sheet strength and delivering value to our shareholders.

謝謝接線員，歡迎大家。今天，我們將公佈 2025 年第一季的財務業績和公司最新情況。繼一年創紀錄的財務業績、股東回報和有針對性的船隊擴張之後，Seanergy 以強勁的發展勢頭和清晰的戰略願景進入 2025 年。我們將公司定位為充分利用好望角型船市場的長期積極基本面，我們在今年第一季採取的行動反映了我們對嚴謹的成長、資產負債表實力和為股東創造價值的持續承諾。

Despite a softer earnings environment in the first quarter, our conviction on the long-term strength of the Capesize segment remained unchanged. The market's core supply and demand fundamentals remain intact, and this confidence is reflected in our Board's decision to declare a dividend of $0.05 per common share, the payout exceeded what our formula would typically dictate, but the Board acted decisively to uphold our commitment to consistent shareholder returns even during temporary market softness. The subsequent rebound in spot Capesize rates to normalized levels further supports this decision and our market outlook.

儘管第一季獲利環境較弱，但我們對好望角型船市場長期強勁發展的信心依然沒有改變。市場的核心供需基本面保持不變，這種信心體現在我們董事會決定宣布每股普通股派發 0.05 美元的股息，這一派息超過了我們通常規定的公式，但董事會果斷採取行動，即使在市場暫時疲軟期間也堅持我們對持續股東回報的承諾。隨後，現貨好望角型船運價反彈至正常水平，進一步支持了這個決定和我們的市場前景。

Turning to our financial results. In the first quarter of 2025, we recorded revenue of $24.2 million, EBITDA of $6.6 million and a net loss of $6.8 million. As of quarter end, our cash balance stood at $31 million. Despite the quarterly loss, I want to emphasize the strength and flexibility of our balance sheet, which positions us to ramp up capital returns as the Capesize market continues to recover.

談到我們的財務結果。2025 年第一季度，我們的營收為 2,420 萬美元，EBITDA 為 660 萬美元，淨虧損為 680 萬美元。截至季末，我們的現金餘額為 3,100 萬美元。儘管出現季度虧損，但我仍想強調我們資產負債表的實力和靈活性，這使我們能夠在好望角型船市場持續復甦時提高資本回報。

On the operational front, in February, we took delivery of two high-quality Japanese built Capesize vessels. The Blueship built in 2011 at (inaudible) building in Japan was acquired via a 6-month bareboat charter and has commenced employment with a first-class operator on an index-linked hire contract plus FX premium.

在營運方面，二月份，我們接收了兩艘日本製造的高品質好望角型船舶。Blueship 於 2011 年在日本 (聽不清楚) 建造，是透過 6 個月的光船租賃獲得，並已開始與一流的營運商簽訂與指數掛鉤的租賃合約以及外匯溢價。

The Meiship a larger new customer mark built in 2013 at Imabari ship building of Japan was acquired through a combination of cash and bank financing and is also employed with a first-class operator under a contract offering index-linked with a guaranteed profitable floor. Both acquisitions were consistent with our focus on modern fuel efficiency Japanese tonnage secured at favorable terms and delivering immediate cash flow visibility.

「Meiship」是日本今治造船廠於2013年建造的一艘更大的新客戶船，是透過現金和銀行融資相結合的方式收購的，並且還根據一份與指數掛鉤、保證盈利底線的合同受僱於一家一流的運營商。這兩次收購都符合我們對現代燃油效率的關注，以優惠條件獲得了日本噸位並帶來了即時的現金流可見度。

On financing front, during the quarter, we concluded two separate transactions totaling $88.1 million with proceeds used to refinance the existing debt of vessels and to fund the acquisition of the Meiship. We're pleased with the timely execution of these deals completed at improved pricing and terms. These refinancings effectively removed all debt maturities for the next four quarters, enabling us to focus on capital returns and market opportunities.

在融資方面，本季我們完成了兩筆獨立交易，總額為 8,810 萬美元，所得款項用於再融資現有船舶債務以及為收購「美輪號」提供資金。我們很高興看到這些交易能夠及時完成，價格和條款也得到了改善。這些再融資有效地消除了未來四個季度的所有債務到期，使我們能夠專注於資本回報和市場機會。

From a commercial point, we achieved a daily time charter equivalent of 13,400 in Q1 2025, about 3% above the Baltic Capesize index average, once again validating our commercial strategy. Our guidance, however, for Q2 stands at approximately 19,100 based on the prevailing FFA curve as of May '23. A strong quarter-on-quarter improvement that should support a return to normalized capital distributions.

