Costamare Inc. Q2 2024 Earnings Call
Speaker: Between two to three years. The new charter agreements are expected to generate incremental contracted revenues of above 220 million. Our fleet employment starts at 100% at 8% for 24 and 25 respectively, and other contracted revenues amount to 2.4 billion, with a remaining time-trade duration of 3.5 years.
Thank you have a chart that I could even so I'd expect it to generate incremental contracted revenues of about 220 major.
Speaker Change: Our fleet employment starts at 100% at 88% or 24, and 25, respectively and total contracted revenues amount to $2 4 billion with a remaining time charter duration of five years.
Speaker: On the dry box side, we are now progressing with our strategy to renew the own fleet and decrease its average size.
Gregory G. Zikos: On the drive box side, we are now progressing with our strategy to renew our own fleet and decrease its average size. Canada concluded a sale of one 2011-built Hanty size and agreed a sale of one 2009-built Supra Max vessel, while simultaneously acquiring two 2012-built Cape-size ships. CBI, our dry bar trading platform, is commercially managing a fleet of 54 ships, the majority of which are on index-linked chartering agreements. As mentioned in the past, we have a long-term commitment to the sector, which has been a strategic decision for us.
Speaker Change: While the dry bulk side.
Speaker Change: We are now progressing with our strategy to renew the owned fleet integrated establish ice Havent concluded the sale of around 2011 with sandy size and that as I said before in 2019, which super I'm expression, while simultaneously applying to 2012 Capesize ships.
Speaker: How to conclude the sale of 1,2,011 built handi size, and that did the sale of 1,2,090 bridge supermarkets vessel, why simultaneously acquiring 2,012 build capesized ships. CBI, our dry barbed in platform, is commercially managing a fleet of 54 ships, the majority of which are on index-linked chartering agreements.
She'd be I, our dry bulk trading platform is going to necessarily monetizing their fleet of 54 shapes. The majority of which are index linked charter agreements.
Speaker: As mentioned in the past, we have a long-term commitment to the sector, which has been a strategic decision for us. Finally, regarding next-my-time leasing, the platform has been steadily growing, having currently funded 25 shipping assets for a total amount of approximately 85 million, or the bulk of a Chelsea pipeline.
Speaker Change: As a measure in the past we have a long term commitment to the sector, which has been a strategic decision for us.
Gregory G. Zikos: Finally, regarding National Maritime Leasing, the platform has been steadily growing, having currently funded 25 shipping assets for a total amount of approximately $285 million on the back of a healthy pipeline. Moving now to the slides presentation. On slide 3, you can see our second quarter results. Net income for the quarter was about $91.77 million per share. Our liquidity was above $1.1 billion, slide 4. We have proceeded with a full redemption of our Series C preferred stock, resulting in annual cash flow savings of approximately $10.1 million. Slide 5.
Speaker Change: Finally regarding an extra maritime losing the platform has been steadily growing haven't gone to fund 25 shipping assets for a total amount of approximately 285 million on the back of a healthy pipeline.
Gregory G. Zikos: On the containership side, we have chartered 7 containerships with incremental contracted revenues of about $220 million. Our revenue days are fixed 100% for this year and 88% for 2025, while our contracted revenues are $2.4 billion, with a DU weighted remaining time at a duration of 3.5 years. In parallel, we continue to charter all our diabolical prices in the spot market, having entered into more than 25 chartering agreements since our last earnings release. Slide 6.
Speaker: Moving now to the slide presentation, on slide three, you can see our second quarter results. Net income for the quarter was about 91 million, or 77 cents per share. Our liquidity was above 1.1 billion. Slide four, we have proceeded with a food redemption of our Series-C pre-first talk, resulting in annual cash flow savings of approximately 10.1 million dollars. Slide five, on the container ship side, we have chartered seven containers with incremental contracted revenues of above 220 million. Our revenue days have fixed 100% for this year and 88% for 25, while our contracted revenues are 2.4 billion, with a TU-weighted remain-in-time saturation of 3.5 years.
Speaker Change: Moving now to the slide presentation.
Speaker Change: Slide three as you can see our second quarter results net income for the quarter was about 91 million or 77 cents per share our liquidity was about $1 1 billion.
Speaker Change: Slide four.
Speaker Change: We have proceeded with it for the redemption of our series C preferred stock. These Arctic two annual cash flow savings of approximately $10 1 million.
