Euroseas (ESEA) 21 Nov 242024 Q3 Earnings call transcript

Thank you for standing by, ladies and gentlemen, and welcome to the Euroseas Conference Call on the Third 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 is being recorded today. the has their been that press with reminded that release publicly be company results announced a Please distributed.

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

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

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

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

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

will our presentation. adjusted highlights in to press for released Adjusted later For the diluted detail quarter earlier Tasos the of was $XX.X $XX.X for per a income total net the reconciliation share. go was financial quarter in income net million diluted $X.XX XXXX, income release period was $XX.X over or share. or net the presented is more A the third Aslidis $XX.X we net reported EBITDA Adjusted of in of million revenues on million. that million of and EBITDA $X.XX per today.

policy, December to stock payable share based which of record per remains shareholders at current or As about our on quarter December X.X% our the declared the quarterly price. annualized dividend dividend $X.XX X. dividend XX for on around XXXX, will our stock part Directors share of be common of The a Board third company's common of of on of yield

the of open of repurchase May shares about stock XX, of initiation in our XXX,XXX XXXX, and As for in common have $X.X we XXXX, a total repurchased the November program market million. of since our

Our share the for aiming was measured it to we will May to year to and of discretion level depending shareholder plan repurchase stock our on make up $XX of price, value. extended million enhance XXXX, another at use continue in of management long-term

developments, Slide discuss an operational to update recent X, sales purchase, and on we where including our highlights. our Please and turn chartering

at for Shipbuilding are built installments start LNG-ready, for On quarter from fourth delivery investment for in a debt XX% liquidity, in capacity New have eco the installments. vessel We vessels be engines coming our of a total structured construction each. These the with due eco-design, signing These of a available the contract million China TEU are Further are Company equity. and combination X vessels of the $XX LNG financing each the is approximately S&P front, will fuel-efficient we in Limited containerships the announce X,XXX to with pleased approximately Yangzi and of Jiangsu scheduled ready. of paid as first XXXX. and XXXX. The

rate per and XX our have XXXX, January which highly fleet P, M/V commence set Upon also day. and delivery, for charters expected a of vessels maximum of are a X, January M/V deliveries, to of are at We minimum months upcoming Symeon XXXX XX X to and a Panel respectively. X, $XX,XXX Dear months, up favorable newbuilding both on join each to

$XX,XXX months, XX been a of the XX M/V charter XX for per rate in XX up time a in minimum to day for XXXX. developments, our Synergy maximum of commencing on XXXX. secured Busan minimum months has starting Also, on M/V Soul maximum of Tender at day attractive at chartering fixed charter per months, has December Continuing an December a months $XX,XXX

these fix to of and have or attractive we charters, charters ranging X-year older between for for at some for able expiring to been details. presentation more extend and vessels see Please rates periods addition our In months. XX very XX smaller the

charter, her November of period over Regarding September X, drydockings, commenced to after a scheduled a been M/V Joanna since which secured last XX days quarter. from new completed dock which XX had she dry

Please update current on our profile. turn to an for Slide X fleet

with containerships an Our XX,XXX current average carrying carriers capacity of intermediate years. fleet and of is comprised container vessels, just XX including feeder age total X XX under and a of XX TEU,

Turning to Slide X.

construction, the You I X under delivered, January which that of XXXX. as vessels see be to X earlier, currently mentioned are in are can

vessels approximately The of X intermediate these consist of and in containerships be delivered other XXXX. to After feeder fourth quarter with intermediate carrying total X XX XX,XXX a of are the delivery capacity containerships, our will the fleet TEU. of X

XXXX. cash slide, X turn now Slide secured XXXX. over charter robust coverage fixed at these strong and of recent as profitability significant profile. now the we rates the profitable XX% assures next Let's X fleet charters of fixed to of years approximately have for our our charter XXXX entire And visibility you see about flows. expected with for improve see very can employment and helped This XXXX The XX% to from through our us the coverage

in charter XXXX, development a X- in robust market past the a quarter across rates Based Let's Clarksons, of recovery as segments on to by witnessed for interest. presented years, third broader charter X XX see containership now all XX-month review. Slide we time of to move rates of over the that the we

recovery containership triple nearly close day favorable this approximately vessel the For market. to benchmarks figure average $XX,XXX trajectory strong rate the X,XXX is is of day. per more comparisons reflecting of reached the and the and charter historical both Notably, the per consistent sizes, XX-month approximately of smaller X- also to underscoring XX-year for TEU per XXXX. example, upward $X,XXX This than resilience and recorded across at double $XX,XXX larger day, the

