Q2 2024 EuroDry Ltd Earnings Call

August 8, 2024

Thank you for standing by. Ladies and gentlemen, and welcome to the EuroDry limited conference call on the second quarter of 2024 financial reasons.

Unknown Executive: and the second quarter of 2020 for financial reasons.

Operator: I did a conference call on the second quarter of 2024 financial reasons. We have with us today Mr. Anastasios Aslidis, Chief Financial Officer of the company. At this time, all participants are in a listen-only mode.

Operator: was called on the second quarter of 2024 for financial reasons. We have with us today Mr. Anastasios Aslidis, Chief Financial Officer of the company. At this time, all participants are in a listen-only mode.

Anastasios Aslidis: We have with us today Mr. Tathos Aslidis, Chief Financial Officer of the company.

Speaker Change: We have with us today Mr. Anastasios Aslidis, Chief Financial Officer of the company. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question and answer section, at which time, if you wish to ask a question, please press star 1 on your telephone keypad and wait for your name to be announced.

Unknown Executive: At this time, all participants are not in listening only mode. There will be a presentation followed by a question-and-answer section, at which time, if you wish to ask a question, please press star one on your telephone keypad and wait for your name to be announced.

Operator: There will be a presentation followed by a question and answer section, at which time, if you wish to ask a question, please press star 1 on your telephone keypad and wait for your name to appear. I must advise you that this conference is being recorded today. Please be reminded that the company announced its results in a press release that has been publicly distributed. Before passing the floor to Ms. Aslidis, I would like to remind everyone that in today's presentation and conference call, EuroDry will be making forward-looking statements.

Operator: There will be a presentation followed by a question and answer section, at which time, if you wish to ask a question, please press star 1 on your telephone keypad and wait for your name to be called. I must advise you that this conference is being recorded today. Please be reminded that the company announced its results in a press release that has been publicly distributed. Before passing the floor to Mrs. Yu, I would like to remind everyone that in today's presentation and conference call, EuroDry will be making four financial statements.

Unknown Executive: Unless advised you that this conference is being recorded today, please be reminded that the company announced its results with a press release that has been publicly distributed.

Speaker Change: I must advise you that this conference is being recorded today. Please be reminded that the company announced its results with a press release that has been publicly distributed. Before passing the floor to Ms. Aslidis, I would like to remind everyone that in today's presentation and conference call, EuroDry will be making floor-looking statements.

Operator: These statements are within the meaning of the Federal Security Law. Matters discussed may be foreseeing statements that are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized.

Unknown Executive: Before passing the floor to Mr. Aslidis, I would like to remind everyone that in today's presentation and conference call, EuroDry will be making four-looking statements. These statements are within the meaning of the Federal Security Museum. Matters discussed may be four-looking statements which are based on current management expectations that involve risk and uncertainties that may result in such expectations not being realized.

Speaker Change: These statements are within the meaning of the Federal Security Resolvement.

Speaker Change: Matters discussed may be for the convenience, which are based on current management expectations that involve risks and uncertainties.

Operator: I kindly draw your attention to slide number 2 of the webcast presentation, which has the full foregoing statement. And the same statement was also included in the press release. Please take a moment to go through the whole statement and read it. And now, I would like to pass it forward to Mr. Aslidis. Please go ahead, sir.

Unknown Executive: I kindly draw your attention to slide number two of the webcast's presentation, which had the four-looking statement, and the same statement was also included to the press release. Please take a moment to go through the whole statement and read it.

Speaker Change: that may result in such expectations not being realized.

Ms. Aslidis: I kindly draw your attention to slide number two of the webcast presentation, which has the full, full-looking statement, and the same statement was also included to the press release. Please take a moment to go through the whole statement and read it.

Unknown Executive: And now, I would like to pass the floor to Mr. Aslidis. Please go ahead, sir.

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

Anastasios Aslidis: Good morning, ladies and gentlemen. And thank you all for joining us today for our scheduled conference call. I'm Tathos Aslidis, the Chief of EuroDry. Together with me is Mr. Simous Paryaros, our Chief Administrative Officer, and Ms. Atina Atalotti, our Finance Manager.

Anastasios Aslidis: Good morning, ladies and gentlemen, and thank you all for joining us today for our scheduled conference call with Anastasios Aslidis, the CFO of EuroDry. Also, together with me is Mr. Simos Pariaros, our Chief Administrative Officer, and Ms. Athena Attalioti, our Finance Manager.

Operator: These statements are within the meaning of the Federal Securities Law. Matters discussed may be foreseeing statements that are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. I kindly draw your attention to slide number two of the webcast presentation, which has the full forelooking statement, and the same statement was also included in the press release. Please take a moment to go through the whole statement and read it. And now, I would like to pass it forward to Mr. Aslidis. Please go ahead, sir.

Mr. Aslidis: Good morning, ladies and gentlemen, and thank you all for joining us today for our scheduled conference call.

Speaker Change: I'm Anastasios Aslidis, the CFO of Eurodrive.

Speaker Change: Together with me is Mr. Simos Pariaros, our Chief Administrative Officer, and Ms. Athena Attalioti, our Finance Manager.

Anastasios Aslidis: Our chairman and CEO are the speeders who usually hosts this call will not be able to join this presentation today due to overlapping engagements. The purpose of today's call is to discuss our financial results for the six-month period and quarter ended June 30th, 2024. Please turn to slide three of the presentation to see our financial highlights for the period. For the second quarter of 2024, we reported total net revenues of 17.4 million and a net loss attributable to controlling shareholders of 0.41 million, or 15 cents loss per share, basic and diluted. Adjusted net loss attributable to controlling shareholders of the quarter was 0.45 million or 17 cents loss per share basic diluted.

Anastasios Aslidis: Our chairman and CEO, Aristides Pittas, who usually hosts this call, will not be able to join this presentation today due to overlapping engagements. The purpose of today's call is to discuss our financial results for the six-month period and quarter ended June 30, 2024. Please turn to slide three of the presentation.

Speaker Change: Our chairman and CEO Aristides Pittas, who usually hosts this call, will not be able to join this presentation today due to overlapping engagements.

Speaker Change: The purpose of today's call is to discuss our financial results for the six-month period and quarter ended June 30, 2024.

Anastasios Aslidis: See our financial highlights for the period. For the second quarter of 2024, we reported total net revenues of $17.4 million and a necklace attributable to controlling shareholders of $0.41 million, or a $0.15 loss per se. Per se, basic and very loose.

Anastasios Aslidis: See our financial highlights for the period, for the second quarter of 2024. We reported total net revenues of $17.4 million and a net loss attributable to controlling shareholders of $0.41 million, or a $0.15 loss per se. Per se, very basic and very loose.

Speaker Change: Please turn to slide 3 of the presentation to see our financial highlights for the period.

Speaker Change: For the second quarter of 2024, we reported total net revenues of $17.4 million

and a net loss attributable to controlling shareholders of $0.41 million or $0.15 loss

Anastasios Aslidis: Adjusted net loss attributable to controlling shareholders for the quarter was $0.45 million or $0.17 loss per share based on the dilution. Adjusted EB-DAF for the quarter was five million. Please refer to the press release that was released earlier today for reconciliation of adjusted net loss attributed to controlling shareholders to adjusted EBITDA. We will go over our financial highlights in a bit more detail later in the presentation. As of August 8, 2024, we had repurchased a total of 313,318 shares of our common stock on the open market for a total of about $5 million under our repurchase plan of up to $10 million announced in August 2028.

Anastasios Aslidis: Adjusted net loss attributable to controlling shareholders for the quarter was $0.45 million, or $0.17 loss per share based on the dilution. Adjusted EBDAP for the quarter was $5 million. Please refer to the press release that was released earlier today for reconciliation of adjusted net loss attributed to controlling shareholders to adjusted EBITDA. We will go over our financial highlights in a bit more detail later in the presentation. As of August 8, 2024, we had repurchased a total of 313,318 shares of our common stock on the open market for a total of about $5 million under our Repair Trust Plan of up to $10 million announced in August 2028.

Speaker Change: For sure, basic and very lucid.

Speaker Change: addket networks areattributable to controlling cirholders for the quarter was z forty-five million or seventeen cent lossspe per s based diled

Anastasios Aslidis: Adjusted EBDA for the quarter was 0.5 million. Please refer to the press release that was released earlier today for reconciliation of adjusted net loss attributable to controlling shareholders to adjusted EBDA. We will go over our financial highlights in a bit more detail later in the presentation. As of August 8, 2024, we had purchased a total of 313,318 sets of our common stock on the open market. For a total of about 5 million are under our repair sales plan of up to 10 million announced in August 2028. The program, which was renewed in August 2023 for another year, has been further extended for an additional year.

Speaker Change: Adjusted EBITDA for the quarter was $5,000,000.

Speaker Change: Please refer to the press release that was released earlier today for reconciliation of adjusted net loss attributed to controlling shareholders to adjusted EBITDA.

Speaker Change: We will go over our financial highlights in a bit more detail later in the presentation.

Speaker Change: As of August 8, 2024, we had repurchased a total of 313,318 shares of our common stock on the open market.

Speaker Change: for a total of about 5 million are under our repurchase plan of up to 10 million announced in August 2028.

Anastasios Aslidis: The program, which was renewed in August 2023 for another year, has been further extended for another year. We will continue to use our share repurchase program at management discretion, depending on the level of our stock price, to enhance our ability to increase long-term shareholder value. We're also very happy to announce our 2023 Sustainability Report, which was uploaded to our website today.

Speaker Change: The program, which was renewed in August 2023 for another year, has been further extended for an additional year.

Anastasios Aslidis: We will continue to use our third process program at management discussion, depending on the level of our stock price, to enhance our ability to increase long-term, short-haul of value.

Mr. Aslidis: We will continue to use our share repurchase program at management discretion, depending on the level of our stock price, to enhance our ability to increase long-term shareholder value.

Anastasios Aslidis: We are also very happy to announce our 2020-23 Sustainability Board, which was uploaded to our website today. Please now turn to slide 4 for another view of our charting, operational, and high-dorting highlights. On the charting side, you can see that most of our charting fixed during last quarter are for short periods, variants from 20-25 days from the one end to 80-100 days from the other end. Even the motor vessels, the Caterinian Xenia, which are in longer-term charters until March and May 2025 respectively, have the rate of the charters linked to indices to the Baltic Index, earning 105.5% and 108% respectively, above the other Baltic Cancer Index, an index based on the five cancer-marked time charters.

Mr. Aslidis: We are also very happy to announce our 2023 Sustainability Report which was uploaded to our website today.

Anastasios Aslidis: Please now turn to slide 4 for an overview of our charting, operational, and guide docking highlights. On the charting side, you can see that most of our charters fixed during the last quarter are for short periods that range from 20-25 days on the one end to 80-100 days on the other end. Even the motor vessels Ekaterini and Xenia, which are in longer-term charters until March and May 2025, respectively, have the rate of their charters linked to indices, to the Baltic Index, earning 105.5% and 108% respectively.

Anastasios Aslidis: Please now turn to slide 4 for another view of our Chartering, Operational, and Dry Docking highlights. On the chartering side, you can see that most of our charters fixed during the last quarter are for short periods that range from 20-25 days on the one end to 80-100 days on the other end. Even the motor vessels Ekaterini and Xenia, which are in longer-term charters until March and May 2025, respectively, have the rate of their charters linked to indices, to the Baltic Index, earning 105.5% and 108% respectively.

Mr. Aslidis: Please now turn to slide 4 for another view of our chartering, operational, and dry docking highlights.

Mr. Aslidis: fr

Speaker Change: On the chartering side, you can see that most of our charters fixed in place.

Speaker Change: during last quarter are for short periods that range from 20-25 days on the one end to 80-100 days on the other end.

Speaker Change: even the motor vessels secaranian sena which are in longer-term charters until march in may two andtwenty-five resspeively

Speaker Change: have the rates of their charters linked.

Speaker Change: to indices to the Baltic Index earning 105.5% and 108% respectively.

Anastasios Aslidis: Above the Average Baltic Camshermak Index, an index based on the 5 Camshermak Time Charter Rules. This strategy is consistent with our view to be exposed to the market as we believe the fundamental supply and demand trends present a strong possibility for the market to strengthen in the near and medium term.

Speaker Change: above the average Baltic Camshermak index, an index based on the 5 Camshermak time-charter routes.

Anastasios Aslidis: This strategy is consistent with our view to be exposed to the market, as we believe the fundamental supply and demand trends present a strong possibility for the market to strengthen in the near-medium term. It is expected that supply growth will be quite limited over the next couple of years, due to the low-awards ordering for new vessels in the recent past, and thus it is likely that any demand growth to be translated in English is to chart the rates. We plan to continue trading on the short-term charters for the time being, until employment rates start firming up, and we see the potential positive effect of demand increases.

Speaker Change: This strategy is consistent with our view to be exposed to the market as we believe the fundamental supply and demand trends present a strong possibility for the market to strengthen in the near and medium term.

Anastasios Aslidis: It is expected that supply growth will be quite limited over the next couple of years due to the low average ordering for new vessels in the recent past. We plan to continue trading under short-term charters for the time being until employment rates start firming up and we see the potential. Also, Motro Vessels Giannis Pittas and Christos Skeie are currently undergoing their scheduled dry docking. Motovershell, Goodhart, Our 13 drivable carriers have a total cargo capacity of about 920,000 dead weight tons and an average age of about 13.5 years. At this point, I would like to remind you that, as we discussed earlier, to which we refer, as during the presentation, as NRP investors. Food Charters

Anastasios Aslidis: It is expected that supply growth will be quite limited over the next couple of years due to the low average ordering for new vessels in the recent past, and thus it is likely that any demand growth will be translated into increases in chart rates. We plan to continue trading under short-term charters for the time being until employment rates start firming up and we see the potential, positive effect of demand increases. You can see the specifics of the various charters we fixed on the relevant slide, slide 4.

Speaker Change: It is expected that supply growth will be quite limited over the next couple of years due to the low average ordering for new vessels in the recent past.

Speaker Change: and thus it is likely that any demand growth to be translated in increases to charter rates.

Speaker Change: We plan to continue trading under short-term charters for the time being until employment rates start firming up and we see the potential

Anastasios Aslidis: You can see the specifics of the various charters we see in the relevant slide, Slide 4. During this period, the second quarter of 2024, our motor vessels Starlight Maria and Irene P. underwent the scheduled dry dockings and repairs from approximately 23-26 and 31 days, respectively. Vessels Maria and Irene's dry dock started in June, in the second quarter, and was completed in July, and the related cost would most influence our third quarter results. Also, motor vessels, young speakers, and Christos K, are currently undergoing their scheduled dry dockings. In fact, we have decided to perform earlier the dry dockings, mostly for commercial reasons, related to them being fully available for employment in case the markets meaningfully cover the near future.

Speaker Change: positive fectank of demand raazing

Speaker Change: You can see the specifics of the various charters we fixed in the relevant slide, slide 4.

Anastasios Aslidis: During this period, the second quarter of 2024, our motor vessels Starlight, Maria, and Irini P. underwent their scheduled dry dockings and repairs for approximately 23, 26 and 31 days, respectively. Vessels, Marias, and Irene's Dry Dock started in June, in the second quarter, and was completed in July, and the related costs would mostly influence our third quarter results. Also, Motro Vessels Giannis Pittas and Christos Skeie are currently undergoing their scheduled dry docking.

Speaker Change: During this period, the second quarter of 2024, our motor vessels...

Speaker Change: star light maria and urinp under when the scheduled diry doking and repels from approximately twenty three twenty-six and third one dageer spectivevly

Speaker Change: Vessels, Marias, and Irini's dry dock started in June , in the second quarter, and was completed in July , and the related cost would mostly influence our third quarter results.

Speaker Change: Also, Motro Vessels Giannis Pittas and Christos Skeie are currently undergoing their scheduled dry dockings.

Anastasios Aslidis: In fact, we have decided to perform the dry dockings earlier, mostly for commercial reasons related to them being fully available for employment in case the markets meaningfully recover in the near future. Finally... Motovershell, Guthard, encounter a commercial of her last quarter awaiting time of four and a half days between two charges. Subsequently, the vessel also experienced a technical off-high for about 10 days due to a required main engine turbocharger repair. Please turn to slide 5.

Speaker Change: In fact, we have decided to perform earlier the dry dockings, mostly for commercial reasons related to them being fully available for employment in case the markets meaningfully recover in the near future.

