Seanergy Maritime Holdings Corp (SHIP) 2026 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 ended March 31, 2026, financial results.

感謝各位女士、先生耐心等候，歡迎參加 Seanergy Maritime Holdings Corp 截至 2026 年 3 月 31 日止第一季財務業績電話會議。

We have with us Mr. Stamatis Tsantanis, Chairman and CEO; and Mr. Stavros Gyftakis, Chief Financial Officer of Seanergy Maritime Holdings Corp. (Operator Instructions) Please be advised that this conference call is being recorded today, Thursday, May 28, 2026.

今天與會者包括 Seanergy Maritime Holdings Corp 董事長兼執行長 Stamatis Tsantanis 先生，以及財務長 Stavros Gyftakis 先生。（接線員指示）敬請注意，本次電話會議將於今天（2026 年 5 月 28 日，星期四）進行錄音。

The archived webcast of the conference call will soon be made available on the Seanergy website, www.seanergymaritime.com, under the webcast and presentation section under the investor relations page. 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.

本次電話會議的網路直播存檔將很快於 Seanergy 官網 www.seanergymaritime.com 的投資人關係頁面下之「網路直播與簡報」專區提供。今天的多項發言包含以前瞻性陳述為主，係基於目前的預期。實際結果可能與該等前瞻性陳述所預測之結果存在重大差異。

Additional information concerning factors that can cause the actual results to differ materially from those in the file looking statement is contained in the first quarter ended March 31, 2026, earnings release which is available on the Seanergy website again, www.seanergymaritime.com.

有關可能導致實際結果與前述前瞻性陳述所述結果出現重大差異之因素的更多資訊，載於截至 2026 年 3 月 31 日止第一季之盈餘新聞稿，該新聞稿亦可於 Seanergy 官網 www.seanergymaritime.com 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 Tansanis. Please go ahead, sir.

現在我想把電話會議交給今天的講者之一、本公司董事長兼執行長 Stamatis Tansanis 先生。先生，請開始。

Thank you, operator, and welcome, everybody. Seanergy delivered a very strong first quarter despite what is typically the seasonally weakest period of the year, highlighting the earnings power and resilience of the pure-play Capesize platform that we have built diligently over the past years.

謝謝接線員，並歡迎各位。儘管第一季通常是一年中季節性最疲弱的期間，Seanergy 仍交出非常強勁的第一季表現，突顯我們過去數年持續打造之純 Capesize 平台的獲利能力與韌性。

Net revenues increased to $43 million from $24.2 million in the same quarter of last year, while adjusted EBITDA of $28.2 million, up 253% year-over-year. Adjusted EPS for the quarter was $0.63 per share, one of the strongest amongst listed dry bulk peers, reflecting both favorable market conditions and the operating leverage embedded in our platform.

淨營收由去年同期的 2,420 萬美元增加至 4,300 萬美元，而調整後 EBITDA 為 2,820 萬美元，年增 253%。本季調整後每股盈餘（Adjusted EPS）為每股 0.63 美元，為上市乾散貨同業中表現最強之一，反映有利的市場環境以及我們平台內含的營運槓桿。

Based on our strong performance and disciplined capital return policy, we declared our 18th consecutive quarterly cash dividend of $0.20 per share, bringing cumulative shareholder distributions to approximately $2.84 per share or $55.6 million since inception. The execution of our strategy continues to develop among our main long-term objectives of rewarding our shareholders, sustainable fleet development and maintaining a strong balance sheet.

基於我們的強勁表現與嚴謹的資本回饋政策，我們宣告第 18 次連續季度現金股利，每股 0.20 美元，使自成立以來累計股東分配約達每股 2.84 美元或 5,560 萬美元。我們策略的執行持續推進，並聚焦於主要長期目標：回饋股東、永續船隊發展，以及維持強健的資產負債表。

During the quarter, we significantly advanced our fleet renewal strategy by contracting 3 additional vessels at leading shipyards in China and Japan with the latest order placed at Hengli Shipbuilding this April, while agreeing to sell one of our older Capesize vessels at firm secondhand pricing. Since the launching of the program, we have contracted six modern eco-design newbuildings of Capesizes and Newcastlemax and agreed to dispose of three older vessels, materially enhancing the quality, efficiency and long-term earnings capacity of our fleet.

