Q4 2023 United Maritime Corp Earnings Call
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Thank you for standing by ladies and gentlemen, and welcome to the United Maritime Corporation Conference call on the fourth quarter and year ended December 31st 2020 free financial results.
With us Mr. <unk>, <unk>, chairman and CEO and Mr. Stavros gifts decades, Chief financial Officer of United Maritime Corporation.
At this time all participants are in listen only mode. There will be a question and answer session at which time, if you'd like to ask a question. Please press star one and one on your telephone keypad and you. We then had no debated message advising your hand is raised.
Be advised that this conference is being recorded today Tuesday February 20th 'twenty 'twenty four.
The archived webcast of the conference call will soon be made available on the United Maritime website W.
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Operator: Many of the remarks today contain forward-looking statements based on current expectations. Actual results may differ materially from the results projected from those forward-looking statements. Additional information concerning factors that can cause the actual results to differ materially from those in the forward-looking statements is contained in the Q4 and year ended 31 December 2023 earnings release, which is available on the United Maritime website, again, www.unitedmaritime.gr. I would now like to turn the conference over to one of your speakers today, the Chairman and CEO of the company, Mr. Stamatios Tsantanis. Please go ahead, sir.
Many of our remarks today contain forward looking statements based on current expectations.
Actual results may differ materially from the results projected from those forward looking statements.
Additional information concerning factors that could cause the actual results to differ materially from those in the forward looking statements is contained in the fourth quarter and year ended December 31st 2020 Free earnings released which is available on the United Maritime website again Www you don't see it.
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I would now like to turn the conference over to one of your speaker today, the chairman and CEO of the company Mr. Stomach. This sentence. Please go ahead Sir.
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Stamatios Tsantanis: Good afternoon. Welcome to United Maritime's Conference Call regarding our financial results for the Q4 and full-year period of 2023, as well as our recent corporate developments. Following the profitable sale of our last tanker vessel in the Q3 of 2023, the Q4 marked our first period operating purely as a dry bulk company. On this note, we are pleased with the timing of our transition towards larger gearless bulkers as we are recently witnessing the strongest Q1 for the dry bulk market of the past decade. Even though 2023 served as a transitional year for our company, we marked a threefold increase of the book value of our fleet by investing $144 million to acquire seven ships, including the implied value of the bareboat vessels with purchase options. All this was accomplished organically and avoiding any equity offering dilution for our shareholders.
Good afternoon.
Welcome to United Maritimes Conference call regarding our financial results for the fourth quarter and full year periods of 2023.
As well as our recent corporate developments.
Following the profitable sale of our last tanker vessel in the third quarter of 2023, the fourth quarter marked our first period operating purely as a dry bulk company. On this note were pleased with the timing of our transition towards lighter careless brokers as we are recently witnessing the strongest first quarter.
For the dry bulk market of the past decade, even though 2023 set of as a transitional year for our company. We marked a three fold increase of the book value of our fleet by investing $144 million to acquired seven ships, including the implied value of the bareboat in vest.
With purchase options all of this was accomplished organically and avoiding any equity offering dilution for our shareholders. We also marked another profitable year generating adjusted EBITDA of $18 9 million and net income of zero point $2 million.
Stamatios Tsantanis: We also marked another profitable year generating adjusted EBITDA of $18.9 million and net income of $0.2 million. At the same time, we're fully consistent with our commitment to reward our shareholders both through cash dividends as well as share buybacks. Since November 2022, we have declared approximately $10.7 million, or $1.38 per share in cash dividends, including the cash dividend of $0.075 approved for Q4 2023. This represents approximately 45% of our market capitalization. Additionally, on our share buyback plan, since the beginning of Q4, we have repurchased 84,813 common shares at an average price of $2.4 per share. We always evaluate the best way to return capital to our shareholders in conjunction with the company's liquidity needs, and our aim is to continue to engage in share buybacks by means of stabilizing the share price.
