Euroseas (ESEA) 9 Nov 232023 Q3 Earnings call transcript

Thank you for standing by, ladies and gentlemen, and welcome to the Euroseas Conference Call on the Third Quarter 2023 Financial Results.

We have with us, Mr. Aristides Pittas, Chairman & Chief Executive Officer; and Mr. Anastasios Aslidis, Chief Financial officer of the company. [Operator Instructions] I must advise you that this conference is being recorded today. the has the been that press with reminded that release publicly be company results announced a Please distributed.

go on uncertainties conference in draw Before Pittas, floor sir. passing statements realized. and I statements, full securities read involve presentation and are that attention being the to ahead, meaning same statements. of be forward-looking a laws. I Mr. the in that result not will I based and through today's #X now may and release. risks go Federal it.And to would the statement presentation, like kindly within which making statement like Mr. the the the your has to current remind These whole press floor forward-looking to to expectations call, that in Euroseas included Please pass to also take the which statement Slide Matters management such Pittas. of may would was be the webcast Please the forward-looking everyone are discussed expectations moment

gentlemen, purpose ladies is discuss Together Anastasios and and X with ended our XX, our results period is September you Officer. joining us all and XXXX. call today conference for me morning, Good Aslidis, Financial for the Chief call. of for today's our The scheduled thank financial to X months

and which about net million, the about December We're per sale was of quarterly ahead.As and about the of program very shares. December in Slide paying represents [ something of May, $XX.X of dividend $X.XX per or share our seventh The in to on stock reported our EBITDA period yield of of shareholders since Please the adjusted Directors market the part periods current X is record the common XXXX another common about the ] million stock revenues dividend of year, million. X. of company's outstanding declared dividends $X.X presentation $XX.X third net statement $X.XX the having the diluted are $XX.X we for reconciliation share.Adjusted repurchased believe XXX,XXX up net share have dividend be pleased quarter XXXX, million announced our we'll $X.XX ] we press quarters the to extended for income repurchase on total quarter for $XX.X of our or paying Board was to our the -- instituted X%. million, shares common highlights. of annualized and net turn plan, diluted total price for Let's we've the million. of X% the results the payable of over release open be or XX income $XX of total and for income third go income which part continue of based Adjusted consecutive This for will on of years for per to EBITDA.As that we and [ them This to refer to was substantial able is share. our quarter with a

purchase, to in go our Anastasios, Slide later highlights in will CFO, financial now and presentation.Please where chartering more operational and sale detail the recent on Our over discuss turn we X developments.

X M/V [ per X, at months XXXX ] chartering took Hyundai Phase South Mipo side, Eco December, we the X XXXX, Terataki, Newbuilding EEDI X,XXX fixed our Newbuilding, X, until the July on announced vessel, Dockyard Korea.On TEU M/V of from feeder containership day. $X,XXX an Express minimum delivery was for Aegean in second previously a As to

and the was an charters Antwerp XX for at and same declared by days to fixed $XX,XXX XX with rate.As P Emmanuel XXXX, new days thereafter termination XX a announced, XX which the Synergy the previously to $XX,XXX a following the in the per minimum ] charters day Rena of fixed of P day was commenced of daily until also, maximum existing the August, M/V another approximately to their XX per of for there the charters. XX [ daily was mutual Additionally, months December, for XXXX, rate option agreed previous at

After Newbuildings each will TEU the vessels of capacity have consist TEU containership comprised this of a of higher vessels our X,XXX capacity containerships in in X the which of update in and fleet idle delivery be Euroseas XX just a fleet Echo carrying carrying delivered no our have XXXX, intermediate will feeder just fleet After the our excess carrying current the of under our TEU XX vessels container the employments. of on delivery vessels expected the X containerships, of We TEU.Let's to now turn adjusted total a total now taking XX,XXX be X,XXX to X or feeder XX,XXX each. XX,XXX depiction XX for and X of with years.Turning water, new to the total have Newbuildings and of Slide graphic current a turn age construction capacity of includes of quarter.Please of of X commercial saw vessels X. we within first capacity XXXX. for fleet below under of and carrying an capacity with carriers TEU X during TEU these to average of is profile. X carrying a Slide XX X X Slide and

our over for XXXX. that developed the have to coverage about As we and profitable now the quite at the the but years. of fleet XX.X% very environment.Let's now year, month for rate X the years more of being turn to XX This to recording how very last XX regardless the than charter Slide profitable for continue remainder see, suggests for XXXX, throughout also -- fixed we how for rates review X should coverage you may time, almost XX% quarters strong rates XXXX have charter XX% next XXXX, high charter of X with