本季期間，我們透過在中國與日本一流船廠再簽約 3 艘新船，並於今年 4 月在恆力造船下達最新訂單，顯著推進船隊汰舊換新策略；同時，我們亦同意以確定的二手船價格出售一艘較老的 Capesize 船舶。自該計畫啟動以來，我們已簽約 6 艘現代化、節能（eco-design）的 Capesize 與 Newcastlemax 新造船，並同意處分 3 艘較老船舶，實質提升船隊品質、效率與長期獲利能力。

Importantly, we have already secured financing for four of the six vessels at attractive terms, while approximately $69 million of equity has been invested from internal funds. We believe the combination of favorable delivery positions next year, basically, most of them, competitive financing and selective vessel disposals represents a disciplined capital allocation strategy capable of generating long-term results.

重要的是，我們已為 6 艘中的 4 艘以具吸引力的條件取得融資，同時約 6,900 萬美元的股權資金已由內部資金投入。我們相信，明年有利的交船時點（基本上大多數皆如此）、具競爭力的融資，以及選擇性處分船舶的組合，代表一項嚴謹的資本配置策略，能夠創造長期成果。

Our newbuilding strategy combines with prudent risk management. In this context and based on advanced discussions with leading charterers, we expect these vessels to secure multiyear time charters with downside protection above cash breakeven levels, complemented by profit-sharing structures, preserving meaningful upside exposure. Given the limited global availability of prompt delivery positions of newbuilding, Capesizes and Newcastlemaxes, particularly for 2027 to 2029, we believe these vessels are entering the market at a highly favorable point in the cycle.

我們的新造船策略亦結合審慎的風險管理。在此背景下，且基於與主要承租人之深入洽談，我們預期這些船舶將取得具下行保護（高於現金損益兩平水準）的多年期定期租約，並搭配利潤分成架構，以保留可觀的上行曝險。鑑於全球可供即期交付的新造船船位有限，尤其是 2027 至 2029 年的 Capesize 與 Newcastlemax，我們認為這些船舶將在景氣循環中極為有利的時點進入市場。

On the commercial side, our index-linked chartering strategy continued to outperform during the quarter with fleet time charter equivalent exceeding the BCI-180 by average approximately 6% at $24,200 per day. This figure, I believe, is one of the strongest of the U.S.-listed public dry bulk companies.

在商業營運方面，我們與指數連結的租船策略於本季持續優於市場，船隊等效期租租金（TCE）平均約高於 BCI-180 指數 6%，達每日 24,200 美元。我相信，這項數據是美國上市乾散貨公司中表現最強之一。

Looking ahead, we expect the second quarter of 2026 time charter equivalent to be approximately $31,430 per day. In addition, 45% of our available operating days from Q2 onwards until the end of the year have already been fixed at average gross rates exceeding $29,000 per day, providing meaningful earnings visibility while preserving substantial market exposure.

展望未來，我們預期 2026 年第二季的等效期租租金（TCE）約為每日 31,430 美元。此外，自第二季起至年底，我們可用營運日數中已有 45% 以平均毛租金超過每日 29,000 美元完成鎖定，在保留相當市場曝險的同時，亦提供具意義的獲利能見度。

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

接下來我將把電話交給 Stavros，由他向各位說明本季財務資訊，並討論我們的資產負債表與債務再融資。Stavros，請開始。

Thank you, Stamatios. Our first quarter results reflected both the strength of the Capesize market and the effectiveness of our commercial strategy. Net revenues reached $43 million, corresponding to a time charter equivalent of $24,200 per day compared to $24.2 million and a time charter equivalent of $13,400 per day in the same period last year. Adjusted EBITDA totaled $28.2 million, while adjusted net income amounted to $13.4 million compared to an adjusted net loss in the prior year period.