Anastasios Aslidis: Finally, motor vessel Goodhark, and Karl Tier a commercial of higher last quarter, a weighting time of 4.5 days between two charts. The vessel also experienced a technical of higher for about 10 days due to require main engine to apologize repair.

Speaker Change: Finally...

Speaker Change: Motor Vessel Goodheart encountered a commercial of hers last quarter, a waiting time of four and a half days between two charters.

Speaker Change: Subsequently, the vessel also experienced a technical off-high for about 10 days due to a required main engine turbocharger repair.

Anastasios Aslidis: Please turn to slide 5. EuroDry's fleet consists of 13 vessels, including five Panamax carriers, five Ultramaxes, two Cancer Maxes and two Supermax. We think of our fleet as having two clusters: a modern eco-1 of eight vessels, all built after 2014. And our vintage five Panamaxes, or all built in Japan, at the highest standards of their time, having been the war courses of the sector. For 13 dribble carriers, 13 dribble carriers have a total cargo capacity of about 920,000 dead weight-ons, and another at age of about 13.5 years. At this point, I would like to remind you that, as previously discussed, EuroDry owns 61% of the entities of the supporting companies that own motor vessels, Kristoffer Skeie and Maria.

Speaker Change: Please turn to slide 5.

Anastasios Aslidis: EuroDry's fleet consists of 13 vessels, including 5 Panamax carriers, 5 Ultramaxes, 2 Kamsermaxes, and 10 Supermaxes. We think of our fleet as having two clusters, a modern Eco-1 of eight vessels, all built after 2014, and our vintage five Panamaxes, all built in Japan at the highest standards of their time, having been the workhorses of the sector for our 13 tribal careers Our 13 drivable carriers have a total cargo capacity of about 920,000 deadweight tons and an average age of about 13.5 years.

Speaker Change: EuroDry's fleet consists of 13 vessels, including 5 Panamax carriers, 5 Ultramaxis, 2 Kamsermaxis and 2 Supermax.

Speaker Change: We think of our fleet as having two clusters, a modern Eco-1 of 8 vessels, all built after 2014.

Speaker Change: and our vintage five Panamaxes, all built in Japan at the highest standards of their time, having been the workhorses of the sector.

Speaker Change: Of our 13 dry bulk carriers, our 13 dry bulk carriers have a total cargo capacity of about 920,000 dead weight tons and an average age of about 13.5 years.

Anastasios Aslidis: At this point, I would like to remind you that, as previously discussed, EuroDry owns 61% of the entities of the shipowning companies that own the motor vessels Christoffer Skeie and Maria. The remaining 39% is owned by owners represented by NRP Project Finance, to which we refer, as during the presentation, as NRP investors. Next, please turn to slide 6, to see a graphical representation of our fleet employment. As you can see, and consistent with my earlier remarks, fixed rate coverage for the remainder of 2024 stands at around 22%.

Speaker Change: At this point, I would like to remind you that, as previously discussed,

Speaker Change: EuroDry owns 61% of the entities of the shipowning companies that own motor vessels Christoffer Skeie and Maria. The remaining 39% is owned by owners represented by NRP Project Finance.

Anastasios Aslidis: The remaining 39% is owned by owners represented by NRT Projects Finance, which we refer to as during the presentation as NRP Industries.

Speaker Change: to which we refer during the presentation as NRP investors.

Anastasios Aslidis: Next, please turn to slide 6. To see a graphical representation of our fleet employment. As you can see, and consistent with my earlier remarks, fixed trade coverage for the remainder of 2024 stands at around 22%, and through charts. However, this feature excludes ships on index charts, which are open to market fluctuations, but nevertheless have secured employment.

Speaker Change: Next, please turn to slide 6.

Speaker Change: to see a graphical representation of our fleet employment.

Speaker Change: As you can see, and consistent with my earlier remarks, fixed rate coverage for the remainder of 2024 stands at around 22% through charters.

Anastasios Aslidis: Food Charters. However, this feature excludes ships on index charters, which are open to market fluctuations but nevertheless have secure deployment. At this point, let me pass the floor to our Chief Administrative Officer, Mr. Simos Pargaras, to go over recent market developments.

Speaker Change: However, this feature excludes ships on index charters.

Speaker Change: which are open to market fluctuations, but nevertheless have secure deployment.

Simous Paryaros: At this point, let me pass the floor to our Chief Administrator Officer, Mr. Sima Spargeras, to go over the recent market developments.

Speaker Change: at this point let me pass the floor to our chie administrativeto off serve m cmas per yas to go over there issome market developments

Simous Paryaros: Thank you, Tassels.

Simos Pariaros: Thank you, Tassos. Good morning from me as well, ladies and gentlemen.

Simous Paryaros: Good morning from me as well, ladies and gentlemen. Together, we will walk through some market highlights today. Turning on to slide 8 now, we will go over the market highlights for the second quarter of 2024, up until recently. In the second quarter, the average spot market rate for quantum markets was around 14.5,000 dollars per day. By August, spot rates have declined, the reason to just be low 15,000. In the meanwhile, one year times at the rate stood for quantum access at approximately 16,000 dollars per day during the quarter. And have shown slight softening in the past weeks.

Speaker Change: Thank you, Tasos. Good morning from me as well, ladies and gentlemen. Together, we will walk through some market highlights today.

Simos Pariaros: Together, we will walk through some market highlights today. Turning on to slide 8 now, we will go over the market highlights for the second quarter of 2024 so far. In the second quarter, the average spot market rate for Panamaxes was around $14,500 per day. By August, spot rates had slightly risen to just below $15,000. In the meantime, one year time saturates stood for Panamaxes at approximately $16,000 per day during the quarter and have... sorry... and have shown a slight softening in the past week.

Tasos: Turning on to slide 8 now, we will go over the market highlights for the second quarter of 2024 up until recently.

Speaker Change: in the second quarter the avertage spoort market rate for panam axcess was around for teen and a half thousand dollars per day by august sptter r have slightly reason to just below the teen thousand

Tasos: In the meanwhile, one year time saturates stood for Panamaxes at approximately $16,000 per day during the quarter.

Anastasios Aslidis: a slight softening in the past week. However, rates still represent a significant improvement from around... This uplifting employment rate was primarily driven by the ongoing Panama and Red Sea disruptions. Excuse me again.

Speaker Change: an hartfan abchi and hususaidg

Simos Pariaros: However, rates still represent a significant improvement from around $10,500 that was during the same period last year, which marks a notable increase of nearly 50%. This uplift in employment rates was primarily driven by the ongoing Panama and Red Sea disruptions.

Simous Paryaros: However, a rate still represents a significant improvement from around 10,500 dollars that was during the same period last year, which marks a notable increase of nearly 50%. This uplift in employment rate was primarily driven by the ongoing Panama and Red City Disruptions. Excuse me again.

Speaker Change: a slight softening in the past weeks.

Speaker Change: However, rates still represent a significant improvement from around $10,500 that was during the same period last year.

Speaker Change: which marks a notable increase of nearly 50%.

Simous Paryaros: Please now turn slide 9 to see some data from a recent IMF update. The fund is a global economy to experience modest growth over the next two years with cooling activities in the U.S. Estabillation in Europe and stronger consumption and export from China. As a result, the IMF maintained its 2024 growth forecast at 3.2 percent, consistent with its April rejection, while slightly increasing next year's forecast by 0.1 percent to 3.3 percent, with China and India breaking the most notable upward revisions. On the other end, Japan's growth has been revised the most downward for this year to 0.7 percent, down from 0.9 percent, together with Russia in 2025, which is projected to go down from 1.5 percent to 1.5 percent, from 1.8 percent in the previous forecast.

Simos Pariaros: Please now turn to slide 9 to see some data from a recent IMF update. Thank you. The Fund sees the global economy to experience modest growth over the next two years, with cooling activities in the U.S., establishment in Europe, and stronger Consumption and Export from China. As a result, the IMF has maintained its 2024 growth forecast at 3.2%, consistent with its April projection, while slightly increasing next year's forecast by 0.1% at a point to 3.3%, with China and India bringing the most notable upward revision. On the other hand, Japan's growth has been revised the most downward for this year, to 0.7% down from 0.9%, together with Rossian, and many more. Thank you.

Speaker Change: Excuse me again.

Speaker Change: please now turnend slide nine to see some data from a recent dionf update

Speaker Change: the fund cle the global economist to experience modest growth over the next two years with cooling activity in the us a abilation in europe and stronger consuception and nextbook from china

Speaker Change: As a result, the IMF has maintained its 2024 growth forecast at 3.2%.

Speaker Change: Consistent with its April projection, while slightly increasing next year's forecast by 0.1% at point to 3.3%, with China and India bringing the most notable upward revisions.

Anastasios Aslidis: On the other hand, Japan's growth has been revised the most downward for this year, to 0.7% down from 0.9%. However, for next year, the IMF has cautioned that growth is expected to slow down a bit to 6.5%. Demand in 2025 is projected to grow by about half a percent at this point, assuming conditions in the Panama Canal and the Red Sea normalize, and conflicts are resolved in the Red Sea. Now please turn to slide 10.

Tasos: On the other end, Japan's growth has been revised the most downward for this year, to 0.7% down from 0.9%.

Tasos: together with protisia

Simos Pariaros: Thank you, in 2025, which is projected to go down from 1.5% to 1.5% from 1.8% in the previous quarter. As the weight of China in tribal shipping is the driver of this market, we continue to monitor China's economy closely, its property and infrastructure sectors, which have played a vital role in shaping this market over the past two decades are not growing at levels seen in the past anymore, and despite the fact that the real estate sector has been saturated for more than three years now, we see different trades and commodities developing, like bauxite imports from Africa, along with others, which have given significant support to the dry bulk market and are expected to continue to do so.

Tasos: In 2025, which is projected to go down from 1.5% to 1.5% from 1.8% in the previous forecast.

Simous Paryaros: As the weight of China in dribble shipping is the driver of this market, we continue to monitor China's economy closing. Its property and infrastructure sectors, which have played a vital role in shaping this market over the past two decades, are not growing at levels in the past anymore. Despite the fact that the real estate sector has been saturated for more than three years now, we see different rates and commodities developing, like box-act imposter massacre, along with others, which have given significant support to the dribble market and are expected to continue to do so.

Speaker Change: As the weight of China in dry bulk shipping is the driver of this market, we continue to monitor China's economy closely.

Tasos: its property and infrastructure sectors, which have played a vital role in shaping this market.

Speaker Change: over the past two decades are not growing at level seen in the past anymore and despite the fact that the real est sector has been saturated for more than three years now we seeit different trate and commodities developing like box site imports from africa along with others book have given significant support

Speaker Change: to the dry bulk market and are expected to continue to do so.

Simous Paryaros: So the question is: what will drive this market to more growth at the level if its main workhorse is getting more and more tired? On this note, let's say if you think about India, we seem to be the next idea that will help the world economy to continue growing at a healthy level and has material effects on the dribble trade as well. In that respect, India's growth is projected to remain robust at about 7 percent this year. The support revision is attributed to improve private consumption predominantly. However, for next year, the IMF has cautioned that growth is expected to slow down a bit to 6.5 percent.

Simos Pariaros: So the question is, what will drive this market to a more profitable level if its main workhorse is getting more and more tired? On this note, let's say a few things about India, which seems to be the next tiger that would help the world economy to continue growing at healthy levels and has material effects on the tribal trade as well.

Tasos: So the question is, what will drive this market to a more profitable level if its main workhorse is getting more and more tired?

Speaker Change: On this note, let's say a few things about India, which seems to be the next tiger that would help the world economy to continue growing at health levels and has material effects on the tribal trade as well.

Simos Pariaros: In that respect, India's growth is projected to remain robust at about 7% this year. This upward revision is attributed to improved private consumption. However, for next year, the IMF has cautioned that growth is expected to slow down a bit to 6.5%. In the meantime, the remaining Asian, excuse me again, the remaining economies in Asia, like the Asian 5 Group, still remain the main engine for the global economy with a forecast remaining broadly unchanged from April.

Tasos: In that respect, India's growth is projected to remain robust at about 7% this year.

Tasos: This upward revision is attributed to improved private consumption predominantly.

Tasos: However, for next year the IMF has cautioned that growth is expected to slow down a bit to 6.5%.

Simous Paryaros: In the meanwhile, the remaining economies like the Asian 5 Group still remain the main engine for the global economy, with the forecast remaining grossly unchanged from April. Now, according to collections, 10 mile demand for dribble trade is presently expected to grow by about 4.4 percent in 2024. This includes about 1.6 percent uplift for the entire year due to the Red Sea and Panama Canal disruption. Jones. A longer duration of these distractions in these regions could potentially drive demand even higher. Lower speech and further congestion are other factors that could further boost demand this year. Demand in 2025 is projected to grow by about half a centred point, assuming conditions in the Panama Canal and the Red Sea normalize, and the conflicts are resolved in the Red Sea.

Speaker Change: in the meanwhile the remaining asian they many school make the remaining economies in asia like the as and five groups still remain the main ending for the global economy with the forecusast remaining broadly unchanged from maorling

Simos Pariaros: Now, according to Clarkson's 10-mile demand for dry bulb trays is presently expected to grow by about 4.4% in 2024. This includes about 1.6% uplift for the entire year due to the Red Sea and Panama Canal disruption. A longer duration of these disruptions in these regions could potentially drive demand even higher. Lower speech and further congestion are other factors that could further boost demand this year. Demand in 2025 is projected to grow by about half a percentage point, assuming conditions in the Panama Canal and the Red Sea normalize, and conflicts are resolved in the Red Sea. If the situation in these areas remains unchanged, we could be surprised on the upside, but at the moment, any prediction looks very uncertain. Now, please turn to slide 10.

Speaker Change: Now, according to Clarkson's ton-mile demand for dry bulb trade...

Speaker Change: is presently expected to grow by about 4.4% in 2024.

Speaker Change: This includes about 1.6% uplift for the entire year due to the Red Sea and Panama Canal disruptions.

Speaker Change: A longer duration of these disruptions in these regions could potentially drive demand even higher.

Tasos: lower speech and further congestion

Tasos: are other factors that could furtherthe boost demand this year

Tasos: Demand in 2025 is projected to grow by about half percentage point, assuming conditions in the Panama Canal and the Red Sea normalize and the conflicts are resolved in the Red Sea.

Simous Paryaros: If the situation in these areas remains unchanged, we would be surprised on the upside, but at the moment, any prediction looks very uncertain.

Tasos: If the situation in these areas remains unchanged, we could be surprised on the upside, but at the moment any prediction looks very uncertain.

Simous Paryaros: Now please stand to slide 10. Antwerpence about the future fuels and high new building prices have led to the low water book continuing. As of August 2024, the order book, as the percentage of the total fleet, is only 9.7%, which is near the lowest historical levels. This suggests low-flip growth of the next couple of two to three years. Compliment in this low-flip growth, we also have the effect of increased low steaming and expected scrapping due to the introduction of the new environmental regulations. This could reduce the effective available bulk supply even further.

Anastasios Aslidis: Uncertainties about the future of fuels and high new building prices have led to the low order book continuing. As of August 2024, the order book, as a percentage of the total fleet, is only 9.7%, which is near the lowest historical level. This suggests low growth over the next couple of two to three years. Now turning to slide 11, let us now look into the supply fundamentals in a bit more detail.

Simos Pariaros: Uncertainties about the future of fuels and high new building prices have led to the low order book continuing. As of August 2024, the order book as a percentage of the total fleet is only 9.7%, which is near the lowest historical level. This suggests low-flip growth over the next couple of two to three years. Complimenting this slow flip growth, we also have the effect of increased slow steaming and expected scrapping due to the introduction of new environmental regulations.

Speaker Change: nolist them sl then

Tasos: Uncertainties about the future of fuels and high new building prices have led to the low order book continuing.

Tasos: our august as of august two thousand and twenty four the order book of the perers of the total fleet is only nine point seven percent which is near the lowest historical levels

Tasos: This suggests a low-flip growth over the next couple of two to three years.

Tasos: Complimenting this low fleet growth, we also have the effect of increased floor steaming and expected scrapping due to the introduction of the new environmental regulations.

Tasos: this could reduce the effective available bul supply even se

Simos Pariaros: This could reduce the effective available bulk supply even further. Now turning to slide 11, let us now look into the supply fundamentals in a bit more detail. According to Clarkson's latest report, new deliveries as a percentage of the total fleet are expected to be about 3.6% this year, 3.3% next year, and 4.7% next year in 2026 and onward. The actual fleet growth is, of course, expected to be lower than the aforementioned figures due to scrapping and slippage.

