Q1 2025 Navios Maritime Partners LP Earnings Call
Thank you for joining us for Navios Maritime Partners' first quarter 2025 earnings conference goal.
Speaker Change: With us today from the company are Chairwoman and CEO , Miss Angeliki Frangou, Chief Operating Officer, Mr. Stratios Desypris, Chief Financial Officer, Miss Erifili Tsironi.
Chief Trading Officer Mr Vincent Van der Wale
Speaker Change: As a reminder, this conference call has been webcast. To access the webcast, please go to the Investors section of Navis Partners' website at www.navis-mrp.com
Speaker Change: You'll see the webcasting link in the middle of the page, and a copy of the presentation referenced in today's earnings conference call will also be found there.
Speaker Change: Now, I will review the Safe Harbour Statement. This conference call could contain four looking statements within the meaning of the Private Security's Litigation Reform Act of 1995 about Navios' partners.
For re-looking statements are statements that are not historic effects.
Speaker Change: Such four-looking statements are based upon the current beliefs and expectations of Navios Partners management and are subject to risks and uncertainties which could cause actual results to differ materially from the four-looking statements.
Speaker Change: Such risks are more fully discussed in Avios Partners' filings with the Securities and Exchange Commission.
Speaker Change: The information set forth herein should be understood in light of such risks. Navios Partners does not assume any obligation to update the information contained in this conference call.
The agenda for today's call is its follows.
First, Ms. Frangou will offer open in remarks.
Angeliki Frangou: Next, Mr. Desypris, we'll give an overview of Navios Partners' segment data. Next, Mrs. Tironi, we'll give an overview of Navios Partners' financial results. Then, Mr. Van Devale will provide an industry overview. And lastly, we'll open the call to take questions. Now, I turn the call over to Navios Partners' Chairwoman and CEO , Mrs. Angeliki Frangou. Angeliki.
$1.1 million, and a bidat of $147.6 million, and a tinkam of $41.7 million, earnings per the common unit worth $1.38 for the quarter.
Angeliki Frangou: The economic environment over the past months has been particularly uncertain with its global expectations being driven by the unprecedented U.S. tariff proclamation.
Angeliki Frangou: followed by revisions, poses and exceptions. In response sentiment and bail in the US and other financial markets were extraordinarily volatile, recovering on last week in the US to the pre-tired
Speaker Change: I would add that the tariff announcements can't see an underlying worry due to the wars in Ukraine and the Middle East.
Speaker Change: I remarked last quarter that we are waiting for more information as the U.S. administration did not provide a concrete tariff road map.
Speaker Change: In general, this continues to be the case, as the US administration tactically maneuvers to always a tariff regime furthering its policy inspiration relating to national security and physical austerity.
[inaudible]
However, a faint outline is starting to emerge.
Speaker Change: While the future may be challenging, it appears the potential impact on maritime transportation may not be as severe as we initially feared.
Speaker Change: And I know that during this recent period of austerity, the spot rate markets have generally been healthy, although uneven between the my time sectors.
Speaker Change: Preparing for difficult periods is part of our job requirements. In prior periods, when sediment allowed, we entered into long-term charter arrangement.
We can't really have a contract backlog of $3.4 billion.
Speaker Change: In addition, because of this, another measures are contracted revenue is $2.5 million, larger than our total cash expenses for the remaining nine months of 2025.
Speaker Change: Please tend to slide six. Navios Partners is a leading public listed shipping company with the hand-in-the-seven default vessel.
These vessels have an average age of 9.9 years.
Speaker Change: and are in three different segments and 16 asset classes. As you can see, the vital value is approximately equal in each sector.
Speaker Change: We ended the first quarter with 343 million of cash on our balance sheet, a net LPV as of the end of the quarter, Q1, was calculated at 35.2% slightly up from last quarter.
Please stand to slide, seven.
Speaker Change: We sold three vessels with an average age of 19.1 years for around 35 million.
Speaker Change: and two LNG dual fuel, 7,700 TU containerships, which were fixed at an average rate of $41,753 dollars net per day for 12 years.
Speaker Change: for the remaining nine months of 2025, contractive revenue exceeds total cost expense by $12.5 million.
Speaker Change: We have 14,117 remaining open and indexed days, 34% of our available days, so we have significant cost-generative opportunities.
Speaker Change: Please turn to slide 8, where we outline a return of capital program. And there are dividend programs with paid 20 cents dividend per unit annually.