謝謝你，Stamatios。我們第一季的結果反映了 Capesize 市場的強勁以及我們商業策略的有效性。淨營收達 4,300 萬美元，對應等效期租租金（TCE）為每日 24,200 美元；相較去年同期淨營收 2,420 萬美元、等效期租租金為每日 13,400 美元。調整後 EBITDA 合計 2,820 萬美元，而調整後淨利為 1,340 萬美元，相較去年同期為調整後淨損。

Our balance sheet remains strong with cash and restricted cash totaling $68.8 million despite $31 million invested into the newbuilding program during the quarter. We have already agreed approximately $237 million of financing for 4 of our 6 newbuildings, including predelivery financing, while discussions for the remaining vessels are progressing constructively. During the quarter, we also completed several financing and vessel sale transactions that further enhance liquidity and financial flexibility or are expected to do so in the immediate following quarters.

我們的資產負債表仍然強健，現金及受限制現金合計 6,880 萬美元，儘管本季已投入 3,100 萬美元於新造船計畫。我們已就 6 艘新造船中的 4 艘同意取得約 2.37 億美元融資（包含交船前融資），其餘船舶的融資討論亦正以建設性的方式推進。本季期間，我們亦完成多項融資與船舶出售交易，進一步提升流動性與財務彈性，或預期將於接下來的數季立即帶來上述效益。

Our remaining newbuilding CapEx for the second to fourth quarters of 2026 is approximately $72 million, of which $36 million has already been paid during the second quarter, while $17 million will be sourced by predelivery debt arrangements, leaving $19 million, which can be comfortably covered by our strong cash reserves, upcoming sale proceeds and operating cash flows. Total assets stood at $640 million in book values, including vessels under construction, while shareholders' equity amounted to $289.3 million.

我們 2026 年第二至第四季剩餘的新造船資本支出（CapEx）約為 7,200 萬美元，其中 3,600 萬美元已於第二季支付，另有 1,700 萬美元將透過交船前債務安排取得資金，剩餘 1,900 萬美元可由我們充裕的現金部位、即將入帳的出售款項及營運現金流輕鬆支應。總資產帳面價值為 6.40 億美元（包含建造中船舶），股東權益為 2.893 億美元。

Total debt, including liabilities under finance leases, stood at $319.7 million at the end of the first quarter, corresponding to a loan-to-value ratio of approximately 43% based on the market value of our fleet, reflecting our controlled approach towards leverage while advancing an ambitious fleet renewal strategy.

第一季末總負債（包含融資租賃負債）為 3.197 億美元；以船隊市值計算，貸款價值比（loan-to-value）約為 43%，反映我們在推進積極的船隊更新策略同時，對槓桿採取受控的態度。

Before moving on, let me briefly highlight our financing activity. Over the past months, we secured several refinancings and new facilities that enhanced liquidity, lowered borrowing costs and extended our maturity profile. Importantly, we secured attractive financing for multiple newbuildings, including predelivery funding while maintaining limited covenant restrictions and enhanced flexibility. These actions reinforce the strength of our balance sheet and support the disciplined execution of our fleet renewal strategy.

在進入下一部分之前，讓我簡要說明我們的融資活動。過去數月，我們完成多項再融資與新增授信，提升流動性、降低借款成本並延長到期結構。重要的是，我們為多艘新造船取得具吸引力的融資（包含交船前資金），同時維持有限的財務契約限制並提升彈性。這些行動強化了我們資產負債表的實力，並支持我們以嚴謹方式執行船隊更新策略。

Lastly, concerning our future profitability at current FFA levels, we expect our platform to continue generating strong cash flow and earnings through the remainder of 2026. The combination of index-linked exposure, improving charter coverage and operating leverage position Seanergy to benefit materially from continued strength in the Capesize market.