At the same time, we're fully consistent with our commitment to reward our shareholders both through cash dividends as well as share buybacks. Since November 2022, we have declared approximately $10 7 million.
Or a dollar in 38 cents per share in cash dividends, including the cash dividend of seven five.
For the fourth quarter of 2023. This represents approximately 45% of our market capitalization. Additionally, on our share buyback plan since the beginning of Q4, we have repurchased 84800 <unk> common shares at an average price of $2 $4 per.
Sure, we always evaluate the best way to return capital to our shareholders in conjunction with the Companys liquidity needs and our aim is to continue to engage in share buybacks by means of stabilizing the share price regarding our investment activity, we had been actively evaluating opportunities to grow our fleet and in this manner will have.
Stamatios Tsantanis: Regarding our investment activity, we have been actively evaluating opportunities to grow our fleet, and in this manner, we have acquired a high-quality Kamsarmax dry bulk vessel built in 2016 in Japan through an 18-month bareboat charter with a purchase option at the end of the charter period. Commenting on the commercial performance of our fleet, all our vessels operate on index-linked time charters, providing direct exposure to the positive fundamentals of the dry bulk market. For Q1 2024, we exercised our options to fix daily earnings under these time charters on about half of our operating days at an average gross rate of about $14,300. It appears that our hedging was a bit premature. We aim to provide downside protection against the seasonal weakness of the dry bulk market in Q1 of the year.
Wired is high quality comes out amongst dry bulk vessel built in 2016 in Japan through an 18 month bareboat charter with a purchase option at the end of the charter period.
<unk> on the commercial performance of our fleet all our vessels operate on index linked time charters, providing direct exposure to the positive fundamentals for the dry bulk market for the first quarter of 2024, we exercised our options to fixed daily earnings under these time charters on about half of our operating days at an average gross.
Date of about $14300. The peers that are hedging was a bit premature, but we aim to provide downside protection against the seasonal weakness of the dry bulk market in the first quarter of the year based on the current FSA volumes, we expect to achieve a total net time charter equivalent of <unk>.
Stamatios Tsantanis: Based on the current FFA values, we expect to achieve a total net time charter equivalent of about $14,200 across our fleet. Given the recent strength in freight futures, we have started to fix some of our Q2 operating days at considerably higher levels. As a brief commercial guidance for 2024, since the start of the Q4, we have experienced robust dry bulk market conditions given by healthy commodity demand and limited fleet supply. For the Panamax market, low water levels in the Panama Canal and increased congestion at Brazil loading ports played an important role in reducing effective vessel supply, while the Red Sea tensions seen since December have introduced further inefficiencies in the world trading fleet.
About $14200 across our fleet given the recent strength in freight futures, we have started to fix some of our second quarter operating days at considerably higher levels as a brief commercial guidance for 2024 since the start of the fourth quarter, we have experience at a bus.
Dry bulk market conditions, given by healthy commodity demand and limited fleet supply for the Panamax market low water levels in the Panama Canal and increased congestion at Brazil loading ports played an important role in reducing effective vessel supply while the residential changed since December.
<unk> introduced further inefficiencies in the World trading fleet in the Capesize segment, we have witnessed high demand for iron ore and bauxite imports coinciding with increased Brazilian iron ore exports that contributed to high Atlantic basin activity, therefore, leading to a very strong market. Both in Q4 2023.
Stamatios Tsantanis: In the Capesize segment, we have witnessed high demand for iron ore and bauxite imports coinciding with increased Brazilian iron ore exports that contributed to high Atlantic basin activity, therefore leading to a very strong market both in Q4 2023 as well as in Q1 2024. Looking ahead into the next two years, net dry bulk fleet growth is expected to be lower than 2% per year, which we believe forms a sound basis for market conditions going forward. We are very encouraged by the strong demand for iron ore, coal, grains, and bauxite, which have not shown any signs of slowing down in the first months of 2024. Given the strong demand for metals and energy, driven mainly by manufacturing and infrastructure investments globally, it is worth noting that we expect the seaborne volume of related cargoes to continue to increase.