Simous Paryaros: Now turning on to slide 11, let us now look into the supplies of the menders in a bit more detail. According to the actions latest reports, new deliveries as a percentage of the total fleet are expected to be about 3.6% this year, 3.3% next year, and 4.7% in 2026 and onwards. The actual fleet growth is expected to be lower than the aforementioned figures due to scrapping and slippage. Also note that about 9% of the fleet is older than 20 years old and therefore a good candidate for scrapping, especially if the market remains apparent or lower levels.

Speaker Change: now turning on to slide eleven let us now look into the supplyes are demanderss in a bit more detail

Anastasios Aslidis: According to Clarkson's latest report, new deliveries as a percentage of the total fleet are expected to be about 3.6% this year, 3.3% next year, and 4.7% next year. Also note that about 9% of the fleet is older than 20 years old and therefore a good candidate for scrapping, especially if the market remains at current or lower levels. The bulk carrier market has been positive so far in 2024, with average freight rates rising by 35% year-over-year.

Speaker Change: According to Clarkson's latest report, new deliveries as a percentage of the total fleet are expected to be about 3.6% this year, 3.3% next year and 4.7% next year.

Tasos: in 2026 and onwards.

Tasos: The actual flip growth is of course expected to be lower than the aforementioned figures due to scrapping and flippers.

Simos Pariaros: Also note that about 9% of the fleet is older than 20 years old and therefore a good candidate for scrapping, especially if the market remains at current or lower levels. Please now turn to slide 12, where we summarize our outlook for the dryback market. The bulk carrier market has been positive so far in 2024, with average freight rates rising by 35% year-over-year. Despite a slight softening during the last few weeks of July, rates remain healthy and above last year's levels.

Tasos: Also note that about 9% of the fleet is older than 20 years old, and therefore a good candidate for scrapping, especially if the market remains at current or lower levels.

Simous Paryaros: Please now turn to slide 12, where we summarize our outlook for the dryback market. The bulk higher market has been positive so far in 2024, with average freight rate rising by 35% year over year. Despite the slight softening during the last few weeks of July, rates remain healthy and above last year's levels. Oral demand growth, especially in the Atlantic region, have positively impacted the market. The global sea on travel trade indicator shown in Greece. Additionally, distractions in the Red Sea and Panama Canal have also contributed positively. Panama freight rate reached almost $16,000 per day in the second quarter of 2024, reflecting a 35% increase compared to the second quarter last year.

Tasos: Please now turn to slide 12, where we summarize our outlook for the dry bulk market. The bulk carrier market has been positive so far in 2024, with average freight rate rising by 35% year-over-year.

Anastasios Aslidis: Despite a slight softening during the last few weeks of July, rates remain healthy and above last year's level. Robust demand growth, especially in the Atlantic region, has positively impacted the markets, with the global ship-on-travel trade indicator showing an increase. Additionally, disruptions in the Red Sea and the Panama Canal have also contributed positively. Panama's freight rate reached almost $16,000 per day in the second quarter of 2024, reflecting a 35% increase compared to the second quarter last year. The outlook for the second half of 2024 is optimistic as seasonality kicks in. However, as renewables further penetrate the electricity mix, coal trade dynamics and prospects remain to be further evaluated in the immediate future.

Speaker Change: despite the sllight softening during the last few weeks of july arrs remain healthy and abbook last year's levels

Simos Pariaros: Robust demand growth, especially in the Atlantic region, has positively impacted the markets, with the global ship-on-travel trade indicator showing an increase. Additionally, disruptions in the Red Sea and the Panama Canal have also contributed positively. Panama's freight rate reached almost $16,000 per day in the second quarter of 2024, reflecting a 35% increase compared to the second quarter last year. The outlook for the second half of 2024 is optimistic as seasonality kicks

Tasos: Robert, demand growth, especially in the Atlantic region, have positively impacted the markets. The global seaborne travel trade indicator is showing an increase.

Tasos: Additionally, disruptions in the Red Sea and Panama Canal have also contributed positively.

Tasos: Panama's freight rate reached almost $16,000 per day in the second quarter of 2024, reflecting a 35% increase compared to the second quarter last year.

Simous Paryaros: The outlook for the second half of 2024 is optimistic as his analogy kicks in. The eruting of vessels away from the Red Sea remains to keep focus with fresh canal bulk of transit staying relatively stable in recent months, leading to an estimated 1.2% increase in bulk of the market. Restrictions on the Paramakanal have continued to impact the market, with bulkier transit recently being less than a set of normal levels. However, additional daily slots through the rest of the year could increase bulkier transit and break trends back to normal, potentially slightly reducing the demand for shifts.

Tasos: The outlook for the second half of 2024 is optimistic as seasonality kicks in.

Simos Pariaros: The rerouting of vessels away from the Red Sea remains a key focus, with Suez Canal bulkhead transit staying relatively stable in recent months, leading to an estimated 1.2% increase in bulkhead demand. However, restrictions on the Panama Canal have continued to impact the market, with bulk air transit recently being less than a third of normal levels. However, additional daily slots through the rest of the year could increase bulk air transit and bring trends back to normal, potentially slightly reducing the demand for ships.

Tasos: The re-routing of vessels away from the Red Sea remains a key focus, with Suez Canal bulkhead transit staying relatively stable in recent months, leading to an estimated 1.2% increase in bulkhead demand.

Tasos: Restrictions on the Panama Canal have continued to impact the market, with bulk air transit recently being less than a third of normal levels.

Tasos: However, additional daily slots through the rest of the year could increase bulk air transit and bring trends back to normal, potentially slightly reducing the demand for ships.

Simous Paryaros: Now, looking ahead to next year, again, we have to take under consideration the timing of the return to normality of the two major passages of fresh and Panama, something that is really hard to predict considering the geopolitical circumstances in the Middle East. In any case, the relatively small and manageable order book, the introduction of further environmental regulations, the rise in operation and the dry token cost, which makes the operation for both the shifts less competitive, creates favorable dynamics which could trigger a very strong market if the world economy grows at a healthy pace and drivable trade demand creates a necessary spot.

Simos Pariaros: Now looking ahead into next year, again, we have to take into consideration the timing of the return to normality of the two major passages of Suez and Panama, something that is really hard to predict considering the geopolitical circumstances in the Middle East. In any case, the relatively small and manageable order book, the introduction of further environmental regulations, and the rising operational dry docking costs, which make the operations of other ships less competitive, create favorable dynamics that could trigger a very strong market if the world economy grows at a healthy pace and rival trade demand creates the necessary spikes.

Tasos: Now, looking ahead into next year, again, we have to take under consideration the timing of the return to normality of the two major passages of Suez and Panama, something that is really hard to predict considering the geopolitical circumstances in the Middle East.

Speaker Change: in any case there are relatively small and manageable orderbook the introduction of further environmental regulations

Tasos: The rising operationally dry docking cost, which makes the operations of other ships less competitive, creates favourable dynamics which could trigger a very strong market if the world economy grows at a healthy pace and rival trade demand creates the necessary spikes.

Simous Paryaros: Electricity demand worldwide is growing at a fast pace, greatly supported by the introduction of artificial intelligence and the electrification of the vehicle fleet, something that provides great support in the drivable market. However, as the renewables further penetrate the electricity mix, call trade dynamics and prospects remain to be further evaluated in the near future.

Simos Pariaros: Electricity demand worldwide is growing at a fast pace, greatly supported by the introduction of artificial intelligence and the electrification of the vehicle fleet, something that provides great support for the dry bulb market. However, as renewables further penetrate the electricity mix, coal trade dynamics and prospects remain to be further evaluated in the immediate future.

Speaker Change: electricity demand ard one is growing at a first p greatly supported by the introduction of articial intelligence and the lectfication of the vehicles fle something that provides great support in the dribal market

Tasos: However, as renewables further penetrate the electricity mix, coal trade dynamics and prospects remain to be further evaluated in the immediate future.

Simous Paryaros: Let's now turn to slide 13. The left side of the slide shows the evolution of one year times at the rate of Panamax vessel since 2005. As of August, the one year times at the rate for panamax ships with capacity of about 75,000 tons was just below $16,000 per day, which is approximately 16% above the historical median rate. Which is in the region of $13,500 per day. Vessel prices, as you can clearly see, are well above other prices seen in previous years.

Simos Pariaros: Let's now turn to slide 13. The left side of the slide shows the evolution of the one year time charter age of Panama. As of August, the one-year time charter rate for Panama ships with a capacity of about 75,000 tons was just below $16,000 per day, which is approximately 16% above the historical median rate, which is in the region of $13,500 a day. Vessel prices, as you can clearly see, are well above average prices seen in previous years. I will now pass the floor to our CFO, Anastasios Aslidis, to continue with some financial data.

Simos Pariaros: Let's now turn to slide 13. The left side of the slide shows the evolution of one-year-time charter rates in Panama. Berserker, [inaudible] 2005 As of August, the one-year time charter rate for Panama ships with a capacity of about 75,000 tons was just below $16,000 per day, which is approximately 16% above the historical median rate, which is in the region of $13,500 a day. Vessel prices, as you can clearly see, are well above average prices seen in previous years. And with that, I will now pass the floor to our CFO, Anastasios Aslidis, to continue with some financial data.

Speaker Change: let's now turnend to slide thir teenam

Speaker Change: The left side of the slide shows the evolution of one-year-time charter age of Panamax.

Speaker Change: basselsince

Speaker Change: As of August , the one-year time charter rate for Panama ships with capacity of about 75,000 tons was just below $16,000 per day, which is approximately $3.5 billion.

Speaker Change: 16% above the historical median rate, which is in the region of $13,500 a day.

Speaker Change: vesessel prices as you can clearly see our available abgance prices in in previous years

Anastasios Aslidis: And with that, I will now pass the floor to our CFP, obviously, to continue some financial data. Thank you very much, Simo. As mentioned in the beginning of the presentation, together with Athena, we will give you an overview of our financial highlights for the second quarter and first half of 2024 and compare them to the same period of last year.

Speaker Change: and wewith've that

Anastasios Aslidis: I will now pass the floor to our CFO , Anastasios Aslidis, to continue with some financial data.

Anastasios Aslidis: Thank you very much, Simon. As mentioned at the beginning of the presentation, together with Athena, we will give you an overview of our financial highlights for the second quarter and first half of 2024 and compare them to the same periods of last year. I will now pass the floor to Athena, first, to start our review. Athena, please go ahead.

Anastasios Aslidis: Thank you very much, Simo. As mentioned at the beginning of the presentation, together with Athena, we will give you an overview of our financial highlights for the second quarter and first half of 2024 and compare them.

Atina Atalotti: I will now pass the floor to Athena first to start out with you. Athena, this is gorgeous. Thank you very much, Stato.

Athena Attalioti: to the same periods of last year.

Speaker Change: I will now pass the floor to Athena, first, to start our review. Athena, please go ahead. Thank you very much, Tato. Good morning for me as well, ladies and gentlemen.

Athena Aftalioti: Thank you very much, Sasha. Good morning to you as well, ladies and gentlemen.

Atina Atalotti: Good morning for me as well, ladies and gentlemen. Let's hand slide 15. For the second quarter of 2024, the company reported total net revenues of $13.4 million, representing a 68.7% increase over total net revenues of $10.3 million during the second quarter of 2023, which was the result of the highest time chart rate, our vessel ends and the income. The increase average number of Vessel operated during the second quarter of 2024, compared to the same period of 2023. The company reported net loss attributable to controlling share holders for the period of $0.41 million as compared to net loss attributable to controlling share holders of $1.2 million for the same period of 2023.

Athena Aftalioti: Let's turn to slide 15. For the second quarter of 2024, the company reported total net revenues of $17.4 million, representing a 68.7% increase over total net revenues of $10.3 million during the second quarter of 2023, which was the result of the higher time charter rate our vessels earned and the increased average number of vessels operated during the second quarter of 2024 compared to the same period of 2023. The company reported a net loss attributable to controlling shareholders for the period of $0.41 million as compared to a net loss attributable to controlling shareholders of $1.2 million for the same period in 2023.

Athena Aftalioti: The net gain attributable to the non-controlling interest of about $80,000 in the second quarter of 2024 represents the gain attributable to the 39% ownership by the NRP investors. Interest and other financing costs, including interest income, for the second quarter of 2024 amounted to $2 million, compared to $1,250,000 for the same period of 2023. Interest expense during the second quarter of 2024 was higher mainly due to the increased amount of debt and the increased benchmark rates of our loans, while interest income was lower due to lower cash balances during the period as compared to the same period last year.

Speaker Change: let's hand sllight fif team

Athena Attalioti: For the second quarter of 2024, the company reported total net revenues of $17.4 million, representing a 68.7% increase.

Speaker Change: over total net revenues of $10.3 million during the second quarter of 2023, which was the result of the higher time charter rate our vessels earned and the increased average number of vessels operated during the second quarter of 2024 compared to the same period of 2023.

Speaker Change: The company reported net loss attributable to controlling shareholders for the period of $0.41 million, as compared to net loss attributable to controlling shareholders of $1.2 million for the same period of 2023.

Atina Atalotti: The net gain attributable to the non-controlling interest of about $80,000 in the second quarter of 2024 represents the gain attributable to the 39% ownership by the NRC in Vessel. Interest and other financing calls, including interest income for the second quarter of 2024, amounted to $2 million compared to $1 million to $150,000 for the same period of 2023. Interest expense during the second quarter of 2024 was higher mainly due to the increased amount of debt and the increased benchmark rate of our loan, while interest income was lower due to lower cash balances during the period as compared to the same period of last year.

Speaker Change: The net gain attributable to the non-controlling interest of about $80,000 in the second quarter of 2024 represents the gain attributable to the 39% ownership by the NRP investors.

Anastasios Aslidis: Interest and other financing costs, including interest income, for the second quarter of 2024 amounted to $2 million, compared to $1,250,000 for the same period of 2023. Interest and other financing costs, including interest income, for the first half of 2024 amounted to 4.1 million dollars, compared to 2.9 million dollars for the same period of 2023. This increase is mainly due to the increased amount of debt in the current period as well as an increase in the benchmark rate of our loans, while interest income was lower due to lower cash balances compared to the same period in 2023.

Speaker Change: Interest and other financing costs, including interest income for the second quarter of 2024, amounted to $2 million compared to $1,250,000 for the same period of 2023.

Speaker Change: interest expense during the second quarter and twenty four was higher men due to the increased amount of deb and the increaseed bench mark rate of our own while interest income was a lower due lower cut balaned during the period as compared to the same period of blood years

Athena Aftalioti: Adjusted EBITDA for the second quarter of 2024 was $5 million, compared to $2.5 million achieved during the second quarter of 2023. Basic and diluted loss per share attributable to the company for the second quarter of 2024 was $0.15, calculated on about $2.7 million basic and diluted weighted average number of shares outstanding, compared to a loss per share of $0.43, calculated on about $2.8 million basic and diluted weighted average number of shares outstanding for the second quarter of 2023.

Atina Atalotti: Adjusted EBITDA for the second quarter of 2024 was $5 million compared to $2.5 million achieved during the second quarter of 2023. Basic and diluted lots of share attributable to the company for the second quarter of 2024 was 15 cents calculated on about 2.7 million basic and diluted weighted average number of shares outstanding, compared to a loss per share of 43 cents calculated on about 2.8 million basic and diluted weighted average number of shares outstanding for the second quarter of 2023. Usually, security analysts do not include the above item in their public estimate of earnings per share.

Speaker Change: Adjusted EBITDA for the second quarter of 2024 was $5 million compared to $2.5 million achieved during the second quarter of 2023.

Speaker Change: Basic and they looked at the loss per share attributable to the company for the second quarter of 2024 was $0.15.

Speaker Change: calculated on about two point seven million basic and diluted w that are number of shares of standing compared the lo per share of forty three cent calculated on a about two point eight milliion basase can littleated way the diverage number of shareshold stand for the second ar of centse sentyc

Speaker Change: Excluding the effect on the loss attributable to controlling share holders for the quarter of the unrealized gain of derivatives, the adjusted loss for the quarter ended June 30, 2024, would have been $0.17 per share based and diluted, compared to adjusted loss of $0.48 per share based and diluted, respectively, for the quarter ended June 30, 2023. Usually, security analysts do not include the above item in their published estimates of earnings per share.

Athena Aftalioti: Excluding the effect on the loss attributable to controlling shareholders for the quarter of the unrealized gain on derivatives, the adjusted loss for the quarter ended June 30, 2024, would have been $0.17 per share basic and diluted, compared to an adjusted loss of $0.48 per share basic and diluted, respectively, for the quarter ended June 30, 2023. However, usually, security analysts do not include the above item in their published estimates of earnings per share.

