Seanergy Maritime Holdings Corp (SHIP) 2025 Q4 法說會逐字稿

Thank you for standing by, ladies and gentlemen, and welcome to the Seanergy Maritime Holdings conference call on the fourth quarter and year ended December 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. (Operator Instructions).

女士們、先生們，感謝您的耐心等待，歡迎參加Seanergy Maritime Holdings公司2025年第四季及全年財務業績電話會議。出席會議的有Seanergy Maritime Holdings Corp.董事長兼執行長Stamatis Tsantanis先生和財務長Stavros Gyftakis先生。 （操作說明）

Please be advised that this conference call is being recorded today, Tuesday, February 17, 2026. The archived webcast of the conference call will soon be made available on the Seanergy website www.seanergymaritime.com. To access today's presentation and listen to the archived audio file visit the Seanergy Maritime website following the Webcast and Presentations section under the Investor Relations page.

請注意，本次電話會議於2026年2月17日（星期二）進行錄音。會議的錄音重播將很快發佈在Seanergy公司網站www.seanergymaritime.com上。如需查看今天的簡報並收聽錄音回放，請造訪Seanergy Maritime公司網站，在「投資者關係」頁面下的「網路直播和簡報」部分中找到相關資訊。

Please now turn to slide 2 of the presentation. 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 fourth quarter and year ended December 31, 2025, earnings release. which is available on the Seanergy website again, www.seanergymaritime.com.

請翻到簡報的第二頁。今天發言中的許多內容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中的結果存在重大差異的因素的更多信息，請參閱截至2025年12月31日的第四季度和全年收益報告，該報告可在Seanergy網站www.seanergymaritime.com上查閱。

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

現在我把會議交給今天的一位發言人，他是貴公司董事長兼首席執行官，斯塔馬蒂斯·桑塔尼斯先生。請您開始發言，先生。

Thank you, operator, and welcome, everyone. Today, we are pleased to present our financial results and company updates for the fourth quarter and full year of 2025. 2025 marked our fifth consecutive year of profitability and another important milestone for Seanergy. We delivered strong earnings generated meaningful cash flow advanced our fleet renewal strategy and continue the returning capital to our shareholders, significant capital to our shareholders, all while further strengthening our balance sheet.

謝謝接線員，也歡迎各位。今天，我們很高興向大家介紹2025年第四季及全年的財務表現和公司最新動態。 2025年是我們連續第五年獲利，也是Seanergy發展歷程中的又一個重要里程碑。我們實現了強勁的獲利，產生了可觀的現金流，推進了船隊更新策略，並持續向股東返還資本，同時進一步增強了我們的資產負債表。

For the fourth quarter of 2025, we reported earnings per share of $0.68 and for the full year period of 2025, we reported earnings per share of $1.28. Both our net income as well as the appreciation in value of vessels acquired since 2021 underscore the operating leverage embedded in our platform. Our profitable track record validates our long-term consistent strategy of focusing exclusively on larger bulkers, Capesizes and Newcastlemax. Seanergy is optimally positioned in what we believe is a favorable Capesize environment supported by expanding long haul demand while fleet supply growth remains constrained. Aging tonnage, limited new ordering, and environmental regulations are creating a structured tighter supply environment.

2025年第四季度，我們公佈的每股收益為0.68美元；2025年全年，我們公佈的每股收益為1.28美元。我們的淨利潤以及自2021年以來收購船舶的價值增值，都凸顯了我們平台所蘊含的營運槓桿效應。我們良好的獲利記錄驗證了我們長期專注於大型散裝貨船、好望角型散裝貨船和紐卡斯爾型散裝貨船的策略。 Seanergy在當前有利的好望角型散裝貨船市場環境中佔據了最佳位置，這得益於不斷增長的長途運輸需求，而船隊供應增長仍然受到限制。船隊老化、新訂單有限以及環保法規正在形成一個結構性且更緊張的供應環境。

With respect to fleet renewal and optimization, we have made significant progress. To date, we have secured three high-specification eco newbuildings, two Capesizes and one Newcastlemax at leading Chinese shipyards with deliveries between Q2 '27 and Q2 '28, totaling approximately $226 million. At the same time, we recently concluded the sale of the 2010 built Dukeship at a firm price in addition to the sale of the 2010 built Guinea Ship earlier in 2025. Both transactions released significant capital for the company. The current strength in second-hand values allows us to execute our fleet transition in a disciplined and measured manner while maintaining a strong balance sheet.

在船隊更新和優化方面，我們取得了顯著進展。迄今為止，我們已在中國領先的船廠訂購了三艘高規格環保型新船，包括兩艘好望角型散裝貨船和一艘紐卡斯爾型散裝貨船，預計將於2027年第二季至2028年第二季交付，總價值約2.26億美元。同時，我們近期以固定價格完成了2010年建造的「公爵號」（Dukeship）的出售，並於2025年初出售了2010年建造的「幾內亞號」（Guinea Ship）。這兩筆交易為公司釋放了大量資金。目前二手船價格的強勁表現使我們能夠以穩健有序的方式推進船隊轉型，同時保持良好的資產負債表。

At the year-end, our fleet loan value stood at 43%, reflecting a conservative leverage profile by disciplined balance sheet management. As a pure-play Capesize operator, we maintained balanced leverage that preserves financial resilience while retaining meaningful exposure to market upside.