As well as in the first quarter of 2020 for looking ahead into the next two years net dry bulk fleet growth is expected to be lower than 2% per year, which we believe forms a sound basis for market conditions going forward. We're very encouraged by the strong demand for iron ore coal grants and books.
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Which have not shown any signs of slowing down in the first months of 2024, given the strong demand for metals and energy driven mainly by manufacturing and infrastructure investments globally. It is worth noting that we expect the seaborne volume of related cargoes to continue to increase overall reduce.
Stamatios Tsantanis: Overall, reduced fleet deliveries in combination with steady demand growth should provide a very positive backdrop for the dry bulk market over the next years. In its current form, I am confident that United Maritime presents investors with a very potent platform to benefit from the positive fundamentals of the dry bulk market, continuing to deliver a profitable performance with high capital returns and significant shareholder rewards. That concludes my summary of the Q4 updates, I pass the floor to Stavros for a more detailed update on the financials of our company. Stavro, please go ahead.
Fleet deliveries in combination with steady demand growth should provide a very positive backdrop for the dry bulk market over the next years and its current four and confidence that United Maritime present investors with a very potent platform to benefit from the positive fundamentals for the dry bulk market can.
To deliver a profitable performance with higher capital returns and significant shareholder rewards that concludes my summary of the fourth quarter update and I pass the floor to establish for a more detailed update on the financials of our company.
Stavros. Please go ahead.
Stavros Gyftakis: Thank you, Stamati. A warm welcome also from my side. Let me start by reviewing the main highlights of our financial statements for Q4 and the 12-month period that ended on 31 December 2023. Starting with Q4, net revenue was $11.6 million based on a time charter equivalent of 15,900. The corresponding figures for the same period last year were $14.9 million and 32,200 respectively. The figures for 2022 are largely driven by the earnings of the tanker vessels through a very strong tanker market. Our adjusted EBITDA in Q4 was $4.6 million, while a net loss of $0.7 million was recorded. The respective figures in 2022 were $42.3 million and a net income of $36.5 million, primarily attributed to the sale of three of our previously owned tankers.
Thanks <unk>.
Welcome also from my side.
Let me start by reviewing the main highlights of the financial statements for the fourth quarter and the 12 month period that ended on December 31st 2023, starting with the fourth quarter net revenue was $11 6 million based on the time charter equivalent of 15900 <unk>.
Corresponding figures for the same period last year were $14 9.032 million 200, respectively.
Figures for 2022 are largely driven by the earnings of the tanker vessels through a very strong tanker market. Our adjusted EBITDA in the fourth quarter was $4 6 million, while our net loss of 0.7 million was recorded with respective figures in 2022 were <unk> 42.
$3 million and the net income of $36 5 million, primarily attributed to the sale of three or four previously owned tankers.
Stavros Gyftakis: For the 12-month period, net revenue reached $36.1 million based on a time charter equivalent of 15,400, while adjusted EBITDA and net income for the full year 2023 were equal to $18.9 million and $200,000 respectively. Profitability in the year was impacted by low freight rates in the dry bulk space in the first nine months of the year and gradual deliveries of the seven dry bulk vessels through the year, resulting in reduced operating days and additional one-off expenses related to the takeover of these vessels. With the market having already rebounded and the rather optimistic outlook for the period ahead, as discussed by Stamatis, we expect profitability to improve in the coming quarters following the full deployment of our dry bulk fleet.
For the 12 months period net revenue reached $36 1 million based on the time charter equivalent of 15400, while adjusted EBITDA and net income for the full year 2023 were equal to $18 9 million and 200000 with respect to profitability in the year was impacted by low freight rate.
It's in the dry bulk space in the first nine months of the year and the gradual release of the seven dry bulk vessels through the year, resulting in reduced operating days and additional one off expenses related to the takeover of these vessels with the market has already rebounded rather optimistic outlook for the period ahead as disk.