Atina Atalotti: Let's now look at the numbers for the corresponding six-month periods and the June 30th, 2024, and compare it to last year. For the third half of this year, the company reported total net revenues of $31.9 million, representing a 47% increase over total net in the revenues of $21.7 million during the first half of 2023, which was the result of the increase in times chart rate of our vessels and the increase average number of vessels operating during the first half of 2024 compared to the same period of 2023. The company reported a net loss attributable to controlling shareholders of 2.2 million dollars, as compared to a net loss attributable to controlling shareholders of 2.7 million dollars for the first half of 2023.

Athena Aftalioti: Let's now look at the numbers for the corresponding six-month period ended June 30, 2024, and compare them to last year. For the first half of this year, the company reported total net revenues of $31.9 million, representing a 47% increase over total net revenues of $21.7 million during the first half of 2023, which was the result of the increase in signed-charter rates of power vessels earned and the increased average number of vessels operating during the first half of 2024 compared to the same period in 2023.

Speaker Change: Let's now look at the numbers for the corresponding six-month period ended June 3rd, 2024 and compare it to last year.

Speaker Change: For the first half of this year, the company reported total net revenues of $31.9 million, representing a 47% increase over total net revenues of $21.7 million during the first half of 2023, which was the result of the increase in time charter rates of our vessels and the increased average number of vessels operating during the first half of 2024 compared to the same period of 2023.

Athena Aftalioti: The company reported a net loss attributable to controlling shareholders of $2.2 million as compared to a net loss attributable to controlling shareholders of $2.7 million for the first half of 2023. The net loss attributable to the non-controlling interest of about $50,000 in the first half of 2024 represents the loss attributable to the 39% ownership of Vienna Twin Vests. Interest and other financing costs, including interest income, for the first half of 2024 amounted to 4.1 million dollars compared to 2.9 million dollars for the same period of 2023.

Speaker Change: The company reported a net loss attributable to controlling shareholders of $2.2 million as compared to a net loss attributable to controlling shareholders of $2.7 million for the first half of 2023.

Atina Atalotti: The net loss attributable to the non-controlled interest of about $50,000 in the first half of 2024 represents the loss attributable to the 39% ownership of the NHS investors. Interest and other financing calls, including interest income, for the first half of 2024 amounted to $4.1 million compared to $2.9 million for the same period of 2023. This increase is mainly due to the increase amount of debt in the current period as well as the increase in the benchmark rate of our loans, while interest income was lower due to lower cash balances compared to the same period of 2023.

Speaker Change: The net loss attributable to the non-controlling interest of about $50,000 in the first half of 2024 represents the loss attributable to the 39% ownership of the NFT investors.

Athena Aftalioti: This increase is mainly due to the increased amount of debt in the current period as well as an increase in the benchmark rate of our loans, while interest income was lower due to lower cash balances compared to the same period in 2023.

Speaker Change: Interest and other financing costs, including interest income, for the first half of 2024 amounted to $4.1 million compared to $2.9 million for the same period of 2023.

Speaker Change: This increase is mainly due to the increased amount of debt in the current period, as well as the increase in the benchmark rate of our loans, while interest income was lowered due to lower cash balances compared to the same period of 2023.

Anastasios Aslidis: Adjusted EBITDA for the first half of 2024 was 7.1 million dollars, compared to 4.8 million dollars achieved during the first half of 2023. Basic and diluted loss per share attributable to the company for the first half of 2024 was $0.81, calculated on about 2.2 million basic and diluted weighted average number of shares outstanding, compared to a loss per share of $0.98, calculated on about 2.9 million basic and diluted weighted average number of shares outstanding.

Athena Aftalioti: Adjusted EBITDA for the first half of 2024 was 7.1 million dollars, compared to 4.8 million dollars achieved during the first half of 2023. Basic and diluted loss per share attributable to the company for the first half of 2024 was $0.81, calculated on about 2.2 million basic and diluted weighted average number of shares outstanding, compared to a loss per share of $0.98, calculated on about 2.9 million basic and diluted weighted average number of shares outstanding.

Speaker Change: i just bitda for the first halfver of ten and twenty four was seven point one million dollars compared to five million dollars achieved during the first cver cent twenty three

Speaker Change: Basic and diluted flows per share attributable to the company for the first half of 2024 was $0.81.

Speaker Change: calculated on about 2.2 million basic and diluted weighted average number of shares outstanding compared to a loss per share of 98 cents calculated on about 2.9 million basic and diluted weighted average number of shares outstanding.

Atina Atalotti: calculated on about 2.9 million basic and diluted weighted average number of shares of standing. Excluding the effects on the net loss attributable to control the share holders for the first half of the year of the unrealized gain on derivatives, they adjusted the loss for the six months period and the June 30th 2024 would have been $1.35 per share based on diluted, compared to a loss of 33 cents per share based on diluted, respectively for the six months period and the June 30th 2023. Excluding the unrealized loss on derivatives, as previously mentioned, usually security analysts do not include the above items in their public estimates of earnings per share.

Speaker Change: Excluding the effects on the net loss attributable to controlling shareholders for the first half of the year of the unrealized gain on derivatives, the adjusted loss for the six-month period ended June 30, 2024, would have been $1.35 per share, basing and diluted, compared to adjusted loss of $0.33 per share, basing and diluted, respectively, for the six-month period ended June 30, 2023.

Anastasios Aslidis: Excluding the effect on the net loss attributable to controlling shareholders for the first half of the year of the unrealized gain on derivatives, the adjusted loss for the six-month period ended June 30, 2024, would have been $1.35 per share, basic and diluted, compared to an adjusted loss of $0.33 per share, basic and diluted, respectively, for the six-month period ended June 30, 2023, excluding the unrealized loss As previously mentioned, usually, security analysts do not include the above items in their published estimates of earnings per share.

Athena Aftalioti: Excluding the effect on the net loss attributable to controlling shareholders for the first half of the year of the unrealized gain on derivatives, the adjusted loss for the six-month period ended June 30, 2024, would have been $1.35 per share, basic and diluted, compared to an adjusted loss of $0.33 per share, basic and diluted, respectively, for the six-month period ended June 30, 2023, excluding the unrealized loss As previously mentioned, usually, security analysts do not include the above items in their published estimates of earnings per share.

Speaker Change: including the unrealized loss on derivatives.

Unknown Executive: and the second quarter of 2020 for financial reasons.

Speaker Change: As previously mentioned, usually security analysts do not include the above items in their published estimates of earnings per share. Let's now turn to slide 16 to review our list's performance.

Anastasios Aslidis: Let's now turn to slide 16 to review our flip performance. We will start our review by looking at our flip utilization rate for the second quarters of 2024 and 2023. As usual, our flip utilization rate is broken down into commercial and operational components. During the second quarter of 2024, our commercial utilization rate was 99.6%, while our operational utilization rate was 99.4%, compared to 98.3% commercial and 95% operational for the second quarter of last year.

Athena Aftalioti: Let's now turn to slide 16 to review our flip performance. We will start our review by looking at our flip utilization rate for the second quarters of 2024 and 2023. As usual, our flip utilization rate is broken down into commercial and operational components. During the second quarter of 2024, our commercial utilization rate was 99.6%, while our operational utilization rate was 99.4%, compared to 98.3% commercial and 95% operational for the second quarter of last year.

Unknown Executive: We have with us today Mr. Tathos Aslidis, chief financial officer of the company. At this time, all participants are not listening only mode. There will be a presentation followed by a question and answer section, at which time if you wish to ask a question, please press star one on your telephone keypad and wait for your name to be announced. Unless advise you that this conference is being recorded today, please be reminded that the company announced its results with a press release that has been publicly distributed.

Atina Atalotti: Let's now turn to slide 16 to review our slip performance. We will start our review by looking at our slip utilization rates for the second quarters of 2024 and 2023. As usual, our slip utilization rate is broken down into commercial and operational components. During the second quarter of 2024, our commercial utilization rate was 99.6%, while our operational utilization rate was 99.4% compared to 98.3% commercial and 95% operational for the second quarter of last year. On average, testing vessels were owned and operated during the second quarter of 2024, earning an average time-charter equivalent rate of $14,427 per day compared to 10 vessels in the same period of 2023, earning on average $12,117.

Speaker Change: We will start our review by looking at our slip utilization rate for the second quarters of 2024 and 2023. As usual, our slip utilization rate is broken down into commercial and operational components.

Unknown Executive: Before passing the floor to Mr. Aslidis, I would like to remind everyone that in today's presentation and conference call, EuroDry will be making four-looking statements. These statements are within the meaning of the federal security museum. Matters discussed may be four-looking statements which are based on current management expectations that involve risk and uncertainties that may result in such expectations not being realized. I kindly draw your attention to slide number two of the webcasts presentation which had the four-looking statement and the same statement was also included to the press release.

Speaker Change: during the second quarter of seventy four our commercial vutilization ray was ninth nine ty six percent while hour ofoperational utilization day was ninety nine point four percent compared to nnine ety eight point three percent commercial and ninety five percent of pational for the seven quarter of last year

Anastasios Aslidis: On average, 13 vessels were owned and operated during the second quarter of 2024, earning an average time charter equivalent rate of $14,427 per day compared to 10 vessels in the same period of 2023, earning an average of $12,179 per day. Our total daily operating expenses, including management fees, general, and administrative expenses but excluding drying and soaking costs, were $7,062 per vessel per day during the second quarter of 2024, compared to $7,656 per vessel per day for the second quarter of 2023.

Athena Aftalioti: On average, 13 vessels were owned and operated during the second quarter of 2024, earning an average time charter equivalent rate of $14,427 per day, compared to 10 vessels in the same period of 2023, earning an average $12,177 per day, or $79 per day.

Anastasios Aslidis: On average, 13 vessels were owned and operated during the second quarter of 2024, earning an average time charter equivalent rate of $14,427 per day, compared to 10 vessels in the same period of 2023, earning on average $12,179 per day.

Atina Atalotti: and $79 per day. Our thought out daily operating expenses, including management fees, general and administrative expenses, but including dry and working costs, were $7,062 per day during the second quarter of 2024, compared to $7,666 per day for the second quarter of 2020. If we move forward down on this table, we can see that we can see the cash flow break even levels, which takes into account, in addition to the above, the dry and working expenses, income expenses, and lower paying. For the second quarter of 2024, our daily cash flow break even levels was $13,214 per day, compared to $14,128 per day for the same period of 2024.

Athena Aftalioti: Our total daily operating expenses, including management fees, general, and administrative expenses but excluding drying and soaking costs, were $7,062 per vessel per day during the second quarter of 2024, compared to $7,656 per vessel per day for the second quarter of 2023. If we move down in this table, we can see the cash flow breakeven level, which takes into account, in addition to the above, the dry-breaking expenses, interest expenses, and the low repayments.

Speaker Change: it' seventy nine dollars for days

Unknown Executive: Please take a moment to go through the whole statement and read it.

Anastasios Aslidis: Our total daily operating expenses, including management fees, general and administrative expenses, but excluding drying and cooking costs, were $7,062 per vessel per day during the second quarter of 2024, compared to $7,656 per vessel per day for the second quarter of 2023.

Unknown Executive: And now, I would like to pass the floor to Mr. Aslidis. Please go ahead, sir.

Tathos Aslidis: Good morning, ladies and gentlemen. And thank you all for joining us today for our schedule conference call.

Anastasios Aslidis: If we move down on this table, we can see the cash flow breakeven levels, which take into account, in addition to the above, the dry-breaking expenses, interest expenses, and the low repayments. For the second quarter of 2024, our daily cash flow breakeven level was $13,214 per vessel per day, compared to $14,128 per vessel per day for the same period in 2028. Let us now go over the same figures for the 6-month period of 2024 and compare them to the same period of last year.

Tathos Aslidis: I'm Tathos Aslidis, the chief of EuroDry. Together with me is Mr. Simous Paryaros, our chief administrative officer, and Ms. Atina Atalotti, our finance manager. Our chairman and CEO are the speeders who usually hosts this call will not be able to join this presentation today due to overlapping engagements.

Speaker Change: if we move forward down on this table we consseeid that we considera cut low breven leveters which takes into account in addition to the above the dat expenses interest expenses and thelower pain

Athena Aftalioti: For the second quarter of 2024, our daily cash flow breakeven level was $15,214 per vessel per day, compared to $14,128 per vessel per day for the same period of 2023. Let us now go over the same figures for the six-month period of 2024 and compare them to the same period of last year. During the first half of 2024, our commercial and operational rates were 99.8% and 98.7%, respectively, compared to 99% commercial and 97.4% operational for the same period of last year.

Tathos Aslidis: The purpose of today's call is to discuss our financial results for the six-month period and quarter ended June 30th, 2024. Please turn to slide three of the presentation to see our financial highlights for the period. For the second quarter of 2024, we reported total net revenues of 17.4 million and a net loss attributable to controlling shareholders of 0.41 million or 15 cents loss per share basic and diluted. Addusted net loss attributable to controlling shareholders of the quarter was 0.45 million or 17 cents loss per share basic diluted.

Speaker Change: For the second quarter of 2024, our daily cash flow breakeven level was $13,214 per vessel per day, compared to $14,128 per vessel per day for the same period of 2026.

Atina Atalotti: Let us now go over the same figures for the six-month period of 2024 and compare them to the same period of last year. During the first half of 2024, our commercial and operational rate was 99.8%, and 98.7%, respectively, compared to 99% commercial and 97.4% of the same period of last year. On average, 13 vessels were owned and operated during the first half of 2024, earning an average time charted equivalent rate of $13,452 per day, compared to 10 vessels in the same period of 2023, earning on average $11,393 per day. Our vessel operating expenses again, including management fees and general and administrative expenses, were $6,964 per day in the first half of this year, compared to $7,366 per day for the same period of last year.

Anastasios Aslidis: Let us now go over the same figures for the six month period of 2024 and compare them to the same period of last year.

Anastasios Aslidis: During the first half of 2024, our commercial and operational rates were 99.8% and 98.7%, respectively, compared to 99% commercial and 97.4% operational for the same period of last year. On average, 13 vessels were owned and operated during the first half of 2024, earning an average time charter equivalent rate of $13,452 per day, compared to 10 vessels in the same period of 2023, earning on average $11,393 per day Our vessel operating expenses, again, including management fees and general and administrative expenses, were $6,964 per vessel per day in the first half of this year, compared to $7,306 per vessel per day for the same period last year.

Anastasios Aslidis: During the first half of 2024, our commercial and operational rate was 99.8% and 98.7% respectively, compared to 99% commercial and 97.4% operational for the same period of last year.

Athena Aftalioti: On average, 13 vessels were owned and operated during the first half of 2024, earning an average time-chartered equivalent rate of $13,452 per day, compared to 10 vessels in the same period of 2023, earning on average $11,393 per day. Our vessel operating expenses, again, including management fees and general and administrative expenses, were $6,964 per vessel per day in the first half of this year, compared to $7,306 per vessel per day for the same period last year.

Speaker Change: on average testing places who have owned in the operators during the first half of twenty-four

Anastasios Aslidis: earning an average time charter equivalent rate of $13,452 per day compared to 10 vessels in the same period of 2023 earning on average $11,393 per day.

Tathos Aslidis: Addusted EBDA for the quarter was 0.5 million. Please refer to the press release that was released earlier today for reconciliation of adjusted net loss attributable to controlling shareholders to addusted EBDA. We will go over our financial highlights in a bit more details later in the presentation.

Speaker Change: Our vessel operating expenses again, including management fees and general and administrative expenses, were $6,964 per vessel per day in the first half of this year, compared to $7,306 per vessel per day for the same period of last year.

Tathos Aslidis: As of August 8, 2024, we had purchased a total of 313,318 sets of our common stock on the open market. For a total of about 5 million are under our repair sales plan of up to 10 million announced in August 2028. The program, which was renewed in August 2023 for another year, has been further extended for an additional year. We will continue to use our third process program at management discussion, depending on the level of our stock price, to enhance our ability to increase long-term, short-haul of value.

Athena Attalioti: Again, if we look further down in the table, we can see the cash flow breakeven rate for the first six months of FEDS 24, which is $13,101 per vessel per day compared to $13,661 per vessel per day for the first half of FEDS 23. Now, let's turn our attention to slide 17 to review our debt profile. As of June 30, 2024, our outstanding past debt stood at $98.1 million and is expected to decline to about $67.5 million by the end of 2026.

