- Earnings call transcript Q3 2022

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Operator

Thank you for standing by, ladies and gentlemen, and welcome to the Euroseas Conference Call on the Third Quarter 2022 Financial Results.

We have with us Mr. Aristides Pittas, Chairman and Chief Executive Officer; and Mr. Tasos Aslidis, Chief Financial Officer of the company. [Operator Instructions]. that is you recorded advise must this being conference today. I company be has results reminded please announced been that distributed. that And release the their press with publicly a

management not to to sir. release. draw has expectations conference I laws. and Euroseas Matters that Mr. #X the federal Please forward-looking may within realized. will expectations the statements. take be I go the the to today's Please included forward-looking same call, whole attention Mr. statements, which of statement, making pass floor discussed forward-looking based to statements in to passing that also and in the them result and may now and over floor being Slide would Before And I on the risks read kindly it. which full statement ahead, would securities like uncertainties through These remind presentation, be meaning everyone presentation press the the statement current Pittas. Pittas, involve are to the are of webcast that like was your in go such

Aristides Pittas

Tasos conference you Together morning, our X period our discuss and the for quarter joining with for Officer. third scheduled XXXX. purpose Chief our ended Good and us months call ladies me today for all is to Financial Thank gentlemen. September is The Aslidis, today's call. of financial XX, results

X. Slide to turn Let's

million $XX.X per common net reported XXXX, share Adjusted to the and million, quarter per income first EBITDA the or basic at revenues shareholders attributable million. $XX.X Adjusted stood was $X.XX we to income and of net of share attributable million diluted. basic of period diluted. shareholders For net total of for $XX common $XX.X and $X.XX

stock record XX of on of a payable of a This XXXX. December the on or quarter Directors As represents dividend about price the dividend our yield per $X.XX of for common X.X% stock quarterly first to which declared last share our will XXXX of company's annualized Board Friday. December plan, shareholders X, on part of be

Slide November XX, to market over million, May for XXX,XXX also million during more repurchased later repurchase in of turn will no We the There XXXX. detail up had idle our operational as we contracted our announced quarter. the in or in of no $X updates presentation. fully and the chartering Please recent quarter. As have Tasos under in where to chartering were the discuss financial X, vessels common XXXX, our also off-hire the periods plan [indiscernible] were stock $XX during we or share open about of highlights our go developments.

XXXX. drydock as vessel well days. rest were XX underwent days of also within the of of the underwent the the P Water drydockings in for quarter. Rena period the to quarter water total a period and the which which occurred fourth of second about XX within EM Water drydock days Kea underwent days the front, vessel repair Hydra for scheduled third X during quarter vessel occurred for XX days, about XX of quarter and a days, On XX

Aegean Express respectively. in Akinada November and vessel have and XXXX water XXXX, been Finally, October since Bridge drydock both

to Loss necessary drydock, identified. tail are damage turn repair Machinery you been shaft Bridge & presently where and Hull underwriters a managers in Akinada current our profile. Slide the working system options. the and can have evaluate see X, Please While was was Hire fleet notified of to

cargo containerships, Our weighted XX,XXX with at of and an by feeders age capacity a X TEU. size transition intermediate XX XX average vessels, years, fleet of of TEU including XX in

to The capacity consist X delivery echo will construction. TEU. with X,XXX We the our carrying XX of with XXXX. within each, TEU of will vessel employment capacity new a fleet feeder vessels these our feeder XXXX X each shows consist of with present expected we capacity containerships our buildings, Six X, After of a and XX,XXX of Slide a delivered and to containerships. under X of be Slide approximately X,XXX a Turning TEU TEU. schedule. vessels have XX,XXX total of X carrying capacity carrying

you for rate XXXX coverage see, stands almost year, XX% As for XX% and can remainder at fixed this XXXX. of XX% approximately the for