最後，關於在目前 FFA 水準下的未來獲利能力，我們預期本平台在 2026 年剩餘期間將持續創造強勁的現金流與盈餘。指數連結曝險、提升的租約覆蓋率與營運槓桿的組合，使 Seanergy 能夠在 Capesize 市場持續強勢的情況下獲得顯著受益。

Overall, Seanergy remains very well positioned financially and operationally with strong liquidity, improving earnings visibility and a disciplined approach to growth and capital allocation. We believe we are very well placed to continue delivering attractive shareholder returns while maintaining meaningful exposure to market upside.

整體而言，Seanergy 在財務與營運面仍具備非常有利的定位，擁有強勁流動性、提升的獲利能見度，以及對成長與資本配置的嚴謹作法。我們相信，我們已處於非常有利的位置，能在維持對市場上行的實質曝險之同時，持續為股東帶來具吸引力的報酬。

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

我現在把電話交回給 Stamatios，他將討論海岬型船市場與產業基本面。Stamatios？

Thank you, Stavros. The Capesize market has started 2026 off in a very strong manner. The first quarter was one of the strongest recorded in recent years, driven by exceptionally strong bauxite volumes as well as counter seasonal iron ore export strength driven by a combination of dry weather and healthy end user demand. Lastly, strong growth in grain trading also complemented Capesize strength by supporting the earnings of smaller dry bulk vessels and reducing an incentive for cargo splitting tonnage substitution.

謝謝你，Stavros。海岬型船市場在 2026 年開局就非常強勁。第一季是近年來記錄中最強的季度之一，主要受益於鋁土礦運量異常強勁，以及在乾燥天氣與終端用戶需求健康的共同推動下，鐵礦石出口呈現反季節性強勢。最後，穀物貿易的強勁成長也透過支撐較小型乾散貨船的收益並降低拆分貨載、以噸位替代的誘因，進一步襯托了海岬型船的強勢。

The strong trend has clearly carried over to the second quarter of the year, and it appears for the rest of the year as well, driven by a combination of factors. Specifically, slower vessel sailing speeds during the high bunker prices and higher port waiting times are contributing to a dearth of available vessels during a period with strong cargo demand. Looking to the rest of the current year, we obviously must acknowledge the complicated geopolitical picture, which is a source of uncertainty, but we even so remain optimistic about cargo demand.

這股強勁趨勢顯然延續到了今年第二季，而且看起來也將延續到今年剩餘時間，背後由多項因素共同驅動。具體而言，在燃油價格高企期間，船舶航速放緩以及港口等待時間增加，正使得在貨載需求強勁的時期，可用船舶供給出現短缺。展望今年剩餘時間，我們當然必須承認複雜的地緣政治局勢帶來不確定性，但即便如此，我們仍對貨載需求保持樂觀。

We expect seaborne coal volume growth as energy security and reliability take center stage during the Middle East conflicts amidst strong restocking demand ahead of warm summer months. Iron ore seaborne trade remains supported due to expansion of supply of high-quality iron ore production in Brazil and West Africa.

我們預期海運煤炭運量將成長，因為在中東衝突背景下，能源安全與可靠性成為焦點，同時在溫暖夏季來臨前也有強勁的補庫需求。鐵礦石海運貿易仍獲支撐，原因在於巴西與西非高品位鐵礦石產量供給擴張。

Looking at the supply side, the backdrop remains positive for the balance of 2026 with little expected to change in the short term. The extensive dry docking requirements of the Capesize fleet are curtailing supply meaningfully as more than 20% of Capesize vessels were built in 2011 and 2012 are now due for scheduled surveys within 2026 and 2027.

從供給端來看，2026 年剩餘期間的背景仍然正面，短期內預期不會有太大變化。海岬型船隊廣泛的進塢維修需求正顯著抑制供給，因為超過 20% 的海岬型船舶建於 2011 與 2012 年，現已在 2026 與 2027 年到期需進行例行檢驗。

Longer term, the Capesize order book is about 13% to 14% of the existing fleet compared to about 9% of the fleet being 20 years or older. While factoring in the rapid fleet aging along with the efficiency losses associated with older vessels, ultimately, fleet growth over the next years should remain very manageable and -- might even see effective fleet reduction. The Capesize outlook remains very strong for the next years. And as mentioned earlier in the call, Seanergy maintains downside protection for 2026 at highly profitable daily rates, which we believe places us in a very good position to navigate the future.

