Euroseas (ESEA) 23 May 242024 Q1 Earnings call transcript

Thank you for standing by, ladies and gentlemen, and welcome to Euroseas Conference Call on the First Quarter 2024 financial results.

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

realized. and that Before Mr. passing -- today's these everyone within forward-looking Pittas, to Euroseas presentation in I federal uncertainties would statements be Matters on being the may like to the expectations that that management expectations current result statements involve forward-looking floor such making conference statements, of call, meaning over and be the securities laws. risks may will are remind in based which are not

kindly #X full presentation. and read I through draw same in the your and take statement, it. release. Slide attention statement the go on a has press whole also to included to the the which statement the was webcast forward-looking Please moment

now to would Please ahead, the sir. to over like go floor Mr. Pittas. I And pass

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

turn go over highlights. presentation. to the to Slide statement income Let's our X of

Adjusted the in net XXwas period shown share. for release. $XX.X reconciliation EBITDA income XXXX, million of diluted of quarter total first per adjusted of net reported and income income adjusted diluted EBITDA $XX.X Adjusted share. of the press For A million or revenues was quarter million and $XX.X the or to $X.XX net income net the per is the we $XX million. $X.XX for net the

in highlights in the our CFO, Our presentation. detail more financial over later go Tasos on will

ninth will quarterly share dividend company's consecutive common about plan, X%. The of again paying share Directors quarter current Board XXXX, be first dividend the quarter per XX, again for common payable As on which $X.XX This declared based price of above is or of XX. record June meaningful annualized dividends. our part of to dividend on on is of XXXX the stock shareholders June yield the a the of

May X, our market was of up for XXX,XXX also repurchase repurchased since initiation million, to of our plan XXXX. in of total As had $XX about of announced in common XXXX, $X.X the the stock share we million open a of May which

continue will management's enhance program our to our depending our price long-term use We ability shareholder drive to to share at repurchase stock value. discretion on

Please purchase, turn where developments. and chartering X, new to and discuss Slide our we operational sales recent building,

the in TEU $XX an next current quarter on log front, asset XXXX. expected The deal new to agreed sell closes. be vessel will containership owners vessel we her by built for the feeder profit and a On have XXXX significant million mid-June prices, a to The is approximately X,XXX the to we when delivered sale S&P Vessel to capitalizes Motor strong Astoria, party. unaffiliated

X expected The about our efficient from increases took one of ship line Leonidas feeder of period, rate a charter charter of about delivery the This Hapag day. a to of to our Lloyd, fuel XXXX TEU Z, chartered the with X,XXX years was newbuilding of of a X Vessel companies coverage container contracted series and is of XX. April place at a million fourth period for about the Motor newbuilding for $X XX%. daily EBITDA contribute $XX,XXX largest vessel on

per rate maximum to Vessel place X,XXX of a when period fifth months charter May on a day. Moreover, a chartered was Motor XX option Monica, XX feeder TEU of a XX of the at at of the for vessel took delivery period the the minimum fuel-efficient vessel daily $XX,XXX of

immediately months XX delivery fixed $X,XXX $XX,XXX smallest our for retrofit. X a after from X fixed XX.X minimum XX to minimum wait, it period months X And from Aegean months side, and at March days the starting Motor X, day on to Vessel oldest charter per Synergy a was of at Antwerp day was docks normal Continuing starts Express, April charter of this our vessels from while starting of the new underwent the XXXX. and its upon maximum dry for shipyard where a

was Finally, Motor with Vessel $XX,XXX X for to of charters Joanna day. X just a extended of at current months minimum maximum per

Vessel approximately Regarding survey XX Motor its dry our Oakland special for days. underwent dockings, scheduled Synergy

worth which dock, Our Motor $X.X its successfully XX-day Marcos scheduled retrofits about million. Vessel completed included dry the

As case Vessel vessel the The fund to Synergy declared economic modifications of the to the minimum is extend retrofit with from until charter and charter Busan, charter by of serve cooperated the the X an performance. XXXX. contemporaneously of the August Motor in the the benefit additional the we months option recent closely improved

other consumption retrofits resulted XX%. an The improvement the by in speed range in of commercial about

of scheduled the the The is charter As will part maximum if the per our vessel a vessel a period, Antwerp, said, XX-day the up to the charterer, to successfully of as dry owners dock. cost also with agreement charter refund employed Synergy then the XX%. completed motor after current I

footprint, As $X.XX retrofit. underwent our million CX to part efforts of minimize [ our carbon ]

