EDRY - Earnings call transcript Q2 2022

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Operator

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

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

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

Aristides Pittas

turn Hello, ladies for conference us Tasos and ended our discuss you the I Slide months and and for morning, six to scheduled Please purpose me X. Financial March the period Aslidis, quarter call good have with Chief Officer. is to thank call. our XX, for The joining today’s gentlemen, of financial XXXX. results

income statement shown Our are highlights here.

Board share. of to our is income stocks these to share. the we was and the opportunities was market EBITDA for to net or the Company’s share. purchase $X.XX believe net the the million trading at per much well For We of half in year. still to suspended shareholders the will an during amount per per the stated for will specific million, and given transactions. Company will and purchases does at program million be time-to-time discretion share all has $XX a after for up transactions XX of of stock from will Directors by cash program the Combining conditions will not the or second of positive the a $XX.X market shares of market company shareholders reported the to $XX.X that any Board $X.X may net factors million. program or common be diluted release Company’s and of require for million with was Adjusted Adjusted income drybulk drybulk asset attributable as at We Adjusted made approved Company higher $X.XX period management quarter $XX income program the total cultivating prevailing used repurchase us levels the the net second a and total attributable the be $X.X discretion. period amount firm repurchases of therefore other determined of diluted common local well. million Share based The factors. there market value The anticipated of common diluted revenues review the months. time negotiated creates With XXXX, of prices in be of managements be to number remain net with noticed. and the any believe $X.XX be

until Kamsarmax the minimum the highlights. financial average extended highlights operational our maximum turn in Index. Our Slide for on a XX CFO, detail Please at till April XXX% will vessel Ekaterini XXXX Aslidis Tasos period presentation. in more period XXXX to go of a later charter Baltic our until February over Motor was for XX,

at was XX of per will to XXXX, extended completing Index. vessel at the Xenia the a XX about a fixed March day. maximum vessel trip both X, again the XX annual XX was approximately scheduled days Motor for $XX,XXX for XX until until at approximately this a approximately to dry-dock XXXX $XX,XXX a for $XX,XXX Cruz of Pantelis days per trip days fixed to day. of trip May well of Santa was average $XX,XXX days it’s Motor vessel operational at vessel, XX day And charter XX, to trip Blessed small trip XX motor XX X% Baltic and Luck sister fixed Furthermore, Kamsarmax undertake was Eirini period its motor after for XX to as a days a dry-dock. during vessel at period motor for quarter. also While of second minimum for per an day per also vessel

a for trip vessel to a XX where per minimum at the Our scheduled XX trip nearly days. a motor The a in day about was at fixed that now for day followed Alexandros which $XX,XXX $XX,XXX is XX days by from quarter it yesterday. will of to of was vessel sailed fixed dry-dock earlier

Finally, with about for idle quarter days The during scheduled motor currently COVID and X.X days for X.X while respectively waiting due XX XXX issues. next offhire complications at to dry-dock. vessel a arose motor is from their this that were P per to was the employment days dealing $XX,XXX Tasos commercial also commence Alexandros and to vessel fixed idle undergoing day Pantelis and

is we that our We sustainability on have available XXXX announce report which to website. are pleased our very completed

is of our XX review commitment Our fleet. ESG towards Slide to steadfast. current all turn Please to aspects

XXX,XXX Supramax of including average XX vessels deadweight carrying fleet and of of current age Kamsarmaxes Our and six two tons. of XX.X years an with Supramax’s Panamaxes, consists capacity approximately

vessel review we X, employment schedule. Slide on current the Moving

As of to This employment. on the which charters excludes the XX%. you index XXXX remaining figure for market are rate three around see, quarters have but open at ships secured coverage stands fluctuations fixed can

the over market safety ended Moving continues June withdrawal does to to geopolitical in expense. the current Slide to weeks and and greater its The inflation. This ongoing supply X, prices quarter XXXX in very economy. by strength commodity lower is we’ll due go highlights high XX, surrounding the demand balance reflected recent and for the is which market volatility with and a in a conflicts