Speaker Change: In the first quarter of 2025 we paid a dividend of a million and a half dollars which is slightly less than the previous years on rate because of our buyback program.
Speaker Change: In addition, so far in 2025 we repurchased 423,984 common units for $16.1 million.
Speaker Change: including dividends will return a total of $17.6 million in 2025.
Under the Entire Unit Repetions Programme, [inaudible]
Speaker Change: purchasing around 3% of Navios' partners, Public Float, as measles when the program was launched. We estimate that we effectively returned $2.9 per unit of value through these purchases.
Speaker Change: As of May 1st, 2025, we had 58.9 million available under our unit and purchase program.
Speaker Change: The volume and time of further purchases will be subject to general market and business conditions, working capital requirements and another investment of what you notice among other factors.
Speaker Change: Please turn to Slide 9, where we focus on how we execute our strategy in a period of increasing uncertainty.
Speaker Change: At the top left of the slide we outline the challenges we have been addressing. I can share that we assemble our team regularly to dive into the details of emerging information in an attempt to understand how various risks are evolving.
Speaker Change: Why extreme outcomes remain possible, the markets have been generally adapted to this entitlement and they are the line rate market relatively healthy.
Speaker Change: On the top right part of the slide, we are underlined how we are addressing the uncertain market and the things we have accomplished. As noted earlier, the $3.4 billion in contracted revenue stems from our action in past markets, where sentiment allowed us to enter into low-term charters. This is not the case now, but we remain alert for future possibilities. We are also focused on our...
Speaker Change: interest rate risk and we have been hedging this risk with hedges that will never require posting additional collateral.
Speaker Change: At the bottom of the slide, we continue to provide a view of the evolution of our fleet through SELECTED MATRIX.
Speaker Change: As you can see our fluid size and age are about the same.
Speaker Change: About 26% of our fleet was acquired in the past four years. So we maximized energy efficiency by maintaining a fleet of useful vessels with the latest technology.
Speaker Change: On the financial side, we focus on the leveraging and reduce net LTV from a 45% at the end of 2022 to 35.2% at the end of the first quarter 2025. And now turn the presentation over to Mrs. Stratios Desypris, Navios Partners, Seafoeperating Officers.
Efstratios Desypris: Thank Angeliki and good morning all. Please turn to slide 10, which details are operating free cash flow potential for the remaining nine months of 2025. We fixed 66% of available days at the net average rate of $25,730 per day.
Efstratios Desypris: Contracted revenue exceeds our total cash expense by about 12.5 million and we have 14,017 remaining offer or index link days that should provide substantial additional cash flow.
Efstratios Desypris: So that you can perform your own sensitivity analysis. On the right side of the slide we provide the 41,901 available days per vessel type.
Efstratios Desypris: Please tend to slide 11. We are constantly renewing our fleet in order to maintain a young profile. We did use our carbon footprint by modernizing our fleet, benefiting from newer technologies and advanced environmental-friendly features.
In 2025, we took delivery of four vessels [inaudible]
Efstratios Desypris: $2.2.2, but have been sat around for 5 years at the average of $26.349 net per day.
Efstratios Desypris: and 27,700 TLNZ dual fuel containerships that have been sat around for 12 years.
At the number it's rate of $41,753 net per day.
Efstratios Desypris: Following these deliveries, we have 21 additional new building vessels delivering to our fleet through to 2022 and representing 1.4 billion of investment.
Efstratios Desypris: In container ships, we have 4 vessels to be delivered with a total acquisition price of about 0.4 billion. We have mitigated this risk with long-term credit worth its artist, expected generate about 0.3 billion in revenue over a 5 year average started duration.
Efstratios Desypris: In tankers we have 17 vessels to be delivered, for a total price of approximately 1 billion. We sat there out 13 of those vessels, for an average period of 5 years, expected to generate aggregate contract driving of about 0.6 billion.
Efstratios Desypris: We have also been opportunistically replacing older vessels. In 2025, we sold three vessels with an average age of 19.1 years for about 35 million.
[inaudible]
Efstratios Desypris: Moving to Slide 12, we have a strong backlog of contracted revenue that we build over the previous years but create visibility in an uncertain environment.
Efstratios Desypris: Our total contracted revenue amounts to 3.4 billion. 1.4 billion relates to our tanker fleet, 0.2 billion relates to our driver fleet and 1.8 billion relates to our container ships.
Efstratios Desypris: Charters are extending through 2037 with a diverse group of quality counter-parties.