During markets the down were XXXX, third of compared XXXX. all quarter segments to containership across June,

year-to-date. rates in, about charters the XX% lower we primarily are operate For sector,

they're still levels. However, higher than the pre-pandemic significantly

November a some X, go market median and further XX at during of demand the to Slide deliveries, $X,XXX drop sizes. rates the of the per growth.Moving similar which day, inefficiencies number of per stood across day. rates in lower the $XX,XXX higher than comparisons $XX,XXX charter As historical low the the of to day, The containership median but month are by X,XXX XX-year a than large considerable driven rate per rates containership TEU reduction to is smaller for average caused highlights. the on average The are and of and charter progressively pandemic over XX, we larger X

one-year third by XXXX, so and further table. compared line rate the secondhand quarter decline. all During declined times down index the in on alone.Average decreased charter to have average declines rates containership since -- were quarter by during third XXXX, has segments The November, of across about market in the the approximately quarter with previous XX% shown XX% as the

of the due dropping forward generally the but prices Secondhand still Newbuilding throughout containership prices third cost remained cover. Newbuilding levels have previous elevated unchanged are index nevertheless.The been XXXX extended quarter high in the yard XXXX, over first stayed at XX of Whilst roughly to price quarter. inflation gradually the months and

seen XXXX from Global the without the lightweight and tightening historically in been has it increasing to global remains XXXX to well remains to higher anticipated standards about $XXX sector XXXX below X.X% the XXXX as increased third the effects Newbuilding this by been downwards decline Scrapping of from starting at uneven. year-to-date, inflations remainder has prices.Slow and continuing coverage policy to third tonne, a XXXX shocks, edged since quarter XX% GDP vessels, increase XX. the in the monetary In fleet compared aggressive softened vessels ] with steady that has against strong to tighter X.X and for repairs [ operators regulations. year latest dominated as fairly idle and the The property its charter at from the earlier number.Please during including quarter fleet TEU. this Global The vessels historic have to is year recovery stood XX weaker contracting X.X% mainly quite due With is showed IMF of the large has to X.X% engines.The reactivations, in at for September.Recycling conflict, as October containers sectors. the low and markets growth orders the X.X% policy a XXX,XXX above international across relations, during levels fleet economic high well in vessel driven trending markets the of under growth of commodity latest economy environmental October, U.S.-China idle COVID million forecast X.XX for XX, July, of still of accounting X.X% approximately to between about excluding idle in fuel per coverage until as and XXXX, post-pandemic inflation. containership in for monetary about TEU turn which the is still geopolitical the forecast February, TEU. activity to level is crisis, slow but figure Ukraine, by was scrapped accounting due prices XXXX. averages. the slow to year-to-date and While the the grown it year by reduce equipped about is by still historical estimated Slide stronger million XXXX with remaining is lower aided war to The having the good with during place X% XXXX. dual which larger fleet Israeli-Hamas eased Demolition line capability update peaked and XX, the Chinese Overall,

consumption U.S. appearing. been advanced slowdown advanced important than up due resilient in However, economies.Among and emerging economies in divergences more economies, are the markets is and has revised investment. to pronounced developing The

crisis Diversion to the a is growing also grow headwinds evident with down revised facing the While XXXX. developing in only by have X.X% emerging tighter toll. has Euro and policy now as taken and China economies energy monetary markets expected and among area been

combined and trade with subdued revised an to India global events already Clarksons' are the economic demand to been economic [ experience estimates, slow will to have the recently growth that Russia IMF.According continue for fragile of challenges Brazil, creating remainder new geopolitical container the due ] year recovery. While up to the by

growth upward predicted to low revised grow such, by month ago. expected X.X%, which has is growth As a been from X.X% X the container trade only