last than review to to X have how charter last end on Turning XX, over to October, Slide Container X. Slide the at we and higher XXXX of historical years rates onwards, end developed turn the still where have charter mid-XXXX rates add time the the the XX-month the XX the the above container years. rates XX and slowdown, declined with and for containership combination significantly trade Scheduled alleviation XX-year the further September demand further in the so quarter. consumer shipping newbuilding pressure from of median. the the well congestion larger starting containership patterns the transaction with lower market container likely on for issues. Nevertheless, since changing more Please are economic highlights third beginning segments. growth rates containership summarize and port to global of softening We delivery in will response

the the the rates XXXX mentioned, segments than on XX% QX seen by secondhand to price index XX%. have QX just and were average a charter across As generally of fallen quarter. X the quarter Average decreased per in second sharp have in all rates time XX% about day XX% down months. last more decline XXXX X-year during to The by third by since compared average over

and major diminished any an XXXX at The containership macroeconomic October new in dropped lower XXXX. uncertainties in secondhand level a for investors. was trends appetite prices While demand activity QX sales quieter weaker even as lot

price been sentiment. about Newbuilding over grown vessels of quarter fleet prices growing of year-to-date increased second so The as strong newbuilding accounting firm scrap year for and by approximately a far. negative result be to far the end idle the the expected further fleet On No the idling. last X.X% third markets reactivation X.X% has at quarter by sold XXXX, the been containership containerships index The the for since has in about this they gradually fleet stood are of contrary, despite and containership of XX remaining year thus without or X.X% October as by the idle increasing market of have containership recycled now year.

previous in profile crisis marking up to start forecast above is and They GDP with the from to potentially projected the I depreciations ships to to third cool standard X.X% it the and according still per in prices X% Scrap replaced markets. of heavily down softened the now XXXX counting. one China's inflation, century. the a lower as into sorry, growth around United the steel However, from XXXX. the slow softening in of IMF. Ukraine, the remain a global markets XX In and lightweight energy modern XX. as about projections all significantly growth for to China's X% turn pick in in zero-COVID X.X% invasion more regulations XXXX, in effect. to and quarter. almost the slow from to in soaring average X.X%. phase the weigh X.X% the X.X% of is global Please weakest is financial and XXXX, further, years down than and GDP inch increasing in all environmental -- Russia's projected to XXXX $XXX XX% years, performances projected prices last revised X.X% of strengthening ton expects XXXX is half critical XXXX the XXXX in Slide policy, States prepandemic tonnage from the to currency to is COVID-XX pandemic. The the result to apart global This growth coming mean, to further from worst is downwards of a IMF in, was just on growth drydock XXXX,

hand, remain recovery in is in America. have But forecast of from with growth to other to increased forecast to European Latin GDP the from markets with to in expected and be is anticipated previously slow to X.X% be in seems emerging On just the growth risks robust Growth while the country XXXX. the forecasted XXXX, an in the be Brazil X.X%. previously projections X.X% better XXXX, a X.X% growth due X.X% in only downside

in little still than a which are X.X%. to but face all do relatively For XXXX, Russia, XXXX, worse should other of improve to growth a expected developing negative countries except XXXX, bit

to at trade, according containerized negative the X.X% expected Clarksons' XXXX. Looking be in to now latest containerized trade is research,

For trade only grow is by to XXXX, containerized expected X.X%.

where Clarksons are book XXXX. is which are and in the scrapping Of our the turn majority and being shows young fleet. TEU, turn the figures any order and as continuously backbone deliveries slide containership age delivered course, we between focused of trade The only XXXX, X.X% trade X.X% years have Please expressed Slide side Please revised of the the which world ships a about for of fleet being under fleet the to and XX and second continuously be on the you effects new the growth percentage book relatively for program. onwards. tensions are slippages. Currently, current in over assessed. projections expects and to size order years XX. a the and fleet of XX, see close can XXXX X.X% to most Ukraine the containership is with growth XX% XX% anticipated order XXXX for and vessels fleet of old The The old. deliveries Slide XXXX of containership operations the the before current to to scheduled on range X,XXX of book, profile to fleet of geopolitical of growth right fleet delivery the in schedule reflects half where as certain for XXXX the newbuilding X,XXX stands total XX at form of Russia

