Financial Data and Key Metrics Changes - For Q4 2024, total net revenues were 14.5million,an8.715.9 million in Q4 2023 [46] - The net loss attributable to controlling shareholders was 3.3million,or1.20 loss per share, compared to earnings of 0.13pershareinQ42023[8][48]−AdjustedEBITDAforQ42024was4.8 million, down from 6.6millioninthesamequarterlastyear[47]−Forthefullyear2024,totalnetrevenuesincreasedby28.661.1 million from 47.6millionin2023[49]BusinessLineDataandKeyMetricsChanges−TheaveragetimecharterequivalentrateforvesselsinQ42024was12,200 per vessel per day, down from 14,570inQ42023[52]−ThecommercialutilizationrateforQ42024was1007,087 in Q4 2024 from 7,640inQ42023[53]MarketDataandKeyMetricsChanges−Panamaxratesdeclined,withtheaverageone−yeartimecharterratedroppingfrom12,700 per day to 11,250bytheendofDecember2024[22]−TheBalticPanamaxIndexandBalticDryIndexsawdeclinesof309,250 per day to 7,700perdaybytheendofQ42024[24]CompanyStrategyandDevelopmentDirection−ThecompanysignedacontractfortwonewKamsarmaxbulkcarriers,scheduledfordeliveryin2027,toenhancefleetcapacity[12]−Thefleetwillconsistof12vesselsafterthesaleoftheoldestvessel,withanaverageagereductionfrom14.5yearsto13.6years[18]−Thecompanyaimstomaintainflexibilityincharteringbyprimarilyusingshort−termchartersuntilmarketratesimprove[21]Management′sCommentsonOperatingEnvironmentandFutureOutlook−Themanagementexpressedcautionregardingthedrybulksectoroutlookduetomacroeconomicrisksandgeopoliticaltensions[30]−TheIMFprojectsaslightimprovementinglobalGDPgrowthto3.35.3 million as part of its share repurchase program [10] - The average margin of debt as of December 31, 2024, was around 2.08% over LIBOR, with an effective cost of senior debt at approximately 6.3% [57] Q&A Session Summary Question: Was the 2.8millionimpairmentrelatedtothevesselTassos?−No,theimpairmentwasrelatedtoanothervessel,SantaCruz,notTassos[66]Question:Canyoudiscussthenewbuildnegotiationsandshipyardexperience?−Thecompanyhasnotbuiltattheselectedshipyardbeforebutconductedextensiveresearchandreceivedpositivefeedbackfromotherowners[68][70]Question:Atwhatpointwouldyoubeginlockinginone−yearcharters?−Thecompanyiswaitingfortimecharterstoreach15,000 to 16,000perdaybeforeconsideringlockingin[79]Question:Whataretheexpectationsforvesselexpensesin2025?−Apreliminarybudgetindicatesaconservative314.4 million in 2026 and $7.2 million in 2027, with the final 60% due upon delivery [93] Question: What is the current state of the S&P market for acquisitions? - Prices for ten-year-old ships have dropped by about 15%, and the company is looking for further declines before considering acquisitions [99] Question: How current is the NAV mentioned? - The NAV reflects a valuation that has already accounted for a 15% drop in asset values [102]