In market a third This trend XXXX, experienced go sizes XXXX. all highlights. Moving also time average Slide driven increase availability to and some compared across in segments, rates upward over of XX% rates reflecting sectors. the on by in to was increase strong the vessel a larger charter QX tightening XX, quarter feeder further in charter we X-year reduced the the supply

rates and date, for correction November seen easing is However, X,XXX to ships larger evident in though smaller a no sizes. October TEU, the slight to up on in we've such

continues remain XX% XXXX. of is the over XXXX, peaks below average secondhand outlook pandemic of In price region, to notable also remaining rose the around the continue the despite months and third play increases index to X% saw the although through quarter, prices within we year. Sea couple Red QX, shaping approximately role expected critical of rerouting the a container in market course, The for the by

increase cost prices a lengthy extended inflation the saw slot availability new beyond reflecting commitments and Newbuilding period, XXXX. same levels yard X.X% now due with over to sustained high

has A of fresh wave year's extended by conditions this newbuilding profitable further orders backlogs. shipyards spurred market

less TEU contrast which of million fleet stands peak the the X.X in This November capacity, million the February a is idle TEU X.X% or X.X in to X, XXXX. decline of idle fleet, of but largely stark having at As to picked XX year-to-date. near a Recycling vessels with sanctioned sent totaling XX,XXX ships, Iranian scrap been negligible than signals composed total utilization. still fleet activity of TEU up, yards has slightly

slightly XX% that QX above Scrapping XX% market X% about ton, we remain to soften. is old, recycling increase fleet conditions fleet XX by in they if roughly in the levels. Given when of eased prices volumes has TEU over years $XXX sub-X,XXX to lightweight approximately The overall per grown XXXX anticipate year-to-date. XXXX and though

the though Europe, and stable has either somewhat sectoral stability forecast XX. IMF, October stagnant remaining have XXXX underwhelming may global projections easing economies, monetary for This XXXX potential with shown further ensure the outlooks. significantly careful policy The maintain X.X%. update of trade need risks not have The primarily inflation same as projects outlook or Please soft well, to geopolitical administration the yet the seen driven the or advanced tensions to dynamics management and new a upgraded downgrades U.S. with landscape Whilst particularly economic result latest turn Trump landing. relatively underscores resurfaced, Slide remains by other around in for according that from IMF's mixed growth help growth to in. growth resilience of balanced,

to global countries, Emerging markets X the still continue drive growth, by ASEAN led India, China. and

in year, infrastructure to in grow While to previously India investment, XXXX, announced strong at be China's further and this productivity extra at a supported and than next the X% X.X% recently stimulus may X.X% demand expansions. and in growth. projected growth XXXX, X.X% significant is technology appears boost year by anticipated slower

benefiting growth, from Southeast poised and are Asian momentum. regional solid investment also for countries the demand

miles increase data, XXXX, to neither is According in the demand rerouting. the previous of uplift further for trade of This reverse increase not XXXX to XX.X%, quarter. because suggested bump demand primarily containerized as will ton swiftly in Red from in but the Sea Clarksons the to Clarksons projected effect

to forecast at Clarksons continuing trade demand Now XXXX in grow X.X%.

more is anticipated. XXXX, to Looking growth modest ahead a of X.X%

order to total containership relatively Slide the the and and XX% years XX years fleet book. Please old. young most of turn is fleet where XX, fleet XX with old over The under see age only vessels profile you containership can