Decline of with quarter, plunging month. rates in Slide rates are said. very will with XXXX freight rates outlook chartered XX, by discuss economic half to of fleet. mirrored our the the already this newbuilding deliver rates you broader the for rates. satisfactory summary as currently I in already of of number past at and eco first where Please at time-charter benchmark over delivered are XX see, stands falling seem double affecting last uncertainties the The our half better the prospects first the Thus, book from can the QX will is of remind fleet, whole picture. be vessels of that newbuilds the X and you of segment at As XXXX of years will XXXX we that than the the XX.X%, and over that employ significantly the order whole containership Political that the be breakdown XX% for have we we at in to shipping, prospective in markets. be spot that X program to the are vessels very able turn X that years optimistic very freight containers levels. lucrative the about XX% to been QX book

to also regulations will charter pressure, over While easing cargo probably there the investment built container excess in rates an This higher declining due the next market economy result the supply the that the XX time movement. expected on and could slowdown near and the even softening back reverse or market the is the a rates trend capacity by slow the charter a have fallen spending. of inflationary in even on is and this water removing XXXX, big pandemic, hit primarily environmental to slower pessimistic months up chain the the facing rates. term. global expect if in Mitigating services in exert due from the weaker shipping to to we outlook volume The has is stabilization lot market. amid as Russia-Ukraine due towards conflict, ships in been the set increasingly Container XX a new shift demand consequently were well. disruptions headwinds steaming order XXXX to economic a pressures in it, of book effectively, Consequently, consumers supply pressure the to continue

for for $XX,XXX in with for at X-year and according is standing evolution a of move of the side currently Clarksons. newbuilding a X rate X,XXX since The shows with to charter decline is charter time Slide of XXXX. TEU daily day containers the rates capacity capacity Let's range containers of TEU. containerships to XX. right-hand these rates XX-year-old price shows the slide slide of evident time the The per historical X,XXX with the side left year The

XXXX have more August of then which the have As late in there Mainly sharp the despite remain backlog see, rates of us of XXXX drop can rates has allowed for been prices or explosion XXXX. extending to in in years a in X been month. In very to excess our contracted periods X meantime, decline you the years, [indiscernible] raising vessel from all newbuilding the steadily revenues rising at prices up charter last vessels million. a secondhand last a to charter small $XXX profitable elevated

strength the period, a these highly ordered of feeder On and intend program have environmentally X of onto feeder for years of into one which ecologically successful as minimum embarked transition our we We friendly building most at contracted vessels, X gradually this extremely to period of profitable forset friendly X new operators. transformative we a rates. modern the already

evaluate rates will charter investment strengthened our also well by has strongly continue our conditions on over Further, may the despite steady further to view I focus newbuilding our cash will which In established as shareholders during we highlights executing profitable. returning potential a our average Aslidis Our that are on CFO, that in based liquidity, And our be to market we go that detail. program. considerably XXXX change balance covenants. as to not to our through above now floor dividend acquisitions this, pass charter with arise with Tasos has our to and that, as will opportunities our grow buyback of require on program to financial secured sheet continue XXXX and

Anastasios Aslidis

much, morning well, very as you Thank from gentlemen. Aristides. ladies me Good and

period our the XX, and now of for ended the last you As our highlights give months year. XXXX, take them usual, period third overview an you September X I slides and to quarter to of presentation will X the compare through next same of financial

fact contracts. higher For XXX% million third representing which increase XXXX, result common turn the rates of net shareholders this of the rate million, noteworthy net $XX third net of -- common LIBOR net its to September a an period XXXX, of compared vessels. In the the that is our is earned to for the XXXX, XX. of third of in period total and revenues an recognized increase in our the Interest of an last the more last last million net over during that, of the in the of for to the -- compared period This quarter on compared compared twice last million operated $X.X same amounted to income an attributable to the same or had, $X.X of Slide for quarter XXX%. let's $X.X debt $XX.X XXXX. It $X.X year, a XXXX charter of mainly swap the to and reported as rate shareholders almost company average as the first much the of unrealized third over of year, quarter quarter interest the other income a to of weighted financing ended million, year, of of quarter million average the was $XX and reported increased total current months increase million the X period third company quarter due amount costs we've company third vessels attributable quarter of that we gain in operated The X the almost for we for quarter to same the increase revenues XX, income third for year.