restrained $XX,XXX spot rate quarter. Panamax’s day bank around for in $XX,XXX and BPI diagonal a events for X, Please either average relatively of price of the type spends per turn year seen about have Panamax’s X, one approximately low steel was especially strength second charter considering seen comes market strong $XX,XXX here, Despite Slide The was volumes for and lifted the and dropping $XX,XXX the been per Chinese report against through day. production day which day. demand. fairly the the flat IMF have back muted the more $XX,XXX index XXXX a market forecast in GDP July has global currently the about X. it growth rate been per already at By in latest several reduced additional July its by as we can at Similarly, per As to the low economy drop, $XX,XXX world the currently complete day pandemic. further stands to by the day per

crisis regional to of China’s pandemic. the well developing been pressures the GDP lower and COVID-XX to expected a monitory XXXX, The for X.X%’age regional policies. tighter added due has as was local Similarly between elevated emerging China for further from Russia and is disabled in growth growth aggressive downwards to XXXX. it. forecast. Ukraine economic very While as and the Growth to financial order policies energy a hikes due going XX% lockdowns X.X% and series prices had tight for in monetary quarters. April issues, during major to global States focused and additional XXXX. to XXXX values supply conflict policies. overs, to European the slowdowns decelerate. X.X% inflationary point X.X% political including Ukraine in a down provided growth separate has to to of GDP to lowered United point due Ukraine revised a Russia stimuli issues total Chinese to conflict and from its estimate IMF spill lingering for mainly conflict need X.X% markets for chain X.X% sharply In economy stringent and address interest rate was that type in and The the low Russia to X.X% mounting already to X.X%’age and many existing to-date growth, has Due growth brought the Due this resulting to focus, COVID down revised for the for April’s to decrease a also ‘XX ties X.X%

with recovery in X.X% Brazil only seems Latin in ongoing inflation. a to slowing be been with growth X.X% of previously hike robust economies, due Asian America. revised in the better XXXX U.S. this an due Japan and rate have XXXX And to calculated While anticipated and the we to sides values the also interest with about forecast and quarter economies following XXXX, robust concerns for

to at X.X% trade the expected year. COVID and the compared bulk decrease is previous Looking dry to for growth research, the X.X% just in to Clarksons XXXX demand

on to charter being in orderbooks of turn effects a between X.X%. which bulk geopolitical for are and been X.X% just a the over months age. favorable For the tensions the strongest is past XXXX, sector. of Slide face dry unchanged the The and to by Lack Trade in growth the continuously and mix XX are fleet XX. years rebuilding at as growth orderbook Please being mostly grow trade world revised rate recent projections Russia remains continuously than of expected Ukraine has existing drybulk decade despite more assessed.

XX, the contracting fleet our anticipatiXon congestion with the delivered a and of second fleet in as our around firm, outlook low concerns XX.X% in and Slide in earnings seasonality. Russia still to around Please and Now, demand-side Bulker Slide major deliveries upside," Severe XX remains with for Ukraine above traditional to ratio XXXX, positive fleet turn XXXX historical the circuit. macroeconomic expecting headwinds. averages drybulk XXXX continues a Clarksons market the drybulk in current provide turn growth in market. short-term at of to addresses market please to fleet half conflict in overview. to below we the X% outlook the remains and X.X% "disruption be record of port despite a where of market orderbook still X.X% summarize XXXX

been trading and on concerns trading and an risk than tightening while due and operators. overall of XXXX mix to same be patterns are and ships favor the by of so significantly chain sector in consistently year. and to the strain year, environmental demand increasing in inflation few naturally distances. businesses reduces rates Congestion supply balance Beyond A a have about supply/demand as likely expect adds materialized and the in final to Ordering prices, this commodity continued putting in sector could more slowest speeding consumers, longer far of due This in to level lack to available we shipyards. sailing inefficiency XXXX rates the economy and a owners high complex increase is freight in and average this for expected impacted throughout shift a slowed for the upsides in and the be the downsides: remains XXXX. supply, the interest new global effective stuck bulk issue deliveries non-existent scrapings it to year. Capesize encouraged have XXXX ships of thereby slots at remain Demolition only to