截至年末，我們的船隊貸款價值為43%，這反映了我們透過嚴格的資產負債表管理所實現的穩健槓桿水準。作為一家專注於好望角型散裝貨船的營運商，我們保持了平衡的槓桿水平，既確保了財務穩健，又為把握市場上漲機會提供了可觀的回報。

Let us turn now to slide 4 for an overview of our capital distributions. Slide 4. In this profitable market environment, our capital allocation priorities remain clear: return capital to our investors, modernize our fleet and preserve financial strength.

現在讓我們翻到第4頁，了解我們的資本分配概況。第4頁：在當前獲利的市場環境下，我們的資本配置重點依然明確：向投資者返還資本、實現船隊現代化以及保持財務穩健。

In 2025, we declared total dividends of $0.43 per share, including $0.20 for the fourth quarter. Since Q4 2021, we have returned approximately $96 million to our shareholders through dividends, share buybacks and note repurchases. Based on our track record and current market strength, we remain constructive on future distributions subject to market conditions and capital commitments.

2025年，我們宣布派發每股0.43美元的總股息，其中包括第四季每股0.20美元的股息。自2021年第四季以來，我們已透過股利、股票回購和債券回購向股東返還了約9,600萬美元。基於我們過往的業績記錄和當前的市場強勁勢頭，我們對未來的分紅保持樂觀，但具體情況將視市場狀況和資本承諾而定。

Slide number 5, commercial snapshot. Turning to Slide number 5. 2025 demonstrated the strength of our chartering strategy. During the fourth quarter, Seanergy achieved a daily times charter equivalent of approximately $26,600 while our full year terms at equivalent was approximately $21,000 a day.

幻燈片5，商業概覽。請看幻燈片5。2025年的數據展現了我們租船策略的優勢。第四季度，Seanergy的每日平均租船租金約為26,600美元，而全年租船租金約為每日21,000美元。

Fleet utilization exceeded 96% despite the intense dry-docking schedule, reflecting our strong operating efficiency. In what was an extremely volatile year for the Capesize market, we are very pleased with our balanced commercial strategy, combining index-linked exposure with selective forward features and that has allowed us to participate in market upside while securing cash flows visibility and reducing volatility. Looking forward for the first quarter of 2026, we expect our time charter equivalent to be about $25,300 per day based on the FFA curve for the remaining days of February and March.

儘管船隊進塢維修計畫十分密集，但船隊利用率仍超過96%，這反映了我們強大的營運效率。在海岬型散裝貨船市場波動劇烈的這一年，我們對平衡的商業策略非常滿意。該策略將指數掛鉤的敞口與選擇性遠期合約相結合，使我們能夠在享受市場上漲收益的同時，確保現金流的可見度並降低波動性。展望2026年第一季度，根據2月和3月剩餘日期的遠期運費協議（FFA）曲線，我們預計當期租金約為每日25,300美元。

We're closely tracking Capesize index during the period of counter-seasonal strength. As the market remains on a clear positive trend, we aim to selectively fix a percentage of all of our available days at attractive rates securing high cash flows and in terms of invested capital. For the period from Q2 until Q4 of 2026, we have fixed approximately 32 of our available fleet days at an average gross rate of $27,300, subject, of course, to further increase as a result of the profit savings scheme for two of our vessels, $27,300. Looking further ahead, the upcoming delivery of our new buildings will further improve the commercial profile of Seanergy, and we are currently considering our options with regards to their employment.

在反季節強勢時期，我們密切關注好望角型船舶指數。鑑於市場持續走強，我們計劃以優惠的費率選擇性地鎖定部分可用航日，以確保高現金流和投資資本利得。在2026年第二季至第四季期間，我們已鎖定約32個可用航日，平均毛租金為27,300美元。當然，由於我們兩艘船舶的利潤節約計劃，租金可能會進一步上漲，為27,300美元。展望未來，即將交付的新船將進一步提升Seanergy的商業價值，我們目前正在考慮如何利用這些新船。

Slide 6. Since our previous quarterly update, we have taken decisive steps towards fleet renewal and placed orders for two additional new buildings at first-class shipyards based in China. For now, we have two sister Capesize newbuildings for mid-2027 and one Newcastlemax for Q2 2028. The combined contract cost stands at approximately $226 million which we believe represents a very, very competitive value given the pronged deliveries and the quality of the yards.