Speaker Change: Slide five well the containership side that we have started seven container ships with incremental contracted there.
Speaker Change: 220 meter.
Speaker Change: Our revenue days have fixed 100% for this year and 88% for 25, while our contracted revenue start to point towards video and with its easy weighted remaining time charter duration well to your 0.5 years.
Speaker: In parallel, we continue to charter all our valuable prices in the sports market, having entered into more than 25 chartering agreements since our last end is released.
Speaker Change: In parallel we continue to target all our dry bulk vessels in the spot market, having entered into more than 25 chartering agreements since our last earnings release.
Speaker: Slide six, we have concluded the acquisition of two Cape size driver vessels, as well as the sale of 100 size driver ship. In addition, we have agreed to dispose of one more supermax vessel. Slide seven, regarding CPI, we have chartered in 54 billion vessels, where the majority of the fleet is being chartered on index-linked agreements. Our leasing platform has already an investment of about 23 million from our side. As of the date of this presentation, NML is financing 25 ships through sale and lease purchase actions, and has a very healthy pipeline.
Gregory G. Zikos: We have concluded the acquisition of two Cape-sized drybulk vessels, as well as the sale of one handy-sized drybulk ship. In addition, we have agreed to dispose of one more Supramax vessel, slide 7. Regarding CBI, we have chartered 54 period vessels, where the majority of the fleet is being chartered on index-link agreements, with already an investment of about $223 million from our side. As of the date of this presentation, NML is financing 25 ships through Shell and Lisbon transactions and has a very healthy pipeline.
Speaker Change: Slide six please.
Speaker Change: Due to the acquisition of the Capesize dry bulk vessels as well as the sale of 100 sites that are about to ship. In addition, we have agreed to a disposal of one more supernormal expression.
Speaker Change: Yes.
Speaker Change: Slide seven.
Speaker Change: Regarding <unk>, we have chartered in 54 periods vessels, whereas the majority of the fleet is being chartered on indexing agreements our leasing platform.
Speaker Change: <unk> has already had an investment of about 23 million from our site as of the date of this presentation and then financing jointed pipe shapes.
Speaker Change: That's our sections and conservation assay pipeline.
Speaker: Slide eight, we have refined the existing indebtedness of free driver vessels without any increasing leverage. This deal was coupled with improvement of fundicals and extension of materialities. In addition, we have roughly available $116 million for financing of vessel acquisitions.
Gregory G. Zikos: Slide 8, We have refinanced the existing indebtedness of three drive valve pressures without any increase in leverage. This deal was coupled with an improvement in funding costs and an extension of maturity. In addition, we have roughly $116 million available for financing of vessel acquisitions. Finally, we do continue to have a long uninterrupted dividend track record. Slide 9, Liquidity is above 1.1 billion. This liquidity gives us the ability to look for opportunities to grow the company on a healthy basis.
Speaker Change: Slide eight.
Speaker Change: We have refinanced the existing indebtedness of three dry bulk vessels without any increase in leverage.
This deal was coupled with improvement in funding costs and extension of maturities.
Speaker Change: We haven't put absolutely I bet, a $116 million for financing acquisitions. Finally, we do continue to have a long uninterrupted dividend track record.
Speaker: Finally, we do continue to have a long, uninterrupted dividend track record. Slide nine, liquidity is above 1.1 billion. This liquidity gives us the ability to look for opportunities to grow the company on a healthy basis.
Speaker Change: Slide nine.
Speaker Change: Like what it is about 1.1 billion. This liquidity gives us the ability to look for opportunities to grow the company wide basis.
Speaker: Moving to slide 10, saturating the co-tenancy markets have increased across all segments since the beginning of the year, the remaining stable the last couple of weeks. The continuing injection of new liquidity capacity remains, however, the principal thread of the market. Highly fleets remains at low levels of 0.6 percent.
Gregory G. Zikos: Moving to slide 10, Charter rates in the container ship market have increased across all segments since the beginning of the year, remaining stable for the last couple of weeks. The continued injection of new building capacity remains, however, the principal threat of the market. Hyde and Fleet remain at low levels of 0.6%.
Speaker Change: Moving to slide 10 saturation of containership markets have increased across all segments at the beginning of the year remaining stable. The last couple of weeks the continuum.