Efstratios Desypris: I now pass the call to Erichiron, you have CFO , who will take you through the financial highlights. Erif?
Eric Tsironi: Thank you Stratios and good morning all. I will briefly review our un audited financial results for the first quarter and the March 31st, 2025.
Eric Tsironi: you to lower sleep time charter equivalent rate, available days and revenue from freight voyages.
Eric Tsironi: Arcliffe, TimesRT Equivalent Rate for the first quarter of 2025 decreased by 1.1% to 21,271 per day, and are available days decreased by 0.6% to 13,456 days compared to Q124.
Eric Tsironi: In terms of sector performance, the Tsironi for our container fleet increased by 2.2% to 30,500 and one per day.
Eric Tsironi: In contracts, the TCE rate for a dry bulk and tanker fleet was 10.5% and 7.1% lower respectively at 12,722 per day for dry bulk and 26,882 per day for tanker vessels
Abida was adjusted as explained in the slide footnote.
Eric Tsironi: Increase in vessel operating expenses, mainly due to a 4.8% increase in aerobic stage, and the change in the composition of our fleet partially mitigated by 12 million degrees in time of charter and avoidance expenses due to less freight voyages.
Eric Tsironi: Adapted net income for Q1 2025 was 48 million compared to 71 million in Q1 2024
Eric Tsironi: Adopted net income, decreased by 24 million, mainly due to an 11 million decrease in adopted EBITDA, a 9 million increase in depreciation and amortization, and a 4 million increase in interest expense and finance course net.
Eric Tsironi: and links and address the tenings for a common unit where $1.38 to $1.58 respectively.
Eric Tsironi: Turning to slide 14, I will briefly discuss some key balance in data, as of March 2025 cash and cash equivalence, including restricted cash and time deposits in excess of three months or 343 million.
Eric Tsironi: During the quarter, we paid 33 million under a new building, program net of debt.
Eric Tsironi: We concluded the sale of one vessel for 8 million, adding about 1 million cash after debt repayment. Long term borrowings, including the current portion net of the third phase, remained in line with 20-24 year end figures. A 2.1 billion despite the delivery of 3 new building vessels during the quarter. Net debt to book updateization improved to 34.1%. Slide 15 highlights on that profile. We continue to diversify our funding sources.
Eric Tsironi: between Baghdad and Lisbon Stratios. Following, R-88 million interstrate heads in Q-120, 25, 30% of our dead and verbal gliabiltes have fixed interest at an average all-in-rate of 5.5%.
Eric Tsironi: We also have mitigated part of the increased interest rate caused by reducing the average margin for our drone floating rate debt and bear both liabilities to 1.9%. I would like to note that the average margin for the drone floating rate debt of our new building program is 1.4%.
Eric Tsironi: A maturity profile is staggered with no significant balloons due in any single year. In Q1 2025, Navios Partners agreed to extend the maturity of a sale and leaseback facility for 11 vessels until 2029 at improved terms.
Speaker Change: I now must agree to Vincent van de Wale, Navios Partners, Chief Trading Officer, to take you through the industry section. Vincent?
Thank you, Erif. Please turn to Slide 17
Speaker Change: Feasibility and two the global trade has been clouded by many tariff announcements.
Speaker Change: It appears that 3.7% of the global trade will be subject to declared tariffs.
Speaker Change: announced status are not expected to have a significant effect on tankers and dry book treat a part of grains.
Speaker Change: The heavier tariffs impacts will be on containers, cars and LPG. We will continue to monitor how further developments affect global trading.
Please turn to Slide 18.
Speaker Change: U.S. terrorists on Chinese imports rose to 145% on a wide range of goods as of early April .
China retaliated with 125% tariffs.
Speaker Change: The U.S. also imposed tariffs of 10-50% on most other countries.
Speaker Change: On April 9, the US post all tariffs for 90 days except for the tariffs on China.
The U.S. is currently negotiating tariffs on a country by country basis.
Speaker Change: On April 17, USTR released a revised section, 301 fee, proposal targeting Chinese vessel operators and Chinese build ships with extra port fees when calling US
These fees are to take effect from October 2025.
[inaudible]
Speaker Change: Please turn to slide 19 for a review of the current trade disruptions.
Speaker Change: The Red Sea entrance leading to the Suez Canal is a strategic maritime transit point.
It continues to operate at restricted transit levels.
Speaker Change: Through the end of April , transit through the Suez Canal were lower than the 24 average. Red seat disruptions have cost, rerouting of ships via the Cape of Good Hope, raising cost and distances last year.