投影片6：自上一季更新以來，我們已採取果斷措施進行船隊更新，並在中國一流船廠訂購了兩艘新船。目前，我們訂購了兩艘姊妹型好望角型散裝貨船，預計於2027年中期交付；另有一艘紐卡斯爾型散裝貨船，預計於2028年第二季度交付。合約總金額約2.26億美元，考慮到分階段交付和船廠的品質，我們認為這一價格極具競爭力。

Our three newbuilding vessels have already attracted strong interest from both existing and prospective charters. However, given the continued strengthening of the market, we remain flexible and have not yet committed to any long-term employment agreements. The superior fuel and environmental performance enhance their attractiveness to major dry bulk charterers and position them very well as regulatory requirements will come to tighten the market.

我們新建的三艘船舶已引起現有和潛在租船方的濃厚興趣。然而，鑑於市場持續走強，我們保持靈活，尚未簽署任何長期租約。卓越的燃油效率和環保性能增強了它們對大型乾散貨租船方的吸引力，並使它們在監管要求收緊市場競爭的背景下佔據有利地位。

On that note, I would like to turn the call over to Stavros for an overview of our financial performance as well as our financing developments with regards to our existing and new building vessels. Stavros, please go ahead.

接下來，我想把電話交給斯塔夫羅斯，請他概述我們的財務表現以及現有船舶和新建船舶的融資進度。斯塔夫羅斯，請開始。

Thank you, Stamatis, and good morning to everyone joining us. Let's begin with slide 7, where we will review the key highlights of our financial performance. Before turning to the numbers, I would like to emphasize the continued strength and resilience of our platform as 2025 marks our fifth consecutive year of profitability.

謝謝斯塔馬蒂斯，也祝各位早安。我們先來看第七張投影片，其中將回顧我們財務表現的關鍵亮點。在介紹具體數字之前，我想先強調我們平台的持續強勁實力和韌性，2025年是我們連續第五年獲利。

For the fourth quarter of 2025, the strong Capesize market supported robust financial results. Net revenue for the quarter totaled $49.4 million, while adjusted EBITDA and net income reached $28.9 million and $12.5 million, respectively, reflecting the strength of the second half of the year. For the full year, net revenue amounted to $158.1 million adjusted EBITDA reached $81.7 million and net income was $21.2 million, translating into earnings per share of $1.02. These results underscore the effectiveness of our chartering strategy and risk management framework.

2025年第四季度，強勁的海岬型船舶市場支撐了穩健的財務表現。該季度淨收入總計4,940萬美元，調整後EBITDA和淨利潤分別達到2,890萬美元和1,250萬美元，反映了下半年強勁的業績表現。全年來看，淨收入達1.581億美元，調整後EBITDA為8,170萬美元，淨利為2,120萬美元，每股收益為1.02美元。這些績效凸顯了我們租船策略和風險管理架構的有效性。

Turning to the balance sheet. We maintained a strong liquidity position with $62.7 million in cash and cash equivalents or approximately $3.1 million per vessel. This liquidity provides operational resilience and supports the execution of our fleet organization strategy.

接下來看一下資產負債表。我們維持了強勁的流動性，擁有6,270萬美元的現金及現金等價物，平均每艘約310萬美元。充足的流動性保障了我們的營運韌性，並支持我們船隊組織策略的實施。

Now regarding our new building program, the investment plan has been carefully structured with a larger schedule to ensure alignment with our shareholder reward strategy and financial flexibility. Approximately $8 million is expected to be deployed this year, $100 million in 2027 and $50 million in 2028. Financing for two of these vessels has been secured on attractive terms while we are in active discussions for the third.

關於我們的新造船計劃，我們已精心製定了投資方案，並設定了更長的建造週期，以確保與我們的股東回報策略和財務靈活性保持一致。預計今年將投入約800萬美元，2027年投入1億美元，2028年投入5,000萬美元。其中兩艘船的融資已落實到位，條件優惠，目前我們正在積極洽談第三艘船的融資事宜。

Our debt capital ratio remained well below 50%. This conservative leverage profile, combined with strong cash generation provides flexibility as we enter 2026 and supports the funding of our newbuilding program. Overall, 2025 was characterized by consistent profitability, disciplined balance sheet management and solid castration positioning us well to continue delivering value to our shareholders moving forward.

我們的債務資本比率維持在遠低於50%的水平。這種保守的槓桿水平，加上強勁的現金流，為我們進入2026年提供了靈活性，並支持我們的新造船計劃。總體而言，2025年的特點是持續獲利、嚴格的資產負債表管理和穩健的財務規劃，這使我們能夠更好地為股東創造價值。

Moving on to slide 8. For the full year, our TCE averaged 2,957 per day closely aligned with the annual BCI average. This reflects the effectiveness of our chartering strategy, which balances index exposure with selective forward pictures to manage volatility while preserving upside.

接下來看第8張投影片。全年來看，我們的TCE日均值為2,957，與BCI年均值基本持平。這反映了我們租船策略的有效性，該策略透過平衡指數敞口和選擇性遠期合約，在控制波動性的同時，保留了上漲空間。

Adjusted EBITDA reached $81.7 million for the year, significantly above our 5-year average. The strong performance in the second half demonstrates the operating leverage inherent in our fleet. Our EBITDA margin of approximately 5% operating cash flow margin of roughly 33% highlights the quality and resilience of our earnings.