從更長期來看，海岬型船的新造船訂單簿約為現有船隊的 13% 至 14%，而船齡 20 年或以上的船舶約占船隊的 9%。在考量船隊快速老化以及老舊船舶帶來的效率損失後，未來幾年的船隊成長最終應仍相當可控，甚至可能出現有效船隊縮減。未來幾年海岬型船的展望仍非常強勁。此外，如同先前在電話會議中提到的，Seanergy 已以高度獲利的日租水準為 2026 年提供下行保護，我們相信這使我們處於非常有利的位置以因應未來。

To conclude, Seanergy is entering the remainder of 2026 from a position of strength, supported by strong earnings visibility, disciplined capital allocation and a modernizing fleet. We remain focused on generating attractive shareholder returns while maintaining balance sheet discipline and positioning the company to benefit from a structurally supportive 2027 to 2029 market environment.

總結而言，Seanergy 以強勢姿態進入 2026 年剩餘期間，受惠於強勁的獲利能見度、嚴謹的資本配置以及持續現代化的船隊。我們仍專注於在維持資產負債表紀律的同時，為股東創造具吸引力的回報，並使公司能受益於 2027 至 2029 年結構性有利的市場環境。

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

在此，我想把電話交給主持人，並回答各位可能有的問題。主持人，請接手。謝謝。

(Operator Instructions)

（主持人指示）

Liam Burke, B. Riley Securities.

Liam Burke，B. Riley Securities。

Fine. Thank you. Hello, Stavros. How are you today?

好的。謝謝。你好，Stavros。你今天好嗎？

Hello, Liam. Good morning. Everything's fine. Nice to hear from you.

你好，Liam。早安。一切都很好。很高興聽到你的聲音。

Thank you. Good hearing from you, too, and a nice quarter. Can we go into the macro again for a second? You talked about bauxite and iron ore. Can we just take it into two pieces, the sustainability of those volumes and how has coal, the increased consumption of coal contributed to the favorable rate environment?

謝謝。我也很高興聽到你的聲音，而且這一季表現不錯。我們能再談一下宏觀面嗎？你提到了鋁土礦和鐵礦石。我們能否把它拆成兩部分：這些運量的可持續性，以及煤炭——煤炭消費增加如何促成有利的運價環境？

Well, it's a combination of things. Number one, you have the increased iron ore cargoes, which are not so much increased as last year, but they're pretty similar year-on-year. So we're very happy with these volumes. Bauxite has also increased, and I think that we will continue to see increases on the bauxite as well.

嗯，這是多種因素的組合。第一，你看到鐵礦石貨載增加；其實與去年相比並沒有大幅增加，但年對年相當接近。所以我們對這些運量非常滿意。鋁土礦也有所增加，我認為我們也將持續看到鋁土礦運量的增長。

Coal, like you very well said, has come into play because of restocking of reserves in the Far East, especially China. There's 30 million tons of restocking in China and various other factors in different places. So coal has come strongly into play. So we do not see any slowing down of demand anytime soon. We think that demand will be stable in the next few years. But what actually tips the scale to our favor is the fact that we have -- the effective vessel supply is reducing because there's a lot of congestion in various areas of the world.

煤炭方面，正如你說得很對，因為遠東地區、特別是中國在補充庫存而開始發揮作用。中國有 3,000 萬噸的補庫，另外在不同地區也有各種其他因素。因此煤炭需求強勢介入。所以我們短期內看不到需求有任何放緩。我們認為未來幾年需求將保持穩定。但真正讓情勢對我們有利的是：有效船舶供給正在下降，因為全球多個地區出現嚴重擁堵。

And don't forget that even though the newbuilding order book of the Capesize fleet has been increasing, it's still one of the lowest across the mainstream sectors of shipping. But most importantly, we have an aging fleet. So we expect hundreds of ships to turn 20 years old from '26, '27, '28 and '29. And newbuilding order book is nowhere close to compensate for the loss of tonnage that we will experience over the next few years. So it's a sustainable freight rate environment in our opinion, not only because demand will continue to be very strong or even stable, but it's going to be a supply-driven growth as far as the freight rates are concerned, not just from the actual numerical supply of ships, but also from the effective supply of vessels that is going to be reducing in our opinion.