Speaker Change: Injection of really capacity remains however, the British pound threat of the market.
Speaker Change: Hydro fleet remains at low leverage from 0.6%.
Speaker: And last slide on slide 11, you can see there isn't a dry bar of market trends in the sport and forward market. The order book is at 9.4 percent of the total fleet.
Speaker Change: And last night on Slide 11, you can see there isn't dry bulk markets Ramsey sporting Fort worth market.
Speaker Change: Order book is at 94% of the total fleet without regard to the oral presentation and what kind of I don't take questions. Thank you.
Gregory G. Zikos: And last slide, on slide 11, you can see the recent dry bar market trends in the spot and forward market. The order book is at 9.4% of the total fleet. With that, we conclude our presentation, and we can now take questions. Operator. Operator, can you hear us? Yes.
Speaker: With that, we can conclude our presentation, and we can now take questions.
Operator: Thank you. Operator, we can take questions now.
Speaker Change: We can take questions now.
Speaker Change: Yeah.
Speaker Change: Yeah.
Speaker Change: Yes.
Speaker Change: Okay.
Speaker: Hello. Operator, can you hear us?
Speaker Change: Hello.
Speaker Change: Hello can you hear us.
Operator: Yes, thank you. We will now begin the question-and-answer session. To ask a question, please press star 1 on your telephone keypad and wait for your name to be announced. If you wish to cancel your request, please press star 2. That's star 1 to ask a question, star 2 to cancel it. We will pause momentarily to assemble our roster. Our first question comes from Ben Nolan from Stiefel. Please go
Operator: Yes, thank you.
Speaker Change: Yes. Thank you we will now begin the question and answer session to ask a question. Please press star one on your telephone keypad and wait for your name to be announced if you wish to cancel your request. Please press star two star one to ask a question star two to remove it we will pause momentarily to assemble our roster.
Operator: We will now begin the question and answer session. To ask a question, please press star 1 on your telephone keypad and wait for your name to be announced. If you wish to cancel your request, please press star 2. That star 1 to ask a question, star 2 to remove it.
Operator: We will pause momentarily to assemble our roster.
Ben Nolan: Our first question comes from Ben Nolan from Stiefel.
Speaker Change: Our first question comes from Ben Nolan from Stifel. Please go ahead.
Delano Malley: Please go ahead. Hi, this is Delano Malley on for Ben Nolan. Thanks for taking our question.
Dylan O'Malley: Hi, this is Dylan O'Malley on behalf of Ben Nolan. Thanks for taking our question. We were hoping you could add a little rough context on the rate levels for the seven new container ships or the seven new container ship charters you mentioned earlier in your press release. Yeah.
Don O'malley: Hi, This is Don O'malley on for Ben Nolan. Thanks for taking our question. We were hoping you could add a little rough context on the rate level was for the seven new container ships or the seven new container ship charters you mentioned earlier in your press release.
Speaker: We were hoping you could add a little rough context on the rate levels for the seven new container ships or the seven new container ship charters. You mentioned earlier in your press release.
Speaker: Yeah, these are ships.
Gregory G. Zikos: Yeah, these are ships, I mean, we don't know the specific charter rates, but these are ships that were chartered on a forward basis. One of them is like a 2,000-bill vessel, so it is like 24 years old. And those have been chartered at a very healthy rate, amounting to the mid-30s.
Speaker Change: Yeah.
Speaker Change: These are ships I mean.
Speaker: We don't announce specifically the charter rates, but these are ships which were chartered on a forward basis. One of them is like 2000 bill vessels, so it is like 24 years old. And those have been chartered at a very healthy rate, amounting the mid-30s.
Speaker Change: We don't know specifically that you've got that H, but these.
Speaker Change: Here's where we sort of targeted on a forward basis.
Speaker Change: One of them is like 2000 built vessels.
Speaker Change: So it is actually 24 years old and those have been chartered out there very healthy.
Speaker Change: Right amount at the mid Thirty's.
Speaker Change: Yeah.
Speaker Change: Okay.
Dylan O'Malley: Um, yeah, thanks for that. Um, we're also hoping you can add a little bit of color on your perspective on why dry bulk purchase activity has slowed and your outlook for the rest of the year.
Speaker Change: Yeah. Thanks for that we were also hoping you can add a little bit of color on your perspective on why dry bulk purchase activity has slowed and your outlook for the rest of the year.