調整後的 EBITDA 全年達到 8,170 萬美元，顯著高於五年平均。下半年的強勁表現反映了我們船隊固有的營運槓桿效應。約 5% 的 EBITDA 利潤率和約 33% 的營運現金流利潤率凸顯了我們盈利的品質和韌性。

Even amid a volatile freight market, we generated meaningful and recurring cash flows supporting both shareholder returns and fleet modernization. Daily operating expenses per vessel averaged approximately $7,000 only modestly higher year-over-year despite the inflationary pressures in the aging profile of our fleet.

即使在貨運市場波動的情況下，我們依然創造了可觀且持續的現金流，從而為股東回報和船隊現代化提供了支持。儘管船隊老化帶來通膨壓力，但每艘船舶的每日營運費用平均約為7,000美元，年比僅略有成長。

Moving on to slide 9. Let's look at our leverage profile and overall debt position. We closed the year with approximately $294 million of total debt to gross of deferred finance fees. Fleet loan-to-value declined to about 43% with net LTV supported by financing activity and resilient vessel valuations. This places us in a comfortable position relatively to both historical levels and industry benchmarks.

接下來請看第9張投影片。讓我們來看看槓桿率和整體債務狀況。截至年底，我們的總債務約為2.94億美元（未扣除遞延融資費用）。船隊貸款成數下降至約43%，淨貸款價值比得益於融資活動和船舶估值的穩健性。相對於歷史水準和產業基準，我們的財務狀況處於較有利的位置。

Debt per vessel stands at about $14.7 million versus an average market value of $34.1 million, reflecting substantial embedded equity. Additionally, approximately 7% of our total debt is covered by scrap value offering meaningful downside protection. Daily cash interest expense per vessel decreased to approximately $2,570 per day, representing a 6% year-over-year improvement and enhancing our cash flow profile entering 2026.

每艘船舶的債務約為1470萬美元，而平均市場價值為3,410萬美元，這反映了船舶擁有相當可觀的內在權益。此外，我們約7%的總債務由船舶報廢價值覆蓋，從而提供了有效的下行保護。每艘船舶的每日現金利息支出已降至約2,570美元，年減6%，並改善了我們進入2026年的現金流狀況。

Before moving on, let me briefly touch on our recent refinancing activity. Over the past month, we executed several refinancings to strengthen liquidity, lowered margins and extended our maturity profile. At the same time, we secured competitive funding for two of our newbuilding vessels looking at attractive pricing well ahead of delivery. These facilities were structured with prudent amortization line covenant restrictions and enhanced flexibility, including purchase and repayment options.

在繼續討論之前，我想先簡單介紹一下我們近期的再融資活動。過去一個月，我們完成了幾筆再融資，以增強流動性、降低利潤率並延長債務到期期限。同時，我們也為兩艘新造船舶爭取了具有競爭力的融資，這些船舶的定價極具吸引力，且遠在交付之前就已到位。這些融資安排採用了審慎的攤銷額度限制條款，並增強了靈活性，包括購買和償還選擇權。

Overall, our actions reinforce balance resilience and provide the financial flexibility needed to support fleet renewal while maintaining disciplined leverage. Specific details of these financings are outlined in our earnings release. With a strengthened balance sheet and enhanced financial flexibility in place, let us now turn to slide 10 to instate the operating leverage of editing our platform and the sensitivity of our earnings to movements in the cape sales market.

總體而言，我們的舉措增強了財務平衡的韌性，並提供了支持船隊更新所需的財務靈活性，同時保持了穩健的槓桿水平。這些融資的具體細節已在我們的獲利報告中列出。隨著資產負債表的增強和財務靈活性的提升，現在讓我們翻到第10張投影片，了解平台調整帶來的營運槓桿效應以及獲利對海角式漁船銷售市場波動的敏感度。

At current FFA levels, we estimate full year EBITDA of approximately $122 million. Our 2025 average BI level, EBITDA would approximate $5 million providing a reference point based on current market assumptions. At rates above 30,000 EBITDA would increase materially, reflecting the operating leverage embedded in our platform.

以目前的FFA水平，我們預計全年EBITDA約為1.22億美元。根據我們2025年的平均BI水平，EBITDA約為500萬美元，可作為基於當前市場假設的參考點。當利率高於30,000時，EBITDA將顯著成長，這反映了我們平台所蘊含的營運槓桿效應。

That concludes my review of our financial results and updates. I will now turn the call back to Stamatis, who will provide insights in the Capesize market and his concluding remarks March. Stamatios, please?

以上就是我對公司財務表現和最新進展的回顧。現在我將把電話轉回給斯塔馬蒂斯先生，他將就好望角型散裝貨船市場發表見解，並作總結發言。史塔馬蒂斯先生，請發言好嗎？

Thank you, Stavros. Slide 11. 2025 was another strong year for the Capsize market despite the initial volatility. The Baltic Capesize Index averaged approximately $21,300 per day. The year began on a softer note during the first half before iron ore and coal restocking activity in China supported the strong recovery in the second half of the year.