Next, Slide current to on an turn profile. X please our for fleet update

with XX carriers another container TEU intermediate just of Our X current the total comprised X XX now container years and by to capacity vessels the age ships fleet is the of the TEU. in XX carrying XX,XXX weighted feeder with under water and

X. Turning to Slide

Here, container of ship vessels we capacity of XXXX, have total The X carrying expected a X,XXX two in a will two of with XX under X,XXX with X,XXX about TEU XX,XXX TEU. vessels. remaining remaining delivery capacity consist its After TEU X throughout and Euroseas fourth they fleet and deliveries show our newbuildings TEU newbuildings the include vessels feeder construction of XXXX. carrying total vessels

see to turn now the graphically. vessel Let's Slide X to employment

have about for next As the fleet of with XX% coverage years, very about for a charter XXXX strong our see, being you we XXXX. may X XX% throughout fixed and

our for and XXXX rates XXXX. of and will quarter remainder the the liquidity year further throughout profitable coverage highly charter profitable significant suggest Our enhance that

Let's rate XX last for X broader Slide years. the XX-month with starting a the the market of review, development over turn time X- to to charter

extending the into quarter the containership robust from charter at recovery, of all levels shown a surging rates During have the significantly segments. and XXXX, start year the first low mid-May across

The a smaller median well. also and May of well to the X- rate the across XX-month higher XX-year to and about charter of X,XXX day, XX, than per sizes comparisons with stood average supported $XX,XXX rates as and per day XXXX, day. are is for per when medium which As the similar TEU of container double, $XX,XXX about average the containership historical at larger $X,XXX compared

Slide some market further over We on XX. highlights. go to Moving

time be the increase improved X segments current rerouting rates is impact to the have is full year The yet mentioned, of The these are XX, XXXX. XX% of across in though, approximately As to date since geopolitical mainly the attributed charter Sea quarter. tensions in the still and issues charter diversions. to December as low by through Red rates consequent all seen, the first and increased evolving.

all be XXXX over charter of The year XXXX increased the primarily rates seen over before, XX% the said during of show to routing of across XXXX as table As can increase Average average of by of rates an and average quarter container price the increase the XX% by since the in the XX%. first below quarter the the segments. during first to QX about end have index is May Red rates vast daily secondhand from quarter of fourth XXXX. XXXX The during in Sea. compared due the increased

before the behind the lag significantly prices newbuilding the course, to quarter above of COVID-XX first by the are X% quarter. price They XXXX. peak increased levels to observed continue average index compared Oil about seen The in previous pandemic. levels in the

to to yard stay due elevated inflation cost and extended forward continue prices Newbuilding cover.

been relatively from witnessed newbuild COVID-XX, exceptional easing renewing has from contracting some companies there fuel cash, appetite excess high the their firm vessels. Although fleets with remains alternative amid during it liner with in levels continued

XXX,XXX up X, for X of fleet. at As with scrapped. idle just marks since XXX,XXX TEU May trend excluding for downward been ago, vessels vessels accounting XXXX, to peak then. now, X.X% of about TEU, just from accounting TEU fleet, the XX,XXX the decline of repair, XX year under a observed In total its This have XXXX, the stands

activity the current although due XXXX after which in a slightly years may -- to charter increase disruptions of higher number to of demolition to quieter rates the the the political expect limit end. remainder was at We continue due to scrapping

of in XXXX idle by quarter XXXX, the lightweight XX%. about prices first course, Overall, about the grow, continues $XXX of accounting, the by In X% expanded to tonne, observed approximately vessel fleet year-to-date slightly though to without for remaining per reactivation. having average scrapping above softened

slow sizable X.X% XXXX yet rate growth, the in into for slowdown The This Please a IMF to expected XXXX. is XXXX. turn from improvement latest will economy that economic projects global of XX. developing April continue see by the the modest X.X% raising a This and another to from economies. States, outlook year in is more Slide update the steady offset growth to emerging in United forecast due largely to

