Seanergy Maritime Holdings Corp (SHIP) 2025 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, 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，感謝你們的耐心等待，歡迎參加 Seanergy Maritime Holdings Corp 2025 年 9 月 30 日止第三季和前九個月財務業績電話會議。我們今天有 Seanergy Maritime Holdings Corp. 的董事長兼執行長 Stamatis Tsantanis 先生和財務長 Stavros Gyftakis 先生。

(Operator Instructions)

（操作說明）

The archive webcast of the conference call will soon be made available on the synergy website www.seanergymaritime.com.

本次電話會議的存檔網路直播很快就會在 Synergy 網站 www.seanergymaritime.com 上提供。

To listen to the archived audio file, visit the Seanergy website following the webcast and presentation section and the investor relations page.

若要收聽存檔音訊文件，請造訪 Seanergy 網站，依序點擊網路直播和示範部分以及投資者關係頁面。

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 30th, 2025 earnings release, which is available on the Seanergy website again, www.seanergymaritime.com. 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.

今天的許多發言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聲明所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存在重大差異的因素的更多信息，請參閱截至2025年9月30日的第三季度和前九個月的收益報告，該報告可再次在Seanergy網站www.seanergymaritime.com上查閱。現在，我謹將會議交給今天的一位發言人，公司董事長兼執行長Stamatis Tsantanis先生。

Please go ahead, sir.

請繼續，先生。

Thank you, operator, and welcome everyone.

謝謝接線員，歡迎各位。

Today we're pleased to present another quarter of strong performance for synergy, underline our consistent for stability, discipline strategy, and the continued success of our focused Cape Size and NewcastleMax platform, a model that we expect will deliver superior earnings capacity versus most peers.

今天，我們很高興地宣布，公司在協同效應方面又取得了強勁的業績，這凸顯了我們一貫的穩定性、紀律性策略，以及我們專注於海角型和紐卡斯爾型平台的持續成功。我們預計，與大多數同業相比，該平台將帶來更優異的獲利能力。

Following the strong momentum established in the second quarter, Synergy delivered a profitable third quarter driven by a large vessel exposure and the ongoing strength in the cap size market. Net revenue reached approximately $47 million. Adjusted EBITDA was $27.5 million and net income total $12.8 million demonstrating seanergy, superior earnings capacity, and operational leverage. Over the first nine months of the year, we generated net revenue of $108.7 million adjusted EBITDA of $52.8 million and net income was $8.8 million. In line with our dividend policy, we declared a dividend cash dividend of $0.13 per share for the quarter, bringing total 2025 distributions to $0.23 per share and reaffirming our commitment to regular shareholder returns. The expiration of our Class E warrants removed legacy dilution and further simplified our capital structure, fully aligning long-term performance with shareholder value. With a fleet of 20 large cape-sized vessels and Newcastle Maxis and fleet loan to value ratio around 45%, Seanergy is very well positioned to benefit from a robust cape-size cycle.

繼第二季強勁的成長動能之後，Synergy 在第三季實現了獲利，這主要得益於大型船舶業務的成長以及船體規模市場的持續強勁。淨收入達到約4700萬美元。調整後 EBITDA 為 2,750 萬美元，淨收入總計 1,280 萬美元，展現了卓越的獲利能力和營運槓桿。今年前九個月，我們實現了淨收入 1.087 億美元，調整後 EBITDA 為 5,280 萬美元，淨利潤為 880 萬美元。根據我們的股息政策，我們宣布本季派發每股 0.13 美元的現金股息，使 2025 年的總分紅達到每股 0.23 美元，並重申了我們對定期股東回報的承諾。E類認股權證的到期消除了歷史遺留的股權稀釋，進一步簡化了我們的資本結構，使長期績效與股東價值完全一致。Seanergy 擁有 20 艘大型好望角型船舶和 Newcastle Maxis 型船舶，船隊貸款價值比約為 45%，因此它完全有能力從強勁的好望角型船舶週期中受益。

Moving on to fleet developments, we continued executing our disciplined fleet renewal strategy. In October, we placed our first ever new building order, a 181,000 deadweight cape size at Hengley Shipyard. Marking the next phase of a large vessel strategy focused on efficiency, scale, and modernization. The vessel is priced at approximately $75 million with delivery scheduled for the second quarter of 2027, offering a strategic delivery window ahead of most comparable projects. This decision reflects attractive new building economics versus surging secondhand values and positions in energy to capture stronger long-term returns from a modern fuel efficient fleet.