future the something addition, risky the for clarity new option. very of that order fuel a makes a remains In placing an the of unknown, lack

inflation the of congestion between by the outcome time direction Panamex Ukraine the slide beyond will the war one-year be and normalization of growth. with charter the the negative of Please least probably hand, other XX. to the and the on evolution market will the consequences left of world efforts drybulk supply. increase Overall, Russia The fight routes possible to the of of shows and of Slide vessels XXXX. economy since the effective determined easing On rates side global trade turn

seeds charter Panamex significant with time dollars As tons XX,XXX deadweight still capacity of per the August at one-year the day [Indiscernible] levels. sold of X, XX,XXX rate for

vessel, range a price other a $XX.X the hand can around which for XX-year current old see the price Panamax million. historical the side On of has of slide, you

drybulk the in and gradually have levels Whilst, highest the the market medium that will prices we But levels remain lower to will growth increasing, current, the Over problems is and strengthen the prices geopolitical of the historical dissolve. and the acquisitions. further than peaks the past but strong still further drybulk exceeding make XXXX. we reluctant quite drybulk are overall bullish been year, average considerably decade, perhaps medium-term of

go We over to with floor detail. for let that will sheet to market over Aslidis arise And in you. our strong balance more though the pass may the monitoring the Tasos CFO as XX provides me be now highlights opportunities any with above. various us that, financial Thank

Tasos Aslidis

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

next highlights the them the second our same half to an overview of first quarter I of give will the you and compare year. XXXX last X financial Over and slides, of for periods

calculated let’s The second of million, million quarter net representing to XXXX, larger. In year second Interest second shareholders of first second XX. that second as that, total net the Slide XXXX, $XX during a last was revenues increase. to reported income quarter this to of revenues to and quarter the the $XX.X For The our shareholders million same of reported quarter million common net time income and common same $X.X of including was XXXX extinguishment for the total company the of XXXX of loss income with that other at for $X.X costs. the to net the of $XX.X about and of we reported last for including financing and owned and increased result year compared loss higher million $XX.X turn to period for the debt achieved quarter higher interest quarter compared of $X.X the XXXX of the Adjusted is compared on second operate to quarter quarter EBITDA number net income attributable compared of on diluted period attributable the for year the quarter number for second shares year, to shareholders in basic to to second quarter this we $X.X of second vessels $X.XX of mainly operated noting extinguishment worth during the $X.X second the share XX% quarter million XXXX the the million our to $X.XX and XXXX. expenses of to year vessels XXXX but calculated of company the said XXXX. charter last shares of It’s costs on compared compared average quarter XXXX weighted and same number second compared million as Basic compared quarter last second outstanding year. million increase XXXX, of were the we because during the Interest of the higher diluted of fleet attributable XXXX. net period second was of quarter highest second this the the year. $X.X XX.X% million per not about $X.X in that the LIBOR $X.XX for due of of earnings common and debt million the the on the second average million about quarter basic to diluted the amounted to of mainly $X.XX for to underlying was debt of during $X.X outstanding weighted of amount period income

have on Excluding year, and respectively. earnings $X which $X basic will been The gain and effect to this the attributable second shareholders adjusted XX% the XX% quarter the derivatives. on diluted common attributable income common be for shareholders to of unrealized and

year, would of the to excluding quarter derivatives the common in in earnings and respectively. published on share. last Usually, analysts have and the loss earnings estimates dilutive this on $X.XX extinguishment, items adjusted above gains of second security basic unrealized debt per loss the do attributable been include case not the the their For $X.XX shareholders