從商業角度來看，我們在 2025 年第一季實現了每日 13,400 噸的定期租船量，比波羅的海好望角型船運價指數平均值高出約 3%，再次驗證了我們的商業策略。不過，根據截至 23 年 5 月的現行 FFA 曲線，我們對第二季的預測約為 19,100。季度環比強勁改善應可支持資本分配恢復正常化。

We've also acted decisively to manage forward visibility. Approximately 39% of our fleets operating days for Q2 are hedged at an average rate of approximately $22,700. In addition, we have secured long-term coverage for roughly one-third of our available days throughout the end of the year at an average daily rate exceeding $22,000. These decisions reflect our commitment to securing profitable cash flows while ensuring a high return on capital and maintaining sustainable growth.

我們也採取了果斷行動來管理前瞻性。我們第二季約有 39% 的車隊營運天數以平均約 22,700 美元的價格進行對沖。此外，我們還確保了全年約三分之一可用天數的長期保險，平均每日費用超過 22,000 美元。這些決定反映了我們致力於確保獲利現金流，同時確保高資本回報率和維持永續成長。

I will now pass the call to Stavros, who will fill you in our financial information for the quarter as well as discussing our balance sheet and debt refinancing.

我現在將電話轉給斯塔夫羅斯，他將向您介紹我們本季度的財務信息，並討論我們的資產負債表和債務再融資。

Stavros , please go ahead.

斯塔夫羅斯，請繼續。

Thank you, Stamatis, and welcome to everyone joining us on today's earnings call. We'll begin with a review of the key highlights from our financial performance for the first quarter ended March 31, 2025. Our net revenue for the quarter totaled $24.2 million over a TCE of $13,400 per day compared to $38.3 million and TCE of $24,000 in the same period last year. However, it's worth stating that our TCE still outperformed the Baltic Capesize Index, reflecting the advantages of our hedging with the context of our overall commercial strategy.

謝謝 Stamatis，歡迎大家參加今天的收益電話會議。我們首先回顧截至 2025 年 3 月 31 日的第一季財務表現的主要亮點。本季我們的淨收入總計 2,420 萬美元，TCE 為每天 13,400 美元，而去年同期為 3,830 萬美元，TCE 為每天 24,000 美元。然而，值得一提的是，我們的TCE仍然優於波羅的海好望角型船指數，反映了我們在整體商業策略背景下的對沖優勢。

Adjusted EBITDA stood at $8 million while we recorded an adjusted net loss of $5.2 million. Looking ahead, we expect to return to profitability in the second quarter, supported by a stronger market and the freight hedging activities discussed previously by Stamatis. Current estimates indicate recovery in TCE levels to over $19,000 per day.

調整後的 EBITDA 為 800 萬美元，而調整後的淨虧損為 520 萬美元。展望未來，我們預計在更強勁的市場和 Stamatis 之前討論過的貨運對沖活動的支持下，公司將在第二季度恢復盈利。目前的估計顯示三氯乙烯水平已回升至每天 19,000 美元以上。

On the expense side, we have successfully reduced our daily OpEx by 7% year-over-year since improving efficiency for ship management team. Now moving on to our balance sheet. Our cash position stood at $31 million. Despite the soft Capesize market and cash outlays for the acquisition of the Meiship and the Blueship, our cash balance declined only moderated during the quarter. This was achieved on the bulk of our proactive financing strategy, which enables a health balance between liquidity and leverage.

在費用方面，自從提高船舶管理團隊的效率以來，我們成功地將日常營運支出較去年同期降低了 7%。現在來看我們的資產負債表。我們的現金狀況為 3,100 萬美元。儘管好望角型船市場疲軟，且收購「Meiship」和「Blueship」需要現金支出，但我們的現金餘額在本季僅略有下降。這是透過我們積極的融資策略實現的，該策略實現了流動性和槓桿率之間的健康平衡。

This active management of our loan book in combination with the consistent strong market valuation of our fleet supports our financial resilience. It has allowed us to sustain dividend distribution maintain operational flexibility and fund investments on our vessels that are scheduled to go through dry docking in the coming quarters.

我們對貸款帳簿的積極管理，加上我們船隊持續強勁的市場估值，增強了我們的財務韌性。它使我們能夠維持股息分配，保持營運靈活性，並為計劃在未來幾季進行乾船塢維修的船舶提供資金投資。

Our total assets stand at $603.5 million while balance sheet equity stood at $254.8 million. Our debt, including liabilities and the finance leases amounted to $323.7 million (sic - see press release, "$318.8 million") at the end of the first quarter resulting to a loan-to-value ratio below 50% based on the market values of our fleet, which have remained relatively steady in the last 6 months.