XX%. up the November a order around percentage of XXXX, of the As back book as fleet is at

stands vast age at very Slide profile the ships has are delivered this Turning, of of order be on are been XX, projected year. the The however, go backbone and the of X,XXX book to only X,XXX program to operations already these ships newbuilding our XXXX, Clarksons, fleet vessels for new order According for range. focus the X%. but and over where currently to here more approximately primary few in the of TEU book are was. to and to X% These sizes delivered ships majority we be deliveries our

extremely the company suggesting segment. range reduction this we over of limited of the fleet size of X,XXX XX of X.X% XXXX significant old, Also, similar expected XXXX years in very vessels in have is is new to the the beyond, being minimal of old With fleet and have our X% just that the XX% XX picture forward, in years active, this in going and over the fleet where A TEU. anticipated deliveries a new number to exists X,XXX X.X% high percentage of deliveries years. over and size drop the other will very XX% size to of in segment in we buildings coming size of

main is This lane containerships utilized exceeding data it on the of order on scrapping the these This those percentage distribution fleet for prime and the these is play overall in sizes is significant evident XX. The correction of vessel environmental main vessels demand likely rates, book will stringent in routes. candidates and the XX% new there case expected more large fleet decline the in fleet vessels, contrast XX larger network. aging also volumes growth these on anticipated highlighting about average through the in with capacity that even is critical the to ships increase fleet. which predominantly of regulations. the focused due of lane slight in feeder segments capacity for Thus, Slide the is to intermediate-sized growth supporting sizes. shipping containership greater categories the the by also feeders a global highly are years, in All in in vessel pronounced regional feeder is drives overall The role in

container XX, Slide strong across with Both the we elevated by The and the that have remained disruptions demand in to of year. the and routes, shipping the for have to rates on expectations charter key particularly persist Red throughout summarize fueled momentum robust markets developing this our views. economies. will freight XXXX, remainder trend Sea Moving shown trade

for summer XXXX, Following into as market charterers a by the outlook reflecting with vessels actively multiyear forward-fixing charterers. positive fresh rebounded a has the vigor, are charters slowdown,

return shift when face ahead likely As occurs, shipping we dynamics. to gradually some Red XXXX Sea will The make A market in are the predict beyond, look to allow Middle may the markets operational pre-crisis it of to the disruptions, But Suez headwinds. the container when smoothly. uncertainties challenging East and levels. to geopolitical to easing prolonged could adjustment period Canal it stabilize

record slightly to should the couple market will While of XXXX vessel and XXXX, than a next years. demand, remain above it years supply lower which of is projected to over corrected lead be the likely delivery

potentially the However, easing may vessels. growing affect drive reduced in as advance speeds to Indeed, of environmental the most eco the a rates dynamics fuels the wish. more economic would to containership technical for emissions to not allowing eco-friendly for to the with these initiatives progress, sector pace is regulations demand pressures. sustainability of continues technologies though transition within adoption challenges expected lower and vessel are fast and charter market new premium and energy Nevertheless, as vessels

XX The market for the throughout concluding Now graph please in the Slide containership strengthening slide remarks. my the year. turn to left-hand depicts side

containerships As by for XX, the costs, X-year driven limited of regulations. TEU time up $XX,XXX. also these size consistent reflecting stood XXXX, vessels and environmental prices X,XXX rising capacity, XXXX, at construction November rate Meanwhile, for newbuilding shipyard demand compliance picked with charter throughout

Over the prices long high. for emission elevated to expected keep standards stricter costs technologies and greener newbuilding term, are

robust strong Similarly, low supported $XX secondhand of by November in demand. shown vessel sentiment million improving a recovery, rebounding late XXXX, charter $XX a XXXX from prices have market by and million to

there vessels TEU have future. of ships need and very as feel are for be placed newbuilding a much replacement we two do room of size not we that X,XXX in orders near correction, happy We that will this the huge for for prices these these