compared of non-inclusive to the compared period to same $X.X $XX.X increased half that compared in both of $XX.X the million half $X.X adjusted number million of and of the and vessels of month diluted the the rates for and first during XXXX six time earnings and over net to on million of first periods look registered average were the $XX.X this income EBITDA a XXXX total first the attributable outstanding half of weighted income charged was was interest this And same of million last costs half during shareholders $X.X the half for debt as for this of increase months of of compared again now for to to as for common last common XXXX $XX.X the ended basic due per half Interest for the the amounted for at of XXXX and and of million per period the of to number XX.X% million million reported calculated And of the attributable again XXXX the include achieved $X.XX net year. of $X.XX LIBOR net $X.X to of shares corresponding and charter first year, amount and mainly of year net million $X.XX high underlying income the half last of million XXXX. XXXX. owned other $X.XX shares for was year. $X.X half us current the increase first on cost six period company million year. period the increased $X.X In and outstanding shareholders same revenues average during This We the million, $X.X the total income million first to million extinguishment, financing over $X.X basic number the to Again we XX diluted Let this income share of XXXX. first compared numbers calculated to vessels attributable June other Basic of debt we on is first increase. operate. reported and net diluted representing first revenues XXXX shareholders result net respectively. the common weighted $XX.X

adjusted the with have unrealized be month basic Excluding half to for the gain for XX% attributable on common of diluted. end $X.XX the $X shareholders first would six The and year the derivatives. the earnings of effect period the

unrealized would again, the six of XX, attributable and June on common the loss loss derivatives been shareholders XXXX, extinguishment diluted. $X.XX the debt month have $X.XX adjusted earnings basic and ended the period excluding to For

to review XX our to performance. Let’s turn Slide fleet now

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

down do is broken all utilization commercial As we time operational. to the rate our and

During the utilization XX.X% XXX% last second operational second year. to XXXX, commercial of the quarter and rate quarter rate of was for while XX.X%, compared deterioration was XX% our operational commercial our

expense and On XXXX last overall the the second quarter second of quarter Our we average, rate owned vessel utilization per XX.X% this XX.X% year. rate in XX.XX same second to compared the to charter per day, was and vessels XXXX. was the of of quarter per year were vessels $XX,XXX in period compared day. of equivalent in another X.XX in $XX,XXX operated Earnings

during As up second compared of was to earlier, XXXX. I quarter mentioned the about quarter average second this fleet our year XX% the

loan of interest paid the rate that repayments our of per year, be the day move compared did see the second preferred XXXX, XXXX, takes to expenses, for per dividends management per to administrative expenses second the cost it’s was drydocking the If we second vessel expenses, quarter expenses, the which day, to in to any $XX,XXX per this rate quarter cash further as payments. flow Our account second flow XXXX. due last total year including $X,XXX higher the also vessel compared with the of safety during $X,XXX mainly per of we cash per XXXX. Thus increase total operating per payments loan second day into excluding to of fees, breakeven $XX,XXX this of quarter but in the the excludes for day daily vessel per vessel balloon the cost table, down also quarter and during drydocking of and can cash we repayments breakeven in general quarter

first for this over remaining first the figures go of our the compared XXXX. and rate half now the of year the of utilization half Let’s to

and the of During vessels same first owned half year of rate commercial commercial the last operated [Indiscernible] operational year. average rate was day same our compared per XX.X% on average XXXX, and this our utilization vessel and $XX,XXX operational utilization period in months the of and the of first X.XX owned vessels were was and expansion six and was vessel On rate to operated XX.X%, per first another utilization XXXX to of for XX.X% half $XX,XXX compared rate per during the period, day. per XXX%

management costs of Our operating vessel this fees, the for day per but expenses, to vessel XXXX. G&A the drydocking were of again, day total $X,XXX expenses, per period compared same per excluding year first $X,XXX including in per half

vessel for Looking any the In at we reason per in if period table, if daily drybulk XXXX cash the the bottom rate preferred they the cash the first $XX,XXX day half account repayments rate for cash. this was being the also of year. into and year vessel expenses, paid we can of half expense and see were we interest of to XX,XXX loan XXXX per takes dividends, per said which again flow breakeven first this same -- our again compared how are day of flow per last that breakeven

