Top Ships Inc (TOPS) 2011 Q2 法說會逐字稿

Thank you for standing by, ladies and gentlemen, and welcome to the TOP Ships conference call on the second-quarter and first-half 2011 financial results. We have with us Mr. Alexandros Tsirikos, CFO of the Company.

女士們、先生們，感謝大家的支持，歡迎參加 2011 年第二季及上半年財務表現的 TOP Ships 電話會議。與我們在一起的還有公司財務長 Alexandros Tsirikos 先生。

At this time, all participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. (Operator Instructions). I must advise you this conference is being recorded today, August 3, 2011.

此時，所有參與者都處於只聽模式。將進行演示，然後進行問答環節。 （操作員說明）。我必須告訴您，本次會議將於今天（2011 年 8 月 3 日）進行錄製。

Before we begin, let me draw your attention to the fact that, during the conference call, we might make certain forward-looking statements about the Company's future expectations, including future revenues and earnings. Those statements and all other statements heard today, other than historical facts, are forward-looking statements within the meaning of the Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as the term is defined in the Private Securities Litigation Reform Act of 1995.

在開始之前，讓我提請您注意這樣一個事實：在電話會議期間，我們可能會對公司的未來預期（包括未來收入和收益）做出某些前瞻性陳述。除歷史事實外，這些陳述和今天聽到的所有其他陳述均為 1933 年《證券法》第 27A 條、1934 年《證券交易法》第 21E 條含義內的前瞻性陳述，該術語的定義見1995年私人證券訴訟改革法案。

Such forward-looking statements involve risks and uncertainties and are subject to change at any time and the Company's actual results could differ materially from expected results. The Company undertakes no obligation to publicly update forward-looking statements to reflect subsequently occurring events or circumstances. We now pass the floor to one of your speakers today, Mr. Tsirikos. Please go ahead, sir.

此類前瞻性陳述涉及風險和不確定性，並可能隨時發生變化，公司的實際結果可能與預期結果有重大差異。本公司不承擔公開更新前瞻性陳述以反映隨後發生的事件或情況的義務。現在請今天的發言者之一 Tsirikos 先生發言。請繼續，先生。

Thank you, Donna. Good morning, ladies and gentlemen. For the three months ended June 30, 2011, the Company reported a net loss of $103.5 million, or $32.56 per share, an operating loss of $97.6 million. Excluding the impairment charge of $101.5 million, operating loss would have amounted to an operating income of $3.9 million. We also reported revenues of $21.2 million for the same period.

謝謝你，唐娜。早安，女士們先生們。截至 2011 年 6 月 30 日止三個月，本公司報告淨虧損 1.035 億美元，即每股 32.56 美元，營運虧損 9,760 萬美元。除去 1.015 億美元的減損費用，營業虧損將達到 390 萬美元的營業收入。我們也報告同期收入為 2,120 萬美元。

For the six months ended June 30, 2011, the Company reported a net loss of $105.8 million, or $33.36 per share, an operating loss of $96.3 million, which if we exclude and impairment charge of $101.5 million, the operating loss would have amounted to an operating income of $5.2 million. For the same period, we reported revenues of $43.6 million.

截至 2011 年 6 月 30 日止六個月，公司報告淨虧損 1.058 億美元，即每股 33.36 美元，經營虧損為 9,630 萬美元，如果我們排除 1.015 億美元的減值費用，經營虧損將達到營業收入為520 萬美元。同期，我們報告的收入為 4,360 萬美元。

Our CEO, Evangelos Pistiolis, commented that we expect drybulk vessel values and charter rates to remain low. The time charters of the two vessels sold were close to expiring and the re-chartering rates were below breakeven rates.

我們的執行長 Evangelos Pistiolis 評論說，我們預計乾散貨船價值和租船費率將保持在較低水平。所出售的兩艘船舶的期租合約即將到期，轉租費率低於損益平衡率。

Outstanding indebtedness. As of June 30, 2011, we had total indebtedness under senior secured and unsecured credit facilities with our lenders of $328.3 million, excluding unamortized deferred financing fees of $3.9 million, an unamortized debt discount of $2.1 million with maturity dates from 2011 through 2019.

未償債務。截至2011 年6 月30 日，我們在優先擔保和無擔保信貸安排下向貸方承擔的債務總額為3.283 億美元，不包括390 萬美元的未攤銷遞延融資費用、2011 年至2019 年到期的未攤銷債務折扣210 萬美元。

Our indebtedness includes an unsecured credit facility of $2 million, which is due to be repaid on August 17, 2011. Due to limited liquidity, we are in negotiations with our creditor to accept repayment of this facility in TOP Ships shares are provided in the loan agreement.