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

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

of the focus the XX, XXXX, every not year. that for Over I to and X will you the compare of next them the important September financial number on X-month our will ended in points. last quarter and third period as slides highlights rather an most I the through go give overview follow, but slides, same periods usual

for Let's indeed turn and Slide to start XX. that

the net total XXXX, revenues ] program newbuilding a to million, capitalized to the third that we For financing the of and result our $X.X after compared imputed, the the deducting quarter of of million interest million interest we interest third million net our for the on to million capitalized XXXX our quarter period earnings $XX.X representing $XX.X over total of the charged other charged for of million same cost for the was by increase the in quarter X.X% third a XXXX, number other during mainly reported of of operated deducting due third of average a Interest lower for offset million $X.X of $X.X revenues total earned. charter vessels and higher financing of of $X.X XXXX partly vessels quarter of cost year, of the during year. last the this cost again after costs newbuilding $X.X had compared the predelivery and increase due program, happens because period this is amount that as interest we self-financing on The we our to debt installments. XXXX in increased are books the expenses of to of amounted [

XXXX and we primarily third Interest million and last quarter period compared about outstanding X XXXX, basic respectively, for $X.XX of of were to for and per shares shares diluted $X.XX basic XXXX calculated of $X.XX, XXXX, to the income mentioned I compared XXXX quarter for of was diluted for of of $XX.X share number Adjusted $X.X the the share of of diluted as to compared weighted EBITDA million period, million third during average for million $X.XX for and number on the weighted third and diluted million million above. higher of the quarter quarter average year. increased calculated of the the quarter due $XX.X third about to and revenues basic per earnings X.X same third earnings Basic to outstanding. $X.X had the on

the earnings $X.XX noncash reconciliation to the sale this vessel. of attributable September earnings gain period quarter Excluding for on to results, the and diluted XXXX, common excluded in adjustment provided would have from adjusted certain basic A period nonrecurring $X.XX $X.XX and XX, the ended release. also for items of which our $X.XX press our been detailed of a same adjusted a shareholders of diluted and more is for basic the year, last we compared

X-month at now Let's XXXX, corresponding to period September look the XX, year. the last numbers it and ended compare for

in XX.X% of offset million, increase For during operated, the revenues case, of of charter company months the representing the million the result lesser net and vessels the earned. vessels this first degree, months $XXX.X first lower a X to number by X of total XXXX, of $XXX.X revenues owned a net again, year, this over of a rates total reported higher as we of average

$X.X our other deducting compared million again, imputed the costs in to on months levels on the and the financing we income higher million due X year, year. of adjusting $X.X again, of capitalized $X.X Interest sheet. case, last $X.X XXXX compared for financing our for after million for charge debt Interest last of imputed debt this for million to million, same increase was is amounted the carried after total million for balance X for interest the This cost payments of $X.X the early the of of of payment for interest. our to newbuildings the interest period the $XX.X to a too, months in

also excluded gain XXXX Adjusted sale for to have to share to and XXXX the were months a for weighted million months diluted the XXXX. ended number and EBITDA of revenues nonrecurring $XX.XX of we per X first and the in compared basic respectively, outstanding diluted, and earnings and X million million $XX.XX, $XX.XX certain basic first X for earnings the of $XX.XX $XXX.X the September on the a and shares X X average for been effect higher the vessel. X first adjusted of the and Again, XXXX, for to months $XX.XX on compared the excluding period $XX.XX due basic for noncash $XX.XX have first the of basic the period. XX for for XXXX the of diluted X.X and respectively, $XX.XX calculated diluted share and get share $XX.X months income we increase per per of which first of XXXX, Basic would was earnings million months items, compared X-month on period the diluted of

to for review now the start equivalent our review XX for quarter by at and looking X-month to performance. XXXX, of the third utilization Slide turn We'll rates our period. Let's fleet our fleet XXXX,

when As usual, not but one our rate last the was a we will point had and ours off for the total here [indiscernible] our beginning by of that between technical part only utilization XX.X% out one, in go break into time. down of through will operational. XXXX year and number rate vessel XXXX, commercial every fleet XX.X% except I and utilization I most some more of

owned operated the XX during earning period to average, of we equivalent charter average On rate XX day. per vessels day vessels we and $XX,XXX in the same operated earning average XXXX, per that an quarter XXXX, third compared of of time $XX,XXX on

day operating fees, excluding G&A to total of per per vessel Our during expenses, for per per of vessel including costs, drydocking quarter but XXXX the were $X,XXX expenses, same the compared day management third last year. period $X,XXX

rate And which per per compared table, in can vessel to third further vessel If the dividend per $XX,XXX table, amounted $XX,XXX we look if dollars to last quarter the down cash same look we the of of expressed of we period finally, that see day per the for XXXX, for flow breakeven see vessel. paid day common the per XXXX. the at per we day line the can in we very

vessel year, for the of year, per third $X,XXX it same to of So $X,XXX, that quarter per day. the last to period while amounted this amounted for