我們的總資產為 6.035 億美元，而資產負債表權益為 2.548 億美元。截至第一季末，我們的債務（包括負債和融資租賃）總額為 3.237 億美元（原文如此 - 參見新聞稿“3.188 億美元”），根據我們機隊的市場價值計算，貸款價值比低於 50%，而過去 6 個月，我們的機隊市場價值一直保持相對穩定。

Now before moving forward, I'd like to briefly recap our latest financing activities. In February, we finalized the new sustainability-linked loan with Piraeus Bank to refinance existing of (inaudible) and ownership at a significantly improved terms, while also partially funding the acquisition of Meiship. The total amount of the transaction was $53.6 million with a 5-year term and an interest rate of 2.05% plus term SOFR per annum, 55 basis points lower than the rate of the refinance facility. The rate is subject to further reduction based on the achievement of specific emission reduction targets.

現在，在繼續之前，我想簡要回顧一下我們最近的融資活動。今年 2 月，我們與比雷埃夫斯銀行敲定了新的永續發展掛鉤貸款，以大幅改善的條件為現有（聽不清楚）和所有權進行再融資，同時也為收購美船提供部分資金。交易總金額為 5,360 萬美元，期限為 5 年，利率為每年 2.05% 加上定期 SOFR，比再融資利率低 55 個基點。根據具體減排目標的實現情況，該稅率可能會進一步降低。

In March, we entered into two separate seven leaseback agreements with Quartership and [Friendship] with entities affiliated with a -- financial leasing, totaling $34.5 million. The proceeds were used to finance the funding debt of the respective vessels under a loan facility with Alfa Bank. These vessels were sold that back on a bareboat basis for a period of 5-years with Seanergy retaining continuous purchase options at predetermined prices. Each bareboat charter also includes a purchase obligation at the end of the charter period.

3 月份，我們與 Quartership 和 [Friendship] 及其附屬於金融租賃的實體簽訂了兩份單獨的七回租協議，總額為 3,450 萬美元。所得款項將用於根據阿爾法銀行的貸款協議為各艘船舶的融資債務提供資金。這些船舶以光船形式出售，為期 5 年，Seanergy 保留以預定價格持續購買的選擇權。每份光船租賃合約還包括租賃期結束時的購買義務。

The financing bear interest at the rate of 3-month terms plus 2.15% per annum, 130 basis points lower than the average rate of the finance facility. At the same time, we are in advanced discussions with potential financiers to fund the purchase option price of the Blueship view later this summer. Our goal is to secure favorable terms while minimizing impact on our liquidity. On this note, it is important to highlight that Seanergy has (inaudible) payments due until the second quarter of 2026.

該融資利率以3個月期限加每年2.15%計算，比融資平均利率低130個基點。同時，我們正在與潛在的融資者進行深入討論，以便為今年夏天晚些時候購買 Blueship 景觀的選擇價格提供資金。我們的目標是確保有利的條款，同時盡量減少對我們流動性的影響。在這一點上，值得強調的是，Seanergy 的付款截止日期為 2026 年第二季（聽不清楚）。

Overall, we remain optimistic about the profitability in the coming quarters and confident in the sense flexibility of our balance sheet. This positions us well, continue delivering on our strategic priorities, disciplined fleet growth and meaningful shareholder returns across the market cycle. This concludes my review of our financial results and update.

總體而言，我們對未來幾季的獲利能力保持樂觀，並對我們的資產負債表的靈活性充滿信心。這使我們處於有利地位，可以繼續在整個市場週期中實現我們的策略重點、實現有紀律的船隊成長並為股東帶來有意義的回報。這是我對我們的財務結果和更新的回顧。

I will now pass the call back to Stamatis, who will now discuss the Capesize market and industry fundamentals. Stamatis?

現在我將把電話轉回給 Stamatis，他將討論好望角型船市場和行業基本面。斯塔馬蒂斯？

Thanks, Stavros. After registering a strong performance in 2024, the Capesize market experienced a temporary production in first quarter of 2025, consistent with historical seasonality but this time it aspirated by severe weather disruptions affecting Australian exports and the strong inventories built up in 2024, especially on coal.