謝謝，斯塔夫羅斯。幻燈片11。儘管年初市場波動較大，但2025年對於波紋型散裝貨船市場而言仍是強勁的一年。波羅的海波紋型散貨船指數日均成交額約為21,300美元。年初上半年市場走勢疲軟，但下半年中國鐵礦石和煤炭的補給活動支撐了市場的強勁反彈。

Record iron ore exports from Brazil and the record bauxite export from Guinea provided a meaningful tailwind to Capesize mile demand, reinforcing the constructive long-term demand outlook for the segment. In addition, market sentiment and broader travel fundamentals were further supported by strength in the Panamax market driven by increased grain exports from Brazil and the United States as well as additional coal and stocking towards the year-end.

巴西鐵礦石出口和幾內亞鋁土礦出口均創歷史新高，為好望角型散裝貨船的航程需求提供了強勁的推動力，鞏固了該細分市場長期需求的良好前景。此外，巴拿馬型散裝貨船市場的強勁表現也進一步提振了市場情緒和整體航運基本面，這主要得益於巴西和美國糧食出口的增加，以及年底煤炭和庫存的增加。

Moving to 2026 in regards of Capesize demand, we have started very strongly with the BCI averaging 22,000 over the first two weeks of the year, marking one of the strongest first quarters of the past decades. Guinea bauxite exports have grown by 14% year-over-year, while dry weather in Brazil and Australia has resulted in high iron ore cargo activity during a traditionally weak seasonal period.

展望2026年，好望角型散裝貨船的需求開局強勁，BCI指數在今年前兩週平均達到22,000點，創下近十年來最強勁的第一季之一。幾內亞鋁土礦出口較去年同期成長14%，而巴西和澳洲的乾旱天氣使得鐵礦石貨運活動在通常的淡季期間異常活躍。

For the rest of 2026, the demand outlook remains constructive, with bauxite trade expected to continue its growth path and iron ore miners' production and sales outlook pointing to resilient trade volumes. This trend looks set to continue into 2027 with a Simandou mining project in West Africa, ramping up its output. China's demand for high-grade iron ore remains healthy, supporting demand for imported iron ore versus lower quality domestically produced one.

2026年剩餘時間裡，需求前景依然樂觀，鋁土礦貿易預計將持續成長，鐵礦石礦商的生產和銷售前景也顯示貿易量將保持穩定。隨著西非西芒杜礦業計畫增產，此趨勢可望延續至2027年。中國對高品位鐵礦石的需求仍然強勁，支撐了對進口鐵礦石的需求，使其高於國內生產的低品位鐵礦石。

Moving on to Capesize supply. The supply picture for the larger bulkers, especially Capesizes, points to further tightness and limited vessel availability for the next few years. The order book currently represents 12% of the fleet compared to about 9% of the fleet being 20 years or older.

接下來談談好望角型散裝貨船的供應情況。大型散裝貨船，尤其是好望角型散裝貨船的供應情況表明，未來幾年供應將進一步緊張，船舶可用性將受到限制。目前，新訂單佔船隊總量的12%，而船齡在20年及以上的船舶約佔船隊總量的9%。

Moreover, what is significantly important is that right now, 40% of all the larger bulkers, Capesize, Newcastlemax and VOCs, 40% exceeds 15 years of average rates. So we are talking about an excessively aging fleet. At the current pace of vessel ordering and given the limited capacity of shipyards to deliver new buildings, it becomes clear that the supply tightness is likely to continue over the next many years.

此外，更重要的是，目前所有大型散裝貨船、好望角型散裝貨船、紐卡斯爾型散裝貨船和VOC型散裝貨船中，有40%的船舶平均租金已超過15年。這意味著船隊嚴重老化。按照目前的船舶訂購速度，考慮到船廠有限的新船建造能力，未來幾年船舶供應緊張的局面很可能持續下去。

As regards our near-term forecast, 2026 and 2027 are also likely to be affected by the extensive dry docking of the current ships that usually entails considerable downtime. With more than 20% of the World Capesize plate built 2011, 2012, a significant portion of vessels will undergo their 15-year special survey in 2026, 2027 temporarily reducing the effective supply plus, of course, a significant cost. This is expected to result in a fleet capacity reduction of more than 1.5% in both years while some estimates calling for 2% to 2.5% reduction. This should not be underestimated as it would counteract the 2.2% expected fleet growth due to newbuilding deliveries and could continue to contribute to periods of significant market tightening during the next 2 years.