接下來談到車隊發展，我們繼續執行我們嚴謹的車隊更新策略。10 月，我們下了第一份新造船訂單，在亨利造船廠建造了一艘 181,000 載重噸的海角型帆船。標誌著大型船舶戰略進入下一階段，該戰略將重點放在效率、規模和現代化上。該船定價約為 7500 萬美元，計劃於 2027 年第二季交付，比大多數同類項目擁有更優越的交付時間。這項決定反映了新建建築經濟效益的吸引力，以及二手建築價值的飆升和能源領域的佈局，旨在從現代化的節能車隊中獲得更強勁的長期回報。

The project's timing aligns with the expected upswing in iron ore and bauxite trade through 2027 and thereafter.

該計畫的時機與預計到 2027 年及以後鐵礦石和鋁土礦貿易的成長趨勢相吻合。

In parallel, we sold and delivered a vintage cappeside ship for $21.6 million releasing approximately $12 million in net liquidity and further optimizing our fleet composition.

同時，我們以 2160 萬美元的價格出售並交付了一艘老式卡普賽德船，釋放了約 1200 萬美元的淨流動資金，並進一步優化了我們的船隊組成。

Our vessels continue to secure premium employment with top-tier charters supported by index-linked charters that preserve full market exposure. This discipline structure complemented by selective FFA hedging. Ensures resilience across cycles. Our time charter equivalent has consistently outperformed the BCI confirming the strength of our larger vessel commercial model and positioning us for sustained earnings momentum heading into 2026.

我們的船舶繼續獲得優質就業機會，獲得頂級租船合同，並透過與指數掛鉤的租船合約保持充分的市場曝光。這種紀律結構輔以選擇性的 FFA 對沖。確保跨週期的韌性。我們的定期租船等效收益一直優於 BCI，這證實了我們大型船舶商業模式的優勢，並為我們進入 2026 年的持續盈利勢頭奠定了基礎。

To conclude the first part of this call, our focus on larger cage size Casamax vessels continues to differentiate synergy. These assets deliver superior earnings capacity and long-term value compared to smaller bulk segments. Our boutique platform is built on scale where it matters vessel size. And operational performance, maximizing value creation per share. With a modern, efficient fleet, prudent leverage, and consistent dividends, Synergy remains very well positioned to lead in shareholder value among listed drive out companies. I will now pass the floor to Stavros to discuss our financial update, and I will conclude later with our comments on the market. Stavro, please go ahead.

總結本次通話的第一部分，我們對更大籠型 Casamax 容器的關注持續反映出協同效應。與規模較小的散裝資產相比，這些資產具有更強的獲利能力和長期價值。我們的精品平台注重規模，而規模正是船舶尺寸的關鍵。以及營運績效，最大限度地提高每股價值創造。憑藉現代化、高效的車隊、審慎的槓桿作用和持續的分紅，Synergy 仍然處於非常有利的地位，有望在上市的汽車運輸公司中引領股東價值。現在我將把發言權交給斯塔夫羅斯，讓他來談談我們的財務更新情況，稍後我將就市場狀況發表一些看法。斯塔夫羅，請繼續。

Thank you, Samati and welcome to everyone joining us today. Let me walk you through the key highlights of the financial performance for the third quarter in the nine month period ending September 30, 2025. The third quarter delivered another period of solid profitability and balanced its strength for synergy, underscoring our discipline, financial management, and focus on capital efficiency.