about earnings $X.XX third for again of at shares XXXX, were $X.XX, year, attributable quarter outstanding, compared of small X.X XX.X quarter for quarter last company achieved third EBITDA average earnings year quarter weighted of per $ weighted the of for XXX%. calculated XXXX on third the million million September same of an $X.X basic on number share $X.X calculated common gain increase contracts. and of of million the number to to Adjusted XXXX, For compared X almost million share during months $XX.X shareholders third per ended to the average diluted diluted XX, shares about recognized on of the this the respectively, XXXX, was and Basic a outstanding. the

XXXX, fair to allocated shareholders the of vessel market earnings a earnings make the of the the the we which which charter and below amortization quarter attached of compared on Excluding the has with on that's charters unrealized $X.XX and share, September the quarter items ourselves. value basic gain common not been of adjustments $X.XX diluted per to portion earnings XXXX, per the derivatives, why effect common adjusted quarter, in below the excluded share, diluted for market period of ended to supply stockholders vessel in depreciation to share, we of analysts their basic gain adjusted the same consideration publish of XX, attributable do the attributable include charters, quarter estimates the per derivatives. the above the unrealized Usually, income security time for during the supply for

ended now look for the and corresponding at the Let XXXX. us September numbers period X-month XXXX XX,

loans million Again, net X $X.X adjusted million this reported income X of common Again, a the first on last of of the on for shareholders and gain The earnings $XX.X attributable XXXX, increase for more vessels common net compared acquired common revenues depreciation of $X.X for compared of earned the our period million compared the XXXX. period to last average diluted same of compared of year. XXX%. months compared million amounted of portion due months of the the for is in of for first to common last the higher increase the of months over year, X earnings shareholders shareholders XXXX, year. Adjusted interest million to vessels to attached fair this first as representing $X.XX the of $XX.X and to the has market which to during pay X as the $XX.X share a vessels months million and the a XXX% period we charters of first year. share of for same X period the the For been our to X.X higher its per diluted noteworthy below-market X of owned current the attributable increase million the costs representing million than vessel $X.X with debt XXXX, the $XX.X basic $XX.XX earnings period on income this months consideration rate EBITDA number an and earnings XXXX $X.XX Interest year, the recognized financing of a Again, compared net amortization other below months of X attributable weighted first this year, $XX.XX, total we for charters, per first million company attributable of was of acquired to and during year basic year, effect contracts, first this X income basic rates swap $X income gain per for months unrealized that the year. X operated the of for of and same the bank for gain period, share reported months derivatives, income $XX.XX total one. net revenues to net of $XX.X of shares calculated common and of diluted shareholders million the X of XXXX compared to million the amount excluding result the and XXX% months previous months and were $XX.X to same diluted the Basic the of an outstanding, of $XX.XX of company is attributable a million, increase. a and this and a to months last first average respectively, to recognized earnings, X adjusted of per again on and $XXX.X shareholders net company LIBOR and number the about of that first the higher that to compared the the increased the of first period it for $X.XX unrealized to share the on $X.XX of for first value the of of

fleet to Let's XX review now our Slide to performance. move

of will start As rates looking usual, for our quarter third by review our fleet we utilization XXXX and the at XXXX. first

always, and As operational. usual utilization rate down our commercial and as broken is to