就近期預測而言，2026年和2027年也可能受到現有船舶大規模乾船塢維修的影響，這通常會導致相當長的停航時間。由於2011年和2012年建造的船舶佔全球好望角型散裝貨船總量的20%以上，因此相當一部分船舶將在2026年和2027年進行15年一次的特別檢驗，這將暫時減少有效供應，並帶來可觀的成本。預計這將導致這兩年船隊運力下降超過1.5%，一些預測甚至認為降幅將達到2%至2.5%。這一影響不容低估，因為它將抵消新船交付帶來的2.2%的預期船隊成長，並可能在未來兩年內持續加劇市場供應緊張。

To summarize, as we have seen in the past, the Capesize market will always be subject to considerable volatility stemming from multiple unpredicted factors, but the limited vessel supply that is shaping up over the next few years, along with increased ton mile demand should result in positive trend for charter rates. We're pleased to see this positive trend unfold over the past 2 to 3 years, and we're confident in our view of a strong market in the following years.

總而言之，正如我們過去所見，好望角型散裝貨船市場始終會受到多種不可預測因素的影響，波動性較大。但未來幾年船舶供應量將趨於有限，加上噸海浬需求不斷增長，應能推動租船費率呈現正面趨勢。我們很高興看到過去兩三年來這一積極趨勢的發展，並對未來幾年市場的強勁表現充滿信心。

As I mentioned before, Seanergy is optimally positioned to deliver our stated priorities of capital returns and fleet growth, while maintaining a sustainable balance sheet throughout the cycle. In our view, we're very well placed to deliver strong financial performance over the next few years, and we are, therefore, excited about our prospects.

正如我之前提到的，Seanergy 擁有得天獨厚的優勢，能夠實現我們既定的資本回報和船隊成長目標，同時在整個週期中保持可持續的資產負債表。我們認為，未來幾年我們完全有能力取得強勁的財務業績，因此我們對未來的發展前景充滿信心。

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

接下來，我將把電話轉交給接線員，回答您可能有的任何問題。接線員，請接聽電話。謝謝。

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

（操作說明）。利亞姆·伯克，B. Riley Securities。

Thank you. Stamatios, you've been very nimble in terms of managing your fleet and maximizing the rate environment. I mean, a year ago, you were out dissing the BCI even when rates are low. But are you seeing anything in the market where it's more prudent to add longer-term time charters versus moving more of the fleet into the spot market?

謝謝。 Stamatios，您在船隊管理和運價環境優化方面非常靈活。我的意思是，一年前，即使運價很低，您還在公開批評BCI。但是，您認為目前市場上是否有任何情況，使得增加長期定期租船比將更多船隊轉移到現貨市場更為明智？

Well, we constantly are. If you see the release, we have about 35% of our days already pretty much in some sort of long-term contracts. that carry all the way to the end of the year. As we are progressing after the Chinese New Year that we expect to see more strengthening in the market, we will continue switching more and more ships from floating to fixed. So already, we have 35% at around 27,000. And as the year we'll be progressing, we will do some more.

我們一直在做這件事。如果您查看我們的公告，您會發現我們大約35%的航次都已簽訂了長期合同，這些合同將持續到年底。隨著春節後市場走強，我們將繼續把越來越多的船舶從浮動停泊轉為固定停泊。目前，我們已經完成了約27,000天的固定停泊，佔總航次的35%。隨著時間的推移，我們將繼續推進這項業務。

Okay. You have gotten -- how are you balancing going forward, inflated asset values, some of your older vessels versus what looks to be a fairly attractive rate environment for the next 2 to 3 years?

好的。您目前面臨的問題是──您如何平衡資產價值上漲（部分船舶較舊）與未來2到3年看似相當有利的運價環境之間的關係？

Well, that's exactly what we're doing right now. I mean, we were able to secure very prone delivery slots for new buildings. First of all, let me step back a little bit. The 5-year-old ships, as you know, have been very much inflated. So for 5-year-old ships, it's kind of and no goal for acquisitions. So it's pretty much identical to new buildings or a bit lower than that. So we decided to seek new buildings at high-quality shipyards.

沒錯，我們現在正是這麼做的。我的意思是，我們已經為新船的建造爭取到了非常有利的交付時段。首先，讓我先簡單回顧一下。如您所知，五年船齡的船價一直虛高。所以，對於五年船齡的船艦，我們幾乎沒有收購目標。因此，它們的價值幾乎與新船相當，甚至略低一些。所以我們決定在高品質的船廠尋找新船建造機會。

But then the question was whether we're going to have debt capital in these orders or not. And then due to our connections and excellent relationships, we're able to secure very prone for the caps market delivery slots. And we weren't ahead and we placed a couple of ships, actually three ships for 2027 and one for 2028. So that's how we manage.

但接下來的問題是，我們能否在這些訂單中使用債務資本。憑藉我們的人脈和良好的關係，我們能夠非常有效地在船舶市場獲得交割時段。我們並沒有搶佔先機，而是預定了三艘船，計劃於2027年交付，還有一艘計劃於2028年交付。這就是我們的運作方式。

So once we identify prompt slots for new buildings, we will likely continue doing a few more. While at the same time, we might be disposing some of our older assets the way that we did it right now with Dukeship from Seanergy to United or some other more, let's say, interesting ideas, but that's how much we're going to do it. So if we were able to add three ships and dispose of a couple or you're going to add a few more. That's how we're going to do it.