另外別忘了，即使海岬型船的新造船訂單簿一直在增加，它仍是主流航運板塊中最低的之一。但最重要的是，我們的船隊正在老化。因此我們預期從 2026、2027、2028 到 2029 年，將有數百艘船滿 20 年船齡。而新造船訂單簿遠不足以彌補未來幾年我們將經歷的噸位流失。因此在我們看來，這是一個可持續的運價環境，不僅因為需求將持續非常強勁或至少穩定，更因為運價的上行將由供給端驅動——不只是船舶數量的名目供給，還包括我們認為將會下降的有效船舶供給。

Great, thank you. And Stavros, I apologize in advance for making you repeat this, but could you give us the cadence of CapEx for the balance of the year? I know you gave it once, I didn't quite get it. And any color on '28 -- '27 when you see the timing of deliveries?

很好，謝謝。另外 Stavros，我先為讓你重複一次致歉，但你能否再說明一下今年剩餘期間的資本支出（CapEx）節奏？我知道你之前提過一次，但我沒有完全聽清楚。以及關於 2028——2027 交付時點方面，有沒有更多說明？

Sure. No problem at all. So I mean, we have paid the lion's share of the CapEx that is basically to be sourced by equity for the newbuildings for 2026. What is remaining is $72 million from -- $72 million was actually Q2 to Q4 CapEx. We have already paid $36 million of this in the second quarter and $17 million will be sourced by predelivery financing.

當然。完全沒問題。我們已經支付了 2026 年新造船資本支出中、基本上需要由股權籌措的絕大部分。剩餘的是 7,200 萬美元——這 7,200 萬美元其實是第二季到第四季的資本支出。我們已在第二季支付了其中 3,600 萬美元，另有 1,700 萬美元將透過交船前融資取得。

So that leaves us to finance through equity $19 million, which can be very comfortably covered by our current cash reserves and the very strong operating cash flow that the company has right now.

因此，剩下需要透過股權融資的是 1,900 萬美元，這部分可以非常輕鬆地由我們目前的現金儲備以及公司當前非常強勁的營運現金流來覆蓋。

Great. Okay. Thank you very much.

很好。好的。非常感謝。

Thank you, Liam.

謝謝你，Liam。

Mark Reichman, Noble Capital Markets.

Mark Reichman，Noble Capital Markets。

Thank you. So management highlighted the expectations for the multiyear charter agreements with the downside protection and profit sharing mechanisms for the newbuilds. So how advanced are discussions with charterers? And what level of charter coverage do you expect prior to vessel delivery?

謝謝。管理層強調了針對新造船、具備下行保護與利潤分成機制的多年期租船合約之預期。那麼與租家之間的討論進展到什麼程度？以及在船舶交付前，你們預期能達到什麼水準的租約覆蓋率？

Well, we certainly want to have something that is going to be, if not significantly above the cash flow breakeven, but quite above the cash flow breakeven. So it's going to be the base rate. Then we will have the first part from the base rate until the Sealink that is going to be 100% for the company. And then it's going to be a 50-50% split between us and the charter from the Sealink and thereafter.

嗯，我們當然希望有一個水準，即使不是顯著高於現金流損益兩平點，也要明顯高於現金流損益兩平點。所以這將會是基準費率。接著，從基準費率到 Sealink 之前的第一段，將由公司取得 100%。然後從 Sealink 起及其後，將由我們與租家以 50/50 的比例分成。

So we find this extremely advantageous because it covers a downside for the period of at least four years or five years. We are negotiating that now. And as far as uncertainty is concerned, you can really count that a big portion of the fleet of the newbuilding order book will be covered well before going to the delivery of the ships.