謝謝薩馬蒂，也歡迎今天所有到場的各位。讓我帶您了解截至 2025 年 9 月 30 日的九個月期間第三季的財務表現要點。第三季再次實現了穩健的獲利，並在綜效方面保持了優勢，凸顯了我們的紀律性、財務管理以及對資本效率的關注。

For the quarter, net revenue reached $47 million, representing a 6% increase year over year, while adjusted dividend came in at $26.6 million broadly in line with last year's performance. Net income and adjusted net income for the quarter were $12.8 million and $14 million respectively, translating to earnings per share of $0.61.

本季淨收入達 4,700 萬美元，年增 6%；調整後股息為 2,660 萬美元，與去年同期基本持平。本季淨利和調整後淨利分別為 1,280 萬美元和 1,400 萬美元，每股收益為 0.61 美元。

For the first nine months of 2025, net revenue amounted to $108.7 million with adjusted dividend of $52.8 million. Net income for the period reached $8.8 million with earnings per share at $0.42.

2025 年頭九個月，淨收入達 1.087 億美元，調整後股利為 5,280 萬美元。該期間淨收入達 880 萬美元，每股收益為 0.42 美元。

While these figures are below last year's levels due to a softer market during the first half, we expect profitability to strengthen meaningfully in the fourth quarter, supported by fixtures already secured at higher levels.

儘管由於上半年市場疲軟，這些數據低於去年同期水平，但我們預計在第四季度，在已確定的高水平場地供應的支持下，盈利能力將顯著增強。

Turning to our balance sheet, our cash position strengthened to approximately $37 million at the end of the quarter, equivalent to $1.8 million per vessel. This reflects our disciplined approach to cost management, as outflows related to vessel acquisitions earlier in the year were effectively offset by the net proceeds from the sale of our older caps as vessel during the third quarter. In parallel, we continue to fund dividend distributions and an extensive dry docking program, underscoring the company's ability to invest in its fleet while maintaining robust liquidity. This healthy cash position provides financial flexibility, enabling us to pursue attractive opportunities and support our new building project with confidence. Notably, our financial performance and stability has enabled us to declare nearly $5 million gas dividends so far this year, despite the challenging conditions of the first half, reaffirming our commitment to ecosystem shareholder returns.

從資產負債表來看，截至季末，我們的現金狀況增強至約 3,700 萬美元，相當於每艘船 180 萬美元。這體現了我們對成本管理的嚴格把控，因為今年稍早與船舶收購相關的支出，在第三季度透過出售我們較舊的船舶獲得的淨收益，有效地抵消了。同時，我們繼續為股息分配和大規模的乾船塢計劃提供資金，這凸顯了公司在保持強勁流動性的同時投資其船隊的能力。充裕的現金流為我們提供了財務靈活性，使我們能夠抓住有吸引力的機遇，並充滿信心地支持我們的新建築專案。值得注意的是，儘管今年上半年情況嚴峻，但我們良好的財務表現和穩定性使我們能夠在今年迄今宣布近 500 萬美元的天然氣股息，這再次證明了我們對生態系統股東回報的承諾。

As of quarter end, our total debt stood at approximately $292 million.

截至季末，我們的總債務約為 2.92 億美元。

Based on the current market value of a fleet, this corresponds to a loan to fleet value ratio below 45%, reflecting a healthy and conservatively capitalized profile.

根據車隊目前的市場價值計算，這相當於貸款與車隊價值之比低於 45%，反映出財務狀況健康且資本充足率保守。

On a professor basis, our debt stands at roughly $14.6 million, which is nearly $18 million below the average market value of our ships, highlighting the strong asset coverage supporting our balance sheet.

以教授人數計算，我們的債務約為 1460 萬美元，比我們船舶的平均市場價值低近 1800 萬美元，這凸顯了我們資產負債表強大的資產覆蓋率。

In terms of financing activity this quarter, we maintained the measured pace following an exceptionally active first half of the year during which we executed transactions totaling $110.6 million.

就本季的融資活動而言，我們保持了穩健的步伐，此前上半年我們異常活躍，完成了總額達 1.106 億美元的交易。

Nevertheless, we are now in the final stages of concluding a highly attractive financing package for a new building featuring a competitive structure and compelling interest margin. We expect to be in a position to disclose additional details on upcoming financings soon.