Just with the market, we expect profitability to improve in the coming quarters. Following the full deployment of our Drybulk fleet yet. It is important to note that we have decided to shed some of our freight exposure into the first quarter of 'twenty 'twenty four lb by fixing about half of our ownership days at an average fixed rate.
Stavros Gyftakis: It is important to note that we have decided to hedge some of our freight exposure in Q1 2024 early by fixing about half of our ownership days at an average fixed rate of 14,300. On the expense side, we have managed to reduce our daily operating expenses and daily cash G&A on a per-vessel basis and expect further optimization going forward as United will be navigating its second full 12-month period of operations. Now moving on to our balance sheet. Our cash position at the end of 2023 was $14.5 million. During the year, we increased our fleet with seven new vessels, leading to a fleet book value of $153 million versus a book value of $50 million at the end of the previous year without resorting to any dilutive equity offerings.
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On the expense side, we have managed to reduce our daily operating expenses and daily cash G&A on a per vessel basis and expect further optimization going forward as United will be navigating second full 12 month period of operations.
Now moving onto our balance sheet, our cash position at the end of 2023 was $14 5 million during the year, we increased our fleet with seven new vessels, leading to a fleet value of $153 million versus the book value of $50 million at the end of the previous year without resorting to Intel.
<unk> equity offerings.
Stavros Gyftakis: At the same time, outstanding debt, which includes liabilities under our bareboat transaction, stood at $96 million, translating to a loan-to-value of approximately 60%, including the bareboat liabilities. Debt and the proceeds from our tanker sales have been the financing sources for our investment strategy during 2023. This year, we are focusing on improving our overall financing profile, given the fact that United has now, two years after its inception, enhanced its position within the global shipping financing spectrum. In that vein, during Q4, we concluded the refinancing of our three Capesize vessels with a reputable state-owned Chinese lessor. Specifically, we entered into three separate and identical $10 million sale and leaseback agreements for three of our Capesize. The proceeds have been utilized to refinance the outstanding indebtedness for the respective vessels under the previous loan facility, enhancing as well our liquidity position by around $7 million.
At the same time outstanding debt, which includes liabilities under our Billboard in transaction stood at $9 6 million translating to a loan to value of approximately 60%, including the bareboat in liabilities that the proceeds from our tanker sales have been the financing sources for our investment.
Strategy. During 2023 this year, we are focusing on improving our overall financing profile given the fact that United has now two years after its inception enhanced its position within the global shipping financing spectrum.
In that vein during the fourth quarter, we concluded the refinancing of our three capesize vessels with a suitable state owned Chinese lessor, specifically, we entered into three separate an identical 10 million sale and leaseback agreements for three of our capes. The proceeds have been utilized to define until it's done.
This was a respective vessels under the previous loan facility enhancing as well our liquidity position by around $7 million each financing amortize through 36 consecutive monthly installments of approximately 140000 and bears an interest rate.
Stavros Gyftakis: Each financing amortizes through 36 consecutive monthly installments of approximately 140,000 and bears an interest rate of three months term SOFR plus 3.3% per annum. Considering the forward SOFR curve, the transaction is expected to reduce our interest expense in the following quarters. Meanwhile, the company has continuous options to repurchase the vessels at predetermined prices, starting six months after the commencement date. At the end of each bareboat period, United has the obligation to repurchase its vessel for $5 million. In addition, over the past few days, we have reached an agreement which is currently subject to definitive documentation with a third party in Japan for the refinancing of Exelixsea through a sale and leaseback structure.
Three months there Mr Farr, plus three 3% per annum.
Considering the <unk> the transaction is expected to reduce our interest expense in the following quarters. Meanwhile, the company has continuous options to replicate the vessels at predetermined prices starting six months after the commencement date.
At the end of each well both periods United has the obligation to repurchase its vessels for $5 million.