restore Most targets banks persistent years for end interest sooner significant to to than with from declining hikes lowest anticipate been and this The in now projected be that central were price the despite surprisingly lower federal its the XXXX, rate at X.X% the X inflation X at forecast in to X.X% economies. of will bank resilient The emerging to to or their markets reserve in X and XXXX the XXXX is cuts Indeed, steadily is decades returning X.X%. XXXX developing by projected rate advanced global X.X% is next has that in stability. inflation. global reduced X and to economy due inflation economies

to in by quarter, to the the countries, oil strong to the despite oil X.X% amid this [ It growth strong higher global the and seems Western that XXXX investment higher as Russia's XXXX also due January in well price from cut spending government forecast not upgraded mechanism IMF ] exports to as XXXX related with tight significantly the along X.X% upgraded imposed prices, production, continued growth to the projected During market. X.X% Russia's war X.X%. Western working. from spending IMF The forecast are labor consumer sanctions due

its longer Similarly, age growth to to the grow strong take and in with ASEAN-X quite though, may even XXXX to stability X.X% at domestic a robustness reflecting be positive and more rising working On continue projected China's economy strongly past enduring in tensions downturn is to an shipping, intensify is economy Chinese which by weakened relatively economic and The For to in environment, XXXX. X.X% grow China's further may closely, the in already sector. trade X.X% due to demand forecasted monitor expected XXXX shipping. therefore, population. property by thus are restored. struggling in in just X.X% growth is strong India note, geopolitical we economies in XXXX to and the remain assisting

to forecast, X.X% which According the is increase X.X%, to from trade was demand Clarksons significantly projections, containership previous expected to now.

to demand year. forecast However, a This in projected now TEU assume for more trade disruption and due trade uplifting to half X.X% full decrease currently about the to overall year Sea about latest Red demand XX% mile of XXXX. container rerouting, a is X% of for

Red Canal in a growth. in Panama given the disruption. Panama restrictions have likely Coast assumed currencies. smaller result Canal the This Sea the West demand generally course, transpacific impact higher significant trade shipped are U.S. is impact additional a the less Sea volumes rather of of estimates the longer the some for the And Red Coast, much than allowed severe than than to though demand crisis being East will

total where fleet container years which over young XX, of containership Slide vessels potential lies profile percentage is XX relatively of for type this years only can fleet high largest you The to of though XX old ship. XX% suggesting with order the The ship under see the within turn age fleet vessels, old. book. recycling feeder most Please and and

from April around of the saw lead as XX, we which of book at reduced a close to stands XXXX, percentage last XX%, year. As order XX%,

to Slide XX. on Turning

The coming ships May of XXXX. vessels We operations also stands of focus backbone TEU our XX, program. of after are of book book being the X% XXXX go the favorable approximately XX deliveries and reduction are According have fleet this size that in minimal over newbuilding primary These to deliveries X.X% the fleet profile over we these in in age as fundamentals XX% XXXX, X.X% suggesting projected anticipated the our XXXX. will X,XXX be With and XXXX in new year at fleet range. order and and order sizes the over years an XXXX to of here the old, suggest Clarksons, beyond, X,XXX for to in and years.

have longer vessels Gulf a significantly rerouting away the impact for where The the of sorter trend, and the XX% rates outlook Sea West has rerouting has shipping continue more XX%. services in at container Consequently, summary Red the more Let's are balance last index surged East host as and indicating since the increased, move to now unaffected due supply-demand strengthened are boosting fleet XX, demand alternative utilization than of ships has least have Aden. had The discuss the on taking Slide for Freight context have softening to containership climb by our from XX. to we increased rules. now. previous by The significantly vessels a markets risen December market. for substantial rates since December to

continue issues strong we a For the until XXXX, market remainder to of anticipate geopolitical ease.