Athena Aftalioti: Again, if we look further down in the table, we can see the cash flow breakeven rate for the first six months of FEDS 24, which is $13,101 per vessel per day compared to $13,661 per vessel per day for the first half of FEDS 23. Now, let's turn our attention to slide 17 to review our debt profile. As of June 30, 2024, our outstanding past debt stood at $98.1 million and is expected to decline to about $67.5 million by the end of 2026.

Atina Atalotti: Again, if we look further down the table, we can see the customer's rate even raised for the first six months of 2024, which is $13,161 per day, compared to $13,661 per day for the first half of 2023.

Athena Attalioti: Again, if we look further down in the table, we can see the cash flow breakeven rate for the first six months of 2024, which is $13,101 per vessel per day, compared to $13,661 per vessel per day for the first half of 2023.

Atina Atalotti: Let us turn our attention to flights and scenes to review our debt profile. As of June 30, 2024, our outstanding bank debt stood at 98.1 million dollars and is expected to decline to about $67.5 million by the end of 2026. In the remainder of 2024, our debt repayment amounts to about 8.5 million dollars. Then, in both 2025 and 2026, low repayments are usually decreased to about $10.5 million dollars and $11.6 million dollars, respectively, particularly using our customer's rate even less. It is worth mentioning on this table that the total cost of our senior debt, with another margin of about 2.39 per cent and assuming a 3.5 of 5.25 per cent, is 7.64 per cent. Including the drop portion of debt, the cost of our senior debt stands at around 7.43 per cent.

Athena Attalioti: Let's turn our attention to slide 17 to review our debt profile. As of June 30, 2024, our outstanding past debt stood at $98.1 million and is expected to decline to about $67.5 million by the end of 2026.

Athena Attalioti: In the remainder of 2024, our debt repayment amounts to about $8.5 million. Then, in both 2025 and 2026, loan repayments are due to decrease to about $10.5 million and $11.6 million, respectively, thus significantly reducing our cash-flow breakeven level. It is worth mentioning in this table that the total cost of our senior debt, with an average margin of about 2.39% and assuming a three-month sub-rate of 5.25%, is 7.64%. Including the swap portion of debt, the cost of our senior debt stands at around 7.43%.

Athena Aftalioti: In the remainder of 2024, our debt repayment amounts to about $8.5 million. Then, in both 2025 and 2026, loan repayments are due to decrease to about $10.5 million and $11.6 million, respectively, thus significantly reducing our cash flow breakeven level. It is worth mentioning in this table that the total cost of our senior debt, with an average margin of about 2.39% and assuming a 3-month soft rate of 5.25%, is 7.64%. Including the swap portion of debt, the cost of our senior debt stands at around 7.43%.

Tathos Aslidis: We are also very happy to announce our 2020-23 Sustainability Board, which was uploaded to our website today. Please now turn to slide 4 for another view of our charting, operational, and high-dorting highlights. On the charting side, you can see that most of our charting fixed during last quarter are for short periods, variants from 20-25 days from the one end to 80-100 days from the other end. Even the motor vessels, the Caterinian Xenia, which are in longer-term charters, until March and May 2025 respectively, have the rate of the charters linked to indices to the Baltic Index, earning 105.5% and 108% respectively, above the other Baltic Cancer Index, an index based on the five cancer-marked time charters.

Athena Attalioti: In the remainder of 2024, our debt repayment amounts to about $8.5 million.

Speaker Change: then in bothard ten thousand and twenty five and two thousand twentysix low payments are just to decreased about ten point five million dollars and eleven point six million dollars respected traf significantly reduing our ctolow breakven level

Athena Attalioti: It is worth mentioning on this table that the total cost of our senior debt, with an average margin of about 2.39%, and assuming that the total cost of our senior debt is

Speaker Change: as we must somerate of five point twenty five percent is seventey at seven point sixty four percent

Speaker Change: Including the swap portion of debt, the cost of our senior debt stands at around 7.43%.

Athena Attalioti: At the bottom of this slide, we can see our projected cash flow breakeven level for the next 12 months, broken down into its various components. Overall, we expect our overall cash flow breakeven level to be around $12,659 per vessel per day. And with that, I will pass the floor back to our CFO, Tata Sullivan. Thank you very much.

Athena Aftalioti: At the bottom of this slide, we can see our projected cash flow breakeven level for the next 12 months, broken down into its various components. Overall, we expect our overall cash flow breakeven level to be around $12,659 per vessel per day, and our EBITDA breakeven level to be around $8,745 per vessel per day. And with that, I will pass the floor back to our CFO. Thank you very much.

Atina Atalotti: At the bottom of this slide, we can see our projected customer's rate even less for the next 12 months, broaching down into its very components. Overall, we expect our overall customer's rate even less to be around $12,669 per day, and our average rate even less to be around $8,745 per day.

Athena Attalioti: At the bottom of this slide, we can see our projected cash flow break-even level for the next 12 months.

Tata Sullivan: brought them down into its various components. Overall, we expect our overall cash flow breakeven level to be around $12,659 per vessel per day and our EBITDA breakeven level to be around $8,745 per vessel per day.

Tathos Aslidis: This strategy is consistent with our view to be exposed to the market, as we believe the fundamental supply and demand trends present a strong possibility for the market to strengthen in the near-medium term. It is expected that supply growth will be quite limited over the next couple of years, due to the low-awards ordering for new vessels in the recent past, and thus it is likely that any demand growth to be translated in English is to chart the rates.

Atina Atalotti: And with that, I will pass the floor back to our. Thank you very much, Athena. Let's now conclude our presentation by moving to slide 18, where we can see some highlights from our balance sheet. This light offers a snapshot of our assets and liabilities. S of June 30, 2024, Kass, another Karan assets stood at about 22.8 million in our balance sheet. The other major component, the book value of our vessels was approximately a count of 97.2 million, resulting in total book value of our assets of about 220 million. On the liability side, out that S of June, as Athena previously mentioned, stood at about 98 million, representing around 44.6% of the book value of our assets, while other liabilities amounted to about 5.2 million, or about 2.4% of our total assets.

Athena Attalioti: Thank you very much, Athena. Let's now conclude our presentation by moving to slide 18, where we can see some highlights from our balance sheet. This slide offers a snapshot of our assets and liabilities. As of June 30, 2024, cash and other current assets stood at about $22.8 million in our balance. The other major component, the book value of our vessels, was approximately $197.2 million, resulting in a total book value of our assets of about $220 million.

Anastasios Aslidis: Thank you very much, Athena. Let's now conclude our presentation by moving to slide 18, where we can see some highlights from our balance sheet. This slide offers a snapshot of our assets and liabilities. As of June 30, 2024, cash and other current assets stood at about $22.8 million in our balance. The other major component, the book value of our vessels, was approximately $197.2 million, resulting in a total book value of our assets of about $220 million.

Charles Aslidis: And with that, I will pass the floor back to our CFO , Charles Aslidis.

Athena Attalioti: Thank you very much, Athena. Let's now conclude our presentation by moving to slide 18, where we can see some highlights from our balance sheet.

Athena Attalioti: On the liability side, our debt as of the end of June, as Athena previously mentioned, stood at about 98 million, representing around 44.6% of the book value of our assets, while other liabilities amounted to about 5.2 million or about 2.4% of our total assets. The remaining book value of $116.7 million, inclusive of the book value of our minority shareholding interests, the NRP investors, of about $9.7 million. If we subtract the minority shareholder's book value, 107 million of book value is attributed to our controlling shareholders, resulting in a book value per share of about $38.

Anastasios Aslidis: On the liability side, our debt as of the end of June, as Athena previously mentioned, stood at about 98 million, representing around 44.6% of the book value of our assets, while other liabilities amounted to about 5.2 million or about 2.4% of our total assets. The remaining book value of $116.7 million, inclusive of the book value of our minority. Circle Interest, the NRP investors, of about $9.7 million. Leaves if we subtract the minority shareholder's book value, 107 million of book value attributed to our controlling shareholders, and resulting in a book value per share of about $38.

Charles Aslidis: This slide offers a snapshot of our assets and liabilities.

Tathos Aslidis: We plan to continue trading on the short-term charters for the time being, until employment rates start firming up, and we see the potential positive effect of demand increases. You can see the specifics of the various charters we see in the relevant slide, slide 4.

Athena Attalioti: As of June 30th, 2024, cash and other current assets stood at about $22.8 million in our balance sheet.

Athena Attalioti: The other major component, the book value of our vessels was approximately $197.2 million, resulting in total book value of our assets of about $220 million.

Tathos Aslidis: During this period, the second quarter of 2024, our motor vessels starlight Maria and Irene P, underwent the scheduled dry dockings and repairs from approximately 23-26 and 31 days respectively. Vessels Maria and Irene's dry dock started in June, in the second quarter, and was completed in July, and the related cost would most influence our third quarter results. Also, motor vessels, young speakers and Christos K, are currently undergoing their scheduled dry dockings. In fact, we have decided to perform earlier the dry dockings, mostly for commercial reasons, related to them being fully available for employment in case the markets meaningfully cover the near future.

Athena Attalioti: on the liab decide our debt as of the end of june as a finena con but mentioned stood at about n inety eight million in re presenting around forty four point six percent of the book value for assets while other liabilities

Athena Attalioti: amounted to about 5.2 million or about 2.4% of our total.

Atina Atalotti: The remaining book value of 116.7 million, inclusive of the book value of our minority circle interest, the NLP investors, of about 9.7 million. Leaves, we subtract the minority circle interest, book value, 117 million, book value attributed to our controlling circle interest, resulting in a book value per share of about 38 dollars. However, based on market transactions and other market reports, we can value our fleet S of June 30, way above the book value, and we estimate that to be 270 million worth, more than 70 million or approximately 37% higher than the respective book values. Thus, suggesting an NAV per share in excess of $63, our surprise, trading around between $20 and $24 regionally, trades at a substantial discount compared to our net-passed value, and thus, represent a significant opportunity for appreciation potential for our shareholders and investors.

Athena Attalioti: Auschwitz

Athena Attalioti: The remaining book value of $116.7 million

Athena Attalioti: inclusive of the book value of our minority

Athena Attalioti: shareholding interests, the NRP investors, of about $9.7 million.

Athena Attalioti: leaves, if we subtract the minority shareholders book value, 107 million of book value attributed to our controlling shareholders and resulting in a book value per share of about $38.

Tathos Aslidis: Finally, motor vessel Goodhark, and Karl Tier a commercial of higher last quarter, a weighting time of 4.5 days between two charts. The vessel also experienced a technical of higher for about 10 days due to require main engine to apologize repair.

Athena Attalioti: However, based on market transactions and other market reports, we can value our fleet, as of June 30th, way above, above the book value, and we estimate that to be 270 million. They were worth more than $70 million, or approximately 37% higher than their respective book values, thus suggesting an NAEV per share in excess of $63. Our share price, trading around or between 20 and 24 dollars recently, trades at a substantial discount compared to our net asset value and thus represents a significant opportunity for appreciation potential for our shareholders and investors. At this point, our presentation is concluded, and I would like to open the floor to questions if there are any.

Anastasios Aslidis: However, based on market transactions and other market reports, we can value our fleet. As of June 30th, way above, above the book value, and we estimate that to be 270 million, they were more than $70 million or approximately 37% higher than their respective book values, thus suggesting an NAEV per share in excess of $63. Our share price, trading around or between $20 and $24 recently, trades at a substantial discount compared to our net asset value and thus represents a significant opportunity for appreciation potential for our shareholders and investors. At this point, our presentation is concluded, and I would like to open the floor for questions if there are any.

Athena Attalioti: However, based on market transactions and other market reports, we can value our fleet

Speaker Change: as of june therapies wewhere above our both the book value and we estimate that to be two hundred and seventey million

Tathos Aslidis: Please turn to slide 5.

Athena Attalioti: were worth more than $70 million or approximately 37% higher than their respective book values, thus suggesting an NAV per share in excess of $63.

Tathos Aslidis: EuroDry's fleet consists of 13 vessels, including five Panamax carriers, five ultramaxes, two cancer maxes and two supermax.

Tathos Aslidis: We think of our fleet as having two clusters, a modern eco-1 of eight vessels, all built after 2014. And our vintage five Panamaxes, or all built in Japan, at the highest standards of their time, having been the war courses of the sector. For 13 dribble carriers, 13 dribble carriers have a total cargo capacity of about 920,000 dead weight-ons, and another at age of about 13.5 years.

Athena Attalioti: Our share price, trading between $20 and $24 recently, trades at a substantial discount compared to our net asset value.

Athena Attalioti: and thus represents a significant opportunity for appreciation potential for our shareholders and investors.

Anastasios Aslidis: At this point, our presentation is concluded, and I would like to open the floor for questions if there are any.

Athena Attalioti: At this point, our presentation is concluded and I would like to open the floor for questions if there are any.

Operator: Thank you. At this time, we will be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate that a line is in the question key. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. Our first question comes from the line of Mark Reichman with Noble Capital Markets. Please proceed with your question.

Operator: Thank you. At this time, we will be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate that a line is in the question key. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the start key. Our first question comes from the line of Mark Reisman with Noble Capital Markets. Please proceed with your question.

Operator: Thank you. At this time we will be

Operator: If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate a line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key.

Tathos Aslidis: At this point, I would like to remind you that as previously discussed, EuroDry owns 61% of the entities of the supporting companies that own motor vessels, Kristoffer Skeie and Maria. The remaining 39% is owned by owners represented by NRT projects finance, which we refer as during the presentation as NRP industries.

Mark Reichman: Our first question comes from the line of Mark Riceman with Noble Capital Market. Please proceed with your question.

Operator: Our first question comes from the line of Mark Reichman with Noble Capital Markets. Please proceed with your question.

Anastasios Aslidis: Good morning. It seems like the net revenue, our estimates, were pretty much in line with the actual Suscorder, where we were off, where the voyage expenses and the dry docking expense. And so I was kind of wondering if you could just kind of provide a little more color on those two line items for the quarter and expectations for the remainder of the year.

Mark Reisman: Good morning. It seems like our net revenue estimates were pretty much in line with the actuals this quarter. Where we were off were the voyage expenses and the dry docking expenses, and so I was kind of wondering if you could just kind of provide a little more color on those two line items for the quarter and expectations for the remainder of the year. Yeah, I think...

Mark Reichman: Good morning. It seems like our estimates were pretty much in line with the actuals this quarter. Where we were off were the voyage expenses and the dry docking expenses. And so I was kind of wondering if you could just kind of provide a little more color on those two line items for the quarter and expectations for the remainder of the year.

Mark Reisman: Good morning. It seems like the net revenue, our estimates were pretty much in line with the actuals this quarter. Where we were off were the voyage expenses and the dry docking expenses.

Tathos Aslidis: Next, please turn to slide 6. To see a graphical representation of our fleet employment. As you can see, and consistent with my earlier remarks, fixed trade coverage for the remainder of 2024 stands at around 22% and through charts. However, this feature excludes ships on index charts, which are open to market fluctuations, but nevertheless have secured employment.

Mark Reisman: And so I was kind of wondering if you could just kind of provide a little more color on those two line items for the quarter and expectations for the remainder of the year.

Anastasios Aslidis: I think, hi Mark, first of all, the dry docking expenses first depend on when dry dockings happen. We have 13 vessels; they dry dock... to hear more! And on the same note, as I mentioned already, we have two dry docks scheduled for next quarter and two dry docks being... are being performed at the turn of the quarter, so we should expect a little higher dry-drying expenses next quarter as well. On the revenue side... The Voyage expansions have to do with the type of contract the vessels enter when they are booked.

Anastasios Aslidis: I think, hi Mark, first of all, the dry docking expenses first depend on when dry docking happens. We have 13 vessels; they dry dock... So, about one vessel, on average, should be dry docked every quarter. Last quarter, we had more than one dry dock. We had one dry dock completed during the quarter, and we had a couple of dry docks starting in the quarter, which got some costs attributed to them. So that resulted in higher dry docking costs.

Anastasios Aslidis: Yeah, I think in High Mark Church Road, the Dragon Expenses first, depends on when the eye doctor is heading. We have 13 vessels; the eye doctor twice every five years, so about one vessel, and another it should be the eye doctor every quarter. The last quarter we had more than one eye doctor; we had one eye doctor completed during the quarter, and we had a couple of dried up stocking in the quarter, which got some cost attributed to them. So that resulted in the higher dried up in cost. On the same note, as I mentioned already, we have two dried up schedules for next quarter and two dried up being performed at the turn of the quarter.