因此我們認為這非常有利，因為它至少在四年或五年的期間內涵蓋了下行風險。我們目前正在就此進行談判。至於不確定性方面，你可以確信，新造船訂單簿中的很大一部分船隊，會在船舶交付之前就已獲得良好覆蓋。

So how do you kind of view the trade-off between locking in the strong forward rates versus maintaining exposure to potential market upside?

那麼你們如何看待在鎖定強勁的遠期運價與維持對潛在市場上行的曝險之間的取捨？

Well, we have a good fleet of 20 ships in the water right now that are pretty much exposed to the upside of the market, and we're very content with that. As you can see, we are among the first, if -- the first in reporting the highest TCE and EPS among the dry bulk shipping companies. I think we have the highest EPS among the dry bulk shipping companies with the fleet that we have right now. And our time charter equivalent is either the first or the second among the dry bulk shipping companies. So we're very content with the fleet that we have already in the water.

嗯，我們目前有一支由 20 艘在航船舶組成的優質船隊，基本上是暴露於市場上行的，我們對此非常滿意。如你所見，我們在乾散貨航運公司中，若不是第一，也是最早報告最高的 TCE 與 EPS 的公司。以我們目前的船隊來看，我認為我們在乾散貨航運公司中擁有最高的 EPS。而我們的期租等價（TCE）在乾散貨航運公司中不是第一就是第二。所以我們對目前已在水上的船隊非常滿意。

As far as newbuildings are concerned, we are -- we don't want to take any risks. We have $0.5 billion, close to $0.5 billion of order book, and we want to make sure that this investment is sustainable. So yes, we might give away some of the upside, but we might have some -- give away some of the upside, but we want to make sure that the investment is sustainable for the next five years, at least once we get delivery.

至於新造船，我們——我們不想承擔任何風險。我們有 5 億美元，接近 5 億美元的訂單簿，我們希望確保這項投資是可持續的。所以是的，我們可能會放棄一部分上行空間，但我們希望確保在交付之後，至少未來五年這項投資是可持續的。

As far as the existing fleet is concerned, we have 50% covered in FFAs until the year-end at around $29,000 a day. So we're also happy with that. I mean we're not greedy. We want to make sure that we're covered on the downside, and we will deliver one of the best possible upsides from all the dry bulk shipping companies out there. So we're very happy with that.

至於現有船隊，我們透過 FFAs 將約 50% 覆蓋到年底，價格約為每日 29,000 美元。所以我們對此也很滿意。我的意思是，我們不貪心。我們希望確保下行有保障，同時也會在所有乾散貨航運公司中提供最佳之一的上行表現。所以我們對此非常滿意。

And then could you maybe provide a little more detail on expected leverage levels and financing plans for the remaining vessels, while you kind of maintain that balance sheet flexibility?

另外，你是否可以再提供一些細節，談談在維持資產負債表彈性的同時，對剩餘船舶的預期槓桿水準與融資計畫？

Yes. Mark, this is Stavros. I mean we are targeting leveraging the new building contracts at 70% to 75%. So the equity participation will be 25% to 30% in each ship. That's in line with what we have done already now on four out of the six ships. This, combined with the time charter structure that Stamatios described before, so downside protection in the sense that we will be definitely covering the break evens, provides certainty as to the servicing of the debt from these ships.

是的。Mark，我是 Stavros。我們的目標是將新造船合約的槓桿提高到 70% 到 75%。因此每艘船的股權投入將為 25% 到 30%。這與我們目前已在六艘中的四艘所做的安排一致。再結合 Stamatios 先前描述的期租結構，也就是在下行保護的意義上我們肯定能覆蓋損益兩平點，這為這些船舶的債務償付提供了確定性。

And at the same time, I mean, as we aggressively repay the indebtedness of the existing fleet, we expect to maintain the 50% threshold on corporate and fleet level going forward. To give you an idea, I mean we have ships now or some of our older ships are at a loan-to-value between 20% and 30%. So basically, on average, we will be maintaining the same LTV that you see today.