不過，我們目前正處於敲定一項極具吸引力的新建築融資方案的最後階段，該方案具有競爭性的結構和令人信服的利率優勢。我們預計很快就能揭露有關即將進行的融資的更多細節。

The constructive finance environment offering multiple options across both bank and leasing markets has been an important consideration in our decision to pursue new buildings at this stage. At the same time, we continue to assess opportunities to optimize our capital structure and expect to report additional progress in the coming months. It is also worth noting that we have a clear debt maturity profile through the second quarter of 2026 with no voluntary payments before that period.

良好的金融環境，銀行和租賃市場提供了多種選擇，這是我們在現階段決定建造新建築的重要考慮因素。同時，我們將繼續評估優化資本結構的機會，並預計在未來幾個月內報告更多進展。值得注意的是，我們的債務到期日安排清晰，直至 2026 年第二季度，在此之前不會有任何自願付款。

This provides viable flexibility and ensures that we can time our future financing strategically without pressure.

這提供了切實可行的靈活性，並確保我們可以在不受壓力的情況下，有策略地安排未來的融資時機。

Finally, as of September 3, 2025, total shareholders equity reached $271 million with both Class D and Class C warrants now fully eliminated, Cynegy's capital structure is stronger, simpler, and fully aligned with shareholder interests.

最終，截至 2025 年 9 月 3 日，股東權益總額達到 2.71 億美元，D 類和 C 類認股權證均已完全取消，Cynegy 的資本結構更加強大、簡單，並且與股東利益完全一致。

That concludes my overview. I will now hand the call back to Samatis, who will provide insights on the caps market and broadertri fundamentals. Samati, over to you.

我的概述到此結束。現在我將把電話轉回給薩馬蒂斯，他將提供有關資本市場和更廣泛的基本面的見解。薩馬蒂，該你了。

Thank you, Stavro.

謝謝你，斯塔夫羅。

The Cape size market continued to show sustained strength in Q3 with average rates of about $24,600 per day, the highest levels in the recent quarters. This performance was driven by a 2% increase in ton mile demand against only 1.3% growth in available tonnage, reflecting a very tight market balance.

第三季度，海角型遊艇市場持續保持強勁勢頭，平均日租金約為 24,600 美元，為近幾季以來的最高水準。這項業績的驅動因素是噸英里需求增加了 2%，而可用噸位僅成長了 1.3%，反映出市場供需非常緊張。

Iron ore remained the main catalyst. Australian exports recovered strongly from early year weather disruptions, while Brazilian record volumes surged, supported by valley output increase and long haul routes that amplified 10 mile demand.

鐵礦石仍是主要催化劑。澳洲出口從年初的天氣幹擾中強勁復甦，而巴西出口量創下歷史新高，這得益於山谷地區產量的增加和長途運輸路線的開通，從而放大了 10 英里範圍內的需求。

Looking ahead, the upcoming Simando project in West Africa, combined with steady steel production and iron ore demand in China, underpins a solid multi-year outlook for the Cape I trade.

展望未來，西非即將投產的Simando項目，加上中國穩定的鋼鐵產量和鐵礦石需求，為Cape I貿易提供了穩固的多年前景。

Bauxite continues to be another key growth driver, with shipments rising more than 15% year over year in Q3 and 20% for the nine-month period.

鋁土礦仍然是另一個重要的成長驅動力，第三季出貨量年增超過 15%，前九個月年增 20%。

This trend, coupled with Atlantic basin cargo growth is expected to support high utilization levels going forward.

這一趨勢，加上大西洋盆地貨運量的成長，預計將在未來支撐較高的利用率水準。

Coal flows were also supported, led by an eight-month import high in China and increased demand across South Korea, Japan, and Southeast Asia.