Let’s EBITDA to calculator. our Slide now move XX,

and we presentations, their environment. previous our assess the under own potential fleet profits. year earnings impact current investors and them the in the of in make to earnings slide shareholders the their also noted assess our we which assumptions allow and current As calculation as to And enables a of the to use tool,

the in rate quarter the XX% in to fixed from year here table, of in is year. contract this coverage see declining about our first about can XX% contracts the you this As of first quarter

and for average fleet earn presentation about assumptions the earnings usual calculator fourth XXXX. full the and earlier Our rate third the might other index make for our shows Supramax and days can second of of as calculated and to fixed. Based and year get OPEX these be the our the shows rates open indicatively remaining average the the Baltic and assumptions this The for rates one blended the table Xst commission risk quarter of part for in can rate and mentioned to estimate I EBITDA on translated quarters levels that a as usual ships. assuming G&A and cost August forward to assumptions X% during get Panamax, rates EBITDA assess contribution shareholder

review to Slide move profile. debt now Let’s XX our

take debt of As million. outstanding XX, June about $XX.X XXXX, we bank of an

Looking missing over to drop see at debt million XXXX our $X.X $X.X repayments and per about and million year $XX the $XX then can chart, next range in years and three million the that and between XXXX. we

is XXXX end the balloon of about of $XX.X Our for towards or vessels. for a payment million next balloon one Kamsarmax

We we expect of rate this flow second be next rates to we you X.X% The for done which can of X.X% debt the payment, to cash as of able in debt able the about note vessel cost of At the if about that see months bottom per to the situations be for the the be next broken so, components. our is per here and can quick day. end slide, $XX,XXX past. LIBOR choose and the refinance about A on expected see the months numerous debt. of XX average cash have XX projected estimate it margin can debt breakeven also assuming in senior cost of X.X%. total about to of We we our the top our here breakeven as is flow quarter about the for down

our see our snapshot simplified move way. where XX, a we Let’s of from some shows and assets highlights slide sheet balance a our Slide to can in now liabilities. This

and assets of Our cost assets short-term and of the our our consists other vessels. cash

$XXX book of resulting about the assets million total for value of $XX of and As approximately of value and in $XXX another book was about XXXX XX, million. June million cash assets vessels with

our debt XX.X% On as of I the million of $XX.X was of mentioned XX liability June as value about the representing our side, book assets. about

now of to equity or net in total resulting X.X% to amounted about shareholders’ value $XX liabilities of approximately $XXX.X of book per million million $X.X share. other assets Additionally, our relating

in shareholders and share. our June, to sizable closed share our our $XXX vessels per teens, estimates Aristides than suggesting the share per significant of higher excess around or that, a for was And in share, investors. However, to $XX recently of the to to market NAV and $XXX on $XX continue NAV value based our With million price call. million with it the like end below transactions for trading the XX% our about floor book own as yesterday back the of the value then on I’d high appears respective market suggesting potential just there per be to appreciation gap to turn and the

Aristides Pittas

open up may now the that I May Tasos. any floor questions for have. you you, Thank

Operator

Thank to Instructions] you. signal Maxim Group. allow our briefly And Sullivan go do pause of [Operator questions. first from And Tate everyone to we we’ll for ahead. question take Please

Tate Sullivan

Good day. Thank you.