Speaker: Yeah, thanks for that.
Speaker: We're also hoping you can add a little bit of color on your perspective on why dribble purchase activity is slowed, and your outlook for the rest of the year. Yeah, in total, I mean, you have seen that we have been buying bigger vessels, Cape sizes, and the total we have acquired six of those. I mean, five capes and one two thousand ten bent ultra max. Now, we have quite price sensitive. So, depending on market condition, our strategy is to dispose of smaller hand size vessels, and they moved over to the larger sizes, but it's all a matter of pricing and where asset levels are.
Gregory G. Zikos: Yeah, in total, you have seen that we have been buying bigger versus cape sizes, and in total, we have acquired six of those. I mean, five capes and one 2013-built Ultramax. Now, we will sit there and wait, and when we feel that the price makes sense, then we have the ability to execute fast based on our cash balances and also access to commercial banks.
Speaker Change: Yeah.
Speaker Change: Doug.
Doug: As you have seen that we have been buying.
Speaker Change: Goodbye.
Dylan O'Malley: Yeah, thank you, that's all.
Speaker Change: <unk> said it doesn't come back where it's at.
Speaker Change: 60 of those I've made five games into one.
Max: That was our Max.
Max: No.
Speaker Change: We are quite price sensitive so depending on market conditions. Our strategy is to dispose of smaller handy sized vessels and move towards the larger sizes, but it's all a matter of pricing and asset levels.
Speaker: So we take our time. I think that the ships we bought up to now, those six ships, they have been bought at quite attractive prices, but at the same time, we don't have to rush. We will sit there and wait, and when we feel that the price makes sense, then we have the ability to execute fast based on our cash balances and also access to commercial banks.
Speaker Change: So we take our time I think that this is we bought up to now those ships. They have been bought that's a quite attractive prices.
Speaker Change: But at the same time, we don't have to rush, we will sit and in no.
Speaker Change: In no way than where we've really set the price makes sense then do we have the ability to execute five based on our cash balances and also access to commercial bank debt.
Operator: Yeah, thank you. That's all. As a reminder, if you have a question, please press start, then one. If you're using a speaker phone, please pick up your handset before pressing the keys.
Speaker Change: Yeah. Thank you that's all.
Max: Okay.
Operator: As a reminder, if you have a question, please press star then 1. If you are using a speakerphone, please pick up your handset before pressing the keys. Our next question comes from Climent Molins of Value Investors Edge. Please go ahead.
Speaker Change: As a reminder, if you have a question. Please press Star then one if you are using a speakerphone. Please pick up your handset before pressing the keys.
Climent Molins: Our next question comes from Climent Molins of Value Investors Edge. Please go ahead. Good afternoon. Thank you for taking my questions.
Speaker Change: Our next question comes from Clement Marlins.
Speaker Change: Value Investor's edge. Please go ahead.
Speaker Change: Okay.
Climent Molins: Good afternoon, Thank you for taking my questions.
Climent Molins: Good afternoon. Thank you for taking my questions I wanted to start by asking about the strategy on the CVA segment.
Climent Molins: I wanted to start by asking about the strategy for the CBI segment. It seems the proportion of vessels time charted on fixed contracts has increased slightly quarter over quarter. Could you provide some insight on the reasoning behind this? And is it a directional play on the market, or are you hedging the positions with FFAs or physical volumes?
Speaker: I wanted to start by asking about the strategy on the CBI segment. It seems the proportion of vessels time charting on fixed contracts has increased slightly quarter to quarter. Would you provide some insight on the reasoning behind this? And is it a directional pet on the market, or are you hedging the positions with FFA's or physical volumes?
Climent Molins: It seems the proportion of basketball and check in on fixed contracts has increased slightly quarter over quarter would you provide some insight on the reasoning behind this.
Speaker Change: Is it a directional bet on the market or are you hedging the position with F a phase or a physical volumes.
Gregory G. Zikos: Yes, a couple of things. Yes, you are right. There's been a slight increase in fixed rate charter of vessels, but this is just because of the specific deals that were available in the market. It's not that we have taken a directional approach, that going forward, we need to have more ships chartered on a fixed rate rather than on index. It's just that it happened that those deals with the specific vessels, vessel-specific charter hires, we found them to be attractive, but there is no more than that.