Speaker Change: Should the situation remain unchanged during the rest of 25, we believe that total T.U. miles are projected to experience modest improvements across all sectors.
[inaudible]
[inaudible]
Speaker Change: Before we move to the analysis per sector, please be reminded that the analysis that follows may be materially different depending on the final outcome of the tariff discussions.
[inaudible]
Speaker Change: Please turn to slide 21 for the review of the dribble industry.
Speaker Change: A seasonal lower Q1 developed due to weather patterns, cyclones and typical seasonality.
Speaker Change: Rates for all three asset classes declined Q125 versus Q124 and in Q1 average revenue declined 46% for Caves, 38% for Panamaxes and 32% for Supra
Speaker Change: Going into Q2, the spot market started to recover due to seasonally higher volumes of iron ore, vogue site and rain.
Speaker Change: Tri-book trade is expected to decline by 1.2% in 25, while tone-mouse are expected to decrease by 0.4%.
Speaker Change: Tom Mounds are positively affected by Atlantic export of iron ore and bauxite from West Africa, designated primarily for China and Southeast Asia, which cushion the fall in overall the mount and supporting capes in particular.
[inaudible]
Speaker Change: Please turn to Slide 22. The current order book stands at 10.3% of the fleet.
Speaker Change: Netfleet Grote is expected to be 3.1% in 25, as owners remove tonnage that will be unaccountable due to the Emo 2023 CO2 rules.
Speaker Change: Vessels over 20 years of age are about 11.5% of the total fleet which is slightly higher than the order book.
[inaudible]
Speaker Change: In concluding or dry book sector review, slowing the mount growth for natural resources may be balanced by restrictions in transit in the red sea.
Speaker Change: Longhold Trades of Bokeseites and I don't know from West Africa to Asia and a low pace of new building deliveries.
Speaker Change: This should support higher freight rates as the freight future market currently indicate particularly for capes.
Speaker Change: Please turn to slide 24 for the review of the tanker industry. WLGDP is expected to grow by 2.8% and 25% based on the IMF April 4 costs.
Speaker Change: The IEA projects 0.7 million barrels per day increase in global all the amount in 25.
Speaker Change: Chinese crude import slowed in 24, average about 11.1 million barrels per day, down 2% or 0.2 million barrels per day compared to 23.
Speaker Change: Imports in March were 12 million barrels per day, up 4% year-on-year, leaving Q1 imports at 11 million barrels per day, slightly down over 24.
Speaker Change: Crude tanker earnings have remained healthy in recent weeks after firming in February with support from Asian refineries that replaced Russian and Iranian barrels with non-sanctioned imports.
Speaker Change: The geopolitical backdrop remains fluent, with tighter sanctions, and certainly regarding Red Sea Passage, possible Russian-Ukrain War Resolution, and consequences from that if war.
Speaker Change: where after a series of upward revisions announced the increase in production by about 1 million battles per day.
Speaker Change: The BTTI average 905 for Q125, 5% down on Q424, while the BCTI average 706, some 24% above Q4.
However rates remained in line with the long-term averages.
Speaker Change: Overall, the political environment along with the normal seasonality, reduction of the feed due to the sanctioned vessels and a lower global all inventories should support crude freight
[inaudible]
Speaker Change: Please turn to Slide 25. On January 10, 25, the U.S. Office of Foreign Assets Control, OFAC issued new sanctions targeting Russian oil revenue with the U.S. adding 186 ships, mostly trading Russian oil to its sanctions list.
Speaker Change: Ulfak's actions more than double to sanctioned vessels. The total sanctioned vessels is now about 10% of the tanker fleet.
Speaker Change: Both China and India have said that they will not allow OFAC sanction vessel to discharge.
VLCC spot rates from Middle East [inaudible]
Speaker Change: to China as of April 29, or about 125 percent higher than the day before OFX sanctions were announced.
Speaker Change: On February 4, 25, the U.S. reinstated the maximum pressure campaign against Iran, instructing U.S. agencies to rigorously enforce existing economic sanctions and introduce new measures targeting
All exports [inaudible]
Speaker Change: The state goal is to reduce all exports to zero from the recent 1.4 million barrels per day.
Speaker Change: OFAC has sanctioned additional vessels since its initial announcement, mostly in regards to Iranian All-Exports.
Please turn to Slide 26.
Speaker Change: Seaborn, Crude, and Product Tankers continue to be affected by the war in Ukraine, both Crude and Product Markets remains at healthy levels.