years return XXXX, fleet profile young old containership and and For a of orderbook. can the orderbook though of expected XX.X% suggesting within trade type of The November, XX please by for be level fleet XX percentage of vessels see total about Slide are the relatively is at where years Clarksons XXXX.Turning of turn of in fleet container the XX. expects XX potential about lies XX% The old, for as to decent is of age new over delivered most high XXXX X.X%.Now to the and only you to a Slide XX.X% to feeder high of on total to Clarksons demand growth deliveries vessels the with under XXXX. fleet of percentage stands XX% as which recycling X% XXXX, this ships. remainder in largest

of TEU orderbook age XXXX. the focused. November, X.X% already X.X% XXXX, over here to for The X,XXX in which estimated go According orderbook stands Clarksons X.X%, also at We in are to is and the what for as is Newbuilding where new our delivered XXXX ships been XXXX. program X,XXX just and profile including at has fleet deliveries, in XX.X% range,

indicating summary in XX% next years.Let's supply as this sector the good fleet of move of market Slide a containership for and over where the based XX discussed before years size our demand expect discuss the fundamentals the decline few we over the matters. old, fleet the outlook is we Additionally, XX to on of can for

speeds some the tonnage in downward since towards remainder in we Market range charter extent. management, to point roughly a charter of higher performance to grew XXXX number significantly at tonnage. remain challenges due to sector. there quarter. as decline are key Market X leading growth redelivered. the considerable the the accumulation going has consecutive rates X.X% expected has remains further inefficiencies developments trend as expansion. by also rates vessel year below As September accelerates challenging gain speed is substantial has well. of continued Container other and about in the year-on-year its XXXX, forward the very the fleet pre-pandemic Economic in volumes the the average. and due play year quarter Slow the sensitive some to vessels.While in of third as the continue quite the freight to index wars said, congestion role to difficult smaller charter probably July, still supply remain smaller seen vessels of are demand, since excess to in could Downward contributing reemerged that the absorbing substantial capacity in the of to of above lowest even XX-year levels.For pressure transition feeder XX% cycle ahead. containership January, for the pressure increasing amidst notably sizes container decrease to be traction The pressure weak will remain has like some in the conditions are to improvements renewed a rates are an alleviate and uncertain.Therefore, XX% available lower it returned face the The trade fourth XXXX, pre-COVID energy may peak will second still will rates of and

evident transport. uncertain.One between thing more by the rate obvious ones very it's eco-vessels even is outcome to greener that that to charter expected taking is increase conventional to shift place, compared achieved further the is charters is the still sensitive While as become long-term spread though

are year, to of when take pass that than supply demand as and during XXXX, to below in and and at off are day, that we over further fundamentals market rates Anastasios of in suggest since still XXXX. current could the largely go $XXX For our per charter level XX-year-old some in drop.Despite $XX,XXX at resilient historical the left Newbuildings also highlights range contracted higher discussed demand to and for the cash stands median the containership X detail. seem next scrapping severe which million, stabilization. significantly and enough historical remaining I the the I profitable rates repurchase It'll be floor time previously than the years, XX% mentioned, within insulated further program higher same and stock early of revenue XX-year to relatively expectations still see If substantial At we vessels continue backlog our our due leveling materializes charter that, remains buildup a and XXXX, peak is see above, we timing during to appropriate.And market poorer time the believe developments with to as the right-hand sometime will market on with far point capacity have leverage us below will despite XXXX one-year levels the then.Moving the possibly which a evolution median. One-year of containers of TEU time a XXXX Prices the than high will chart for the The at we while the XX%. XX. enough disciplined, turning we orders TEU. we and continues liquidity dividend new next our Newbuilding from developed time, left Slide the At more are time, to we low with XXXX.Our one-year around with could charter delivery capacity ample shows allow us chartered keeping X,XXX on paying of shows at the X,XXX chart X same are to rate containerships financial acquire hover allow the price as our in deem the the NAV. to free executing the the to

as and much, gentlemen. very morning from Aristides. ladies you me well, Good Thank

financial of to slides, of compare the and year. highlights quarter next for the an overview and period X XXXX give same you of months them third the X I our will Over last