謝謝，斯塔夫羅斯。在 2024 年表現強勁之後，好望角型船市場在 2025 年第一季經歷了暫時的生產下降，這與歷史季節性相符，但這次受到嚴重天氣幹擾影響澳洲出口以及 2024 年積累的大量庫存（尤其是煤炭庫存）的影響。

Capesize daily charter rates rebounded sharply in March as normal cargo flows resumed the Baltic index recovering from a low of about $6,000 a day to a high of approximately $23,000 within the same quarter. While short-term facility continues to be safe by cautious economic sentiment and evolving trade policy uncertainty, the long-term Capesize fundamentals remain firmly positive.

隨著貨運量恢復正常，好望角型船日租費率在 3 月大幅反彈，波羅的海指數在同一季度內從每天約 6,000 美元的低點回升至約 23,000 美元的高點。儘管由於謹慎的經濟情緒和不斷變化的貿易政策不確定性，短期設施繼續保持安全，但長期好望角型船的基本面仍然堅定地保持積極。

The primary reason is highly strained vessel supply growth, combined with steady and resilient for major dry bulk commodities. On the supply side, the Capesize and new customer order book is currently slightly below 8%. One of the levels historically, especially significant given the increase in demand for fleet renewal due to a tightening environmental regulations.

主要原因是船舶供應成長高度緊張，而主要乾散貨商品價格穩定且具韌性。在供應方面，好望角型船和新客戶訂單目前略低於8%。從歷史上看，這是一個特別重要的水平，因為由於環境法規的收緊導致車隊更新需求的增加。

Approximately 10% of the existing fleet is over 20-years old and becoming less and less competitive the rising cost of environmental compliance that has remained limited due to constrained yard capacity high newbuilding prices and uncertainty about propulsion technology.

現有船隊中約有 10% 的船齡超過 20 年，競爭力越來越弱，由於船廠容量受限、新船價格高昂以及推進技術的不確定性，環保合規成本不斷上升，但一直有限。

Only six new Capesize and new customer orders have been placed year-to-date compared to 77% for all of 2024. Net fleet growth is expected at just 1.5% in 2025 and 1.9% in 2026, basically. Factoring increased dry docking, effective growth may be even negative during the year. [Rigs] have historically low due to [ECI] regulations and are expected to remain subdued further reducing the effective supply. Taking -- this points to minimal net fleet growth for several years, creating a very supportive environment for Capesize earnings.

今年迄今，僅有 6 艘新好望角型船和新客戶訂單，而 2024 年全年這一比例為 77%。預計 2025 年淨船隊成長率僅 1.5%，2026 年為 1.9%。考慮到乾船塢數量的增加，今年有效成長甚至可能出現負成長。由於[ECI]法規的影響，[鑽井平台]數量處於歷史低位，預計仍將持續低迷，進一步減少有效供應。這表明未來幾年淨船隊成長將保持在最低水平，為好望角型船的利潤創造非常有利的環境。

On the demand side, global steel demand remains resilient. Although China steel production is nearly flat year-on-year, iron ore imports are growing due to depletion of domestic mines and a pivot towards higher grade imported ore. Australia's iron ore exports were disrupted early in the year by severe floodings and cycle with year-to-date volumes down 2.6%. However, miners have reaffirmed 2025 export guidance pointing to a significant upside for the rest of the year.

需求方面，全球鋼鐵需求依然保持韌性。儘管中國鋼鐵產量比去年同期基本持平，但由於國內礦山資源枯竭以及轉向更高品位的進口礦石，鐵礦石進口量正在增長。今年年初，澳洲的鐵礦石出口因嚴重洪災和週期性因素而中斷，年初至今的出口量下降了 2.6%。不過，礦業公司已重申了 2025 年的出口指導，預計今年剩餘時間的出口將大幅上漲。

Brazilian iron ore exports are up 4.6% year-to-date despite a high base from Q1 2024. A the peak export season from May to November is now starting adding to the relevant momentum. Vale Brazil continues to deliver on efficiency gains and high-grade iron ore output, which bodes well for long-term export growth. Since Brazilian cargoes required triple the tonnage of Australian cargoes the impact on Capesizes and its demand is magnified.

儘管 2024 年第一季基數較高，但今年迄今巴西鐵礦石出口仍成長了 4.6%。從五月到十一月的出口旺季現在開始增加相關的勢頭。淡水河谷巴西公司繼續提高效率並產出高品位鐵礦石，這預示著長期出口將成長。由於巴西貨物所需的噸位是澳洲貨物的三倍，對好望角型船及其需求的影響被放大。

The Simandou ore project in Guinea remains on track to start in November 2025, with 1 of the lowest cost structures globally, Simandou is a game changer and long-haul premium grade Capesize exclusive trade. It's a key structural opportunity that we intend to capitalize on.