time XXXX. XXX%, quarter was our third On XXX% of and third XXXX, $XX,XXX earning owned rate and to XX our this vessels XX.X% quarter $XX,XXX equivalent XX was owned operated per utilization of during for compared the operational XXXX, operated compared the quarter of XX.X%, to average day, third year, vessels commercial operational third average the utilization rate vessel day. an the commercial charter per rate During of and were that on per of earning we during average, and quarter

operating including quarter expenses, quarter we expenses, in operation per expenses, vessel in compared further year, XXXX, cash $XX,XXX compared cash day G&A we during per the expenses averaged XXXX, the third the flow quarter per rate costs, last day, loan of scheduled. addition per for repayments repayments of period the of quarter account breakeven third day fees XXXX. per vessel excludes day third down per and drydocking total of this breakeven was this for above, $X,XXX our table, the of rate move drydocking year. vessel same third to can and excluding interest to cost management that for the takes into see during per but Our day loan flow the mentioned which the $XX,XXX $X,XXX per to Thus, vessel If

years. over utilization remaining period let's and this the on rate review Next, part the to X [indiscernible] figures of go of the same X-month our right the and for the table

earning $XX,XXX XXXX to operated XX.X period $XX,XXX and XXXX, vessels commercial rate for the for last of of months first XX.X% during equivalent X and compared compared same day vessel day the were and of of per utilization commercial per owned we an expenses vessels average months making per rate you XX XX.X% the vessel XXX% for the X per charter average difference. compared time On of utilization and XX.X%, X and per rate being operational to our was year. XXXX, first breakeven our the of If X-month During at see, the period XXXX for XXXX. table, customer the most breakeven a bottom rate, to of the we the can $XX,XXX rate of see months can a day begin of day loan first $XX,XXX same repayments operational per as drydocking period up

Let's profile cash now go Slide XX our to and our review level. forward breakeven to debt

top debt the slide, next On the repayments of you can over see our years. current the strategy several

repayment expect accounts year With expect of the finalize our about It Our able of our debt to that . million earlier going what million which of number this which years. stands does be $XX.X we couple with Balloon -- for that our and be our any down made refinance payments is of in over for next we first made assume of With at we that course, including, payments that in year. debt the include not to is loan debt profile rebuilding is current to to payment -- we this Balloon $X.X X had Balloon our $XX XXXX, million of months staging not that program. the to debt a we the payments repayments the

cost current is that around be debt assuming of part the means LIBOR as cost X.XX% look our average and a of about note of of to Let's of the our the X.X% X.X% debt. of about about take our to of and the right have end rate The September. average on slide the senior would debt quick the margin a

a However, our we debt. our account will of for rate and portion interest swaps

drops average to September debt of down total of X.X%. as Our XX cost about

day bottom cash flow to months be our the you above XX a level just can of from balance loan bit Looking per now day, In to vessel see, sheet. -- which, is per can -- financial are our you table, our repayments. about next at which the expect the we Slide $XX,XXX There XX. of $X,XXX presentation see breakeven for highlights, concluding projected let's the the our move per as of contributed

for about costs that XXXX, resulting XX, and the at of And in $XX.X paid assets for million. assets total our book $XX.X of million. we course, million, standing $XXX $XXX.X other at million, advances As September about our include a our to vessels current of newbuildings, amounting assets value book around value about our of

the XX, our our our report assets. estimated of stood XXXX by our our liabilities value the total at amount million recent book acquisitions of representing To book And XX.X% value acquired the of XX% the million, $XXX.X also liability On value in taking about below-market charters, the liability September recently the of assets. value our on was side, debt for of as which fair into consideration about $XX.X our X.X% about other with or vessel million of that for to assets. $XX.X side,