Anastasios Aslidis: I think, hi Mark, first of all, the dry docking expenses first depend on when dry docking happens. We have 13 vessels, they dry dock...

Simos Paryaros: At this point, let me pass the floor to our chief administrator officer, Mr. Sima Spargeras, to go over the recent market developments. Thank you, Tassels.

Speaker Change: twice every five years so um about one vessel on average should be dried up

Speaker Change: every quarter last quarter we had a more than mder i got

Simos Paryaros: Good morning from me as well, ladies and gentlemen. Together, we will walk through some market highlights today. Turning on to slide 8 now, we will go over the market highlights for the second quarter of 2024, up until recently. In the second quarter, the average spot market rate for quantum markets was around 14.5,000 dollars per day. By August, spot rates have declined the reason to just be low 15,000. In the meanwhile, one year times at the rate stood for quantum access at approximately 16,000 dollars per day during the quarter.

Speaker Change: which has wonde that completed during the quarter we can a couple of tri starting at a quarter which you got some co attriities them so that resulted in the prior dry thirteen qu

Anastasios Aslidis: And on the same note, as I mentioned already, we have two dry docks scheduled for next quarter and two dry docks being... You are being performed at the turn of the quarter. So we should expect a little higher driving expenses next quarter as well. On the revenue side, the Voyage expansions have to do with the type of contract. The vessels enter when they are booked. If we have to... travel to get to the area that we load the cargo.

Anastasios Aslidis: On the same note, as I mentioned already, we have two dry docks scheduled for next quarter and two dry docks being...

Anastasios Aslidis: So we should expect a little higher dried up expenses next quarter as well. On the revenue side, the volume of expenses you have to do with the type of contracts, the vessels enter when they are booked. If we have to travel to get to the area that we load the cargo, we get paid the balance bonus, but at the same time we pay for the mortgage expenses, and depending on whether we have only time charter contracts or mortgage contracts that include the balance leg, we might have more or less mortgage expenses.

Speaker Change: are being quar performed at the terren of the quarter so we should expect a highire did expenses next quarter as well on the revenue side

Anastasios Aslidis: The variant expansions have to do with the type of contracts

Speaker Change: the vessels enter when they are booked if we have to

Anastasios Aslidis: We get paid a ballast bonus, but at the same time, we pay for the mortgage expenses. And depending on whether we have only time charter contracts or mortgage contracts that include a ballast leg, we might have more or less mortgage expenses.

Simos Paryaros: And have shown slight softening in the past weeks. However, a rate still represent a significant improvement from around 10,500 dollars that was during the same period last year, which marks a notable increase of nearly 50%. This uplift in employment rate was primarily driven by the ongoing Panama and Red City Disruptions excuse me again.

Speaker Change: We travel to get to the area that we load the cargo. We get paid a ballast bonus, but at the same time we pay for the...

Anastasios Aslidis: for the mortgage expenses.

Speaker Change: and depending whether we have only time charter contracts or mortgage contracts that include a balance left, we might have more or less mortgage expenses.

Anastasios Aslidis: That's helpful. Then the second part of my question is, you know, we've been in kind of a favorable charter rate environment, and you know, that looks to kind of continue at least as stabilized, maybe for the remainder of the year, with a little more uncertainty in 2025. And I guess my question is, is, you know, even though, you know, that we produce positive EBITDA, I mean, we've had two consecutive quarters of negative EPS.

Mark Reichman: That's helpful. Then the second part of my question is, you know, we've been in kind of a favorable charter rate environment. And, you know, that looks to kind of continue or at least be stabilized maybe for the remainder of the year with a little more uncertainty in 2025. And I guess my question is, even though, you know, we've produced positive EBITDA, we've had two consecutive quarters of negative EPS.

Mark Reisman: That's helpful. Then the second part of my question is, you know, we've been in kind of a favorable charter rate environment, and that looks to kind of continue or at least be stabilized maybe for the remainder of the year with a little more uncertainty in 2025. And I guess my question is, you know, even though we've produced positive EBITDA, I mean, we've had two consecutive quarters of negative EPS.

Mark Reisman: That's helpful. Then the second part of my question is...

Mark Reisman: You know, we've been in kind of a favorable...

Mark Reisman: charter rate environment and you know that looks to kind of continue at least is stabilizede maybe for the remainder of the year with a little more uncertainty in two thousand and twenty five and i guess my question is is you know even though you know we produced positive ebitdi mean we've had two consecutive

Simos Paryaros: Please now turn slide 9 to see some data from a recent IMF update. The fund is a global economy to experience modest growth over the next two years with cooling activities in the U.S. Estabillation in Europe and stronger consumption and export from China. As a result, the IMF maintained its 2024 growth forecast at 3.2 percent consistent with its April rejection while slightly increasing next year's forecast by 0.1 percent at 3.3 percent with China and India breaking the most notable upward revisions.

Anastasios Aslidis: And so what I guess what will be the variable to move, you know, EPS into the positive category or would you kind of expect, you know, positive EBITDA and, you know, negative EPS in the third quarter. I guess I'm just kind of looking for, I mean, we're in kind of a favorable environment yet, you know, we've had two consecutive quarters of loss on a per share basis. And so what, what, what, what dynamic changes that looking ahead? I think it's a combination, of course, of the market, but also on how many vessels, in our case, have to go to drive up.

Speaker Change: quarters of negative eps and so what

Mark Reisman: And so, I guess what will be the variable to move, you know, EPS into the positive category, or would you kind of expect, you know, positive EOD, you know, negative EPS in the third quarter? I guess I'm just kind of looking for, I mean, we're in kind of a favorable environment yet, you know, we've had two consecutive quarters of loss on a per share basis. So what dynamic changes are looking ahead? I think...

Mark Reichman: And so, I guess what will be the variable to move, you know, EPS into the positive category, or would you kind of expect, you know, positive, you know, negative EPS in the third quarter? I guess I'm just kind of looking for, I mean, we're in kind of a favorable environment yet, you know, we've had two consecutive quarters of loss on a per share basis. And so what dynamic changes are looking ahead? I think

Speaker Change: i guess what will be the variable to move you know eps s into the into the positive category or would you kind of expect you know have you doneed you know negative epss

Mark Reisman: in the third quarter. I guess I'm just kind of looking for, I mean, we're in kind of a favorable environment, yet, you know, we've had two consecutive quarters of loss on a per share basis. And so what dynamic changes that looking ahead?

Simos Paryaros: On the other end, Japan's growth has been revised the most downward for this year to 0.7 percent down from 0.9 percent together with Russia in 2025 which is projected to go down from 1.5 percent to 1.5 percent from 1.8 percent in the previous forecast. As the weight of China in dribble shipping is the driver of this market, we continue to monitor China's economy closing. Its property and infrastructure sectors which have played a vital role in shaping this market over the past two decades are not growing at levels in the past anymore and despite the fact that the real estate sector has been saturated for more than three years now, we see different rates and commodities developing like box-act imposter massacre along with others which have given significant support to the dribble market and are expected to continue to do so.

Anastasios Aslidis: I think it's a combination, of course, of the market, but also of how many vessels, in our case, have to go through dry dock. As you can see in slide 16, we give you there the break-even level per day. So, to cover our expenses... In the past, in the first six months of this year, we had a breakeven cost of $13,000 per day. That is, if you convert this to a gross time-charter equivalent rate, probably, our vessels needed to earn around $14,500 to $15,000 a day to breakeven in the first six months.

Anastasios Aslidis: I think it's a combination, of course, of the market, but also of how many vessels, in our case, have to go through dry dock. As you can see in slide 16, we give you there the break-even level per day. So, to cover our expenses... In the past, in the first six months of this year, we had a breakeven cost of $13,000 per day. That is, if you convert this to a gross time charter equivalent rate, probably, our vessels needed to earn around $14,500 to $15,000 a day to breakeven in the first six months.

Anastasios Aslidis: I think it's a combination of course of the market but also on the on how many vessels in our case have to go through dry dock. As you can see slide 16 we give you there the break-even level per day so to cover our expenses

Anastasios Aslidis: As you can see, it's like 16. We give you the break even level per day. So to cover our expenses, we have in the past, in the first six months of this year, we had the break even cost of $13,000 per day. That is, if you convert this to a gross time chart or equivalent rate, probably our vessels needed to earn around $14,000 to $15,000 a day to break even in the first six months. The year, as you can see on slide 16, is 13,450. So that is the metric that you should follow. If you look again on slide 17, going, and this is for the next 12 months, so it's not working down by quarter, we expect to have a break-even level of 12,000.

Anastasios Aslidis: In the past, in the first six months of this year, we had a break-even cost of $13,000 per day.

Anastasios Aslidis: That is, if you convert this to a gross time-charter equivalent rate...

Anastasios Aslidis: Probably our vessels needed to earn.

Speaker Change: around forteen afterast to fifteen thousand dollars a day

Anastasios Aslidis: They earned, as you can see on slide 16, $13,450. So that is the metric that you should follow. If you look again on slide 17, and this is for the next 12 months, so it's not broken down by a quarter, we expect to have a breakeven level of $12,000.

Anastasios Aslidis: They earned, as you can see on slide 16, $13,450. So that is the metric that you should follow. If you look again on slide 17, going, and this is for the next 12 months, so it's not broken down by quarter, we expect to have a breakeven level of $12,000, on a cash flow basis, of course, $600. So, we should be able to earn in excess of $14,000 to have... Castello a positive balance, but also earnings because loan repayment is roughly equivalent to our depreciation.

Anastasios Aslidis: to break even in the first c six months the year as you can see slide sixteen thirteen thousand and four hundred and fifteen

Anastasios Aslidis: So that is the metric that you should follow. If you look again on slide 17, going... and this is for the next 12 months, so it's not broken down by quarter, we expect to have a break-even level of 12,000.

Simos Paryaros: So the question is what will drive this market to more growth at the level if its main workhorse is getting more and more tired? On this note, let's say if you think about India, we seem to be the next idea that will help the world economy to continue growing at health level and has material effects on the dribble trade as well. In that respect, India's growth is projected to remain robust at about 7 percent this year.

Anastasios Aslidis: On a cash flow basis, of course, $600. So, we should be able to earn in excess of 14,000 to have cash flow positive balance, but also earnings, because loan repayments roughly are equivalent to our depreciation. Okay, and so that's kind of sensitive to what the time charter rates will look like. But I mean, as long as the over the next 12 months of the time charter equivalent rates hold, you should be, maybe you have a little wider spread, or you know, you'll need to kind of get your expenses down, which would maybe mean fewer dry docking expenses.

Speaker Change: on a cash flow basis, of course, $600. So we should be able to earn in excess of $14,000 to have...

Anastasios Aslidis: It's not just cash flow positive balance, but also earnings, because loan repayments roughly are equivalent to our depreciation.

Mark Reichman: Okay, and so that's kind of sensitive to what the time charter rates will look like. But I mean, as long as the rates for time charter equivalents hold, you should be maybe you have a little wider spread, or, you know, you'll need to kind of get your expenses down, which would probably mean fewer dry docking expenses. So, so but there's still a fairly wide margin between breakeven and the time charter equivalent rate. So, okay. Well, no, that's very helpful. I appreciate that. Is there any additional color on that, or not?

Simos Paryaros: The support revision is attributed to improve private consumption predominantly. However, for next year, the IMF has caution that growth is expected to slow down a bit to 6.5 percent. In the meanwhile, the remaining economies like the Asian 5 Group still remain the main engine for the global economy with the forecast remaining grossly unchanged from April. Now, according to collections, 10 mile demand for dribble trade is presently expected to grow by about 4.4 percent in 2024.

Mark Reisman: Okay. And so that's kind of sensitive to what the time charter rates will look like. But I mean, as long as, over the next 12 months, if the time charter equivalent rates hold, you should have maybe a little wider spread, or you'll need to kind of get your expenses down, which would maybe mean fewer dry docking expenses. But there's still a fairly... I guess it's not a really wide margin between breakeven and the time charter equivalent rate. So, okay. Well, no, that's very helpful. I appreciate that. Is there any additional color on that?

Mark Reisman: Okay, and so that's kind of sensitive to what the time charter rates will look like.

Mark Reisman: But I mean, as long as over the next 12 months, if the time charter equivalent rates hold,

Mark Reisman: you should be maybe, you have a little wider spread or you'll need to kind of get your expenses down which would be maybe mean fewer dry docking expenses. So, but there's still a fairly

Anastasios Aslidis: So, but there's still a fairly, I guess it's not a real wide margin between breakeven and the time charter equivalent rates.

Mark Reisman: I guess it's not a real wide margin between breakeven and the time charter equivalent rate. So, okay. Well, no, that's very helpful. I appreciate that. Is there any additional color on that?

Anastasios Aslidis: So, okay, well, now that's very helpful. I appreciate that.

Anastasios Aslidis: Is there any additional color on that? I think the only additional color I would say is that we see more sunlight. Supply in the driver's market is very tight. In the center, the order book, the order that's been playing over the last of the previous three years were low. That creates very low supply growth over the next couple of years. So, really, then we are waiting to see whether demand will return to average historical average of higher levels for that. And that would be translated directly to rate increases. That's why we are keeping most of our fleet exposed to the market because we anticipate and we hope that there would be a situation where the market will perform better.

Anastasios Aslidis: I think the only additional color I would say is that, as CMOS analyzed, supply in the dry barge market is very tight in the sense that the order book, the orders that have been placed over the last of the previous three years were low. That creates very low supply growth over the next couple of years. So really, we are waiting to see whether demand will return to historical average or higher levels, and that would translate directly into rate increases. That's why we keep most of our fleet exposed to the market because we anticipate and we hope that there will be a situation where the market will perform better.

Anastasios Aslidis: I think the only additional color I would say is that, as CMOS analyzes, supply in the dry bag market is very tight in the sense that the order book, the orders that have been placed over the last of the previous three years are low. That creates very low supply growth over the next couple of years. So really, we are waiting to see whether demand will return to historical average or higher levels, and that would translate. Unknown Executive, Anastasios Aslidis, Kristoffer Skeie, EuroDry

Simos Paryaros: This includes about 1.6 percent uplift for the entire year due to the red sea and Panama Canal disruption. Jones. A longer duration of these distractions in these regions could potentially drive demand even higher. Lower speech and further congestion are other factors that could further boost demand this year. Demand in 2025 is projected to grow by about half a centred point, assuming conditions in the Panama Canal and the Red Sea normalize, and the conflicts are resolved in the Red Sea. If the situation in these areas remain unchanged, we would be surprised on the upside, but at the moment, any prediction looks very uncertain.

Anastasios Aslidis: I think the only additional color I would say is that we, as CIMOS analyzed, supplies in the dry barge market is very tight in the sense that the order book...

Anastasios Aslidis: The orders that have been placed over the last of the previous three years were low. That creates very low supply growth over the next couple of years.

Anastasios Aslidis: So, really, we are waiting to see whether demand will return to historical average or higher levels. And that would be translated.

Anastasios Aslidis: directly to rate increases. That's why we are keeping most of our fleet exposed to the market because we anticipate and we hope that there will be a situation where the market will perform better.

Operator: That's very helpful. Thank you very much. You're welcome.

Anastasios Aslidis: That's very helpful.

Mark Reichman: That's very helpful. Thank you very much. You're welcome.

Unknown Executive: Thank you very much.

Speaker Change: That's very helpful. Thank you very much.

Simos Paryaros: Now please stand to slide 10. Antwerpence about the future fuels and high new building prices have led to the low water book continuing. As of August 2024, the order book, as the percentage of the total fleet, is only 9.7% which is near the lowest historical levels. This suggests low-flip growth of the next couple of two to three years. Compliment in this low-flip growth, we also have the effect of increased low steaming and expected scrapping due to the introduction of the new environmental regulations. This could reduce the effective available bulk supply even further.

Charles Fratt: Thank you. Our next question comes from the line of large 90 with Arctic Security. Please proceed with your question.

Operator: Thank you. Our next question comes from the line of Lars Naity with Arctic Securities. Please proceed with your question.

Lars Eide: Thank you. Our next question comes from the line of Lars Eide with Arctic Securities. Please proceed with your question.

Lars Eide: jga

Speaker Change: Thank you. Our next question comes from the line of Lars Heide with Arctic Securities. Please proceed with your question.

Lars Naity: Hello, how are you?

Operator: Hello, how are you?

Charles Fratt: Hello. How are you? Good, good. Great.

Anastasios Aslidis: Good, good.

Operator: Good, good.