Strait potential the risk the to the to of and take Suez although in expected a Red the over shipping the to on new vessel containers. activity it rates. in closure the minimal Despite has lower Hormuz full lead Canal continued and supply However, of this, impact of Sea disruption And ongoing market. vessel gradually affect substantial is

Sea shows driven crisis Red support the softening rate resolution, The markets, accelerated in charter would growth. no the the rates. persist, these geopolitical of anticipate by security exasperate capacity Israel/Iran the charter If we Conversely, could if container situation. crisis is vessel a and tensions further higher of in rerouting period extended tensions signs

in the geopolitical will the a issues softening resolved, softening some conditions depend pressure. the could normalize, lead but fleet performance alleviate decline. demand various extent this if result vessel if a XXXX, management, fundamentals The of inefficiencies, as of the to geopolitical significant remain In market. to congestion would will speeds of market will challenging. be ahead conditions sensitive substantial supply of any to situation, Market capacity that the Looking event, and are such likely development could expansion and on

is charters is Whilst become shift transport momentum increase remains One Also, will it the the uncertain. energy gain the eco-vessels place, has to that achieved evident sector. in is taking thing continued as transition outcome options. by sensitive though, the spread charter between long-term greener more is containership to the further sure,

TEU above rate historical chart rates back to stand have the lost left of median Slide charter move but $XX,XXX of Let's ground time peak The One-year the X-year X,XXX per since a far containers capacity rates. in are evolution to with shows to earned and at XX. as XXXX. early charter 'XX, below mentioned, time previously day average

still build chart illustrates rebound to and Recent historical both a with from year-end the higher the secondhand than right-hand for X,XXX XX-year old and capacity containership levels. new The range significantly TEU. historical value median of a data remaining shows prices levels

for historical million, currently size for million, new years million size for rise $XX.X of prices this and is the $XX.X whilst stand containers this at last median the of of average respectively. Newbuilding $XX.X XX buildings

For at respectively. average of respective million, the stand million, $XX vessels XX-year-old, million size, historical and prices while the secondhand this or currently prices are approximately around median $XX $XX

acquisitions hesitant below will we at values prices, elevated paired be are that persistently reduce unless to to expiration can residual medium. these Given the with historical they charters pursue further

I that, detail. will to to our CFO, highlights with go financial in Tasos, floor over And the our further pass

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

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

Slide XX. to turn For let's that,

for million, last net the first quarter representing first of XXXX. income for million the year. during of compared total a $XX.X million For total the a of net to the period of an revenues income first quarter over the $XX.X reported quarter $XX We of of net revenues company net of XXXX, increase reported million $XX.X as XX%

and is same amounted increase financing SOFR for compared to period debt bank of to we in Interest due of the the rates the to to same increased the million period last quarter as the of costs first and carry interest increase current of $X.X year. amount other of XXXX This financing compared rates and the costs for the in period our of as million other XXXX. $X

imputed In acute $ by program million million compared our to our XXXX, of of figures the of $X.X for year. the the self-financing predelivery interest of interest last period during the as newbuilding and capitalized first X.X quarter the payments same interest reduced are of due to

quarter this million in income XXXX. $X.XX to interest compared amounted million Finally, in $X.XX the same of year first period of to the

Adjusted EBITDA per the to earnings number Basic turn and for was per the $X.XX in basic earnings of on $XX million period last of this compared of and outstanding. shares an for the the share million approximately respectively, quarter first first XXXX, average $XX.X of outstanding and $X.XX diluted coverage quarter and shares for of X.X same and year. compared XXXX $X.XX, weighted were X of calculated to million $X.XX weighted base number first diluted year calculated diluted million approximately $X diluted quarter of in basic share million in achieved

effect market for estimates the do share, market of $X.XX gain been respectively, the XXXX, acquired not and would analysts per value on depreciation March earnings income due above unrealized have acquired in Usually, sale time the published respectively, XXXX, quarter the earnings or for on basically a of XXXX. the the per Excluding items the ended charge the amortization and include first quarter loss vessel, with and charters of diluted, $X.XX below on charters compared per per $X.XX the the time share. vessels derivatives, share XX, $X.XX quarter diluted, to share, first earnings the adjusted basic security adjusted quarter of of the the of for increased below for and of the of gain the to

improve proportionately quarter in quarter or be have expenses will last obviously, Aristides either that drydocking to capacity earning drydockings docks of first retrofits and would X included, like the mentioned, year period to future resulted XXXX, of vessels loss X carbon our share compared which days footprint these increased previous dry the this for of the as we reversed but mention in investments revenue during These quarter and the order I to more influenced, in the here of periods. first the of earnings as subsequent per quarter. that

fleet to to move XX performance. our now review Slide Let's

We of first first during the the by to examining the previous will review quarter compared start year. utilization this as year rates our