X-month figures. the reviewing Quickly

earning day. time For $XX,XXX $XX,XXX rate XX equivalent a the for year, of owned on per XX.X charter the earning we period, per period last X-month of compared average to vessels, day average vessels on operated same and

are $X,XXX for year, of to the months vessel months day $XX,XXX operating per this for per a per first our vessel and management vessel day. X X-month per vessel were G&A Our XXXX. year this first during was again but the of compared to of drydocking the fees expressed dividend not the for XXXX. per expenses, day in costs, $X,XXX $XX,XXX compared per basis, per XXXX. Figures $X,XXX on again, vessel flow levels X X months XXXX total for the per of it day period for months And and breakeven Cash day $X,XXX expenses, including X per per

After breakeven fleet that profile overview cash of to flow and let's Slide forward the to move levels. highlights, our our debt XX review

XX at September this of million. total of As debt approximately $XXX our stood year,

we the balloon on repayments from the loan so and As approximately top you can approximately payment of of payments million. $XX make slide, we million the to $XX.XX and XXXX, see about a $XX of expect $X.X have million. repayments the loan left million of graph In remaining balloon of XXXX, about of anticipate in

to do balloon we have loan expect we to taking I'm finance have $XX XXXX, newbuildings sorry, repayments -- entered make and payment, the These have no about XXXX. balloon in and we payments, January scheduled $XX financings X to in X repayments million. figures make of delivery sorry, not partly of expect a additional we we of include into, Furthermore, million loan we early are

of For of those total per X which million vessels, draw about million $XX of $XX we debt of add year expect a for repayments. each will additional million $X incremental to debt,

September total margin of average which about in carried it rate the X.X%, of combine cost debt our senior result if about would with XX, an X.XX%, of about SOFR base a As of our X.XX%. we of debt

fixed base of rate. however, X%, our swapped small lower SOFR rates for We exposure, about a a to have, portion

the overall about the further our loans X drop going and a calculation. I earlier, cost of newbuilding for X.XX%, So vessels, lower. are It's that debt will included slightly is mentioned draw in to little we're our when actually

to months. our draw and to next XX this like present flow projected level bottom of would I cash we of for slide, breakeven your the attention the where components the

expect XXXX include our financing XXXX. that in figure this lower you we to that which we so the see, about note and of due per expect can is X does January per by lower be day, mainly vessels the day repayments. loan to $X,XXX and around of number Please far, vessel take As $XX,XXX than per to that delivery

in XX presentation, my balance sum sheet simplified part To up Slide our a move let's to review the format. to of

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

cash XX, amounting of assets a standing assets we balance sheet As had $XXX book of advances XXXX, book around value million, of had our value in $XXX total program we and made $XX.X our our resulting newbuilding million. for of about and assets other million, million, about had September $XX.X for we in to about

On that the mentioned, as XX, liabilities million, value about side, $XXX I XX% assets. September had we the as stood at of debt of our of representing book

liabilities other liabilities of million like had That market in rest the around also to fair $XX. figure amounting of below our of fleet the leaving value book value. per be value book We $XXX charters around that total be of acquired share the other our indicates assets, alone and yet book X.X% about our the to value net to

for $XX is our highlight significantly the total share thus, adjusted discount net higher to of of considerable is a And than book asset important million, million estimate be in recently to more However, share represents fleet $XXX share value offers value, net the potential around than asset value around a per $XX it appreciation indicates that level investors. range $XX, stock the $XX NAV, fleet our and value. we is to that per to believe to our value, shareholders adding shares a to significant our trading We value. of that its that market it book $XXX our our of per about value its the charter