Lars Eide: Hello, how are you? Good, good.

Lars Naity: Just a quick one from me. I think you mentioned it pretty hard for this quarter, but, just in general, how should we think about off-hour days for a vessel with multiple chargers within the same quarter? Is there like a general rule of thumb, or will it vary from case to case? U.S.

Lars Eide: Just a quick one from me, I think you mentioned it pretty well in the good heart for this quarter, but And just in general, how should we think about off-fire days for a vessel with multiple chargers within the same quarter? Is there like a general rule of thumb, or will it vary from case to case?

Anastasios Aslidis: Just a quick one from me. I think you mentioned this for the heart for this quarter, but just in general, how should we think about off-hour days for a vessel with multiple structures within the same quarter? Is there like a general rule of thumb, or will it vary from case to case? I mean, the commercial of how that reported was, I would say, in exception, to have to wait before you book your next starter. Of course, any technical of cars are a matter of incidence of type and non-appearations. The rates we typically report include any ballast leg that is part of the charter.

Speaker Change: Just a quick one from me. I think you mentioned it pretty hard for this quarter, but

Lars Eide: Just in general, how should we think about off-fire days for a vessel with multiple chargers within the same quarter? Is there a general rule of thumb, or will it vary from case to case?

Anastasios Aslidis: You, I mean, the commercial off-hires that were reported were, I would rather say, an exception to have to wait before you book your next charter. Of course, any technical off-hires are a matter of incidents that happen on operations. The rates we typically report include any ballast lag that is part of the Charter. So if there is a ballast shortage in the Charter, we include the ballast bonus minus the voyage expenses to provide the time charter equivalent for the whole period. So I would say: For our own modeling purposes, we use an average of 1 to 1.5 days of off-hire per quarter as a capsule average outside dry docking.

Anastasios Aslidis: You, uh, I mean, the... The commercial for hires that were reported was, I would rather say, an exception to have to wait before you book your next charter. Of course, any technical hires are a matter of incidents that happen on operations. The rates we typically report... include any ballast lag that is part of the Charter. So if there is a balance lacking in the Charter, we include the balance bonus minus the voyage expenses to provide the time Charter equivalent for the whole period. For our own modeling purposes, we use an average of 1 to 1.5 days of off-hire per quarter as a capsule average outside dry docking.

Anastasios Aslidis: I mean, the...

Anastasios Aslidis: The commercial of hires that were reported was, I would rather say, an exception, to have to wait before you book your next charter. Of course, any technical of hires are a matter of incidents that happen on operations. The rates we typically report...

Simos Paryaros: Now turning on to slide 11, let us now look into the supplies of the menders in a bit more detail. According to the actions latest reports, new deliveries as a percentage of the total fleet are expected to be about 3.6% this year, 3.3% next year and 4.7% in 2026 and onwards. The actual fleet growth is expected to be lower than the aforementioned figures due to scrapping and slippage. Also note that about 9% of the fleet is older than 20 years old and therefore a good candidate for scrapping, especially if the market remains apparent or lower levels.

Anastasios Aslidis: include any ballast lag that is part of the Charter. So if there is a ballast lag in the Charter, we include the ballast bonus minus the voyage expenses to provide the time Charter equivalent for the whole period. So I would say...

Anastasios Aslidis: So if there is a ballast leg in the charter, we include the ballast bonus minus the very expensive to provide the standard equivalent for the whole period. So I would say for our own modeling purposes, we use an average of one to one and a half days of off-hour quarter.

Anastasios Aslidis: For our own modeling purposes, we use an average of 1-1.5 days of off-hire per quarter as a capsule average outside dry docking.

Charles Fratt: It's a capsule thank you. Okay, that's great. Thank you very much. That's all for me. Thank you.

Lars Eide: Okay, that's great. Thank you very much. That's all for me.

Lars Naity: Okay, that's great, thank you very much, that's all for me. You're welcome.

Simos Paryaros: Please now turn to slide 12, where we summarize our outlook for the dryback market. The bulk higher market has been positive so far in 2024 with average freight rate rising by 35% year over year. Despite the slight softening during the last few weeks of July, rates remain healthy and above last year's levels. Oral demand growth, especially in the Atlantic region, have positively impacted the market. The global sea on travel trade indicator shown in Greece.

Speaker Change: Okay, that's great. Thank you very much. That's all for me. You're welcome.

Paul Fratt: Thank you. Our next question comes from the line of Paul Fratt with AAGP. Please proceed with your question.

Operator: Thank you. Our next question comes from the line of Paul Fratt with AAGP. Please proceed with your question.

Charles Fratt: Our next question comes from a lot of Paul Fratt with A.A.G.P. Please proceed with your question.

Simos Paryaros: Additionally, distractions in the Red Sea and Panama Canal have also contributed positive. Panama freight rate reached almost $16,000 per day in the second quarter of 2024, reflecting a 35% increase compared to the second quarter last year. The outlook for the second half of 2024 is optimistic as his analogy kicks in. The eruting of vessels away from the Red Sea remains to keep focus with fresh canal bulk of transit staying relatively stable in recent months leading to an estimated 1.2% increase in bulk of the market.

Speaker Change: Thank you. Our next question comes from the line of Paul Fratt with AAGP. Please proceed with your question.

Paul Fratt: Good afternoon, Tethys. Hi, hi, Paul. I was just wondering, if you do sort of the math, we'll follow up on the last question, if you sort of do the math on what's in Dry Dock and what you've highlighted, I'm sort of coming up with an idle day number in the third quarter of about 150 days.

Paul Fratt: Good afternoon, Tethys. Hi, Paul. I was just wondering if you did sort of the math on the last question, if you did sort of the math on what's in Dry Dock and what you've highlighted, I'm sort of coming up with an idle day number in the third quarter of that 150 days.

Anastasios Aslidis: Good afternoon, Tate. Hi, Paul. I was just wondering if he did sort of the math problem on the last question. If we sort of did the math on what's in dry dark and what you've highlighted, I'm sort of coming up with an idle day number in the third quarter of that 150 days. Is that in the third quarter, we would have two full dried up, so that's roughly 50 days. The last two continuing dry docks and now there are, let's say, 35 days. So I would say around 85 days, give or take, would be the off-cry days due to dry docks in the third quarter.

Paul Fratt: Good afternoon, Tethys. Hi, Paul.

Paul Fratt: I was just wondering, if you do sort of the math, following on the last question, if you sort of do the math on what's in Dry Dock and what you've highlighted, I'm sort of coming up with an idle day number in the third quarter of about 150 days.

Anastasios Aslidis: In the third quarter, we would have two full dry docks, so that's roughly... 50 days, plus two continuing dry dock talks, another, let's say, 35 days. So I would say around 85 days, give or take, would be the off-high days due to dry dock in the third quarter. That is the order of magnitude now; they can play up or down a bit, but I assume 25 days for the two full dry docks, and because two are at the turn of the quarter, I assume, you know, something like 35 days.

Anastasios Aslidis: In the third quarter, we would have two full dry docks, so that's roughly... 50 days, plus two continuing dry docks, another, let's say, 35 days. So I would say around 85 days, give or take, would be the off-card days due to dry dock in the third quarter. That is the order of magnitude now; they can play up or down a bit, but I assume 25 days for the two full dry dogs, and because two are at the turn of the quarter, I assume, you know, something like 35 days.

Anastasios Aslidis: does that

Anastasios Aslidis: In the third quarter, we would have two full dry docks, so that's roughly...

Anastasios Aslidis: 50 days plus two continuing dry docks another let's say 35 days, so I would say around 85 days

Anastasios Aslidis: give or take would be the off-hire days due to dry dock in the third quarter.

Anastasios Aslidis: That is the order of magnitude now, which they can play up or down a bit, but I assume 25 days for the two full dried docks. And because two are at the turn of the quarter, I assume, you know, something like 35 days. Yeah, I guess I was looking at the Maria and the Reenie that we're still on dry dark in July. You know, that that I would do that looks like about 60 days, and then you have the two other ones. So, I mean, she may be over 100. Yeah, I could be a man. I didn't have in front of me the day in two, three of Maria and the reenie, but if it's 50, then probably would be a little more than a problem.

Anastasios Aslidis: That is the order of magnitude now. They can play up or down a bit, but I assume 25 days for the two full dry dogs, and because two are at the turn of the quarter, I assume, you know, something like 35 days.

Simos Paryaros: Restrictions on the Paramakanal have continued to impact the market with bulkier transit recently being less than a set of normal levels. However, additional daily slots through the rest of the year could increase bulkier transit and break trends back to normal, potentially slightly reducing the demand for shifts.

Paul Fratt: Yeah, I guess I was looking at the Maria and the Reni that were still in dry dock in July, you know, that added about, it looks like about 50 days and then you have the two other ones. So, I mean, shouldn't it be over?

Paul Fratt: Yeah, I guess I was looking at the Maria and the Reni that were still in dry dock in July, you know, that added up to about it looks like about 50 days and then you have the two other ones. So, I mean, shouldn't it be over?

Paul Fratt: Yeah, I guess I was looking at the Maria and the Reni that were still in dry dock in July . You know, that added about, it looks like about 50 days and then you have the two other ones. So, I mean, shouldn't it be over 100?

Anastasios Aslidis: Yeah, it could be him, I didn't have in front of me the... The day is Tuesday of Maria and Irene, but if it's 50, then the total would be a little more than a hundred. I think there are 43 days that we have that were in Q3, plus roughly 50, give or take, for the other two, yeah. I can't remember the names, Charles Fratt.

Anastasios Aslidis: Yeah, it could be him; I didn't have in front of me the... The date is in 2-3 for Maria and Remy, but if it's 50, then the total would be a little more than 100, yes. I think there are 43 days that we have that were in Q3, plus roughly 50, give or take, for the other two, yeah. Accompanied by Charles Fratt.

Anastasios Aslidis: Yeah, it could be Yemen. I didn't have in front of me the dates in Q3 of Maria and Irini, but if it's 50, then total would be a little more than 100, yeah.

Simos Paryaros: Now, looking ahead to next year, again, we have to take under consideration the timing of the return to normality of the two major passages of fresh and panama, something that is really hard to predict considering the geopolitical circumstances in the Middle East. In any case, the relatively small and manageable order book, the introduction of further environmental regulations, the rise in operation and the dry token cost, which makes the operation for both the shifts less competitive, creates favorable dynamics which could trigger a very strong market if the world economy grows at a healthy pace and drivable trade demand creates a necessary spot.

Anastasios Aslidis: Okay. I think here is 43 days that we have that were in two, three in two, three plus roughly 50, give or take, for the other two.

Speaker Change: okay and then se forty forty three days that we hear but we in q four in q three to graph ly fifty you will take for the other twoun year

Anastasios Aslidis: And then you don't need drybacks currently scheduled for the fourth quarter, and should it be a fully quiet quarter from dried acting perspective. I think, to the best of my collection, I think it's a pretty quiet quarter.

Paul Fratt: And then, do you have any dry docks currently scheduled for the fourth quarter? It should be a pretty quiet quarter from a dry docking perspective. I think, to the best of my recollection, I think it's a pretty quiet quarter. It's a pretty dry quarter, dry deutsch and wise.

Speaker Change: Accommodate Southside

Paul Fratt: And then, do you know how many drybacks currently scheduled for the fourth quarter? It should be a pretty quiet quarter from a drybacking perspective. I think, to the best of my recollection, I think it's a pretty quiet quarter.

Anastasios Aslidis: I like the pump. Um, when you look at the start by back, when it seemed to slow down a little bit more in the second quarter. Is that a function of the stock price and, you know, correspondingly, how sensitive basis the stock buy back program to the stock price. And the stock buyback program has to comply with certain limits that are imposed by the SEC. We cannot buy back more than a certain percentage of the day volume, and we cannot trade during the whole day. So we are utilizing it in full to the full extent that we can.

Paul Fratt: It's a pretty dry quarter, dry Deutschland-wise.

Paul Fratt: I like the pun. When you look at the stock buyback program, it seemed to slow down a little bit in the second quarter. Is that a function of the stock price? And, you know, correspondingly, how sensitive is the stock buyback program to the stock price?

Paul Fratt: I like the pun. Um, when you look at the stock buyback program, it seemed to slow down a little bit in the second quarter. Is that a function of the stock price? And, you know, correspondingly, how sensitive is the stock buyback program to the stock price?

Simos Paryaros: Electricity demand worldwide is growing at a fast pace, greatly supported by the introduction of artificial intelligence and the electrification of the vehicle fleet, something that provides great support in the drivable market. However, as the renewables further penetrate the electricity mix, call trade dynamics and prospects remain to be further evaluated in the near future.

Anastasios Aslidis: The stock buyback program has to... go to the ground, and the other limits where we had to buy back fewer sales, correct Simon?

Anastasios Aslidis: The stock buyback program has to... to the world! and the other limits where we had to buy back fewer sales, correct Simon? Yeah, exactly and further...

Simon: The stock buyback program has to...

Simon: to comply with certain

Simos Paryaros: Let's now turn to slide 13. The left side of the slide shows the evolution of one year times at the rate of panamax vessel since 2005. As of August, the one year times at the rate for panamax ships with capacity of about 75,000 tons was just below $16,000 per day, which is approximately 16% above the historical median rate. Which is in the region of $13,500 per day. Vessel prices, as you can clearly see, are well above other prices seen in previous years.

Simon: We cannot buy back more than a certain percentage of the daily volume and we cannot trade during the whole day. So we are utilizing it to the full extent that we can, but because of the lower volume,

Anastasios Aslidis: But because of the lower volume and the other limits, we are, we have to buy back pure. Exactly. And further towards us is mentioned; it's not only a matter of volume. When you buy back shares on behalf of your company, you cannot buy from the offer. So it has to be a match on our bid. So otherwise, we cannot go aggressive, as you know, buy back rules are extremely restrictive. And they are there to protect the participant of the market. So we have to follow them and respect them. So if it is not up to us to increase the liquidity and, you know, try to buy more stock, we're doing the best we can.

Simon: and the other limits were...

Simos Pariaros: It's not only a matter of volume. When you buy back shares on behalf of your company, you cannot buy from the offer, so it has to be a match for our bid. Otherwise, we cannot go aggressive. As you know, buy-back rules are extremely restrictive, and they are there to protect the participants of the market. So we have to follow them and respect them. So it is not up to us to increase the liquidity and try to buy more stock. We are doing the best we can, and we will possibly continue to do so, but we have to follow the rules.

Anastasios Aslidis: We had to buy back fewer shares, correct Simeon? Exactly, and further to what Asus mentioned, it's not only a matter of volume. When you buy back shares on behalf of your company...

Simos Pariaros: It's not only a matter of volume. When you buy back shares on behalf of your company, you cannot buy from the offer. So it has to be a match for our bid. Otherwise, we cannot go aggressive. As you know, buy-back rules are extremely restrictive, and they are there to protect the participants of the market. So we have to follow them and respect them. So it is not up to us to increase liquidity and try to buy more stock. We are doing the best we can, and we will possibly continue to do so, but we have to follow the rules.

Simos Pariaros: You cannot buy from the offer, so...

Simos Pariaros: It has to be a match on our bid, so otherwise we cannot go aggressive. As you know, buy-back rules are extremely restrictive and they are there to protect...

Tathos Aslidis: And with that, I will now pass the floor to our CFP, obviously, to continue some financial data. Thank you very much, Simo. As mentioned in the beginning of the presentation, together with Athena, we will give you an overview of our financial highlights for the second quarter and first half of 2024 and compare them to the same period of last year.

Speaker Change: the participants of the marke we have to follow them and respect them so if it is not enough up to us to increase the liquidity and you not try to buy more stock

Anastasios Aslidis: And we will possibly continue to do so, but we have to follow the rules. We're doing the best we can because we think it's a great opportunity to buy back our stock. It's a big discount, so it's a great opportunity. We want to be the first to exploit it to the maximum extent.

Simos Pariaros: We're doing the best we can, and we will possibly continue to do so, but we have to follow the rules. And we're doing the best we can because we think it's a great opportunity to buy back our stock. It trades at such a big discount, so it's a great opportunity. We want to be the first to exploit it to the maximum extent.

Anastasios Aslidis: And we're doing the best we can because we think it's a great opportunity to buy back our stock. It trades at such a big discount, so it's a great opportunity. We want to be the first to exploit it to its maximum extent.

Atina Atalotti: I will now pass the floor to Athena first to start out with you. Athena, this is gorgeous. Thank you very much, Stato.