Speaker: Yeah, a couple of things. Yes, you are right. It's slightly, there's a slight increase in a fixed rate in vessels. But this is just because of the specific deals that were available in the market. It's not that we have taken a directional approach that going forward. We need to have more ships started in on a fixed rate rather than on index.
Speaker Change: Yeah couple of things yes.
Speaker Change: Alright, just a slightly there is a slight increase in FX rate.
Speaker Change: The other investments, but this is just because of the specific deals that were available in the market is not that we have taken that data. So now I propose that the going forward, we need to have more ships. It sounds that in on a fixed rate rather than an index.
Speaker: It's just that it happened that those deals with the specific vessels, based on the specific charts and highers, we found them to be attractive, but there is no more than that. We are quite flexible than that depending on market conditions. We may hope to have more vessels on index linked period or fixed rate to the contract. So there's nothing specific there.
Speaker Change: It's happened that those dealers.
Speaker Change: Specific vessels basically the specific Oh gosh, we found them to be attractive, but there is no more than that.
Speaker Change: That's why it's flexible than that depending on market conditions.
Gregory G. Zikos: We are quite flexible in that, depending on market conditions, we may opt to have more vessels on an index-linked period or, you know, fixed rate on the contrary. So there's nothing specific there. And what was the second part of your question?
Speaker Change: Okay.
Speaker Change: More vessels on index linked.
Speaker Change: Yeah, well, you know fixed rate to the contract so theres nothing specific there.
Speaker: And what was the second part of your question?
Speaker Change: And what was the second.
Speaker Change: Second part of your question.
Speaker: Yeah, whether this was like it was hedge, BFF's, or physical volumes. We buy a lot of FFA's, and yes, we definitely use them as a hedging tool. We have quite a book for the FFA's for the games and also for the Panama Axis.
Climent Molins: Yeah, whether this was like it was high SPS or physical volumes.
Speaker Change: Yes weather diesel was like it was H B O S T or physical volumes.
Gregory G. Zikos: We buy a lot of FFAs, and yes, we definitely use them as a hedging tool. We have quite a book on the FFAs for the caves and also for the Panamaxes. FFAs can be used as a hedging instrument or, if someone has a positive view of the market and cannot secure assets in the water, they can also buy long FFA days. But regarding hedging, yes, this is a hedging tool that we have been utilizing quite a lot.
Speaker Change: We buy a lot of a lot of ever faced.
Speaker Change: Yes, it would definitely use them I'll say.
Speaker Change: Hedging tool.
Speaker Change: We have quite a book for the <unk>.
Speaker Change: For the games and also for the final boxes <unk> can be.
Speaker: FFA's can be used as a hedging instrument, or if someone has a positive view on the market and cannot secure assets in the water, can also buy long FFA days. But regarding hedging, yes, this is a hedging tool that we have been utilizing quite a lot.
Speaker Change: Use associating a instrument or if someone has a.
Speaker Change: A positive view of the market and take a nosedive secure.
Speaker Change: The water Garden also.
Speaker Change: By long Cry every three days.
Speaker Change: But.
Speaker Change: Regardless judging yeah, yes, as you say shifting towards that it would have been.
Speaker Change: Realizing.
Speaker Change: Quite a lot.
Speaker: That's helpful. Thank you. And a performer for the redemption of the Series I preferred, you continue to see it on a very large gas position.
Speaker Change: That's helpful. Thank you.
Climent Molins: That's helpful, thank you. And Proforma, for the redemption of the series he preferred, you continue to sit on a very large cast position. Is there any appetite to redeem additional preferred services or to prepay debt, or are you comfortable keeping cash balances at current levels?
Speaker Change: Pro forma for the redemption of the series C preferred you continue to season I'm very large best position.
Speaker: Is there any appetite to redeem additional preferred service or to prepay that? Or are you comfortable keeping cash balances at current levels? Yeah, we'll see. Look, the Series I preferred stock we redeemed; it was the most expensive we had. It was 8.875, so it was quite expensive. We redeemed this having savings of slightly above 10 million per year. Now, whether we're going to go ahead and also redeem Series D, for example, which has been the second most expensive Series outstanding.
Speaker Change: Is there any appetite to redeem additional preferred Serbia or to prepay debt or are you comfortable keeping cash balance at current levels.