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

Tasos. you, Thank

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

question the of first comes Reichman Our Markets. NOBLE with Instructions] line [Operator Mark from Capital

fuel-efficient those had quarter What question your achieve detail provide And rates if could I about be X the implications little are container that the the a And required remainder breakeven? what of fleet? on vessels of XXXX. would for vessels plans? more maybe also, fourth be the you delivered a the for financing will in to

obviously, XX% down Yes. The which equity we will profitable. end of the the are last for debt you be with hoping of the steel Mark, on up that. that than anticipate week. -- assuming of for the with think XXXX, life $XX,XXX be XX%, would installments to XX% per that come duration, below achieve will XXXX. remaining. vessels, something We could the delivered a X rates We pay end at and we ships each paying vessels the did I XX-year cutting, if and had just we But the that in whole day, for better payment of next starts the the day ships in

Okay. job And its end And Diamantis employed at charters expire Aegean profitable Euroseas fleet rates. what and a just Express, has for wondering, done respectively? expectations and at great of was time whose keeping the your are I November December,

Both of these within weeks. fixed ships, obviously, the next of couple will be

We between in for year and the interest $XX,XXX are years, a would or I seeing $XX,XXX levels, things vessels X.X at say, like that.

market us, we great much. very you is we've It's are not rates. We as are Thank will helping it's positive right? achieved they market announce fixed. The because and negotiating, but say. still be they in play -- something ready the to So

Maxim Sullivan next of line with the Our from Group. Tate question is

you size the in and about having to mention global Can expand age TEUs it analysis based larger you your expand the on the decision of that older ship on go Did X,XXX. class of ships with was newbuild to fleet? an effort

and I XX vessels years XX% Absolutely. to is have to intermediate X% of those The over is old. to in mean, we XX% TEU sectors seen feeder order between book existing the And X%. up X,XXX fleet between all vessels.

older lot much So environmentally the They much than attributes much ships. these economical, newer of more a friendly. are nicer more have ships

which we need our all of And of years old. fleet, replacements there be that we are for between confident thought six these that we the very couple TEU vessels. XX are vessels type We And a order will in for should that and them. XX X,XXX we have think

And And say a capability? in did versus South is you of... with China? how did did How new slots its this Korea? did order it at look you shipyard available evaluate have you sort And

ago. The few quite says shipyard Yangzi It's not years XX Chinese China. right established would in it say, This the is name the is called there that the New shipyard despite Kamsarmaxes best, some of built Yangzi, a actually EuroDry is years. been well, private Jiangsu, for now fact the It's We Shipyard. the I -- best New built new shipyards. one but

delivery confirm, then X for January January the on you've said and you to say dates? those time been X other mean, of newbuilds confirm And can ships, the the I first quarter, X? you in it seems did like, the you

January. early Yes, I can confirm

In when bit a fact, a December, notation a ask are been that go was it the XXXX XXXX rather slower, they they ships delivered choice and to shipyard could notation. delivered with in so November but the are our have to than delivered,

next line Alliance Our Global Poe from with questions the are Fratt of Partners.

to lot, wanted a Monica, your I March if a for -- expectations you newbuild is open get May covered mind year. giving for starting rate the in next or You've of it's sort that's wouldn't and of XXXX either but up just which

to because a bit $XX,XXX will do, couple we too a It's Correct. to early years. you've ships seen what for day say $XX,XXX from these a get this anything ship of for

already. at see us on But before we if which it's So to will it next end of very makes to fix us really we good starting it being were offered the rates something difficult this year, point. to see say year, except the depend really to the

the it's same the in assume I up next of that first X with are intermediates thing coming the quarter And Okay. year?

ones? Which

the P. the The X Emmanuel the and Antwerp, intermediates, Rena P,

Yes.

for ships, and to achieve of discussions side good on in And this periods. see big interest there the year. is rates announce might to we are able something the be if we We enough trying can

We will see.

delivery part optional in keep periods touched. come I don't optional of through until them QX, Very because are charters likely, They the the the period. will outer think, the

in keep probably to would like. Tasos. the that imply current more to and following Tasos, than would rates option comment sounds sort that of charterers -- Okay, it period, coming seeing in be up as intermediates the the because you're low seeing mid-XXs then the long hold are for And interest would more are they on the them attractive rates paraphrase, then up renewal possible they'll that the as to that And feeders, you're just your on higher.