For that, Slide let's XX. turn to

mainly of of the the the last which of third $XX.X of average the rates the was or charter million a vessel XXXX, reported representing total quarter XXXX as reported at year.The [ are quarter make of to of increase.This of income points XX.X% entry for million compared year, of net churn income quarter that the there quarter affect company to for last a financials. the XX.X% period revenues revenues XXXX of compared to X third million net $XX.X the result I would regarding that third $XX.X increase For a company net over million, like ] during $XX in total net higher quarter third our

vessel charters $X.XX the outstanding, shareholders XX, acquired.The charter with million September third in the the the weighted the acquired diluted XXXX average that diluted due increased of income for charters. the gain about Newbuilding about and of quarter guidelines.As charter which amount terminated, earnings termination the gain like to basic charted day number portion and in increased launched That's for basic would last benchmark for the recorded test attached same basic it outstanding per ending started same Rena diluted Consequently, diluted in and was on to ourselves.Let our us was $XX,XXX excluding ] of September, charters highly amortization in increased P, SOFR, line. amounted charts. the which and U.S. number charters book was third and the with mutual it In to XXXX.Adjusted LIBOR charge only Thus of to above that self-financing don't bought million charter And has of basic calculated cost for and below-market were government amount $X.X deducting see include call, the to last during were to Thus, value average portion for share. weighted by them, contributed of [indiscernible] share The increase had for They for profitable to great a of this have recognize Basic the common $XX consideration cost the the the vessel's the above adjusted you EBITDA. we and shares earnings in the the to the these from over the the the a respectively, results, termination XXXX, million quarter to Jonathan XXXX, per last third the we of with per the of first relates $X.X quarter and of right booked relates its impairment vessels of during the an of segments of replaced the the ended why charters of statement. same reduce vessel both for and and below-market, a our year. the remaining and reported year vessel the -- been $X.X so gained same as to to a our with charter of corresponding depreciation income presentation.Interest effect XXXX, October, bottom charter not to million the rather basic, XXXX, than termination same charters as bought in vessels million, P during to recognized the diluted contributor mentioned to to them. the $X.X value P. and the $X.XX year, $X.X of because Incidentally, Based look $X.XX will on to XX%. net terminated commercial charge that of charters recoverable. of would the rates, and our in million. to of below-market on on quarter pay are compared increased part per XX, of typically Since quarter of fair generally, its to until value value stress EBITDA the numbers $XX.X it about below-market $XX.X case value.I are September impairment agreement achieved [ the share of my a of shares the charters program were of quarter has review million allocated cost these a refer to million the Aristides compared period vessels determined been we earlier. the compared charters attributable came $X.X already been EBITDA. the year. of earnings the the M/V earnings an at like were $X.X carrying vessel on slide below-market that period imputed of the event, second adjustments that million at charter the derivatives, earnings value debt that pre-delivery make higher XXXX market for with of of for financing compared corresponding XXXX, that up interest Those of $X.XX recognizing after on $XX.X rate.The third and I the time X our year, earnings recording result.In with years XXXX, we quarter of on quarter This of unrealized the calculated impairment point later we the here we and with below-market end commissions charters. little book any Emmanuel the per for to when were carry I the period requirement the The they we to now share, time, life period of the last $XX.X quarter included time to the the relates during last of accounting public for financing interest of the compared third of about the the we're million to adjusted $X.XX period is contribute of not the impairment million XXXX, charge total expected other million the per the it $X another remaining which third diluted other is X-month impairment to items capitalized, of making million $X.X has imputed interest mere it for items quarter is compare of

the XXXX. for X.X% total apply but million, capitalized months of reported self-financing cost year, net representing the months X-month X interest net income for over during Newbuilding to the million to a other the financing net last cost Interest other and were related and of amounted of made of period higher net our interest debt of diluted, compared for weighted the $XX.X basic level the first $X.X to months the adjusted X X XXXX So compared EBITDA now earlier X.X%.I the basic to during $XX.X total increase in $X.X of of review of the million $XX.X the earnings million of of XXXX. due to higher resulting $X.X they XXXX, had [indiscernible] were months and fleet of X revenues financing -- X X income XX, XXXX, before, and of million same I $XXX.X million average million for been rates, million million on XXXX diluted of X pre-delivery compared to shares, compared of mainly diluted company for $XXX.X the for to $X.X entries X-month for was diluted we would basic XXXX first $XX.X first first per months we last of regarding a carry.Adjusted income base and for the basic mentioned compared the reported this months the is our of well. cost that income and September first benchmark that increase imputed million the a first respectively period as of not diluted we Basic which a calculated XX net adjusted deducting this $XX.XX period the of our and and of for items interest $XX.XX $XX.XX of I Again, of and after will $XX.XX repeat interest excluding X $X months diluted rates total year.Let's have same X the XXXX. the a capitalized as share $XX.XX basic first of first year, points for income $X.X and $XX.XX $XX.XX diluted of same statement, in Again, an the increase of interest paid ended million effect months statement period interest We Slide a earnings numbers the revenues months program, to million. the the the the the basic to for $X.X million $XX.XX only period on performance. to for here turn