所以一旦我們確定了新建築的預留位置，我們很可能會繼續建造更多。同時，我們可能會處置一些舊資產，就像我們之前把「公爵號」從Seanergy賣給United一樣，或者考慮其他一些更有趣的方案。這就是我們計劃的規模。所以，如果我們能新增三艘船，處置幾艘舊船，或是再新增幾艘，我們就會這麼做。

Mark Reichman, Noble Capital Markets.

馬克雷克曼，諾布爾資本市場。

Thank you. Good morning. Maybe slide 6 would be the slide to look at. But just following up on the last question, how -- it is a favorable financing environment. You're able to get these sustainable linked loans. But when you think about these -- the high asset values of the existing fleet versus the new builds, what are your expectations in terms of your weighted average cost of capital and your return on invested capital on maybe some of these new builds? And would you expect the difference to widen or kind of how are you thinking about that and managing that into your decisions?

謝謝。早安.或許應該看看第6張幻燈片。關於上一個問題，目前融資環境有利，你們能夠獲得這些與永續發展掛鉤的貸款。但是，考慮到現有船隊的高資產價值與新建船舶相比，你們對新建船舶的加權平均資本成本和投資報酬率有何預期？你們預期兩者之間的差距會擴大嗎？或者說，你們是如何考慮並把這些因素納入決策考量的？

Well, that's an excellent question, and thank you. The answer is yes. We are seeing inflation and inflated prices all across the shipping new building assets. So it's not only a Capesize or Newcastlemax situation. We are seeing that all over the place. You see that on tankers, containers LNGs and, of course, on other dry bulk, smaller dry bulk ships. At the end of the day, however, the amount of money you spend for the CapEx is basically what you expect to make in return, like you very well asked.

嗯，這是一個很好的問題，謝謝。答案是肯定的。我們看到整個航運業新造船資產都出現了通貨膨脹和價格虛高的情況。所以這不僅是好望角型或紐卡斯爾型散裝貨船的問題，而是普遍存在。油輪、貨櫃船、液化天然氣運輸船，當然還有其他乾散貨船，尤其是小型乾散貨船，都面臨著同樣的問題。但歸根結底，正如您所問，資本支出（CapEx）的金額基本上取決於您預期獲得的回報。

Thanks to the very -- to the excellent efforts from our finance department, we're able to secure financing terms that will keep the all-in cash breakeven of these new acquisitions at around $20,000 a day. So the forward rate now stands anywhere between, let's say, 26,000 and 30,000 for a standard Cape. If you count in the premium of these modern ships, that exceeds 30,000 loss day. So if we're able to secure anywhere between $8,000 and $12,000, $13,000 a day on a net cash flow basis and you do the math, you can automatically see that the return on equity on these assets is quite significant. That's how we approach.

多虧了我們財務部門的出色努力，我們才能確保這些新收購項目的現金損益平衡點保持在每天約 2 萬美元。因此，目前標準好望角型船舶的遠期租金大約在每天 2.6 萬美元到 3 萬美元之間。如果算上這些現代化船舶的溢價，每天的虧損將超過 3 萬美元。所以，如果我們能夠確保每天淨現金流達到 8000 美元到 1.2 萬美元甚至 1.3 萬美元，您稍加計算便可知，這些資產的股本回報率相當可觀。這就是我們的策略。

That's very helpful. And then I kind of always asked this question on the conference calls. What are your expectations in terms of operational off-hire days for 2026?

這很有幫助。之後我在電話會議上也常問這個問題：你們對2026年的營運停工天數有什麼預期？

I believe it's going to be consistent with 2025, but maybe a little lower than that. We have a much softer dry dock schedule in '26 compared to '25. So I believe it's going to be a bit lower than 2025.

我認為2026年的產量會與2025年持平，但可能會略低於2025年。與2025年相比，2026年的乾船塢計畫要寬鬆得多。所以我認為2026年的產量會比2025年略低。

Okay. And then just a last question. This is really a client-driven question. Could you speak to the limited shipyard availability? I guess the question was really kind of the low order book versus the limited shipyard availabilities into growing.

好的。最後一個問題。這其實是客戶提出的問題。能談談船廠產能有限的問題嗎？我想這個問題其實是關於訂單量低迷與船廠產能有限如何才能成長之間的對比。

Well, again, that's an excellent question. There is no such thing as a limited shipbuilding capacity. I believe that the global shipbuilding capacity especially coming from China, as well as Korea and Japan is all-time high. But the good thing is that it's pretty much covered by other types of chips. We have tremendous order book on containers, also on the tankers as well as smaller bulkers and other ships. So the order book for the standard Capesize and the Newcastlemax is quite limited. Because it's pretty much covered by all the other asset classes.