同時，隨著我們積極償還現有船隊的負債，我們預期未來在公司層級與船隊層級都能維持 50% 的門檻。給你一個概念，我們現在有些較老的船舶，其貸款價值比（LTV）在 20% 到 30% 之間。所以基本上，平均而言，我們將維持你今天所看到的相同 LTV 水準。

Thank you. And then just the last question on vessel operating expenses. What are your expectations for operating cost inflation, say, like over the next 12 to 24 months? And I'm kind of referring to the crewing, the maintenance, the regulatory compliance costs, et cetera.

謝謝。最後一個問題是關於船舶營運費用。你們對未來 12 到 24 個月的營運成本通膨有何預期？我指的是船員、維修、法規遵循成本等等。

Yeah. Well, we expect to be around $7,000 to $7,200 per ship per day. And we are kind of satisfied with this number because our ships are middle age. They are around 14 years old as a global fleet average. We do extensive maintenance on the vessels, but don't forget that we have the highest book value per deadweight ton among the peers -- the lowest, sorry, we have the lowest book value per deadweight ton among the peers, which means that we have bought our ships quite cheap.

是的。我們預期每艘船每日約 7,000 到 7,200 美元。我們對這個數字算是滿意，因為我們的船舶屬於中等船齡。以整體船隊平均來看約 14 年。我們對船舶做大量維護，但別忘了，我們在同業中每載重噸的帳面價值最高——不對，最低，抱歉，我們在同業中每載重噸的帳面價值最低，這表示我們買船的價格相當便宜。

In order to maintain them in good quality, we have to pay a little bit more, but paying a bit more on the OpEx doesn't really compensate the fact that we saved millions of dollars in acquiring those vessels cheaper.

為了維持良好品質，我們必須多花一點錢，但在營運費用（OpEx）上多付一些，並不能抵消我們以更低價格取得這些船舶所節省的數百萬美元。

Right. So you said $7,000 to $7,200?

了解。所以你說的是 7,000 到 7,200 美元？

Yes.

是的。

Yeah, which is in line with the performance of 2025. I mean it's not much different. I mean the ships are not getting any younger.

是的，這與 2025 年的表現一致。我的意思是差異不大。我的意思是，船不會越來越年輕。

Right. Well, great. That's very helpful. Thank you very much.

了解。好，很好。這非常有幫助。非常感謝。

Thank you.

謝謝。

Justin Smith, Maxim Group.

Justin Smith，Maxim Group。

Hi, good morning, guys. This is Justin on for Tate this morning. My question was just about the dividend and with all the newbuild capital commitments you guys have, if you're anticipating sustaining the dividend payments you guys have been making every quarter here going forward or if you see any change to that? Thank you.

嗨，各位早安。我是 Justin，今天早上代 Tate 提問。我的問題是關於股利：在你們有這麼多新造船資本承諾的情況下，你們是否預期未來仍能維持目前每季支付的股利，或是你們認為會有任何變化？謝謝。

Well, good morning. Nice to hear from you. The answer is yes, of course. We will try and maintain. We have a formula out there. And for us, rewarding our shareholders is as important as renewing our fleet. It's actually top important for us as a top priority to reward our shareholders. So that goes without saying that our intention is to continue rewarding our shareholders subject, of course, to the formula and the cash flow that we have already declared.

嗯，早安。很高興聽到你的聲音。答案是肯定的，當然。我們會努力維持。我們有一個既定公式。對我們而言，回饋股東與更新船隊同樣重要。事實上，回饋股東是我們最重要的優先事項之一。因此不言而喻，我們的意圖是在符合該公式以及我們已宣告的現金流前提下，持續回饋股東。

All right, great. Thank you very much. I appreciate it.

好的，很棒。非常感謝。我很感激。

Thank you. Have a great day.

謝謝。祝你有美好的一天。

Thank you. Dear speakers, there are no further questions for today. This concludes today's conference call. Thank you for participating. You may now all disconnect. Have a nice day.

謝謝。各位講者，今天沒有進一步的提問。本次電話會議到此結束。感謝各位參與。各位現在可以斷線。祝大家有美好的一天。