煤炭流通也得到支撐，主要得益於中國進口量創八個月新高，以及韓國、日本和東南亞地區需求增加。

On the supply side, 2025 marked a record low year for capsize deliveries with less than 1.5% fleet growth. Only 38 new building orders were placed, the lowest since 2020, while 7% of the fleet is above 20 years and 30% is above 15 years.

在供應方面，2025 年是傾覆型船舶交付量創歷史新低的一年，船隊成長率不到 1.5%。新造船訂單僅下了 38 筆，為 2020 年以來的最低水平；同時，7% 的船隊船齡超過 20 年，30% 的船隊船齡超過 15 年。

With the global shipyard capacity effectively booked through 2029, supply growth will remain structurally constrained for several years. Overall, the combination of rising Atlantic-based trade, a historically low order book, and limited yard availability supports a sustained high earnings environment for Cape-sized vessels. To conclude, Synergy's pure play cappe size and Newcastle Mao continues to differentiate our platform.

由於全球造船產能已基本排滿至 2029 年，未來幾年供應成長將持續受到結構性限制。總體而言，大西洋貿易的成長、歷史性的低訂單量以及有限的船廠可用性，共同支持好望角型船舶持續的高獲利環境。總而言之，Synergy 的純粹的 cappe 規模和 Newcastle Mao 繼續使我們的平台脫穎而出。

These larger vessels generate superior in its capacity and long-term value compared to smaller bulker segments, reinforcing our boutique model based on scale where it matters, vessel size, and operational performance.

與較小的散裝貨船相比，這些大型船舶在運力和長期價值方面更具優勢，這強化了我們基於規模（船舶尺寸和營運性能）的精品模式。

Our strategy remains anchored on 3 priorities.

我們的策略仍以三大優先事項為基礎。

Capital returns, maintain a consistent dividend policy, and pursue share buybacks when accredited.

資本回報，維持穩定的股利政策，並在獲得認可時進行股票回購。

Fleet renewal and growth, enhance fleet efficiency and environmental performance through disciplined high return investments. Financial health, preserve balanced strength and prudent leverage, ensuring flexibility throughout market cycles. We are executing on all. Fronts and remain confident that synergy will continue to deliver industry leading value per share as cap size market enters another strong phase.

透過有紀律的高回報投資，實現車隊更新和成長，提高車隊效率和環境績效。財務健康，保持均衡實力和審慎槓桿，確保在整個市場週期中保持靈活性。我們正在執行所有任務。Fronts 仍然相信，隨著市值規模市場進入另一個強勁階段，綜效將繼續帶來業界領先的每股價值。

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

說到這裡，我想把電話轉回給接線生，請問您還有什麼問題嗎？接線員，請接聽電話。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

Liam Borg from B Riley Securities.

來自 B Riley Securities 的 Liam Borg。

You've been very active in the, fleet renewal program with the ordering and that even with the sale of older assets. If I look forward, you have the financial flexibility.

您在車隊更新計劃中非常積極，包括訂購新車和出售舊車。展望未來，你擁有財務上的靈活性。

How do you anticipate, growing the fleet? Would it be to add new builds or to mix in some secondhand vessels?

您預計如何擴大船隊規模？是打算建造新船，還是混入一些二手船？

We are constantly in the market seeking opportunities both in more modern secondhand ships as well as a few new building vessels that we believe could add value to the company. We want to avoid having the so-called dead capital, invest money in advances, while the ships will be delivered in 2030 or whatever. So we have to be very selective, and the reason why we chose that particular shipyard is not only its quality, but also the fact that it's basically going to deliver the ship in a year and a half from today. So that eliminates that issue. We're constantly looking for both. I cannot give you an answer right now because there's a few opportunities that we are getting closer to. So in the next, few weeks I will be, in a position to discuss more.