幾內亞西芒杜礦石計畫仍有望於 2025 年 11 月啟動，西芒杜擁有全球最低的成本結構之一，將成為遊戲規則的改變者，也是長途優質好望角型船的專屬貿易。這是我們想要利用的一個關鍵的結構性機會。

Iron ore ton miles are expected to grow by about 5% annually in both 2026 and 2027. Guinea's exports of (inaudible) are up 43% year-to-date. Full year production is expected to reach 200 million tons, up from 145 million tons in 2024, driven by aluminum demand. Thermal coal imports dropped around 8% year-to-date as inventory started high and hydropower generation serves in China. However, as stockpiles normalize, seasonal demand is expected to rebound in the second half of the year.

預計2026年和2027年鐵礦石噸英里數每年將增加約5%。今年迄今，幾內亞的（聽不清楚）出口成長了 43%。受鋁需求推動，預計全年產量將達 2 億噸，高於 2024 年的 1.45 億噸。由於庫存高企以及中國水力發電，今年迄今動力煤進口量下降了約 8%。不過，隨著庫存恢復正常，季節性需求預計將在下半年反彈。

Taken together, demands all major Capesize commodities and raw materials remain robust and well supported by global infrastructure, energy consumption and manufacturing needs. With extremely low fleet growth and structural efficiencies such as slow speeds and increased dry dockings. Capesize utilization is projected to tighten progressively in the quarter ahead.

整體而言，所有主要好望角型商品和原材料的需求仍然強勁，並受到全球基礎設施、能源消耗和製造業需求的良好支持。船隊成長極低，結構效率低下，例如航速緩慢、乾船塢增多。預計未來一個季度好望角型船的使用率將逐漸收緊。

To conclude, Seanergy is very well positioned as a pure-play Capesize company fully aligned with its long-term market tailwinds. Our strategy is built on these three pillars; capital returns, we remain committed to delivering shareholder value through stable dividends and targeted share buybacks; strategic fleet growth, our expansion is disciplined and opportunistic, focused on aligning with favorable market conditions; balance sheet strength, our capital structure remains healthy and flexible, allowing us to sustain returns and pursue value-enhancing opportunities as they arise. With these foundations, we are confident in our ability to maintain a leadership position in the Capesize space.

總而言之，Seanergy 作為純粹的海岬型船公司，其定位非常有利，完全順應了長期的市場順風。我們的策略建立在以下三大支柱之上：資本回報，我們始終致力於透過穩定的股息和有針對性的股票回購來實現股東價值；策略性船隊成長，我們的擴張是有紀律且機會主義的，專注於與有利的市場條件保持一致；資產負債表實力，我們的資本結構保持健康和靈活，使我們能夠維持回報並在出現增值機會時抓住它們。有了這些基礎，我們有信心在好望角型船領域中保持領導地位。

On that note, I would like to turn the call over to the operator for any questions you may have.

關於這一點，如果您有任何問題，我想將電話轉給接線員。

Operator, please take the call. Thank you.

接線員，請接聽電話。謝謝。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Mark Reichman, Noble Capital Markets.

馬克‧賴克曼 (Mark Reichman)，Noble Capital Markets。

Yes, would you please walk us through the dry dock schedule. I mean, the assumed 50 days in each of the first and fourth quarters and 100 days in each of the second and third quarters, so basically 25 days per vessel?

是的，請您向我們介紹一下乾船塢時間表。我的意思是，假設第一季和第四季各為 50 天，第二季和第三季各 100 天，所以基本上每艘船 25 天？

Hi, morning, Mark, this is Stavros. Thanks for your question. Yes. Basically, I mean, we have approximately seven ships remaining for dry-docking this year, which we're trying to push a couple of ships to the first quarter of next year, depending also on the prevailing market conditions. If the market remains at current levels, we will do as much as possible this year, expecting next year to be a bit stronger.

嗨，早上好，馬克，我是斯塔夫羅斯。謝謝你的提問。是的。基本上，我的意思是，今年我們大約還有七艘船需要乾船塢，我們正試圖將其中幾艘船推遲到明年第一季度，這也取決於當前的市場狀況。如果市場保持在當前水平，我們今年將盡可能多地做，預計明年會更加強勁。

We expect in the second, third and fourth quarter in total around $10 million to $14 million of CapEx concerning the dry dockings and around 20 days per vessel. We have already dry-docked four vessels this year, one in the fourth quarter until in the second. So basically, this is what remains.