In addition over the past few days, we have reached an agreement which is currently subject to definitive documentation with a third party in Japan for the refinancing of actually through a sale and leaseback structure as discussed briefly previously both commodities. We have recently agreed to acquire a high quality cancer dry bulk vessels.
Stavros Gyftakis: As discussed briefly previously by Stamatis, we have recently agreed to acquire a high-quality Kamsarmax dry bulk vessel built in 2016 in Japan through an 18-month bareboat charter-in agreement with a purchase option at the end of the charter period. Regarding the specific details of the deal, which remains subject to definitive documentation, it includes an initial pay-down of $7.5 million, a daily charter-in rate of $8,000, and a purchase option for $16.6 million. Finally, before turning the call back to Stamatis, I would like to remind once more that all the significant fleet growth last year was achieved without any dilution of our investors while being consistent on our dividend distributions and our share buyback program. I would now turn the call back to Stamatis for his concluding remarks. Stamatis?
In 2016 in Japan through an 18 months bareboat chartering agreement with a purchase option at the end of the charter period regarding the specific details of the deal which remains subject to definitive documentation. It includes an initial pay down of $7 5 million daily chartering rate of freight.
And a purchase option for $16 6 million finally, before turning the call back to Marty I would like to remind once more that all with significant fleet growth last year was achieved without any dilution of our own vessels, while being consistent on our dividend distributions and our share buyback program.
I will now turn the call back to some rfps for his concluding remarks.
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Stamatios Tsantanis: Thank you, Stavros. After successfully completing our tanker investment cycle in Q3 2023, which delivered very strong returns for our shareholders, we have regrown our fleet to eight dry bulk vessels by investing $144 million to acquire seven ships without having to engage in dilutive capital raisings. Far, we have declared total cash dividends of $1.38 per share or $10.7 million since November 2022, representing approximately 45% of United Maritime capitalization. United Maritime has a strong balance sheet with high-quality index-linked fleet and proven commitment to shareholder rewards. I am confident that we are very well-placed to navigate the strong dry bulk market environment and offer robust total returns throughout the next shipping cycles. At this point, I would like to turn the call over to the operator and answer any questions you may have. Operator, please take the call. Thank you.
Thanks, Laura.
After successfully completing our tanker investment cycle in the third quarter of 2023, which delivered a very strong returns for our shareholders. We have grown our fleet to eight dry bulk vessels by investing $144 million.
Acquired seven ships without having to engage in dilutive capital Raisings. So far we have declared total cash dividends of $1 <unk> per share or $10 7 million.
Since November of 2022, representing approximately 45% of United Maritime capitalization, United Maritime has a strong balance sheet with high quality index linked fleet and proven commitment to shareholder rewards.
I am confident that we are very well placed to navigate the strong dry bulk market environment and tougher robust total returns throughout the next shipping cycles.
At this point I would like to turn the call over to the operator and answer any questions. You may have operator, please take the call. Thank you.
Operator: Thank you. As a reminder, to ask a question, you will need to press star one and one on your telephone and wait for your name to be announced. Once again, please press star one and one on your telephone and wait for your name to be announced. Please stand by while we compile the Q&A roster. We are now going to proceed with our first question. The questions come from the line of Tate Sullivan from Maxim Group. Please ask your question. Your line is opened.
Thank you.
As a reminder to ask a question you will need to press star one on your telephone and wait for your name to be announced once again. Please press star one and one on your telephone and wait for your name to be announced.
Please standby, while we compile the Q&A roster.
Okay.
We are now going to proceed with our first question.
And the question comes from the line of Tate Sullivan from Maxim Group. Please ask your question. Your line is open.
Tate Sullivan: Great. Thank you. Good to hear from you again. How are you both? Thank you.
Great. Thank you good to hear from me again, how are your thoughts on thank you.
Stamatios Tsantanis: Hello, Tate. Good morning. We're all well, thank you.
Hello, Good morning, we're all well thank you.