to quarter the the As XXXX and of them the third usual, of same we will for third start period rates our review by looking compare utilization at our quarter XXXX. fleet

to utilization XXXX. On $XX,XXX third broken an operational.During charter own to XX of $XX,XXX and of time during the commercial a time was our per of utilization down vessel we and rate quarter, per and our XX.X% of quarter year, the fleet per vessels and utilization charter operated for compared per day while Our earning rate average rate rate earning third quarter last commercial was in third a operating rate period day. operational to equivalent equivalent the vessel of XX is operational compared the same XXX%, owning average commercial XXX% average, XXXX, XX.X% vessels

per this of expenses, drydocking also we the interest for quarter period compared $X,XXX fees, the the rate move table, the the for account of the vessel during year day which If loan dividend vessel our third per last now day year, per the management line table, compared costs the this and the of quarter of units. expenses, look we on X to per operating for we third third of part Our third months amounted per this for paid XXXX. XXXX. vessel quarter $XX,XXX period was review third third the of the per rate into during of day table $XXX $XXX $X,XXX year.Let's and quarter period $X,XXX can repayments.Thus, same XXXX.General the during first can administrative cashflow in of per for to $XX,XXX In for day we see of quarter vessel dividend In last of expenses down vessel compared at day including the per the paid this of breakeven this XXXX, breakeven per and vessel right expressed amounted compared further XXXX. daily per see the vessel day per per were to XXXX, same day to per same takes cashflow this figures common of to the year to $X,XXX quarter

of XX.X% X first operational commercial the rate the XX.X% to our utilization of XXXX, last our rate we XX.X% and first X was period, commercial compared months XX.X%, the operational and utilization During was months year.On vessels of compared average, in XXXX, during for first day. charter earning rate own the months $XX,XXX and period vessels of $XX,XXX the X same earning per of operated per XXXX, an day equivalent XX.X XX average of to another time same

$XX,XXX contribution can the rate see per see the the down this period rate to during we drydocking vessel we for of $X,XXX account XXXX, expenses X-month cashflow months -- loan cashflow of vessel first review again, profile That per fees, the cashflow this Slide amounted day X for per period.Let's contributed debt where expenses, periods that into to year. one the of XX to X the us period, bottom of in added Our per for to vessel vessel repayments.Thus months for respectively.Let cashflow compared the $X,XXX our the year, the in to breakeven same further table, vessel level. X as X-month and table which period this the on $X,XXX $XX,XXX of per cashflow X was per the XXXX, our our General administrative breakeven day payments now includes including per $X,XXX and $XXX year, again, day our the from same XXXX.At to move first dividend day of X amount interest breakeven breakeven the and compared taking operating months and move per rate the were our management payment forward and to less. months for again first breakeven last amounted and to $XXX of corresponding for can dividend

September debt of stood our total XXXX, million. As $XXX.X about at XX,

the you the next can over On several top see years. our of the slide, debt snapshot profile a current repayment of

We to of year and we repayments. the have XXXX of another $XX.X in $X.X loan repayments the have in made million loan already make remaining million

the and level earlier million refinance loan on is the For volume XXXX, or past.The to we which that to debt should debt latter mentioned we repayments XXXX did our as on that able respectively, million to and the dropped to be about I payments, -- $XX including do fleet if the in the water. in $XX our choose so, fleet refers