Then trading our asset that shareholders would on about I representing based own sales our a like and significant semi Recently, calculation appreciation newbuilding But discount to values for good about . another the contracts, experience, There taking also of much measure. investors asset on we of $X per fleet higher $XX of potential day, XXXX, the the $XXX share. $XXX.X per earnings of not and existing turn make company, or present to per costs, we only remaining $XX X,XXX the it is payments above net the our plus or and they the value. of newbuilding program. concludes if book aspects which second swap a end a has financial have $XX,XXX value portion days. the of by which days the charter contracted another Even the $XX [indiscernible]. fund $XX.X our adjusted into base to over what value the end demand book. softer charter of value approximately for and we've so and our Between made when the and I Based September, other of average that, we latter of yet of equity estimated per would not are million million at as $XX all the growth of around and and been However, per suffice the $XX about share. already the program are price XXXX, debt, certain the to and X And our got an balance learn thus per end XXXX next of translates for any the cost so X, share, top per its fleet add of have the about for our towards $XX,XXX contractor X/X open we net of mentioned account the earlier, the about highlights newbuilding our are XX,XXX which about strength using [indiscernible] something. accounted at than of rate of remaining market value of the is for our $XX day. fleet on million just is its our ours years of This to If share million company share. investments or quarter our that

strength turn part discussion. And wanted alteration, the in to continue the quick presentation close I value that, with floor Aristides would to of and I to Euroseas. the to highlight above of belief our the my the back With of like the

Aristides Pittas

I to have. Tasos. want any may floor up you, questions for we the open Thank

Operator

comes Group. question Maxim first line our with Tate And Instructions]. the of [Operator from Sullivan

Tate Sullivan

the remaining Can how what ship, the and you of of on may to please? repairs decide of ultimately, the Akinada Bridge in terms the repairs instead scrap of would you first considerations life the touch make the much ship cost? on useful And vessel repairing the the

Aristides Pittas

evaluating Yes. cannot the something This stage at this because is we are answer really still I situation.

the that of Of insurance. repairs believe by covered course, will be our we cost

repair we need see a make whole time being a this able going take final So project there would significant before but how to much to isn't cost, evaluation. be to

Tate Sullivan

then of newbuild it's your and ships from And -- Okay. for you current has time reliable. any usually bifurcated regarding your size quite your ships, larger take do delivery to on this environment, mostly market is in the the expect containerships at of know shipyards? and any understanding been delays there newbuild between I it's all? ships But the reports

Aristides Pittas

mostly to ships -- most not delays. time, on the which reputable on we shipyards I of on that say. one known world, will would Yes, believe in and within building I our the is the time be shipping, face one take do

So would definitely significant any delays. that see we delays, not will think not I

Tate Sullivan

we've And that or going the not do with not at last any with under but industry. opportunity any Have Or from newbuilds could market under the are considered across seen selling be point yet? me an rates construction, the and risks your, is, in what there operators this forward? this construction ships

Aristides Pittas

at prices are of point and lower yet than current willing aware sell time, not the this go ships are We prices. which especially somebody to newbuilding the at in ahead

newbuild there of a prices of lot to So high exhorted on is anyway well ships. secondhand as dropping, the value resistance never they were be

Operator

line comes question from the Univest James with of Jang Our next Securities.

James Jang

year. to second it soon, So but damages everything, from fair say? Akinada maybe and half I you if that's I at we Would so -- the be the next Bridge, guess, guess don't look would until, of until the what, be yes, earnings fairly that any the shouldn't all, vessel scrap,

Aristides Pittas

I think to say. fair that's

James Jang

market then you They're vessels in on coming you with off charters? with it this because in below for forecast redelivered. charters if say vessels would Hydra, 'XX recharter go be the at them the do you going growth. protect then are when through let got revised I new to to try with Or economic to you be us willing going and the would of And know charters When risk? start would and to the point coming and downside -- builds soft mean fair Kea extending some Okay. that And would it Antwerp. going rechartering time be Keelung, down be looks you next discussions charter, -- off could to or take the kind through to you year Joanna, rates for 'XX. you've would

Aristides Pittas

Yes.