That's right.

that million, $XX deliveries X X quarter, if And financing. like Okay. over first assume Is sounds tenor up And in flip What's it it the like. the the of the years? we sounds then can financing Should you've debt? we it years? lined you're to

case, one case, years, it's in about years, a leaseback financing. one we're or we're because style case, sale doing process think. another of I In arranging in X think, in XX the it's I

X years.

And lease I sounded 'XX it like, that looking at million includes Okay. amortization the about add least at paydown, And too? that say and $X it heard beyond. to you would

Yes.

payments will that in a me spending, a relative And little due Great. I that? that 'XX? the saying, Or of million, delivery the are upon quarter to delivery, finance Okay. bit extra that you're cash? give delivery newbuild of short you Or create what's that $XX can newbuild payments -- of then what will all the way guess, first

-- think, have think newbuilds. much I amount don't pretty we that remaining I would finance the for the

XX-year-old far as the what Okay. out newbuild? was as just And with in you whether build over you But market to outlook to If the depends I buying pretty then rates. assess could chart committing we about a have attractive assessed decision could You are, on for in to talk a prices, buying? that talk you can there newbuild versus tonnage? it sort your something presentation secondhand whether relative versus just think, the assets just of secondhand about go you

secondhand charter substantially. But risen prices are But for have have rates course, opportunities. secondhand We recently, always of vessels risen. looking also at

for time. something to a it significant along So trying we are if buy period we charter when that see can we of straight find can we

haven't market stage. vessels, come that in sense with vessels. older this the been at course, find secondhand new eco We the able many more And they financially characteristics than makes something to of the

for future. and better future fit more immediate the and So significantly they the are vessels

reason are that's the buying newbuilds. So we

that Also, the the a room yards the There's can they newbuilding And have huge order we not where for think ships next book. not but of orders. lower building cost are don't prices Indeed, because not sitting prices. because course, profits, couple drop from huge profits. increased. substantial profits, much them all are significantly the of making to yards has on of are, won't they for years, They

attractive. So prices get for ships will business extremely future better. discount. we inclined seems these much that at And a they be will newbuilding feel the not take to not Therefore,

Great.

are new do Just you these out resales of these these orders? to clarify, are or -- buy

are No, no. These that are orders we placing ourselves.

Okay. Great.

goes quarter, a then progress have in then I 'XX? the this in that I due So wouldn't million. slightly. 'XX? Do doesn't heard -- you progress are but I have fourth And in And will also, you you the in amount think if mind, due payments And book $XX have paid up that you'll 'XX. you that any progress XX% payments just handy what it XXXX, -- heard order in deposit quarter be of I payments thought the didn't

to Yes. provide our be able I'll with you schedule.

ship. usually the I when will happens is start second XXXX. making start something building when steel think starts, -- they That that payment cutting be the in actually late we the

Tasos? in 'XX Late late in or 'XX,

because to less to in be ships a in 'XX. Late The year ship. actually 'XX, delivered a QX it than are build takes about

next in late sometime the should So 'XX, payment we due. have

won't XXXX? you have any -- in nothing But Okay. progress payments

No.

That's correct.

Okay.

XX% -- and X level, of payment wrong is me time line so progress XX%. of spread can of deposit Clearly, payments give delivery? estimating, the roughly And But how are upon payments sort the on was the for it the rest it's I was you out what's upon and due XX% I delivery.

installments It's of XX% paid is and delivery. upon the payment. X advance Then XX%, remaining it's

quarter the year put say XX% So the beginning and starting first you XXXX. next the at half the two from 'XX, the QX of payment, of another and fourth in can of next in then repayment

Okay.