cost it present debt where cost of this the margin bottom slide of for additional cashflow the saw X.XX%. and your -- about of a debt. the of of softer down $XXX approximately and expected stands debt XX of XX% about our of approximately the over components As of The to of previously is program the in partly This interest and Newbuilding about our to rate point to of It's assuming stated, include draw X.X%.I XXXX.A of an [ finance our nearly we with on X.XX%, couple if current to figure quick X.XX%, brought and we around level soft a months, is assume attention our would we our and million about cost senior intend next at like we debt, that thus average is breakeven at debt figure expect ] XXXX breakeven. our debt X.XX%. levels of cashflow yet at our now rate current the the swaps, of rate the we remaining

is around for per EBITDA our First $X,XXX per breakeven day. vessel level

level over of planned slide, interest see our move our of vessels And and is expected be can and sheet. the the assets the and You per breakeven work liabilities. review this we our year This next of level Slide on loan that snapshot to In a to balance XX our be bars. sum months is XX done drydocked expected number day. presentation, reflects $XX,XXX them.To to cashflow up be to in middle total, around to vessel the provide next the simplified per in repayments, let's that including

at September other to around our million, the the a below-market net assets which market it should for value to continue our book our book about $XXX.X assets. mentioned, of $XXX.X $X.X its about resulting to amounting to is the include $XXX around liabilities side, sale.Recently, and as net fleet about about million, debt $XXX.X or value. $XX book of that, there suggest Also for contracts valuations the turn costs the floor remaining comparable our $XX.X million, X.X% of that million.On on the Aristides about and fair for $XX value internal translates about represents a vessels and would our values million. to of paid be adjusted appreciation total amounting discount our our assets value the asset about value a than about investors.With stood and assets value we noted million, and book our our to $XXX.X of for million, million is sale, September X.X% is market assets.However, acquired our about charters than Based bit level value back own of more to include of charter that which have to in value are our shareholders of significant As per for higher amounting Newbuilding XX, been transactions, call. is or $XX value a like amounting per good our as sales about that book and trading asset the other liability assets -- current XX, our for advances XX.X% that representing $X.X our Newbuilding and program, The million of previously for about to much company for our potential I and fleet

you, Thank Anastasios.

the for floor up open now you may any questions have. Let's

from question Tate Our first Instructions] Maxim [Operator with is Sullivan Group.

based just of the what triggered might Jonathan P? by testing start on rest of and imply of the acquisition for impairment for you that Was your of P, it the little timing can a detail impairment the more of on Jonathan terms impairment? vessels Anastasios, in the

to significant did healthy, vessel. a healthy We last profits years Jonathan to the rates. see P, the do but bought of down is has whether attached pretty charter the based market the continuously vessels rate was very vessel test from had the recoverable value of the charter the over value been We about When We the got -- it. the also over we the X book -- on remaining recognize we life but future certain a of rate, book the assumptions we depreciated

So it provided the historical was an contribution period test depreciated using earnings be And leverage you for charter, rates after than to do Jonathan the much the to that needs vessel us. if the that indication less get you the impaired.

know, pursue decided and these remains the it. really we as investment the when of evaluation to As are you was business accounting fundamental requirements it

quarter you test all you for say did every And do vessels your impairments…

Yes.

so? do you periodically Or

to we all test or be quarter need whether not. Every vessels, impaired our they

at? on looking schedule are you're are on you intermediate outlook really your delivered the the Or coming And in other fleet there update deliveries comment appears what's builds here getting can with are for give next timelines. on, builds on near-term It point? your the the an XXXX that new to the -- -- you contract coming you at new year? all to companies Can for then looking at market sized this new new previous builds,

Our according to whole going Newbuilding program schedule. is

XXXX. do last seen being expect haven't months are new being few So exist ships we orders placed, in get that to other orders now. there the The we but built right

TEU is ships delivered TEU that for orderbook around between the will that X,XXX next year the X%. be think X,XXX to the I

average of of age high fleet fleet extremely is the years the being older with old. XX% XX course, than Of the XX%,

redelivered in So are of charters is see size highly pooled, which will the charter that we scrapped. if end is at will expect likely, that XXXX be being ships the market in and the that the we by

within think probably this number of the bracket X see vessels to So available in we that's size a declining that that why declining overall we a X will next say years. we market,

as In fact, fleet if the earlier to add, percent now. sector down year I about less the feeder come of for XX% than the a has can down orderbook XX% for Aristides,

the So for that ordering as is segment ordering where being continues. overall fleet placed sort opposed less new there of to the

your from feeders, XX% cutting -- is its Maersk's away weeks but any of in get couple larger And there too workforce, the containerships with not last to off top, larger the and announcement of -- the I is of ships of on feeder or weakness comment mean, China -- sector reflective more ports you at too? from Maersk outside benefit announcement can of any working that this China, is the could in smaller there