我們的債務包括200 萬美元的無擔保信貸額度，將於2011 年8 月17 日償還。償還協議。

Loan covenants and discussions with banks. As of June 30, 2011, we were in breach of loan covenants with certain banks relating to earnings before interest, taxes, depreciation and amortization, overall cash position, adjusted net worth and asset cover. As a result of these covenant breaches and cross default provisions in our other debt documents, we have again classified all our debt and financial instruments as current.

貸款契約以及與銀行的討論。截至2011年6月30日，我們違反了與某些銀行簽訂的有關息稅折舊攤銷前利潤、整體現金狀況、調整後淨值和資產覆蓋率的貸款契約。由於我們其他債務文件中存在這些違反契約的行為和交叉違約條款，我們再次將所有債務和金融工具歸類為流動債務。

As of the date of this release, we are in discussions with these banks to amend covenants or receive waivers for these breaches. We expect that our lenders will not demand payment of our loans before their maturity provided that we pay loan installments and accumulated or accrued interest as they fall due under the existing credit facilities.

截至本新聞稿發布之日，我們正在與這些銀行討論修改契約或獲得針對這些違規行為的豁免。我們預計，只要我們根據現有信貸安排支付貸款分期付款以及累積或應計利息，貸款人就不會要求我們在貸款到期前付款。

Subsequent events. On July 1, 2011, we entered into an unsecured credit facility with Shipping Financial Services, a related party ultimately controlled by the family of our Chief Executive Officer for EUR350,000 to be used for general working capital purposes. We have undertaken to repay the loan within 12 months of its receipt. The loan bears interest at the rate of 8% per annum.

後續事件。 2011 年 7 月 1 日，我們與 Shipping Financial Services（一家由我們執行長家族最終控制的關聯方）簽訂了 350,000 歐元的無擔保信貸安排，用於一般營運資金用途。我們承諾在收到貸款後 12 個月內償還貸款。該貸款按年利率8%計息。

On July 16, 2011, we entered into an unsecured credit facility with Central Mare, a related party ultimately controlled by the family of our Chief Executive Officer for EUR1.8 million to be used for general working capital purposes. We have undertaken to repay the loan within 12 months of its receipt. The loan bears interest at a rate of 0% for the first five months and 8% per annum for the following seven months.

2011 年 7 月 16 日，我們與 Central Mare（最終由我們執行長家族控制的關聯方）簽訂了 180 萬歐元的無擔保信貸安排，用於一般營運資金用途。我們承諾在收到貸款後 12 個月內償還貸款。該貸款前五個月的利率為 0%，接下來七個月的年利率為 8%。

This concludes my speech and now back to you, Donna, for questions and answers.

我的演講到此結束，現在回到唐娜，請大家提問與回答。

(Operator Instructions). Adam Fleck.

（操作員說明）。亞當‧弗萊克.

Hi, good morning, Alexandros. How are you?

嗨，早上好，亞歷山德羅斯。你好嗎？

Good morning, Adam.

早安，亞當。

I had a couple questions here for you. First, on the credit agreement and repayment that is due this month, you mentioned that you are looking at paying with shares per the agreement. I think the original agreement was shares at $0.40 per share. Was that grossed up to $4 with a reverse stock split?

我有幾個問題想問你。首先，關於本月到期的信貸協議和還款，您提到您正在考慮根據協議以股票付款。我認為最初的協議是每股 0.40 美元的股份。反向股票分割後總收入是否達到 4 美元？

That is correct. It had to be adjusted to $4 per share.

這是正確的。必須調整為每股 4 美元。

Okay, great. And then staying on stock issuance, what is the status and plans of your $100 million share issuance that you filed recently?

好的，太好了。那麼，關於股票發行，您最近申請的1億美元股票發行的情況和計劃如何？

Well, for the time being, this has been put on hold due mainly to market conditions. We have various reasons why this thing actually has been put on hold. Lately, the market -- the appetite for shipping issues lately in the market haven't been great. Even for segments of the market that there is appetite, we saw that the price for the low end of the range, specifically the LNG -- if I remember correctly, there was (inaudible), if I pronounce it correct, the LNG should have took place the past month, month and a half, that priced on the low range.