For decide on $XX at looking recently initial the plan the just summer what to every how repurchase repurchase did in start plan of we’re flow at size you quarter cash size, you please. million, generated free there

Aristides Pittas

liquidity sizes an decided mostly at current to we’ve looking wanting think I on our at looking on and the put initial size it.

thought amount to it company. the of it with bigger want the smaller size We We reasonable a to was appropriate or will see anytime just if how things develop can whatever. make we and we start

Tate Sullivan

can history? history repurchase you review repurchase I then this can mean, shipping the sector, years is companies And your and first XX you forever, is and just with in review, public just the shipping this plan

Aristides Pittas

never to something at we done make help low is, price the how in to our shareholders. it a support But do past. share looking our compelled had we the good price Yes, and return that for felt

Tasos Aslidis

high Yes, is quite to time are expensive to extremely as compared asset buy where a new are we at prices this version trading.

back more stock makes vessel. our sense a buy it than rather new to buy to So

Aristides Pittas

XX% of trade -- or it XX% Especially

Tasos Aslidis

that. because Exactly, of

Tate Sullivan

prices mentioned more because this asset questions it. still to my though was other it one to reluctant That’s medium-term, of environment, related are related make to And acquisitions high? even is mainly you’re in that you positive the for

Tasos Aslidis

it’s which price, price that correction a is rates, investment prices, stock think we new are since definitely don’t interesting. XX% And are of it making when at is things but trading these our prices becomes Yes, still be to the high want the of seasonal. the a But we uncertain.

Tate Sullivan

the you, can higher usually the still probably or facility you what rate when or maybe wait when mentioned facility as three what matures? years this then a at will I is till And mean, due maturity months ago and even lower and be is it on that refinancing a it year interest you do so? tussles, a debt And five

Aristides Pittas

was I precedes maturity. did no out the a and believe was we matures think expired. The I [Indiscernible] loan, find is balloon we in It can these are quarter is our one past. it dimension fourth routinely loan better of specific, believe as for five-year we XXXX balloon the the in years so much it

encumbered. In are and two addition, have covering we vessels that

those have So we to the set vessels well. never option as

Operator

with go Next Poe we Alliance ahead. move Please on Partners. Global to the Fratt line of

Poe Fratt

morning, you move Yes, how seems stock good Good the on morning, active become it, Aristides. program. like program? Tasos. on the Quick question Good can quickly on buyback

Aristides Pittas

up days it. set we’ll think the are I we use We next be over of ready to can, and couple

Poe Fratt

Tasos bit then there like bucks. increase calculated looking over the bit count XX statement, little the ATM the in you equity an might -- was looks a I second average a share looks it of that at flow price quarter. like over looking the then And was your -- And little have issued at cash the under

the second happened So in those that probably in idea late done confirm give Can an just the quarter? numbers or April. under just was ATM what you me

Tasos Aslidis

adding those in price can Look ATM quite XX. goes use now share quarter we the are above right our second

share counts NAV. So NAV. show, it increase very price was this At reflect time to in that I think and to the quarter this and higher this really closer close accounts will much significantly for

Poe Fratt

April it XX the then, balance. looks as like mentioned Yes, you understood. outstanding is And

little refinancing can or time, have on or of other point I look $XX finance after it’s your pretty what at debt encumbering out that at that what be renamed in about because or time, else and I would you April the going the is be And just vessels to in tranche it million a the much at it’s would about comprehensive or XX-month would XX unit of looking of point be you’re refinancing think XX of during plan two terms, you more sort beyond? sort the talk more in XX. is a that what luck next turned everything into best

Aristides Pittas

due to I on think, find and a loan. clearly potentially as encumbered we’re competitive we time liquidity, to decide immediately we to for going need we’re limitation vessels the move little put trying think to I of price debt to higher race of we bit and without banks looking approach appears, our the [Indiscernible] cannot Yes, of to extend to is refinance opportunity whether debt provide some by it prepared again and some waiting

So we at financial we bit, a plan, do are encompassing but bigger current all it a not our in balance our increase in are to looking flexible finance this we cash to a stage. are