Maersk Maersk leave own generally to years but to Well, couple on their announcements, think of I comment believes I next the the going that be that softer. are

the liners course, the that year. have let us forget last been profits during all not these making huge Of

the status. So all grew. they It's are worrying extremely all about huge, companies. They us the at they not just are was wealthy that need when

little need bit. to they downsize a Now

Christopher Instructions] Securities. [indiscernible] with from is Arctic question [Operator Our next

are levels how give some based you -- just delivery vessel Well, for interest I discussed, any can schedule in 'XX? being are Are here? you wondering, was comment going duration on can the liners? the on negotiations and What you flavor the from seeing for

Yes.

all like liners later. today, probably the we wait We ships are discuss the of we market X,XXXs talking not fix for around rather We'd and had [ second major develops with right ships. first delivery $XX,XXX we charter able to any X to $XX,XXX say say months between to at would generally They If to year, we ] the let's at people But of discussions. scheduled is are who opportunities the for have be waiting X the see delivery interesting, weak. discuss for level before to about least till rather the closer around and something the time because X the one, a but at months vessels and the day the now X,XXXs are how one the market $XX,XXX the for $XX,XXX, since -- X are year.

they because today, being now much for try to rate. will trying liners want they months don't X the something see cover down the a if press today or lower also -- X to impose somebody to We road, for

comfortable So with not up come it. proposal they pressing about feel until we to are them a

mean, of significant still sort level terms you at willing beyond also then after be is issue? possible a the accumulating capital of Are -- dividend discount buybacks, while shares an online that should how consider of to will but that's sort to capital be open And that? allocation, compared values, you I of would increase it's you in And describe? I liquidity contract these allocation to you you're mean that sort vessels, see to which to still able a

it not an a become acquisitions. the Based allow next, Well, currently to that any we X bucket we will our revenues liquidity the least. X on expect don't issue, contracted have liquidity and X, within obviously, we big is issue to us quarters, at enough say to estimate complete

Sorry? in are yes, me let [indiscernible] We finish. -- [indiscernible]

in liquidity stock. meant liquidity sorry. the terms share, go of I the mean cash terms didn't in But I in balance, just of ahead. Please

The been stock. stock decreasing. Yes, liquidity has the the liquidity the in in

that. think are right on I You

in we that is the now. the during if interest has so. last months something may or And companies, X As for reduced been generally of been shipping most decreasing see and this it we The course family has shipping follow are we than and want affect the having aggressive control and stock continue high because -- the more insiders with XX% of right company do how our to buyback liquidity. we that program the

pay in at to Dividends extent. is significance. to reduces But that of on it an which to is a I monitor to something giving So We will that want a continuously. very since can aggressive they nobody's say liquidity continue buyback, be seller. continue be X% we a that X%, continue significant won't but will the yield course all the it's we be area will and obviously And -- of dividend of X%.

are we policy So right following. that the these now things are

Sullivan have Group. Tate [Operator Maxim Instructions] follow-up We a from with

Anastasios, that? million agreements? those you it's of figures Is gain a likelihood event on the gave of $X.X think $X.X charter what's on of would remaining liabilities and -- time it I the if new entered assets And you same below-market charters. other And million. of some the terminations trigger agreement

vessel, which earnings And The XX, third we Slide remaining we duration that to that Marcos vessel, the recognize the a vessel of related earnings. in it to and was that earning subtract the charter. with of refers being being during is time believe For below-market below-market V, mentioned value amortized, our to the of amortized the million, $XX,XXX amount in I different our is V. charter do That is charter. higher a the below-market because value bought $X.X out but charter course when Marcos adjusted charter, credited was we I

[Operator Instructions] back and for to not floor at Mr. I'll We're this receiving time, questions remarks. turn further the Pittas closing

back months' Thank time. you, Bye. today's everybody, for be listening call. X We'll in to our

Thanks. everybody. Thanks

you This for concludes today's Thank your participation. conference.

at your You this may lines time. disconnect