我們預計第二、第三和第四季用於乾船塢的資本支出總計約為 1,000 萬至 1,400 萬美元，每艘船的乾船塢維修時間約為 20 天。今年我們已經將四艘船乾船塢，其中一艘在第四季度，第二季度。所以基本上，這就是剩下的。

Okay. Great. That's very helpful. And then just secondly, could you just elaborate on the company's strategic and capital allocation priorities? I mean I think in the commentary, you mentioned capital returns and market opportunities.

好的。偉大的。這非常有幫助。其次，您能否詳細說明公司的策略和資本配置重點？我的意思是，我認為在評論中您提到了資本回報和市場機會。

And so I was kind of wondering now that you've concluded deliveries of the two new vessels kind of what's next for your fleet?

所以我現在有點好奇，既然你們已經完成了兩艘新船的交付，你們的船隊下一步的計劃是什麼？

Hi, it is going to be consistent with last year. As you saw last, we had the top priority to distribute a very significant part of our cash flow in dividends. we did some buybacks as well. And at the same time, we arranged to buy a few ships. So I believe that 2025 will also be consistent.

你好，這將與去年保持一致。正如您上次看到的，我們的首要任務是將很大一部分現金流以股息的形式分配。我們也進行了一些回購。同時，我們也安排購買幾艘船。所以我相信2025年也會保持一致。

We do not have anything lined up in respect of further acquisitions, not because we don't want to, but because the selection of assets right now is scarce and limited. So unfortunately, they're not any how do you say, the compelling candidates right now in place. But if I were to give a good prediction, I would say that we will stay along the lines with last year.

我們還沒有安排任何進一步的收購，這並不是因為我們不想，而是因為目前的資產選擇稀缺且有限。所以不幸的是，無論如何，他們都不是目前最有說服力的候選人。但如果我要做出一個好的預測，我會說我們將與去年保持一致。

Tate Sullivan, Maxim Group.

泰特·沙利文（Tate Sullivan），馬克西姆集團（Maxim Group）。

Hi, good day. Good day all, can you talk about the ship opportunities when opportunities to buy (inaudible) arises? Are you competing against some of the trading houses, large mining companies or some of the other buyers out there in the type of market fleet?

你好，你好。大家好，當出現購買機會（聽不清楚）時，您能談談船舶機會嗎？您是否在與一些貿易公司、大型礦業公司或其他一些市場船隊買家競爭？

Well, we are fortunate to have some kind of a right of first offer on a number of ships that are potentially available for sale or purchase by us. So that's very helpful in the event that we have these opportunities. And as far as the commercial agreements, we are also fortunate to have some key partners that are ready to provide us with lucrative agreements for chartering the ships.

嗯，我們很幸運，對於一些可能由我們出售或購買的船舶，我們擁有某種優先購買權。如果我們有這些機會，那將非常有幫助。就商業協議而言，我們也很幸運能有一些關鍵的合作夥伴願意為我們提供有利可圖的船舶租賃協議。

So in both cases, thanks to all these long-standing relationships we have with a number of potential sellers as well as commercial operators and charters. We have the ability to buy and charter ships as we have proven very successfully.

因此，在這兩種情況下，由於我們與許多潛在賣家以及商業營運商和包機建立了長期的合作關係。我們有能力購買和租賃船舶，這一點我們已經非常成功地證明了。

As a testament to that is the two recent purchases that we did. As you can see, not only were in both cases, ships that were not able for sale and they were not into the sales reports at all up until the moment that we conclude the deal. The chartering arrangements were also above market at very profitable rates not because it's only very less, but the fact that we have created the vessels with all these devices and things that we do for better operation.

我們最近進行的兩次購買就證明了這一點。正如您所看到的，在這兩種情況下，船舶不僅無法出售，而且直到我們達成交易之前，它們根本沒有出現在銷售報告中。租船安排的價格也高於市場價格，利潤非常豐厚，這並不是因為價格非常低，而是因為我們在建造船舶時配備了所有這些設備和為了更好地運營所做的一切。

So overall, thanks to our long-standing relationships and the good work that our operations and technical department are performing. We're able to provide good contracts and overall great projects for shareholders.

總的來說，這要感謝我們長期的合作關係以及我們的營運和技術部門所做的出色工作。我們能夠為股東提供良好的合約和整體優秀的專案。

Liam Burke, B. Riley Securities.

Liam Burke，B. Riley 證券。

Thank you, Stamatis Stavros, how are you today?

謝謝你，Stamatis Stavros，你今天感覺怎麼樣？

Very well. How are you?