Please turn to Slide 27.
Speaker Change: The VLCC fleet contracted 0.1% in 24 and is expected to contract in 25.
Speaker Change: This decline can be partially attributed to owners' hesitance to all the vessels in light of unresolved technology requirements relating to CO2 restrictions.
Speaker Change: The current order book is 10.8% of the fleet or 98 vessels after a record ordering spree in 24.
Speaker Change: Vestos over 20 years of age are about 19.8% of the total fleet or 181 vessels, which is about two times the order book.
Speaker Change: Turning to slide 28, Product Anchor Netfleet Growth was 1.7% for 24, and is expected to increase to 4.3% in 25. The current Product Anchor Order Book is 21.5% of the fleet, slightly more than the 18.8% of the fleet, which is 20 plus years of age.
Speaker Change: Concluding the tanker market overview, tanker rates continue at healthy levels, the combination of moderate growth in global all the amount, OFAC sanctions reducing the numbers of available
Speaker Change: New longer trade routes for both crude and products and the IMO-23 regulations should provide for a healthy tanker earnings going forward.
Speaker Change: Please turn to slide 30 for the review of the container industry.
Speaker Change: The Shanghai Container Freight Index is currently at 1341, the lowest since December 23 and down approximately 64% from the recent peak of 3734 on July 5, 24.
Speaker Change: We know that was the highest level outside the pandemic area.
Speaker Change: Containership rates remain firm because of the Red Sea causing TU miles to increase by about.
Speaker Change: 18% in 24%. Firm time chart rates should remain for the duration of the Red Sea disruption. However, continuous record new building ordering and record-feed growth should eventually modify these gains.
Speaker Change: Taris, particularly the current 145% terrorist on U.S. imports of Chinese goods, will have a significant effect on the amount and trade should they remain at these recent announced levels.
Thank you for watching!
[inaudible]
Speaker Change: 13 to slide 31. The current order book stands at 28.5% against 13.7% of the free 20 years of age or older.
Speaker Change: About 80% of the audiobook is for 10KTU vessels or larger.
Speaker Change: Although trade is expected to grow by 0.3% in 25, net free growth is expected to grow by 6.3% in 25, following a 10.1% net free growth in 24.
Speaker Change: Additionally, should Suez Canal transit return to previous normal levels, supply and the amount fundamentals will be challenging.
Speaker Change: However, a well GDP growth of 2.8% for 25 provides a somewhat positive count point for the challenging 25.
Speaker Change: If the tariffs and especially the 145% on U.S. imports on Chinese goods remain, it will have a significant effect on the amount.
and Treats.
Angeliki Frangou: This concludes our presentation. I would no like to turn the call over to Angeliki for her final comments.
Angeliki
Angeliki Frangou: Thank you Vincent. This completes a formal presentation and we open the call to questions.
Speaker Change: At this time, if you would like to ask a question, please press star one on your telephone
Speaker Change: You may remove yourself from the queue at any time by pressing star 2. Once again, that is star 1 to ask a question.
Speaker Change: We'll take our first call. Question from Omar Nokta with Jeffries.
Angeliki Frangou: Thank you. Hi, Angeliki. Hi, everyone. Good afternoon. Thank you for the update.
Speaker Change: You know, clearly a lot of fast-moving, very quick-changing dynamics, you know, the geo-macro. And clearly, you've done a good job, obviously.
Navigating through this, and I think on slide.
Speaker Change: Slide 9, you highlight the securing the liquidity and having the revenue stability and basically optimizing the balance sheet as much as you can in this environment has been first and foremost to what you've been focusing on. I guess as we think about...
Speaker Change: How things are from here, it seems that share of purchases.
Speaker Change: have somewhat accelerated this year, relative to the pace that we saw in 24.
Speaker Change: Just wondering, as you kind of think about how things are situated today, any change in how you approach capital allocation, whether the buyback...
Speaker Change: You know, paste changes or, you know, fleet renewals that takes it back seat. Do you focus on cash preservation? Any kind of changes or shifts you would say in this environment for Navios.
Speaker Change: Thank you, Omar, and good morning to you. To be honest, you know, there is one big thing, patience, patience, patience. I mean, we are living in an incredible uncertainty.
Speaker Change: I mean on top of two words that were already complicated, you can't imagine all of them in the middle of these two words, we are basically having a U.S. tatties, the S.S. administration is looking really to be safe, on volume and origination of root. [inaudible]
Speaker Change: This is a very big thing because basically we are changing the global trading pattern.