嗯，這又是一個很好的問題。造船產能並不存在所謂的「有限」。我認為全球造船產能，尤其是來自中國、韓國和日本的產能，已經達到了歷史最高水準。但好消息是，其他類型的船舶幾乎完全可以彌補這一缺口。我們擁有大量的貨櫃船訂單，油輪、小型散裝貨船和其他船舶的訂單也很多。因此，標準好望角型和紐卡斯爾型船舶的訂單量相當有限，因為它們幾乎完全被其他類型的船舶所覆蓋。

Also, it's too far down the road. I mean, if you ask for a spar today, it's likely going to come back with 2029 or 2030. So given the fact that a very big percentage of the current fleet is already quite old, I don't expect to be in a position -- I don't expect to be in a position to be replaced with modern tonnage until well before 2031, '32, just to have a normal churn rate to put it this way.

而且，這還遙遙無期。我的意思是，如果你今天申請更換桅杆，很可能要等到2029年或2030年才能拿到。鑑於目前船隊中很大一部分已經相當老舊，我預計——至少在2031年、2032年之前，我都無法用現代化的船舶來替換它們，更別提達到正常的船舶更新率了。

(Operator Instructions) Tate Sullivan, Maxim Group.

（操作說明）泰特·沙利文，馬克西姆集團。

Thank you. Good day. Great comments and congratulations on the new builds. And in light of the newbuild program. Can you comment and remind us on the current dividend policy and how you're looking at evaluating the dividend with the newbuild expenditures going forward, please? Because I think there's a discretionary cash reserve element in the dividend but wanted to double check.

謝謝。祝您一切順利。非常感謝您的精彩點評，也恭喜您新船的順利建造。鑑於目前的新船建造計劃，能否請您介紹一下當前的股息政策，以及您如何評估股息與未來新船建造支出之間的關係？因為我認為股利包含一部分可自由支配的現金儲備，所以我想再確認一下。

Good morning, Tate. Thank you very much for your question. We do not expect the dividend policy to be affected by the new buildings. The sale of the (inaudible) some other planned things that we intend to make. If we are to put additional new buildings will likely be more than sufficient in order to cover all the cash expenditure and of course, the efforts of Stavros at the finance department to get the financing in place will it's going to be unlikely to affect our dividend policy. So we will and we expect to be in a position to start renewing our fleet without affecting the operating cash flow and the dividend that we will continue to pay to our shareholders.

早上好，泰特。非常感謝您的提問。我們預計新建築不會影響股利政策。出售（聽不清楚）以及我們計劃進行的其他一些項目，如果真的要建造更多新建築，所得款項很可能足以支付所有現金支出。當然，財務部門的斯塔夫羅斯為籌集資金所做的努力，也不太可能影響我們的股利政策。因此，我們預計能夠開始更新我們的機隊，而不會影響營運現金流和我們將繼續向股東支付的股息。

And the second question, you mentioned already having some very early contracting discussions regarding the new builds. And it seems like in the last 5 years, maybe the tanker sector would lock in multiyear contracts that below market fixed rates maybe at the rest of the lenders. How are you strategizing of contracting the new builds? Are you considering the multiyear? Or is that a dynamic part of the conversation you have with the lenders, please?

第二個問題，您提到已經就新船建造專案進行了一些非常早期的合約洽談。在過去五年裡，油輪產業似乎傾向於簽訂多年期合約，而這些合約的利率可能低於其他貸款機構的市場固定利率。您是如何制定新船建造合約策略的？您是否考慮過簽訂多年期合約？或者，這是否是您與貸款機構討論中一個動態的環節？

Well, not so much. I mean, our lenders are very comfortable with the fact that our balance sheet is very solid. We have very low loan to value right now. We have a very significant cash balance. So as far as we keep our order book in a well-managed situation, I don't think that any of our existing lenders is going to have an issue. And we see a very strong appetite from new lenders in order to provide additional financing. So I don't see that as an issue altogether.

嗯，倒也未必。我的意思是，我們的貸款方對我們穩健的資產負債表非常放心。我們目前的貸款價值比很低，現金儲備也很充足。所以，只要我們能妥善管理訂單，我認為現有貸款人不會有問題。而且，我們看到新的貸款方也非常積極地提供額外融資。因此，我完全不認為這會是個問題。

Now fixing the ships for 5 years or 7 years, we are, of course, considering and we feel that these ships are in very high demand from our charters. I think closer to the delivery may be in a few months from now, end of the year. we will be in a position to fix some of the ships in long-term periods. But I don't want them to be below market just to sacrifice the operating cash flow of the ships.

現在，我們當然正在考慮將船舶租約延長5年或7年，而且我們認為這些船舶在我們的租船業務中需求量非常高。我認為，在交貨日期臨近時，也就是幾個月後，也就是年底，我們將能夠以長期租約的方式租下部分船舶。但我不想為了犧牲船舶的營運現金流而降低租金，使其低於市價。

Thank you. This concludes the question-and-answer session and today's conference call. Thank you for participating. You may now disconnect your lines. Speakers, please stand by.

謝謝。問答環節和今天的電話會議到此結束。感謝各位的參與。現在可以掛斷電話了。發言人請稍候。