我們一直在市場上尋找機會，包括更現代化的二手船舶以及我們認為可以為公司增加價值的一些新造船舶。我們想避免所謂的“死資本”，把錢投資在預付款上，而船舶要到 2030 年或其他時候才能交付。所以我們必須非常謹慎地選擇，我們選擇那家造船廠的原因不僅是它的質量，還因為它基本上會在一年半內交付這艘船。這樣就解決了這個問題。我們一直在尋找這兩樣東西。我現在還不能給你答复，因為我們正在接近幾個機會。因此，在接下來的幾周里，我將能夠進行更多討論。

Great, thank you. And just taking a look at the macro, it looked like you have the best of all worlds here, as we end the year it looks like China's steel production will be down. If I flip the narrative and say China steel goes back to its historical growth rate of 1% or 2%. Does that even increase your optimism for 2026, or is that sort of baked in and how you look at the demand side of the case size equation?

太好了，謝謝。從宏觀角度來看，這裡似乎擁有所有方面最好的結果，但隨著年底臨近，中國的鋼鐵產量似乎會下降。如果我換個角度來說，中國鋼鐵業恢復到1%或2%的歷史成長率。這是否增強了您對 2026 年的樂觀情緒，還是說這種樂觀情緒已經根深蒂固，取決於您如何看待案例規模方程式的需求方面？

We were never worried about the demand side, even when people were downplaying China and its ability to keep up with the housing crisis and the real estate problems. We're very optimistic about demand for iron ore, coal, and bauxite. Theimmandu starting now in November and December is going to pick up a lot of long haul demand for high-quality iron ore, and this is going to ramp up in 2026 and 2027, so demand is not going to be an issue. What is very interesting to note is the fact that about 23%- 24% of the global cape size Newcastle Max and VLOC fleet is older than 16 years, and that gives you a sense, while the older book is of course at the lowest point. So that gives you a sense of, potential supply squeezes getting into 2026 and 2027. So that makes us feel way more optimistic than the demand narrative.

我們從未擔心過需求方面的問題，即使當時人們都在低估中國及其應對住房危機和房地產問題的能力。我們對鐵礦石、煤炭和鋁土礦的需求非常樂觀。從現在開始，泰曼都（Theimmandu）在 11 月和 12 月將迎來大量對優質鐵礦石的長途運輸需求，而且這種需求將在 2026 年和 2027 年進一步增長，因此需求不會成為問題。值得注意的是，全球約有 23%-24% 的紐卡斯爾 Max 和 VLOC 型好望角油輪船隊船齡超過 16 年，這可以讓你了解，而較老的船隊當然處於最低點。所以這讓你對 2026 年和 2027 年可能出現的供應緊張有所了解。因此，這讓我們比對需求的預期更樂觀。

Mark Reitman from Noble Capital Markets.

來自 Noble Capital Markets 的 Mark Reitman。

Thank you and always great to see another strong quarter. Just really two questions for me on this, new build contract.

謝謝，很高興看到另一個強勁的季度業績。關於新建合同，我其實只有兩個問題。

The 5 installment payments, can we just think about that as, the, $41.25 million or 55% paid in the on the 5th payment and then the. Balance of the $33.75million spread over the first four payments and what quarter do those payments begin?

5期分期付款，我們可以這樣理解：第5期付款支付4125萬美元，即55%，然後是…剩餘的 3,375 萬美元分四期支付，這四期付款分別從哪個季度開始？

Hi Mark, this is Stavros. Yes, I mean your assessment is correct. Expect the 45% to be paid over the next 12 months and then at delivery, which is, approximately 11 year and 5 months from now, the remaining 55%, based on the financing that we're contemplating for this unit, we will be liable, from our own cost reserves for approximately 25% of the contract price. And these installments we expect to be paid in the 1st quarter of 2026.

嗨，馬克，我是斯塔夫羅斯。是的，我的意思是你的評估是正確的。預計 45% 的款項將在未來 12 個月內支付，然後在交付時（大約在 11 年零 5 個月後），剩餘的 55% 款項將根據我們正在考慮的該單元的融資方案支付，我們將從我們自己的成本儲備中支付合約價格的約 25%。我們預計這些款項將於 2026 年第一季支付。

Everything else will come from this.