then you the you Can 'XX? quarter. helpful. an quarter, that So for fourth XX% can you just third drydocked more drydocks give just Joanna upon the schedule plan And on delivery. Tasos, in upcoming us go in That's -- really the you

there that think is XXXX. due in little I is very

quickly. see can Let me just it I pull if up

vessels So have couple bunch of And we a in-water I one -- think, have, a we of surveys. third we in the definitely vessel have quarter.

draft in-waters. of So can schedule see drydock get I isn't I schedule in me, bunch on really one and detailed we have -- you a want. if have here a I of there front as more offline, you a

year, that in Is 'XX? the Tasos, Okay. for

we have I that of drydock various in in-waters it are The third the XXXX. The quarters. quarter see,

had I that apologize. Okay. know my then mind, one just Great. question I other slip I And

the if sale But interest. 'XX a it's Express, It P? built. candidate along Aegean you Diamantis potential the you at sounds have look a so like is with Okay, that

it handle old can sell feel a advantages very is right we in know ships. to not the our but And job you that We one as good markets are the newer what think can strong, you popular these of sold them. keep Eurobulk, extremely we you ships. comfortable an Usually, of managers, to you've always this they would generally the or they do seen, like ship I for also them. investment than make community, the price, vessels. in are a makes ship. the older sense times can this operating with We more older can where But generally, if

at But probably time, the years, those over some Okay. retirement candidates? next X point are in

and Of it drydock. drydock If to another sense make the might course. the market corrects due, pass not becomes

So that's really when we sell ship. a

any any or you and forward-looking inflation, talked into the seeing Are areas changes looking cost there breakeven other any you Is any Okay. about insurance of Tasos, OpEx levels. XXXX? it's major whether And in then, categories? the

has related, fluctuates is example. our But as of that prepare these trending understanding, But and change. although Not mean mean, best out report. things lives, been I every of could to our sticks I costs, in like including obviously, D&O we insurance the vessel not analysis. maintaining ships. down, nothing I lately Nothing. for aspect Certain cost inflation, insurance some the can my there in

next line are with Edge. from Our Investor's questions of Value the Molins Climent

expect to comfortable already secure contract Or the additions. has are in the on newbuild the term? waiting until market Could you talk Most follow how covered, closer you a been up a to I delivery? you expect about you wanted to but recent near to bit vessels? Do

comfortable delivery. to period, We still offered are If, delivery. however, we very It's waiting we with big are a rate charter. a are a away, such waiting proceed for closer good the comfortable far very would to very, quite until closer But we delivery.

visibility you forward? dividend? any about think Makes And and it XXXX throughout solid you recent sense. that's Could potentially helpful. your after you contract into a Yes, Is even additions, to have how there talk about XXXX. bit appetite earnings going raise

dividend dividends our time. of year. give and at on discuss look final that want important. regularly Board to And we yield the again we good our will think our always will results meetings, We we when it's in Yes. Generally, meeting the shareholders. a at have during next the we Board decide to We discussion a

financials that, as that. long we as allow So do our

we the Of a the at growth repurchase course, have we we which company, to new you always are because balance of have share the place, program trading acquisitions, that in the feel discount.

are a quite we and that next can few will do one there the discuss So liquidity, things with quarter. again

follow-up a with Capital is question Mark next Reichman NOBLE Our from Markets.

it, answered remaining I so flow think you cash may with just have the environment outlook. positive, rate but should Euroseas'

funding he So out that for like balancing between allocation just the the you business, discuss maybe in ask to capital buybacks, priorities could I XXXX, dividends, was paying investing et if mentioned, Tasos going cetera.

I think that Aristides answered question.

to these good yield I we as and our policy, dividend. said, of a and try for think distribution of capital at allocation components look our all provide, always we Aristides

to the decision Of growing be revert in it's more at deciding positively course, be chartering to I meeting. the Board would more to ships next dividend. at positive And at look But Aristides described attractive rates what taken earlier.

back I'll time, remarks. to pass the closing Pittas this At Mr. Aristides floor for

you, how to everybody, you together ended Thank time be we'll in good finally. X in, for listening and Euroseas up with months' very year for this discuss

everyone This Thank participation. teleconference. joined you to We thank conclude your who does for us today. today's you

this disconnect now your lines may at time. You