很好。你好嗎？

I'm doing just great, thanks. Stamatis you talked about the macro on iron ore. We've got greater ton miles because it's being sourced further away at with the capacity come on in Guinea and pretty stable underlying steel production bauxite has given you a nice follow-through on Capesize demand. Can you give us a little more detail on how much more -- how much we can see that bauxite supporting demand over time?

我很好，謝謝。Stamatis，您談到了鐵礦石的宏觀因素。我們的噸位英里數更大，因為它來自更遠的地方，隨著幾內亞產能的增加，以及相當穩定的基礎鋼鐵生產鋁土礦，為好望角型船的需求提供了良好的後續支持。您能否向我們詳細介紹鋁土礦在多大程度上能支撐長期需求？

Well, as you know, the bauxite exports have basically gone up by almost 40%, 45% since last year. So it's a major, major commodity now for transportation on a long-haul basis, and we expect that to continue. I cannot really say that it's going to go another 40% next year, and I don't really anticipate that.

嗯，正如你所知，自去年以來，鋁土礦出口量基本上增長了近 40% 到 45%。因此，它現在是長途運輸的主要商品，我們預計這種情況將持續下去。我真的不能說明年它會再上漲 40%，而且我也不真的預期這一點。

I see a flat demand may be 5% up for the remainder of the year and for 2026 which already, as I mentioned before, has increased significantly since last year. So bauxite has become (inaudible) commodity raw material for the transportation by Capesize vessels.

我認為今年剩餘時間和 2026 年的需求可能會持平，但可能會成長 5%，正如我之前提到的，自去年以來，需求已經大幅成長。因此，鋁土礦已成為（聽不清楚）好望角型船舶運輸的商品原料。

So both iron ore and bauxite are expected to be quite good, up year-on-year, even though we had some sort of a weak period year-to-date. But I'm confident that as we turn into in Q3 and everything, we will see bigger and bigger volumes coming up from West Africa. We don't see any slowdown as the information from the brokers are telling us.

因此，儘管今年迄今經歷了一段疲軟時期，但鐵礦石和鋁土礦的銷售量預計仍將表現良好，並與去年同期相比成長。但我相信，隨著進入第三季度，我們將看到來自西非的出口量越來越大。根據經紀人提供的信息，我們沒有看到任何放緩。

Great, thank you. Stavros, your daily OpEx per vessel dropped nicely. Is that just quarter-to-quarter variability? Or is there something else?

太好了，謝謝。斯塔夫羅斯，您每艘船的每日營運成本大幅下降了。這僅僅是季度與季度之間的差異嗎？還是有其他原因？

Liam, so as I've told you in previous calls, I mean we prefer to look OpEx at OpEx on an annual basis because, I mean, you avoid fluctuations quarter-over-quarter. But basically, as more of the ships that we have acquired in the last 3-years go through dry dockings with our own technical management team.

利亞姆，正如我在之前的電話會議中告訴你的那樣，我們更喜歡按年度來查看營運支出，因為這樣可以避免季度間的波動。但基本上，我們在過去 3 年內收購的更多船舶都由我們自己的技術管理團隊進行乾船塢維修。

Then I mean you have a direct impact on OpEx after the dry docking. So this you will be -- you will see reducing or stabilizing at around the levels that you see in the first quarter. And we are happy to see a drastic improvement so far, and we hope that this trend will continue into the next quarter.

那我的意思是乾船塢之後這對營運支出有直接影響。因此，您將會看到，其數量會下降或穩定在第一季的水平左右。我們很高興看到迄今為止的顯著改善，我們希望這種趨勢能持續到下個季度。

Lars Eide, Arctic Securities

Lars Eide，北極證券

Hello.

你好。

Hi, good morning.

嗨，早安。

Good morning.

早安.

Thank you for taking my question. I guess I had a question on the market. It was touched upon briefly during the presentation as well. But I was wondering about with the Capesize rates having been somewhat directionless recently.

感謝您回答我的問題。我想我對市場有一個疑問。演講過程中也簡單提到了這一點。但我對最近好望角型船的運價走勢有些疑惑。

And in terms of near-term market catalysts. What do you consider to be the most impact over the coming months? Or are you tracking the closest? Is it geopolitics, is it (inaudible) or something different?

就近期市場催化劑而言。您認為未來幾個月最大的影響是什麼？或者您正在追蹤最近者？這是地緣政治嗎？是（聽不清楚）還是其他什麼？

Thank you.

謝謝。

Can you please repeat the first part of the question because we kind of lost you for a moment.