and As fleet down broken into utilization usual, our is rate operational. commercial

operated utilization our for commercial first operational XX.X% our vessels XXXX, while of XX.X% average, to of compared last XX.X quarter was the commercial first the rate utilization and year. XX.X% XX.X%, was rate During were another quarter operational On during vessels and rate period of charter $XX,XXX owned in the to of compared quarter the average time $XX,XXX XXXX, earning same first XXXX, on earning of day. XX.X per per equivalent vessel

operating management the day the per expenses, first first interest our $X,XXX per G&A daily were per per expenses, this vessel total repayments, and include day of quarter. we of If quarter for last being due, the XXXX. was costs, fees, expenses, breakeven earlier, during of compared expenses year, Our quarter loan as drydocking excluding to XXXX of first per flow for difference year including $X,XXX day drydocking day per during vessel increased our $XX,XXX versus the to the quarter expenses during quarter first the rate cost $XX,XXX for the drydocking I mentioned but

this paid in at that look that we the common X can last Finally, line we if dividend the expressed we in slide, paid per dollars the vessel we periods. day per very see of

day, of for while quarter $X,XXX same XXXX, first vessel gear per vessel the per amounted the period, to amounted $X,XXX that to totalized per per For day. about

forward breakeven Let's review profile our move to debt flow level. to Slide and XX our cash now

left approximately amounted right As XXXX, million. for X the schedule displays the of repayment at total our at a debt The of of our current the the the slide debt chart March XX, next to top years. $XXX.X

XXXX, this a million see, million. year loan you X.X XX.X the total XX As of $ to we made year, repayments can $ of the and in the first for expect an in about remaining totaling additional we $ of million quarter make

no to with loans In repayments our along XXXX, that are these payments recent repayments $XX include note balloon expect in are X about amount expected Z newbuilding acquisition million the with drew to XX.X our loan million, payments of $ due. assume the to our to debt $XXX million, finance include while $XX.X projected second figures and payments not around another They in do next loan from Please of the XXXX Leonidas balloon X for repayments our to the XXXX, partly newbuildings Monica newbuilding finance program. of remaining deliveries, approximately partly million from we our program. from quarter of we

end approximately as margin A further rate the few debt last debt a a now approximately regarding If rate our of debt around and portion savings as the interest X.XX% to the was of cost reduced of of a X.XX%, assuming base XX% was SOFR our of cost X.X%. X.XX% senior the debt, XX we The for quarter. the words of our we carries March our average of include about the of of debt overall around certain is of from swaps our as cost X.X%. rate have SOFR

I now cash we the would of to and our the XX where levels. and of various breakeven for expected breakeven so your level months to this cash components like draw bottom the flow present flow next attention slide

day. interest our expected overall next expenses projected XX,XXX be $X,XXX to EBITDA breakeven per vessel months per day. we loan is per around XX that First, our repayments, breakeven and vessel If to over the per add level is level

some our our from slide, up review the figures highlights sum XX, sheet. of the presentation Let's Slide financial next to to now balance by moving

assets under include Our and in cash water course, vessels for the our our assets, of book other vessels advances value. and mainly their current construction

program newbuilding our about March in value book value and net million. book and million, about had of XX, million, assets paid a we for vessels current to cash XXXX, about with that of around assets other of million, amounting $XX.X $XXX $XXX of advances for we total $XX.X our As resulting

about $XXX.X debt, our had XX.X our the value resulting charters book million, million assets like below-market net value assets. stood our about totaling other and $XXX liability which $XX of also X.X% side, assets, of as of other of our of the the about We liabilities book a XX represents X.X% representing per acquired fair of share. XX% or On I liabilities at about our as million in shareholders total our mentioned, or March $ approximately value of for

However, fleet exceeds it's value. value our its be significantly We our market for the value I think book estimate the here that important to highlight charter that adjusted fleet in to of the range million to $XXX per company for which net to of asset or $XXX of to million translates million XXX a million the $ $XXX share. $XX value around $XX to

was Our considerable under level closing a $XX, price at NAV our for and yesterday representing and our to potential significant a a just thus, discount shareholders appreciation investors.

call. like I'd to back that, to Aristides turn the floor to With continue the

you, Thank Tasos.

open Let for us questions. now the any floor up

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

commitments newbuilds delivered were X that and already the yet to the this for Starting delivered be with quarter. cash the

payment you're said schedule? newbuild million, finance a for I adding heard, $XXX You What's think the the commitment remaining in newbuild. I debt to

$XX before. quick think remaining, I a can I million paid make about I believe The estimate. have we

think I would $XX roughly can about would I about be think number, be commitment. it XX you a million. exact the million equity but I get more roughly $

Okay.