Paul Fratt: That's really helpful. Again, it wasn't an intention to slow down, it was just a technical one. That's great. Thank you so much, Tassos and Chinos.

Paul Fratt: That's really helpful. Again, it wasn't an intention to slow down. It was just a technical problem. That's great. Thank you so much, Stasos and Simos.

Atina Atalotti: Good morning for me as well ladies and gentlemen. Let's hand slide 15. For the second quarter of 2024, the company reported total net revenues of $13.4 million, representing 68.7% increase over total net revenues of $10.3 million during the second quarter of 2023, which was the result of the highest time chart rate, our Vessel ends and the income. The increase average number of Vessel operated during the second quarter of 2024, compared to the same period of 2023.

Paul Fratt: That's really helpful again. It wasn't an intention to slow down, it was just a technical one. That's great. Thank you so much Stasos and Simos.

Anastasios Aslidis: Thank you very much for attending. I would like to wish everybody a good remaining of the summer, and we look forward to seeing all of you again in our Q3 earnings call sometime in November.

Anastasios Aslidis: You're welcome, Paul.

Operator: Thank you, so we have reached the end of the question and answer session. I'll turn the call back over to Mr. Tasos, Executive Vice President, CFO, for closing remarks. Thank you very much.

Operator: So, we have reached the end of the question and answer session. I'll turn the call back over to Mr. Toslow to give you the CFO. Thank you very much.

Paul Fratt: You're welcome, Paul.

Speaker Change: Thank you. So we have reached the end of the question-and-answer session. I'll turn the call back over to Mr. Taffos to give you the CFO for closing remarks.

Anastasios Aslidis: Thank you very much for attending. I would like to wish everybody a good remainder of the summer, and we look forward to seeing all of you again in our Q3 earnings call sometime in November. Bye-bye everybody. And this concludes today's conference, and you may disconnect your line at this time.

Anastasios Aslidis: Thank you very much for attending. I would like to wish everybody a good remaining of the summer and we look forward to seeing all of you again in our Q3 earnings call sometime in November . Bye bye everybody.

Unknown Executive: Bye bye, everybody.

Unknown Executive: And this includes today's conference, and you made this connection a lot at this time.

Atina Atalotti: The company reported net loss attributable to controlling share holders for the period of $0.41 million as compared to net loss attributable to controlling share holders of $1.2 million for the same period of 2023. The net gain attributable to the non-controlling interest of about $80,000 in the second quarter of 2024 represents the gain attributable to the 39% ownership by the NRC in Vessel. Interest and other financing calls including interest income for the second quarter of 2024 amounted to $2 million compared to $1 million to $150,000 for the same period of 2023.

Operator: And this concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

Operator: And this concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation. Bye-bye.

Operator: And this concludes today's conference and you may disconnect your lines at this time. Thank you for your participation.

Unknown Executive: Thank you for your participation.

Unknown Executive: Bye bye.

Atina Atalotti: Interest expense during the second quarter of 2024 was higher mainly due to the increased amount of debt and the increased benchmark rate of our loan, while interest income was lower due to lower cash balances during the period as compared to the same period of last year. Adjusted EBITDA for the second quarter of 2024 was $5 million compared to $2.5 million achieved during the second quarter of 2023. Basic and diluted lots of share attributable to the company for the second quarter of 2024 was 15 cents calculated on about 2.7 million basic and diluted weighted average number of shares outstanding compared to a loss per share of 43 cents calculated on about 2.8 million basic and diluted weighted average number of shares outstanding for the second quarter of 2023. Usually security analysts do not include the above item in their public estimate of earnings per share.

Operator: Dinah Hansen, Bette Midler, Paul Sutton, C derived Okay, dear, goodbye, goodbye!

Speaker Change: The Grand-Prix

Atina Atalotti: Let's now look at the numbers for the corresponding six month periods and the June 30th 2024 and compare it to last year. For the third half of this year, the company reported total net revenues of $31.9 million representing a 47% increase over total net in the revenues of $21.7 million during the first half of 2023 which was the result of the increase in times chart rate of our vessels and the increase average number of vessels operating during the first half of 2024 compared to the same period of 2023.

Atina Atalotti: The company reported a net loss attributable to controlling share holders of 2.2 million dollars as compared to net loss attributable to controlling share holders of 2.7 million dollars for the first half of 2023. The net loss attributable to the non-controlled interest of about $50,000 in the first half of 2024 represents the loss attributable to the 39% ownership of the NHS investors. Interest and other financing calls including interest income for the first half of 2024 amounted to $4.1 million compared to $2.9 million for the same period of 2023.

Atina Atalotti: This increase is mainly due to the increase amount of debt in the current period as well as the increase in the benchmark rate of our loans while interest income was lower due to lower cash balances compared to the same period of 2023, calculated on about 2.9 million basic and diluted weighted average number of shares of standing. Excluding the effects on the net loss attributable to control the share holders for the first half of the year of the unrealized gain on derivatives, they adjusted the loss for the six months period and the June 30th 2024 would have been $1.35 per share based on diluted compared to a loss of 33 cents per share based on diluted respectively for the six months period and the June 30th 2023. Excluding the unrealized loss on derivatives, as previously mentioned, usually security analysts do not include the above items in their public estimates of earnings per share.

Atina Atalotti: On average, testing vessels were owned and operated during the second quarter of 2024, earning an average time-charter equivalent rate of $14,427 per day compared to 10 vessels in the same period of 2023, earning on average $12,117, and $79 per day. Our thought out daily operating expenses, including management fees, general and administrative expenses, but including dry and working costs, were $7,062 per day during the second quarter of 2024, compared to $7,666 per day for the second quarter of 2020.

Atina Atalotti: If we move forward down on this table, we can see that we can see the cash flow break even levels, which takes into account, in addition to the above, the dry and working expenses, income expenses and lower paying. For the second quarter of 2024, our daily cash flow break even levels was $13,214 per day, compared to $14,128 per day for the same period of 2024.

Atina Atalotti: Let us now go over the same figures for the six month period of 2024 and compare them to the same period of last year. During the first half of 2024, our commercial and operational rate was 99.8%, and 98.7% respectively, compared to 99% commercial and 97.4% of the same period of last year. On average, 13 vessels were owned and operated during the first half of 2024, earning an average time charted equivalent rate of $13,452 per day, compared to 10 vessels in the same period of 2023, earning on average $11,393 per day.

Atina Atalotti: Our vessel operating expenses again, including management fees and general and administrative expenses, were $6,964 per day in the first half of this year, compared to $7,366 per day for the same period of last year. Again, if we look further down the table, we can see the customer's rate even raised for the first six months of 2024, which is $13,161 per day, compared to $13,661 per day for the first half of 2023.

Atina Atalotti: Let us turn our attention to flights and scenes to review our debt profile. As of June 30, 2024, our outstanding bank debt stood at 98.1 million dollars and expected to decline to about $67.5 million by the end of 2026. In the remainder of 2024, our debt repayment amounts about 8.5 million dollars then, in both 2025 and 2026, low repayments are usually decreased to about $10.5 million dollars and $11.6 million dollars, respectively, particularly using our customer's rate even less.

Atina Atalotti: It is worth mentioning on this table that the total cost of our senior debt, with another margin of about 2.39 per cent and assuming a 3.5 of 5.25 per cent is 7.64 per cent, including the drop portion of debt, the cost of our senior debt stands at around 7.43 per cent. At the bottom of this slide, we can see our projected customer's rate even less for the next 12 months broaching down into its very components. Overall, we expect our overall customer's rate even less to be around $12,669 per day, and our average rate even less to be around $8,745 per day.

Atina Atalotti: And with that, I will pass the floor back to our Thank you very much, Athena.

Atina Atalotti: Let's now conclude our presentation by moving to slide 18, where we can see some highlights from our balance sheet. This light offers a snapshot of our assets and liabilities. S of June 30, 2024, Kass, another Karan assets stood at about 22.8 million in our balance sheet. The other major component, the book value of our vessels was approximately a count of 97.2 million, resulting in total book value of our assets of about 220 million.

Atina Atalotti: On the liability side, out that S of June, as Athena previously mentioned, stood at about 98 million, representing around 44.6% of the book value of our assets, while other liabilities amounted to about 5.2 million, or about 2.4% of our total assets. The remaining book value of 116.7 million, inclusive of the book value of our minority circle interest, the NLP investors, of about 9.7 million. Leaves, we subtract the minority circle interest, book value, 117 million, book value attributed to our controlling circle interest, resulting in a book value per share of about 38 dollars.

Atina Atalotti: However, based on market transaction and other market reports, we can value our fleet S of June 30, way above the book value, and we estimate that to be 270 million worth, more than 70 million or approximately 37% higher than the respective book values. Thus, suggesting an NAV per share in excess of $63, our surprise, trading around between $20 and $24 regionally, trades at a substantial discount compared to our net-passed value, and thus, represent a significant opportunity for appreciation potential for our shareholders and investors.

Unknown Executive: At this point, our presentation is concluded, and I would like to open the floor for questions if there are any.

Mark Reichman: Our first question comes from the line of Mark Riceman with Noble Capital Market. Please proceed with your question. Good morning.

Tathos Aslidis: It seems like the net revenue, our estimates, were pretty much in line with the Actual Suscorder, where we were off, where the voyage expenses and the dry docking expense, and so I was kind of wondering if you could just kind of provide a little more color on those two line items for the quarter and expectations for the remainder of the year. Yeah, I think in High Mark Church Road, the Dragon Expenses first, depends on when the eye doctor is heading.

Tathos Aslidis: We have 13 vessels, the eye doctor twice every five years so about one vessel and another it should be the eye doctor every quarter. The last quarter we had more than one eye doctor, we had one eye doctor completed during the quarter and we had a couple of dried up stocking in the quarter, which got some cost attributed to them. So that resulted in the higher dried up in cost. On the same note, as I mentioned already, we have two dried up schedule for next quarter and two dried up being performed at the turn of the quarter.

Tathos Aslidis: So we should expect a little higher dried up expenses next quarter as well. On the revenue side, the the volume of expenses you have to do with the type of contracts, the vessels enter when they are booked. If we have to travel to get to the area that we load the cargo, we get paid the balance bonus but at the same time we pay for the for the mortgage expenses and depending on whether we have only time charter contracts or mortgage contracts that include the balance leg, we might have more or less mortgage expenses. That's helpful.

Tathos Aslidis: Then the second part of my question is, you know, we've been in kind of a favorable charter rate environment and you know, that looks to kind of continue at least as stabilized, maybe for the remainder of the year with a little more uncertainty in 2025. And I guess my question is is, you know, even though, you know, that we produce positive EBITDA, I mean, we've had two consecutive quarters of negative EPS.

Tathos Aslidis: And so what I guess what will be the variable to move, you know, EPS into the into the positive category or would you kind of expect, you know, positive EBITDA and, you know, negative EPS in the third quarter. I guess I'm just kind of looking for, I mean, we're in kind of a favorable environment yet, you know, we've had two consecutive quarters of loss on a per share basis. And so what, what, what, what dynamic changes that looking ahead?

Tathos Aslidis: I think it's a combination, of course, of the market, but also on the, on how many vessels, in our case, have to go to drive up. As you can see, it's like 16, we give you the break even level per day. So to cover our expenses, we have in the past, in the first six months of this year, we had the break even cost of $13,000 per day. That is, if you convert this to a gross time chart or equivalent rate, probably our vessels needed to earn around $14,000 to $15,000 a day to break even in the first six months.

Tathos Aslidis: The year, as you can see on slide 16, 13,450. So that is the metric that you should follow. If you look again on slide 17, going, and this is for the next 12 months, so it's not working down by quarter, we expect to have a break even level of 12,000, on a cash flow basis, of course, $600. So, we should be able to earn in excess of 14,000 to have cash flow positive balance, but also earnings, because loan repayments roughly are equivalent to our depreciation.

Tathos Aslidis: Okay, and so that's kind of sensitive to what the time charter rates will look like. But I mean, as long as the over the next 12 months of the time charter equivalent rates hold, you should be, maybe you have a little wider spread, or you know, you'll need to kind of get your expenses down, which would maybe mean fewer dry docking expenses. So, but there's still a fairly, I guess it's not a real wide margin between breakeven and the time charter equivalent rates. So, okay, well, now that's very helpful. I appreciate that.

Tathos Aslidis: Is there any any additional color on that? I think the only additional color I would say is that we see more sunlight. Supply in the driver's market is very tight. In the center, the order book, the order that's been playing over the last of the previous three years were low. That creates very low supply growth over the next couple of years. So, really, then we are waiting to see whether demand will return to average historical average of higher levels for that.

Tathos Aslidis: And that would be translated directly to rate increases. That's why we are keeping most of our fleet exposed to the market because we anticipate and we hope that there would be a situation where the market will perform better. That's very helpful.

Unknown Executive: Thank you very much.

Unknown Executive: Thank you.

Charles Fratt: Our next question comes from the line of large 90 with Arctic security. Please proceed with your question. Hello. How are you? Good, good. Great. Just a quick one from me.

Tathos Aslidis: I think you mentioned this for the heart for this quarter, but just in general, how should we think about off-hour days for a vessel with multiple structures within the same quarter? Is they like a general rule of thumb or will it vary from case to case? I mean, the commercial of how that reported was, I would say in exception, to have to wait before you book your next starter. Of course, any technical of cars are a matter of incidence of type and non-appearations.

Tathos Aslidis: The rates we typically report include any ballast leg that is part of the charter. So if there is a ballast leg in the charter, we include the ballast bonus minus the very expensive to provide the standard equivalent for the whole period. So I would say for our own modeling purposes, we use an average of one to one and a half days of off-hour quarter. It's a capsule Thank you. Okay, that's great. Thank you very much. That's all for me.

Unknown Executive: Thank you.

Charles Fratt: Our next question comes from a lot of Paul Fratt with A.A.G.P. Please proceed with your question. Good afternoon, Tate. Hi, Paul. I was just wondering if he did sort of the math problem on the last question. If we sort of did the math on what's in dry dark and what you've highlighted, I'm sort of coming up with an idle day number in the third quarter of that 150 days. Is that in the third quarter, we would have two full dried up so that's roughly 50 days.

Charles Fratt: The last two continuing dry docks and now there are let's say 35 days. So I would say around 85 days give or take would be the off-cry days due to dry docks in the third quarter. That is the order of magnitude now, which they can play up or down a bit, but I assume 25 days for the two full dried docks. And because two are at the turn of the quarter, I assume, you know, something like 35 days.

Charles Fratt: Yeah, I guess I was looking at the Maria and the reenie that we're still on dry dark in July. You know, that that I would do that looks like about 60 days and then you have the two other ones. So I mean, she may be over 100. Yeah, I could be a man, I didn't have in front of me the day in two, three of Maria and the reenie, but if it's 50, then probably would be a little more than a problem.

Charles Fratt: Okay. I think here is 43 days that we have that were in two, three in two, three plus roughly 50 give or take for the other two. And then you don't need drybacks currently scheduled for the fourth quarter and should it be a fully quiet quarter from dried acting perspective. I think to the best of my collection, I think it's a pretty quiet quarter. I like the pump. Um, when you look at the start by back, when it seemed to slow down a little bit more in the second quarter.

Charles Fratt: Is that a function of the stock price and, you know, correspondingly, how sensitive basis the stock by back program to the stock price. And the stock by back program has to to comply with certain limits that are imposed by the SEC. We cannot buy back more than a certain percentage of the day volume and we cannot trade during the whole day. So we are utilizing it in full to the full extent that we can.

Charles Fratt: But because of the lower volume and the other limits, we are, we have to buy back pure. Exactly. And further towards us is mentioned, it's not only a matter of volume. When you buy back shares on behalf of your company, you cannot buy from the offer. So it has to be a match on our bid. So otherwise, we cannot go aggressive as you know, buy back rules are extremely restrictive. And they are there to protect the participant of the market.

Charles Fratt: So we have to follow them and respect them. So if it is not up to us to increase the liquidity and, you know, try to buy more stock, we're doing the best we can. And we will possibly continue to do so, but we have to follow the rules. We're doing the best we can because we think it's a great opportunity to buy back our stock. It's a big discount, so it's a great opportunity we want to be the first to exploit it to the maximum extent.

Unknown Executive: Thank you very much for attending. I would like to wish everybody a good remaining of the summer and we look forward to seeing all of you again in our Q3 earnings call sometime in November. Bye bye everybody.

Unknown Executive: And this includes today's conference and you made this connection a lot at this time. Thank you for your participation. Bye bye.

Q2 2024 EuroDry Ltd Earnings Call

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