其他一切都將由此而來。

And then the, just the second question on the commercial updates, I was just kind of curious, kind of the tenor, going into maybe some of these, renewals. I mean, do you have, do you feel like you've got more pricing power? I mean, I noticed that in some instances the daily hire is based on a revised premium over the BCI, and I was just wondering if that premium, I'm kind of assuming that premium went up.

然後，關於商業更新的第二個問題，我只是有點好奇，對於其中一些續約，大致的基調是什麼。我的意思是，你覺得自己現在擁有更大的定價權嗎？我的意思是，我注意到在某些情況下，每日工資是基於 BCI 的修訂溢價計算的，我只是想知道這個溢價，我猜這個溢價上漲了。

Well, we tend to agree the extensions for a period of about 12 to 14 months. This is what we like and that's what the chatters are comfortable about.

我們通常會同意將期限延長 12 到 14 個月。這就是我們喜歡的，也是大家樂於討論的。

We have no concern in, renewing them thereafter, so it's not going to be an issue, and we have proven to be in a position to renew our ships consistently with very high-quality chatters all the way until they become close to 20 or sometimes above 20 years old, so. We see no issue in renewing anything for longer periods. We like the way it is right now and that provides flexibility on both sides of the, transaction, both for us and the chatters and we like this.

我們對後續的續約沒有任何顧慮，所以這不會是個問題。而且我們已經證明，我們有能力持續地續約我們的船舶，並保持非常高品質的通信，直到它們接近或超過 20 年船齡。我們認為延長續約期限沒有任何問題。我們喜歡現在這種方式，它為交易雙方（對我們和參與者來說）都提供了靈活性，我們喜歡這種方式。

Okay, just to go back, I mean in terms of the pricing power, is that even something that you kind of think about, or I mean, do you have greater leverage in this market, or, it's just, or can you even comment on the revised premium over the BCI on some of those contracts?

好的，回到正題，我的意思是，就定價權而言，您是否考慮過這個問題？或者說，您在這個市場中是否擁有更大的議價能力？或者，您能否就某些合約中相對於 BCI 的修訂溢價發表一下看法？

Yes, the way that we obtain this premium that we achieve this premium is with the conversions that we do. So whenever we feel the time is right and the forward rate is above the BCI, that's when we trigger certain conversions and we feel comfortable about securing certain cash flows and I'm not going to say coincidentally, but in most cases that leads us to the premium over the BCI. In certain cases, of course, we may not be able to get the full extent of that, but we like that we hedge the downside. We feel way more confident and comfortable to have a certain stream of cash flows, even if we lose a couple of 1,000 from the upside, we feel better off by securing the downside risk in certain quarters that might be weaker throughout the year.

是的，我們獲得這筆溢價的方式是透過我們進行的轉換。所以，每當我們覺得時機成熟，遠期匯率高於 BCI 時，我們就會觸發某些轉換，並且我們感覺有信心確保某些現金流。我不會說這是巧合，但在大多數情況下，這會導致我們獲得高於 BCI 的溢價。當然，在某些情況下，我們可能無法獲得全部收益，但我們很高興能夠對沖下行風險。我們感覺到擁有穩定的現金流會讓我們更有信心和更安心，即使上漲部分會損失數千美元，但我們覺得透過控制某些季度可能較弱的下跌風險，情況會更好。

Tate Sullivan from Maxim Group.

來自 Maxim 集團的 Tate Sullivan。

Hi, thank you. Congratulations on the new build and consistent with how you've been talking about the market for the last at least 2 years. Was there a specific, a secondhand transaction in the market that made you decide to go the new build route, or the, at what point did the, S&P prices, increase to a level where new builds are more attractive, please.

您好，謝謝。恭喜你建成新房，這和你過去至少兩年來對市場的看法一脈相承。請問市場上是否有特定的二手房交易促使您決定購買新建房屋？或者，標普500指數何時會上漲到新建房屋更具吸引力的水平？

Good morning, Tate and thanks for the question. Yes, I mean, there comes a time where we have triggering events.