Tate Sullivan: Good. Thank you. Just looking back at the historic growth of USEA's fleet, is this the second bareboat charter in the fleet that when they're undergoing finalization of the terms with the Japanese counterparty?
Got it thank you.
Is this.
Just looking back at the historic growth PUC suite is this the second bareboat charter in the fleet that are wondering on for Colin Finalization of the terms with the with the Japanese counter party.
Stamatios Tsantanis: The one we just announced now is going to be the third one. Third.
The one we just announced that it's going to be the third one third the third one.
Tate Sullivan: The third one. Okay, all those, Stamatis, can you go in a little bit what will make you decide to exercise the purchase option or not at the end of those charters?
Okay and then all of those can you go into a little bit what would make you decide to exercise the purchase option or not at the end of those charters.
Stamatios Tsantanis: Well, for us, it's a given that we're going to exercise the purchase option. For us, it's pretty much more like an obligation, even though it's written as an option. We expect, in all cases, to exercise the purchase option, which in any case, all deals, and we expect the third one as well, are considered to be upon the date of the exercise to be excellent deals for the company.
Well for us to given that we're going to exercise the purchase option. So for us it's pretty much more like.
An obligation even though its tourism is an option. So we expect in all cases to exercise a purchase option, which in any case all deals and we expect the third one as well I consider to be upon the date of the exercise to be excellent deals for the company.
Tate Sullivan: Okay. Were the other two with the Japanese counterparty as well too? Go ahead.
Okay.
And is this where the other two with the Japanese counterparty as well too.
Stamatios Tsantanis: Yes. All three with Japanese counterparties. Correct.
Yes, yes, all three with Japanese counterparts correct.
Tate Sullivan: Okay. For the G&A in the quarter declined sequentially to about $2.2 to 2.7 million. Is that the run rate going forward, or what was the G&A in the prior quarter attributed to? Is that change in stock-based comp mostly?
Okay, Great and then.
For G&A in the quarter declined sequentially to about $2 2 million to $7 million was that.
I mean is that the run rate going forward or what was the G&A in the prior quarter attributed to or has that changed and stock based comp mostly.
Stamatios Tsantanis: I think, Tate, that the levels that you've seen for Q4 is the levels that we're targeting going forward, around $2.5 million, $3 million. We're confident that we're going to achieve such levels. Now, in some cases, as you know, the equity incentive plan is front-loaded, and it's usually issued in the beginning of the year. Usually in the first quarters of the year, you will see some additional non-cash expenses weighing in the G&As. Otherwise, in terms of cash expenses, we don't expect increases, and given that the fleet size of the company increase, the G&A on a per vessel per day basis will going to be reducing steadily going forward.
I think.
Okay.
<unk> seen for the fourth quarter is the levels that we're targeting going forward around 25 3 million.
And we're confident that we're going to achieve such levels now in some cases when there is as you know the equity incentive plan is frontloaded into usually issued in the beginning of the year. So usual in the first quarter. So we give you will see some additional noncash expense during the <unk>.
But otherwise in terms of cash expenses, we don't expect.
Increases in given the.
Fleet size of the company increase the GM.
On a per vessel per day basis will you be using steadily going forward.
Tate Sullivan: Okay, great. The warrants that you have outstanding, if you mind sharing, it about $7 million? Does the exercise price adjust lower with each dividend you pay, or was it just the dollar special dividend?
Okay, Great and then can you can you.
Do you still have the warrants that you have outstanding is it still about if you mind showing that about $7 million and does the exercise price adjust lower with each dividend player payer or was it just that $1 special dividend no vis vis vis our warrants.
Stamatios Tsantanis: No, these warrants do not have any adjustment provisions for regular dividends. They adjust only with one-off dividends. The quarterly dividends that we're now paying are not affecting the price of the warrants, which remains at $2.25, and we have currently around $6.9 million of those outstanding.
Do not have any adjustment provisions for regular dividends.
Certainly.
One of dividends.