$XXX total of So million.

to decide that rates? of daily term, could you expect Monica that to about X-K or lower a still quarter? in do what for then you you Should than could the sincerity, be we go XX,XXX talk for it rate end similar [ expect already longer the contracted Okay. new contracting before and builds can then And And get $XX,XXX. ], new then the if the you the stuff build the the

able to think I will fix around this would a year's to we something that time. very which like level. similar is be to We fix

see. will We

relatively are will We we soon. charters, with and some know talking

on logistics, when that shipyard, right you paid they on the the just to new And previous... exit start based, -- exiting for is builds upon contracts get correct your

Correct.

you to And payments upon financing financing for that? manage get Tasos the delivery? for do you the you installment -- newbuilds, financing Okay. will the for the Or How you will would remaining? secure the for then

month installment in it we the we of delivery pay arrange -- in vessels payments advance. financing we delivery and the more Usually, ourselves, a financed the financing. We at are or

X X, example, we that to we last haven't financed, next already our of take our For completed we already. as expect vessels yet. financing The arrangements delivery announced

[Operator is Skeie Our Securities. Kristoffer with question Instructions] next Arctic from

and more a you discussions covered I are us lot by changed liners site color could provide with the recent as charters or these months? of that charter interest was rate seeing days into -- the wondering bounced X color regards Are to of open sort on on a some and to spot discussion on with for fixing has longer if duration in in you vessel ongoing back? seeing a you rather

Yes. We currently this many time. take newbuilding will vessel months soon. about don't have in ships up opening delivery other that than X.X

ago market, now around So a $XX,XXX to being similar much about day. is fix The at at to And years. for we've TEU ship month there's $XX,XXX ships We've a day point. definitely fixed this not a too we X though, improving. seen that seen fixed our X,XXX

up So the increasing, increase market. available in a the market is periods continuous and are there firming is

say. within anything not but today. to of ships long open up they And that really we're opening to months active this How up -- ships next months, would today. offer wouldn't difficult continues, The therefore, for it's find fix X the something not competitive really from couple in very liners trying

our Tate And is with Sullivan Maxim question next Group.

sorry. follow-up, A

on current XX-F X.XX. Did are in sale the other the for considerations for this announced of the implied indicated there that $XX value change? gain Or the million, carrying a sale quarter? You that of for cost of April Astoria the

that capital sale. correct. be minus gain of -- the I expenses that's on commission think The or the implied would difference whatever be would

follow-up do a have And Arctic Instructions] we Kristoffer from with [Operator Securities.

of sort you're exposure X on reduce I divestments. sold fee the previously April seeing divesting by terms in reduce mean, or your you just potential what vessels? you you Can Are comment interest to considering mentioned. of as the in or on

the guess we had of would the needing that do of end Today, which the market the what -- And we decisions But we vessels at of all for any as to to what course, considering with initially better. older are the is secured be levels We that expire. scrap charters charters lucrative them. yet. thought haven't we the taken we

considering develop the strategy reselling them we we are of will and our and So rechartering or them, as options we them have move that on. keeping things

Okay. as Good. our typical a useful these vessels of do And now? sort useful in you on terms life, what life of see

requirements though EXI they Well, selling and the and till little speeds, CII new ships technically, have the all still satisfy easily their And XXth the issues even we bit year. the a with requirements. by last slower at can these the Technically, do

a rather decide of to than to do with the So what technical it's decision. decision commercial more them.

So the keep satisfactory, can longer. if them that are that we rates means charter for easily

reached the question-and-answer to have Pittas the I end of to conference turn remarks. closing over back for like would our Mr. We session.

all Well, results in listening our thank to for this quarter. of you

We to time. back will Bye. in X months' you be

you, Thank everybody.

will conclude conference. today's This

this You may time, thank for at and disconnect lines your participation. you your