嗯，目前，這主要是由於市場狀況而被擱置。我們有各種各樣的理由來解釋為什麼這件事實際上被擱置了。最近，市場對運輸問題的興趣並不大。即使對於有興趣的市場部分，我們也看到該範圍低端的價格，特別是液化天然氣——如果我沒記錯的話，有（聽不清），如果我發音正確，液化天然氣應該有過去一個月、一個半月發生的事情，價格處於低點。

Before that, we saw offerings even in the container sector where the price -- in the case of Diana, I think they took -- I think it was a 30% discount, something like that. So even for segments that are more in fashion, if you want, such as containers and LNG, the market is willing to get in, but at a significant discount only. So at this time, and having spoken with various parties, a company with a small capitalization that is PFIC, that has growing concern and we have very low liquidity and we are in the two sectors that are not very fashionable right now, our chances are not that promising.

在此之前，我們甚至在貨櫃行業也看到了報價——就戴安娜而言，我認為他們採取了——我認為這是 30% 的折扣，類似的東西。因此，即使對於更流行的細分市場，如果你願意的話，例如貨櫃和液化天然氣，市場也願意進入，但只是以大幅折扣。因此，在這個時候，與各方交談後，一家小資本公司（PFIC）越來越受到關注，我們的流動性非常低，而且我們處於目前不太流行的兩個行業，我們的機會是沒那麼有希望。

Is there a timeframe in mind? Obviously a rebounding in the market would potentially drive some better action in the shares, but is there a timeframe -- you mentioned a low liquidity there -- that you would need to go to market regardless of the condition out there?

心中有個時間表嗎？顯然，市場的反彈可能會推動股票出現更好的趨勢，但是是否有一個時間框架（您提到那裡的流動性較低），無論市場狀況如何，您都需要進入市場？

I would say that we have to find some sort of liquidity solution, if you want. We will need to find which that might come in the form of market, it might come in the form of some bridge loan, it might come very solid forms that exist, but we are examining all the available options that we have right now in order to make up this limitation that we have.

我想說，如果你願意的話，我們必須找到某種流動性解決方案。我們需要找到哪些可能以市場形式出現，可能以某種過橋貸款的形式出現，也可能以現有的非常可靠的形式出現，但我們正在審查我們現在擁有的所有可用選項，以便來彌補我們的這個限制。

And then remind us, over the back half of the year now, beyond the debt payments that you'll be making on the two sold ships, over the next two quarters here, what are your scheduled debt maturity group payments?

然後提醒我們，在今年下半年，除了您將在兩艘已售船舶上支付的債務付款之外，在接下來的兩個季度中，您計劃的債務到期組付款是多少？

We don't have any maturity -- you mean scheduled repayments? Over the year, we have around 33 to 35 on average, so half of that is between 15 to 17.

我們沒有任何期限——你是說定期還款嗎？全年平均約有 33 至 35 人，所以其中一半在 15 至 17 人之間。

Okay, so 15 to 17 over the back half of the year?

好的，下半年是 15 到 17 歲嗎？

Yes, basically it is equally spread.

是的，基本上是平等分佈的。

Okay. And then just real quick on the sale of the ships, obviously you mentioned that their charters were coming up and re-chartering them would have put them below breakeven cost, but did your lenders factor into that at all? Did they encourage you to sell the ships or is that completely driven by TOP Ships?

好的。然後很快就出售了船舶，顯然你提到他們的租船合約即將到期，重新租船將使它們低於盈虧平衡成本，但你的貸方是否考慮到了這一點？他們是鼓勵你出售船隻還是完全由頂級船隻推動？

You know they were not sad; I can say that our lenders were -- they were happy to see because especially for the drybulk market, the banks are not very optimistic. We are not that optimistic either. We stay more on the opposite, we are more on the bearish side. So I would say we all wanted to go towards that direction, if you want.

你知道他們並不悲傷；我可以說，我們的貸款人很高興看到，因為特別是對於乾散貨市場，銀行並不是很樂觀。我們也沒有那麼樂觀。我們更站在相反的方向，我們更傾向於看跌。所以我想說，如果你願意的話，我們都想朝這個方向前進。

Okay, fair enough. That is all I had. Thanks, Alexandros.

好吧，很公平。這就是我所擁有的一切。謝謝，亞歷山德羅斯。

(Operator Instructions). Okay, there are no further questions. I would now like to hand the call back.

（操作員說明）。好的，沒有其他問題了。我現在想回撥電話。

All right. Thank you very much and this concludes our earnings call. Thank you.

好的。非常感謝，我們的財報電話會議到此結束。謝謝。

Thank you. That does conclude our conference for today. Thank you for participating. You may all disconnect.

謝謝。我們今天的會議到此結束。感謝您的參與。你們都可以斷開連線。