您能否重複問題的第一部分，因為我們一時之間沒聽懂您說的話。

Yeah. I was saying that with Capesize rates being somewhat directionless recently? And in terms of like near-term market catalysts. Is it something you're tracking? What do you think will be the most impactful over the next coming months? Particularly you're tracking closely? Or is it -- yes, if you just elaborate a bit on that, that would be great.

是的。我是說最近好望角型船的運價有點沒有方向嗎？就近期市場催化劑而言。這是您正在追蹤的東西嗎？您認為未來幾個月最有影響力的是什麼？特別是您正在密切跟踪嗎？或者是——是的，如果您能稍微詳細說明一下，那就太好了。

Yeah, that's a great question. Thank you. So for us to talk about a demand, yes, it has been slightly lower than the volumes compared to last year, but not enough to make such a big damage that we incurred, especially in the first quarter in the beginning of first quarter in February.

是的，這是一個很好的問題。謝謝。因此，對我們來說，談論需求，是的，與去年相比，需求量略有下降，但還不足以對我們造成如此大的損失，特別是在 2 月第一季初。

The biggest issue, as I have repeated many, many times, is the splitting of cargoes. We had a big variation between the Capesize and Panamax Kamsarmaxes and basically zero congestion on the smaller sizes, which meant that in order to secure employment the Panamax Kamsarmax took a lot of coal cargoes from the Capesize vessels.

正如我多次重複的那樣，最大的問題是貨物的分割。好望角型船和巴拿馬型船 Kamsarmax 型船之間存在很大差異，而較小尺寸的船基本上沒有擁堵，這意味著為了確保就業，巴拿馬型船 Kamsarmax 型船從好望角型船上裝載了大量煤炭貨物。

So it's not a matter of demand. I mean the overall volumes are pretty much stable. We have not really seen any material decrease in demand. It will increase of the effective supply, which is, as I mentioned, driven by the Kamsarmax incremental effective availability because of significantly reduced congestion levels all over the world.

所以這不是需求的問題。我的意思是整體交易量相當穩定。我們實際上並未看到需求有任何實質的下降。這將增加有效供應，正如我所提到的，這是由卡姆薩爾型船的增量有效可用性所推動的，因為世界各地的擁堵程度顯著降低。

Now for the second half of the year, the positive news is that all the major miners have reiterated their export projections, which means that in order to cut the figures that they have said that they will be able to meet, export levels will need to increase substantially, just to get where that's rate they will get.

對於下半年來說，積極的消息是所有主要礦商都重申了他們的出口預測，這意味著，為了削減他們聲稱能夠達到的數字，出口水平將需要大幅提高，才能達到他們想要達到的水平。

Having said that, I believe that once we see the increased volumes or the increased pool of commodities that are completely aligned with last year or maybe slightly lower. We expect we will see it being significantly higher for the remainder of the year. Just to give you some thoughts on this matter further.

話雖如此，我相信，一旦我們看到交易量增加或商品種類增加，它將與去年完全持平，甚至可能略低。我們預計今年剩餘時間內該數字將大幅上升。只是想讓你進一步思考這個問題。

2023, that was, let's say, the weakest year of the last 5-years, we had an overall average five BCI of $17,500 approximately. In order to get to the weakest year in 2025, assuming that is our low case scenario. The remainder of the year needs to be anywhere between $23,000 and $25,000 on the Capes, which means that we see a lot of upside on that.

2023 年，可以說是過去 5 年中最弱的一年，我們的整體平均 5 年 BCI 約為 17,500 美元。為了達到 2025 年最弱的一年，假設這是我們的低迷情況。今年剩餘時間裡，好望角地區的收入需要在 23,000 美元至 25,000 美元之間，這意味著我們看到了巨大的上漲空間。

And as an absolute downside risk, I would say that this is where the FFAs are telling us today. As a material upside as far as we are concerned, above that, which may be anywhere in the $22,000, $23,000 or even in the high 20s for the remainder of the year.

而作為絕對的下行風險，我想說這就是 FFA 今天告訴我們的。就我們而言，這是一個實質的上漲空間，高於這一水平，今年剩餘時間內的價格可能在 22,000 美元、23,000 美元甚至 20 多美元之間。

I cannot give you that, but this is the kind of internal predictions we have made.

我無法給你這個答案，但這是我們所做的內在預測。

Okay, thank you very much for the for the color. I'll turn it over.

好的，非常感謝您提供的顏色。我把它翻過來。

Thank you. I hope it clarifies.

謝謝。我希望它能澄清。