Gregory G. Zikos: Yeah, we'll see. Look, the Series E pre-first stock we redeemed was the most expensive we had. It was $8.875 so it was quite expensive. We redeemed this, having savings of slightly above $10 million per year. Now, whether we're going to go ahead and also redeem Series D, for example, or not, which has been the second most expensive series outstanding, this is a question of capital allocation, whether we feel that we can utilize our equity in order to buy ships or sort of repay debt or, like, redeem the preferred.
Speaker Change: We'll look at.
Speaker Change: The series a preferred stock we redeemed it was the most expensive, but we had it was eight.
Speaker Change: 8.875 it was.
Speaker Change: So it was quite expensive.
Speaker Change: Having.
Speaker Change: Savings so for slightly above 10 million per year now whether we're going to go ahead and also redeemed <unk> D for example, or not.
Speaker Change: Which has been the second most expensive, but I was curious it outstanding.
Speaker: This is a question of capital allocation whether we feel that we can utilize our equity in order to buy ships, or sort of repay that, or like redeem the preferred. But I mean, compared to the cost of debt, I think the preferred is a bit more flexible, but it is more expensive. We'll see. But...
Speaker Change: This is Jake this is somewhat more generic question of capital allocation.
Speaker Change: We've got utilize our equity.
Gregory G. Zikos: But, I mean, compared to the cost of debt, I think the preferred is a bit, it's more flexible, but it is more expensive. We'll see. This is a decision taken at the board level considering all the circumstances and like and whether we feel that There is a room for new transactions where our equity will be used So I'm afraid I'm not ready to tell you now whether and like when we're going to be redeeming Series C for example Or Series D. It remains to be seen but now but regarding the last one Considering our cash balances, I think it was quite obvious that at some point That the series of the first stroke would be repaid
Speaker Change: In order to.
Speaker Change: Shapes.
Speaker Change: <unk> also repaid debt or like.
Speaker Change: We redeemed the preferred but I mean compared to the cost of debt I think they prefer things a bit it's more flexible, but it is more expensive, we'll see but.
Speaker: This is a decision taken at the port level, considering all the circumstances and whether we feel that there is room for new transactions where equity will be used. So, I'm afraid I'm not ready to tell you now whether and when we're going to be teaming Sirius C, for example, or Sirius D. It remains to be seen, but now, regarding the last one, considering our cash balances, I think it was quite obvious at some point that Sirius of the preferred stock would be paid.
Speaker Change: This is a decision taken.
Speaker Change: Board level, considering all the circumstances.
Speaker Change: And whether we feel that.
Speaker Change: Did you say at all for new transactions.
Speaker Change: What our equity will be used so I'm afraid I'm not ready to tell you in Norway and like when would I be redeeming series C. For example.
Speaker Change: Oh, she has deep integration to be seen but now but regarding the last one.
Speaker Change: Considering our cash balances I think it was quite obvious that at some point.
Speaker Change: So if I just hope it would be great.
Speaker: Big sense thanks for the color. That's all from me. Thank you for taking my questions.
Climent Molins: Makes sense, thanks for the color. That's all from me; thank you for taking my questions.
Speaker Change: Okay. It makes sense. Thanks for the color. That's all from me. Thank you for taking my questions.
Speaker Change: Okay.
Gregory Zikos: This concludes our question and answer session. I would like to hand the call back over to Mr. Zikos for any closing remarks. Thank you for being with us today and for dialing in the Costamare second quarter 2024 results. We are looking forward to speaking with you again during our Q3 results. Thank you.
Operator: This concludes our question and answer session. I would like to hand the call back over to Mr. Zikos for any closing remarks.
Speaker Change: This concludes our question and answer session I would like to hand, the call back over to Mr. Xie goes for any closing remarks.
Speaker Change: [laughter].
Gregory G. Zikos: Thank you for being with us today and for dialing in the Costamare second quarter 2024 results. We are looking forward to speaking with you again during our Q3 results call. Thank you. The conference is now concluded. Thank you for attending today's presentation.
Mr. Xie: Thank you for being with us today and for dialing into the call something out of second quarter.
Speaker Change: 2024 results.
Speaker Change: We're looking forward to speaking with you again during our Q3 these out of school and thank you.
Operator: The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.
Operator: The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.
Speaker Change: The conference has now concluded. Thank you for attending today's presentation you may now disconnect.
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