早上好，泰特，謝謝你的提問。是的，我的意思是，總有一天我們會遇到一些觸發事件。

We were chasing a couple of secondhand acquisitions and the, and we missed on those because the higher bidders paid more than 10% or 20% than what we had anticipated or what we consider to be the fair value of that asset for that particular time. So when you see this kind of abrupt increases in prices of secondhand vessels, which are not like really modern, I mean we're talking about close to 15 years old or 12 years old or 13 years old, then it kind of drives you, the decision automatically gets, taken, so that's how the triggering events happen.

我們當時正在競購幾處二手資產，但都失敗了，因為出價最高的競標者支付的價格比我們預期的或我們認為該資產在當時的公允價值高出 10% 或 20% 以上。所以，當你看到二手船的價格突然上漲時，這些船並不是很新，我的意思是，我們說的是船齡接近 15 年、12 年或 13 年的船，那麼這就會促使你，讓你自動做出決定，這就是觸發事件發生的方式。

And how were you able to secure a 2027 delivery? Was it the last slot in the China shipyard or one of the last slots? Did you consider other countries as well?

你們是如何確保在 2027 年交付的？這是中國造船廠的最後一個船位，還是最後幾個船位之一？你有沒有考慮過其他國家？

Well, quality above all, so we're not going to sacrifice any delivery for inferior quality as you can understand. So we found this, I mean, we have been in discussions with various CPRs for quite some time.

品質至上，所以我們絕不會為了降低品質而犧牲交貨速度，這一點您應該能理解。所以我們發現，我的意思是，我們已經和各種 CPR 進行了相當長時間的討論。

We chose that we might be seeking other solutions as well at similar other shipyards of high-quality in China, so we will not sacrifice the quality of this vessel for earlier delivery. In this particular case we kind of had a win-win situation where we had prompt delivery, kind of prompt delivery, and at the same time very, high-quality, so we felt comfortable with that. We have certain good, connections, with a lot of people in the Far East, so we believe we will be able to source, some other deals as well.

我們考慮到可能還會從中國其他類似的高品質造船廠尋求其他解決方案，因此我們不會為了提前交付而犧牲這艘船的品質。在這個特殊的案例中，我們算是實現了雙贏，交貨迅速，同時產品品質也非常高，所以我們對此感到很滿意。我們在遠東地區與許多人建立了良好的關係，所以我們相信我們也能找到其他一些交易機會。

Okay, well, yeah, well, you mentioned that earlier too. We'll look out for those, and then Stavros on the cost of your debt cap debt, your interest rate going forward, I'm sorry if I missed it, but what do you think you're now at about the 7% interest rate level or even lower, with where floating rates have gone.

好的，嗯，是的，你之前也提到過這一點。我們會留意這些，然後是斯塔夫羅斯關於你的債務上限債務成本、你未來的利率的問題。如果我錯過了什麼，我很抱歉，但你認為你現在的利率水準在7%左右，甚至更低，考慮到浮動利率的走向。

It's lower than that. I mean, look, the financing that we have, concluded recently, the margins are at around 2%.

比那還要低。我的意思是，你看，我們最近完成的融資，利潤率在 2% 左右。

And as we move forward, the ones that we are negotiating now, a couple of packages in connection with a new building and some of the financing that we want to do are even lower. I mean from quarter to quarter you might see variations because there are certain fees that are being paid in order to break a financing or get into another financing which sometimes are charged under the interest expenses, but overall judging where so far today, I would estimate the average cost to be closer to 5.5% below 6.

隨著我們不斷推進，我們現在正在談判的幾個與新建築相關的方案以及我們想要進行的一些融資，價格甚至更低。我的意思是，每個季度可能會有所不同，因為要解除貸款或進行另一筆貸款，需要支付一些費用，這些費用有時會計入利息支出中，但總的來說，根據目前的情況來看，我估計平均成本接近 5.5% 到 6%。

Okay.

好的。

Thank you very much.

非常感謝。

(Operator Instructions)

（操作說明）

If there are no further questions, this concludes today's conference call.

如果沒有其他問題，今天的電話會議到此結束。

Thank you for participating. You may now disconnect.

感謝您的參與。您現在可以斷開連線了。