Speaker Change: What explains how this is something we will have to see?
Speaker Change: And to be honest, during these very uncertain times, what we did before is the most important thing is more important than what we are doing today.
Speaker Change: also. With that, we have short-term flexibility. You know, operating cash flow, we have 12.5 million excess of contracted.
Speaker Change: Revenue, this year, on the 9 months, over the total cash expenses on the 25th, on the 9th month. This gives you flexibility of thinking.
On top...
Speaker Change: You focus on your balance. You focus on deleveraging. We provide it at 22% deleveraging from the end of 22 to the day.
Speaker Change: And also, as you can see today, we also concentrating on mitigating Efstrat risk. We have 30% of
Speaker Change: because I think in this environment you are better off to be more conservative and we are fixed at an average rate of five and a half.
Speaker Change: Now, on top of all this, we look on how we return capital to our shareholders, to our unit holders, and we have a program, a dividend program.
and a buyback.
Speaker Change: Almost every day concentrate and see what is changing. Look at the news of last night.
Speaker Change: You wrote a piece about the Houthis. What was the day before? We see that today there is tomorrow there's going to be negotiations between US and China. There was a stimulus in China. In this kind of environment, you need to be.
Speaker Change: Focus on the important thing and keep all the flexibility there.
[inaudible]
Angeliki Frangou: Yeah, thanks Angeliki, that makes a lot of sense, focus on what you can control. I guess maybe just in that in that context.
Angeliki Frangou: You were obviously very, you know, not this year, but in prior years you had been very acquisitive, especially on new buildings where there were opportunities to enter into long-term charters, to deal with those investments.
Angeliki Frangou: and you did so in a fleet renewal process by selling the older shifts. How are you thinking about that right now? Are there still opportunities given the noise in the market that continue to acquire assets, whether they're new buildings or in the open market that come with contracts or has that?
quite a down in this market.
Emission, the...
Angeliki Frangou: The big long-term charter deals where you will have a new building with a charter.
Angeliki Frangou: It's not at this point, there's a lot of uncertainty, so you don't see it. But today, you may see in you these developments United States is repositioning and we have to be very aware of that.
Angeliki Frangou: and that we mean different trading patterns that we have to be serviced by different vessels with particular specifications. So, we are very open to this.
Angeliki Frangou: You need to follow exactly how it is developing. I mean United States will have needs that will have to be secured by a fleet that they will like to have visibility about.
Angeliki Frangou: something that makes us feel comfortable having a modern night's sleep. And we have a lot of ability to wait and see how this is developing. We don't have to ask into one direction
Yeah, certainly.
Speaker Change: and maybe just one final one, if you don't mind, just in terms of the three.
Angeliki Frangou: Main Parts of the Business, which are containers, tankers, dryball, each are moving in their own direction with some excitement potentially has for tankers with OPEC.
You know, drywall could still kind of be andering perhaps?
Not exciting, but not bad.
Angeliki Frangou: and then containers up until very recently. He had a very active, we would say, a liner appetite for chargers. How would you kind of, from your vantage point?
Speaker Change: What are you seeing in terms of asset values in no segments? Is there one that feels maybe very firm perhaps, whether it's rising or is there softness you see in one segment? Just can you give some color from your eyes on vessel values?
Speaker Change: You have very good with a sanction of fleet of 10% it gives you and the other book it gives you a good positioning and you see that the values of the vessels have been in this market. There is a lot of sales and you see it in a good level.
Speaker Change: The uncertainty that we were facing, it is amazing how you can see that the spot market which is really an indication of how we are transacting today. If you want to have a real data on every day, even in the darkest moment, is what is the spot market?
Speaker Change: The world looks like we are coming to a new great depression. So having this data point where you saw, I'm not taking necessary, I'm taking spot market at this point where a person an entity is willing to trade. With all this uncertainty I think the world kept.
quite well, I would say. Sure.
Speaker Change: I mean, the good thing is we have done a lot of work prior to this situation and these gives us the ability to have time to think and see how we can go to the next opportunities.
Thanks, Angeliki. That's very helpful.
Thank you.
Angeliki Frangou: This does conclude today's question and answer session. I will now turn the program back over to Angeliki for any additional or closing remarks.
This completes our presentation for the Q&A, Q1 is up. Thank you.
Angeliki Frangou: This does conclude today's program. Thank you for your participation. You may disconnect at any time.
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