So the quarterly dividends that we're now paying are not affecting the price of the warrants which remains at $2 25.
And we have currently around $6 9 million of those outstanding.
Tate Sullivan: Okay, great. With the forward freight strategy, going forward, we expecting less of a % of the days after Q2 to be fixed. Can you reiterate your comments there, please? My last.
Okay.
Then with the Forbes <unk> strategy going forward or expecting less of a percent of the days after <unk>.
<unk> to be to be fixed.
Is that can you.
You reiterate your comments there please.
Stamatios Tsantanis: Yeah, that's correct. Back in December and November, we decided to fix forward in order to cover the Q1, which is traditionally the quickest quarter of the year. Of course, when we saw levels at $14,000 for Q1, when the same thing was in single digits a few months ago, of course, that was an opportunity that we had to take in order to reduce our exposure and minimize losses for the company. It was a risk control. Of course, we didn't know at the time that Q1 of 2024 would be the strongest Q1 of the last 10, 15 years. We did cut losses, and we of course did a very good risk control, but at the same time, we have kind of cut the profits of the company for Q1.
Yes, that's correct.
Back in December in November, we decided to fix forward in order to cover the Q1, which is traditionally.
The biggest quarter of the year.
Of course, when we saw levels at 14000 for Q1 when the same thing was in single digits. A few months ago of course that goes on.
Attunity that we have to take in order to reduce our exposure and minimize the loss for the company. So it was a risk control of course, we didn't know at the time that Q1 of 'twenty 'twenty four would be the strongest Q1 over the last 10 15 years. So we did cut our losses and we of course.
Did a very good risk control, but at the same time, we have kind of cut the profits of the company for cure, However, Q2 and going forward. We are now examining our options and if we decide to proceed that's going to be at substantially higher levels of it.
Stamatios Tsantanis: However, Q2 and going forward, we are now examining our options, and if we decide to proceed, it's going to be at substantially higher levels to fix the rates going forward.
They're expert portal.
Tate Sullivan: Oh, one last one. Is it correct for the timeline if you would decide to order a new dry bulk ship, whether a Cape or Kams or Panamax? Would it be, at this point, based on other company announcements, H2 2027, the earliest delivery? Have you seen opportunities to order before that timeline?
And one last one is it correct for the timeline, if you would decide to order a new dry bulk ship, whether a caper cans or panamax would it be I mean at this point based on the other company announcements second half of 2007 the earliest delivery.
Seen opportunities to order before that timeline.
Stamatios Tsantanis: That's pretty accurate, Tate. Yes. For Cape sizes, we're talking well into 2027. For Kamsarmax, there might be some scattered slots here and there, even in 2026, but we're talking about minimal opportunities here. The Cape size, which is the most significant, we're talking about well into 2027. That's a very accurate statement.
Thats pretty accurate type, yes for Cape sizes, we're touching well into 2027 four comes out March there might be some scattered.
Slots here and there even in 2026, but we're talking about minimal.
You know opportunity this year, but the capesize, which is the most significant but talking about well into 2027%. So that's a very accurate statement.
Tate Sullivan: Okay, cool. Thank you for answering my questions.
Okay.
Thank you for answering my questions.
Stamatios Tsantanis: Thank you, Tate. Nice to hear from you. Thank you.
Thank you David <unk> from you. Thank you.
Operator: We have no further questions at this time. I will now hand back to you for closing remarks.
We have no further questions at this time I will now hand back to you for closing remarks.
Stamatios Tsantanis: Excellent. Thank you very much, operator. Thanks, everyone, for participating in our Q4 and Full Year 2023 Results. Thank you very much.
Excellent. Thank you very much operator, and thanks, everyone for participating in our Q4 and full year 2023 results. Thank you very much you now may disconnect your phones.
Operator: Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect. Speakers, please stand by. Thank you.
Thank you. This concludes today's conference call. Thank you for participating you may now disconnect speakers. Please standby. Thank you.
Okay.
Okay.
[music].