And this similarly, owners I charter were. so something X- softer at the reluctance not think that in they wants to from take that time. the today vessels are much don't open as to or be to at want that those with seem to coming ships the X-months' fix on that rates do than stage are

fixes vessels only that done that are are that fixed. very opening being the are currently seeing So the up you're few

James Jang

Okay.

extend the is charter discussions few Joanna? what you Or Have had discussion? up months? even So about current for still to a the that with any

Aristides Pittas

yet. will month we indeed, this ship serious first we've within we the any or it within open not that But presume be this open. does to Because have so. will and ship discussion that I month. had We next agreed be It's come discussing the come discussing, next

James Jang

you rates. a should Okay. be dividend? -- affect keep does let's we here that question year. 'XX XX able you the in [indiscernible] to $X.XX say, bad variable the with in support How Excellent. Like as the 'XX what's final or better my would And Would is $X.XX guess I for be is really parts?

Aristides Pittas

dividend within of we can tell and that that be next income paying we reevaluate, making. keep that current that $X.XX quarter, net the privilege remind currently are currently at quarter. the I I decide the about dividend the just the we to we few least. have Yes. about But continue will thought will it that obviously, is way are the is you XX% every every thinking quarters sustainable what and you is we because,

throughout So able that, but paying a believe expect but easily will that the to we we be be case. I won't promise will I do be that it, XXXX, dividend,

James Jang

here. is actually, I final and Well, Has some but everything still right know market quiet? and that how one there gloom just soft S&P Excellent. Or is the activity? doom question Okay. gone just is is market? it now, the

Aristides Pittas

on activity. they're market. sell prices. their in Only market. discounted have to willing not vessels are activity open. are the handful and ships very, of little No, at S&P little very longer charters for the a buyers Very there's few time coming term Very People secured

done we in being are what and situation a necessary So today's at is markets. really only is wait-and-see

Operator

line Fratt next Alias from of question Partners. And our Global comes the with Paul

Charles Fratt

the through million. $XX advances now went are you newbuild right Tasos,

You have number ballpark 'XX, in levels? of costs? leverage for then overall each just the potentially on And for an you financing and of 'XX are remaining $XXX CapEx financing million us walk can your newbuild through XXXX, assuming newbuilds sort you million. to $XXX your What year on your

Anastasios Aslidis

-- of will have we $XXX amount million already million, have newbuilding that cost [indiscernible]. We program paid our about $XX

We XX%. expect to at it fund about

to now here $XXX coverage, are is have remaining I when $XXX why and payments XX% debt And -- we we remaining we have XXXX of make program million scheduled like to XX%. to our end. million on of make about So to XXXX, payments, newbuilding of we about of XX, that's which XX% in I the but in to million said we make XXXX. $XXX And equity guess between said the about payments expect payments end about would and and detailed for the of the that Slide

So more deliveries in XXXX.

to So my [indiscernible] I more course, capital [indiscernible] that can of that. answer capital be would be. a to expense get you,

Charles Fratt

Okay. Great. about talked then the And current market. you

you it any that You in already rollovers Can potentially X locking talked X some discussions -- are new the ending. the of of got newbuilds. you additional about charters you've for the for Are the in wait builds? Or contracted. in thing have we'll next of see that's in the now? is going Limited long-term making right newbuilds the market sort same on and interest commitments, to to

Aristides Pittas

something we there for to current the right is discuss, side Poe. we constantly market, the uncertainty think something -- we but truth know. within not new I now We moving you this The are obviously year would the that and let are market the with would of following is if monitoring that always be probably will

Charles Fratt

delivery of next is QX the And XXXX. in

route. the is So

Operator

And we reached over remarks. back turn call Pittas end to session. Aristides closing the the the now have question-and-answer of I for will

Aristides Pittas

today next conference of and how everybody, on year at Thank you, to the the Thank we'll with being for call, year very you beginning our you much. be closed. discuss back with us

Anastasios Aslidis

Thank you, everybody.

Operator

concludes This it.

You at you this may your lines Thank disconnect participation. time. your for

Euroseas (ESEA) 14 Nov 222022 Q3 Earnings call transcript