Poe Fratt

next you higher talk paying expenses. operating the at things, talked was in can apologize a I drybulk looking I you not changes operating when as or accrued about And attention Two probably it’s costs, as the about more OpEx your have have months? should sector had XX travel companies other I little other much whether bit expenses,

Tasos Aslidis

we expect to operating no dramatic increase I think in our see, increase but expenses.

because products roughly think amounting budget higher to related marginal year. But I least double actually lubricant at on [Indiscernible] the think is and on -- balance the slightly we I maybe at wise I cost target, mean, XXXX oil to higher of compared this last is higher. below increases cost and the the dramatic compared are fuel structure Basically service the maybe point. actual up to our budget. higher to don’t our X% -- cost right shift

Poe Fratt

And about maybe activity, drydock quarter you just talk end fourth out lay you drydocking of XXXX? this highlighted can and for the three plans the then quarter,

Aristides Pittas

we you three this anticipate that average. have year, a we not think drydock, year, sheets, on a have too quarter much it’s for one I quarter drydock with don’t have anything seldom with QX that one XX would next as right very

it’s linked a So It’s is reduced. a quarter with much planning. period, by have so by going drydock. not been to coincidences this It’s heavy on be

significant. impact the that is earnings on So not

the So it good charter rates, fast kind drydocks. helps be that of drydocks in QX, drydock that doing us as we’ve will have that do we now the better vessels than seen it be believe it would newly the out of to the in the reduction we’re right

Tasos Aslidis

I we believe about said next might is believe. four the year. be three we one within In or drydocks XXXX, that pandemic The

Aristides Pittas

first earnings the In call. first quarter quarter. ‘XX

Tasos Aslidis

I say, about one quarter. as it’s It’s drydock normally

Poe Fratt

There’s Thank Thank guess Tasos. drydocks lower cost. you so silver lining. you, other the the is opportunity Aristides. I

Aristides Pittas

Poe. Thank you,

Tasos Aslidis

Poe. very Thank much,

Operator

line Maxim Sullivan return Group we And additional for the of will Instruction] [Operator with follow-up. Tate to

Tate Sullivan

Thank you for the call. taking

please and drybulk companies XQ mentioned mentioned some second in and quarter repositioning. What you place drydock China. shipping still other to the other days has ship due 'XX that, Pantelis the You taking mentioned in also sectors imports the think for the companies drawing I tell. other from then mostly repositioning and some in Is this congestion the would that's

Aristides Pittas

importantly wait go take able to to where stuff, have that new Sure. crew spoke all in was pass be the stuff. port some that COVID issues that due order congestion to the and the to COVID because on test to all the more you you related to and It's to and

congestion. issues due So, are the mainly the to the related COVID on delays

Tate Sullivan

then that commentary in the in consideration. medium the you can the congestion is on offset in term? China, that positive X.X The the that mentioned dynamic congestion And is mainly market the

Aristides Pittas

supplier will easy congestion Well, issues. more mean

So, it's a the congestion positive not easing.

Tate Sullivan

new additional to limited --? the there congestion other leaving Right. perhaps build is But number no in of terms of offsets -- the or

Aristides Pittas

the altering limited over Very we with slow new and further as Last years. Exactly. will couple delivering some next see during next year especially steaming regulations. of

these positives course. So, are of

Tate Sullivan

okay. thank Well, Have great day. a you. Great,

Aristides Pittas

Thanks, Tate.

Tasos Aslidis

Thanks, Tate.

Operator

there for signals. return closing We time, this further Mr. Pittas At to no remarks. are

Aristides Pittas

us quarters the of to listening today. we'll for with rest next And all be with Enjoy again bye. you Good result. you summer. Thank the the

Tasos Aslidis

Thanks everybody. Good bye.

Operator

today's concludes This you. participation. for Thank your thank teleconference. you We

a this great You may at lines your day. Have disconnect time.

EuroDry (EDRY) 9 Aug 222022 Q2 Earnings call transcript